The following table provides changes in accumulated other comprehensive loss (AOCI), net of tax, and by component:


(in millions)	Unrealized (Loss) Gain on Investment Securities		Cumulative Translation Adjustments		Net Investment Hedges		Net Change in Retirement Obligations		Unrealized Gain (Loss) on Cash Flow Hedges		Total Accumulated Other Comprehensive (Loss) Income
April 29, 2022	$	(209)	$	(2,599)	$	841	$	(773)	$	474	$	(2,265)
Other comprehensive income (loss) before reclassifications	(78)		(240)		(596)		26		184		(704)
Reclassifications	29		—		—		6		(565)		(530)
Other comprehensive income (loss)	(49)		(240)		(596)		32		(381)		(1,234)
April 28, 2023	$	(258)	$	(2,839)	$	245	$	(741)	$	93	$	(3,499)
Other comprehensive income (loss) before reclassifications	29		(846)		633		205		438		457
Reclassifications	17		—		—		7		(302)		(278)
Other comprehensive income (loss)	46		(846)		633		212		136		180
April 26, 2024	$	(212)	$	(3,686)	$	878	$	(529)	$	229	$	(3,318)
Other comprehensive income (loss) before reclassifications	135		851		(1,474)		(116)		(204)		(808)
Reclassifications	14		—		—		5		(177)		(158)
Other comprehensive income (loss)	149		851		(1,474)		(110)		(381)		(966)
April 25, 2025	$	(63)	$	(2,835)	$	(597)	$	(640)	$	(149)	$	(4,284)

The income tax on gains and losses on investment securities in other comprehensive income before reclassifications during fiscal years 2025, 2024, and 2023 was an expense of $25 million, an expense of $4 million, and a benefit of $21 million, respectively. During fiscal years 2025, 2024, and 2023, realized gains and losses on investment securities reclassified from AOCI were reduced by income taxes of $3 million, $5 million and $9 million, respectively. When realized, gains and losses on investment securities reclassified from AOCI are recognized within other non-operating income, net. Refer to Note 5 for additional information.

The net change in retirement obligations in other comprehensive income includes amortization of net actuarial losses included in net periodic benefit cost. The income tax on the net change in retirement obligations in other comprehensive income before reclassifications during fiscal years 2025, 2024, and 2023 resulted in a benefit of $32 million, an expense of $79 million, and an expense of $6 million, respectively. During fiscal years 2025, 2024, and 2023, the gains and losses on defined benefit and pension items reclassified from AOCI were reduced by income taxes of $3 million, $2 million, and $9 million, respectively. When realized, net gains and losses on defined benefit and pension items reclassified from AOCI are recognized within other non-operating income, net. Refer to Note 15 for additional information.

The income tax on unrealized gains and losses on cash flow hedges in other comprehensive income before reclassifications during fiscal years 2025, 2024, and 2023 was a benefit of $33 million, an expense $103 million, and an expense of $56 million, respectively. Amounts reclassified from AOCI related to cash flow hedges included income taxes of $52 million, $66 million, and $133 million for fiscal years 2025, 2024, and 2023, respectively. When realized, gains and losses on currency exchange rate contracts reclassified from AOCI are recognized within other operating (income) expense, net or cost of products sold. Refer to Note 7 for additional information.