Revenue

12 Months Ended

Apr. 26, 2019

Revenue from Contract with Customer [Abstract]

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 hospitals, clinics, third-party health care providers, distributors, and other institutions, including governmental health care programs and group purchasing organizations.

The table below illustrates net sales by segment and division for fiscal years 2019, 2018, and 2017:



	Net Sales by Fiscal Year
(in millions)	2019		2018		2017
Cardiac Rhythm & Heart Failure	$	5,849	$	5,947	$	5,649
Coronary & Structural Heart	3,730		3,562		3,113
Aortic, Peripheral & Venous	1,926		1,845		1,736
Cardiac and Vascular Group	11,505		11,354		10,498
Surgical Innovations	5,753		5,537		5,145
Respiratory, Gastrointestinal, & Renal	2,725		3,179		4,774
Minimally Invasive Therapies Group	8,478		8,716		9,919
Spine	2,654		2,668		2,641
Brain Therapies	2,604		2,354		2,098
Specialty Therapies	1,641		1,556		1,491
Pain Therapies	1,284		1,165		1,136
Restorative Therapies Group	8,183		7,743		7,366
Diabetes Group	2,391		2,140		1,927
Total	$	30,557	$	29,953	$	29,710

The tables below include net sales by market geography and segment for fiscal years 2019, 2018, and 2017:



	U.S.⁽¹⁾				Non-U.S. Developed Markets⁽²⁾				Emerging Markets⁽³⁾
(in millions)	Fiscal Year 2019		Fiscal Year 2018		Fiscal Year 2019		Fiscal Year 2018		Fiscal Year 2019		Fiscal Year 2018
Cardiac and Vascular Group	$	5,750	$	5,681	$	3,767	$	3,790	$	1,988	$	1,883
Minimally Invasive Therapies Group	3,630		3,804		3,250		3,378		1,598		1,534
Restorative Therapies Group	5,478		5,164		1,759		1,720		946		859
Diabetes Group	1,336		1,226		855		739		200		175
Total	$	16,194	$	15,875	$	9,631	$	9,627	$	4,732	$	4,451



	U.S.⁽¹⁾				Non-U.S. Developed Markets⁽²⁾				Emerging Markets⁽³⁾
(in millions)	Fiscal Year 2018		Fiscal Year 2017		Fiscal Year 2018		Fiscal Year 2017		Fiscal Year 2018		Fiscal Year 2017
Cardiac and Vascular Group	$	5,681	$	5,454	$	3,790	$	3,393	$	1,883	$	1,651
Minimally Invasive Therapies Group	3,804		5,049		3,378		3,479		1,534		1,391
Restorative Therapies Group	5,164		5,012		1,720		1,588		859		766
Diabetes Group	1,226		1,148		739		625		175		154
Total	$	15,875	$	16,663	$	9,627	$	9,085	$	4,451	$	3,962


(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 26, 2019, $764 million of rebates were classified as other accrued expenses and $432 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheets. At April 27, 2018, $614 million of rebates were classified as other accrued expenses and $376 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheets. The Company includes obligations for returns in other accrued expenses in the consolidated balance sheets and the right-of-return asset in other current assets in the consolidated balance sheets. The right-of-return asset and liability at April 26, 2019 and right-of-return liability at April 27, 2018 were not material. There was no right-of-return asset at April 27, 2018 as the liability was recorded net of the asset under previous guidance. During fiscal year 2019, 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 26, 2019 and April 27, 2018 was $315 million and $289 million, respectively. At April 26, 2019 and April 27, 2018, $211 million and $196 million was included in other accrued expenses, respectively, and $104 million and $93 million was included in other liabilities, respectively. During the fiscal year ended April 26, 2019, the Company recognized $199 million of revenue that was included in deferred revenue as of April 27, 2018.

At April 26, 2019, the estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied for executed contracts with an original duration of one year or more was approximately $900 million. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next four years.