Stock-based Compensation (Tables)

12 Months Ended

Apr. 29, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Options, Weighted Average Assumptions

The fair value of stock options granted was estimated as of the grant date using a Black-Scholes option-pricing model with the following assumptions:

	Fiscal Year Ended
	April 29, 2023			April 30, 2022			April 24, 2021
Expected dividend yield	3.5		%	3.4		%	4.4		%
Expected stock price volatility	38.8		%	38.1		%	34.6		%
Risk-free interest rate	3.2		%	1.1		%	0.4		%
Expected life (years)	6.0			6.0			6.0
Weighted average grant date fair value per share	$	8.82		$	7.97		$	4.60

Summary of Stock Options

The following is a summary of stock option activity:

	Number of Options	Weighted- Average Exercise Price		Aggregate Intrinsic Value
Balance as of April 30, 2022	2,737	$	28.52
Granted	415	30.07
Exercised	(687)	22.64
Canceled	(445)	29.97
Balance as of April 29, 2023	2,020	$	30.52	$	5,065
Vested or expected to vest as of April 29, 2023	2,017	$	30.52	$	5,063
Exercisable as of April 29, 2023	1,575	$	31.03	$	4,742

Summary of Non-Vested Restricted Stock Awards and Performance Unit Awards

The following is a summary of restricted stock award activity:

	Restricted Stock Awards
	Shares	Weighted- Average Grant Date Fair Value
Outstanding at April 30, 2022	27	$	31.86
Granted	37	27.23
Vested	(27)	31.86
Forfeitures	—	—
Outstanding at April 29, 2023	37	$	27.23

The following is a summary of restricted stock unit activity:

	Restricted Stock Units
	Shares	Weighted- Average Grant Date Fair Value
Outstanding at April 30, 2022	1,002	$	27.24
Granted	498	30.26
Vested	(512)	26.89
Forfeitures	(196)	28.16
Outstanding at April 29, 2023	792	$	29.12

The following is a summary of performance unit award activity at target:

	Performance Unit Awards
	Shares	Weighted- Average Grant Date Fair Value
Outstanding at April 30, 2022	438	$	26.14
Granted	224	28.46
Vested	(203)	22.25
Forfeitures and cancellations	(256)	30.12
Outstanding at April 29, 2023	203	$	30.14

Summary of Weighted-Average Assumptions Under ESPP and CAP

We estimate the grant date fair value of shares purchased under our ESPP using the Black-Scholes option pricing valuation model with the following assumptions:

	Fiscal Year Ended
	April 29, 2023			April 30, 2022			April 24, 2021
Expected dividend yield	3.7		%	3.6		%	3.6		%
Expected stock price volatility	31.5		%	28.6		%	51.7		%
Risk-free interest rate	4.7		%	0.3		%	0.1		%
Expected life (years)	0.6			0.6			0.6
Weighted average grant date fair value per share	$	6.89		$	6.79		$	8.77