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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)202320222021
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 Innovations5,663 6,060 5,438 
Respiratory, Gastrointestinal, & Renal2,770 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 
Neuromodulation1,693 1,735 1,601 
Neuroscience 8,959 8,784 8,195 
Diabetes2,262 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 Surgical3,658 3,862 3,650 3,080 3,373 3,320 1,694 1,905 1,766 
Neuroscience6,018 5,753 5,456 1,658 1,801 1,724 1,283 1,229 1,015 
Diabetes849 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.