As of October 30, 2020, we have certain equity incentive awards (awards) outstanding, which include stock options and restricted stock units (RSUs), including time-based RSUs and performance-based RSUs (PBRSUs). Also outstanding are purchase rights under our Employee Stock Purchase Plan (ESPP).

Less than 1 million options were outstanding as of October 30, 2020 and April 24, 2020.

	Six Months Ended
	October 30, 2020		October 25, 2019
Intrinsic value of exercises	$	1	$	3
Proceeds received from exercises	$	2	$	2
Fair value of options vested	$	1	$	—

In the six months ended October 30, 2020, we granted PBRSUs to certain of our executives. The PBRSUs have performance-based vesting criteria, in addition to the service based vesting criteria, such that the PBRSUs cliff-vest at the end of an approximate one, two or three year performance period, which began on the date specified in the grant agreements and typically ends on the last day of the first, second or third fiscal year, respectively following the grant date. The number of shares of common stock that will be issued to settle most of these PBRSUs at the end of the performance and service period, will range from 0% to 200% of a target number of shares originally granted. The number of shares issued will depend upon our Total Stockholder Return (TSR) as compared to the TSR of a specified group of benchmark peer companies (each expressed as a growth rate percentage) calculated as of the end of the performance period. The fair values of these awards were fixed at grant date using a Monte Carlo simulation model. The aggregate grant date fair value of all PBRSUs granted in the current year was $25 million, which is being recognized to compensation expense over the remaining performance / service periods.

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

	Number of Shares			Weighted- Average Grant Date Fair Value
Outstanding as of April 24, 2020		7		$	51.40
Granted		5		$	39.44
Vested		(2	)	$	44.21
Forfeited		(1	)	$	52.26
Outstanding as of October 30, 2020		9		$	46.65

We primarily use the net share settlement approach upon vesting, where a portion of the shares are withheld as settlement of 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):

	Six Months Ended
	October 30, 2020		October 25, 2019
Shares withheld for taxes		1		1
Fair value of shares withheld	$	34	$	74

The following table summarizes activity related to the purchase rights issued under the ESPP (in millions):

	Six Months Ended
	October 30, 2020		October 25, 2019
Shares issued under the ESPP		1		1
Proceeds from issuance of shares	$	47	$	54

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

	Three Months Ended				Six Months Ended
	October 30, 2020		October 25, 2019		October 30, 2020		October 25, 2019
Cost of product revenues	$	1	$	1	$	2	$	2
Cost of hardware maintenance and other services revenues		2		3		5		5
Sales and marketing		24		17		49		35
Research and development		15		13		34		28
General and administrative		7		6		13		12
Total stock-based compensation expense	$	49	$	40	$	103	$	82
Income tax benefit for stock-based compensation expense	$	8	$	4	$	12	$	8

As of October 30, 2020, total unrecognized compensation expense related to our equity awards was $398 million, which is expected to be recognized on a straight-line basis over a weighted-average remaining service period of 2.5 years.

As of October 30, 2020, our Board of Directors has authorized the repurchase of up to $13.6 billion of our common stock. Under this program, we may purchase shares of our outstanding common stock through solicited or unsolicited transactions in the open market, in privately negotiated transactions, through accelerated share repurchase programs, pursuant to a Rule 10b5-1 plan or in such other manner as deemed appropriate by our management. The stock repurchase program may be suspended or discontinued at any time, and it was suspended in March 2020 due to the economic impact of the COVID-19 pandemic. Accordingly, no share repurchases were executed for the six months ended October 30, 2020.

Since the May 13, 2003 inception of our stock repurchase program through October 30, 2020, we repurchased a total of 338 million shares of our common stock at an average price of $38.86 per share, for an aggregate purchase price of $13.1 billion. As of October 30, 2020, the remaining authorized amount for stock repurchases under this program was $477 million.

The following is a summary of our activities related to dividends on our common stock (in millions, except per share amounts):

	Six Months Ended
	October 30, 2020		October 25, 2019
Dividends per share declared	$	0.96	$	0.96
Dividend payments allocated to additional paid-in capital	$	30	$	226
Dividend payments allocated to retained earnings	$	184	$	—

On November 23, 2020, we declared a cash dividend of $0.48 per share of common stock, payable on January 27, 2021 to holders of record as of the close of business on January 8, 2021. 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 us to be legally authorized under the laws of the state in which we are incorporated.

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 24, 2020	$	(42	)	$	(1	)	$	1	$	—		$	(42	)
Other comprehensive income (loss), net of tax		9			—			1		(8	)		2
Amounts reclassified from AOCI, net of tax		—			—			—		8			8
Total other comprehensive income (loss)		9			—			1		—			10
Balance as of October 30, 2020	$	(33	)	$	(1	)	$	2	$	—		$	(32	)

	Three Months Ended					Six Months Ended
	October 30, 2020		October 25, 2019			October 30, 2020		October 25, 2019
	Amounts Reclassified from AOCI					Amounts Reclassified from AOCI					Statements of Operations Classification
Recognized gains on defined benefit obligations	$	—	$	(1	)	$	—	$	(1	)	Operating expenses
Realized gains on available-for-sale securities		—		—			—		(14	)	Other income (expense), net
Realized losses on cash flow hedges		7		—			8		—		Net revenues
Total reclassifications	$	7	$	(1	)	$	8	$	(15	)