v3.25.2
Financial Instruments (Tables)
 12 Months Ended
Apr. 25, 2025
Investments [Abstract]  
Schedule of Investments by Category and Related Balance Sheet Presentation The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related consolidated balance sheet classification at April 25, 2025 and April 26, 2024:
April 25, 2025
ValuationBalance Sheet Classification
(in millions)CostUnrealized
Gains		Unrealized
Losses		Fair ValueInvestmentsOther Assets
Level 1:
U.S. government and agency securities$417 $— $(7)$410 $410 $— 
Level 2:
Corporate debt securities3,540 17 (36)3,521 3,521 — 
U.S. government and agency securities835 — (20)814 814 — 
Mortgage-backed securities948 4 (29)923 923 — 
Non-U.S. government and agency securities6 — — 6 6 — 
Other asset-backed securities1,044 5 (6)1,044 1,044 — 
Total Level 26,373 26 (91)6,308 6,308 — 
Level 3:
Auction rate securities36 — (3)33 — 33 
Total available-for-sale debt securities$6,826 $26 $(100)$6,752 $6,719 $33 
April 26, 2024
ValuationBalance Sheet Classification
(in millions)CostUnrealized
Gains		Unrealized
Losses		Fair ValueInvestmentsOther Assets
Level 1:
U.S. government and agency securities$494 $— $(22)$472 $472 $— 
Level 2:
Corporate debt securities3,953 4 (125)3,832 3,832 — 
U.S. government and agency securities847 — (43)804 804 — 
Mortgage-backed securities692 1 (50)643 643 — 
Non-U.S. government and agency securities5 — — 5 5 — 
Other asset-backed securities941 2 (9)934 934 — 
Total Level 26,438 7 (227)6,218 6,218 — 
Level 3:
Auction rate securities36 — (3)33 — 33 
Total available-for-sale debt securities$6,968 $7 $(252)$6,723 $6,690 $33 
Schedule of Gross Unrealized Losses and Fair Values of Available-for-sale Securities that Have Been in a Continuous Unrealized Loss Position Deemed to be Temporary, Aggregated by Investment Category
The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category at April 25, 2025 and April 26, 2024:
 April 25, 2025
 Less than 12 monthsMore than 12 months
(in millions)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate debt securities$702 $(7)$1,235 $(29)
U.S. government and agency securities110 (1)641 (25)
Mortgage-backed securities2 (1)614 (28)
Other asset-backed securities— — 469 (6)
Auction rate securities— — 33 (3)
Total$814 $(9)$2,993 $(91)
 April 26, 2024
 Less than 12 monthsMore than 12 months
(in millions)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate debt securities$661 $(10)$2,448 $(116)
U.S. government and agency securities177 (4)730 (61)
Mortgage-backed securities— — 582 (50)
Other asset-backed securities— — 502 (9)
Auction rate securities— — 33 (3)
Total$838 $(14)$4,296 $(238)
Schedule of Activity Related to the Company's Available for Sale Securities Portfolio
The table below includes activity related to the Company’s available-for-sale debt securities portfolio. Gains and losses on available-for-sale debt securities are recognized in other non-operating income, net in the consolidated statements of income.
Fiscal Year
(in millions)202520242023
Proceeds from sales$8,213 $7,359 $7,321 
Gross realized gains25 24 10 
Gross realized losses(19)(26)(43)
Schedule of Available-for-sale Debt Securities Contractual Maturities
The contractual maturities of available-for-sale debt securities at April 25, 2025 are shown in the following table. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
(in millions)Amortized CostFair Value
Due in one year or less$1,458 $1,448 
Due after one year through five years3,183 3,149 
Due after five years through ten years845 843 
Due after ten years1,340 1,313 
Total$6,826 $6,752 
Schedule of Equity and Other Investments
The following table summarizes the Company's equity and other investments at April 25, 2025 and April 26, 2024, which are classified as primarily other assets in the consolidated balance sheets:
(in millions)April 25, 2025April 26, 2024
Investments with readily determinable fair value (marketable equity securities)$17 $28 
Investments for which the fair value option has been elected140 311 
Investments without readily determinable fair values705 859 
Equity method and other investments89 84 
Total equity and other investments$951 $1,282 
Schedule of Available-for-Sale Securities Reconciliation
The following table provides a reconciliation of the beginning and ending balances of the Mozarc investment for which the fair value option has been elected:
Fiscal Year
(in millions)20252024
Beginning Balance$311 $531 
Change in fair value(171)(220)
Ending Balance$140 $311 
Schedule Of Investments
The table below includes activity related to the Company's portfolio of equity and other investments. The activity for fiscal years 2024 and 2023 was not significant. Gains and losses on equity and other investments are recognized in other non-operating income, net in the consolidated statements of income.
Fiscal Year
(in millions)2025
Proceeds from sales$308 
Gross gains108 
Gross losses(204)
Impairment losses recognized(135)