We granted approximately 6 million restricted stock units (RSUs) with a weighted average grant date fair value of $59.43 per share, including performance-based RSUs (PBRSUs), during the six months ended October 28, 2022. In the six months ended October 28, 2022, we granted PBRSUs to certain of our executives. Each PBRSU has 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 applicable performance and service period will range from 0% to 200% of a target number of shares originally granted. For half of the PBRSUs granted in the six months ended October 28, 2022, 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. For the remaining half of the PBRSUs granted in the six months ended October 28, 2022, the number of shares issued will depend upon the Company's billings result average over the three-year performance period as compared to a predetermined billings target. Billings for purposes of measuring the performance of these PBRSUs means the total obtained by adding net revenues as reported on the Company's Consolidated Statements of Income to the

amount reported as the change in deferred revenue and financed unearned services revenue on the Consolidated Statements of Cash Flows for the applicable measurement period, excluding the impact of fluctuations in foreign currency exchange rates. The fair values of these billings PBRSUs were established consistent with our methodology for valuing time-based RSUs, while compensation cost is being recognized based on the probable outcome of the performance condition. The aggregate grant date fair value of PBRSUs effectively granted in the current year was $27 million, which is being recognized to compensation expense over the remaining performance / service periods.

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


	Three Months Ended				Six Months Ended
	October 28, 2022		October 29, 2021		October 28, 2022		October 29, 2021
Cost of product revenues	$	1	$	1	$	2	$	2
Cost of services revenues		4		4		8		6
Sales and marketing		35		29		63		55
Research and development		26		18		50		34
General and administrative		12		10		22		18
Total stock-based compensation expense	$	78	$	62	$	145	$	115

As of October 28, 2022, total unrecognized compensation expense related to our equity awards was $714 million, which is expected to be recognized on a straight-line basis over a weighted-average remaining service period of 2.5 years.

As of October 28, 2022, our Board of Directors has authorized the repurchase of up to $15.1 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.

The following table summarizes activity related to the stock repurchase program for the six months ended October 28, 2022 (in millions, except for per share amounts):


Number of shares repurchased		7
Average price per share	$	67.70
Stock repurchases allocated to additional paid-in capital	$	25
Stock repurchases allocated to retained earnings	$	475
Remaining authorization at end of period	$	752

Since the May 13, 2003 inception of our stock repurchase program through October 28, 2022, we repurchased a total of 355 million shares of our common stock at an average price of $40.52 per share, for an aggregate purchase price of $14.4 billion.

The following is a summary of our activities related to dividends on our common stock (in millions, except per share amounts):


	Six Months Ended
	October 28, 2022		October 29, 2021
Dividends per share declared	$	1.00	$	1.00
Dividend payments allocated to additional paid-in capital	$	106	$	—
Dividend payments allocated to retained earnings	$	112	$	224

On November 21, 2022, we declared a cash dividend of $0.50 per share of common stock, payable on January 25, 2023 to holders of record as of the close of business on January 6, 2023. 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 Derivative Instruments			Total
Balance as of April 29, 2022	$	(44	)	$	(1	)	$	1		$	(44	)
Other comprehensive income (loss), net of tax		(18	)		—			4			(14	)
Amounts reclassified from AOCI, net of tax		—			—			(4	)		(4	)
Total other comprehensive loss		(18	)		—			—			(18	)
Balance as of October 28, 2022	$	(62	)	$	(1	)	$	1		$	(62	)

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


	Three Months Ended						Six Months Ended
	October 28, 2022			October 29, 2021			October 28, 2022			October 29, 2021			Statements of Income Classification
Realized gains on cash flow hedges	$	(3	)	$	(1	)	$	(4	)	$	(1	)	Net revenues
Total reclassifications	$	(3	)	$	(1	)	$	(4	)	$	(1	)