Stockholders' Equity (Tables)

12 Months Ended

Apr. 29, 2022

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 29, 2022		April 30, 2021		April 24, 2020
Intrinsic value of exercises	$	14	$	11	$	5
Proceeds received from exercises	$	1	$	8	$	4
Fair value of options vested	$	5	$	5	$	1

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 26, 2019		8		$	45.68
Granted		4		$	51.39
Vested		(4	)	$	38.87
Forfeited		(1	)	$	48.30
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

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 29, 2022		April 30, 2021		April 24, 2020
Shares withheld for taxes		1		1		1
Fair value of shares withheld	$	74	$	42	$	79

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 29, 2022		April 30, 2021		April 24, 2020
Shares issued under the ESPP		3		2		2
Proceeds from issuance of shares	$	104	$	90	$	98

Stock-Based Compensation Expense

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

	Year Ended
	April 29, 2022		April 30, 2021		April 24, 2020
Cost of product revenues	$	4	$	4	$	3
Cost of hardware support and other services revenues		13		10		10
Sales and marketing		115		92		66
Research and development		75		64		53
General and administrative		38		27		21
Total stock-based compensation expense	$	245	$	197	$	153

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 29, 2022			April 30, 2021			April 24, 2020
RSUs:
Risk-free interest rate		0.5	%		0.2	%		1.7	%
Expected dividend yield		2.4	%		4.4	%		2.9	%
Weighted-average fair value per share granted	$	80.40		$	42.46		$	51.39
ESPP:
Expected term in years		1.2			1.2			1.2
Risk-free interest rate		0.2	%		0.2	%		2.0	%
Expected volatility		37	%		47	%		33	%
Expected dividend yield		2.4	%		4.4	%		3.1	%
Weighted-average fair value per right granted	$	24.75		$	10.08		$	10.15

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 29, 2022		April 30, 2021		April 24, 2020
Number of shares repurchased		7		2		25
Average price per share	$	84.49	$	67.61	$	56.34
Stock repurchases allocated to additional paid-in capital	$	20	$	3	$	625
Stock repurchases allocated to retained earnings	$	580	$	122	$	786
Remaining authorization at end of period	$	1,252	$	352	$	477

Summary of Activities Related to Dividends on Common Stock

The following is a summary of our fiscal 2022, 2021 and 2020 activities related to dividends on our common stock (in millions, except per share amounts).

	Year Ended
	April 29, 2022		April 30, 2021		April 24, 2020
Dividends per share declared	$	2.00	$	1.92	$	1.92
Dividend payments allocated to additional paid-in capital	$	—	$	30	$	400
Dividend payments allocated to retained earnings	$	446	$	397	$	39

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 26, 2019	$	(34	)	$	(3	)	$	(7	)	$	1		$	(43	)
OCI before reclassifications, net of tax		(8	)		3			22			5			22
Amounts reclassified from AOCI, net of tax		—			(1	)		(14	)		(6	)		(21	)
Total OCI		(8	)		2			8			(1	)		1
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	)

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 29, 2022			April 30, 2021		April 24, 2020			Classification
Recognized gains on defined benefit obligations	$	—		$	—	$	(2	)	Operating expenses
Realized gains on available-for-sale securities		—			—		(14	)	Other expense, net
Realized losses (gains) on cash flow hedges		(7	)		11		(6	)	Net revenues
Total reclassifications	$	(7	)	$	11	$	(22	)