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Business Combinations | 12 Months Ended
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Apr. 29, 2016
Business Combinations [Abstract] |
Business Combinations | 5. Business Combinations SolidFire Acquisition On February 2, 2016, we acquired all of the outstanding shares of privately-held SolidFire, Inc. (SolidFire), a maker of all-flash storage systems based in Colorado, for $850 million in cash. This acquisition extends our position in the all-flash array market by adding new flash offerings that will enhance our ability to deliver customers all-flash storage with a webscale architecture that simplifies data center operations and enables rapid deployments of new applications. The acquired assets and assumed liabilities were recorded at their estimated fair values. We determined the estimated fair values with the assistance of valuations and appraisals performed by third party specialists and estimates made by management. We expect to realize revenue synergies, leverage and expand the existing SolidFire sales channels and product development resources, and utilize the existing workforce. We also anticipate opportunities for growth through the ability to leverage additional future products and capabilities. These factors, among others, contributed to a purchase price in excess of the estimated fair value of SolidFire’s identifiable net assets acquired, and as a result, we have recorded goodwill in connection with this acquisition. The U.S. goodwill is not deductible for income tax purposes. The preliminary fair values of assets acquired and liabilities assumed on the closing date are summarized as follows (in millions):
Cash |  | $ | 8 |
Intangible assets |  |  | 168 |
Goodwill |  |  | 649 |
Other assets |  |  | 56 |
Total assets acquired |  |  | 881 |
Liabilities assumed |  |  | (31 | )
Total purchase price |  | $ | 850 |
The components of intangible assets acquired were as follows (in millions, except useful life):
|  |  |  |  |  | Estimated useful life (years)
Developed technology |  | $ | 99 |  |  | 5
Customer contracts/relationships |  |  | 41 |  |  | 3
Trade name |  |  | 9 |  |  | 2
Total intangible assets subject to amortization |  |  | 149 |  |  |
In-process research and development |  |  | 19 |  |  | N/A
Total intangible assets |  | $ | 168 |  |  |
N/A - Not applicable In-process research and development was valued with input from valuation specialists using the multi-period excess earnings method under the income approach by discounting forecasted cash flows directly related to the products expected to result from the associated project, net of returns on contributory assets. The in-process development project acquired related to a major new generation of the SolidFire technology platform. The following unaudited pro forma condensed combined financial information gives effect to the acquisition of SolidFire as if it had been consummated on April 26, 2014. The unaudited pro forma condensed combined financial information is presented for informational purposes only, and is not intended to represent or be indicative of the results of operations of the Company that would have been reported had the acquisition occurred on April 26, 2014 and should not be taken as representative of future consolidated results of operations of the combined company (in millions).
|  | Year Ended |
|  | April 29, 2016 |  |  | April 24, 2015 |
Net income |  | $ | 219 |  |  | $ | 377 |
Adjustments have been reflected in the unaudited pro forma condensed combined information to include the amortization of identifiable intangible assets, purchase accounting adjustments to deferred revenue, interest expense related to the associated financing arrangement, costs directly attributable to the acquisition and impacts to our provision for income taxes as a result of the acquisition. Pro forma net revenues were not materially different than those presented in the consolidated statements of operations. Fiscal 2015 Acquisitions On October 27, 2014, we completed the acquisition of certain assets related to Riverbed Technology, Inc.’s SteelStore product line for $79 million in cash. The SteelStore product line supports leading backup applications and cloud providers so that customers have a choice in how they extend their existing data protection infrastructure into the cloud. In addition, on the same date, we acquired certain intangible assets from a privately-held software developer for $6 million in cash. Following are the fair values of net assets acquired as of the closing date (in millions):
Net tangible assets |  | $ | 14 |
Finite-lived intangible assets |  |  | 32 |
Goodwill |  |  | 39 |
Total purchase price |  | $ | 85 |
The results of operations related to these acquisitions have been included in our consolidated statements of operations from the acquisition date. Pro forma results of operations have not been presented because the acquisitions were not material to our results of operations.

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