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v3.23.1

Stockholders' Equity (Tables) | 12 Months Ended
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Apr. 28, 2023
Share-Based Payment Arrangement [Abstract] |
Additional Information Related to Stock Options | Additional information related to our stock options is summarized below (in millions):
|  | Year Ended |
|  | April 28, 2023 |  |  | April 29, 2022 |  |  | April 30, 2021 |
Intrinsic value of exercises |  | $ | 7 |  |  | $ | 14 |  |  | $ | 11 |
Proceeds received from exercises |  | $ | 1 |  |  | $ | 1 |  |  | $ | 8 |
Fair value of options vested |  | $ | 4 |  |  | $ | 5 |  |  | $ | 5 |
Activity Related to Restricted Stock Units Including Performance-Based Restricted Stock Units | The following table summarizes information related to RSUs, including PBRSUs, (in millions, except for fair value):
|  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value |
Outstanding as of April 24, 2020 |  |  | 7 |  |  | $ | 51.40 |
Granted |  |  | 6 |  |  | $ | 42.46 |
Vested |  |  | (3 | ) |  | $ | 44.74 |
Forfeited |  |  | (1 | ) |  | $ | 51.20 |
Outstanding as of April 30, 2021 |  |  | 9 |  |  | $ | 47.75 |
Granted |  |  | 5 |  |  | $ | 80.40 |
Vested |  |  | (3 | ) |  | $ | 48.91 |
Forfeited |  |  | (1 | ) |  | $ | 57.46 |
Outstanding as of April 29, 2022 |  |  | 10 |  |  | $ | 64.09 |
Granted |  |  | 8 |  |  | $ | 59.87 |
Vested |  |  | (4 | ) |  | $ | 62.85 |
Forfeited |  |  | (2 | ) |  | $ | 61.99 |
Outstanding as of April 28, 2023 |  |  | 12 |  |  | $ | 62.08 |
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):
|  | Year Ended |
|  | April 28, 2023 |  |  | April 29, 2022 |  |  | April 30, 2021 |
Shares withheld for taxes |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Fair value of shares withheld |  | $ | 84 |  |  | $ | 74 |  |  | $ | 42 |
Schedule of Employee Stock Purchase Plan (ESPP) | The following table summarizes activity related to the purchase rights issued under the ESPP (in millions):
|  | Year Ended |
|  | April 28, 2023 |  |  | April 29, 2022 |  |  | April 30, 2021 |
Shares issued under the ESPP |  |  | 2 |  |  |  | 3 |  |  |  | 2 |
Proceeds from issuance of shares |  | $ | 107 |  |  | $ | 104 |  |  | $ | 90 |
Stock-Based Compensation Expense | Stock-based compensation expense is included in the consolidated statements of income as follows (in millions):
|  | Year Ended |
|  | April 28, 2023 |  |  | April 29, 2022 |  |  | April 30, 2021 |
Cost of product revenues |  | $ | 5 |  |  | $ | 4 |  |  | $ | 4 |
Cost of hardware support and other services revenues |  |  | 19 |  |  |  | 13 |  |  |  | 10 |
Sales and marketing |  |  | 135 |  |  |  | 115 |  |  |  | 92 |
Research and development |  |  | 111 |  |  |  | 75 |  |  |  | 64 |
General and administrative |  |  | 42 |  |  |  | 38 |  |  |  | 27 |
Total stock-based compensation expense |  | $ | 312 |  |  | $ | 245 |  |  | $ | 197 |
Summary of Valuation Assumptions | The valuation of RSUs and ESPP purchase rights and the underlying weighted-average assumptions are summarized as follows:
|  | Year Ended |
|  | April 28, 2023 |  |  | April 29, 2022 |  |  | April 30, 2021 |
RSUs: |  |  |  |  |  |  |  |  |
Risk-free interest rate |  |  | 3.1 | % |  |  | 0.5 | % |  |  | 0.2 | %
Expected dividend yield |  |  | 2.9 | % |  |  | 2.4 | % |  |  | 4.4 | %
Weighted-average fair value per share granted |  | $ | 59.87 |  |  | $ | 80.40 |  |  | $ | 42.46 |
ESPP: |  |  |  |  |  |  |  |  |
Expected term in years |  |  | 1.2 |  |  |  | 1.2 |  |  |  | 1.2 |
Risk-free interest rate |  |  | 3.9 | % |  |  | 0.2 | % |  |  | 0.2 | %
Expected volatility |  |  | 36 | % |  |  | 37 | % |  |  | 47 | %
Expected dividend yield |  |  | 2.9 | % |  |  | 2.4 | % |  |  | 4.4 | %
Weighted-average fair value per right granted |  | $ | 21.28 |  |  | $ | 24.75 |  |  | $ | 10.08 |
Summary of Activities Related to Stock Repurchase Program | The following table summarizes activity related to this program (in millions, except per share amounts):
|  | Year Ended |
|  | April 28, 2023 |  |  | April 29, 2022 |  |  | April 30, 2021 |
Number of shares repurchased |  |  | 13 |  |  |  | 7 |  |  |  | 2 |
Average price per share |  | $ | 66.42 |  |  | $ | 84.49 |  |  | $ | 67.61 |
Stock repurchases allocated to additional paid-in capital |  | $ | 45 |  |  | $ | 20 |  |  | $ | 3 |
Stock repurchases allocated to retained earnings |  | $ | 805 |  |  | $ | 580 |  |  | $ | 122 |
Remaining authorization at end of period |  | $ | 402 |  |  | $ | 1,252 |  |  | $ | 352 |
Summary of Activities Related to Dividends on Common Stock | The following is a summary of our fiscal 2023, 2022 and 2021 activities related to dividends on our common stock (in millions, except per share amounts).
|  | Year Ended |
|  | April 28, 2023 |  |  | April 29, 2022 |  |  | April 30, 2021 |
Dividends per share declared |  | $ | 2.00 |  |  | $ | 2.00 |  |  | $ | 1.92 |
Dividend payments allocated to additional paid-in capital |  | $ | 106 |  |  | $ | — |  |  | $ | 30 |
Dividend payments allocated to retained earnings |  | $ | 326 |  |  | $ | 446 |  |  | $ | 397 |
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 Cash Flow Hedges |  |  | Total |
Balance as of April 24, 2020 |  | $ | (42 | ) |  | $ | (1 | ) |  | $ | 1 |  |  | $ | — |  |  | $ | (42 | )
OCI before reclassifications, net of tax |  |  | 15 |  |  |  | (3 | ) |  |  | — |  |  |  | (11 | ) |  |  | 1 |
Amounts reclassified from AOCI, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11 |  |  |  | 11 |
Total OCI |  |  | 15 |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | 12 |
Balance as of April 30, 2021 |  |  | (27 | ) |  |  | (4 | ) |  |  | 1 |  |  |  | — |  |  |  | (30 | )
OCI before reclassifications, net of tax |  |  | (17 | ) |  |  | 3 |  |  |  | (1 | ) |  |  | 8 |  |  |  | (7 | )
Amounts reclassified from AOCI, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | (7 | )
Total OCI |  |  | (17 | ) |  |  | 3 |  |  |  | (1 | ) |  |  | 1 |  |  |  | (14 | )
Balance as of April 29, 2022 |  |  | (44 | ) |  |  | (1 | ) |  |  | — |  |  |  | 1 |  |  |  | (44 | )
OCI before reclassifications, net of tax |  |  | (4 | ) |  |  | (2 | ) |  |  | — |  |  |  | (6 | ) |  |  | (12 | )
Amounts reclassified from AOCI, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 5 |
Total OCI |  |  | (4 | ) |  |  | (2 | ) |  |  | — |  |  |  | (1 | ) |  |  | (7 | )
Balance as of April 28, 2023 |  | $ | (48 | ) |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | (51 | )
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) | The amounts reclassified out of AOCI are as follows (in millions):
|  | Year Ended |  |  | Statements of Income
|  | April 28, 2023 |  |  | April 29, 2022 |  |  | April 30, 2021 |  |  | Classification
Realized losses (gains) on cash flow hedges |  | $ | 5 |  |  | $ | (7 | ) |  | $ | 11 |  |  | Net revenues
Total reclassifications |  | $ | 5 |  |  | $ | (7 | ) |  | $ | 11 |  |  |

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