Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Oct. 25, 2013 | Nov. 18, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 25-Oct-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'NTAP | ' |
Entity Registrant Name | 'NetApp, Inc. | ' |
Entity Central Index Key | '0001002047 | ' |
Current Fiscal Year End Date | '--04-25 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 340,818,219 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $2,260.50 | $3,277.10 |
Short-term investments | 3,012.20 | 3,675.50 |
Accounts receivable, net of allowances of $2.4 million and $4.2 million as of October 25, 2013 and April 26, 2013, respectively | 590.4 | 800.9 |
Inventories | 115.9 | 139.5 |
Other current assets | 441 | 525.2 |
Total current assets | 6,420 | 8,418.20 |
Property and equipment, net | 1,142.90 | 1,170.90 |
Goodwill | 988.1 | 988.1 |
Purchased intangible assets, net | 150.9 | 180.6 |
Other non-current assets | 495.5 | 484.6 |
Total assets | 9,197.40 | 11,242.40 |
Current liabilities: | ' | ' |
Accounts payable | 223.8 | 259.7 |
Accrued compensation and related benefits | 306.7 | 348 |
Other current liabilities | 352.4 | 401.8 |
Current portion of long-term debt | 0 | 1,257.80 |
Short-term deferred revenue | 1,525.80 | 1,563.30 |
Total current liabilities | 2,408.70 | 3,830.60 |
Long-term debt | 995 | 994.6 |
Other long-term liabilities | 267.2 | 253.5 |
Long-term deferred revenue | 1,406.10 | 1,446.20 |
Total liabilities | 5,077 | 6,524.90 |
Commitments and contingencies (Note 15) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.001 par value, (341.8 and 460.9 shares issued as of October 25, 2013 and April 26, 2013, respectively) | 0.3 | 0.5 |
Additional paid-in capital | 3,998.30 | 4,738.90 |
Treasury stock, at cost (no shares and 104.3 shares as of October 25, 2013 and April 26, 2013, respectively) | 0 | -2,927.40 |
Retained earnings | 115.5 | 2,896.80 |
Accumulated other comprehensive income | 6.3 | 8.7 |
Total stockholders' equity | 4,120.40 | 4,717.50 |
Total liabilities and stockholders' equity | $9,197.40 | $11,242.40 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Accounts receivable, allowances | $2.40 | $4.20 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares issued | 341.8 | 460.9 |
Treasury stock, shares | ' | 104.3 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Revenues: | ' | ' | ' | ' |
Product | $955.30 | $995.80 | $1,886.10 | $1,893.80 |
Software entitlements and maintenance | 231.8 | 219.4 | 460.3 | 437.9 |
Service | 362.8 | 326 | 719.7 | 654.1 |
Net revenues | 1,549.90 | 1,541.20 | 3,066.10 | 2,985.80 |
Cost of revenues: | ' | ' | ' | ' |
Cost of product | 423.3 | 477.3 | 873.2 | 929.5 |
Cost of software entitlements and maintenance | 7.5 | 7 | 15 | 13.6 |
Cost of service | 153.9 | 143 | 303.1 | 278.7 |
Total cost of revenues | 584.7 | 627.3 | 1,191.30 | 1,221.80 |
Gross profit | 965.2 | 913.9 | 1,874.80 | 1,764 |
Operating expenses: | ' | ' | ' | ' |
Sales and marketing | 479.5 | 488.2 | 947.3 | 971.1 |
Research and development | 228.2 | 223.8 | 456.3 | 445.2 |
General and administrative | 69.5 | 66.6 | 137.9 | 132.2 |
Restructuring and other charges | 1.1 | 0 | 49.5 | 0 |
Total operating expenses | 778.3 | 778.6 | 1,591 | 1,548.50 |
Income from operations | 186.9 | 135.3 | 283.8 | 215.5 |
Other income (expense), net: | ' | ' | ' | ' |
Interest income | 8.5 | 11 | 18.5 | 21.8 |
Interest expense | -6.5 | -19.8 | -23 | -39.7 |
Other income, net | 3.3 | 1.2 | 5.2 | 4.3 |
Total other income (expense), net | 5.3 | -7.6 | 0.7 | -13.6 |
Income before income taxes | 192.2 | 127.7 | 284.5 | 201.9 |
Provision for income taxes | 25.4 | 18.1 | 36.1 | 28.5 |
Net income | $166.80 | $109.60 | $248.40 | $173.40 |
Net income per share: | ' | ' | ' | ' |
Basic | $0.49 | $0.30 | $0.72 | $0.48 |
Diluted | $0.48 | $0.30 | $0.70 | $0.47 |
Shares used in net income per share calculations: | ' | ' | ' | ' |
Basic | 340.7 | 362 | 345.8 | 364.1 |
Diluted | 349.1 | 368.2 | 354.5 | 369.7 |
Cash dividends declared per share | $0.15 | $0 | $0.30 | $0 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Net income | $166.80 | $109.60 | $248.40 | $173.40 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 4.8 | 3.6 | 3.6 | -1.6 |
Defined benefit obligation adjustments | 0.1 | 0.1 | 0.2 | 0.2 |
Unrealized gains (losses) on available-for-sale securities: | ' | ' | ' | ' |
Unrealized holding gains (losses) arising during the period | 4.4 | 2.5 | -4 | 6.6 |
Income tax effect on unrealized holding gains (losses) | 0 | 0.2 | 1 | -0.3 |
Reclassification adjustments for gains included in net income | -1 | -0.5 | -1.1 | -0.6 |
Unrealized gains (losses) on cash flow hedges: | ' | ' | ' | ' |
Unrealized holding gains (losses) arising during the period | -3.1 | -5.5 | -3.5 | 0.9 |
Reclassification adjustments for (gains) losses included in net income | 2.4 | 2.6 | 1.4 | -1.9 |
Other comprehensive income (loss) | 7.6 | 3 | -2.4 | 3.3 |
Comprehensive income | $174.40 | $112.60 | $246 | $176.70 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $248.40 | $173.40 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 168.4 | 169.1 |
Stock-based compensation | 133.9 | 144.2 |
Accretion of discount and issuance costs on debt | 8.8 | 28.7 |
Deferred income taxes | -8.4 | -50 |
Excess tax benefit from stock-based compensation | -9.5 | -43.6 |
Other non-cash items, net | -16.5 | 38.3 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 209.3 | 212.9 |
Inventories | 23.6 | -51.7 |
Other operating assets | 92.9 | -16.9 |
Accounts payable | -40.8 | 13.9 |
Accrued compensation and other current liabilities | -102.4 | -15.9 |
Deferred revenue | -67.6 | -42.6 |
Other operating liabilities | 8.2 | 5.8 |
Net cash provided by operating activities | 648.3 | 565.6 |
Cash flows from investing activities: | ' | ' |
Purchases of investments | -476.1 | -1,243 |
Maturities, sales and collections of investments | 1,148.20 | 1,336.40 |
Purchases of property and equipment | -107.5 | -129 |
Other investing activities, net | 3.4 | 2.8 |
Net cash provided by (used in) investing activities | 568 | -32.8 |
Cash flows from financing activities: | ' | ' |
Issuance of common stock under employee stock plans | 123.9 | 45.1 |
Repurchase of common stock and forward contract | -1,000 | -348.3 |
Excess tax benefit from stock-based compensation | 9.5 | 43.6 |
Repayment of long-term debt | -1,264.90 | 0 |
Dividends paid | -102.7 | 0 |
Other financing activities, net | -5.7 | -0.3 |
Net cash used in financing activities | -2,239.90 | -259.9 |
Effect of exchange rate changes on cash and cash equivalents | 7 | -5.9 |
Net increase (decrease) in cash and cash equivalents | -1,016.60 | 267 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 3,277.10 | 1,549.80 |
End of period | $2,260.50 | $1,816.80 |
The_Company
The Company | 6 Months Ended |
Oct. 25, 2013 | |
The Company | ' |
1. The Company | |
Headquartered in Sunnyvale, California, NetApp, Inc. (we, us, or the Company) is a supplier of enterprise storage and data management software and hardware products and services. Our solutions help global enterprises meet information technology challenges such as managing storage growth, assuring secure and timely information access, protecting data and controlling costs by providing innovative solutions that simplify the complexity associated with managing corporate data. |
Condensed_Consolidated_Financi
Condensed Consolidated Financial Statements | 6 Months Ended |
Oct. 25, 2013 | |
Condensed Consolidated Financial Statements | ' |
2. Condensed Consolidated Financial Statements | |
Fiscal Year — Our fiscal year is reported on a 52- or 53-week year ending on the last Friday in April. The first and second quarters of fiscal 2014 and 2013 were each 13-week periods. | |
Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared by the Company, and reflect all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of management, necessary for the fair presentation of our financial position, results of operations, comprehensive income and cash flows for the interim periods presented. The statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these statements do not include all information and footnotes required by GAAP for annual consolidated financial statements, and should be read in conjunction with our audited consolidated financial statements as of and for the fiscal year ended April 26, 2013 contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 17, 2013. The results of operations for the three and six months ended October 25, 2013 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods. |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended |
Oct. 25, 2013 | |
Significant Accounting Policies | ' |
3. Significant Accounting Policies | |
There have been no significant changes in our significant accounting policies as of and for the six months ended October 25, 2013, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended April 26, 2013. | |
Recent Accounting Standards Not Yet Effective — In July 2013, the Financial Accounting Standards Board issued an accounting standard update providing presentation requirements for unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a similar tax credit carryforward exists. This accounting standard update will be effective for us beginning in our first quarter of fiscal 2015 and is not expected to have a significant impact on our consolidated financial statements. | |
Use of Estimates — The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include, but are not limited to, revenue recognition, reserves and allowances; inventory valuation and purchase order accruals; valuation of goodwill and intangibles; restructuring reserves; product warranties; employee benefit accruals; stock-based compensation; loss contingencies; investment impairments; income taxes and fair value measurements. Actual results could differ materially from those estimates. |
Statements_of_Cash_Flows
Statements of Cash Flows | 6 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Statements of Cash Flows | ' | ||||||||
4. Statements of Cash Flows | |||||||||
Non-cash investing and financing activities and supplemental cash flow information are as follows (in millions): | |||||||||
Six Months Ended | |||||||||
October 25, | October 26, | ||||||||
2013 | 2012 | ||||||||
Non-cash Investing and Financing Activities: | |||||||||
Reclassification of equity component of Convertible Notes | $ | 0 | $ | 62.6 | |||||
Acquisition of property and equipment outstanding in accounts payable | $ | 27.1 | $ | 20 | |||||
Acquisition of software through long-term financing | $ | 11.4 | $ | 0.8 | |||||
Supplemental Cash Flow Information: | |||||||||
Income taxes paid, net of refunds | $ | 26.5 | $ | 26.5 | |||||
Interest paid, net of capitalized interest | $ | 23.2 | $ | 11.3 |
Purchased_Intangible_Assets_Ne
Purchased Intangible Assets, Net | 6 Months Ended | ||||||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||||||
Purchased Intangible Assets, Net | ' | ||||||||||||||||||||||||
5. Purchased Intangible Assets, Net | |||||||||||||||||||||||||
Purchased intangible assets, net are summarized below (in millions): | |||||||||||||||||||||||||
October 25, 2013 | April 26, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Assets | Amortization | Assets | Assets | Amortization | Assets | ||||||||||||||||||||
Developed technology | $ | 283 | $ | (134.0 | ) | $ | 149 | $ | 312.4 | $ | (134.9 | ) | $ | 177.5 | |||||||||||
Customer contracts/relationships | 9.6 | (8.7 | ) | 0.9 | 54.7 | (53.1 | ) | 1.6 | |||||||||||||||||
Trademarks and trade names | 2.9 | (2.2 | ) | 0.7 | 9.9 | (8.9 | ) | 1 | |||||||||||||||||
Covenants not to compete | 1.6 | (1.3 | ) | 0.3 | 2.2 | (1.7 | ) | 0.5 | |||||||||||||||||
Total purchased intangible assets | $ | 297.1 | $ | (146.2 | ) | $ | 150.9 | $ | 379.2 | $ | (198.6 | ) | $ | 180.6 | |||||||||||
Amortization expense for purchased intangible assets is summarized below (in millions): | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
October 25, | October 26, | October 25, | October 26, | Statements of Operations | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Classifications | |||||||||||||||||||||
Developed technology | $ | 14.3 | $ | 14 | $ | 28.6 | $ | 27.9 | Cost of revenues | ||||||||||||||||
Customer contracts/relationships | 0.3 | 6.3 | 0.7 | 12.6 | Operating expenses | ||||||||||||||||||||
Trademarks and trade names | 0.1 | 1 | 0.2 | 2 | Operating expenses | ||||||||||||||||||||
Covenants not to compete | 0.2 | 0.2 | 0.3 | 0.4 | Operating expenses | ||||||||||||||||||||
$ | 14.9 | $ | 21.5 | $ | 29.8 | $ | 42.9 | ||||||||||||||||||
As of October 25, 2013, future amortization expense related to purchased intangible assets is as follows (in millions): | |||||||||||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||||||||||
Remainder of 2014 | $ | 29.5 | |||||||||||||||||||||||
2015 | 57.8 | ||||||||||||||||||||||||
2016 | 53.6 | ||||||||||||||||||||||||
2017 | 6.7 | ||||||||||||||||||||||||
2018 | 3.3 | ||||||||||||||||||||||||
Total | $ | 150.9 | |||||||||||||||||||||||
Balance_Sheet_Details
Balance Sheet Details | 6 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Balance Sheet Details | ' | ||||||||
6. Balance Sheet Details | |||||||||
Cash and cash equivalents (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Cash | $ | 2,088.80 | $ | 1,634.70 | |||||
Cash equivalents | 171.7 | 1,642.40 | |||||||
Cash and cash equivalents | $ | 2,260.50 | $ | 3,277.10 | |||||
Inventories (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Purchased components | $ | 10.8 | $ | 16.3 | |||||
Finished goods | 105.1 | 123.2 | |||||||
Inventories | $ | 115.9 | $ | 139.5 | |||||
Other current assets (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Prepaid expenses and other current assets | $ | 192.3 | $ | 262.6 | |||||
Short-term restricted cash | 7.7 | 8.9 | |||||||
Deferred tax assets | 241 | 253.7 | |||||||
Other current assets | $ | 441 | $ | 525.2 | |||||
Property and equipment, net (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Land and land improvements | $ | 265.7 | $ | 265.5 | |||||
Buildings and building improvements | 540.8 | 534.8 | |||||||
Leasehold improvements | 101.8 | 100.3 | |||||||
Computer, production, engineering and other equipment | 747.8 | 714 | |||||||
Software | 430.1 | 422.6 | |||||||
Furniture and fixtures | 84.9 | 82.2 | |||||||
Construction-in-progress | 39.6 | 19.9 | |||||||
2,210.70 | 2,139.30 | ||||||||
Accumulated depreciation and amortization | (1,067.8 | ) | (968.4 | ) | |||||
Property and equipment, net | $ | 1,142.90 | $ | 1,170.90 | |||||
Software includes capitalized internal-use software development costs with a net book value as follows (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Computer software | $ | 138.6 | $ | 162.5 | |||||
Other non-current assets (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Auction rate securities | $ | 39.5 | $ | 42 | |||||
Deferred tax assets | 211.8 | 200.4 | |||||||
Other assets | 244.2 | 242.2 | |||||||
Other non-current assets | $ | 495.5 | $ | 484.6 | |||||
Short-term and long-term deferred revenue (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Product | $ | 26.9 | $ | 15.7 | |||||
Software entitlements and maintenance and service | 2,905.00 | 2,993.80 | |||||||
Total | $ | 2,931.90 | $ | 3,009.50 | |||||
Reported as: | |||||||||
Short-term | $ | 1,525.80 | $ | 1,563.30 | |||||
Long-term | 1,406.10 | 1,446.20 | |||||||
Total | $ | 2,931.90 | $ | 3,009.50 | |||||
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended | ||||||||||||||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||
7. Financial Instruments and Fair Value Measurements | |||||||||||||||||||||||||||||||||
The accounting guidance for fair value measurements provides a framework for measuring fair value on either a recurring or nonrecurring basis whereby the inputs used in our valuation techniques are assigned a hierarchical level. The following are the three levels of inputs to measure fair value: | |||||||||||||||||||||||||||||||||
Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||||||||||||||||||||||
Level 2: Inputs that reflect quoted prices for identical assets or liabilities in less active markets; quoted prices for similar assets or liabilities in active markets; benchmark yields, reported trades, broker/dealer quotes, inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||||||||||||||||||||||||||||||||
Level 3: Unobservable inputs that reflect our own assumptions incorporated in valuation techniques used to measure fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. | |||||||||||||||||||||||||||||||||
We consider an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and consider an inactive market to be one in which there are infrequent or few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. Where appropriate, our own or the counterparty’s non-performance risk is considered in measuring the fair values of liabilities and assets, respectively. | |||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||
The following is a summary of our investments (in millions): | |||||||||||||||||||||||||||||||||
October 25, 2013 | April 26, 2013 | ||||||||||||||||||||||||||||||||
Gross Unrealized | Gross Unrealized | ||||||||||||||||||||||||||||||||
Cost or | Gains | Losses | Estimated | Cost or | Gains | Losses | Estimated | ||||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||||||||||
Corporate bonds | $ | 2,558.60 | $ | 10.8 | $ | (0.9 | ) | $ | 2,568.50 | $ | 3,132.80 | $ | 14.9 | $ | (0.6 | ) | $ | 3,147.10 | |||||||||||||||
U.S. Treasury and government debt securities | 278.2 | 0.4 | 0 | 278.6 | 392.8 | 0.9 | 0 | 393.7 | |||||||||||||||||||||||||
Commercial paper | 151.7 | 0 | 0 | 151.7 | 178.5 | 0 | 0 | 178.5 | |||||||||||||||||||||||||
Certificates of deposit | 185 | 0.1 | 0 | 185.1 | 135.4 | 0.1 | 0 | 135.5 | |||||||||||||||||||||||||
Money market funds | 0 | 0 | 0 | 0 | 1,463.10 | 0 | 0 | 1,463.10 | |||||||||||||||||||||||||
Auction rate securities | 41.9 | 0 | (2.4 | ) | 39.5 | 44.2 | 0.5 | (2.7 | ) | 42 | |||||||||||||||||||||||
Equity funds | 31.6 | 0 | 0 | 31.6 | 28.3 | 0 | 0 | 28.3 | |||||||||||||||||||||||||
Total debt and equity securities | $ | 3,247.00 | $ | 11.3 | $ | (3.3 | ) | $ | 3,255.00 | $ | 5,375.10 | $ | 16.4 | $ | (3.3 | ) | $ | 5,388.20 | |||||||||||||||
The unrealized losses on our available-for-sale investments were caused by market value declines as a result of the economic environment, as well as fluctuations in market interest rates. Because the declines in market value are attributable to changes in market conditions and not credit quality, and because we have currently concluded that we neither intend to sell nor is it more likely than not that we will be required to sell these investments prior to a recovery of par value, we do not consider these investments to be other-than temporarily impaired as of October 25, 2013. | |||||||||||||||||||||||||||||||||
The following table presents the contractual maturities of our debt investments as of October 25, 2013 (in millions): | |||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 1,130.10 | $ | 1,131.90 | |||||||||||||||||||||||||||||
Due in one through five years | 1,871.70 | 1,880.30 | |||||||||||||||||||||||||||||||
Due after ten years* | 41.9 | 39.5 | |||||||||||||||||||||||||||||||
$ | 3,043.70 | $ | 3,051.70 | ||||||||||||||||||||||||||||||
* | Consists of auction rate securities (ARS) which have contractual maturities of greater than 10 years. | ||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||
The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of October 25, 2013 (in millions): | |||||||||||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Corporate bonds | $ | 2,568.50 | $ | 0 | $ | 2,568.50 | $ | 0 | |||||||||||||||||||||||||
U.S. Treasury and government debt securities | 278.6 | 176.4 | 102.2 | 0 | |||||||||||||||||||||||||||||
Commercial paper | 151.7 | 0 | 151.7 | 0 | |||||||||||||||||||||||||||||
Certificates of deposit | 185.1 | 0 | 185.1 | 0 | |||||||||||||||||||||||||||||
Auction rate securities | 39.5 | 0 | 0 | 39.5 | |||||||||||||||||||||||||||||
Equity funds | 31.6 | 31.6 | 0 | 0 | |||||||||||||||||||||||||||||
Foreign currency contracts | 1.2 | 0 | 1.2 | 0 | |||||||||||||||||||||||||||||
Total | $ | 3,256.20 | $ | 208 | $ | 3,008.70 | $ | 39.5 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | 4.4 | $ | 0 | $ | 4.4 | $ | 0 | |||||||||||||||||||||||||
The following table summarizes the balance sheet classifications of our financial assets and liabilities measured at fair value on a recurring basis as of October 25, 2013 (in millions): | |||||||||||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash equivalents | $ | 171.7 | $ | 0 | $ | 171.7 | $ | 0 | |||||||||||||||||||||||||
Short-term investments | 3,012.20 | 176.4 | 2,835.80 | 0 | |||||||||||||||||||||||||||||
Other current assets | 5.1 | 3.9 | 1.2 | 0 | |||||||||||||||||||||||||||||
Other non-current assets | 67.2 | 27.7 | 0 | 39.5 | |||||||||||||||||||||||||||||
Total | $ | 3,256.20 | $ | 208 | $ | 3,008.70 | $ | 39.5 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Other current liabilities | $ | 4.4 | $ | 0 | $ | 4.4 | $ | 0 | |||||||||||||||||||||||||
Level 2 investments are held by a custodian who prices some of the investments using standard inputs in various asset price models or obtains investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. We review Level 2 inputs and fair value for reasonableness and the values may be further validated by comparison to multiple independent pricing sources. In addition, we review third-party pricing providers’ models, key inputs and assumptions and understand the pricing processes at our third-party providers in determining the overall reasonableness of the fair value of our Level 2 financial instruments. As of October 25, 2013, we have not made any adjustments to the prices obtained from our third-party pricing providers. | |||||||||||||||||||||||||||||||||
Quantitative information about our Level 3 fair value measurements is as follows (fair value in millions): | |||||||||||||||||||||||||||||||||
Estimated Fair | Valuation Techniques | Unobservable Inputs | Range | ||||||||||||||||||||||||||||||
Value as of | (Weighted average) | ||||||||||||||||||||||||||||||||
October 25, 2013 | |||||||||||||||||||||||||||||||||
ARS | $ | 39.5 | Discounted cash flow | Time-to-economic maturity | 6.7 yrs. – 10.9 yrs. (8.3 yrs.) | ||||||||||||||||||||||||||||
Liquidity risk premium, market | 1.7% - 3.6% (2.5%) | ||||||||||||||||||||||||||||||||
credit spread and other factors | |||||||||||||||||||||||||||||||||
Coupon rate | 1.1% - 2.7% (1.9%) | ||||||||||||||||||||||||||||||||
Market comparable securities | Discount rate | 2.2% - 9.2% (5.4%) | |||||||||||||||||||||||||||||||
All of our ARS are classified as other non-current assets and are backed by pools of student loans guaranteed by the U.S. Department of Education. We estimate the fair value of each individual ARS using an income (discounted cash flow) and market approach that incorporate both observable and unobservable inputs. Key inputs into the discounted cash flow analysis include the time-to-economic maturity, liquidity risk premium, market credit spread and other factors and a coupon rate. The key input into the market approach is a discount rate. A significant increase (decrease) in the time-to-economic maturity, liquidity risk premium, market credit spread and other factors, coupon rate or discount rate could result in a significantly lower (higher) fair value estimate. We review the fair value of our Level 3 financial instruments for overall reasonableness by reviewing service provider pricing methodologies, key inputs and assumptions and by understanding the processes used by our third-party service provider. We will continue to monitor our ARS investments in light of the debt market environment and evaluate these investments for impairment and classification. | |||||||||||||||||||||||||||||||||
The table below provides a reconciliation of the beginning and ending balance of our Level 3 ARS measured at fair value on a recurring basis using significant unobservable inputs (in millions): | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
October 25, | October 26, | October 25, | October 26, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 42.2 | $ | 46.3 | $ | 42 | $ | 51 | |||||||||||||||||||||||||
Total unrealized gains (losses), net included in other comprehensive income (loss) | (0.4 | ) | 0.2 | (0.2 | ) | 0.5 | |||||||||||||||||||||||||||
Total realized gains included in earnings | 0.7 | 0 | 0.7 | 0 | |||||||||||||||||||||||||||||
Sales | (3.0 | ) | 0 | (3.0 | ) | 0 | |||||||||||||||||||||||||||
Settlements | (0.0 | ) | (0.0 | ) | (0.0 | ) | (5.0 | ) | |||||||||||||||||||||||||
Balance at end of period | $ | 39.5 | $ | 46.5 | $ | 39.5 | $ | 46.5 | |||||||||||||||||||||||||
Fair Value of Debt | |||||||||||||||||||||||||||||||||
As of October 25, 2013, the fair value of our 2.00% Senior Notes and 3.25% Senior Notes (collectively referred to as Senior Notes) was approximately $989.6 million. The fair value of our debt was based on observable market prices in a less active market and discounted cash flow models that take into consideration variables such as credit-rating and interest rate changes. All of our debt obligations are categorized as Level 2 instruments. |
Financing_Arrangements
Financing Arrangements | 6 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Financing Arrangements | ' | ||||||||||||||||
8. Financing Arrangements | |||||||||||||||||
Long-term Debt | |||||||||||||||||
The following table summarizes the carrying value of our long-term debt (in millions): | |||||||||||||||||
October 25, 2013 | April 26, 2013 | ||||||||||||||||
Amount | Effective | Amount | Effective | ||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||
2.00% Senior Notes due 2017 | $ | 750 | 2.25 | % | $ | 750 | 2.25 | % | |||||||||
3.25% Senior Notes due 2022 | 250 | 3.43 | % | 250 | 3.43 | % | |||||||||||
1.75% Convertible Notes due 2013 | 0 | N/A | 1,264.90 | 6.31 | % | ||||||||||||
Total principal amount | 1,000.00 | 2,264.90 | |||||||||||||||
Less: Unamortized discount | (5.0 | ) | (12.5 | ) | |||||||||||||
Total debt | 995 | 2,252.40 | |||||||||||||||
Less: Current portion | (0.0 | ) | (1,257.8 | ) | |||||||||||||
Total long-term portion | $ | 995 | $ | 994.6 | |||||||||||||
N/A - Not Applicable | |||||||||||||||||
Senior Notes | |||||||||||||||||
Our Senior Notes, issued in December 2012, are unsecured, unsubordinated obligations, which pay interest semi-annually on June 15 and December 15 and rank equally in right of payment with any future senior unsecured indebtedness. Interest expense associated with the Senior Notes was $6.2 million and $12.5 million for the three and six months ended October 25, 2013, respectively. | |||||||||||||||||
We may redeem the Senior Notes in whole or in part, at any time at our option at specified redemption prices. In addition, upon the occurrence of certain change of control triggering events, we may be required to repurchase the Senior Notes at 101% of their aggregate principal amount, plus accrued and unpaid interest to the date of repurchase. The Senior Notes also include covenants that limit our ability to incur debt secured by liens on assets or on shares of stock or indebtedness of our subsidiaries; to engage in sale and lease-back transactions; and to consolidate, merge or sell all or substantially all of our assets. As of October 25, 2013, we were in compliance with all covenants associated with the Senior Notes. | |||||||||||||||||
1.75% Convertible Senior Notes due 2013 | |||||||||||||||||
On June 10, 2008, we issued $1,265.0 million aggregate principal amount of 1.75% Convertible Senior Notes (the Convertible Notes) with a maturity date of June 1, 2013. The Convertible Notes were unsecured, unsubordinated obligations of the Company and paid interest in cash semi-annually at a rate of 1.75% per annum. Upon maturity, the Convertible Notes were converted into shares of common stock at a conversion rate of 31.40 shares of common stock per $1,000 principal amount of the Convertible Notes (which represented the effective conversion price of $31.85 per share). Upon conversion in June 2013, the holders received cash for the principal amount of the Convertible Notes and an aggregate of 4.9 million shares of common stock for the $178.9 million excess of the conversion value over the principal amount. | |||||||||||||||||
We separately accounted for the liability and equity components of the Convertible Notes. The initial debt component of the Convertible Notes was valued at $1,017.0 million based on the contractual cash flows discounted at an appropriate comparable market non-convertible debt borrowing rate at the date of issuance of 6.31%, with the equity component representing the residual amount of the proceeds of $248.0 million which was recorded as a debt discount. Issuance costs were allocated pro-rata based on the relative initial carrying amounts of the debt and equity components. As a result, $5.2 million of the issuance costs was allocated to the equity component of the Convertible Notes, and $21.4 million of the issuance costs remained classified as other non-current assets. The debt discount and the issuance costs allocated to the debt component were amortized as additional interest expense over the term of the Convertible Notes using the effective interest method. | |||||||||||||||||
Convertible Note Hedges and Warrants | |||||||||||||||||
Concurrent with the issuance of the Convertible Notes, we purchased Convertible Note hedges and sold warrants. The separate Convertible Note hedge and warrant transactions were structured to reduce the potential future economic dilution associated with the conversion of the Convertible Notes. | |||||||||||||||||
• Convertible Note Hedges: As of April 26, 2013, we had arrangements with counterparties to buy up to approximately 31.8 million shares of our common stock, at a price of $31.85 per share. In June 2013, concurrent with the repayment and conversion of the Convertible Notes, we exercised the Convertible Note hedges that were net settled for an aggregate of 3.9 million shares from the counterparties. | |||||||||||||||||
• Warrants: As of April 26, 2013, we had outstanding warrants for certain counterparties to acquire 39.7 million shares of our common stock at an exercise price of $41.28 per share. The warrants were exercisable on a series of days commencing on September 3, 2013 and ending on October 28, 2013. The number of warrants and exercise price were adjusted in July 2013 to 39.9 million and $41.12 per share, respectively, to reflect our July 2013 dividend. On October 17, 2013, the exercise price of the warrants then outstanding was further adjusted to $40.97 per share to reflect our October 2013 dividend. Through October 25, 2013, 31.9 million warrants were exercised and net settled with 1.1 million shares of our common stock equal to the difference between the market price on the date of exercise and the exercise price of the warrants on the respective exercise dates. The remaining warrants had an exercise price greater than the market price and expired unexercised by October 28, 2013. | |||||||||||||||||
Interest Expense on Convertible Notes | |||||||||||||||||
The following table presents the amount of interest expense related to the Convertible Notes (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 26, 2012 | October 25, 2013 | October 26, 2012 | |||||||||||||||
Contractual coupon interest expense | $ | 5.5 | $ | 2.5 | $ | 11 | |||||||||||
Amortization of debt discount | 13.6 | 7.1 | 27.1 | ||||||||||||||
Amortization of debt issuance costs | 1.2 | 0.6 | 2.4 | ||||||||||||||
Less capitalized interest | (0.6 | ) | 0 | (1.1 | ) | ||||||||||||
Total interest expense related to Convertible Notes | $ | 19.7 | $ | 10.2 | $ | 39.4 | |||||||||||
No interest expense related to the Convertible Notes was recognized in the three months ended October 25, 2013 due to their maturity. | |||||||||||||||||
Debt Maturities | |||||||||||||||||
As of October 25, 2013, our aggregate future principal debt maturities are as follows (in millions): | |||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||
2018 | $ | 750 | |||||||||||||||
Thereafter | 250 | ||||||||||||||||
Total | $ | 1,000.00 | |||||||||||||||
Credit Facility | |||||||||||||||||
In December 2012, we entered into a credit agreement with a syndicated group of lenders that provides for an unsecured $250.0 million revolving credit facility that is comprised of revolving loans, Eurocurrency loans and/or swingline loans. The credit facility includes a $100.0 million foreign currency sub-facility, a $50.0 million letter of credit sub-facility and a $10.0 million swingline sub-facility available on same-day notice. Available borrowings under the credit facility are reduced by the amount of any outstanding borrowings on the sub-facilities. We may also, subject to certain requirements, request an increase in the facility up to an additional $100.0 million and request two additional one-year extensions, subject to certain conditions. The proceeds from the facility may be used by us for general corporate purposes. | |||||||||||||||||
Borrowings under the facility, except for swingline loans, accrue interest in arrears at an alternate base rate as defined in the credit agreement or, at our option, an adjusted London Interbank Offered Rate (LIBOR) plus in each case, a spread (based on our public debt ratings and the type of loan) ranging from 0.2% to 1.2%. Swingline borrowings accrue interest at an alternate base rate. In addition, we are required to pay fees to maintain the credit facility, whether or not we have outstanding borrowings. The facility terminates on December 21, 2017 if no extensions have been requested and contains financial covenants requiring us to maintain a maximum leverage ratio of not more than 3.0:1.0 and a minimum interest coverage ratio of not less than 3.5:1.0. The facility contains customary affirmative and negative covenants, including covenants that limit our ability to incur debt secured by liens on assets or indebtedness of our subsidiaries and to consolidate, merge or sell all or substantially all of our assets. As of October 25, 2013, no borrowings were outstanding under the facility and we were in compliance with all covenants associated with the facility. | |||||||||||||||||
Other Long-Term Financing Arrangements | |||||||||||||||||
The following presents the amounts due under other long-term financing arrangements (in millions): | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Current portion of other long-term financing arrangements | $ | 7.1 | $ | 5.2 | |||||||||||||
Non-current portion of other long-term financing arrangements | 9.5 | 5.6 | |||||||||||||||
Total | $ | 16.6 | $ | 10.8 | |||||||||||||
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | ||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||
9. Stockholders’ Equity | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
The following table summarizes activity related to our stock options (in millions, except for exercise price and contractual term): | |||||||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||||||
of Shares | Average | Average | Intrinsic | ||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||
Price | Contractual Term | ||||||||||||||||||||
(Years) | |||||||||||||||||||||
Outstanding as of April 26, 2013 | 19.2 | $ | 31.27 | ||||||||||||||||||
Granted | 2.7 | 38.14 | |||||||||||||||||||
Exercised | (4.4 | ) | 25.9 | ||||||||||||||||||
Forfeited and expired | (0.7 | ) | 40.85 | ||||||||||||||||||
Outstanding as of October 25, 2013 | 16.8 | 33.37 | 3.64 | $ | 139.5 | ||||||||||||||||
Vested and expected to vest as of October 25, 2013 | 16.2 | 33.23 | 3.55 | 137.4 | |||||||||||||||||
Exercisable as of October 25, 2013 | 11.8 | 31.18 | 2.73 | 121.6 | |||||||||||||||||
The aggregate intrinsic value represents the pre-tax difference between the exercise price of stock options and the quoted market price of our stock on that day for all in-the-money options. | |||||||||||||||||||||
Additional information related to our stock options is summarized below (in millions, except per share information): | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||||||
Weighted-average fair value per share granted | $ | 10.49 | $ | 12.4 | $ | 9.86 | $ | 10.86 | |||||||||||||
Intrinsic value of exercises | $ | 33 | $ | 10.4 | $ | 60.4 | $ | 15.8 | |||||||||||||
Proceeds received from exercises | $ | 56.4 | $ | 12.8 | $ | 113.2 | $ | 19.5 | |||||||||||||
Fair value of options vested | $ | 13.4 | $ | 15.1 | $ | 25.4 | $ | 29.5 | |||||||||||||
Restricted Stock Units | |||||||||||||||||||||
The following table summarizes activity related to our restricted stock units (RSUs) (in millions, except for fair value): | |||||||||||||||||||||
Number of | Weighted- | ||||||||||||||||||||
Shares | Average | ||||||||||||||||||||
Grant Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Outstanding as of April 26, 2013 | 12.8 | $ | 38.36 | ||||||||||||||||||
Granted | 5.9 | 38.58 | |||||||||||||||||||
Vested | (3.0 | ) | 36.74 | ||||||||||||||||||
Forfeited | (1.1 | ) | 39.39 | ||||||||||||||||||
Outstanding as of October 25, 2013 | 14.6 | 38.7 | |||||||||||||||||||
RSUs are converted into common stock upon vesting. We primarily use the net share settlement approach upon vesting, where a portion of the shares are withheld as settlement of statutory employee withholding taxes, which decreases the shares issued to the employee by a corresponding value. The number and value of the shares netted for employee taxes are summarized in the table below (in millions): | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||||||
Shares withheld for taxes | 0.1 | 0.1 | 1 | 0.7 | |||||||||||||||||
Fair value of shares withheld | $ | 4.0 | $ | 2.8 | $ | 39.3 | $ | 22.6 | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||
Under the Employee Stock Purchase Plan (ESPP), employees who elect to participate are granted purchase rights that include a purchase price adjustment provision under which the employees may purchase common stock at a 15% discount from the market value of the common stock at certain specified dates within a two-year offering period. Information related to the purchase rights issued under the ESPP is provided below (in millions, except per right information): | |||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||
October 25, 2013 | October 26, 2012 | ||||||||||||||||||||
Weighted-average fair value per right granted | $ | 10.53 | $ | 10.25 | |||||||||||||||||
Shares issued under the ESPP | 2 | 1.9 | |||||||||||||||||||
Proceeds from issuance of shares | $ | 49.9 | $ | 48.2 | |||||||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||||||
Stock-based compensation expense is included in the condensed consolidated statements of operations as follows (in millions): | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||||||
Cost of product revenues | $ | 1.4 | $ | 1.5 | $ | 2.7 | $ | 3.3 | |||||||||||||
Cost of service revenues | 4.2 | 4.6 | 8.2 | 10.2 | |||||||||||||||||
Sales and marketing | 31.1 | 30.9 | 61.6 | 69.9 | |||||||||||||||||
Research and development | 21.6 | 19.3 | 43 | 43 | |||||||||||||||||
General and administrative | 9.3 | 8.7 | 18.4 | 17.8 | |||||||||||||||||
Total stock-based compensation expense | $ | 67.6 | $ | 65 | $ | 133.9 | $ | 144.2 | |||||||||||||
As of October 25, 2013, total unrecognized compensation expense related to our equity awards was $500.1 million, which is expected to be recognized on a straight-line basis over a weighted-average remaining service period of 2.6 years. | |||||||||||||||||||||
Total income tax benefit associated with employee stock transactions and recognized in stockholders’ equity were as follows (in millions): | |||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||
October 25, 2013 | October 26, 2012 | ||||||||||||||||||||
Income tax benefit associated with employee stock transactions | $ | 1.8 | $ | 28.2 | |||||||||||||||||
Valuation Assumptions | |||||||||||||||||||||
The fair value of each stock option and ESPP purchase right is estimated on the grant date using the Black-Scholes option pricing model and the following weighted-average assumptions: | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||||||
Expected term in years | 4.8 | 4.8 | 4.8 | 4.8 | |||||||||||||||||
Risk-free interest rate | 1.6 | % | 0.6 | % | 1.1 | % | 0.6 | % | |||||||||||||
Volatility | 32 | % | 43 | % | 34 | % | 41 | % | |||||||||||||
Dividend yield | 1.6 | % | 0 | % | 1.6 | % | 0 | % | |||||||||||||
ESPP | |||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||
October 25, 2013 | October 26, 2012 | ||||||||||||||||||||
Expected term in years | 1.2 | 1.2 | |||||||||||||||||||
Risk-free interest rate | 0.2 | % | 0.2 | % | |||||||||||||||||
Volatility | 32 | % | 38 | % | |||||||||||||||||
Dividend yield | 1.6 | % | 0 | % | |||||||||||||||||
The weighted-average assumptions used to value RSUs are summarized as follows: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||||||
Grant date fair value per share | $ | 40.13 | $ | 31.91 | $ | 38.58 | $ | 29.31 | |||||||||||||
Expected dividend | 1.6 | % | 0 | % | 1.6 | % | 0 | % | |||||||||||||
Prior to the initial declaration of a quarterly cash dividend on May 21, 2013, the fair value of RSUs was measured based on the grant date share price, as we did not historically pay cash dividends on our common stock. For awards granted on or subsequent to May 21, 2013, the fair value of RSUs was measured based on the grant date share price, less the present value of expected dividends during the vesting period, discounted at a risk-free interest rate. | |||||||||||||||||||||
Stock Repurchase Program | |||||||||||||||||||||
As of October 25, 2013, our Board of Directors has authorized the repurchase of up to $7.1 billion of our common stock. Under this program, which may be suspended or discontinued at any time, we may purchase shares of our outstanding common stock through open market and privately negotiated transactions at prices deemed appropriate by our management. | |||||||||||||||||||||
The following table summarizes activity related to this program for the six months ended October 25, 2013 (in millions, except per share information): | |||||||||||||||||||||
Number of shares repurchased | 25.3 | ||||||||||||||||||||
Average price per share | $ | 39.57 | |||||||||||||||||||
Aggregate purchase price | $ | 1,000.00 | |||||||||||||||||||
Remaining authorization at end of period | $ | 2,006.30 | |||||||||||||||||||
The aggregate purchase price of our share repurchases for the six months ended October 25, 2013 consisted of $750.0 million under an accelerated share repurchase agreement (ASR) and $250.0 million of open market purchases, for which collectively $386.3 million and $613.7 million was allocated to additional paid-in capital and retained earnings, respectively. | |||||||||||||||||||||
During the six months ended October 25, 2013, we retired 104.3 million shares of common stock repurchased in prior years and previously reported as treasury stock, resulting in reductions of $0.1 million in common stock (par value), $614.0 million in additional paid-in capital and $2,313.3 million in retained earnings. | |||||||||||||||||||||
Accelerated Share Repurchase Agreement | |||||||||||||||||||||
On June 5, 2013, we entered into a collared ASR with a counterparty under which we prepaid $750.0 million to purchase shares of our common stock. The aggregate number of shares ultimately purchased was determined based on the volume weighted-average share price of our common stock over a specified period of time. The contract was settled in July 2013. The total number of shares repurchased under this ASR was 19.2 million shares, at an average price per share of $39.13. The value of the ASR forward contract was determined to be $13.9 million, which has been recorded as additional paid-in capital. | |||||||||||||||||||||
Dividends | |||||||||||||||||||||
During the six months ended October 25, 2013, we declared and paid quarterly cash dividends of $0.15 per share of outstanding common stock, or an aggregate of $102.7 million. On November 13, 2013, we declared a cash dividend of $0.15 per share of common stock, payable on January 22, 2014 to holders of record on January 9, 2014. No dividends were declared or paid during the six months ended October 26, 2012. The timing and amount of future dividends will depend on market conditions, corporate business and financial considerations and regulatory requirements. | |||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||
A reconciliation of retained earnings for the six months ended October 25, 2013 is as follows (in millions): | |||||||||||||||||||||
Balance as of April 26, 2013 | $ | 2,896.80 | |||||||||||||||||||
Net income | 248.4 | ||||||||||||||||||||
Repurchases of common stock | (613.7 | ) | |||||||||||||||||||
Retirement of treasury stock | (2,313.3 | ) | |||||||||||||||||||
Dividends | (102.7 | ) | |||||||||||||||||||
Balance as of October 25, 2013 | $ | 115.5 | |||||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||||||
Changes in accumulated other comprehensive income (AOCI) by component, net of tax, are summarized below (in millions): | |||||||||||||||||||||
Foreign | Defined | Unrealized | Unrealized | Total | |||||||||||||||||
Currency | Benefit | Gains on | Gains | ||||||||||||||||||
Translation | Obligation | Available- | (Losses) on | ||||||||||||||||||
Adjustments | Adjustments | for-Sale | Derivative | ||||||||||||||||||
Securities | Instruments | ||||||||||||||||||||
Balance as of April 26, 2013 | $ | 2 | $ | (5.7 | ) | $ | 11.4 | $ | 1 | $ | 8.7 | ||||||||||
Other comprehensive income (loss) (OCI) before reclassifications | 3.6 | 0.2 | (3.0 | ) | (3.5 | ) | (2.7 | ) | |||||||||||||
Amounts reclassified from AOCI | 0 | 0 | (1.1 | ) | 1.4 | 0.3 | |||||||||||||||
Net OCI | 3.6 | 0.2 | (4.1 | ) | (2.1 | ) | (2.4 | ) | |||||||||||||
Balance as of October 25, 2013 | $ | 5.6 | $ | (5.5 | ) | $ | 7.3 | $ | (1.1 | ) | $ | 6.3 | |||||||||
The amounts reclassified out of AOCI are as follows (in millions): | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||||||
OCI Components | Amounts Reclassified from AOCI | Amounts Reclassified from AOCI | Statements of Operations | ||||||||||||||||||
Location | |||||||||||||||||||||
Realized gains on available-for-sale securities | $ | (1.0 | ) | $ | (0.5 | ) | $ | (1.1 | ) | $ | (0.6 | ) | Other income | ||||||||
(expense), net | |||||||||||||||||||||
Realized losses (gains) on cash flow hedges | 2.4 | 2.6 | 1.4 | (1.9 | ) | Net revenues | |||||||||||||||
Total reclassifications | $ | 1.4 | $ | 2.1 | $ | 0.3 | $ | (2.5 | ) | ||||||||||||
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 6 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Derivatives and Hedging Activities | ' | ||||||||||||||||
10. Derivatives and Hedging Activities | |||||||||||||||||
We use derivative instruments to manage exposures to foreign currency risk. All contracts have a maturity of less than six months. The notional amount of our outstanding U.S. dollar equivalent foreign currency exchange forward contracts consisted of the following (in millions): | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Cash Flow Hedges | |||||||||||||||||
Forward contracts purchased | $ | 181.3 | $ | 108.4 | |||||||||||||
Balance Sheet Contracts | |||||||||||||||||
Forward contracts sold | 180.3 | 158.2 | |||||||||||||||
Forward contracts purchased | 258.7 | 358.4 | |||||||||||||||
We have master netting arrangements in place to mitigate the credit risk of our counterparties and to potentially reduce our losses due to counterparty nonperformance. We present our derivative instruments as net amounts in our condensed consolidated balance sheets. The gross and net fair value amounts of such instruments were not material as of October 25, 2013 and April 26, 2013. We did not recognize any gains and losses in earnings due to hedge ineffectiveness for any period presented. | |||||||||||||||||
The effect of derivative instruments designated as cash flow hedges recognized in net revenues on our condensed consolidated statements of operations is presented in the condensed consolidated statements of comprehensive income and Note 9. | |||||||||||||||||
The effect of derivative instruments not designated as hedging instruments recognized in other income (expense), net on our condensed consolidated statements of operations was as follows (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||
Gain (Loss) Recognized into Income | Gain Recognized into Income | ||||||||||||||||
Foreign currency exchange forward contracts | $ | 0.6 | $ | (9.7 | ) | $ | 0.8 | $ | 6.2 |
Restructuring_and_Other_Charge
Restructuring and Other Charges | 6 Months Ended | ||||
Oct. 25, 2013 | |||||
Restructuring and Other Charges | ' | ||||
11. Restructuring and Other Charges | |||||
In May 2013, we initiated a business restructuring plan under which we realigned internal resources, resulting in a reduction of our global workforce of approximately 7%. Restructuring and other charges during the six months ended October 25, 2013 consisted primarily of employee severance-related costs. | |||||
Activities related to this plan for the six months ended October 25, 2013 were as follows (in millions): | |||||
Total | |||||
Net charges | $ | 49.5 | |||
Cash payments | (45.4 | ) | |||
Balance as of October 25, 2013 | $ | 4.1 | |||
The reserve balance as of October 25, 2013 is included in accrued compensation and related benefits in our condensed consolidated balance sheet. |
Income_Taxes
Income Taxes | 6 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Income Taxes | ' | ||||||||
12. Income Taxes | |||||||||
Our effective tax rates for the periods presented were as follows: | |||||||||
Six Months Ended | |||||||||
October 25, 2013 | October 26, 2012 | ||||||||
Effective tax rates | 12.7 | % | 14.1 | % | |||||
Our effective tax rates reflect the impact of a significant amount of our earnings being taxed in foreign jurisdictions at rates below the U.S. statutory tax rate. | |||||||||
As of October 25, 2013, we had $199.8 million of unrecognized tax benefits, of which $142.7 million has been recorded in other long-term liabilities. Unrecognized tax benefits of $129.0 million, including penalties and interest, would affect our provision for income taxes if recognized. During the six months ended October 25, 2013, there was a gross increase in our unrecognized tax benefits of $13.6 million for tax positions related to the current year, and a gross increase of $1.0 million and gross decrease, including settlements and statute lapses, of $4.4 million for tax positions related to prior years. | |||||||||
Our fiscal 2005 through 2007 income tax returns are currently under audit by the IRS. In September 2012, we reached a tentative agreement with the IRS field examination team on certain transfer pricing matters under appeals, and in July 2013, we received a revised Revenue Agent’s Report (RAR) from the IRS. We are currently in the process of preparing for the review of the revised RAR by certain higher authorities within the IRS and the Joint Committee on Taxation. In February 2012, the IRS commenced an examination of our fiscal 2008 through fiscal 2010 income tax returns. Our open years in U.S. federal jurisdictions are fiscal 2005 and later years. In addition, we are effectively subject to federal tax examination adjustments for tax years ended on or after fiscal year 2000, in that we have tax attribute carryforwards from these years that could be subject to adjustments, if and when utilized. We are also currently under audit by the California Franchise Tax Board for our fiscal 2007 and 2008 income tax returns. | |||||||||
On September 17, 2010, the Danish Tax Authorities issued a decision concluding that distributions declared in 2005 and 2006 from our Danish subsidiary were subject to Danish at-source dividend withholding tax. We do not believe that our Danish subsidiary is liable for withholding tax and filed an appeal with the Danish Tax Tribunal to that effect. On December 19, 2011, the Danish Tax Tribunal issued a ruling that our Danish subsidiary was not liable for Danish withholding tax. The Danish tax examination agency appealed to the Danish High Court in March 2012. | |||||||||
We are in various stages of the examination and appeals process in connection with tax audits worldwide, and it is difficult to determine when these examinations will be settled. It is reasonably possible that over the next twelve-month period, we may experience an increase or decrease in unrecognized tax benefits. It is not possible to determine either the magnitude or the range of any increase or decrease at this time. | |||||||||
In April 2010, our Dutch subsidiary received a favorable tax ruling from the Dutch tax authorities effective May 1, 2010 that replaces the previous Dutch tax ruling that expired on April 30, 2010. This ruling results in both a lower level of earnings subject to tax in the Netherlands and an extension of the expiration date to April 30, 2015. |
Net_Income_per_Share
Net Income per Share | 6 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Net Income per Share | ' | ||||||||||||||||
13. Net Income per Share | |||||||||||||||||
The following is a calculation of basic and diluted net income per share (in millions, except per share amounts): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 25, | October 26, | October 25, | October 26, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 166.8 | $ | 109.6 | $ | 248.4 | $ | 173.4 | |||||||||
Denominator: | |||||||||||||||||
Shares used in basic computation | 340.7 | 362 | 345.8 | 364.1 | |||||||||||||
Dilutive potential shares related to employee equity award plans | 7.5 | 5.2 | 7.2 | 5.1 | |||||||||||||
Dilutive impact of assumed conversion of Convertible Notes | 0 | 1 | 1.1 | 0.5 | |||||||||||||
Dilutive impact of warrants | 0.9 | 0 | 0.4 | 0 | |||||||||||||
Shares used in diluted computation | 349.1 | 368.2 | 354.5 | 369.7 | |||||||||||||
Net Income per Share: | |||||||||||||||||
Basic | $ | 0.49 | $ | 0.3 | $ | 0.72 | $ | 0.48 | |||||||||
Diluted | $ | 0.48 | $ | 0.3 | $ | 0.7 | $ | 0.47 | |||||||||
The following potential weighted-average shares of common stock have been excluded from the diluted net income per share calculations, as their effect would have been anti-dilutive (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 25, | October 26, | October 25, | October 26, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Employee equity award plans | 7.2 | 16.3 | 6.9 | 17.1 |
Segment_Geographic_and_Signifi
Segment, Geographic, and Significant Customer Information | 6 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Segment, Geographic, and Significant Customer Information | ' | ||||||||||||||||
14. Segment, Geographic, and Significant Customer Information | |||||||||||||||||
We operate in one industry segment: the design, manufacturing, marketing, and technical support of high-performance networked storage solutions. We conduct business globally, and our sales and support activities are managed on a geographic basis. Our management reviews financial information presented on a consolidated basis, accompanied by disaggregated information it receives from its internal management system about revenues by geographic region, based on the location from which the customer relationship is managed, for purposes of allocating resources and evaluating financial performance. We do not allocate costs of revenues, research and development, sales and marketing, or general and administrative expenses to our geographic regions using this internal management system because management does not review operations or operating results, or make planning decisions, below the consolidated entity level. | |||||||||||||||||
Summarized revenues by geographic region based on information from our internal management system and utilized by our Chief Executive Officer, who is considered our Chief Operating Decision Maker, is as follows (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 25, | October 26, | October 25, | October 26, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Americas (United States, Canada and Latin America) | $ | 899.2 | $ | 897.3 | $ | 1,757.70 | $ | 1,698.40 | |||||||||
Europe, Middle East and Africa | 445 | 437.7 | 893 | 877 | |||||||||||||
Asia Pacific | 205.7 | 206.2 | 415.4 | 410.4 | |||||||||||||
Net revenues | $ | 1,549.90 | $ | 1,541.20 | $ | 3,066.10 | $ | 2,985.80 | |||||||||
Americas revenues consist of Americas commercial and U.S. public sector revenues. Sales to customers inside the United States comprised $800.7 million and $797.6 million of Americas net revenues during the three months ended October 25, 2013 and October 26, 2012, respectively, and $1,573.5 million and $1,509.0 million of Americas net revenues during the six months ended October 25, 2013 and October 26, 2012, respectively. No single foreign country accounted for 10% or more of our net revenues for any period presented. | |||||||||||||||||
The majority of our assets, excluding cash, cash equivalents, restricted cash, investments and accounts receivable, were attributable to our domestic operations. The following table presents cash, cash equivalents, restricted cash and investments held in the United States and internationally in various foreign subsidiaries (in millions): | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
United States | $ | 1,414.10 | $ | 3,419.30 | |||||||||||||
International | 3,908.20 | 3,586.80 | |||||||||||||||
Total | $ | 5,322.30 | $ | 7,006.10 | |||||||||||||
With the exception of property and equipment, we do not identify or allocate our long-lived assets by geographic area. The following table presents property and equipment information for geographic areas based on the physical location of the assets (in millions): | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
United States | $ | 1,053.10 | $ | 1,076.30 | |||||||||||||
International | 89.8 | 94.6 | |||||||||||||||
Total | $ | 1,142.90 | $ | 1,170.90 | |||||||||||||
The following customers, each of which is a distributor, accounted for 10% or more of our net revenues: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 25, | October 26, | October 25, | October 26, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Arrow Electronics, Inc.(1) | 23 | % | 21 | % | 22 | % | 19 | % | |||||||||
Avnet, Inc.(1) | 16 | % | 15 | % | 16 | % | 15 | % | |||||||||
(1) | Net revenues for Arrow Electronics, Inc. for the three and six months ended October 26, 2012 have been corrected from 20% and 18%, respectively, previously disclosed to 21% and 19%, respectively. Net revenues for Avnet, Inc. for the six months ended October 26, 2012 have been corrected from 14% previously disclosed to 15%. | ||||||||||||||||
The following customers accounted for 10% or more of net accounts receivable: | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Arrow Electronics, Inc. | 15 | % | 16 | % | |||||||||||||
Avnet, Inc. | 10 | % | 14 | % |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||
15. Commitments and Contingencies | |||||||||||||||||
Operating Lease Commitments | |||||||||||||||||
As of October 25, 2013, future annual minimum lease payments under non-cancelable operating leases with an initial term in excess of one year totaled $215.7 million. | |||||||||||||||||
Purchase Orders and Other Commitments | |||||||||||||||||
In the normal course of business we make commitments to our third-party contract manufacturers, to manage manufacturer lead times and meet product forecasts, and to other parties, to purchase various key components used in the manufacture of our products. We establish accruals for estimated losses on purchased components to the extent we believe it is probable that such components will not be utilized in future operations. To the extent that such forecasts are not achieved, our commitments and associated accruals may change. As of October 25, 2013, we had $306.8 million in non-cancelable purchase commitments with our contract manufacturers. In addition, we recorded a liability for firm, non-cancelable and unconditional purchase commitments with contract manufacturers for quantities in excess of our future demand forecasts through a charge to cost of product sales. As of October 25, 2013 and April 26, 2013, such liability amounted to $10.9 million and $9.5 million, respectively, and is included in other current liabilities in our condensed consolidated balance sheets. | |||||||||||||||||
In addition to commitments with contract manufacturers and component suppliers, we have open purchase orders and contractual obligations associated with our ordinary course business for which we have not received goods or services. As of October 25, 2013, we had $33.6 million in capital purchase commitments and $202.4 million in other purchase commitments. | |||||||||||||||||
Product Warranties | |||||||||||||||||
We provide customers a warranty on software of ninety days to five years and a warranty on hardware of one to five years. The following table summarizes our warranty reserves (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 25, | October 26, | October 25, | October 26, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Beginning balance | $ | 119.8 | $ | 96.5 | $ | 117.2 | $ | 83.1 | |||||||||
Expense accrued during the period | 14.3 | 27.1 | 38.3 | 50.8 | |||||||||||||
Warranty costs incurred | (18.1 | ) | (11.8 | ) | (39.5 | ) | (22.1 | ) | |||||||||
Ending balance | $ | 116 | $ | 111.8 | $ | 116 | $ | 111.8 | |||||||||
Our warranty reserves were reported in our condensed consolidated balance sheets as follows (in millions): | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Other current liabilities | $ | 78.1 | $ | 81.6 | |||||||||||||
Other long-term liabilities | 37.9 | 35.6 | |||||||||||||||
Total | $ | 116 | $ | 117.2 | |||||||||||||
Financing Guarantees | |||||||||||||||||
Some of our customers have entered into recourse and non-recourse financing leasing arrangements using third-party financing companies, and in some situations, we enter into customer financing arrangements for our products and services that are contemporaneously sold on a recourse or non-recourse basis to third-party financing companies. Under the terms of recourse leases, which are generally three years or less, we remain liable for the aggregate unpaid remaining lease payments to the third-party leasing companies in the event of end-user customer default. These arrangements are generally collateralized by a security interest in the underlying assets. Under the terms of the nonrecourse leases, we do not have any continuing obligations or liabilities to the third-party financing companies. Where we provide a guarantee for recourse leases, we defer revenues subject to the industry-specific software revenue recognition guidance, and recognize revenues for non-software deliverables in accordance with our multiple deliverable revenue arrangement policy. In connection with certain recourse financing arrangements, we receive advance payments associated with undelivered elements that are subject to customer refund rights. We defer revenue associated with these advance payments until the related refund rights expire and we perform the services. | |||||||||||||||||
The following schedule of financing guarantees represents the total maximum potential future payments under financing arrangements with third parties, and the related deferred revenue (in millions): | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Maximum guaranteed payment contingencies | $ | 215.6 | $ | 182.4 | |||||||||||||
Deferred revenue associated with financing guarantees | (199.0 | ) | (168.6 | ) | |||||||||||||
Maximum potential future payments relating to financing guarantees, net of associated deferred revenue | $ | 16.6 | $ | 13.8 | |||||||||||||
To date, we have not experienced material losses under our lease financing programs or other financing arrangements. | |||||||||||||||||
Legal Contingencies | |||||||||||||||||
When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the ultimate loss. However, the likelihood of a loss with respect to a particular contingency is often difficult to predict and determining a meaningful estimate of the loss or a range of loss may not be practicable based on the information available and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. | |||||||||||||||||
We are subject to various legal proceedings and claims that arise in the normal course of business. No accrual has been recorded as of October 25, 2013 related to such matters as they are not probable and/or reasonably estimable. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 25, 2013 | |
Use of Estimates | ' |
Use of Estimates — The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include, but are not limited to, revenue recognition, reserves and allowances; inventory valuation and purchase order accruals; valuation of goodwill and intangibles; restructuring reserves; product warranties; employee benefit accruals; stock-based compensation; loss contingencies; investment impairments; income taxes and fair value measurements. Actual results could differ materially from those estimates. |
Statements_of_Cash_Flows_Table
Statements of Cash Flows (Tables) | 6 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Supplemental Cash Flows and Non-Cash Investing and Financing Activities | ' | ||||||||
Non-cash investing and financing activities and supplemental cash flow information are as follows (in millions): | |||||||||
Six Months Ended | |||||||||
October 25, | October 26, | ||||||||
2013 | 2012 | ||||||||
Non-cash Investing and Financing Activities: | |||||||||
Reclassification of equity component of Convertible Notes | $ | 0 | $ | 62.6 | |||||
Acquisition of property and equipment outstanding in accounts payable | $ | 27.1 | $ | 20 | |||||
Acquisition of software through long-term financing | $ | 11.4 | $ | 0.8 | |||||
Supplemental Cash Flow Information: | |||||||||
Income taxes paid, net of refunds | $ | 26.5 | $ | 26.5 | |||||
Interest paid, net of capitalized interest | $ | 23.2 | $ | 11.3 |
Purchased_Intangible_Assets_Ne1
Purchased Intangible Assets, Net (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||||||
Purchased Intangible Assets, Net | ' | ||||||||||||||||||||||||
Purchased intangible assets, net are summarized below (in millions): | |||||||||||||||||||||||||
October 25, 2013 | April 26, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Assets | Amortization | Assets | Assets | Amortization | Assets | ||||||||||||||||||||
Developed technology | $ | 283 | $ | (134.0 | ) | $ | 149 | $ | 312.4 | $ | (134.9 | ) | $ | 177.5 | |||||||||||
Customer contracts/relationships | 9.6 | (8.7 | ) | 0.9 | 54.7 | (53.1 | ) | 1.6 | |||||||||||||||||
Trademarks and trade names | 2.9 | (2.2 | ) | 0.7 | 9.9 | (8.9 | ) | 1 | |||||||||||||||||
Covenants not to compete | 1.6 | (1.3 | ) | 0.3 | 2.2 | (1.7 | ) | 0.5 | |||||||||||||||||
Total purchased intangible assets | $ | 297.1 | $ | (146.2 | ) | $ | 150.9 | $ | 379.2 | $ | (198.6 | ) | $ | 180.6 | |||||||||||
Amortization Expense for Purchased Intangible Assets | ' | ||||||||||||||||||||||||
Amortization expense for purchased intangible assets is summarized below (in millions): | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
October 25, | October 26, | October 25, | October 26, | Statements of Operations | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Classifications | |||||||||||||||||||||
Developed technology | $ | 14.3 | $ | 14 | $ | 28.6 | $ | 27.9 | Cost of revenues | ||||||||||||||||
Customer contracts/relationships | 0.3 | 6.3 | 0.7 | 12.6 | Operating expenses | ||||||||||||||||||||
Trademarks and trade names | 0.1 | 1 | 0.2 | 2 | Operating expenses | ||||||||||||||||||||
Covenants not to compete | 0.2 | 0.2 | 0.3 | 0.4 | Operating expenses | ||||||||||||||||||||
$ | 14.9 | $ | 21.5 | $ | 29.8 | $ | 42.9 | ||||||||||||||||||
Future Amortization Expense Related to Purchased Intangible Assets | ' | ||||||||||||||||||||||||
As of October 25, 2013, future amortization expense related to purchased intangible assets is as follows (in millions): | |||||||||||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||||||||||
Remainder of 2014 | $ | 29.5 | |||||||||||||||||||||||
2015 | 57.8 | ||||||||||||||||||||||||
2016 | 53.6 | ||||||||||||||||||||||||
2017 | 6.7 | ||||||||||||||||||||||||
2018 | 3.3 | ||||||||||||||||||||||||
Total | $ | 150.9 | |||||||||||||||||||||||
Balance_Sheet_Details_Tables
Balance Sheet Details (Tables) | 6 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Cash and Cash Equivalents | ' | ||||||||
Cash and cash equivalents (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Cash | $ | 2,088.80 | $ | 1,634.70 | |||||
Cash equivalents | 171.7 | 1,642.40 | |||||||
Cash and cash equivalents | $ | 2,260.50 | $ | 3,277.10 | |||||
Inventories | ' | ||||||||
Inventories (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Purchased components | $ | 10.8 | $ | 16.3 | |||||
Finished goods | 105.1 | 123.2 | |||||||
Inventories | $ | 115.9 | $ | 139.5 | |||||
Other Current Assets | ' | ||||||||
Other current assets (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Prepaid expenses and other current assets | $ | 192.3 | $ | 262.6 | |||||
Short-term restricted cash | 7.7 | 8.9 | |||||||
Deferred tax assets | 241 | 253.7 | |||||||
Other current assets | $ | 441 | $ | 525.2 | |||||
Property and Equipment, Net | ' | ||||||||
Property and equipment, net (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Land and land improvements | $ | 265.7 | $ | 265.5 | |||||
Buildings and building improvements | 540.8 | 534.8 | |||||||
Leasehold improvements | 101.8 | 100.3 | |||||||
Computer, production, engineering and other equipment | 747.8 | 714 | |||||||
Software | 430.1 | 422.6 | |||||||
Furniture and fixtures | 84.9 | 82.2 | |||||||
Construction-in-progress | 39.6 | 19.9 | |||||||
2,210.70 | 2,139.30 | ||||||||
Accumulated depreciation and amortization | (1,067.8 | ) | (968.4 | ) | |||||
Property and equipment, net | $ | 1,142.90 | $ | 1,170.90 | |||||
Computer Software, Net Book Value | ' | ||||||||
Software includes capitalized internal-use software development costs with a net book value as follows (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Computer software | $ | 138.6 | $ | 162.5 | |||||
Other Non-Current Assets | ' | ||||||||
Other non-current assets (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Auction rate securities | $ | 39.5 | $ | 42 | |||||
Deferred tax assets | 211.8 | 200.4 | |||||||
Other assets | 244.2 | 242.2 | |||||||
Other non-current assets | $ | 495.5 | $ | 484.6 | |||||
Deferred Revenue | ' | ||||||||
Short-term and long-term deferred revenue (in millions): | |||||||||
October 25, | April 26, | ||||||||
2013 | 2013 | ||||||||
Product | $ | 26.9 | $ | 15.7 | |||||
Software entitlements and maintenance and service | 2,905.00 | 2,993.80 | |||||||
Total | $ | 2,931.90 | $ | 3,009.50 | |||||
Reported as: | |||||||||
Short-term | $ | 1,525.80 | $ | 1,563.30 | |||||
Long-term | 1,406.10 | 1,446.20 | |||||||
Total | $ | 2,931.90 | $ | 3,009.50 | |||||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||||||||||||||
Summary of Investments | ' | ||||||||||||||||||||||||||||||||
The following is a summary of our investments (in millions): | |||||||||||||||||||||||||||||||||
October 25, 2013 | April 26, 2013 | ||||||||||||||||||||||||||||||||
Gross Unrealized | Gross Unrealized | ||||||||||||||||||||||||||||||||
Cost or | Gains | Losses | Estimated | Cost or | Gains | Losses | Estimated | ||||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||||||||||
Corporate bonds | $ | 2,558.60 | $ | 10.8 | $ | (0.9 | ) | $ | 2,568.50 | $ | 3,132.80 | $ | 14.9 | $ | (0.6 | ) | $ | 3,147.10 | |||||||||||||||
U.S. Treasury and government debt securities | 278.2 | 0.4 | 0 | 278.6 | 392.8 | 0.9 | 0 | 393.7 | |||||||||||||||||||||||||
Commercial paper | 151.7 | 0 | 0 | 151.7 | 178.5 | 0 | 0 | 178.5 | |||||||||||||||||||||||||
Certificates of deposit | 185 | 0.1 | 0 | 185.1 | 135.4 | 0.1 | 0 | 135.5 | |||||||||||||||||||||||||
Money market funds | 0 | 0 | 0 | 0 | 1,463.10 | 0 | 0 | 1,463.10 | |||||||||||||||||||||||||
Auction rate securities | 41.9 | 0 | (2.4 | ) | 39.5 | 44.2 | 0.5 | (2.7 | ) | 42 | |||||||||||||||||||||||
Equity funds | 31.6 | 0 | 0 | 31.6 | 28.3 | 0 | 0 | 28.3 | |||||||||||||||||||||||||
Total debt and equity securities | $ | 3,247.00 | $ | 11.3 | $ | (3.3 | ) | $ | 3,255.00 | $ | 5,375.10 | $ | 16.4 | $ | (3.3 | ) | $ | 5,388.20 | |||||||||||||||
Contractual Maturities of Debt Investments | ' | ||||||||||||||||||||||||||||||||
The following table presents the contractual maturities of our debt investments as of October 25, 2013 (in millions): | |||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 1,130.10 | $ | 1,131.90 | |||||||||||||||||||||||||||||
Due in one through five years | 1,871.70 | 1,880.30 | |||||||||||||||||||||||||||||||
Due after ten years* | 41.9 | 39.5 | |||||||||||||||||||||||||||||||
$ | 3,043.70 | $ | 3,051.70 | ||||||||||||||||||||||||||||||
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||||||
The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of October 25, 2013 (in millions): | |||||||||||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Corporate bonds | $ | 2,568.50 | $ | 0 | $ | 2,568.50 | $ | 0 | |||||||||||||||||||||||||
U.S. Treasury and government debt securities | 278.6 | 176.4 | 102.2 | 0 | |||||||||||||||||||||||||||||
Commercial paper | 151.7 | 0 | 151.7 | 0 | |||||||||||||||||||||||||||||
Certificates of deposit | 185.1 | 0 | 185.1 | 0 | |||||||||||||||||||||||||||||
Auction rate securities | 39.5 | 0 | 0 | 39.5 | |||||||||||||||||||||||||||||
Equity funds | 31.6 | 31.6 | 0 | 0 | |||||||||||||||||||||||||||||
Foreign currency contracts | 1.2 | 0 | 1.2 | 0 | |||||||||||||||||||||||||||||
Total | $ | 3,256.20 | $ | 208 | $ | 3,008.70 | $ | 39.5 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | 4.4 | $ | 0 | $ | 4.4 | $ | 0 | |||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the balance sheet classifications of our financial assets and liabilities measured at fair value on a recurring basis as of October 25, 2013 (in millions): | |||||||||||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Cash equivalents | $ | 171.7 | $ | 0 | $ | 171.7 | $ | 0 | |||||||||||||||||||||||||
Short-term investments | 3,012.20 | 176.4 | 2,835.80 | 0 | |||||||||||||||||||||||||||||
Other current assets | 5.1 | 3.9 | 1.2 | 0 | |||||||||||||||||||||||||||||
Other non-current assets | 67.2 | 27.7 | 0 | 39.5 | |||||||||||||||||||||||||||||
Total | $ | 3,256.20 | $ | 208 | $ | 3,008.70 | $ | 39.5 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Other current liabilities | $ | 4.4 | $ | 0 | $ | 4.4 | $ | 0 | |||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||
Quantitative information about our Level 3 fair value measurements is as follows (fair value in millions): | |||||||||||||||||||||||||||||||||
Estimated Fair | Valuation Techniques | Unobservable Inputs | Range | ||||||||||||||||||||||||||||||
Value as of | (Weighted average) | ||||||||||||||||||||||||||||||||
October 25, 2013 | |||||||||||||||||||||||||||||||||
ARS | $ | 39.5 | Discounted cash flow | Time-to-economic maturity | 6.7 yrs. – 10.9 yrs. (8.3 yrs.) | ||||||||||||||||||||||||||||
Liquidity risk premium, market | 1.7% - 3.6% (2.5%) | ||||||||||||||||||||||||||||||||
credit spread and other factors | |||||||||||||||||||||||||||||||||
Coupon rate | 1.1% - 2.7% (1.9%) | ||||||||||||||||||||||||||||||||
Market comparable securities | Discount rate | 2.2% - 9.2% (5.4%) | |||||||||||||||||||||||||||||||
Reconciliation of Beginning and Ending Balance of Level 3 Auction Rate Securities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||||||
The table below provides a reconciliation of the beginning and ending balance of our Level 3 ARS measured at fair value on a recurring basis using significant unobservable inputs (in millions): | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
October 25, | October 26, | October 25, | October 26, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 42.2 | $ | 46.3 | $ | 42 | $ | 51 | |||||||||||||||||||||||||
Total unrealized gains (losses), net included in other comprehensive income (loss) | (0.4 | ) | 0.2 | (0.2 | ) | 0.5 | |||||||||||||||||||||||||||
Total realized gains included in earnings | 0.7 | 0 | 0.7 | 0 | |||||||||||||||||||||||||||||
Sales | (3.0 | ) | 0 | (3.0 | ) | 0 | |||||||||||||||||||||||||||
Settlements | (0.0 | ) | (0.0 | ) | (0.0 | ) | (5.0 | ) | |||||||||||||||||||||||||
Balance at end of period | $ | 39.5 | $ | 46.5 | $ | 39.5 | $ | 46.5 | |||||||||||||||||||||||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Carrying Value of Long-Term Debt | ' | ||||||||||||||||
The following table summarizes the carrying value of our long-term debt (in millions): | |||||||||||||||||
October 25, 2013 | April 26, 2013 | ||||||||||||||||
Amount | Effective | Amount | Effective | ||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||
2.00% Senior Notes due 2017 | $ | 750 | 2.25 | % | $ | 750 | 2.25 | % | |||||||||
3.25% Senior Notes due 2022 | 250 | 3.43 | % | 250 | 3.43 | % | |||||||||||
1.75% Convertible Notes due 2013 | 0 | N/A | 1,264.90 | 6.31 | % | ||||||||||||
Total principal amount | 1,000.00 | 2,264.90 | |||||||||||||||
Less: Unamortized discount | (5.0 | ) | (12.5 | ) | |||||||||||||
Total debt | 995 | 2,252.40 | |||||||||||||||
Less: Current portion | (0.0 | ) | (1,257.8 | ) | |||||||||||||
Total long-term portion | $ | 995 | $ | 994.6 | |||||||||||||
Amount of Interest Expense Related to Convertible Notes | ' | ||||||||||||||||
The following table presents the amount of interest expense related to the Convertible Notes (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 26, 2012 | October 25, 2013 | October 26, 2012 | |||||||||||||||
Contractual coupon interest expense | $ | 5.5 | $ | 2.5 | $ | 11 | |||||||||||
Amortization of debt discount | 13.6 | 7.1 | 27.1 | ||||||||||||||
Amortization of debt issuance costs | 1.2 | 0.6 | 2.4 | ||||||||||||||
Less capitalized interest | (0.6 | ) | 0 | (1.1 | ) | ||||||||||||
Total interest expense related to Convertible Notes | $ | 19.7 | $ | 10.2 | $ | 39.4 | |||||||||||
Future Principal Debt Maturities | ' | ||||||||||||||||
As of October 25, 2013, our aggregate future principal debt maturities are as follows (in millions): | |||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||
2018 | $ | 750 | |||||||||||||||
Thereafter | 250 | ||||||||||||||||
Total | $ | 1,000.00 | |||||||||||||||
Amounts Due Under Other Long-Term Financing Arrangements | ' | ||||||||||||||||
Other Long-Term Financing Arrangements | |||||||||||||||||
The following presents the amounts due under other long-term financing arrangements (in millions): | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Current portion of other long-term financing arrangements | $ | 7.1 | $ | 5.2 | |||||||||||||
Non-current portion of other long-term financing arrangements | 9.5 | 5.6 | |||||||||||||||
Total | $ | 16.6 | $ | 10.8 | |||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | ||||||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||||||
Activity Related To Stock Options | ' | ||||||||||||||||||||
The following table summarizes activity related to our stock options (in millions, except for exercise price and contractual term): | |||||||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||||||
of Shares | Average | Average | Intrinsic | ||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||
Price | Contractual Term | ||||||||||||||||||||
(Years) | |||||||||||||||||||||
Outstanding as of April 26, 2013 | 19.2 | $ | 31.27 | ||||||||||||||||||
Granted | 2.7 | 38.14 | |||||||||||||||||||
Exercised | (4.4 | ) | 25.9 | ||||||||||||||||||
Forfeited and expired | (0.7 | ) | 40.85 | ||||||||||||||||||
Outstanding as of October 25, 2013 | 16.8 | 33.37 | 3.64 | $ | 139.5 | ||||||||||||||||
Vested and expected to vest as of October 25, 2013 | 16.2 | 33.23 | 3.55 | 137.4 | |||||||||||||||||
Exercisable as of October 25, 2013 | 11.8 | 31.18 | 2.73 | 121.6 | |||||||||||||||||
Additional Information Related to Stock Options | ' | ||||||||||||||||||||
Additional information related to our stock options is summarized below (in millions, except per share information): | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||||||
Weighted-average fair value per share granted | $ | 10.49 | $ | 12.4 | $ | 9.86 | $ | 10.86 | |||||||||||||
Intrinsic value of exercises | $ | 33 | $ | 10.4 | $ | 60.4 | $ | 15.8 | |||||||||||||
Proceeds received from exercises | $ | 56.4 | $ | 12.8 | $ | 113.2 | $ | 19.5 | |||||||||||||
Fair value of options vested | $ | 13.4 | $ | 15.1 | $ | 25.4 | $ | 29.5 | |||||||||||||
Activity Related to Restricted Stock Units (RSUs) | ' | ||||||||||||||||||||
The following table summarizes activity related to our restricted stock units (RSUs) (in millions, except for fair value): | |||||||||||||||||||||
Number of | Weighted- | ||||||||||||||||||||
Shares | Average | ||||||||||||||||||||
Grant Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Outstanding as of April 26, 2013 | 12.8 | $ | 38.36 | ||||||||||||||||||
Granted | 5.9 | 38.58 | |||||||||||||||||||
Vested | (3.0 | ) | 36.74 | ||||||||||||||||||
Forfeited | (1.1 | ) | 39.39 | ||||||||||||||||||
Outstanding as of October 25, 2013 | 14.6 | 38.7 | |||||||||||||||||||
Number and Value of the Shares Netted For Employee Taxes | ' | ||||||||||||||||||||
The number and value of the shares netted for employee taxes are summarized in the table below (in millions): | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||||||
Shares withheld for taxes | 0.1 | 0.1 | 1 | 0.7 | |||||||||||||||||
Fair value of shares withheld | $ | 4.0 | $ | 2.8 | $ | 39.3 | $ | 22.6 | |||||||||||||
Schedule of Employee Stock Purchase Plan (ESPP) Disclosures | ' | ||||||||||||||||||||
Information related to the purchase rights issued under the ESPP is provided below (in millions, except per right information): | |||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||
October 25, 2013 | October 26, 2012 | ||||||||||||||||||||
Weighted-average fair value per right granted | $ | 10.53 | $ | 10.25 | |||||||||||||||||
Shares issued under the ESPP | 2 | 1.9 | |||||||||||||||||||
Proceeds from issuance of shares | $ | 49.9 | $ | 48.2 | |||||||||||||||||
Stock-Based Compensation Expense | ' | ||||||||||||||||||||
Stock-based compensation expense is included in the condensed consolidated statements of operations as follows (in millions): | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||||||
Cost of product revenues | $ | 1.4 | $ | 1.5 | $ | 2.7 | $ | 3.3 | |||||||||||||
Cost of service revenues | 4.2 | 4.6 | 8.2 | 10.2 | |||||||||||||||||
Sales and marketing | 31.1 | 30.9 | 61.6 | 69.9 | |||||||||||||||||
Research and development | 21.6 | 19.3 | 43 | 43 | |||||||||||||||||
General and administrative | 9.3 | 8.7 | 18.4 | 17.8 | |||||||||||||||||
Total stock-based compensation expense | $ | 67.6 | $ | 65 | $ | 133.9 | $ | 144.2 | |||||||||||||
Income Tax Effects Associated with Employee Stock Transactions | ' | ||||||||||||||||||||
Total income tax benefit associated with employee stock transactions and recognized in stockholders’ equity were as follows (in millions): | |||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||
October 25, 2013 | October 26, 2012 | ||||||||||||||||||||
Income tax benefit associated with employee stock transactions | $ | 1.8 | $ | 28.2 | |||||||||||||||||
Valuation Assumptions - Stock Options | ' | ||||||||||||||||||||
The fair value of each stock option and ESPP purchase right is estimated on the grant date using the Black-Scholes option pricing model and the following weighted-average assumptions: | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||||||
Expected term in years | 4.8 | 4.8 | 4.8 | 4.8 | |||||||||||||||||
Risk-free interest rate | 1.6 | % | 0.6 | % | 1.1 | % | 0.6 | % | |||||||||||||
Volatility | 32 | % | 43 | % | 34 | % | 41 | % | |||||||||||||
Dividend yield | 1.6 | % | 0 | % | 1.6 | % | 0 | % | |||||||||||||
Valuation Assumptions - ESPP | ' | ||||||||||||||||||||
ESPP | |||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||
October 25, 2013 | October 26, 2012 | ||||||||||||||||||||
Expected term in years | 1.2 | 1.2 | |||||||||||||||||||
Risk-free interest rate | 0.2 | % | 0.2 | % | |||||||||||||||||
Volatility | 32 | % | 38 | % | |||||||||||||||||
Dividend yield | 1.6 | % | 0 | % | |||||||||||||||||
Valuation Assumptions - RSUs | ' | ||||||||||||||||||||
The weighted-average assumptions used to value RSUs are summarized as follows: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||||||
Grant date fair value per share | $ | 40.13 | $ | 31.91 | $ | 38.58 | $ | 29.31 | |||||||||||||
Expected dividend | 1.6 | % | 0 | % | 1.6 | % | 0 | % | |||||||||||||
Summary of Activities Related to Stock Repurchase Program | ' | ||||||||||||||||||||
The following table summarizes activity related to this program for the six months ended October 25, 2013 (in millions, except per share information): | |||||||||||||||||||||
Number of shares repurchased | 25.3 | ||||||||||||||||||||
Average price per share | $ | 39.57 | |||||||||||||||||||
Aggregate purchase price | $ | 1,000.00 | |||||||||||||||||||
Remaining authorization at end of period | $ | 2,006.30 | |||||||||||||||||||
Reconciliation of Retained Earnings | ' | ||||||||||||||||||||
A reconciliation of retained earnings for the six months ended October 25, 2013 is as follows (in millions): | |||||||||||||||||||||
Balance as of April 26, 2013 | $ | 2,896.80 | |||||||||||||||||||
Net income | 248.4 | ||||||||||||||||||||
Repurchases of common stock | (613.7 | ) | |||||||||||||||||||
Retirement of treasury stock | (2,313.3 | ) | |||||||||||||||||||
Dividends | (102.7 | ) | |||||||||||||||||||
Balance as of October 25, 2013 | $ | 115.5 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) by Component Net of Tax | ' | ||||||||||||||||||||
Changes in accumulated other comprehensive income (AOCI) by component, net of tax, are summarized below (in millions): | |||||||||||||||||||||
Foreign | Defined | Unrealized | Unrealized | Total | |||||||||||||||||
Currency | Benefit | Gains on | Gains | ||||||||||||||||||
Translation | Obligation | Available- | (Losses) on | ||||||||||||||||||
Adjustments | Adjustments | for-Sale | Derivative | ||||||||||||||||||
Securities | Instruments | ||||||||||||||||||||
Balance as of April 26, 2013 | $ | 2 | $ | (5.7 | ) | $ | 11.4 | $ | 1 | $ | 8.7 | ||||||||||
Other comprehensive income (loss) (OCI) before reclassifications | 3.6 | 0.2 | (3.0 | ) | (3.5 | ) | (2.7 | ) | |||||||||||||
Amounts reclassified from AOCI | 0 | 0 | (1.1 | ) | 1.4 | 0.3 | |||||||||||||||
Net OCI | 3.6 | 0.2 | (4.1 | ) | (2.1 | ) | (2.4 | ) | |||||||||||||
Balance as of October 25, 2013 | $ | 5.6 | $ | (5.5 | ) | $ | 7.3 | $ | (1.1 | ) | $ | 6.3 | |||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The amounts reclassified out of AOCI are as follows (in millions): | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||||||
OCI Components | Amounts Reclassified from AOCI | Amounts Reclassified from AOCI | Statements of Operations | ||||||||||||||||||
Location | |||||||||||||||||||||
Realized gains on available-for-sale securities | $ | (1.0 | ) | $ | (0.5 | ) | $ | (1.1 | ) | $ | (0.6 | ) | Other income | ||||||||
(expense), net | |||||||||||||||||||||
Realized losses (gains) on cash flow hedges | 2.4 | 2.6 | 1.4 | (1.9 | ) | Net revenues | |||||||||||||||
Total reclassifications | $ | 1.4 | $ | 2.1 | $ | 0.3 | $ | (2.5 | ) | ||||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Schedule of Notional Value of Outstanding Foreign Currency Exchange Forward Contracts | ' | ||||||||||||||||
contracts have a maturity of less than six months. The notional amount of our outstanding U.S. dollar equivalent foreign currency exchange forward contracts consisted of the following (in millions): | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Cash Flow Hedges | |||||||||||||||||
Forward contracts purchased | $ | 181.3 | $ | 108.4 | |||||||||||||
Balance Sheet Contracts | |||||||||||||||||
Forward contracts sold | 180.3 | 158.2 | |||||||||||||||
Forward contracts purchased | 258.7 | 358.4 | |||||||||||||||
Schedule of Derivative Instruments Not Designated as Hedging Instruments | ' | ||||||||||||||||
The effect of derivative instruments not designated as hedging instruments recognized in other income (expense), net on our condensed consolidated statements of operations was as follows (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 25, 2013 | October 26, 2012 | October 25, 2013 | October 26, 2012 | ||||||||||||||
Gain (Loss) Recognized into Income | Gain Recognized into Income | ||||||||||||||||
Foreign currency exchange forward contracts | $ | 0.6 | $ | (9.7 | ) | $ | 0.8 | $ | 6.2 |
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 6 Months Ended | ||||
Oct. 25, 2013 | |||||
Activities Related to Restructuring Reserves | ' | ||||
Activities related to this plan for the six months ended October 25, 2013 were as follows (in millions): | |||||
Total | |||||
Net charges | $ | 49.5 | |||
Cash payments | (45.4 | ) | |||
Balance as of October 25, 2013 | $ | 4.1 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||||||
Oct. 25, 2013 | |||||||||
Effective Tax Rates | ' | ||||||||
Our effective tax rates for the periods presented were as follows: | |||||||||
Six Months Ended | |||||||||
October 25, 2013 | October 26, 2012 | ||||||||
Effective tax rates | 12.7 | % | 14.1 | % |
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Computation of Basic and Diluted Net Income Per Share | ' | ||||||||||||||||
The following is a calculation of basic and diluted net income per share (in millions, except per share amounts): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 25, | October 26, | October 25, | October 26, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 166.8 | $ | 109.6 | $ | 248.4 | $ | 173.4 | |||||||||
Denominator: | |||||||||||||||||
Shares used in basic computation | 340.7 | 362 | 345.8 | 364.1 | |||||||||||||
Dilutive potential shares related to employee equity award plans | 7.5 | 5.2 | 7.2 | 5.1 | |||||||||||||
Dilutive impact of assumed conversion of Convertible Notes | 0 | 1 | 1.1 | 0.5 | |||||||||||||
Dilutive impact of warrants | 0.9 | 0 | 0.4 | 0 | |||||||||||||
Shares used in diluted computation | 349.1 | 368.2 | 354.5 | 369.7 | |||||||||||||
Net Income per Share: | |||||||||||||||||
Basic | $ | 0.49 | $ | 0.3 | $ | 0.72 | $ | 0.48 | |||||||||
Diluted | $ | 0.48 | $ | 0.3 | $ | 0.7 | $ | 0.47 | |||||||||
Anti-Dilutive Shares Excluded from the Calculation of Net Income Per Share | ' | ||||||||||||||||
The following potential weighted-average shares of common stock have been excluded from the diluted net income per share calculations, as their effect would have been anti-dilutive (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 25, | October 26, | October 25, | October 26, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Employee equity award plans | 7.2 | 16.3 | 6.9 | 17.1 |
Segment_Geographic_and_Signifi1
Segment, Geographic, and Significant Customer Information (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Schedule of Revenues by Geographic Region | ' | ||||||||||||||||
Summarized revenues by geographic region based on information from our internal management system and utilized by our Chief Executive Officer, who is considered our Chief Operating Decision Maker, is as follows (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 25, | October 26, | October 25, | October 26, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Americas (United States, Canada and Latin America) | $ | 899.2 | $ | 897.3 | $ | 1,757.70 | $ | 1,698.40 | |||||||||
Europe, Middle East and Africa | 445 | 437.7 | 893 | 877 | |||||||||||||
Asia Pacific | 205.7 | 206.2 | 415.4 | 410.4 | |||||||||||||
Net revenues | $ | 1,549.90 | $ | 1,541.20 | $ | 3,066.10 | $ | 2,985.80 | |||||||||
Schedule of Total Cash, Cash Equivalents, Restricted Cash and Investments | ' | ||||||||||||||||
The following table presents cash, cash equivalents, restricted cash and investments held in the United States and internationally in various foreign subsidiaries (in millions): | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
United States | $ | 1,414.10 | $ | 3,419.30 | |||||||||||||
International | 3,908.20 | 3,586.80 | |||||||||||||||
Total | $ | 5,322.30 | $ | 7,006.10 | |||||||||||||
Schedule of Property and Equipment, Net by Geographic Areas | ' | ||||||||||||||||
The following table presents property and equipment information for geographic areas based on the physical location of the assets (in millions): | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
United States | $ | 1,053.10 | $ | 1,076.30 | |||||||||||||
International | 89.8 | 94.6 | |||||||||||||||
Total | $ | 1,142.90 | $ | 1,170.90 | |||||||||||||
Schedule of Revenues from Significant Customers | ' | ||||||||||||||||
The following customers, each of which is a distributor, accounted for 10% or more of our net revenues: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 25, | October 26, | October 25, | October 26, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Arrow Electronics, Inc.(1) | 23 | % | 21 | % | 22 | % | 19 | % | |||||||||
Avnet, Inc.(1) | 16 | % | 15 | % | 16 | % | 15 | % | |||||||||
(1) | Net revenues for Arrow Electronics, Inc. for the three and six months ended October 26, 2012 have been corrected from 20% and 18%, respectively, previously disclosed to 21% and 19%, respectively. Net revenues for Avnet, Inc. for the six months ended October 26, 2012 have been corrected from 14% previously disclosed to 15%. | ||||||||||||||||
Schedule of Net Accounts Receivable from Significant Customers | ' | ||||||||||||||||
The following customers accounted for 10% or more of net accounts receivable: | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Arrow Electronics, Inc. | 15 | % | 16 | % | |||||||||||||
Avnet, Inc. | 10 | % | 14 | % |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 25, 2013 | |||||||||||||||||
Schedule of Product Warranty | ' | ||||||||||||||||
The following table summarizes our warranty reserves (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
October 25, | October 26, | October 25, | October 26, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Beginning balance | $ | 119.8 | $ | 96.5 | $ | 117.2 | $ | 83.1 | |||||||||
Expense accrued during the period | 14.3 | 27.1 | 38.3 | 50.8 | |||||||||||||
Warranty costs incurred | (18.1 | ) | (11.8 | ) | (39.5 | ) | (22.1 | ) | |||||||||
Ending balance | $ | 116 | $ | 111.8 | $ | 116 | $ | 111.8 | |||||||||
Schedule of Warranty Liability Balances | ' | ||||||||||||||||
Our warranty reserves were reported in our condensed consolidated balance sheets as follows (in millions): | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Other current liabilities | $ | 78.1 | $ | 81.6 | |||||||||||||
Other long-term liabilities | 37.9 | 35.6 | |||||||||||||||
Total | $ | 116 | $ | 117.2 | |||||||||||||
Schedule of Financing Guarantees | ' | ||||||||||||||||
The following schedule of financing guarantees represents the total maximum potential future payments under financing arrangements with third parties, and the related deferred revenue (in millions): | |||||||||||||||||
October 25, | April 26, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Maximum guaranteed payment contingencies | $ | 215.6 | $ | 182.4 | |||||||||||||
Deferred revenue associated with financing guarantees | (199.0 | ) | (168.6 | ) | |||||||||||||
Maximum potential future payments relating to financing guarantees, net of associated deferred revenue | $ | 16.6 | $ | 13.8 | |||||||||||||
Statements_of_Cash_Flows_Suppl
Statements of Cash Flows - Supplemental Cash Flows and Non Cash Investing and Financing Activities (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Non-cash Investing and Financing Activities: | ' | ' |
Reclassification of equity component of Convertible Notes | $0 | $62.60 |
Acquisition of property and equipment outstanding in accounts payable | 27.1 | 20 |
Acquisition of software through long-term financing | 11.4 | 0.8 |
Supplemental Cash Flow Information: | ' | ' |
Income taxes paid, net of refunds | 26.5 | 26.5 |
Interest paid, net of capitalized interest | $23.20 | $11.30 |
Purchased_Intangible_Assets_Ne2
Purchased Intangible Assets, Net (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Assets | $297.10 | $379.20 |
Accumulated Amortization | -146.2 | -198.6 |
Net Assets | 150.9 | 180.6 |
Developed Technology | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Assets | 283 | 312.4 |
Accumulated Amortization | -134 | -134.9 |
Net Assets | 149 | 177.5 |
Customer Contracts/Relationships | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Assets | 9.6 | 54.7 |
Accumulated Amortization | -8.7 | -53.1 |
Net Assets | 0.9 | 1.6 |
Trademarks And Trade Names | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Assets | 2.9 | 9.9 |
Accumulated Amortization | -2.2 | -8.9 |
Net Assets | 0.7 | 1 |
Covenants Not To Compete | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Assets | 1.6 | 2.2 |
Accumulated Amortization | -1.3 | -1.7 |
Net Assets | $0.30 | $0.50 |
Purchased_Intangible_Assets_Ne3
Purchased Intangible Assets, Net - Amortization Expense for Purchased Intangible Assets (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | $14.90 | $21.50 | $29.80 | $42.90 |
Cost of revenues | Developed Technology | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | 14.3 | 14 | 28.6 | 27.9 |
Operating expenses | Customer Contracts/Relationships | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | 0.3 | 6.3 | 0.7 | 12.6 |
Operating expenses | Trademarks And Trade Names | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | 0.1 | 1 | 0.2 | 2 |
Operating expenses | Covenants Not To Compete | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | $0.20 | $0.20 | $0.30 | $0.40 |
Purchased_Intangible_Assets_Ne4
Purchased Intangible Assets, Net - Future Amortization Expense Related to Purchased Intangible Assets (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Remainder of 2014 | $29.50 | ' |
2015 | 57.8 | ' |
2016 | 53.6 | ' |
2017 | 6.7 | ' |
2018 | 3.3 | ' |
Net Assets | $150.90 | $180.60 |
Balance_Sheet_Details_Cash_and
Balance Sheet Details - Cash and Cash Equivalents (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 | Oct. 26, 2012 | Apr. 27, 2012 |
In Millions, unless otherwise specified | ||||
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Cash | $2,088.80 | $1,634.70 | ' | ' |
Cash equivalents | 171.7 | 1,642.40 | ' | ' |
Cash and cash equivalents | $2,260.50 | $3,277.10 | $1,816.80 | $1,549.80 |
Balance_Sheet_Details_Inventor
Balance Sheet Details - Inventories (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Purchased components | $10.80 | $16.30 |
Finished goods | 105.1 | 123.2 |
Inventories | $115.90 | $139.50 |
Balance_Sheet_Details_Other_Cu
Balance Sheet Details - Other Current Assets (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Prepaid expenses and other current assets | $192.30 | $262.60 |
Short-term restricted cash | 7.7 | 8.9 |
Deferred tax assets | 241 | 253.7 |
Other current assets | $441 | $525.20 |
Balance_Sheet_Details_Property
Balance Sheet Details - Property and Equipment Net (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $2,210.70 | $2,139.30 |
Accumulated depreciation and amortization | -1,067.80 | -968.4 |
Property and equipment, net | 1,142.90 | 1,170.90 |
Land and land improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 265.7 | 265.5 |
Buildings and building improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 540.8 | 534.8 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 101.8 | 100.3 |
Computer, production, engineering and other equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 747.8 | 714 |
Software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 430.1 | 422.6 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 84.9 | 82.2 |
Construction-in-progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $39.60 | $19.90 |
Balance_Sheet_Details_Computer
Balance Sheet Details - Computer Software Net Book Value (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Capitalized Software [Line Items] | ' | ' |
Computer software | $138.60 | $162.50 |
Balance_Sheet_Details_Other_No
Balance Sheet Details - Other Non-Current Assets (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Auction rate securities | $39.50 | $42 |
Deferred tax assets | 211.8 | 200.4 |
Other assets | 244.2 | 242.2 |
Other non-current assets | $495.50 | $484.60 |
Balance_Sheet_Details_Deferred
Balance Sheet Details - Deferred Revenue (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Deferred Revenue Arrangement [Line Items] | ' | ' |
Short-term | $1,525.80 | $1,563.30 |
Long-term | 1,406.10 | 1,446.20 |
Short-term and long-term deferred revenue, Total | 2,931.90 | 3,009.50 |
Product | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Short-term and long-term deferred revenue, Total | 26.9 | 15.7 |
Software entitlements and maintenance and service | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Short-term and long-term deferred revenue, Total | $2,905 | $2,993.80 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements - Summary of Investments (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | $3,247 | $5,375.10 |
Gross Unrealized Gains | 11.3 | 16.4 |
Gross Unrealized Losses | -3.3 | -3.3 |
Estimated Fair Value | 3,255 | 5,388.20 |
Corporate Bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 2,558.60 | 3,132.80 |
Gross Unrealized Gains | 10.8 | 14.9 |
Gross Unrealized Losses | -0.9 | -0.6 |
Estimated Fair Value | 2,568.50 | 3,147.10 |
U.S. Treasury And Government Debt Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 278.2 | 392.8 |
Gross Unrealized Gains | 0.4 | 0.9 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 278.6 | 393.7 |
Commercial Paper | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 151.7 | 178.5 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 151.7 | 178.5 |
Certificates of Deposit | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 185 | 135.4 |
Gross Unrealized Gains | 0.1 | 0.1 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 185.1 | 135.5 |
Money Market Funds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 0 | 1,463.10 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 1,463.10 |
Auction Rate Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 41.9 | 44.2 |
Gross Unrealized Gains | 0 | 0.5 |
Gross Unrealized Losses | -2.4 | -2.7 |
Estimated Fair Value | 39.5 | 42 |
Equity Funds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 31.6 | 28.3 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $31.60 | $28.30 |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements - Contractual Maturities of Debt Investments (Detail) (USD $) | Oct. 25, 2013 | |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | |
Due in one year or less, Amortized Cost | $1,130.10 | |
Due in one through five years, Amortized Cost | 1,871.70 | |
Due after ten years, Amortized Cost | 41.9 | [1] |
Total, Amortized Cost | 3,043.70 | |
Due in one year or less, Estimated Fair Value | 1,131.90 | |
Due in one through five years, Estimated Fair Value | 1,880.30 | |
Due after ten years, Estimated Fair Value | 39.5 | [1] |
Total, Estimated Fair Value | $3,051.70 | |
[1] | Consists of auction rate securities (ARS) which have contractual maturities of greater than 10 years. |
Financial_Instruments_and_Fair4
Financial Instruments and Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Oct. 25, 2013 |
In Millions, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Foreign currency contracts | $1.20 |
Assets | 3,256.20 |
Foreign currency contracts | 4.4 |
Corporate Bonds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 2,568.50 |
U.S. Treasury And Government Debt Securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 278.6 |
Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 151.7 |
Certificates of Deposit | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 185.1 |
Auction Rate Securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 39.5 |
Equity Funds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 31.6 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Foreign currency contracts | 0 |
Assets | 208 |
Foreign currency contracts | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate Bonds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury And Government Debt Securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 176.4 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of Deposit | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Auction Rate Securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Funds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 31.6 |
Significant Other Observable Inputs (Level 2) | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Foreign currency contracts | 1.2 |
Assets | 3,008.70 |
Foreign currency contracts | 4.4 |
Significant Other Observable Inputs (Level 2) | Corporate Bonds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 2,568.50 |
Significant Other Observable Inputs (Level 2) | U.S. Treasury And Government Debt Securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 102.2 |
Significant Other Observable Inputs (Level 2) | Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 151.7 |
Significant Other Observable Inputs (Level 2) | Certificates of Deposit | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 185.1 |
Significant Other Observable Inputs (Level 2) | Auction Rate Securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 0 |
Significant Other Observable Inputs (Level 2) | Equity Funds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 0 |
Significant Unobservable Inputs (Level 3) | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Foreign currency contracts | 0 |
Assets | 39.5 |
Foreign currency contracts | 0 |
Significant Unobservable Inputs (Level 3) | Corporate Bonds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 0 |
Significant Unobservable Inputs (Level 3) | U.S. Treasury And Government Debt Securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 0 |
Significant Unobservable Inputs (Level 3) | Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 0 |
Significant Unobservable Inputs (Level 3) | Certificates of Deposit | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 0 |
Significant Unobservable Inputs (Level 3) | Auction Rate Securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 39.5 |
Significant Unobservable Inputs (Level 3) | Equity Funds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | $0 |
Financial_Instruments_and_Fair5
Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Oct. 25, 2013 |
In Millions, unless otherwise specified | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Cash equivalents | $171.70 |
Short-term investments | 3,012.20 |
Total | 3,256.20 |
Other current liabilities | 4.4 |
Other Current Assets | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Other assets | 5.1 |
Other Noncurrent Assets | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Other assets | 67.2 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Cash equivalents | 0 |
Short-term investments | 176.4 |
Total | 208 |
Other current liabilities | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Current Assets | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Other assets | 3.9 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Noncurrent Assets | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Other assets | 27.7 |
Significant Other Observable Inputs (Level 2) | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Cash equivalents | 171.7 |
Short-term investments | 2,835.80 |
Total | 3,008.70 |
Other current liabilities | 4.4 |
Significant Other Observable Inputs (Level 2) | Other Current Assets | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Other assets | 1.2 |
Significant Other Observable Inputs (Level 2) | Other Noncurrent Assets | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Other assets | 0 |
Significant Unobservable Inputs (Level 3) | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Cash equivalents | 0 |
Short-term investments | 0 |
Total | 39.5 |
Other current liabilities | 0 |
Significant Unobservable Inputs (Level 3) | Other Current Assets | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Other assets | 0 |
Significant Unobservable Inputs (Level 3) | Other Noncurrent Assets | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Other assets | $39.50 |
Financial_Instruments_and_Fair6
Financial Instruments and Fair Value Measurements - Quantitative Information About Level Three Fair Value Measurements (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Oct. 25, 2013 |
Significant Unobservable Inputs (Level 3) | Auction Rate Securities | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
ARS Fair Value | 39.5 |
Minimum | Discounted Cash Flow | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Time-to-economic maturity | '6 years 8 months 12 days |
Liquidity risk premium, market credit spread and other factors | 1.70% |
Coupon rate | 1.10% |
Minimum | Market Comparable Securities | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Discount rate | 2.20% |
Maximum | Discounted Cash Flow | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Time-to-economic maturity | '10 years 10 months 24 days |
Liquidity risk premium, market credit spread and other factors | 3.60% |
Coupon rate | 2.70% |
Maximum | Market Comparable Securities | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Discount rate | 9.20% |
Weighted Average | Discounted Cash Flow | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Time-to-economic maturity | '8 years 3 months 18 days |
Liquidity risk premium, market credit spread and other factors | 2.50% |
Coupon rate | 1.90% |
Weighted Average | Market Comparable Securities | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Discount rate | 5.40% |
Financial_Instruments_and_Fair7
Financial Instruments and Fair Value Measurements - Reconciliation of Beginning and Ending Balance of Level Three Auction Rate Securities Measured at Fair Value On Recurring Basis (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | $42.20 | $46.30 | $42 | $51 |
Total unrealized gains (losses), net included in other comprehensive income (loss) | -0.4 | 0.2 | -0.2 | 0.5 |
Total realized gains included in earnings | 0.7 | 0 | 0.7 | 0 |
Sales | -3 | 0 | -3 | 0 |
Settlements | 0 | 0 | 0 | -5 |
Balance at end of period | $39.50 | $46.50 | $39.50 | $46.50 |
Financial_Instruments_and_Fair8
Financial Instruments and Fair Value Measurements - Additional Information (Detail) (Significant Other Observable Inputs (Level 2), USD $) | Oct. 25, 2013 |
In Millions, unless otherwise specified | |
Senior Notes | ' |
Fair Value of Financial Instruments [Line Items] | ' |
Long-term Debt | $989.60 |
Senior Notes due 2017 | ' |
Fair Value of Financial Instruments [Line Items] | ' |
Notes issued, interest rate | 2.00% |
Senior Notes due 2022 | ' |
Fair Value of Financial Instruments [Line Items] | ' |
Notes issued, interest rate | 3.25% |
Financing_Arrangements_Carryin
Financing Arrangements - Carrying Value of Long-Term Debt (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 | Jun. 10, 2008 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt face amount | $1,000 | $2,264.90 | ' |
Less: Unamortized discount | -5 | -12.5 | ' |
Total | 995 | 2,252.40 | ' |
Less: Current portion | 0 | -1,257.80 | ' |
Total long-term portion | 995 | 994.6 | ' |
Senior Notes due 2017 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt face amount | 750 | 750 | ' |
Debt Instrument, Interest Rate, Effective Percentage | 2.25% | 2.25% | ' |
Senior Notes due 2022 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt face amount | 250 | 250 | ' |
Debt Instrument, Interest Rate, Effective Percentage | 3.43% | 3.43% | ' |
Convertible Notes Payable | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt face amount | 0 | 1,264.90 | 1,265 |
Less: Unamortized discount | ' | ' | ($248) |
Debt Instrument, Interest Rate, Effective Percentage | ' | 6.31% | 6.31% |
Financing_Arrangements_Additio
Financing Arrangements - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
Apr. 26, 2013 | Oct. 25, 2013 | Oct. 17, 2013 | Jul. 26, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 25, 2013 | Oct. 25, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 25, 2013 | Oct. 25, 2013 | Apr. 26, 2013 | Jun. 10, 2008 | Jun. 10, 2008 | Oct. 25, 2013 | Oct. 25, 2013 | |
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Warrant | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | Senior Notes | Senior Notes | ||||||
Extension | Minimum | Maximum | Maximum Leverage Ratio | Minimum Interest Coverage Ratio | Foreign Currency Sub Facility | Letter Of Credit Sub Facility | Swingline Subfacility | Equity Component | ||||||||||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,200,000 | $12,500,000 |
Note repurchase price, percentage of principal amount of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% |
Notes issued, principal amount | 2,264,900,000 | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,264,900,000 | 1,265,000,000 | ' | ' | ' |
Notes issued, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' |
Convertible Notes, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jun-13 | ' | ' | ' | ' | ' |
Conversion price of notes to shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $31.85 | ' | ' | ' | ' | ' |
Common stock shares issued for excess conversion value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | ' |
Numerator of common stock ratio for convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.4 | ' | ' | ' | ' | ' |
Denominator of principal amount upon which conversion rate is based | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' |
Excess conversion value over principal amount of Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 178,900,000 | ' | ' | ' | ' | ' |
Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,017,000,000 | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.31% | 6.31% | ' | ' | ' |
Notes issued, issuance discount | 12,500,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 248,000,000 | ' | ' | ' |
Issuance costs on Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,400,000 | 5,200,000 | ' | ' |
Convertible Note Hedge number of shares contracted to sell | 31,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Note Hedge Exercise Price | $31.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares received in exercise of convertible note hedge | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding warrants, number of shares | 39,700,000 | ' | ' | 39,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of warrants | 41.28 | ' | 40.97 | 41.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised, number of shares | ' | 31,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised and settled with shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' |
Credit facility, amount | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | 100,000,000 | 50,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Credit facility, increase in facility | ' | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, number of extensions | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, extensions period | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, base rate | ' | ' | ' | ' | ' | ' | 0.20% | 1.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, date terminate | ' | ' | ' | ' | ' | 21-Dec-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant Terms | ' | ' | ' | ' | ' | ' | ' | ' | '3.0:1.0 | '3.5:1.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Arrangements_Amount_
Financing Arrangements - Amount of Interest Expense Recognized Related to Convertible Notes (Detail) (Convertible Notes Payable, USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Convertible Notes Payable | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Contractual coupon interest expense | $5.50 | $2.50 | $11 |
Amortization of debt discount | 13.6 | 7.1 | 27.1 |
Amortization of debt issuance costs | 1.2 | 0.6 | 2.4 |
Less capitalized interest | -0.6 | 0 | -1.1 |
Total interest expense related to Convertible Notes | $19.70 | $10.20 | $39.40 |
Financing_Arrangements_Future_
Financing Arrangements - Future Principal Debt Maturities (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2018 | $750 | ' |
Thereafter | 250 | ' |
Total | $1,000 | $2,264.90 |
Financing_Arrangements_Amounts
Financing Arrangements - Amounts Due under Other Long-Term Financing Arrangements (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Debt Outstanding [Line Items] | ' | ' |
Current portion of other long-term financing arrangements | $7.10 | $5.20 |
Non-current portion of other long-term financing arrangements | 9.5 | 5.6 |
Total | $16.60 | $10.80 |
Stockholders_Equity_Activity_R
Stockholders Equity - Activity Related to Stock Options (Detail) (USD $) | 6 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Oct. 25, 2013 |
Number of Shares | ' |
Outstanding as of April 26, 2013, Number of Shares | 19.2 |
Options granted, Number of Shares | 2.7 |
Options Exercised, Number of Shares | -4.4 |
Options forfeited and expired, Number of Shares | -0.7 |
Outstanding as of October 25, 2013, Number of Shares | 16.8 |
Options vested and expected to vest, Number of Shares | 16.2 |
Options Exercisable, Number of Shares | 11.8 |
Weighted-Average Exercise Price | ' |
Beginning Balance, Weighted-Average Exercise Price | $31.27 |
Options granted, Weighted-Average Exercise Price | $38.14 |
Options exercised, Weighted-Average Exercise Price | $25.90 |
Options forfeited and expired, Weighted-Average Exercise Price | $40.85 |
Ending Balance, Weighted-Average Exercise Price | $33.37 |
Options vested and expected to vest, Weighted-Average Exercise Price | $33.23 |
Options Exercisable, Weighted-Average Exercise Price | $31.18 |
Weighted-Average Remaining Contractual Term | ' |
Outstanding, Weighted-Average Remaining Contractual Term | '3 years 7 months 21 days |
Options vested and expected to vest, Weighted-Average Remaining Contractual Term | '3 years 6 months 18 days |
Exercisable, Weighted-Average Remaining Contractual Term | '2 years 8 months 23 days |
Aggregate Intrinsic Value | ' |
Outstanding, Aggregate Intrinsic Value | $139.50 |
Options vested and expected to vest, Aggregate Intrinsic Value | 137.4 |
Exercisable, Aggregate Intrinsic Value | $121.60 |
Stockholders_Equity_Additional
Stockholders Equity - Additional Information Related to Stock Options (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted-average fair value per share granted | $10.49 | $12.40 | $9.86 | $10.86 |
Intrinsic value of exercises | $33 | $10.40 | $60.40 | $15.80 |
Proceeds received from exercises | 56.4 | 12.8 | 113.2 | 19.5 |
Fair value of options vested | $13.40 | $15.10 | $25.40 | $29.50 |
Stockholders_Equity_Activity_R1
Stockholders Equity - Activity Related to Restricted Stock Units (Detail) (Restricted Stock Units, USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Restricted Stock Units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Outstanding as of April 26, 2013, Number of Shares | ' | ' | 12.8 | ' |
RSUs granted, Number of Shares | ' | ' | 5.9 | ' |
RSUs vested, Number of Shares | ' | ' | -3 | ' |
RSUs forfeited, Number of Shares | ' | ' | -1.1 | ' |
Outstanding as of October 25, 2013, Number of Shares | 14.6 | ' | 14.6 | ' |
Outstanding as of April 26, 2013, Weighted-Average Grant Date Fair Value | ' | ' | $38.36 | ' |
RSUs granted, Weighted-Average Grant Date Fair Value | $40.13 | $31.91 | $38.58 | $29.31 |
RSUs vested, Weighted-Average Grant Date Fair Value | ' | ' | $36.74 | ' |
RSUs forfeited, Weighted-Average Grant Date Fair Value | ' | ' | $39.39 | ' |
Outstanding as of October 25, 2013, Weighted-Average Grant Date Fair Value | $38.70 | ' | $38.70 | ' |
Stockholders_Equity_Number_and
Stockholders Equity - Number and Value of Shares Netted for Employee Taxes (Detail) (Restricted Stock Units, USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Restricted Stock Units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares withheld for taxes | 0.1 | 0.1 | 1 | 0.7 |
Fair value of shares withheld | $4 | $2.80 | $39.30 | $22.60 |
Stockholders_Equity_Additional1
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | |||||||
Share data in Millions, except Per Share data, unless otherwise specified | Jun. 05, 2013 | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | Nov. 13, 2013 | Jun. 05, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 |
Subsequent Event | Additional Paid-in Capital | Additional Paid-in Capital | Accelerated Share Repurchase Agreement | Open Market Repurchase | Retained Earnings | Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of discount from quoted market price, employees entitled to buy shares (ESPP) | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense related to equity awards | ' | $500,100,000 | ' | $500,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense will be amortized on a straight-line basis over a weighted-average remaining period, in years | ' | ' | ' | '2 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | 7,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated amount of share repurchases | ' | ' | ' | 1,000,000,000 | ' | ' | ' | 386,300,000 | 750,000,000 | 250,000,000 | 613,700,000 | ' |
Treasury stock, retired during the period | ' | ' | ' | 104.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, retired during the period | ' | ' | ' | ' | ' | ' | ' | 614,000,000 | ' | ' | 2,313,300,000 | 100,000 |
Prepayment to purchase shares of common stock | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, shares | 19.2 | ' | ' | 25.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated share repurchases, weighted-average price | $39.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of forward contract | ' | ' | ' | ' | ' | ' | 13,900,000 | ' | ' | ' | ' | ' |
Cash dividend per share of common stock | ' | $0.15 | $0 | $0.30 | $0 | $0.15 | ' | ' | ' | ' | ' | ' |
Total dividend paid | ' | $102,700,000 | ' | $102,700,000 | $0 | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Schedule_o
Stockholders Equity - Schedule of Employee Stock Purchase Plan ESPP (Detail) (Employee Stock Purchase Plan, USD $) | 6 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Employee Stock Purchase Plan | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average fair value per right granted | $10.53 | $10.25 |
Shares issued under the ESPP | 2 | 1.9 |
Proceeds from issuance of shares | $49.90 | $48.20 |
Stockholders_Equity_StockBased
Stockholders Equity - Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $67.60 | $65 | $133.90 | $144.20 |
Cost of Product Revenues | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 1.4 | 1.5 | 2.7 | 3.3 |
Cost of Service Revenues | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 4.2 | 4.6 | 8.2 | 10.2 |
Sales and Marketing | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 31.1 | 30.9 | 61.6 | 69.9 |
Research and Development | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 21.6 | 19.3 | 43 | 43 |
General and Administrative | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $9.30 | $8.70 | $18.40 | $17.80 |
Stockholders_Equity_Income_Tax
Stockholders Equity - Income Tax Effects Associated with Employee Stock Transactions (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 |
Tax Benefit (Deficiency) Associated with Share Based Compensation Plan [Line Items] | ' | ' |
Income tax benefit associated with employee stock transactions | $1.80 | $28.20 |
Stockholders_Equity_Valuation_
Stockholders Equity - Valuation Assumptions (Detail) | 3 Months Ended | 6 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected term in years | '4 years 9 months 18 days | '4 years 9 months 18 days | '4 years 9 months 18 days | '4 years 9 months 18 days |
Risk-free interest rate | 1.60% | 0.60% | 1.10% | 0.60% |
Volatility | 32.00% | 43.00% | 34.00% | 41.00% |
Dividend yield | 1.60% | 0.00% | 1.60% | 0.00% |
Employee Stock Purchase Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected term in years | ' | ' | '1 year 2 months 12 days | '1 year 2 months 12 days |
Risk-free interest rate | ' | ' | 0.20% | 0.20% |
Volatility | ' | ' | 32.00% | 38.00% |
Dividend yield | ' | ' | 1.60% | 0.00% |
Stockholders_Equity_Valuation_1
Stockholders Equity - Valuation Assumptions - RSUs (Detail) (Restricted Stock Units, USD $) | 3 Months Ended | 6 Months Ended | ||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | |
Restricted Stock Units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Grant date fair value per share | $40.13 | $31.91 | $38.58 | $29.31 |
Expected dividend | 1.60% | 0.00% | 1.60% | 0.00% |
Stockholders_Equity_Summary_of
Stockholders Equity - Summary of Activities Related to Stock Repurchase Program (Detail) (USD $) | 1 Months Ended | 6 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jun. 05, 2013 | Oct. 25, 2013 |
Equity, Class of Treasury Stock [Line Items] | ' | ' |
Number of shares repurchased | 19.2 | 25.3 |
Average price per share | ' | $39.57 |
Aggregate purchase price | ' | $1,000 |
Remaining authorization at end of period | ' | $2,006.30 |
Stockholders_Equity_Reconcilia
Stockholders Equity - Reconciliation of Retained Earnings (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Retained Earnings Adjustments [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | $2,896.80 | ' |
Net income | 166.8 | 109.6 | 248.4 | 173.4 |
Repurchases of common stock | ' | ' | -1,000 | ' |
Dividends | -102.7 | ' | -102.7 | 0 |
Ending balance | 115.5 | ' | 115.5 | ' |
Retained Earnings | ' | ' | ' | ' |
Retained Earnings Adjustments [Line Items] | ' | ' | ' | ' |
Repurchases of common stock | ' | ' | -613.7 | ' |
Retirement of treasury stock | ' | ' | ($2,313.30) | ' |
Stockholders_Equity_Accumulate
Stockholders Equity - Accumulated Other Comprehensive Income (Loss) by Component Net of Tax (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of April 26, 2013 | ' | ' | $8.70 | ' |
Other comprehensive income (loss) (OCI) before reclassifications | ' | ' | -2.7 | ' |
Amounts reclassified from AOCI | ' | ' | 0.3 | ' |
Other comprehensive income (loss) | 7.6 | 3 | -2.4 | 3.3 |
Balance as of October 25, 2013 | 6.3 | ' | 6.3 | ' |
Foreign Currency Translation Adjustments | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of April 26, 2013 | ' | ' | 2 | ' |
Other comprehensive income (loss) (OCI) before reclassifications | ' | ' | 3.6 | ' |
Amounts reclassified from AOCI | ' | ' | 0 | ' |
Other comprehensive income (loss) | ' | ' | 3.6 | ' |
Balance as of October 25, 2013 | 5.6 | ' | 5.6 | ' |
Defined Benefit Obligation Adjustments | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of April 26, 2013 | ' | ' | -5.7 | ' |
Other comprehensive income (loss) (OCI) before reclassifications | ' | ' | 0.2 | ' |
Amounts reclassified from AOCI | ' | ' | 0 | ' |
Other comprehensive income (loss) | ' | ' | 0.2 | ' |
Balance as of October 25, 2013 | -5.5 | ' | -5.5 | ' |
Unrealized Gains on Available-for-Sale Securities | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of April 26, 2013 | ' | ' | 11.4 | ' |
Other comprehensive income (loss) (OCI) before reclassifications | ' | ' | -3 | ' |
Amounts reclassified from AOCI | ' | ' | -1.1 | ' |
Other comprehensive income (loss) | ' | ' | -4.1 | ' |
Balance as of October 25, 2013 | 7.3 | ' | 7.3 | ' |
Unrealized Gains (Losses) on Derivative Instruments | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance as of April 26, 2013 | ' | ' | 1 | ' |
Other comprehensive income (loss) (OCI) before reclassifications | ' | ' | -3.5 | ' |
Amounts reclassified from AOCI | ' | ' | 1.4 | ' |
Other comprehensive income (loss) | ' | ' | -2.1 | ' |
Balance as of October 25, 2013 | ($1.10) | ' | ($1.10) | ' |
Stockholders_Equity_Amounts_Re
Stockholders Equity - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Other income (expense), net | $3.30 | $1.20 | $5.20 | $4.30 |
Net revenues | 1,549.90 | 1,541.20 | 3,066.10 | 2,985.80 |
Net income | 166.8 | 109.6 | 248.4 | 173.4 |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net income | 1.4 | 2.1 | 0.3 | -2.5 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains on Available-for-Sale Securities | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Other income (expense), net | -1 | -0.5 | -1.1 | -0.6 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivative Instruments | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net revenues | $2.40 | $2.60 | $1.40 | ($1.90) |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Schedule of Notional Value of Outstanding Foreign Currency Forward Contracts (Detail) (United States of America, Dollars, USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Cash Flow Hedging | Long | ' | ' |
Derivative [Line Items] | ' | ' |
Forward contracts, Notional Amount | $181.30 | $108.40 |
Balance Sheet Contracts | Long | ' | ' |
Derivative [Line Items] | ' | ' |
Forward contracts, Notional Amount | 258.7 | 358.4 |
Balance Sheet Contracts | Short | ' | ' |
Derivative [Line Items] | ' | ' |
Forward contracts, Notional Amount | $180.30 | $158.20 |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Schedule of Derivative Instruments Not Designated as Cash Flow Hedges (Detail) (Foreign Exchange Forward Contracts, USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Foreign Exchange Forward Contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Foreign currency exchange forward contracts | $0.60 | ($9.70) | $0.80 | $6.20 |
Restructuring_and_Other_Charge2
Restructuring and Other Charges - Additional Information (Detail) | 31-May-13 |
Restructuring Cost and Reserve [Line Items] | ' |
Redution of global work force | 7.00% |
Restructuring_and_Other_Charge3
Restructuring and Other Charges - Activities Related to Restructuring Reserves (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Net charges | $1.10 | $0 | $49.50 | $0 |
Cash payments | ' | ' | -45.4 | ' |
Ending balance, reserve | $4.10 | ' | $4.10 | ' |
Income_Taxes_Effective_Tax_Rat
Income Taxes - Effective Tax Rates (Detail) | 6 Months Ended | |
Oct. 25, 2013 | Oct. 26, 2012 | |
Schedule Of Effective Tax Rates [Line Items] | ' | ' |
Effective tax rates | 12.70% | 14.10% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Oct. 25, 2013 |
Income Tax Contingency [Line Items] | ' |
Unrecognized tax benefits | $199.80 |
Unrecognized tax benefits included in other long-term liabilities | 142.7 |
Unrecognized tax benefits that would affect provision for income taxes | 129 |
Gross increase in unrecognized tax benefits for tax positions related to the current year | 13.6 |
Gross increase in unrecognized tax benefits for tax positions related to the prior year | 1 |
Gross decrease in unrecognized tax benefits for tax positions related to the prior year | $4.40 |
Net_Income_per_Share_Computati
Net Income per Share - Computation of Basic and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Computation Of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income | $166.80 | $109.60 | $248.40 | $173.40 |
Shares used in basic computation | 340.7 | 362 | 345.8 | 364.1 |
Dilutive potential shares related to employee equity award plans | 7.5 | 5.2 | 7.2 | 5.1 |
Dilutive impact of assumed conversion of Convertible Notes | 0 | 1 | 1.1 | 0.5 |
Dilutive impact of warrants | 0.9 | 0 | 0.4 | 0 |
Shares used in diluted computation | 349.1 | 368.2 | 354.5 | 369.7 |
Basic | $0.49 | $0.30 | $0.72 | $0.48 |
Diluted | $0.48 | $0.30 | $0.70 | $0.47 |
Net_Income_per_Share_AntiDilut
Net Income per Share - Anti-Dilutive Shares Excluded from Calculation of Net Income Per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Employee equity award plans | 7.2 | 16.3 | 6.9 | 17.1 |
Segment_Geographic_and_Signifi2
Segment Geographic and Significant Customer Information - Schedule of Revenues by Geographic Region (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | $1,549.90 | $1,541.20 | $3,066.10 | $2,985.80 |
Americas (United States, Canada And Latin America) | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | 899.2 | 897.3 | 1,757.70 | 1,698.40 |
Europe, Middle East And Africa | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | 445 | 437.7 | 893 | 877 |
Asia Pacific | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | $205.70 | $206.20 | $415.40 | $410.40 |
Segment_Geographic_and_Signifi3
Segment Geographic and Significant Customer Information - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | $1,549.90 | $1,541.20 | $3,066.10 | $2,985.80 |
United States | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | $800.70 | $797.60 | $1,573.50 | $1,509 |
Segment_Geographic_and_Signifi4
Segment Geographic and Significant Customer Information - Schedule of Total Cash, Cash Equivalents, Restricted Cash and Investments (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Cash, cash equivalents, restricted cash and investments | $5,322.30 | $7,006.10 |
United States | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Cash, cash equivalents, restricted cash and investments | 1,414.10 | 3,419.30 |
International | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Cash, cash equivalents, restricted cash and investments | $3,908.20 | $3,586.80 |
Segment_Geographic_and_Signifi5
Segment Geographic and Significant Customer Information - Schedule of Property and Equipment Net by Geographic Areas (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Property and equipment | $1,142.90 | $1,170.90 |
United States | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Property and equipment | 1,053.10 | 1,076.30 |
International | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Property and equipment | $89.80 | $94.60 |
Segment_Geographic_and_Signifi6
Segment Geographic and Significant Customer Information - Significant Customers (Detail) (Net Revenue) | 3 Months Ended | 6 Months Ended | ||||||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | |||||
Arrow Electronics, Inc. | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Percentage of net revenues | 23.00% | [1] | 21.00% | [1] | 22.00% | [1] | 19.00% | [1] |
Avnet, Inc. | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Percentage of net revenues | 16.00% | [1] | 15.00% | [1] | 16.00% | [1] | 15.00% | [1] |
[1] | Net revenues for Arrow Electronics, Inc. for the three and six months ended October 26, 2012 have been corrected from 20% and 18%, respectively, previously disclosed to 21% and 19%, respectively. Net revenues for Avnet, Inc. for the six months ended October 26, 2012 have been corrected from 14% previously disclosed to 15%. |
Segment_Geographic_and_Signifi7
Segment Geographic and Significant Customer Information - Significant Customers (Parenthetical) (Detail) (Net Revenue) | 3 Months Ended | 6 Months Ended | ||||||
Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 | |||||
Arrow Electronics, Inc. | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Percentage of net revenues | 23.00% | [1] | 21.00% | [1] | 22.00% | [1] | 19.00% | [1] |
Arrow Electronics, Inc. | Prior To Correction | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Percentage of net revenues | ' | 20.00% | ' | 18.00% | ||||
Avnet, Inc. | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Percentage of net revenues | 16.00% | [1] | 15.00% | [1] | 16.00% | [1] | 15.00% | [1] |
Avnet, Inc. | Prior To Correction | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Percentage of net revenues | ' | ' | ' | 14.00% | ||||
[1] | Net revenues for Arrow Electronics, Inc. for the three and six months ended October 26, 2012 have been corrected from 20% and 18%, respectively, previously disclosed to 21% and 19%, respectively. Net revenues for Avnet, Inc. for the six months ended October 26, 2012 have been corrected from 14% previously disclosed to 15%. |
Segment_Geographic_and_Signifi8
Segment Geographic and Significant Customer Information - Schedule of Net Accounts Receivable from Significant Customers (Detail) | Oct. 25, 2013 | Apr. 26, 2013 |
Arrow Electronics, Inc. | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Percentage of net accounts receivable | 15.00% | 16.00% |
Avnet, Inc. | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Percentage of net accounts receivable | 10.00% | 14.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 |
In Millions, unless otherwise specified | Contract Manufacturers | Software | Software | Hardware | Hardware | Capital Purchase Commitments | Other Purchase Commitments | ||
Maximum | Minimum | Maximum | Minimum | ||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future annual minimum lease payments | $215.70 | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued purchase commitments with contract manufacturers | 10.9 | 9.5 | ' | ' | ' | ' | ' | ' | ' |
Significant commitment | ' | ' | $306.80 | ' | ' | ' | ' | $33.60 | $202.40 |
Product warranty term | ' | ' | ' | '5 years | '90 days | '5 years | '1 year | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Warranty Reserves (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 25, 2013 | Oct. 26, 2012 | Oct. 25, 2013 | Oct. 26, 2012 |
Commitments and Contingencies [Line Items] | ' | ' | ' | ' |
Beginning balance | $119.80 | $96.50 | $117.20 | $83.10 |
Expense accrued during the period | 14.3 | 27.1 | 38.3 | 50.8 |
Warranty costs incurred | -18.1 | -11.8 | -39.5 | -22.1 |
Ending balance | $116 | $111.80 | $116 | $111.80 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Schedule of Warranty Liability Balances (Detail) (USD $) | Oct. 25, 2013 | Jul. 26, 2013 | Apr. 26, 2013 | Oct. 26, 2012 | Jul. 27, 2012 | Apr. 27, 2012 |
In Millions, unless otherwise specified | ||||||
Commitment And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Other current liabilities | $78.10 | ' | $81.60 | ' | ' | ' |
Other long-term liabilities | 37.9 | ' | 35.6 | ' | ' | ' |
Total | $116 | $119.80 | $117.20 | $111.80 | $96.50 | $83.10 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Schedule of Maximum Potential Future Payments under Financing Arrangements with Third Parties (Detail) (USD $) | Oct. 25, 2013 | Apr. 26, 2013 |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ' | ' |
Maximum guaranteed payment contingencies | $215.60 | $182.40 |
Deferred revenue associated with financing guarantees | -2,931.90 | -3,009.50 |
Maximum potential future payments relating to financing guarantees, net of associated deferred revenue | 16.6 | 13.8 |
Financing Guarantee | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Deferred revenue associated with financing guarantees | ($199) | ($168.60) |