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Leases
12 Months Ended
Apr. 24, 2020
Leases [Abstract]  
Leases

 

10. Leases

 

We lease real estate, equipment and automobiles in the U.S. and internationally. Our real estate leases, which represent the majority of our aggregate ROU asset and liability balances, include leases for office space, data centers and other facilities, and have remaining lease terms of up to 15 years. Some of these leases contain options that allow us to extend or terminate the lease agreement. Our equipment leases are primarily for servers and networking equipment and have remaining lease terms of up to 4 years, while our automobile leases have remaining lease terms of up to 5 years. All our leases are classified as operating leases except for certain immaterial equipment finance leases.

 

The components of lease cost related to our operating leases were as follows (in millions):

 

 

Year Ended

 

 

 

 

April 24,

2020

 

 

Operating lease cost

 

$

55

 

 

Variable lease cost

 

 

16

 

 

Total lease cost

 

$

71

 

 

 

Variable lease cost is primarily attributable to amounts paid to lessors for common area maintenance and utility charges under our real estate leases.

 

The supplemental cash flow information related to our operating leases is as follows (in millions):

 

 

Year Ended

 

 

 

 

April 24,

2020

 

 

Cash paid for amounts included in the measurement of operating lease liabilities

 

$

56

 

 

Right-of-use assets obtained in exchange for new operating lease obligations

 

$

41

 

 

 

The supplemental balance sheet information related to our operating leases is as follows (in millions, except lease term and discount rate):

 

 

April 24,

2020

 

 

Other non-current assets

 

$

137

 

 

Total operating lease ROU assets

 

$

137

 

 

 

 

 

 

 

 

Accrued expenses

 

$

51

 

 

Other long-term liabilities

 

 

93

 

 

Total operating lease liabilities

 

$

144

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term

 

3.9 years

 

 

 

 

 

 

 

 

Weighted Average Discount Rate

 

 

2.7

%

 

 

 

 

 

 

 

Future minimum operating lease payments as of April 24, 2020 are as follows (in millions):

 

 

Operating Leases

 

Fiscal 2021

 

$

53

 

Fiscal 2022

 

 

40

 

Fiscal 2023

 

 

23

 

Fiscal 2024

 

 

15

 

Fiscal 2025

 

 

9

 

Thereafter

 

 

11

 

Total lease payments

 

$

151

 

Less: Interest

 

 

(7

)

Total

 

$

144

 

Prior to our adoption of the new lease standard, future minimum operating lease payments as of April 26, 2019, which were undiscounted and excluded non-lease components, were as follows (in millions):

 

 

Operating Leases

 

Fiscal 2020

 

$

47

 

Fiscal 2021

 

 

38

 

Fiscal 2022

 

 

26

 

Fiscal 2023

 

 

14

 

Fiscal 2024

 

 

10

 

Thereafter

 

 

16

 

Total lease payments

 

$

151