v3.25.2
Derivatives and Currency Exchange Risk Management (Tables)
 12 Months Ended
Apr. 25, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of (Gain) Loss on Derivative Instruments
The following table presents the contractual amounts of the Company's outstanding instruments:
As of
(in billions)DesignationApril 25, 2025April 26, 2024
Currency exchange rate contracts(1)
Fair value hedge$1.1 $— 
Currency exchange rate contractsCash flow hedge10.6 10.4 
Currency exchange rate contracts(2)
Net investment hedge8.0 7.4 
Foreign currency-denominated debt(3)
Net investment hedge20.6 17.1 
Currency exchange rate contractsUndesignated3.9 5.9 
(1)At April 25, 2025, includes derivative contracts with a notional value of €1.0 billion, or $1.1 billion, designated as hedges of a portion of our fixed-rate debt obligations.
(2)At April 25, 2025, includes derivative contracts with a notional value of €5.0 billion, or $5.7 billion, designated as hedges of a portion of our net investment in certain European operations and derivative contracts with a notional value of ¥322 billion, or $2.3 billion, designated as hedges of a portion of our net investment in certain Japanese operations. These derivative contracts mature in fiscal years 2026 through 2033.
(3)At April 25, 2025, includes €18.0 billion, or $20.6 billion, of outstanding Euro-denominated debt designated as hedges of a portion our net investment in foreign operations. This debt matures in fiscal years 2026 through 2054.
The amount of the gains and losses on hedging instruments and the classification of those gains and losses within our consolidated financial statements for fiscal years 2025, 2024, and 2023 were as follows:
(Gain) Loss Recognized in Accumulated Other Comprehensive Income(Gain) Loss Reclassified into Income
Fiscal YearFiscal YearLocation of (Gain) Loss in Income Statement
(in millions)202520242023202520242023
Fair value hedges
Currency exchange rate contracts$(1)$— $— $(59)$— $— Other operating (income) expense, net
Cash flow hedges
Currency exchange rate contracts308 (416)(161)(156)(312)(703)Other operating (income) expense, net
Currency exchange rate contracts(71)(124)(79)(74)(57)(3)Cost of products sold
Net investment hedges
Foreign currency-denominated debt1,276 (431)524 — — — N/A
Currency exchange rate contracts247 (202)73 — — — N/A
Total$1,759 $(1,173)$356 $(288)$(369)$(706)
The amount of the gains and losses on our derivative instruments not designated as hedging instruments and the classification of those gains and losses within our consolidated financial statements for fiscal years 2025, 2024, and 2023 were as follows:
(Gain) Loss Recognized in Income
Fiscal YearLocation of (Gain) Loss in Income Statement
(in millions)202520242023
Currency exchange rate contracts$(91)$136 $31 Other operating (income) expense, net
Schedule of Classification and Fair Value Amounts of Derivative Instruments in Balance Sheets
The following tables summarize the balance sheet classification and fair value of derivative instruments included in the consolidated balance sheets at April 25, 2025 and April 26, 2024. The fair value amounts are presented on a gross basis and are segregated between derivatives that are designated and qualify as hedging instruments and those that are not designated and do not qualify as hedging instruments, and are further segregated by type of contract within those two categories.
 Fair Value - AssetsFair Value - Liabilities
(in millions)April 25, 2025April 26, 2024Balance Sheet ClassificationApril 25, 2025April 26, 2024Balance Sheet Classification
Derivatives designated as hedging instruments  
Currency exchange rate contracts$269 $368 Other current assets$200 $37 Other accrued expenses
Currency exchange rate contracts57 276 Other assets196 17 Other liabilities
Total derivatives designated as hedging instruments326 644  396 54  
Derivatives not designated as hedging instruments  
Currency exchange rate contracts7 15 Other current assets5 12 Other accrued expenses
Total return swaps— — Other current assets16 — Other accrued expenses
Total derivatives not designated as hedging instruments7 15  21 12  
Total derivatives$334 $659  $417 $66  
Schedule of Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides information by level for the derivative assets and liabilities that are measured at fair value on a recurring basis:
April 25, 2025April 26, 2024
(in millions)Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Level 1$334 $401 $659 $66 
Level 2— 16 — — 
Total$334 $417 $659 $66 
Schedule of Offsetting Assets
April 25, 2025
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recognized Assets (Liabilities)Financial InstrumentsCash Collateral (Received) PostedNet Amount
Derivative assets:
Currency exchange rate contracts$334 $(195)$— $139 
Derivative liabilities:
Currency exchange rate contracts(401)195 125 (82)
Total return swaps(16)— — (16)
(417)195 125 (97)
Total $(84)$— $125 $42 
April 26, 2024
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recognized Assets (Liabilities)Financial InstrumentsCash Collateral (Received) PostedNet Amount
Derivative assets:
Currency exchange rate contracts$659 $(66)$(101)$492 
Derivative liabilities:
Currency exchange rate contracts(66)66 — — 
Total$593 $— $(101)$492 
Schedule of Offsetting Liabilities
April 25, 2025
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recognized Assets (Liabilities)Financial InstrumentsCash Collateral (Received) PostedNet Amount
Derivative assets:
Currency exchange rate contracts$334 $(195)$— $139 
Derivative liabilities:
Currency exchange rate contracts(401)195 125 (82)
Total return swaps(16)— — (16)
(417)195 125 (97)
Total $(84)$— $125 $42 
April 26, 2024
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recognized Assets (Liabilities)Financial InstrumentsCash Collateral (Received) PostedNet Amount
Derivative assets:
Currency exchange rate contracts$659 $(66)$(101)$492 
Derivative liabilities:
Currency exchange rate contracts(66)66 — — 
Total$593 $— $(101)$492