Shareholders' Equity

12 Months Ended

Apr. 24, 2015

Stockholders' Equity Note [Abstract]

Stockholders Equity

Shareholders’ Equity

Share Capital

On January 26, 2015, the Company consummated a reorganization pursuant to which Medtronic plc domiciled in Ireland became the publicly traded parent of Medtronic, Inc. In connection with the reorganization, all issued and outstanding Medtronic, Inc. common shares were canceled and ceased to exist and each Medtronic, Inc. common stock share was converted into one Medtronic plc ordinary share. Subsequent to the reorganization, Medtronic plc is authorized to issue 2.600 billion Ordinary Shares, $0.0001 par value; 40 thousand Euro Deferred Shares, €1.00 par value; 128 million Preferred Shares, $0.20 par value; and 500 thousand A Preferred Shares, $1.00 par value.

Euro Deferred Shares

During the Transactions, the Company issued 40 thousand Euro Deferred Shares at their par value of €1.00 per share. The holders of the Euro Deferred Shares are not entitled to receive any dividend or distribution and are not entitled to receive notice of, nor attend, speak or vote at any general meeting of the Company. On a return of assets, whether on liquidation or otherwise, the Euro Deferred Shares are entitled to only the repayment of the amounts paid up on such shares, after repayment of the capital paid up on the ordinary shares. Euro Deferred shareholders are not entitled to any further participation in the assets or profits of the Company.

A Preferred Shares

The Company issued 624 A Preferred Shares, par value $1.00, each to three of its advisors in connection with the Transactions, for a total of 1,872 A Preferred Shares outstanding with an aggregate consideration of $75 thousand. The holders of A Preferred Shares are entitled to payment of dividends prior to any other class of shares in the Company equal to twice the dividend to be paid per Company ordinary share. On a return of assets, whether on liquidation or otherwise, the A Preferred Shares are entitled to repayment of the capital paid up thereon in priority to any repayment of capital to the holders of any other shares and the holders of the A Preferred Shares shall not be entitled to any further participation in the assets or profits of the Company. The holders of the A Preferred Shares are not entitled to receive notice of, nor to attend, speak, or vote at any general meeting of the Company.

Dividends

The timing, declaration and payment of future dividends to holders of our ordinary and A Preferred shares falls within the discretion of the Company's Board of Directors and depends upon many factors, including the statutory requirements of Irish law, the Company's earnings and financial condition, the capital requirements of our businesses, industry practice and any other factors the Board of Directors deems relevant. 

Ordinary Share Repurchase Program

Shares are repurchased from time to time to support the Company’s stock-based compensation programs and to return capital to shareholders. In January 2015, the Company's Board of Directors authorized, subject to the ongoing existence of sufficient distributable reserves, the adoption of the existing Medtronic, Inc. share redemption program. During fiscal years 2015 and 2014, the Company repurchased approximately 29.8 million and 47.8 million shares at an average price of $64.53 and $53.37, respectively. As of April 24, 2015, the Company had used 50.3 million of the 80 million shares authorized under the repurchase program, leaving 29.7 million shares available for future repurchases. In June 2015, the Company's Board of Directors authorized, subject to the ongoing existence of sufficient distributable reserves, the redemption of an additional 80 million of the Company's ordinary shares. The Company accounts for repurchases of ordinary shares using the par value method and shares repurchased are canceled.