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Goodwill and Other Intangible Assets, Net
 6 Months Ended
Oct. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, Net
Goodwill and Other Intangible Assets, Net
The changes in the carrying amount of goodwill for the six months ended October 30, 2015 are as follows:
(in millions)
Cardiac and Vascular Group
 
Minimally Invasive Therapies Group
 
Restorative Therapies Group
 
Diabetes Group
 
Total
Balance as of April 24, 2015
$
5,855

 
$
23,399

 
$
9,424

 
$
1,852

 
$
40,530

Goodwill as a result of acquisitions
409

 
132

 
191

 
—

 
732

Purchase accounting adjustments, net
24

 
(9
)
 
5

 
—

 
20

Currency adjustment, net
(6
)
 
—

 
(3
)
 
1

 
(8
)
Balance as of October 30, 2015
$
6,282

 
$
23,522

 
$
9,617

 
$
1,853

 
$
41,274


During the six months ended October 30, 2015, the Company recorded $20 million of purchase accounting adjustments, net, primarily related to the Covidien acquisition. See Note 3 to the condensed consolidated financial statements for additional information on purchase accounting adjustments related to the Covidien acquisition.
The gross carrying amount and accumulated amortization of intangible assets at October 30, 2015 and April 24, 2015 are as follows:
 
October 30, 2015
 
April 24, 2015
(in millions)
Gross Carrying Amount
 
Accumulated Amortization
 
Gross Carrying Amount
 
Accumulated Amortization
Amortizable:
 
 
 
 
 
 
 
Customer-related
$
18,579

 
$
(801
)
 
$
18,492

 
$
(273
)
Purchased technology and patents
11,265

 
(2,560
)
 
11,118

 
(2,268
)
Trademarks and tradenames
850

 
(408
)
 
640

 
(363
)
Other
84

 
(47
)
 
79

 
(44
)
Total
$
30,778

 
$
(3,816
)
 
$
30,329

 
$
(2,948
)
Non-Amortizable:
 
 
 
 
 
 
 
IPR&D
$
769

 
 
 
$
470

 
 
Tradenames
—

 
 
 
250

 
 
Total
$
769

 
 
 
$
720

 
 

Amortization expense for the three and six months ended October 30, 2015 was $483 million and $964 million, respectively, and for the three and six months ended October 24, 2014 was $89 million and $176 million, respectively.
Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets as of October 30, 2015, excluding any possible future amortization associated with acquired IPR&D, which has not met technological feasibility, is as follows:
(in millions)
Fiscal Year
Estimated
Amortization Expense
Remaining 2016
$
964

2017
1,913

2018
1,882

2019
1,789

2020
1,741

2021
1,724


The Company assesses the impairment of goodwill annually in the third quarter at the reporting unit level and whenever an event occurs or circumstances change that would indicate that the carrying amount may be impaired. The aggregate carrying amount of goodwill was $41.274 billion and $40.530 billion as of October 30, 2015 and April 24, 2015, respectively. The Company did not record any goodwill impairment during the three and six months ended October 30, 2015 or October 24, 2014.
The Company assesses IPR&D for impairment annually in the third quarter and whenever an event occurs or circumstances change that would indicate that the carrying amount may be impaired. The aggregate carrying amount of IPR&D was $769 million and $470 million as of October 30, 2015 and April 24, 2015, respectively. Similar to the goodwill impairment test, the IPR&D impairment test requires the Company to make several estimates about fair value, most of which are based on projected future cash flows. The Company calculates the excess of IPR&D asset fair values over their carrying values utilizing a discounted future cash flow analysis. During the three and six months ended October 30, 2015 and October 24, 2014, the Company did not record any significant IPR&D impairments. Due to the nature of IPR&D projects, the Company may experience future delays or failures to obtain regulatory approvals to conduct clinical trials, failures of such clinical trials, delays or failures to obtain required market clearances or other failures to achieve a commercially viable product, and as a result, may record impairment losses in the future.
The Company assesses intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an intangible asset (asset group) may not be recoverable. The aggregate carrying amount of intangible assets, excluding IPR&D and non-amortizable tradenames, was $26.962 billion and $27.381 billion as of October 30, 2015 and April 24, 2015, respectively. When events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable, the Company calculates the excess of an intangible asset's carrying value over its undiscounted future cash flows. If the carrying value is not recoverable, an impairment loss is recorded based on the amount by which the carrying value exceeds the fair value. The inputs used in the fair value analysis fall within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine fair value. The Company did not record any significant intangible asset impairments during the three and six months ended October 30, 2015 or October 24, 2014.