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Stock Purchase and Award Plans (Tables)

12 Months Ended

Apr. 26, 2024

Share-Based Payment Arrangement [Abstract]

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, performance share units, and employee stock purchase plan (ESPP) in fiscal years 2024, 2023, and 2022:

			Fiscal Year
(in millions)			2024						2023						2022
Stock options			$	76					$	77					$	70
Restricted stock			184						166						184
Performance share units			97						74						66
Employee stock purchase plan			36						38						39
Total stock-based compensation expense			$	393					$	355					$	359
Cost of products sold			$	35					$	36					$	36
Research and development expense			47						39						40
Selling, general, and administrative expense			310						280						283
Total stock-based compensation expense			393						355						359
Income tax benefits			(64)						(60)						(62)
Total stock-based compensation expense, net of tax			$	329					$	295					$	297

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
			2024						2023						2022
Weighted average fair value of options granted			$	18.49					$	17.76					$	22.83
Assumptions used:
Expected life (years)			6.1						6.0						6.0
Risk-free interest rate			4.16		%				2.70		%				0.90		%
Volatility			24.29		%				24.05		%				23.04		%
Dividend yield			3.18		%				2.92		%				1.95		%

Schedule of Stock Options Activity

The following table summarizes stock option activity during fiscal year 2024:

			Options (in thousands)						Wtd. Avg. Exercise Price						Wtd. Avg. Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in millions)
Outstanding at April 28, 2023			30,866						$	93.30
Granted			4,823						86.86
Exercised			(1,445)						65.07
Expired/Forfeited/Cancelled			(1,905)						98.12
Outstanding at April 26, 2024			32,339						93.32						4.9						$	30
Expected to vest at April 26, 2024			8,914						95.62						8.4						2
Exercisable at April 26, 2024			22,746						92.46						3.4						28

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 2024, 2023, and 2022:

			Fiscal Year
(in millions)			2024						2023						2022
Cash proceeds from options exercised			$	78					$	77					$	209
Intrinsic value of options exercised			28						42						174
Tax benefit related to options exercised			6						9						40

Schedule of Restricted Stock Activity

The following table summarizes restricted stock activity during fiscal year 2024:

			Units (in thousands)						Wtd. Avg. Grant Price
Nonvested at April 28, 2023			5,189						$	102.34
Granted			3,297						82.80
Vested			(1,819)						102.17
Forfeited/Cancelled			(526)						99.34
Nonvested at April 26, 2024			6,142						92.57

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 2024, 2023, and 2022:

			Fiscal Year
(in millions, except per share data)			2024						2023						2022
Weighted-average grant-date fair value per restricted stock			$	82.80					$	91.83					$	127.47
Fair value of restricted stock vested			186						256						194
Tax benefit related to restricted stock vested			29						45						52

Schedule of Performance Share Unit Activity

The following table summarizes performance share unit activity during fiscal year 2024:

			Units (in thousands)						Wtd. Avg. Grant Price
Nonvested at April 28, 2023			2,043						$	119.88
Granted			1,283						104.78
Vested			(249)						129.49
Performance adjustments (1)			(455)						147.92
Forfeited/Cancelled			(200)						113.57
Nonvested at April 26, 2024			2,422						106.50

(1)Performance adjustments are adjustments to grants where the performance period has ended and actual performance is known.

The following table summarizes the weighted-average grant date fair value of performance share units granted, total fair value of performance share units vested and related tax benefit during fiscal year 2024, 2023, and 2022:

			Fiscal Year
(in millions, except per share data)			2024						2023						2022
Weighted-average grant-date fair value per performance share units			$	104.78					$	98.17					$	149.16
Fair value of performance share units vested			78						—						—
Tax benefit related to performance share units vested			3						—						—

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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.

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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.

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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.

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