Goodwill and Other Intangible Assets

3 Months Ended

Jul. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table presents the changes in the carrying amount of goodwill by segment:


(in millions)	Cardiac and Vascular Group		Minimally Invasive Therapies Group		Restorative Therapies Group		Diabetes Group		Total
April 24, 2020	$	6,831	$	20,176	$	10,920	$	1,914	$	39,841

Purchase accounting adjustments	—		—		3		—		3
Currency translation and other	83		693		93		1		870
July 31, 2020	$	6,914	$	20,869	$	11,016	$	1,915	$	40,714

The Company assesses goodwill for impairment annually as of the first day of the third quarter of the fiscal year and whenever an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Impairment testing for goodwill is performed at the reporting unit level. The test for impairment of goodwill requires the Company to make several estimates about fair value, most of which are based on projected future cash flows. The Company calculates the excess of each reporting unit's fair value over its carrying amount, including goodwill, utilizing a discounted cash flow analysis. The Company did not recognize any goodwill impairment during the three months ended July 31, 2020 or July 26, 2019.

Intangible Assets

The following table presents the gross carrying amount and accumulated amortization of intangible assets:


	July 31, 2020						April 24, 2020
(in millions)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Definite-lived:
Customer-related	$	17,000	$	(5,321)	$	16,963	$	(5,065)
Purchased technology and patents	10,868		(4,567)		10,742		(4,354)
Trademarks and tradenames	465		(236)		464		(232)
Other	75		(55)		75		(53)
Total	$	28,408	$	(10,179)	$	28,244	$	(9,704)
Indefinite-lived:
IPR&D	$	441	$	—	$	523	$	—

The Company assesses definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of an intangible asset (asset group) may not be recoverable. When events or changes in circumstances indicate that the carrying value of an intangible asset may not be recoverable, the Company calculates the excess of an intangible asset's carrying value over its undiscounted future cash flows. If the carrying value is not recoverable, an impairment loss is recognized based on the amount by which the carrying value exceeds the fair value. The inputs used in the fair value analysis fall within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine fair value. The Company did not recognize any definite-lived intangible asset charges during the three months ended July 31, 2020 or July 26, 2019 .

The Company assesses indefinite-lived intangibles for impairment annually in the third quarter of the fiscal year and whenever an event occurs or circumstances change that would indicate that the carrying value may be impaired. The Company did not recognize any indefinite-lived intangible asset impairments during the three months ended July 31, 2020 or July 26, 2019. Due to the nature of IPR&D projects, the Company may experience future delays or failures to obtain regulatory approvals to conduct clinical trials, failures of clinical trials, delays or failures to obtain required market clearances, other failures to achieve a commercially viable product, or the discontinuation of certain projects, and as a result, may recognize impairment losses in the future.

Amortization Expense

Intangible asset amortization expense for the three months ended July 31, 2020 and July 26, 2019 was $440 million. Estimated aggregate amortization expense by fiscal year based on the carrying value of definite-lived intangible assets at July 31, 2020, excluding any possible future amortization associated with acquired IPR&D which has not yet met technological feasibility, is as follows:


(in millions)	Amortization Expense
Remaining 2021	$	1,319
2022	1,718
2023	1,654
2024	1,624
2025	1,599
2026	1,587