Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 29, 2022 | Jun. 01, 2022 | Oct. 29, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 29, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NTAP | ||
Entity Registrant Name | NetApp, Inc. | ||
Entity Central Index Key | 0001002047 | ||
Current Fiscal Year End Date | --04-29 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 221,190,424 | ||
Entity Public Float | $ 12,494,943,961 | ||
Entity File Number | 000-27130 | ||
Entity Tax Identification Number | 77-0307520 | ||
Entity Address, Address Line One | 3060 Olsen Drive | ||
Entity Address, City or Town | San Jose | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95128 | ||
City Area Code | 408 | ||
Local Phone Number | 822-6000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Interactive Data Current | Yes | ||
Security Exchange Name | NASDAQ | ||
Title of 12(b) Security | Common Stock, $0.001 Par Value | ||
Documents Incorporated by Reference | The information called for by Part III of this Form 10-K is hereby incorporated by reference from the definitive Proxy Statement for our annual meeting of stockholders, which will be filed with the Securities and Exchange Commission not later than 120 days after April 29, 2022. | ||
Auditor Firm ID | 34 | ||
Auditor Location | San Jose, California | ||
Auditor Name | DELOITTE & TOUCHE LLP |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 4,112 | $ 4,529 |
Short-term investments | 22 | 67 |
Accounts receivable | 1,230 | 945 |
Inventories | 204 | 114 |
Other current assets | 377 | 346 |
Total current assets | 5,945 | 6,001 |
Property and equipment, net | 602 | 525 |
Goodwill | 2,346 | 2,039 |
Other intangible assets, net | 142 | 101 |
Other non-current assets | 991 | 694 |
Total assets | 10,026 | 9,360 |
Current liabilities: | ||
Accounts payable | 607 | 420 |
Accrued expenses | 925 | 970 |
Current portion of long-term debt | 250 | 0 |
Short-term deferred revenue and financed unearned services revenue | 2,171 | 2,062 |
Total current liabilities | 3,953 | 3,452 |
Long-term debt | 2,386 | 2,632 |
Other long-term liabilities | 788 | 650 |
Long-term deferred revenue and financed unearned services revenue | 2,061 | 1,941 |
Total liabilities | 9,188 | 8,675 |
Commitments and contingencies (Note 17) | 0 | 0 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 5 shares authorized; no shares issued or outstanding as of April 29, 2022 or April 30, 2021 | 0 | 0 |
Common stock and additional paid-in capital, $0.001 par value, 885 shares authorized; 220 and 222 shares issued and outstanding as of April 29, 2022 and April 30, 2021, respectively and April 24, 2020, respectively | 760 | 504 |
Retained earnings | 122 | 211 |
Accumulated other comprehensive loss | (44) | (30) |
Total stockholders' equity | 838 | 685 |
Total liabilities and stockholders' equity | $ 10,026 | $ 9,360 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5 | 5 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 885 | 885 |
Common stock, shares issued | 220 | 222 |
Common stock, shares outstanding | 220 | 222 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Revenues: | |||
Net revenues | $ 6,318 | $ 5,744 | $ 5,412 |
Cost of revenues: | |||
Total cost of revenues | 2,098 | 1,929 | 1,789 |
Gross profit | 4,220 | 3,815 | 3,623 |
Operating expenses: | |||
Sales and marketing | 1,857 | 1,744 | 1,585 |
Research and development | 881 | 881 | 847 |
General and administrative | 279 | 257 | 263 |
Restructuring charges | 33 | 42 | 21 |
Acquisition-related expense | 13 | 16 | 0 |
Gain on sale or derecognition of assets | 0 | (156) | (38) |
Total operating expenses | 3,063 | 2,784 | 2,678 |
Income from operations | 1,157 | 1,031 | 945 |
Other expense, net | (62) | (69) | (1) |
Income before income taxes | 1,095 | 962 | 944 |
Provision for income taxes | 158 | 232 | 125 |
Net income | $ 937 | $ 730 | $ 819 |
Net income per share: | |||
Basic | $ 4.20 | $ 3.29 | $ 3.56 |
Diluted | $ 4.09 | $ 3.23 | $ 3.52 |
Shares used in net income per share calculations: | |||
Basic | 223 | 222 | 230 |
Diluted | 229 | 226 | 233 |
Product | |||
Revenues: | |||
Net revenues | $ 3,284 | $ 2,991 | $ 2,995 |
Cost of revenues: | |||
Total cost of revenues | 1,554 | 1,432 | 1,368 |
Service [Member] | |||
Revenues: | |||
Net revenues | 3,034 | 2,753 | 2,417 |
Cost of revenues: | |||
Total cost of revenues | $ 544 | $ 497 | $ 421 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 937 | $ 730 | $ 819 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | (17) | 15 | (8) |
Defined benefit obligations: | |||
Defined benefit obligation adjustments | 3 | (3) | 3 |
Reclassification adjustments related to defined benefit obligations | 0 | 0 | (2) |
Income tax effect | 0 | 0 | 1 |
Unrealized gains on available-for-sale securities: | |||
Unrealized holding gains (losses) arising during the period | (1) | 0 | 22 |
Reclassification adjustments for gains included in net income | 0 | 0 | (14) |
Unrealized gains (losses) on cash flow hedges: | |||
Unrealized holding (losses) gains arising during the period | 8 | (11) | 5 |
Reclassification adjustments for losses (gains) included in net income | (7) | 11 | (6) |
Other comprehensive (loss) income | (14) | 12 | 1 |
Comprehensive income | $ 923 | $ 742 | $ 820 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 937 | $ 730 | $ 819 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 194 | 207 | 193 |
Non-cash operating lease cost | 55 | 52 | 51 |
Stock-based compensation | 245 | 197 | 153 |
Deferred income taxes | (144) | (6) | (17) |
Gain on sale or derecognition of assets | 0 | (156) | (38) |
Other items, net | (54) | 24 | 1 |
Changes in assets and liabilities, net of acquisitions of businesses: | |||
Accounts receivable | (313) | 62 | 238 |
Inventories | (90) | 31 | (14) |
Other operating assets | (21) | (60) | 84 |
Accounts payable | 181 | (11) | (117) |
Accrued expenses | (111) | 134 | (177) |
Deferred revenue and financed unearned services revenue | 384 | 193 | 54 |
Long-term taxes payable | (45) | (57) | (163) |
Other operating liabilities | (7) | (7) | (7) |
Net cash provided by operating activities | 1,211 | 1,333 | 1,060 |
Cash flows from investing activities: | |||
Purchases of investments | (18) | (5) | (13) |
Maturities, sales and collections of investments | 63 | 165 | 1,383 |
Purchases of property and equipment | (226) | (162) | (124) |
Proceeds from sale of properties | 0 | 371 | 96 |
Acquisitions of businesses, net of cash acquired | (380) | (350) | (73) |
Other investing activities, net | 0 | 2 | 0 |
Net cash (used in) provided by investing activities | (561) | 21 | 1,269 |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock under employee stock award plans | 105 | 98 | 102 |
Payments for taxes related to net share settlement of stock awards | (74) | (42) | (79) |
Repurchase of common stock | (600) | (125) | (1,411) |
(Repayments of) proceeds from commercial paper notes, original maturities of three months or less, net | 0 | (420) | 172 |
Issuances of debt, net of issuance costs | 0 | 2,057 | 111 |
Repayments and extinguishment of debt | 0 | (689) | (410) |
Dividends paid | (446) | (427) | (439) |
Other financing activities, net | (2) | (8) | (6) |
Net cash (used in) provided by financing activities | (1,017) | 444 | (1,960) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (49) | 71 | (34) |
Net change in cash, cash equivalents and restricted cash | (416) | 1,869 | 335 |
Cash, cash equivalents and restricted cash: | |||
Beginning of period | 4,535 | 2,666 | 2,331 |
End of period | $ 4,119 | $ 4,535 | $ 2,666 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect of Adoption | Common Stock and Additional Paid-in Capital | Common Stock and Additional Paid-in CapitalCumulative Effect of Adoption | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Cumulative Effect of Adoption | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect of Adoption |
Balances at Apr. 26, 2019 | $ 1,090 | $ 6 | $ 1,133 | $ 0 | $ 0 | $ 6 | $ (43) | $ 0 |
Balances (in shares) at Apr. 26, 2019 | 240 | |||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | us-gaap:AccountingStandardsUpdate201602Member | ||||||
Net income | $ 819 | $ 0 | $ 819 | 0 | ||||
Other comprehensive income | 1 | 0 | 0 | 1 | ||||
Issuance of common stock under employee stock award plans, net of taxes | 23 | $ 23 | 0 | 0 | ||||
Issuance of common stock under employee stock award plans, net of taxes (in shares) | 4 | |||||||
Repurchase of common stock | $ (1,411) | $ (625) | (786) | 0 | ||||
Repurchase of common stock, shares | (25) | (25) | ||||||
Stock-based compensation | $ 153 | $ 153 | 0 | 0 | ||||
Cash dividends declared ($1.92, $1.92 and $2.00 per common share) | (439) | (400) | (39) | 0 | ||||
Balances at Apr. 24, 2020 | 242 | $ 284 | 0 | (42) | ||||
Balances (in shares) at Apr. 24, 2020 | 219 | |||||||
Net income | 730 | $ 0 | 730 | 0 | ||||
Other comprehensive income | 12 | 0 | 0 | 12 | ||||
Issuance of common stock under employee stock award plans, net of taxes | 56 | $ 56 | 0 | 0 | ||||
Issuance of common stock under employee stock award plans, net of taxes (in shares) | 5 | |||||||
Repurchase of common stock | $ (125) | $ (3) | (122) | 0 | ||||
Repurchase of common stock, shares | (2) | (2) | ||||||
Stock-based compensation | $ 197 | $ 197 | 0 | 0 | ||||
Cash dividends declared ($1.92, $1.92 and $2.00 per common share) | (427) | (30) | (397) | 0 | ||||
Balances at Apr. 30, 2021 | $ 685 | $ 504 | 211 | (30) | ||||
Balances (in shares) at Apr. 30, 2021 | 222 | 222 | ||||||
Net income | $ 937 | $ 0 | 937 | 0 | ||||
Other comprehensive income | (14) | 0 | 0 | (14) | ||||
Issuance of common stock under employee stock award plans, net of taxes | 31 | $ 31 | 0 | 0 | ||||
Issuance of common stock under employee stock award plans, net of taxes (in shares) | 5 | |||||||
Repurchase of common stock | $ (600) | $ (20) | (580) | 0 | ||||
Repurchase of common stock, shares | (7) | (7) | ||||||
Stock-based compensation | $ 245 | $ 245 | 0 | 0 | ||||
Cash dividends declared ($1.92, $1.92 and $2.00 per common share) | (446) | 0 | (446) | 0 | ||||
Balances at Apr. 29, 2022 | $ 838 | $ 760 | $ 122 | $ (44) | ||||
Balances (in shares) at Apr. 29, 2022 | 220 | 220 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared, per common share | $ 2 | $ 1.92 | $ 1.92 |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 12 Months Ended |
Apr. 29, 2022 | |
Accounting Policies [Abstract] | |
Description of Business and Significant Accounting Policies | 1. Description of Business and Significant Accounting Policies Description of Business — NetApp, Inc. (we, us, or the Company) is a global cloud-led, data-centric software company that provides organizations the ability to manage and share their data across on-premises, private and public clouds. We provide a full range of enterprise-class software, systems and services solutions that customers use to modernize their infrastructures, build next generation data centers and harness the power of hybrid clouds. Fiscal Year — Our fiscal year is reported on a 52- or 53-week year ending on the last Friday in April. An additional week is included in the first fiscal quarter approximately every six years to realign fiscal months with calendar months. Fiscal year 2022, which ended on April 29, 2022, and fiscal year 2020, which ended on April 24, 2020 were both 52-week years. Fiscal year 2021, ending on April 30, 2021 was a 53-week year, with 14 weeks included in its first quarter and 13 weeks in each subsequent quarter. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended on the last Friday of April and the associated quarters, months and periods of those fiscal years . Principles of Consolidation — The consolidated financial statements include the Company and its subsidiaries. Intercompany accounts and transactions are eliminated in consolidation. Use of Estimates — The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include, but are not limited to, revenue recognition, reserves and allowances; inventory valuation; valuation of goodwill and intangibles; restructuring reserves; employee benefit accruals; stock-based compensation; loss contingencies; investment impairments; income taxes and fair value measurements. Actual results could differ materially from those estimates, including impacts from the COVID-19 pandemic, the anticipated effects of which have been incorporated, as applicable, into management’s estimates as of and for the year ended April 29, 2022. Cash Equivalents — We consider all highly liquid debt investments with original maturities of three months or less at the time of purchase to be cash equivalents. Available-for-Sale Investments — We classify our investments in debt securities as available-for-sale investments. Debt securities primarily consist of corporate bonds, U.S. Treasury and government debt securities and certificates of deposit. These investments are primarily held in the custody of a major financial institution. A specific identification method is used to determine the cost basis of debt securities sold. These investments are recorded in the consolidated balance sheets at fair value. Unrealized gains and temporary losses, net of related taxes, are included in accumulated other comprehensive income (loss) (AOCI). Upon realization, those amounts are reclassified from AOCI to earnings. The amortization of premiums and discounts on the investments are included in our results of operations. Realized gains and losses are calculated based on the specific identification method. We classify our investments as current or noncurrent based on the nature of the investments and their availability for use in current operations. Other-than-Temporary Impairments on Investments — All of our available-for-sale investments are subject to periodic impairment review. When the fair value of a debt security is less than its amortized cost, it is deemed impaired, and we assess whether the impairment is other-than-temporary. An impairment is considered other-than-temporary if (i) we have the intent to sell the security, (ii) it is more likely than not that we will be required to sell the security before recovery of the entire amortized cost basis, or (iii) we do not expect to recover the entire amortized cost basis of the security. If impairment is considered other-than-temporary based on condition (i) or (ii) described above, the entire difference between the amortized cost and the fair value of the debt security is recognized in the results of operations. If an impairment is considered other-than-temporary based on condition (iii) described above, the amount representing credit losses (defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis of the debt security) is recognized in earnings, and the amount relating to all other factors is recognized in other comprehensive income (OCI). Inventories — Inventories are stated at the lower of cost or net realizable value, which approximates actual cost on a first-in, first-out basis. We write down excess and obsolete inventory based on the difference between the cost of inventory and the estimated net realizable value. Net realizable value is estimated using management’s best estimate of forecasts for future demand and expectations regarding market conditions. At the point of a loss recognition, a new, lower cost basis for that inventory is established, and subsequent changes in facts or circumstances do not result in the restoration or increase in that newly established basis. In addition, we record a liability for firm, non-cancelable and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of our future demand forecasts consistent with our valuation of excess and obsolete inventory. Property and Equipment — Property and equipment are recorded at cost. Depreciation and amortization is computed using the straight-line method, generally over the following periods: Depreciation Life Buildings and improvements 10 to 40 years Furniture and fixtures 5 years Computer, production, engineering and other equipment 2 to 3 years Computer software 3 to 5 years Leasehold improvements Shorter of remaining lease term or useful life Construction in progress will be depreciated over the estimated useful lives of the respective assets when they are ready for use. We capitalize interest on significant facility assets under construction and on significant software development projects. Interest capitalized during the periods presented was not material. Software Development Costs — The costs for the development of new software products and substantial enhancements to existing software products are expensed as incurred until technological feasibility has been established, at which time any additional costs would be capitalized in accordance with the accounting guidance for software. Because our current process for developing software is essentially completed concurrently with the establishment of technological feasibility, which occurs upon the completion of a working model, no costs have been capitalized for any of the periods presented. Internal-Use Software Development Costs — We capitalize qualifying costs, which are incurred during the application development stage, for computer software developed or obtained for internal-use and amortize them over the software’s estimated useful life. Business Combinations — We recognize identifiable assets acquired and liabilities assumed at their acquisition date fair values, with the exception of contract assets and liabilities, which beginning in fiscal 2022, we recognize in accordance with our revenue recognition policy as if we had originally executed the customer contract. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date values of the assets acquired and liabilities assumed. While we use our best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill to the extent that we identify adjustments to the preliminary purchase price allocation. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of income. Goodwill and Purchased Intangible Assets — Goodwill is recorded when the consideration paid for an acquisition exceeds the value of net tangible and intangible assets acquired. Purchased intangible assets with finite lives are generally amortized on a straight-line basis over their economic lives of three to five years for developed technology, two to five years for customer contracts/relationships, two to three years for covenants not to compete and two to five years for trademarks and trade names as we believe this method most closely reflects the pattern in which the economic benefits of the assets will be consumed. In-process research and development is accounted for as an indefinite lived intangible asset and is assessed for potential impairment annually until development is complete or when events or circumstances indicate that their carrying amounts might be impaired. Upon completion of development, in-process research and development is accounted for as a finite-lived intangible asset. The carrying value of goodwill is tested for impairment on an annual basis in the fourth quarter of our fiscal year, or more frequently if we believe indicators of impairment exist. Triggering events for impairment reviews may be indicators such as adverse industry or economic trends, restructuring actions, lower projections of profitability, or a sustained decline in our market capitalization. For the purpose of impairment testing, we have two reporting units, which are the same as our two reportable segments. We initially conduct a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. The performance of the quantitative impairment test requires comparing the fair value of each reporting unit to its carrying amount, including goodwill. The fair value of each reporting unit is based on a combination of the income approach and the market approach. Under the income approach, we estimate the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on discrete forecast periods as well as terminal value determinations, and are derived based on forecasted revenue growth rates and operating margins. These cash flow projections are discounted to arrive at the fair value of each reporting unit. The discount rate used is based on the weighted-average cost of capital of comparable public companies adjusted for the relevant risk associated with business specific characteristics and the uncertainty related to the reporting unit's ability to execute on the projected cash flows. Under the market approach, we estimate the fair value based on market multiples of revenue and earnings derived from comparable publicly traded companies with operating and investment characteristics similar to the reporting unit. In addition, we make certain judgments and assumptions in allocating shared assets and liabilities to individual reporting units to determine the carrying amount of each reporting unit. An impairment exists if the fair value of a reporting unit is lower than its carrying amount. The impairment loss is measured based on the amount by which the carrying amount of the reporting unit exceeds its fair value, with the recognized loss not to exceed the total amount of allocated goodwill. The fair value of each reporting unit has substantially exceeded its carrying amount in all periods presented. Impairment of Long-Lived Assets — We review the carrying values of long-lived assets whenever events and circumstances, such as reductions in demand, lower projections of profitability, significant changes in the manner of our use of acquired assets, or significant negative industry or economic trends, indicate that the net book value of an asset may not be recovered through expected future cash flows from its use and eventual disposition. If this review indicates that there is an impairment, the impaired asset is written down to its fair value, which is typically calculated using: (i) quoted market prices and/or (ii) expected future cash flows utilizing a discount rate. Our estimates regarding future anticipated cash flows, the remaining economic life of the products and technologies, or both, may differ materially from actual cash flows and remaining economic life. In that event, impairment charges or shortened useful lives of certain long-lived assets may be required, resulting in charges to our consolidated statements of income when such determinations are made. Derivative Instruments — Our derivative instruments, which are carried at fair value in our consolidated balance sheets, consist of foreign currency exchange contracts as described below: Balance Sheet Hedges — We utilize foreign currency exchange forward and option contracts to hedge against the short-term impact of foreign currency exchange rate fluctuations related to certain foreign currency denominated monetary assets and liabilities, primarily intercompany receivables and payables. These derivative instruments are not designated as hedging instruments and do not subject us to material balance sheet risk due to exchange rate movements because the gains and losses on these contracts are intended to offset the gains and losses in the underlying foreign currency denominated monetary assets and liabilities being hedged, and the net amount is included in earnings. Cash Flow Hedges — We utilize foreign currency exchange forward contracts to hedge foreign currency exchange exposures related to forecasted sales transactions denominated in certain foreign currencies. These derivative instruments are designated and qualify as cash flow hedges and, in general, closely match the underlying forecasted transactions in duration. The effective portion of the contracts’ gains and losses resulting from changes in fair value is recorded in AOCI until the forecasted transaction is recognized in the consolidated statements of income. When the forecasted transactions occur, we reclassify the related gains or losses on the cash flow hedges into net revenues. If the underlying forecasted transactions do not occur, or it becomes probable that they will not occur within the defined hedge period, the gains or losses on the related cash flow hedges are reclassified from AOCI and recognized immediately in earnings. We measure the effectiveness of hedges of forecasted transactions on a monthly basis by comparing the fair values of the designated foreign currency exchange forward purchase contracts with the fair values of the forecasted transactions. Factors that could have an impact on the effectiveness of our hedging programs include the accuracy of forecasts and the volatility of foreign currency markets. These programs reduce, but do not entirely eliminate, the impact of currency exchange movements. Currently, we do not enter into any foreign currency exchange forward contracts to hedge exposures related to firm commitments. Cash flows from our derivative programs are included under operating activities in the consolidated statements of cash flows. Revenue Recognition — We recognize revenue by applying the following five step approach. • Identification of the contract, or contracts, with a customer — A contract with a customer is within the scope of ASC 606 when it meets all the following criteria: - It is enforceable - It defines each party’s rights - It identifies the payment terms - It has commercial substance, and - We determine that collection of substantially all consideration for goods or services that will be transferred is probable based on the customer’s intent and ability to pay • Identification of the performance obligations in the contract — Performance obligations promised in a contract are identified based on the goods or services (or a bundle of goods and services) that will be transferred to the customer that are distinct. • Determination of the transaction price — The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring goods or services to the customer. • Allocation of the transaction price to the performance obligations in the contract — Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation. • Recognition of revenue when, or as, we satisfy a performance obligation — We satisfy performance obligations either over time or at a point in time. Customarily we have a purchase order from or executed contract with our customers that establishes the goods and services to be transferred and the consideration to be received. We combine two or more contracts entered into at or near the same time with the same customer as a single contract if the contracts are negotiated as one package with a single commercial objective, if the amount of consideration to be paid on one contract depends on the price or performance of the other contract or if the goods and services promised in each of the contracts are a single performance obligation. Our contracts with customers may include hardware systems, software licenses, software support, hardware support, public cloud services and other services. Software support contracts entitle our customers to receive unspecified upgrades and enhancements on a when-and-if-available basis, and patch releases. Hardware support services include contracts for extended warranty and technical support with minimum response times. Other services include professional services and customer education and training services. We identify performance obligations in our contracts to be those goods and services that are distinct. A good or service is distinct where the customer can benefit from the good or service either on its own or together with other resources that are readily available from third parties or from us, and is distinct in the context of the contract, where the transfer of the good or service is separately identifiable from other promises in the contract. If a contract includes multiple promised goods or services, we apply judgment to determine whether promised goods or services are distinct. If they are not, we combine the goods and services until we have a distinct performance obligation. A configured storage system inclusive of the operating system (OS) software essential to its functionality is considered a single performance obligation, while optional add-on software is a separate performance obligation. In general, hardware support, software support, and different types of professional services are each separate performance obligations. In certain instances, we enter into enterprise license agreements (ELAs) with our customers which transfer to them the right to deploy an unlimited or capped number of OS or optional add-on software licenses and obligate us to provide software support through the ELA term. In general, we treat the software license component and software support component of ELAs as separate performance obligations. We determine the transaction price of our contracts with customers based on the consideration to which we will be entitled in exchange for transferring goods or services. Consideration promised may include fixed amounts, variable amounts or both. We sell public cloud services either on a subscription basis or a consumption basis. We sell professional services either on a time and materials basis or under fixed price projects. We evaluate variable consideration in arrangements with contract terms such as rights of return, potential penalties and acceptance clauses. We generally use the expected value method, primarily relying on our history, to estimate variable consideration. However, when we believe it to provide a better estimate, we use the most likely amount method. In either case, we consider variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Reassessments of our variable consideration may occur as historical information changes. Transaction prices are also adjusted for the effects of time value of money if the timing of payments provides either the customer or us a significant benefit of financing. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation on a relative standalone selling price basis. We determine standalone selling price based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, we estimate the standalone selling price by maximizing the use of observable inputs including pricing strategy, market data, internally-approved pricing guidelines related to the performance obligations and other observable inputs. We regularly review standalone selling prices and maintain internal controls over the establishment and updates of these estimates. Variable consideration is also allocated to the performance obligations. If the terms of variable consideration relate to one performance obligation, it is entirely allocated to that obligation. Otherwise, it is allocated to all the performance obligations in the contract. We typically recognize revenue at a point in time upon the transfer of goods to a customer. Products we transfer at a point in time include our configured hardware systems, OS software licenses, optional add-on software licenses and add-on hardware. Services are typically transferred over time and revenue is recognized based on an appropriate method for measuring our progress toward completion of the performance obligation. Our stand-ready services, including both hardware and software support, are transferred ratably over the period of the contract. Our public cloud services are transferred either 1) for subscription arrangements, ratably over the subscription period or 2) for consumption-based arrangements, as actually consumed by the customer. For other services such as our fixed professional services contracts, we use an input method to determine the percentage of completion. That is, we estimate the effort to date versus the expected effort required over the life of the contract. Deferred Commissions — We capitalize sales commissions that are incremental direct costs of obtaining customer contracts for which revenue is not immediately recognized and classify them as current or non-current based on the terms of the related contracts. Capitalized commissions are amortized based on the transfer of goods or services to which they relate, typically over one to three years , and are also periodically reviewed for impairment. Amortization expense is recorded to sales and marketing expense in our consolidated statements of income. Leases — We determine if an arrangement is or contains a lease at inception, and we classify leases as operating or finance leases at commencement. In our consolidated balance sheets, operating lease right-of-use (ROU) assets are included in other non-current assets, while finance lease ROU assets are included in property and equipment, net. Lease liabilities for both types of leases are included in accrued expenses and other long-term liabilities. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments over that term. Operating and finance lease ROU assets and liabilities are recognized at commencement based on the present value of lease payments over the lease term. ROU assets also include any lease payments made prior to lease commencement and exclude lease incentives. The lease term is the noncancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised. As the rate implicit in our leases is typically not readily determinable, in computing the present value of lease payments we generally use our incremental borrowing rate based on information available at the commencement date. Variable lease payments not dependent on an index or rate are expensed as incurred and not included within the calculation of ROU assets and lease liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We do not separate non-lease components from lease components for any class of leases, and we do not recognize ROU assets and lease liabilities for leases with a lease term of twelve months or less. Foreign Currency Translation — For international subsidiaries whose functional currency is the local currency, gains and losses resulting from translation of these foreign currency financial statements into U.S. dollars are recorded in AOCI. For international subsidiaries where the functional currency is the U.S. dollar, gains and losses resulting from the process of remeasuring foreign currency financial statements into U.S. dollars are included in other (expense) income, net. Benefit Plans — We record actuarial gains and losses associated with defined benefit plans within AOCI and amortize net gains or losses in excess of 10 percent of the greater of the market value of plan assets or the plans' projected benefit obligation on a straight-line basis over the remaining estimated service life of plan participants. The measurement date for all defined benefit plans is our fiscal year end. Stock-Based Compensation — We measure and recognize stock-based compensation for all stock-based awards, including employee stock options, restricted stock units (RSUs), including time-based RSUs and performance-based RSUs (PBRSUs), and rights to purchase shares under our employee stock purchase plan (ESPP), based on their estimated fair value, and recognize the costs in our financial statements using the single option straight-line approach over the requisite service period for the entire award. The fair value of employee time-based RSUs, and PBRSUs that include a performance condition, is equal to the market value of our common stock on the grant date of the award, less the present value of expected dividends during the vesting period, discounted at a risk-free interest rate. The fair value of PBRSUs that include a market condition is measured using a Monte Carlo simulation model on the date of grant. The fair value of time-based RSUs, and PBRSUs that include a market condition, is not remeasured as a result of subsequent stock price fluctuations. When there is a change in management’s estimate of expected achievement relative to the performance target for PBRSUs that include a performance condition, such as our achievement against a cumulative Adjusted Operating Income target, the change in estimate results in the recognition of a cumulative adjustment of stock-based compensation expense. Our expected term assumption is based primarily on historical exercise and post-vesting forfeiture experience. Our stock price volatility assumption is based on a combination of our historical and implied volatility. The risk-free interest rates are based upon United States (U.S.) Treasury bills with equivalent expected terms, and the expected dividends are based on our history and expected dividend payouts. We account for forfeitures of stock-based awards as they occur. Income Taxes — Deferred income tax assets and liabilities are provided for temporary differences that will result in tax deductions or income in future periods, as well as the future benefit of tax credit carryforwards. A valuation allowance reduces tax assets to their estimated realizable value. We recognize the tax liability for uncertain income tax positions on the income tax return based on the two-step process prescribed in the interpretation. The first step is to determine whether it is more likely than not that each income tax position would be sustained upon audit. The second step is to estimate and measure the tax benefit as the amount that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority. Estimating these amounts requires us to determine the probability of various possible outcomes. We evaluate these uncertain tax positions on a quarterly basis. We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes line on the accompanying consolidated statements of income. Net Income per Share — Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per share is computed giving effect to the weighted-average number of dilutive potential shares that were outstanding during the period using the treasury stock method. Potential dilutive common shares consist primarily of outstanding stock options, shares to be purchased under our employee stock purchase plan and unvested RSUs. Treasury Stock — We account for treasury stock under the cost method. Upon the retirement of treasury stock, we allocate the value of treasury shares between common stock, additional paid-in capital and retained earnings. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Apr. 29, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements In October 2021, the FASB amended certain Topic 805, Business Combinations, guidance to require customer contract assets and liabilities to be recognized consistent with ASC 606 as if the acquiring company had originally executed the acquired company's customer contracts. We early-adopted this guidance in fiscal 2022. The adoption of this update did not have a material impact on our consolidated financial statements. Although there are several other new accounting pronouncements issued or proposed by the FASB that we have adopted or will adopt, as applicable, we do not believe any of these accounting pronouncements had or will have a material impact on our consolidated financial position, operating results, cash flows or disclosures. |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Apr. 29, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | 3. Concentration of Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents, investments, foreign currency exchange contracts and accounts receivable. Cash equivalents and short-term investments consist primarily of corporate bonds, U.S. Treasury and government debt securities and certificates of deposit, all of which are considered high investment grade. Our policy is to limit the amount of credit exposure through diversification and investment in highly rated securities. We further mitigate concentrations of credit risk in our investments by limiting our investments in the debt securities of a single issuer and by diversifying risk across geographies and type of issuer. The COVID-19 pandemic has led to an increase in market volatility and liquidity challenges for certain companies. However, it has not currently resulted in a material increase in the credit risk associated with our financial instruments. By entering into foreign currency exchange contracts, we have assumed the risk that might arise from the possible inability of counterparties to meet the terms of their contracts. The counterparties to these contracts are major multinational commercial banks, and we do not expect any losses as a result of counterparty defaults. We sell our products primarily to large organizations in different industries and geographies. We do not require collateral or other security to support accounts receivable. In addition, we maintain an allowance for potential credit losses. To reduce credit risk, we perform ongoing credit evaluations on our customers’ financial condition. We establish an allowance for doubtful accounts based upon factors surrounding the credit risk of customers, historical trends and other information, including the expected impact of macroeconomic disruptions such as the COVID-19 pandemic, and, to date, such losses have been within management’s expectations. Concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers who are dispersed across many geographic regions. There are no concentrations of business transacted with a particular market that would severely impact our business in the near term. However, we rely on a limited number of suppliers for certain key components and a few key contract manufacturers to manufacture most of our products; any disruption, including as a result of the COVID-19 pandemic, or termination of these arrangements could materially adversely affect our operating results. |
Business Combinations
Business Combinations | 12 Months Ended |
Apr. 29, 2022 | |
Business Combinations [Abstract] | |
Business Combinations | 4. Business Combinations Fiscal 2022 Acquisitions Fylamynt Acquisition On February 18, 2022, we acquired all the outstanding shares of privately-held NeurOps Inc. (which operated under the name "Fylamynt") for approximately $ 27 million in cash, of which $ 22 million was paid at closing. The purchase price includes $ 5 million related to an indemnity holdback provision, of which $ 4 million is expected to be paid within 12 months from the acquisition date. Fylamynt is an innovative CloudOps automation technology company that enables customers to build, run, manage and analyze workflows securely in any cloud with little to no code. The preliminary acquisition-date values of the assets acquired are as follows (in millions): Amount Cash $ 1 Developed technology 6 Goodwill 20 Total assets acquired 27 Total purchase price $ 27 CloudCheckr Acquisition On November 5, 2021, we acquired all the outstanding shares of privately-held CloudCheckr Inc., (CloudCheckr) for approximately $ 347 million in cash. CloudCheckr is a leading cloud optimization platform that provides cloud visibility and insights to lower costs, maintain security and compliance, and optimize cloud resources. The acquisition-date values of the assets acquired and liabilities assumed are as follows (in millions): Amount Cash $ 2 Intangible assets 76 Goodwill 276 Other assets 6 Total assets acquired 360 Liabilities assumed ( 13 ) Total purchase price $ 347 The components of the intangible assets acquired were as follows (in millions, except useful life): Amount Estimated useful life Developed technology $ 45 5 Customer contracts/relationships 30 5 Trade name 1 3 Total intangible assets $ 76 Data Mechanics Acquisition On June 18, 2021, we acquired all the outstanding shares of privately-held Data Mechanics Inc., a provider of managed platforms for big data processing and cloud analytics headquartered in Paris, France, for approximately $ 15 million in cash . The acquisition-date values of the assets acquired and liabilities assumed are as follows (in millions): Amount Cash $ 1 Developed technology 5 Goodwill 11 Total assets acquired 17 Liabilities assumed ( 2 ) Total purchase price $ 15 The acquired assets and assumed liabilities of Fylamynt, CloudCheckr and Data Mechanics were recorded at their estimated values. We determined the estimated values with the assistance of valuations and appraisals performed by third party specialists and estimates made by management. We expect to realize incremental revenue by offering continuous cost optimization and managed services from our existing capabilities to help customers improve their cloud resources and realize the benefits of cloud faster and at scale. We also anticipate opportunities for growth through the ability to leverage additional future products and capabilities. These factors, among others, contributed to a purchase price in excess of the estimated fair value of their identifiable net assets acquired, and as a result, we have recorded goodwill in connection with these acquisitions. The goodwill is not deductible for income tax purposes. The results of operations related to the acquisitions of Fylamynt, CloudCheckr and Data Mechanics have been included in our consolidated statements of income from their respective acquisition dates. Pro forma results of operations have not been presented because the impact from these acquisitions was not material to our consolidated results of operations. Fiscal 2021 Acquisitions Spot, Inc. Acquisition On July 9, 2020, we acquired all the outstanding shares of privately-held Spot, Inc. (Spot), a provider of compute management cost optimization services on the public clouds based in Israel, for $ 340 million in cash. The acquisition date fair values of the assets acquired and liabilities assumed are as follows (in millions): Amount Cash $ 24 Intangible assets 84 Goodwill 249 Other assets 6 Total assets acquired 363 Liabilities assumed ( 23 ) Total purchase price $ 340 The components of the Spot intangible assets acquired were as follows (in millions, except useful life): Amount Estimated useful life Developed technology $ 53 5 Customer contracts/relationships 28 5 Trade name 3 3 Total intangible assets $ 84 Cloud Jumper Corporation Acquisition On April 28, 2020, we acquired all the outstanding shares of privately-held Cloud Jumper Corporation (Cloud Jumper), a provider of virtual desktop infrastructure and remote desktop services solutions based in North Carolina, for $ 34 million in cash. The acquisition date fair values of the assets acquired and liabilities assumed are as follows (in millions): Amount Developed technology $ 16 Customer contracts/relationships 6 Goodwill 12 Other assets 1 Total assets acquired 35 Liabilities assumed ( 1 ) Total purchase price $ 34 The acquired assets and assumed liabilities of Spot and Cloud Jumper were recorded at their estimated fair values. We determined the estimated fair values with the assistance of valuations and appraisals performed by third party specialists and estimates made by management. We expect to realize revenue synergies, leverage and expand the existing Spot and Cloud Jumper sales channels and product development resources, and utilize their existing workforces. We also anticipate opportunities for growth through the ability to leverage additional future products and capabilities. These factors, among others, contributed to a purchase price in excess of the estimated fair value of their identifiable net assets acquired, and as a result, we have recorded goodwill in connection with both of these acquisitions. The goodwill is not deductible for income tax purposes. The results of operations related to the acquisition of both Spot and Cloud Jumper have been included in our consolidated statements of income from their respective acquisition dates. Pro forma results of operations have not been presented because the impact from these acquisitions would not have been material to our consolidated results of operations. Fiscal 2020 Acquisitions Talon Storage Solutions, Inc. Acquisition On March 6, 2020, we acquired all the outstanding shares of privately-held Talon Storage Solutions, Inc., a provider of next generation software-defined storage solutions, for $ 23 million in cash. The acquisition date fair values of the assets acquired and liabilities assumed are as follows (in millions): Amount Cash $ 2 Developed technology intangible asset 6 Customer contracts/relationships 4 Other assets 4 Goodwill 13 Total assets acquired 29 Liabilities assumed ( 6 ) Total purchase price $ 23 Cognigo Research Ltd. Acquisition On May 23, 2019, we acquired all the outstanding shares of privately-held Cognigo Research Ltd., a provider of data discovery classification software designed to manage and protect critical data, for $ 53 million in cash. The acquisition date fair values of the assets acquired and liabilities assumed are as follows (in millions): Amount Cash $ 2 Developed technology intangible asset 26 Goodwill 30 Total assets acquired 58 Liabilities assumed ( 5 ) Total purchase price $ 53 |
Goodwill and Purchased Intangib
Goodwill and Purchased Intangible Assets, Net | 12 Months Ended |
Apr. 29, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Purchased Intangible Assets, Net | 5. Goodwill and Purchased Intangible Assets, Net Goodwill activity is summarized as follows (in millions): Amount Balance as of April 24, 2020 $ 1,778 Additions 261 Balance as of April 30, 2021 2,039 Additions 307 Balance as of April 29, 2022 $ 2,346 Beginning with the first quarter of fiscal 2022, the Company has two reportable segments: Hybrid Cloud and Public Cloud. As a result, goodwill was allocated to the segments using a relative fair value approach. Goodwill additions of $ 307 million related to the acquisitions of Fylamynt, CloudCheckr and Data Mechanics have been allocated to our Public Cloud segment. Goodwill by reportable segment as of April 29, 2022 is as follows (in millions): Amount Hybrid Cloud $ 1,714 Public Cloud 632 Total goodwill $ 2,346 As a result of the realignment, the Company performed an interim quantitative goodwill impairment test for its reporting units as of July 30, 2021, which did no t result in any goodwill impairment charges. Purchased intangible assets, net are summarized below (in millions): April 29, 2022 April 30, 2021 Gross Accumulated Net Gross Accumulated Net Assets Amortization Assets Assets Amortization Assets Developed technology $ 157 $ ( 65 ) $ 92 $ 215 $ ( 147 ) $ 68 Customer contracts/relationships 68 ( 20 ) 48 38 ( 8 ) 30 Other purchased intangibles 4 ( 2 ) 2 3 — 3 Total purchased intangible assets $ 229 $ ( 87 ) $ 142 $ 256 $ ( 155 ) $ 101 During fiscal 2022, we retired approximately $ 114 million of fully amortized developed technology intangible assets. Amortization expense for purchased intangible assets is summarized below (in millions): Year Ended Statements of April 29, 2022 April 30, 2021 April 24, 2020 Income Developed technology $ 33 $ 41 $ 39 Cost of revenues Customer contracts/relationships 11 8 — Operating expenses Other purchased intangibles 2 — — Operating expenses Total $ 46 $ 49 $ 39 As of April 29, 2022, future amortization expense related to purchased intangible assets is as follows (in millions): Fiscal Year Amount 2023 $ 47 2024 36 2025 33 2026 18 2027 8 Total $ 142 |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Apr. 29, 2022 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | 6. Supplemental Financial Information Cash and cash equivalents (in millions): The following table presents cash and cash equivalents as reported in our consolidated balance sheets, as well as the sum of cash, cash equivalents and restricted cash as reported on our consolidated statements of cash flows: April 29, April 30, Cash and cash equivalents $ 4,112 $ 4,529 Restricted cash 7 6 Cash, cash equivalents and restricted cash $ 4,119 $ 4,535 Inventories (in millions): April 29, April 30, Purchased components $ 131 $ 22 Finished goods 73 92 Inventories $ 204 $ 114 Property and equipment, net (in millions): April 29, April 30, Land $ 46 $ 46 Buildings and improvements 353 356 Leasehold improvements 92 83 Computer, production, engineering and other equipment 904 869 Computer software 316 305 Furniture and fixtures 76 93 Construction-in-progress 65 46 1,852 1,798 Accumulated depreciation and amortization ( 1,250 ) ( 1,273 ) Property and equipment, net $ 602 $ 525 In April 2021, we sold our corporate headquarters located in Sunnyvale, California, consisting primarily of land, buildings and improvements, for cash proceeds of $ 365 million. The assets sold had a net book value totaling $ 210 million. To facilitate an orderly transition to a new location, we executed short-term lease agreements with the buyer to lease back these properties. The agreed lease payments were below market rates and as a result we recognized an asset of $ 7 million for the difference between the fair value of the leases and the agreed lease payments. The cash proceeds, less direct selling costs, plus the fair value of the below-market leases, resulted in a net gain on the sale of these properties of $ 156 million. Depreciation and amortization expense related to property and equipment, net is summarized below (in millions): Year Ended April 29, April 30, April 24, Depreciation and amortization expense $ 148 $ 158 $ 154 Other non-current assets (in millions): April 29, April 30, Deferred tax assets $ 362 $ 219 Operating lease ROU assets 294 114 Other assets 335 361 Other non-current assets $ 991 $ 694 Other non-current assets as of April 29, 2022 and April 30, 2021 include $ 73 million and $ 71 million, respectively, for our 49 % non-controlling equity interest in Lenovo NetApp Technology Limited (LNTL), a China-based entity that we formed with Lenovo (Beijing) Information Technology Ltd. in fiscal 2019. LNTL is integral to our sales channel strategy in China, acting as a distributor of our offerings to customers headquartered there, and involved in certain OEM sales to Lenovo. LNTL is also focused on localizing our products and services, and developing new joint offerings for the China market by leveraging NetApp and Lenovo technologies. Our sales to LNTL are conducted on terms equivalent to those prevailing in an arm’s length transaction. Accrued expenses (in millions): April 29, April 30, Accrued compensation and benefits $ 462 $ 505 Product warranty liabilities 17 21 Operating lease liabilities 47 49 Other current liabilities 399 395 Accrued expenses $ 925 $ 970 Product warranty liabilities: Equipment and software systems sales include a standard product warranty. Estimated future hardware and software warranty costs are recorded as a cost of product revenues at the time of product shipment, based on historical and projected warranty claim rates, historical and projected cost-per-claim and knowledge of specific product failures that are outside our typical experience. The following tables summarize the activity related to product warranty liabilities and their balances as reported in our consolidated balance sheets (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Balance at beginning of period $ 32 $ 41 $ 40 Expense accrued during the period 13 13 26 Warranty costs incurred ( 19 ) ( 22 ) ( 25 ) Balance at end of period $ 26 $ 32 $ 41 April 29, April 30, Accrued expenses $ 17 $ 21 Other long-term liabilities 9 11 Total warranty liabilities $ 26 $ 32 Warranty expense recognized during the period includes amounts accrued for systems at the time of shipment, adjustments for changes in estimated costs for warranties on systems shipped in the period and changes in estimated costs for warranties on systems shipped in prior periods. Other long-term liabilities (in millions): April 29, April 30, Liability for uncertain tax positions $ 131 $ 127 Income taxes payable 303 351 Product warranty liabilities 9 11 Operating lease liabilities 257 71 Other liabilities 88 90 Other long-term liabilities $ 788 $ 650 Deferred revenue and financed unearned services revenue The following table summarizes the components of our deferred revenue and financed unearned services balance as reported in our consolidated balance sheets (in millions): April 29, 2022 April 30, 2021 Deferred product revenue $ 31 $ 59 Deferred services revenue 4,140 3,873 Financed unearned services revenue 61 71 Total $ 4,232 $ 4,003 Reported as: Short-term $ 2,171 $ 2,062 Long-term 2,061 1,941 Total $ 4,232 $ 4,003 Deferred product revenue represents unrecognized revenue related to undelivered product commitments and other product deliveries that have not met all revenue recognition criteria. Deferred services revenue represents customer payments made in advance for services, which include software and hardware support contracts, certain public cloud services and other services. Financed unearned services revenue represents undelivered services for which cash has been received under certain third-party financing arrangements. See Note 17 – Commitments and Contingencies for additional information related to these arrangements. During the years ended April 29, 2022 and April 30, 2021, we recognized revenue of $ 2,062 million and $ 1,894 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods. As of April 29, 2022, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied approximated our deferred revenue and unearned services revenue balance. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 51 % of our deferred revenue and financed unearned services revenue balance in the next 12 months, approximately 23 % in the next 13 to 24 months, and the remainder thereafter. Deferred commissions The following table summarizes deferred commissions balances as reported in our consolidated balance sheets (in millions): April 29, 2022 April 30, 2021 Other current assets $ 80 $ 86 Other non-current assets 117 111 Total deferred commissions $ 197 $ 197 During the years ended April 29, 2022 and April 30, 2021, we recognized amortization expense from deferred commissions of $ 146 million and $ 101 million, respectively, and there were no impairment charges recognized. Other expense, net (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Interest income $ 7 $ 9 $ 48 Interest expense ( 73 ) ( 74 ) ( 55 ) Other, net 4 ( 4 ) 6 Other expense, net $ ( 62 ) $ ( 69 ) $ ( 1 ) Statements of cash flows additional information (in millions): Supplemental cash flow information related to our operating leases is included in Note 9 – Leases. Non-cash investing and other supplemental cash flow information are presented below: Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Non-cash Investing and Financing Activities: Capital expenditures incurred but not paid $ 22 $ 15 $ 15 Indemnity holdback related to business combination $ 5 $ — $ — Supplemental Cash Flow Information: Income taxes paid, net of refunds $ 398 $ 338 $ 276 Interest paid $ 67 $ 57 $ 50 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Apr. 29, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Financial Instruments and Fair Value Measurements | 7. Financial Instruments and Fair Value Measurements The accounting guidance for fair value measurements provides a framework for measuring fair value on either a recurring or nonrecurring basis, whereby the inputs used in valuation techniques are assigned a hierarchical level. The following are the three levels of inputs to measure fair value: Level 1 : Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Inputs that reflect quoted prices for identical assets or liabilities in less active markets; quoted prices for similar assets or liabilities in active markets; benchmark yields, reported trades, broker/dealer quotes, inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Unobservable inputs that reflect our own assumptions incorporated in valuation techniques used to measure fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. We consider an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and consider an inactive market to be one in which there are infrequent or few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. Where appropriate, our own or the counterparty’s non-performance risk is considered in measuring the fair values of liabilities and assets, respectively. Investments The following is a summary of our investments at their cost or amortized cost for the years ended April 29, 2022 and April 30, 2021 (in millions): April 29, 2022 April 30, 2021 Corporate bonds $ 9 $ 58 U.S. Treasury and government debt securities 13 8 Certificates of deposit 71 61 Mutual funds 36 40 Total debt and equity securities $ 129 $ 167 The fair value of our investments approximates their cost or amortized cost for both periods presented. Investments in mutual funds relate to the non-qualified deferred compensation plan offered to certain employees. As of April 29, 2022, all our debt investments are due to mature in one year or less. Fair Value of Financial Instruments The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis (in millions): April 29, 2022 Fair Value Measurements at Reporting Date Using Total Level 1 Level 2 Cash $ 4,041 $ 4,041 $ — Corporate bonds 9 — 9 U.S. Treasury and government debt securities 13 13 — Certificates of deposit 71 — 71 Total cash, cash equivalents and short-term investments $ 4,134 $ 4,054 $ 80 Other items: Mutual funds (1) $ 6 $ 6 $ — Mutual funds (2) $ 30 $ 30 $ — Foreign currency exchange contracts assets (1) $ 2 $ — $ 2 Foreign currency exchange contracts liabilities (3) $ ( 29 ) $ — $ ( 29 ) April 30, 2021 Fair Value Measurements at Reporting Date Using Total Level 1 Level 2 Cash $ 4,468 $ 4,468 $ — Corporate bonds 59 — 59 U.S. Treasury and government debt securities 8 4 4 Certificates of deposit 61 — 61 Total cash, cash equivalents and short-term investments $ 4,596 $ 4,472 $ 124 Other items: Mutual funds (1) $ 8 $ 8 $ — Mutual funds (2) $ 32 $ 32 $ — Foreign currency exchange contracts assets (1) $ 9 $ — $ 9 Foreign currency exchange contracts liabilities (3) $ ( 1 ) $ — $ ( 1 ) (1) Reported as other current assets in the consolidated balance sheets (2) Reported as other non-current assets in the consolidated balance sheets (3) Reported as accrued expenses in the consolidated balance sheets Our Level 2 debt instruments are held by a custodian who prices some of the investments using standard inputs in various asset price models or obtains investment prices from third-party pricing providers that incorporate standard inputs in various asset price models. These pricing providers utilize the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, use other observable inputs like market transactions involving identical or comparable securities. We review Level 2 inputs and fair value for reasonableness and the values may be further validated by comparison to multiple independent pricing sources. In addition, we review third-party pricing provider models, key inputs and assumptions and understand the pricing processes at our third-party providers in determining the overall reasonableness of the fair value of our Level 2 debt instruments. As of April 29, 2022 and April 30, 2021, we have not made any adjustments to the prices obtained from our third-party pricing providers. Fair Value of Debt As of April 29, 2022 and April 30, 2021, the fair value of our long-term debt was approximately $ 2,491 million and $ 2,736 million, respectively. The fair value of our long-term debt was based on observable market prices in a less active market. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Apr. 29, 2022 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | 8. Financing Arrangements Long-Term Debt The following table summarizes information relating to our long-term debt, which we collectively refer to as our Senior Notes (in millions, except interest rates): Effective Interest Rate April 29, 2022 April 30, 2021 3.25% Senior Notes Due December 2022 3.43 % $ 250 $ 250 3.30% Senior Notes Due September 2024 3.42 % 400 400 1.875% Senior Notes Due June 2025 2.03 % 750 750 2.375% Senior Notes Due June 2027 2.51 % 550 550 2.70% Senior Notes Due June 2030 2.81 % 700 700 Total principal amount 2,650 2,650 Unamortized discount and issuance costs ( 14 ) ( 18 ) Total senior notes 2,636 2,632 Less: Current portion of long-term debt ( 250 ) — Total long-term debt $ 2,386 $ 2,632 Senior Notes Our $ 750 million aggregate principal amount of 1.875 % Senior Notes due 2025, $ 550 million aggregate principal amount of 2.375 % Senior Notes due 2027 and $ 700 million aggregate principal amount of 2.70 % Senior Notes due 2030, were issued in June 2020. Interest on these Senior Notes is payable semi-annually in June and December. Our 3.30 % Senior Notes, with a principal amount of $ 400 million, were issued in September 2017 with interest paid semi-annually in March and September. Our 3.25 % Senior Notes, with a principal amount of $ 250 million, were issued in December 2012 with interest paid semi-annually in June and December. Our Senior Notes, which are unsecured, unsubordinated obligations, rank equally in right of payment with any existing and future senior unsecured indebtedness. We may redeem the Senior Notes in whole or in part, at any time at our option at specified redemption prices. In addition, upon the occurrence of certain change of control triggering events, we may be required to repurchase the Senior Notes under specified terms. The Senior Notes also include covenants that limit our ability to incur debt secured by liens on assets or on shares of stock or indebtedness of our subsidiaries; to engage in certain sale and lease-back transactions; and to consolidate, merge or sell all or substantially all of our assets. As of April 29, 2022, we were in compliance with all covenants associated with the Senior Notes. As of April 29, 2022, our aggregate future principal debt maturities are as follows (in millions): Fiscal Year Amount 2023 $ 250 2024 — 2025 400 2026 750 Thereafter 1,250 Total $ 2,650 Commercial Paper Program and Credit Facility We have a commercial paper program (the Program), under which we may issue unsecured commercial paper notes. Amounts available under the Program, as amended in July 2017, may be borrowed, repaid and re-borrowed, with the aggregate face or principal amount of the notes outstanding under the Program at any time not to exceed $ 1.0 billion. The maturities of the notes can vary, but may not exceed 397 days from the date of issue. The notes are sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of their issuance. The proceeds from the issuance of the notes are used for general corporate purposes. There were no commercial paper notes outstanding as of April 29, 2022 or April 30, 2021. During fiscal year 2021, we received proceeds of $ 75 million from the issuance, and made repayments of $ 176 million for the settlement, of commercial paper notes with original maturities greater than three months. In connection with the Program, we have a senior unsecured credit agreement with a syndicated group of lenders. The credit agreement, which was amended in January 2021, provides for a $ 1.0 billion revolving unsecured credit facility, with a sublimit of $ 50 million available for the issuance of letters of credit on our behalf. The credit facility matures on January 22, 2026 , with an option for us to extend the maturity date for two additional 1 -year periods, subject to certain conditions. The proceeds of the loans may be used by us for general corporate purposes and as liquidity support for our existing commercial paper program. As of April 29, 2022, we were compliant with all associated covenants in the agreement . No amounts were drawn against this credit facility during any of the periods presented. |
Leases
Leases | 12 Months Ended |
Apr. 29, 2022 | |
Leases [Abstract] | |
Leases | . Leases We lease real estate, equipment and automobiles in the U.S. and internationally. Our real estate leases, which are responsible for the majority of our aggregate ROU asset and liability balances, include leases for office space, data centers and other facilities, and as of April 29, 2022, have remaining lease terms not exceeding 20 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 as of April 29, 2022, have remaining lease terms not exceeding 4 years. As of April 29, 2022, our automobile leases have remaining lease terms not exceeding 4 years. All our leases are classified as operating leases except for certain immaterial equipment finance leases. In June 2020, we entered into a build-to-suit lease agreement for an office building with future undiscounted payments of approximately $ 67 million. Because the Company did not control the underlying asset during the construction period, the Company was not considered the owner of the asset under construction for accounting purposes. The initial term of the lease is twenty years with options to renew the lease during the lease term. The lease commenced during the third quarter of fiscal 2022. In April 2021, we entered into a lease for our new corporate headquarters located in San Jose, California, which is comprised of approximately three hundred thousand square feet of office space and requires future minimum undiscounted payments of approximately $ 180 million over the initial 11 -year lease term. The lease agreement also provides us two successive renewal options, each for five years . The lease commenced during the first quarter of fiscal 2022. The components of lease cost related to our operating leases were as follows (in millions): Year Ended April 29, April 30, Operating lease cost $ 61 $ 55 Variable lease cost 15 11 Total lease cost $ 76 $ 66 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 29, April 30, Cash paid for amounts included in the measurement of operating lease liabilities $ 56 $ 57 Right-of-use assets obtained in exchange for new operating lease obligations $ 236 $ 31 The supplemental balance sheet information related to our operating leases is as follows (in millions, except lease term and discount rate): April 29, April 30, Other non-current assets $ 294 $ 114 Total operating lease ROU assets $ 294 $ 114 Accrued expenses $ 47 $ 49 Other long-term liabilities 257 71 Total operating lease liabilities $ 304 $ 120 Weighted Average Remaining Lease Term 9.6 years 3.4 years Weighted Average Discount Rate 2.8 % 2.9 % Future minimum operating lease payments as of April 29, 2022 are as follows (in millions): Fiscal Year Amount 2023 $ 54 2024 46 2025 38 2026 33 2027 29 Thereafter 152 Total lease payments 352 Less: Interest ( 48 ) Total $ 304 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Apr. 29, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stockholders' Equity | 10. Stockholders’ Equity Equity Incentive Programs The 2021 Plan — The 2021 Equity Incentive Plan (the 2021 Plan) was adopted by our Board of Directors and approved by the stockholders on September 10, 2021. The 2021 Plan replaced the 1999 Stock Option Plan (the 1999 Plan), and the 1999 Plan terminated effective as of September 11, 2021, except that the 1999 Plan will continue to govern awards outstanding thereunder as of the date of such plan’s termination and such awards will continue in force and effect until terminated pursuant to their terms. The 2021 Plan provides for the granting of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, and performance awards to our employees, directors, and consultants. Under the 2021 Plan, the Board of Directors may grant to employees, nonemployee directors, consultants and independent advisors options to purchase shares of our common stock during their period of service. The exercise price for an incentive stock option and a nonstatutory option cannot be less than 100 % of the fair market value of the common stock on the grant date. The 2021 Plan prohibits the repricing of any outstanding stock option or stock appreciation right after it has been granted or to cancel any outstanding stock option or stock appreciation right and immediately replace it with a new stock option or stock appreciation right with a lower exercise price unless approved by stockholders. RSUs granted under the 2021 Plan include time-based RSUs that generally vest over a four-year period with 25 % vesting on the first anniversary of the grant date and 6.25 % vesting quarterly thereafter. The Compensation Committee of the Board of Directors (the Compensation Committee) has the discretion to use different vesting schedules. In addition, performance-based RSUs may be granted under the Plan and are subject to performance criteria and vesting terms specified by the Compensation Committee. As of April 29, 2022, 8 million shares were available for grant under the Plan. Stock Options Less than 1 million stock options were outstanding as of April 29, 2022 and April 30, 2021. 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 Restricted Stock Units In fiscal 2022, 2021 and 2020, 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 PBRSU cliff-vests at the end of either an approximate one, two or three year performance period, which began on the date specified in the grant agreement 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 most of the PBRSUs granted in fiscal 2022 and fiscal 2021 and half of the PBRSUs granted in fiscal 2020, 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 awards were fixed at grant date using a Monte Carlo simulation model. For the remaining PBRSUs granted in fiscal 2020, the number of shares issued depended upon our achievement against a cumulative Adjusted Operating Income (AOI) target, as defined in the grant agreements, for the three-year periods from fiscal 2020 through 2022. The fair values of these AOI PBRSUs were established consistent with our methodology for valuing time-based RSUs, while compensation cost was recognized based on the probable outcome of the performance condition. The aggregate grant date fair value of all PBRSUs granted in fiscal 2022, 2021 and 2020 was $ 59 million, $ 27 million and $ 18 million, respectively, and these amounts are being recognized to expense over the shorter of the remaining applicable performance or service periods. As of April 29, 2022, April 30, 2021 and April 24, 2020, there were approximately 1 million PBRSUs outstanding. The following table summarizes information related to RSUs, including PBRSUs, (in millions, except for fair value): Number of Weighted- 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 We primarily use the net share settlement approach upon vesting, where a portion of the shares are withheld as settlement of employee withholding taxes, which decreases the shares issued to the employee by a corresponding value. 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 Employee Stock Purchase Plan Eligible employees are offered shares through a 24 -month offering period, which consists of four consecutive 6 -month purchase periods. Employees may purchase a limited number of shares of the Company’s stock at a discount of up to 15 % of the lesser of the market value at the beginning of the offering period or the end of each 6-month purchase period. On September 10, 2021, the ESPP was amended to increase the shares reserved for issuance by 3 million shares of common stock. As of April 29, 2022, 5 million shares were available for issuance. 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 As of April 29, 2022, total unrecognized compensation expense related to our equity awards was $ 475 million, which is expected to be recognized on a straight-line basis over a weighted-average remaining service period of 2.2 years. 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 Stock Repurchase Program As of April 29, 2022, our Board of Directors has authorized the repurchase of up to $ 15.1 billion of our common stock. Under this program, which we may suspend or discontinue at any time, 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. In March 2020, we suspended our repurchases under the program due to the economic impact of the COVID-19 pandemic. We reinitiated our stock repurchase program during the third quarter of fiscal year 2021. 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 Since the May 13, 2003 inception of our stock repurchase program through April 29, 2022, we repurchased a total of 347 million shares of our common stock at an average price of $ 39.95 per share, for an aggregate purchase price of $ 13.9 billion. Preferred Stock Our Board of Directors has the authority to issue up to 5 million shares of preferred stock and to determine the price, rights, preferences, privileges, and restrictions, including voting rights, of those shares without any further vote or action by the stockholders. No shares of preferred stock were issued or outstanding in any period presented. Dividends 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 On May 27, 2022, we declared a cash dividend of $ 0.50 per share of common stock, payable on July 27, 2022 to shareholders of record as of the close of business on July 8, 2022 . 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 the Company to be legally authorized under the laws of the state in which we are incorporated. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, are summarized below (in millions): Foreign Defined Unrealized Unrealized 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 ) 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 ) |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Apr. 29, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 11. Derivatives and Hedging Activities We use derivative instruments to manage exposures to foreign currency risk. Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The maximum length of time over which forecasted foreign currency denominated revenues are hedged is 12 months. The program is not designated for trading or speculative purposes. Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet their obligations under the terms of our agreements. We seek to mitigate such risk by limiting our counterparties to major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis. We also have in place master netting arrangements to mitigate the credit risk of our counterparties and to potentially reduce our losses due to counterparty nonperformance. We present our derivative instruments as net amounts in our consolidated balance sheets. The gross and net fair value amounts of such instruments were not material as of April 29, 2022 or April 30, 2021. All contracts have a maturity of less than 12 months. The notional amount of our outstanding U.S. dollar equivalent foreign currency exchange forward contracts consisted of the following (in millions): April 29, April 30, Cash Flow Hedges Forward contracts purchased $ 78 $ 167 Balance Sheet Contracts Forward contracts sold $ 841 $ 497 Forward contracts purchased $ 129 $ 117 The effect of cash flow hedges recognized in net revenues is presented in the consolidated statements of comprehensive income and Note 10 – Stockholders’ Equity. The effect of derivative instruments not designated as hedging instruments recognized in other expense, net on our consolidated statements of income was as follows (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Gain (Loss) Recognized into Income Foreign currency exchange contracts $ ( 91 ) $ 20 $ — |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Apr. 29, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 12. Restructuring Charges In the fourth quarter of fiscal 2022, we initiated the establishment of an international headquarters in Cork, Ireland, and incurred restructuring charges consisting primarily of legal and tax-related consulting fees. Activities under this plan, for which we expect to incur additional charges, will continue in fiscal 2023. In the first quarter of fiscal 2022, we executed a restructuring plan to reduce the amount of office space we occupy as we allow more employees to continue to work remotely. In connection with the plan, we also reduced our global workforce by approximately 1 %. Charges related to the plan consisted primarily of office relocation costs, lease termination fees, and employee severance related costs. Substantially all activities under the plan have been completed. Management has previously approved several restructuring actions in fiscal 2021 and fiscal 2020, under which we reduced our global workforce by approximately 6 % and 2 %, respectively. Charges related to these restructuring plans consisted primarily of employee severance-related costs. Substantially all activities under these plans were completed as of the end of fiscal 2021. Activities related to our restructuring plans are summarized as follows (in millions): Total Balance as of April 26, 2019 $ 19 Net charges 21 Cash payments ( 35 ) Other ( 4 ) Balance as of April 24, 2020 1 Net charges 42 Cash payments ( 42 ) Balance as of April 30, 2021 1 Net charges 33 Cash payments ( 31 ) Balance as of April 29, 2022 $ 3 Liabilities for our restructuring activities are included in accrued expenses in our consolidated balance sheets. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes Income before income taxes is as follows (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Domestic $ 546 $ 433 $ 379 Foreign 549 529 565 Total $ 1,095 $ 962 $ 944 The provision for income taxes consists of the following (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Current: Federal $ 187 $ 82 $ 83 State 55 22 9 Foreign 60 134 50 Total current 302 238 142 Deferred: Federal ( 125 ) 6 ( 26 ) State ( 27 ) 2 ( 6 ) Foreign 8 ( 14 ) 15 Total deferred ( 144 ) ( 6 ) ( 17 ) Provision for income taxes $ 158 $ 232 $ 125 The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate as follows (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Tax computed at federal statutory rate $ 230 $ 202 $ 198 State income taxes, net of federal benefit 15 23 10 Foreign earnings in lower tax jurisdictions ( 46 ) ( 26 ) ( 40 ) Stock-based compensation ( 8 ) 6 ( 4 ) Research and development credits ( 18 ) ( 13 ) ( 16 ) Benefit for foreign derived intangible income ( 49 ) ( 2 ) ( 4 ) Global minimum tax on intangible income 1 19 32 Transition tax and related reserves 1 1 15 Tax charge from integration of acquired companies 23 35 — Resolution of income tax matters (1) ( 3 ) ( 6 ) ( 61 ) Other 12 ( 7 ) ( 5 ) Provision for income taxes $ 158 $ 232 $ 125 (1) During fiscal 2022, we recognized a tax benefit related to the lapse of statute of limitations for certain issues in our fiscal 2012 and 2013 state income tax returns. During fiscal 2021, we recognized a tax benefit related to the lapse of statutes of limitations for certain issues on our fiscal 2016 and 2017 federal income tax returns. During fiscal 2020, we recognized a tax benefit related to the lapse of statutes of limitations on our fiscal 2014 and 2015 federal income tax returns. The components of our deferred tax assets and liabilities are as follows (in millions): April 29, 2022 April 30, 2021 Deferred tax assets: Reserves and accruals $ 267 $ 65 Net operating loss and credit carryforwards 121 115 Stock-based compensation 23 18 Deferred revenue and financed unearned services revenue 235 226 Other 6 20 Gross deferred tax assets 652 444 Valuation allowance ( 111 ) ( 107 ) Deferred tax assets, net of valuation allowance 541 337 Deferred tax liabilities: Prepaids and accruals 108 51 Acquired intangibles 48 28 Property and equipment 39 31 Other 7 24 Total deferred tax liabilities 202 134 Deferred tax assets, net of valuation allowance and deferred tax liabilities $ 339 $ 203 The valuation allowance increased by $ 4 million in fiscal 2022. The increase is mainly attributable to corresponding changes in deferred tax assets, primarily certain state tax credit carryforwards. As of April 29, 2022, we have federal net operating loss carryforwards of approximately $ 10 million. In addition, we have gross state net operating loss and tax credit carryforwards of $ 33 million and $ 133 million, respectively. The majority of the state credit carryforwards are California research credits which are offset by a valuation allowance as we believe it is more likely than not that these credits will not be utilized. We also have $ 4 million of foreign net operating losses, and $ 29 million of foreign tax credit carryforwards where the majority is generated by our Dutch subsidiary which are fully offset by a valuation allowance. Certain acquired net operating loss carryforwards are subject to an annual limitation under Internal Revenue Code Section 382, but are expected to be realized with the exception of those which have a valuation allowance. The state and foreign net operating loss carryforwards and credits will expire in various years from fiscal 2023 through 2042 . The federal net operating loss carryforwards, the California research credit and the Dutch foreign tax credit carryforwards do not expire. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Balance at beginning of period $ 221 $ 211 $ 296 Additions based on tax positions related to the current year 11 7 5 Additions for tax positions of prior years — 11 1 Decreases for tax positions of prior years ( 2 ) — ( 10 ) Settlements ( 10 ) ( 8 ) ( 81 ) Balance at end of period $ 220 $ 221 $ 211 As of April 29, 2022, we had $ 220 million of gross unrecognized tax benefits, of which $ 131 million has been recorded in other long-term liabilities. Unrecognized tax benefits of $ 130 million, including penalties, interest and indirect benefits, would affect our provision for income taxes if recognized. We recognized expense for increases to accrued interest and penalties related to unrecognized tax benefits in the income tax provision of approximately $ 4 million in fiscal 2022 and $ 1 million in fiscal 2021, and we recognized a benefit of $ 8 million in fiscal 2020. Accrued interest and penalties of $ 15 million and $ 11 million were recorded in the consolidated balance sheets as of April 29, 2022 and April 30, 2021, respectively. The tax years that remain subject to examination for our major tax jurisdictions are shown below: Fiscal Years Subject to Examination for Major Tax Jurisdictions at April 29, 2022 2016 — 2022 United States — federal income tax 2018 — 2022 United States — state and local income tax 2020 — 2022 Australia 2015 — 2022 Germany 2007 — 2022 India 2017 — 2022 The Netherlands 2016 — 2022 Canada We are currently undergoing various income tax audits in the U.S. and several foreign tax jurisdictions. Transfer pricing calculations are key topics under these audits and are often subject to dispute and appeals. We are effectively subject to federal tax examination adjustments for tax years ended on or after fiscal 2001, in that we have carryforward attributes from these years that could be subject to adjustment in the tax years of utilization. In September 2010, the Danish Tax Authorities issued a decision concluding that distributions declared in 2005 and 2006 by our Danish subsidiary were subject to Danish at-source dividend withholding tax. We do not believe that our Danish subsidiary is liable for such withholding tax and filed an appeal with the Danish Tax Tribunal. In December 2011, the Danish Tax Tribunal issued a ruling in favor of NetApp. The Danish tax examination agency appealed this decision at the Danish High Court (DHC) in March 2012. In February 2016, the DHC requested a preliminary ruling from the Court of Justice of the European Union (CJEU). In March 2018, the Advocate General issued an opinion which was largely in favor of NetApp. The CJEU was not bound by the opinion of the Advocate General and issued its preliminary ruling in February 2019. The CJEU ruling did not preclude the Danish Tax Authorities from imposing withholding tax on distributions based on the benefits of certain European Union directives. On May 3, 2021, the DHC reached a decision resulting in NetApp prevailing on the predominate distribution made in 2005. The smaller distribution made in 2006 was ruled in favor of the Danish Tax Authorities. On May 28, 2021, the Danish Tax Authorities appealed the DHC decision to the Danish Supreme Court. We believe it is more likely than not that our distributions were not subject to withholding tax and we will continue to support our position in the appeals process with the Danish Supreme Court. We continue to monitor the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions. We engage in continuous discussion and negotiation with taxing authorities regarding tax matters in multiple jurisdictions. We believe that within the next 12 months, it is reasonably possible that either certain audits will conclude, certain statutes of limitations will lapse, or both. As a result of uncertainties regarding tax audits and their possible outcomes, an estimate of the range of possible impacts to unrecognized tax benefits in the next twelve months cannot be made at this time. As of April 29, 2022, we continue to record a deferred tax liability related to state taxes on unremitted earnings of certain foreign entities. We estimate the unrecognized deferred tax liability related to the earnings we expect to be indefinitely reinvested to be immaterial. We will continue to monitor our plans to indefinitely reinvest undistributed earnings of foreign subsidiaries and will assess the related unrecognized deferred tax liability considering our ongoing projected global cash requirements, tax consequences associated with repatriation and any U.S. or foreign government programs designed to influence remittances. |
Net Income per Share
Net Income per Share | 12 Months Ended |
Apr. 29, 2022 | |
Earnings Per Share [Abstract] | |
Net Income per Share | 14. Net Income per Share The following is a calculation of basic and diluted net income per share (in millions, except per share amounts): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Numerator: Net income $ 937 $ 730 $ 819 Denominator: Shares used in basic computation 223 222 230 Dilutive impact of employee equity award plans 6 4 3 Shares used in diluted computation 229 226 233 Net Income per Share: Basic $ 4.20 $ 3.29 $ 3.56 Diluted $ 4.09 $ 3.23 $ 3.52 While no potential shares from outstanding employee awards were excluded from the diluted net income per share calculation for fiscal 2022, four million potential shares from outstanding employee equity awards were excluded from the diluted net income per share calculations for each of fiscal 2021 and 2020, as their inclusion would have been anti-dilutive. |
Segment, Geographic, and Signif
Segment, Geographic, and Significant Customer Information | 12 Months Ended |
Apr. 29, 2022 | |
Segment Reporting [Abstract] | |
Segment, Geographic, and Significant Customer Information | 15. Segment, Geographic, and Significant Customer Information Effective July 30, 2021, our Chief Operating Decision Maker (CODM), who is our Chief Executive Officer, realigned internal reporting and began using financial information for components of our business, organized based on category of product/solution, to evaluate performance and allocate resources. This resulted in the creation of two operating segments and two reportable segments for financial reporting purposes: Hybrid Cloud and Public Cloud. The CODM measures performance of each segment based on segment revenue and segment gross profit. We do not allocate to our segments certain cost of revenues which we manage at the corporate level. These unallocated costs include stock-based compensation and amortization of intangible assets. We do not allocate assets to our segments. Hybrid Cloud offers a portfolio of storage and infrastructure solutions that help customers recast their data centers with the power of cloud. This portfolio is designed to operate with public clouds to unlock the potential of hybrid, multi-cloud operations. Hybrid Cloud is composed of software, hardware, and related support, as well as professional and other services. Public Cloud offers a portfolio of products delivered primarily as-a-service, including related support. This portfolio includes cloud storage and data services, and cloud operations services. Public Cloud includes certain reseller arrangements in which the timing of our consideration follows the end user consumption of the reseller services. Financial information for the prior periods have been updated to conform to the current year presentation of two segments. Segment Revenues and Gross Profit Financial information by segment is as follows (in millions, except percentages): Year Ended April 29, 2022 Hybrid Cloud Public Cloud Consolidated Product revenues $ 3,284 $ — $ 3,284 Support revenues 2,344 — 2,344 Professional and other services revenues 294 — 294 Public cloud revenues — 396 396 Net revenues 5,922 396 6,318 Cost of product revenues 1,541 — 1,541 Cost of support revenues 184 — 184 Cost of professional and other services revenues 205 — 205 Cost of public cloud revenues — 118 118 Segment cost of revenues 1,930 118 2,048 Segment gross profit $ 3,992 $ 278 $ 4,270 Segment gross margin 67.4 % 70.2 % 67.6 % Unallocated cost of revenues 1 50 Total gross profit $ 4,220 Total gross margin 66.8 % 1 Unallocated cost of revenues are composed of $ 17 million of stock-based compensation expense and $ 33 million of amortization of intangible assets. Year Ended April 30, 2021 Hybrid Cloud Public Cloud Consolidated Product revenues $ 2,991 $ — $ 2,991 Support revenues 2,277 — 2,277 Professional and other services revenues 277 — 277 Public cloud revenues — 199 199 Net revenues 5,545 199 5,744 Cost of product revenues 1,402 — 1,402 Cost of support revenues 201 — 201 Cost of professional and other services revenues 206 — 206 Cost of public cloud revenues — 65 65 Segment cost of revenues 1,809 65 1,874 Segment gross profit $ 3,736 $ 134 $ 3,870 Segment gross margin 67.4 % 67.3 % 67.4 % Unallocated cost of revenues 1 55 Total gross profit $ 3,815 Total gross margin 66.4 % 1 Unallocated cost of revenues are composed of $ 14 million of stock-based compensation expense and $ 41 million of amortization of intangible assets. Year Ended April 24, 2020 Hybrid Cloud Public Cloud Consolidated Product revenues $ 2,995 $ — $ 2,995 Support revenues 2,114 — 2,114 Professional and other services revenues 241 — 241 Public cloud revenues — 62 62 Net revenues 5,350 62 5,412 Cost of product revenues 1,326 — 1,326 Cost of support revenues 188 — 188 Cost of professional and other services revenues 188 — 188 Cost of public cloud revenues — 35 35 Segment cost of revenues 1,702 35 1,737 Segment gross profit $ 3,648 $ 27 $ 3,675 Segment gross margin 68.2 % 43.5 % 67.9 % Unallocated cost of revenues 1 52 Total gross profit $ 3,623 Total gross margin 66.9 % 1 Unallocated cost of revenues are composed of $ 13 million of stock-based compensation expense and $ 39 million of amortization of intangible assets. Geographical Revenues and Certain Assets Revenues summarized by geographic region are as follows (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 United States, Canada and Latin America (Americas) $ 3,460 $ 3,097 $ 2,863 Europe, Middle East and Africa (EMEA) 1,979 1,775 1,742 Asia Pacific (APAC) 879 872 807 Net revenues $ 6,318 $ 5,744 $ 5,412 Americas revenues consist of sales to Americas commercial and U.S. public sector markets. Sales to customers inside the U.S. were $ 3,041 million, $ 2,784 million and $ 2,584 million during fiscal 2022, 2021 and 2020, respectively. The majority of our assets, excluding cash, cash equivalents, short-term investments and accounts receivable, were attributable to our domestic operations. The following table presents cash, cash equivalents and short-term investments held in the U.S. and internationally in various foreign subsidiaries (in millions): April 29, 2022 April 30, 2021 U.S. $ 1,820 $ 2,098 International 2,314 2,498 Total $ 4,134 $ 4,596 With the exception of property and equipment, we do not identify or allocate our long-lived assets by geographic area. The following table presents property and equipment information for geographic areas based on the physical location of the assets (in millions): April 29, 2022 April 30, 2021 U.S. $ 392 $ 340 International 210 185 Total $ 602 $ 525 Significant Customers The following customers, each of which is a distributor, accounted for 10% or more of our net revenues: Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Arrow Electronics, Inc. 24 % 24 % 25 % Tech Data Corporation 21 % 20 % 21 % The following customers accounted for 10% or more of accounts receivable: April 29, 2022 April 30, 2021 Arrow Electronics, Inc. 10 % 10 % Tech Data Corporation 19 % 21 % |
Employee Benefits and Deferred
Employee Benefits and Deferred Compensation | 12 Months Ended |
Apr. 29, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits and Deferred Compensation | 16. Employee Benefits and Deferred Compensation Employee 401(k) Plan Our 401(k) Plan is a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating U.S. employees may defer a portion of their pre-tax earnings, up to the IRS annual contribution limit. We match 100 % of the first 2 % of eligible earnings an employee contributes to the 401(k) Plan, and then match 50 % of the next 4 % of eligible earnings an employee contributes. An employee receives the full 4% match when he/she contributes at least 6 % of his/her eligible earnings, up to a maximum calendar year matching contribution of $ 6,000 . Our employer matching contributions to the 401(k) Plan were as follows (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 401(k) matching contributions $ 31 $ 29 $ 29 Deferred Compensation Plan We have a non-qualified deferred compensation plan that allows a group of employees within the U.S. to contribute base salary and commissions or incentive compensation on a tax deferred basis in excess of the IRS limits imposed on 401(k) plans. The marketable securities related to these investments are held in a Rabbi Trust. The related deferred compensation plan assets and liabilities under the non-qualified deferred compensation plan were as follows (in millions): April 29, 2022 April 30, 2021 Deferred compensation plan assets $ 36 $ 40 Deferred compensation liabilities reported as: Accrued expenses $ 6 $ 8 Other long-term liabilities $ 30 $ 32 Defined Benefit Plans We maintain various defined benefit plans to provide termination and postretirement benefits to certain eligible employees outside of the U.S. We also provide disability benefits to certain eligible employees in the U.S. Eligibility is determined based on the terms of our plans and local statutory requirements. The funded status of our defined benefit plans, which is recognized in other long-term liabilities in our consolidated balance sheets, was as follows (in millions): April 29, 2022 April 30, 2021 Fair value of plan assets $ 39 $ 38 Benefit obligations ( 69 ) ( 72 ) Unfunded obligations $ ( 30 ) $ ( 34 ) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies Purchase Orders and Other Commitments In the ordinary course of business, we make commitments to third-party contract manufacturers and component suppliers to manage manufacturer lead times and meet product forecasts, and to other parties, to purchase various key components used in the manufacture of our products. A significant portion of our reported purchase commitments arising from these agreements consist of firm, non-cancelable, and unconditional commitments. As of April 29, 2022, we had $ 894 million in non-cancelable purchase commitments for inventory. We record a liability for firm, non-cancelable and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory. As of April 29, 2022 and April 30, 2021, such liability amounted to $ 18 million and $ 15 million, respectively, and is included in accrued expenses in our consolidated balance sheets. To the extent that such forecasts are not achieved, our commitments and associated accruals may change. In addition to inventory commitments with contract manufacturers and component suppliers, we have open purchase orders and contractual obligations associated with our ordinary course of business for which we have not yet received goods or services. As of April 29, 2022, we had $ 296 million in other purchase obligations. Of the total $ 1.2 billion in purchase commitments, $ 0.9 billion is due in fiscal 2023, with the remainder due thereafter. Financing Guarantees While most of our arrangements for sales include short-term payment terms, from time to time we provide long-term financing to creditworthy customers. We have generally sold receivables financed through these arrangements on a non-recourse basis to third party financing institutions within 10 days of the contracts’ dates of execution, and we classify the proceeds from these sales as cash flows from operating activities in our consolidated statements of cash flows. We account for the sales of these receivables as “true sales” as defined in the accounting standards on transfers of financial assets, as we are considered to have surrendered control of these financing receivables. Provided all other revenue recognition criteria have been met, we recognize product revenues for these arrangements, net of any payment discounts from financing transactions, upon product acceptance. We sold $ 59 million, $ 102 million and $ 59 million of receivables during fiscal 2022, 2021 and 2020, respectively. In addition, we enter into arrangements with leasing companies for the sale of our hardware systems products. These leasing companies, in turn, lease our products to end-users. The leasing companies generally have no recourse to us in the event of default by the end-user and we recognize revenue upon delivery to the end-user customer, if all other revenue recognition criteria have been met. Some of the leasing arrangements described above have been financed on a recourse basis through third-party financing institutions. Under the terms of recourse leases, which are generally three years or less, we remain liable for the aggregate unpaid remaining lease payments to the third-party leasing companies in the event of end-user customer default. These arrangements are generally collateralized by a security interest in the underlying assets. Where we provide a guarantee for recourse leases and collectability is probable, we account for these transactions as sales type leases. If collectability is not probable, the cash received is recorded as a deposit liability and revenue is deferred until the arrangement is deemed collectible. For leases that we are not a party to, other than providing recourse, we recognize revenue when control is transferred. As of April 29, 2022 and April 30, 2021, the aggregate amount by which such contingencies exceeded the associated liabilities was not significant. To date, we have not experienced significant losses under our lease financing programs or other financing arrangements. We have entered into service contracts with certain of our end-user customers that are supported by third-party financing arrangements. If a service contract is terminated as a result of our non-performance under the contract or our failure to comply with the terms of the financing arrangement, we could, under certain circumstances, be required to acquire certain assets related to the service contract or to pay the aggregate unpaid financing payments under such arrangements. As of April 29, 2022, we have not been required to make any payments under these arrangements, and we believe the likelihood of having to acquire a material amount of assets or make payments under these arrangements is remote. The portion of the financial arrangement that represents unearned services revenue is included in deferred revenue and financed unearned services revenue in our consolidated balance sheets . Legal Contingencies When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the ultimate loss. However, the likelihood of a loss with respect to a particular contingency is often difficult to predict and determining a meaningful estimate of the loss or a range of loss may not be practicable based on the information available and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. On August 14, 2019 , a purported securities class action lawsuit was filed in the United States District Court for the Northern District of California , naming as defendants NetApp and certain of our executive officers . The complaint alleges that the defendants violated Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and SEC Rule 10b-5, by making materially false or misleading statements with respect to our financial guidance for fiscal 2020, as provided on May 22, 2019 . Members of the alleged class are purchasers of the Company’s stock between May 22, 2019 and August 1, 2019, the date we provided revised financial guidance for fiscal 2020. The complaint alleges unspecified damages based on the decline in the market price of our shares following the issuance of the revised guidance on August 1, 2019. The defendant s' Motion to Dismiss was granted and on February 26, 2021 and the judge entered judgment in favor of NetApp and the other defendants. On March 26, 2021, plaintiffs filed a notice of appeal. The parties subsequently engaged in settlement discussions, and on July 30, 2021 entered into a Memorandum of Understanding (MOU) providing for the settlement of the class action. Pursuant to the terms of the MOU, NetApp has agreed to pay approximately $ 2.0 million in connection with the settlement, and this amount was accrued during the three months ended July 30, 2021. The parties subsequently executed a stipulation of settlement, which contains no admission of liability, wrongdoing or responsibility by any of the parties, and which provides that the class action will be dismissed with prejudice, with mutual releases by all parties, upon final court approval. On September 24, 2021, plaintiff filed an unopposed motion seeking court approval of the settlement. On May 2, 2022, the court preliminarily approved the settlement, subject to further consideration at a final approval hearing, which is scheduled to be held on September 1, 2022. The court’s approval of settlement will remain preliminary pending the outcome of the final approval hearing. We are subject to various other legal proceedings and claims that arise in the normal course of business. We may, from time to time, receive claims that we are infringing third parties’ intellectual property rights, including claims for alleged patent infringement brought by non-practicing entities. We are currently involved in patent litigations brought by non-practicing entities and other third parties. We believe we have strong arguments that our products do not infringe and/or the asserted patents are invalid, and we intend to vigorously defend against the plaintiffs’ claims. However, there is no guarantee that we will prevail at trial and if a jury were to find that our products infringe, we could be required to pay significant monetary damages, and may cause product shipment delays or stoppages, require us to redesign our products, or require us to enter into royalty or licensing agreements. Although management at present believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations, cash flows, or overall trends, legal proceedings are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could include significant monetary damages. In addition, in matters for which injunctive relief or other conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways or requiring other remedies. An unfavorable outcome may result in a material adverse impact on our business, results of operations, financial position, cash flows and overall trends . No material accrual has been recorded as of April 29, 2022 related to such matters. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Apr. 29, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | 18. Subsequent Event On May 20, 2022, we acquired all the outstanding shares of privately-held Instaclustr, Inc., a leading platform provider of fully managed open-source database, pipeline and workflow applications delivered as a service. We are in the process of completing the allocation of approximately $ 500 million of cash purchase price among the assets acquired and liabilities assumed. |
Description of Business and S_2
Description of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 29, 2022 | |
Accounting Policies [Abstract] | |
Fiscal Year | Fiscal Year — Our fiscal year is reported on a 52- or 53-week year ending on the last Friday in April. An additional week is included in the first fiscal quarter approximately every six years to realign fiscal months with calendar months. Fiscal year 2022, which ended on April 29, 2022, and fiscal year 2020, which ended on April 24, 2020 were both 52-week years. Fiscal year 2021, ending on April 30, 2021 was a 53-week year, with 14 weeks included in its first quarter and 13 weeks in each subsequent quarter. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended on the last Friday of April and the associated quarters, months and periods of those fiscal years . |
Principles of Consolidation | Principles of Consolidation — The consolidated financial statements include the Company and its subsidiaries. Intercompany accounts and transactions are eliminated in consolidation. |
Use of Estimates | Use of Estimates — The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include, but are not limited to, revenue recognition, reserves and allowances; inventory valuation; valuation of goodwill and intangibles; restructuring reserves; employee benefit accruals; stock-based compensation; loss contingencies; investment impairments; income taxes and fair value measurements. Actual results could differ materially from those estimates, including impacts from the COVID-19 pandemic, the anticipated effects of which have been incorporated, as applicable, into management’s estimates as of and for the year ended April 29, 2022. |
Cash Equivalents | Cash Equivalents — We consider all highly liquid debt investments with original maturities of three months or less at the time of purchase to be cash equivalents. |
Available-for-Sale Investments | Available-for-Sale Investments — We classify our investments in debt securities as available-for-sale investments. Debt securities primarily consist of corporate bonds, U.S. Treasury and government debt securities and certificates of deposit. These investments are primarily held in the custody of a major financial institution. A specific identification method is used to determine the cost basis of debt securities sold. These investments are recorded in the consolidated balance sheets at fair value. Unrealized gains and temporary losses, net of related taxes, are included in accumulated other comprehensive income (loss) (AOCI). Upon realization, those amounts are reclassified from AOCI to earnings. The amortization of premiums and discounts on the investments are included in our results of operations. Realized gains and losses are calculated based on the specific identification method. We classify our investments as current or noncurrent based on the nature of the investments and their availability for use in current operations. |
Other-than-Temporary Impairments on Investments | Other-than-Temporary Impairments on Investments — All of our available-for-sale investments are subject to periodic impairment review. When the fair value of a debt security is less than its amortized cost, it is deemed impaired, and we assess whether the impairment is other-than-temporary. An impairment is considered other-than-temporary if (i) we have the intent to sell the security, (ii) it is more likely than not that we will be required to sell the security before recovery of the entire amortized cost basis, or (iii) we do not expect to recover the entire amortized cost basis of the security. If impairment is considered other-than-temporary based on condition (i) or (ii) described above, the entire difference between the amortized cost and the fair value of the debt security is recognized in the results of operations. If an impairment is considered other-than-temporary based on condition (iii) described above, the amount representing credit losses (defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis of the debt security) is recognized in earnings, and the amount relating to all other factors is recognized in other comprehensive income (OCI). |
Inventories | Inventories — Inventories are stated at the lower of cost or net realizable value, which approximates actual cost on a first-in, first-out basis. We write down excess and obsolete inventory based on the difference between the cost of inventory and the estimated net realizable value. Net realizable value is estimated using management’s best estimate of forecasts for future demand and expectations regarding market conditions. At the point of a loss recognition, a new, lower cost basis for that inventory is established, and subsequent changes in facts or circumstances do not result in the restoration or increase in that newly established basis. In addition, we record a liability for firm, non-cancelable and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of our future demand forecasts consistent with our valuation of excess and obsolete inventory. |
Property and Equipment | Property and Equipment — Property and equipment are recorded at cost. Depreciation and amortization is computed using the straight-line method, generally over the following periods: Depreciation Life Buildings and improvements 10 to 40 years Furniture and fixtures 5 years Computer, production, engineering and other equipment 2 to 3 years Computer software 3 to 5 years Leasehold improvements Shorter of remaining lease term or useful life Construction in progress will be depreciated over the estimated useful lives of the respective assets when they are ready for use. We capitalize interest on significant facility assets under construction and on significant software development projects. Interest capitalized during the periods presented was not material. |
Software Development Costs | Software Development Costs — The costs for the development of new software products and substantial enhancements to existing software products are expensed as incurred until technological feasibility has been established, at which time any additional costs would be capitalized in accordance with the accounting guidance for software. Because our current process for developing software is essentially completed concurrently with the establishment of technological feasibility, which occurs upon the completion of a working model, no costs have been capitalized for any of the periods presented. |
Internal-Use Software Development Costs | Internal-Use Software Development Costs — We capitalize qualifying costs, which are incurred during the application development stage, for computer software developed or obtained for internal-use and amortize them over the software’s estimated useful life. |
Business Combinations | Business Combinations — We recognize identifiable assets acquired and liabilities assumed at their acquisition date fair values, with the exception of contract assets and liabilities, which beginning in fiscal 2022, we recognize in accordance with our revenue recognition policy as if we had originally executed the customer contract. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date values of the assets acquired and liabilities assumed. While we use our best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill to the extent that we identify adjustments to the preliminary purchase price allocation. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of income. |
Goodwill and Purchased Intangible Assets | Goodwill and Purchased Intangible Assets — Goodwill is recorded when the consideration paid for an acquisition exceeds the value of net tangible and intangible assets acquired. Purchased intangible assets with finite lives are generally amortized on a straight-line basis over their economic lives of three to five years for developed technology, two to five years for customer contracts/relationships, two to three years for covenants not to compete and two to five years for trademarks and trade names as we believe this method most closely reflects the pattern in which the economic benefits of the assets will be consumed. In-process research and development is accounted for as an indefinite lived intangible asset and is assessed for potential impairment annually until development is complete or when events or circumstances indicate that their carrying amounts might be impaired. Upon completion of development, in-process research and development is accounted for as a finite-lived intangible asset. The carrying value of goodwill is tested for impairment on an annual basis in the fourth quarter of our fiscal year, or more frequently if we believe indicators of impairment exist. Triggering events for impairment reviews may be indicators such as adverse industry or economic trends, restructuring actions, lower projections of profitability, or a sustained decline in our market capitalization. For the purpose of impairment testing, we have two reporting units, which are the same as our two reportable segments. We initially conduct a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. The performance of the quantitative impairment test requires comparing the fair value of each reporting unit to its carrying amount, including goodwill. The fair value of each reporting unit is based on a combination of the income approach and the market approach. Under the income approach, we estimate the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on discrete forecast periods as well as terminal value determinations, and are derived based on forecasted revenue growth rates and operating margins. These cash flow projections are discounted to arrive at the fair value of each reporting unit. The discount rate used is based on the weighted-average cost of capital of comparable public companies adjusted for the relevant risk associated with business specific characteristics and the uncertainty related to the reporting unit's ability to execute on the projected cash flows. Under the market approach, we estimate the fair value based on market multiples of revenue and earnings derived from comparable publicly traded companies with operating and investment characteristics similar to the reporting unit. In addition, we make certain judgments and assumptions in allocating shared assets and liabilities to individual reporting units to determine the carrying amount of each reporting unit. An impairment exists if the fair value of a reporting unit is lower than its carrying amount. The impairment loss is measured based on the amount by which the carrying amount of the reporting unit exceeds its fair value, with the recognized loss not to exceed the total amount of allocated goodwill. The fair value of each reporting unit has substantially exceeded its carrying amount in all periods presented. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets — We review the carrying values of long-lived assets whenever events and circumstances, such as reductions in demand, lower projections of profitability, significant changes in the manner of our use of acquired assets, or significant negative industry or economic trends, indicate that the net book value of an asset may not be recovered through expected future cash flows from its use and eventual disposition. If this review indicates that there is an impairment, the impaired asset is written down to its fair value, which is typically calculated using: (i) quoted market prices and/or (ii) expected future cash flows utilizing a discount rate. Our estimates regarding future anticipated cash flows, the remaining economic life of the products and technologies, or both, may differ materially from actual cash flows and remaining economic life. In that event, impairment charges or shortened useful lives of certain long-lived assets may be required, resulting in charges to our consolidated statements of income when such determinations are made. |
Derivative Instruments | Derivative Instruments — Our derivative instruments, which are carried at fair value in our consolidated balance sheets, consist of foreign currency exchange contracts as described below: Balance Sheet Hedges — We utilize foreign currency exchange forward and option contracts to hedge against the short-term impact of foreign currency exchange rate fluctuations related to certain foreign currency denominated monetary assets and liabilities, primarily intercompany receivables and payables. These derivative instruments are not designated as hedging instruments and do not subject us to material balance sheet risk due to exchange rate movements because the gains and losses on these contracts are intended to offset the gains and losses in the underlying foreign currency denominated monetary assets and liabilities being hedged, and the net amount is included in earnings. Cash Flow Hedges — We utilize foreign currency exchange forward contracts to hedge foreign currency exchange exposures related to forecasted sales transactions denominated in certain foreign currencies. These derivative instruments are designated and qualify as cash flow hedges and, in general, closely match the underlying forecasted transactions in duration. The effective portion of the contracts’ gains and losses resulting from changes in fair value is recorded in AOCI until the forecasted transaction is recognized in the consolidated statements of income. When the forecasted transactions occur, we reclassify the related gains or losses on the cash flow hedges into net revenues. If the underlying forecasted transactions do not occur, or it becomes probable that they will not occur within the defined hedge period, the gains or losses on the related cash flow hedges are reclassified from AOCI and recognized immediately in earnings. We measure the effectiveness of hedges of forecasted transactions on a monthly basis by comparing the fair values of the designated foreign currency exchange forward purchase contracts with the fair values of the forecasted transactions. Factors that could have an impact on the effectiveness of our hedging programs include the accuracy of forecasts and the volatility of foreign currency markets. These programs reduce, but do not entirely eliminate, the impact of currency exchange movements. Currently, we do not enter into any foreign currency exchange forward contracts to hedge exposures related to firm commitments. Cash flows from our derivative programs are included under operating activities in the consolidated statements of cash flows. |
Revenue Recognition | Revenue Recognition — We recognize revenue by applying the following five step approach. • Identification of the contract, or contracts, with a customer — A contract with a customer is within the scope of ASC 606 when it meets all the following criteria: - It is enforceable - It defines each party’s rights - It identifies the payment terms - It has commercial substance, and - We determine that collection of substantially all consideration for goods or services that will be transferred is probable based on the customer’s intent and ability to pay • Identification of the performance obligations in the contract — Performance obligations promised in a contract are identified based on the goods or services (or a bundle of goods and services) that will be transferred to the customer that are distinct. • Determination of the transaction price — The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring goods or services to the customer. • Allocation of the transaction price to the performance obligations in the contract — Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation. • Recognition of revenue when, or as, we satisfy a performance obligation — We satisfy performance obligations either over time or at a point in time. Customarily we have a purchase order from or executed contract with our customers that establishes the goods and services to be transferred and the consideration to be received. We combine two or more contracts entered into at or near the same time with the same customer as a single contract if the contracts are negotiated as one package with a single commercial objective, if the amount of consideration to be paid on one contract depends on the price or performance of the other contract or if the goods and services promised in each of the contracts are a single performance obligation. Our contracts with customers may include hardware systems, software licenses, software support, hardware support, public cloud services and other services. Software support contracts entitle our customers to receive unspecified upgrades and enhancements on a when-and-if-available basis, and patch releases. Hardware support services include contracts for extended warranty and technical support with minimum response times. Other services include professional services and customer education and training services. We identify performance obligations in our contracts to be those goods and services that are distinct. A good or service is distinct where the customer can benefit from the good or service either on its own or together with other resources that are readily available from third parties or from us, and is distinct in the context of the contract, where the transfer of the good or service is separately identifiable from other promises in the contract. If a contract includes multiple promised goods or services, we apply judgment to determine whether promised goods or services are distinct. If they are not, we combine the goods and services until we have a distinct performance obligation. A configured storage system inclusive of the operating system (OS) software essential to its functionality is considered a single performance obligation, while optional add-on software is a separate performance obligation. In general, hardware support, software support, and different types of professional services are each separate performance obligations. In certain instances, we enter into enterprise license agreements (ELAs) with our customers which transfer to them the right to deploy an unlimited or capped number of OS or optional add-on software licenses and obligate us to provide software support through the ELA term. In general, we treat the software license component and software support component of ELAs as separate performance obligations. We determine the transaction price of our contracts with customers based on the consideration to which we will be entitled in exchange for transferring goods or services. Consideration promised may include fixed amounts, variable amounts or both. We sell public cloud services either on a subscription basis or a consumption basis. We sell professional services either on a time and materials basis or under fixed price projects. We evaluate variable consideration in arrangements with contract terms such as rights of return, potential penalties and acceptance clauses. We generally use the expected value method, primarily relying on our history, to estimate variable consideration. However, when we believe it to provide a better estimate, we use the most likely amount method. In either case, we consider variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Reassessments of our variable consideration may occur as historical information changes. Transaction prices are also adjusted for the effects of time value of money if the timing of payments provides either the customer or us a significant benefit of financing. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation on a relative standalone selling price basis. We determine standalone selling price based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, we estimate the standalone selling price by maximizing the use of observable inputs including pricing strategy, market data, internally-approved pricing guidelines related to the performance obligations and other observable inputs. We regularly review standalone selling prices and maintain internal controls over the establishment and updates of these estimates. Variable consideration is also allocated to the performance obligations. If the terms of variable consideration relate to one performance obligation, it is entirely allocated to that obligation. Otherwise, it is allocated to all the performance obligations in the contract. We typically recognize revenue at a point in time upon the transfer of goods to a customer. Products we transfer at a point in time include our configured hardware systems, OS software licenses, optional add-on software licenses and add-on hardware. Services are typically transferred over time and revenue is recognized based on an appropriate method for measuring our progress toward completion of the performance obligation. Our stand-ready services, including both hardware and software support, are transferred ratably over the period of the contract. Our public cloud services are transferred either 1) for subscription arrangements, ratably over the subscription period or 2) for consumption-based arrangements, as actually consumed by the customer. For other services such as our fixed professional services contracts, we use an input method to determine the percentage of completion. That is, we estimate the effort to date versus the expected effort required over the life of the contract. |
Deferred Commissions | Deferred Commissions — We capitalize sales commissions that are incremental direct costs of obtaining customer contracts for which revenue is not immediately recognized and classify them as current or non-current based on the terms of the related contracts. Capitalized commissions are amortized based on the transfer of goods or services to which they relate, typically over one to three years , and are also periodically reviewed for impairment. Amortization expense is recorded to sales and marketing expense in our consolidated statements of income. |
Leases | Leases — We determine if an arrangement is or contains a lease at inception, and we classify leases as operating or finance leases at commencement. In our consolidated balance sheets, operating lease right-of-use (ROU) assets are included in other non-current assets, while finance lease ROU assets are included in property and equipment, net. Lease liabilities for both types of leases are included in accrued expenses and other long-term liabilities. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments over that term. Operating and finance lease ROU assets and liabilities are recognized at commencement based on the present value of lease payments over the lease term. ROU assets also include any lease payments made prior to lease commencement and exclude lease incentives. The lease term is the noncancelable period of the lease and includes options to extend or terminate the lease when it is reasonably certain that an option will be exercised. As the rate implicit in our leases is typically not readily determinable, in computing the present value of lease payments we generally use our incremental borrowing rate based on information available at the commencement date. Variable lease payments not dependent on an index or rate are expensed as incurred and not included within the calculation of ROU assets and lease liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We do not separate non-lease components from lease components for any class of leases, and we do not recognize ROU assets and lease liabilities for leases with a lease term of twelve months or less. |
Foreign Currency Translation | Foreign Currency Translation — For international subsidiaries whose functional currency is the local currency, gains and losses resulting from translation of these foreign currency financial statements into U.S. dollars are recorded in AOCI. For international subsidiaries where the functional currency is the U.S. dollar, gains and losses resulting from the process of remeasuring foreign currency financial statements into U.S. dollars are included in other (expense) income, net. |
Benefit Plans | Benefit Plans — We record actuarial gains and losses associated with defined benefit plans within AOCI and amortize net gains or losses in excess of 10 percent of the greater of the market value of plan assets or the plans' projected benefit obligation on a straight-line basis over the remaining estimated service life of plan participants. The measurement date for all defined benefit plans is our fiscal year end. |
Stock-Based Compensation | Stock-Based Compensation — We measure and recognize stock-based compensation for all stock-based awards, including employee stock options, restricted stock units (RSUs), including time-based RSUs and performance-based RSUs (PBRSUs), and rights to purchase shares under our employee stock purchase plan (ESPP), based on their estimated fair value, and recognize the costs in our financial statements using the single option straight-line approach over the requisite service period for the entire award. The fair value of employee time-based RSUs, and PBRSUs that include a performance condition, is equal to the market value of our common stock on the grant date of the award, less the present value of expected dividends during the vesting period, discounted at a risk-free interest rate. The fair value of PBRSUs that include a market condition is measured using a Monte Carlo simulation model on the date of grant. The fair value of time-based RSUs, and PBRSUs that include a market condition, is not remeasured as a result of subsequent stock price fluctuations. When there is a change in management’s estimate of expected achievement relative to the performance target for PBRSUs that include a performance condition, such as our achievement against a cumulative Adjusted Operating Income target, the change in estimate results in the recognition of a cumulative adjustment of stock-based compensation expense. Our expected term assumption is based primarily on historical exercise and post-vesting forfeiture experience. Our stock price volatility assumption is based on a combination of our historical and implied volatility. The risk-free interest rates are based upon United States (U.S.) Treasury bills with equivalent expected terms, and the expected dividends are based on our history and expected dividend payouts. We account for forfeitures of stock-based awards as they occur. |
Income Taxes | Income Taxes — Deferred income tax assets and liabilities are provided for temporary differences that will result in tax deductions or income in future periods, as well as the future benefit of tax credit carryforwards. A valuation allowance reduces tax assets to their estimated realizable value. We recognize the tax liability for uncertain income tax positions on the income tax return based on the two-step process prescribed in the interpretation. The first step is to determine whether it is more likely than not that each income tax position would be sustained upon audit. The second step is to estimate and measure the tax benefit as the amount that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority. Estimating these amounts requires us to determine the probability of various possible outcomes. We evaluate these uncertain tax positions on a quarterly basis. We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes line on the accompanying consolidated statements of income. |
Net Income per Share | Net Income per Share — Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per share is computed giving effect to the weighted-average number of dilutive potential shares that were outstanding during the period using the treasury stock method. Potential dilutive common shares consist primarily of outstanding stock options, shares to be purchased under our employee stock purchase plan and unvested RSUs. |
Treasury Stock | Treasury Stock — We account for treasury stock under the cost method. Upon the retirement of treasury stock, we allocate the value of treasury shares between common stock, additional paid-in capital and retained earnings. |
Accounting Standards on Transfers of Financial Assets | While most of our arrangements for sales include short-term payment terms, from time to time we provide long-term financing to creditworthy customers. We have generally sold receivables financed through these arrangements on a non-recourse basis to third party financing institutions within 10 days of the contracts’ dates of execution, and we classify the proceeds from these sales as cash flows from operating activities in our consolidated statements of cash flows. We account for the sales of these receivables as “true sales” as defined in the accounting standards on transfers of financial assets, as we are considered to have surrendered control of these financing receivables. Provided all other revenue recognition criteria have been met, we recognize product revenues for these arrangements, net of any payment discounts from financing transactions, upon product acceptance. We sold $ 59 million, $ 102 million and $ 59 million of receivables during fiscal 2022, 2021 and 2020, respectively. |
Debt | We have entered into service contracts with certain of our end-user customers that are supported by third-party financing arrangements. If a service contract is terminated as a result of our non-performance under the contract or our failure to comply with the terms of the financing arrangement, we could, under certain circumstances, be required to acquire certain assets related to the service contract or to pay the aggregate unpaid financing payments under such arrangements. As of April 29, 2022, we have not been required to make any payments under these arrangements, and we believe the likelihood of having to acquire a material amount of assets or make payments under these arrangements is remote. The portion of the financial arrangement that represents unearned services revenue is included in deferred revenue and financed unearned services revenue in our consolidated balance sheets . |
Description of Business and S_3
Description of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Accounting Policies [Abstract] | |
Property and Equipment Depreciation Life | Depreciation and amortization is computed using the straight-line method, generally over the following periods: Depreciation Life Buildings and improvements 10 to 40 years Furniture and fixtures 5 years Computer, production, engineering and other equipment 2 to 3 years Computer software 3 to 5 years Leasehold improvements Shorter of remaining lease term or useful life |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Fylamynt Acquisition | |
Business Acquisition [Line Items] | |
Summary of Acquisition Date Fair Values of Assets Acquired and Liabilities Assumed | The preliminary acquisition-date values of the assets acquired are as follows (in millions): Amount Cash $ 1 Developed technology 6 Goodwill 20 Total assets acquired 27 Total purchase price $ 27 |
CloudCheckr Acquisition [Member] | |
Business Acquisition [Line Items] | |
Summary of Acquisition Date Fair Values of Assets Acquired and Liabilities Assumed | The acquisition-date values of the assets acquired and liabilities assumed are as follows (in millions): Amount Cash $ 2 Intangible assets 76 Goodwill 276 Other assets 6 Total assets acquired 360 Liabilities assumed ( 13 ) Total purchase price $ 347 |
Schedule of Components of Intangible Assets Acquired | The components of the intangible assets acquired were as follows (in millions, except useful life): Amount Estimated useful life Developed technology $ 45 5 Customer contracts/relationships 30 5 Trade name 1 3 Total intangible assets $ 76 |
Data Mechanics Inc [Member] | |
Business Acquisition [Line Items] | |
Summary of Acquisition Date Fair Values of Assets Acquired and Liabilities Assumed | The acquisition-date values of the assets acquired and liabilities assumed are as follows (in millions): Amount Cash $ 1 Developed technology 5 Goodwill 11 Total assets acquired 17 Liabilities assumed ( 2 ) Total purchase price $ 15 |
Spot, Inc. | |
Business Acquisition [Line Items] | |
Summary of Acquisition Date Fair Values of Assets Acquired and Liabilities Assumed | The acquisition date fair values of the assets acquired and liabilities assumed are as follows (in millions): Amount Cash $ 24 Intangible assets 84 Goodwill 249 Other assets 6 Total assets acquired 363 Liabilities assumed ( 23 ) Total purchase price $ 340 |
Schedule of Components of Intangible Assets Acquired | The components of the Spot intangible assets acquired were as follows (in millions, except useful life): Amount Estimated useful life Developed technology $ 53 5 Customer contracts/relationships 28 5 Trade name 3 3 Total intangible assets $ 84 |
Cloud Jumper Corporation | |
Business Acquisition [Line Items] | |
Summary of Acquisition Date Fair Values of Assets Acquired and Liabilities Assumed | The acquisition date fair values of the assets acquired and liabilities assumed are as follows (in millions): Amount Developed technology $ 16 Customer contracts/relationships 6 Goodwill 12 Other assets 1 Total assets acquired 35 Liabilities assumed ( 1 ) Total purchase price $ 34 |
Talon Storage Solutions, Inc. | |
Business Acquisition [Line Items] | |
Summary of Acquisition Date Fair Values of Assets Acquired and Liabilities Assumed | The acquisition date fair values of the assets acquired and liabilities assumed are as follows (in millions): Amount Cash $ 2 Developed technology intangible asset 6 Customer contracts/relationships 4 Other assets 4 Goodwill 13 Total assets acquired 29 Liabilities assumed ( 6 ) Total purchase price $ 23 |
Cognigo Research Limited | |
Business Acquisition [Line Items] | |
Summary of Acquisition Date Fair Values of Assets Acquired and Liabilities Assumed | The acquisition date fair values of the assets acquired and liabilities assumed are as follows (in millions): Amount Cash $ 2 Developed technology intangible asset 26 Goodwill 30 Total assets acquired 58 Liabilities assumed ( 5 ) Total purchase price $ 53 |
Goodwill and Purchased Intang_2
Goodwill and Purchased Intangible Assets, Net (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Activity and Classification of Goodwill by Reportable Segment | Goodwill activity is summarized as follows (in millions): Amount Balance as of April 24, 2020 $ 1,778 Additions 261 Balance as of April 30, 2021 2,039 Additions 307 Balance as of April 29, 2022 $ 2,346 Goodwill by reportable segment as of April 29, 2022 is as follows (in millions): Amount Hybrid Cloud $ 1,714 Public Cloud 632 Total goodwill $ 2,346 |
Purchased Intangible Assets, Net | Purchased intangible assets, net are summarized below (in millions): April 29, 2022 April 30, 2021 Gross Accumulated Net Gross Accumulated Net Assets Amortization Assets Assets Amortization Assets Developed technology $ 157 $ ( 65 ) $ 92 $ 215 $ ( 147 ) $ 68 Customer contracts/relationships 68 ( 20 ) 48 38 ( 8 ) 30 Other purchased intangibles 4 ( 2 ) 2 3 — 3 Total purchased intangible assets $ 229 $ ( 87 ) $ 142 $ 256 $ ( 155 ) $ 101 During fiscal 2022, we retired approximately $ 114 million of fully amortized developed technology intangible assets. |
Amortization Expense for Purchased Intangible Assets | Amortization expense for purchased intangible assets is summarized below (in millions): Year Ended Statements of April 29, 2022 April 30, 2021 April 24, 2020 Income Developed technology $ 33 $ 41 $ 39 Cost of revenues Customer contracts/relationships 11 8 — Operating expenses Other purchased intangibles 2 — — Operating expenses Total $ 46 $ 49 $ 39 |
Future Amortization Expense Related to Purchased Intangible Assets | As of April 29, 2022, future amortization expense related to purchased intangible assets is as follows (in millions): Fiscal Year Amount 2023 $ 47 2024 36 2025 33 2026 18 2027 8 Total $ 142 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Supplemental Financial Information [Abstract] | |
Cash and Cash Equivalents | Cash and cash equivalents (in millions): The following table presents cash and cash equivalents as reported in our consolidated balance sheets, as well as the sum of cash, cash equivalents and restricted cash as reported on our consolidated statements of cash flows: April 29, April 30, Cash and cash equivalents $ 4,112 $ 4,529 Restricted cash 7 6 Cash, cash equivalents and restricted cash $ 4,119 $ 4,535 |
Inventories | Inventories (in millions): April 29, April 30, Purchased components $ 131 $ 22 Finished goods 73 92 Inventories $ 204 $ 114 |
Property and Equipment, Net | Property and equipment, net (in millions): April 29, April 30, Land $ 46 $ 46 Buildings and improvements 353 356 Leasehold improvements 92 83 Computer, production, engineering and other equipment 904 869 Computer software 316 305 Furniture and fixtures 76 93 Construction-in-progress 65 46 1,852 1,798 Accumulated depreciation and amortization ( 1,250 ) ( 1,273 ) Property and equipment, net $ 602 $ 525 |
Depreciation and Amortization Expense | Depreciation and amortization expense related to property and equipment, net is summarized below (in millions): Year Ended April 29, April 30, April 24, Depreciation and amortization expense $ 148 $ 158 $ 154 |
Other Non-Current Assets | Other non-current assets (in millions): April 29, April 30, Deferred tax assets $ 362 $ 219 Operating lease ROU assets 294 114 Other assets 335 361 Other non-current assets $ 991 $ 694 |
Accrued Expenses | Accrued expenses (in millions): April 29, April 30, Accrued compensation and benefits $ 462 $ 505 Product warranty liabilities 17 21 Operating lease liabilities 47 49 Other current liabilities 399 395 Accrued expenses $ 925 $ 970 |
Product Warranty Liabilities | The following tables summarize the activity related to product warranty liabilities and their balances as reported in our consolidated balance sheets (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Balance at beginning of period $ 32 $ 41 $ 40 Expense accrued during the period 13 13 26 Warranty costs incurred ( 19 ) ( 22 ) ( 25 ) Balance at end of period $ 26 $ 32 $ 41 April 29, April 30, Accrued expenses $ 17 $ 21 Other long-term liabilities 9 11 Total warranty liabilities $ 26 $ 32 |
Other Long-term Liabilities | Other long-term liabilities (in millions): April 29, April 30, Liability for uncertain tax positions $ 131 $ 127 Income taxes payable 303 351 Product warranty liabilities 9 11 Operating lease liabilities 257 71 Other liabilities 88 90 Other long-term liabilities $ 788 $ 650 |
Deferred Revenue and Financed Unearned Services Revenue | The following table summarizes the components of our deferred revenue and financed unearned services balance as reported in our consolidated balance sheets (in millions): April 29, 2022 April 30, 2021 Deferred product revenue $ 31 $ 59 Deferred services revenue 4,140 3,873 Financed unearned services revenue 61 71 Total $ 4,232 $ 4,003 Reported as: Short-term $ 2,171 $ 2,062 Long-term 2,061 1,941 Total $ 4,232 $ 4,003 |
Summary of Activity Related to Deferred Commissions and their Balances in Condensed Consolidated Balance Sheets | The following table summarizes deferred commissions balances as reported in our consolidated balance sheets (in millions): April 29, 2022 April 30, 2021 Other current assets $ 80 $ 86 Other non-current assets 117 111 Total deferred commissions $ 197 $ 197 During the years ended April 29, 2022 and April 30, 2021, we recognized amortization expense from deferred commissions of $ 146 million and $ 101 million, respectively, and there were no impairment charges recognized. |
Other (Expense) Income, Net | Other expense, net (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Interest income $ 7 $ 9 $ 48 Interest expense ( 73 ) ( 74 ) ( 55 ) Other, net 4 ( 4 ) 6 Other expense, net $ ( 62 ) $ ( 69 ) $ ( 1 ) |
Statements of Cash Flows Additional Information | Supplemental cash flow information related to our operating leases is included in Note 9 – Leases. Non-cash investing and other supplemental cash flow information are presented below: Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Non-cash Investing and Financing Activities: Capital expenditures incurred but not paid $ 22 $ 15 $ 15 Indemnity holdback related to business combination $ 5 $ — $ — Supplemental Cash Flow Information: Income taxes paid, net of refunds $ 398 $ 338 $ 276 Interest paid $ 67 $ 57 $ 50 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue and Financed Unearned Services Revenue | The following table summarizes the components of our deferred revenue and financed unearned services balance as reported in our consolidated balance sheets (in millions): April 29, 2022 April 30, 2021 Deferred product revenue $ 31 $ 59 Deferred services revenue 4,140 3,873 Financed unearned services revenue 61 71 Total $ 4,232 $ 4,003 Reported as: Short-term $ 2,171 $ 2,062 Long-term 2,061 1,941 Total $ 4,232 $ 4,003 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investments at Cost or Amortized Cost | The following is a summary of our investments at their cost or amortized cost for the years ended April 29, 2022 and April 30, 2021 (in millions): April 29, 2022 April 30, 2021 Corporate bonds $ 9 $ 58 U.S. Treasury and government debt securities 13 8 Certificates of deposit 71 61 Mutual funds 36 40 Total debt and equity securities $ 129 $ 167 |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis (in millions): April 29, 2022 Fair Value Measurements at Reporting Date Using Total Level 1 Level 2 Cash $ 4,041 $ 4,041 $ — Corporate bonds 9 — 9 U.S. Treasury and government debt securities 13 13 — Certificates of deposit 71 — 71 Total cash, cash equivalents and short-term investments $ 4,134 $ 4,054 $ 80 Other items: Mutual funds (1) $ 6 $ 6 $ — Mutual funds (2) $ 30 $ 30 $ — Foreign currency exchange contracts assets (1) $ 2 $ — $ 2 Foreign currency exchange contracts liabilities (3) $ ( 29 ) $ — $ ( 29 ) April 30, 2021 Fair Value Measurements at Reporting Date Using Total Level 1 Level 2 Cash $ 4,468 $ 4,468 $ — Corporate bonds 59 — 59 U.S. Treasury and government debt securities 8 4 4 Certificates of deposit 61 — 61 Total cash, cash equivalents and short-term investments $ 4,596 $ 4,472 $ 124 Other items: Mutual funds (1) $ 8 $ 8 $ — Mutual funds (2) $ 32 $ 32 $ — Foreign currency exchange contracts assets (1) $ 9 $ — $ 9 Foreign currency exchange contracts liabilities (3) $ ( 1 ) $ — $ ( 1 ) (1) Reported as other current assets in the consolidated balance sheets (2) Reported as other non-current assets in the consolidated balance sheets (3) Reported as accrued expenses in the consolidated balance sheets |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Debt Disclosure [Abstract] | |
Carrying Value of Long-Term Debt | The following table summarizes information relating to our long-term debt, which we collectively refer to as our Senior Notes (in millions, except interest rates): Effective Interest Rate April 29, 2022 April 30, 2021 3.25% Senior Notes Due December 2022 3.43 % $ 250 $ 250 3.30% Senior Notes Due September 2024 3.42 % 400 400 1.875% Senior Notes Due June 2025 2.03 % 750 750 2.375% Senior Notes Due June 2027 2.51 % 550 550 2.70% Senior Notes Due June 2030 2.81 % 700 700 Total principal amount 2,650 2,650 Unamortized discount and issuance costs ( 14 ) ( 18 ) Total senior notes 2,636 2,632 Less: Current portion of long-term debt ( 250 ) — Total long-term debt $ 2,386 $ 2,632 |
Future Principal Debt Maturities | As of April 29, 2022, our aggregate future principal debt maturities are as follows (in millions): Fiscal Year Amount 2023 $ 250 2024 — 2025 400 2026 750 Thereafter 1,250 Total $ 2,650 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Leases [Abstract] | |
Components of Lease Cost Related to Operating Leases | The components of lease cost related to our operating leases were as follows (in millions): Year Ended April 29, April 30, Operating lease cost $ 61 $ 55 Variable lease cost 15 11 Total lease cost $ 76 $ 66 |
Supplemental Cash Flow Information Related to Operating Leases | The supplemental cash flow information related to our operating leases is as follows (in millions): Year Ended April 29, April 30, Cash paid for amounts included in the measurement of operating lease liabilities $ 56 $ 57 Right-of-use assets obtained in exchange for new operating lease obligations $ 236 $ 31 |
Supplemental Balance Sheet Information Related to Operating Leases | The supplemental balance sheet information related to our operating leases is as follows (in millions, except lease term and discount rate): April 29, April 30, Other non-current assets $ 294 $ 114 Total operating lease ROU assets $ 294 $ 114 Accrued expenses $ 47 $ 49 Other long-term liabilities 257 71 Total operating lease liabilities $ 304 $ 120 Weighted Average Remaining Lease Term 9.6 years 3.4 years Weighted Average Discount Rate 2.8 % 2.9 % |
Future Minimum Operating Lease Payments | Future minimum operating lease payments as of April 29, 2022 are as follows (in millions): Fiscal Year Amount 2023 $ 54 2024 46 2025 38 2026 33 2027 29 Thereafter 152 Total lease payments 352 Less: Interest ( 48 ) Total $ 304 |
Stockholders' Equity (Tables)
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 Weighted- 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 Defined Unrealized Unrealized 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 ) |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Value of Outstanding Foreign Currency Exchange Forward Contracts | The notional amount of our outstanding U.S. dollar equivalent foreign currency exchange forward contracts consisted of the following (in millions): April 29, April 30, Cash Flow Hedges Forward contracts purchased $ 78 $ 167 Balance Sheet Contracts Forward contracts sold $ 841 $ 497 Forward contracts purchased $ 129 $ 117 |
Schedule of Derivative Instruments Not Designated as Hedging Instruments | The effect of derivative instruments not designated as hedging instruments recognized in other expense, net on our consolidated statements of income was as follows (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Gain (Loss) Recognized into Income Foreign currency exchange contracts $ ( 91 ) $ 20 $ — |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Restructuring and Related Activities [Abstract] | |
Activities Related to Restructuring Reserves | Activities related to our restructuring plans are summarized as follows (in millions): Total Balance as of April 26, 2019 $ 19 Net charges 21 Cash payments ( 35 ) Other ( 4 ) Balance as of April 24, 2020 1 Net charges 42 Cash payments ( 42 ) Balance as of April 30, 2021 1 Net charges 33 Cash payments ( 31 ) Balance as of April 29, 2022 $ 3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes | Income before income taxes is as follows (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Domestic $ 546 $ 433 $ 379 Foreign 549 529 565 Total $ 1,095 $ 962 $ 944 |
Provision for Income Taxes | The provision for income taxes consists of the following (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Current: Federal $ 187 $ 82 $ 83 State 55 22 9 Foreign 60 134 50 Total current 302 238 142 Deferred: Federal ( 125 ) 6 ( 26 ) State ( 27 ) 2 ( 6 ) Foreign 8 ( 14 ) 15 Total deferred ( 144 ) ( 6 ) ( 17 ) Provision for income taxes $ 158 $ 232 $ 125 |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate as follows (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Tax computed at federal statutory rate $ 230 $ 202 $ 198 State income taxes, net of federal benefit 15 23 10 Foreign earnings in lower tax jurisdictions ( 46 ) ( 26 ) ( 40 ) Stock-based compensation ( 8 ) 6 ( 4 ) Research and development credits ( 18 ) ( 13 ) ( 16 ) Benefit for foreign derived intangible income ( 49 ) ( 2 ) ( 4 ) Global minimum tax on intangible income 1 19 32 Transition tax and related reserves 1 1 15 Tax charge from integration of acquired companies 23 35 — Resolution of income tax matters (1) ( 3 ) ( 6 ) ( 61 ) Other 12 ( 7 ) ( 5 ) Provision for income taxes $ 158 $ 232 $ 125 (1) During fiscal 2022, we recognized a tax benefit related to the lapse of statute of limitations for certain issues in our fiscal 2012 and 2013 state income tax returns. During fiscal 2021, we recognized a tax benefit related to the lapse of statutes of limitations for certain issues on our fiscal 2016 and 2017 federal income tax returns. During fiscal 2020, we recognized a tax benefit related to the lapse of statutes of limitations on our fiscal 2014 and 2015 federal income tax returns. |
Deferred Tax Assets and Liabilities | The components of our deferred tax assets and liabilities are as follows (in millions): April 29, 2022 April 30, 2021 Deferred tax assets: Reserves and accruals $ 267 $ 65 Net operating loss and credit carryforwards 121 115 Stock-based compensation 23 18 Deferred revenue and financed unearned services revenue 235 226 Other 6 20 Gross deferred tax assets 652 444 Valuation allowance ( 111 ) ( 107 ) Deferred tax assets, net of valuation allowance 541 337 Deferred tax liabilities: Prepaids and accruals 108 51 Acquired intangibles 48 28 Property and equipment 39 31 Other 7 24 Total deferred tax liabilities 202 134 Deferred tax assets, net of valuation allowance and deferred tax liabilities $ 339 $ 203 |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Balance at beginning of period $ 221 $ 211 $ 296 Additions based on tax positions related to the current year 11 7 5 Additions for tax positions of prior years — 11 1 Decreases for tax positions of prior years ( 2 ) — ( 10 ) Settlements ( 10 ) ( 8 ) ( 81 ) Balance at end of period $ 220 $ 221 $ 211 |
Summary of Tax Years Remain Subject to Examinations under Major Tax Jurisdictions | The tax years that remain subject to examination for our major tax jurisdictions are shown below: Fiscal Years Subject to Examination for Major Tax Jurisdictions at April 29, 2022 2016 — 2022 United States — federal income tax 2018 — 2022 United States — state and local income tax 2020 — 2022 Australia 2015 — 2022 Germany 2007 — 2022 India 2017 — 2022 The Netherlands 2016 — 2022 Canada |
Net Income per Share (Tables)
Net Income per Share (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The following is a calculation of basic and diluted net income per share (in millions, except per share amounts): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Numerator: Net income $ 937 $ 730 $ 819 Denominator: Shares used in basic computation 223 222 230 Dilutive impact of employee equity award plans 6 4 3 Shares used in diluted computation 229 226 233 Net Income per Share: Basic $ 4.20 $ 3.29 $ 3.56 Diluted $ 4.09 $ 3.23 $ 3.52 |
Segment, Geographic, and Sign_2
Segment, Geographic, and Significant Customer Information (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Segment | Financial information by segment is as follows (in millions, except percentages): Year Ended April 29, 2022 Hybrid Cloud Public Cloud Consolidated Product revenues $ 3,284 $ — $ 3,284 Support revenues 2,344 — 2,344 Professional and other services revenues 294 — 294 Public cloud revenues — 396 396 Net revenues 5,922 396 6,318 Cost of product revenues 1,541 — 1,541 Cost of support revenues 184 — 184 Cost of professional and other services revenues 205 — 205 Cost of public cloud revenues — 118 118 Segment cost of revenues 1,930 118 2,048 Segment gross profit $ 3,992 $ 278 $ 4,270 Segment gross margin 67.4 % 70.2 % 67.6 % Unallocated cost of revenues 1 50 Total gross profit $ 4,220 Total gross margin 66.8 % 1 Unallocated cost of revenues are composed of $ 17 million of stock-based compensation expense and $ 33 million of amortization of intangible assets. Year Ended April 30, 2021 Hybrid Cloud Public Cloud Consolidated Product revenues $ 2,991 $ — $ 2,991 Support revenues 2,277 — 2,277 Professional and other services revenues 277 — 277 Public cloud revenues — 199 199 Net revenues 5,545 199 5,744 Cost of product revenues 1,402 — 1,402 Cost of support revenues 201 — 201 Cost of professional and other services revenues 206 — 206 Cost of public cloud revenues — 65 65 Segment cost of revenues 1,809 65 1,874 Segment gross profit $ 3,736 $ 134 $ 3,870 Segment gross margin 67.4 % 67.3 % 67.4 % Unallocated cost of revenues 1 55 Total gross profit $ 3,815 Total gross margin 66.4 % 1 Unallocated cost of revenues are composed of $ 14 million of stock-based compensation expense and $ 41 million of amortization of intangible assets. Year Ended April 24, 2020 Hybrid Cloud Public Cloud Consolidated Product revenues $ 2,995 $ — $ 2,995 Support revenues 2,114 — 2,114 Professional and other services revenues 241 — 241 Public cloud revenues — 62 62 Net revenues 5,350 62 5,412 Cost of product revenues 1,326 — 1,326 Cost of support revenues 188 — 188 Cost of professional and other services revenues 188 — 188 Cost of public cloud revenues — 35 35 Segment cost of revenues 1,702 35 1,737 Segment gross profit $ 3,648 $ 27 $ 3,675 Segment gross margin 68.2 % 43.5 % 67.9 % Unallocated cost of revenues 1 52 Total gross profit $ 3,623 Total gross margin 66.9 % 1 Unallocated cost of revenues are composed of $ 13 million of stock-based compensation expense and $ 39 million of amortization of intangible assets. |
Schedule of Revenues by Geographic Region | Revenues summarized by geographic region are as follows (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 United States, Canada and Latin America (Americas) $ 3,460 $ 3,097 $ 2,863 Europe, Middle East and Africa (EMEA) 1,979 1,775 1,742 Asia Pacific (APAC) 879 872 807 Net revenues $ 6,318 $ 5,744 $ 5,412 |
Schedule of Cash, Cash Equivalents and Short-Term Investments | The following table presents cash, cash equivalents and short-term investments held in the U.S. and internationally in various foreign subsidiaries (in millions): April 29, 2022 April 30, 2021 U.S. $ 1,820 $ 2,098 International 2,314 2,498 Total $ 4,134 $ 4,596 |
Schedule of Property and Equipment, Net by Geographic Areas | The following table presents property and equipment information for geographic areas based on the physical location of the assets (in millions): April 29, 2022 April 30, 2021 U.S. $ 392 $ 340 International 210 185 Total $ 602 $ 525 |
Schedule of Revenues from Significant Customers | The following customers, each of which is a distributor, accounted for 10% or more of our net revenues: Year Ended April 29, 2022 April 30, 2021 April 24, 2020 Arrow Electronics, Inc. 24 % 24 % 25 % Tech Data Corporation 21 % 20 % 21 % |
Schedule of Net Accounts Receivable from Significant Customers | The following customers accounted for 10% or more of accounts receivable: April 29, 2022 April 30, 2021 Arrow Electronics, Inc. 10 % 10 % Tech Data Corporation 19 % 21 % |
Employee Benefits and Deferre_2
Employee Benefits and Deferred Compensation (Tables) | 12 Months Ended |
Apr. 29, 2022 | |
Retirement Benefits [Abstract] | |
Amount Contributed Under 401(k) Plans | Our employer matching contributions to the 401(k) Plan were as follows (in millions): Year Ended April 29, 2022 April 30, 2021 April 24, 2020 401(k) matching contributions $ 31 $ 29 $ 29 |
Deferred Compensation Plans | The related deferred compensation plan assets and liabilities under the non-qualified deferred compensation plan were as follows (in millions): April 29, 2022 April 30, 2021 Deferred compensation plan assets $ 36 $ 40 Deferred compensation liabilities reported as: Accrued expenses $ 6 $ 8 Other long-term liabilities $ 30 $ 32 |
Schedule of Defined Benefit Plans | The funded status of our defined benefit plans, which is recognized in other long-term liabilities in our consolidated balance sheets, was as follows (in millions): April 29, 2022 April 30, 2021 Fair value of plan assets $ 39 $ 38 Benefit obligations ( 69 ) ( 72 ) Unfunded obligations $ ( 30 ) $ ( 34 ) |
Description of Business and S_4
Description of Business and Significant Accounting Policies - Property and Equipment Depreciation Life (Detail) | 12 Months Ended |
Apr. 29, 2022 | |
Furniture and fixtures | |
Property Plant And Equipment [Line Items] | |
Depreciation life (years) | 5 years |
Leasehold improvements | |
Property Plant And Equipment [Line Items] | |
Depreciation life (years) | Shorter of remaining lease term or useful life |
Minimum | Buildings and improvements | |
Property Plant And Equipment [Line Items] | |
Depreciation life (years) | 10 years |
Minimum | Computer, production, engineering and other equipment | |
Property Plant And Equipment [Line Items] | |
Depreciation life (years) | 2 years |
Minimum | Computer software | |
Property Plant And Equipment [Line Items] | |
Depreciation life (years) | 3 years |
Maximum | Buildings and improvements | |
Property Plant And Equipment [Line Items] | |
Depreciation life (years) | 40 years |
Maximum | Computer, production, engineering and other equipment | |
Property Plant And Equipment [Line Items] | |
Depreciation life (years) | 3 years |
Maximum | Computer software | |
Property Plant And Equipment [Line Items] | |
Depreciation life (years) | 5 years |
Description of Business and S_5
Description of Business and Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Apr. 29, 2022 | |
Minimum | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Capitalized commissions amortization period | 1 year |
Minimum | Developed Technology | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Minimum | Customer Contracts/Relationships | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 2 years |
Minimum | Covenants not to Compete | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 2 years |
Minimum | Trademarks and Trade Names | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 2 years |
Maximum | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Capitalized commissions amortization period | 3 years |
Maximum | Developed Technology | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Maximum | Customer Contracts/Relationships | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Maximum | Covenants not to Compete | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Maximum | Trademarks and Trade Names | |
Description Of Business And Significant Accounting Policies [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Millions | Feb. 18, 2022 | Nov. 05, 2021 | Jun. 18, 2021 | Jul. 09, 2020 | Apr. 28, 2020 | Mar. 06, 2020 | May 23, 2019 | Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 |
Business Acquisition [Line Items] | ||||||||||
Indemnity holdback provision | $ 5 | $ 0 | $ 0 | |||||||
Fylamynt Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Current portion of indemnity holdback provision | $ 4 | |||||||||
Fylamynt Inc | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition cash paid | 27 | |||||||||
Cash paid at closing | 22 | |||||||||
Indemnity holdback provision | $ 5 | |||||||||
Cloud Jumper Corporation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition cash paid | $ 34 | |||||||||
CloudCheckr Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition cash paid | $ 347 | |||||||||
Spot, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition cash paid | $ 340 | |||||||||
Talon Storage Solutions, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition cash paid | $ 23 | |||||||||
Data Mechanics Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition cash paid | $ 15 | |||||||||
Cognigo Research Limited | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition cash paid | $ 53 |
Business Combinations - Summary
Business Combinations - Summary of Acquisition Date Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Feb. 18, 2022 | Nov. 05, 2021 | Jun. 18, 2021 | Apr. 30, 2021 | Jul. 09, 2020 | Apr. 28, 2020 | Apr. 24, 2020 | Mar. 06, 2020 | May 23, 2019 |
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 2,346 | $ 2,039 | $ 1,778 | |||||||
Fylamynt Acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash | $ 1 | |||||||||
Goodwill | 20 | |||||||||
Total assets acquired | 27 | |||||||||
Total purchase price | 27 | |||||||||
Fylamynt Acquisition | Developed Technology | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets | $ 6 | |||||||||
Cloud Jumper Corporation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 12 | |||||||||
Other assets | 1 | |||||||||
Total assets acquired | 35 | |||||||||
Liabilities assumed | (1) | |||||||||
Total purchase price | 34 | |||||||||
Cloud Jumper Corporation | Developed Technology | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets | 16 | |||||||||
Cloud Jumper Corporation | Customer Contracts/Relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets | $ 6 | |||||||||
CloudCheckr Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash | $ 2 | |||||||||
Intangible assets | 76 | |||||||||
Goodwill | 276 | |||||||||
Other assets | 6 | |||||||||
Total assets acquired | 360 | |||||||||
Liabilities assumed | (13) | |||||||||
Total purchase price | 347 | |||||||||
CloudCheckr Acquisition [Member] | Developed Technology | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets | 45 | |||||||||
CloudCheckr Acquisition [Member] | Customer Contracts/Relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets | $ 30 | |||||||||
Data Mechanics Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash | $ 1 | |||||||||
Goodwill | 11 | |||||||||
Total assets acquired | 17 | |||||||||
Liabilities assumed | (2) | |||||||||
Total purchase price | 15 | |||||||||
Data Mechanics Inc [Member] | Developed Technology | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets | $ 5 | |||||||||
Spot, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash | $ 24 | |||||||||
Intangible assets | 84 | |||||||||
Goodwill | 249 | |||||||||
Other assets | 6 | |||||||||
Total assets acquired | 363 | |||||||||
Liabilities assumed | (23) | |||||||||
Total purchase price | 340 | |||||||||
Spot, Inc. | Developed Technology | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets | 53 | |||||||||
Spot, Inc. | Customer Contracts/Relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets | $ 28 | |||||||||
Talon Storage Solutions, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash | $ 2 | |||||||||
Goodwill | 13 | |||||||||
Other assets | 4 | |||||||||
Total assets acquired | 29 | |||||||||
Liabilities assumed | (6) | |||||||||
Total purchase price | 23 | |||||||||
Talon Storage Solutions, Inc. | Developed Technology | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets | 6 | |||||||||
Talon Storage Solutions, Inc. | Customer Contracts/Relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets | $ 4 | |||||||||
Cognigo Research Limited | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash | $ 2 | |||||||||
Goodwill | 30 | |||||||||
Liabilities assumed | (5) | |||||||||
Total purchase price | 53 | |||||||||
Cognigo Research Limited | Developed Technology | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets | 26 | |||||||||
Total assets acquired | $ 58 |
Business Combinations - Schedul
Business Combinations - Schedule of Components of Intangible Assets Acquired (Detail) - USD ($) $ in Millions | Nov. 05, 2021 | Jul. 09, 2020 |
Spot, Inc. | ||
Business Acquisition [Line Items] | ||
Total intangible assets | $ 84 | |
CloudCheckr Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets | $ 76 | |
Developed Technology | Spot, Inc. | ||
Business Acquisition [Line Items] | ||
Total intangible assets | $ 53 | |
Estimated useful life (years) | 5 years | |
Developed Technology | CloudCheckr Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets | $ 45 | |
Estimated useful life (years) | 5 years | |
Customer Contracts/Relationships | Spot, Inc. | ||
Business Acquisition [Line Items] | ||
Total intangible assets | $ 28 | |
Estimated useful life (years) | 5 years | |
Customer Contracts/Relationships | CloudCheckr Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets | $ 30 | |
Estimated useful life (years) | 5 years | |
Trade Name | Spot, Inc. | ||
Business Acquisition [Line Items] | ||
Total intangible assets | $ 3 | |
Estimated useful life (years) | 3 years | |
Trade Name | CloudCheckr Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets | $ 1 | |
Estimated useful life (years) | 3 years |
Goodwill and Purchased Intang_3
Goodwill and Purchased Intangible Assets, Net - Schedule of Goodwill Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 29, 2022 | Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 2,039 | $ 1,778 |
Additions | 307 | 261 |
Ending balance | $ 2,346 | $ 2,039 |
Goodwill and Purchased Intang_4
Goodwill and Purchased Intangible Assets, Net (Additional Information) (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Jul. 30, 2021USD ($) | Apr. 29, 2022USD ($)Segment | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill addition related to acquisition | $ 307 | |
Number of reportable segments | Segment | 2 | |
Goodwill impairment charges | $ 0 | |
Developed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Retirement of amortized assets | $ 114 |
Goodwill and Purchased Intang_5
Goodwill and Purchased Intangible Assets, Net - Summary of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 |
Goodwill [Line Items] | |||
Goodwill | $ 2,346 | $ 2,039 | $ 1,778 |
Public Cloud | |||
Goodwill [Line Items] | |||
Goodwill | 632 | ||
Hybrid Cloud | |||
Goodwill [Line Items] | |||
Goodwill | $ 1,714 |
Goodwill and Purchased Intang_6
Goodwill and Purchased Intangible Assets, Net - Purchased Intangible Assets, Net (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | $ 229 | $ 256 |
Accumulated Amortization | (87) | (155) |
Net Assets | 142 | 101 |
Developed Technology | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 157 | 215 |
Accumulated Amortization | (65) | (147) |
Net Assets | 92 | 68 |
Customer Contracts/Relationships | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 68 | 38 |
Accumulated Amortization | (20) | (8) |
Net Assets | 48 | 30 |
Other Purchased Intangibles | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 4 | 3 |
Accumulated Amortization | (2) | 0 |
Net Assets | $ 2 | $ 3 |
Goodwill and Purchased Intang_7
Goodwill and Purchased Intangible Assets, Net - Amortization Expense for Purchased Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 46 | $ 49 | $ 39 |
Cost of revenues | Developed Technology | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization expense | 33 | 41 | 39 |
Operating expenses | Customer Contracts/Relationships | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization expense | 11 | 8 | 0 |
Operating expenses | Other Purchased Intangibles | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 2 | $ 0 | $ 0 |
Goodwill and Purchased Intang_8
Goodwill and Purchased Intangible Assets, Net - Future Amortization Expense Related to Purchased Intangible Assets (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Net Assets | $ 142 | $ 101 |
Intangible Assets Subject to Amortization | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
2023 | 47 | |
2024 | 36 | |
2025 | 33 | |
2026 | 18 | |
2027 | 8 | |
Net Assets | $ 142 |
Supplemental Financial Inform_3
Supplemental Financial Information - Cash and Cash Equivalents (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | Apr. 26, 2019 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 4,112 | $ 4,529 | ||
Restricted cash | 7 | 6 | ||
Cash, cash equivalents and restricted cash | $ 4,119 | $ 4,535 | $ 2,666 | $ 2,331 |
Supplemental Financial Inform_4
Supplemental Financial Information - Inventories (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Inventory Disclosure [Abstract] | ||
Purchased components | $ 131 | $ 22 |
Finished goods | 73 | 92 |
Inventories | $ 204 | $ 114 |
Supplemental Financial Inform_5
Supplemental Financial Information - Property and Equipment Net (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,852 | $ 1,798 |
Accumulated depreciation and amortization | (1,250) | (1,273) |
Property and equipment, net | 602 | 525 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 46 | 46 |
Buildings and improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 353 | 356 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 92 | 83 |
Computer, production, engineering and other equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 904 | 869 |
Computer software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 316 | 305 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 76 | 93 |
Construction-in-progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 65 | $ 46 |
Supplemental Financial Inform_6
Supplemental Financial Information - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Property Plant And Equipment [Line Items] | ||||
Property, Plant and Equipment, Net | $ 525 | $ 602 | $ 525 | |
Cash proceeds from properties sold | 0 | 371 | $ 96 | |
Revenue recognized | 2,062 | 1,894 | ||
Amortization expense from deferred commissions | 146 | 101 | ||
Impairment charges | $ 0 | 0 | ||
Lenovo NetApp Technology Limited (“LNTL”) | ||||
Property Plant And Equipment [Line Items] | ||||
Non-controlling equity interest, ownership percentage | 49.00% | |||
Book value of investments | 71 | $ 73 | 71 | |
Properties Sold | ||||
Property Plant And Equipment [Line Items] | ||||
Property, Plant and Equipment, Net | 210 | $ 210 | ||
Cash proceeds from properties sold | 365 | |||
Below market leases | 7 | |||
Gain on sale of properties, net of direct selling costs | $ 156 |
Supplemental Financial Inform_7
Supplemental Financial Information - Depreciation and Amortization Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation and amortization expense | $ 148 | $ 158 | $ 154 |
Supplemental Financial Inform_8
Supplemental Financial Information - Other Non-Current Assets (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred tax assets | $ 362 | $ 219 |
Operating lease ROU assets | 294 | 114 |
Other assets | 335 | 361 |
Other non-current assets | $ 991 | $ 694 |
Supplemental Financial Inform_9
Supplemental Financial Information - Accrued expenses (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Payables and Accruals [Abstract] | ||
Accrued compensation and benefits | $ 462 | $ 505 |
Product warranty liabilities | 17 | 21 |
Operating lease liabilities | 47 | 49 |
Other current liabilities | 399 | 395 |
Accrued expenses | $ 925 | $ 970 |
Supplemental Financial Infor_10
Supplemental Financial Information - Product Warranty Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Movement In Standard Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of period | $ 32 | $ 41 | $ 40 |
Expense accrued during the period | 13 | 13 | 26 |
Warranty costs incurred | (19) | (22) | (25) |
Balance at end of period | 26 | 32 | 41 |
Standard Product Warranty Accrual, Balance Sheet Classification [Abstract] | |||
Accrued expenses | 17 | 21 | |
Other long-term liabilities | 9 | 11 | |
Total warranty liabilities | $ 26 | $ 32 | $ 41 |
Supplemental Financial Infor_11
Supplemental Financial Information - Other Long-term Liabilities (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ||
Liability for uncertain tax positions | $ 131 | $ 127 |
Income taxes payable | 303 | 351 |
Product warranty liabilities | 9 | 11 |
Operating lease liabilities | 257 | 71 |
Other liabilities | 88 | 90 |
Other long-term liabilities | $ 788 | $ 650 |
Supplemental Financial Infor_12
Supplemental Financial Information - Summary of Components of Deferred Revenue and Financed Unearned Services Revenue (Details) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Contract With Customer Liability [Line Items] | ||
Deferred revenue and financed unearned services revenue | $ 4,232 | $ 4,003 |
Short-term | 2,171 | 2,062 |
Long-term | 2,061 | 1,941 |
Deferred product revenue | ||
Contract With Customer Liability [Line Items] | ||
Deferred revenue and financed unearned services revenue | 31 | 59 |
Deferred services revenue | ||
Contract With Customer Liability [Line Items] | ||
Deferred revenue and financed unearned services revenue | 4,140 | 3,873 |
Financed unearned services revenue | ||
Contract With Customer Liability [Line Items] | ||
Deferred revenue and financed unearned services revenue | $ 61 | $ 71 |
Supplemental Financial Infor_13
Supplemental Financial Information - Additional Information (Detail 1) | Apr. 29, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-30 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | 51.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-28 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | 23.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Supplemental Financial Infor_14
Supplemental Financial Information - Summary of Activity Related to the Balances in Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Contract with Customer, Liability [Abstract] | ||
Other current assets | $ 80 | $ 86 |
Other non-current assets | 117 | 111 |
Total deferred commissions | $ 197 | $ 197 |
Supplemental Financial Infor_15
Supplemental Financial Information - Other (Expense) Income, Net (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Nonoperating Income (Expense) [Abstract] | |||
Interest income | $ 7 | $ 9 | $ 48 |
Interest expense | (73) | (74) | (55) |
Other income, net | (4) | (4) | 6 |
Other expense, net | $ (62) | $ (69) | $ (1) |
Supplemental Financial Infor_16
Supplemental Financial Information - Supplemental Cash Flows, Non-Cash Investing and Financing Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Non-cash Investing and Financing Activities: | |||
Capital expenditures incurred but not paid | $ 22 | $ 15 | $ 15 |
Indemnity holdback related to business combination | 5 | 0 | 0 |
Supplemental Cash Flow Information: | |||
Income taxes paid, net of refunds | 398 | 338 | 276 |
Interest paid | $ 67 | $ 57 | $ 50 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Net revenues | $ 6,318 | $ 5,744 | $ 5,412 |
Product Revenues | |||
Disaggregation Of Revenue [Line Items] | |||
Net revenues | 3,284 | 2,991 | 2,995 |
Professional and Other Services | |||
Disaggregation Of Revenue [Line Items] | |||
Net revenues | $ 294 | $ 277 | $ 241 |
Revenue - Summary of Components
Revenue - Summary of Components of Deferred Revenue and Financed Unearned Services Revenue (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Contract With Customer Liability [Line Items] | ||
Deferred revenue and financed unearned services revenue | $ 4,232 | $ 4,003 |
Short-term | 2,171 | 2,062 |
Long-term | 2,061 | 1,941 |
Deferred product revenue | ||
Contract With Customer Liability [Line Items] | ||
Deferred revenue and financed unearned services revenue | 31 | 59 |
Deferred services revenue | ||
Contract With Customer Liability [Line Items] | ||
Deferred revenue and financed unearned services revenue | 4,140 | 3,873 |
Financed unearned services revenue | ||
Contract With Customer Liability [Line Items] | ||
Deferred revenue and financed unearned services revenue | $ 61 | $ 71 |
Revenue - Summary of Activity R
Revenue - Summary of Activity Related to Deferred Revenue and Financed Unearned Services Revenue (Detail) $ in Millions | Apr. 29, 2022USD ($) |
Contract with Customer, Liability [Abstract] | |
Balance at beginning of period | $ 4,003 |
Balance at end of period | $ 4,232 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 29, 2022 | Apr. 30, 2021 | |
Disaggregation of Revenue [Abstract] | ||
Revenue recognized | $ 2,062 | $ 1,894 |
Revenue - Summary of Activity_2
Revenue - Summary of Activity Related to Deferred Commissions (Detail) $ in Millions | Apr. 29, 2022USD ($) |
Deferred Revenue Disclosure [Abstract] | |
Balance at beginning of period | $ 197 |
Balance at end of period | $ 197 |
Revenue - Summary of Activity_3
Revenue - Summary of Activity Related to the Balances in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Deferred Revenue Disclosure [Abstract] | ||
Other current assets | $ 80 | $ 86 |
Other non-current assets | 117 | 111 |
Total deferred commissions | $ 197 | $ 197 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Summary of Investments at Cost or Amortized Cost (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or amortized cost | $ 129 | $ 167 |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or amortized cost | 9 | 58 |
U.S. Treasury and Government Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or amortized cost | 13 | 8 |
Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or amortized cost | 71 | 61 |
Mutual Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or amortized cost | $ 36 | $ 40 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 2,491 | $ 2,736 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 4,134 | $ 4,596 | |
Other Current Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency exchange contracts assets | [1] | 2 | 9 |
Accrued Expenses | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency exchange contracts liabilities | [2] | (29) | (1) |
Corporate Bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 9 | 59 | |
U.S. Treasury and Government Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 13 | 8 | |
Certificates of Deposit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 71 | 61 | |
Mutual Funds | Other Current Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [1] | 6 | 8 |
Mutual Funds | Other Noncurrent Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [3] | 30 | 32 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 4,054 | 4,472 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Current Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency exchange contracts assets | [1] | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Accrued Expenses | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency exchange contracts liabilities | [2] | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate Bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury and Government Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 13 | 4 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of Deposit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual Funds | Other Current Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [1] | 6 | 8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual Funds | Other Noncurrent Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [3] | 30 | 32 |
Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 80 | 124 | |
Significant Other Observable Inputs (Level 2) | Other Current Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency exchange contracts assets | [1] | 2 | 9 |
Significant Other Observable Inputs (Level 2) | Accrued Expenses | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency exchange contracts liabilities | [2] | (29) | (1) |
Significant Other Observable Inputs (Level 2) | Corporate Bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 9 | 59 | |
Significant Other Observable Inputs (Level 2) | U.S. Treasury and Government Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 4 | ||
Significant Other Observable Inputs (Level 2) | Certificates of Deposit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 71 | 61 | |
Significant Other Observable Inputs (Level 2) | Mutual Funds | Other Current Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [1] | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Mutual Funds | Other Noncurrent Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [3] | 0 | 0 |
Cash | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 4,041 | 4,468 | |
Cash | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 4,041 | 4,468 | |
Cash | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 0 | $ 0 | |
[1] | Reported as other current assets in the consolidated balance sheets | ||
[2] | Reported as accrued expenses in the consolidated balance sheets | ||
[3] | Reported as other non-current assets in the consolidated balance sheets |
Financing Arrangements - Carryi
Financing Arrangements - Carrying Value of Long-Term Debt (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 | Jun. 30, 2020 |
Debt Instrument [Line Items] | |||
Total senior notes | $ 2,636 | $ 2,632 | |
Less: Current portion of long-term debt | (250) | ||
Long-term debt | 2,386 | 2,632 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Total principal amount | 2,650 | 2,650 | |
Unamortized discount and issuance costs | (14) | (18) | |
Senior Notes | Due December 2022 | |||
Debt Instrument [Line Items] | |||
Total principal amount | $ 250 | $ 250 | |
Debt Instrument, Effective Interest Rate | 3.43% | 3.43% | |
Senior Notes | Due September 2024 | |||
Debt Instrument [Line Items] | |||
Total principal amount | $ 400 | $ 400 | |
Debt Instrument, Effective Interest Rate | 3.42% | 3.42% | |
Senior Notes | Due June 2025 | |||
Debt Instrument [Line Items] | |||
Total principal amount | $ 750 | $ 750 | $ 750 |
Debt Instrument, Effective Interest Rate | 2.03% | 2.03% | |
Senior Notes | June 2027 | |||
Debt Instrument [Line Items] | |||
Total principal amount | $ 550 | $ 550 | 550 |
Debt Instrument, Effective Interest Rate | 2.51% | 2.51% | |
Senior Notes | June 2030 | |||
Debt Instrument [Line Items] | |||
Total principal amount | $ 700 | $ 700 | $ 700 |
Debt Instrument, Effective Interest Rate | 2.81% | 2.81% |
Financing Arrangements - Additi
Financing Arrangements - Additional Information (Detail) | Jan. 22, 2021USD ($)Extension | Jul. 17, 2017 | Apr. 29, 2022USD ($) | Apr. 30, 2021USD ($) | Apr. 24, 2020USD ($) | Jun. 30, 2020USD ($) | Jul. 31, 2017USD ($) |
Debt Instrument [Line Items] | |||||||
Issuances of debt, net of issuance costs | $ 0 | $ 2,057,000,000 | $ 111,000,000 | ||||
Commercial paper notes | 0 | 0 | |||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, amount | $ 1,000,000,000 | ||||||
Credit facility, maturity | Jan. 22, 2026 | ||||||
Credit facility, number of extensions | Extension | 2 | ||||||
Credit facility, extensions period | 1 year | ||||||
Credit facility, amounts drawn | $ 0 | ||||||
Revolving Credit Facility | Letter Of Credit Sub Facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, amount | $ 50,000,000 | ||||||
Commercial Paper | |||||||
Debt Instrument [Line Items] | |||||||
Issuances of debt, net of issuance costs | 75,000,000 | ||||||
Proceeds from repayments of debt | 176,000,000 | ||||||
Commercial Paper | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Notes issued, principal amount | $ 1,000,000,000 | ||||||
Debt instrument maturity period | 397 days | ||||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Notes issued, principal amount | 2,650,000,000 | 2,650,000,000 | |||||
Senior Notes | June 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Notes issued, principal amount | 550,000,000 | 550,000,000 | $ 550,000,000 | ||||
Notes issued, interest rate | 2.375% | ||||||
Senior Notes | June 2030 | |||||||
Debt Instrument [Line Items] | |||||||
Notes issued, principal amount | 700,000,000 | 700,000,000 | $ 700,000,000 | ||||
Notes issued, interest rate | 2.70% | ||||||
Senior Notes | Due June 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Notes issued, principal amount | 750,000,000 | 750,000,000 | $ 750,000,000 | ||||
Notes issued, interest rate | 1.875% | ||||||
Senior Notes | Debt Instrument, Redemption, Period One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes issued, principal amount | $ 250,000,000 | 250,000,000 | |||||
Notes issued, interest rate | 3.25% | ||||||
Senior Notes | Due September 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Notes issued, principal amount | $ 400,000,000 | $ 400,000,000 | |||||
Notes issued, interest rate | 3.30% |
Financing Arrangements - Future
Financing Arrangements - Future Principal Debt Maturities (Detail) - Senior Notes - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Debt Instrument [Line Items] | ||
2023 | $ 250 | |
2024 | 0 | |
2025 | 400 | |
2026 | 750 | |
Thereafter | 1,250 | |
Total | $ 2,650 | $ 2,650 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2021USD ($)ft²RenewalOption | Jun. 30, 2020USD ($) | Apr. 29, 2022USD ($) | Apr. 30, 2021USD ($) | Apr. 24, 2020USD ($) | |
Leases [Line Items] | |||||
Future undiscounted payments | $ 352 | ||||
Operating lease, existence of option to extend | true | true | |||
Cash proceeds from properties sold | $ 0 | $ 371 | $ 96 | ||
Properties Sold | |||||
Leases [Line Items] | |||||
Cash proceeds from properties sold | $ 365 | ||||
Build-to-suit Office Building | |||||
Leases [Line Items] | |||||
Operating remaining lease term | 20 years | ||||
Future undiscounted payments | $ 67 | ||||
Corporate Headquarters Leases | |||||
Leases [Line Items] | |||||
Operating remaining lease term | 11 years | 11 years | |||
Future undiscounted payments | $ 180 | $ 180 | |||
Number of renewal option | RenewalOption | 2 | ||||
Operating Lease, renewal term | 5 years | 5 years | |||
Office space | ft² | 300,000 | ||||
Maximum | Real Estate | |||||
Leases [Line Items] | |||||
Operating remaining lease term | 20 years | ||||
Maximum | Equipment | |||||
Leases [Line Items] | |||||
Operating remaining lease term | 4 years | ||||
Maximum | Automobiles | |||||
Leases [Line Items] | |||||
Operating remaining lease term | 4 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost Related to Operating Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 29, 2022 | Apr. 30, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 61 | $ 55 |
Variable lease cost | 15 | 11 |
Total lease cost | $ 76 | $ 66 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 29, 2022 | Apr. 30, 2021 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 56 | $ 57 |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 236 | $ 31 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Leases [Abstract] | ||
Other non-current assets | $ 294 | $ 114 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other non-current assets | Other non-current assets |
Accrued expenses | $ 47 | $ 49 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses | Accrued expenses |
Other long-term liabilities | $ 257 | $ 71 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Total operating lease liabilities | $ 304 | $ 120 |
Weighted Average Remaining Lease Term | 9 years 7 months 6 days | 3 years 4 months 24 days |
Weighted Average Discount Rate | 2.80% | 2.90% |
Leases - Future Minimum Operati
Leases - Future Minimum Operating Lease Payments (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Leases [Abstract] | ||
2023 | $ 54 | |
2024 | 46 | |
2025 | 38 | |
2026 | 33 | |
2027 | 29 | |
Thereafter | 152 | |
Total lease payments | 352 | |
Less: Interest | (48) | |
Operating Lease, Liability | $ 304 | $ 120 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions | May 27, 2022$ / shares | Sep. 10, 2021shares | Apr. 24, 2020USD ($)shares | Apr. 29, 2022USD ($)Period$ / sharesshares | Apr. 30, 2021USD ($)$ / sharesshares | Apr. 24, 2020USD ($)$ / sharesshares | Apr. 26, 2019shares | Apr. 29, 2022USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense related to equity awards | $ | $ 475 | $ 475 | ||||||
Unrecognized compensation expense will be amortized on a straight-line basis over a weighted-average remaining period, in years | 2 years 2 months 12 days | |||||||
Stock repurchase program, authorized amount | $ | $ 15,100 | 15,100 | ||||||
Aggregate purchase price of common stock authorized under repurchase program | $ | $ 600 | $ 125 | $ 1,411 | $ 13,900 | ||||
Preferred stock, shares authorized | 5 | 5 | 5 | |||||
Preferred stock, shares issued | 0 | 0 | 0 | |||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||
Cash dividends declared, per common share | $ / shares | $ 2 | $ 1.92 | $ 1.92 | |||||
Subsequent Event | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Cash dividends declared, per common share | $ / shares | $ 0.50 | |||||||
Cash dividend payable date | Jul. 27, 2022 | |||||||
Cash dividend record date | Jul. 8, 2022 | |||||||
Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of Common stock issued to settle PBRSUs of target shares granted | 0.00% | |||||||
Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options outstanding | 1 | 1 | 1 | |||||
Percentage of Common stock issued to settle PBRSUs of target shares granted | 200.00% | |||||||
Restricted Stock Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Awards outstanding | 7 | 10 | 9 | 7 | 8 | 10 | ||
Performance Based Restricted Stock Unit | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
RSUs grant date fair value | $ | $ 18 | $ 59 | $ 27 | $ 18 | $ 59 | |||
Vesting period, description | For the remaining PBRSUs granted in fiscal 2020, the number of shares issued depended upon our achievement against a cumulative Adjusted Operating Income (AOI) target, as defined in the grant agreements, for the three-year periods from fiscal 2020 through 2022. | |||||||
Awards outstanding | 1 | 1 | 1 | 1 | 1 | |||
Performance Based Restricted Stock Unit | PBRSU One | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 1 year | 1 year | 1 year | |||||
Performance Based Restricted Stock Unit | PBRSU Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 2 years | 2 years | 2 years | |||||
Performance Based Restricted Stock Unit | PBRSU Three | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | 3 years | 3 years | |||||
Employee Stock Purchase Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares available for grant | 5 | 5 | ||||||
Share offering period for eligible employees | 24 months | |||||||
Number of consecutive purchase periods | Period | 4 | |||||||
Duration of purchase period | 6 months | |||||||
Percentage of discount from quoted market price, employees entitled to buy shares (ESPP) | 15.00% | |||||||
Additional shares of common stock authorized | 3 | |||||||
2021 Stock Option Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares that may be granted to a participant in any calendar year | 8 | |||||||
2021 Stock Option Plan | Stock Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Purchase price of common stock, percentage | 100.00% | |||||||
2021 Stock Option Plan | Restricted Stock Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
2021 Stock Option Plan | Restricted Stock Units | Tranche One | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 25.00% | |||||||
2021 Stock Option Plan | Restricted Stock Units | Tranche Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 6.25% | |||||||
2021 Stock Option Plan | Restricted Stock Units | Tranche Three | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 6.25% | |||||||
2021 Stock Option Plan | Restricted Stock Units | Tranche Four | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 6.25% |
Stockholders' Equity - Additi_2
Stockholders' Equity - Additional Information Related to Stock Options (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Share-based Payment Arrangement [Abstract] | |||
Intrinsic value of exercises | $ 14 | $ 11 | $ 5 |
Proceeds received from exercises | 1 | 8 | 4 |
Fair value of options vested | $ 5 | $ 5 | $ 1 |
Stockholders' Equity - Activity
Stockholders' Equity - Activity Related to Restricted Stock Units Including Performance-Based Restricted Stock Units (Detail) - Restricted Stock Units - $ / shares shares in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Number of Shares | 9 | 7 | 8 |
RSUs granted, Number of Shares | 5 | 6 | 4 |
RSUs vested, Number of Shares | (3) | (3) | (4) |
RSUs forfeited, Number of Shares | (1) | (1) | (1) |
Ending Balance, Number of Shares | 10 | 9 | 7 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ 47.75 | $ 51.40 | $ 45.68 |
RSUs granted, Weighted-Average Grant Date Fair Value | 80.40 | 42.46 | 51.39 |
RSUs vested, Weighted-Average Grant Date Fair Value | 48.91 | 44.74 | 38.87 |
RSUs forfeited, Weighted-Average Grant Date Fair Value | 57.46 | 51.20 | 48.30 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ 64.09 | $ 47.75 | $ 51.40 |
Stockholders' Equity - Number a
Stockholders' Equity - Number and Value of Shares Netted for Employee Taxes (Detail) - Restricted Stock Units - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares withheld for taxes | 1 | 1 | 1 |
Fair value of shares withheld | $ 74 | $ 42 | $ 79 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Employee Stock Purchase Plan (ESPP) (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued under the ESPP | 3 | 2 | 2 |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from issuance of shares | $ 104 | $ 90 | $ 98 |
Stockholders' Equity - Stock-Ba
Stockholders' Equity - Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 245 | $ 197 | $ 153 |
Cost of Product Revenues | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 4 | 4 | 3 |
Cost of Hardware Support and Other Services Revenues | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 13 | 10 | 10 |
Sales and Marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 115 | 92 | 66 |
Research and Development | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 75 | 64 | 53 |
General and Administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 38 | $ 27 | $ 21 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Valuation Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.50% | 0.20% | 1.70% |
Expected dividend yield | 2.40% | 4.40% | 2.90% |
RSUs granted, Weighted-Average Grant Date Fair Value | $ 80.40 | $ 42.46 | $ 51.39 |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term in years | 1 year 2 months 12 days | 1 year 2 months 12 days | 1 year 2 months 12 days |
Risk-free interest rate | 0.20% | 0.20% | 2.00% |
Expected volatility | 37.00% | 47.00% | 33.00% |
Expected dividend yield | 2.40% | 4.40% | 3.10% |
RSUs granted, Weighted-Average Grant Date Fair Value | $ 24.75 | $ 10.08 | $ 10.15 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Activities Related to Stock Repurchase Program (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | 228 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | Apr. 29, 2022 | |
Equity Class Of Treasury Stock [Line Items] | ||||
Number of shares repurchased | 7 | 2 | 25 | 347 |
Average price per share | $ 84.49 | $ 67.61 | $ 56.34 | $ 39.95 |
Stock repurchases allocated | $ 600 | $ 125 | $ 1,411 | |
Remaining authorization at end of period | 1,252 | 352 | 477 | $ 1,252 |
Additional Paid-in Capital | ||||
Equity Class Of Treasury Stock [Line Items] | ||||
Stock repurchases allocated | 20 | 3 | 625 | |
Retained Earnings (Accumulated Deficit) | ||||
Equity Class Of Treasury Stock [Line Items] | ||||
Stock repurchases allocated | $ 580 | $ 122 | $ 786 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Activities Related to Dividends on Common Stock (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Dividends, Common Stock [Abstract] | |||
Dividends per share declared | $ 2 | $ 1.92 | $ 1.92 |
Dividend payments | $ 446 | $ 427 | $ 439 |
Additional Paid-in Capital | |||
Dividends, Common Stock [Abstract] | |||
Dividend payments | 0 | 30 | 400 |
Retained Earnings | |||
Dividends, Common Stock [Abstract] | |||
Dividend payments | $ 446 | $ 397 | $ 39 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) by Component Net of Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | $ 685 | $ 242 | $ 1,090 |
OCI before reclassifications, net of tax | (7) | 1 | 22 |
Amounts reclassified from AOCI, net of tax | (7) | 11 | (21) |
Other comprehensive (loss) income | (14) | 12 | 1 |
Balances | 838 | 685 | 242 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | (27) | (42) | (34) |
OCI before reclassifications, net of tax | (17) | 15 | (8) |
Amounts reclassified from AOCI, net of tax | 0 | 0 | 0 |
Other comprehensive (loss) income | (17) | 15 | (8) |
Balances | (44) | (27) | (42) |
Defined Benefit Obligation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | (4) | (1) | (3) |
OCI before reclassifications, net of tax | 3 | (3) | 3 |
Amounts reclassified from AOCI, net of tax | 0 | 0 | (1) |
Other comprehensive (loss) income | 3 | (3) | 2 |
Balances | (1) | (4) | (1) |
Unrealized Gains (Losses) on Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | 1 | 1 | (7) |
OCI before reclassifications, net of tax | (1) | 0 | 22 |
Amounts reclassified from AOCI, net of tax | 0 | 0 | (14) |
Other comprehensive (loss) income | (1) | 0 | 8 |
Balances | 0 | 1 | 1 |
Unrealized Gains (Losses) on Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | 0 | 0 | 1 |
OCI before reclassifications, net of tax | 8 | (11) | 5 |
Amounts reclassified from AOCI, net of tax | (7) | 11 | (6) |
Other comprehensive (loss) income | 1 | 0 | (1) |
Balances | 1 | 0 | 0 |
AOCI Attributable to Parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balances | (30) | (42) | (43) |
Other comprehensive (loss) income | (14) | 12 | 1 |
Balances | $ (44) | $ (30) | $ (42) |
Stockholders' Equity - Amounts
Stockholders' Equity - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Operating expenses | $ 3,063 | $ 2,784 | $ 2,678 |
Other (expense) income, net | 62 | 69 | 1 |
Net revenues | 6,318 | 5,744 | 5,412 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications | (7) | 11 | (22) |
Reclassification out of Accumulated Other Comprehensive Income | Recognized Gains on Defined Benefit Obligations | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Operating expenses | 0 | 0 | (2) |
Reclassification out of Accumulated Other Comprehensive Income | Realized Gains on Available-for-Sale Securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other (expense) income, net | 0 | 0 | (14) |
Reclassification out of Accumulated Other Comprehensive Income | Realized Losses (Gains) on Cash Flow Hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net revenues | $ (7) | $ 11 | $ (6) |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Schedule of Notional Value of Outstanding Foreign Currency Forward Contracts (Detail) - Foreign Exchange Forward Contracts - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Long | Cash Flow Hedges | ||
Derivative [Line Items] | ||
Forward contracts, Notional Amount | $ 78 | $ 167 |
Non Designated | Long | Balance Sheet Contracts | ||
Derivative [Line Items] | ||
Forward contracts, Notional Amount | 129 | 117 |
Non Designated | Short | Balance Sheet Contracts | ||
Derivative [Line Items] | ||
Forward contracts, Notional Amount | $ 841 | $ 497 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Schedule of Derivative Instruments Not Designated as Cash Flow Hedges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Foreign Exchange Forward Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign currency exchange contracts | $ (91) | $ 20 | $ 0 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) | Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 |
Restructuring Cost and Reserve [Line Items] | |||
Reduction of global work force | 1.00% | 6.00% | 2.00% |
Restructuring Charges - Activit
Restructuring Charges - Activities Related to Restructuring Reserves (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Restructuring and Related Activities [Abstract] | |||
Balance at beginning of period | $ 1 | $ 1 | $ 19 |
Net charges | 33 | 42 | 21 |
Cash payments | (31) | (42) | (35) |
Other | (4) | ||
Balance at end of period | $ 3 | $ 1 | $ 1 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 546 | $ 433 | $ 379 |
Foreign | 549 | 529 | 565 |
Income before income taxes | $ 1,095 | $ 962 | $ 944 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current, Federal | $ 187 | $ 82 | $ 83 |
Current, State | 55 | 22 | 9 |
Current, Foreign | 60 | 134 | 50 |
Total current | 302 | 238 | 142 |
Deferred, Federal | (125) | 6 | (26) |
Deferred, State | (27) | 2 | (6) |
Deferred, Foreign | 8 | (14) | 15 |
Total deferred | (144) | (6) | (17) |
Provision for income taxes | $ 158 | $ 232 | $ 125 |
Income Taxes - Statutory Federa
Income Taxes - Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | ||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Tax computed at federal statutory rate | $ 230 | $ 202 | $ 198 | |
State income taxes, net of federal benefit | 15 | 23 | 10 | |
Foreign earnings in lower tax jurisdictions | (46) | (26) | (40) | |
Stock-based compensation | (8) | 6 | (4) | |
Research and development credits | (18) | (13) | (16) | |
Benefit for foreign derived intangible income | (49) | (2) | (4) | |
Global minimum tax on intangible income | 1 | 19 | 32 | |
Transition tax and related reserves | 1 | 1 | 15 | |
Tax charge from integration of acquired companies | 23 | 35 | 0 | |
Resolution of income tax matters | [1] | (3) | (6) | (61) |
Other | 12 | (7) | (5) | |
Provision for income taxes | $ 158 | $ 232 | $ 125 | |
[1] | During fiscal 2022, we recognized a tax benefit related to the lapse of statute of limitations for certain issues in our fiscal 2012 and 2013 state income tax returns. During fiscal 2021, we recognized a tax benefit related to the lapse of statutes of limitations for certain issues on our fiscal 2016 and 2017 federal income tax returns. During fiscal 2020, we recognized a tax benefit related to the lapse of statutes of limitations on our fiscal 2014 and 2015 federal income tax returns. |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Reserves and accruals | $ 267 | $ 65 |
Net operating loss and credit carryforwards | 121 | 115 |
Stock-based compensation | 23 | 18 |
Deferred revenue and financed unearned services revenue | 235 | 226 |
Other | 6 | 20 |
Gross deferred tax assets | 652 | 444 |
Valuation allowance | (111) | (107) |
Deferred tax assets, net of valuation allowance | 541 | 337 |
Prepaids and accruals | 108 | 51 |
Acquired intangibles | 48 | 28 |
Property and equipment | 39 | 31 |
Other | 7 | 24 |
Total deferred tax liabilities | 202 | 134 |
Deferred tax assets, net of valuation allowance and deferred tax liabilities | $ 339 | $ 203 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | Apr. 26, 2019 | |
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, increase in valuation allowance | $ 4 | |||
Operating loss and credit carryforwards, expiration dates range, minimum | 2023 | |||
Operating loss and credit carryforwards, expiration dates range, maximum | 2042 | |||
Gross unrecognized tax benefits | $ 220 | $ 221 | $ 211 | $ 296 |
Gross unrecognized tax benefits included in other long-term liabilities | 131 | 127 | ||
Unrecognized tax benefits that would affect provision for income taxes | 130 | |||
Tax penalties and interest on unrecognized tax benefits | 4 | 1 | $ 8 | |
Accrued tax penalties and interest on unrecognized tax benefits | 15 | $ 11 | ||
Federal Income Tax | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carry forwards | 10 | |||
State and Local Income Tax | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carry forwards | 33 | |||
Tax credit carry forward amount | 133 | |||
Foreign Income Tax | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carry forwards | 4 | |||
Tax credit carry forward amount | $ 29 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of period | $ 221 | $ 211 | $ 296 |
Additions based on tax positions related to the current year | 11 | 7 | 5 |
Additions for tax positions of prior years | 11 | 1 | |
Decreases for tax positions of prior years | (2) | (10) | |
Settlements | (10) | (8) | (81) |
Balance at end of period | $ 220 | $ 221 | $ 211 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years Remain Subject to Examinations under Major Tax Jurisdictions (Detail) | 12 Months Ended |
Apr. 29, 2022 | |
Earliest Tax Year | United States - State and Local Income Tax | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2018 |
Latest Tax Year | United States - State and Local Income Tax | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2022 |
Federal Income Tax | Earliest Tax Year | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2016 |
Federal Income Tax | Latest Tax Year | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2022 |
Australia | Earliest Tax Year | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2020 |
Australia | Latest Tax Year | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2022 |
Germany | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2022 |
Germany | Earliest Tax Year | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2015 |
India | Earliest Tax Year | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2007 |
India | Latest Tax Year | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2022 |
The Netherlands | Earliest Tax Year | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2017 |
The Netherlands | Latest Tax Year | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2022 |
Canada | Earliest Tax Year | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2016 |
Canada | Latest Tax Year | |
Income Tax Examination [Line Items] | |
Tax year subject to examination | 2022 |
Net Income per Share - Computat
Net Income per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Net income per share: | |||
Net income | $ 937 | $ 730 | $ 819 |
Shares used in basic computation | 223 | 222 | 230 |
Dilutive impact of employee equity award plans | 6 | 4 | 3 |
Shares used in diluted computation | 229 | 226 | 233 |
Basic | $ 4.20 | $ 3.29 | $ 3.56 |
Diluted | $ 4.09 | $ 3.23 | $ 3.52 |
Net Income per Share - Addition
Net Income per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | |
Apr. 30, 2021 | Apr. 24, 2020 | |
Earnings Per Share [Abstract] | ||
Outstanding employee equity awards excluded from diluted net income per share calculations | 4 | 4 |
Segment Geographic and Signific
Segment Geographic and Significant Customer Information - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Apr. 29, 2022USD ($)Segment | Apr. 30, 2021USD ($) | Apr. 24, 2020USD ($) | Apr. 24, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of industry segment | Segment | 2 | |||
Net revenues | $ 6,318 | $ 5,744 | $ 5,412 | |
U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 3,041 | $ 2,784 | $ 2,584 |
Segment, Geographic, and Sign_3
Segment, Geographic, and Significant Customer Information - Schedule of Financial Information by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 6,318 | $ 5,744 | $ 5,412 |
Unallocated cost of revenues | 50 | 55 | 52 |
Gross profit | $ 4,220 | $ 3,815 | $ 3,623 |
Total gross margin | 66.80% | 66.40% | 66.90% |
Product | |||
Segment Reporting Information [Line Items] | |||
Net revenues | $ 3,284 | $ 2,991 | $ 2,995 |
Segment cost of revenues | 1,541 | 1,402 | 1,326 |
Support | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 2,344 | 2,277 | 2,114 |
Segment cost of revenues | 184 | 201 | 188 |
Professional and Other Services | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 294 | 277 | 241 |
Segment cost of revenues | 205 | 206 | 188 |
Public Cloud | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 396 | 199 | 62 |
Segment cost of revenues | 118 | 65 | 35 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Segment cost of revenues | 2,048 | 1,874 | 1,737 |
Segment gross profit | $ 4,270 | $ 3,870 | $ 3,675 |
Segment gross margin | 67.60% | 67.40% | 67.90% |
Operating Segments | Hybrid Cloud Segment | |||
Segment Reporting Information [Line Items] | |||
Net revenues | $ 5,922 | $ 5,545 | $ 5,350 |
Segment cost of revenues | 1,930 | 1,809 | 1,702 |
Segment gross profit | $ 3,992 | $ 3,736 | $ 3,648 |
Segment gross margin | 67.40% | 67.40% | 68.20% |
Operating Segments | Hybrid Cloud Segment | Product | |||
Segment Reporting Information [Line Items] | |||
Net revenues | $ 3,284 | $ 2,991 | $ 2,995 |
Segment cost of revenues | 1,541 | 1,402 | 1,326 |
Operating Segments | Hybrid Cloud Segment | Support | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 2,344 | 2,277 | 2,114 |
Segment cost of revenues | 184 | 201 | 188 |
Operating Segments | Hybrid Cloud Segment | Professional and Other Services | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 294 | 277 | 241 |
Segment cost of revenues | 205 | 206 | 188 |
Operating Segments | Hybrid Cloud Segment | Public Cloud | |||
Segment Reporting Information [Line Items] | |||
Net revenues | |||
Segment cost of revenues | |||
Operating Segments | Public Cloud Segment | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 396 | 199 | 62 |
Segment cost of revenues | 118 | 65 | 35 |
Segment gross profit | $ 278 | $ 134 | $ 27 |
Segment gross margin | 70.20% | 67.30% | 43.50% |
Operating Segments | Public Cloud Segment | Product | |||
Segment Reporting Information [Line Items] | |||
Net revenues | |||
Segment cost of revenues | |||
Operating Segments | Public Cloud Segment | Support | |||
Segment Reporting Information [Line Items] | |||
Net revenues | |||
Segment cost of revenues | |||
Operating Segments | Public Cloud Segment | Professional and Other Services | |||
Segment Reporting Information [Line Items] | |||
Net revenues | |||
Segment cost of revenues | |||
Operating Segments | Public Cloud Segment | Public Cloud | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 396 | 199 | 62 |
Segment cost of revenues | $ 118 | $ 65 | $ 35 |
Segment, Geographic, and Sign_4
Segment, Geographic, and Significant Customer Information - Schedule of Financial Information by Segment (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Segment Reporting [Abstract] | |||
Unallocated cost of revenue stock-based compensation expense | $ 17 | $ 14 | $ 13 |
Unallocated cost of revenue amortization of intangible assets | $ 33 | $ 41 | $ 39 |
Segment Geographic and Signif_2
Segment Geographic and Significant Customer Information - Schedule of Revenues by Geographic Region (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 6,318 | $ 5,744 | $ 5,412 |
United States, Canada And Latin America (Americas) | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 3,460 | 3,097 | 2,863 |
Europe, Middle East And Africa (EMEA) | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 1,979 | 1,775 | 1,742 |
Asia Pacific (APAC) | |||
Segment Reporting Information [Line Items] | |||
Net revenues | $ 879 | $ 872 | $ 807 |
Segment Geographic and Signif_3
Segment Geographic and Significant Customer Information - Schedule of Cash, Cash Equivalents and Short-Term Investments (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Segment Reporting Information [Line Items] | ||
Cash, cash equivalents and short-term investments | $ 4,134 | $ 4,596 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Cash, cash equivalents and short-term investments | 1,820 | 2,098 |
International | ||
Segment Reporting Information [Line Items] | ||
Cash, cash equivalents and short-term investments | $ 2,314 | $ 2,498 |
Segment Geographic and Signif_4
Segment Geographic and Significant Customer Information - Schedule of Property and Equipment Net by Geographic Areas (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property, Plant and Equipment, Net | $ 602 | $ 525 |
U.S. | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property, Plant and Equipment, Net | 392 | 340 |
International | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property, Plant and Equipment, Net | $ 210 | $ 185 |
Segment Geographic and Signif_5
Segment Geographic and Significant Customer Information - Significant Customers (Detail) - Net Revenue - Customer Concentration Risk | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Arrow Electronics, Inc. | |||
Segment Reporting Information [Line Items] | |||
Percentage of net revenues | 24.00% | 24.00% | 25.00% |
Tech Data Corporation | |||
Segment Reporting Information [Line Items] | |||
Percentage of net revenues | 21.00% | 20.00% | 21.00% |
Segment Geographic and Signif_6
Segment Geographic and Significant Customer Information - Schedule of Net Accounts Receivable from Significant Customers (Detail) - Accounts Receivable - Credit Concentration Risk | 12 Months Ended | |
Apr. 29, 2022 | Apr. 30, 2021 | |
Arrow Electronics, Inc. | ||
Segment Reporting Information [Line Items] | ||
Percentage of net accounts receivable | 10.00% | 10.00% |
Tech Data Corporation | ||
Segment Reporting Information [Line Items] | ||
Percentage of net accounts receivable | 19.00% | 21.00% |
Employee Benefits and Deferre_3
Employee Benefits and Deferred Compensation - Additional Information (Detail) | 12 Months Ended |
Apr. 29, 2022USD ($) | |
Defined Contribution Plan Disclosure [Line Items] | |
Employee 401(k) Plan, Description | An employee receives the full 4% match when he/she contributes at least 6% of his/her eligible earnings, up to a maximum calendar year matching contribution of $6,000. |
Employee contribution percentage | 6.00% |
Maximum amount of matching contribution | $ 6,000 |
Contribution Match First 2% Eligible Earnings Employee | |
Defined Contribution Plan Disclosure [Line Items] | |
Percentage of employee contributions matched | 100.00% |
Percentage of earnings on employee contributions matched | 2.00% |
Contribution Match Next 4% Eligible Earnings Employee | |
Defined Contribution Plan Disclosure [Line Items] | |
Percentage of employee contributions matched | 50.00% |
Percentage of earnings on employee contributions matched | 4.00% |
Employee Benefits and Deferre_4
Employee Benefits and Deferred Compensation - Amount Contributed under 401(k) Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Retirement Benefits [Abstract] | |||
401(k) matching contributions | $ 31 | $ 29 | $ 29 |
Employee Benefits and Deferre_5
Employee Benefits and Deferred Compensation - Deferred Compensation Plans (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Retirement Benefits [Abstract] | ||
Deferred compensation plan assets | $ 36 | $ 40 |
Accrued expenses | 6 | 8 |
Other long-term liabilities | $ 30 | $ 32 |
Employee Benefits and Deferre_6
Employee Benefits and Deferred Compensation - Schedule of Defined Benefit Plans (Detail) - USD ($) $ in Millions | Apr. 29, 2022 | Apr. 30, 2021 |
Retirement Benefits [Abstract] | ||
Fair value of plan assets | $ 39 | $ 38 |
Benefit obligations | (69) | (72) |
Unfunded obligations | $ (30) | $ (34) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | Jul. 30, 2021 | |
Commitments and Contingencies Disclosure [Line Items] | ||||
Purchase orders and other commitments | $ 1,200,000,000 | |||
Accrued purchase commitments with contract manufacturers | 18,000,000 | $ 15,000,000 | ||
Purchase orders and other commitments due in fiscal 2023 | 900,000,000 | |||
Sale of finance receivables | $ 59,000,000 | $ 102,000,000 | $ 59,000,000 | |
Lawsuit commencement date | August 14, 2019 | |||
Lawsuit action domicile | United States District Court for the Northern District of California | |||
Name of defendant | NetApp and certain of our executive officers | |||
Loss contingency, laws affected | The complaint alleges that the defendants violated Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and SEC Rule 10b-5, by making materially false or misleading statements with respect to our financial guidance for fiscal 2020, as provided on May 22, 2019 | |||
Legal proceedings and claims | $ 0 | |||
Management estimation of loss contingency | Although management at present believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations, cash flows, or overall trends, legal proceedings are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could include significant monetary damages. In addition, in matters for which injunctive relief or other conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways or requiring other remedies. An unfavorable outcome may result in a material adverse impact on our business, results of operations, financial position, cash flows and overall trends | |||
Purported Securities Class Action Lawsuit | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Legal proceedings and claims | $ 2,000,000 | |||
Maximum | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Terms of recourse leases | 3 years | |||
Inventory | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Purchase orders and other commitments | $ 894,000,000 | |||
Other | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Purchase orders and other commitments | $ 296,000,000 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) $ in Millions | May 20, 2022USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Allocation of purchase price among the assets acquired and liabilities assumed | $ 500 |