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Retirement Benefit Plans (Tables)
12 Months Ended
Apr. 28, 2023
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(2)
Non-U.S. Pension Benefits
 Fiscal YearFiscal Year
(in millions)2023202220232022
Accumulated benefit obligation at end of year:$3,348 $3,396 $1,422 $1,638 
Change in projected benefit obligation:    
Projected benefit obligation at beginning of year$3,526 $3,979 $1,740 $2,294 
Service cost77 98 43 64 
Interest cost142 102 38 26 
Employee contributions— — 12 
Plan curtailments, settlements, and amendments(19)— (8)(11)
Actuarial (gain) loss(1)
(210)(513)(303)(394)
Benefits paid(140)(141)(63)(48)
Special termination benefits(3)
74 — — — 
Currency exchange rate changes and other— — 43 (203)
Projected benefit obligation at end of year$3,451 $3,526 $1,499 $1,740 
Change in plan assets:    
Fair value of plan assets at beginning of year$3,559 $3,660 $1,732 $1,900 
Actual return on plan assets(43)15 (163)(12)
Employer contributions22 24 57 70 
Employee contributions— — 12 
Plan settlements— — (8)(1)
Benefits paid(140)(141)(63)(48)
Currency exchange rate changes and other— — 50 (188)
Fair value of plan assets at end of year$3,398 $3,559 $1,614 $1,732 
Funded status at end of year:    
Fair value of plan assets$3,398 $3,559 $1,614 $1,732 
Benefit obligations3,451 3,526 1,499 1,740 
Over (under) funded status of the plans(53)33 115 (8)
Recognized asset (liability)$(53)$33 $115 $(8)
Amounts recognized on the consolidated
balance sheets consist of:
Non-current assets$221 $313 $350 $240 
Current liabilities(24)(21)(6)(6)
Non-current liabilities(250)(259)(228)(242)
Recognized asset (liability)$(53)$33 $115 $(8)
Amounts recognized in accumulated other
comprehensive loss:
Prior service cost (credit)$(19)$— $(3)$(4)
Net actuarial loss891 854 76 161 
Ending balance$873 $854 $73 $157 
(1)Actuarial gains and losses result from changes in actuarial assumptions (such as changes in the discount rate and revised mortality rates). The actuarial gain in fiscal year 2023 and 2022 was primarily related to increases in discount rates.
(2)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.
(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)20232022
Accumulated benefit obligation$731 $830 
Projected benefit obligation772 880 
Plan assets at fair value301 356 
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)20232022
Projected benefit obligation$1,285 $907 
Plan assets at fair value776 379 
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)202320222021202320222021
Service cost$77 $98 $106 $43 $64 $70 
Interest cost142 102 109 38 26 28 
Expected return on plan assets(224)(226)(242)(58)(64)(59)
Amortization of prior service cost— — (1)(1)(1)
Amortization of net actuarial loss20 64 69 22 25 
Settlement and curtailment (gain) loss— — — (10)
Special termination benefits74 — 73 — — — 
Net periodic benefit cost$89 $39 $116 $26 $37 $64 
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 2023 are as follows:
(in millions)U.S. Pension
Benefits
Non-U.S.
Pension
Benefits
Net actuarial loss (gain)$58 $(82)
Prior service cost (credit)(19)— 
Amortization of prior service credit— 
Amortization and settlement recognition of actuarial loss(20)(4)
Effect of exchange rates— 
Total recognized in other comprehensive income19 (82)
Total recognized in net periodic benefit cost and other comprehensive income$108 $(57)
Schedule of Assumptions Used
The actuarial assumptions are as follows:

 U.S. Pension BenefitsNon-U.S. Pension Benefits
 Fiscal YearFiscal Year
 202320222021202320222021
Critical assumptions – projected benefit obligation:      
Discount rate
4.73% - 4.99%
4.23% - 4.48%
2.80% - 3.50%
1.30% - 10.70%
0.60% - 25.40%
0.30% - 13.30%
Rate of compensation increase3.90 %4.83 %4.83 %2.75 %2.70 %2.90 %
Critical assumptions – net periodic benefit cost:      
Discount rate benefit obligation
4.23% - 4.48%
2.80% - 3.46%
3.10% - 3.70%
0.60% - 25.40%
0.25% - 12.80%
0.30% - 13.90%
Discount rateservice cost
4.12% - 4.51%
2.50% - 3.51%
2.60% - 3.90%
0.60% - 25.40%
0.24% - 12.80%
0.30% - 13.90%
Discount rate interest cost
3.90% - 4.23%
2.08% - 2.87%
2.80% - 3.20%
0.60% - 25.40%
0.08% - 12.80%
0.30% - 13.90%
Expected return on plan assets
5.30% - 7.20%
5.60% - 7.40%
7.50 %3.48 %3.67 %3.78 %
Rate of compensation increase3.90 %
3.90% - 4.83%
3.90 %2.70 %2.90 %2.91 %
Schedule of Allocation of Plan Assets
The Company’s U.S. plans target asset allocations at April 28, 2023, compared to the U.S. plans actual asset allocations at April 28, 2023 and April 29, 2022 by asset category, are as follows:
U.S. PlansTarget AllocationActual Allocation
 
April 28, 2023
April 28, 2023
April 29, 2022
Asset Category:
Equity securities34 %36 %36 %
Debt securities51 46 45 
Other15 19 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 28, 2023 and April 29, 2022.
U.S. Pension Benefits
 Fair Value at 
 Fair 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 

 Fair Value atFair Value Measurements
Using Inputs Considered as
Investments Measured at Net Asset Value
(in millions)April 29, 2022Level 1Level 2Level 3
Short-term investments$73 $73 $— $— $— 
Mutual funds125 125 — — — 
Equity commingled trusts1,281 — — — 1,281 
Fixed income commingled trusts1,069 — — — 1,069 
Partnership units1,011 — — 1,011 — 
$3,559 $197 $— $1,011 $2,350 
Non-U.S. Pension Benefits
 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 
 Fair Value atFair Value Measurements
Using Inputs Considered as
Investments Measured at Net Asset Value
(in millions)April 29, 2022Level 1Level 2Level 3
Registered investment companies$1,689 $— $— $— $1,689 
Insurance contracts43 — — 43 — 
$1,732 $— $— $43 $1,689 
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 30, 2021
$860 
Total realized gains, net28 
Total unrealized gains, net72 
Purchases and sales, net51 
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
2024$168 $64 
2025178 62 
2026188 62 
2027200 68 
2028213 69 
2029 – 20331,171 411