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Stock Purchase and Award Plans (Tables) | 12 Months Ended
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Apr. 28, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of Stock Options Valuation Assumptions | The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes model:
| Fiscal Year
| 2017 |  | 2016 |  | 2015
Weighted average fair value of options granted | $ | 14.70 |  |  | $ | 13.72 |  |  | $ | 25.39 |
Assumptions used: |  |  |  |  |  |  |  |
Expected life (years)(1) | 6.18 |  |  | 5.94 |  |  | 4.24 |
Risk-free interest rate(2) | 1.26 | % |  | 1.79 | % |  | 0.99 | %
Volatility(3) | 21.07 | % |  | 21.00 | % |  | 21.29 | %
Dividend yield(4) | 1.97 | % |  | 1.96 | % |  | 1.66 | %
(1) | Expected life: The Company analyzes historical employee stock option exercise and termination data to estimate the expected life assumption. The Company calculates the expected life assumption using the midpoint scenario, which combines historical exercise data with hypothetical exercise data, as the Company believes this data currently represents the best estimate of the expected life of a new employee option.
(2) | Risk-free interest rate: The rate is based on the grant date yield of a zero-coupon U.S. Treasury bond whose maturity period equals the expected term of the option.
(3) | Volatility: Expected volatility is based on a blend of historical volatility and an implied volatility of the Company’s ordinary shares. Implied volatility is based on market traded options of the Company’s ordinary shares.
(4) | Dividend yield: The dividend yield rate is calculated by dividing the Company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date.
Schedule of Stock-Based Compensation Expense by Plan | The following table presents the components and classification of stock-based compensation expense for stock options, restricted stock, and ESPP shares recognized for fiscal years 2017, 2016, and 2015:
| Fiscal Year
(in millions) | 2017 |  | 2016 |  | 2015
Stock options | $ | 157 |  |  | $ | 206 |  |  | $ | 140 |
Restricted stock | 169 |  |  | 148 |  |  | 284 |
Employees stock purchase plan | 22 |  |  | 21 |  |  | 15 |
Total stock-based compensation expense | $ | 348 |  |  | $ | 375 |  |  | $ | 439 |
Cost of products sold | $ | 49 |  |  | $ | 50 |  |  | $ | 23 |
Research and development expense | 41 |  |  | 37 |  |  | 29 |
Selling, general, and administrative expense | 233 |  |  | 212 |  |  | 128 |
Restructuring charges | 2 |  |  | 18 |  |  | 70 |
Acquisition-related items | 23 |  |  | 58 |  |  | 189 |
Total stock-based compensation expense | 348 |  |  | 375 |  |  | 439 |
Income tax benefits | (98 | ) |  | (108 | ) |  | (138 | )
Total stock-based compensation expense, net of tax | $ | 250 |  |  | $ | 267 |  |  | $ | 301 |
Schedule of Stock Options Activity | Stock Options The following table summarizes all stock option activity, including activity from options assumed or issued as a result of acquisitions, during fiscal year 2017:
| Options (in thousands) |  | Wtd. Avg. Exercise Price |  | Wtd. Avg. Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at April 29, 2016 | 52,970 |  |  | $ | 57.09 |  |  |  |  |
Granted | 4,061 |  |  | 87.35 |  |  |  |  |
Exercised | (9,488 | ) |  | 40.56 |  |  |  |  |
Expired/Forfeited | (2,349 | ) |  | 73.90 |  |  |  |  |
Outstanding at April 28, 2017 | 45,194 |  |  | 62.41 |  |  | 6.30 |  | $ | 952 |
Vested and expected to vest at April 28, 2017 | 22,929 |  |  | 75.32 |  |  | 7.89 |  | 194 |
Exercisable at April 28, 2017 | 19,138 |  |  | 44.71 |  |  | 4.14 |  | 735 |
The following table summarizes the total cash received from the issuance of new shares upon stock option award exercises, the total intrinsic value of options exercised and the related tax benefit during fiscal years 2017, 2016, and 2015:
| Fiscal Year
(in millions) | 2017 |  | 2016 |  | 2015
Cash proceeds from options exercised | $ | 367 |  |  | $ | 452 |  |  | $ | 609 |
Intrinsic value of options exercised | 403 |  |  | 374 |  |  | 329 |
Tax benefit related to options exercised | 140 |  |  | 131 |  |  | 106 |
Schedule of Restricted Stock Award Activity | Restricted Stock The following table summarizes restricted stock activity, including activity from restricted stock assumed or issued as a result of acquisitions, during fiscal year 2017:
| Awards (in thousands) |  | Wtd. Avg. Grant Price
Nonvested at April 29, 2016 | 8,820 |  |  | $ | 64.33 |
Granted | 3,198 |  |  | 85.07 |
Vested | (2,727 | ) |  | 48.17 |
Forfeited | (503 | ) |  | 71.32 |
Nonvested at April 28, 2017 | 8,788 |  |  | $ | 76.49 |
The following table summarizes the weighted-average grant date fair value of restricted stock granted, total fair value of restricted stock vested and related tax benefit during fiscal years 2017, 2016, and 2015:
| Fiscal Year
(in millions, except per share data) | 2017 |  | 2016 |  | 2015
Weighted-average grant-date fair value per restricted stock | $ | 85.07 |  |  | $ | 77.68 |  |  | $ | 69.30 |
Fair value of restricted stock vested | 131 |  |  | 276 |  |  | 174 |
Tax benefit related to restricted stock vested | 76 |  |  | 76 |  |  | 50 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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