Stock Purchase and Award Plans (Tables)

12 Months Ended

Apr. 29, 2022

Share-based Payment Arrangement [Abstract]

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, performance share units, and employee stock purchase plan (ESPP) in fiscal years 2022, 2021, and 2020:

	Fiscal Year
(in millions)	2022		2021		2020
Stock options	$	70	$	72	$	61
Restricted stock	184		185		205
Performance share units	66		49		—
Employee stock purchase plan	39		38		31
Total stock-based compensation expense	$	359	$	344	$	297
Cost of products sold	$	36	$	35	$	28
Research and development expense	40		38		36
Selling, general, and administrative expense	283		272		233
Total stock-based compensation expense	359		344		297
Income tax benefits	(62)		(59)		(51)
Total stock-based compensation expense, net of tax	$	297	$	285	$	246

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
	2022			2021			2020
Weighted average fair value of options granted	$	22.83		$	16.15		$	15.49
Assumptions used:
Expected life (years)	6.0			6.0			6.1
Risk-free interest rate	0.90		%	0.33		%	1.88		%
Volatility	23.04		%	24.17		%	17.97		%
Dividend yield	1.95		%	2.36		%	2.09		%

Schedule of Stock Options Activity

The following table summarizes stock option activity during fiscal year 2022:

	Options (in thousands)	Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at April 30, 2021	27,972	$	84.38
Granted	4,153	129.03
Exercised	(3,222)	70.52
Expired/Forfeited	(641)	107.42
Outstanding at April 29, 2022	28,263	92.00		5.5	$	450
Expected to vest at April 29, 2022	8,818	110.27		8.4	35
Exercisable at April 29, 2022	18,804	82.62		4.0	414

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 2022, 2021, and 2020:

	Fiscal Year
(in millions)	2022		2021		2020
Cash proceeds from options exercised	$	209	$	277	$	484
Intrinsic value of options exercised	174		205		349
Tax benefit related to options exercised	40		47		75

Schedule of Restricted Stock Activity

The following table summarizes restricted stock activity during fiscal year 2022:

	Units (in thousands)	Wtd. Avg. Grant Price
Nonvested at April 30, 2021	5,980	$	97.66
Granted	1,935	127.47
Vested	(2,089)	93.05
Forfeited	(456)	107.53
Nonvested at April 29, 2022	5,370	108.92

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 2022, 2021, and 2020:

	Fiscal Year
(in millions, except per share data)	2022		2021		2020
Weighted-average grant-date fair value per restricted stock	$	127.47	$	99.48	$	103.52
Fair value of restricted stock vested	194		280		242
Tax benefit related to restricted stock vested	52		65		62

Schedule of Performance Share Unit Activity

The following table summarizes performance share unit activity during fiscal year 2022:

	Units (in thousands)	Wtd. Avg. Grant Price
Nonvested at April 30, 2021	828	$	129.05
Granted	831	149.16
Forfeited	(78)	138.31
Nonvested at April 29, 2022	1,581	138.95

The following table summarizes the weighted-average grant date fair value of performance share units granted, total fair value of performance share units vested and related tax benefit during fiscal year 2022 and 2021:

	Fiscal Year
(in millions, except per share data)	2022		2021
Weighted-average grant-date fair value per performance share units	$	149.16	$	129.04
Fair value of performance share units vested	—		—
Tax benefit related to performance share units vested	—		—