Retirement Benefit Plans (Tables)

12 Months Ended

Apr. 29, 2011

Retirement Benefit Plans Tables [Abstract]

Schedule of Defined Benefit Plans Disclosures

	U.S.				Non-U.S.				Post-Retirement
	Pension Benefits				Pension Benefits				Benefits
	Fiscal Year				Fiscal Year				Fiscal Year
(in millions)	2011		2010		2011		2010		2011		2010
Accumulated benefit obligation at end of year:	$	1,342	$	1,146	$	526	$	434	$	295	$	270
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	1,284	$	842	$	539	$	373	$	270	$	174
Service cost		87		63		39		27		18		12
Interest cost		77		68		25		22		16		14
Employee contributions		-		-		12		10		7		7
Plan amendments		8		-		2		3		(4)		-
Plan curtailments		-		-		-		(2)		-		-
Actuarial loss/(gain)		80		336		(41)		112		1		74
Benefits paid		(33)		(32)		(6)		(17)		(16)		(13)
Medicare Part D reimbursements		-		-		-		-		1		-
Special termination benefits		13		7		-		-		2		2
Foreign currency exchange rate changes		-		-		68		11		-		-
Projected benefit obligation at end of year		1,516		1,284		638		539		295		270
Change in plan assets:
Fair value of plan assets at beginning of year		1,104		833		420		291		158		108
Actual return on plan assets		141		222		14		79		21		30
Employer contributions		180		81		102		47		28		26
Employee contributions		-		-		12		10		7		7
Benefits paid		(33)		(32)		(6)		(17)		(16)		(13)
Foreign currency exchange rate changes		-		-		64		10		-		-
Fair value of plan assets at end of year		1,392		1,104		606		420		198		158
Funded status at end of year:
Fair value of plan assets		1,392		1,104		606		420		198		158
Benefit obligations		1,516		1,284		638		539		295		270
Underfunded status of the plans		(124)		(180)		(32)		(119)		(97)		(112)
Recognized liability	$	(124)	$	(180)	$	(32)	$	(119)	$	(97)	$	(112)
Amounts recognized on the consolidated balance sheets consist of:
Non-current assets	$	46	$	-	$	45	$	-	$	-	$	-
Current liabilities		(7)		(5)		(2)		(2)		(1)		-
Non-current liabilities		(163)		(175)		(75)		(117)		(96)		(112)
Recognized liability	$	(124)	$	(180)	$	(32)	$	(119)	$	(97)	$	(112)
Amounts recognized in accumulated other comprehensive (loss)/income:
Prior service (benefit)/cost	$	4	$	(6)	$	13	$	10	$	(3)	$	2
Net actuarial loss		688		677		130		148		83		95
Ending balance	$	692	$	671	$	143	$	158	$	80	$	97

Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

In certain countries outside the U.S., fully funding pension plans is not a common practice, as funding provides no income tax benefit. Consequently, certain pension plans were partially funded as of April 29, 2011 and April 30, 2010. U.S. and non-U.S. plans with accumulated benefit obligations in excess of plan assets consist of the following:
	Fiscal Year
(in millions)	2011		2010
Accumulated benefit obligation	$	396	$	363
Projected benefit obligation		437		393
Plan assets at fair value		193		183

Schedule of Plans with Benefit Obligations in Excess of Plan Assets

Plans with projected benefit obligations in excess of plan assets consist of the following:
	Fiscal Year
(in millions)	2011		2010
Projected benefit obligation	$	474	$	675
Plan assets at fair value		225		420

Schedule of Net Periodic Benefit Cost

The net periodic benefit cost of the plans include the following components:
	U.S. Pension Benefits						Non-U.S. Pension Benefits						Post-Retirement Benefits
	Fiscal Year						Fiscal Year						Fiscal Year
(in millions)	2011		2010		2009		2011		2010		2009		2011		2010		2009
Service cost	$	87	$	63	$	74	$	39	$	27	$	29	$	18	$	12	$	14
Interest cost		77		68		60		26		22		19		16		14		12
Expected return on plan assets		(106)		(100)		(99)		(27)		(24)		(20)		(13)		(9)		(12)
Amortization of prior service cost		(2)		(1)		(1)		1		1		1		-		-		-
Amortization of net actuarial loss		34		2		6		5		1		-		5		2		-
Curtailment gain		-		-		-		-		(1)		-		-		-		-
Net periodic benefit cost		90		32		40		44		26		29		26		19		14
Special termination benefits		13		7		-		-		-		-		2		2		-
Total cost for the period	$	103	$	39	$	40	$	44	$	26	$	29	$	28	$	21	$	14

Schedule of Amounts Recognized in Other Comprehensive Income, Net Prior Service Cost (Credit), before Tax

The other changes in plan assets and projected benefit obligations recognized in accumulated other comprehensive (loss)/income for fiscal year 2011 are as follows:
(in millions)	U.S. Pension Benefits		Non-U.S. Pension Benefits		Post-Retirement Benefits
Net actuarial loss/(gain)	$	45	$	(29)	$	(8)
Prior service cost/(credit)		8		2		(4)
Amortization of prior service cost		2		-		-
Amortization of net actuarial gain		(34)		(5)		(5)
Effect of exchange rates		-		17		-
Total recognized in accumulated other comprehensive loss	$	21	$	(15)	$	(17)
Total recognized in net periodic pension cost and accumulated other comprehensive loss	$	124	$	29	$	11

Schedule of Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year

The estimated amounts that will be amortized from accumulated other comprehensive (loss)/income into net periodic benefit cost, before tax, in fiscal year 2012 are as follows:
(in millions)	U.S. Pension Benefits		Non-U.S. Pension Benefits		Post-Retirement Benefits
Amortization of prior service cost/(credit)	$	(1)	$	2	$	-
Amortization of net actuarial loss		45		4		4
	$	44	$	6	$	4

Schedule of Assumptions Used in Calculations

The actuarial assumptions are as follows:
	U.S. Pension Benefits						Non-U.S. Pension Benefits						Post-Retirement Benefits
	Fiscal Year						Fiscal Year						Fiscal Year
	2011		2010		2009		2011		2010		2009		2011		2010		2009
Weighted average assumptions – projected benefit obligation:
Discount rate	5.80	%	6.05	%	8.25	%	4.75	%	4.68	%	5.41	%	5.80	%	6.05	%	8.25	%
Rate of compensation increase	3.80	%	3.80	%	4.00	%	2.97	%	3.05	%	2.90	%	N/A		N/A		N/A
Initial health care cost trend rate pre-65	N/A		N/A		N/A		N/A		N/A		N/A		7.75	%	8.00	%	8.50	%
Initial health care cost trend rate post-65	N/A		N/A		N/A		N/A		N/A		N/A		7.50	%	7.75	%	8.50	%
Weighted average assumptions – net periodic benefit cost:
Discount rate	6.05	%	8.25	%	6.75	%	4.68	%	5.41	%	5.37	%	6.05	%	8.25	%	6.75	%
Expected return on plan assets	8.25	%	8.25	%	8.75	%	5.71	%	5.78	%	5.97	%	8.25	%	8.25	%	8.75	%
Rate of compensation increase	3.80	%	4.00	%	4.24	%	3.05	%	2.90	%	3.10	%	N/A		N/A		N/A
Initial health care cost trend rate pre-65	N/A		N/A		N/A		N/A		N/A		N/A		8.00	%	8.50	%	9.00	%
Initial health care cost trend rate post-65	N/A		N/A		N/A		N/A		N/A		N/A		7.75	%	8.00	%	9.00	%

Schedule of Assets, Target Allocations

U.S. Plans
	Target Allocation
	2011		2010
Asset Category
Equity securities	50	%	55	%
Debt securities	20		20
Other	30		25
Total	100	%	100	%
Non-U.S. Plans
	Target Allocation
	2011		2010
Asset Category
Equity securities	41	%	40	%
Debt securities	23		15
Other	36		45
Total	100	%	100	%

Schedule of U.S. Plan Fair Value of Plan Assets by Measurement

	Fair Value		Fair Value Measurements
	at		Using Inputs Considered as
(in millions)	April 29, 2011		Level 1		Level 2		Level 3
Short-term investments	$	186	$	186	$	-	$	-
U.S. government securities		118		74		44		-
Corporate debt securities		82		-		82		-
Other common stock		201		201		-		-
Equity mutual funds/commingled trusts		309		-		67		242
Fixed income mutual funds		53		-		53		-
Partnership units		443		-		-		443
	$	1,392	$	461	$	246	$	685
	Fair Value		Fair Value Measurements
	at		Using Inputs Considered as
(in millions)	April 30, 2010		Level 1		Level 2		Level 3
Short-term investments	$	39	$	39	$	-	$	-
U.S. government and agency securities		29		15		14		-
Corporate debt securities		24		-		24		-
Medtronic, Inc. common stock		49		49		-		-
Other common stock		195		195		-		-
Fixed income mutual funds		167		167		-		-
Partnership units		601		-		-		601
	$	1,104	$	465	$	38	$	601

Schedule of U.S. Plan Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balances of U.S. pension benefits assets measured at fair value that used significant unobservable inputs (Level 3):
	April 29,		April 30,
(in millions)	2011		2010
Beginning Balance	$	601	$	528
Total realized gains/(losses) and other-than-temporary impairment losses included in earnings		5		(14)
Total unrealized gains included in accumulated other comprehensive loss		78		126
Purchases, issuances, and settlements		1		(39)
Ending Balance	$	685	$	601

Schedule of Non-U.S. Plan Fair Value of Plan Assets by Measurement

Non-U.S. Benefits
	Fair Value		Fair Value Measurements
	at		Using Inputs Considered as
(in millions)	April 29, 2011		Level 1		Level 2		Level 3
Registered investment companies	$	590	$	-	$	590	$	-
Insurance contracts		9		-		-		9
Partnership units		7		-		-		7
	$	606	$	-	$	590	$	16
	Fair Value		Fair Value Measurements
	at		Using Inputs Considered as
(in millions)	April 30, 2010		Level 1		Level 2		Level 3
Registered investment companies	$	413	$	413	$	-	$	-
Insurance contracts		7		-		-		7
	$	420	$	413	$	-	$	7

Schedule of Non-U.S. Plan Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balances of non-U.S. pension benefits assets measured at fair value that used significant unobservable inputs (Level 3):
	April 29,		April 30,
(in millions)	2011		2010
Beginning Balance	$	7	$	5
Foreign currency exchange		1		-
Purchases, issuances, and settlements		8		2
Ending Balance	$	16	$	7

Schedule of Post-Retirement Benfits Fair Value of Plan Assets by Measurement

Post-Retirement Benefits
	Fair Value		Fair Value Measurements
	at		Using Inputs Considered as
(in millions)	April 29, 2011		Level 1		Level 2		Level 3
Short-term investments	$	28	$	28	$	-	$	-
U.S. government securities		17		11		6		-
Corporate debt securities		12		-		12		-
Other common stock		30		30		-		-
Equity mutual funds/commingled trusts		46		-		10		36
Fixed income mutual funds		8		-		8		-
Partnership units		66		-		-		66
Total	$	207	$	69	$	36	$	102
Other items to reconcile to fair value of plan assets		(9)
	$	198
	Fair Value		Fair Value Measurements
	at		Using Inputs Considered as
(in millions)	April 30, 2010		Level 1		Level 2		Level 3
Short-term investments	$	6	$	6	$	-	$	-
U.S. government securities		4		2		2		-
Corporate debt securities		4		-		4		-
Medtronic, Inc. common stock		7		7		-		-
Other common stock		29		29		-		-
Fixed income mutual funds		25		25		-		-
Partnership units		89		-		-		89
Total	$	164	$	69	$	6	$	89
Other items to reconcile to fair value of plan assets		(6)
	$	158

Schedule of Post-Retirment Benefits Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balances of post-retirement benefit assets measured at fair value that used significant unobservable inputs (Level 3):
	April 29,		April 30,
(in millions)	2011		2010
Beginning Balance	$	89	$	69
Total realized gains/(losses) and other-than-temporary impairment losses included in earnings		1		(2)
Total unrealized gains included in accumulated other comprehensive loss		12		19
Purchases, issuances, and settlements		-		3
Ending Balance	$	102	$	89

Schedule of Estimated Future Benefit Payments

(in millions)	U.S. Pension Benefits		Non-U.S. Pension Benefits		Post-Retirement Benefits
Fiscal Year	Gross Payments		Gross Payments		Gross Payments		Gross Medicare Part D Receipts
2012	$	43	$	30	$	10	$	1
2013		47		21		11		1
2014		52		23		13		1
2015		57		24		15		1
2016		63		26		17		2
2017 – 2021		406		153		125		16
Total	$	668	$	277	$	191	$	22

Schedule of Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates

(in millions)		One-Percentage- Point Increase		One-Percentage- Point Decrease
Effect on post-retirement benefit cost	$	2	$	(2)
Effect on post-retirement benefit obligation		13		(12)