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Business Combinations | 6 Months Ended
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Sep. 29, 2023
Business Combination and Asset Acquisition [Abstract] |
Business Combinations | Business Combinations Fiscal 2023 Avast acquisition During the second quarter of fiscal 2023, we acquired all of the outstanding common stock of Avast. Prior to the acquisition, Avast was a global leader in consumer cybersecurity, offering a comprehensive range of digital security and privacy products and services that protected and enhanced users’ online experiences. With this acquisition, we are positioned to provide a broad and complementary consumer product portfolio with greater geographic diversification and access to a larger user base. The total consideration for the acquisition of Avast was approximately $8,688 million, net of cash acquired. Our final allocation of the aggregate purchase price for the acquisition as of September 12, 2022, was as follows:
(In millions) | September 12, 2022
Assets: |
Accounts receivable | $ | 63 |
Other current assets | 17 |
Property and equipment | 33 |
Operating lease assets | 18 |
Intangible assets | 2,383 |
Goodwill | 7,335 |
Other long-term assets | 11 |
Total assets acquired | 9,860 |
Liabilities: |
Current liabilities | 180 |
Contract liabilities | 509 |
Operating lease liabilities | 18 |
Long-term deferred tax liabilities | 419 |
Other long-term obligations | 46 |
Total liabilities assumed | 1,172 |
Total purchase price | $ | 8,688 |
Our estimates and assumptions were subject to refinement within the measurement period, which ended during the second quarter of fiscal 2024. Adjustments to the purchase price during the measurement period required adjustments to be made to goodwill. During the three and six months ended September 29, 2023, we recorded measurement period adjustments resulting in a net decrease to goodwill of $14 million, resulting from updated information regarding deferred tax liabilities, which resulted in a decrease of $14 million of long-term deferred tax liabilities. Unaudited pro forma information The following unaudited pro forma financial information represents the combined historical results for the three and six months ended September 30, 2022, as if the acquisition had been completed on April 3, 2021, the first day of fiscal 2022. The results presented below include adjustments to conform Avast financial information, prepared in accordance with International Financial Reporting Standards (IFRS), to U.S. GAAP as well as the impacts of material, nonrecurring pro forma adjustments, including amortization of acquired intangible assets, interest on debt issued to finance the acquisition, and acquisition-related transaction costs, and the income tax effect of the other pro forma adjustments. The unaudited pro forma results do not include any anticipated synergies or other expected benefits of the acquisition. The following table summarizes the unaudited pro forma financial information:
| September 30, 2022
(In millions) | Three Months Ended |  | Six Months Ended
Net revenues | $ | 930 |  |  | $ | 1,873 |
Net income (loss) | $ | (62) |  |  | $ | 47 |
The unaudited pro forma financial information is provided for informational purposes only and are not indicative of future operations or results that would have been achieved had the acquisition been completed as of the beginning of fiscal 2022.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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