XML 61 R11.htm IDEA: XBRL DOCUMENT v3.22.2
Revenue
 12 Months Ended
Apr. 29, 2022
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 2022, 2021, and 2020:
  Net Sales by Fiscal Year
(in millions)202220212020
Cardiac Rhythm & Heart Failure$5,908 $5,584 $5,141 
Structural Heart & Aortic 3,055 2,834 2,842 
Coronary & Peripheral Vascular 2,460 2,354 2,486 
Cardiovascular 11,423 10,772 10,468 
Surgical Innovations6,060 5,438 5,513 
Respiratory, Gastrointestinal, & Renal3,081 3,298 2,839 
Medical Surgical 9,141 8,737 8,352 
Cranial & Spinal Technologies 4,456 4,288 4,082 
Specialty Therapies 2,592 2,307 2,147 
Neuromodulation1,735 1,601 1,497 
Neuroscience 8,784 8,195 7,725 
Diabetes2,338 2,413 2,368 
Total$31,686 $30,117 $28,913 
The table below includes net sales by market geography and segment for fiscal years 2022, 2021, and 2020:
U.S.(1)
Non-U.S. Developed Markets(2)
Emerging Markets(3)
(in millions)
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020
Cardiovascular$5,545 $5,248 $5,062 $3,866 $3,752 $3,519 $2,012 $1,773 $1,887 
Medical Surgical3,862 3,650 3,532 3,373 3,320 3,169 1,905 1,766 1,651 
Neuroscience5,753 5,456 5,122 1,801 1,724 1,659 1,229 1,015 945 
Diabetes974 1,171 1,204 1,085 1,019 940 279 222 224 
Total$16,135 $15,526 $14,919 $10,126 $9,815 $9,287 $5,426 $4,777 $4,707 
(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 of 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 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. At April 30, 2021, $906 million of rebates were classified as other accrued expenses, and $485 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet. During fiscal year 2022, 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 29, 2022 and April 30, 2021 was $399 million and $368 million, respectively. At April 29, 2022 and April 30, 2021, $305 million and $276 million was included in other accrued expenses, respectively, and $94 million and $93 million was included in other liabilities, respectively. During the fiscal year ended April 29, 2022, the Company recognized $243 million of revenue that was included in deferred revenue as of April 30, 2021.
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 29, 2022, 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 $925 million. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next three years.