Stock Purchase and Award Plans (Tables)

12 Months Ended

Apr. 28, 2023

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 2023, 2022, and 2021:

	Fiscal Year
(in millions)	2023		2022		2021
Stock options	$	77	$	70	$	72
Restricted stock	166		184		185
Performance share units	74		66		49
Employee stock purchase plan	38		39		38
Total stock-based compensation expense	$	355	$	359	$	344
Cost of products sold	$	36	$	36	$	35
Research and development expense	39		40		38
Selling, general, and administrative expense	280		283		272
Total stock-based compensation expense	355		359		344
Income tax benefits	(60)		(62)		(59)
Total stock-based compensation expense, net of tax	$	295	$	297	$	285

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
	2023			2022			2021
Weighted average fair value of options granted	$	17.76		$	22.83		$	16.15
Assumptions used:
Expected life (years)	6.0			6.0			6.0
Risk-free interest rate	2.70		%	0.90		%	0.33		%
Volatility	24.05		%	23.04		%	24.17		%
Dividend yield	2.92		%	1.95		%	2.36		%

Schedule of Stock Options Activity

The following table summarizes stock option activity during fiscal year 2023:

	Options (in thousands)	Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at April 29, 2022	28,263	$	92.00
Granted	5,470	92.96
Exercised	(1,513)	59.15
Expired/Forfeited/Cancelled	(1,354)	102.93
Outstanding at April 28, 2023	30,866	93.30		5.1	$	154
Expected to vest at April 28, 2023	8,685	103.48		8.5	1
Exercisable at April 28, 2023	21,468	88.90		3.7	153

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 2023, 2022, and 2021:

	Fiscal Year
(in millions)	2023		2022		2021
Cash proceeds from options exercised	$	77	$	209	$	277
Intrinsic value of options exercised	42		174		205
Tax benefit related to options exercised	9		40		47

Schedule of Restricted Stock Activity

The following table summarizes restricted stock activity during fiscal year 2023:

	Units (in thousands)	Wtd. Avg. Grant Price
Nonvested at April 29, 2022	5,370	$	108.92
Granted	2,862	91.83
Vested	(2,471)	103.75
Forfeited/Cancelled	(572)	105.33
Nonvested at April 28, 2023	5,189	102.34

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 2023, 2022, and 2021:

	Fiscal Year
(in millions, except per share data)	2023		2022		2021
Weighted-average grant-date fair value per restricted stock	$	91.83	$	127.47	$	99.48
Fair value of restricted stock vested	256		194		280
Tax benefit related to restricted stock vested	45		52		65

Schedule of Performance Share Unit Activity

The following table summarizes performance share unit activity during fiscal year 2023:

	Units (in thousands)	Wtd. Avg. Grant Price
Nonvested at April 29, 2022	1,581	$	138.95
Granted	1,204	98.17
Performance adjustments (1)	(515)	129.58
Forfeited/Cancelled	(227)	124.53
Nonvested at April 28, 2023	2,043	119.88

(1)Performance adjustments are adjustments to grants where the performance period has ended and actual performance is known.

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 2023, 2022, and 2021:

	Fiscal Year
(in millions, except per share data)	2023		2022		2021
Weighted-average grant-date fair value per performance share units	$	98.17	$	149.16	$	129.04
Fair value of performance share units vested	—		—		—
Tax benefit related to performance share units vested	—		—		—