Acquisitions and Divestitures

12 Months Ended

Jul. 29, 2023

Business Combination and Asset Acquisition [Abstract]

(a)Acquisition Summary

We completed five acquisitions during fiscal 2023. A summary of the allocation of the total purchase consideration is presented as follows (in millions):


Fiscal 2023	Purchase Consideration		Net Tangible Assets Acquired (Liabilities Assumed)		Purchased Intangible Assets		Goodwill
Total acquisitions (five in total)	$	315	$	(18)	$	150	$	183

The total purchase consideration related to our acquisitions completed during fiscal 2023 consisted primarily of cash consideration. The total cash and cash equivalents acquired from these acquisitions was approximately $7 million.

Fiscal 2022 Acquisitions

Allocation of the purchase consideration for acquisitions completed in fiscal 2022 is summarized as follows (in millions):


Fiscal 2022	Purchase Consideration		Net Tangible Assets Acquired (Liabilities Assumed)		Purchased Intangible Assets		Goodwill
Total acquisitions (three in total)	$	364	$	12	$	20	$	332

The total purchase consideration related to our acquisitions completed during fiscal 2022 consisted of cash consideration and vested share-based awards assumed. The total cash and cash equivalents acquired from these acquisitions was approximately $7 million.

Fiscal 2021 Acquisitions

In fiscal 2021, we completed 13 acquisitions for total purchase consideration of $7.5 billion.

(b) Other Acquisition and Divestiture Information

Total transaction costs related to acquisition and divestiture activities during fiscal 2023, 2022, and 2021 were $26 million, $50 million, and $46 million, respectively. These transaction costs were expensed as incurred in G&A expenses in the Consolidated Statements of Operations.

The goodwill generated from acquisitions completed during fiscal 2023 is primarily related to expected synergies. The goodwill is generally not deductible for income tax purposes.

The Consolidated Financial Statements include the operating results of each acquisition from the date of acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed during fiscal 2023, 2022, and 2021 have not been presented because the effects of the acquisitions were not material to our financial results.