Acquisitions (Tables)

9 Months Ended

Jan. 24, 2020

Business Combinations [Abstract]

Schedule of Fair Value of the Assets Acquired and Liabilities Assumed

The fair values of the assets acquired and liabilities assumed were as follows:

(in millions)	Mazor Robotics
Cash and cash equivalents	$	109
Investments	52
Accounts receivable	9
Inventory	5
Other current assets	1
Property, plant, and equipment	3
Goodwill	1,318
Other intangible assets	399
Tax assets	9
Total assets acquired	1,905
Current liabilities	210
Deferred tax liabilities	21
Total liabilities assumed	231
Net assets acquired	$	1,674

Reconciliation of Beginning and Ending Balances of Contingent Consideration

The following table provides a reconciliation of the beginning and ending balances of contingent consideration:

	Three months ended				Nine months ended
(in millions)	January 24, 2020		January 25, 2019		January 24, 2020		January 25, 2019
Beginning balance	$	260	$	203	$	222	$	173
Purchase price contingent consideration	45		5		110		51
Payments	(3)		(1)		(32)		(8)
Change in fair value	2		(59)		4		(68)
Ending balance	$	304	$	148	$	304	$	148

Fair Value Measurements, Contingent Consideration, Significant Unobservable Inputs

The recurring Level 3 fair value measurements of contingent consideration for which a liability is recorded include the following significant unobservable inputs:

	Fair Value at
(in millions)	January 24, 2020	Valuation Technique	Unobservable Input	Range
			Discount rate	11.5% - 32.5%
Revenue and other performance-based payments	$123	Discounted cash flow	Probability of payment	30% - 100%
			Projected fiscal year of payment	2020 - 2026
			Discount rate	5.5%
Product development and other milestone-based payments	$181	Discounted cash flow	Probability of payment	75% - 100%
			Projected fiscal year of payment	2020 - 2027