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Business Combinations (Tables) | 6 Months Ended
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Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration | The total consideration for the Merger with Avast was approximately $8,691 million, net of cash acquired, and consisted of the following:
(In millions) | September 12, 2022
Cash and equity consideration for outstanding Avast common shares (1) | $ | 8,112 |
Repayment of outstanding Avast debt (2) | 942 |
Total consideration | 9,054 |
Cash acquired | 363 |
Net consideration transferred | $ | 8,691 |
(1) Represents the total value of cash paid and our common stock issued to Avast shareholders pursuant to the Majority Cash/Stock Option in the Scheme. (2) Represents the cash consideration paid concurrent with the close of the Merger to retire certain Avast debt, including repayment of the associated principal, accrued interest, premiums and other costs.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Our preliminary allocation of the aggregate purchase price, based on the estimated fair values of the assets acquired and liabilities assumed, as of the acquisition date, is as follows:
(In millions) | September 12, 2022
Assets: |
Accounts receivable | $ | 61 |
Other current assets | 18 |
Property and equipment | 31 |
Operating lease assets | 18 |
Intangible assets | 2,383 |
Goodwill | 7,267 |
Other long-term assets | 10 |
Total assets acquired | 9,788 |
Liabilities: |
Current liabilities | 180 |
Contract liabilities | 508 |
Operating lease liabilities | 18 |
Long-term deferred tax liabilities | 345 |
Other long-term obligations | 46 |
Total liabilities assumed | 1,097 |
Total purchase price | $ | 8,691 |
Schedule of Acquired Finite-Lived Intangible Assets | Preliminary identified intangible assets and their respective useful lives, as of September 12, 2022, are as follows:
(In millions, except for useful lives) | Fair Value |  | Weighted-Average Estimated Useful Life (Years)
Customer relationships (1) | $ | 1,055 |  |  | 7 years
Developed technology (2) | 1,244 |  |  | 6 years
Finite-lived trade names (2) | 84 |  |  | 10 years
Total identified intangible assets | $ | 2,383 |  |  |
(1) Customer relationships were valued using the multi-period excess earnings method, which is a form of the income approach that considers customer retention rate. (2) Developed technology and finite-lived trade names were valued using the relief-from-royalty method, which is a form of the income approach that considers technology migration and probability of use, respectively.
Schedule of Acquired Indefinite-Lived Intangible Assets | Preliminary identified intangible assets and their respective useful lives, as of September 12, 2022, are as follows:
(In millions, except for useful lives) | Fair Value |  | Weighted-Average Estimated Useful Life (Years)
Customer relationships (1) | $ | 1,055 |  |  | 7 years
Developed technology (2) | 1,244 |  |  | 6 years
Finite-lived trade names (2) | 84 |  |  | 10 years
Total identified intangible assets | $ | 2,383 |  |  |
(1) Customer relationships were valued using the multi-period excess earnings method, which is a form of the income approach that considers customer retention rate. (2) Developed technology and finite-lived trade names were valued using the relief-from-royalty method, which is a form of the income approach that considers technology migration and probability of use, respectively.
Schedule of Unaudited Pro Forma Information | The following table summarizes the unaudited pro forma financial information:
| Three Months Ended |  | Six Months Ended
(In millions) | September 30, 2022 |  | October 1, 2021 |  | September 30, 2022 |  | October 1, 2021
Net revenues | $ | 930 |  |  | $ | 925 |  |  | $ | 1,873 |  |  | $ | 1,845 |
Net income (loss) | $ | (62) |  |  | $ | 262 |  |  | $ | 47 |  |  | $ | 376 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of acquired indefinite-lived intangible assets. Indefinite-lived intangible assets are assets that have no physical form, but have expected future economic benefit. Indefinite-lived assets are assets that are not subject to amortization. Acquired indefinite-lived intangible assets are disclosed by major class (assets that can be grouped together because they are similar, either by their nature or by their use in operations of the entity) and in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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