Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Oct. 28, 2016 | Nov. 18, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 28, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | NTAP | |
Entity Registrant Name | NetApp, Inc. | |
Entity Central Index Key | 1,002,047 | |
Current Fiscal Year End Date | --04-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 275,377,627 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 2,113 | $ 2,868 |
Short-term investments | 2,244 | 2,435 |
Accounts receivable | 547 | 813 |
Inventories | 97 | 98 |
Other current assets | 219 | 234 |
Total current assets | 5,220 | 6,448 |
Property and equipment, net | 949 | 937 |
Goodwill | 1,676 | 1,676 |
Other intangible assets, net | 158 | 180 |
Other non-current assets | 759 | 796 |
Total assets | 8,762 | 10,037 |
Current liabilities: | ||
Accounts payable | 253 | 254 |
Accrued expenses | 620 | 765 |
Short-term loan | 0 | 849 |
Short-term deferred revenue and financed unearned services revenue | 1,655 | 1,794 |
Total current liabilities | 2,528 | 3,662 |
Long-term debt | 1,492 | 1,490 |
Other long-term liabilities | 407 | 413 |
Long-term deferred revenue and financed unearned services revenue | 1,546 | 1,591 |
Total liabilities | 5,973 | 7,156 |
Commitments and contingencies (Note 15) | 0 | 0 |
Stockholders' equity: | ||
Common stock and additional paid-in capital, $0.001 par value, (276 and 281 shares issued and outstanding as of October 28, 2016 and April 29, 2016, respectively) | 2,830 | 2,912 |
Retained earnings | 0 | 0 |
Accumulated other comprehensive loss | (41) | (31) |
Total stockholders' equity | 2,789 | 2,881 |
Total liabilities and stockholders' equity | $ 8,762 | $ 10,037 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 276 | 281 |
Common stock, shares outstanding | 276 | 281 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Revenues: | ||||
Product | $ 710 | $ 815 | $ 1,370 | $ 1,479 |
Software maintenance | 242 | 233 | 483 | 481 |
Hardware maintenance and other services | 388 | 397 | 781 | 820 |
Net revenues | 1,340 | 1,445 | 2,634 | 2,780 |
Cost of revenues: | ||||
Cost of product | 376 | 408 | 735 | 753 |
Cost of software maintenance | 7 | 9 | 15 | 19 |
Cost of hardware maintenance and other services | 128 | 144 | 258 | 308 |
Total cost of revenues | 511 | 561 | 1,008 | 1,080 |
Gross profit | 829 | 884 | 1,626 | 1,700 |
Operating expenses: | ||||
Sales and marketing | 418 | 448 | 847 | 940 |
Research and development | 200 | 216 | 407 | 460 |
General and administrative | 69 | 74 | 137 | 153 |
Restructuring and other charges | 0 | 1 | 0 | 28 |
Total operating expenses | 687 | 739 | 1,391 | 1,581 |
Income from operations | 142 | 145 | 235 | 119 |
Other income (expense), net | 0 | (1) | (1) | 3 |
Income before income taxes | 142 | 144 | 234 | 122 |
Provision for income taxes | 33 | 30 | 61 | 38 |
Net income | $ 109 | $ 114 | $ 173 | $ 84 |
Net income per share: | ||||
Basic | $ 0.39 | $ 0.39 | $ 0.62 | $ 0.28 |
Diluted | $ 0.38 | $ 0.39 | $ 0.61 | $ 0.28 |
Shares used in net income per share calculations: | ||||
Basic | 278 | 294 | 278 | 299 |
Diluted | 284 | 296 | 283 | 302 |
Cash dividends declared per share | $ 0.190 | $ 0.180 | $ 0.380 | $ 0.360 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 109 | $ 114 | $ 173 | $ 84 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (5) | (1) | (11) | (2) |
Defined benefit obligations: | ||||
Reclassification adjustments related to defined benefit obligations | 1 | 1 | 1 | 2 |
Unrealized gains (losses) on available-for-sale securities: | ||||
Unrealized holding losses arising during the period | (5) | 0 | (2) | (9) |
Reclassification adjustments for gains included in net income | 0 | (1) | 0 | (1) |
Unrealized gains (losses) on cash flow hedges: | ||||
Unrealized holding gains (losses) arising during the period | 0 | (1) | 3 | (3) |
Reclassification adjustments for (gains) losses included in net income | (1) | 1 | (1) | 2 |
Other comprehensive loss | (10) | (1) | (10) | (11) |
Comprehensive income | $ 99 | $ 113 | $ 163 | $ 73 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 173 | $ 84 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 117 | 136 |
Stock-based compensation | 103 | 136 |
Deferred income taxes | 28 | (79) |
Other non-cash items, net | (15) | 27 |
Changes in assets and liabilities: | ||
Accounts receivable | 264 | 189 |
Inventories | 1 | 21 |
Other operating assets | 49 | 59 |
Accounts payable | (13) | (60) |
Accrued expenses | (138) | (88) |
Deferred revenue and financed unearned services revenue | (179) | (137) |
Other operating liabilities | (4) | (14) |
Net cash provided by operating activities | 386 | 274 |
Cash flows from investing activities: | ||
Purchases of investments | (795) | (886) |
Maturities, sales and collections of investments | 985 | 1,674 |
Purchases of property and equipment | (92) | (84) |
Other investing activities, net | (1) | 0 |
Net cash provided by investing activities | 97 | 704 |
Cash flows from financing activities: | ||
Issuance of common stock under employee stock award plans | 25 | 25 |
Repurchase of common stock | (292) | (613) |
Repayment of short-term loan | (850) | 0 |
Dividends paid | (105) | (107) |
Other financing activities, net | (3) | 1 |
Net cash used in financing activities | (1,225) | (694) |
Effect of exchange rate changes on cash and cash equivalents | (13) | (8) |
Net increase (decrease) in cash and cash equivalents | (755) | 276 |
Cash and cash equivalents: | ||
Beginning of period | 2,868 | 1,922 |
End of period | $ 2,113 | $ 2,198 |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 6 Months Ended |
Oct. 28, 2016 | |
Accounting Policies [Abstract] | |
Description of Business and Significant Accounting Policies | 1. Description of Business and Significant Accounting Policies NetApp, Inc. (we, us, or the Company) provides software, systems and services to manage and store computer data. We enable enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology environments and to reduce costs and risk while driving growth and success for their organizations. Basis of Presentation and Preparation Our fiscal year is reported on a 52- or 53-week year ending on the last Friday in April. An additional week is included in the first fiscal quarter approximately every six years to realign fiscal months with calendar months. Fiscal year 2017, ending on April 28, 2017, is a 52-week year, with 13 weeks in each of its quarters. Fiscal year 2016, which ended on April 29, 2016, was a 53-week year, with 14 weeks in its first quarter and 13 weeks in each subsequent quarter. 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. 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 29, 2016 contained in our Annual Report on Form 10-K. The results of operations for the three and six months ended October 28, 2016 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods. 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. Accounting Change – In the first quarter of fiscal 2017, we early adopted a new accounting standards update that the Financial Accounting Standards Board (FASB) issued in March 2016 that simplifies the accounting for certain aspects of stock-based payments to employees. The new standard requires that certain amendments relevant to us be applied using a modified-retrospective transition method by means of a cumulative-effect adjustment to retained earnings as of the beginning of the period in which the guidance is adopted. In connection with the adoption, we elected to account for forfeitures as they occur and the cumulative-effect impact of that change in accounting policy was a $7 million increase in retained earnings and a corresponding decrease in additional paid-in capital as of April 30, 2016. We also recorded a $3 million cumulative-effect adjustment decrease to retained earnings and a related decrease in deferred tax assets related to the forfeiture rate policy change on outstanding stock-based awards as of April 30, 2016. The standard also eliminates the requirement that excess tax benefits be realized before companies can recognize them. Accordingly, we recorded a $17 million cumulative-effect adjustment increase in retained earnings and an offsetting increase in deferred tax assets for previously unrecognized excess tax benefits as of April 30, 2016. The new standard eliminated the requirement to report excess tax benefits and certain tax deficiencies related to share-based payment transactions as additional paid-in capital. As a result, we recognized $17 million of tax deficiencies in our provision for income taxes, rather than additional paid–in capital, for the six months ended October 28, 2016. We elected to report cash flows related to excess tax benefits on a prospective basis. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to our statements of cash flows since such cash flows have historically been presented as a financing activity. There have been no other significant changes in our significant accounting policies as of and for the six months ended October 28, 2016, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended April 29, 2016. |
Recent Accounting Standards Not
Recent Accounting Standards Not Yet Effective | 6 Months Ended |
Oct. 28, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Standards Not Yet Effective | 2. Recent Accounting Standards Not Yet Effective In May 2014, the FASB issued an accounting standards update related to the recognition and reporting of revenue that establishes a comprehensive new revenue recognition model designed to depict the transfer of goods or services to a customer in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. The guidance allows for the use of either the full or modified retrospective transition method. This new standard, as amended, will be effective for us in our first quarter of fiscal 2019, although adoption in our first quarter of fiscal 2018 is permitted. We are currently evaluating the impact of this new standard on our consolidated financial statements, as well as which transition method we intend to use and our planned adoption date. In February 2016, the FASB issued an accounting standards update on financial reporting for leasing arrangements, including requiring lessees to recognize an operating lease with a term greater than one year on their balance sheets as a right-of-use asset and corresponding lease liability, measured at the present value of the lease payments. This new standard will be effective for us in our first quarter of fiscal 2020, although early adoption is permitted. Upon adoption, lessees must apply a modified retrospective transition approach for leases existing at, or In June 2016, the FASB issued an accounting standards update on the measurement of credit losses on financial instruments. The standard introduces a new model for measuring and recognizing credit losses on financial instruments, requiring financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. In October 2016, the FASB issued an accounting standards update that requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This amends current GAAP which prohibits recognition of current and deferred income taxes for all types of intra-entity asset transfers until the asset has been sold to an outside party. This new standard will be effective for us in our first fiscal quarter of fiscal 2019, although early adoption in our first quarter of fiscal 2018 is permitted. Upon adoption, companies must apply a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We are currently evaluating the impact of this new standard on our consolidated financial statements, as well as our planned adoption date. |
Statements of Cash Flows Additi
Statements of Cash Flows Additional Information | 6 Months Ended |
Oct. 28, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Statements of Cash Flows Additional Information | 3. Statements of Cash Flows Additional Information Non-cash investing activities and supplemental cash flow information are as follows (in millions): Six Months Ended October 28, 2016 October 30, 2015 Non-cash Investing Activities: Capital expenditures incurred but not paid $ 35 $ 15 Supplemental Cash Flow Information: Income taxes paid, net of refunds $ 70 $ 94 Interest paid $ 23 $ 20 |
Purchased Intangible Assets, Ne
Purchased Intangible Assets, Net | 6 Months Ended |
Oct. 28, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Purchased Intangible Assets, Net | 4. Purchased Intangible Assets, Net Purchased intangible assets, net are summarized below (in millions): October 28, 2016 April 29, 2016 Gross Accumulated Net Gross Accumulated Net Assets Amortization Assets Assets Amortization Assets Developed technology $ 148 $ (28 ) $ 120 $ 403 $ (289 ) $ 114 Customer contracts/relationships 43 (11 ) 32 46 (7 ) 39 Other purchased intangibles 9 (3 ) 6 10 (2 ) 8 Total intangible assets subject to amortization 200 (42 ) 158 459 (298 ) 161 In-process research and development — — — 19 — 19 Total purchased intangible assets $ 200 $ (42 ) $ 158 $ 478 $ (298 ) $ 180 As of October 28, 2016, the in-process research and development project related to the SolidFire acquisition had been completed, and the associated intangible asset was included in developed technology. Amortization expense for purchased intangible assets is summarized below (in millions): Three Months Ended Six Months Ended Statement of October 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Operations Classifications Developed technology $ 7 $ 14 $ 13 $ 28 Cost of revenues Customer contracts/relationships 3 — 7 — Operating expenses Other purchased intangibles 1 — 2 — Operating expenses Total $ 11 $ 14 $ 22 $ 28 As of October 28, 2016, future amortization expense related to purchased intangible assets subject to amortization is as follows (in millions): Fiscal Year Amount Remainder of 2017 $ 26 2018 49 2019 42 2020 26 2021 15 Total $ 158 |
Balance Sheet Details
Balance Sheet Details | 6 Months Ended |
Oct. 28, 2016 | |
Statement Of Financial Position [Abstract] | |
Balance Sheet Details | 5. Balance Sheet Details Cash and cash equivalents (in millions): October 28, 2016 April 29, 2016 Cash $ 1,876 $ 2,714 Cash equivalents 237 154 Cash and cash equivalents $ 2,113 $ 2,868 Inventories (in millions): October 28, 2016 April 29, 2016 Purchased components $ 10 $ 10 Finished goods 87 88 Inventories $ 97 $ 98 Property and equipment, net (in millions): October 28, 2016 April 29, 2016 Land $ 215 $ 215 Buildings and improvements 605 605 Leasehold improvements 107 106 Computer, production, engineering and other equipment 749 751 Computer software 352 352 Furniture and fixtures 88 88 Construction-in-progress 135 74 2,251 2,191 Accumulated depreciation and amortization (1,302 ) (1,254 ) Property and equipment, net $ 949 $ 937 Other non-current assets (in millions): October 28, 2016 April 29, 2016 Deferred tax assets $ 590 $ 621 Other assets 169 175 Other non-current assets $ 759 $ 796 Accrued expenses (in millions): October 28, 2016 April 29, 2016 Accrued compensation and benefits $ 288 $ 371 Product warranty liability 36 48 Other current liabilities 296 346 Accrued expenses $ 620 $ 765 Product warranty liabilities: Equipment and software systems sales include a standard product warranty. The following tables summarize the activity related to product warranty liabilities and their balances as reported in our condensed consolidated balance sheets (in millions): Three Months Ended Six Months Ended October 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Balance at beginning of period $ 61 $ 81 $ 70 $ 86 Expense accrued during the period 1 13 5 22 Warranty costs incurred (8 ) (14 ) (21 ) (28 ) Balance at end of period $ 54 $ 80 $ 54 $ 80 October 28, 2016 April 29, 2016 Accrued expenses $ 36 $ 48 Other long-term liabilities 18 22 Total warranty liabilities $ 54 $ 70 Warranty expense accrued during the period includes amounts accrued for systems at the time of shipment, adjustments for changes in estimated costs for warranties on systems shipped in the period and changes in estimated costs for warranties on systems shipped in prior periods. Deferred revenue and financed unearned services revenue (in millions): October 28, 2016 April 29, 2016 Deferred product revenue $ 64 $ 68 Deferred services revenue 2,928 3,100 Financed unearned services revenue 209 217 Total $ 3,201 $ 3,385 Reported as: Short-term $ 1,655 $ 1,794 Long-term 1,546 1,591 Total $ 3,201 $ 3,385 Deferred product revenue represents unrecognized revenue related to undelivered product commitments and other product deliveries that have not met all revenue recognition criteria. Deferred services revenue represents customer payments made in advance for services, which include software and hardware maintenance contracts and other services. Financed unearned services revenue represents undelivered services for which cash has been received under certain third-party financing arrangements. See Note 15 for additional information related to these arrangements. |
Other Income (Expense), Net
Other Income (Expense), Net | 6 Months Ended |
Oct. 28, 2016 | |
Nonoperating Income Expense [Abstract] | |
Other Income (Expense), Net | 6. Other income (expense), net Other income (expense), net consists of the following (in millions): Three Months Ended Six Months Ended October 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Interest income $ 10 $ 11 $ 21 $ 24 Interest expense (12 ) (12 ) (27 ) (23 ) Other income, net 2 — 5 2 Total other income (expense), net $ — $ (1 ) $ (1 ) $ 3 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Oct. 28, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
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 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 28, 2016 April 29, 2016 Cost or Estimated Cost or Estimated Amortized Gross Unrealized Fair Amortized Gross Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value Corporate bonds $ 1,234 $ 4 $ (1 ) $ 1,237 $ 1,370 $ 5 $ (1 ) $ 1,374 U.S. Treasury and government debt securities 669 1 (1 ) 669 878 2 — 880 Foreign government debt securities 27 — — 27 35 — — 35 Commercial paper 476 — — 476 202 — — 202 Certificates of deposit 72 — — 72 98 — — 98 Mutual funds 32 — — 32 30 — — 30 Total debt and equity securities $ 2,510 $ 5 $ (2 ) $ 2,513 $ 2,613 $ 7 $ (1 ) $ 2,619 As of October 28, 2016, gross unrealized losses related to individual securities were not significant. The following table presents the contractual maturities of our debt investments as of October 28, 2016 (in millions): Amortized Cost Fair Value Due in one year or less $ 1,149 $ 1,150 Due after one year through five years 1,329 1,331 $ 2,478 $ 2,481 Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations. Fair Value of Financial Instruments The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis (in millions): October 28, 2016 Fair Value Measurements at Reporting Date Using Total Level 1 Level 2 Cash $ 1,876 $ 1,876 $ — Corporate bonds 1,237 — 1,237 U.S. Treasury and government debt securities 669 215 454 Foreign government debt securities 27 — 27 Commercial paper 476 — 476 Certificates of deposit 72 — 72 Total cash, cash equivalents and short-term investments $ 4,357 $ 2,091 $ 2,266 Other items: Mutual funds (1) $ 6 $ 6 $ — Mutual funds (2) $ 26 $ 26 $ — Foreign currency exchange contracts assets (1) $ 7 $ — $ 7 Foreign currency exchange contracts liabilities (3) $ (2 ) $ — $ (2 ) (1) Reported as other current assets in the condensed consolidated balance sheets (2) Reported as other non-current assets in the condensed consolidated balance sheets ( 3 ) Reported as accrued expenses in the condensed consolidated balance sheets Our Level 2 debt instruments are held by a custodian who prices some of the investments using standard inputs in various asset price models or obtains investment prices from third-party pricing providers that incorporate standard inputs in various asset price models. These pricing providers utilize the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, use other observable inputs like market transactions involving identical or comparable securities. 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 provider 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 debt instruments. As of October 28, 2016 and April 29, 2016, we have not made any adjustments to the prices obtained from our third-party pricing providers. Fair Value of Long-Term Debt As of October 28, 2016 and April 29, 2016, the fair value of our long-term debt was approximately $1,533 million and $1,519 million, respectively. The fair value of our long-term debt was based on observable market prices in a less active market. All of our debt obligations are categorized as Level 2 instruments. |
Financing Arrangements
Financing Arrangements | 6 Months Ended |
Oct. 28, 2016 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | 8. Financing Arrangements Long-Term Debt The following table summarizes information relating to our long-term debt (in millions, except interest rates): October 28, 2016 April 29, 2016 Effective Effective Amount Interest Rate Amount Interest Rate 2.00% Senior Notes Due December 2017 $ 750 2.25 % $ 750 2.25 % 3.375% Senior Notes Due June 2021 500 3.54 % 500 3.54 % 3.25% Senior Notes Due December 2022 250 3.43 % 250 3.43 % Total principal amount 1,500 1,500 Unamortized discount and issuance costs (8 ) (10 ) Total long-term debt $ 1,492 $ 1,490 Senior Notes Our 3.375% Senior Notes, 2.00% Senior Notes and 3.25% Senior Notes, with a par value of $500 million, $750 million and $250 million, respectively, were issued in June 2014, December 2012 and December 2012, respectively. We collectively refer to such long-term debt as our Senior Notes. Interest on our Senior Notes is paid semi-annually on June 15 and December 15. Our Senior Notes, which are unsecured, unsubordinated obligations, rank equally in right of payment with any future senior unsecured indebtedness. 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 under specified terms. 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 certain sale and lease-back transactions; and to consolidate, merge or sell all or substantially all of our assets. As of October 28, 2016, we were in compliance with all covenants associated with the Senior Notes. As of October 28, 2016, our aggregate future principal debt maturities are as follows (in millions): Fiscal Year Amount 2018 $ 750 Thereafter 750 Total $ 1,500 Credit Facility In December 2012, as amended in February 2016, we entered into a credit agreement with a syndicated group of lenders that is scheduled to expire on December 21, 2017 and provides for an unsecured $300 million revolving credit facility that is comprised of revolving loans, Eurocurrency loans and/or swingline loans. The credit facility includes a $100 million foreign currency sub-facility, a $50 million letter of credit sub-facility and a $10 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 $50 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 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 28, 2016, no borrowings were outstanding under the facility and we were in compliance with all covenants associated with the facility. Short-Term Loan In February 2016, in connection with the SolidFire acquisition, we entered into a short-term loan of $870 million with a maturity of November 2, 2016. As of October 28, 2016, we have repaid the loan in full and have terminated the related loan agreement. Sale-leaseback Transactions In fiscal 2016, we entered into a sale-leaseback arrangement of certain of our land and buildings, under which we leased back certain of our properties rent free over lease terms ending at various dates ranging from March 31, 2017 to December 31, 2017, unless terminated early by us. Due to the existence of a prohibited form of continuing involvement, these properties did not qualify for sale-leaseback accounting and as a result they have been accounted for as financing transactions under lease accounting standards. Under the financing method, the assets will remain on our condensed consolidated balance sheets, and proceeds received by us from these transactions are reported as financing obligations. As of October 28, 2016, the balance of these financing obligations was $149 million. At the end of each respective leaseback period, or when our continuing involvement under the leaseback agreements ends, each transaction will be reported as a non-cash sale of land and buildings and extinguishment of financing obligations, and the difference between the then net book value of the properties and the unamortized balance of the financing obligations will be recognized as a gain on sale of properties. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Oct. 28, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Equity Incentive Awards As of October 28, 2016, we have outstanding certain equity incentive awards (awards), which include stock options, restricted stock units (RSUs), including time-based RSUs and performance-based RSUs (PBRSUs), and Employee Stock Purchase Plan (ESPP) awards. Stock Options The following table summarizes information related to our stock options (in millions, except exercise price and contractual term): Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of April 29, 2016 9 $ 34.01 Exercised (1 ) $ 20.83 Forfeited and expired (2 ) $ 39.23 Outstanding as of October 28, 2016 6 $ 34.37 3.49 $ 32 Exercisable as of October 28, 2016 4 $ 39.88 2.42 $ 7 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): Six Months Ended October 28, 2016 October 30, 2015 Intrinsic value of exercises $ 11 $ 8 Proceeds received from exercises $ 20 $ 19 Fair value of options vested $ 9 $ 7 Restricted Stock Units In the six months ended October 28, 2016, The following table summarizes information related to RSUs, including PBRSUs, (in millions, except for fair value): Number of Shares Weighted- Average Grant Date Fair Value Outstanding as of April 29, 2016 13 $ 32.46 Granted 5 $ 24.10 Vested (4 ) $ 32.86 Forfeited (2 ) $ 32.50 Outstanding as of October 28, 2016 12 $ 28.59 We primarily use the net share settlement approach upon vesting, where a portion of the shares are withheld as settlement of 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): Six Months Ended October 28, 2016 October 30, 2015 Shares withheld for taxes 1 1 Fair value of shares withheld $ 36 $ 44 Employee Stock Purchase Plan The following table summarizes activity related to the purchase rights issued under the ESPP (in millions): Six Months Ended October 28, 2016 October 30, 2015 Shares issued under the ESPP 2 2 Proceeds from issuance of shares $ 42 $ 50 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 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Cost of product revenues $ 1 $ 1 $ 2 $ 3 Cost of hardware maintenance and other services revenues 3 4 7 10 Sales and marketing 21 26 44 57 Research and development 17 18 32 44 General and administrative 9 10 18 22 Total stock-based compensation expense $ 51 $ 59 $ 103 $ 136 As of October 28, 2016, total unrecognized compensation expense related to our equity awards was $311 million, which is expected to be recognized on a straight-line basis over a weighted-average remaining service period of 2.1 years. Stock Repurchase Program As of October 28, 2016, our Board of Directors has authorized the repurchase of up to $9.6 billion of our common stock. Under this program, which we may suspend or discontinue 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 28, 2016 (in millions, except per share amounts): Number of shares repurchased 11 Average price per share $ 27.60 Aggregate purchase price $ 292 Remaining authorization at end of period $ 1,208 The aggregate purchase price of our stock repurchases for the six months ended October 28, 2016 consisted of $292 million of open market purchases, of which $127 million and $165 million were allocated to additional paid-in capital and retained earnings, respectively. Since the May 13, 2003 inception of our stock repurchase program through October 28, 2016, we repurchased a total of 258 million shares of our common stock at an average price of $32.64 per share, for an aggregate purchase price of $8.4 billion. Dividends The following is a summary of our activities related to dividends on our common stock (in millions, except per share amounts): Six Months Ended October 28, 2016 October 30, 2015 Dividends per share declared $ 0.38 $ 0.36 Dividend payments allocated to additional paid-in capital $ 76 $ 84 Dividend payments allocated to retained earnings $ 29 $ 23 On November 16, 2016, we declared a cash dividend of $0.19 per share of common stock, payable on January 25, 2017 to holders of record as of the close of business on January 6, 2017. The timing and amount of future dividends will depend on market conditions, corporate business and financial considerations and regulatory requirements. All dividends declared have been determined by us to be legally authorized under the laws of the state in which we are incorporated. Retained Earnings A reconciliation of retained earnings is as follows (in millions): Balance as of April 29, 2016 $ — Cumulative-effect of new accounting principle 21 Net income 173 Repurchases of common stock (165 ) Dividends (29 ) Balance as of October 28, 2016 $ — Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, are summarized below (in millions): Foreign Currency Translation Adjustments Defined Benefit Obligation Adjustments Unrealized Gains (Losses) on Available- for-Sale Securities Unrealized Gains (Losses) on Derivative Instruments Total Balance as of April 29, 2016 $ (19 ) $ (16 ) $ 6 $ (2 ) $ (31 ) OCI before reclassifications, net of tax (11 ) — (2 ) 3 (10 ) Amounts reclassified from AOCI, net of tax — 1 — (1 ) — Total OCI (11 ) 1 (2 ) 2 (10 ) Balance as of October 28, 2016 $ (30 ) $ (15 ) $ 4 $ — $ (41 ) The amounts reclassified out of AOCI are as follows (in millions): Three Months Ended Six Months Ended October 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Amounts Reclassified from AOCI Amounts Reclassified from AOCI Statements of Operations Location Recognized losses on defined benefit obligations $ 1 1 $ 1 $ 2 Operating expenses Realized gains on available-for-sale securities — (1 ) — (1 ) Other income (expense), net Realized (gains) losses on cash flow hedges (1 ) 1 (1 ) 2 Net revenues Total reclassifications $ — $ 1 $ — $ 3 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Oct. 28, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 10. Derivatives and Hedging Activities We use derivative instruments to manage exposures to foreign currency risk. Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The program is not designated for trading or speculative purposes. Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the agreement. We seek to mitigate such risk by limiting our counterparties to major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis. We also have in place master netting arrangements 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 28, 2016 and April 29, 2016. We did not recognize any gains and losses in earnings due to hedge ineffectiveness for any period presented. 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 28, 2016 April 29, 2016 Cash Flow Hedges Forward contracts purchased $ 127 $ 99 Balance Sheet Contracts Forward contracts sold $ 189 $ 160 Forward contracts purchased $ 281 $ 396 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 – Stockholders’ Equity. 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 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Gain Recognized into Income Gain (Loss) Recognized into Income Foreign currency exchange contracts $ 2 $ — $ 6 $ (7 ) |
Restructuring and Other Charges
Restructuring and Other Charges | 6 Months Ended |
Oct. 28, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Other Charges | 11. Restructuring and Other Charges During fiscal 2016, management approved two restructuring actions to streamline our business, eliminate costs and redirect resources to our highest return activities. These actions consisted of the May 2015 Plan and the March 2016 Plan, under which we reduced our global workforce by an aggregate of approximately 14%. These plans have been completed as of October 28, 2016. Restructuring and other charges related to these plans consisted primarily of employee severance-related costs. Activities related to the fiscal 2016 restructuring actions are summarized as follows (in millions): Six Months Ended Six Months Ended October 28, 2016 October 30, 2015 Balance at beginning of period $ 45 $ — Net charges — 28 Cash payments (42 ) (23 ) Balance at end of period $ 3 $ 5 |
Income Taxes
Income Taxes | 6 Months Ended |
Oct. 28, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Our effective tax rates for the periods presented were as follows: Six Months Ended October 28, 2016 October 30, 2015 Effective tax rates 26.1 % 31.1 % Our effective tax rates reflect the impact of a significant amount of our earnings, primarily income from our European operations which are headquartered in the Netherlands, being taxed in foreign jurisdictions at rates below the U.S. statutory tax rate. The differences in effective tax rates for the six months ended October 28, 2016 and October 30, 2015 were primarily a result of differences in year-to-date profits before tax and the impacts of discrete events as described below. During the first quarter of fiscal 2017, we adopted a new accounting standard that simplifies stock-based compensation income tax accounting and presentation within the financial statements. During the six months ended October 28, 2016, we recorded discrete charges of $17 million following the post-adoption rules which require that all excess tax benefits and deficiencies from stock-based compensation be recognized as a component of income tax expense. See Note 1 – Description of Business and Significant Accounting Policies for more details regarding the adoption of this accounting standard. In June 2015, the Internal Revenue Service (IRS) signed a closing agreement on our fiscal 2008 to 2010 transfer pricing arrangements and, in October 2015, completed the examination of our fiscal 2008 to 2010 income tax returns. During the six months ended October 30, 2015, we recorded discrete charges totaling $23 million, attributable to the audit settlements and related re-measurement of uncertain tax positions for tax years subject to future audits. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): Six Months Ended October 28, 2016 October 30, 2015 Balance at beginning of period $ 216 $ 272 Additions based on tax positions related to the current year 3 7 Additions for tax positions of prior years 5 20 Decreases for tax positions of prior years — (38 ) Settlements (12 ) (52 ) Balance at end of period $ 212 $ 209 As of October 28, 2016, we had $212 million of gross unrecognized tax benefits, of which $154 million has been recorded in other long-term liabilities. Unrecognized tax benefits of $156 million, including penalties, interest and indirect benefits, would affect our provision for income taxes if recognized. We are currently undergoing income tax audits in the United States (U.S.) and several foreign tax jurisdictions. Transfer pricing calculations are key issues under audits in various jurisdictions, and are often subject to dispute and appeals. The IRS has concluded the examination of our federal income tax returns for our fiscal years through 2010. The IRS commenced the examination of our federal income tax returns for our fiscal years 2012 and 2013 in August 2016. 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. In February 2016, the Danish High Court referred the case to the European Court of Justice. We continue to monitor the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions. |
Net Income per Share
Net Income per Share | 6 Months Ended |
Oct. 28, 2016 | |
Earnings Per Share [Abstract] | |
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 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Numerator: Net income $ 109 $ 114 $ 173 $ 84 Denominator: Shares used in basic computation 278 294 278 299 Dilutive impact of employee equity award plans 6 2 5 3 Shares used in diluted computation 284 296 283 302 Net Income per Share: Basic $ 0.39 $ 0.39 $ 0.62 $ 0.28 Diluted $ 0.38 $ 0.39 $ 0.61 $ 0.28 We have excluded 5 million and 19 million weighted-average shares of common stock potentially issuable under employee equity award plans in the three months ended October 28, 2016 and October 30, 2015, respectively, and 10 million and 14 million shares of common stock potentially issuable under employee equity award plans in the six months ended October 28, 2016 and October 30, 2015, respectively, from the diluted net income per share calculations as their effect would have been anti-dilutive. |
Segment, Geographic, and Signif
Segment, Geographic, and Significant Customer Information | 6 Months Ended |
Oct. 28, 2016 | |
Segment Reporting [Abstract] | |
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 storage and data management 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 our 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 in this internal management reporting 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 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 United States, Canada and Latin America (Americas) $ 768 $ 819 $ 1,504 $ 1,564 Europe, Middle East and Africa (EMEA) 396 430 783 845 Asia Pacific (APAC) 176 196 347 371 Net revenues $ 1,340 $ 1,445 $ 2,634 $ 2,780 Americas revenues consist of sales to Americas commercial and U.S. public sector markets. Sales to customers inside the U.S. were $697 million and $743 million during the three months ended October 28, 2016 and October 30, 2015, respectively, and were $1,363 million and $1,408 million during the six months ended October 28, 2016 and October 30, 2015, respectively. The majority of our assets, excluding cash, cash equivalents, short-term investments and accounts receivable, were attributable to our domestic operations. The following table presents cash, cash equivalents and short-term investments held in the U.S. and internationally in various foreign subsidiaries (in millions): October 28, 2016 April 29, 2016 U.S. $ 450 $ 513 International 3,907 4,790 Total $ 4,357 $ 5,303 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 28, 2016 April 29, 2016 U.S. $ 757 $ 797 International 192 140 Total $ 949 $ 937 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 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Arrow Electronics, Inc. 23 % 22 % 21 % 22 % Avnet, Inc. 20 % 19 % 20 % 18 % The following customers accounted for 10% or more of accounts receivable: October 28, 2016 April 29, 2016 Arrow Electronics, Inc. 14 % 12 % Avnet, Inc. 14 % 15 % |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 28, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Operating Leases We lease various equipment, vehicles and office space in the U.S. and internationally. Future annual minimum lease payments under non-cancelable operating leases with an initial term in excess of one year totaled $238 million as of October 28, 2016. Purchase Orders and Other Commitments In the ordinary course of business, we make commitments to 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. A significant portion of our reported purchase commitments arising from these agreements consist of firm, non-cancelable, and unconditional commitments. As of October 28, 2016, we had $291 million in non-cancelable purchase commitments for inventory. We record a liability for firm, non-cancelable and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory. As of October 28, 2016 and April 29, 2016, such liability amounted to $4 million and $7 million, respectively, and is included in accrued expenses in our condensed consolidated balance sheets. To the extent that such forecasts are not achieved, our commitments and associated accruals may change. In addition to inventory commitments with contract manufacturers and component suppliers, we have open purchase orders and contractual obligations associated with our ordinary course of business for which we have not yet received goods or services. As of October 28, 2016, we had $15 million in construction related obligations and $231 million in other purchase obligations. Financing Guarantees While most of our arrangements for sales include short-term payment terms, from time to time we provide long-term financing to creditworthy customers. We have generally sold receivables financed through these arrangements on a non-recourse basis to third party financing institutions within 10 days of the contracts’ dates of execution, and we classify the proceeds from these sales as cash flows from operating activities in our condensed consolidated statements of cash flows. We account for the sales of these receivables as “true sales” as defined in the accounting standards on transfers of financial assets, as we are considered to have surrendered control of these financing receivables. Provided all other revenue recognition criteria have been met, we recognize product revenues for these arrangements, net of any payment discounts from financing transactions, upon product acceptance. We sold $108 million and $72 million of receivables during the six months ended October 28, 2016 and October 30, 2015, respectively. In addition, we enter into arrangements with leasing companies for the sale of our hardware systems products. These leasing companies, in turn, lease our products to end-users. The leasing companies generally have no recourse to us in the event of default by the end-user and we recognize revenue upon delivery to the end-user customer, if all other revenue recognition criteria have been met. Some of the leasing arrangements described above have been financed on a recourse basis through third-party financing institutions. 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. 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. As of October 28, 2016 and April 29, 2016, the aggregate amount by which such contingencies exceeded the associated liabilities was not significant. To date, we have not experienced significant losses under our lease financing programs or other financing arrangements . We have entered into service contracts with certain of our end-user customers that are supported by third-party financing arrangements. If a service contract is terminated as a result of our non-performance under the contract or our failure to comply with the terms of the financing arrangement, we could, under certain circumstances, be required to acquire certain assets related to the service contract or to pay the aggregate unpaid financing payments under such arrangements. As of October 28, 2016, we have not been required to make any significant payments under these arrangements, and we believe the likelihood of having to acquire a material amount of assets or make payments under these arrangements is remote. The portion of the financial arrangement that represents unearned services revenue is included in deferred revenue and financed unearned services revenue in our condensed consolidated balance sheets . 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 28, 2016 related to such matters as they are not probable and/or reasonably estimable. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Oct. 28, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | 16. Subsequent Event On November 3, 2016, we announced a restructuring and reduction in workforce to streamline our core business and reduce operating expenses. In connection with these actions, we expect to reduce our worldwide headcount by approximately 6% and to incur aggregate charges of approximately $50 to $60 million for employee terminations and other costs associated with the restructuring, the majority of which we will recognize in the third quarter of fiscal 2017. We expect to implement these actions through the end of the fourth quarter of fiscal 2017. |
Description of Business and S23
Description of Business and Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 28, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Preparation | Basis of Presentation and Preparation Our fiscal year is reported on a 52- or 53-week year ending on the last Friday in April. An additional week is included in the first fiscal quarter approximately every six years to realign fiscal months with calendar months. Fiscal year 2017, ending on April 28, 2017, is a 52-week year, with 13 weeks in each of its quarters. Fiscal year 2016, which ended on April 29, 2016, was a 53-week year, with 14 weeks in its first quarter and 13 weeks in each subsequent quarter. 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. 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 29, 2016 contained in our Annual Report on Form 10-K. The results of operations for the three and six months ended October 28, 2016 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods. 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. |
Accounting Change | Accounting Change – In the first quarter of fiscal 2017, we early adopted a new accounting standards update that the Financial Accounting Standards Board (FASB) issued in March 2016 that simplifies the accounting for certain aspects of stock-based payments to employees. The new standard requires that certain amendments relevant to us be applied using a modified-retrospective transition method by means of a cumulative-effect adjustment to retained earnings as of the beginning of the period in which the guidance is adopted. In connection with the adoption, we elected to account for forfeitures as they occur and the cumulative-effect impact of that change in accounting policy was a $7 million increase in retained earnings and a corresponding decrease in additional paid-in capital as of April 30, 2016. We also recorded a $3 million cumulative-effect adjustment decrease to retained earnings and a related decrease in deferred tax assets related to the forfeiture rate policy change on outstanding stock-based awards as of April 30, 2016. The standard also eliminates the requirement that excess tax benefits be realized before companies can recognize them. Accordingly, we recorded a $17 million cumulative-effect adjustment increase in retained earnings and an offsetting increase in deferred tax assets for previously unrecognized excess tax benefits as of April 30, 2016. The new standard eliminated the requirement to report excess tax benefits and certain tax deficiencies related to share-based payment transactions as additional paid-in capital. As a result, we recognized $17 million of tax deficiencies in our provision for income taxes, rather than additional paid–in capital, for the six months ended October 28, 2016. We elected to report cash flows related to excess tax benefits on a prospective basis. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to our statements of cash flows since such cash flows have historically been presented as a financing activity. There have been no other significant changes in our significant accounting policies as of and for the six months ended October 28, 2016, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended April 29, 2016. |
Accounting Standards on Transfers of Financial Assets | We account for the sales of these receivables as “true sales” as defined in the accounting standards on transfers of financial assets, as we are considered to have surrendered control of these financing receivables. Provided all other revenue recognition criteria have been met, we recognize product revenues for these arrangements, net of any payment discounts from financing transactions, upon product acceptance. We sold $108 million and $72 million of receivables during the six months ended October 28, 2016 and October 30, 2015, respectively. |
Revenue Recognition | 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. |
Debt | The portion of the financial arrangement that represents unearned services revenue is included in deferred revenue and financed unearned services revenue in our condensed consolidated balance sheets . |
Statements of Cash Flows Addi24
Statements of Cash Flows Additional Information (Tables) | 6 Months Ended |
Oct. 28, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flows and Non-Cash Investing Activities | Non-cash investing activities and supplemental cash flow information are as follows (in millions): Six Months Ended October 28, 2016 October 30, 2015 Non-cash Investing Activities: Capital expenditures incurred but not paid $ 35 $ 15 Supplemental Cash Flow Information: Income taxes paid, net of refunds $ 70 $ 94 Interest paid $ 23 $ 20 |
Purchased Intangible Assets, 25
Purchased Intangible Assets, Net (Tables) | 6 Months Ended |
Oct. 28, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Purchased Intangible Assets, Net | Purchased intangible assets, net are summarized below (in millions): October 28, 2016 April 29, 2016 Gross Accumulated Net Gross Accumulated Net Assets Amortization Assets Assets Amortization Assets Developed technology $ 148 $ (28 ) $ 120 $ 403 $ (289 ) $ 114 Customer contracts/relationships 43 (11 ) 32 46 (7 ) 39 Other purchased intangibles 9 (3 ) 6 10 (2 ) 8 Total intangible assets subject to amortization 200 (42 ) 158 459 (298 ) 161 In-process research and development — — — 19 — 19 Total purchased intangible assets $ 200 $ (42 ) $ 158 $ 478 $ (298 ) $ 180 |
Amortization Expense for Purchased Intangible Assets | Amortization expense for purchased intangible assets is summarized below (in millions): Three Months Ended Six Months Ended Statement of October 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Operations Classifications Developed technology $ 7 $ 14 $ 13 $ 28 Cost of revenues Customer contracts/relationships 3 — 7 — Operating expenses Other purchased intangibles 1 — 2 — Operating expenses Total $ 11 $ 14 $ 22 $ 28 |
Future Amortization Expense Related to Purchased Intangible Assets | As of October 28, 2016, future amortization expense related to purchased intangible assets subject to amortization is as follows (in millions): Fiscal Year Amount Remainder of 2017 $ 26 2018 49 2019 42 2020 26 2021 15 Total $ 158 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 6 Months Ended |
Oct. 28, 2016 | |
Statement Of Financial Position [Abstract] | |
Cash and Cash Equivalents | Cash and cash equivalents (in millions): October 28, 2016 April 29, 2016 Cash $ 1,876 $ 2,714 Cash equivalents 237 154 Cash and cash equivalents $ 2,113 $ 2,868 |
Inventories | Inventories (in millions): October 28, 2016 April 29, 2016 Purchased components $ 10 $ 10 Finished goods 87 88 Inventories $ 97 $ 98 |
Property and Equipment, Net | Property and equipment, net (in millions): October 28, 2016 April 29, 2016 Land $ 215 $ 215 Buildings and improvements 605 605 Leasehold improvements 107 106 Computer, production, engineering and other equipment 749 751 Computer software 352 352 Furniture and fixtures 88 88 Construction-in-progress 135 74 2,251 2,191 Accumulated depreciation and amortization (1,302 ) (1,254 ) Property and equipment, net $ 949 $ 937 |
Other Non-Current Assets | Other non-current assets (in millions): October 28, 2016 April 29, 2016 Deferred tax assets $ 590 $ 621 Other assets 169 175 Other non-current assets $ 759 $ 796 |
Accrued Expenses | Accrued expenses (in millions): October 28, 2016 April 29, 2016 Accrued compensation and benefits $ 288 $ 371 Product warranty liability 36 48 Other current liabilities 296 346 Accrued expenses $ 620 $ 765 |
Product Warranty Liabilities | The following tables summarize the activity related to product warranty liabilities and their balances as reported in our condensed consolidated balance sheets (in millions): Three Months Ended Six Months Ended October 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Balance at beginning of period $ 61 $ 81 $ 70 $ 86 Expense accrued during the period 1 13 5 22 Warranty costs incurred (8 ) (14 ) (21 ) (28 ) Balance at end of period $ 54 $ 80 $ 54 $ 80 October 28, 2016 April 29, 2016 Accrued expenses $ 36 $ 48 Other long-term liabilities 18 22 Total warranty liabilities $ 54 $ 70 |
Deferred Revenue and Financed Unearned Services Revenue | Deferred revenue and financed unearned services revenue (in millions): October 28, 2016 April 29, 2016 Deferred product revenue $ 64 $ 68 Deferred services revenue 2,928 3,100 Financed unearned services revenue 209 217 Total $ 3,201 $ 3,385 Reported as: Short-term $ 1,655 $ 1,794 Long-term 1,546 1,591 Total $ 3,201 $ 3,385 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 6 Months Ended |
Oct. 28, 2016 | |
Nonoperating Income Expense [Abstract] | |
Other Income (Expense), Net | Other income (expense), net consists of the following (in millions): Three Months Ended Six Months Ended October 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Interest income $ 10 $ 11 $ 21 $ 24 Interest expense (12 ) (12 ) (27 ) (23 ) Other income, net 2 — 5 2 Total other income (expense), net $ — $ (1 ) $ (1 ) $ 3 |
Financial Instruments and Fai28
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Oct. 28, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Investments | The following is a summary of our investments (in millions): October 28, 2016 April 29, 2016 Cost or Estimated Cost or Estimated Amortized Gross Unrealized Fair Amortized Gross Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value Corporate bonds $ 1,234 $ 4 $ (1 ) $ 1,237 $ 1,370 $ 5 $ (1 ) $ 1,374 U.S. Treasury and government debt securities 669 1 (1 ) 669 878 2 — 880 Foreign government debt securities 27 — — 27 35 — — 35 Commercial paper 476 — — 476 202 — — 202 Certificates of deposit 72 — — 72 98 — — 98 Mutual funds 32 — — 32 30 — — 30 Total debt and equity securities $ 2,510 $ 5 $ (2 ) $ 2,513 $ 2,613 $ 7 $ (1 ) $ 2,619 |
Contractual Maturities of Debt Investments | The following table presents the contractual maturities of our debt investments as of October 28, 2016 (in millions): Amortized Cost Fair Value Due in one year or less $ 1,149 $ 1,150 Due after one year through five years 1,329 1,331 $ 2,478 $ 2,481 |
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 (in millions): October 28, 2016 Fair Value Measurements at Reporting Date Using Total Level 1 Level 2 Cash $ 1,876 $ 1,876 $ — Corporate bonds 1,237 — 1,237 U.S. Treasury and government debt securities 669 215 454 Foreign government debt securities 27 — 27 Commercial paper 476 — 476 Certificates of deposit 72 — 72 Total cash, cash equivalents and short-term investments $ 4,357 $ 2,091 $ 2,266 Other items: Mutual funds (1) $ 6 $ 6 $ — Mutual funds (2) $ 26 $ 26 $ — Foreign currency exchange contracts assets (1) $ 7 $ — $ 7 Foreign currency exchange contracts liabilities (3) $ (2 ) $ — $ (2 ) (1) Reported as other current assets in the condensed consolidated balance sheets (2) Reported as other non-current assets in the condensed consolidated balance sheets ( 3 ) Reported as accrued expenses in the condensed consolidated balance sheets |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 6 Months Ended |
Oct. 28, 2016 | |
Debt Disclosure [Abstract] | |
Carrying Value of Long-Term Debt | The following table summarizes information relating to our long-term debt (in millions, except interest rates): October 28, 2016 April 29, 2016 Effective Effective Amount Interest Rate Amount Interest Rate 2.00% Senior Notes Due December 2017 $ 750 2.25 % $ 750 2.25 % 3.375% Senior Notes Due June 2021 500 3.54 % 500 3.54 % 3.25% Senior Notes Due December 2022 250 3.43 % 250 3.43 % Total principal amount 1,500 1,500 Unamortized discount and issuance costs (8 ) (10 ) Total long-term debt $ 1,492 $ 1,490 |
Future Principal Debt Maturities | As of October 28, 2016, our aggregate future principal debt maturities are as follows (in millions): Fiscal Year Amount 2018 $ 750 Thereafter 750 Total $ 1,500 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Oct. 28, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Activity Related to Stock Options | The following table summarizes information related to our stock options (in millions, except exercise price and contractual term): Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of April 29, 2016 9 $ 34.01 Exercised (1 ) $ 20.83 Forfeited and expired (2 ) $ 39.23 Outstanding as of October 28, 2016 6 $ 34.37 3.49 $ 32 Exercisable as of October 28, 2016 4 $ 39.88 2.42 $ 7 |
Additional Information Related to Stock Options | Additional information related to our stock options is summarized below (in millions): Six Months Ended October 28, 2016 October 30, 2015 Intrinsic value of exercises $ 11 $ 8 Proceeds received from exercises $ 20 $ 19 Fair value of options vested $ 9 $ 7 |
Activity Related to Restricted Stock Units Including Performance-Based Restricted Stock Units | The following table summarizes information related to RSUs, including PBRSUs, (in millions, except for fair value): Number of Shares Weighted- Average Grant Date Fair Value Outstanding as of April 29, 2016 13 $ 32.46 Granted 5 $ 24.10 Vested (4 ) $ 32.86 Forfeited (2 ) $ 32.50 Outstanding as of October 28, 2016 12 $ 28.59 |
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): Six Months Ended October 28, 2016 October 30, 2015 Shares withheld for taxes 1 1 Fair value of shares withheld $ 36 $ 44 |
Schedule of Employee Stock Purchase Plan (ESPP) Disclosures | The following table summarizes activity related to the purchase rights issued under the ESPP (in millions): Six Months Ended October 28, 2016 October 30, 2015 Shares issued under the ESPP 2 2 Proceeds from issuance of shares $ 42 $ 50 |
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 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Cost of product revenues $ 1 $ 1 $ 2 $ 3 Cost of hardware maintenance and other services revenues 3 4 7 10 Sales and marketing 21 26 44 57 Research and development 17 18 32 44 General and administrative 9 10 18 22 Total stock-based compensation expense $ 51 $ 59 $ 103 $ 136 |
Summary of Activities Related to Stock Repurchase Program | The following table summarizes activity related to this program for the six months ended October 28, 2016 (in millions, except per share amounts): Number of shares repurchased 11 Average price per share $ 27.60 Aggregate purchase price $ 292 Remaining authorization at end of period $ 1,208 |
Summary of Activities Related to Dividends on Common Stock | The following is a summary of our activities related to dividends on our common stock (in millions, except per share amounts): Six Months Ended October 28, 2016 October 30, 2015 Dividends per share declared $ 0.38 $ 0.36 Dividend payments allocated to additional paid-in capital $ 76 $ 84 Dividend payments allocated to retained earnings $ 29 $ 23 |
Reconciliation of Retained Earnings | A reconciliation of retained earnings is as follows (in millions): Balance as of April 29, 2016 $ — Cumulative-effect of new accounting principle 21 Net income 173 Repurchases of common stock (165 ) Dividends (29 ) Balance as of October 28, 2016 $ — |
Accumulated Other Comprehensive Income (Loss) by Component Net of Tax | Changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, are summarized below (in millions): Foreign Currency Translation Adjustments Defined Benefit Obligation Adjustments Unrealized Gains (Losses) on Available- for-Sale Securities Unrealized Gains (Losses) on Derivative Instruments Total Balance as of April 29, 2016 $ (19 ) $ (16 ) $ 6 $ (2 ) $ (31 ) OCI before reclassifications, net of tax (11 ) — (2 ) 3 (10 ) Amounts reclassified from AOCI, net of tax — 1 — (1 ) — Total OCI (11 ) 1 (2 ) 2 (10 ) Balance as of October 28, 2016 $ (30 ) $ (15 ) $ 4 $ — $ (41 ) |
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 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Amounts Reclassified from AOCI Amounts Reclassified from AOCI Statements of Operations Location Recognized losses on defined benefit obligations $ 1 1 $ 1 $ 2 Operating expenses Realized gains on available-for-sale securities — (1 ) — (1 ) Other income (expense), net Realized (gains) losses on cash flow hedges (1 ) 1 (1 ) 2 Net revenues Total reclassifications $ — $ 1 $ — $ 3 |
Derivatives and Hedging Activ31
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Oct. 28, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Value of Outstanding Foreign Currency Exchange Forward Contracts | The notional amount of our outstanding U.S. dollar equivalent foreign currency exchange forward contracts consisted of the following (in millions): October 28, 2016 April 29, 2016 Cash Flow Hedges Forward contracts purchased $ 127 $ 99 Balance Sheet Contracts Forward contracts sold $ 189 $ 160 Forward contracts purchased $ 281 $ 396 |
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 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Gain Recognized into Income Gain (Loss) Recognized into Income Foreign currency exchange contracts $ 2 $ — $ 6 $ (7 ) |
Restructuring and Other Charg32
Restructuring and Other Charges (Tables) | 6 Months Ended |
Oct. 28, 2016 | |
Restructuring And Related Activities [Abstract] | |
Activities Related to Restructuring Reserves | Activities related to the fiscal 2016 restructuring actions are summarized as follows (in millions): Six Months Ended Six Months Ended October 28, 2016 October 30, 2015 Balance at beginning of period $ 45 $ — Net charges — 28 Cash payments (42 ) (23 ) Balance at end of period $ 3 $ 5 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Oct. 28, 2016 | |
Income Tax Disclosure [Abstract] | |
Effective Tax Rates | Our effective tax rates for the periods presented were as follows: Six Months Ended October 28, 2016 October 30, 2015 Effective tax rates 26.1 % 31.1 % |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): Six Months Ended October 28, 2016 October 30, 2015 Balance at beginning of period $ 216 $ 272 Additions based on tax positions related to the current year 3 7 Additions for tax positions of prior years 5 20 Decreases for tax positions of prior years — (38 ) Settlements (12 ) (52 ) Balance at end of period $ 212 $ 209 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 6 Months Ended |
Oct. 28, 2016 | |
Earnings Per Share [Abstract] | |
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 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Numerator: Net income $ 109 $ 114 $ 173 $ 84 Denominator: Shares used in basic computation 278 294 278 299 Dilutive impact of employee equity award plans 6 2 5 3 Shares used in diluted computation 284 296 283 302 Net Income per Share: Basic $ 0.39 $ 0.39 $ 0.62 $ 0.28 Diluted $ 0.38 $ 0.39 $ 0.61 $ 0.28 |
Segment, Geographic, and Sign35
Segment, Geographic, and Significant Customer Information (Tables) | 6 Months Ended |
Oct. 28, 2016 | |
Segment Reporting [Abstract] | |
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 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 United States, Canada and Latin America (Americas) $ 768 $ 819 $ 1,504 $ 1,564 Europe, Middle East and Africa (EMEA) 396 430 783 845 Asia Pacific (APAC) 176 196 347 371 Net revenues $ 1,340 $ 1,445 $ 2,634 $ 2,780 |
Schedule of Cash, Cash Equivalents and Short-Term Investments | The following table presents cash, cash equivalents and short-term investments held in the U.S. and internationally in various foreign subsidiaries (in millions): October 28, 2016 April 29, 2016 U.S. $ 450 $ 513 International 3,907 4,790 Total $ 4,357 $ 5,303 |
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 28, 2016 April 29, 2016 U.S. $ 757 $ 797 International 192 140 Total $ 949 $ 937 |
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 28, 2016 October 30, 2015 October 28, 2016 October 30, 2015 Arrow Electronics, Inc. 23 % 22 % 21 % 22 % Avnet, Inc. 20 % 19 % 20 % 18 % |
Schedule of Net Accounts Receivable from Significant Customers | The following customers accounted for 10% or more of accounts receivable: October 28, 2016 April 29, 2016 Arrow Electronics, Inc. 14 % 12 % Avnet, Inc. 14 % 15 % |
Description of Business and S36
Description of Business and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Oct. 28, 2016 | Jul. 29, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Provision for income taxes | $ 33 | $ 30 | $ 61 | $ 38 | |
Accounting Standards Update 2016-09 | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Provision for income taxes | $ 17 | ||||
Accounting Standards Update 2016-09 | Account for Forfeitures As Occur | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Cumulative-effect impact to retained earnings | $ 7 | ||||
Accounting Standards Update 2016-09 | Forfeiture Rate Policy Change On Outstanding Stock Based Awards | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Cumulative-effect adjustment to retained earnings | (3) | ||||
Accounting Standards Update 2016-09 | Previously Unrecognized Tax Benefits | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Cumulative-effect adjustment to retained earnings | $ 17 |
Statements of Cash Flows Addi37
Statements of Cash Flows Additional Information - Supplemental Cash Flows and Non Cash Investing Activities (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Non-cash Investing Activities: | ||
Capital expenditures incurred but not paid | $ 35 | $ 15 |
Supplemental Cash Flow Information: | ||
Income taxes paid, net of refunds | 70 | 94 |
Interest paid | $ 23 | $ 20 |
Purchased Intangible Assets, 38
Purchased Intangible Assets, Net - Purchased Intangible Assets, Net (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | $ 200 | $ 478 |
Accumulated Amortization | (42) | (298) |
Net Assets | 158 | 180 |
Developed Technology | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 148 | 403 |
Accumulated Amortization | (28) | (289) |
Net Assets | 120 | 114 |
Customer Contracts/Relationships | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 43 | 46 |
Accumulated Amortization | (11) | (7) |
Net Assets | 32 | 39 |
Other Purchased Intangibles | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 9 | 10 |
Accumulated Amortization | (3) | (2) |
Net Assets | 6 | 8 |
Intangible Assets Subject to Amortization | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 200 | 459 |
Accumulated Amortization | (42) | (298) |
Net Assets | 158 | 161 |
In Process Research and Development | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 0 | 19 |
Accumulated Amortization | 0 | 0 |
Net Assets | $ 0 | $ 19 |
Purchased Intangible Assets, 39
Purchased Intangible Assets, Net - Amortization Expense for Purchased Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 11 | $ 14 | $ 22 | $ 28 |
Cost of revenues | Developed Technology | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Amortization expense | 7 | 14 | 13 | 28 |
Operating expenses | Customer Contracts/Relationships | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Amortization expense | 3 | 0 | 7 | 0 |
Operating expenses | Other Purchased Intangibles | ||||
Acquired Finite Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 1 | $ 0 | $ 2 | $ 0 |
Purchased Intangible Assets, 40
Purchased Intangible Assets, Net - Future Amortization Expense Related to Purchased Intangible Assets (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Net Assets | $ 158 | $ 180 |
Intangible Assets Subject to Amortization | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Remainder of 2017 | 26 | |
2,018 | 49 | |
2,019 | 42 | |
2,020 | 26 | |
2,021 | 15 | |
Net Assets | $ 158 | $ 161 |
Balance Sheet Details - Cash an
Balance Sheet Details - Cash and Cash Equivalents (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 | Oct. 30, 2015 | Apr. 24, 2015 |
Cash And Cash Equivalents [Abstract] | ||||
Cash | $ 1,876 | $ 2,714 | ||
Cash equivalents | 237 | 154 | ||
Cash and cash equivalents | $ 2,113 | $ 2,868 | $ 2,198 | $ 1,922 |
Balance Sheet Details - Invento
Balance Sheet Details - Inventories (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Inventory Disclosure [Abstract] | ||
Purchased components | $ 10 | $ 10 |
Finished goods | 87 | 88 |
Inventories | $ 97 | $ 98 |
Balance Sheet Details - Propert
Balance Sheet Details - Property and Equipment Net (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,251 | $ 2,191 |
Accumulated depreciation and amortization | (1,302) | (1,254) |
Property and equipment, net | 949 | 937 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 215 | 215 |
Buildings and improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 605 | 605 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 107 | 106 |
Computer, production, engineering and other equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 749 | 751 |
Computer software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 352 | 352 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 88 | 88 |
Construction-in-progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 135 | $ 74 |
Balance Sheet Details - Other N
Balance Sheet Details - Other Non-Current Assets (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Deferred tax assets | $ 590 | $ 621 |
Other assets | 169 | 175 |
Other non-current assets | $ 759 | $ 796 |
Balance Sheet Details - Accrued
Balance Sheet Details - Accrued expenses (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Payables And Accruals [Abstract] | ||
Accrued compensation and benefits | $ 288 | $ 371 |
Product warranty liability | 36 | 48 |
Other current liabilities | 296 | 346 |
Accrued expenses | $ 620 | $ 765 |
Balance Sheet Details - Product
Balance Sheet Details - Product Warranty Liabilities (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Apr. 29, 2016 | |
Movement In Standard Product Warranty Accrual [Roll Forward] | ||||||
Balance at beginning of period | $ 61 | $ 81 | $ 70 | $ 86 | ||
Expense accrued during the period | 1 | 13 | 5 | 22 | ||
Warranty costs incurred | (8) | (14) | (21) | (28) | ||
Balance at end of period | 54 | 80 | 54 | 80 | ||
Standard Product Warranty Accrual, Balance Sheet Classification [Abstract] | ||||||
Accrued expenses | $ 36 | $ 48 | ||||
Other long-term liabilities | 18 | 22 | ||||
Total warranty liabilities | $ 61 | $ 81 | $ 70 | $ 86 | $ 54 | $ 70 |
Balance Sheet Details - Deferre
Balance Sheet Details - Deferred Revenue and Financed Unearned Services Revenue (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Deferred Revenue And Credits [Line Items] | ||
Deferred revenue and financed unearned services revenue | $ 3,201 | $ 3,385 |
Short-term | 1,655 | 1,794 |
Long-term | 1,546 | 1,591 |
Deferred product revenue | ||
Deferred Revenue And Credits [Line Items] | ||
Deferred revenue and financed unearned services revenue | 64 | 68 |
Deferred services revenue | ||
Deferred Revenue And Credits [Line Items] | ||
Deferred revenue and financed unearned services revenue | 2,928 | 3,100 |
Financed unearned services revenue | ||
Deferred Revenue And Credits [Line Items] | ||
Deferred revenue and financed unearned services revenue | $ 209 | $ 217 |
Other Income (Expense), Net (De
Other Income (Expense), Net (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Nonoperating Income Expense [Abstract] | ||||
Interest income | $ 10 | $ 11 | $ 21 | $ 24 |
Interest expense | (12) | (12) | (27) | (23) |
Other income, net | 2 | 0 | 5 | 2 |
Total other income (expense), net | $ 0 | $ (1) | $ (1) | $ 3 |
Financial Instruments and Fai49
Financial Instruments and Fair Value Measurements - Summary of Investments (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or amortized cost | $ 2,510 | $ 2,613 |
Gross unrealized gains | 5 | 7 |
Gross unrealized losses | (2) | (1) |
Estimated fair value | 2,513 | 2,619 |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or amortized cost | 1,234 | 1,370 |
Gross unrealized gains | 4 | 5 |
Gross unrealized losses | (1) | (1) |
Estimated fair value | 1,237 | 1,374 |
U.S. Treasury and Government Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or amortized cost | 669 | 878 |
Gross unrealized gains | 1 | 2 |
Gross unrealized losses | (1) | 0 |
Estimated fair value | 669 | 880 |
Foreign Government Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or amortized cost | 27 | 35 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | 27 | 35 |
Commercial Paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or amortized cost | 476 | 202 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | 476 | 202 |
Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or amortized cost | 72 | 98 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | 72 | 98 |
Mutual Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or amortized cost | 32 | 30 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | $ 32 | $ 30 |
Financial Instruments and Fai50
Financial Instruments and Fair Value Measurements - Contractual Maturities of Debt Investments (Detail) $ in Millions | Oct. 28, 2016USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $ 1,149 |
Due after one year through five years, Amortized Cost | 1,329 |
Total, Amortized Cost | 2,478 |
Due in one year or less, Estimated Fair Value | 1,150 |
Due after one year through five years, Estimated Fair Value | 1,331 |
Total, Estimated Fair Value | $ 2,481 |
Financial Instruments and Fai51
Financial Instruments and Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) $ in Millions | Oct. 28, 2016USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 4,357 | |
Other Current Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency exchange contracts assets | 7 | [1] |
Accrued Expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency exchange contracts liabilities | (2) | [2] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 2,091 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Current Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency exchange contracts assets | 0 | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Accrued Expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency exchange contracts liabilities | 0 | [2] |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 2,266 | |
Significant Other Observable Inputs (Level 2) | Other Current Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency exchange contracts assets | 7 | [1] |
Significant Other Observable Inputs (Level 2) | Accrued Expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency exchange contracts liabilities | (2) | [2] |
Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,876 | |
Cash | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,876 | |
Cash | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | |
Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,237 | |
Corporate Bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | |
Corporate Bonds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,237 | |
U.S. Treasury and Government Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 669 | |
U.S. Treasury and Government Debt Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 215 | |
U.S. Treasury and Government Debt Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 454 | |
Foreign Government Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 27 | |
Foreign Government Debt Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | |
Foreign Government Debt Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 27 | |
Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 476 | |
Commercial Paper | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | |
Commercial Paper | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 476 | |
Certificates of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 72 | |
Certificates of Deposit | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | |
Certificates of Deposit | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 72 | |
Mutual Funds | Other Current Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 6 | [1] |
Mutual Funds | Other Noncurrent Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 26 | [3] |
Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Current Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 6 | [1] |
Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Noncurrent Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 26 | [3] |
Mutual Funds | Significant Other Observable Inputs (Level 2) | Other Current Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | [1] |
Mutual Funds | Significant Other Observable Inputs (Level 2) | Other Noncurrent Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 0 | [3] |
[1] | Reported as other current assets in the condensed consolidated balance sheets | |
[2] | Reported as accrued expenses in the condensed consolidated balance sheets | |
[3] | Reported as other non-current assets in the condensed consolidated balance sheets |
Financial Instruments and Fai52
Financial Instruments and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 1,533 | $ 1,519 |
Financing Arrangements - Carryi
Financing Arrangements - Carrying Value of Long-Term Debt (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 1,492 | $ 1,490 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Total principal amount | 1,500 | 1,500 |
Unamortized discount and issuance costs | (8) | (10) |
Senior Notes | Due December 2017 | ||
Debt Instrument [Line Items] | ||
Total principal amount | $ 750 | $ 750 |
Debt Instrument, Effective Interest Rate | 2.25% | 2.25% |
Senior Notes | Due June 2021 | ||
Debt Instrument [Line Items] | ||
Total principal amount | $ 500 | $ 500 |
Debt Instrument, Effective Interest Rate | 3.54% | 3.54% |
Senior Notes | Due December 2022 | ||
Debt Instrument [Line Items] | ||
Total principal amount | $ 250 | $ 250 |
Debt Instrument, Effective Interest Rate | 3.43% | 3.43% |
Financing Arrangements - Additi
Financing Arrangements - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | |
Feb. 29, 2016USD ($)Extension | Oct. 28, 2016USD ($) | Apr. 29, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Short-term loan | $ 870,000,000 | ||
Short-term loan maturity date | Nov. 2, 2016 | ||
Sale leaseback transaction, net proceeds, financing obligations | $ 149,000,000 | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility, amount | $ 300,000,000 | ||
Credit facility, date expiry | Dec. 21, 2017 | ||
Credit facility, increase in facility | $ 50,000,000 | ||
Credit facility, number of extensions | Extension | 2 | ||
Credit facility, extensions period | 1 year | ||
Credit facility, outstanding borrowings | $ 0 | ||
Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Credit facility, base rate | 0.20% | ||
Interest coverage ratio | 350.00% | ||
Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Credit facility, base rate | 1.20% | ||
Leverage ratio | 300.00% | ||
Revolving Credit Facility | Foreign Currency Sub Facility | |||
Debt Instrument [Line Items] | |||
Credit facility, amount | $ 100,000,000 | ||
Revolving Credit Facility | Letter Of Credit Sub Facility | |||
Debt Instrument [Line Items] | |||
Credit facility, amount | 50,000,000 | ||
Revolving Credit Facility | Swingline Sub Facility | |||
Debt Instrument [Line Items] | |||
Credit facility, amount | $ 10,000,000 | ||
Senior Notes | |||
Debt Instrument [Line Items] | |||
Notes issued, principal amount | $ 1,500,000,000 | $ 1,500,000,000 | |
Senior Notes | Due June 2021 | |||
Debt Instrument [Line Items] | |||
Notes issued, principal amount | $ 500,000,000 | 500,000,000 | |
Notes issued, interest rate | 3.375% | ||
Senior Notes | Due December 2017 | |||
Debt Instrument [Line Items] | |||
Notes issued, principal amount | $ 750,000,000 | 750,000,000 | |
Notes issued, interest rate | 2.00% | ||
Senior Notes | Due December 2022 | |||
Debt Instrument [Line Items] | |||
Notes issued, principal amount | $ 250,000,000 | $ 250,000,000 | |
Notes issued, interest rate | 3.25% |
Financing Arrangements - Future
Financing Arrangements - Future Principal Debt Maturities (Detail) - Senior Notes - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Debt Instrument [Line Items] | ||
2,018 | $ 750 | |
Thereafter | 750 | |
Total | $ 1,500 | $ 1,500 |
Stockholders' Equity - Activity
Stockholders' Equity - Activity Related to Stock Options (Detail) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended |
Oct. 28, 2016USD ($)$ / sharesshares | |
Number of Shares | |
Beginning balance, Number of Shares | shares | 9 |
Options exercised, Number of Shares | shares | (1) |
Options forfeited and expired, Number of Shares | shares | (2) |
Ending balance, Number of Shares | shares | 6 |
Options Exercisable, Number of Shares | shares | 4 |
Weighted-Average Exercise Price | |
Beginning balance, Weighted-Average Exercise Price | $ / shares | $ 34.01 |
Options exercised, Weighted-Average Exercise Price | $ / shares | 20.83 |
Options forfeited and expired, Weighted-Average Exercise Price | $ / shares | 39.23 |
Ending balance, Weighted-Average Exercise Price | $ / shares | 34.37 |
Options Exercisable, Weighted-Average Exercise Price | $ / shares | $ 39.88 |
Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value | |
Outstanding, Weighted-Average Remaining Contractual Term | 3 years 5 months 27 days |
Exercisable, Weighted-Average Remaining Contractual Term | 2 years 5 months 1 day |
Outstanding, Aggregate Intrinsic Value | $ | $ 32 |
Exercisable, Aggregate Intrinsic Value | $ | $ 7 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information Related to Stock Options (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Intrinsic value of exercises | $ 11 | $ 8 |
Proceeds received from exercises | 20 | 19 |
Fair value of options vested | $ 9 | $ 7 |
Stockholders' Equity - Additi58
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | Nov. 16, 2016 | Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense related to equity awards | $ 311,000,000 | $ 311,000,000 | $ 311,000,000 | |||
Unrecognized compensation expense will be amortized on a straight-line basis over a weighted-average remaining period, in years | 2 years 1 month 6 days | |||||
Stock repurchase program, authorized amount | $ 9,600,000,000 | $ 9,600,000,000 | $ 9,600,000,000 | |||
Allocation of purchase price of share repurchases | $ 292,000,000 | |||||
Repurchase of common stock, shares | 11 | 258 | ||||
Average price of common stock repurchased under repurchase program | $ 27.60 | $ 32.64 | ||||
Aggregate purchase price of common stock authorized under repurchase program | $ 292,000,000 | $ 613,000,000 | $ 8,400,000,000 | |||
Cash dividends declared, per common share | $ 0.190 | $ 0.180 | $ 0.380 | $ 0.360 | ||
Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cash dividends declared, per common share | $ 0.19 | |||||
Cash dividend payable date | Jan. 25, 2017 | |||||
Cash dividend record date | Jan. 6, 2017 | |||||
Additional Paid-in Capital | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocation of purchase price of share repurchases | $ 127,000,000 | |||||
Retained Earnings | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocation of purchase price of share repurchases | $ 165,000,000 | |||||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of Common stock issued to settle PBRSUs of target shares granted | 0.00% | |||||
Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of Common stock issued to settle PBRSUs of target shares granted | 200.00% | |||||
Performance Based Restricted Stock Unit | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
RSUs grant date fair value | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||
Performance Based Restricted Stock Unit | PBRSU One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 2 years | |||||
Performance Based Restricted Stock Unit | PBRSU Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years |
Stockholders' Equity - Activi59
Stockholders' Equity - Activity Related to Restricted Stock Units Including Performance-Based Restricted Stock Units (Detail) - Restricted Stock Units shares in Millions | 6 Months Ended |
Oct. 28, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Number of Shares | shares | 13 |
RSUs granted, Number of Shares | shares | 5 |
RSUs vested, Number of Shares | shares | (4) |
RSUs forfeited, Number of Shares | shares | (2) |
Ending Balance, Number of Shares | shares | 12 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 32.46 |
RSUs granted, Weighted-Average Grant Date Fair Value | $ / shares | 24.10 |
RSUs vested, Weighted-Average Grant Date Fair Value | $ / shares | 32.86 |
RSUs forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 32.50 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 28.59 |
Stockholders' Equity - Number a
Stockholders' Equity - Number and Value of Shares Netted for Employee Taxes (Detail) - Restricted Stock Units - USD ($) shares in Millions, $ in Millions | 6 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares withheld for taxes | 1 | 1 |
Fair value of shares withheld | $ 36 | $ 44 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Employee Stock Purchase Plan (ESPP) (Detail) - USD ($) shares in Millions, $ in Millions | 6 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued under the ESPP | 2 | 2 |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from issuance of shares | $ 42 | $ 50 |
Stockholders' Equity - Stock-Ba
Stockholders' Equity - Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 51 | $ 59 | $ 103 | $ 136 |
Cost of Product Revenues | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1 | 1 | 2 | 3 |
Cost of Hardware Maintenance and Other Services Revenues | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 3 | 4 | 7 | 10 |
Sales and Marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 21 | 26 | 44 | 57 |
Research and Development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 17 | 18 | 32 | 44 |
General and Administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 9 | $ 10 | $ 18 | $ 22 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Activities Related to Stock Repurchase Program (Detail) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended | 162 Months Ended |
Oct. 28, 2016USD ($)$ / sharesshares | Oct. 28, 2016USD ($)$ / sharesshares | |
Equity [Abstract] | ||
Number of shares repurchased | shares | 11 | 258 |
Average price per share | $ / shares | $ 27.60 | $ 32.64 |
Aggregate purchase price | $ 292 | |
Remaining authorization at end of period | $ 1,208 | $ 1,208 |
Stockholders' Equity - Summar64
Stockholders' Equity - Summary of Activities Related to Dividends on Common Stock (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Dividends, Common Stock [Abstract] | ||||
Dividends per share declared | $ 0.190 | $ 0.180 | $ 0.380 | $ 0.360 |
Dividend payments | $ 105 | $ 107 | ||
Additional Paid-in Capital | ||||
Dividends, Common Stock [Abstract] | ||||
Dividend payments | 76 | 84 | ||
Retained Earnings | ||||
Dividends, Common Stock [Abstract] | ||||
Dividend payments | $ 29 | $ 23 |
Stockholders' Equity - Reconcil
Stockholders' Equity - Reconciliation of Retained Earnings (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Retained Earnings Adjustments [Line Items] | ||||
Beginning balance | $ 0 | |||
Cumulative-effect of new accounting principle | 21 | |||
Net income | $ 109 | $ 114 | 173 | $ 84 |
Repurchases of common stock | (292) | |||
Ending balance | $ 0 | 0 | ||
Retained Earnings | ||||
Retained Earnings Adjustments [Line Items] | ||||
Repurchases of common stock | (165) | |||
Dividends | $ (29) |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) by Component Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 2,881 | |||
OCI before reclassifications, net of tax | (10) | |||
Amounts reclassified from AOCI, net of tax | 0 | |||
Other comprehensive loss | $ (10) | $ (1) | (10) | $ (11) |
Ending balance | 2,789 | 2,789 | ||
Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (19) | |||
OCI before reclassifications, net of tax | (11) | |||
Amounts reclassified from AOCI, net of tax | 0 | |||
Other comprehensive loss | (11) | |||
Ending balance | (30) | (30) | ||
Defined Benefit Obligation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (16) | |||
OCI before reclassifications, net of tax | 0 | |||
Amounts reclassified from AOCI, net of tax | 1 | |||
Other comprehensive loss | 1 | |||
Ending balance | (15) | (15) | ||
Unrealized Gains (Losses) on Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 6 | |||
OCI before reclassifications, net of tax | (2) | |||
Amounts reclassified from AOCI, net of tax | 0 | |||
Other comprehensive loss | (2) | |||
Ending balance | 4 | 4 | ||
Unrealized Gains (Losses) on Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (2) | |||
OCI before reclassifications, net of tax | 3 | |||
Amounts reclassified from AOCI, net of tax | (1) | |||
Other comprehensive loss | 2 | |||
Ending balance | 0 | 0 | ||
AOCI Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (31) | |||
Ending balance | $ (41) | $ (41) |
Stockholders' Equity - Amounts
Stockholders' Equity - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Operating expenses | $ 687 | $ 739 | $ 1,391 | $ 1,581 |
Other income (expense), net | 0 | (1) | (1) | 3 |
Net revenues | 1,340 | 1,445 | 2,634 | 2,780 |
Total reclassifications | 0 | 1 | 0 | 3 |
Reclassification out of Accumulated Other Comprehensive Income | Recognized Losses on Defined Benefit Obligations | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Operating expenses | 1 | 1 | 1 | 2 |
Reclassification out of Accumulated Other Comprehensive Income | Realized Gains on Available-for-Sale Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income (expense), net | 0 | (1) | 0 | (1) |
Reclassification out of Accumulated Other Comprehensive Income | Realized (Gains) Losses on Cash Flow Hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net revenues | $ (1) | $ 1 | $ (1) | $ 2 |
Derivatives and Hedging Activ68
Derivatives and Hedging Activities - Schedule of Notional Value of Outstanding Foreign Currency Forward Contracts (Detail) - Foreign Exchange Forward Contracts - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Cash Flow Hedging | Long | ||
Derivative [Line Items] | ||
Forward contracts, Notional Amount | $ 127 | $ 99 |
Non Designated | Long | ||
Derivative [Line Items] | ||
Forward contracts, Notional Amount | 281 | 396 |
Non Designated | Short | ||
Derivative [Line Items] | ||
Forward contracts, Notional Amount | $ 189 | $ 160 |
Derivatives and Hedging Activ69
Derivatives and Hedging Activities - Schedule of Derivative Instruments Not Designated as Cash Flow Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Foreign Exchange Forward Contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign currency exchange contracts | $ 2 | $ 0 | $ 6 | $ (7) |
Restructuring and Other Charg70
Restructuring and Other Charges - Additional Information (Detail) | Oct. 28, 2016 |
May 2015 Restructuring | |
Restructuring Cost and Reserve [Line Items] | |
Reduction of global work force | 14.00% |
March 2016 Restructuring | |
Restructuring Cost and Reserve [Line Items] | |
Reduction of global work force | 14.00% |
Restructuring and Other Charg71
Restructuring and Other Charges - Activities Related to Restructuring Reserves (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Restructuring And Related Activities [Abstract] | ||||
Balance at beginning of period | $ 45 | $ 0 | ||
Net charges | $ 0 | $ 1 | 0 | 28 |
Cash payments | (42) | (23) | ||
Balance at end of period | $ 3 | $ 5 | $ 3 | $ 5 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rates (Detail) | 6 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rates | 26.10% | 31.10% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | Apr. 29, 2016 | Apr. 24, 2015 | |
Income Tax Contingency [Line Items] | ||||||
Provision for income taxes | $ 33 | $ 30 | $ 61 | $ 38 | ||
Gross unrecognized tax benefits | 212 | $ 209 | 212 | 209 | $ 216 | $ 272 |
Unrecognized tax benefits included in other long-term liabilities | 154 | 154 | ||||
Unrecognized tax benefits that would affect provision for income taxes | $ 156 | 156 | ||||
Federal Income Tax | ||||||
Income Tax Contingency [Line Items] | ||||||
Resolution of income tax examinations | $ 23 | |||||
Accounting Standards Update 2016-09 | ||||||
Income Tax Contingency [Line Items] | ||||||
Provision for income taxes | $ 17 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of period | $ 216 | $ 272 |
Additions based on tax positions related to the current year | 3 | 7 |
Additions for tax positions of prior years | 5 | 20 |
Decreases for tax positions of prior years | 0 | (38) |
Settlements | (12) | (52) |
Balance at end of period | $ 212 | $ 209 |
Net Income per Share - Computat
Net Income per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Net income per share: | ||||
Net income | $ 109 | $ 114 | $ 173 | $ 84 |
Shares used in basic computation | 278 | 294 | 278 | 299 |
Dilutive impact of employee equity award plans | 6 | 2 | 5 | 3 |
Shares used in diluted computation | 284 | 296 | 283 | 302 |
Basic | $ 0.39 | $ 0.39 | $ 0.62 | $ 0.28 |
Diluted | $ 0.38 | $ 0.39 | $ 0.61 | $ 0.28 |
Net Income per Share - Addition
Net Income per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Employee equity award plans | 5 | 19 | 10 | 14 |
Segment Geographic and Signific
Segment Geographic and Significant Customer Information - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016USD ($) | Oct. 30, 2015USD ($) | Oct. 28, 2016USD ($)Segment | Oct. 30, 2015USD ($)Segment | |
Segment Reporting Information [Line Items] | ||||
Number of industry segment | Segment | 1 | 1 | ||
Net revenues | $ 1,340 | $ 1,445 | $ 2,634 | $ 2,780 |
U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 697 | $ 743 | $ 1,363 | $ 1,408 |
Segment Geographic and Signif78
Segment Geographic and Significant Customer Information - Schedule of Revenues by Geographic Region (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 1,340 | $ 1,445 | $ 2,634 | $ 2,780 |
United States, Canada And Latin America (Americas) | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 768 | 819 | 1,504 | 1,564 |
Europe, Middle East And Africa (EMEA) | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 396 | 430 | 783 | 845 |
Asia Pacific (APAC) | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 176 | $ 196 | $ 347 | $ 371 |
Segment Geographic and Signif79
Segment Geographic and Significant Customer Information - Schedule of Cash, Cash Equivalents and Short-Term Investments (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Segment Reporting Information [Line Items] | ||
Cash, cash equivalents and short-term investments | $ 4,357 | $ 5,303 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Cash, cash equivalents and short-term investments | 450 | 513 |
International | ||
Segment Reporting Information [Line Items] | ||
Cash, cash equivalents and short-term investments | $ 3,907 | $ 4,790 |
Segment Geographic and Signif80
Segment Geographic and Significant Customer Information - Schedule of Property and Equipment Net by Geographic Areas (Detail) - USD ($) $ in Millions | Oct. 28, 2016 | Apr. 29, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment | $ 949 | $ 937 |
U.S. | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment | 757 | 797 |
International | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property and equipment | $ 192 | $ 140 |
Segment Geographic and Signif81
Segment Geographic and Significant Customer Information - Significant Customers (Detail) - Net Revenue - Customer Concentration Risk | 3 Months Ended | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Arrow Electronics, Inc. | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of net revenues | 23.00% | 22.00% | 21.00% | 22.00% |
Avnet, Inc. | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of net revenues | 20.00% | 19.00% | 20.00% | 18.00% |
Segment Geographic and Signif82
Segment Geographic and Significant Customer Information - Schedule of Net Accounts Receivable from Significant Customers (Detail) - Accounts Receivable - Credit Concentration Risk | 6 Months Ended | 12 Months Ended |
Oct. 28, 2016 | Apr. 29, 2016 | |
Arrow Electronics, Inc. | ||
Segment Reporting Information [Line Items] | ||
Percentage of net accounts receivable | 14.00% | 12.00% |
Avnet, Inc. | ||
Segment Reporting Information [Line Items] | ||
Percentage of net accounts receivable | 14.00% | 15.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Oct. 28, 2016 | Oct. 30, 2015 | Apr. 29, 2016 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Future annual minimum lease payments | $ 238,000,000 | ||
Accrued purchase commitments with contract manufacturers | 4,000,000 | $ 7,000,000 | |
Sale of finance receivables | 108,000,000 | $ 72,000,000 | |
Legal proceedings and claims | $ 0 | ||
Maximum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Terms of recourse leases | 3 years | ||
Inventory | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Purchase orders and other commitments | $ 291,000,000 | ||
Construction Related | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Purchase orders and other commitments | 15,000,000 | ||
Other | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Purchase orders and other commitments | $ 231,000,000 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ in Millions | Nov. 03, 2016 | Oct. 28, 2016 | Oct. 30, 2015 | Oct. 28, 2016 | Oct. 30, 2015 |
Subsequent Event [Line Items] | |||||
Net charges | $ 0 | $ 1 | $ 0 | $ 28 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Reduction of global work force | 6.00% | ||||
Subsequent Event | Minimum | |||||
Subsequent Event [Line Items] | |||||
Net charges | $ 50 | ||||
Subsequent Event | Maximum | |||||
Subsequent Event [Line Items] | |||||
Net charges | $ 60 |