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Stockholders' Equity (Tables)
 12 Months Ended
Apr. 26, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Activity Related to Stock Options

The following table summarizes information related to our stock options (in millions, except exercise price and contractual term):

 

 

 

Number

of Shares

 

 

Weighted-

Average

Exercise

Price

 

Outstanding as of April 29, 2016

 

 

9

 

 

$

34.01

 

Exercised

 

 

(3

)

 

$

25.61

 

Forfeited and expired

 

 

(2

)

 

$

39.36

 

Outstanding as of April 28, 2017

 

 

4

 

 

$

35.76

 

Exercised

 

 

(2

)

 

$

36.99

 

Forfeited and expired

 

 

(1

)

 

$

40.50

 

Outstanding as of April 27, 2018

 

 

1

 

 

$

31.19

 

Exercised

 

 

(1

)

 

$

32.50

 

Forfeited and expired

 

 

—

 

 

N/A

 

Outstanding as of April 26, 2019

 

 

—

 

 

N/A

 

Exercisable as of April 26, 2019

 

 

—

 

 

N/A

 
Additional Information Related to Stock Options

Additional information related to our stock options is summarized below (in millions):

 

 

 

Year Ended

 

 

 

April 26, 2019

 

 

April 27, 2018

 

 

April 28, 2017

 

Intrinsic value of exercises

 

$

31

 

 

$

37

 

 

$

26

 

Proceeds received from exercises

 

$

25

 

 

$

88

 

 

$

60

 

Fair value of options vested

 

$

2

 

 

$

8

 

 

$

15

 
Activity Related to Restricted Stock Units Including Performance-Based Restricted Stock Units

The following table summarizes information related to RSUs, including PBRSUs, (in millions, except for fair value):

 

 

 

Number of

Shares

 

 

Weighted-

Average

Grant Date

Fair Value

 

Outstanding as of April 29, 2016

 

 

13

 

 

$

32.46

 

Granted

 

 

5

 

 

$

24.99

 

Vested

 

 

(5

)

 

$

32.03

 

Forfeited

 

 

(2

)

 

$

31.66

 

Outstanding as of April 28, 2017

 

 

11

 

 

$

28.81

 

Granted

 

 

4

 

 

$

39.74

 

Vested

 

 

(5

)

 

$

30.59

 

Forfeited

 

 

(1

)

 

$

29.54

 

Outstanding as of April 27, 2018

 

 

9

 

 

$

32.91

 

Granted

 

 

3

 

 

$

63.40

 

Vested

 

 

(3

)

 

$

32.02

 

Forfeited

 

 

(1

)

 

$

36.61

 

Outstanding as of April 26, 2019

 

 

8

 

 

$

45.68

 
Number and Value of Shares Netted for Employee Taxes The number and value of the shares netted for employee taxes are summarized in the table below (in millions):

 

 

 

Year Ended

 

 

 

April 26, 2019

 

 

April 27, 2018

 

 

April 28, 2017

 

Shares withheld for taxes

 

 

1

 

 

 

2

 

 

 

2

 

Fair value of shares withheld

 

$

96

 

 

$

75

 

 

$

48

 
Schedule of Employee Stock Purchase Plan (ESPP) The following table summarizes activity related to the purchase rights issued under the ESPP (in millions):

 

 

 

Year Ended

 

 

 

April 26, 2019

 

 

April 27, 2018

 

 

April 28, 2017

 

Shares issued under the ESPP

 

 

3

 

 

 

4

 

 

 

4

 

Proceeds from issuance of shares

 

$

96

 

 

$

85

 

 

$

80

 
Stock-Based Compensation Expense

Stock-based compensation expense is included in the consolidated statements of operations as follows (in millions):

 

 

 

Year Ended

 

 

 

April 26, 2019

 

 

April 27, 2018

 

 

April 28, 2017

 

Cost of product revenues

 

$

4

 

 

$

3

 

 

$

4

 

Cost of hardware maintenance and other services revenues

 

 

10

 

 

 

10

 

 

 

13

 

Sales and marketing

 

 

67

 

 

 

68

 

 

 

84

 

Research and development

 

 

48

 

 

 

49

 

 

 

59

 

General and administrative

 

 

29

 

 

 

31

 

 

 

35

 

Total stock-based compensation expense

 

$

158

 

 

$

161

 

 

$

195

 

Income tax benefit for stock-based compensation

 

$

15

 

 

$

29

 

 

$

41

 
Summary of Valuation Assumptions

The valuation of RSUs and ESPP purchase rights and the underlying weighted-average assumptions are summarized as follows:

 

 

 

Year Ended

 

 

 

April 26, 2019

 

 

April 27, 2018

 

 

April 28, 2017

 

RSUs:

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

2.6

%

 

 

1.4

%

 

 

1.0

%

Expected dividend yield

 

 

2.4

%

 

 

2.0

%

 

 

3.1

%

Weighted-average fair value per share granted

 

$

63.40

 

 

$

39.74

 

 

$

24.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ESPP:

 

 

 

 

 

 

 

 

 

 

 

 

Expected term in years

 

 

1.2

 

 

 

1.2

 

 

 

1.2

 

Risk-free interest rate

 

 

2.6

%

 

 

1.4

%

 

 

0.8

%

Expected volatility

 

 

31

%

 

 

28

%

 

 

30

%

Expected dividend yield

 

 

2.4

%

 

 

2.0

%

 

 

3.1

%

Weighted-average fair value per right granted

 

$

18.07

 

 

$

12.34

 

 

$

7.85

 

 
Summary of Activities Related to Stock Repurchase Program

The following table summarizes activity related to this program (in millions, except per share amounts):

 

 

 

Year Ended

 

 

 

April 26, 2019

 

 

April 27, 2018

 

 

April 28, 2017

 

Number of shares repurchased

 

 

29

 

 

 

15

 

 

 

22

 

Average price per share

 

$

72.87

 

 

$

51.57

 

 

$

32.72

 

Aggregate purchase price

 

$

2,111

 

 

$

794

 

 

$

705

 

Remaining authorization at end of period

 

$

1,889

 

 

$

4,000

 

 

$

794

 
Summary of Activities Related to Dividends on Common Stock

The following is a summary of our fiscal 2019, 2018 and 2017 activities related to dividends on our common stock (in millions, except per share amounts).

 

 

 

Year Ended

 

 

 

April 26, 2019

 

 

April 27, 2018

 

 

April 28, 2017

 

Dividends per share declared

 

$

1.60

 

 

$

0.80

 

 

$

0.76

 

Dividend payments allocated to additional paid-in capital

 

$

403

 

 

$

106

 

 

$

88

 

Dividend payments allocated to retained earnings (accumulated deficit)

 

$

—

 

 

$

108

 

 

$

120

 
Accumulated Other Comprehensive Income (Loss) by Component Net of Tax

Changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, are summarized below (in millions):

 

 

 

Foreign

Currency

Translation

Adjustments

 

 

Defined

Benefit

Obligation

Adjustments

 

 

Unrealized

Gains

(Losses) on

Available-

for-Sale

Securities

 

 

Unrealized

Gains

(Losses) on

Derivative

Instruments

 

 

Total

 

Balance as of April 28, 2017

 

$

(29

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(29

)

OCI before reclassifications, net of tax

 

 

2

 

 

 

1

 

 

 

(43

)

 

 

—

 

 

 

(40

)

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

(1

)

Total OCI

 

 

2

 

 

 

—

 

 

 

(43

)

 

 

—

 

 

 

(41

)

Balance as of April 27, 2018

 

 

(27

)

 

 

—

 

 

 

(43

)

 

 

—

 

 

 

(70

)

OCI before reclassifications, net of tax

 

 

(7

)

 

 

(2

)

 

 

36

 

 

 

2

 

 

 

29

 

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

(2

)

Total OCI

 

 

(7

)

 

 

(3

)

 

 

36

 

 

 

1

 

 

 

27

 

Balance as of April 26, 2019

 

$

(34

)

 

$

(3

)

 

$

(7

)

 

$

1

 

 

$

(43

)
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss)

The amounts reclassified out of AOCI are as follows (in millions):

 

 

 

Year Ended

 

 

 

 

 

April 26, 2019

 

 

April 27, 2018

 

 

April 28, 2017

 

 

 

 

 

Amounts Reclassified from AOCI

 

 

Statements of Operations Classification

Recognized (gains) losses on defined benefit

    obligations

 

$

(2

)

 

$

(2

)

 

 

1

 

 

Operating expenses

Realized gains on cash flow hedges

 

 

(1

)

 

 

—

 

 

 

(6

)

 

Net revenues

Total reclassifications

 

$

(3

)

 

$

(2

)

 

$

(5

)