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Stockholders' Equity | 9 Months Ended
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Jan. 23, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stockholders' Equity | 9. Stockholders’ Equity Stock Options The following table summarizes activity related to our stock options (in millions, except for exercise price and contractual term):
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding as of April 25, 2014 |  |  | 14.5 |  |  | $ | 34.10 |  |  |  |  |  |  |  |  |
Granted |  |  | 2.2 |  |  | $ | 36.64 |  |  |  |  |  |  |  |  |
Exercised |  |  | (4.0 | ) |  | $ | 25.33 |  |  |  |  |  |  |  |  |
Forfeited and expired |  |  | (0.4 | ) |  | $ | 43.40 |  |  |  |  |  |  |  |  |
Outstanding as of January 23, 2015 |  |  | 12.3 |  |  | $ | 37.03 |  |  |  | 3.85 |  |  | $ | 62.6 |
Vested and expected to vest as of January 23, 2015 |  |  | 11.8 |  |  | $ | 37.05 |  |  |  | 3.76 |  |  |  | 61.0 |
Exercisable as of January 23, 2015 |  |  | 8.1 |  |  | $ | 37.23 |  |  |  | 2.91 |  |  |  | 48.3 |
The aggregate intrinsic value represents the pre-tax difference between the exercise price of stock options and the quoted market price of our stock on that day for all in-the-money options. Additional information related to our stock options is summarized below (in millions):
|  | Nine Months Ended |
|  | January 23, 2015 |  |  | January 24, 2014 |
Intrinsic value of exercises |  | $ | 61.2 |  |  | $ | 81.3 |
Proceeds received from exercises |  | $ | 99.9 |  |  | $ | 147.7 |
Fair value of options vested |  | $ | 26.3 |  |  | $ | 36.0 |
Restricted Stock Units The following table summarizes activity related to our restricted stock units (RSUs) (in millions, except for fair value):
|  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value |
Outstanding as of April 25, 2014 |  |  | 13.2 |  |  | $ | 38.35 |
Granted |  |  | 6.3 |  |  |  | 35.80 |
Vested |  |  | (4.3 | ) |  |  | 40.05 |
Forfeited |  |  | (1.3 | ) |  |  | 37.71 |
Outstanding as of January 23, 2015 |  |  | 13.9 |  |  |  | 36.73 |
RSUs are converted into common stock upon vesting. We primarily use the net share settlement approach upon vesting, where a portion of the shares are withheld as settlement of statutory employee withholding taxes, which decreases the shares issued to the employee by a corresponding value. The number and value of the shares netted for employee taxes are summarized in the table below (in millions):
|  | Nine Months Ended |
|  | January 23, 2015 |  |  | January 24, 2014 |
Shares withheld for taxes |  |  | 1.4 |  |  |  | 1.3 |
Fair value of shares withheld |  | $ | 51.4 |  |  | $ | 51.4 |
Employee Stock Purchase Plan The following table summarizes activity related to the purchase rights issued under the Employee Stock Purchase Plan (ESPP) (in millions):
|  | Nine Months Ended |
|  | January 23, 2015 |  |  | January 24, 2014 |
Shares issued under the ESPP |  |  | 3.4 |  |  |  | 3.8 |
Proceeds from issuance of shares |  | $ | 97.1 |  |  | $ | 95.5 |
Stock-Based Compensation Expense Stock-based compensation expense is included in the condensed consolidated statements of operations as follows (in millions):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | January 23, 2015 |  |  | January 24, 2014 |  |  | January 23, 2015 |  |  | January 24, 2014 |
Cost of product revenues |  | $ | 1.4 |  |  | $ | 1.5 |  |  | $ | 4.5 |  |  | $ | 4.2 |
Cost of service revenues |  |  | 4.0 |  |  |  | 4.6 |  |  |  | 12.4 |  |  |  | 12.8 |
Sales and marketing |  |  | 29.6 |  |  |  | 33.0 |  |  |  | 87.0 |  |  |  | 94.6 |
Research and development |  |  | 21.9 |  |  |  | 23.6 |  |  |  | 64.6 |  |  |  | 66.6 |
General and administrative |  |  | 9.1 |  |  |  | 9.2 |  |  |  | 27.6 |  |  |  | 27.6 |
Total stock-based compensation expense |  | $ | 66.0 |  |  | $ | 71.9 |  |  | $ | 196.1 |  |  | $ | 205.8 |
As of January 23, 2015, total unrecognized compensation expense related to our equity awards was $416.7 million, which is expected to be recognized on a straight-line basis over a weighted-average remaining service period of 2.4 years. Total income tax benefit associated with employee stock transactions and recognized in stockholders’ equity were as follows (in millions):
|  | Nine Months Ended |
|  | January 23, 2015 |  |  | January 24, 2014 |
Income tax benefit associated with employee stock transactions |  | $ | 54.0 |  |  | $ | 22.5 |
Stock Repurchase Program As of January 23, 2015, our Board of Directors has authorized the repurchase of up to $7.1 billion of our common stock. Under this program, which we may suspend or discontinue at any time, we may purchase shares of our outstanding common stock through open market and privately negotiated transactions at prices deemed appropriate by our management. The following table summarizes activity related to this program for the nine months ended January 23, 2015 (in millions, except per share information):
Number of shares repurchased |  |  | 23.1 |
Average price per share |  | $ | 39.73 |
Aggregate purchase price |  | $ | 918.9 |
Remaining authorization at end of period |  | $ | 205.9 |
The aggregate purchase price of our stock repurchases for the nine months ended January 23, 2015 consisted of $918.9 million of open market purchases, of which $667.4 million and $251.5 million was allocated to additional paid-in capital and retained earnings, respectively. On February 9, 2015, our Board of Directors increased the authorization to repurchase our common stock by $2.5 billion. Dividends The following is a summary of our activities related to dividends on our common stock (in millions, except per share amounts):
|  | Nine Months Ended |
|  | January 23, 2015 |  |  | January 24, 2014 |
Dividends per share declared and paid |  | $ | 0.495 |  |  | $ | 0.450 |
Dividend payments allocated to additional paid-in capital |  | $ | 52.1 |  |  | $ | 50.4 |
Dividend payments allocated to retained earnings |  | $ | 104.8 |  |  | $ | 102.7 |
On February 11, 2015, we declared a cash dividend of $0.165 per share of common stock, payable on April 23, 2015 to holders of record as of the close of business on April 10, 2015. The timing and amount of future dividends will depend on market conditions, corporate business and financial considerations and regulatory requirements. All dividends declared have been determined by the Company to be legally authorized under the laws of the state in which we are incorporated. Retained Earnings A reconciliation of retained earnings for the nine months ended January 23, 2015 is as follows (in millions):
Balance as of April 25, 2014 |  | $ | 1.1 |
Net income |  |  | 425.0 |
Repurchases of common stock |  |  | (251.5 | )
Dividends |  |  | (104.8 | )
Balance as of January 23, 2015 |  | $ | 69.8 |
Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income (AOCI) by component, net of tax, for the nine months ended January 23, 2015 are summarized below (in millions):
|  | Foreign Currency Translation Adjustments |  |  | Defined Benefit Obligation Adjustments |  |  | Unrealized Gains on Available- for-Sale Securities |  |  | Unrealized Gains (Losses) on Derivatives Instruments |  |  | Total |
Balance as of April 25, 2014 |  | $ | 5.5 |  |  | $ | (4.8 | ) |  | $ | 8.9 |  |  | $ | (0.5 | ) |  | $ | 9.1 |
Other comprehensive income (loss) (OCI) before reclassifications, net of tax |  |  | (26.9 | ) |  |  | 1.1 |  |  |  | (1.4 | ) |  |  | 13.1 |  |  |  | (14.1 | )
Amounts reclassified from AOCI, net of tax |  |  | — |  |  |  | 0.3 |  |  |  | (0.1 | ) |  |  | (9.5 | ) |  |  | (9.3 | )
Net OCI |  |  | (26.9 | ) |  |  | 1.4 |  |  |  | (1.5 | ) |  |  | 3.6 |  |  |  | (23.4 | )
Balance as of January 23, 2015 |  | $ | (21.4 | ) |  | $ | (3.4 | ) |  | $ | 7.4 |  |  | $ | 3.1 |  |  | $ | (14.3 | )
The amounts reclassified out of AOCI are as follows (in millions):
|  | Three Months Ended |  |  | Nine Months Ended |  |  |
|  | January 23, 2015 |  |  | January 24, 2014 |  |  | January 23, 2015 |  |  | January 24, 2014 |  |  |
|  | Amounts Reclassified from AOCI |  |  | Amounts Reclassified from AOCI |  |  | Statements of Operations Location
Recognized losses on defined benefit obligations |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |  |  | Operating expenses
Realized gains on available-for-sale securities |  |  | (0.3 | ) |  |  | — |  |  |  | (0.1 | ) |  |  | (1.1 | ) |  | Other income (expense), net
Realized (gains) losses on cash flow hedges |  |  | (15.7 | ) |  |  | (0.2 | ) |  |  | (9.5 | ) |  |  | 1.2 |  |  | Net revenues
Total reclassifications |  | $ | (15.9 | ) |  | $ | (0.2 | ) |  | $ | (9.3 | ) |  | $ | 0.1 |  |  |

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- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. + References No definition available. + Details
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