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Segment and Geographic Information
 12 Months Ended
Apr. 26, 2024
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
There were no changes to the reportable segments during the fiscal year ended April 26, 2024. We continue to have four reportable segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. However, there were changes to the operating segments during fiscal year 2024 as a result of how the Chief Operating Decision Maker (CODM) assesses business performance. During the first quarter of fiscal year 2024, the Medical Surgical Portfolio was separated into two operating segments as a result of the previously contemplated separation of the PMRI businesses, which were previously aggregated based upon similar economic and operating characteristics. In addition, during the first quarter of fiscal year 2024, there were certain Medical Surgical businesses that were moved to the Other line, which primarily related to wind-down activity of the Company's Renal Care Solutions business that was contributed to Mozarc Medical in April 2023. Subsequently, as a result of the February 2024 decision to exit the Company's ventilator product line and retain and combine the remaining PMRI businesses into one business unit as further discussed in Note 3, the two operating segments within the Medical Surgical Portfolio were combined into one operating segment, and the Company's ventilator product line, which was in the Medical Surgical Portfolio, was moved to the Other line during the fourth quarter of fiscal year 2024. Prior period amounts have been recast to reflect the new reporting structure.
The Company's management has chosen to organize the entity based upon therapy solutions provided by each segment. The four principal segments are strategic businesses that are managed separately, as each one develops and manufactures products and provides services oriented toward targeted therapy solutions.
The primary products and services from which the Cardiovascular Portfolio segment derives its revenues include products for the diagnosis, treatment, and management of cardiac rhythm disorders and cardiovascular disease, as well as services to diagnose, treat, and manage heart and vascular-related disorders and diseases.
The primary products and services from which the Neuroscience Portfolio segment derives its revenues include those focused on neurostimulation therapies and drug delivery systems for the treatment of chronic pain, as well as various areas of the spine and brain, along with pelvic health and conditions of the ear, nose, and throat.
The primary products and services from which the Medical Surgical Portfolio segment derives its revenues include those focused on diseases of the respiratory system, gastrointestinal tract, lungs, pelvic region, obesity, and other preventable complications.
The primary products from which the Diabetes Operating Unit segment derives its revenues include those focused on diabetes management, including insulin pumps, continuous glucose monitoring systems and sensors, and smart insulin pens.
Segment disclosures are on a performance basis, consistent with internal management reporting. Net sales of the Company's segments include end-customer revenues from the sale of products the segment develops, manufactures, and distributes. Refer to Note 2 for discussion on net sales by segment. There are certain corporate and centralized expenses that are not allocated to the segments. The Company's management evaluates the performance of the segments and allocates resources based on net sales and segment operating profit. Segment operating profit represents income before income taxes, excluding interest income or expense, amortization of intangible assets, centralized distribution costs, currency impact of remeasurement and hedging, non-operating income or expense items, certain corporate charges, stock-based compensation, and other items not allocated to the segments. Prior period amounts have been recast to reallocate certain expenses from segment operating profit to centralized distribution costs to conform to classifications used in the current year as a result in a change to the segment operating profit metric used by the CODM to assess business performance and allocate resources.
The accounting policies of the segments are the same as those described in Note 1. Certain depreciable assets may be recorded by one segment, while the depreciation expense is allocated to another segment. The allocation of depreciation expense is based on the proportion of the assets used by each segment.
Segment Operating Profit
 Fiscal Year
(in millions)202420232022
Cardiovascular$4,474 $4,522 $4,596 
Neuroscience3,940 3,712 3,858 
Medical Surgical3,170 3,048 3,698 
Diabetes394 383 588 
Reportable segment operating profit11,979 11,664 12,740 
Other operating segment (1)
10 (89)(31)
Corporate(1,784)(1,763)(1,724)
Interest expense(719)(636)(553)
Other non-operating income, net412 515 318 
Amortization of intangible assets(1,693)(1,698)(1,733)
Stock-based compensation(393)(355)(358)
Centralized distribution costs(1,609)(1,558)(1,741)
Currency (2)
68 465 70 
Restructuring and associated costs(389)(647)(335)
Acquisition and divestiture-related items(777)(345)(838)
Certain litigation charges, net(149)30 (95)
IPR&D charges— — (101)
Medical device regulations(119)(150)(102)
Commitments to the Medtronic Foundation and Medtronic LABS— (70)— 
Income before income taxes$4,837 $5,364 $5,517 
(1) Includes the 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.
(2) Includes the net impact of remeasurement and the Company's hedging programs recorded in other operating expense (income), net.
Total Assets and Depreciation Expense
Total AssetsDepreciation Expense
(in millions)April 26, 2024April 28, 2023202420232022
Cardiovascular$16,128 $16,036 $199 $209 $210 
Neuroscience18,270 18,346 252 267 265 
Medical Surgical33,586 34,926 194 203 186 
Diabetes3,996 3,930 94 80 67 
Total reportable segments71,980 73,238 739 759 728 
Other operating segment (1)
547 1,337 — 2 18 
Corporate17,455 16,373 215 238 228 
Total$89,981 $90,948 $954 $999 $974 
(1) Includes the 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.
Geographic Information
Net sales are attributed to the country based on the location of the customer taking possession of the products or in which the services are rendered. Geographic property, plant, and equipment are attributed to the country based on the physical location of the assets.
The following table presents net sales for fiscal years 2024, 2023, and 2022, and property, plant, and equipment, net at April 26, 2024 and April 28, 2023 for the Company's country of domicile, countries with significant concentrations, and all other countries:
Net salesProperty, plant, and equipment, net
(in millions)202420232022April 26, 2024April 28, 2023
Ireland$113 $98 $101 $252 $184 
United States16,562 16,373 16,135 4,593 4,083 
Rest of world15,689 14,756 15,450 1,286 1,302 
Total other countries, excluding Ireland32,251 31,129 31,585 5,879 5,385 
Total$32,364 $31,227 $31,686 $6,131 $5,569 
No single customer represented over 10 percent of the Company’s consolidated net sales in fiscal years 2024, 2023, or 2022.