XML 52 R40.htm IDEA: XBRL DOCUMENT

Guarantor Financial Information (Tables)

6 Months Ended

Oct. 27, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Statement of Comprehensive Income

Three Months Ended October 27, 2017

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	300		$	—		$	7,050		$	(300	)	$	7,050

Costs and expenses:
Cost of products sold	—			228			—			2,204			(312		)	2,120
Research and development expense	—			169			—			386			—			555
Selling, general, and administrative expense	3			375			—			2,060			—			2,438
Amortization of intangible assets	—			2			—			458			—			460
Restructuring charges, net	—			—			—			8			—			8
Acquisition-related items	—			14			—			(7		)	—			7
Divestiture-related items	—			6			—			61			—			67
Gain on sale of businesses	—			—			—			(697		)	—			(697		)
Special charge	—			80			—			—			—			80
Other (income) expense, net	12			(392		)	—			491			—			111
Operating profit (loss)	(15		)	(182		)	—			2,086			12			1,901
Interest income	—			(64		)	(103		)	(348		)	415			(100		)
Interest expense	60			425			48			155			(415		)	273
Interest expense, net	60			361			(55		)	(193		)	—			173
Equity in net (income) loss of subsidiaries	(2,091		)	(1,809		)	(2,036		)	—			5,936			—
Income before income taxes	2,016			1,266			2,091			2,279			(5,924		)	1,728
Income tax (benefit) provision	(1		)	(158		)	—			(126		)	—			(285		)
Net income	2,017			1,424			2,091			2,405			(5,924		)	2,013
Net loss attributable to noncontrolling interests	—			—			—			4			—			4
Net income attributable to Medtronic	2,017			1,424			2,091			2,409			(5,924		)	2,017
Other comprehensive income (loss), net of tax	(136		)	(308		)	(136		)	(150		)	594			(136		)
Other comprehensive loss attributable to noncontrolling interests	—			—			—			4			—			4
Total comprehensive income	$	1,881		$	1,116		$	1,955		$	2,259		$	(5,330	)	$	1,881

Consolidating Statement of Comprehensive Income

Six Months Ended October 27, 2017

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	604		$	—		$	14,439		$	(603	)	$	14,440

Costs and expenses:
Cost of products sold	—			450			—			4,638			(619		)	4,469
Research and development expense	—			327			—			776			—			1,103
Selling, general, and administrative expense	5			675			—			4,243			—			4,923
Amortization of intangible assets	—			4			—			910			—			914
Restructuring charges, net	—			2			—			14			—			16
Acquisition-related items	—			44			—			7			—			51
Divestiture-related items	—			15			—			99			—			114
Gain on sale of businesses	—			—			—			(697		)	—			(697		)
Special charge	—			80			—			—			—			80
Other (income) expense, net	25			(870		)	—			1,022			—			177
Operating profit (loss)	(30		)	(123		)	—			3,427			16			3,290

Interest income	—			(135		)	(212		)	(679		)	834			(192		)
Interest expense	109			865			82			337			(834		)	559
Interest expense, net	109			730			(130		)	(342		)	—			367
Equity in net (income) loss of subsidiaries	(3,169		)	(2,623		)	(3,039		)	—			8,831			—
Income before income taxes	3,030			1,770			3,169			3,769			(8,815		)	2,923
Income tax (benefit) provision	(3		)	(236		)	—			140			—			(99		)
Net income	3,033			2,006			3,169			3,629			(8,815		)	3,022
Net loss attributable to noncontrolling interests	—			—			—			11			—			11
Net income attributable to Medtronic	3,033			2,006			3,169			3,640			(8,815		)	3,033
Other comprehensive income (loss), net of tax	553			(317		)	553			530			(766		)	553
Other comprehensive loss attributable to noncontrolling interests	—			—			—			11			—			11
Total comprehensive income	$	3,586		$	1,689		$	3,722		$	4,170		$	(9,581	)	$	3,586

Consolidating Statement of Comprehensive Income

Three Months Ended October 28, 2016

Medtronic Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	337		$	—		$	7,344		$	(336	)	$	7,345

Costs and expenses:
Cost of products sold	—			243			—			2,412			(329		)	2,326
Research and development expense	—			158			—			396			—			554
Selling, general, and administrative expense	3			284			—			2,129			—			2,416
Amortization of intangible assets	—			3			—			497			—			500
Restructuring charges, net	—			1			—			46			—			47
Acquisition-related items	—			37			—			(9		)	—			28
Other (income) expense, net	(86		)	(597		)	—			772			—			89
Operating profit (loss)	83			208			—			1,101			(7		)	1,385
Interest income	—			(59		)	(165		)	(286		)	419			(91		)
Interest expense	25			396			11			251			(419		)	264
Interest expense, net	25			337			(154		)	(35		)	—			173
Equity in net (income) loss of subsidiaries	(1,055		)	(859		)	(901		)	—			2,815			—
Income before income taxes	1,113			730			1,055			1,136			(2,822		)	1,212
Income tax (benefit) provision	(2		)	28			—			75			—			101
Net income	1,115			702			1,055			1,061			(2,822		)	1,111
Net loss attributable to noncontrolling interests	—			—			—			4			—			4
Net income attributable to Medtronic	1,115			702			1,055			1,065			(2,822		)	1,115
Other comprehensive income (loss), net of tax	(304		)	47			(304		)	(329		)	586			(304		)
Other comprehensive loss attributable to noncontrolling interests	—			—			—			4			—			4
Total comprehensive income	$	811		$	749		$	751		$	736		$	(2,236	)	$	811

Consolidating Statement of Comprehensive Income

Six Months Ended October 28, 2016

Medtronic Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	685		$	—		$	14,510		$	(684	)	$	14,511

Costs and expenses:
Cost of products sold	—			492			—			4,779			(684		)	4,587
Research and development expense	—			321			—			789			—			1,110
Selling, general, and administrative expense	6			564			—			4,274			—			4,844
Amortization of intangible assets	—			6			—			981			—			987
Restructuring charges, net	—			18			—			123			—			141
Certain litigation charges	—			—			—			82			—			82
Acquisition-related items	—			60			—			20			—			80
Other (income) expense, net	(74		)	(1,306		)	—			1,508			—			128
Operating profit (loss)	68			530			—			1,954			—			2,552
Interest income	—			(121		)	(321		)	(424		)	682			(184		)
Interest expense	41			806			12			359			(682		)	536
Interest expense, net	41			685			(309		)	(65		)	—			352
Equity in net (income) loss of subsidiaries	(2,013		)	(2,095		)	(1,704		)	—			5,812			—
Income before income taxes	2,040			1,940			2,013			2,019			(5,812		)	2,200
Income tax (benefit) provision	(4		)	50			—			114			—			160
Net income	2,044			1,890			2,013			1,905			(5,812		)	2,040
Net loss attributable to noncontrolling interests	—			—			—			4			—			4
Net income attributable to Medtronic	2,044			1,890			2,013			1,909			(5,812		)	2,044
Other comprehensive income (loss), net of tax	(460		)	142			(460		)	(500		)	818			(460		)
Other comprehensive loss attributable to noncontrolling interests	—			—			—			4			—			4
Total comprehensive income	$	1,584		$	2,032		$	1,553		$	1,409		$	(4,994	)	$	1,584

Consolidating Statement of Comprehensive Income

Three Months Ended October 27, 2017

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	7,050		$	—		$	7,050

Costs and expenses:
Cost of products sold	—			—			—			2,120			—			2,120
Research and development expense	—			—			—			555			—			555
Selling, general, and administrative expense	3			—			—			2,435			—			2,438
Amortization of intangible assets	—			—			—			460			—			460
Restructuring charges, net	—			—			—			8			—			8
Acquisition-related items	—			—			—			7			—			7
Divestiture-related items	—			—			—			67			—			67
Gain on sale of businesses	—			—			—			(697		)	—			(697		)
Special charge	—			—			—			80			—			80
Other (income) expense, net	12			—			—			99			—			111
Operating profit (loss)	(15		)	—			—			1,916			—			1,901
Interest income	—			(16		)	(107		)	(128		)	151			(100		)
Interest expense	60			21			48			295			(151		)	273
Interest expense, net	60			5			(59		)	167			—			173
Equity in net (income) loss of subsidiaries	(2,091		)	(811		)	(2,032		)	—			4,934			—
Income before income taxes	2,016			806			2,091			1,749			(4,934		)	1,728
Income tax (benefit) provision	(1		)	—			—			(284		)	—			(285		)
Net income	2,017			806			2,091			2,033			(4,934		)	2,013
Net loss attributable to noncontrolling interests	—			—			—			4			—			4
Net income attributable to Medtronic	2,017			806			2,091			2,037			(4,934		)	2,017
Other comprehensive income (loss), net of tax	(136		)	(295		)	(136		)	(136		)	567			(136		)
Other comprehensive loss attributable to non-controlling interests	—			—			—			4			—			4
Total comprehensive income	$	1,881		$	511		$	1,955		$	1,901		$	(4,367	)	$	1,881

Consolidating Statement of Comprehensive Income

Six Months Ended October 27, 2017

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	14,440		$	—		$	14,440

Costs and expenses:
Cost of products sold	—			—			—			4,469			—			4,469
Research and development expense	—			—			—			1,103			—			1,103
Selling, general, and administrative expense	5			—			1			4,917			—			4,923
Amortization of intangible assets	—			—			—			914			—			914
Restructuring charges, net	—			—			—			16			—			16
Acquisition-related items	—			—			—			51			—			51
Divestiture-related items	—			—			—			114			—			114
Gain on sale of businesses	—			—			—			(697		)	—			(697		)
Special charge	—			—			—			80			—			80
Other (income) expense, net	25			1			—			151			—			177
Operating profit (loss)	(30		)	(1		)	(1		)	3,322			—			3,290
Interest income	—			(32		)	(219		)	(239		)	298			(192		)
Interest expense	109			44			82			622			(298		)	559
Interest expense, net	109			12			(137		)	383			—			367
Equity in net (income) loss of subsidiaries	(3,169		)	(1,200		)	(3,033		)	—			7,402			—
Income before income taxes	3,030			1,187			3,169			2,939			(7,402		)	2,923
Income tax (benefit) provision	(3		)	—			—			(96		)	—			(99		)
Net income	3,033			1,187			3,169			3,035			(7,402		)	3,022
Net loss attributable to noncontrolling interests	—			—			—			11			—			11
Net income attributable to Medtronic	3,033			1,187			3,169			3,046			(7,402		)	3,033
Other comprehensive loss, net of tax	553			(201		)	553			553			(905		)	553
Other comprehensive loss attributable to noncontrolling interests	—			—			—			11			—			11
Total comprehensive income (loss)	$	3,586		$	986		$	3,722		$	3,599		$	(8,307	)	$	3,586

Consolidating Statement of Comprehensive Income

Three Months Ended October 28, 2016

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	7,345		$	—		$	7,345

Costs and expenses:
Cost of products sold	—			—			—			2,326			—			2,326
Research and development expense	—			—			—			554			—			554
Selling, general, and administrative expense	3			—			1			2,412			—			2,416
Amortization of intangible assets	—			—			—			500			—			500
Restructuring charges, net	—			—			—			47			—			47
Acquisition-related items	—			—			—			28			—			28
Other (income) expense, net	(86		)	—			—			175			—			89
Operating profit (loss)	83			—			(1		)	1,303			—			1,385
Interest income	—			(18		)	(166		)	(102		)	195			(91		)
Interest expense	25			23			11			400			(195		)	264
Interest expense, net	25			5			(155		)	298			—			173
Equity in net (income) loss of subsidiaries	(1,055		)	(445		)	(901		)	—			2,401			—
Income before income taxes	1,113			440			1,055			1,005			(2,401		)	1,212
Income tax (benefit) provision	(2		)	—			—			103			—			101
Net income	1,115			440			1,055			902			(2,401		)	1,111
Net loss attributable to noncontrolling interests	—			—			—			4			—			4
Net income attributable to Medtronic	1,115			440			1,055			906			(2,401		)	1,115
Other comprehensive income (loss), net of tax	(304		)	(23		)	(304		)	(304		)	631			(304		)
Other comprehensive loss attributable to noncontrolling interests	—			—			—			4			—			4
Total comprehensive income	$	811		$	417		$	751		$	602		$	(1,770	)	$	811

Consolidating Statement of Comprehensive Income

Six Months Ended October 28, 2016

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	14,511		$	—		$	14,511

Costs and expenses:
Cost of products sold	—			—			—			4,587			—			4,587
Research and development expense	—			—			—			1,110			—			1,110
Selling, general, and administrative expense	6			—			1			4,837			—			4,844
Amortization of intangible assets	—			—			—			987			—			987
Restructuring charges, net	—			—			—			141			—			141
Certain litigation charges	—			—			—			82			—			82
Acquisition-related items	—			—			—			80			—			80
Other (income) expense, net	(74		)	—			—			202			—			128
Operating profit (loss)	68			—			(1		)	2,485			—			2,552
Interest income	—			(47		)	(324		)	(207		)	394			(184		)
Interest expense	41			56			13			820			(394		)	536
Interest expense, net	41			9			(311		)	613			—			352
Equity in net (income) loss of subsidiaries	(2,013		)	(1,249		)	(1,703		)	—			4,965			—
Income before income taxes	2,040			1,240			2,013			1,872			(4,965		)	2,200
Income tax (benefit) provision	(4		)	—			—			164			—			160
Net income	2,044			1,240			2,013			1,708			(4,965		)	2,040
Net loss attributable to noncontrolling interests	—			—			—			4			—			4
Net income attributable to Medtronic	2,044			1,240			2,013			1,712			(4,965		)	2,044
Other comprehensive income (loss), net of tax	(460		)	19			(460		)	(460		)	901			(460		)
Other comprehensive loss attributable to non-controlling interests	—			—			—			4			—			4
Total comprehensive income	$	1,584		$	1,259		$	1,553		$	1,252		$	(4,064	)	$	1,584

Condensed Consolidating Balance Sheet

October 27, 2017

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(in millions)	Medtronic plc		Medtronic, Inc.		Medtronic Luxco		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	47	$	822	$	4,660	$	—		$	5,529
Investments	—		—		—		7,997		—			7,997
Accounts receivable, net	—		—		—		5,752		—			5,752
Inventories, net	—		175		—		3,625		(162		)	3,638
Intercompany receivable	55		—		—		13,784		(13,839		)	—
Other current assets	10		195		1		2,040		—			2,246
Total current assets	65		417		823		37,858		(14,001		)	25,162
Property, plant, and equipment, net	—		1,333		—		3,108		—			4,441
Goodwill	—		—		—		39,077		—			39,077
Other intangible assets, net	—		15		—		22,610		—			22,625
Tax assets	—		792		—		957		—			1,749
Investment in subsidiaries	59,762		74,787		60,612		—		(195,161		)	—
Intercompany loans receivable	3,112		9,958		17,731		40,469		(71,270		)	—
Other assets	—		439		—		965		—			1,404
Total assets	$	62,939	$	87,741	$	79,166	$	145,044	$	(280,432	)	$	94,458
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	2,000	$	699	$	432	$	—		$	3,131
Accounts payable	—		317		—		1,401		—			1,718
Intercompany payable	11		13,828		—		—		(13,839		)	—
Accrued compensation	6		604		—		892		—			1,502
Accrued income taxes	14		—		—		858		—			872
Other accrued expenses	88		472		4		2,709		—			3,273
Total current liabilities	119		17,221		703		6,292		(13,839		)	10,496
Long-term debt	—		21,785		1,842		2,314		—			25,941
Accrued compensation and retirement benefits	—		966		—		509		—			1,475
Accrued income taxes	10		1,620		—		564		—			2,194
Intercompany loans payable	11,316		14,835		23,868		21,251		(71,270		)	—
Deferred tax liabilities	—		—		—		1,841		—			1,841
Other liabilities	25		63		—		845		—			933
Total liabilities	11,470		56,490		26,413		33,616		(85,109		)	42,880
Shareholders’ equity	51,469		31,251		52,753		111,319		(195,323		)	51,469
Noncontrolling interests	—		—		—		109		—			109
Total equity	51,469		31,251		52,753		111,428		(195,323		)	51,578
Total liabilities and equity	$	62,939	$	87,741	$	79,166	$	145,044	$	(280,432	)	$	94,458

Condensed Consolidating Balance Sheet

April 28, 2017

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(in millions)	Medtronic plc		Medtronic, Inc.		Medtronic Luxco		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	45	$	5	$	4,917	$	—		$	4,967
Investments	—		—		—		8,741		—			8,741
Accounts receivable, net	—		—		—		5,591		—			5,591
Inventories, net	—		155		—		3,361		(178		)	3,338
Intercompany receivable	63		—		—		12,618		(12,681		)	—
Other current assets	10		227		—		1,628		—			1,865
Current assets held for sale	—		—		—		371		—			371
Total current assets	73		427		5		37,227		(12,859		)	24,873
Property, plant, and equipment, net	—		1,311		—		3,050		—			4,361
Goodwill	—		—		—		38,515		—			38,515
Other intangible assets, net	—		20		—		23,387		—			23,407
Tax assets	—		727		—		782		—			1,509
Investment in subsidiaries	55,833		71,909		52,618		—		(180,360		)	—
Intercompany loans receivable	3,000		12,162		16,114		32,774		(64,050		)	—
Other assets	—		434		—		798		—			1,232
Noncurrent assets held for sale	—		—		—		5,919		—			5,919
Total assets	$	58,906	$	86,990	$	68,737	$	142,452	$	(257,269	)	$	99,816
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	5,000	$	901	$	1,619	$	—		$	7,520
Accounts payable	—		304		—		1,427		—			1,731
Intercompany payable	12		12,669		—		—		(12,681		)	—
Accrued compensation	9		734		—		1,117		—			1,860
Accrued income taxes	13		—		—		620		—			633
Other accrued expenses	—		352		4		2,086		—			2,442
Current liabilities held for sale	—		—		—		34		—			34
Total current liabilities	34		19,059		905		6,903		(12,681		)	14,220
Long-term debt	—		21,782		1,842		2,297		—			25,921
Accrued compensation and retirement benefits	—		1,120		—		521		—			1,641
Accrued income taxes	10		1,658		—		737		—			2,405
Intercompany loans payable	8,568		13,151		17,160		25,171		(64,050		)	—
Deferred tax liabilities	—		—		—		2,978		—			2,978
Other liabilities	—		153		—		1,362		—			1,515
Noncurrent liabilities held for sale	—		—		—		720		—			720
Total liabilities	8,612		56,923		19,907		40,689		(76,731		)	49,400
Shareholders' equity	50,294		30,067		48,830		101,641		(180,538		)	50,294
Noncontrolling interests	—		—		—		122		—			122
Total equity	50,294		30,067		48,830		101,763		(180,538		)	50,416
Total liabilities and equity	$	58,906	$	86,990	$	68,737	$	142,452	$	(257,269	)	$	99,816

Condensed Consolidating Balance Sheet

October 27, 2017

CIFSA Senior Notes



(in millions)	Medtronic plc		CIFSA		CIFSA Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	823	$	4,706	$	—		$	5,529
Investments	—		—		—		7,997		—			7,997
Accounts receivable, net	—		—		—		5,752		—			5,752
Inventories, net	—		—		—		3,638		—			3,638
Intercompany receivable	55		—		60		11		(126		)	—
Other current assets	10		—		1		2,235		—			2,246
Total current assets	65		—		884		24,339		(126		)	25,162
Property, plant, and equipment, net	—		—		—		4,441		—			4,441
Goodwill	—		—		—		39,077		—			39,077
Other intangible assets, net	—		—		—		22,625		—			22,625
Tax assets	—		—		—		1,749		—			1,749
Investment in subsidiaries	59,762		35,680		59,284		—		(154,726		)	—
Intercompany loans receivable	3,112		2,332		19,005		23,967		(48,416		)	—
Other assets	—		—		—		1,404		—			1,404
Total assets	$	62,939	$	38,012	$	79,173	$	117,602	$	(203,268	)	$	94,458
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	—	$	699	$	2,432	$	—		$	3,131
Accounts payable	—		—		—		1,718		—			1,718
Intercompany payable	11		—		—		115		(126		)	—
Accrued compensation	6		—		—		1,496		—			1,502
Accrued income taxes	14		—		—		858		—			872
Other accrued expenses	88		21		8		3,156		—			3,273
Total current liabilities	119		21		707		9,775		(126		)	10,496
Long-term debt	—		2,122		1,842		21,977		—			25,941
Accrued compensation and retirement benefits	—		—		—		1,475		—			1,475
Accrued income taxes	10		—		—		2,184		—			2,194
Intercompany loans payable	11,316		1,374		23,868		11,858		(48,416		)	—
Deferred tax liabilities	—		—		—		1,841		—			1,841
Other liabilities	25		—		1		907		—			933
Total liabilities	11,470		3,517		26,418		50,017		(48,542		)	42,880
Shareholders’ equity	51,469		34,495		52,755		67,476		(154,726		)	51,469
Noncontrolling interests	—		—		—		109		—			109
Total equity	51,469		34,495		52,755		67,585		(154,726		)	51,578
Total liabilities and equity	$	62,939	$	38,012	$	79,173	$	117,602	$	(203,268	)	$	94,458

Condensed Consolidating Balance Sheet

April 28, 2017

CIFSA Senior Notes



(in millions)	Medtronic plc		CIFSA		CIFSA Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	33	$	5	$	4,929	$	—		$	4,967
Investments	—		—		—		8,741		—			8,741
Accounts receivable, net	—		—		—		5,591		—			5,591
Inventories, net	—		—		—		3,338		—			3,338
Intercompany receivable	63		—		60		12		(135		)	—
Other current assets	10		—		—		1,855		—			1,865
Current assets held for sale	—		—		—		371		—			371
Total current assets	73		33		65		24,837		(135		)	24,873
Property, plant, and equipment, net	—		—		—		4,361		—			4,361
Goodwill	—		—		—		38,515		—			38,515
Other intangible assets, net	—		—		—		23,407		—			23,407
Tax assets	—		—		—		1,509		—			1,509
Investment in subsidiaries	55,833		31,055		51,294		—		(138,182		)	—
Intercompany loans receivable	3,000		2,978		17,383		17,260		(40,621		)	—
Other assets	—		—		—		1,232		—			1,232
Noncurrent assets held for sale	—		—		—		5,919		—			5,919
Total assets	$	58,906	$	34,066	$	68,742	$	117,040	$	(178,938	)	$	99,816
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	1,176	$	901	$	5,443	$	—		$	7,520
Accounts payable	—		—		—		1,731		—			1,731
Intercompany payable	12		—		—		123		(135		)	—
Accrued compensation	9		—		—		1,851		—			1,860
Accrued income taxes	13		—		—		620		—			633
Other accrued expenses	—		23		8		2,411		—			2,442
Current liabilities held for sale	—		—		—		34		—			34
Total current liabilities	34		1,199		909		12,213		(135		)	14,220
Long-term debt	—		2,133		1,842		21,946		—			25,921
Accrued compensation and retirement benefits	—		—		—		1,641		—			1,641
Accrued income taxes	10		—		—		2,395		—			2,405
Intercompany loans payable	8,568		1,369		17,161		13,523		(40,621		)	—
Deferred tax liabilities	—		—		—		2,978		—			2,978
Other liabilities	—		—		—		1,515		—			1,515
Noncurrent liabilities held for sale	—		—		—		720		—			720
Total liabilities	8,612		4,701		19,912		56,931		(40,756		)	49,400
Shareholders' equity	50,294		29,365		48,830		59,987		(138,182		)	50,294
Noncontrolling interests	—		—		—		122		—			122
Total Equity	50,294		29,365		48,830		60,109		(138,182		)	50,416
Total liabilities and equity	$	58,906	$	34,066	$	68,742	$	117,040	$	(178,938	)	$	99,816

Condensed Consolidating Statement of Cash Flows

Six Months Ended October 27, 2017

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	269		$	(743	)	$	128		$	1,990		$	—		$	1,644
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(76		)	—			(76		)
Proceeds from sale of businesses	—			—			—			6,058			—			6,058
Additions to property, plant, and equipment	—			(132		)	—			(392		)	—			(524		)
Purchases of investments	—			—			—			(1,685		)	—			(1,685		)
Sales and maturities of investments	—			—			—			2,354			—			2,354
Net (increase) decrease in intercompany loans	(112		)	2,204			(1,617		)	(7,695		)	7,220			—
Capital contribution paid	—			(12		)	(4,200		)	—			4,212			—
Other investing activities, net	—			—			—			(2		)	—			(2		)
Net cash provided by (used in) investing activities	(112		)	2,060			(5,817		)	(1,438		)	11,432			6,125
Financing Activities:
Acquisition-related contingent consideration	—			—			—			(39		)	—			(39		)
Change in current debt obligations, net	—			—			(202		)	12			—			(190		)
Issuance of long-term debt	—			—			—			20			—			20
Payments on long-term debt	—			(3,000		)	—			(1,161		)	—			(4,161		)
Dividends to shareholders	(1,247		)	—			—			—			—			(1,247		)
Issuance of ordinary shares	230			—			—			—			—			230
Repurchase of ordinary shares	(1,888		)	—			—			—			—			(1,888		)
Net intercompany loan borrowings (repayments)	2,748			1,685			6,708			(3,921		)	(7,220		)	—
Capital contribution received	—			—			—			4,212			(4,212		)	—
Other financing activities	—			—			—			(2		)	—			(2		)
Net cash provided by (used in) financing activities	(157		)	(1,315		)	6,506			(879		)	(11,432		)	(7,277		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			70			—			70
Net change in cash and cash equivalents	—			2			817			(257		)	—			562
Cash and cash equivalents at beginning of period	—			45			5			4,917			—			4,967
Cash and cash equivalents at end of period	$	—		$	47		$	822		$	4,660		$	—		$	5,529

Condensed Consolidating Statement of Cash Flows

Six Months Ended October 28, 2016

Medtronic Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	644		$	513		$	163		$	1,702		$	—		$	3,022
Investing Activities:
Acquisitions, net of cash acquired	—			(918		)	—			(388		)	—			(1,306		)
Additions to property, plant, and equipment	—			(161		)	—			(437		)	—			(598		)
Purchases of investments	—			—			—			(2,272		)	162			(2,110		)
Sales and maturities of investments	—			210			—			3,577			(162		)	3,625
Net (increase) decrease in intercompany loans	—			496			(2,117		)	(1,855		)	3,476			—
Capital contribution paid	—			(233		)	—			—			233			—
Other investing activities, net	—			—			—			32			—			32
Net cash provided by (used in) investing activities	—			(606		)	(2,117		)	(1,343		)	3,709			(357		)
Financing Activities:
Acquisition-related contingent consideration	—			—			—			(36		)	—			(36		)
Change in current debt obligations, net	—			—			1,130			24			—			1,154
Proceeds from current debt obligations (maturities greater than 90 days)	—			—			4			—			—			4
Issuance of long-term debt	—			—			—			131			—			131
Payments on long-term debt	—			—			—			(252		)	—			(252		)
Dividends to shareholders	(1,192		)	—			—			—			—			(1,192		)
Issuance of ordinary shares	260			—			—			—			—			260
Repurchase of ordinary shares	(2,794		)	—			—			—			—			(2,794		)
Net intercompany loan borrowings (repayments)	3,082			109			928			(643		)	(3,476		)	—
Capital contribution received	—			—			—			233			(233		)	—
Other financing activities	—			—			—			74			—			74
Net cash provided by (used in) financing activities	(644		)	109			2,062			(469		)	(3,709		)	(2,651		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			64			—			64
Net change in cash and cash equivalents	—			16			108			(46		)	—			78
Cash and cash equivalents at beginning of period	—			55			—			2,821			—			2,876
Cash and cash equivalents at end of period	$	—		$	71		$	108		$	2,775		$	—		$	2,954

Condensed Consolidating Statement of Cash Flows

Six Months Ended October 27, 2017

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	269		$	997		$	135		$	1,291		$	(1,048	)	$	1,644
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(76		)	—			(76		)
Proceeds from sale of businesses	—			—			—			6,058			—			6,058
Additions to property, plant, and equipment	—			—			—			(524		)	—			(524		)
Purchases of investments	—			—			—			(1,685		)	—			(1,685		)
Sales and maturities of investments	—			—			—			2,354			—			2,354
Net (increase) decrease in intercompany loans	(112		)	646			(1,622		)	(6,707		)	7,795			—
Capital contribution paid	—			(531		)	(4,200		)	—			4,731			—
Other investing activities, net	—			—			—			(2		)	—			(2		)
Net cash provided by (used in) investing activities	(112		)	115			(5,822		)	(582		)	12,526			6,125
Financing Activities:
Acquisition-related contingent consideration	—			—			—			(39		)	—			(39		)
Change in current debt obligations, net	—			—			(202		)	12			—			(190		)
Issuance of long-term debt	—			—			—			20			—			20
Payments on long-term debt	—			(1,150		)	—			(3,011		)	—			(4,161		)
Dividends to shareholders	(1,247		)	—			—			—			—			(1,247		)
Issuance of ordinary shares	230			—			—			—			—			230
Repurchase of ordinary shares	(1,888		)	—			—			—			—			(1,888		)
Net intercompany loan borrowings (repayments)	2,748			5			6,707			(1,665		)	(7,795		)	—
Intercompany dividend paid	—			—			—			(1,048		)	1,048			—
Capital contribution received	—			—			—			4,731			(4,731		)	—
Other financing activities	—			—			—			(2		)	—			(2		)
Net cash provided by (used in) financing activities	(157		)	(1,145		)	6,505			(1,002		)	(11,478		)	(7,277		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			70			—			70
Net change in cash and cash equivalents	—			(33		)	818			(223		)	—			562
Cash and cash equivalents at beginning of period	—			33			5			4,929			—			4,967
Cash and cash equivalents at end of period	$	—		$	—		$	823		$	4,706		$	—		$	5,529

Condensed Consolidating Statement of Cash Flows

Six Months Ended October 28, 2016

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	644		$	879		$	162		$	2,257		$	(920	)	$	3,022
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(1,306		)	—			(1,306		)
Additions to property, plant, and equipment	—			—			—			(598		)	—			(598		)
Purchases of investments	—			—			—			(2,110		)	—			(2,110		)
Sales and maturities of investments	—			—			—			3,625			—			3,625
Net (increase) decrease in intercompany loans	—			3,198			(2,117		)	2,707			(3,788		)	—
Capital contributions paid	—			(325		)	—			—			325			—
Other investing activities, net	—			—			—			32			—			32
Net cash provided by (used in) investing activities	—			2,873			(2,117		)	2,350			(3,463		)	(357		)
Financing Activities:
Acquisition-related contingent consideration	—			—			—			(36		)	—			(36		)
Change in current debt obligations, net	—			—			1,130			24			—			1,154
Proceeds from current debt obligations (maturities greater than 90 days)	—			—			4			—			—			4
Issuance of long-term debt	—			—			—			131			—			131
Payments on long-term debt	—			—			—			(252		)	—			(252		)
Dividends to shareholders	(1,192		)	—			—			—			—			(1,192		)
Issuance of ordinary shares	260			—			—			—			—			260
Repurchase of ordinary shares	(2,794		)	—			—			—			—			(2,794		)
Net intercompany loan borrowings (repayments)	3,082			(3,634		)	929			(4,165		)	3,788			—
Intercompany dividend paid	—			—			—			(920		)	920			—
Capital contributions received	—			—			—			325			(325		)	—
Other financing activities	—			—			—			74			—			74
Net cash provided by (used in) financing activities	(644		)	(3,634		)	2,063			(4,819		)	4,383			(2,651		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			64			—			64
Net change in cash and cash equivalents	—			118			108			(148		)	—			78
Cash and cash equivalents at beginning of period	—			208			—			2,668			—			2,876
Cash and cash equivalents at end of period	$	—		$	326		$	108		$	2,520		$	—		$	2,954