XML 84 R46.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Retirement Benefit Plans (Tables)
 12 Months Ended
Apr. 26, 2024
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans The change in benefit obligation and funded status of the Company’s U.S. and Non-U.S. pension benefits are as follows:
 
U.S. Pension Benefits(1)
Non-U.S. Pension Benefits
 Fiscal YearFiscal Year
(in millions)2024202320242023
Accumulated benefit obligation at end of year:$3,144 $3,348 $1,513 $1,422 
Change in projected benefit obligation:    
Projected benefit obligation at beginning of year$3,451 $3,526 $1,499 $1,740 
Service cost61 77 42 43 
Interest cost162 142 53 38 
Employee contributions— — 9 9 
Plan curtailments, settlements, and amendments— (19)(10)(8)
Actuarial (gain) loss(2)
(245)(210)116 (303)
Benefits paid(234)(140)(65)(63)
Special termination benefits(3)
— 74 — — 
Currency exchange rate changes and other— — (41)43 
Projected benefit obligation at end of year$3,194 $3,451 $1,604 $1,499 
Change in plan assets:    
Fair value of plan assets at beginning of year$3,398 $3,559 $1,614 $1,732 
Actual return on plan assets356 (43)103 (163)
Employer contributions32 22 40 57 
Employee contributions— — 9 9 
Plan settlements— — (7)(8)
Benefits paid(234)(140)(65)(63)
Currency exchange rate changes and other— — (36)50 
Fair value of plan assets at end of year$3,551 $3,398 $1,659 $1,614 
Funded status at end of year:    
Fair value of plan assets$3,551 $3,398 $1,659 $1,614 
Benefit obligations3,194 3,451 1,604 1,499 
Over (under) funded status of the plans357 (53)54 115 
Recognized asset (liability)$357 $(53)$54 $115 
Amounts recognized on the consolidated
balance sheets consist of:
Non-current assets$617 $221 $296 $350 
Current liabilities(30)(24)(7)(6)
Non-current liabilities(230)(250)(235)(228)
Recognized asset (liability)$357 $(53)$54 $115 
Amounts recognized in accumulated other
comprehensive loss:
Prior service (credit) cost$(16)$(19)$(3)$(3)
Net actuarial loss534 891 161 76 
Ending balance$517 $873 $158 $73 
(1)As of April 24, 2020, the Company announced the freezing of the U.S. pension benefits beginning Plan year 2028. Employees will continue to earn benefits as required by the Medtronic Retirement Plan until April 30, 2027, after which date benefits will no longer be earned and employees will earn benefits through the Medtronic Savings and Investment Plan.
(2)Actuarial gains and losses result from changes in actuarial assumptions (such as changes in the discount rate and revised mortality rates). The actuarial gains and losses were primarily driven by increases and decreases in discount rates, respectively.
(3)This represents a portion of the total voluntary early retirement package charges for fiscal year 2023.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets U.S. and non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following:
 Fiscal Year
(in millions)20242023
Accumulated benefit obligation$773 $731 
Projected benefit obligation809 772 
Plan assets at fair value334 301 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
U.S. and non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following:
 Fiscal Year
(in millions)20242023
Projected benefit obligation$1,321 $1,285 
Plan assets at fair value819 776 
Schedule of Net Benefit Costs
The net periodic benefit cost of the plans includes the following components:
 U.S. Pension BenefitsNon-U.S. Pension Benefits
 Fiscal YearFiscal Year
(in millions)202420232022202420232022
Service cost$61 $77 $98 $42 $43 $64 
Interest cost162 142 102 53 38 26 
Expected return on plan assets(261)(224)(226)(72)(58)(64)
Amortization of prior service cost(2)— — (1)(1)(1)
Amortization of net actuarial loss (gain)18 20 64 (1)2 22 
Settlement and curtailment (gain) loss— — — (3)2 (10)
Special termination benefits— 74 — — — — 
Net periodic benefit (credit) cost$(22)$89 $39 $18 $26 $37 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The other changes in plan assets and projected benefit obligations recognized in other comprehensive income for fiscal year 2024 are as follows:
(in millions)U.S. Pension
Benefits		Non-U.S.
Pension
Benefits
Net actuarial (gain) loss$(339)$86 
Prior service cost— (1)
Amortization of prior service cost2 1 
Amortization and settlement recognition of actuarial (gain) loss(18)3 
Effect of exchange rates— (3)
Total recognized in other comprehensive income(355)85 
Total recognized in net periodic benefit cost and other comprehensive income$(378)$103 
Schedule of Assumptions Used
The actuarial assumptions are as follows:

 U.S. Pension BenefitsNon-U.S. Pension Benefits
 Fiscal YearFiscal Year
 202420232022202420232022
Critical assumptions – projected benefit obligation:      
Discount rate
5.54% - 5.75%
4.73% - 4.99%
4.23% - 4.48%
1.40% - 26.40%
1.30% - 10.70%
0.60% - 25.40%
Rate of compensation increase3.90 %3.90 %4.83 %2.85 %2.75 %2.70 %
Critical assumptions – net periodic benefit cost:      
Discount rate – benefit obligation
4.73% - 4.99%
4.23% - 4.48%
2.80% - 3.46%
1.30% - 10.70%
0.60% - 25.40%
0.25% - 12.80%
Discount rate – service cost
4.68% - 5.07%
4.12% - 4.51%
2.50% - 3.51%
1.30% - 10.70%
0.60% - 25.40%
0.24% - 12.80%
Discount rate – interest cost
4.73% - 4.90%
3.90% - 4.23%
2.08% - 2.87%
1.30% - 10.70%
0.60% - 25.40%
0.08% - 12.80%
Expected return on plan assets
6.40% - 8.10%
5.30% - 7.20%
5.60% - 7.40%
4.07 %3.48 %3.67 %
Rate of compensation increase3.90 %3.90 %
3.90% - 4.83%
2.75 %2.70 %2.90 %
Schedule of Allocation of Plan Assets
The Company’s U.S. plans target asset allocations at April 26, 2024, compared to the U.S. plans actual asset allocations at April 26, 2024 and April 28, 2023 by asset category, are as follows:
U.S. PlansTarget AllocationActual Allocation
 
April 26, 2024
April 26, 2024
April 28, 2023
Asset Category:
Equity securities34 %39 %36 %
Debt securities51 40 46 
Other15 21 19 
Total100 %100 %100 %
Schedule of Fair Value Measurements, Retirement Benefit Plan Assets
The following tables provide information by level for the retirement benefit plan assets that are measured at fair value, as defined by U.S. GAAP. Certain investments for which the fair value is measured using the net asset value per share (or its equivalent) practical expedient are not presented within the fair value hierarchy. The fair value amounts presented for these investments are intended to permit reconciliation to the total fair value of plan assets at April 26, 2024 and April 28, 2023.
U.S. Pension Benefits
 Fair Value at 
 Fair Value Measurements
Using Inputs Considered as		Investments Measured at Net Asset Value
(in millions)April 26, 2024Level 1Level 2Level 3
Short-term investments$80 $80 $— $— $— 
Mutual funds106 106 — — — 
Equity commingled trusts942 — — — 942 
Fixed income commingled trusts1,273 — — — 1,273 
Partnership units1,151 — — — 1,151 
$3,551 $186 $— $— $3,366 

 Fair Value atFair Value Measurements
Using Inputs Considered as		Investments Measured at Net Asset Value
(in millions)April 28, 2023Level 1Level 2Level 3
Short-term investments$114 $114 $— $— $— 
Mutual funds114 114 — — — 
Equity commingled trusts1,211 — — — 1,211 
Fixed income commingled trusts968 — — — 968 
Partnership units992 — — 992 — 
$3,398 $227 $— $992 $2,179 
Non-U.S. Pension Benefits
 Fair Value atFair Value Measurements
Using Inputs Considered as		Investments Measured at Net Asset Value
(in millions)April 26, 2024Level 1Level 2Level 3
Registered investment companies$1,617 $— $— $— $1,617 
Insurance contracts42 — — 42 — 
$1,659 $— $— $42 $1,617 
 Fair Value atFair Value Measurements
Using Inputs Considered as		Investments Measured at Net Asset Value
(in millions)April 28, 2023Level 1Level 2Level 3
Registered investment companies$1,571 $— $— $— $1,571 
Insurance contracts44 — — 44 — 
$1,614 $— $— $44 $1,571 
Schedule of Retirement Benefit Plan Assets, Unobservable Input Reconciliation
The following tables provide a reconciliation of the beginning and ending balances of U.S. pension benefit assets measured at fair value that used significant unobservable inputs (Level 3):
(in millions)Partnership Units
April 29, 2022
$1,011 
Total realized gains, net67 
Total unrealized gains, net151 
Purchases and sales, net(238)
April 28, 2023
$992 
Schedule of Expected Benefit Payments
Retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows:
(in millions)Gross Payments
Fiscal YearU.S. Pension BenefitsNon-U.S. Pension Benefits
2025$184 $71 
2026193 61 
2027201 66 
2028211 68 
2029218 74 
2030 – 20341,165 417