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Leases | 12 Months Ended
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Apr. 30, 2021
Leases [Abstract] |
Leases | 10. Leases We lease real estate, equipment and automobiles in the U.S. and internationally. Our real estate leases, which are responsible for the majority of our aggregate ROU asset and liability balances, include leases for office space, data centers and other facilities, and as of April 30, 2021, have remaining lease terms of up to 15 years. Some of these leases contain options that allow us to extend or terminate the lease agreement. Our equipment leases are primarily for servers and networking equipment and as of April 30, 2021, have remaining lease terms of up to 4 years. As of April 30, 2021, our automobile leases have remaining lease terms of up to 5 years. All our leases are classified as operating leases except for certain immaterial equipment finance leases. In June 2020, we entered into a build-to-suit lease agreement for an office building with future undiscounted payments of approximately $67 million. Because the Company does not control the underlying asset during the construction period, the Company is not considered the owner of the asset under construction for accounting purposes. The lease will commence upon completion of the construction of the office building which is expected to be in the third quarter of fiscal 2022. The initial term of the lease is twenty years with options to renew the lease during the lease term. A ROU asset and related lease liability will be measured and recognized in our financial statements in the period the lease commences. In April 2021, we entered into a lease for our new corporate headquarters located in San Jose, California, which is comprised of approximately three hundred thousand square feet of office space and requires future minimum undiscounted payments of approximately $180 million over the initial 11-year lease term. The lease agreement also provides us two successive renewal options, each for five years. A ROU asset and related lease liability will be measured and recognized in our financial statements upon lease commencement in the first quarter of fiscal 2022. The components of lease cost related to our operating leases were as follows (in millions):
|  | Year Ended |
|  | April 30, 2021 |  |  | April 24, 2020 |
Operating lease cost |  | $ | 55 |  |  | $ | 55 |
Variable lease cost |  |  | 11 |  |  |  | 16 |
Total lease cost |  | $ | 66 |  |  | $ | 71 |
Variable lease cost is primarily attributable to amounts paid to lessors for common area maintenance and utility charges under our real estate leases. The supplemental cash flow information related to our operating leases is as follows (in millions):
|  | Year Ended |
|  | April 30, 2021 |  |  | April 24, 2020 |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 57 |  |  | $ | 56 |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 31 |  |  | $ | 41 |
The supplemental balance sheet information related to our operating leases is as follows (in millions, except lease term and discount rate):
|  | April 30, 2021 |  |  | April 24, 2020 |
Other non-current assets |  | $ | 114 |  |  | $ | 137 |
Total operating lease ROU assets |  | $ | 114 |  |  | $ | 137 |
Accrued expenses |  | $ | 49 |  |  | $ | 51 |
Other long-term liabilities |  |  | 71 |  |  |  | 93 |
Total operating lease liabilities |  | $ | 120 |  |  | $ | 144 |
Weighted Average Remaining Lease Term |  | 3.4 years |  |  | 3.9 years |
Weighted Average Discount Rate |  |  | 2.9 | % |  |  | 2.7 | %
Future minimum operating lease payments as of April 30, 2021, which exclude the undiscounted payments for the aforementioned build-to-suit and corporate headquarters leases to commence in fiscal 2022, are as follows (in millions):
Fiscal Year |  |  |  | Operating Leases |
2022 |  |  |  | $ | 52 |
2023 |  |  |  |  | 34 |
2024 |  |  |  |  | 21 |
2025 |  |  |  |  | 10 |
2026 |  |  |  |  | 8 |
Thereafter |  |  |  |  | 4 |
Total lease payments |  |  |  |  | 129 |
Less: Interest |  |  |  |  | (9 | )
Total |  |  |  | $ | 120 |

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