Segment and Geographic Information

12 Months Ended

Apr. 27, 2012

Segment Reporting [Abstract]

Segment and Geographic Information

19. Segment and Geographic Information

On January 30, 2012 the Company completed its sale of Physio-Control. Beginning in the third quarter of fiscal year 2012, the results of operations, assets, and liabilities of the Physio-Control business, which were previously presented as a component of the Cardiac and Vascular Group operating segment, are classified as discontinued operations for all periods presented, and therefore, are no longer presented in the Cardiac and Vascular Group operating segment for all periods presented. See Note 3 for further information regarding discontinued operations.

The Company's management evaluates performance and allocates resources based on profit and loss from operations before income taxes and interest expense, net, not including restructuring charges, net, certain litigation charges, net, and acquisition-related items. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies in Note 1.

Net sales of the Company's reportable segments include end-customer revenues from the sale of products they each develop and manufacture or distribute. Net sales and earnings before income taxes by reportable segment are as follows:

	Fiscal Year
(in millions)	2012		2011		2010
Cardiac and Vascular Group	$	8,482	$	8,119	$	8,132
Restorative Therapies Group		7,702		7,389		7,260
Total Net Sales	$	16,184	$	15,508	$	15,392

	Fiscal Year
(in millions)	2012		2011		2010
Cardiac and Vascular Group	$	2,772	$	2,826	$	2,910
Restorative Therapies Group		2,103		2,085		2,024
Total Reportable Segments' Earnings Before Income Taxes		4,875		4,911		4,934
Restructuring charges, net		(87)		(259)		(50)
Certain litigation charges, net		(90)		(245)		(374)
Acquisition-related items		(12)		(14)		(23)
Interest expense, net		(149)		(278)		(246)
Corporate		(392)		(451)		(297)
Total Earnings From Continuing Operations Before Income Taxes	$	4,145	$	3,664	$	3,944

       The following table presents the Company's net assets by reportable segment. Total net assets of continuing operations exclude net assets held for sale of $0 and $170 million, respectively, as of April 27, 2012 and April 29, 2011.

	April 27,		April 29,
(in millions)	2012		2011
Cardiac and Vascular Group	$	7,004	$	6,681
Restorative Therapies Group		11,313		10,550
Total Net Assets of Reportable Segments		18,317		17,231
Short-term borrowings		(3,274)		(1,723)
Long-term debt		(7,359)		(8,112)
Corporate		9,429		8,402
Total Net Assets of Continuing Operations	$	17,113	$	15,798

Geographic Information
Net sales to external customers by geography are as follows:
(in millions)	United States		Europe and Canada		Asia Pacific		Other Foreign		Consolidated
Fiscal Year 2012
Net sales to external customers	$	8,828	$	4,313	$	2,399	$	644	$	16,184
Long-lived assets*	$	2,145	$	413	$	184	$	36	$	2,778
Fiscal Year 2011
Net sales to external customers	$	8,872	$	3,996	$	2,084	$	556	$	15,508
Long-lived assets*	$	2,182	$	487	$	156	$	25	$	2,850
Fiscal Year 2010
Net sales to external customers	$	9,136	$	3,918	$	1,873	$	465	$	15,392
Long-lived assets*	$	1,985	$	464	$	158	$	22	$	2,629
*  Excludes other long-term instruments, goodwill, other intangible assets, net, and long-term deferred tax assets, net, as applicable.
No single customer represented over 10 percent of the Company’s consolidated net sales in fiscal years 2012, 2011, or 2010.