Acquisitions and Acquisition-Related Items Acquisitions and Acquisition-Related Items (Tables)

12 Months Ended

Apr. 24, 2015

Business Acquisition [Line Items]

Pro Forma Condensed Consolidated Financial Information

The following unaudited pro forma information gives effect to Medtronic's acquisition of Covidien as if the acquisition had occurred on April 27, 2013, the first day of fiscal year 2014, and had been included in the Company's consolidated statements of income for fiscal years 2015 and 2014.

(in millions)	2015		2014
Pro forma net sales	$	28,369	$	27,380
Pro forma net income	$	3,944	$	3,280

Fair Value Inputs, Liabilities, Quantitative Information

The recurring Level 3 fair value measurements of contingent consideration include the following significant unobservable inputs:

($ in millions)	Fair Value at April 24, 2015		Valuation Technique	Unobservable Input	Range
				Discount rate	0% - 27%
Revenue-based payments	$	159	Discounted cash flow	Probability of payment	70% - 100%
				Projected fiscal year of payment	2016 - 2025
				Discount rate	0.5% - 5.5%
Product development-based payments	$	105	Discounted cash flow	Probability of payment	75% - 100%
				Projected fiscal year of payment	2016 - 2020

Reconciliation of Beginning and Ending Balances of Contingent Consideration Associated with Acquisitions

The following table provides a reconciliation of the beginning and ending balances of contingent consideration:

	Fiscal Year
(in millions)	2015			2014
Beginning Balance	$	68		$	142
Acquired contingent consideration	236			—
Purchase price contingent consideration	40			65
Contingent consideration payments	(85		)	(1		)
Change in fair value of contingent consideration	5			(138		)
Ending Balance	$	264		$	68

Covidien plc

Business Acquisition [Line Items]

Summary of Fair Value of Consideration Transferred

The following table summarizes the total fair value of consideration transferred:

(in millions, except $ per share data)
Cash consideration paid to Covidien shareholders ($35.19 per share)	$	15,994
Cash consideration paid for vested Covidien share awards ($35.19 per share)	33
Total cash consideration	$	16,027
Covidien shares outstanding as of January 23, 2015	455
Exchange ratio per share	0.956
Total Medtronic shares issued to Covidien shareholders (a)	435
Medtronic per share value as of January 23, 2015	$	76.95
Fair value of Medtronic shares issued to Covidien shareholders	$	33,435
Fair value of shares issued to Covidien share award holders (a)	70
Fair value of share options and awards issued to Covidien share option and award holders	456
Total fair value of consideration transferred	$	49,988

(a) 1 million ordinary shares were issued, net, to Covidien share award holders.

Schedule of Fair Value of the Assets Acquired and Liabilities Assumed

The preliminary fair values of the assets acquired and liabilities assumed are as follows:

(estimated in millions)
Accounts receivable	$	1,349
Inventories	2,222
Other current assets	2,949
Property, plant, and equipment	2,354
Goodwill	29,586
Intangible assets	26,265
Other assets	747
Total assets acquired	65,472
Short-term borrowings	1,011
Other current liabilities	2,331
Long-term debt	4,623
Long-term deferred tax liabilities	4,736
Other long-term liabilities	2,783
Total liabilities assumed	15,484
Net assets acquired	$	49,988

Acquisitions 2015

Business Acquisition [Line Items]

Schedule of Fair Value of the Assets Acquired and Liabilities Assumed

The fair values of the assets acquired and liabilities assumed from other acquisitions during fiscal year 2015 are as follows:

(in millions)	NGC Medical S.p.A.		Sapiens Steering Brain Stimulation		All Other		Total
Other current assets	$	55	$	3	$	12	$	70
Property, plant, and equipment	15		1		2		18
IPR&D	—		30		41		71
Other intangible assets	159		—		157		316
Goodwill	197		170		105		472
Other assets	3		3		50		56
Total assets acquired	429		207		367		1,003
Current liabilities	34		4		6		44
Long-term deferred tax liabilities, net	51		—		66		117
Other liabilities	4		—		—		4
Total liabilities assumed	89		4		72		165
Net assets acquired	$	340	$	203	$	295	$	838

Acquisitions 2014

Business Acquisition [Line Items]

Schedule of Fair Value of the Assets Acquired and Liabilities Assumed

The fair values of the assets acquired and liabilities assumed during fiscal year 2014 are as follows:

(in millions)	TYRX, Inc.		Cardiocom, LLC
Current assets	$	6	$	14
Property, plant, and equipment	1		7
Intangible assets	94		61
Goodwill	132		123
Total assets acquired	233		205
Current liabilities	4		12
Long-term deferred tax liabilities, net	7		—
Total liabilities assumed	11		12
Net assets acquired	$	222	$	193

China Kanghui Holdings

Business Acquisition [Line Items]

Schedule of Fair Value of the Assets Acquired and Liabilities Assumed

The fair values of the assets acquired and liabilities assumed for acquisitions accounted for as business combinations during fiscal year 2013 are as follows:

(in millions)	China Kanghui Holdings
Current assets	$	106
Property, plant, and equipment	56
Intangible assets	341
Goodwill	409
Other assets	11
Total assets acquired	923
Current liabilities	29
Long-term deferred tax liabilities, net	77
Other long-term liabilities	1
Total liabilities assumed	107
Net assets acquired	$	816