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Leases | 12 Months Ended
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Apr. 29, 2022
Leases [Abstract] |
Leases | . 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 29, 2022, have remaining lease terms not exceeding 20 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 29, 2022, have remaining lease terms not exceeding 4 years. As of April 29, 2022, our automobile leases have remaining lease terms not exceeding 4 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 did not control the underlying asset during the construction period, the Company was not considered the owner of the asset under construction for accounting purposes. The initial term of the lease is twenty years with options to renew the lease during the lease term. The lease commenced during the third quarter of fiscal 2022. 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. The lease commenced during the first quarter of fiscal 2022. The components of lease cost related to our operating leases were as follows (in millions):
|  | Year Ended |
|  | April 29, 2022 |  |  | April 30, 2021 |
Operating lease cost |  | $ | 61 |  |  | $ | 55 |
Variable lease cost |  |  | 15 |  |  |  | 11 |
Total lease cost |  | $ | 76 |  |  | $ | 66 |
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 29, 2022 |  |  | April 30, 2021 |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 56 |  |  | $ | 57 |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 236 |  |  | $ | 31 |
The supplemental balance sheet information related to our operating leases is as follows (in millions, except lease term and discount rate):
|  | April 29, 2022 |  |  | April 30, 2021 |
Other non-current assets |  | $ | 294 |  |  | $ | 114 |
Total operating lease ROU assets |  | $ | 294 |  |  | $ | 114 |
Accrued expenses |  | $ | 47 |  |  | $ | 49 |
Other long-term liabilities |  |  | 257 |  |  |  | 71 |
Total operating lease liabilities |  | $ | 304 |  |  | $ | 120 |
Weighted Average Remaining Lease Term |  | 9.6 years |  |  | 3.4 years |
Weighted Average Discount Rate |  |  | 2.8 | % |  |  | 2.9 | %
Future minimum operating lease payments as of April 29, 2022 are as follows (in millions):
Fiscal Year |  |  |  | Amount |
2023 |  |  |  | $ | 54 |
2024 |  |  |  |  | 46 |
2025 |  |  |  |  | 38 |
2026 |  |  |  |  | 33 |
2027 |  |  |  |  | 29 |
Thereafter |  |  |  |  | 152 |
Total lease payments |  |  |  |  | 352 |
Less: Interest |  |  |  |  | (48 | )
Total |  |  |  | $ | 304 |

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