The following table provides changes in accumulated other comprehensive loss (AOCL), 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 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)
Other comprehensive income (loss) before reclassifications	48		389		(427)		133		(37)		105
Reclassifications	—		—		—		10		68		78
Other comprehensive income (loss)	48		389		(427)		143		31		183
April 24, 2026	$	(15)	$	(2,447)	$	(1,024)	$	(498)	$	(116)	$	(4,101)

The income tax on gains and losses on investment securities in other comprehensive income before reclassifications during fiscal years 2026, 2025, and 2024 was an expense of $8 million, $25 million, and $4 million, respectively. During fiscal year 2026, the income taxes on realized gains and losses on investment securities reclassified from AOCL were not material. During fiscal years 2025 and 2024, realized gains and losses on investment securities reclassified from AOCL were reduced by income taxes of $3 million and $5 million, respectively. When realized, gains and losses on investment securities reclassified from AOCL are recognized within other non-operating expense (income), net. Refer to Note 5 for additional information.

During fiscal years 2026 and 2025, the income tax on net investment hedges was a benefit of $25 million and $47 million, respectively. During fiscal year 2024, there was no tax impact on net investment hedges. Refer to Note 7 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 2026, 2025, and 2024 resulted in an expense of $52 million, a benefit of $32 million, and an expense of $79 million, respectively. During fiscal years 2026, 2025, and 2024, the gains and losses on defined benefit and pension items reclassified from AOCL were reduced by income taxes of $2 million, $3 million, and $2 million, respectively. When realized, net gains and losses on defined benefit and pension items reclassified from AOCL are recognized within other non-operating expense (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 2026, 2025, and 2024 was an expense of $43 million, a benefit of $33 million, and an expense of $103 million, respectively. Amounts reclassified from AOCL related to cash flow hedges included income taxes of $16 million, $52 million, and $66 million for fiscal years 2026, 2025, and 2024, respectively. When realized, gains and losses on currency exchange rate contracts reclassified from AOCL are recognized within other operating expense (income), net or cost of products sold. Refer to Note 7 for additional information.