Acquisitions and Dispositions (Tables)

12 Months Ended

Apr. 26, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Value of the Assets Acquired and Liabilities Assumed

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 Reconciliation of Beginning and Ending Balances of Contingent Consideration Associated with Acquisitions

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

	Fiscal Year
(in millions)	2024		2023
Beginning Balance	$	206	$	119
Purchase price contingent consideration	30		274
Payments	(104)		(154)
Change in fair value	18		(24)
Divestiture-related and other	—		(8)
Ending Balance	$	149	$	206

The following table provides a reconciliation of the beginning and ending balances of the Level 3 measurement of contingent consideration receivable:

	Fiscal Year
(in millions)	2024		2023
Beginning balance	$	195	$	—
Purchase price contingent consideration	—		195
Change in fair value	(138)		—
Ending balance	$	58	$	195

Schedule of 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:

(in millions)	Fair Value at April 26, 2024		Unobservable Input	Range	Weighted Average (1)
Revenue and other performance-based payments	$	80	Discount rate	16.5% - 28.2%	20.3%
			Projected fiscal year of payment	2025 - 2030	2027
Product development and other milestone-based payments	$	69	Discount rate	5.5% - 5.5%	5.5%
			Projected fiscal year of payment	2025 - 2027	2026

(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.