v3.25.4

Business Combinations (Tables) | 9 Months Ended
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Jan. 02, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Business Acquisitions By Acquisition | The total preliminary consideration for the acquisition of MoneyLion was approximately $970 million, net of cash acquired, and consisted of the following:
(In millions) | April 17, 2025
Cash consideration for outstanding MoneyLion common shares | $ | 935 |
Fair value of assumed and converted equity awards | 21 |
Fair value of CVRs | 73 |
Total consideration | 1,029 |
Less cash acquired | 59 |
Net consideration transferred | $ | 970 |
Schedule of Business Combination, Recognized Asset Acquired and Liability 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, inclusive of measurement period adjustments, is as follows:
(In millions) | April 17, 2025
Assets: |
Accounts receivable (1) | $ | 140 |
Other current assets | 51 |
Assets held for sale | 14 |
Property and equipment | 2 |
Operating lease assets | 14 |
Intangible assets | 347 |
Goodwill | 567 |
Other long-term assets | 51 |
Total assets acquired | 1,186 |
Liabilities: |
Accounts payable | 41 |
Current liabilities | 108 |
Contract liabilities | 1 |
Operating lease liabilities | 14 |
Other long-term obligations | 52 |
Total liabilities assumed | 216 |
Total purchase price | $ | 970 |
(1) Gross accounts receivable at acquisition date and the amount of receivables expected to be collected are materially the same. Preliminary identified intangible assets and their respective useful lives, as of April 17, 2025, are as follows:
(In millions, except for useful lives) | Fair Value | Weighted-Average Estimated Useful Life (Years)
Customer and partner relationships (1) | $ | 102 |  | 3
Developed technology (2) | 161 |  | 5
Finite-lived trade names and other (3) | 84 |  | 8
Total identified intangible assets | $ | 347 |  |
(1) Customer and partner relationships include marketplace partner relationships, banking partner relationships, and customer relationships of $42 million, $4 million, and $56 million, respectively. Marketplace partner relationships were valued using the multi-period excess earnings method (MPEEM), which is a form of the income approach, which considers significant assumptions like discount rate, long-term growth rate, and attrition factor. Banking partner relationships and customer relationships were valued using the replacement cost approach. The replacement cost approach is a valuation method that relies on estimating the replacement costs of assets based on the cost that a market participant would incur to generate the acquired portfolio of relationships. (2) Developed technology was valued using the Relief-from-Royalty method, which is a form of the income approach, which considers significant assumptions like long-term growth rates, royalty rates, discount rates, and obsolescence rates. (3) Finite-lived trade names and other include content library and the MoneyLion trade name intangibles of $14 million and $70 million, respectively. Content library was valued using the replacement cost approach, which relies on estimating the replacement cost of the asset based on the cost of a market participant would incur to reconstruct a substitute asset of comparable utility. The MoneyLion trade name was valued using the Relief-from-Royalty method, which considers significant assumptions like long-term growth rates, royalty rates, discount rates, and probability of use.
Schedule of Business Combination, Pro Forma Information | The following table summarizes the unaudited pro forma financial information:
| Three Months Ended |  | Nine Months Ended
(In millions) | January 2, 2026 |  | December 27, 2024 |  | January 2, 2026 |  | December 27, 2024
Net revenues | $ | 1,240 |  |  | $ | 1,118 |  |  | $ | 3,749 |  |  | $ | 3,304 |
Net income (loss) | $ | 205 |  |  | $ | 129 |  |  | $ | 488 |  |  | $ | 433 |

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