Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Apr. 28, 2023 | Jun. 16, 2023 | Oct. 28, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Apr. 28, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-36820 | ||
Entity Registrant Name | Medtronic plc | ||
Entity Incorporation, State or Country Code | L2 | ||
Entity Tax Identification Number | 98-1183488 | ||
Entity Address, Address Line One | 20 On Hatch, Lower Hatch Street | ||
Entity Address, City or Town | Dublin 2 | ||
Entity Address, Country | IE | ||
Country Region | 353 | ||
City Area Code | 1 | ||
Local Phone Number | 438-1700 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 115.5 | ||
Entity Common Stock, Shares Outstanding | 1,330,405,428 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement for its 2023 Annual General Meeting are incorporated by reference into Part III hereof. | ||
Entity Central Index Key | 0001613103 | ||
Current Fiscal Year End Date | --04-28 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Entity Address, Postal Zip Code | D02 XH02 | ||
Ordinary shares, par value $0.0001 per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Ordinary shares, par value $0.0001 per share | ||
Trading Symbol | MDT | ||
Security Exchange Name | NYSE | ||
0.250% Senior Notes due 2025 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.250% Senior Notes due 2025 | ||
Trading Symbol | MDT/25 | ||
Security Exchange Name | NYSE | ||
0.000% Senior Notes due 2025 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.000% Senior Notes due 2025 | ||
Trading Symbol | MDT/25A | ||
Security Exchange Name | NYSE | ||
2.625% Senior Notes due 2025 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2.625% Senior Notes due 2025 | ||
Trading Symbol | MDT/25B | ||
Security Exchange Name | NYSE | ||
1.125% Senior Notes due 2027 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.125% Senior Notes due 2027 | ||
Trading Symbol | MDT/27 | ||
Security Exchange Name | NYSE | ||
0.375% Senior Notes due 2028 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.375% Senior Notes due 2028 | ||
Trading Symbol | MDT/28 | ||
Security Exchange Name | NYSE | ||
3.000% Senior Notes due 2028 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 3.000% Senior Notes due 2028 | ||
Trading Symbol | MDT/28A | ||
Security Exchange Name | NYSE | ||
1.625% Senior Notes due 2031 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.625% Senior Notes due 2031 | ||
Trading Symbol | MDT/31 | ||
Security Exchange Name | NYSE | ||
1.000% Senior Notes due 2031 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.000% Senior Notes due 2031 | ||
Trading Symbol | MDT/31A | ||
Security Exchange Name | NYSE | ||
3.125% Senior Notes due 2031 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 3.125% Senior Notes due 2031 | ||
Trading Symbol | MDT/31B | ||
Security Exchange Name | NYSE | ||
0.750% Senior Notes due 2032 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.750% Senior Notes due 2032 | ||
Trading Symbol | MDT/32 | ||
Security Exchange Name | NYSE | ||
3.375% Senior Notes due 2034 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 3.375% Senior Notes due 2034 | ||
Trading Symbol | MDT/34 | ||
Security Exchange Name | NYSE | ||
2.250% Senior Notes due 2039 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2.250% Senior Notes due 2039 | ||
Trading Symbol | MDT/39A | ||
Security Exchange Name | NYSE | ||
1.500% Senior Notes due 2039 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.500% Senior Notes due 2039 | ||
Trading Symbol | MDT/39B | ||
Security Exchange Name | NYSE | ||
1.375% Senior Notes due 2040 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.375% Senior Notes due 2040 | ||
Trading Symbol | MDT/40A | ||
Security Exchange Name | NYSE | ||
1.750% Senior Notes due 2049 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.750% Senior Notes due 2049 | ||
Trading Symbol | MDT/49 | ||
Security Exchange Name | NYSE | ||
1.625% Senior Notes due 2050 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.625% Senior Notes due 2050 | ||
Trading Symbol | MDT/50 | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Apr. 28, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Minneapolis, Minnesota |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 31,227 | $ 31,686 | $ 30,117 |
Costs and expenses: | |||
Cost of products sold, excluding amortization of intangible assets | 10,719 | 10,145 | 10,483 |
Research and development expense | 2,696 | 2,746 | 2,493 |
Selling, general, and administrative expense | 10,415 | 10,292 | 10,148 |
Amortization of intangible assets | 1,698 | 1,733 | 1,783 |
Restructuring charges, net | 375 | 60 | 293 |
Certain litigation charges, net | (30) | 95 | 118 |
Other operating (income) expense, net | (131) | 862 | 315 |
Operating profit | 5,485 | 5,752 | 4,484 |
Other non-operating income, net | (515) | (318) | (336) |
Interest expense, net | 636 | 553 | 925 |
Income before income taxes | 5,364 | 5,517 | 3,895 |
Income tax provision | 1,580 | 456 | 265 |
Net income | 3,784 | 5,062 | 3,630 |
Net income attributable to noncontrolling interests | (26) | (22) | (24) |
Net income attributable to Medtronic | $ 3,758 | $ 5,039 | $ 3,606 |
Basic earnings per share (in dollars per share) | $ 2.83 | $ 3.75 | $ 2.68 |
Diluted earnings per share (in dollars per share) | $ 2.82 | $ 3.73 | $ 2.66 |
Basic weighted average shares outstanding (in shares) | 1,329.8 | 1,342.4 | 1,344.9 |
Diluted weighted average shares outstanding (in shares) | 1,332.8 | 1,351.4 | 1,354 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 3,784 | $ 5,062 | $ 3,630 |
Other comprehensive (loss) income, net of tax: | |||
Unrealized (loss) gain on investment securities | (49) | (301) | 92 |
Translation adjustment | (240) | (2,086) | 1,699 |
Net investment hedge | (596) | 2,299 | (1,694) |
Net change in retirement obligations | 32 | 574 | 505 |
Unrealized (loss) gain on cash flow hedges | (381) | 727 | (519) |
Other comprehensive (loss) income | (1,234) | 1,213 | 83 |
Comprehensive income including noncontrolling interests | 2,549 | 6,274 | 3,713 |
Comprehensive income attributable to noncontrolling interests | (26) | (16) | (32) |
Comprehensive income attributable to Medtronic | $ 2,524 | $ 6,258 | $ 3,681 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Apr. 28, 2023 | Apr. 29, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,543 | $ 3,714 |
Investments | 6,416 | 6,859 |
Accounts receivable, less allowances and credit losses of $176 and $230, respectively | 5,998 | 5,551 |
Inventories, net | 5,293 | 4,616 |
Other current assets | 2,425 | 2,318 |
Total current assets | 21,675 | 23,059 |
Property, plant, and equipment, net | 5,569 | 5,413 |
Goodwill | 41,425 | 40,502 |
Other intangible assets, net | 14,844 | 15,595 |
Tax assets | 3,477 | 3,403 |
Other assets | 3,959 | 3,008 |
Total assets | 90,948 | 90,981 |
Current liabilities: | ||
Current debt obligations | 20 | 3,742 |
Accounts payable | 2,662 | 2,276 |
Accrued compensation | 1,949 | 2,121 |
Accrued income taxes | 840 | 704 |
Other accrued expenses | 3,581 | 3,551 |
Total current liabilities | 9,051 | 12,394 |
Long-term debt | 24,344 | 20,372 |
Accrued compensation and retirement benefits | 1,093 | 1,113 |
Accrued income taxes | 2,360 | 2,087 |
Deferred tax liabilities | 708 | 884 |
Other liabilities | 1,727 | 1,410 |
Total liabilities | 39,283 | 38,260 |
Commitments and contingencies (Notes 3, 16, and 18) | ||
Shareholders’ equity: | ||
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,330,809,036 and 1,330,743,395 shares issued and outstanding, respectively | 0 | 0 |
Additional paid-in capital | 24,590 | 24,566 |
Retained earnings | 30,392 | 30,250 |
Accumulated other comprehensive loss | (3,499) | (2,265) |
Total shareholders’ equity | 51,483 | 52,551 |
Noncontrolling interests | 182 | 171 |
Total equity | 51,665 | 52,722 |
Total liabilities and equity | $ 90,948 | $ 90,981 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Apr. 28, 2023 | Apr. 29, 2022 |
Statement of Financial Position [Abstract] | ||
Allowances and credit losses | $ 176 | $ 230 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 2,600,000,000 | 2,600,000,000 |
Common stock, issued (in shares) | 1,330,809,036 | 1,330,743,395 |
Common stock, outstanding (in shares) | 1,330,809,036 | 1,330,743,395 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Statement [Line Items] | ||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 1,330,743,395 | |||
Beginning balance | $ 52,722 | $ 51,602 | $ 50,872 | |
Net income | 3,784 | 5,062 | 3,630 | |
Other comprehensive income (loss) | (1,234) | 1,213 | 83 | |
Dividends to shareholders | (3,616) | (3,383) | (3,120) | |
Issuance of shares under stock purchase and award plans | 236 | 329 | 382 | |
Repurchase of ordinary shares | (571) | (2,442) | (559) | |
Stock-based compensation | 355 | 359 | 344 | |
Changes to noncontrolling ownership interests | $ (10) | $ (18) | (6) | |
Ending balance (in shares) | 1,330,809,036 | 1,330,743,395 | ||
Ending balance | $ 51,665 | $ 52,722 | 51,602 | $ 50,872 |
Cumulative effect of change in accounting principle | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (24) | |||
Ending balance | (24) | |||
Total Shareholders’ Equity | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 52,551 | 51,428 | 50,737 | |
Net income | 3,758 | 5,039 | 3,606 | |
Other comprehensive income (loss) | (1,234) | 1,219 | 75 | |
Dividends to shareholders | (3,616) | (3,383) | (3,120) | |
Issuance of shares under stock purchase and award plans | 236 | 329 | 382 | |
Repurchase of ordinary shares | (571) | (2,442) | (559) | |
Stock-based compensation | 355 | 359 | 344 | |
Changes to noncontrolling ownership interests | 5 | 1 | (13) | |
Ending balance | $ 51,483 | $ 52,551 | $ 51,428 | $ 50,737 |
Ordinary Shares | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 1,331,000,000 | 1,345,000,000 | 1,341,000,000 | |
Beginning balance | $ 0 | $ 0 | $ 0 | |
Issuance of shares under stock purchase and award plans (in shares) | 6,000,000 | 7,000,000 | 8,000,000 | |
Repurchase of ordinary shares (in shares) | (6,000,000) | (21,000,000) | (4,000,000) | |
Ending balance (in shares) | 1,331,000,000 | 1,331,000,000 | 1,345,000,000 | 1,341,000,000 |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Additional Paid-in Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 24,566 | 26,319 | 26,165 | |
Issuance of shares under stock purchase and award plans | 236 | 329 | 382 | |
Repurchase of ordinary shares | (571) | (2,442) | (559) | |
Stock-based compensation | 355 | 359 | 344 | |
Changes to noncontrolling ownership interests | 5 | 1 | (13) | |
Ending balance | 24,590 | 24,566 | 26,319 | 26,165 |
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 30,250 | 28,594 | 28,132 | |
Net income | 3,758 | 5,039 | 3,606 | |
Dividends to shareholders | (3,616) | (3,383) | (3,120) | |
Ending balance | 30,392 | 30,250 | 28,594 | 28,132 |
Retained Earnings | Cumulative effect of change in accounting principle | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (24) | |||
Ending balance | (24) | |||
Accumulated Other Comprehensive Loss | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (2,265) | (3,485) | (3,560) | |
Other comprehensive income (loss) | (1,234) | 1,219 | 75 | |
Ending balance | (3,499) | (2,265) | (3,485) | (3,560) |
Noncontrolling Interests | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 171 | 174 | 135 | |
Net income | 26 | 22 | 24 | |
Other comprehensive income (loss) | (6) | 8 | ||
Changes to noncontrolling ownership interests | (15) | (19) | 7 | |
Ending balance | $ 182 | $ 171 | $ 174 | $ 135 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends to shareholders (in dollars per share) | $ 2.72 | $ 2.52 | $ 2.32 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Operating Activities: | |||
Net income | $ 3,784 | $ 5,062 | $ 3,630 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 2,697 | 2,707 | 2,702 |
Provision for credit losses | 73 | 58 | 128 |
Deferred income taxes | (226) | (604) | (422) |
Stock-based compensation | 355 | 359 | 344 |
Loss on debt extinguishment | 53 | 0 | 308 |
Asset impairment charges | 0 | 515 | 0 |
Other, net | 270 | 138 | 251 |
Change in operating assets and liabilities, net of acquisitions and divestitures: | |||
Accounts receivable, net | (576) | (477) | (761) |
Inventories, net | (939) | (560) | 78 |
Accounts payable and accrued liabilities | 696 | 213 | 531 |
Other operating assets and liabilities | (148) | (65) | (549) |
Net cash provided by operating activities | 6,039 | 7,346 | 6,240 |
Investing Activities: | |||
Acquisitions, net of cash acquired | (1,867) | (91) | (994) |
Additions to property, plant, and equipment | (1,459) | (1,368) | (1,355) |
Purchases of investments | (7,514) | (9,882) | (11,808) |
Sales and maturities of investments | 7,343 | 9,692 | 11,345 |
Other investing activities, net | 4 | (10) | (54) |
Net cash used in investing activities | (3,493) | (1,659) | (2,866) |
Financing Activities: | |||
Change in current debt obligations, net | 0 | 0 | (311) |
Proceeds from short-term borrowings (maturities greater than 90 days) | 2,284 | 0 | 2,789 |
Repayments from short-term borrowings (maturities greater than 90 days) | (2,279) | 0 | (2,853) |
Issuance of long-term debt | 5,409 | 0 | 7,172 |
Payments on long-term debt | (6,012) | (1) | (7,367) |
Dividends to shareholders | (3,616) | (3,383) | (3,120) |
Issuance of ordinary shares | 308 | 429 | 474 |
Repurchase of ordinary shares | (645) | (2,544) | (652) |
Other financing activities | (409) | 163 | (268) |
Net cash used in financing activities | (4,960) | (5,336) | (4,136) |
Effect of exchange rate changes on cash and cash equivalents | 243 | (231) | 215 |
Net change in cash and cash equivalents | (2,171) | 121 | (547) |
Cash and cash equivalents at beginning of period | 3,714 | 3,593 | 4,140 |
Cash and cash equivalents at end of period | 1,543 | 3,714 | 3,593 |
Cash paid for: | |||
Income taxes | 1,548 | 996 | 1,250 |
Interest | $ 606 | $ 540 | $ 582 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 28, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Nature of Operations Medtronic plc (Medtronic or the Company) is the leading global healthcare technology company– alleviating pain, restoring health, and extending life for millions of people around the world. The Company provides innovative products and therapies to serve healthcare systems, physicians, clinicians, and patients. Medtronic was founded in 1949 and is headquartered in Dublin, Ireland. Principles of Consolidation The consolidated financial statements include the accounts of Medtronic plc, its wholly-owned subsidiaries, entities for which the Company has a controlling financial interest, and variable interest entities for which the Company is the primary beneficiary. Intercompany transactions and balances have been fully eliminated in consolidation. Amounts reported in millions within this annual report are computed based on the amounts in thousands, and therefore, the sum of the components may not equal the total amount reported in millions due to rounding. Additionally, certain columns and rows within tables may not sum due to rounding. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States (U.S.) (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are used when accounting for items such as income taxes, contingencies, intangible asset, and liability valuations. Actual results may or may not differ from those estimates. Fiscal Year-End The Company utilizes a 52/53-week fiscal year, ending the last Friday in April, for the presentation of its consolidated financial statements and related notes thereto at April 28, 2023 and April 29, 2022 and for each of the three fiscal years ended April 28, 2023 (fiscal year 2023), April 29, 2022 (fiscal year 2022), and April 30, 2021 (fiscal year 2021). Fiscal year 2021 was a 53-week year, with the extra week having occurred in the first fiscal month of the first quarter. Cash Equivalents The Company considers highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. Investments The Company invests in marketable debt and equity securities, investments for which the Company has elected the fair value option, investments that do not have readily determinable fair values, and investments accounted for under the equity method. Marketable debt securities are classified and accounted for as available-for-sale. These investments are recorded at fair value in the consolidated balance sheets. The change in fair value for available-for-sale securities is recorded, net of taxes, as a component of accumulated other comprehensive loss on the consolidated balance sheets. The Company determines the appropriate classification of its investments in marketable debt securities at the time of purchase and reevaluates such determinations at each balance sheet date. The classification of marketable debt securities as current or long-term is based on the nature of the securities and the availability for use in current operations consistent with the Company's management of its capital structure and liquidity. Certain of the Company’s investments in marketable equity securities and other securities are long-term, strategic investments in companies that are in various stages of development and are included in other assets on the consolidated balance sheets. Marketable equity securities are recorded at fair value in the consolidated balance sheets. The change in fair value of marketable equity securities is recognized within other non-operating income, net in the consolidated statements of income. At each reporting period, the Company makes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. Equity method investments for which the Company has elected the fair value option are valued using a discounted cash flow methodology, taking into consideration various assumptions including discount rate and all pertinent financial information available related to the investees, including historical financial statements and projected future cash flows. Equity investments that do not have readily determinable fair values are measured using the measurement alternative at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Equity securities accounted for under the equity method are initially recorded at the amount of the Company’s investment and are adjusted each period for the Company’s share of the investee’s income or loss and dividends paid. Securities accounted for under the equity method are reviewed quarterly for changes in circumstance or the occurrence of events that suggest other than temporary impairment has occurred. Accounts Receivable and Allowance for Doubtful Accounts and Credit Losses The Company grants credit to customers in the normal course of business and maintains an allowance for doubtful accounts for potential credit losses. When evaluating allowances for doubtful accounts, the Company considers various factors, including historical experience and customer-specific information. Uncollectible accounts are written-off against the allowance when it is deemed that a customer account is uncollectible. Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. The Company reduces the carrying value of inventories for items that are potentially excess, obsolete, or slow-moving based on changes in customer demand, technology developments, or other economic factors. Property, Plant, and Equipment Property, plant, and equipment is stated at cost and depreciated over the useful lives of the assets using the straight-line method. Additions and improvements that extend the lives of the assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. The Company assesses property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of property, plant, and equipment asset groupings may not be recoverable. The cost of interest that is incurred in connection with significant ongoing construction projects is capitalized using a weighted average interest rate. These costs are included in property, plant, and equipment and amortized over the useful life of the related asset. Upon retirement or disposal of property, plant, and equipment, the costs and related amounts of accumulated depreciation or amortization are eliminated from the asset and accumulated depreciation accounts. The difference, if any, between the net asset value and the proceeds, is recognized in earnings. Goodwill and Intangible Assets Goodwill is the excess of the purchase price over the estimated fair value of net assets of acquired businesses. The Company assesses goodwill for impairment annually in the third quarter of the fiscal year and whenever an event occurs or circumstances change that would indicate the carrying amount may be impaired. Impairment testing for goodwill is performed at a reporting unit level. The test for impairment of goodwill requires the Company to make several estimates related to projected future cash flows to determine the fair value of the goodwill reporting units. The Company calculates the excess of each reporting unit's fair value over its carrying amount, including goodwill, utilizing a discounted cash flow analysis. Internal operational budgets and long-range strategic plans are used as a basis for the cash flow analysis. The Company also utilizes assumptions for working capital, capital expenditures, and terminal growth rates. The discount rate applied to the cash flow analysis is based on the weighted average cost of capital (“WACC”) for each reporting unit. An impairment loss is recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. Intangible assets include patents, trademarks, tradenames, customer relationships, purchased technology, and in-process research and development (IPR&D). Intangible assets with a definite life are amortized on a straight-line basis with estimated useful lives typically ranging from three amortization of intangible assets in the consolidated statements of income. Intangible assets with a definite life are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group, which includes intangible assets, may not be recoverable. When events or changes in circumstances indicate that the carrying amount of an asset group, which includes intangible assets, may not be recoverable, the Company calculates the excess of an asset group's carrying value over its undiscounted future cash flows. If the carrying value is not recoverable, an impairment loss is recognized based on the amount by which the carrying value exceeds the fair value. The fair value of an asset group, which includes intangible assets, is estimated by utilizing a discounted cash flow analysis. Acquired IPR&D represents the fair value assigned to those research and development projects that were acquired in a business combination for which the related products have not received regulatory approval and have no alternative future use. IPR&D is capitalized at its fair value as an indefinite-lived intangible asset, and any development costs incurred after the acquisition are expensed as incurred. The fair value of IPR&D is determined by estimating the future cash flows of each project and discounting the net cash flows back to their present values. Upon achieving regulatory approval or commercial viability for the related product, the indefinite-lived intangible asset is accounted for as a definite-lived asset and is amortized on a straight-line basis over the estimated useful life. If the project is not completed or is terminated or abandoned, the Company may have an impairment related to the IPR&D, which is charged to expense. Indefinite-lived intangible assets are tested for impairment annually in the third quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying amount may be impaired. Impairment is calculated as the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted future cash flow analysis. IPR&D with no alternative future use acquired outside of a business combination is expensed immediately. Contingent Consideration Certain of the Company’s business combinations involve potential payment or receipt of future consideration that is contingent upon the achievement of certain product development milestones and/or contingent on the acquired business reaching certain performance milestones. The Company records contingent consideration at fair value at the date of acquisition or divestiture based on the consideration expected to be transferred, estimated as the probability-weighted future cash flows, discounted back to present value. The fair value of contingent consideration is measured using projected payment dates, discount rates, probabilities of payment, and projected revenues (for revenue-based considerations). Projected revenues are based on the Company’s most recent internal operational budgets and long-range strategic plans. The discount rate used is determined at the time of measurement in accordance with accepted valuation methodologies. Changes in projected revenues, probabilities of payment, discount rates, and projected payment dates may result in adjustments to the fair value measurements. Contingent consideration is remeasured each reporting period using Level 3 inputs, and the change in fair value, including accretion for the passage of time, is recognized as income or expense within other operating (income) expense, net in the consolidated statements of income. Contingent consideration payments made or received soon after the acquisition date are classified as investing activities in the consolidated statements of cash flows. Contingent consideration payments not made or received soon after the acquisition date that are related to the acquisition date fair value are reported as financing activities in the consolidated statements of cash flows, and amounts paid or received in excess of the original acquisition date fair value are reported as operating activities in the consolidated statements of cash flows. Self-Insurance The Company self-insures the majority of its insurable risks, including medical and dental costs, disability coverage, physical loss to property, business interruptions, workers’ compensation, comprehensive general, and product liability. Insurance coverage is obtained for risks required to be insured by law or contract. The Company uses claims data and historical experience, as applicable, to estimate liabilities associated with the exposures that the Company has self-insured. Retirement Benefit Plan Assumptions The Company sponsors various retirement benefit plans, including defined benefit pension plans, post-retirement medical plans, defined contribution savings plans, and termination indemnity plans, covering substantially all U.S. employees and many employees outside the U.S. See Note 15 for assumptions used in determining pension and post-retirement benefit costs and liabilities. Derivatives The Company recognizes all derivative financial instruments in its consolidated financial statements at fair value in accordance with authoritative guidance on derivatives and hedging, and presents assets and liabilities associated with derivative financial instruments on a gross basis in the consolidated financial statements. For derivative instruments that are designated and qualify as hedging instruments, the hedging instrument must be designated as a cash flow hedge or hedges of net investments, based upon the exposure being hedged. See Note 7 for more information on the Company's derivative instruments and hedging programs. Fair Value Measurements The Company follows the authoritative guidance on fair value measurements and disclosures with respect to assets and liabilities that are measured at fair value on both a recurring and nonrecurring basis. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability, based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels defined as follows: • Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities. • Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. • Level 3 - Inputs are unobservable for the asset or liability. Financial assets that are classified as Level 1 securities include highly liquid government bonds within U.S. government and agency securities and marketable equity securities for which quoted market prices are available. In addition, the Company classifies currency forward contracts as Level 1 since they are valued using quoted market prices in active markets which have identical assets or liabilities. The valuation for most fixed maturity securities are classified as Level 2. Financial assets that are classified as Level 2 include corporate debt securities, government and agency securities, other asset-backed securities, certificate of deposits, and mortgage-backed securities whose value is determined using inputs that are observable in the market or may be derived principally from, or corroborated by, observable market data such as pricing for similar securities, recently executed transactions, cash flow models with yield curves, and benchmark securities. In addition, total return swaps are included in Level 2 as the Company uses inputs other than quoted prices that are observable for the asset. The Level 2 derivative instruments are primarily valued using standard calculations and models that use readily observable market data as their basis. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies, or similar techniques, and at least one significant model assumption or input is unobservable. Financial assets that are classified as Level 3 include certain investment securities for which there is limited market activity such that the determination of fair value requires significant judgment or estimation, equity method investments for which the Company has elected the fair value option, and auction rate securities. The investment securities with limited market activity are valued using third-party pricing sources that incorporate transaction details such as contractual terms, maturity, timing, and amount of expected future cash flows, as well as assumptions about liquidity and credit valuation adjustments by market participants. The fair value of auction rate securities is estimated by the Company using a discounted cash flow model, which incorporates significant unobservable inputs. The significant unobservable inputs used in the fair value measurement of the Company’s auction rate securities are years to principal recovery and the illiquidity premium that is incorporated into the discount rate. Valuation techniques for investments valued using the fair value option are included in the "Investments" section above. For goodwill, other intangible assets, and IPR&D, 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. Certain investments for which the fair value is measured using the net asset value per share (or its equivalent) practical expedient are excluded from the fair value hierarchy. Financial assets for which the fair value is measured using the net asset value per share practical expedient include certain debt funds, equity and fixed income commingled trusts, and registered investment companies. Revenue Recognition The Company sells its products through direct sales representatives and independent distributors. Additionally, a portion of the Company's revenue is generated from consignment inventory maintained at hospitals and royalty and intellectual property arrangements. The Company recognizes revenue when control is transferred to the customer. For products sold through direct sales representatives and independent distributors, control is transferred upon shipment or upon delivery, based on the contract terms and legal requirements. For consignment inventory, control is transferred when the product is used or implanted. Payment terms vary depending on the country of sale, type of customer, and type of product. If a contract contains more than one performance obligation, the transaction price is allocated to each performance obligation based on relative standalone selling price. Shipping and handling is treated as a fulfillment activity rather than a promised service, and therefore, is not considered a performance obligation. Taxes assessed by a governmental authority that are both imposed on, and concurrent with, a specific revenue producing transaction and collected by the Company from customers (for example, sales, use, value added, and some excise taxes) are not included in revenue. For contracts that have an original duration of one year or less, the Company uses the practical expedient applicable to such contracts and does not adjust the transaction price for the time value of money. The amount of revenue recognized reflects sales rebates and returns, which are estimated based on sales terms, historical experience, and trend analysis. In estimating rebates, the Company considers the lag time between the point of sale and the payment of the rebate claim, the stated rebate rates, and other relevant information. The Company records adjustments to rebates and returns reserves as increases or decreases of revenue. The Company records a deferred revenue liability if a customer pays consideration, or the Company has the right to invoice, before the Company transfers a good or service to the customer. Deferred revenue primarily represents remote monitoring services and equipment maintenance, for which consideration is received at the same time as consideration for the device or equipment. Revenue related to remote monitoring services and equipment maintenance is recognized over the service period as time elapses. Shipping and Handling Shipping and handling costs incurred to physically move product from the Company's premises to the customer's premises are recognized in selling, general, and administrative expense in the consolidated statements of income and were $351 million, $354 million, and $308 million in fiscal years 2023, 2022, and 2021, respectively. Other shipping and handling costs incurred to store, move, and prepare products for shipment are recognized in cost of products sold in the consolidated statements of income. Research and Development Research and development costs are expensed when incurred. Research and development costs include costs of research, engineering, and technical activities to develop a new product or service or make significant improvement to an existing product or manufacturing process. Research and development costs also include pre-approval regulatory and clinical trial expenses and license payments for technology not yet approved by regulators. Contingencies The Company records a liability in the consolidated financial statements for loss contingencies when a loss is known or considered probable, and the amount may be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and may be reasonably estimated, the estimated loss or range of loss is disclosed. Income Taxes The Company has deferred taxes that arise as a result of the different treatment of transactions for U.S. GAAP and income tax accounting, known as temporary differences. The Company records the tax effect of these temporary differences as deferred tax assets and deferred tax liabilities. Deferred tax assets generally represent items that may be used as a tax deduction or credit in a tax return in future years for which the Company has already recognized the tax benefit in the consolidated statements of income. The Company establishes valuation allowances for deferred tax assets when the amount of expected future taxable income is not likely to support the use of the deduction or credit. Deferred tax liabilities generally represent tax expense for which payment has been deferred or expense has already been taken as a deduction on the Company’s tax return but has not yet been recognized as an expense in the consolidated statements of income. See Footnote 13 for more information on the Company's uncertain tax positions and tax policies. Other Operating (Income) Expense, Net Other operating (income) expense, net primarily includes royalty expense, currency remeasurement and derivative gains and losses, Puerto Rico excise taxes, changes in fair value of contingent consideration, changes in amounts accrued for certain contingent liabilities for a past acquisition, MCS charges, RCS charges, impairment charges, income from funded research and development arrangements, and commitments to the Medtronic Foundation and Medtronic LABS. Other Non-Operating Income, Net Other non-operating income, net includes the non-service component of net periodic pension and post-retirement benefit cost, investment gains and losses, and interest income. Currency Translation Assets and liabilities of non-U.S. dollar functional currency entities are translated to U.S. dollars at period-end exchange rates, and the currency impacts arising from the translation of the assets and liabilities are recorded as a cumulative translation adjustment, a component of accumulated other comprehensive loss, on the consolidated balance sheets. Elements of the consolidated statements of income are translated at the average monthly currency exchange rates in effect during the period. Currency transaction gains and losses are included in other operating (income) expense, net in the consolidated statements of income. Stock-Based Compensation The Company measures stock-based compensation expense at the grant date based on the fair value of the award and recognizes the compensation expense over the requisite service period, which is generally the vesting period. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are expected to vest. The Company estimates pre-vesting forfeitures at the time of grant and revises the estimates in subsequent periods. Recently Adopted Accounting Standards |
Revenue
Revenue | 12 Months Ended |
Apr. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company's revenues are principally derived from device-based medical therapies and services related to cardiac rhythm disorders, cardiovascular disease, renal disease, neurological disorders and diseases, spinal conditions and musculoskeletal trauma, chronic pain, urological and digestive disorders, ear, nose, and throat conditions, and diabetes conditions as well as advanced and general surgical care products, respiratory and monitoring solutions, and neurological surgery technologies. The Company's primary customers include healthcare systems, clinics, third-party healthcare providers, distributors, and other institutions, including governmental healthcare programs and group purchasing organizations. The table below illustrates net sales by segment and division for fiscal years 2023, 2022, and 2021: Net Sales by Fiscal Year (in millions) 2023 2022 2021 Cardiac Rhythm & Heart Failure $ 5,835 $ 5,908 $ 5,584 Structural Heart & Aortic 3,363 3,055 2,834 Coronary & Peripheral Vascular 2,375 2,460 2,354 Cardiovascular 11,573 11,423 10,772 Surgical Innovations 5,663 6,060 5,438 Respiratory, Gastrointestinal, & Renal 2,770 3,081 3,298 Medical Surgical 8,433 9,141 8,737 Cranial & Spinal Technologies 4,451 4,456 4,288 Specialty Therapies 2,815 2,592 2,307 Neuromodulation 1,693 1,735 1,601 Neuroscience 8,959 8,784 8,195 Diabetes 2,262 2,338 2,413 Total $ 31,227 $ 31,686 $ 30,117 The table below illustrates net sales by market geography and segment for fiscal years 2023, 2022, and 2021: U.S. (1) Non-U.S. Developed Markets (2) Emerging Markets (3) (in millions) Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Cardiovascular $ 5,848 $ 5,545 $ 5,248 $ 3,564 $ 3,866 $ 3,752 $ 2,161 $ 2,012 $ 1,773 Medical Surgical 3,658 3,862 3,650 3,080 3,373 3,320 1,694 1,905 1,766 Neuroscience 6,018 5,753 5,456 1,658 1,801 1,724 1,283 1,229 1,015 Diabetes 849 974 1,171 1,106 1,085 1,019 307 279 222 Total $ 16,373 $ 16,135 $ 15,526 $ 9,408 $ 10,126 $ 9,815 $ 5,446 $ 5,426 $ 4,777 (1) U.S. includes the United States and U.S. territories. (2) Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries within Western Europe. (3) Emerging markets include the countries of the Middle East, Africa, Latin America, Eastern Europe, and the countries of Asia that are not included in the non-U.S. developed markets, as defined above. At April 28, 2023, $1.1 billion of rebates were classified as other accrued expenses, and $555 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet. At April 29, 2022, $981 million of rebates were classified as other accrued expenses, and $548 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet. During fiscal year 2023, adjustments to rebate and return reserves recognized in revenue that were included in the rebate and return reserves at the beginning of the period were not material. Deferred Revenue and Remaining Performance Obligations Deferred revenue at April 28, 2023 and April 29, 2022 was $405 million and $399 million, respectively. At April 28, 2023 and April 29, 2022, $314 million and $305 million was included in other accrued expenses , respectively, and $91 million and $94 million was included in other liabilities , respectively. During the fiscal year ended April 28, 2023, the Company recognized $240 million of revenue that was included in deferred revenue as of April 29, 2022. Remaining performance obligations include goods and services that have not yet been delivered or provided under existing, noncancellable contracts with minimum purchase commitments. At April 28, 2023, the estimated revenue expected to be recognized in future periods related to unsatisfied performance obligations for executed contracts with an original duration of one year or more was approximately $0.6 billion. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next three years. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Apr. 28, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions The Company had acquisitions during fiscal years 2023 and 2022 that were accounted for as business combinations. The assets and liabilities of businesses acquired were recorded and consolidated on the acquisition date at their respective fair values. Goodwill resulting from business combinations is largely attributable to future, yet to be defined technologies, new customer relationships, existing workforce of the acquired businesses, and synergies expected to arise after the Company's acquisition of these businesses. The pro forma impact of acquisitions during fiscal years 2023 and 2022 was not significant, either individually or in the aggregate, to the consolidated results of the Company. The results of operations of acquired businesses have been included in the Company’s consolidated statements of income since the date each business was acquired. Purchase price allocation adjustments for fiscal years 2023 and 2022 business combinations were not significant. Fiscal Year 2023 Intersect ENT On May 13, 2022, the Company acquired Intersect ENT, a global ear, nose, and throat (ENT) medical technology leader. The acquisition expands the Neuroscience segment portfolio of products used during ENT procedures, and combined with the Company's navigation, powered instruments, and existing tissue health products, offers a broader suite of solutions to assist surgeons treating patients who suffer from chronic rhinosinusitis (CRS). Total consideration, net of cash acquired, for the transaction, in which the Company acquired all outstanding shares of Intersect ENT for $28.25 per share, was $1.2 billion consisting of $1.1 billion of cash and $98 million previously held investments in Intersect ENT. Based upon a preliminary acquisition valuation, the Company acquired $615 million of goodwill, $635 million of technology-based intangible assets, $35 million of customer-related intangible assets, and $13 million of tradenames with estimated useful lives of 20 years. The goodwill is not deductible for tax purposes. Revenue and net loss attributable to Intersect ENT since the date of acquisition as well as costs incurred in connection with the acquisition included in the consolidated statements of income were not significant for fiscal year 2023. Affera, Inc. On August 30, 2022, the Company acquired Affera, Inc. (Affera) a privately-held company focused on the development of cardiac mapping and navigation systems and catheter-based cardiac ablation technologies. The acquisition expands the Cardiovascular segment suite of advanced cardiac ablation products and accessories, including its first cardiac mapping and navigation platform. Total consideration, net of cash acquired for the transaction, was $904 million. Based upon a preliminary acquisition valuation, the Company acquired $660 million of goodwill and $300 million of in-process research and development, which was capitalized into intangible assets during the fourth quarter of fiscal year 2023. The goodwill is not deductible for tax purposes. The Company recognized $201 million of non-cash contingent consideration liabilities in connection with the acquisition, which are comprised of product development milestone-based payments. Revenue and net loss attributable to Affera since the date of acquisition as well as costs incurred in connection with the acquisition included in the consolidated statements of income were not significant for fiscal year 2023. The acquisition date fair values of the assets acquired and liabilities assumed were as follows: (in millions) Intersect ENT Affera Cash and cash equivalents $ 39 $ 66 Inventory 32 — Goodwill 615 660 Other intangible assets 683 300 Other assets 40 1 Total assets acquired 1,408 1,027 Current liabilities 63 2 Deferred tax liabilities 51 53 Other liabilities 18 1 Total liabilities assumed 131 56 Net assets acquired $ 1,277 $ 970 Other acquisitions For acquisitions other than Intersect ENT and Affera, the acquisition date fair value of net assets acquired during fiscal year 2023 was $123 million. Based upon preliminary valuations, assets acquired were primarily comprised of $66 million of goodwill and $57 million of technology-based intangible assets with estimated useful lives of 16 years. The goodwill is deductible for tax purposes. The Company recognized $73 million of non-cash contingent consideration liabilities in connection with these acquisitions during fiscal year 2023, which are comprised of revenue and product development milestone-based payments. Fiscal Year 2022 The acquisition date fair value of net assets acquired during fiscal year 2022 was $125 million, consisting of $154 million of assets acquired and $29 million of liabilities assumed. Assets acquired were primarily comprised of $50 million of technology-based intangible assets with estimated useful lives ranging from 15 to 16 years, and $80 million of goodwill. The goodwill is not deductible for tax purposes. The Company recognized $31 million of non-cash contingent consideration liabilities in connection with business combinations during fiscal year 2022, which are comprised of revenue and product development milestone-based payments. Acquired In-Process Research & Development (IPR&D) IPR&D with no alternative future use acquired outside of a business combination is expensed immediately. During fiscal year 2023, IPR&D acquired in connection with asset acquisitions was not significant. During fiscal year 2022, the Company acquired $101 million of IPR&D in connection with asset acquisitions of technology not yet approved by regulators, which was recognized in research and development expense in the consolidated statements of income. Contingent Consideration Certain of the Company’s business combinations involve potential payment of future consideration that is contingent upon the achievement of certain product development milestones and/or contingent on the acquired business reaching certain performance milestones. A liability is recorded for the estimated fair value of the contingent consideration on the acquisition date. The fair value of the contingent consideration is remeasured at each reporting period, and the change in fair value is recognized within other operating (income) expense, net in the consolidated statements of income. The fair value of contingent consideration at April 28, 2023 and April 29, 2022 was $206 million and $119 million, respectively. At April 28, 2023, $34 million was recorded in other accrued expenses , and $171 million was recorded in other liabilities on the consolidated balance sheets. At April 29, 2022, $35 million was reflected in other accrued expenses , and $84 million was reflected in other liabilities on the consolidated balance sheets. The following table provides a reconciliation of the beginning and ending balances of contingent consideration: Fiscal Year (in millions) 2023 2022 Beginning Balance $ 119 $ 270 Purchase price contingent consideration 274 31 Purchase price allocation adjustments — 7 Payments (154) (86) Change in fair value (24) (103) Divestiture-related and other (8) — Ending Balance $ 206 $ 119 The recurring Level 3 fair value measurements of contingent consideration for which a liability is recorded include the following significant unobservable inputs: (in millions) Fair Value at April 28, 2023 Unobservable Input Range Weighted Average (1) Revenue and other performance-based payments $ 80 Discount rate 11.2% - 27.2% 17.5% Projected fiscal year of payment 2024 - 2027 2025 Product development and other milestone-based payments $ 126 Discount rate 3.9% - 5.5% 4.1% Projected fiscal year of payment 2024 - 2027 2026 (1) Unobservable inputs were weighted by the relative fair value of the contingent consideration liability. For projected fiscal year of payment, the amount represents the median of the inputs and is not a weighted average. Renal Care Solutions disposition On May 25, 2022, the Company and DaVita Inc. (“DaVita”) entered into a definitive agreement for the Company to sell half of its Renal Care Solutions (RCS) business, and on April 1, 2023, completed the transaction. This sale is part of an agreement between Medtronic and DaVita to form a new, independent kidney care-focused medical device company (“Mozarc Medical” or "Mozarc") with equal equity ownership. RCS was part of the Company’s Medical Surgical portfolio. At closing, the Company received $45 million cash consideration, recorded non-cash contingent consideration receivables valued at $195 million due based on the achievement of certain revenue, regulatory, and profitability milestones, and retained a 50% non-controlling equity interest in Mozarc valued at $307 million. For the contingent consideration receivables, the maximum consideration the Company could receive in the future is $300 million based on the achievement of the aforementioned milestones, with potential payouts starting in fiscal year 2025 through 2029. The Company recorded total non-cash pre-tax charges of $136 million in fiscal year 2023, primarily related to impairment of goodwill and changes in the carrying amount of the disposal group, recognized in other operating (income) expense, net in the consolidated statements of income. Refer to Note 9 to the consolidated financial statements for additional information on the goodwill impairment. Refer to Note 5 to the consolidated financial statements for additional information on the Company’s retained 50% equity investment in Mozarc as a result of this transaction. The Company determined that the sale of the RCS business did not meet the criteria to be classified as discontinued operations. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Apr. 28, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges In fiscal years 2023, 2022 and 2021, restructuring costs primarily related to Enterprise Excellence and Simplification restructuring programs, both of which were substantially completed as of the end of this fiscal year. Enterprise Excellence was designed to leverage the company’s global size and scale to focus on global operations, and functional and commercial optimization, and had total pre-tax charges of $1.8 billion. Simplification was designed to focus the organization on accelerating innovation, enhancing customer experience, driving revenue growth and winning market share, and had total pre-tax charges of $0.5 billion. In addition, in the fourth quarter of fiscal year 2023, we incurred $0.3 billion of restructuring charges primarily related to employee termination benefits to support cost reduction initiatives. These charges were incremental to charges incurred under our Enterprise Excellence and Simplification programs noted above. For all programs, employee-related costs primarily consist of termination benefits provided to employees who have been involuntarily terminated and voluntary early retirement benefits. Associated costs primarily include salaries and wages of employees that are fully-dedicated to restructuring programs and consulting fees. The following table presents the classification of restructuring costs in the consolidated statements of income: Fiscal year (in millions) 2023 2022 2021 Cost of products sold $ 97 $ 117 $ 128 Selling, general, and administrative expenses 173 158 196 Restructuring charges, net 375 60 293 Total restructuring and associated costs $ 647 $ 335 $ 617 (1) In fiscal years 2023 and 2021, restructuring charges, net included $94 million and $97 million, respectively, of incremental defined benefit, defined contribution, and post-retirement related expenses for employees that accepted voluntary early retirement packages. The following table summarizes the activity related to restructuring programs for fiscal years 2023 and 2022: (in millions) Employee Termination Benefits (1) Associated Costs (2) Asset Other Total April 30, 2021 $ 123 $ 22 $ — $ 1 $ 146 Charges 80 274 — — 354 Cash payments (109) (269) — — (378) Accrual adjustments (3) (13) — — — (13) April 29, 2022 81 27 — 1 110 Charges 285 271 1 7 564 Cash payments (150) (274) (1) (6) (433) Accrual adjustments (3) (11) — — (1) (12) April 28, 2023 $ 204 $ 23 $ — $ 1 $ 230 (1) In fiscal years 2023, restructuring charges, net included $94 million of incremental defined benefit, defined contribution, and post-retirement related expenses for employees that accepted voluntary early retirement packages. These costs are not included in the table summarizing restructuring charges above, as they are associated with costs that are accounted for under the pension and post-retirement rules. (2) Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses. (3) Accrual adjustments relate to certain employees identified for termination finding other positions within the Company or contract terminations being settled for less than originally estimated. Mechanical Circulatory Support (MCS) In June 2021, the Company announced the decision to stop the distribution and sale of the Medtronic HVAD System in light of a growing body of observational clinical comparisons indicating a lower frequency of neurological adverse events and mortality with another circulatory support device available to patients compared to the HVAD system. In connection with this decision, the Company recorded charges of $726 million (MCS charges) within the Cardiovascular segment during the first quarter of fiscal year 2022, including $58 million recognized in costs of products sold and $668 million recognized within other operating (income) expense, net in the consolidated statement of income . The charges included $515 million of non-cash impairments and write-downs primarily related to $409 million of intangible asset impairments and $58 million of inventory write-downs. The Company also recorded charges of $211 million for commitments and obligations associated with the decision, which included charges for patient support obligations, restructuring, and other associated costs. During the fourth quarter of fiscal year 2022, the Company recorded additional charges of $155 million within other operating (income) expense, net primarily related to incremental commitments and obligations associated with the exit of the business. As of April 28, 2023, accruals were recorded in the consolidated balance sheet for these obligations, with $84 million reflected in other accrued expenses and $88 million recorded in other liabilities . |
Financial Instruments
Financial Instruments | 12 Months Ended |
Apr. 28, 2023 | |
Investments [Abstract] | |
Financial Instruments | Financial Instruments Debt Securities The Company holds investments in marketable debt securities that are classified and accounted for as available-for-sale and are remeasured on a recurring basis. The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related consolidated balance sheet classification at April 28, 2023 and April 29, 2022: April 28, 2023 Valuation Balance Sheet Classification (in millions) Cost Unrealized Unrealized Fair Value Investments Other Assets Level 1: U.S. government and agency securities $ 527 $ — $ (22) $ 505 $ 505 $ — Level 2: Corporate debt securities 4,140 6 (162) 3,984 3,984 — U.S. government and agency securities 879 — (45) 834 834 — Mortgage-backed securities 560 — (54) 506 506 — Non-U.S. government and agency securities 15 — — 15 15 — Certificates of deposit 10 — — 10 10 Other asset-backed securities 580 — (19) 561 561 — Total Level 2 6,185 6 (281) 5,911 5,911 — Level 3: Auction rate securities 36 — (3) 33 — 33 Total available-for-sale debt securities $ 6,748 $ 6 $ (305) $ 6,449 $ 6,416 $ 33 April 29, 2022 Valuation Balance Sheet Classification (in millions) Cost Unrealized Unrealized Fair Value Investments Other Assets Level 1: U.S. government and agency securities $ 533 $ 1 $ (15) $ 518 $ 518 $ — Level 2: Corporate debt securities 4,457 4 (140) 4,321 4,321 — U.S. government and agency securities 910 — (41) 869 869 — Mortgage-backed securities 592 — (35) 558 558 — Non-U.S. government and agency securities 17 — — 17 17 — Certificates of deposit 20 — — 20 20 Other asset-backed securities 567 — (11) 556 556 — Total Level 2 6,563 4 (227) 6,341 6,341 — Level 3: Auction rate securities 36 — (3) 33 — 33 Total available-for-sale debt securities $ 7,131 $ 5 $ (245) $ 6,893 $ 6,859 $ 33 The amortized cost of debt securities excludes accrued interest, which is reported in other current assets in the consolidated balance sheets. The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category at April 28, 2023 and April 29, 2022: April 28, 2023 Less than 12 months More than 12 months (in millions) Fair Value Unrealized Fair Value Unrealized Corporate debt securities $ 286 $ (4) $ 2,901 $ (158) U.S. government and agency securities 89 (3) 821 (64) Mortgage-backed securities 26 (1) 460 (53) Other asset-backed securities — — 545 (19) Auction rate securities — — 33 (3) Total $ 401 $ (8) $ 4,760 $ (297) April 29, 2022 Less than 12 months More than 12 months (in millions) Fair Value Unrealized Fair Value Unrealized Corporate debt securities $ 222 $ (1) $ 2,993 $ (139) U.S. government and agency securities — — 945 (56) Mortgage-backed securities — — 507 (35) Other asset-backed securities — — 526 (11) Auction rate securities — — 33 (3) Total $ 222 $ (1) $ 5,004 $ (244) The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There were no transfers into or out of Level 3 during the fiscal years ended April 28, 2023 and April 29, 2022. When a determination is made to classify an asset or liability within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Activity related to the Company’s available-for-sale debt securities portfolio is as follows: (in millions) April 28, 2023 April 29, 2022 April 30, 2021 Proceeds from sales and maturities $ 7,321 $ 9,611 $ 10,420 Gross realized gains 10 15 15 Gross realized losses (43) (18) (14) During the fiscal year ended April 30, 2021, the Company had proceeds from maturities of investments classified as held to maturity of $911 million. The April 28, 2023 balance of available-for-sale debt securities by contractual maturity is shown in the following table. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. (in millions) April 28, 2023 Due in one year or less $ 1,267 Due after one year through five years 3,704 Due after five years through ten years 803 Due after ten years 676 Total debt securities $ 6,449 Equity Securities, Equity Method Investments, and Other Investments The Company holds investments in equity securities with readily determinable fair values, equity method investments for which the Company has elected the fair value option, equity investments without readily determinable fair values, investments accounted for under the equity method, and other investments. Equity securities with readily determinable fair values are included in Level 1 of the fair value hierarchy, as they are measured using quoted market prices. Equity method investments for which the Company has elected the fair value option are included within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine fair value. To determine the fair value of these investments, the Company uses a discounted cash flow methodology, taking into consideration various assumptions including discount rate, and all pertinent financial information available related to the investees, including historical financial statements and projected future cash flows. Equity investments that do not have readily determinable fair values, and that are not accounted for via the fair value option, are included within Level 3 of the fair value hierarchy, as they are measured using the measurement alternative at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The following table summarizes the Company's equity and other investments at April 28, 2023 and April 29, 2022, which are classified as other assets in the consolidated balance sheets: (in millions) April 28, 2023 April 29, 2022 Investments with readily determinable fair value (marketable equity securities) $ 115 $ 64 Investments for which the fair value option has been elected 531 — Investments without readily determinable fair values 872 732 Equity method and other investments 89 85 Total equity and other investments $ 1,607 $ 881 Gains and losses on the Company's portfolio of equity and other investment are recognized in other non-operating income , net in the consolidated statements of income. During the fiscal year ended April 28, 2023, there were $56 million of net unrealized gains on equity securities and other investments still held at April 28, 2023. During the fiscal year ended April 29, 2022, there were $8 million of net unrealized gains on equity securities and other investments still held at April 29, 2022. Interest income is recognized in other non-operating income, net , in the consolidated statements of income. During the fiscal year ended April 28, 2023, there was $386 million of interest income. During the fiscal year ended April 29, 2022, there was $186 million of interest income. Mozarc Medical Investment On April 1, 2023 the Company sold half of its RCS business to Mozarc, and as a result of the transaction the Company retained a 50% equity interest in Mozarc. Please refer to Note 3 to the consolidated financial statements for additional information on this transaction. Although the equity investment provides the Company with the ability to exercise significant influence over Mozarc, the Company has elected the fair value option to account for this equity investment. The Company believes the fair value option best reflects the economics of the underlying transaction. Under the fair value option, changes in the fair value of the investment are recognized through earnings each reporting period in other non-operating income, net in the consolidated statements of income. The following table provides a reconciliation of the beginning and ending balances of the Mozarc investment for which the Fair Value Option has been elected: (in millions) Fiscal Year 2023 Beginning Balance $ — Initial valuation 307 Additional cash investment 224 Ending Balance $ 531 |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Apr. 28, 2023 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements Current debt obligations consisted of the following: (in millions) April 28, 2023 April 29, 2022 Bank borrowings $ 13 $ 12 0.000 percent three — 798 0.375 percent four — 1,596 0.000 percent two — 1,330 Finance lease obligations 7 6 Current debt obligations $ 20 $ 3,742 Bank Borrowings Outstanding bank borrowings at April 28, 2023 and April 29, 2022 were not significant. Commercial Paper On January 26, 2015, Medtronic Global Holdings S.C.A. (Medtronic Luxco), an entity organized under the laws of Luxembourg, entered into various agreements pursuant to which Medtronic Luxco may issue United States Dollar-denominated unsecured commercial paper notes (the 2015 CP Program) on a private placement basis, and on January 31, 2020 Medtronic Luxco entered into various agreements pursuant to which Medtronic Luxco may issue Euro-denominated unsecured commercial paper notes (the 2020 CP Program) on a private placement basis. The maximum aggregate amount outstanding at any time under the 2015 CP Program and the 2020 CP Program together may not exceed the equivalent of $3.5 billion. The Company and Medtronic, Inc. have guaranteed the obligations of Medtronic Luxco under the 2015 CP Program and the 2020 CP Program. There was no commercial paper outstanding at April 28, 2023 and April 29, 2022. During fiscal year 2023, the weighted average original maturity of the commercial paper outstanding was approximately 22 days and the weighted average interest rate was 4.34 percent. During fiscal year 2022, the weighted average original maturity of the commercial paper outstanding was approximately 15 days and the weighted average interest rate was 0.70 percent. The issuance of commercial paper reduces the amount of credit available under the Company's existing credit facility, defined below. Line of Credit On December 12, 2022, Medtronic Luxco, as borrower, entered into an amendment to its amended and restated credit agreement (Credit Facility), by and among Medtronic, Medtronic, Inc., Medtronic Luxco, the lenders from time to time party thereto, and Bank of America, N.A., as administrative agent and issuing bank, extending the maturity date of the Credit Facility to December 2027. The Credit Facility provides for a $3.5 billion five-year unsecured revolving credit facility (Credit Facility). At each anniversary date of the Credit Facility, we can request a one-year extension of the maturity date. The Credit Facility provides the Company with the ability to increase its borrowing capacity by an additional $1.0 billion at any time during the term of the agreement. The Company and Medtronic, Inc. have guaranteed the obligations of the borrowers under the Credit Facility, and Medtronic Luxco will also guarantee the obligations of any designated borrower. The Credit Facility includes a multi-currency borrowing feature for certain specified foreign currencies. At April 28, 2023 and April 29, 2022, no amounts were outstanding under the Credit Facility. Interest rates on advances on the Credit Facility are determined by a pricing matrix based on the Company’s long-term debt ratings, assigned by Standard & Poor’s Ratings Services and Moody’s Investors Service. Facility fees are payable on the Credit Facility and are determined in the same manner as the interest rates. The Company is in compliance with all covenants related to the Credit Facility. The Company's long-term debt obligations consisted of the following: April 28, 2023 April 29, 2022 (in millions, except interest rates) Maturity by Fiscal Year Amount Effective Interest Rate Amount Effective Interest Rate 3.500 percent ten 2025 $ — — % $ 1,890 3.74 % 0.250 percent six 2026 1,097 0.44 1,064 0.45 2.625 percent three 2026 549 2.86 — — 0.000 percent five 2026 1,097 0.23 1,064 0.25 1.125 percent eight senior notes 2027 1,646 1.25 1,596 1.26 3.350 percent ten 2027 — — 368 3.53 4.250 percent five 2028 1,000 4.42 — — 3.000 percent six 2029 1,097 3.09 — — 0.375 percent eight 2029 1,097 0.51 1,064 0.52 1.625 percent twelve 2031 1,097 1.75 1,064 1.75 1.000 percent twelve 2032 1,097 1.06 1,064 1.06 3.125 percent nine 2032 1,097 3.25 — — 0.750 percent twelve 2033 1,097 0.81 1,064 0.81 4.500 percent ten 2033 1,000 4.62 — — 3.375 percent twelve 2035 1,097 3.44 — — 4.375 percent twenty 2035 1,932 4.47 1,932 4.47 6.550 percent thirty 2038 253 4.67 253 4.67 2.250 percent twenty senior notes 2039 1,097 2.34 1,064 2.35 6.500 percent thirty 2039 158 6.56 158 6.56 1.500 percent twenty 2040 1,097 1.58 1,064 1.59 5.550 percent thirty 2040 224 5.58 224 5.58 1.375 percent twenty 2041 1,097 1.46 1,064 1.47 4.500 percent thirty 2042 105 4.54 105 4.54 4.000 percent thirty 2043 305 4.09 305 4.09 4.625 percent thirty 2044 127 4.67 127 4.67 4.625 percent thirty 2045 1,813 4.69 1,813 4.69 1.750 percent thirty 2050 1,097 1.87 1,064 1.88 1.625 percent thirty 2051 1,097 1.75 1,064 1.76 Finance lease obligations 2024-2036 57 9.91 56 9.15 Debt discount, net 2026-2051 (64) — (52) — Deferred financing costs 2026-2051 (124) — (109) — Long-term debt $ 24,344 $ 20,372 Senior Notes The Company has outstanding unsecured senior obligations, described as senior notes in the tables above (collectively, the Senior Notes). The Senior Notes rank equally with all other unsecured and unsubordinated indebtedness of the Company. The Company is in compliance with all covenants related to the Seniors Notes. In September 2020, Medtronic Global Holdings S.C.A. (Medtronic Luxco) issued six tranches of Euro-denominated Senior Notes with an aggregate principal of €6.3 billion, with maturities ranging from fiscal year 2023 to fiscal year 2051, resulting in cash proceeds of approximately $7.2 billion, net of discounts and issuance costs. The Company used the net proceeds of the offering to fund the early redemption of $4.3 billion of Medtronic Inc. and CIFSA Senior Notes and €1.5 billion of Medtronic Luxco Senior Notes for $6.3 billion of total consideration in October 2020. Additionally, the Company used the proceeds to repay its €750 million floating rate senior notes at maturity in March 2021. The Company recognized a loss on debt extinguishment of $308 million in fiscal year 2021, which primarily included cash premiums and accelerated amortization of deferred financing costs and debt discounts and premiums. The loss was recognized in interest expense, net in the consolidated statement of income. In September 2022, Medtronic Luxco issued four tranches of Euro-denominated Senior Notes with an aggregate principal of €3.5 billion, with maturities ranging from fiscal year 2026 to 2035, resulting in cash proceeds of approximately $3.4 billion, net of discounts and issuance costs. The Company used the net proceeds to repay at maturity €750 million of Medtronic Luxco Senior Notes for $772 million of total consideration in December 2022 and €2.8 billion of Medtronic Luxco Senior Notes for $2.9 billion of total consideration in March 2023. In March 2023, Medtronic Luxco issued two tranches of USD-denominated Senior Notes with an aggregate principal of $2.0 billion, with maturities ranging from fiscal year 2028 to 2033, resulting in cash proceeds of approximately $2.0 billion, net of discounts and issuance costs. The Company used the net proceeds supplemented by additional cash to repay the ¥297 billion Fiscal 2023 Loan Agreement discussed below for $2.3 billion of total consideration. The Euro-denominated debt issued in September 2020 and September 2022 is designated as a net investment hedge of certain of the Company's European operations. Refer to Note 7 for additional information regarding the net investment hedge. Term Loan Agreements In May 2022, Medtronic Luxco entered into a term loan agreement (Fiscal 2023 Loan Agreement) by and among Medtronic Luxco, Medtronic plc, Medtronic, Inc., and Mizuho Bank, Ltd. as administrative agent and as lender. The Fiscal 2023 Loan Agreement provides an unsecured term loan in an aggregate principal amount of up to ¥300 billion with a term of 364 days. Borrowings under the Fiscal 2023 Loan Agreement bear interest at the TIBOR Rate (as defined in the Fiscal 2023 Loan Agreement) plus a margin of 0.40% per annum. Medtronic plc and Medtronic, Inc. guaranteed the obligations of Medtronic Luxco under the Fiscal 2023 Loan Agreement. In May and June 2022, Medtronic Luxco borrowed an aggregate of ¥297 billion, or approximately $2.3 billion, of the term loan, under the Fiscal 2023 Loan Agreement. The Company used the net proceeds of the borrowings to fund the early redemption of $1.9 billion of Medtronic Inc.'s 3.500% Senior Notes due 2025 for $1.9 billion of total consideration, and $368 million of Medtronic Luxco's 3.350% Senior Notes due 2027 for $376 million of total consideration. The Company recognized a total loss on debt extinguishment of $53 million within interest expense, net in the consolidated statements of income during fiscal year 2023, which primarily includes cash premiums and accelerated amortization of deferred financing costs and debt discounts and premiums. During the fourth quarter of fiscal year 2023, the Company repaid the term loan in full, including interest. Contractual maturities of debt for the next five fiscal years and thereafter, excluding deferred financing costs and debt discount, net, are as follows: (in millions) 2024 $ 20 2025 7 2026 2,750 2027 1,652 2028 1,005 Thereafter 19,119 Total $ 24,553 Financial Instruments Not Measured at Fair Value At April 28, 2023, the estimated fair value of the Company’s Senior Notes was $21.7 billion compared to a principal value of $24.5 billion. At April 29, 2022, the estimated fair value was $22.9 billion compared to a principal value of $24.2 billion. The fair value was estimated using quoted market prices for the publicly registered Senior Notes, which are classified as Level 2 within the fair value hierarchy. The fair values and principal values consider the terms of the related debt and exclude the impacts of debt discounts and hedging activity. |
Derivatives and Currency Exchan
Derivatives and Currency Exchange Risk Management | 12 Months Ended |
Apr. 28, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Currency Exchange Risk Management | Derivatives and Currency Exchange Risk Management The Company uses derivative instruments and foreign currency denominated debt to manage the impact that currency exchange rate and interest rate changes have on reported financial statements. The Company does not enter into derivative contracts for speculative purposes. Cash Flow Hedges The Company uses foreign currency forward exchange contracts designated as cash flow hedges to manage its exposure to the variability of future cash flows that are denominated in a foreign currency. At inception, foreign currency forward contracts are designated as a cash flow hedge. Changes in the fair value of these derivatives are reported as a component of accumulated other comprehensive loss until the hedged transaction affects earnings. When the hedged transaction affects earnings, the gain or loss on the derivative is reclassified to earnings. Amounts excluded from the measurement of hedge effectiveness are recognized in earnings on a straight-line basis over the term of the hedge. Cash flows are reported as operating activities in the consolidated statements of cash flows. The Company's cash flow hedges will mature within the subsequent three-year period. At April 28, 2023 and April 29, 2022, the Company had $93 million and $474 million in after-tax unrealized gains, respectively, associated with cash flow hedging instruments recorded in accumulated other comprehensive loss. The Company expects that $140 million of after-tax net unrealized gains at April 28, 2023 will be recognized in the consolidated statements of income over the next 12 months. Net Investment Hedges The Company uses derivative instruments and foreign currency denominated debt to manage foreign currency risk associated with its net investment in foreign operations. The derivative instruments that the Company uses for this purpose may include foreign currency forward exchange contracts used on a standalone basis or in combination with option collars and standalone cross currency interest rate contracts. For instruments that are designated as net investment hedges, the gains or losses are reported as a component of accumulated other comprehensive loss . The gains or losses are reclassified into earnings upon a liquidation event or deconsolidation of the foreign subsidiary. Amounts excluded from the assessment of effectiveness are recognized in interest expense, net on a straight-line basis over the term of the hedge. During the twelve months ended April 28, 2023, the Company recognized $107 million of after-tax unrealized gains related to excluded components in interest expense . The cash flows related to the Company’s derivative instruments designated as net investment hedges are reported as investing activities in the consolidated statements of cash flows. Cash flows attributable to amounts excluded from the assessment of effectiveness are reported as operating activities in the consolidated statements of cash flows. Undesignated Derivatives The Company uses foreign currency forward exchange contracts to offset the Company’s exposure to the change in the value of non-functional currency denominated assets, liabilities, and cash flows. These foreign currency forward exchange rate contracts are not designated as hedges at inception, and therefore, changes in the fair value of these contracts are recognized in the consolidated statements of income. Cash flows related to the Company’s undesignated derivative contracts are reported in the consolidated statements of cash flows based on the nature of the derivative instrument. Outstanding Instruments The following table presents the contractual amounts of the Company's outstanding instruments: As of (in billions) Designation April 28, 2023 April 29, 2022 Currency exchange rate contracts Cash flow hedge $ 9.1 $ 8.8 Currency exchange rate contracts (1) Net investment hedge 7.2 — Foreign currency-denominated debt (2) Net investment hedge 17.6 17.0 Currency exchange rate contracts Undesignated 5.8 4.9 (1) At April 28, 2023, includes derivative contracts with a notional value of €4.5 billion, or $4.9 billion, designated as hedges of a portion of our net investment in certain European operations and derivative contracts with a notional value of ¥297 billion, or $2.2 billion, designated as hedges of a portion of our net investment in certain Japanese operations. These derivative contracts mature in fiscal years 2024 through 2033. (2) At April 28, 2023, includes €16.0 billion, or $17.6 billion, of outstanding Euro-denominated debt as hedges of a portion our net investment in foreign operations. This debt matures in fiscal years 2026 through 2051. Gains and Losses on Hedging Instruments and Derivatives not Designated as Hedging Instruments The amount of the gains and losses on our hedging instruments and the classification of those gains and losses within our consolidated financial statements for fiscal years 2023, 2022, and 2021 were as follows: (Gain) Loss Recognized in Accumulated Other Comprehensive Income (Gain) Loss Reclassified into Income Fiscal Year Fiscal Year Location of (Gain) Loss in Income Statement (in millions) 2023 2022 2021 2023 2022 2021 Cash flow hedges Currency exchange rate contracts $ (161) $ (953) $ 519 $ (703) $ (144) $ (17) Other operating (income) expense, net Currency exchange rate contracts (79) 18 108 (3) 61 15 Cost of products sold Net investment hedges Foreign currency-denominated debt 524 (2,299) 1,694 — — — N/A Currency exchange rate contracts 73 — — — — — N/A Total $ 356 $ (3,234) $ 2,321 $ (706) $ (83) $ (2) The amount of the gains and losses on our derivative instruments not designated as hedging instruments and the classification of those gains and losses within our consolidated financial statements for fiscal years 2023, 2022, and 2021 were as follows: (Gain) Loss Recognized in Income Fiscal Year Location of (Gain) Loss in Income Statement (in millions) 2023 2022 2021 Derivatives not designated as hedging instruments Currency exchange rate contracts $ 31 $ (54) $ 247 Other operating (income) expense, net Total return swaps 1 1 (81) Other operating (income) expense, net Total $ 32 $ (53) $ 166 Balance Sheet Presentation The following tables summarize the balance sheet classification and fair value of derivative instruments included in the consolidated balance sheets at April 28, 2023 and April 29, 2022. The fair value amounts are presented on a gross basis, and are segregated between derivatives that are designated and qualify as hedging instruments and those that are not designated and do not qualify as hedging instruments, and are further segregated by type of contract within those two categories. Fair Value - Assets Fair Value - Liabilities (in millions) April 28, 2023 April 29, 2022 Balance Sheet Classification April 28, 2023 April 29, 2022 Balance Sheet Classification Derivatives designated as hedging instruments Currency exchange rate contracts $ 318 $ 481 Other current assets $ 109 $ 43 Other accrued expenses Currency exchange rate contracts 33 168 Other assets 117 16 Other liabilities Total derivatives designated as hedging instruments 351 649 226 60 Derivatives not designated as hedging instruments Currency exchange rate contracts 17 46 Other current assets 10 49 Other accrued expenses Total return swaps — — Other current assets — 20 Other accrued expenses Total derivatives not designated as hedging instruments 17 46 10 69 Total derivatives $ 368 $ 695 $ 236 $ 129 The following table provides information by level for the derivative assets and liabilities that are measured at fair value on a recurring basis: April 28, 2023 April 29, 2022 (in millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Level 1 $ 368 $ 236 $ 695 $ 109 Level 2 — — — 20 Total $ 368 $ 236 $ 695 $ 129 The Company has elected to present the fair value of derivative assets and liabilities within the consolidated balance sheets on a gross basis, even when derivative transactions are subject to master netting arrangements and may otherwise qualify for net presentation. The cash flows related to collateral posted and received are reported gross as investing and financing activities, respectively, in the consolidated statements of cash flows. The following tables provide information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation. April 28, 2023 Gross Amount Not Offset on the Balance Sheet (in millions) Gross Amount of Recognized Assets (Liabilities) Financial Instruments Cash Collateral (Received) Posted Net Amount Derivative assets: Currency exchange rate contracts $ 368 $ (189) $ (11) $ 168 Derivative liabilities: Currency exchange rate contracts (236) 189 — (48) Total $ 132 $ — $ (11) $ 121 April 29, 2022 Gross Amount Not Offset on the Balance Sheet (in millions) Gross Amount of Recognized Assets (Liabilities) Financial Instruments Cash Collateral (Received) Posted Net Amount Derivative assets: Currency exchange rate contracts $ 695 $ (109) $ (254) $ 332 Derivative liabilities: Currency exchange rate contracts (109) 109 — — Total return swaps (20) — — (20) (129) 109 — (20) Total $ 566 $ — $ (254) $ 312 Concentrations of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of interest-bearing investments, derivative contracts, and trade accounts receivable. Global concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across many geographic areas. The Company monitors the creditworthiness of its customers to which it grants credit terms in the normal course of business. The Company maintains cash and cash equivalents, investments, and certain other financial instruments (including currency exchange rate and interest rate derivative contracts) with various major financial institutions. The Company performs periodic evaluations of the relative credit standings of these financial institutions and limits the amount of credit exposure with any one institution. In addition, the Company has collateral credit agreements with its primary derivatives counterparties. Under these agreements, either party is required to post eligible collateral when the market value of transactions covered by the agreement exceeds specific thresholds, thus limiting credit exposure for both parties. As of April 28, 2023 and April 29, 2022, the Company received net cash collateral of $11 million and $254 million, respectively, from its counterparties. Cash collateral posted is recorded as a reduction in cash and cash equivalents , with the offset recorded as an increase in other current assets in the consolidated balance sheets. Cash collateral received is recorded as an increase in cash and cash equivalents with the offset recorded in other accrued expenses |
Inventories
Inventories | 12 Months Ended |
Apr. 28, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventory balances, net of reserves, were as follows: (in millions) April 28, 2023 April 29, 2022 Finished goods $ 3,440 $ 3,070 Work-in-process 789 682 Raw materials 1,063 864 Total $ 5,293 $ 4,616 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Apr. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The following table presents the changes in the carrying amount of goodwill by segment: (in millions) Cardiovascular Medical Surgical Neuroscience Diabetes Total April 30, 2021 $ 7,209 $ 21,195 $ 11,300 $ 2,257 $ 41,961 Goodwill as a result of acquisitions 55 — 26 — 80 Purchase accounting adjustments 21 3 3 (2) 25 Currency translation and other (125) (1,241) (196) (1) (1,563) April 29, 2022 7,160 19,957 11,132 2,254 40,502 Goodwill as a result of acquisitions 726 — 615 — 1,340 Purchase accounting adjustments (6) — 2 — (5) Sale of RCS business — (208) — — (208) Currency translation and other (6) (170) (30) 1 (204) April 28, 2023 $ 7,873 $ 19,579 $ 11,718 $ 2,255 $ 41,425 As a result of the agreement with DaVita, as disclosed in Note 3, the Company allocated $208 million of goodwill to the RCS business that met the criteria to be classified as held for sale during the first quarter of fiscal year 2023 and was subsequently sold on April 1, 2023. Upon allocation, a goodwill impairment test was performed for the RCS business, and the Company recognized $61 million of goodwill impairment charges during fiscal year 2023. The goodwill impairment charges are recognized in other operating (income) expense, net in the consolidated statements of income. The Company did not recognize any goodwill impairment charges during fiscal years 2022 or 2021. Intangible Assets The following table presents the gross carrying amount and accumulated amortization of intangible assets: April 28, 2023 April 29, 2022 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived: Customer-related $ 16,956 $ (7,979) $ 16,953 $ (7,005) Purchased technology and patents 11,659 (6,277) 10,802 (5,667) Trademarks and tradenames 486 (280) 473 (266) Other 116 (69) 80 (69) Total $ 29,217 $ (14,605) $ 28,308 $ (13,006) Indefinite-lived: IPR&D $ 232 $ — $ 293 $ — The Company did not recognize any definite-lived intangible asset impairment charges during fiscal year 2023. During fiscal year 2022, the Company recognized $409 million of definite-lived intangible asset impairment charges other operating (income) expense, net in the consolidated statements of income. Indefinite-lived intangible asset impairment charges were not significant for fiscal year 2023 or 2022. During fiscal year 2021, the Company recognized $45 million of indefinite-lived intangible asset impairment charges other operating (income) expense, net in the consolidated statements of income. 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, other failures to achieve a commercially viable product, or the discontinuation of certain projects, and as a result, may recognize impairment losses in the future. Amortization Expense Intangible asset amortization expense was $1.7 billion for fiscal years 2023 and 2022 and $1.8 billion for fiscal year 2021. Estimated aggregate amortization expense by fiscal year based on the current carrying value and remaining estimated useful lives of definite-lived intangible assets at April 28, 2023, excluding any possible future amortization associated with acquired IPR&D which has not met technological feasibility, is as follows: (in millions) Amortization 2024 $ 1,676 2025 1,654 2026 1,641 2027 1,616 2028 1,565 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Apr. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment balances and corresponding estimated useful lives were as follows: (in millions) April 28, 2023 April 29, 2022 Estimated Useful Lives Equipment $ 6,707 $ 6,489 Generally 2-7, up to 15 Computer software 2,952 2,617 Up to 5 Land and land improvements 162 170 Up to 20 Buildings and leasehold improvements 2,487 2,351 Up to 40 Construction in progress 1,754 1,737 — Property, plant, and equipment 14,062 13,365 Less: Accumulated depreciation (8,493) (7,952) Property, plant, and equipment, net $ 5,569 $ 5,413 Depreciation expense of $999 million, $974 million, and $919 million was recognized in fiscal years 2023, 2022, and 2021, respectively. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Apr. 28, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Share Capital Medtronic plc is authorized to issue 2.6 billion Ordinary Shares, $0.0001 par value; 40 thousand Euro Deferred Shares, €1.00 par value; 127.5 million Preferred Shares, $0.20 par value; and 500 thousand A Preferred Shares, $1.00 par value. Euro Deferred Shares The authorized share capital of the Company includes 40 thousand Euro Deferred Shares, with a par value of €1.00 per share. At April 28, 2023, no Euro Deferred Shares were issued or outstanding. Preferred Shares The authorized share capital of the Company includes 127.5 million of Preferred Shares, with a par value of $0.20 per share. At April 28, 2023, no Preferred Shares were issued or outstanding. A Preferred Shares The authorized share capital of the Company includes 500 thousand A Preferred Shares, with a par value of $1.00 per share. At April 28, 2023, no A Preferred Shares were outstanding. Dividends The timing, declaration, and payment of future dividends to holders of the Company's ordinary shares falls within the discretion of the Company's Board of Directors and depends upon many factors, including the statutory requirements of Irish law, the Company's earnings and financial condition, the capital requirements of the Company's businesses, industry practice and any other factors the Board of Directors deems relevant. Ordinary Share Repurchase Program Shares are repurchased on occasion to support the Company’s stock-based compensation programs and to return capital to shareholders. During fiscal years 2023 and 2022, the Company repurchased approximately 6 million and 22 million shares, respectively, at an average price of $91.31 and $113.11, respectively. In March 2019, the Company's Board of Directors authorized $6.0 billion for repurchase of the Company's ordinary shares. There is no specific time-period associated with these repurchase authorizations. At April 28, 2023, the Company had used $3.6 billion of the $6.0 billion authorized under the repurchase program, leaving approximately $2.4 billion available for future repurchases. The Company accounts for repurchases of ordinary shares using the par value method and shares repurchased are cancelled. |
Stock Purchase and Award Plans
Stock Purchase and Award Plans | 12 Months Ended |
Apr. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Purchase and Award Plans | Stock Purchase and Award Plans In fiscal year 2023, the Company granted stock awards under the 2021 Medtronic plc Long Term Incentive Plan (2021 Plan). The 2021 Plan provides for the grant of non-qualified and incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and other stock and cash-based awards. At April 28, 2023, there were approximately 108 million shares available for future grants under the 2021 Plan. Stock-Based Compensation Expense The following table presents the components and classification of stock-based compensation expense recognized for stock options, restricted stock, performance share units, and employee stock purchase plan (ESPP) in fiscal years 2023, 2022, and 2021: Fiscal Year (in millions) 2023 2022 2021 Stock options $ 77 $ 70 $ 72 Restricted stock 166 184 185 Performance share units 74 66 49 Employee stock purchase plan 38 39 38 Total stock-based compensation expense $ 355 $ 359 $ 344 Cost of products sold $ 36 $ 36 $ 35 Research and development expense 39 40 38 Selling, general, and administrative expense 280 283 272 Total stock-based compensation expense 355 359 344 Income tax benefits (60) (62) (59) Total stock-based compensation expense, net of tax $ 295 $ 297 $ 285 Stock Options Options are granted at the exercise price, which is equal to the closing price of the Company’s ordinary shares on the grant date. The majority of the Company’s options are non-qualified options with a ten four The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes model: Fiscal Year 2023 2022 2021 Weighted average fair value of options granted $ 17.76 $ 22.83 $ 16.15 Assumptions used: Expected life (years) 6.0 6.0 6.0 Risk-free interest rate 2.70 % 0.90 % 0.33 % Volatility 24.05 % 23.04 % 24.17 % Dividend yield 2.92 % 1.95 % 2.36 % The following table summarizes stock option activity during fiscal year 2023: Options Wtd. Avg. Wtd. Avg. Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding at April 29, 2022 28,263 $ 92.00 Granted 5,470 92.96 Exercised (1,513) 59.15 Expired/Forfeited/Cancelled (1,354) 102.93 Outstanding at April 28, 2023 30,866 93.30 5.1 $ 154 Expected to vest at April 28, 2023 8,685 103.48 8.5 1 Exercisable at April 28, 2023 21,468 88.90 3.7 153 The following table summarizes the total cash received from the issuance of new shares upon stock option award exercises, the total intrinsic value of options exercised, and the related tax benefit during fiscal years 2023, 2022, and 2021: Fiscal Year (in millions) 2023 2022 2021 Cash proceeds from options exercised $ 77 $ 209 $ 277 Intrinsic value of options exercised 42 174 205 Tax benefit related to options exercised 9 40 47 Unrecognized compensation expense related to outstanding stock options at April 28, 2023 was $92 million and is expected to be recognized over a weighted average period of 2.4 years. Restricted Stock Restricted stock units are expensed over the vesting period and are subject to forfeiture if employment terminates prior to the lapse of the restrictions. The expense recognized for restricted stock units is equal to the grant date fair value, which is equal to the closing stock price on the date of grant. Restricted stock units either have a four-year ratable vesting term or cliff vest after three years. Restricted stock units are not considered issued or outstanding ordinary shares of the Company. Dividend equivalent units are accumulated on restricted stock units during the vesting period. The following table summarizes restricted stock activity during fiscal year 2023: Units Wtd. Avg. Nonvested at April 29, 2022 5,370 $ 108.92 Granted 2,862 91.83 Vested (2,471) 103.75 Forfeited/Cancelled (572) 105.33 Nonvested at April 28, 2023 5,189 102.34 The following table summarizes the weighted-average grant date fair value of restricted stock granted, total fair value of restricted stock vested and related tax benefit during fiscal years 2023, 2022, and 2021: Fiscal Year (in millions, except per share data) 2023 2022 2021 Weighted-average grant-date fair value per restricted stock $ 91.83 $ 127.47 $ 99.48 Fair value of restricted stock vested 256 194 280 Tax benefit related to restricted stock vested 45 52 65 Unrecognized compensation expense related to restricted stock as of April 28, 2023 was $338 million and is expected to be recognized over a weighted average period of 2.6 years. Performance Share Units Beginning in fiscal year 2021, the Company granted performance share units to officers and key employees. Performance share units typically cliff vest after three years. The awards include three metrics: relative total shareholder return (rTSR), revenue growth, and return on investor capital (ROIC). rTSR is considered a market condition metric, and the expense is determined at the grant date and will not be adjusted even if the market condition is not met. Revenue growth and ROIC are considered performance metrics, and the expense is recorded over the performance period, which will be reassessed each reporting period based on the probability of achieving the various performance conditions. The number of shares earned at the end of the three-year period will vary, based on only actual performance, from 0% to 200% of the target number of performance share units granted. Performance share units are subject to forfeiture if employment terminates prior to the lapse of the restrictions. Performance share units are not considered issued or outstanding ordinary shares of the Company. Dividend equivalent units are accumulated on performance share units for each component of the award during the vesting period. The Company calculates the fair value of the performance share units for each component individually. The fair value of the rTSR metric will be determined using the Monte Carlo valuation model. The fair value of the revenue growth and ROIC metrics are equal to the closing stock price on the grant date. The following table summarizes performance share unit activity during fiscal year 2023: Units Wtd. Avg. Nonvested at April 29, 2022 1,581 $ 138.95 Granted 1,204 98.17 Performance adjustments (1) (515) 129.58 Forfeited/Cancelled (227) 124.53 Nonvested at April 28, 2023 2,043 119.88 (1) Performance adjustments are adjustments to grants where the performance period has ended and actual performance is known. The following table summarizes the weighted-average grant date fair value of performance share units granted, total fair value of performance share units vested and related tax benefit during fiscal year 2023, 2022, and 2021: Fiscal Year (in millions, except per share data) 2023 2022 2021 Weighted-average grant-date fair value per performance share units $ 98.17 $ 149.16 $ 129.04 Fair value of performance share units vested — — — Tax benefit related to performance share units vested — — — Unrecognized compensation expense related to performance share units as of April 28, 2023 was $84 million and is expected to be recognized over a weighted average period of 1.8 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax provision is based on income before income taxes reported for financial statement purposes. The components of income before income taxes, based on tax jurisdiction, are as follows: Fiscal Year (in millions) 2023 2022 2021 U.S. $ 1,295 $ 436 $ (358) International 4,069 5,081 4,253 Income before income taxes $ 5,364 $ 5,517 $ 3,895 The income tax provision consists of the following: Fiscal Year (in millions) 2023 2022 2021 Current tax expense: U.S. $ 1,303 $ 467 $ 287 International 530 599 439 Total current tax expense 1,833 1,066 726 Deferred tax (benefit) expense: U.S. (336) (402) (625) International 83 (209) 165 Net deferred tax benefit (253) (611) (461) Income tax provision $ 1,580 $ 456 $ 265 Tax assets (liabilities), shown before jurisdictional netting of deferred tax assets (liabilities), are comprised of the following: (in millions) April 28, 2023 April 29, 2022 Deferred tax assets: Intangible assets $ 2,259 $ 2,334 Net operating loss, capital loss, and credit carryforwards 10,803 5,982 Capitalization of research and development 971 597 Other accrued liabilities 458 483 Accrued compensation 312 332 Pension and post-retirement benefits 66 66 Stock-based compensation 141 146 Inventory 135 146 Lease obligations 150 92 Federal and state benefit on uncertain tax positions 79 60 Interest limitation 377 386 Unrealized gain on available-for-sale securities and derivative financial instruments 39 — Other 277 374 Gross deferred tax assets 16,067 10,998 Valuation allowance (11,311) (6,583) Total deferred tax assets 4,756 4,415 Deferred tax liabilities: Intangible assets (1,551) (1,488) Realized loss on derivative financial instruments (70) (66) Right of use leases (147) (89) Accumulated depreciation (109) (121) Outside basis difference of subsidiaries (119) (129) Other (80) (70) Total deferred tax liabilities (2,076) (1,963) Prepaid income taxes 480 474 Income tax receivables 494 358 Tax assets, net $ 3,654 $ 3,284 Reported as (after valuation allowance and jurisdictional netting): Other current assets $ 885 $ 765 Tax assets 3,477 3,403 Deferred tax liabilities (708) (884) Tax assets, net $ 3,654 $ 3,284 No deferred taxes have been provided on the approximately $83.7 billion and $79.3 billion of undistributed earnings of the Company’s subsidiaries at April 28, 2023 and April 29, 2022, respectively, since these earnings have been, and under current plans will continue to be, permanently reinvested in these subsidiaries. Due to the number of legal entities and jurisdictions involved, the complexity of the legal entity structure of the Company, and the complexity of the tax laws in the relevant jurisdictions, the Company believes it is not practicable to estimate, within any reasonable range, the amount of additional taxes which may be payable upon distribution of these undistributed earnings. At April 28, 2023, the Company had approximately $43.4 billion of net operating loss carryforwards in certain non-U.S. jurisdictions, of which $20.3 billion have no expiration, and the remaining $23.1 billion will expire during fiscal years 2024 through 2040. Included in these net operating loss carryforwards are $16.2 billion of net operating losses generated in fiscal year 2008 as a result of the receipt of a favorable tax ruling from certain non-U.S. taxing authorities; and $17 billion of net operating losses generated during fiscal year 2023 as a result of an intercompany reorganization. The Company has recorded a full valuation allowance against these net operating losses, as management does not believe that it is more likely than not that these net operating losses will be utilized. Certain of the remaining non-U.S. net operating loss carryforwards of $10.2 billion have a valuation allowance recorded against the carryforwards, as management does not believe that it is more likely than not that these net operating losses will be utilized. At April 28, 2023, the Company had $545 million of U.S. federal net operating loss carryforwards, of which $359 million have no expiration. The remaining loss carryforwards will expire during fiscal years 2024 through 2036. For U.S. state purposes, the Company had $1.8 billion of net operating loss carryforwards at April 28, 2023, $207 million of which have no expiration. The remaining U.S. state loss carryforwards will expire during fiscal years 2024 through 2043. At April 28, 2023, the Company also had $347 million of tax credits available to reduce future income taxes payable, of which $146 million have no expiration. The remaining credits will expire during fiscal years 2024 through 2042. The Company has established valuation allowances of $11.3 billion and $6.6 billion at April 28, 2023 and April 29, 2022, respectively, primarily related to the uncertainty of the utilization of certain deferred tax assets which are primarily comprised of tax loss and credit carryforwards in various jurisdictions. The increase in the valuation allowance during fiscal year 2023 is primarily related to the generation of certain net losses resulting from an intercompany reorganization. These valuation allowances would result in a reduction to the income tax provision in the consolidated statements of income if they are ultimately not required. The Company’s effective income tax rate varied from the U.S. federal statutory tax rate as follows: Fiscal Year 2023 2022 2021 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Increase (decrease) in tax rate resulting from: U.S. state taxes, net of federal tax benefit 0.1 0.2 (1.1) Research and development credit (1.9) (1.3) (2.3) Puerto Rico excise tax (1.0) (1.1) (2.0) International (8.2) (11.2) (12.6) Stock based compensation 0.2 (0.8) (0.8) Interest on uncertain tax positions 0.7 0.5 0.9 Base erosion anti-abuse tax — 0.9 0.5 Foreign derived intangible income benefit (1.2) (1.0) (1.9) Certain tax adjustments 17.0 (0.9) (1.0) Legal entity restructuring — — 1.8 U.S. tax on foreign earnings 2.5 2.2 3.4 Other, net 0.3 (0.2) 0.9 Effective tax rate 29.5 % 8.3 % 6.8 % During fiscal year 2023, the net cost from certain tax adjustments of $910 million, recognized in income tax provision in the consolidated statement of income, included the following: • A net cost of $764 million associated with the August 18, 2022 U.S. Tax Court (Tax Court) Opinion on the previously disclosed litigation regarding the allocation of income between Medtronic, Inc. and its wholly-owned subsidiary operating in Puerto Rico for fiscal years 2005 and 2006 (Opinion). While the Opinion rejected the IRS’s position and the Tax Court determined the methodology advanced by Medtronic was appropriate for purposes of determining the intercompany royalty rate between Puerto Rico and the U.S., it determined that the royalty rate should be higher, thereby increasing income allocated to the U.S. and consequently subject to U.S. tax. This case relates only to fiscal years 2005 and 2006. The Opinion remains subject to appeal by either or both parties. The Company has assumed the Tax Court findings will be applied for all years following fiscal year 2006. • A cost of $55 million related to the disallowance of certain interest deductions. • A cost of $30 million related to the change in reporting currency for certain carryover attributes. • A cost of $28 million associated with the amortization of the previously established deferred tax assets from intercompany intellectual property transactions. • A net cost of $33 million primarily associated with the sale of half of the Company’s RCS business. During fiscal year 2022, the net benefit from certain tax adjustments of $50 million, recognized in income tax provision in the consolidated statement of income, included the following: • A benefit of $82 million associated with a step up in tax basis for Swiss Cantonal purposes. • A benefit of $82 million related to a change in tax rates on intangible assets. • A cost of $47 million associated with the amortization of the previously established deferred tax assets from intercompany intellectual property transactions. • A cost of $41 million associated with a change in the Company’s permanent reinvestment assertion on certain historical earnings. • A net cost of $26 million primarily associated with an intercompany sale of assets. During fiscal year 2021, the net benefit from certain tax adjustments of $41 million, recognized in income tax provision in the consolidated statement of income, included the following: • A net benefit of $106 million associated with the resolution of an audit at the IRS Appellate level for fiscal years 2012, 2013, and 2014. The issues resolved relate to the utilization of certain net operating losses and the allocation of income between Medtronic, Inc. and its wholly owned subsidiary operating in Puerto Rico for businesses that are not the subject of the U.S. Tax Court Case for fiscal years 2005 and 2006. • A net cost of $73 million related to a tax basis adjustment of previously established deferred tax assets from intercompany intellectual property transactions. The cumulative amount of deferred tax benefit previously recognized from intercompany intellectual property transactions and recorded as Certain Tax Adjustments is $1.5 billion. The corresponding deferred tax assets will be amortized over a period of approximately 20 years. • A cost of $50 million associated with the amortization of the previously established deferred tax assets from intercompany intellectual property transactions. • A net cost of $25 million associated with an internal restructuring and intercompany sale of assets. • A benefit of $83 million related to the capitalization of certain research and development costs for U.S. income tax purposes and the establishment of a deferred tax asset at the U.S. federal statutory tax rate. Subsequent to year-end, on June 1, 2023 the Israeli Central-Lod District Court issued its decision in Medtronic Ventor Technologies Ltd v. Kfar Saba Assessing Office. The court determined that there was a deemed taxable transfer of intellectual property. At this time, the Company is evaluating the impact of the decision and whether or not it will appeal. The Company has currently estimated a potential income tax charge, including interest, of approximately $200 million. Currently, the Company’s operations in Puerto Rico, Singapore, Dominican Republic, Costa Rica, and China have various tax holidays and tax incentive grants. The tax reductions as compared to the local statutory rate favorably impacted earnings by $115 million, $248 million, and $301 million in fiscal years 2023, 2022, and 2021, respectively, and diluted earnings per share by $0.09, $0.18, and $0.22, in fiscal years 2023, 2022, and 2021, respectively. The tax holidays are conditional upon the Company meeting certain thresholds required under statutory law. The tax incentive grants, unless extended, will expire between fiscal years 2024 and 2035. The Company’s historical practice has been to renew, extend, or obtain new tax incentive grants upon expiration of existing tax incentive grants. If the Company is not able to renew, extend, or obtain new tax incentive grants, the expiration of existing tax incentive grants could have a material impact on the Company’s financial results in future periods. The tax incentive grants which expired during fiscal year 2023 did not have a material impact on the Company's consolidated financial statements. The Company had $2.7 billion, $1.7 billion, and $1.7 billion of gross unrecognized tax benefits at April 28, 2023, April 29, 2022, and April 30, 2021, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal years 2023, 2022, and 2021 is as follows: Fiscal Year (in millions) 2023 2022 2021 Gross unrecognized tax benefits at beginning of fiscal year $ 1,661 $ 1,668 $ 1,862 Gross increases: Prior year tax positions 980 1 88 Current year tax positions 89 40 62 Gross decreases: Prior year tax positions (12) (29) (106) Settlements (4) (8) (216) Statute of limitation lapses (32) (11) (21) Gross unrecognized tax benefits at end of fiscal year 2,682 1,661 1,668 Cash advance paid to taxing authorities (918) (859) (859) Gross unrecognized tax benefits at end of fiscal year, net of cash advance $ 1,764 $ 802 $ 809 If all of the Company’s unrecognized tax benefits at April 28, 2023, April 29, 2022, and April 30, 2021 were recognized, $2.5 billion, $1.6 billion, and $1.6 billion would impact the Company’s effective tax rate, respectively. Although the Company believes that it has adequately reserved for liabilities resulting from tax assessments by taxing authorities, positions taken by these tax authorities could have a material impact on the Company’s effective tax rate in future periods. The Company has recorded gross unrecognized tax benefits, net of cash advance, of $1.8 billion as a noncurrent liability. The Company estimates that within the next 12 months it is reasonably possible that its uncertain tax positions, excluding interest, could decrease by as much as $10 million, net as a result of statute of limitation lapses. The Company recognizes interest and penalties related to income tax matters in income tax provision in the consolidated statements of income and records the liability in the current or noncurrent accrued income taxes in the consolidated balance sheets, as appropriate. The Company had $61 million, $117 million, and $99 million of accrued gross interest and penalties at April 28, 2023, April 29, 2022, and April 30, 2021, respectively. During fiscal years 2023, 2022, and 2021, the Company recognized gross interest income of $55 million, expense of $17 million, and income of $44 million, respectively, in income tax provision in the consolidated statements of income. The Company reserves for uncertain tax positions related to unresolved matters with the IRS and other taxing authorities. These reserves are subject to a high degree of estimation and management judgment. Resolution of these significant unresolved matters, or positions taken by the IRS or other tax authorities during future tax audits, could have a material impact on the Company’s financial results in future periods. The Company continues to believe that its reserves for uncertain tax positions are appropriate and that it has meritorious defenses for its tax filings and will vigorously defend them during the audit process, appellate process, and through litigation in courts, as necessary. The major tax jurisdictions where the Company conducts business which remain subject to examination are as follows: Jurisdiction Earliest Year Open United States - federal and state 2005 Australia 2018 Brazil 2018 Canada 2013 China 2015 Costa Rica 2019 Dominican Republic 2019 France 2020 Germany 2014 India 2002 Ireland 2012 Israel 2010 Italy 2018 Japan 2019 Korea 2022 Luxembourg 2018 Mexico 2014 Puerto Rico 2014 Singapore 2018 Switzerland 2010 United Kingdom 2019 See Note 18 for additional information regarding the status of current tax audits and proceedings. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Apr. 28, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed based on the weighted average number of ordinary shares outstanding. Diluted earnings per share is computed based on the weighted number of ordinary shares outstanding, increased by the number of additional shares that would have been outstanding had the potentially dilutive ordinary shares been issued, and reduced by the number of shares the Company could have repurchased with the proceeds from issuance of the potentially dilutive shares. Potentially dilutive ordinary shares include stock-based awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. The table below sets forth the computation of basic and diluted earnings per share: Fiscal Year (in millions, except per share data) 2023 2022 2021 Numerator: Net income attributable to ordinary shareholders $ 3,758 $ 5,039 $ 3,606 Denominator: Basic – weighted average shares outstanding 1,329.8 1,342.4 1,344.9 Effect of dilutive securities: Employee stock options 1.5 6.6 6.6 Employee restricted stock units 1.0 1.6 2.1 Employee performance share units 0.5 0.8 0.5 Diluted – weighted average shares outstanding 1,332.8 1,351.4 1,354.0 Basic earnings per share $ 2.83 $ 3.75 $ 2.68 Diluted earnings per share $ 2.82 $ 3.73 $ 2.66 The calculation of weighted average diluted shares outstanding excludes options to purchase approximately 23 million, 5 million, and 4 million ordinary shares in fiscal year 2023, 2022, and 2021, respectively because their effect would have been anti-dilutive on the Company’s earnings per share. |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Apr. 28, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans The Company sponsors various retirement benefit plans, including defined benefit pension plans, post-retirement medical plans, defined contribution savings plans, and termination indemnity plans, covering substantially all U.S. employees and many employees outside the U.S. The net expense related to these plans was $494 million, $459 million, and $668 million in fiscal years 2023, 2022, and 2021, respectively. In the U.S., the Company maintains qualified pension plans designed to provide guaranteed minimum retirement benefits to all eligible U.S. participants. Pension coverage for non-U.S. employees is provided, to the extent deemed appropriate, through separate plans. In addition to the benefits provided under the qualified pension plan, retirement benefits associated with wages in excess of the IRS allowable limits are provided to certain employees under a non-qualified plan. U.S. and Puerto Rico employees are also eligible to receive a medical benefit component, in addition to normal retirement benefits, through the Company’s post-retirement benefits. At April 28, 2023 and April 29, 2022, the funded status of the Company’s benefit plans was $103 million overfunded and $74 million overfunded, respectively. During fiscal years 2023 and 2021, the Company offered certain eligible U.S. employees voluntary early retirement packages, resulting in charges of $94 million and $97 million, respectively, primarily related to U.S. pension benefits. The charges were recognized in restructuring charges, net in the consolidated statements of income. See Note 4 for additional information on restructuring charges. Defined Benefit Pension Plans The change in benefit obligation and funded status of the Company’s U.S. and Non-U.S. pension benefits are as follows: U.S. Pension Benefits (2) Non-U.S. Pension Benefits Fiscal Year Fiscal Year (in millions) 2023 2022 2023 2022 Accumulated benefit obligation at end of year: $ 3,348 $ 3,396 $ 1,422 $ 1,638 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 3,526 $ 3,979 $ 1,740 $ 2,294 Service cost 77 98 43 64 Interest cost 142 102 38 26 Employee contributions — — 9 12 Plan curtailments, settlements, and amendments (19) — (8) (11) Actuarial (gain) loss (1) (210) (513) (303) (394) Benefits paid (140) (141) (63) (48) Special termination benefits (3) 74 — — — Currency exchange rate changes and other — — 43 (203) Projected benefit obligation at end of year $ 3,451 $ 3,526 $ 1,499 $ 1,740 Change in plan assets: Fair value of plan assets at beginning of year $ 3,559 $ 3,660 $ 1,732 $ 1,900 Actual return on plan assets (43) 15 (163) (12) Employer contributions 22 24 57 70 Employee contributions — — 9 12 Plan settlements — — (8) (1) Benefits paid (140) (141) (63) (48) Currency exchange rate changes and other — — 50 (188) Fair value of plan assets at end of year $ 3,398 $ 3,559 $ 1,614 $ 1,732 Funded status at end of year: Fair value of plan assets $ 3,398 $ 3,559 $ 1,614 $ 1,732 Benefit obligations 3,451 3,526 1,499 1,740 Over (under) funded status of the plans (53) 33 115 (8) Recognized asset (liability) $ (53) $ 33 $ 115 $ (8) Amounts recognized on the consolidated Non-current assets $ 221 $ 313 $ 350 $ 240 Current liabilities (24) (21) (6) (6) Non-current liabilities (250) (259) (228) (242) Recognized asset (liability) $ (53) $ 33 $ 115 $ (8) Amounts recognized in accumulated other Prior service cost (credit) $ (19) $ — $ (3) $ (4) Net actuarial loss 891 854 76 161 Ending balance $ 873 $ 854 $ 73 $ 157 (1) Actuarial gains and losses result from changes in actuarial assumptions (such as changes in the discount rate and revised mortality rates). The actuarial gain in fiscal year 2023 and 2022 was primarily related to increases in discount rates. (2) As of April 24, 2020, the Company announced the freezing of the U.S. pension benefits beginning Plan year 2028. Employees will continue to earn benefits as required by the Medtronic Retirement Plan until April 30, 2027, after which date benefits will no longer be earned and employees will earn benefits through the Medtronic Savings and Investment Plan. (3) This represents a portion of the total voluntary early retirement package charges for fiscal year 2023. In certain countries outside the U.S., fully funding pension plans is not a common practice, as funding provides no income tax benefit. Consequently, certain pension plans were partially funded at April 28, 2023 and April 29, 2022. U.S. and non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following: Fiscal Year (in millions) 2023 2022 Accumulated benefit obligation $ 731 $ 830 Projected benefit obligation 772 880 Plan assets at fair value 301 356 U.S. and non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following: Fiscal Year (in millions) 2023 2022 Projected benefit obligation $ 1,285 $ 907 Plan assets at fair value 776 379 The net periodic benefit cost of the plans includes the following components: U.S. Pension Benefits Non-U.S. Pension Benefits Fiscal Year Fiscal Year (in millions) 2023 2022 2021 2023 2022 2021 Service cost $ 77 $ 98 $ 106 $ 43 $ 64 $ 70 Interest cost 142 102 109 38 26 28 Expected return on plan assets (224) (226) (242) (58) (64) (59) Amortization of prior service cost — — 1 (1) (1) (1) Amortization of net actuarial loss 20 64 69 2 22 25 Settlement and curtailment (gain) loss — — — 2 (10) 1 Special termination benefits 74 — 73 — — — Net periodic benefit cost $ 89 $ 39 $ 116 $ 26 $ 37 $ 64 The other changes in plan assets and projected benefit obligations recognized in other comprehensive income for fiscal year 2023 are as follows: (in millions) U.S. Pension Non-U.S. Net actuarial loss (gain) $ 58 $ (82) Prior service cost (credit) (19) — Amortization of prior service credit — 1 Amortization and settlement recognition of actuarial loss (20) (4) Effect of exchange rates — 3 Total recognized in other comprehensive income 19 (82) Total recognized in net periodic benefit cost and other comprehensive income $ 108 $ (57) The actuarial assumptions are as follows: U.S. Pension Benefits Non-U.S. Pension Benefits Fiscal Year Fiscal Year 2023 2022 2021 2023 2022 2021 Critical assumptions – projected benefit obligation: Discount rate 4.73% - 4.99% 4.23% - 4.48% 2.80% - 3.50% 1.30% - 10.70% 0.60% - 25.40% 0.30% - 13.30% Rate of compensation increase 3.90 % 4.83 % 4.83 % 2.75 % 2.70 % 2.90 % Critical assumptions – net periodic benefit cost: Discount rate – benefit obligation 4.23% - 4.48% 2.80% - 3.46% 3.10% - 3.70% 0.60% - 25.40% 0.25% - 12.80% 0.30% - 13.90% Discount rate – service cost 4.12% - 4.51% 2.50% - 3.51% 2.60% - 3.90% 0.60% - 25.40% 0.24% - 12.80% 0.30% - 13.90% Discount rate – interest cost 3.90% - 4.23% 2.08% - 2.87% 2.80% - 3.20% 0.60% - 25.40% 0.08% - 12.80% 0.30% - 13.90% Expected return on plan assets 5.30% - 7.20% 5.60% - 7.40% 7.50 % 3.48 % 3.67 % 3.78 % Rate of compensation increase 3.90 % 3.90% - 4.83% 3.90 % 2.70 % 2.90 % 2.91 % The Company utilizes a full yield curve approach methodology to estimate the service and interest cost components of net periodic pension cost and net periodic post-retirement benefit cost for the Company’s pension and other post-retirement benefits. The full yield curve approach applies specific spot rates along the yield curve to their underlying projected cash flows in estimation of the cost components. The current yield curves represent high quality, long-term fixed income instruments. The expected long-term rate of return on plan assets assumptions are determined using a building block approach, considering historical averages and real returns of each asset class. In certain countries, where historical returns are not meaningful, consideration is given to local market expectations of long-term returns. Retirement Benefit Plan Investment Strategy The Company sponsors trusts that hold the assets for U.S. pension plans and other U.S. post-retirement benefit plans, primarily retiree medical benefits. For investment purposes, the Medtronic U.S. pension and other U.S. post-retirement benefit plans employ similar investment strategies with different asset allocation targets. The Company has a Qualified Plan Committee (the Plan Committee) that sets investment guidelines for U.S. pension plans and other U.S. post-retirement benefit plans with the assistance of external consultants. These guidelines are established based on market conditions, risk tolerance, funding requirements, and expected benefit payments. The Plan Committee also oversees the investment allocation process, selects the investment managers, and monitors asset performance. As pension liabilities are long-term in nature, the Company employs a long-term total return approach to maximize the long-term rate of return on plan assets for a prudent level of risk. An annual analysis on the risk versus the return of the investment portfolio is conducted to justify the expected long-term rate of return assumption. The investment portfolios contain a diversified allocation of investment categories, including equities, fixed income securities, hedge funds, and private equity. Securities are also diversified in terms of domestic and international, short- and long-term, growth and value styles, large cap and small cap stocks, and active and passive management. Outside the U.S., pension plan assets are typically managed by decentralized fiduciary committees. There is significant variation in policy asset allocation from country to country. Local regulations, funding rules, and financial and tax considerations are part of the funding and investment allocation process in each country. The weighted average target asset allocations at April 28, 2023 for the plans are 42% equity securities, 34% debt securities, and 24% other. The plans did not hold any investments in the Company’s ordinary shares at April 28, 2023 or April 29, 2022. The Company’s U.S. plans target asset allocations at April 28, 2023, compared to the U.S. plans actual asset allocations at April 28, 2023 and April 29, 2022 by asset category, are as follows: U.S. Plans Target Allocation Actual Allocation April 28, 2023 April 28, 2023 April 29, 2022 Asset Category: Equity securities 34 % 36 % 36 % Debt securities 51 46 45 Other 15 19 19 Total 100 % 100 % 100 % Strong performance on equity securities during the fiscal year resulted in asset allocations different than targets. Management expects to move the allocations closer to target over the intermediate term. Retirement Benefit Plan Asset Fair Values The following is a description of the valuation methodologies used for retirement benefit plan assets measured at fair value: Short-term investments: Valued at the closing price reported in the active markets in which the individual security is traded. Mutual funds: Comprised of investments in equity and fixed income securities held in pooled investment vehicles. The valuations of mutual funds are based on the respective net asset values which are determined by the fund daily at market close. The net asset values are calculated based on the valuation of the underlying assets which are determined using observable inputs. The net asset values are publicly reported. Equity commingled trusts: Comprised of investments in equity securities held in pooled investment vehicles. The valuations of equity commingled trusts are based on the respective net asset values which are determined by the fund daily at market close. The net asset values are calculated based on the valuation of the underlying assets which are determined using observable inputs. The net asset values are not publicly reported, and funds are valued at the net asset value practical expedient. Fixed income commingled trusts: Comprised of investments in fixed income securities held in pooled investment vehicles. The valuations of fixed income commingled trusts are based on the respective net asset values which are determined by the fund daily at market close. The net asset values are calculated based on the valuation of the underlying assets which are determined using observable inputs. The net asset values are not publicly reported, and funds are valued at the net asset value practical expedient. Partnership units: Valued based on the year-end net asset values of the underlying partnerships. The net asset values of the partnerships are based on the fair values of the underlying investments of the partnerships. Quoted market prices are used to value the underlying investments of the partnerships, where the partnerships consist of the investment pools which invest primarily in common stocks. Partnership units include partnerships, private equity investments, and real estate investments. Partnerships primarily include long/short equity and absolute return strategies. These investments may be redeemed monthly with notice periods ranging from 45 to 95 days. At April 28, 2023, there are no funds in the process of liquidation. Private equity investments consist of common stock and debt instruments of private companies. For private equity funds, the sum of the unfunded commitments at April 28, 2023 is $233 million, and the estimated liquidation period of these funds is expected to be one Registered investment companies: Valued at net asset values which are not publicly reported. The net asset values are calculated based on the valuation of the underlying assets. The underlying assets are valued at the quoted market prices of shares held by the plan at year-end in the active market on which the individual securities are traded. Insurance contracts: Comprised of investments in collective (group) insurance contracts, consisting of individual insurance policies. The policyholder is the employer, and each member is the owner/beneficiary of their individual insurance policy. These policies are a part of the insurance company’s general portfolio and participate in the insurer’s profit-sharing policy on an excess yield basis. The methods described above may produce fair values that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following tables provide information by level for the retirement benefit plan assets that are measured at fair value, as defined by U.S. GAAP. Certain investments for which the fair value is measured using the net asset value per share (or its equivalent) practical expedient are not presented within the fair value hierarchy. The fair value amounts presented for these investments are intended to permit reconciliation to the total fair value of plan assets at April 28, 2023 and April 29, 2022. U.S. Pension Benefits Fair Value at Fair Value Measurements Investments Measured at Net Asset Value (in millions) April 28, 2023 Level 1 Level 2 Level 3 Short-term investments $ 114 $ 114 $ — $ — $ — Mutual funds 114 114 — — — Equity commingled trusts 1,211 — — — 1,211 Fixed income commingled trusts 968 — — — 968 Partnership units 992 — — 992 — $ 3,398 $ 227 $ — $ 992 $ 2,179 Fair Value at Fair Value Measurements Investments Measured at Net Asset Value (in millions) April 29, 2022 Level 1 Level 2 Level 3 Short-term investments $ 73 $ 73 $ — $ — $ — Mutual funds 125 125 — — — Equity commingled trusts 1,281 — — — 1,281 Fixed income commingled trusts 1,069 — — — 1,069 Partnership units 1,011 — — 1,011 — $ 3,559 $ 197 $ — $ 1,011 $ 2,350 The following tables provide a reconciliation of the beginning and ending balances of U.S. pension benefit assets measured at fair value that used significant unobservable inputs (Level 3): (in millions) Partnership Units April 30, 2021 $ 860 Total realized gains, net 28 Total unrealized gains, net 72 Purchases and sales, net 51 April 29, 2022 1,011 Total realized gains, net 67 Total unrealized gains, net 151 Purchases and sales, net (238) April 28, 2023 $ 992 Non-U.S. Pension Benefits Fair Value at Fair Value Measurements Investments Measured at Net Asset Value (in millions) April 28, 2023 Level 1 Level 2 Level 3 Registered investment companies $ 1,571 $ — $ — $ — $ 1,571 Insurance contracts 44 — — 44 — $ 1,614 $ — $ — $ 44 $ 1,571 Fair Value at Fair Value Measurements Investments Measured at Net Asset Value (in millions) April 29, 2022 Level 1 Level 2 Level 3 Registered investment companies $ 1,689 $ — $ — $ — $ 1,689 Insurance contracts 43 — — 43 — $ 1,732 $ — $ — $ 43 $ 1,689 Non-U.S. pension benefit assets that are valued using significant unobservable inputs (Level 3) was $44 million and $43 million as of April 28, 2023 and April 29, 2022, respectively. The decrease in the fair value of the assets was due to insurance contracts being sold. There were no transfers into or out of Level 3 for both the U.S. and non-U.S. pension plans during the fiscal years ended April 28, 2023 and April 29, 2022. Retirement Benefit Plan Funding It is the Company’s policy to fund retirement costs within the limits of allowable tax deductions. During fiscal year 2023, the Company made discretionary contributions of approximately $22 million to the U.S. pension plan. Internationally, the Company contributed approximately $57 million for pension benefits during fiscal year 2023. The Company anticipates that it will make contributions of $24 million and $43 million to its U.S. pension benefit plans and non-U.S. pension benefit plans, respectively, in fiscal year 2024. Based on the guidelines under the U.S. Employee Retirement Income Security Act of 1974 and the various guidelines which govern the plans outside the U.S., the majority of anticipated fiscal year 2024 contributions will be discretionary. The Company believes that pension assets, returns on invested pension assets, and Company contributions will be able to meet its pension and other post-retirement obligations in the future. Retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows: (in millions) Gross Payments Fiscal Year U.S. Pension Benefits Non-U.S. Pension Benefits 2024 $ 168 $ 64 2025 178 62 2026 188 62 2027 200 68 2028 213 69 2029 – 2033 1,171 411 Post-retirement Benefit Plans The net periodic benefit cost associated with the Company’s post-retirement benefit plans was income of $11 million, $20 million, and $6 million in fiscal years 2023, 2022, and 2021, respectively. The Company’s projected benefit obligation for all post-retirement benefit plans was $261 million and $276 million at April 28, 2023 and April 29, 2022, respectively. The Company’s fair value of plan assets for all post-retirement benefit plans was $302 million and $325 million at April 28, 2023 and April 29, 2022, respectively. The post-retirement benefit plan assets at both April 28, 2023 and April 29, 2022 primarily comprised of equity and fixed commingled trusts, consistent with the U.S. retirement benefit plan assets outlined in the fair value leveling tables above. Defined Contribution Savings Plans The Company has defined contribution savings plans that cover substantially all U.S. employees and certain non-U.S. employees. The general purpose of these plans is to provide additional financial security during retirement by providing employees with an incentive to make regular savings. Company contributions to the plans are based on employee contributions and Company performance. Expense recognized under these plans was $390 million, $403 million, and $495 million in fiscal years 2023, 2022, and 2021, respectively. Effective May 1, 2005, the Company froze participation in the original defined benefit pension plan in the U.S. and implemented two new plans: an additional defined benefit pension plan, the Personal Pension Account (PPA), and a new defined contribution plan, the Personal Investment Account (PIA). Employees in the U.S. hired on or after May 1, 2005 but before January 1, 2016 had the option to participate in either the PPA or the PIA. Participants in the PPA receive an annual allocation of their salary and bonus on which they will receive an annual guaranteed rate of return, which is based on the ten-year Treasury bond rate. Participants in the PIA also receive an annual allocation of their salary and bonus; however, they are allowed to determine how to invest their funds among identified fund alternatives. The cost associated with the PPA is included in U.S. Pension Benefits in the tables presented earlier. The defined contribution cost associated with the PIA was approximately $43 million, $48 million, and $50 million in fiscal years 2023, 2022, and 2021, respectively. Effective January 1, 2016, the Company froze participation in the existing defined benefit (PPA) and contribution (PIA) pension plans in the U.S. and implemented a new form of benefit under the existing defined contribution plan for legacy Covidien employees and employees in the U.S. hired on or after January 1, 2016 or rehired after July 1, 2020. Participants in the Medtronic Core Contribution (MCC) also receive an annual allocation of their salary and bonus and are allowed to determine how to invest their funds among identified fund alternatives. The defined contribution cost associated with the MCC was approximately $93 million, $83 million, and $73 million and in fiscal years 2023, 2022, and 2021, respectively. |
Leases
Leases | 12 Months Ended |
Apr. 28, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases office, manufacturing, and research facilities and warehouses, as well as transportation, data processing, and other equipment. The Company determines whether a contract is a lease or contains a lease at inception date. Upon commencement, the Company recognizes a right-of-use asset and lease liability. Right-of-use assets represent the Company's right to use the underlying asset for the lease term. Lease liabilities are the Company's obligation to make the lease payments arising from a lease. As the Company’s leases typically do not provide an implicit rate, the Company’s lease liabilities are measured on a discounted basis using the Company's incremental borrowing rate. Lease terms used in the recognition of right-of-use assets and lease liabilities include only options to extend the lease that are reasonably certain to be exercised. Additionally, lease terms underlying the right-of-use assets and lease liabilities consider terminations that are reasonably certain to be executed. The Company's lease agreements include leases that have both lease and associated nonlease components. The Company has elected to account for lease components and the associated nonlease components as a single lease component. The consolidated balance sheets do not include recognized assets or liabilities for leases that, at the commencement date, have a term of twelve months or less and do not include an option to purchase the underlying asset that is reasonably certain to be exercised. The Company recognizes such leases in the consolidated statements of income on a straight-line basis over the lease term. Additionally, the Company recognizes variable lease payments not included in its lease liabilities in the period in which the obligation for those payments is incurred. Variable lease payments for fiscal year 2023, 2022, and 2021 were not material. The Company's lease agreements include leases accounted for as operating leases and those accounted for as finance leases. The right-of-use assets, lease liabilities, lease costs, cash flows, and lease maturities associated with the Company's finance leases were not material to the consolidated financial statements at April 28, 2023 or April 29, 2022 or for fiscal year 2023, 2022 and 2021. Finance lease right-of-use assets are included in property, plant, and equipment, net , and finance lease liabilities are included in current debt obligations and long-term debt on the consolidated balance sheets. The following table summarizes the balance sheet classification of the Company's operating leases and amounts of the right-of-use assets and lease liabilities at April 28, 2023 and April 29, 2022: (in millions) Balance Sheet Classification April 28, 2023 April 29, 2022 Right-of-use assets Other assets $ 1,041 $ 854 Current liability Other accrued expenses 180 167 Non-current liability Other liabilities 869 703 The following table summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases at April 28, 2023, April 29, 2022, and April 30, 2021: April 28, 2023 April 29, 2022 April 30, 2021 Weighted-average remaining lease term 9.1 Years 7.3 Years 7.5 years Weighted-average discount rate 2.4% 2.0% 2.3% The following table summarizes the components of total operating lease cost for fiscal year 2023, 2022, and 2021: Fiscal Year (in millions) 2023 2022 2021 Operating lease cost $ 211 $ 195 $ 216 Short-term lease cost 62 65 35 Total operating lease cost $ 273 $ 260 $ 251 The following table summarizes the cash paid for amounts included in the measurement of operating lease liabilities and right-of-use assets obtained in exchange for operating lease liabilities for fiscal year 2023, 2022, and 2021: Fiscal Year (in millions) 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 210 $ 174 $ 216 Right-of-use assets obtained in exchange for operating lease liabilities 417 78 230 The following table summarizes the maturities of the Company's operating leases at April 28, 2023: (in millions) Operating Leases 2024 $ 204 2025 171 2026 144 2027 121 2028 94 Thereafter 426 Total expected lease payments 1,160 Less: Imputed interest (111) Total lease liability $ 1,049 The Company makes certain products available to customers under lease arrangements, including arrangements whereby equipment is placed with customers who then purchase consumable products to accompany the use of the equipment. Income arising from arrangements where the Company is the lessor is recognized within net sales in the consolidated statements of income and the Company's net investments in sales-type leases are included in other current assets and other assets in the consolidated balance sheets. Lessor income and the related assets and lease maturities were not material to the consolidated financial statements at or for the fiscal year ended April 28, 2023 and April 29, 2022. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Apr. 28, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table provides changes in accumulated other comprehensive loss (AOCI), net of tax, and by component: (in millions) Unrealized (Loss) Gain on Investment Securities Cumulative Translation Adjustments Net Investment Hedges Net Change in Retirement Obligations Unrealized (Loss) Gain on Cash Flow Hedges Total Accumulated Other Comprehensive (Loss) Income April 24, 2020 $ — $ (2,210) $ 236 $ (1,852) $ 266 $ (3,560) Other comprehensive income (loss) before reclassifications 92 1,691 (1,694) 432 (541) (20) Reclassifications — — — 73 22 95 Other comprehensive income (loss) 92 1,691 (1,694) 505 (519) 75 April 30, 2021 92 (519) (1,458) (1,347) (253) (3,485) Other comprehensive income (loss) before reclassifications (304) (2,080) 2,299 514 781 1,210 Reclassifications 3 — — 60 (54) 9 Other comprehensive income (loss) (301) (2,080) 2,299 574 727 1,219 April 29, 2022 (209) (2,599) 841 (773) 474 (2,265) Other comprehensive income (loss) before reclassifications (78) (240) (596) 26 184 (704) Reclassifications 29 — — 6 (565) (530) Other comprehensive income (loss) (49) (240) (596) 32 (381) (1,234) April 28, 2023 $ (258) $ (2,839) $ 245 $ (741) $ 93 $ (3,499) The income tax on gains and losses on investment securities in other comprehensive income before reclassifications during fiscal years 2023, 2022, and 2021 was a benefit of $21 million, a benefit of $51 million, and an expense of $31 million, respectively. During fiscal years 2023, 2022, and 2021, realized gains and losses on investment securities reclassified from AOCI were reduced by income taxes of $9 million, $1 million and $2 million, respectively. When realized, gains and losses on investment securities reclassified from AOCI are recognized within other non-operating income, net . Refer to Note 5 for additional information. During fiscal years 2023, 2022, and 2021, the income tax on cumulative translation adjustment was a benefit of $5 million, a benefit of $8 million, and an expense of $7 million, respectively. During fiscal years 2023, 2022, and 2021, there were no tax impacts on net investment hedges. Refer to Note 7 for additional information. The net change in retirement obligations in other comprehensive income includes amortization of net actuarial losses included in net periodic benefit cost. The income tax on the net change in retirement obligations in other comprehensive income before reclassifications during fiscal years 2023, 2022, and 2021 resulted in an expense of $6 million, $134 million, and $115 million, respectively. During fiscal years 2023, 2022, and 2021, the gains and losses on defined benefit and pension items reclassified from AOCI were reduced by income taxes of $9 million, $20 million, and $16 million, respectively. When realized, net gains and losses on defined benefit and pension items reclassified from AOCI are recognized within other non-operating income, net . Refer to Note 15 for additional information. The income tax on unrealized gains and losses on cash flow hedges in other comprehensive income before reclassifications during fiscal years 2023, 2022, and 2021 was an expense of $56 million, an expense of $152 million, and a benefit of $87 million, respectively. Amounts reclassified from AOCI related to cash flow hedges included income taxes of $133 million, $26 million, and $14 million for fiscal years 2023, 2022, and 2021, respectively. When realized, gains and losses on currency exchange rate contracts reclassified from AOCI are recognized within other operating (income) expense, net or cost of products sold. Refer to Note 7 for additional information. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Matters The Company and its affiliates are involved in a number of legal actions from time to time involving product liability, employment, intellectual property and commercial disputes, shareholder related matters, environmental proceedings, tax disputes, and governmental proceedings and investigations, including those described below. With respect to governmental proceedings and investigations, like other companies in our industry, the Company is subject to extensive regulation by national, state, and local governmental agencies in the United States and in other jurisdictions in which the Company and its affiliates operate. As a result, interaction with governmental agencies is ongoing. The Company’s standard practice is to cooperate with regulators and investigators in responding to inquiries. The outcomes of legal actions are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, the enforcement agencies or private claimants seek damages, as well as other civil or criminal remedies (including injunctions barring the sale of products that are the subject of the proceeding), that could require significant expenditures, result in lost revenues, or limit the Company's ability to conduct business in the applicable jurisdictions. The Company records a liability in the consolidated financial statements on an undiscounted basis for loss contingencies related to legal actions when a loss is known or considered probable and the amount may be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and may be reasonably estimated, the estimated loss or range of loss is disclosed. When determining the estimated loss or range of loss, significant judgment is required. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages with incomplete scientific facts or legal discovery, involve unsubstantiated or indeterminate claims for damages, potentially involve penalties, fines or punitive damages, or could result in a change in business practice. The Company classifies certain specified litigation charges and gains related to significant legal matters as certain litigation charges, net in the consolidated statements of income. During fiscal years 2023, 2022, and 2021, the Company recognized a net $30 million of certain litigation income and $95 million and $188 million of certain litigation charges, respectively. At April 28, 2023 and April 29, 2022, accrued litigation was approximately $0.3 billion. The ultimate cost to the Company with respect to accrued litigation could be materially different than the amount of the current estimates and accruals and could have a material adverse impact on the Company’s consolidated earnings, financial position, and/or cash flows. The Company includes accrued litigation in other accrued expenses and other liabilities on the consolidated balance sheets. While it is not possible to predict the outcome for most of the legal matters discussed below, the Company believes it is possible that the costs associated with these matters could have a material adverse impact on the Company’s consolidated earnings, financial position, and/or cash flows. Intellectual Property Matters At any given time, the Company is involved in litigation relating to patents, trademarks, copyrights, trade secrets, and other intellectual property (IP) rights, and licenses, acquisitions or other agreements relating to such rights. This litigation includes, but is not limited to, alleged infringement or misappropriation of IP rights, or breach of obligations related to IP rights, or other claims asserted by competitors, individuals, or, consistent with a growing trend across technology-intensive industries, other entities created specifically to fund IP litigation. While the outcome of these litigation matters is inherently uncertain, it is possible that the results of such litigation could require the Company to pay significant monetary damages and/or royalty payments, and negatively impact the Company's ability to sell current or future products, which could have a material adverse impact on the Company's business, results of operations, financial condition, and cash flows. Colibri The Company is a defendant in patent litigation brought by Colibri Heart Valve LLC (Colibri) in the U.S. District Court for the Central District of California. Colibri alleges infringement of one patent by the Company’s Evolut family of transcatheter aortic valve replacement devices. The patent asserted by Colibri has expired. On February 8, 2023, a jury returned a verdict against the Company for approximately $106 million. The Company has strong arguments to appeal the verdict and is pursuing its appeal. The Company has not recognized an expense in connection with this matter because it does not currently believe a loss is probable. Product Liability Matters Pelvic Mesh Litigation The Company is currently involved in litigation in various state and federal courts against manufacturers of pelvic mesh products alleging personal injuries resulting from the implantation of those products. Two subsidiaries of Covidien supplied pelvic mesh products to one of the manufacturers, C.R. Bard (Bard), named in the litigation. The litigation includes a federal multi-district litigation in the U.S. District Court for the Northern District of West Virginia and cases in various state courts and jurisdictions outside the U.S. Generally, complaints allege design and manufacturing claims, failure to warn, breach of warranty, fraud, violations of state consumer protection laws and loss of consortium claims. In fiscal year 2016, Bard paid the Company $121 million towards the settlement of 11,000 of these claims. In May 2017, the agreement with Bard was amended to extend the terms to apply to up to an additional 5,000 claims. That agreement does not resolve the dispute between the Company and Bard with respect to claims that do not settle, if any. As part of the agreement, the Company and Bard agreed to dismiss without prejudice their pending litigation with respect to Bard’s obligation to defend and indemnify the Company. The Company estimates law firms representing approximately 16,200 claimants have asserted or may assert claims involving products manufactured by Covidien’s subsidiaries. As of June 7, 2023, the Company had reached agreements to settle approximately 15,900 of these claims. The Company's accrued expenses for this matter are included within accrued litigation as discussed above. Hernia Mesh Litigation Starting in fiscal year 2020, plaintiffs began filing lawsuits against certain subsidiaries of the Company in U.S. state and federal courts that allege personal injury from hernia mesh products sold by those subsidiaries. As of June 7, 2023, the Company and certain of its subsidiaries have been named as defendants in lawsuits filed on behalf of approximately 7,240 individual plaintiffs, and certain plaintiffs’ law firms have advised the Company that they may file additional cases in the future. Approximately 6,284 plaintiffs have filed lawsuits in a coordinated proceeding in Massachusetts state court, where they have been consolidated before a single judge. Approximately 476 plaintiffs have filed lawsuits in a coordinated action in Minnesota state court, and there are approximately 445 actions coordinated in a federal Multidistrict Litigation in the U.S. District Court for the District of Massachusetts. The pending lawsuits relate almost entirely to hernia mesh products that have not been subject to recalls, withdrawals, or other adverse regulatory action. The Company has not recorded an expense related to damages in connection with these matters because any potential loss is not currently probable and reasonably estimable. Additionally, the Company is unable to reasonably estimate the range of loss, if any, that may result from these matters. Diabetes Pump Retainer Ring Litigation Starting in fiscal year 2021, plaintiffs began filing lawsuits against the Diabetes Operating Unit in U.S. state and federal courts alleging personal injury from Series 600 insulin pumps with allegedly defective clear retainer rings that were subject to field corrective actions in 2019 and 2021. As of May 30, 2023, 64 individual plaintiffs have filed lawsuits, and certain plaintiffs’ law firms have notified the Company that they may file additional lawsuits in the future on behalf of thousands of additional claimants. Most of the filed suits are coordinated in California state court. The Company has not recorded an expense related to damages in connection with these matters because any potential loss is not currently probable and reasonably estimable. Additionally, the Company is unable to reasonably estimate the range of loss, if any, that may result from these matters. Environmental Proceedings The Company is a successor to several investigation and cleanup actions at various stages related to environmental remediation matters at a number of sites, including in Orrington, Maine. These projects relate to a variety of activities, including removal of solvents, metals and other hazardous substances from soil and groundwater. The ultimate cost of site cleanup and timing of future cash flows is difficult to predict given uncertainties regarding the extent of the required cleanup, the interpretation of applicable laws and regulations, and alternative cleanup methods. The Company is also a successor to a party named in a lawsuit filed in the U.S. District Court for the District of Maine in the early 2000's by the Natural Resources Defense Council and the Maine People's Alliance relating to mercury contamination of the Penobscot River and Bay and options for remediating such contamination. In March 2021, the parties notified the court that they had agreed on a settlement in principle of all issues in this matter, and in September 2022 the parties filed a joint motion for final approval by the court. In October 2022, the court issued a final order approving the settlement and the parties are working with consultants on implementation of remedial activities. The final court order did not result in a change to the Company's previous accrual for this matter. The Company's accrued expenses for these various environmental proceedings are included within accrued litigation as discussed above. Income Taxes In March 2009, the IRS issued its audit report on Medtronic, Inc. for fiscal years 2005 and 2006. Medtronic, Inc. reached agreement with the IRS on some, but not all matters related to these fiscal years. The remaining unresolved issue for fiscal years 2005 and 2006 relates to the allocation of income between Medtronic, Inc. and its wholly-owned subsidiary operating in Puerto Rico, which is one of the Company's key manufacturing sites. The U.S. Tax Court (Tax Court) reviewed this dispute, and in June 2016, issued an opinion with respect to the allocation of income between the parties for fiscal years 2005 and 2006 whereby it generally rejected the IRS’s position, but also made certain modifications to the Medtronic, Inc. tax returns as filed. In April 2017, the IRS filed a Notice of Appeal to the U.S. Court of Appeals for the Eighth Circuit regarding the Tax Court opinion. Oral argument for the Appeal occurred in March 2018. The U.S. Court of Appeals issued its opinion in August 2018 and remanded the case back to the Tax Court for additional factual findings, which it concluded in June 2021. The Tax Court issued its opinion on August 18, 2022, and it remains subject to appeal by either or both parties. At this time, the Company is evaluating whether to file an appeal. The IRS has issued its audit reports on Medtronic, Inc. for fiscal years 2007 through 2016. Medtronic, Inc. and the IRS have reached agreement on all significant issues except for the allocation of income between Medtronic, Inc. and its wholly-owned subsidiary operating in Puerto Rico for the businesses that are the subject of the U.S. Tax Court matter for fiscal years 2005 and 2006. Medtronic, Inc.’s fiscal years 2017, 2018, and 2019 U.S. federal income tax returns are currently being audited by the IRS. Covidien LP (a wholly owned subsidiary of Medtronic plc) has either reached agreement with the IRS or the statute of limitations has lapsed on its U.S. federal income tax returns through fiscal year 2019. Although it is not possible to predict the outcome for most of the income tax matters discussed above, the Company believes it is possible that charges associated with these matters could have a material adverse impact on the Company’s consolidated earnings, financial position, and/or cash flows. Refer to Note 13 for additional discussion of income taxes. Guarantees In the normal course of business, the Company and/or its affiliates periodically enter into agreements that require one or more of the Company and/or its affiliates to indemnify customers or suppliers for specific risks, such as claims for injury or property damage arising as a result of the Company or its affiliates’ products, the negligence of the Company's personnel, or claims alleging that the Company's products infringe on third-party patents or other intellectual property. The Company also offers warranties on various products. The Company’s maximum exposure under these guarantees is unable to be estimated. Historically, the Company has not experienced significant losses on these types of guarantees. The Company believes the ultimate resolution of the above guarantees is not expected to have a material effect on the Company’s consolidated earnings, financial position, and/or cash flows. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Apr. 28, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information There were no changes to the reportable segments during the fiscal year ended April 28, 2023. The Company's four principal operating and reportable segments are as follows: Cardiovascular Portfolio, Medical Surgical Portfolio, Neuroscience Portfolio, and Diabetes Operating Unit. The Company's management has chosen to organize the entity based upon therapy solutions provided by each segment. The four principal segments are strategic businesses that are managed separately, as each one develops and manufactures products and provides services oriented toward targeted therapy solutions. The primary products and services from which the Cardiovascular Portfolio segment derives its revenues include products for the diagnosis, treatment, and management of cardiac rhythm disorders and cardiovascular disease, as well as services to diagnose, treat, and manage heart and vascular-related disorders and diseases. The primary products and services from which the Medical Surgical Portfolio segment derives its revenues include those focused on diseases of the respiratory system, gastrointestinal tract, lungs, pelvic region, kidneys, obesity, and other preventable complications. The primary products and services from which the Neuroscience Portfolio segment derives its revenues include those focused on neurostimulation therapies and drug delivery systems for the treatment of chronic pain, as well as various areas of the spine and brain, along with pelvic health and conditions of the ear, nose, and throat. The primary products from which the Diabetes Operating Unit segment derives its revenues include those focused on diabetes management, including insulin pumps, continuous glucose monitoring systems and sensors, and smart insulin pens. As of the beginning of fiscal year 2024, the Company realigned the operating segment structure as a result of changes in segment leadership and how the Company makes operating decisions and assesses business performance. We continue to have four reportable segments: Cardiovascular Portfolio, Medical Surgical Portfolio, Neuroscience Portfolio, and Diabetes Operating Unit; however, the transition activities from the previously divested businesses in the Medical Surgical Portfolio segment are now in an all other reporting segment. Segment disclosures are on a performance basis, consistent with internal management reporting. Net sales of the Company's segments include end-customer revenues from the sale of products the segment develops, manufactures, and distributes. Refer to Note 2 for discussion on net sales by segment. There are certain corporate and centralized expenses that are not allocated to the segments. The Company's management evaluates the performance of the segments and allocates resources based on net sales and segment operating profit. Segment operating profit represents income before income taxes, excluding interest income or expense, amortization of intangible assets, centralized distribution costs, non-operating income or expense items, certain corporate charges, and other items not allocated to the segments. The accounting policies of the segments are the same as those described in Note 1. Certain depreciable assets may be recorded by one segment, while the depreciation expense is allocated to another segment. The allocation of depreciation expense is based on the proportion of the assets used by each segment. Segment Operating Profit Fiscal Year (in millions) 2023 2022 2021 Cardiovascular $ 4,435 $ 4,512 $ 3,850 Medical Surgical 2,856 3,572 3,021 Neuroscience 3,617 3,765 3,162 Diabetes 378 583 598 Segment operating profit 11,286 12,432 10,632 Interest expense (636) (553) (925) Other non-operating income, net 515 318 336 Amortization of intangible assets (1,698) (1,733) (1,783) Corporate (1,763) (1,724) (1,577) Currency 465 70 (47) Centralized distribution costs (1,624) (1,822) (1,830) Restructuring and associated costs (647) (335) (617) Acquisition-related items (110) 43 15 Divestiture and separation-related items (235) — — Certain litigation charges, net 30 (95) (118) Impairment of abandoned intangible assets — — (76) MCS impairment / costs — (881) — IPR&D charges — (101) (31) Medical device regulations (150) (102) (83) Commitments to the Medtronic Foundation and Medtronic LABS (70) — — Income before income taxes $ 5,364 $ 5,517 $ 3,895 Total Assets and Depreciation Expense Total Assets Depreciation Expense (in millions) April 28, 2023 April 29, 2022 2023 2022 2021 Cardiovascular $ 16,051 $ 14,490 $ 212 $ 214 $ 212 Medical Surgical 36,248 36,940 202 200 195 Neuroscience 18,346 16,917 267 265 236 Diabetes 3,930 3,797 80 67 53 Segments 74,575 72,144 761 746 696 Corporate 16,373 18,837 238 228 223 Total $ 90,948 $ 90,981 $ 999 $ 974 $ 919 Geographic Information Net sales are attributed to the country based on the location of the customer taking possession of the products or in which the services are rendered. Geographic property, plant, and equipment are attributed to the country based on the physical location of the assets. The following table presents net sales for fiscal years 2023, 2022, and 2021, and property, plant, and equipment, net at April 28, 2023 and April 29, 2022 for the Company's country of domicile, countries with significant concentrations, and all other countries: Net sales Property, plant, and equipment, net (in millions) 2023 2022 2021 April 28, 2023 April 29, 2022 Ireland $ 98 $ 101 $ 100 $ 184 $ 177 United States 16,373 16,135 15,526 4,083 3,821 Rest of world 14,756 15,450 14,491 1,302 1,415 Total other countries, excluding Ireland 31,129 31,585 30,017 5,385 5,236 Total $ 31,227 $ 31,686 $ 30,117 $ 5,569 $ 5,413 No single customer represented over 10 percent of the Company’s consolidated net sales in fiscal years 2023, 2022, or 2021. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 28, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | MEDTRONIC PLC AND SUBSIDIARIES SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in millions) Additions Deductions Balance at Charges to Income Charges to Other Accounts Other Changes (Debit) Credit Balance Allowance for doubtful accounts: Fiscal year ended April 28, 2023 $ 230 $ 73 $ — $ (127) (a) $ 176 Fiscal year ended April 29, 2022 241 58 — (69) (a) 230 Fiscal year ended April 30, 2021 208 128 — (95) (a) 241 Inventory reserve: Fiscal year ended April 28, 2023 $ 628 $ 271 $ — $ (231) (b) $ 669 Fiscal year ended April 29, 2022 629 156 — (157) (b) 628 Fiscal year ended April 30, 2021 544 483 — (398) (b) 629 Deferred tax valuation allowance: Fiscal year ended April 28, 2023 $ 6,583 $ 4,779 $ 39 (c) $ (63) (d) $ 11,311 1 (e) (27) (f) Fiscal year ended April 29, 2022 5,822 884 (19) (e) (103) (d) 6,583 Fiscal year ended April 30, 2021 5,482 342 170 (e) (172) (d) 5,822 (a) Primarily consists of uncollectible accounts written off, less recoveries. (b) Primarily reflects utilization of the inventory reserve. (c) Reflects the impact from acquisitions. (d) Primarily reflects carryover attribute utilization and expiration. (e) Primarily reflects the effects of currency fluctuations. (f) Primarily reflects the impacts from tax rate changes. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 28, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The consolidated financial statements include the accounts of Medtronic plc, its wholly-owned subsidiaries, entities for which the Company has a controlling financial interest, and variable interest entities for which the Company is the primary beneficiary. Intercompany transactions and balances have been fully eliminated in consolidation. |
Reclassifications | |
Use of Estimates | The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States (U.S.) (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are used when accounting for items such as income taxes, contingencies, intangible asset, and liability valuations. Actual results may or may not differ from those estimates. |
Fiscal Year-End | The Company utilizes a 52/53-week fiscal year, ending the last Friday in April, for the presentation of its consolidated financial statements and related notes thereto at April 28, 2023 and April 29, 2022 and for each of the three fiscal years ended April 28, 2023 (fiscal year 2023), April 29, 2022 (fiscal year 2022), and April 30, 2021 (fiscal year 2021). Fiscal year 2021 was a 53-week year, with the extra week having occurred in the first fiscal month of the first quarter. |
Cash Equivalents | The Company considers highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. |
Investments | The Company invests in marketable debt and equity securities, investments for which the Company has elected the fair value option, investments that do not have readily determinable fair values, and investments accounted for under the equity method. Marketable debt securities are classified and accounted for as available-for-sale. These investments are recorded at fair value in the consolidated balance sheets. The change in fair value for available-for-sale securities is recorded, net of taxes, as a component of accumulated other comprehensive loss on the consolidated balance sheets. The Company determines the appropriate classification of its investments in marketable debt securities at the time of purchase and reevaluates such determinations at each balance sheet date. The classification of marketable debt securities as current or long-term is based on the nature of the securities and the availability for use in current operations consistent with the Company's management of its capital structure and liquidity. Certain of the Company’s investments in marketable equity securities and other securities are long-term, strategic investments in companies that are in various stages of development and are included in other assets on the consolidated balance sheets. Marketable equity securities are recorded at fair value in the consolidated balance sheets. The change in fair value of marketable equity securities is recognized within other non-operating income, net in the consolidated statements of income. At each reporting period, the Company makes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. Equity method investments for which the Company has elected the fair value option are valued using a discounted cash flow methodology, taking into consideration various assumptions including discount rate and all pertinent financial information available related to the investees, including historical financial statements and projected future cash flows. Equity investments that do not have readily determinable fair values are measured using the measurement alternative at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Equity securities accounted for under the equity method are initially recorded at the amount of the Company’s investment and are adjusted each period for the Company’s share of the investee’s income or loss and dividends paid. Securities accounted for under the equity method are reviewed quarterly for changes in circumstance or the occurrence of events that suggest other than temporary impairment has occurred. |
Accounts Receivable and Allowance for Doubtful Accounts and Credit Losses | The Company grants credit to customers in the normal course of business and maintains an allowance for doubtful accounts for potential credit losses. When evaluating allowances for doubtful accounts, the Company considers various factors, including historical experience and customer-specific information. Uncollectible accounts are written-off against the allowance when it is deemed that a customer account is uncollectible. |
Inventories | Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. The Company reduces the carrying value of inventories for items that are potentially excess, obsolete, or slow-moving based on changes in customer demand, technology developments, or other economic factors. |
Property, Plant, and Equipment | Property, plant, and equipment is stated at cost and depreciated over the useful lives of the assets using the straight-line method. Additions and improvements that extend the lives of the assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. The Company assesses property, plant, and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of property, plant, and equipment asset groupings may not be recoverable. The cost of interest that is incurred in connection with significant ongoing construction projects is capitalized using a weighted average interest rate. These costs are included in property, plant, and equipment and amortized over the useful life of the related asset. Upon retirement or disposal of property, plant, and equipment, the costs and related amounts of accumulated depreciation or amortization are eliminated from the asset and accumulated depreciation accounts. The difference, if any, between the net asset value and the proceeds, is recognized in earnings. |
Goodwill | Goodwill is the excess of the purchase price over the estimated fair value of net assets of acquired businesses. The Company assesses goodwill for impairment annually in the third quarter of the fiscal year and whenever an event occurs or circumstances change that would indicate the carrying amount may be impaired. Impairment testing for goodwill is performed at a reporting unit level. The test for impairment of goodwill requires the Company to make several estimates related to projected future cash flows to determine the fair value of the goodwill reporting units. The Company calculates the excess of each reporting unit's fair value over its carrying amount, including goodwill, utilizing a discounted cash flow analysis. Internal operational budgets and long-range strategic plans are used as a basis for the cash flow analysis. The Company also utilizes assumptions for working capital, capital expenditures, and terminal growth rates. The discount rate applied to the cash flow analysis is based on the weighted average cost of capital (“WACC”) for each reporting unit. An impairment loss is recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. |
Intangible Assets | Intangible assets include patents, trademarks, tradenames, customer relationships, purchased technology, and in-process research and development (IPR&D). Intangible assets with a definite life are amortized on a straight-line basis with estimated useful lives typically ranging from three amortization of intangible assets |
IPR&D | Acquired IPR&D represents the fair value assigned to those research and development projects that were acquired in a business combination for which the related products have not received regulatory approval and have no alternative future use. IPR&D is capitalized at its fair value as an indefinite-lived intangible asset, and any development costs incurred after the acquisition are expensed as incurred. The fair value of IPR&D is determined by estimating the future cash flows of each project and discounting the net cash flows back to their present values. Upon achieving regulatory approval or commercial viability for the related product, the indefinite-lived intangible asset is accounted for as a definite-lived asset and is amortized on a straight-line basis over the estimated useful life. If the project is not completed or is terminated or abandoned, the Company may have an impairment related to the IPR&D, which is charged to expense. Indefinite-lived intangible assets are tested for impairment annually in the third quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying amount may be impaired. Impairment is calculated as the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted future cash flow analysis. IPR&D with no alternative future use acquired outside of a business combination is expensed immediately. |
Contingent Consideration | Certain of the Company’s business combinations involve potential payment or receipt of future consideration that is contingent upon the achievement of certain product development milestones and/or contingent on the acquired business reaching certain performance milestones. The Company records contingent consideration at fair value at the date of acquisition or divestiture based on the consideration expected to be transferred, estimated as the probability-weighted future cash flows, discounted back to present value. The fair value of contingent consideration is measured using projected payment dates, discount rates, probabilities of payment, and projected revenues (for revenue-based considerations). Projected revenues are based on the Company’s most recent internal operational budgets and long-range strategic plans. The discount rate used is determined at the time of measurement in accordance with accepted valuation methodologies. Changes in projected revenues, probabilities of payment, discount rates, and projected payment dates may result in adjustments to the fair value measurements. Contingent consideration is remeasured each reporting period using Level 3 inputs, and the change in fair value, including accretion for the passage of time, is recognized as income or expense within other operating (income) expense, net in the consolidated statements of income. Contingent consideration payments made or received soon after the acquisition date are classified as investing activities in the consolidated statements of cash flows. Contingent consideration payments not made or received soon after the acquisition date that are related to the acquisition date fair value are reported as financing activities in the consolidated statements of cash flows, and amounts paid or received in excess of the original acquisition date fair value are reported as operating activities in the consolidated statements of cash flows. |
Self-Insurance | The Company self-insures the majority of its insurable risks, including medical and dental costs, disability coverage, physical loss to property, business interruptions, workers’ compensation, comprehensive general, and product liability. Insurance coverage is obtained for risks required to be insured by law or contract. The Company uses claims data and historical experience, as applicable, to estimate liabilities associated with the exposures that the Company has self-insured. |
Retirement Benefit Plan Assumptions | The Company sponsors various retirement benefit plans, including defined benefit pension plans, post-retirement medical plans, defined contribution savings plans, and termination indemnity plans, covering substantially all U.S. employees and many employees outside the U.S. See Note 15 for assumptions used in determining pension and post-retirement benefit costs and liabilities. |
Derivatives | The Company recognizes all derivative financial instruments in its consolidated financial statements at fair value in accordance with authoritative guidance on derivatives and hedging, and presents assets and liabilities associated with derivative financial instruments on a gross basis in the consolidated financial statements. For derivative instruments that are designated and qualify as hedging instruments, the hedging instrument must be designated as a cash flow hedge or hedges of net investments, based upon the exposure being hedged. See Note 7 for more information on the Company's derivative instruments and hedging programs. |
Fair Value Measurements | The Company follows the authoritative guidance on fair value measurements and disclosures with respect to assets and liabilities that are measured at fair value on both a recurring and nonrecurring basis. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability, based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three levels defined as follows: • Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities. • Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. • Level 3 - Inputs are unobservable for the asset or liability. Financial assets that are classified as Level 1 securities include highly liquid government bonds within U.S. government and agency securities and marketable equity securities for which quoted market prices are available. In addition, the Company classifies currency forward contracts as Level 1 since they are valued using quoted market prices in active markets which have identical assets or liabilities. The valuation for most fixed maturity securities are classified as Level 2. Financial assets that are classified as Level 2 include corporate debt securities, government and agency securities, other asset-backed securities, certificate of deposits, and mortgage-backed securities whose value is determined using inputs that are observable in the market or may be derived principally from, or corroborated by, observable market data such as pricing for similar securities, recently executed transactions, cash flow models with yield curves, and benchmark securities. In addition, total return swaps are included in Level 2 as the Company uses inputs other than quoted prices that are observable for the asset. The Level 2 derivative instruments are primarily valued using standard calculations and models that use readily observable market data as their basis. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies, or similar techniques, and at least one significant model assumption or input is unobservable. Financial assets that are classified as Level 3 include certain investment securities for which there is limited market activity such that the determination of fair value requires significant judgment or estimation, equity method investments for which the Company has elected the fair value option, and auction rate securities. The investment securities with limited market activity are valued using third-party pricing sources that incorporate transaction details such as contractual terms, maturity, timing, and amount of expected future cash flows, as well as assumptions about liquidity and credit valuation adjustments by market participants. The fair value of auction rate securities is estimated by the Company using a discounted cash flow model, which incorporates significant unobservable inputs. The significant unobservable inputs used in the fair value measurement of the Company’s auction rate securities are years to principal recovery and the illiquidity premium that is incorporated into the discount rate. Valuation techniques for investments valued using the fair value option are included in the "Investments" section above. For goodwill, other intangible assets, and IPR&D, 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. |
Revenue Recognition and Shipping and Handling | The Company sells its products through direct sales representatives and independent distributors. Additionally, a portion of the Company's revenue is generated from consignment inventory maintained at hospitals and royalty and intellectual property arrangements. The Company recognizes revenue when control is transferred to the customer. For products sold through direct sales representatives and independent distributors, control is transferred upon shipment or upon delivery, based on the contract terms and legal requirements. For consignment inventory, control is transferred when the product is used or implanted. Payment terms vary depending on the country of sale, type of customer, and type of product. If a contract contains more than one performance obligation, the transaction price is allocated to each performance obligation based on relative standalone selling price. Shipping and handling is treated as a fulfillment activity rather than a promised service, and therefore, is not considered a performance obligation. Taxes assessed by a governmental authority that are both imposed on, and concurrent with, a specific revenue producing transaction and collected by the Company from customers (for example, sales, use, value added, and some excise taxes) are not included in revenue. For contracts that have an original duration of one year or less, the Company uses the practical expedient applicable to such contracts and does not adjust the transaction price for the time value of money. The amount of revenue recognized reflects sales rebates and returns, which are estimated based on sales terms, historical experience, and trend analysis. In estimating rebates, the Company considers the lag time between the point of sale and the payment of the rebate claim, the stated rebate rates, and other relevant information. The Company records adjustments to rebates and returns reserves as increases or decreases of revenue. The Company records a deferred revenue liability if a customer pays consideration, or the Company has the right to invoice, before the Company transfers a good or service to the customer. Deferred revenue primarily represents remote monitoring services and equipment maintenance, for which consideration is received at the same time as consideration for the device or equipment. Revenue related to remote monitoring services and equipment maintenance is recognized over the service period as time elapses. Shipping and handling costs incurred to physically move product from the Company's premises to the customer's premises are recognized in selling, general, and administrative expense in the consolidated statements of income and were $351 million, $354 million, and $308 million in fiscal years 2023, 2022, and 2021, respectively. Other shipping and handling costs incurred to store, move, and prepare products for shipment are recognized in cost of products sold in the consolidated statements of income. |
Research and Development | Research and development costs are expensed when incurred. Research and development costs include costs of research, engineering, and technical activities to develop a new product or service or make significant improvement to an existing product or manufacturing process. Research and development costs also include pre-approval regulatory and clinical trial expenses and license payments for technology not yet approved by regulators. |
Contingencies | The Company records a liability in the consolidated financial statements for loss contingencies when a loss is known or considered probable, and the amount may be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and may be reasonably estimated, the estimated loss or range of loss is disclosed. |
Income Taxes | The Company has deferred taxes that arise as a result of the different treatment of transactions for U.S. GAAP and income tax accounting, known as temporary differences. The Company records the tax effect of these temporary differences as deferred tax assets and deferred tax liabilities. Deferred tax assets generally represent items that may be used as a tax deduction or credit in a tax return in future years for which the Company has already recognized the tax benefit in the consolidated statements of income. The Company establishes valuation allowances for deferred tax assets when the amount of expected future taxable income is not likely to support the use of the deduction or credit. Deferred tax liabilities generally represent tax expense for which payment has been deferred or expense has already been taken as a deduction on the Company’s tax return but has not yet been recognized as an expense in the consolidated statements of income. |
Other Operating (Income) Expense, Net | Other operating (income) expense, net primarily includes royalty expense, currency remeasurement and derivative gains and losses, Puerto Rico excise taxes, changes in fair value of contingent consideration, changes in amounts accrued for certain contingent liabilities for a past acquisition, MCS charges, RCS charges, impairment charges, income from funded research and development arrangements, and commitments to the Medtronic Foundation and Medtronic LABS. |
Other Non-Operating Income, Net | Other non-operating income, net includes the non-service component of net periodic pension and post-retirement benefit cost, investment gains and losses, and interest income. |
Currency Translation | Assets and liabilities of non-U.S. dollar functional currency entities are translated to U.S. dollars at period-end exchange rates, and the currency impacts arising from the translation of the assets and liabilities are recorded as a cumulative translation adjustment, a component of accumulated other comprehensive loss, on the consolidated balance sheets. Elements of the consolidated statements of income are translated at the average monthly currency exchange rates in effect during the period. Currency transaction gains and losses are included in other operating (income) expense, net in the consolidated statements of income. |
Stock-Based Compensation | The Company measures stock-based compensation expense at the grant date based on the fair value of the award and recognizes the compensation expense over the requisite service period, which is generally the vesting period. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are expected to vest. The Company estimates pre-vesting forfeitures at the time of grant and revises the estimates in subsequent periods. |
Recently Adopted Accounting Standards | For fiscal year 2023, there were no newly adopted accounting standards that had a material impact to our consolidated financial statements. |
Earnings Per Share | Basic earnings per share is computed based on the weighted average number of ordinary shares outstanding. Diluted earnings per share is computed based on the weighted number of ordinary shares outstanding, increased by the number of additional shares that would have been outstanding had the potentially dilutive ordinary shares been issued, and reduced by the number of shares the Company could have repurchased with the proceeds from issuance of the potentially dilutive shares. Potentially dilutive ordinary shares include stock-based awards granted under stock-based compensation plans and shares committed to be purchased under the employee stock purchase plan. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The table below illustrates net sales by segment and division for fiscal years 2023, 2022, and 2021: Net Sales by Fiscal Year (in millions) 2023 2022 2021 Cardiac Rhythm & Heart Failure $ 5,835 $ 5,908 $ 5,584 Structural Heart & Aortic 3,363 3,055 2,834 Coronary & Peripheral Vascular 2,375 2,460 2,354 Cardiovascular 11,573 11,423 10,772 Surgical Innovations 5,663 6,060 5,438 Respiratory, Gastrointestinal, & Renal 2,770 3,081 3,298 Medical Surgical 8,433 9,141 8,737 Cranial & Spinal Technologies 4,451 4,456 4,288 Specialty Therapies 2,815 2,592 2,307 Neuromodulation 1,693 1,735 1,601 Neuroscience 8,959 8,784 8,195 Diabetes 2,262 2,338 2,413 Total $ 31,227 $ 31,686 $ 30,117 The table below illustrates net sales by market geography and segment for fiscal years 2023, 2022, and 2021: U.S. (1) Non-U.S. Developed Markets (2) Emerging Markets (3) (in millions) Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Cardiovascular $ 5,848 $ 5,545 $ 5,248 $ 3,564 $ 3,866 $ 3,752 $ 2,161 $ 2,012 $ 1,773 Medical Surgical 3,658 3,862 3,650 3,080 3,373 3,320 1,694 1,905 1,766 Neuroscience 6,018 5,753 5,456 1,658 1,801 1,724 1,283 1,229 1,015 Diabetes 849 974 1,171 1,106 1,085 1,019 307 279 222 Total $ 16,373 $ 16,135 $ 15,526 $ 9,408 $ 10,126 $ 9,815 $ 5,446 $ 5,426 $ 4,777 (1) U.S. includes the United States and U.S. territories. (2) Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries within Western Europe. (3) Emerging markets include the countries of the Middle East, Africa, Latin America, Eastern Europe, and the countries of Asia that are not included in the non-U.S. developed markets, as defined above. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Fair Value of the Assets Acquired and Liabilities Assumed | The acquisition date fair values of the assets acquired and liabilities assumed were as follows: (in millions) Intersect ENT Affera Cash and cash equivalents $ 39 $ 66 Inventory 32 — Goodwill 615 660 Other intangible assets 683 300 Other assets 40 1 Total assets acquired 1,408 1,027 Current liabilities 63 2 Deferred tax liabilities 51 53 Other liabilities 18 1 Total liabilities assumed 131 56 Net assets acquired $ 1,277 $ 970 |
Schedule of Reconciliation of Beginning and Ending Balances of Contingent Consideration Associated with Acquisitions | The following table provides a reconciliation of the beginning and ending balances of contingent consideration: Fiscal Year (in millions) 2023 2022 Beginning Balance $ 119 $ 270 Purchase price contingent consideration 274 31 Purchase price allocation adjustments — 7 Payments (154) (86) Change in fair value (24) (103) Divestiture-related and other (8) — Ending Balance $ 206 $ 119 |
Schedule of Significant Unobservable Inputs | The recurring Level 3 fair value measurements of contingent consideration for which a liability is recorded include the following significant unobservable inputs: (in millions) Fair Value at April 28, 2023 Unobservable Input Range Weighted Average (1) Revenue and other performance-based payments $ 80 Discount rate 11.2% - 27.2% 17.5% Projected fiscal year of payment 2024 - 2027 2025 Product development and other milestone-based payments $ 126 Discount rate 3.9% - 5.5% 4.1% Projected fiscal year of payment 2024 - 2027 2026 (1) Unobservable inputs were weighted by the relative fair value of the contingent consideration liability. For projected fiscal year of payment, the amount represents the median of the inputs and is not a weighted average. |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve | The following table presents the classification of restructuring costs in the consolidated statements of income: Fiscal year (in millions) 2023 2022 2021 Cost of products sold $ 97 $ 117 $ 128 Selling, general, and administrative expenses 173 158 196 Restructuring charges, net 375 60 293 Total restructuring and associated costs $ 647 $ 335 $ 617 (1) In fiscal years 2023 and 2021, restructuring charges, net included $94 million and $97 million, respectively, of incremental defined benefit, defined contribution, and post-retirement related expenses for employees that accepted voluntary early retirement packages. The following table summarizes the activity related to restructuring programs for fiscal years 2023 and 2022: (in millions) Employee Termination Benefits (1) Associated Costs (2) Asset Other Total April 30, 2021 $ 123 $ 22 $ — $ 1 $ 146 Charges 80 274 — — 354 Cash payments (109) (269) — — (378) Accrual adjustments (3) (13) — — — (13) April 29, 2022 81 27 — 1 110 Charges 285 271 1 7 564 Cash payments (150) (274) (1) (6) (433) Accrual adjustments (3) (11) — — (1) (12) April 28, 2023 $ 204 $ 23 $ — $ 1 $ 230 (1) In fiscal years 2023, restructuring charges, net included $94 million of incremental defined benefit, defined contribution, and post-retirement related expenses for employees that accepted voluntary early retirement packages. These costs are not included in the table summarizing restructuring charges above, as they are associated with costs that are accounted for under the pension and post-retirement rules. (2) Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Investments [Abstract] | |
Schedule of Investments by Category and Related Balance Sheet Presentation | The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related consolidated balance sheet classification at April 28, 2023 and April 29, 2022: April 28, 2023 Valuation Balance Sheet Classification (in millions) Cost Unrealized Unrealized Fair Value Investments Other Assets Level 1: U.S. government and agency securities $ 527 $ — $ (22) $ 505 $ 505 $ — Level 2: Corporate debt securities 4,140 6 (162) 3,984 3,984 — U.S. government and agency securities 879 — (45) 834 834 — Mortgage-backed securities 560 — (54) 506 506 — Non-U.S. government and agency securities 15 — — 15 15 — Certificates of deposit 10 — — 10 10 Other asset-backed securities 580 — (19) 561 561 — Total Level 2 6,185 6 (281) 5,911 5,911 — Level 3: Auction rate securities 36 — (3) 33 — 33 Total available-for-sale debt securities $ 6,748 $ 6 $ (305) $ 6,449 $ 6,416 $ 33 April 29, 2022 Valuation Balance Sheet Classification (in millions) Cost Unrealized Unrealized Fair Value Investments Other Assets Level 1: U.S. government and agency securities $ 533 $ 1 $ (15) $ 518 $ 518 $ — Level 2: Corporate debt securities 4,457 4 (140) 4,321 4,321 — U.S. government and agency securities 910 — (41) 869 869 — Mortgage-backed securities 592 — (35) 558 558 — Non-U.S. government and agency securities 17 — — 17 17 — Certificates of deposit 20 — — 20 20 Other asset-backed securities 567 — (11) 556 556 — Total Level 2 6,563 4 (227) 6,341 6,341 — Level 3: Auction rate securities 36 — (3) 33 — 33 Total available-for-sale debt securities $ 7,131 $ 5 $ (245) $ 6,893 $ 6,859 $ 33 |
Schedule of Gross Unrealized Losses and Fair Values of Available-for-sale Securities that Have Been in a Continuous Unrealized Loss Position Deemed to be Temporary, Aggregated by Investment Category | The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category at April 28, 2023 and April 29, 2022: April 28, 2023 Less than 12 months More than 12 months (in millions) Fair Value Unrealized Fair Value Unrealized Corporate debt securities $ 286 $ (4) $ 2,901 $ (158) U.S. government and agency securities 89 (3) 821 (64) Mortgage-backed securities 26 (1) 460 (53) Other asset-backed securities — — 545 (19) Auction rate securities — — 33 (3) Total $ 401 $ (8) $ 4,760 $ (297) April 29, 2022 Less than 12 months More than 12 months (in millions) Fair Value Unrealized Fair Value Unrealized Corporate debt securities $ 222 $ (1) $ 2,993 $ (139) U.S. government and agency securities — — 945 (56) Mortgage-backed securities — — 507 (35) Other asset-backed securities — — 526 (11) Auction rate securities — — 33 (3) Total $ 222 $ (1) $ 5,004 $ (244) |
Schedule of Activity Related to the Company's Available for Sale Securities Portfolio | Activity related to the Company’s available-for-sale debt securities portfolio is as follows: (in millions) April 28, 2023 April 29, 2022 April 30, 2021 Proceeds from sales and maturities $ 7,321 $ 9,611 $ 10,420 Gross realized gains 10 15 15 Gross realized losses (43) (18) (14) |
Schedule of Available-for-sale Debt Securities Contractual Maturities | The April 28, 2023 balance of available-for-sale debt securities by contractual maturity is shown in the following table. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. (in millions) April 28, 2023 Due in one year or less $ 1,267 Due after one year through five years 3,704 Due after five years through ten years 803 Due after ten years 676 Total debt securities $ 6,449 |
Schedule of Equity and Other Investments | The following table summarizes the Company's equity and other investments at April 28, 2023 and April 29, 2022, which are classified as other assets in the consolidated balance sheets: (in millions) April 28, 2023 April 29, 2022 Investments with readily determinable fair value (marketable equity securities) $ 115 $ 64 Investments for which the fair value option has been elected 531 — Investments without readily determinable fair values 872 732 Equity method and other investments 89 85 Total equity and other investments $ 1,607 $ 881 |
Schedule of Available-for-Sale Securities Reconciliation | The following table provides a reconciliation of the beginning and ending balances of the Mozarc investment for which the Fair Value Option has been elected: (in millions) Fiscal Year 2023 Beginning Balance $ — Initial valuation 307 Additional cash investment 224 Ending Balance $ 531 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Current Debt Obligations | Current debt obligations consisted of the following: (in millions) April 28, 2023 April 29, 2022 Bank borrowings $ 13 $ 12 0.000 percent three — 798 0.375 percent four — 1,596 0.000 percent two — 1,330 Finance lease obligations 7 6 Current debt obligations $ 20 $ 3,742 |
Schedule of Long-term Debt | The Company's long-term debt obligations consisted of the following: April 28, 2023 April 29, 2022 (in millions, except interest rates) Maturity by Fiscal Year Amount Effective Interest Rate Amount Effective Interest Rate 3.500 percent ten 2025 $ — — % $ 1,890 3.74 % 0.250 percent six 2026 1,097 0.44 1,064 0.45 2.625 percent three 2026 549 2.86 — — 0.000 percent five 2026 1,097 0.23 1,064 0.25 1.125 percent eight senior notes 2027 1,646 1.25 1,596 1.26 3.350 percent ten 2027 — — 368 3.53 4.250 percent five 2028 1,000 4.42 — — 3.000 percent six 2029 1,097 3.09 — — 0.375 percent eight 2029 1,097 0.51 1,064 0.52 1.625 percent twelve 2031 1,097 1.75 1,064 1.75 1.000 percent twelve 2032 1,097 1.06 1,064 1.06 3.125 percent nine 2032 1,097 3.25 — — 0.750 percent twelve 2033 1,097 0.81 1,064 0.81 4.500 percent ten 2033 1,000 4.62 — — 3.375 percent twelve 2035 1,097 3.44 — — 4.375 percent twenty 2035 1,932 4.47 1,932 4.47 6.550 percent thirty 2038 253 4.67 253 4.67 2.250 percent twenty senior notes 2039 1,097 2.34 1,064 2.35 6.500 percent thirty 2039 158 6.56 158 6.56 1.500 percent twenty 2040 1,097 1.58 1,064 1.59 5.550 percent thirty 2040 224 5.58 224 5.58 1.375 percent twenty 2041 1,097 1.46 1,064 1.47 4.500 percent thirty 2042 105 4.54 105 4.54 4.000 percent thirty 2043 305 4.09 305 4.09 4.625 percent thirty 2044 127 4.67 127 4.67 4.625 percent thirty 2045 1,813 4.69 1,813 4.69 1.750 percent thirty 2050 1,097 1.87 1,064 1.88 1.625 percent thirty 2051 1,097 1.75 1,064 1.76 Finance lease obligations 2024-2036 57 9.91 56 9.15 Debt discount, net 2026-2051 (64) — (52) — Deferred financing costs 2026-2051 (124) — (109) — Long-term debt $ 24,344 $ 20,372 |
Schedule of Maturities of Long-term Debt | Contractual maturities of debt for the next five fiscal years and thereafter, excluding deferred financing costs and debt discount, net, are as follows: (in millions) 2024 $ 20 2025 7 2026 2,750 2027 1,652 2028 1,005 Thereafter 19,119 Total $ 24,553 |
Derivatives and Currency Exch_2
Derivatives and Currency Exchange Risk Management (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of (Gain) Loss on Derivative Instruments | The following table presents the contractual amounts of the Company's outstanding instruments: As of (in billions) Designation April 28, 2023 April 29, 2022 Currency exchange rate contracts Cash flow hedge $ 9.1 $ 8.8 Currency exchange rate contracts (1) Net investment hedge 7.2 — Foreign currency-denominated debt (2) Net investment hedge 17.6 17.0 Currency exchange rate contracts Undesignated 5.8 4.9 (1) At April 28, 2023, includes derivative contracts with a notional value of €4.5 billion, or $4.9 billion, designated as hedges of a portion of our net investment in certain European operations and derivative contracts with a notional value of ¥297 billion, or $2.2 billion, designated as hedges of a portion of our net investment in certain Japanese operations. These derivative contracts mature in fiscal years 2024 through 2033. (2) At April 28, 2023, includes €16.0 billion, or $17.6 billion, of outstanding Euro-denominated debt as hedges of a portion our net investment in foreign operations. This debt matures in fiscal years 2026 through 2051. The amount of the gains and losses on our hedging instruments and the classification of those gains and losses within our consolidated financial statements for fiscal years 2023, 2022, and 2021 were as follows: (Gain) Loss Recognized in Accumulated Other Comprehensive Income (Gain) Loss Reclassified into Income Fiscal Year Fiscal Year Location of (Gain) Loss in Income Statement (in millions) 2023 2022 2021 2023 2022 2021 Cash flow hedges Currency exchange rate contracts $ (161) $ (953) $ 519 $ (703) $ (144) $ (17) Other operating (income) expense, net Currency exchange rate contracts (79) 18 108 (3) 61 15 Cost of products sold Net investment hedges Foreign currency-denominated debt 524 (2,299) 1,694 — — — N/A Currency exchange rate contracts 73 — — — — — N/A Total $ 356 $ (3,234) $ 2,321 $ (706) $ (83) $ (2) The amount of the gains and losses on our derivative instruments not designated as hedging instruments and the classification of those gains and losses within our consolidated financial statements for fiscal years 2023, 2022, and 2021 were as follows: (Gain) Loss Recognized in Income Fiscal Year Location of (Gain) Loss in Income Statement (in millions) 2023 2022 2021 Derivatives not designated as hedging instruments Currency exchange rate contracts $ 31 $ (54) $ 247 Other operating (income) expense, net Total return swaps 1 1 (81) Other operating (income) expense, net Total $ 32 $ (53) $ 166 |
Schedule of Classification and Fair Value Amounts of Derivative Instruments in Balance Sheets | The following tables summarize the balance sheet classification and fair value of derivative instruments included in the consolidated balance sheets at April 28, 2023 and April 29, 2022. The fair value amounts are presented on a gross basis, and are segregated between derivatives that are designated and qualify as hedging instruments and those that are not designated and do not qualify as hedging instruments, and are further segregated by type of contract within those two categories. Fair Value - Assets Fair Value - Liabilities (in millions) April 28, 2023 April 29, 2022 Balance Sheet Classification April 28, 2023 April 29, 2022 Balance Sheet Classification Derivatives designated as hedging instruments Currency exchange rate contracts $ 318 $ 481 Other current assets $ 109 $ 43 Other accrued expenses Currency exchange rate contracts 33 168 Other assets 117 16 Other liabilities Total derivatives designated as hedging instruments 351 649 226 60 Derivatives not designated as hedging instruments Currency exchange rate contracts 17 46 Other current assets 10 49 Other accrued expenses Total return swaps — — Other current assets — 20 Other accrued expenses Total derivatives not designated as hedging instruments 17 46 10 69 Total derivatives $ 368 $ 695 $ 236 $ 129 |
Schedule of Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table provides information by level for the derivative assets and liabilities that are measured at fair value on a recurring basis: April 28, 2023 April 29, 2022 (in millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Level 1 $ 368 $ 236 $ 695 $ 109 Level 2 — — — 20 Total $ 368 $ 236 $ 695 $ 129 |
Schedule of Offsetting Assets | The following tables provide information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation. April 28, 2023 Gross Amount Not Offset on the Balance Sheet (in millions) Gross Amount of Recognized Assets (Liabilities) Financial Instruments Cash Collateral (Received) Posted Net Amount Derivative assets: Currency exchange rate contracts $ 368 $ (189) $ (11) $ 168 Derivative liabilities: Currency exchange rate contracts (236) 189 — (48) Total $ 132 $ — $ (11) $ 121 April 29, 2022 Gross Amount Not Offset on the Balance Sheet (in millions) Gross Amount of Recognized Assets (Liabilities) Financial Instruments Cash Collateral (Received) Posted Net Amount Derivative assets: Currency exchange rate contracts $ 695 $ (109) $ (254) $ 332 Derivative liabilities: Currency exchange rate contracts (109) 109 — — Total return swaps (20) — — (20) (129) 109 — (20) Total $ 566 $ — $ (254) $ 312 |
Schedule of Offsetting Liabilities | The following tables provide information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation. April 28, 2023 Gross Amount Not Offset on the Balance Sheet (in millions) Gross Amount of Recognized Assets (Liabilities) Financial Instruments Cash Collateral (Received) Posted Net Amount Derivative assets: Currency exchange rate contracts $ 368 $ (189) $ (11) $ 168 Derivative liabilities: Currency exchange rate contracts (236) 189 — (48) Total $ 132 $ — $ (11) $ 121 April 29, 2022 Gross Amount Not Offset on the Balance Sheet (in millions) Gross Amount of Recognized Assets (Liabilities) Financial Instruments Cash Collateral (Received) Posted Net Amount Derivative assets: Currency exchange rate contracts $ 695 $ (109) $ (254) $ 332 Derivative liabilities: Currency exchange rate contracts (109) 109 — — Total return swaps (20) — — (20) (129) 109 — (20) Total $ 566 $ — $ (254) $ 312 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory Balances | Inventory balances, net of reserves, were as follows: (in millions) April 28, 2023 April 29, 2022 Finished goods $ 3,440 $ 3,070 Work-in-process 789 682 Raw materials 1,063 864 Total $ 5,293 $ 4,616 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill | The following table presents the changes in the carrying amount of goodwill by segment: (in millions) Cardiovascular Medical Surgical Neuroscience Diabetes Total April 30, 2021 $ 7,209 $ 21,195 $ 11,300 $ 2,257 $ 41,961 Goodwill as a result of acquisitions 55 — 26 — 80 Purchase accounting adjustments 21 3 3 (2) 25 Currency translation and other (125) (1,241) (196) (1) (1,563) April 29, 2022 7,160 19,957 11,132 2,254 40,502 Goodwill as a result of acquisitions 726 — 615 — 1,340 Purchase accounting adjustments (6) — 2 — (5) Sale of RCS business — (208) — — (208) Currency translation and other (6) (170) (30) 1 (204) April 28, 2023 $ 7,873 $ 19,579 $ 11,718 $ 2,255 $ 41,425 |
Schedule of Gross Carrying Amount and Accumulated Amortization of Definite-Lived Intangible Assets | The following table presents the gross carrying amount and accumulated amortization of intangible assets: April 28, 2023 April 29, 2022 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived: Customer-related $ 16,956 $ (7,979) $ 16,953 $ (7,005) Purchased technology and patents 11,659 (6,277) 10,802 (5,667) Trademarks and tradenames 486 (280) 473 (266) Other 116 (69) 80 (69) Total $ 29,217 $ (14,605) $ 28,308 $ (13,006) Indefinite-lived: IPR&D $ 232 $ — $ 293 $ — |
Schedule of Gross Carrying Amount of Indefinite-Lived Intangible Assets | The following table presents the gross carrying amount and accumulated amortization of intangible assets: April 28, 2023 April 29, 2022 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived: Customer-related $ 16,956 $ (7,979) $ 16,953 $ (7,005) Purchased technology and patents 11,659 (6,277) 10,802 (5,667) Trademarks and tradenames 486 (280) 473 (266) Other 116 (69) 80 (69) Total $ 29,217 $ (14,605) $ 28,308 $ (13,006) Indefinite-lived: IPR&D $ 232 $ — $ 293 $ — |
Schedule of Estimated Future Aggregate Amortization Expense, Definite-Lived Intangible Assets | Estimated aggregate amortization expense by fiscal year based on the current carrying value and remaining estimated useful lives of definite-lived intangible assets at April 28, 2023, excluding any possible future amortization associated with acquired IPR&D which has not met technological feasibility, is as follows: (in millions) Amortization 2024 $ 1,676 2025 1,654 2026 1,641 2027 1,616 2028 1,565 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment Balances and Corresponding Lives | Property, plant, and equipment balances and corresponding estimated useful lives were as follows: (in millions) April 28, 2023 April 29, 2022 Estimated Useful Lives Equipment $ 6,707 $ 6,489 Generally 2-7, up to 15 Computer software 2,952 2,617 Up to 5 Land and land improvements 162 170 Up to 20 Buildings and leasehold improvements 2,487 2,351 Up to 40 Construction in progress 1,754 1,737 — Property, plant, and equipment 14,062 13,365 Less: Accumulated depreciation (8,493) (7,952) Property, plant, and equipment, net $ 5,569 $ 5,413 |
Stock Purchase and Award Plans
Stock Purchase and Award Plans (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | The following table presents the components and classification of stock-based compensation expense recognized for stock options, restricted stock, performance share units, and employee stock purchase plan (ESPP) in fiscal years 2023, 2022, and 2021: Fiscal Year (in millions) 2023 2022 2021 Stock options $ 77 $ 70 $ 72 Restricted stock 166 184 185 Performance share units 74 66 49 Employee stock purchase plan 38 39 38 Total stock-based compensation expense $ 355 $ 359 $ 344 Cost of products sold $ 36 $ 36 $ 35 Research and development expense 39 40 38 Selling, general, and administrative expense 280 283 272 Total stock-based compensation expense 355 359 344 Income tax benefits (60) (62) (59) Total stock-based compensation expense, net of tax $ 295 $ 297 $ 285 |
Schedule of Stock Options Valuation Assumptions | The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes model: Fiscal Year 2023 2022 2021 Weighted average fair value of options granted $ 17.76 $ 22.83 $ 16.15 Assumptions used: Expected life (years) 6.0 6.0 6.0 Risk-free interest rate 2.70 % 0.90 % 0.33 % Volatility 24.05 % 23.04 % 24.17 % Dividend yield 2.92 % 1.95 % 2.36 % |
Schedule of Stock Options Activity | The following table summarizes stock option activity during fiscal year 2023: Options Wtd. Avg. Wtd. Avg. Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding at April 29, 2022 28,263 $ 92.00 Granted 5,470 92.96 Exercised (1,513) 59.15 Expired/Forfeited/Cancelled (1,354) 102.93 Outstanding at April 28, 2023 30,866 93.30 5.1 $ 154 Expected to vest at April 28, 2023 8,685 103.48 8.5 1 Exercisable at April 28, 2023 21,468 88.90 3.7 153 The following table summarizes the total cash received from the issuance of new shares upon stock option award exercises, the total intrinsic value of options exercised, and the related tax benefit during fiscal years 2023, 2022, and 2021: Fiscal Year (in millions) 2023 2022 2021 Cash proceeds from options exercised $ 77 $ 209 $ 277 Intrinsic value of options exercised 42 174 205 Tax benefit related to options exercised 9 40 47 |
Schedule of Restricted Stock Activity | The following table summarizes restricted stock activity during fiscal year 2023: Units Wtd. Avg. Nonvested at April 29, 2022 5,370 $ 108.92 Granted 2,862 91.83 Vested (2,471) 103.75 Forfeited/Cancelled (572) 105.33 Nonvested at April 28, 2023 5,189 102.34 The following table summarizes the weighted-average grant date fair value of restricted stock granted, total fair value of restricted stock vested and related tax benefit during fiscal years 2023, 2022, and 2021: Fiscal Year (in millions, except per share data) 2023 2022 2021 Weighted-average grant-date fair value per restricted stock $ 91.83 $ 127.47 $ 99.48 Fair value of restricted stock vested 256 194 280 Tax benefit related to restricted stock vested 45 52 65 |
Schedule of Performance Share Unit Activity | The following table summarizes performance share unit activity during fiscal year 2023: Units Wtd. Avg. Nonvested at April 29, 2022 1,581 $ 138.95 Granted 1,204 98.17 Performance adjustments (1) (515) 129.58 Forfeited/Cancelled (227) 124.53 Nonvested at April 28, 2023 2,043 119.88 (1) Performance adjustments are adjustments to grants where the performance period has ended and actual performance is known. The following table summarizes the weighted-average grant date fair value of performance share units granted, total fair value of performance share units vested and related tax benefit during fiscal year 2023, 2022, and 2021: Fiscal Year (in millions, except per share data) 2023 2022 2021 Weighted-average grant-date fair value per performance share units $ 98.17 $ 149.16 $ 129.04 Fair value of performance share units vested — — — Tax benefit related to performance share units vested — — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Before Income Taxes, Based on Jurisdiction | The components of income before income taxes, based on tax jurisdiction, are as follows: Fiscal Year (in millions) 2023 2022 2021 U.S. $ 1,295 $ 436 $ (358) International 4,069 5,081 4,253 Income before income taxes $ 5,364 $ 5,517 $ 3,895 |
Schedule of Income Tax (Benefit) Provision | The income tax provision consists of the following: Fiscal Year (in millions) 2023 2022 2021 Current tax expense: U.S. $ 1,303 $ 467 $ 287 International 530 599 439 Total current tax expense 1,833 1,066 726 Deferred tax (benefit) expense: U.S. (336) (402) (625) International 83 (209) 165 Net deferred tax benefit (253) (611) (461) Income tax provision $ 1,580 $ 456 $ 265 |
Schedule of Deferred Tax Assets and Liabilities | Tax assets (liabilities), shown before jurisdictional netting of deferred tax assets (liabilities), are comprised of the following: (in millions) April 28, 2023 April 29, 2022 Deferred tax assets: Intangible assets $ 2,259 $ 2,334 Net operating loss, capital loss, and credit carryforwards 10,803 5,982 Capitalization of research and development 971 597 Other accrued liabilities 458 483 Accrued compensation 312 332 Pension and post-retirement benefits 66 66 Stock-based compensation 141 146 Inventory 135 146 Lease obligations 150 92 Federal and state benefit on uncertain tax positions 79 60 Interest limitation 377 386 Unrealized gain on available-for-sale securities and derivative financial instruments 39 — Other 277 374 Gross deferred tax assets 16,067 10,998 Valuation allowance (11,311) (6,583) Total deferred tax assets 4,756 4,415 Deferred tax liabilities: Intangible assets (1,551) (1,488) Realized loss on derivative financial instruments (70) (66) Right of use leases (147) (89) Accumulated depreciation (109) (121) Outside basis difference of subsidiaries (119) (129) Other (80) (70) Total deferred tax liabilities (2,076) (1,963) Prepaid income taxes 480 474 Income tax receivables 494 358 Tax assets, net $ 3,654 $ 3,284 Reported as (after valuation allowance and jurisdictional netting): Other current assets $ 885 $ 765 Tax assets 3,477 3,403 Deferred tax liabilities (708) (884) Tax assets, net $ 3,654 $ 3,284 |
Schedule of Effective Income Tax Rate Reconciliation | The Company’s effective income tax rate varied from the U.S. federal statutory tax rate as follows: Fiscal Year 2023 2022 2021 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Increase (decrease) in tax rate resulting from: U.S. state taxes, net of federal tax benefit 0.1 0.2 (1.1) Research and development credit (1.9) (1.3) (2.3) Puerto Rico excise tax (1.0) (1.1) (2.0) International (8.2) (11.2) (12.6) Stock based compensation 0.2 (0.8) (0.8) Interest on uncertain tax positions 0.7 0.5 0.9 Base erosion anti-abuse tax — 0.9 0.5 Foreign derived intangible income benefit (1.2) (1.0) (1.9) Certain tax adjustments 17.0 (0.9) (1.0) Legal entity restructuring — — 1.8 U.S. tax on foreign earnings 2.5 2.2 3.4 Other, net 0.3 (0.2) 0.9 Effective tax rate 29.5 % 8.3 % 6.8 % |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal years 2023, 2022, and 2021 is as follows: Fiscal Year (in millions) 2023 2022 2021 Gross unrecognized tax benefits at beginning of fiscal year $ 1,661 $ 1,668 $ 1,862 Gross increases: Prior year tax positions 980 1 88 Current year tax positions 89 40 62 Gross decreases: Prior year tax positions (12) (29) (106) Settlements (4) (8) (216) Statute of limitation lapses (32) (11) (21) Gross unrecognized tax benefits at end of fiscal year 2,682 1,661 1,668 Cash advance paid to taxing authorities (918) (859) (859) Gross unrecognized tax benefits at end of fiscal year, net of cash advance $ 1,764 $ 802 $ 809 |
Schedule of Major Tax Jurisdictions Which Remain Subject to Examination | The major tax jurisdictions where the Company conducts business which remain subject to examination are as follows: Jurisdiction Earliest Year Open United States - federal and state 2005 Australia 2018 Brazil 2018 Canada 2013 China 2015 Costa Rica 2019 Dominican Republic 2019 France 2020 Germany 2014 India 2002 Ireland 2012 Israel 2010 Italy 2018 Japan 2019 Korea 2022 Luxembourg 2018 Mexico 2014 Puerto Rico 2014 Singapore 2018 Switzerland 2010 United Kingdom 2019 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The table below sets forth the computation of basic and diluted earnings per share: Fiscal Year (in millions, except per share data) 2023 2022 2021 Numerator: Net income attributable to ordinary shareholders $ 3,758 $ 5,039 $ 3,606 Denominator: Basic – weighted average shares outstanding 1,329.8 1,342.4 1,344.9 Effect of dilutive securities: Employee stock options 1.5 6.6 6.6 Employee restricted stock units 1.0 1.6 2.1 Employee performance share units 0.5 0.8 0.5 Diluted – weighted average shares outstanding 1,332.8 1,351.4 1,354.0 Basic earnings per share $ 2.83 $ 3.75 $ 2.68 Diluted earnings per share $ 2.82 $ 3.73 $ 2.66 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans | The change in benefit obligation and funded status of the Company’s U.S. and Non-U.S. pension benefits are as follows: U.S. Pension Benefits (2) Non-U.S. Pension Benefits Fiscal Year Fiscal Year (in millions) 2023 2022 2023 2022 Accumulated benefit obligation at end of year: $ 3,348 $ 3,396 $ 1,422 $ 1,638 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 3,526 $ 3,979 $ 1,740 $ 2,294 Service cost 77 98 43 64 Interest cost 142 102 38 26 Employee contributions — — 9 12 Plan curtailments, settlements, and amendments (19) — (8) (11) Actuarial (gain) loss (1) (210) (513) (303) (394) Benefits paid (140) (141) (63) (48) Special termination benefits (3) 74 — — — Currency exchange rate changes and other — — 43 (203) Projected benefit obligation at end of year $ 3,451 $ 3,526 $ 1,499 $ 1,740 Change in plan assets: Fair value of plan assets at beginning of year $ 3,559 $ 3,660 $ 1,732 $ 1,900 Actual return on plan assets (43) 15 (163) (12) Employer contributions 22 24 57 70 Employee contributions — — 9 12 Plan settlements — — (8) (1) Benefits paid (140) (141) (63) (48) Currency exchange rate changes and other — — 50 (188) Fair value of plan assets at end of year $ 3,398 $ 3,559 $ 1,614 $ 1,732 Funded status at end of year: Fair value of plan assets $ 3,398 $ 3,559 $ 1,614 $ 1,732 Benefit obligations 3,451 3,526 1,499 1,740 Over (under) funded status of the plans (53) 33 115 (8) Recognized asset (liability) $ (53) $ 33 $ 115 $ (8) Amounts recognized on the consolidated Non-current assets $ 221 $ 313 $ 350 $ 240 Current liabilities (24) (21) (6) (6) Non-current liabilities (250) (259) (228) (242) Recognized asset (liability) $ (53) $ 33 $ 115 $ (8) Amounts recognized in accumulated other Prior service cost (credit) $ (19) $ — $ (3) $ (4) Net actuarial loss 891 854 76 161 Ending balance $ 873 $ 854 $ 73 $ 157 (1) Actuarial gains and losses result from changes in actuarial assumptions (such as changes in the discount rate and revised mortality rates). The actuarial gain in fiscal year 2023 and 2022 was primarily related to increases in discount rates. (2) As of April 24, 2020, the Company announced the freezing of the U.S. pension benefits beginning Plan year 2028. Employees will continue to earn benefits as required by the Medtronic Retirement Plan until April 30, 2027, after which date benefits will no longer be earned and employees will earn benefits through the Medtronic Savings and Investment Plan. |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | U.S. and non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following: Fiscal Year (in millions) 2023 2022 Accumulated benefit obligation $ 731 $ 830 Projected benefit obligation 772 880 Plan assets at fair value 301 356 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | U.S. and non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following: Fiscal Year (in millions) 2023 2022 Projected benefit obligation $ 1,285 $ 907 Plan assets at fair value 776 379 |
Schedule of Net Benefit Costs | The net periodic benefit cost of the plans includes the following components: U.S. Pension Benefits Non-U.S. Pension Benefits Fiscal Year Fiscal Year (in millions) 2023 2022 2021 2023 2022 2021 Service cost $ 77 $ 98 $ 106 $ 43 $ 64 $ 70 Interest cost 142 102 109 38 26 28 Expected return on plan assets (224) (226) (242) (58) (64) (59) Amortization of prior service cost — — 1 (1) (1) (1) Amortization of net actuarial loss 20 64 69 2 22 25 Settlement and curtailment (gain) loss — — — 2 (10) 1 Special termination benefits 74 — 73 — — — Net periodic benefit cost $ 89 $ 39 $ 116 $ 26 $ 37 $ 64 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The other changes in plan assets and projected benefit obligations recognized in other comprehensive income for fiscal year 2023 are as follows: (in millions) U.S. Pension Non-U.S. Net actuarial loss (gain) $ 58 $ (82) Prior service cost (credit) (19) — Amortization of prior service credit — 1 Amortization and settlement recognition of actuarial loss (20) (4) Effect of exchange rates — 3 Total recognized in other comprehensive income 19 (82) Total recognized in net periodic benefit cost and other comprehensive income $ 108 $ (57) |
Schedule of Assumptions Used | The actuarial assumptions are as follows: U.S. Pension Benefits Non-U.S. Pension Benefits Fiscal Year Fiscal Year 2023 2022 2021 2023 2022 2021 Critical assumptions – projected benefit obligation: Discount rate 4.73% - 4.99% 4.23% - 4.48% 2.80% - 3.50% 1.30% - 10.70% 0.60% - 25.40% 0.30% - 13.30% Rate of compensation increase 3.90 % 4.83 % 4.83 % 2.75 % 2.70 % 2.90 % Critical assumptions – net periodic benefit cost: Discount rate – benefit obligation 4.23% - 4.48% 2.80% - 3.46% 3.10% - 3.70% 0.60% - 25.40% 0.25% - 12.80% 0.30% - 13.90% Discount rate – service cost 4.12% - 4.51% 2.50% - 3.51% 2.60% - 3.90% 0.60% - 25.40% 0.24% - 12.80% 0.30% - 13.90% Discount rate – interest cost 3.90% - 4.23% 2.08% - 2.87% 2.80% - 3.20% 0.60% - 25.40% 0.08% - 12.80% 0.30% - 13.90% Expected return on plan assets 5.30% - 7.20% 5.60% - 7.40% 7.50 % 3.48 % 3.67 % 3.78 % Rate of compensation increase 3.90 % 3.90% - 4.83% 3.90 % 2.70 % 2.90 % 2.91 % |
Schedule of Allocation of Plan Assets | The Company’s U.S. plans target asset allocations at April 28, 2023, compared to the U.S. plans actual asset allocations at April 28, 2023 and April 29, 2022 by asset category, are as follows: U.S. Plans Target Allocation Actual Allocation April 28, 2023 April 28, 2023 April 29, 2022 Asset Category: Equity securities 34 % 36 % 36 % Debt securities 51 46 45 Other 15 19 19 Total 100 % 100 % 100 % |
Schedule of Fair Value Measurements, Retirement Benefit Plan Assets | The following tables provide information by level for the retirement benefit plan assets that are measured at fair value, as defined by U.S. GAAP. Certain investments for which the fair value is measured using the net asset value per share (or its equivalent) practical expedient are not presented within the fair value hierarchy. The fair value amounts presented for these investments are intended to permit reconciliation to the total fair value of plan assets at April 28, 2023 and April 29, 2022. U.S. Pension Benefits Fair Value at Fair Value Measurements Investments Measured at Net Asset Value (in millions) April 28, 2023 Level 1 Level 2 Level 3 Short-term investments $ 114 $ 114 $ — $ — $ — Mutual funds 114 114 — — — Equity commingled trusts 1,211 — — — 1,211 Fixed income commingled trusts 968 — — — 968 Partnership units 992 — — 992 — $ 3,398 $ 227 $ — $ 992 $ 2,179 Fair Value at Fair Value Measurements Investments Measured at Net Asset Value (in millions) April 29, 2022 Level 1 Level 2 Level 3 Short-term investments $ 73 $ 73 $ — $ — $ — Mutual funds 125 125 — — — Equity commingled trusts 1,281 — — — 1,281 Fixed income commingled trusts 1,069 — — — 1,069 Partnership units 1,011 — — 1,011 — $ 3,559 $ 197 $ — $ 1,011 $ 2,350 Non-U.S. Pension Benefits Fair Value at Fair Value Measurements Investments Measured at Net Asset Value (in millions) April 28, 2023 Level 1 Level 2 Level 3 Registered investment companies $ 1,571 $ — $ — $ — $ 1,571 Insurance contracts 44 — — 44 — $ 1,614 $ — $ — $ 44 $ 1,571 Fair Value at Fair Value Measurements Investments Measured at Net Asset Value (in millions) April 29, 2022 Level 1 Level 2 Level 3 Registered investment companies $ 1,689 $ — $ — $ — $ 1,689 Insurance contracts 43 — — 43 — $ 1,732 $ — $ — $ 43 $ 1,689 |
Schedule of Retirement Benefit Plan Assets, Unobservable Input Reconciliation | The following tables provide a reconciliation of the beginning and ending balances of U.S. pension benefit assets measured at fair value that used significant unobservable inputs (Level 3): (in millions) Partnership Units April 30, 2021 $ 860 Total realized gains, net 28 Total unrealized gains, net 72 Purchases and sales, net 51 April 29, 2022 1,011 Total realized gains, net 67 Total unrealized gains, net 151 Purchases and sales, net (238) April 28, 2023 $ 992 |
Schedule of Expected Benefit Payments | Retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows: (in millions) Gross Payments Fiscal Year U.S. Pension Benefits Non-U.S. Pension Benefits 2024 $ 168 $ 64 2025 178 62 2026 188 62 2027 200 68 2028 213 69 2029 – 2033 1,171 411 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Leases [Abstract] | |
Schedule of Balance Sheet Classification of Operating Leases and Amounts of Right-of-Use Assets and Lease Liabilities | The following table summarizes the balance sheet classification of the Company's operating leases and amounts of the right-of-use assets and lease liabilities at April 28, 2023 and April 29, 2022: (in millions) Balance Sheet Classification April 28, 2023 April 29, 2022 Right-of-use assets Other assets $ 1,041 $ 854 Current liability Other accrued expenses 180 167 Non-current liability Other liabilities 869 703 |
Schedule of Components of Total Operating Lease Cost and Supplemental Lease Information | The following table summarizes the weighted-average remaining lease term and weighted-average discount rate for the Company's operating leases at April 28, 2023, April 29, 2022, and April 30, 2021: April 28, 2023 April 29, 2022 April 30, 2021 Weighted-average remaining lease term 9.1 Years 7.3 Years 7.5 years Weighted-average discount rate 2.4% 2.0% 2.3% The following table summarizes the components of total operating lease cost for fiscal year 2023, 2022, and 2021: Fiscal Year (in millions) 2023 2022 2021 Operating lease cost $ 211 $ 195 $ 216 Short-term lease cost 62 65 35 Total operating lease cost $ 273 $ 260 $ 251 The following table summarizes the cash paid for amounts included in the measurement of operating lease liabilities and right-of-use assets obtained in exchange for operating lease liabilities for fiscal year 2023, 2022, and 2021: Fiscal Year (in millions) 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 210 $ 174 $ 216 Right-of-use assets obtained in exchange for operating lease liabilities 417 78 230 |
Schedule of Maturities of Operating Leases | The following table summarizes the maturities of the Company's operating leases at April 28, 2023: (in millions) Operating Leases 2024 $ 204 2025 171 2026 144 2027 121 2028 94 Thereafter 426 Total expected lease payments 1,160 Less: Imputed interest (111) Total lease liability $ 1,049 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table provides changes in accumulated other comprehensive loss (AOCI), net of tax, and by component: (in millions) Unrealized (Loss) Gain on Investment Securities Cumulative Translation Adjustments Net Investment Hedges Net Change in Retirement Obligations Unrealized (Loss) Gain on Cash Flow Hedges Total Accumulated Other Comprehensive (Loss) Income April 24, 2020 $ — $ (2,210) $ 236 $ (1,852) $ 266 $ (3,560) Other comprehensive income (loss) before reclassifications 92 1,691 (1,694) 432 (541) (20) Reclassifications — — — 73 22 95 Other comprehensive income (loss) 92 1,691 (1,694) 505 (519) 75 April 30, 2021 92 (519) (1,458) (1,347) (253) (3,485) Other comprehensive income (loss) before reclassifications (304) (2,080) 2,299 514 781 1,210 Reclassifications 3 — — 60 (54) 9 Other comprehensive income (loss) (301) (2,080) 2,299 574 727 1,219 April 29, 2022 (209) (2,599) 841 (773) 474 (2,265) Other comprehensive income (loss) before reclassifications (78) (240) (596) 26 184 (704) Reclassifications 29 — — 6 (565) (530) Other comprehensive income (loss) (49) (240) (596) 32 (381) (1,234) April 28, 2023 $ (258) $ (2,839) $ 245 $ (741) $ 93 $ (3,499) |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Apr. 28, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Income From Operations Before Income Taxes by Reportable Segment and Reconciliation to Consolidated | Segment Operating Profit Fiscal Year (in millions) 2023 2022 2021 Cardiovascular $ 4,435 $ 4,512 $ 3,850 Medical Surgical 2,856 3,572 3,021 Neuroscience 3,617 3,765 3,162 Diabetes 378 583 598 Segment operating profit 11,286 12,432 10,632 Interest expense (636) (553) (925) Other non-operating income, net 515 318 336 Amortization of intangible assets (1,698) (1,733) (1,783) Corporate (1,763) (1,724) (1,577) Currency 465 70 (47) Centralized distribution costs (1,624) (1,822) (1,830) Restructuring and associated costs (647) (335) (617) Acquisition-related items (110) 43 15 Divestiture and separation-related items (235) — — Certain litigation charges, net 30 (95) (118) Impairment of abandoned intangible assets — — (76) MCS impairment / costs — (881) — IPR&D charges — (101) (31) Medical device regulations (150) (102) (83) Commitments to the Medtronic Foundation and Medtronic LABS (70) — — Income before income taxes $ 5,364 $ 5,517 $ 3,895 |
Schedule of Reconciliation of Assets and Depreciation Expense from Segments to Consolidated | Total Assets and Depreciation Expense Total Assets Depreciation Expense (in millions) April 28, 2023 April 29, 2022 2023 2022 2021 Cardiovascular $ 16,051 $ 14,490 $ 212 $ 214 $ 212 Medical Surgical 36,248 36,940 202 200 195 Neuroscience 18,346 16,917 267 265 236 Diabetes 3,930 3,797 80 67 53 Segments 74,575 72,144 761 746 696 Corporate 16,373 18,837 238 228 223 Total $ 90,948 $ 90,981 $ 999 $ 974 $ 919 |
Schedule of Net Sales to External Customers and Property, Plant, and Equipment, Net, by Geographical Region | The following table presents net sales for fiscal years 2023, 2022, and 2021, and property, plant, and equipment, net at April 28, 2023 and April 29, 2022 for the Company's country of domicile, countries with significant concentrations, and all other countries: Net sales Property, plant, and equipment, net (in millions) 2023 2022 2021 April 28, 2023 April 29, 2022 Ireland $ 98 $ 101 $ 100 $ 184 $ 177 United States 16,373 16,135 15,526 4,083 3,821 Rest of world 14,756 15,450 14,491 1,302 1,415 Total other countries, excluding Ireland 31,129 31,585 30,017 5,385 5,236 Total $ 31,227 $ 31,686 $ 30,117 $ 5,569 $ 5,413 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Shipping and Handling | |||
Selling, general, and administrative expense | $ 10,415 | $ 10,292 | $ 10,148 |
Shipping and Handling | |||
Shipping and Handling | |||
Selling, general, and administrative expense | $ 351 | $ 354 | $ 308 |
Minimum | |||
Intangible Assets | |||
Intangible assets, estimated useful life | 3 years | ||
Maximum | |||
Intangible Assets | |||
Intangible assets, estimated useful life | 20 years |
Revenue - Disaggregation of Net
Revenue - Disaggregation of Net Sales by Segment and Division (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 31,227 | $ 31,686 | $ 30,117 |
Cardiovascular | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 11,573 | 11,423 | 10,772 |
Cardiovascular | Cardiac Rhythm & Heart Failure | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 5,835 | 5,908 | 5,584 |
Cardiovascular | Structural Heart & Aortic | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,363 | 3,055 | 2,834 |
Cardiovascular | Coronary & Peripheral Vascular | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,375 | 2,460 | 2,354 |
Medical Surgical | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 8,433 | 9,141 | 8,737 |
Medical Surgical | Surgical Innovations | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 5,663 | 6,060 | 5,438 |
Medical Surgical | Respiratory, Gastrointestinal, & Renal | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,770 | 3,081 | 3,298 |
Neuroscience | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 8,959 | 8,784 | 8,195 |
Neuroscience | Cranial & Spinal Technologies | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 4,451 | 4,456 | 4,288 |
Neuroscience | Specialty Therapies | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,815 | 2,592 | 2,307 |
Neuroscience | Neuromodulation | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,693 | 1,735 | 1,601 |
Diabetes | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 2,262 | $ 2,338 | $ 2,413 |
Revenue - Disaggregation of N_2
Revenue - Disaggregation of Net Sales by Market Geography for Each Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 31,227 | $ 31,686 | $ 30,117 |
U.S. Pension Benefits | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 16,373 | 16,135 | 15,526 |
Non-U.S. Developed Markets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 9,408 | 10,126 | 9,815 |
Emerging Markets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 5,446 | 5,426 | 4,777 |
Cardiovascular | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 11,573 | 11,423 | 10,772 |
Cardiovascular | U.S. Pension Benefits | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 5,848 | 5,545 | 5,248 |
Cardiovascular | Non-U.S. Developed Markets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,564 | 3,866 | 3,752 |
Cardiovascular | Emerging Markets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,161 | 2,012 | 1,773 |
Medical Surgical | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 8,433 | 9,141 | 8,737 |
Medical Surgical | U.S. Pension Benefits | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,658 | 3,862 | 3,650 |
Medical Surgical | Non-U.S. Developed Markets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 3,080 | 3,373 | 3,320 |
Medical Surgical | Emerging Markets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,694 | 1,905 | 1,766 |
Neuroscience | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 8,959 | 8,784 | 8,195 |
Neuroscience | U.S. Pension Benefits | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 6,018 | 5,753 | 5,456 |
Neuroscience | Non-U.S. Developed Markets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,658 | 1,801 | 1,724 |
Neuroscience | Emerging Markets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,283 | 1,229 | 1,015 |
Diabetes | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 2,262 | 2,338 | 2,413 |
Diabetes | U.S. Pension Benefits | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 849 | 974 | 1,171 |
Diabetes | Non-U.S. Developed Markets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,106 | 1,085 | 1,019 |
Diabetes | Emerging Markets | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 307 | $ 279 | $ 222 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | $ 405 | $ 399 |
Revenue recognized that was previously included in deferred revenue | 240 | |
Estimated revenue expected to be recognized in future periods related to unsatisfied performance obligations | $ 600 | |
Period over which remaining performance obligations are expected to be recognized as revenue | three years | |
Other accrued expenses | ||
Disaggregation of Revenue [Line Items] | ||
Rebate obligations | $ 1,100 | 981 |
Deferred revenue | 314 | 305 |
Reduction of accounts receivable | ||
Disaggregation of Revenue [Line Items] | ||
Rebate obligations | 555 | 548 |
Other Liabilities | ||
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | $ 91 | $ 94 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Aug. 30, 2022 | May 25, 2022 | May 13, 2022 | Apr. 28, 2023 | Apr. 29, 2022 | Apr. 01, 2023 | Apr. 30, 2021 | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 41,425 | $ 40,502 | $ 41,961 | ||||
Contingent consideration liabilities | $ 201 | ||||||
Purchase price contingent consideration | 274 | 31 | |||||
Contingent consideration | $ 206 | 119 | $ 270 | ||||
All Business Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Contingent consideration liabilities | 31 | ||||||
In Process Research Development | |||||||
Business Acquisition [Line Items] | |||||||
Consideration transferred | 101 | ||||||
Mozarc | |||||||
Business Acquisition [Line Items] | |||||||
Ownership percentage | 50% | ||||||
Renal Care Solutions | Mozarc | |||||||
Business Acquisition [Line Items] | |||||||
Ownership percentage | 50% | ||||||
Other operating (income) expense, net | Renal Care Solutions | |||||||
Business Acquisition [Line Items] | |||||||
Non-cash pre-tax charge | $ 136 | ||||||
Mozarc | Renal Care Solutions | Mozarc | |||||||
Business Acquisition [Line Items] | |||||||
Contingent consideration liabilities | $ 300 | ||||||
Ownership percentage | 50% | ||||||
Mozarc | Disposal Group, Not Discontinued Operations | Renal Care Solutions | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from sale of businesses | $ 45 | ||||||
Other assets | 195 | ||||||
Noncontrolling interest | $ 307 | ||||||
Other accrued expenses | |||||||
Business Acquisition [Line Items] | |||||||
Contingent consideration | 34 | 35 | |||||
Other liabilities | |||||||
Business Acquisition [Line Items] | |||||||
Contingent consideration | $ 171 | 84 | |||||
Minimum | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets, estimated useful life | 3 years | ||||||
Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets, estimated useful life | 20 years | ||||||
Intersect ENT | |||||||
Business Acquisition [Line Items] | |||||||
Shares price (in dollars per share) | $ 28.25 | ||||||
Total consideration for the transaction, net of cash acquired | $ 1,200 | ||||||
Cash consideration | 1,100 | ||||||
Previously held investments in Intersect ENT | 98 | ||||||
Goodwill | $ 615 | ||||||
Intangible assets, estimated useful life | 20 years | ||||||
Net assets acquired | $ 1,277 | ||||||
Total assets acquired | 1,408 | ||||||
Total liabilities assumed | 131 | ||||||
Intersect ENT | Technology-Based Intangible Assets | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 635 | ||||||
Intersect ENT | Customer-related | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 35 | ||||||
Intersect ENT | Trade Names | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 13 | ||||||
Affera | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration for the transaction, net of cash acquired | 904 | ||||||
Goodwill | 660 | ||||||
Indefinite-lived intangible assets | 300 | ||||||
Net assets acquired | 970 | ||||||
Total assets acquired | 1,027 | ||||||
Total liabilities assumed | $ 56 | ||||||
Other Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 66 | ||||||
Net assets acquired | 123 | ||||||
Purchase price contingent consideration | 73 | ||||||
Other Acquisitions | Technology-Based Intangible Assets | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 57 | ||||||
Intangible assets, estimated useful life | 16 years | ||||||
All Business Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 80 | ||||||
Business combination, fair value of net assets acquired | 125 | ||||||
Total assets acquired | 154 | ||||||
Total liabilities assumed | 29 | ||||||
All Business Acquisitions | Technology-Based Intangible Assets | |||||||
Business Acquisition [Line Items] | |||||||
Technology-based intangible assets | $ 50 | ||||||
All Business Acquisitions | Technology-Based Intangible Assets | Minimum | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets, estimated useful life | 15 years | ||||||
All Business Acquisitions | Technology-Based Intangible Assets | Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets, estimated useful life | 16 years |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Schedule of Fair Value of the Assets Acquired and Liabilities Assumed - Intersect ENT Acquisition (Details) - USD ($) $ in Millions | Apr. 28, 2023 | Aug. 30, 2022 | May 13, 2022 | Apr. 29, 2022 | Apr. 30, 2021 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 41,425 | $ 40,502 | $ 41,961 | ||
Intersect ENT | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 39 | ||||
Inventory | 32 | ||||
Goodwill | 615 | ||||
Other intangible assets | 683 | ||||
Other assets | 40 | ||||
Total assets acquired | 1,408 | ||||
Current liabilities | 63 | ||||
Deferred tax liabilities | 51 | ||||
Other liabilities | 18 | ||||
Total liabilities assumed | 131 | ||||
Net assets acquired | $ 1,277 | ||||
Affera | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 66 | ||||
Inventory | 0 | ||||
Goodwill | 660 | ||||
Other intangible assets | 300 | ||||
Other assets | 1 | ||||
Total assets acquired | 1,027 | ||||
Current liabilities | 2 | ||||
Deferred tax liabilities | 53 | ||||
Other liabilities | 1 | ||||
Total liabilities assumed | 56 | ||||
Net assets acquired | $ 970 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Reconciliation of Beginning and Ending Balances of Contingent Consideration (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Reconciliation of Beginning and Ending Balances of Contingent Milestone Payments [Roll Forward] | ||
Beginning balance | $ 119 | $ 270 |
Purchase price contingent consideration | 274 | 31 |
Purchase price allocation adjustments | 0 | 7 |
Payments | (154) | (86) |
Divestiture-related and other | (8) | 0 |
Change in fair value | (24) | (103) |
Ending balance | $ 206 | $ 119 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - Fair Value Measurement, Contingent Consideration, Significant Unobservable Inputs (Details) $ in Millions | Apr. 28, 2023 USD ($) | Apr. 29, 2022 USD ($) | Apr. 30, 2021 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent consideration | $ 206 | $ 119 | $ 270 |
Fair Value, Measurements, Recurring | Level 3 | Revenue and other performance-based payments | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent consideration | $ 80 | ||
Fair Value, Measurements, Recurring | Level 3 | Revenue and other performance-based payments | Discount Rate | Minimum | |||
Fair Value Inputs | |||
Contingent consideration, significant unobservable inputs | 0.112 | ||
Fair Value, Measurements, Recurring | Level 3 | Revenue and other performance-based payments | Discount Rate | Maximum | |||
Fair Value Inputs | |||
Contingent consideration, significant unobservable inputs | 0.272 | ||
Fair Value, Measurements, Recurring | Level 3 | Revenue and other performance-based payments | Discount Rate | Weighted Average | |||
Fair Value Inputs | |||
Contingent consideration, significant unobservable inputs | 0.175 | ||
Fair Value, Measurements, Recurring | Level 3 | Product development and other milestone-based payments | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent consideration | $ 126 | ||
Fair Value, Measurements, Recurring | Level 3 | Product development and other milestone-based payments | Discount Rate | Minimum | |||
Fair Value Inputs | |||
Contingent consideration, significant unobservable inputs | 0.039 | ||
Fair Value, Measurements, Recurring | Level 3 | Product development and other milestone-based payments | Discount Rate | Maximum | |||
Fair Value Inputs | |||
Contingent consideration, significant unobservable inputs | 0.055 | ||
Fair Value, Measurements, Recurring | Level 3 | Product development and other milestone-based payments | Discount Rate | Weighted Average | |||
Fair Value Inputs | |||
Contingent consideration, significant unobservable inputs | 0.041 |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Apr. 29, 2022 | Jul. 30, 2021 | Apr. 28, 2023 | Apr. 29, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of finite-lived intangible assets | $ 0 | |||
Cardiovascular | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring write down and impairment provisions | $ 726 | |||
Business exit costs | $ 155 | |||
Asset impairment charges and inventory write down | 515 | |||
Impairment of finite-lived intangible assets | $ 409 | |||
Inventory write-down | 58 | |||
Other restructuring costs | 211 | |||
Restructuring reserve, current | 84 | |||
Restructuring reserve, noncurrent | 88 | |||
Cost of products sold | Cardiovascular | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring write down and impairment provisions | 58 | |||
Other operating (income) expense, net | Cardiovascular | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business exit costs | $ 668 | |||
Enterprise Excellence | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Estimated expected restructuring costs | 1,800 | |||
Simplification | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Estimated expected restructuring costs | 500 | |||
Global Restructuring Program | Pre-tax Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Pre-tax charges since inception | $ 300 |
Restructuring Charges - Classif
Restructuring Charges - Classification of Restructuring Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Changes in Restructuring Reserves | |||
Beginning balance | $ 110 | $ 146 | |
Charges | 564 | 354 | |
Cash payments | (433) | (378) | |
Accrual adjustments | (12) | (13) | |
Ending balance | 230 | 110 | $ 146 |
Total restructuring and associated costs | 647 | 335 | 617 |
Employee Termination Benefits | |||
Changes in Restructuring Reserves | |||
Beginning balance | 81 | 123 | |
Charges | 285 | 80 | |
Cash payments | (150) | (109) | |
Accrual adjustments | (11) | (13) | |
Ending balance | 204 | 81 | 123 |
Associated Costs | |||
Changes in Restructuring Reserves | |||
Beginning balance | 27 | 22 | |
Charges | 271 | 274 | |
Cash payments | (274) | (269) | |
Accrual adjustments | 0 | 0 | |
Ending balance | 23 | 27 | 22 |
Asset Write-downs | |||
Changes in Restructuring Reserves | |||
Beginning balance | 0 | 0 | |
Charges | 1 | 0 | |
Cash payments | (1) | 0 | |
Accrual adjustments | 0 | 0 | |
Ending balance | 0 | 0 | 0 |
Other Costs | |||
Changes in Restructuring Reserves | |||
Beginning balance | 1 | 1 | |
Charges | 7 | 0 | |
Cash payments | (6) | 0 | |
Accrual adjustments | (1) | 0 | |
Ending balance | 1 | 1 | 1 |
Incremental defined benefit, defined contribution and post-retirement | |||
Changes in Restructuring Reserves | |||
Charges | 94 | 97 | |
Cost of products sold | |||
Changes in Restructuring Reserves | |||
Total restructuring and associated costs | 97 | 117 | 128 |
Selling, general, and administrative expense | |||
Changes in Restructuring Reserves | |||
Total restructuring and associated costs | 173 | 158 | 196 |
Restructuring charges, net | |||
Changes in Restructuring Reserves | |||
Total restructuring and associated costs | $ 375 | $ 60 | $ 293 |
Financial Instruments - Investm
Financial Instruments - Investments by Category and Related Balance Sheet Classification (Details) - USD ($) $ in Millions | Apr. 28, 2023 | Apr. 29, 2022 |
Schedule of Investments [Line Items] | ||
Cost | $ 6,748 | $ 7,131 |
Unrealized Gains | 6 | 5 |
Unrealized Losses | (305) | (245) |
Fair Value | 6,449 | 6,893 |
Investments | ||
Schedule of Investments [Line Items] | ||
Fair Value | 6,416 | 6,859 |
Other Assets | ||
Schedule of Investments [Line Items] | ||
Fair Value | 33 | 33 |
Level 1 | U.S. government and agency securities | ||
Schedule of Investments [Line Items] | ||
Cost | 527 | 533 |
Unrealized Gains | 0 | 1 |
Unrealized Losses | (22) | (15) |
Fair Value | 505 | 518 |
Level 1 | U.S. government and agency securities | Investments | ||
Schedule of Investments [Line Items] | ||
Fair Value | 505 | 518 |
Level 1 | U.S. government and agency securities | Other Assets | ||
Schedule of Investments [Line Items] | ||
Fair Value | 0 | 0 |
Level 2 | ||
Schedule of Investments [Line Items] | ||
Cost | 6,185 | 6,563 |
Unrealized Gains | 6 | 4 |
Unrealized Losses | (281) | (227) |
Fair Value | 5,911 | 6,341 |
Level 2 | Investments | ||
Schedule of Investments [Line Items] | ||
Fair Value | 5,911 | 6,341 |
Level 2 | Other Assets | ||
Schedule of Investments [Line Items] | ||
Fair Value | 0 | 0 |
Level 2 | U.S. government and agency securities | ||
Schedule of Investments [Line Items] | ||
Cost | 879 | 910 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (45) | (41) |
Fair Value | 834 | 869 |
Level 2 | U.S. government and agency securities | Investments | ||
Schedule of Investments [Line Items] | ||
Fair Value | 834 | 869 |
Level 2 | U.S. government and agency securities | Other Assets | ||
Schedule of Investments [Line Items] | ||
Fair Value | 0 | 0 |
Level 2 | Corporate debt securities | ||
Schedule of Investments [Line Items] | ||
Cost | 4,140 | 4,457 |
Unrealized Gains | 6 | 4 |
Unrealized Losses | (162) | (140) |
Fair Value | 3,984 | 4,321 |
Level 2 | Corporate debt securities | Investments | ||
Schedule of Investments [Line Items] | ||
Fair Value | 3,984 | 4,321 |
Level 2 | Corporate debt securities | Other Assets | ||
Schedule of Investments [Line Items] | ||
Fair Value | 0 | 0 |
Level 2 | Mortgage-backed securities | ||
Schedule of Investments [Line Items] | ||
Cost | 560 | 592 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (54) | (35) |
Fair Value | 506 | 558 |
Level 2 | Mortgage-backed securities | Investments | ||
Schedule of Investments [Line Items] | ||
Fair Value | 506 | 558 |
Level 2 | Mortgage-backed securities | Other Assets | ||
Schedule of Investments [Line Items] | ||
Fair Value | 0 | 0 |
Level 2 | Non-U.S. government and agency securities | ||
Schedule of Investments [Line Items] | ||
Cost | 15 | 17 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 15 | 17 |
Level 2 | Non-U.S. government and agency securities | Investments | ||
Schedule of Investments [Line Items] | ||
Fair Value | 15 | 17 |
Level 2 | Non-U.S. government and agency securities | Other Assets | ||
Schedule of Investments [Line Items] | ||
Fair Value | 0 | 0 |
Level 2 | Certificates of deposit | ||
Schedule of Investments [Line Items] | ||
Cost | 10 | 20 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 10 | 20 |
Level 2 | Certificates of deposit | Investments | ||
Schedule of Investments [Line Items] | ||
Fair Value | 10 | 20 |
Level 2 | Certificates of deposit | Other Assets | ||
Schedule of Investments [Line Items] | ||
Fair Value | ||
Level 2 | Other asset-backed securities | ||
Schedule of Investments [Line Items] | ||
Cost | 580 | 567 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (19) | (11) |
Fair Value | 561 | 556 |
Level 2 | Other asset-backed securities | Investments | ||
Schedule of Investments [Line Items] | ||
Fair Value | 561 | 556 |
Level 2 | Other asset-backed securities | Other Assets | ||
Schedule of Investments [Line Items] | ||
Fair Value | 0 | 0 |
Level 3 | Auction rate securities | ||
Schedule of Investments [Line Items] | ||
Cost | 36 | 36 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (3) | (3) |
Fair Value | 33 | 33 |
Level 3 | Auction rate securities | Investments | ||
Schedule of Investments [Line Items] | ||
Fair Value | 0 | 0 |
Level 3 | Auction rate securities | Other Assets | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 33 | $ 33 |
Financial Instruments - Availab
Financial Instruments - Available-For-Sale Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Apr. 28, 2023 | Apr. 29, 2022 |
Fair Value | ||
Less than 12 months | $ 401 | $ 222 |
More than 12 months | 4,760 | 5,004 |
Unrealized Losses | ||
Less than 12 months | (8) | (1) |
More than 12 months | (297) | (244) |
Corporate debt securities | ||
Fair Value | ||
Less than 12 months | 286 | 222 |
More than 12 months | 2,901 | 2,993 |
Unrealized Losses | ||
Less than 12 months | (4) | (1) |
More than 12 months | (158) | (139) |
U.S. government and agency securities | ||
Fair Value | ||
Less than 12 months | 89 | 0 |
More than 12 months | 821 | 945 |
Unrealized Losses | ||
Less than 12 months | (3) | 0 |
More than 12 months | (64) | (56) |
Mortgage-backed securities | ||
Fair Value | ||
Less than 12 months | 26 | 0 |
More than 12 months | 460 | 507 |
Unrealized Losses | ||
Less than 12 months | (1) | 0 |
More than 12 months | (53) | (35) |
Other asset-backed securities | ||
Fair Value | ||
Less than 12 months | 0 | 0 |
More than 12 months | 545 | 526 |
Unrealized Losses | ||
Less than 12 months | 0 | 0 |
More than 12 months | (19) | (11) |
Auction rate securities | ||
Fair Value | ||
Less than 12 months | 0 | 0 |
More than 12 months | 33 | 33 |
Unrealized Losses | ||
Less than 12 months | 0 | 0 |
More than 12 months | $ (3) | $ (3) |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | Apr. 01, 2023 | |
Schedule of Investments [Line Items] | ||||
Proceeds from maturities of investments classified as held to maturity | $ 911 | |||
Interest income | $ 386 | $ 186 | ||
Mozarc | ||||
Schedule of Investments [Line Items] | ||||
Ownership percentage | 50% | |||
Equity and Other Investments | ||||
Schedule of Investments [Line Items] | ||||
Net unrealized gains on equity and other investments still held | $ 56 | $ 8 |
Financial Instruments - Activit
Financial Instruments - Activity Related to the Company's Investment Portfolio and Debt Securities Contractual Maturities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Activities Related to Debt Securities Portfolio | |||
Proceeds from sales and maturities | $ 7,321 | $ 9,611 | $ 10,420 |
Gross realized gains | 10 | 15 | 15 |
Gross realized losses | (43) | (18) | $ (14) |
AFS Debt Maturities | |||
Due in one year or less | 1,267 | ||
Due after one year through five years | 3,704 | ||
Due after five years through ten years | 803 | ||
Due after ten years | 676 | ||
Total debt securities | $ 6,449 | $ 6,893 |
Financial Instruments - Summary
Financial Instruments - Summary of Equity and Other Investments (Details) - Other Assets - USD ($) $ in Millions | Apr. 28, 2023 | Apr. 29, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Investments with readily determinable fair value (marketable equity securities) | $ 115 | $ 64 |
Investments for which the fair value option has been elected | 531 | 0 |
Investments without readily determinable fair values | 872 | 732 |
Equity method and other investments | 89 | 85 |
Total equity and other investments | $ 1,607 | $ 881 |
Financial Instruments - Debt an
Financial Instruments - Debt and Equity Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Investments [Abstract] | ||
Beginning Balance | $ 531 | $ 0 |
Initial valuation | 307 | |
Additional cash investment | 224 | |
Ending Balance | $ 531 |
Financing Arrangements - Curren
Financing Arrangements - Current Debt Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Debt [Line Items] | ||
Finance lease obligations | $ 7 | $ 6 |
Current debt obligations | $ 20 | $ 3,742 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current debt obligations | Current debt obligations |
0.000 percent three-year 2019 senior notes | ||
Debt [Line Items] | ||
Stated interest rate | 0% | |
0.375 percent four-year 2019 senior notes | ||
Debt [Line Items] | ||
Stated interest rate | 0.375% | |
0.000 percent two-year 2020 senior notes | ||
Debt [Line Items] | ||
Stated interest rate | 0% | |
Senior Notes | 0.000 percent three-year 2019 senior notes | ||
Debt [Line Items] | ||
Current maturities of long-term debt | $ 0 | $ 798 |
Debt term | 3 years | |
Senior Notes | 0.375 percent four-year 2019 senior notes | ||
Debt [Line Items] | ||
Current maturities of long-term debt | $ 0 | 1,596 |
Debt term | 4 years | |
Senior Notes | 0.000 percent two-year 2020 senior notes | ||
Debt [Line Items] | ||
Current maturities of long-term debt | $ 0 | 1,330 |
Debt term | 2 years | |
Bank borrowings | ||
Debt [Line Items] | ||
Bank borrowings | $ 13 | $ 12 |
Financing Arrangements - Narrat
Financing Arrangements - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2023 USD ($) tranche | Jul. 29, 2022 USD ($) | May 02, 2022 USD ($) | Dec. 12, 2020 USD ($) | Mar. 31, 2023 USD ($) tranche | Mar. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Sep. 30, 2022 USD ($) | Mar. 31, 2021 EUR (€) | Oct. 31, 2020 USD ($) | Oct. 31, 2020 EUR (€) | Sep. 30, 2020 USD ($) | Apr. 28, 2023 USD ($) | Apr. 29, 2022 USD ($) | Apr. 30, 2021 USD ($) | Mar. 31, 2023 EUR (€) tranche | Sep. 30, 2022 EUR (€) tranche | Jun. 30, 2022 USD ($) | Jun. 30, 2022 JPY (¥) | May 31, 2022 USD ($) | May 31, 2022 JPY (¥) | May 02, 2022 JPY (¥) | Sep. 30, 2020 EUR (€) tranche | Jan. 26, 2015 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Current debt obligations | $ 20,000,000 | $ 3,742,000,000 | |||||||||||||||||||||||
Face value of debt | 24,500,000,000 | 24,200,000,000 | |||||||||||||||||||||||
Issuance of long-term debt | 5,409,000,000 | 0 | $ 7,172,000,000 | ||||||||||||||||||||||
Loss on debt extinguishment | 53,000,000 | 0 | 308,000,000 | ||||||||||||||||||||||
Estimated fair value of senior notes | 21,700,000,000 | 22,900,000,000 | |||||||||||||||||||||||
Term Loan Agreements | Medtronic Luxco | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt term | 364 days | ||||||||||||||||||||||||
Face value of debt | $ 2,300,000,000 | ¥ 297,000,000,000 | $ 2,300,000,000 | ¥ 297,000,000,000 | ¥ 300,000,000,000 | ||||||||||||||||||||
Term Loan Agreements | Medtronic Luxco | TIBOR Rate | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Margin added per annum | 0.40% | ||||||||||||||||||||||||
Commercial Paper | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Current debt obligations | $ 0 | $ 0 | |||||||||||||||||||||||
Debt term | 22 days | 15 days | |||||||||||||||||||||||
Weighted average interest rate | 4.34% | ||||||||||||||||||||||||
Commercial Paper | Minimum | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt, weighted average interest rate | 0.70% | ||||||||||||||||||||||||
2015 Commercial Paper Program | Commercial Paper | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Commercial paper, maximum borrowing capacity | $ 3,500,000,000 | ||||||||||||||||||||||||
$3.5 Billion Revolving Credit Facility | Line of Credit | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt term | 5 years | ||||||||||||||||||||||||
Maximum borrowing capacity | $ 3,500,000,000 | ||||||||||||||||||||||||
Length of extension from maturity date | 1 year | ||||||||||||||||||||||||
Additional borrowing capacity | $ 1,000,000,000 | ||||||||||||||||||||||||
Committed line of credit outstanding | $ 0 | $ 0 | |||||||||||||||||||||||
Medtronic Luxco Senior Notes | Senior Notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face value of debt | $ 2,000,000,000 | $ 2,000,000,000 | € 3,500,000,000 | ||||||||||||||||||||||
Proceeds from debt | 2,000,000,000 | $ 3,400,000,000 | |||||||||||||||||||||||
Extinguishment of debt | $ 368,000,000 | € 297,000,000,000 | € 750,000,000 | € 750,000,000 | € 1,500,000,000 | ||||||||||||||||||||
Redemption of senior notes, consideration | 376,000,000 | $ 772,000,000 | |||||||||||||||||||||||
Repayments of debt | $ 2,300,000,000 | $ 2,900,000,000 | |||||||||||||||||||||||
Redemption of senior notes, face amount | € | € 2,800,000,000 | ||||||||||||||||||||||||
Medtronic Luxco Senior Notes | Senior Notes | Medtronic Luxco | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of tranches | tranche | 2 | 2 | 2 | 4 | |||||||||||||||||||||
Medtronic Inc Senior Notes | Senior Notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Extinguishment of debt | $ 1,900,000,000 | ||||||||||||||||||||||||
3.500 percent ten-year 2015 senior notes | Senior Notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt term | 10 years | ||||||||||||||||||||||||
Stated interest rate | 3.50% | ||||||||||||||||||||||||
3.350 percent ten-year 2017 senior notes | Senior Notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt term | 10 years | ||||||||||||||||||||||||
Stated interest rate | 3.35% | ||||||||||||||||||||||||
Medtronic Inc, CIFSA, and Medtronic Luxco Senior Notes | Senior Notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Redemption of senior notes, consideration | $ 6,300,000,000 | ||||||||||||||||||||||||
Loss on debt extinguishment | $ 53,000,000 | $ 308,000,000 | |||||||||||||||||||||||
Senior Notes 2020 | Senior Notes | Medtronic Luxco | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of tranches | tranche | 6 | ||||||||||||||||||||||||
Face value of debt | € | € 6,300,000,000 | ||||||||||||||||||||||||
Issuance of long-term debt | $ 7,200,000,000 | ||||||||||||||||||||||||
Medtronic Inc. and CIFSA Senior Notes | Senior Notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Extinguishment of debt | $ 4,300,000,000 |
Financing Arrangements - Long-t
Financing Arrangements - Long-term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Debt Instrument [Line Items] | ||
Finance lease obligations | $ 57 | $ 56 |
Debt discount, net | (64) | (52) |
Deferred financing costs | (124) | (109) |
Long-term debt | $ 24,344 | $ 20,372 |
Effective Interest Rate | 9.91% | 9.15% |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt |
Senior Notes | 3.500 percent ten-year 2015 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.50% | |
Debt term | 10 years | |
Amount | $ 0 | $ 1,890 |
Effective Interest Rate | 0% | 3.74% |
Senior Notes | 0.250 percent six-year 2019 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 0.25% | |
Debt term | 6 years | |
Amount | $ 1,097 | $ 1,064 |
Effective Interest Rate | 0.44% | 0.45% |
Senior Notes | 2.625 percent three-year 2022 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.625% | |
Debt term | 3 years | |
Amount | $ 549 | $ 0 |
Effective Interest Rate | 2.86% | 0% |
Senior Notes | 0.000 percent five-year 2020 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 0% | |
Debt term | 5 years | |
Amount | $ 1,097 | $ 1,064 |
Effective Interest Rate | 0.23% | 0.25% |
Senior Notes | 1.125 percent eight-year 2019 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1.125% | |
Debt term | 8 years | |
Amount | $ 1,646 | $ 1,596 |
Effective Interest Rate | 1.25% | 1.26% |
Senior Notes | 3.350 percent ten-year 2017 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.35% | |
Debt term | 10 years | |
Amount | $ 0 | $ 368 |
Effective Interest Rate | 0% | 3.53% |
Senior Notes | 4.250 percent five-year 2023 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.25% | |
Debt term | 5 years | |
Amount | $ 1,000 | $ 0 |
Effective Interest Rate | 4.42% | 0% |
Senior Notes | 3.000 percent six-year 2022 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3% | |
Debt term | 6 years | |
Amount | $ 1,097 | $ 0 |
Effective Interest Rate | 3.09% | 0% |
Senior Notes | 0.375 percent eight-year 2020 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 0.375% | |
Debt term | 8 years | |
Amount | $ 1,097 | $ 1,064 |
Effective Interest Rate | 0.51% | 0.52% |
Senior Notes | 1.625 percent twelve-year 2019 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1.625% | |
Debt term | 12 years | |
Amount | $ 1,097 | $ 1,064 |
Effective Interest Rate | 1.75% | 1.75% |
Senior Notes | 1.000 percent twelve-year 2019 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1% | |
Debt term | 12 years | |
Amount | $ 1,097 | $ 1,064 |
Effective Interest Rate | 1.06% | 1.06% |
Senior Notes | 3.125 percent nine-year 2022 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.125% | |
Debt term | 9 years | |
Amount | $ 1,097 | $ 0 |
Effective Interest Rate | 3.25% | 0% |
Senior Notes | 0.750 percent twelve-year 2020 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 0.75% | |
Debt term | 12 years | |
Amount | $ 1,097 | $ 1,064 |
Effective Interest Rate | 0.81% | 0.81% |
Senior Notes | 4.500 percent ten-year 2023 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.50% | |
Debt term | 10 years | |
Amount | $ 1,000 | $ 0 |
Effective Interest Rate | 4.62% | 0% |
Senior Notes | 3.375 percent twelve-year 2022 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.375% | |
Debt term | 12 years | |
Amount | $ 1,097 | $ 0 |
Effective Interest Rate | 3.44% | 0% |
Senior Notes | 4.375 percent twenty-year 2015 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.375% | |
Debt term | 20 years | |
Amount | $ 1,932 | $ 1,932 |
Effective Interest Rate | 4.47% | 4.47% |
Senior Notes | 6.550 percent thirty-year 2007 CIFSA senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.55% | |
Debt term | 30 years | |
Amount | $ 253 | $ 253 |
Effective Interest Rate | 4.67% | 4.67% |
Senior Notes | 2.250 percent twenty-year 2019 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.25% | |
Debt term | 20 years | |
Amount | $ 1,097 | $ 1,064 |
Effective Interest Rate | 2.34% | 2.35% |
Senior Notes | 6.500 percent thirty-year 2009 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.50% | |
Debt term | 30 years | |
Amount | $ 158 | $ 158 |
Effective Interest Rate | 6.56% | 6.56% |
Senior Notes | 1.500 percent twenty-year 2019 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1.50% | |
Debt term | 20 years | |
Amount | $ 1,097 | $ 1,064 |
Effective Interest Rate | 1.58% | 1.59% |
Senior Notes | 5.550 percent thirty-year 2010 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.55% | |
Debt term | 30 years | |
Amount | $ 224 | $ 224 |
Effective Interest Rate | 5.58% | 5.58% |
Senior Notes | 1.375 percent twenty-year 2020 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1.375% | |
Debt term | 20 years | |
Amount | $ 1,097 | $ 1,064 |
Effective Interest Rate | 1.46% | 1.47% |
Senior Notes | 4.500 percent thirty-year 2012 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.50% | |
Debt term | 30 years | |
Amount | $ 105 | $ 105 |
Effective Interest Rate | 4.54% | 4.54% |
Senior Notes | 4.000 percent thirty-year 2013 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4% | |
Debt term | 30 years | |
Amount | $ 305 | $ 305 |
Effective Interest Rate | 4.09% | 4.09% |
Senior Notes | 4.625 percent thirty-year 2014 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.625% | |
Debt term | 30 years | |
Amount | $ 127 | $ 127 |
Effective Interest Rate | 4.67% | 4.67% |
Senior Notes | 4.625 percent thirty-year 2015 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.625% | |
Debt term | 30 years | |
Amount | $ 1,813 | $ 1,813 |
Effective Interest Rate | 4.69% | 4.69% |
Senior Notes | 1.750 percent thirty-year 2019 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1.75% | |
Debt term | 30 years | |
Amount | $ 1,097 | $ 1,064 |
Effective Interest Rate | 1.87% | 1.88% |
Senior Notes | 1.625 percent thirty-year 2020 senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1.625% | |
Debt term | 30 years | |
Amount | $ 1,097 | $ 1,064 |
Effective Interest Rate | 1.75% | 1.76% |
Financing Arrangements - Long_2
Financing Arrangements - Long-term Debt Maturities (Details) $ in Millions | Apr. 28, 2023 USD ($) |
Long-term Debt, Fiscal Year Maturity | |
2024 | $ 20 |
2025 | 7 |
2026 | 2,750 |
2027 | 1,652 |
2028 | 1,005 |
Thereafter | 19,119 |
Total | $ 24,553 |
Derivatives and Currency Exch_3
Derivatives and Currency Exchange Risk Management - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized gain on interest rate cash flow hedges | $ 93 | $ 474 |
Cash flow hedge unrealized gains to be reclassified over the next twelve months | 140 | |
Derivative, excluded component, gain (loss), recognized in earnings | 107 | |
Net cash collateral received | $ 11 | $ 254 |
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense, net | |
Currency exchange rate contracts | Derivatives designated as hedging instruments | Cash flow hedges | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Maximum remaining maturity of foreign currency derivatives | 3 years |
Derivatives and Currency Exch_4
Derivatives and Currency Exchange Risk Management- Outsatnding instruments (Details) € in Billions, ¥ in Billions, $ in Billions | Apr. 28, 2023 USD ($) | Apr. 28, 2023 EUR (€) | Apr. 28, 2023 JPY (¥) | Apr. 29, 2022 USD ($) |
Currency exchange rate contracts | Derivatives designated as hedging instruments | Europe | ||||
Derivative Instruments, (Gain) Loss [Line Items] | ||||
Gross notional amount | $ 4.9 | € 4.5 | ||
Currency exchange rate contracts | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, (Gain) Loss [Line Items] | ||||
Gross notional amount | 5.8 | $ 4.9 | ||
Currency exchange rate contracts | Cash flow hedges | Derivatives designated as hedging instruments | ||||
Derivative Instruments, (Gain) Loss [Line Items] | ||||
Gross notional amount | 9.1 | 8.8 | ||
Currency exchange rate contracts | Net investment hedges | Derivatives designated as hedging instruments | ||||
Derivative Instruments, (Gain) Loss [Line Items] | ||||
Gross notional amount | 7.2 | 0 | ||
Currency exchange rate contracts | Net investment hedges | Derivatives designated as hedging instruments | Japan | ||||
Derivative Instruments, (Gain) Loss [Line Items] | ||||
Gross notional amount | 2.2 | ¥ 297 | ||
Foreign currency denominated debt | Net investment hedges | Derivatives designated as hedging instruments | ||||
Derivative Instruments, (Gain) Loss [Line Items] | ||||
Gross notional amount | $ 17.6 | € 16 | $ 17 |
Derivatives and Currency Exch_5
Derivatives and Currency Exchange Risk Management - Derivative (Gains) Losses Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Derivative Instruments, (Gain) Loss [Line Items] | |||
(Gain) Loss Recognized in Accumulated Other Comprehensive Income | $ 356 | $ (3,234) | $ 2,321 |
(Gain) Loss Reclassified into Income | (706) | (83) | (2) |
Currency exchange rate contracts | |||
Derivative Instruments, (Gain) Loss [Line Items] | |||
Recognized in AOCI, net investment hedges | 73 | 0 | 0 |
Reclassified into Income, net investment hedges | 0 | 0 | 0 |
Currency exchange rate contracts | Euro-denominated Debt | |||
Derivative Instruments, (Gain) Loss [Line Items] | |||
Recognized in AOCI, net investment hedges | 524 | (2,299) | 1,694 |
Reclassified into Income, net investment hedges | 0 | 0 | 0 |
Currency exchange rate contracts | Other operating (income) expense, net | |||
Derivative Instruments, (Gain) Loss [Line Items] | |||
Recognized in AOCI, Cash flow hedges | (161) | (953) | 519 |
Recognized in income, cash flow hedges | (703) | (144) | (17) |
Currency exchange rate contracts | Cost of products sold | |||
Derivative Instruments, (Gain) Loss [Line Items] | |||
Recognized in AOCI, Cash flow hedges | (79) | 18 | 108 |
Recognized in income, cash flow hedges | $ (3) | $ 61 | $ 15 |
Derivatives and Currency Exch_6
Derivatives and Currency Exchange Risk Management - Gains and Losses on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Derivative Instruments, (Gain) Loss [Line Items] | |||
Derivative instruments not designated as hedging instruments, (gain) loss, net | $ 32 | $ (53) | $ 166 |
Other operating (income) expense, net | Currency exchange rate contracts | |||
Derivative Instruments, (Gain) Loss [Line Items] | |||
Derivative instruments not designated as hedging instruments, (gain) loss, net | 31 | (54) | 247 |
Other operating (income) expense, net | Total return swaps | |||
Derivative Instruments, (Gain) Loss [Line Items] | |||
Derivative instruments not designated as hedging instruments, (gain) loss, net | $ 1 | $ 1 | $ (81) |
Derivatives and Currency Exch_7
Derivatives and Currency Exchange Risk Management - Classification and Fair Value Amounts of Derivative Instruments in Balance Sheets (Details) - USD ($) $ in Millions | Apr. 28, 2023 | Apr. 29, 2022 |
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | $ 368 | $ 695 |
Fair Value - Liabilities | 236 | 129 |
Currency exchange rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | 368 | 695 |
Fair Value - Liabilities | 236 | 109 |
Total return swaps | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liabilities | 20 | |
Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | 351 | 649 |
Fair Value - Liabilities | 226 | 60 |
Derivatives designated as hedging instruments | Currency exchange rate contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | 318 | 481 |
Derivatives designated as hedging instruments | Currency exchange rate contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | 33 | 168 |
Derivatives designated as hedging instruments | Currency exchange rate contracts | Other accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liabilities | 109 | 43 |
Derivatives designated as hedging instruments | Currency exchange rate contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liabilities | 117 | 16 |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | 17 | 46 |
Fair Value - Liabilities | 10 | 69 |
Derivatives not designated as hedging instruments | Currency exchange rate contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | 17 | 46 |
Derivatives not designated as hedging instruments | Currency exchange rate contracts | Other accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liabilities | 10 | 49 |
Derivatives not designated as hedging instruments | Total return swaps | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Assets | 0 | 0 |
Derivatives not designated as hedging instruments | Total return swaps | Other accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liabilities | $ 0 | $ 20 |
Derivatives and Currency Exch_8
Derivatives and Currency Exchange Risk Management - Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Apr. 28, 2023 | Apr. 29, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | $ 368 | $ 695 |
Derivative Liabilities | $ 236 | $ 129 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other accrued expenses | Other accrued expenses |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | $ 368 | $ 695 |
Derivative Liabilities | 236 | 109 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | $ 0 | $ 20 |
Derivatives and Currency Exch_9
Derivatives and Currency Exchange Risk Management - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Apr. 28, 2023 | Apr. 29, 2022 |
Derivative assets: | ||
Gross Amount of Recognized Assets (Liabilities) | $ 368 | $ 695 |
Derivative liabilities: | ||
Gross Amount of Recognized Assets (Liabilities) | (236) | (129) |
Gross Amount Not Offset on the Balance Sheet, Financial Instruments | 109 | |
Gross Amount Not Offset on the Balance Sheet, Cash Collateral (Received) Posted | 0 | |
Net Amount | (20) | |
Total | ||
Gross Amount of Recognized Assets (Liabilities) | 132 | 566 |
Gross Amount Not Offset on the Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amount Not Offset on the Balance Sheet, Cash Collateral (Received) Posted | (11) | (254) |
Net Amount | 121 | 312 |
Currency exchange rate contracts | ||
Derivative assets: | ||
Gross Amount of Recognized Assets (Liabilities) | 368 | 695 |
Gross Amount Not Offset on the Balance Sheet, Financial Instruments | (189) | (109) |
Gross Amount Not Offset on the Balance Sheet, Cash Collateral (Received) Posted | (11) | (254) |
Net Amount | 168 | 332 |
Derivative liabilities: | ||
Gross Amount of Recognized Assets (Liabilities) | (236) | (109) |
Gross Amount Not Offset on the Balance Sheet, Financial Instruments | 189 | 109 |
Gross Amount Not Offset on the Balance Sheet, Cash Collateral (Received) Posted | 0 | 0 |
Net Amount | $ (48) | 0 |
Total return swaps | ||
Derivative liabilities: | ||
Gross Amount of Recognized Assets (Liabilities) | (20) | |
Gross Amount Not Offset on the Balance Sheet, Financial Instruments | 0 | |
Gross Amount Not Offset on the Balance Sheet, Cash Collateral (Received) Posted | 0 | |
Net Amount | $ (20) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Apr. 28, 2023 | Apr. 29, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 3,440 | $ 3,070 |
Work-in-process | 789 | 682 |
Raw materials | 1,063 | 864 |
Total | $ 5,293 | $ 4,616 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 40,502 | $ 41,961 |
Goodwill as a result of acquisitions | 1,340 | 80 |
Purchase accounting adjustments | (5) | 25 |
Sale of RCS business | (208) | |
Currency translation and other | (204) | (1,563) |
Goodwill, ending balance | 41,425 | 40,502 |
Cardiovascular | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 7,160 | 7,209 |
Goodwill as a result of acquisitions | 726 | 55 |
Purchase accounting adjustments | (6) | 21 |
Sale of RCS business | 0 | |
Currency translation and other | (6) | (125) |
Goodwill, ending balance | 7,873 | 7,160 |
Medical Surgical | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 19,957 | 21,195 |
Goodwill as a result of acquisitions | 0 | 0 |
Purchase accounting adjustments | 0 | 3 |
Sale of RCS business | (208) | |
Currency translation and other | (170) | (1,241) |
Goodwill, ending balance | 19,579 | 19,957 |
Neuroscience | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 11,132 | 11,300 |
Goodwill as a result of acquisitions | 615 | 26 |
Purchase accounting adjustments | 2 | 3 |
Sale of RCS business | 0 | |
Currency translation and other | (30) | (196) |
Goodwill, ending balance | 11,718 | 11,132 |
Diabetes | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 2,254 | 2,257 |
Goodwill as a result of acquisitions | 0 | 0 |
Purchase accounting adjustments | 0 | (2) |
Sale of RCS business | 0 | |
Currency translation and other | 1 | (1) |
Goodwill, ending balance | $ 2,255 | $ 2,254 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) | 12 Months Ended | |||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | Jul. 29, 2022 | |
Goodwill [Line Items] | ||||
Goodwill impairment | $ 0 | $ 0 | ||
Impairment of finite-lived intangible assets | $ 0 | |||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income (Expense), Net | |||
Amortization of intangible assets | 1,698,000,000 | $ 1,733,000,000 | $ 1,783,000,000 | |
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income (Expense), Net | |||
Cardiovascular | ||||
Goodwill [Line Items] | ||||
Impairment of finite-lived intangible assets | $ 409,000,000 | |||
Neuroscience | ||||
Goodwill [Line Items] | ||||
Impairment of finite-lived intangible assets | 30,000,000 | |||
Impairment of indefinite-lived intangible assets | 0 | $ 0 | $ 45,000,000 | |
Renal Care Business (RCS) | Medical Surgical | ||||
Goodwill [Line Items] | ||||
Transfer to held for sale | $ 208,000,000 | |||
Goodwill impairment | $ 61,000,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Millions | Apr. 28, 2023 | Apr. 29, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 29,217 | $ 28,308 |
Accumulated Amortization | (14,605) | (13,006) |
IPR&D | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets | 232 | 293 |
Customer-related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,956 | 16,953 |
Accumulated Amortization | (7,979) | (7,005) |
Purchased technology and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,659 | 10,802 |
Accumulated Amortization | (6,277) | (5,667) |
Trademarks and tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 486 | 473 |
Accumulated Amortization | (280) | (266) |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 116 | 80 |
Accumulated Amortization | $ (69) | $ (69) |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Amortization Expense (Details) $ in Millions | Apr. 28, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 1,676 |
2025 | 1,654 |
2026 | 1,641 |
2027 | 1,616 |
2028 | $ 1,565 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 14,062 | $ 13,365 | |
Less: Accumulated depreciation | (8,493) | (7,952) | |
Property, plant, and equipment, net | 5,569 | 5,413 | |
Depreciation expense | $ 999 | 974 | $ 919 |
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 7 years | ||
Property, plant, and equipment | $ 6,707 | 6,489 | |
Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 2 years | ||
Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 15 years | ||
Computer software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 2,952 | 2,617 | |
Computer software | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 5 years | ||
Land and land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 162 | 170 | |
Land and land improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 20 years | ||
Buildings and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 2,487 | 2,351 | |
Buildings and leasehold improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment, useful life | 40 years | ||
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 1,754 | $ 1,737 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) | 12 Months Ended | ||||
Apr. 28, 2023 USD ($) $ / shares shares | Apr. 29, 2022 $ / shares shares | Apr. 28, 2023 € / shares | Apr. 28, 2023 USD ($) $ / shares shares | Mar. 31, 2019 USD ($) | |
Class of Stock [Line Items] | |||||
Common stock, authorized (in shares) | 2,600,000,000 | 2,600,000,000 | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||
Deferred stock, shares authorized (in shares) | 40,000 | ||||
Deferred stock, par value (in euros per share) | € / shares | € 1 | ||||
Preferred stock, authorized (in shares) | 127,500,000 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.20 | ||||
Preferred stock, outstanding (in shares) | 0 | ||||
Deferred stock, issued (in shares) | 0 | ||||
Deferred stock, outstanding (in shares) | 0 | ||||
Preferred stock, issued (in shares) | 0 | ||||
Shares repurchased (in shares) | 6,000,000 | 22,000,000 | |||
Average repurchase price (in dollars per share) | $ / shares | $ 91.31 | $ 113.11 | |||
Amount authorized for repurchase | $ | $ 6,000,000,000 | ||||
Amount repurchased | $ | $ 3,600,000,000 | ||||
Amount available for future repurchases | $ | $ 2,400,000,000 | ||||
Series A Preferred Shares | |||||
Class of Stock [Line Items] | |||||
Preferred stock, authorized (in shares) | 500,000 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 1 | ||||
Preferred stock, outstanding (in shares) | 0 |
Stock Purchase and Award Plan_2
Stock Purchase and Award Plans - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Apr. 28, 2023 USD ($) $ / shares shares | |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration period | 10 years |
Vesting period | 4 years |
Unrecognized compensation expense related to outstanding stock options | $ | $ 92 |
Weighted average period over which unrecognized compensation is expected to be recognized | 2 years 4 months 24 days |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average period over which unrecognized compensation is expected to be recognized | 2 years 7 months 6 days |
Unrecognized compensation expense related to restricted stock awards | $ | $ 338 |
Restricted stock units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Restricted stock units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Performance share units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Weighted average period over which unrecognized compensation is expected to be recognized | 1 year 9 months 18 days |
Unrecognized compensation expense related to restricted stock awards | $ | $ 84 |
Performance share units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 0% |
Performance share units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 200% |
Employee stock purchase plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
The discount rate from market value on purchase date | 15% |
Shares purchased by employees (in shares) | shares | 3 |
Average purchase price (in dollars per share) | $ / shares | $ 69.92 |
Shares available for future purchase (in shares) | shares | 4 |
2021 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for future grants (in shares) | shares | 108 |
Stock Purchase and Award Plan_3
Stock Purchase and Award Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 355 | $ 359 | $ 344 |
Income tax benefits | (60) | (62) | (59) |
Total stock-based compensation expense, net of tax | 295 | 297 | 285 |
Cost of products sold | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 36 | 36 | 35 |
Research and development expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 39 | 40 | 38 |
Selling, general, and administrative expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 280 | 283 | 272 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 77 | 70 | 72 |
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 166 | 184 | 185 |
Performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 74 | 66 | 49 |
Employee stock purchase plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 38 | $ 39 | $ 38 |
Stock Purchase and Award Plan_4
Stock Purchase and Award Plans - Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Weighted average fair value of options granted (in dollars per share) | $ 17.76 | $ 22.83 | $ 16.15 |
Assumptions used: | |||
Expected life (years) | 6 years | 6 years | 6 years |
Risk-free interest rate | 2.70% | 0.90% | 0.33% |
Volatility | 24.05% | 23.04% | 24.17% |
Dividend yield | 2.92% | 1.95% | 2.36% |
Stock Purchase and Award Plan_5
Stock Purchase and Award Plans - Stock Options Activity (Details) - Stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Options | |||
Outstanding at beginning of period (in shares) | 28,263 | ||
Granted (in shares) | 5,470 | ||
Exercised (in shares) | (1,513) | ||
Expired/Forfeited (in shares) | (1,354) | ||
Outstanding at end of period (in shares) | 30,866 | 28,263 | |
Options, Expected to vest (in shares) | 8,685 | ||
Options, Exercisable (in shares) | 21,468 | ||
Wtd. Avg. Exercise Price | |||
Outstanding at beginning of period (in dollars per share) | $ 92 | ||
Granted (in dollars per share) | 92.96 | ||
Exercised (in dollars per share) | 59.15 | ||
Expired/Forfeited (in dollars per share) | 102.93 | ||
Outstanding at end of period (in dollars per share) | 93.30 | $ 92 | |
Weighted Average Exercise Price, Expected to vest (in dollars per share) | 103.48 | ||
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 88.90 | ||
Additional Disclosures | |||
Weighted Average Remaining Contractual Term, Outstanding | 5 years 1 month 6 days | ||
Weighted Average Remaining Contractual Term, Expected to vest | 8 years 6 months | ||
Weighted Average Remaining Contractual Term, Exercisable | 3 years 8 months 12 days | ||
Aggregate Intrinsic Value, Outstanding | $ 154 | ||
Aggregate Intrinsic Value, Expected to vest | 1 | ||
Aggregate Intrinsic Value, Exercisable | 153 | ||
Cash proceeds from options exercised | 77 | $ 209 | $ 277 |
Intrinsic value of options exercised | 42 | 174 | 205 |
Tax benefit related to options exercised | $ 9 | $ 40 | $ 47 |
Stock Purchase and Award Plan_6
Stock Purchase and Award Plans - Restricted Stock Activity (Details) - Restricted stock - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Units | |||
Nonvested at beginning of period (in shares) | 5,370 | ||
Granted (in shares) | 2,862 | ||
Vested (in shares) | (2,471) | ||
Forfeited (in shares) | (572) | ||
Nonvested at end of period (in shares) | 5,189 | 5,370 | |
Wtd. Avg. Grant Price | |||
Nonvested at beginning of period (in dollars per share) | $ 108.92 | ||
Granted (in dollars per share) | 91.83 | $ 127.47 | $ 99.48 |
Vested (in dollars per share) | 103.75 | ||
Forfeited (in dollars per share) | 105.33 | ||
Nonvested at end of period (in dollars per share) | $ 102.34 | $ 108.92 | |
Fair value of restricted stock vested | $ 256 | $ 194 | $ 280 |
Tax benefit related to restricted stock vested | $ 45 | $ 52 | $ 65 |
Stock Purchase and Award Plan_7
Stock Purchase and Award Plans - Performance Share Unit Activity (Details) - Performance share units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Units | |||
Nonvested at beginning of period (in shares) | 1,581 | ||
Granted (in shares) | 1,204 | ||
Performance adjustments (in shares) | (515) | ||
Forfeited (in shares) | (227) | ||
Nonvested at end of period (in shares) | 2,043 | 1,581 | |
Wtd. Avg. Grant Price | |||
Nonvested at beginning of period (in dollars per share) | $ 138.95 | ||
Granted (in dollars per share) | 98.17 | $ 149.16 | $ 129.04 |
Performance adjustments (in dollar per share) | 129.58 | ||
Forfeited (in dollars per share) | 124.53 | ||
Nonvested at end of period (in dollars per share) | $ 119.88 | $ 138.95 | |
Fair value of restricted stock vested | $ 0 | $ 0 | $ 0 |
Tax benefit related to restricted stock vested | $ 0 | $ 0 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes, Based on Jurisdiction (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 1,295 | $ 436 | $ (358) |
International | 4,069 | 5,081 | 4,253 |
Income before income taxes | $ 5,364 | $ 5,517 | $ 3,895 |
Income Taxes - Income Tax (Bene
Income Taxes - Income Tax (Benefit) Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Current tax expense: | |||
U.S. | $ 1,303 | $ 467 | $ 287 |
International | 530 | 599 | 439 |
Total current tax expense | 1,833 | 1,066 | 726 |
Deferred tax (benefit) expense: | |||
U.S. | (336) | (402) | (625) |
International | 83 | (209) | 165 |
Net deferred tax benefit | (253) | (611) | (461) |
Income tax provision | $ 1,580 | $ 456 | $ 265 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Apr. 28, 2023 | Apr. 29, 2022 |
Deferred tax assets: | ||
Intangible assets | $ 2,259 | $ 2,334 |
Net operating loss, capital loss, and credit carryforwards | 10,803 | 5,982 |
Capitalization of research and development | 971 | 597 |
Other accrued liabilities | 458 | 483 |
Accrued compensation | 312 | 332 |
Pension and post-retirement benefits | 66 | 66 |
Stock-based compensation | 141 | 146 |
Inventory | 135 | 146 |
Lease obligations | 150 | 92 |
Federal and state benefit on uncertain tax positions | 79 | 60 |
Interest limitation | 377 | 386 |
Unrealized gain on available-for-sale securities and derivative financial instruments | 39 | 0 |
Other | 277 | 374 |
Gross deferred tax assets | 16,067 | 10,998 |
Valuation allowance | (11,311) | (6,583) |
Valuation allowance | 4,756 | 4,415 |
Deferred tax liabilities: | ||
Intangible assets | (1,551) | (1,488) |
Realized loss on derivative financial instruments | (70) | (66) |
Right of use leases | (147) | (89) |
Accumulated depreciation | (109) | (121) |
Outside basis difference of subsidiaries | (119) | (129) |
Other | (80) | (70) |
Total deferred tax liabilities | (2,076) | (1,963) |
Prepaid income taxes | 480 | 474 |
Income tax receivables | 494 | 358 |
Tax assets, net | 3,654 | 3,284 |
Reported as (after valuation allowance and jurisdictional netting): | ||
Other current assets | 885 | 765 |
Tax assets | 3,477 | 3,403 |
Deferred tax liabilities | $ (708) | $ (884) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | Apr. 24, 2020 | |
Operating Loss Carryforwards [Line Items] | ||||
Undistributed earnings from non-U.S. subsidiaries | $ 83,700 | $ 79,300 | ||
Net operating loss carryforwards | 17,000 | |||
Tax credit carryforward | 347 | |||
Tax credit carryforward, no expiration | 146 | |||
Valuation allowance | 11,311 | 6,583 | ||
Net benefit from certain tax adjustments | 910 | (50) | $ (41) | |
Effective income tax rate reconciliation, tax adjustments for reserves, amount | 764 | |||
Effective income tax reconciliation, disallowance of interest deductions, amount | 55 | |||
Deferred tax assets, unrealized currency losses | 30 | |||
Tax expense associated with the amortization of the previously established deferred tax assets | 28 | 47 | 50 | |
Intercompany sale of assets | 33 | 26 | 25 | |
Benefit associated with tax basis for Swiss Cantonal | (82) | (106) | ||
Tax expense (benefit) related to tax basis adjustment, intercompany intellectual property transactions | 82 | 73 | ||
Tax expense related to internal restructuring and intercompany sale of assets | 41 | |||
Deferred tax assets, goodwill and intangible assets | $ 1,500 | |||
Amortization period of deferred tax asset | 20 years | |||
Tax benefit related to capitalization of research and development costs | $ (83) | |||
Income tax charge | 200 | |||
Gross unrecognized tax benefits | 2,682 | 1,661 | 1,668 | $ 1,862 |
Unrecognized tax benefits that would impact effective tax rate | 2,500 | 1,600 | 1,600 | |
Gross unrecognized tax benefits, net of cash advance, noncurrent liability | 1,800 | |||
Estimated reasonably possible decrease in uncertain tax positions excluding interest over the next 12 months | 10 | |||
Accrued income tax penalties and interest | 61 | 117 | 99 | |
Gross interest income | 55 | 44 | ||
Gross interest expense | (17) | |||
Non-U.S. Tax Authorities | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 43,400 | |||
Net operating loss carryforwards, no expiration | 20,300 | |||
Net operating loss carryforwards, expiring in future years | 23,100 | |||
Net operating loss carryforwards, valuation allowance | 10,200 | |||
Tax reductions from tax holiday | $ 115 | $ 248 | $ 301 | |
Impact on diluted earnings per share (in dollars per share) | $ 0.09 | $ 0.18 | $ 0.22 | |
Non-U.S. Tax Authorities | Subsidiaries | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 16,200 | |||
U.S. Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 545 | |||
Net operating loss carryforwards, no expiration | 359 | |||
State and Local Tax Authorities | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards, no expiration | 207 | |||
Operating loss carryforwards | $ 1,800 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory tax rate | 21% | 21% | 21% |
Increase (decrease) in tax rate resulting from: | |||
U.S. state taxes, net of federal tax benefit | 0.10% | 0.20% | (1.10%) |
Research and development credit | (1.90%) | (1.30%) | (2.30%) |
Puerto Rico excise tax | (1.00%) | (1.10%) | (2.00%) |
International | (8.20%) | (11.20%) | (12.60%) |
Stock based compensation | 0.20% | (0.80%) | (0.80%) |
Interest on uncertain tax positions | 0.70% | 0.50% | 0.90% |
Base erosion anti-abuse tax | 0% | 0.90% | 0.50% |
Foreign derived intangible income benefit | (1.20%) | (1.00%) | (1.90%) |
Certain tax adjustments | 17% | (0.90%) | (1.00%) |
Legal entity restructuring | 0% | 0% | 1.80% |
U.S. tax on foreign earnings | 2.50% | 2.20% | 3.40% |
Other, net | 0.30% | (0.20%) | 0.90% |
Effective tax rate | 29.50% | 8.30% | 6.80% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of fiscal year | $ 1,661 | $ 1,668 | $ 1,862 |
Gross increases: | |||
Prior year tax positions | 980 | 1 | 88 |
Current year tax positions | 89 | 40 | 62 |
Gross decreases: | |||
Prior year tax positions | (12) | (29) | (106) |
Settlements | (4) | (8) | (216) |
Statute of limitation lapses | (32) | (11) | (21) |
Gross unrecognized tax benefits at end of fiscal year | 2,682 | 1,661 | 1,668 |
Cash advance paid to taxing authorities | (918) | (859) | (859) |
Gross unrecognized tax benefits at end of fiscal year, net of cash advance | $ 1,764 | $ 802 | $ 809 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Numerator: | |||
Net income attributable to ordinary shareholders | $ 3,758 | $ 5,039 | $ 3,606 |
Denominator: | |||
Basic - weighted average shares outstanding (in shares) | 1,329.8 | 1,342.4 | 1,344.9 |
Effect of dilutive securities: | |||
Diluted – weighted average shares outstanding (in shares) | 1,332.8 | 1,351.4 | 1,354 |
Basic earnings per share (in dollars per share) | $ 2.83 | $ 3.75 | $ 2.68 |
Diluted earnings per share (in dollars per share) | $ 2.82 | $ 3.73 | $ 2.66 |
Employee stock options | |||
Effect of dilutive securities: | |||
Share based payments (in shares) | 1.5 | 6.6 | 6.6 |
Employee restricted stock units | |||
Effect of dilutive securities: | |||
Employee restricted stock units (in shares) | 1 | 1.6 | 2.1 |
Employee performance share units | |||
Effect of dilutive securities: | |||
Share based payments (in shares) | 0.5 | 0.8 | 0.5 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 23 | 5 | 4 |
Retirement Benefit Plans - Nara
Retirement Benefit Plans - Narative (Details) $ in Millions | 12 Months Ended | |||
Apr. 28, 2023 USD ($) fund | Apr. 29, 2022 USD ($) | Apr. 30, 2021 USD ($) | May 01, 2005 plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Cost of retirement benefit plans | $ 494 | $ 459 | $ 668 | |
Net underfunded status of the plans | (103) | (74) | ||
Incremental expense related to acceptance of voluntary early retirement packages | $ 94 | 97 | ||
Number of funds in process of liquidation | fund | 0 | |||
Expense under defined contribution plans | $ 390 | 403 | 495 | |
Treasury bond rate of guaranteed rate of return | 10 years | |||
Personal Investment Account | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expense under defined contribution plans | $ 43 | 48 | 50 | |
Medtronic Core Contribution | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expense under defined contribution plans | $ 93 | 83 | 73 | |
Partnerships | Minimum | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Range of notice period | 45 days | |||
Partnerships | Maximum | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Range of notice period | 95 days | |||
Private equity fund | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Private equity funds, unfunded commitments | $ 233 | |||
Private equity funds, estimated minimum liquidation period | 1 year | |||
Private equity funds, estimated maximum liquidation period | 15 years | |||
Real asset investments | Minimum | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Real asset investments, estimated liquidation and redemption period | 3 years | |||
Real asset investments | Maximum | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Real asset investments, estimated liquidation and redemption period | 10 years | |||
Real estate investments | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Number of funds in process of liquidation | fund | 0 | |||
U.S. Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Number of new plans created | plan | 2 | |||
Pension benefits | U.S. Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net underfunded status of the plans | $ 53 | (33) | ||
Special termination benefits | 74 | 0 | 73 | |
Curtailment benefits recognized | $ 19 | 0 | ||
Target allocations | 100% | |||
Post-retirement benefit plans, fair value of plan assets | $ 3,398 | 3,559 | 3,660 | |
Employer contributions | 22 | 24 | ||
Estimated future employer contributions in next fiscal year | 24 | |||
Post-retirement benefit plans, net periodic benefit cost, income | (89) | (39) | (116) | |
Post-retirement benefit plans, benefit obligations | 3,451 | 3,526 | 3,979 | |
Pension benefits | U.S. Pension Benefits | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Post-retirement benefit plans, fair value of plan assets | $ 992 | 1,011 | ||
Pension benefits | U.S. Pension Benefits | Equity | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations | 34% | |||
Pension benefits | U.S. Pension Benefits | Debt | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations | 51% | |||
Pension benefits | U.S. Pension Benefits | Other | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations | 15% | |||
Pension benefits | Non-U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net underfunded status of the plans | $ (115) | 8 | ||
Special termination benefits | 0 | 0 | 0 | |
Curtailment benefits recognized | 8 | 11 | ||
Post-retirement benefit plans, fair value of plan assets | 1,614 | 1,732 | 1,900 | |
Employer contributions | 57 | 70 | ||
Estimated future employer contributions in next fiscal year | 43 | |||
Post-retirement benefit plans, net periodic benefit cost, income | (26) | (37) | (64) | |
Post-retirement benefit plans, benefit obligations | 1,499 | 1,740 | 2,294 | |
Pension benefits | Non-U.S. | Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Post-retirement benefit plans, fair value of plan assets | $ 44 | 43 | ||
Pension benefits | Non-U.S. | Equity | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations | 42% | |||
Pension benefits | Non-U.S. | Debt | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations | 34% | |||
Pension benefits | Non-U.S. | Other | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target allocations | 24% | |||
Other post-retirement benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Post-retirement benefit plans, fair value of plan assets | $ 302 | 325 | ||
Post-retirement benefit plans, net periodic benefit cost, income | 11 | 20 | $ 6 | |
Post-retirement benefit plans, benefit obligations | $ 261 | $ 276 |
Retirement Benefit Plans - Chan
Retirement Benefit Plans - Change in Benefit Obligation and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Funded status at end of year: | |||
Over (under) funded status of the plans | $ 103 | $ 74 | |
Amounts recognized on the consolidated balance sheets consist of: | |||
Non-current liabilities | (1,093) | (1,113) | |
Pension benefits | |||
Plans with accumulated benefit obligations in excess of plan assets | |||
Accumulated benefit obligation | 731 | 830 | |
Projected benefit obligation | 772 | 880 | |
Plan assets at fair value | 301 | 356 | |
Plans with projected benefit obligations in excess of plan assets | |||
Projected benefit obligation | 1,285 | 907 | |
Plan assets at fair value | 776 | 379 | |
UNITED STATES | Pension benefits | |||
Defined Benefit Plan Disclosure [Line items] | |||
Accumulated benefit obligation at end of year | 3,348 | 3,396 | |
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 3,526 | 3,979 | |
Service cost | 77 | 98 | $ 106 |
Interest cost | 142 | 102 | 109 |
Employee contributions | 0 | 0 | |
Plan curtailments, settlements, and amendments | (19) | 0 | |
Actuarial (gain) loss | (210) | (513) | |
Benefits paid | (140) | (141) | |
Special termination benefits | 74 | 0 | |
Currency exchange rate changes and other | 0 | 0 | |
Projected benefit obligation at end of year | 3,451 | 3,526 | 3,979 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 3,559 | 3,660 | |
Actual return on plan assets | (43) | 15 | |
Employer contributions | 22 | 24 | |
Employee contributions | 0 | 0 | |
Plan settlements | 0 | 0 | |
Benefits paid | (140) | (141) | |
Currency exchange rate changes and other | 0 | 0 | |
Fair value of plan assets at end of year | 3,398 | 3,559 | 3,660 |
Funded status at end of year: | |||
Fair value of plan assets | 3,398 | 3,559 | 3,660 |
Benefit obligations | 3,451 | 3,526 | 3,979 |
Over (under) funded status of the plans | (53) | 33 | |
Recognized asset (liability) | (53) | 33 | |
Amounts recognized on the consolidated balance sheets consist of: | |||
Non-current assets | 221 | 313 | |
Current liabilities | (24) | (21) | |
Non-current liabilities | (250) | (259) | |
Recognized asset (liability) | (53) | 33 | |
Amounts recognized in accumulated other comprehensive loss: | |||
Prior service cost (credit) | (19) | 0 | |
Net actuarial loss | 891 | 854 | |
Ending balance | 873 | 854 | |
Non-U.S. Pension Benefits | Pension benefits | |||
Defined Benefit Plan Disclosure [Line items] | |||
Accumulated benefit obligation at end of year | 1,422 | 1,638 | |
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 1,740 | 2,294 | |
Service cost | 43 | 64 | 70 |
Interest cost | 38 | 26 | 28 |
Employee contributions | 9 | 12 | |
Plan curtailments, settlements, and amendments | (8) | (11) | |
Actuarial (gain) loss | (303) | (394) | |
Benefits paid | (63) | (48) | |
Special termination benefits | 0 | 0 | |
Currency exchange rate changes and other | 43 | (203) | |
Projected benefit obligation at end of year | 1,499 | 1,740 | 2,294 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 1,732 | 1,900 | |
Actual return on plan assets | (163) | (12) | |
Employer contributions | 57 | 70 | |
Employee contributions | 9 | 12 | |
Plan settlements | (8) | (1) | |
Benefits paid | (63) | (48) | |
Currency exchange rate changes and other | 50 | (188) | |
Fair value of plan assets at end of year | 1,614 | 1,732 | 1,900 |
Funded status at end of year: | |||
Fair value of plan assets | 1,614 | 1,732 | 1,900 |
Benefit obligations | 1,499 | 1,740 | $ 2,294 |
Over (under) funded status of the plans | 115 | (8) | |
Recognized asset (liability) | 115 | (8) | |
Amounts recognized on the consolidated balance sheets consist of: | |||
Non-current assets | 350 | 240 | |
Current liabilities | (6) | (6) | |
Non-current liabilities | (228) | (242) | |
Recognized asset (liability) | 115 | (8) | |
Amounts recognized in accumulated other comprehensive loss: | |||
Prior service cost (credit) | (3) | (4) | |
Net actuarial loss | 76 | 161 | |
Ending balance | $ 73 | $ 157 |
Retirement Benefit Plans - Net
Retirement Benefit Plans - Net Periodic Cost and AOCI (Details) - Pension benefits - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
UNITED STATES | |||
Net Periodic Benefit Cost | |||
Service cost | $ 77 | $ 98 | $ 106 |
Interest cost | 142 | 102 | 109 |
Expected return on plan assets | (224) | (226) | (242) |
Amortization of prior service cost | 0 | 0 | 1 |
Amortization of net actuarial loss | 20 | 64 | 69 |
Settlement and curtailment (gain) loss | 0 | 0 | 0 |
Special termination benefits | 74 | 0 | 73 |
Net periodic benefit cost | 89 | 39 | 116 |
Amounts Recognized in AOCI | |||
Net actuarial loss (gain) | 58 | ||
Prior service cost (credit) | (19) | ||
Amortization of prior service credit | 0 | ||
Amortization and settlement recognition of actuarial loss | (20) | ||
Effect of exchange rates | 0 | ||
Total recognized in other comprehensive income | 19 | ||
Total recognized in net periodic benefit cost and other comprehensive income | 108 | ||
Non-U.S. Pension Benefits | |||
Net Periodic Benefit Cost | |||
Service cost | 43 | 64 | 70 |
Interest cost | 38 | 26 | 28 |
Expected return on plan assets | (58) | (64) | (59) |
Amortization of prior service cost | (1) | (1) | (1) |
Amortization of net actuarial loss | 2 | 22 | 25 |
Settlement and curtailment (gain) loss | 2 | (10) | 1 |
Special termination benefits | 0 | 0 | 0 |
Net periodic benefit cost | 26 | $ 37 | $ 64 |
Amounts Recognized in AOCI | |||
Net actuarial loss (gain) | (82) | ||
Prior service cost (credit) | 0 | ||
Amortization of prior service credit | 1 | ||
Amortization and settlement recognition of actuarial loss | (4) | ||
Effect of exchange rates | 3 | ||
Total recognized in other comprehensive income | (82) | ||
Total recognized in net periodic benefit cost and other comprehensive income | $ (57) |
Retirement Benefit Plans - Actu
Retirement Benefit Plans - Actuarial Assumptions and Plan Assets Target Allocations (Details) - Pension benefits | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
UNITED STATES | |||
Critical assumptions – projected benefit obligation: | |||
Rate of compensation increase | 3.90% | 4.83% | 4.83% |
Critical assumptions – net periodic benefit cost: | |||
Expected return on plan assets | 7.50% | ||
Rate of compensation increase | 3.90% | 3.90% | |
Plan Assets Target Allocations | |||
Target Allocation | 100% | ||
Actual Allocation | 100% | 100% | |
UNITED STATES | Equity securities | |||
Plan Assets Target Allocations | |||
Target Allocation | 34% | ||
Actual Allocation | 36% | 36% | |
UNITED STATES | Debt securities | |||
Plan Assets Target Allocations | |||
Target Allocation | 51% | ||
Actual Allocation | 46% | 45% | |
UNITED STATES | Other | |||
Plan Assets Target Allocations | |||
Target Allocation | 15% | ||
Actual Allocation | 19% | 19% | |
UNITED STATES | Minimum | |||
Critical assumptions – projected benefit obligation: | |||
Discount rate | 4.73% | 4.23% | 2.80% |
Critical assumptions – net periodic benefit cost: | |||
Discount rate – benefit obligation | 4.23% | 2.80% | 3.10% |
Discount rate – service cost | 4.12% | 2.50% | 2.60% |
Discount rate – interest cost | 3.90% | 2.08% | 2.80% |
Expected return on plan assets | 5.30% | 5.60% | |
Rate of compensation increase | 3.90% | ||
UNITED STATES | Maximum | |||
Critical assumptions – projected benefit obligation: | |||
Discount rate | 4.99% | 4.48% | 3.50% |
Critical assumptions – net periodic benefit cost: | |||
Discount rate – benefit obligation | 4.48% | 3.46% | 3.70% |
Discount rate – service cost | 4.51% | 3.51% | 3.90% |
Discount rate – interest cost | 4.23% | 2.87% | 3.20% |
Expected return on plan assets | 7.20% | 7.40% | |
Rate of compensation increase | 4.83% | ||
Non-U.S. Pension Benefits | |||
Critical assumptions – projected benefit obligation: | |||
Rate of compensation increase | 2.75% | 2.70% | 2.90% |
Critical assumptions – net periodic benefit cost: | |||
Expected return on plan assets | 3.48% | 3.67% | 3.78% |
Rate of compensation increase | 2.70% | 2.90% | 2.91% |
Non-U.S. Pension Benefits | Equity securities | |||
Plan Assets Target Allocations | |||
Target Allocation | 42% | ||
Non-U.S. Pension Benefits | Debt securities | |||
Plan Assets Target Allocations | |||
Target Allocation | 34% | ||
Non-U.S. Pension Benefits | Other | |||
Plan Assets Target Allocations | |||
Target Allocation | 24% | ||
Non-U.S. Pension Benefits | Minimum | |||
Critical assumptions – projected benefit obligation: | |||
Discount rate | 1.30% | 0.60% | 0.30% |
Critical assumptions – net periodic benefit cost: | |||
Discount rate – benefit obligation | 0.60% | 0.25% | 0.30% |
Discount rate – service cost | 0.60% | 0.24% | 0.30% |
Discount rate – interest cost | 0.60% | 0.08% | 0.30% |
Non-U.S. Pension Benefits | Maximum | |||
Critical assumptions – projected benefit obligation: | |||
Discount rate | 10.70% | 25.40% | 13.30% |
Critical assumptions – net periodic benefit cost: | |||
Discount rate – benefit obligation | 25.40% | 12.80% | 13.90% |
Discount rate – service cost | 25.40% | 12.80% | 13.90% |
Discount rate – interest cost | 25.40% | 12.80% | 13.90% |
Retirement Benefit Plans - Fair
Retirement Benefit Plans - Fair Value Measurement (Details) - Pension benefits - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | $ 3,398 | $ 3,559 | $ 3,660 |
UNITED STATES | Level 1 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 227 | 197 | |
UNITED STATES | Level 2 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Level 3 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 992 | 1,011 | |
UNITED STATES | Level 3 | Partnership units | |||
Reconciliation of Retirement Benefit Plan Assets Measured at Fair Value Using Significant Unobservable Inputs | |||
Beginning balance | 1,011 | 860 | |
Total realized gains, net | 67 | 28 | |
Total unrealized gains, net | 151 | 72 | |
Purchases and sales, net | (238) | 51 | |
Ending balance | 992 | 1,011 | |
UNITED STATES | Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 2,179 | 2,350 | |
UNITED STATES | Short-term investments | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 114 | 73 | |
UNITED STATES | Short-term investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 114 | 73 | |
UNITED STATES | Short-term investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Short-term investments | Level 3 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Short-term investments | Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Mutual funds | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 114 | 125 | |
UNITED STATES | Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 114 | 125 | |
UNITED STATES | Mutual funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Mutual funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Mutual funds | Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Equity commingled trusts | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 1,211 | 1,281 | |
UNITED STATES | Equity commingled trusts | Level 1 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Equity commingled trusts | Level 2 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Equity commingled trusts | Level 3 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Equity commingled trusts | Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 1,211 | 1,281 | |
UNITED STATES | Fixed income commingled trusts | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 968 | 1,069 | |
UNITED STATES | Fixed income commingled trusts | Level 1 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Fixed income commingled trusts | Level 2 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Fixed income commingled trusts | Level 3 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Fixed income commingled trusts | Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 968 | 1,069 | |
UNITED STATES | Partnership units | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 992 | 1,011 | |
UNITED STATES | Partnership units | Level 1 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Partnership units | Level 2 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
UNITED STATES | Partnership units | Level 3 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 992 | 1,011 | |
UNITED STATES | Partnership units | Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Benefits | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 1,614 | 1,732 | $ 1,900 |
Non-U.S. Pension Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 44 | 43 | |
Non-U.S. Pension Benefits | Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 1,571 | 1,689 | |
Non-U.S. Pension Benefits | Registered investment companies | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 1,571 | 1,689 | |
Non-U.S. Pension Benefits | Registered investment companies | Level 1 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Benefits | Registered investment companies | Level 2 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Benefits | Registered investment companies | Level 3 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Benefits | Registered investment companies | Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 1,571 | 1,689 | |
Non-U.S. Pension Benefits | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 44 | 43 | |
Non-U.S. Pension Benefits | Insurance contracts | Level 1 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Benefits | Insurance contracts | Level 2 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Benefits | Insurance contracts | Level 3 | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | 44 | 43 | |
Non-U.S. Pension Benefits | Insurance contracts | Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Retirement Benefit Plans - Futu
Retirement Benefit Plans - Future Benefit Payments (Details) - Pension benefits $ in Millions | Apr. 28, 2023 USD ($) |
UNITED STATES | |
Estimated Future Benefit Payments | |
2024 | $ 168 |
2025 | 178 |
2026 | 188 |
2027 | 200 |
2028 | 213 |
2029 – 2033 | 1,171 |
Non-U.S. Pension Benefits | |
Estimated Future Benefit Payments | |
2024 | 64 |
2025 | 62 |
2026 | 62 |
2027 | 68 |
2028 | 69 |
2029 – 2033 | $ 411 |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification and Amounts of Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Millions | Apr. 28, 2023 | Apr. 29, 2022 |
Leases [Abstract] | ||
Right-of-use assets | $ 1,041 | $ 854 |
Balance Sheet Classification, Other assets | Other assets | Other assets |
Current liability | $ 180 | $ 167 |
Balance Sheet Classification, Other accrued expenses | Other accrued expenses | Other accrued expenses |
Non-current liability | $ 869 | $ 703 |
Balance Sheet Classification, Other liabilities | Other liabilities | Other liabilities |
Leases - Weighted-Average Remai
Leases - Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases (Details) | Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 |
Leases [Abstract] | |||
Weighted-average remaining lease term | 9 years 1 month 6 days | 7 years 3 months 18 days | 7 years 6 months |
Weighted-average discount rate | 2.40% | 2% | 2.30% |
Leases - Components of Total Op
Leases - Components of Total Operating Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 211 | $ 195 | $ 216 |
Short-term lease cost | 62 | 65 | 35 |
Total operating lease cost | $ 273 | $ 260 | $ 251 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 210 | $ 174 | $ 216 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 417 | $ 78 | $ 230 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Leases (Details) $ in Millions | Apr. 28, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 204 |
2025 | 171 |
2026 | 144 |
2027 | 121 |
2028 | 94 |
Thereafter | 426 |
Total expected lease payments | 1,160 |
Less: Imputed interest | (111) |
Total lease liability | $ 1,049 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 52,722,000,000 | $ 51,602,000,000 | $ 50,872,000,000 |
Other comprehensive (loss) income | (1,234,000,000) | 1,213,000,000 | 83,000,000 |
Ending balance | 51,665,000,000 | 52,722,000,000 | 51,602,000,000 |
Total Accumulated Other Comprehensive (Loss) Income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (2,265,000,000) | (3,485,000,000) | (3,560,000,000) |
Other comprehensive income (loss) before reclassifications | (704,000,000) | 1,210,000,000 | (20,000,000) |
Reclassifications | (530,000,000) | 9,000,000 | 95,000,000 |
Other comprehensive (loss) income | (1,234,000,000) | 1,219,000,000 | 75,000,000 |
Ending balance | (3,499,000,000) | (2,265,000,000) | (3,485,000,000) |
Unrealized (Loss) Gain on Investment Securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (209,000,000) | 92,000,000 | 0 |
Other comprehensive income (loss) before reclassifications | (78,000,000) | (304,000,000) | 92,000,000 |
Reclassifications | 29,000,000 | 3,000,000 | 0 |
Other comprehensive (loss) income | (49,000,000) | (301,000,000) | 92,000,000 |
Ending balance | (258,000,000) | (209,000,000) | 92,000,000 |
Other comprehensive income (loss), tax expense (benefit) | (21,000,000) | (51,000,000) | 31,000,000 |
Reclassifications from AOCI, tax expense (benefit) | (9,000,000) | (1,000,000) | 2,000,000 |
Cumulative Translation Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (2,599,000,000) | (519,000,000) | (2,210,000,000) |
Other comprehensive income (loss) before reclassifications | (240,000,000) | (2,080,000,000) | 1,691,000,000 |
Reclassifications | 0 | 0 | 0 |
Other comprehensive (loss) income | (240,000,000) | (2,080,000,000) | 1,691,000,000 |
Ending balance | (2,839,000,000) | (2,599,000,000) | (519,000,000) |
Other comprehensive income (loss), tax expense (benefit) | (5,000,000) | (8,000,000) | 7,000,000 |
Net Investment Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 841,000,000 | (1,458,000,000) | 236,000,000 |
Other comprehensive income (loss) before reclassifications | (596,000,000) | 2,299,000,000 | (1,694,000,000) |
Reclassifications | 0 | 0 | 0 |
Other comprehensive (loss) income | (596,000,000) | 2,299,000,000 | (1,694,000,000) |
Ending balance | 245,000,000 | 841,000,000 | (1,458,000,000) |
Other comprehensive income (loss), tax expense (benefit) | 0 | 0 | 0 |
Net Change in Retirement Obligations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (773,000,000) | (1,347,000,000) | (1,852,000,000) |
Other comprehensive income (loss) before reclassifications | 26,000,000 | 514,000,000 | 432,000,000 |
Reclassifications | 6,000,000 | 60,000,000 | 73,000,000 |
Other comprehensive (loss) income | 32,000,000 | 574,000,000 | 505,000,000 |
Ending balance | (741,000,000) | (773,000,000) | (1,347,000,000) |
Other comprehensive income (loss), tax expense (benefit) | 6,000,000 | 134,000,000 | 115,000,000 |
Reclassifications from AOCI, tax expense (benefit) | (9,000,000) | (20,000,000) | (16,000,000) |
Unrealized (Loss) Gain on Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 474,000,000 | (253,000,000) | 266,000,000 |
Other comprehensive income (loss) before reclassifications | 184,000,000 | 781,000,000 | (541,000,000) |
Reclassifications | (565,000,000) | (54,000,000) | 22,000,000 |
Other comprehensive (loss) income | (381,000,000) | 727,000,000 | (519,000,000) |
Ending balance | 93,000,000 | 474,000,000 | (253,000,000) |
Other comprehensive income (loss), tax expense (benefit) | 56,000,000 | 152,000,000 | (87,000,000) |
Reclassifications from AOCI, tax expense (benefit) | $ 133,000,000 | $ 26,000,000 | $ 14,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jun. 07, 2023 plantiff claim | May 30, 2023 plantiff | Feb. 08, 2023 USD ($) | May 31, 2017 claim | Apr. 28, 2023 USD ($) subsidiary claimant manufacturer | Apr. 29, 2022 USD ($) | Apr. 30, 2021 USD ($) | Apr. 29, 2016 USD ($) claim | |
Loss Contingencies [Line Items] | ||||||||
Gain (loss) related to litigation settlement | $ | $ 30 | $ 95 | $ 188 | |||||
Accrued litigations charges | $ | $ 300 | $ 300 | ||||||
Pelvic Mesh Litigation | Damages From Product Defects | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of subsidiaries which supplied pelvic mesh to manufacturer (in subsidiaries) | subsidiary | 2 | |||||||
Number of manufacturers (in manufacturers) | manufacturer | 1 | |||||||
Settlement consideration received | $ | $ 121 | |||||||
Number of claims settled (in claims) | claim | 5,000 | 11,000 | ||||||
Number of claimants (in claimants) | claimant | 16,200 | |||||||
Pelvic Mesh Litigation | Damages From Product Defects | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of claims settled (in claims) | claim | 15,900 | |||||||
Hernia Mesh Litigation | Pending Litigation | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of claimants (in claimants) | claim | 445 | |||||||
Number of plaintiffs (in plaintiffs) | plantiff | 7,240 | |||||||
Hernia Mesh Litigation | Pending Litigation | Massachusetts | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of plaintiffs (in plaintiffs) | plantiff | 6,284 | |||||||
Hernia Mesh Litigation | Pending Litigation | Minnesota | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of plaintiffs (in plaintiffs) | plantiff | 476 | |||||||
Colibri | ||||||||
Loss Contingencies [Line Items] | ||||||||
Amount of settlement paid | $ | $ 106 | |||||||
Diabetes Pump Retainer Ring Litigation | California | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of plaintiffs (in plaintiffs) | plantiff | 64 |
Segment and Geographic Inform_3
Segment and Geographic Information - Narrative (Details) | 12 Months Ended |
Apr. 28, 2023 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Number of reporting segments | 4 |
Segment and Geographic Inform_4
Segment and Geographic Information - Income From Operations Before Income Taxes by Reportable Segment and Reconciliation to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jul. 30, 2021 | Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Segment operating profit | $ 5,485 | $ 5,752 | $ 4,484 | |
Other non-operating income, net | 515 | 318 | 336 | |
Amortization of intangible assets | (1,698) | (1,733) | (1,783) | |
Certain litigation charges, net | 30 | (95) | (118) | |
Impairment of abandoned intangible assets | 0 | (515) | 0 | |
Income before income taxes | 5,364 | 5,517 | 3,895 | |
Cardiovascular | ||||
Segment Reporting Information [Line Items] | ||||
MCS impairment / costs | $ (726) | |||
Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating profit | 11,286 | 12,432 | 10,632 | |
Reportable segments | Cardiovascular | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating profit | 4,435 | 4,512 | 3,850 | |
Reportable segments | Medical Surgical | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating profit | 2,856 | 3,572 | 3,021 | |
Reportable segments | Neuroscience | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating profit | 3,617 | 3,765 | 3,162 | |
Reportable segments | Diabetes | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating profit | 378 | 583 | 598 | |
Segment reconciling items | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | (636) | (553) | (925) | |
Other non-operating income, net | 515 | 318 | 336 | |
Amortization of intangible assets | (1,698) | (1,733) | (1,783) | |
Corporate | (1,763) | (1,724) | (1,577) | |
Currency | 465 | 70 | (47) | |
Centralized distribution costs | (1,624) | (1,822) | (1,830) | |
Restructuring and associated costs | (647) | (335) | (617) | |
Acquisition-related items | (110) | 43 | 15 | |
Divestiture and separation-related items | (235) | 0 | 0 | |
Certain litigation charges, net | 30 | (95) | (118) | |
Impairment of abandoned intangible assets | 0 | 0 | (76) | |
MCS impairment / costs | 0 | (881) | 0 | |
IPR&D charges | 0 | (101) | (31) | |
Medical device regulations | (150) | (102) | (83) | |
Commitments to the Medtronic Foundation and Medtronic LABS | $ (70) | $ 0 | $ 0 |
Segment and Geographic Inform_5
Segment and Geographic Information - Reconciliation of Assets and Depreciation Expense from Segments to Consolidated (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 90,948 | $ 90,981 | |
Depreciation Expense | 999 | 974 | $ 919 |
Reportable segments | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 74,575 | 72,144 | |
Depreciation Expense | 761 | 746 | 696 |
Reportable segments | Cardiovascular | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 16,051 | 14,490 | |
Depreciation Expense | 212 | 214 | 212 |
Reportable segments | Medical Surgical | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 36,248 | 36,940 | |
Depreciation Expense | 202 | 200 | 195 |
Reportable segments | Neuroscience | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 18,346 | 16,917 | |
Depreciation Expense | 267 | 265 | 236 |
Reportable segments | Diabetes | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 3,930 | 3,797 | |
Depreciation Expense | 80 | 67 | 53 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 16,373 | 18,837 | |
Depreciation Expense | $ 238 | $ 228 | $ 223 |
Segment and Geographic Inform_6
Segment and Geographic Information - Schedule of Net Sales to External Customers and Property, Plant, and Equipment, Net, by Geographic Region (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 31,227 | $ 31,686 | $ 30,117 |
Property, plant, and equipment, net | 5,569 | 5,413 | |
Ireland | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 98 | 101 | 100 |
Property, plant, and equipment, net | 184 | 177 | |
Total other countries, excluding Ireland | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 31,129 | 31,585 | 30,017 |
Property, plant, and equipment, net | 5,385 | 5,236 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 16,373 | 16,135 | 15,526 |
Property, plant, and equipment, net | 4,083 | 3,821 | |
Rest of world | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 14,756 | 15,450 | $ 14,491 |
Property, plant, and equipment, net | $ 1,302 | $ 1,415 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | Apr. 30, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Other Changes (Debit) Credit | |||
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Fiscal Year | $ 230 | $ 241 | 208 |
Charges to Income | 73 | 58 | 128 |
Charges to Other Accounts | 0 | 0 | 0 |
Other Changes (Debit) Credit | (127) | (69) | (95) |
Balance at End of Fiscal Year | 176 | 230 | 241 |
Inventory Reserve | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Fiscal Year | 628 | 629 | 544 |
Charges to Income | 271 | 156 | 483 |
Charges to Other Accounts | 0 | 0 | 0 |
Other Changes (Debit) Credit | (231) | (157) | (398) |
Balance at End of Fiscal Year | 669 | 628 | 629 |
Deferred Tax Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Fiscal Year | 6,583 | 5,822 | 5,482 |
Charges to Income | 4,779 | 884 | 342 |
Charges to Other Accounts | 39 | (19) | 170 |
Other Changes (Debit) Credit | (63) | (103) | (172) |
Balance at End of Fiscal Year | $ 11,311 | $ 6,583 | $ 5,822 |