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Income Taxes (Tables)

12 Months Ended

Apr. 29, 2022

Income Tax Disclosure [Abstract]

Income Before Income Taxes

Income before income taxes is as follows (in millions):

		Year Ended
		April 29, 2022				April 30, 2021				April 24, 2020
Domestic		$	546			$	433			$	379
Foreign			549				529				565
Total		$	1,095			$	962			$	944

Provision for Income Taxes

The provision for income taxes consists of the following (in millions):

		Year Ended
		April 29, 2022				April 30, 2021				April 24, 2020
Current:
Federal		$	187			$	82			$	83
State			55				22				9
Foreign			60				134				50
Total current			302				238				142
Deferred:
Federal			(125	)			6				(26	)
State			(27	)			2				(6	)
Foreign			8				(14	)			15
Total deferred			(144	)			(6	)			(17	)
Provision for income taxes		$	158			$	232			$	125

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate as follows (in millions):

		Year Ended
		April 29, 2022				April 30, 2021				April 24, 2020
Tax computed at federal statutory rate		$	230			$	202			$	198
State income taxes, net of federal benefit			15				23				10
Foreign earnings in lower tax jurisdictions			(46	)			(26	)			(40	)
Stock-based compensation			(8	)			6				(4	)
Research and development credits			(18	)			(13	)			(16	)
Benefit for foreign derived intangible income			(49	)			(2	)			(4	)
Global minimum tax on intangible income			1				19				32
Transition tax and related reserves			1				1				15
Tax charge from integration of acquired companies			23				35				—
Resolution of income tax matters (1)			(3	)			(6	)			(61	)
Other			12				(7	)			(5	)
Provision for income taxes		$	158			$	232			$	125

(1)During fiscal 2022, we recognized a tax benefit related to the lapse of statute of limitations for certain issues in our fiscal 2012 and 2013 state income tax returns. During fiscal 2021, we recognized a tax benefit related to the lapse of statutes of limitations for certain issues on our fiscal 2016 and 2017 federal income tax returns. During fiscal 2020, we recognized a tax benefit related to the lapse of statutes of limitations on our fiscal 2014 and 2015 federal income tax returns.

Deferred Tax Assets and Liabilities

The components of our deferred tax assets and liabilities are as follows (in millions):

		April 29, 2022				April 30, 2021
Deferred tax assets:
Reserves and accruals		$	267			$	65
Net operating loss and credit carryforwards			121				115
Stock-based compensation			23				18
Deferred revenue and financed unearned services revenue			235				226
Other			6				20
Gross deferred tax assets			652				444
Valuation allowance			(111	)			(107	)
Deferred tax assets, net of valuation allowance			541				337
Deferred tax liabilities:
Prepaids and accruals			108				51
Acquired intangibles			48				28
Property and equipment			39				31
Other			7				24
Total deferred tax liabilities			202				134
Deferred tax assets, net of valuation allowance and deferred tax liabilities		$	339			$	203

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):

		Year Ended
		April 29, 2022				April 30, 2021				April 24, 2020
Balance at beginning of period		$	221			$	211			$	296
Additions based on tax positions related to the current year			11				7				5
Additions for tax positions of prior years			—				11				1
Decreases for tax positions of prior years			(2	)			—				(10	)
Settlements			(10	)			(8	)			(81	)
Balance at end of period		$	220			$	221			$	211

Summary of Tax Years Remain Subject to Examinations under Major Tax Jurisdictions

The tax years that remain subject to examination for our major tax jurisdictions are shown below:

Fiscal Years Subject to Examination for Major Tax Jurisdictions at April 29, 2022

2016 — 2022		United States — federal income tax
2018 — 2022		United States — state and local income tax
2020 — 2022		Australia
2015 — 2022		Germany
2007 — 2022		India
2017 — 2022		The Netherlands
2016 — 2022		Canada

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