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Retirement Benefit Plans (Tables) | 12 Months Ended
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Apr. 25, 2025
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(1) |  | Non-U.S. Pension Benefits
| Fiscal Year |  | Fiscal Year
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Accumulated benefit obligation at end of year: | $ | 3,235 |  |  | $ | 3,144 |  |  | $ | 1,685 |  |  | $ | 1,513 |
Change in projected benefit obligation: |  |  |  |  |  |  |
Projected benefit obligation at beginning of year | $ | 3,194 |  |  | $ | 3,451 |  |  | $ | 1,604 |  |  | $ | 1,499 |
Service cost | 52 |  |  | 61 |  |  | 43 |  |  | 42 |
Interest cost | 174 |  |  | 162 |  |  | 52 |  |  | 53 |
Employee contributions | — |  |  | — |  |  | 10 |  |  | 9 |
Plan curtailments, settlements, and amendments | — |  |  | — |  |  | (2) |  |  | (10) |
Actuarial loss (gain)(2) | 22 |  |  | (245) |  |  | 21 |  |  | 116 |
Benefits paid | (173) |  |  | (234) |  |  | (59) |  |  | (65) |
Currency exchange rate changes and other | — |  |  | — |  |  | 129 |  |  | (41) |
Projected benefit obligation at end of year | $ | 3,269 |  |  | $ | 3,194 |  |  | $ | 1,797 |  |  | $ | 1,604 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 3,551 |  |  | $ | 3,398 |  |  | $ | 1,659 |  |  | $ | 1,614 |
Actual return on plan assets | 200 |  |  | 356 |  |  | 34 |  |  | 103 |
Employer contributions | 31 |  |  | 32 |  |  | 45 |  |  | 40 |
Employee contributions | — |  |  | — |  |  | 10 |  |  | 9 |
Plan settlements | — |  |  | — |  |  | (2) |  |  | (7) |
Benefits paid | (173) |  |  | (234) |  |  | (59) |  |  | (65) |
Currency exchange rate changes and other | — |  |  | — |  |  | 138 |  |  | (36) |
Fair value of plan assets at end of year | $ | 3,610 |  |  | $ | 3,551 |  |  | $ | 1,823 |  |  | $ | 1,659 |
Funded status at end of year: |  |  |  |  |  |  |
Fair value of plan assets | $ | 3,610 |  |  | $ | 3,551 |  |  | $ | 1,823 |  |  | $ | 1,659 |
Benefit obligations | 3,269 |  |  | 3,194 |  |  | 1,797 |  |  | 1,604 |
Over funded status of the plans | 341 |  |  | 357 |  |  | 27 |  |  | 54 |
Recognized asset | $ | 341 |  |  | $ | 357 |  |  | $ | 27 |  |  | $ | 54 |
Amounts recognized on the consolidated balance sheets consist of:
Non-current assets | $ | 591 |  |  | $ | 617 |  |  | $ | 322 |  |  | $ | 296 |
Current liabilities | (29) |  |  | (30) |  |  | (7) |  |  | (7) |
Non-current liabilities | (221) |  |  | (230) |  |  | (289) |  |  | (235) |
Recognized asset | $ | 341 |  |  | $ | 357 |  |  | $ | 27 |  |  | $ | 54 |
Amounts recognized in accumulated other comprehensive loss:
Prior service credit | $ | (14) |  |  | $ | (16) |  |  | $ | (3) |  |  | $ | (3) |
Net actuarial loss | 602 |  |  | 534 |  |  | 230 |  |  | 161 |
Ending balance | $ | 588 |  |  | $ | 517 |  |  | $ | 226 |  |  | $ | 158 |
(1)In April 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. (2)Actuarial gains and losses result from changes in actuarial assumptions (such as changes in the discount rate and revised mortality rates). The actuarial gains and losses were primarily driven by increases and decreases in discount rates, respectively.
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) | 2025 |  | 2024
Accumulated benefit obligation | $ | 813 |  |  | $ | 773 |
Projected benefit obligation | 849 |  |  | 809 |
Plan assets at fair value | 347 |  |  | 334 |
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) | 2025 |  | 2024
Projected benefit obligation | $ | 1,470 |  |  | $ | 1,321 |
Plan assets at fair value | 924 |  |  | 819 |
Schedule of Net Benefit Costs | The net periodic benefit cost of the plans includes the following components:
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| Fiscal Year |  | Fiscal Year
(in millions) | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Service cost | $ | 52 |  |  | $ | 61 |  |  | $ | 77 |  |  | $ | 43 |  |  | $ | 42 |  |  | $ | 43 |
Interest cost | 174 |  |  | 162 |  |  | 142 |  |  | 52 |  |  | 53 |  |  | 38 |
Expected return on plan assets | (264) |  |  | (261) |  |  | (224) |  |  | (68) |  |  | (72) |  |  | (58) |
Amortization of prior service cost | (2) |  |  | (2) |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Amortization of net actuarial loss (gain) | 16 |  |  | 18 |  |  | 20 |  |  | 1 |  |  | (1) |  |  | 2 |
Settlement and curtailment (gain) loss | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | 2 |
Special termination benefits | — |  |  | — |  |  | 74 |  |  | — |  |  | — |  |  | — |
Net periodic benefit (credit) cost | $ | (24) |  |  | $ | (22) |  |  | $ | 89 |  |  | $ | 28 |  |  | $ | 18 |  |  | $ | 26 |
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 (loss) income for fiscal year 2025 are as follows:
(in millions) | U.S. Pension Benefits |  | Non-U.S. Pension Benefits
Net actuarial loss | $ | 85 |  |  | $ | 54 |
Amortization of prior service cost | 2 |  |  | — |
Amortization and settlement recognition of actuarial (gain) loss | (16) |  |  | 1 |
Effect of exchange rates | — |  |  | 16 |
Total recognized in other comprehensive loss | 71 |  |  | 69 |
Total recognized in net periodic benefit cost and other comprehensive loss | $ | 47 |  |  | $ | 97 |
Schedule of Assumptions Used | The actuarial assumptions are as follows:
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| Fiscal Year |  | Fiscal Year
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Critical assumptions – projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.24% - 5.76% |  | 5.54% - 5.75% |  | 4.73% - 4.99% |  | 1.21% - 24.40% |  | 1.40% - 26.40% |  | 1.30% - 10.70%
Rate of compensation increase | 3.90 | % |  | 3.90 | % |  | 3.90 | % |  | 2.89 | % |  | 2.85 | % |  | 2.75 | %
Critical assumptions – net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Discount rate – benefit obligation | 5.54% - 5.75% |  | 4.73% - 4.99% |  | 4.23% - 4.48% |  | 1.40% - 26.40% |  | 1.30% - 10.70% |  | 0.60% - 25.40%
Discount rate – service cost | 5.53% - 5.82% |  | 4.68% - 5.07% |  | 4.12% - 4.51% |  | 1.40% - 26.40% |  | 1.30% - 10.70% |  | 0.60% - 25.40%
Discount rate – interest cost | 5.51% - 5.63% |  | 4.73% - 4.90% |  | 3.90% - 4.23% |  | 1.40% - 26.40% |  | 1.30% - 10.70% |  | 0.60% - 25.40%
Expected return on plan assets | 6.40% - 8.10% |  | 6.40% - 8.10% |  | 5.30% - 7.20% |  | 3.80 | % |  | 4.07 | % |  | 3.48 | %
Rate of compensation increase | 3.90 | % |  | 3.90 | % |  | 3.90 | % |  | 2.85 | % |  | 2.75 | % |  | 2.70 | %
Schedule of Allocation of Plan Assets | The Company’s U.S. plans target asset allocations at April 25, 2025, compared to the U.S. plans actual asset allocations at April 25, 2025 and April 26, 2024 by asset category, are as follows:
U.S. Plans | Target Allocation |  | Actual Allocation
| April 25, 2025 |  | April 25, 2025 |  | April 26, 2024
Asset Category: |  |  |  |  |
Equity securities | 34 | % |  | 39 | % |  | 39 | %
Debt securities | 51 |  |  | 40 |  |  | 40 |
Other | 15 |  |  | 21 |  |  | 21 |
Total | 100 | % |  | 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 25, 2025 and April 26, 2024. U.S. Pension Benefits
| Fair Value at |  |  |  |
| Fair Value Measurements Using Inputs Considered as |  | Investments Measured at Net Asset Value
(in millions) | April 25, 2025 | Level 1 |  | Level 2 |  | Level 3 |
Short-term investments | $ | 70 |  |  | $ | 70 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Mutual funds | 92 |  |  | 92 |  |  | — |  |  | — |  |  | — |
Equity commingled trusts | 1,011 |  |  | — |  |  | — |  |  | — |  |  | 1,011 |
Fixed income commingled trusts | 1,296 |  |  | — |  |  | — |  |  | — |  |  | 1,296 |
Partnership units | 1,142 |  |  | — |  |  | — |  |  | — |  |  | 1,142 |
| $ | 3,610 |  |  | $ | 162 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,448 |
| Fair Value at |  | Fair Value Measurements Using Inputs Considered as |  | Investments Measured at Net Asset Value
(in millions) | April 26, 2024 | Level 1 |  | Level 2 |  | Level 3 |
Short-term investments | $ | 80 |  |  | $ | 80 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Mutual funds | 106 |  |  | 106 |  |  | — |  |  | — |  |  | — |
Equity commingled trusts | 942 |  |  | — |  |  | — |  |  | — |  |  | 942 |
Fixed income commingled trusts | 1,273 |  |  | — |  |  | — |  |  | — |  |  | 1,273 |
Partnership units | 1,151 |  |  | — |  |  | — |  |  | — |  |  | 1,151 |
| $ | 3,551 |  |  | $ | 186 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,366 |
Non-U.S. Pension Benefits
| Fair Value at |  | Fair Value Measurements Using Inputs Considered as |  | Investments Measured at Net Asset Value
(in millions) | April 25, 2025 | Level 1 |  | Level 2 |  | Level 3 |
Registered investment companies | $ | 1,775 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,775 |
Insurance contracts | 48 |  |  | — |  |  | — |  |  | 48 |  |  | — |
| $ | 1,823 |  |  | $ | — |  |  | $ | — |  |  | $ | 48 |  |  | $ | 1,775 |
| Fair Value at |  | Fair Value Measurements Using Inputs Considered as |  | Investments Measured at Net Asset Value
(in millions) | April 26, 2024 | Level 1 |  | Level 2 |  | Level 3 |
Registered investment companies | $ | 1,617 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,617 |
Insurance contracts | 42 |  |  | — |  |  | — |  |  | 42 |  |  | — |
| $ | 1,659 |  |  | $ | — |  |  | $ | — |  |  | $ | 42 |  |  | $ | 1,617 |
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 Year | U.S. Pension Benefits |  | Non-U.S. Pension Benefits
2026 | $ | 192 |  |  | $ | 77 |
2027 | 201 |  |  | 71 |
2028 | 212 |  |  | 76 |
2029 | 219 |  |  | 81 |
2030 | 227 |  |  | 85 |
2031 – 2035 | 1,191 |  |  | 483 |

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- Definition Tabular disclosure related to retirement benefit plan assets that are measured at fair value in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2. + References No definition available. + Details
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- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
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