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Revenue
 12 Months Ended
Apr. 26, 2024
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, 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. Prior period revenue has been recast to reflect the new reporting structure. The activity of the Company's Renal Care Solutions business and the ventilator product line were moved out of Medical Surgical and into the Other line, and the retained PMRI businesses were combined into one business unit called Acute Care & Monitoring in Medical Surgical. Refer to Note 19 to the consolidated financial statements for additional information regarding the Company's reporting structure.
The table below illustrates net sales by segment and division for fiscal years 2024, 2023, and 2022:
  Net Sales by Fiscal Year
(in millions)202420232022
Cardiac Rhythm & Heart Failure$5,995 $5,783 $5,852 
Structural Heart & Aortic 3,358 3,363 3,055 
Coronary & Peripheral Vascular 2,478 2,375 2,460 
Cardiovascular 11,831 11,522 11,368 
Cranial & Spinal Technologies 4,756 4,451 4,456 
Specialty Therapies2,905 2,815 2,592 
Neuromodulation1,746 1,693 1,735 
Neuroscience9,406 8,959 8,784 
Surgical & Endoscopy6,508 6,152 6,543 
Acute Care & Monitoring1,908 1,837 1,926 
Medical Surgical 8,417 7,989 8,469 
Diabetes2,488 2,262 2,338 
Reportable segment net sales32,142 30,731 30,959 
Other operating segment (1)
221 495 727 
Total net sales$32,364 $31,227 $31,686 
(1) Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested, which primarily includes the Company's ventilator product line and the Renal Care Solutions business.
The table below illustrates net sales by market geography for each segment for fiscal years 2024, 2023, and 2022:
U.S.(1)
Non-U.S. Developed Markets(2)
Emerging Markets(3)
(in millions)
Fiscal Year 2024
Fiscal Year 2023
Fiscal Year 2022
Fiscal Year 2024
Fiscal Year 2023
Fiscal Year 2022
Fiscal Year 2024
Fiscal Year 2023
Fiscal Year 2022
Cardiovascular$5,597 $5,796 $5,490 $3,857 $3,564 $3,866 $2,377 $2,161 $2,012 
Neuroscience6,305 6,018 5,753 1,739 1,658 1,801 1,362 1,283 1,229 
Medical Surgical3,717 3,549 3,659 3,049 2,917 3,155 1,650 1,522 1,655 
Diabetes852 849 974 1,284 1,106 1,085 352 307 279 
Reportable segment net sales16,471 16,212 15,876 9,929 9,245 9,907 5,742 5,273 5,176 
Other operating segment (4)
91 160 259 50 163 218 81 172 250 
Total net sales$16,562 $16,373 $16,135 $9,979 $9,408 $10,126 $5,823 $5,446 $5,426 
(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.
(4)Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested, which primarily includes the Company's ventilator product line and the Renal Care Solutions business.
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 April 26, 2024, $1.0 billion of rebates were classified as other accrued expenses, and $574 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet. 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. During fiscal year 2024, 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, 2024 and April 28, 2023 was $453 million and $405 million, respectively. At April 26, 2024 and April 28, 2023, $352 million and $314 million was included in other accrued expenses, respectively, and $101 million and $91 million was included in other liabilities, respectively. During the fiscal year ended April 26, 2024, the Company recognized $324 million of revenue that was included in deferred revenue as of April 28, 2023. During the fiscal year ended April 28, 2023, the Company recognized $240 million of revenue that was included in deferred revenue at 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 26, 2024, 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 $0.5 billion. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next two years.