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Stockholders' Equity (Tables)
 12 Months Ended
Apr. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Additional Information Related to Stock Options

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

 

 

 

Year Ended

 

 

 

April 30, 2021

 

 

April 24, 2020

 

 

April 26, 2019

 

Intrinsic value of exercises

 

$

11

 

 

$

5

 

 

$

31

 

Proceeds received from exercises

 

$

8

 

 

$

4

 

 

$

25

 

Fair value of options vested

 

$

5

 

 

$

1

 

 

$

2

 
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 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

 

Granted

 

 

4

 

 

$

51.39

 

Vested

 

 

(4

)

 

$

38.87

 

Forfeited

 

 

(1

)

 

$

48.30

 

Outstanding as of April 24, 2020

 

 

7

 

 

$

51.40

 

Granted

 

 

6

 

 

$

42.46

 

Vested

 

 

(3

)

 

$

44.74

 

Forfeited

 

 

(1

)

 

$

51.20

 

Outstanding as of April 30, 2021

 

 

9

 

 

$

47.75

 
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 30, 2021

 

 

April 24, 2020

 

 

April 26, 2019

 

Shares withheld for taxes

 

 

1

 

 

 

1

 

 

 

1

 

Fair value of shares withheld

 

$

42

 

 

$

79

 

 

$

96

 
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 30, 2021

 

 

April 24, 2020

 

 

April 26, 2019

 

Shares issued under the ESPP

 

 

2

 

 

 

2

 

 

 

3

 

Proceeds from issuance of shares

 

$

90

 

 

$

98

 

 

$

96

 
Stock-Based Compensation Expense

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

 

 

 

Year Ended

 

 

 

April 30, 2021

 

 

April 24, 2020

 

 

April 26, 2019

 

Cost of product revenues

 

$

4

 

 

$

3

 

 

$

4

 

Cost of hardware support and other services revenues

 

 

10

 

 

 

10

 

 

 

10

 

Sales and marketing

 

 

92

 

 

 

66

 

 

 

67

 

Research and development

 

 

64

 

 

 

53

 

 

 

48

 

General and administrative

 

 

27

 

 

 

21

 

 

 

29

 

Total stock-based compensation expense

 

$

197

 

 

$

153

 

 

$

158

 

Income tax benefit for stock-based compensation

 

$

17

 

 

$

15

 

 

$

15

 
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 30, 2021

 

 

April 24, 2020

 

 

April 26, 2019

 

RSUs:

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

0.2

%

 

 

1.7

%

 

 

2.6

%

Expected dividend yield

 

 

4.4

%

 

 

2.9

%

 

 

2.4

%

Weighted-average fair value per share granted

 

$

42.46

 

 

$

51.39

 

 

$

63.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ESPP:

 

 

 

 

 

 

 

 

 

 

 

 

Expected term in years

 

 

1.2

 

 

 

1.2

 

 

 

1.2

 

Risk-free interest rate

 

 

0.2

%

 

 

2.0

%

 

 

2.6

%

Expected volatility

 

 

47

%

 

 

33

%

 

 

31

%

Expected dividend yield

 

 

4.4

%

 

 

3.1

%

 

 

2.4

%

Weighted-average fair value per right granted

 

$

10.08

 

 

$

10.15

 

 

$

18.07

 

 
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 30, 2021

 

 

April 24, 2020

 

 

April 26, 2019

 

Number of shares repurchased

 

 

2

 

 

 

25

 

 

 

29

 

Average price per share

 

$

67.61

 

 

$

56.34

 

 

$

72.87

 

Stock repurchases allocated to additional paid-in capital

 

$

3

 

 

$

625

 

 

$

1,002

 

Stock repurchases allocated to retained earnings

 

$

122

 

 

$

786

 

 

$

1,109

 

Remaining authorization at end of period

 

$

352

 

 

$

477

 

 

$

1,889

 
Summary of Activities Related to Dividends on Common Stock

The following is a summary of our fiscal 2021, 2020 and 2019 activities related to dividends on our common stock (in millions, except per share amounts).

 

 

 

Year Ended

 

 

 

April 30, 2021

 

 

April 24, 2020

 

 

April 26, 2019

 

Dividends per share declared

 

$

1.92

 

 

$

1.92

 

 

$

1.60

 

Dividend payments allocated to additional paid-in capital

 

$

30

 

 

$

400

 

 

$

403

 

Dividend payments allocated to retained earnings

 

$

397

 

 

$

39

 

 

$

-

 
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 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

)

OCI before reclassifications, net of tax

 

 

(8

)

 

 

3

 

 

 

22

 

 

 

5

 

 

 

22

 

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

(1

)

 

 

(14

)

 

 

(6

)

 

 

(21

)

Total OCI

 

 

(8

)

 

 

2

 

 

 

8

 

 

 

(1

)

 

 

1

 

Balance as of April 24, 2020

 

 

(42

)

 

 

(1

)

 

 

1

 

 

 

—

 

 

 

(42

)

OCI before reclassifications, net of tax

 

 

15

 

 

 

(3

)

 

 

—

 

 

 

(11

)

 

 

1

 

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11

 

 

 

11

 

Total OCI

 

 

15

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

 

12

 

Balance as of April 30, 2021

 

$

(27

)

 

$

(4

)

 

$

1

 

 

$

—

 

 

$

(30

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

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

 

 

 

Year Ended

 

 

Statements of Income

 

 

April 30, 2021

 

 

April 24, 2020

 

 

April 26, 2019

 

 

Classification

Recognized gains on defined benefit obligations

 

$

—

 

 

$

(2

)

 

$

(2

)

 

Operating expenses

Realized gains on available-for-sale securities

 

 

—

 

 

 

(14

)

 

 

—

 

 

Other (expense) income, net

Realized losses (gains) on cash flow hedges

 

 

11

 

 

 

(6

)

 

 

(1

)

 

Net revenues

Total reclassifications

 

$

11

 

 

$

(22

)

 

$

(3

)