v3.26.1
Derivatives and Currency Exchange Risk Management (Tables)
12 Months Ended
Apr. 24, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Instruments and Gains and Losses on Hedging Instruments and Derivatives Not Designated as Hedging Instruments
The following table presents the contractual amounts of the Company's outstanding instruments:
As of
(in billions)DesignationApril 24, 2026April 25, 2025
Currency exchange rate contractsCash flow hedges$8.5 $10.6 
Currency exchange rate contracts(1)
Net investment hedges7.5 8.0 
Foreign currency-denominated debt(2)
Net investment hedges21.1 20.6 
Currency exchange rate contractsFair value hedges— 1.1 
Currency exchange rate contractsUndesignated4.3 3.9 
(1)At April 24, 2026, includes derivative contracts with notional values of €4.0 billion, or $4.7 billion, designated as hedges of a portion of our net investment in certain European operations, derivative contracts with a notional value of ¥351 billion, or $2.2 billion, designated as hedges of a portion of our net investment in certain Japanese operations, and derivative contracts with a notional value of CHF436 million, or $558 million, designated as hedges of a portion of our net investment in certain Swiss Franc operations. These derivative contracts mature in fiscal years 2027 through 2045.
(2)At April 24, 2026, includes €18.0 billion, or $21.1 billion, of outstanding Euro-denominated debt designated as hedges of a portion our net investment in foreign operations. This debt matures in fiscal years 2027 through 2054.
The amount of the gains and losses on hedging instruments and the classification of those gains and losses within our consolidated financial statements for fiscal years 2026, 2025, and 2024 were as follows:
(Gain) Loss Recognized in Accumulated Other Comprehensive Loss(Gain) Loss Reclassified into Income
Fiscal YearFiscal YearLocation of (Gain) Loss in Income Statement
(in millions)202620252024202620252024
Cash flow hedges
Currency exchange rate contracts$(50)$308 $(416)$111 $(156)$(312)Other operating expense (income), net
Currency exchange rate contracts45 (71)(124)(59)(74)(57)Cost of products sold
Net investment hedges
Foreign currency-denominated debt569 1,276 (431)— — — N/A
Currency exchange rate contracts(117)247 (202)— — — N/A
Fair value hedges
Currency exchange rate contracts(1)— (20)(59)— Other operating expense (income), net
Total$447 $1,759 $(1,173)$32 $(288)$(369)
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 2026, 2025, and 2024 were as follows:
(Gain) Loss Recognized in Income
Fiscal YearLocation of (Gain) Loss in Income Statement
(in millions)
2026
2025
2024
Currency exchange rate contracts$91 $(91)$136 Other operating expense (income), net
Schedule of Classification and Fair Value 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 24, 2026 and April 25, 2025. 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 24, 2026April 25, 2025Balance Sheet ClassificationApril 24, 2026April 25, 2025Balance Sheet Classification
Derivatives designated as hedging instruments  
Currency exchange rate contracts$214 $269 Other current assets$253 $200 Other accrued expenses
Currency exchange rate contracts328 57 Other assets158 196 Other liabilities
Total derivatives designated as hedging instruments542 326  411 396  
Derivatives not designated as hedging instruments  
Currency exchange rate contracts13 Other current assets10 Other accrued expenses
Total derivatives$555 $334  $420 $401  
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 24, 2026April 25, 2025
(in millions)Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Level 1$555 $420 $334 $401 
Schedule of Offsetting Assets
The following tables provide information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation.
April 24, 2026
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$555 $(232)$— $323 
Derivative liabilities:
Currency exchange rate contracts(420)232 98 (91)
Total $135 $— $98 $233 
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 $(195)$— $139 
Derivative liabilities:
Currency exchange rate contracts(401)195 125 (82)
Total$(68)$— $125 $58 
Schedule of Offsetting Liabilities
The following tables provide information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation.
April 24, 2026
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$555 $(232)$— $323 
Derivative liabilities:
Currency exchange rate contracts(420)232 98 (91)
Total $135 $— $98 $233 
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 $(195)$— $139 
Derivative liabilities:
Currency exchange rate contracts(401)195 125 (82)
Total$(68)$— $125 $58