Goodwill and Intangibles

12 Months Ended

Apr. 29, 2011

Goodwill And Other Intangible Assets [Abstract]

7. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for fiscal years 2011 and 2010 are as follows:

	Cardiac and		Restorative
(in millions)	Vascular Group		Therapies Group		Total
Balance as of April 24, 2009	$	1,392	$	6,803	$	8,195
Goodwill as a result of acquisitions		155		-		155
Purchase accounting adjustments, net		(5)		(3)		(8)
Currency adjustment, net		46		3		49
Balance as of April 30, 2010	$	1,588	$	6,803	$	8,391
Goodwill as a result of acquisitions		1,046		33		1,079
Purchase accounting adjustments, net		25		4		29
Currency adjustment, net		20		18		38
Balance as of April 29, 2011	$	2,679	$	6,858	$	9,537

The Company completed its annual goodwill impairment test during the third quarter for fiscal years ending April 29, 2011, April 30, 2010, and April 24, 2009 and concluded that there were no impairments or reporting units that were considered at risk of impairment.

Balances of intangible assets, excluding goodwill, are as follows:

	Purchased		Trademarks
	Technology and		and		Acquired
(in millions)	Patents		Tradenames		IPR&D		Other		Total
Amortizable intangible assets as of April 29, 2011:
Original cost	$	3,565	$	373	$	338	$	150	$	4,426
Accumulated amortization		(1,265)		(290)		-		(94)		(1,649)
Carrying value	$	2,300	$	83	$	338	$	56	$	2,777

Weighted average original life (in years)		12.3		10.3		N/A		8.5

Amortizable intangible assets as of April 30, 2010:
Original cost	$	3,300	$	373	$	114	$	252	$	4,039
Accumulated amortization		(1,040)		(254)		-		(186)		(1,480)
Carrying value	$	2,260	$	119	$	114	$	66	$	2,559

Weighted average original life (in years)		12.6		10.3		N/A		8.6

Amortization expense for fiscal years 2011, 2010, and 2009 was $340 million, $318 million, and $281 million, respectively.

Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets, excluding any possible future amortization associated with acquired IPR&D, which has not met technological feasibility, is as follows:

(in millions)
Fiscal Year	Amortization
Fiscal Year	Expense
2012	$	321
2013		304
2014		294
2015		279
2016		268
Thereafter		973
	$	2,439

- Definition

Discloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables.

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