Guarantor Financial Information (Tables)

3 Months Ended

Jul. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Statement of Comprehensive Income

Consolidating Statement of Comprehensive Income

Three Months Ended July 31, 2015

Medtronic Senior Notes

(in millions)	Parent Company Guarantor (Medtronic plc)			Subsidiary Issuer (Medtronic, Inc.)			Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	373		$	—		$	7,277		$	(376	)	$	7,274
Costs and expenses:
Cost of products sold	—			355			—			2,211			(110		)	2,456
Research and development expense	—			134			—			424			—			558
Selling, general, and administrative expense	95			182			—			2,172			—			2,449
Restructuring charges, net	—			—			—			67			—			67
Acquisition-related items	—			—			—			71			—			71
Amortization of intangible assets	—			3			—			478			—			481
Other (income) expense, net	(22		)	(231		)	—			314			—			61
Operating profit (loss)	(73		)	(70		)	—			1,540			(266		)	1,131
Interest income	—			(64		)	(183		)	(113		)	245			(115		)
Interest expense	1			444			—			106			(245		)	306
Interest (income) expense, net	1			380			(183		)	(7		)	—			191
Equity in net income of subsidiaries	(930		)	(955		)	(747		)	—			2,632			—
Income from operations before income taxes	856			505			930			1,547			(2,898		)	940
Provision (benefit) for income taxes	(6		)	(162		)	—			288			—			120
Net income	862			667			930			1,259			(2,898		)	820
Other comprehensive income (loss), net of tax	(172		)	(172		)	(172		)	(172		)	516			(172		)
Total comprehensive income	$	690		$	495		$	758		$	1,087		$	(2,382	)	$	648

Consolidating Statement of Comprehensive Income

Three Months Ended July 25, 2014

Medtronic Senior Notes

(in millions)	Parent Company Guarantor (Medtronic plc)		Subsidiary Issuer (Medtronic, Inc.)			Subsidiary Guarantors		Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—	$	303		$	—	$	4,268		$	(298	)	$	4,273
Costs and expenses:
Cost of products sold	—		298			—		1,103			(296		)	1,105
Research and development expense	—		116			—		249			—			365
Selling, general, and administrative expense	—		241			—		1,265			—			1,506
Restructuring charges, net	—		—			—		30			—			30
Acquisition-related items	—		—			—		41			—			41
Amortization of intangible assets	—		3			—		84			—			87
Other (income) expense, net	—		(215		)	—		266			—			51
Operating profit (loss)	—		(140		)	—		1,230			(2		)	1,088
Interest income	—		—			—		(92		)	—			(92		)
Interest expense	—		89			—		8			—			97
Interest (income) expense, net	—		89			—		(84		)	—			5
Equity in net income of subsidiaries	—		(1,020		)	—		—			1,020			—
Income from operations before income taxes	—		791			—		1,314			(1,022		)	1,083
Provision (benefit) for income taxes	—		(82		)	—		294			—			212
Net income	—		873			—		1,020			(1,022		)	871
Other comprehensive income, net of tax	—		109			—		109			(109		)	109
Total comprehensive income	$	—	$	982		$	—	$	1,129		$	(1,131	)	$	980

Consolidating Statement of Comprehensive Income

Three Months Ended July 31, 2015

CIFSA Senior Notes

(in millions)	Parent Company Guarantor (Medtronic plc)			Subsidiary Issuer (CIFSA)			Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	7,274		$	—		$	7,274
Costs and expenses:
Cost of products sold	—			—			—			2,456			—			2,456
Research and development expense	—			—			—			558			—			558
Selling, general, and administrative expense	95			—			—			2,354			—			2,449
Restructuring charges, net	—			—			—			67			—			67
Acquisition-related items	—			—			—			71			—			71
Amortization of intangible assets	—			—			—			481			—			481
Other (income) expense, net	(22		)	—			—			83			—			61
Operating profit (loss)	(73		)	—			—			1,204			—			1,131
Interest income	—			(160		)	(183		)	(115		)	343			(115		)
Interest expense	1			32			—			616			(343		)	306
Interest expense (income), net	1			(128		)	(183		)	501			—			191
Equity in net (income) loss of subsidiaries	(930		)	30			(747		)	—			1,647			—
Income from operations before income taxes	856			98			930			703			(1,647		)	940
Provision (benefit) for income taxes	(6		)	—			—			126			—			120
Net income	862			98			930			577			(1,647		)	820
Other comprehensive loss, net of tax	(172		)	(172		)	(172		)	(172		)	516			(172		)
Total comprehensive income (loss)	$	690		$	(74	)	$	758		$	405		$	(1,131	)	$	648

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

Three Months Ended July 31, 2015

Medtronic Senior Notes

(in millions)	Parent Company Guarantor (Medtronic plc)		Subsidiary Issuer (Medtronic, Inc.)		Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	4	$	583	$	—	$	2,392	$	—		$	2,979
Investments	—		28		—		14,975		—			15,003
Accounts receivable, net	—		—		—		4,811		—			4,811
Inventories	—		167		—		3,237		—			3,404
Intercompany receivable	290		157,513		—		146,419		(304,222		)	—
Tax assets	—		829		—		738		(77		)	1,490
Prepaid expenses and other current assets	12		133		—		1,315		—			1,460
Total current assets	306		159,253		—		173,887		(304,299		)	29,147
Property, plant, and equipment, net	—		998		—		3,674		—			4,672
Goodwill	—		1,632		—		39,025		—			40,657
Other intangible assets, net	—		37		—		27,662		—			27,699
Long-term tax assets	—		555		—		640		(423		)	772
Investment in subsidiaries	71,016		42,463		63,664		—		(177,143		)	—
Intercompany loans receivable	3,108		6,615		10,885		10,352		(30,960		)	—
Other assets	—		662		—		1,017		—			1,679
Total assets	$	74,430	$	212,215	$	74,549	$	256,257	$	(512,825	)	$	104,626
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings	$	—	$	1,105	$	425	$	320	$	—		$	1,850
Accounts payable	—		209		—		1,112		—			1,321
Intercompany payable	20,584		146,386		—		137,252		(304,222		)	—
Accrued compensation	3		377		—		791		—			1,171
Accrued income taxes	17		132		1		327		—			477
Deferred tax liabilities	—		3		—		194		(77		)	120
Other accrued expenses	—		833		—		1,888		—			2,721
Total current liabilities	20,604		149,045		426		141,884		(304,299		)	7,660
Long-term debt	—		28,987		—		4,722		—			33,709
Long-term accrued compensation and retirement benefits	—		970		—		579		—			1,549
Long-term accrued income taxes	—		1,506		—		1,035		—			2,541
Long-term intercompany loans payable	1,017		10,221		10,107		9,615		(30,960		)	—
Long-term deferred tax liabilities	—		—		—		5,124		(423		)	4,701
Other long-term liabilities	—		155		—		1,502		—			1,657
Total liabilities	21,621		190,884		10,533		164,461		(335,682		)	51,817
Shareholders’ equity	52,809		21,331		64,016		91,796		(177,143		)	52,809
Total liabilities and shareholders’ equity	$	74,430	$	212,215	$	74,549	$	256,257	$	(512,825	)	$	104,626

Condensed Consolidating Balance Sheet

Fiscal Year Ended April 24, 2015

Medtronic Senior Notes

(in millions)	Parent Company Guarantor (Medtronic plc)		Subsidiary Issuer (Medtronic, Inc.)		Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	263	$	1,071	$	170	$	3,339	$	—		$	4,843
Investments	—		—		—		14,637		—			14,637
Accounts receivable, net	—		—		—		5,112		—			5,112
Inventories	—		165		—		3,298		—			3,463
Intercompany receivable	259		146,373		—		150,679		(297,311		)	—
Tax assets	—		770		—		729		(164		)	1,335
Prepaid expenses and other current assets	4		128		—		1,322		—			1,454
Total current assets	526		148,507		170		179,116		(297,475		)	30,844
Property, plant, and equipment, net	—		976		—		3,753		(30		)	4,699
Goodwill	—		1,607		—		38,923		—			40,530
Other intangible assets, net	—		39		—		28,062		—			28,101
Long-term tax assets	—		643		—		559		(428		)	774
Investment in subsidiaries	70,255		41,218		64,335		—		(175,808		)	—
Intercompany loans receivable	3,000		6,516		10,000		10,218		(29,734		)	—
Other assets	—		678		—		1,059		—			1,737
Total assets	$	73,781	$	200,184	$	74,505	$	261,690	$	(503,475	)	$	106,685
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings	$	—	$	1,110	$	—	$	1,324	$	—		$	2,434
Accounts payable	—		261		—		1,349		—			1,610
Intercompany payable	20,506		135,091		—		141,714		(297,311		)	—
Accrued compensation	1		490		—		1,120		—			1,611
Accrued income taxes	41		371		—		523		—			935
Deferred tax liabilities	3		—		—		280		(164		)	119
Other accrued expenses	—		600		—		1,894		(30		)	2,464
Total current liabilities	20,551		137,923		—		148,204		(297,505		)	9,173
Long-term debt	—		29,004		—		4,748		—			33,752
Long-term accrued compensation and retirement benefits	—		965		—		570		—			1,535
Long-term accrued income taxes	—		1,450		—		1,026		—			2,476
Long-term intercompany loans payable	—		10,218		10,000		9,516		(29,734		)	—
Long-term deferred tax liabilities	—		—		—		5,128		(428		)	4,700
Other long-term liabilities	—		207		—		1,612		—			1,819
Total liabilities	20,551		179,767		10,000		170,804		(327,667		)	53,455
Shareholders’ equity	53,230		20,417		64,505		90,886		(175,808		)	53,230
Total liabilities and shareholders’ equity	$	73,781	$	200,184	$	74,505	$	261,690	$	(503,475	)	$	106,685

Condensed Consolidating Balance Sheet

Three Months Ended July 31, 2015

CIFSA Senior Notes

(in millions)	Parent Company Guarantor (Medtronic plc)		Subsidiary Issuer (CIFSA)			Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	4	$	180		$	—	$	2,795	$	—		$	2,979
Investments	—		—			—		15,003		—			15,003
Accounts receivable, net	—		—			—		4,811		—			4,811
Inventories	—		—			—		3,404		—			3,404
Intercompany receivable	290		—			73		20,584		(20,947		)	—
Tax assets	—		—			—		1,490		—			1,490
Prepaid expenses and other current assets	12		—			6		1,442		—			1,460
Total current assets	306		180			79		49,529		(20,947		)	29,147
Property, plant, and equipment, net	—		—			1		4,671		—			4,672
Goodwill	—		—			—		40,657		—			40,657
Other intangible assets, net	—		—			—		27,699		—			27,699
Long-term tax assets	—		—			—		772		—			772
Investment in subsidiaries	71,016		4,878			63,665		—		(139,559		)	—
Intercompany loans receivable	3,108		7,596			12,384		10,000		(33,088		)	—
Other assets	—		—			—		1,679		—			1,679
Total assets	$	74,430	$	12,654		$	76,129	$	135,007	$	(193,594	)	$	104,626
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings	$	—	$	—		$	425	$	1,425	$	—		$	1,850
Accounts payable	—		—			—		1,321		—			1,321
Intercompany payable	20,584		—			280		83		(20,947		)	—
Accrued compensation	3		—			—		1,168		—			1,171
Accrued income taxes	17		—			1		459		—			477
Deferred tax liabilities	—		—			—		120		—			120
Other accrued expenses	—		46			2		2,673		—			2,721
Total current liabilities	20,604		46			708		7,249		(20,947		)	7,660
Long-term debt	—		4,560			—		29,149		—			33,709
Long-term accrued compensation and retirement benefits	—		—			—		1,549		—			1,549
Long-term accrued income taxes	—		—			—		2,541		—			2,541
Long-term intercompany loans payable	1,017		8,564			10,110		13,397		(33,088		)	—
Long-term deferred tax liabilities	—		—			—		4,701		—			4,701
Other long-term liabilities	—		—			—		1,657		—			1,657
Total liabilities	21,621		13,170			10,818		60,243		(54,035		)	51,817
Shareholders’ equity	52,809		(516		)	65,311		74,764		(139,559		)	52,809
Total liabilities and shareholders’ equity	$	74,430	$	12,654		$	76,129	$	135,007	$	(193,594	)	$	104,626

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Three Months Ended July 31, 2015

Medtronic Senior Notes

(in millions)	Parent Company Guarantor (Medtronic plc)			Subsidiary Issuer (Medtronic, Inc.)			Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	(2	)	$	(330	)	$	178		$	970		$	—		$	816
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(179		)	—			(179		)
Additions to property, plant, and equipment	—			(62		)	—			(162		)	—			(224		)
Purchases of marketable securities	—			—			—			(1,851		)	—			(1,851		)
Sales and maturities of marketable securities	—			—			—			1,266			—			1,266
Net increase (decrease) in intercompany loans	(108		)	(99		)	(885		)	(135		)	1,227			—
Other investing activities, net	—			—			—			2			—			2
Net cash provided by (used in) investing activities	(108		)	(161		)	(885		)	(1,059		)	1,227			(986		)
Financing Activities:
Acquisition-related contingent consideration	—			—			—			(3		)	—			(3		)
Change in short-term borrowings, net	—			—			429			—			—			429
Payments on long-term debt	—			—			—			(1,004		)	—			(1,004		)
Dividends to shareholders	(538		)	—			—			—			—			(538		)
Issuance of ordinary shares	98			—			—			—			—			98
Repurchase of ordinary shares	(750		)	—			—			—			—			(750		)
Net intercompany loan borrowings (repayments)	1,017			3			108			99			(1,227		)	—
Other financing activities	24			—			—			—			—			24
Net cash provided by (used in) financing activities	(149		)	3			537			(908		)	(1,227		)	(1,744		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			50			—			50
Net change in cash and cash equivalents	(259		)	(488		)	(170		)	(947		)	—			(1,864		)
Cash and cash equivalents at beginning of period	263			1,071			170			3,339			—			4,843
Cash and cash equivalents at end of period	$	4		$	583		$	—		$	2,392		$	—		$	2,979

Condensed Consolidating Statement of Cash Flows

Three Months Ended July 25, 2014

Medtronic Senior Notes

(in millions)	Parent Company Guarantor (Medtronic plc)		Subsidiary Issuer (Medtronic, Inc.)			Subsidiary Guarantors		Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by operating activities	$	—	$	238		$	—	$	72		$	—		$	310
Investing Activities:
Acquisitions, net of cash acquired	—		—			—		(146		)	—			(146		)
Additions to property, plant, and equipment	—		(45		)	—		(64		)	—			(109		)
Purchases of marketable securities	—		—			—		(1,600		)	—			(1,600		)
Sales and maturities of marketable securities	—		—			—		1,853			—			1,853
Net decrease in intercompany loans	—		(8		)	—		8			—			—
Other investing activities, net	—		—			—		(4		)	—			(4		)
Net cash used in investing activities	—		(53		)	—		47			—			(6		)
Financing Activities:
Acquisition-related contingent consideration	—		—			—		(5		)	—			(5		)
Change in short-term borrowings, net	—		827			—		35			—			862
Payments on long-term debt	—		(3		)	—		—			—			(3		)
Dividends to shareholders	—		(304		)	—		—			—			(304		)
Issuance of ordinary shares	—		154			—		—			—			154
Repurchase of ordinary shares	—		(1,065		)	—		—			—			(1,065		)
Net intercompany loan borrowings (repayments)	—		—			—		8			(8		)	—
Other financing activities	—		6			—		—			—			6
Net cash (used in) provided by financing activities	—		(385		)	—		38			(8		)	(355		)
Effect of exchange rate changes on cash and cash equivalents	—		—			—		(16		)	—			(16		)
Net change in cash and cash equivalents	—		(200		)	—		141			(8		)	(67		)
Cash and cash equivalents at beginning of period	—		264			—		1,139			—			1,403
Cash and cash equivalents at end of period	$	—	$	64		$	—	$	1,280		$	(8	)	$	1,336

Condensed Consolidating Statement of Cash Flows

Three Months Ended July 31, 2015

CIFSA Senior Notes

(in millions)	Parent Company Guarantor (Medtronic plc)			Subsidiary Issuer (CIFSA)			Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	(2	)	$	468		$	374		$	476		$	(500	)	$	816
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(179		)	—			(179		)
Additions to property, plant, and equipment	—			—			—			(224		)	—			(224		)
Purchases of marketable securities	—			—			—			(1,851		)	—			(1,851		)
Sales and maturities of marketable securities	—			—			—			1,266			—			1,266
Net decrease in intercompany loans	(108		)	(195		)	(1,081		)	(3,628		)	5,012			—
Other investing activities, net	—			—			—			2			—			2
Net cash provided by (used in) investing activities	(108		)	(195		)	(1,081		)	(4,614		)	5,012			(986		)
Financing Activities:
Acquisition-related contingent consideration	—			—			—			(3		)	—			(3		)
Change in short-term borrowings, net	—			—			429			—			—			429
Issuance of long-term debt	—			—			—			—			—			—
Payments on long-term debt	—			(1,000		)	—			(4		)	—			(1,004		)
Dividends to shareholders	(538		)	—			—			—			—			(538		)
Issuance of ordinary shares	98			—			—			—			—			98
Repurchase of ordinary shares	(750		)	—			—			—			—			(750		)
Net intercompany loan borrowings (repayments)	1,017			179			108			3,708			(5,012		)	—
Intercompany dividend paid	—			—			—			(500		)	500			—
Other financing activities	24			—			—			—			—			24
Net cash provided by (used in) financing activities	(149		)	(821		)	537			3,201			(4,512		)	(1,744		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			50			—			50
Net change in cash and cash equivalents	(259		)	(548		)	(170		)	(887		)	—			(1,864		)
Cash and cash equivalents at beginning of period	263			728			170			3,682			—			4,843
Cash and cash equivalents at end of period	$	4		$	180		$	—		$	2,795		$	—		$	2,979