Goodwill and Other Intangible Assets

12 Months Ended

Apr. 29, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

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

(in millions)	Cardiovascular		Medical Surgical		Neuroscience		Diabetes		Total
April 24, 2020	$	6,831	$	20,176	$	10,920	$	1,914	$	39,841
Goodwill as a result of acquisitions	248		12		210		346		816
Purchase accounting adjustments	(2)		(5)		3		(4)		(8)
Currency translation and other	132		1,012		167		1		1,312
April 30, 2021	7,209		21,195		11,300		2,257		41,961
Goodwill as a result of acquisitions	55		—		26		—		80
Purchase accounting adjustments	21		3		3		(2)		25
Currency translation and other	(125)		(1,241)		(196)		(1)		(1,563)
April 29, 2022	$	7,160	$	19,957	$	11,132	$	2,254	$	40,502

The Company did not recognize any goodwill impairments during fiscal years 2022, 2021, or 2020.

Intangible Assets

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

	April 29, 2022				April 30, 2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Definite-lived:
Customer-related	$	16,953	$	(7,005)	$	17,036	$	(6,058)
Purchased technology and patents	10,802		(5,667)		11,286		(5,156)
Trademarks and tradenames	473		(266)		475		(251)
Other	80		(69)		82		(68)
Total	$	28,308	$	(13,006)	$	28,879	$	(11,533)
Indefinite-lived:
IPR&D	$	293	$	—	$	394	$	—

During fiscal year 2022, the Company recognized $409 million of definite-lived intangible asset impairment charges in connection with MCS within the Cardiovascular Portfolio. The intangible asset impairment charge primarily related to purchased technology and patents. Refer to Note 4 Restructuring Charges for additional information on what led to the impairment. During fiscal year 2021, the Company recognized $30 million of definite-lived intangible asset charges in connection with the abandonment of certain intangible assets within the Neuroscience segment. During fiscal year 2020, the Company recognized $37 million of definite-lived intangible asset charges, including $33 million and $4 million recognized in connection with business exits in the Neuroscience and Cardiovascular segments, respectively. Definite-lived intangible asset charges are recognized in other operating expense, net in the consolidated statements of income.

Indefinite-lived intangible asset impairment charges were not significant for fiscal year 2022. During fiscal year 2021, the Company recognized $45 million of indefinite-lived intangible asset impairment charges related to the abandonment of certain IPR&D projects in the Neuroscience segment. During fiscal year 2020, the Company recognized $35 million of indefinite-lived intangible asset impairment charges, including $25 million relating to a partial impairment of an IPR&D project within the Neuroscience segment and $10 million in connection with the discontinuation of an IPR&D project within the Cardiovascular segment. Indefinite-lived intangible asset impairment charges are recognized in other operating expense, net in the consolidated statements of income. 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 such 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 was $1.7 billion for fiscal year 2022 and $1.8 billion for fiscal years 2021 and 2020. Estimated aggregate amortization expense by fiscal year based on the current carrying value and remaining estimated useful lives of definite-lived intangible assets at April 29, 2022, excluding any possible future amortization associated with acquired IPR&D which has not met technological feasibility, is as follows:

(in millions)	Amortization Expense
2023	$	1,659
2024	1,624
2025	1,602
2026	1,588
2027	1,564