Stock-based Compensation (Tables)

12 Months Ended

Apr. 27, 2024

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 27, 2024			April 29, 2023			April 30, 2022
Expected dividend yield	3.1		%	3.5		%	3.4		%
Expected stock price volatility	39.3		%	38.8		%	38.1		%
Risk-free interest rate	4.1		%	3.2		%	1.1		%
Expected life (years)	6.0			6.0			6.0
Weighted average grant date fair value per share	$	10.69		$	8.82		$	7.97

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 29, 2023	2,020	$	30.52
Granted	228	33.26
Exercised	(233)	22.97
Canceled	(18)	38.05
Balance as of April 27, 2024	1,997	$	31.65	$	2,824
Vested or expected to vest as of April 27, 2024	1,995	$	31.65	$	2,824
Exercisable as of April 27, 2024	1,548	$	31.65	$	2,824

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 29, 2023	37	$	27.23
Granted	40	29.19
Vested	(37)	27.23
Forfeitures	—	—
Outstanding at April 27, 2024	40	$	29.19

The following is a summary of restricted stock unit activity:

	Restricted Stock Units
	Shares	Weighted- Average Grant Date Fair Value
Outstanding at April 29, 2023	792	$	29.12
Granted	438	33.18
Vested	(394)	27.86
Forfeitures	(42)	31.32
Outstanding at April 27, 2024	794	$	31.85

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 29, 2023	203	$	30.14
Granted	164	33.84
Vested	(76)	29.88
Forfeitures and cancellations	—	—
Outstanding at April 27, 2024	291	$	32.30

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 27, 2024			April 29, 2023			April 30, 2022
Expected dividend yield	3.6		%	3.7		%	3.6		%
Expected stock price volatility	38.2		%	31.5		%	28.6		%
Risk-free interest rate	5.1		%	4.7		%	0.3		%
Expected life (years)	0.6			0.6			0.6
Weighted average grant date fair value per share	$	7.55		$	6.89		$	6.79