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Stockholders' Equity (Tables)
 9 Months Ended
Jan. 29, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Information Related to Stock Options

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

 

 

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

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

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

 
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):

 

 

 

Nine Months Ended

 

 

 

January 29,

2021

 

 

January 24,

2020

 

Shares withheld for taxes

 

 

1

 

 

 

1

 

Fair value of shares withheld

 

$

38

 

 

$

77

 
Schedule of Employee Stock Purchase Plan (ESPP)

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

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

 
Summary of Activities Related to Stock Repurchase Program

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):

 

Number of shares repurchased

 

 

1

 

Average price per share

 

$

64.78

 

Stock repurchases allocated to additional paid-in capital

 

$

1

 

Stock repurchases allocated to retained earnings

 

$

49

 

Remaining authorization at end of period

 

$

427

 
Summary of Activities Related to Dividends on Common Stock

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

 

 

$

—

 

 
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 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

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

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

 

 

 

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

)