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Stock Purchase and Award Plans (Tables)
 12 Months Ended
Apr. 26, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of Stock Options Valuation Assumptions
The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes model:
 
Fiscal Year
 
2019
 
2018
 
2017
Weighted average fair value of options granted
$
14.77

 
$
13.71

 
$
14.70

Assumptions used:
 

 
 

 
 

Expected life (years)(1)
6.10

 
6.16

 
6.18

Risk-free interest rate(2)
2.90
%
 
2.00
%
 
1.26
%
Volatility(3)
17.77
%
 
19.51
%
 
21.07
%
Dividend yield(4)
2.25
%
 
2.19
%
 
1.97
%

(1)
The Company analyzes historical employee stock option exercise and termination data to estimate the expected life assumption. The Company calculates the expected life assumption using the midpoint scenario, which combines historical exercise data with hypothetical exercise data, as the Company believes this data currently represents the best estimate of the expected life of a new employee option.
(2)
The rate is based on the grant date yield of a zero-coupon U.S. Treasury bond whose maturity period equals the expected term of the option.
(3)
Expected volatility is based on a blend of historical volatility and an implied volatility of the Company’s ordinary shares. Implied volatility is based on market traded options of the Company’s ordinary shares.
(4)
The dividend yield rate is calculated by dividing the Company’s annual dividend, based on the most recent quarterly dividend rate, by the closing stock price on the grant date.
Schedule of Stock-Based Compensation Expense The following table presents the components and classification of stock-based compensation expense recognized for stock options, restricted stock, and ESPP in fiscal years 2019, 2018, and 2017:
 
Fiscal Year
(in millions)
2019
 
2018
 
2017
Stock options
$
72

 
$
132

 
$
157

Restricted stock
189

 
185

 
169

Employee stock purchase plan
29

 
27

 
22

Total stock-based compensation expense
$
290

 
$
344

 
$
348

 
 
 
 
 
 
Cost of products sold
$
30

 
$
44

 
$
49

Research and development expense
36

 
38

 
41

Selling, general, and administrative expense
224

 
262

 
256

Restructuring charges, net
—

 
—

 
2

Total stock-based compensation expense
290

 
344

 
348

Income tax benefits
(54
)
 
(82
)
 
(98
)
Total stock-based compensation expense, net of tax
$
236

 
$
262

 
$
250
Schedule of Stock Options Activity The following table summarizes all stock option activity, including activity from options assumed or issued as a result of acquisitions, during fiscal year 2019:
 
Options (in thousands)
 
Wtd. Avg.
Exercise
Price
 
Wtd. Avg. Remaining Contractual Term (in years)
 
Aggregate Intrinsic Value (in millions)
Outstanding at April 27, 2018
41,039

 
$
66.56

 
 
 
 
Granted
5,407

 
89.05

 
 
 
 
Exercised
(13,767
)
 
62.76

 
 
 
 
Expired/Forfeited
(1,002
)
 
83.17

 
 
 
 
Outstanding at April 26, 2019
31,677

 
71.52

 
5.91
 
$
512

Vested and expected to vest at April 26, 2019
9,086

 
86.54

 
8.46
 
16

Exercisable at April 26, 2019
22,102

 
65.01

 
4.81
 
495


The following table summarizes the total cash received from the issuance of new shares upon stock option award exercises, the total intrinsic value of options exercised, and the related tax benefit during fiscal years 2019, 2018, and 2017:
 
Fiscal Year
(in millions)
2019
 
2018
 
2017
Cash proceeds from options exercised
$
825

 
$
250

 
$
367

Intrinsic value of options exercised
383

 
248

 
403

Tax benefit related to options exercised
78

 
75

 
140
Schedule of Restricted Stock Award Activity The following table summarizes restricted stock activity, including activity from restricted stock assumed or issued as a result of acquisitions, during fiscal year 2019:
 
Units
(in thousands)
 
Wtd. Avg.
Grant
Price
Nonvested at April 27, 2018
8,236

 
$
83.35

Granted
2,812

 
88.78

Vested
(2,397
)
 
72.78

Forfeited
(655
)
 
83.73

Nonvested at April 26, 2019
7,996

 
88.40


The following table summarizes the weighted-average grant date fair value of restricted stock granted, total fair value of restricted stock vested and related tax benefit during fiscal years 2019, 2018, and 2017:
 
Fiscal Year
(in millions, except per share data)
2019
 
2018
 
2017
Weighted-average grant-date fair value per restricted stock
$
88.78

 
$
83.88

 
$
85.07

Fair value of restricted stock vested
174

 
160

 
131

Tax benefit related to restricted stock vested
45

 
63

 
76