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Goodwill and Other Intangible Assets, Net

3 Months Ended

Jul. 27, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets Disclosure

Note 12 – Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill for the three months ended July 27, 2012 are as follows:

	Cardiac and		Restorative
(in millions)	Vascular Group		Therapies Group		Total
Balance as of April 27, 2012	$	2,636	$	7,298	$	9,934
Goodwill as a result of acquisitions		-		12		12
Purchase accounting adjustments, net		-		1		1
Currency adjustment, net		(7)		(7)		(14)
Balance as of July 27, 2012	$	2,629	$	7,304	$	9,933

Balances of intangible assets, net, excluding goodwill, as of July 27, 2012 and April 27, 2012 are as follows:

	Purchased		Trademarks
	Technology and		and		Acquired
(in millions)	Patents		Tradenames		IPR&D		Other		Total
Amortizable intangible assets as of July 27, 2012:
Original cost	$	3,574	$	374	$	361	$	148	$	4,457
Accumulated amortization		(1,482)		(309)		-		(107)		(1,898)
Carrying value	$	2,092	$	65	$	361	$	41	$	2,559

Amortizable intangible assets as of April 27, 2012:
Original cost	$	3,604	$	373	$	370	$	148	$	4,495
Accumulated amortization		(1,440)		(307)		-		(101)		(1,848)
Carrying value	$	2,164	$	66	$	370	$	47	$	2,647

Amortization expense for the three months ended July 27, 2012 and July 29, 2011 was $80 million and $86 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)	Estimated
Fiscal Year	Amortization Expense
Remaining 2013	$	236
2014		306
2015		289
2016		276
2017		255
2018		239
Thereafter		597
Total estimated amortization expense	$	2,198

- Definition

The entire disclosure for 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 (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.

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