As of January 29, 2021, 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 January 29, 2021 and April 24, 2020.

	Nine Months Ended
	January 29, 2021		January 24, 2020
Intrinsic value of exercises	$	4	$	4
Proceeds received from exercises	$	2	$	4
Fair value of options vested	$	4	$	1

In the nine months ended January 29, 2021, 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. For PBRSUs with potential payouts above a 100% of target amount, 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 TSR performance-based 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 $27 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		$	40.94
Vested		(2	)	$	44.68
Forfeited		(1	)	$	51.53
Outstanding as of January 29, 2021		9		$	47.05

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):

	Nine Months Ended
	January 29, 2021		January 24, 2020
Shares withheld for taxes		1		1
Fair value of shares withheld	$	38	$	77

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

	Nine Months Ended
	January 29, 2021		January 24, 2020
Shares issued under the ESPP		2		2
Proceeds from issuance of shares	$	90	$	98

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

	Three Months Ended				Nine Months Ended
	January 29, 2021		January 24, 2020		January 29, 2021		January 24, 2020
Cost of product revenues	$	1	$	1	$	3	$	3
Cost of hardware maintenance and other services revenues		2		2		7		7
Sales and marketing		21		15		70		50
Research and development		15		13		49		41
General and administrative		7		5		20		17
Total stock-based compensation expense	$	46	$	36	$	149	$	118
Income tax benefit for stock-based compensation expense	$	4	$	3	$	12	$	11

As of January 29, 2021, total unrecognized compensation expense related to our equity awards was $363 million, which is expected to be recognized on a straight-line basis over a weighted-average remaining service period of 2.3 years.

As of January 29, 2021, 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. We reinitiated our stock repurchase program during the third quarter of fiscal 2021.

The following table summarized activity related to the stock repurchase program for the nine months ended January 29, 2021 (in millions, except for per share amounts):

Since the May 13, 2003 inception of our stock repurchase program through January 29, 2021, we repurchased a total of 339 million shares of our common stock at an average price of $38.92 per share, for an aggregate purchase price of $13.2 billion.

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 29, 2021		January 24, 2020
Dividends per share declared	$	1.44	$	1.44
Dividend payments allocated to additional paid-in capital	$	30	$	334
Dividend payments allocated to retained earnings	$	291	$	—

On February 19, 2021, we declared a cash dividend of $0.48 per share of common stock, payable on April 28, 2021 to holders of record as of the close of business on April 9, 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		10			—			—		(13	)		(3	)
Amounts reclassified from AOCI, net of tax		—			—			—		11			11
Total other comprehensive income (loss)		10			—			—		(2	)		8
Balance as of January 29, 2021	$	(32	)	$	(1	)	$	1	$	(2	)	$	(34	)

	Three Months Ended					Nine Months Ended
	January 29, 2021		January 24, 2020			January 29, 2021		January 24, 2020			Statements of Operations Classification
Recognized gains on defined benefit obligations	$	—	$	(1	)	$	—	$	(2	)	Operating expenses
Realized gains on available-for-sale securities		—		—			—		(14	)	Other income (expense), net
Realized losses on cash flow hedges		3		—			11		—		Net revenues
Total reclassifications	$	3	$	(1	)	$	11	$	(16	)