Acquisitions and Assets and Liabilities Held for Sale (Tables)

6 Months Ended

Oct. 28, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Value of the Assets Acquired and Liabilities Assumed (Intersect ENT)

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

(in millions)	Intersect ENT		Affera
Cash and cash equivalents	$	39	$	66
Inventory	32		—
Goodwill	615		660
Other intangible assets	683		300
Other assets	40		1
Total assets acquired	1,408		1,027
Current liabilities	63		2
Deferred tax liabilities	51		53
Other liabilities	18		1
Total liabilities assumed	131		56
Net assets acquired	$	1,277	$	970

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Affera)

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

(in millions)	Intersect ENT		Affera
Cash and cash equivalents	$	39	$	66
Inventory	32		—
Goodwill	615		660
Other intangible assets	683		300
Other assets	40		1
Total assets acquired	1,408		1,027
Current liabilities	63		2
Deferred tax liabilities	51		53
Other liabilities	18		1
Total liabilities assumed	131		56
Net assets acquired	$	1,277	$	970

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				Six months ended
(in millions)	October 28, 2022		October 29, 2021		October 28, 2022		October 29, 2021
Beginning balance	$	193	$	294	$	119	$	270
Purchase price contingent consideration	201		31		274		31
Purchase price allocation adjustments	—		—		—		25
Payments	—		(30)		(1)		(41)
Change in fair value	(45)		(26)		(43)		(16)
Ending balance	$	349	$	269	$	349	$	269

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)	October 28, 2022	Unobservable Input	Range	Weighted Average (1)
Revenue and other performance-based payments	$95	Discount rate	11.2% - 27.2%	17.1%
		Projected fiscal year of payment	2023 - 2027	2025
Product development and other milestone-based payments	$254	Discount rate	3.9% - 5.5%	4.3%
		Projected fiscal year of payment	2023 - 2027	2025

(1) Unobservable inputs were weighted by the relative fair value of the contingent consideration liability. For projected fiscal year of payment, the amount represents the median of the inputs and is not a weighted average.

Assets and Liabilities Classified as Held for Sale

The following table presents information related to the assets and liabilities that were classified as held for sale in our consolidated balance sheet:

(in millions)	October 28, 2022
Inventories, net	$	111
Property, plant, and equipment, net	143
Goodwill	145
Other intangible assets, net	114
Other	32
Total assets held for sale (1)	$	545
Total liabilities held for sale (1)(2)	$	30

(1) Total assets held for sale and total liabilities held for sale are reported in other current assets and other accrued expenses, respectively in the consolidated balance sheets.

(2) No separate class of liability classified as held for sale was individually significant enough for separate disclosure.