Business Combinations (Tables)

9 Months Ended

Dec. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The total consideration for the Merger with Avast was approximately $8,688 million, net of cash acquired, and consisted of the following:

(In millions)	September 12, 2022
Cash and equity consideration for outstanding Avast common shares (1)	$	8,109
Repayment of outstanding Avast debt (2)	942
Total consideration	9,051
Cash acquired	363
Net consideration transferred	$	8,688

(1)     Represents the total value of cash paid and our common stock issued to Avast shareholders pursuant to the Majority Cash/Stock Option in the Scheme.

(2)     Represents the cash consideration paid concurrent with the close of the Merger to retire certain Avast debt, including repayment of the associated principal, accrued interest, premiums and other costs.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Our preliminary allocation of the aggregate purchase price, based on the estimated fair values of the assets acquired and liabilities assumed, as of the acquisition date, is as follows:

(In millions)	September 12, 2022
Assets:
Accounts receivable	$	63
Other current assets	18
Property and equipment	29
Operating lease assets	18
Intangible assets	2,383
Goodwill	7,265
Other long-term assets	10
Total assets acquired	9,786
Liabilities:
Current liabilities	181
Contract liabilities	508
Operating lease liabilities	18
Long-term deferred tax liabilities	345
Other long-term obligations	46
Total liabilities assumed	1,098
Total purchase price	$	8,688

Schedule of Acquired Finite-Lived Intangible Assets

Preliminary identified intangible assets and their respective useful lives, as of September 12, 2022, are as follows:

(In millions, except for useful lives)	Fair Value		Weighted-Average Estimated Useful Life (Years)
Customer relationships (1)	$	1,055	7 years
Developed technology (2)	1,244		6 years
Finite-lived trade names (2)	84		10 years
Total identified intangible assets	$	2,383

(1)     Customer relationships were valued using the multi-period excess earnings method, which is a form of the income approach that primarily considers customer retention rate.

(2)     Developed technology and finite-lived trade names were valued using the relief-from-royalty method, which is a form of the income approach that primarily considers technology migration and probability of use, respectively.

Schedule of Acquired Indefinite-Lived Intangible Assets

Preliminary identified intangible assets and their respective useful lives, as of September 12, 2022, are as follows:

(In millions, except for useful lives)	Fair Value		Weighted-Average Estimated Useful Life (Years)
Customer relationships (1)	$	1,055	7 years
Developed technology (2)	1,244		6 years
Finite-lived trade names (2)	84		10 years
Total identified intangible assets	$	2,383

(1)     Customer relationships were valued using the multi-period excess earnings method, which is a form of the income approach that primarily considers customer retention rate.

(2)     Developed technology and finite-lived trade names were valued using the relief-from-royalty method, which is a form of the income approach that primarily considers technology migration and probability of use, respectively.

Schedule of Unaudited Pro Forma Information

The following table summarizes the unaudited pro forma financial information:

	Three Months Ended				Nine Months Ended
(In millions)	December 30, 2022		December 31, 2021		December 30, 2022		December 31, 2021
Net revenues	$	936	$	939	$	2,857	$	2,784
Net income (loss)	$	204	$	113	$	323	$	341