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Revenue
 9 Months Ended
Jan. 28, 2022
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.
During the fourth quarter of fiscal year 2021, the Company realigned its divisions within Cardiovascular. As a result, fiscal year 2021 revenue has been recast to adjust for these realignments. Additionally, the Company implemented a new operating model in fiscal year 2021, which was fully operational beginning in the fourth quarter.
The table below illustrates net sales by segment and division for the three and nine months ended January 28, 2022 and January 29, 2021:
 
Three months ended
Nine months ended
(in millions)January 28, 2022January 29, 2021January 28, 2022January 29, 2021
Cardiac Rhythm & Heart Failure $1,402 $1,371 $4,356 $4,045 
Structural Heart & Aortic740 730 2,277 2,090 
Coronary & Peripheral Vascular 603 605 1,829 1,730 
Cardiovascular 2,745 2,707 8,462 7,865 
Surgical Innovations1,519 1,423 4,570 3,896 
Respiratory, Gastrointestinal, & Renal771 890 2,341 2,502 
Medical Surgical 2,290 2,313 6,910 6,399 
Cranial & Spinal Technologies1,102 1,081 3,292 3,096 
Specialty Therapies633 618 1,908 1,653 
Neuromodulation409 426 1,285 1,152 
Neuroscience 2,144 2,126 6,484 5,900 
Diabetes 584 630 1,741 1,766 
Total$7,763 $7,775 $23,597 $21,929 

The table below illustrates net sales by market geography for each segment for the three and nine months ended January 28, 2022 and January 29, 2021:
 
U.S.(1)
Non-U.S. Developed Markets(2)
Emerging Markets(3)
Three months endedThree months endedThree months ended
(in millions)January 28, 2022January 29, 2021January 28, 2022January 29, 2021January 28, 2022January 29, 2021
Cardiovascular $1,297 $1,272 $935 $941 $513 $493 
Medical Surgical 990 959 812 868 488 486 
Neuroscience 1,397 1,401 431 444 316 280 
Diabetes 255 307 261 268 68 55 
Total$3,939 $3,939 $2,438 $2,522 $1,385 $1,314 
U.S.(1)
Non-U.S. Developed Markets(2)
Emerging Markets(3)
Nine months endedNine months endedNine months ended
(in millions)January 28, 2022January 29, 2021January 28, 2022January 29, 2021January 28, 2022January 29, 2021
Cardiovascular $4,090 $3,854 $2,886 $2,739 $1,486 $1,271 
Medical Surgical 2,950 2,677 2,521 2,425 1,439 1,297 
Neuroscience 4,237 3,934 1,330 1,246 918 720 
Diabetes 760 879 780 733 201 154 
Total$12,038 $11,344 $7,517 $7,143 $4,043 $3,443 
(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.
The amount of revenue recognized is reduced by sales rebates and returns. Adjustments to rebates and returns reserves are recorded as increases or decreases to revenue. At January 28, 2022, $1.0 billion of rebates were classified as other accrued expenses, and $553 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet. At April 30, 2021, $906 million of rebates were classified as other accrued expenses, and $485 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet.
Deferred Revenue and Remaining Performance Obligations
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 at January 28, 2022 and April 30, 2021 was $392 million and $368 million, respectively. At January 28, 2022 and April 30, 2021, $296 million and $276 million was included in other accrued expenses, respectively, and $97 million and $93 million was included in other liabilities, respectively. During the nine months ended January 28, 2022, the Company recognized $192 million of revenue that was included in deferred revenue as of April 30, 2021.
Remaining performance obligations include goods and services that have not yet been delivered or provided under existing, noncancellable contracts with minimum purchase commitments. At January 28, 2022, 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 $1.0 billion. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next four years.