XML 35 R11.htm IDEA: XBRL DOCUMENT
v3.20.2

Revenue | 6 Months Ended
--- | ---
Oct. 30, 2020
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 hospitals, clinics, third-party health care providers, distributors, and other institutions, including governmental health care programs and group purchasing organizations. The table below illustrates net sales by segment and division for the three and six months ended October 30, 2020 and October 25, 2019:
| Three months ended(1) |  | Six months ended(1)
(in millions) | October 30, 2020 |  | October 25, 2019 |  | October 30, 2020 |  | October 25, 2019
Cardiac Rhythm & Heart Failure | $ | 1,426 |  |  | $ | 1,426 |  |  | $ | 2,673 |  |  | $ | 2,807 |
Coronary & Structural Heart | 831 |  |  | 955 |  |  | 1,611 |  |  | 1,896 |
Aortic, Peripheral, & Venous | 468 |  |  | 474 |  |  | 873 |  |  | 942 |
Cardiac & Vascular Group | 2,725 |  |  | 2,855 |  |  | 5,158 |  |  | 5,645 |
Surgical Innovations | 1,393 |  |  | 1,454 |  |  | 2,473 |  |  | 2,871 |
Respiratory, Gastrointestinal, & Renal | 893 |  |  | 688 |  |  | 1,613 |  |  | 1,371 |
Minimally Invasive Therapies Group | 2,285 |  |  | 2,142 |  |  | 4,086 |  |  | 4,242 |
Cranial & Spinal Technologies | 1,071 |  |  | 1,117 |  |  | 2,015 |  |  | 2,167 |
Specialty Therapies | 581 |  |  | 575 |  |  | 1,035 |  |  | 1,138 |
Neuromodulation | 411 |  |  | 420 |  |  | 725 |  |  | 818 |
Restorative Therapies Group | 2,063 |  |  | 2,112 |  |  | 3,774 |  |  | 4,124 |
Diabetes Group | 574 |  |  | 596 |  |  | 1,136 |  |  | 1,188 |
Total | $ | 7,647 |  |  | $ | 7,706 |  |  | $ | 14,154 |  |  | $ | 15,199 |
(1) Revenue amounts have intentionally been rounded to the nearest million and, therefore, may not sum. During the first quarter of fiscal year 2021, the Company realigned the divisions within the Restorative Therapies Group to the following: Cranial & Spinal Technologies (includes Core Spine and Biologics, Enabling Technologies, and China Orthopedics), Specialty Therapies (includes ENT, Pelvic Health, and Neurovascular), and Neuromodulation (includes Pain Therapies, Brain Modulation, and Interventional). As a result, net sales for fiscal year 2020 have been recast to adjust for this realignment. The table below illustrates net sales by market geography for each segment for the three and six months ended October 30, 2020 and October 25, 2019:
| U.S.(1)(4) |  | Non-U.S. Developed Markets(2)(4) |  | Emerging Markets(3)(4)
| Three months ended |  | Three months ended |  | Three months ended
(in millions) | October 30, 2020 |  | October 25, 2019 |  | October 30, 2020 |  | October 25, 2019 |  | October 30, 2020 |  | October 25, 2019
Cardiac & Vascular Group | $ | 1,377 |  |  | $ | 1,455 |  |  | $ | 945 |  |  | $ | 890 |  |  | $ | 404 |  |  | $ | 510 |
Minimally Invasive Therapies Group | 996 |  |  | 922 |  |  | 837 |  |  | 782 |  |  | 452 |  |  | 438 |
Restorative Therapies Group | 1,397 |  |  | 1,440 |  |  | 426 |  |  | 416 |  |  | 240 |  |  | 256 |
Diabetes Group | 284 |  |  | 311 |  |  | 238 |  |  | 226 |  |  | 51 |  |  | 59 |
Total | $ | 4,054 |  |  | $ | 4,129 |  |  | $ | 2,446 |  |  | $ | 2,315 |  |  | $ | 1,147 |  |  | $ | 1,262 |
| U.S.(1)(4) |  | Non-U.S. Developed Markets(2)(4) |  | Emerging Markets(3)(4)
| Six months ended |  | Six months ended |  | Six months ended
(in millions) | October 30, 2020 |  | October 25, 2019 |  | October 30, 2020 |  | October 25, 2019 |  | October 30, 2020 |  | October 25, 2019
Cardiac & Vascular Group | $ | 2,582 |  |  | $ | 2,816 |  |  | $ | 1,798 |  |  | $ | 1,820 |  |  | $ | 778 |  |  | $ | 1,009 |
Minimally Invasive Therapies Group | 1,718 |  |  | 1,835 |  |  | 1,556 |  |  | 1,573 |  |  | 811 |  |  | 834 |
Restorative Therapies Group | 2,533 |  |  | 2,778 |  |  | 802 |  |  | 842 |  |  | 439 |  |  | 504 |
Diabetes Group | 572 |  |  | 618 |  |  | 465 |  |  | 457 |  |  | 100 |  |  | 113 |
Total | $ | 7,405 |  |  | $ | 8,046 |  |  | $ | 4,621 |  |  | $ | 4,692 |  |  | $ | 2,128 |  |  | $ | 2,460 |
(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 within 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. (4)Revenue amounts have intentionally been rounded to the nearest million and, therefore, may not sum. The amount of revenue recognized is reduced by sales rebates and returns. Adjustments to rebates and returns reserves are recorded as increases or decreases to revenue. At October 30, 2020, $955 million of rebates were classified as other accrued expenses, and $464 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet. At April 24, 2020, $706 million of rebates were classified as other accrued expenses, and $321 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet. For the three and six months ended October 30, 2020 and October 25, 2019, 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 The Company records a deferred revenue liability if a customer pays consideration, or the Company has the right to invoice, before the Company transfers a good or service to the customer. Deferred revenue at October 30, 2020 and April 24, 2020 was $317 million and $303 million, respectively. At October 30, 2020 and April 24, 2020, $225 million and $213 million, respectively, was included in other accrued expenses and $92 million and $90 million, respectively, was included in other liabilities. During the six months ended October 30, 2020, the Company recognized $162 million of revenue that was included in deferred revenue as of April 24, 2020. Remaining performance obligations include deferred revenue and amounts the Company expects to receive for goods and services that have not yet been delivered or provided under existing, noncancellable contracts with minimum purchase commitments. At October 30, 2020, 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 $1.1 billion. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next four years.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration