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Segment and Geographic Information
 12 Months Ended
Apr. 24, 2015
Segment Reporting [Abstract]  
Segment and Geographic Information
Segment and Geographic Information
The Company’s management evaluates performance and allocates resources based on profit and loss from operations before income taxes and interest expense, net, not including special (gains) charges, net, restructuring charges, net, certain litigation charges, net, acquisition-related items, and certain tax adjustments. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies in Note 1.
In the fourth quarter of fiscal year 2015, the Company amended the way in which management evaluates performance and allocates resources due to the Covidien acquisition. As a result, the Company began to operate under four reportable segments and four operating segments. This change had no impact on the Company’s consolidated results for prior periods presented.
The Company’s Cardiac and Vascular Group consists of three divisions: Cardiac Rhythm & Heart Failure, Coronary & Structural Heart, and Aortic & Peripheral Vascular. The primary products sold by this operating segment include those for cardiac rhythm disorders and cardiovascular disease. The Company’s Minimally Invasive Therapies Group consists of two divisions: Surgical Solutions and Patient Monitoring & Recovery. The primary products sold by this operating segment include those for advanced and general surgical care and patient monitoring, nursing and patient care, and airway and ventilation. The Company’s Restorative Therapies Group consists of four divisions: Spine, Neuromodulation, Surgical Technologies, and Neurovascular. The primary products sold by this operating segment include those for spinal conditions and musculoskeletal trauma, neurological disorders, urological and digestive disorders, and ear, nose, and throat conditions. The primary products sold by the Company’s Diabetes Group include those for diabetes management.
Net sales of the Company’s reportable segments include end-customer revenues from the sale of products they each develop and manufacture or distribute. Net sales and income before income taxes by reportable segment are as follows:
 
Fiscal Year
(in millions)
2015
 
2014
 
2013
Cardiac and Vascular Group
$
9,361

 
$
8,847

 
$
8,695

Minimally Invasive Therapies Group
2,387

 
—

 
—

Restorative Therapies Group
6,751

 
6,501

 
6,369

Diabetes Group
1,762

 
1,657

 
1,526

Total Net Sales
$
20,261

 
$
17,005

 
$
16,590


 
Fiscal Year
(in millions)
2015
 
2014
 
2013
Cardiac and Vascular Group
$
3,140

 
$
2,982

 
$
2,935

Minimally Invasive Therapies Group
342

 
—

 
—

Restorative Therapies Group
1,828

 
1,821

 
1,778

Diabetes Group
540

 
457

 
432

Total Reportable Segments’ Income Before Income Taxes
5,850

 
5,260

 
5,145

Impact of inventory step-up
(623
)
 
—

 
—

Impact of product technology upgrade commitment
(74
)
 
—

 
—

Special (gains) charges, net
38

 
(40
)
 
—

Restructuring charges, net (a)
(252
)
 
(88
)
 
(182
)
Certain litigation charges, net
(42
)
 
(770
)
 
(245
)
Acquisition-related items
(550
)
 
(117
)
 
49

Interest expense, net
(280
)
 
(108
)
 
(151
)
Corporate
(581
)
 
(432
)
 
(365
)
Total Income From Operations Before Income Taxes
$
3,486

 
$
3,705

 
$
4,251


(a)
    Restructuring charges, net within this table include the impact of amounts recorded within cost of products sold in the consolidated statements of income.
The following table presents the Company’s assets by reportable segment:
(in millions)
April 24,
2015
 
April 25,
2014
Cardiac and Vascular Group
$
13,642

 
$
8,705

Minimally Invasive Therapies Group
51,228

 
—

Restorative Therapies Group
15,249

 
10,568

Diabetes Group
2,597

 
2,038

Total Assets of Reportable Segments
82,716

 
21,311

Corporate
23,969

 
16,632

Total Assets
$
106,685

 
$
37,943


Geographic Information
In the fourth quarter of fiscal year 2015, the Company amended the way in which management evaluates performance and allocates resources by geography. As a result, the Company began to operate under four geographic regions: Americas, Europe, Middle East, and Africa (EMEA), Asia Pacific, and Greater China. Accordingly, the geographic information for the prior years has been restated to present these regions.
Net sales to external customers and property, plant, and equipment, net by geography are as follows:
(in millions)
Americas
 
EMEA (a)
 
Asia Pacific
 
Greater China
 
Consolidated
Fiscal Year 2015
 

 
 

 
 

 
 

 
 

Net sales to external customers
$
12,125

 
$
5,064

 
$
2,059

 
$
1,013

 
$
20,261

Property, plant, and equipment, net
$
3,626

 
$
725

 
$
165

 
$
183

 
$
4,699

Fiscal Year 2014
 

 
 

 
 

 
 

 
 

Net sales to external customers
$
9,922

 
$
4,483

 
$
1,776

 
$
824

 
$
17,005

Property, plant, and equipment, net
$
1,833

 
$
393

 
$
74

 
$
92

 
$
2,392

Fiscal Year 2013
 

 
 

 
 

 
 

 
 

Net sales to external customers
$
9,761

 
$
4,225

 
$
1,886

 
$
718

 
$
16,590

Property, plant, and equipment, net
$
1,920

 
$
397

 
$
74

 
$
99

 
$
2,490

(a)
Sales to Ireland were insignificant during all periods presented. Property, plant, and equipment, net includes $151 million, $72 million, and $70 million in Ireland in fiscal years 2015, 2014, and 2013, respectively.
No single customer represented over 10 percent of the Company’s consolidated net sales in fiscal years 2015, 2014, or 2013.