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Stock Purchase and Award Plans (Tables)
 12 Months Ended
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