Stockholders' Equity (Tables)

12 Months Ended

Apr. 26, 2024

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 26, 2024		April 28, 2023		April 29, 2022
Intrinsic value of exercises	$	9	$	7	$	14
Proceeds received from exercises	$	2	$	1	$	1
Fair value of options vested	$	2	$	4	$	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 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
Granted		5		$	76.46
Vested		(5	)	$	59.32
Forfeited		(1	)	$	65.17
Outstanding as of April 26, 2024		11		$	68.87

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 26, 2024		April 28, 2023		April 29, 2022
Shares withheld for taxes		2		1		1
Fair value of shares withheld	$	128	$	84	$	74

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 26, 2024		April 28, 2023		April 29, 2022
Shares issued under the ESPP		2		2		3
Proceeds from issuance of shares	$	99	$	107	$	104

Stock-Based Compensation Expense

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

	Year Ended
	April 26, 2024		April 28, 2023		April 29, 2022
Cost of product revenues	$	6	$	5	$	4
Cost of hardware support and other services revenues		23		19		13
Sales and marketing		143		135		115
Research and development		132		111		75
General and administrative		53		42		38
Total stock-based compensation expense	$	357	$	312	$	245

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 26, 2024			April 28, 2023			April 29, 2022
RSUs:
Risk-free interest rate		4.9	%		3.1	%		0.5	%
Expected dividend yield		2.6	%		2.9	%		2.4	%
Weighted-average fair value per share granted	$	76.46		$	59.87		$	80.40
ESPP:
Expected term in years		1.2			1.2			1.2
Risk-free interest rate		4.9	%		3.9	%		0.2	%
Expected volatility		30	%		36	%		37	%
Expected dividend yield		2.8	%		2.9	%		2.4	%
Weighted-average fair value per right granted	$	17.37		$	21.28		$	24.75

Summary of Activities Related to Stock Repurchase Program

The following table summarizes activity related to the stock repurchase program for our fiscal years of 2024, 2023 and 2022 (in millions, except for per share amounts):

	Year Ended
	April 26, 2024		April 28, 2023		April 29, 2022
Number of shares repurchased		12		13		7
Average price per share	$	77.87	$	66.42	$	84.49
Stock repurchases allocated to additional paid-in capital	$	102	$	45	$	20
Stock repurchases allocated to retained earnings	$	798	$	805	$	580
Remaining authorization at end of period	$	502	$	402	$	1,252

Summary of Activities Related to Dividends on Common Stock

The following is a summary of our fiscal 2024, 2023 and 2022 activities related to dividends on our common stock (in millions, except per share amounts).

	Year Ended
	April 26, 2024		April 28, 2023		April 29, 2022
Dividends per share declared	$	2.00	$	2.00	$	2.00
Dividend payments allocated to additional paid-in capital	$	171	$	106	$	—
Dividend payments allocated to retained earnings	$	245	$	326	$	446

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 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	)
OCI before reclassifications, net of tax		(5	)		(4	)		—			2			(7	)
Amounts reclassified from AOCI, net of tax		—			—			—			(1	)		(1	)
Total OCI		(5	)		(4	)		—			1			(8	)
Balance as of April 26, 2024	$	(53	)	$	(7	)	$	—		$	1		$	(59	)

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 26, 2024			April 28, 2023		April 29, 2022			Classification
Realized (gains) losses on cash flow hedges	$	(1	)	$	5	$	(7	)	Net revenues
Total reclassifications	$	(1	)	$	5	$	(7	)