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Stock Purchase and Award Plans (Tables) | 12 Months Ended
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Apr. 24, 2020
Share-based Payment Arrangement [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 |  |  |  |
| 2020 |  | 2019 |  | 2018
Weighted average fair value of options granted | $ | 15.49 |  |  | $ | 14.77 |  |  | $ | 13.71 |
Assumptions used: |  |  |  |  |
Expected life (years)(1) | 6.1 |  | 6.1 |  | 6.2
Risk-free interest rate(2) | 1.88 | % |  | 2.90 | % |  | 2.00 | %
Volatility(3) | 17.97 | % |  | 17.77 | % |  | 19.51 | %
Dividend yield(4) | 2.09 | % |  | 2.25 | % |  | 2.19 | %
(1)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)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)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)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 | The following table presents the components and classification of stock-based compensation expense recognized for stock options, restricted stock, and ESPP in fiscal years 2020, 2019, and 2018:
| Fiscal Year |  |  |  |
(in millions) | 2020 |  | 2019 |  | 2018
Stock options | $ | 61 |  |  | $ | 72 |  |  | $ | 132 |
Restricted stock | 205 |  |  | 189 |  |  | 185 |
Employee stock purchase plan | 31 |  |  | 29 |  |  | 27 |
Total stock-based compensation expense | $ | 297 |  |  | $ | 290 |  |  | $ | 344 |
Cost of products sold | $ | 28 |  |  | $ | 30 |  |  | $ | 44 |
Research and development expense | 36 |  |  | 36 |  |  | 38 |
Selling, general, and administrative expense | 233 |  |  | 224 |  |  | 262 |
Total stock-based compensation expense | 297 |  |  | 290 |  |  | 344 |
Income tax benefits | (51) |  |  | (54) |  |  | (82) |
Total stock-based compensation expense, net of tax | $ | 246 |  |  | $ | 236 |  |  | $ | 262 |
Schedule of Stock Options Activity | The following table summarizes all stock option activity, including activity from options assumed or issued as a result of acquisitions, during fiscal year 2020:
| Options (in thousands) |  | Wtd. Avg. Exercise Price |  | Wtd. Avg. Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at April 26, 2019 | 31,677 |  |  | $ | 71.52 |  |  |  |  |
Granted | 4,349 |  |  | 103.26 |  |  |  |  |
Exercised | (8,165) |  |  | 62.49 |  |  |  |  |
Expired/Forfeited | (793) |  |  | 90.74 |  |  |  |  |
Outstanding at April 24, 2020 | 27,068 |  |  | 78.70 |  |  | 5.9 |  | $ | 574 |
Expected to vest at April 24, 2020 | 8,742 |  |  | 94.12 |  |  | 8.4 |  | 60 |
Exercisable at April 24, 2020 | 17,878 |  |  | 70.70 |  |  | 4.5 |  | 512 |
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 2020, 2019, and 2018:
| Fiscal Year |  |  |  |
(in millions) | 2020 |  | 2019 |  | 2018
Cash proceeds from options exercised | $ | 484 |  |  | $ | 825 |  |  | $ | 250 |
Intrinsic value of options exercised | 349 |  |  | 383 |  |  | 248 |
Tax benefit related to options exercised | 75 |  |  | 78 |  |  | 75 |
Schedule of Restricted Stock Award Activity | The following table summarizes restricted stock activity, including activity from restricted stock assumed or issued as a result of acquisitions, during fiscal year 2020:
| Units (in thousands) |  | Wtd. Avg. Grant Price
Nonvested at April 26, 2019 | 7,996 |  |  | $ | 84.78 |
Granted | 3,205 |  |  | 103.52 |
Vested | (2,910) |  |  | 83.30 |
Forfeited | (666) |  |  | 89.75 |
Nonvested at April 24, 2020 | 7,625 |  |  | 92.52 |
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 2020, 2019, and 2018:
| Fiscal Year |  |  |  |
(in millions, except per share data) | 2020 |  | 2019 |  | 2018
Weighted-average grant-date fair value per restricted stock | $ | 103.52 |  |  | $ | 88.78 |  |  | $ | 83.88 |
Fair value of restricted stock vested | 242 |  |  | 174 |  |  | 160 |
Tax benefit related to restricted stock vested | 62 |  |  | 45 |  |  | 63 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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