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Guarantor Financial Information (Tables)

6 Months Ended

Oct. 26, 2018

Condensed Financial Information Disclosure [Abstract]

Consolidating Statement of Comprehensive Income

Three Months Ended October 26, 2018

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	364		$	—		$	7,481		$	(364	)	$	7,481

Costs and expenses:
Cost of products sold	—			280			—			2,162			(239		)	2,203
Research and development expense	—			176			—			414			—			590
Selling, general, and administrative expense	4			413			—			2,188			—			2,605
Amortization of intangible assets	—			2			—			443			—			445
Restructuring charges, net	—			1			—			23			—			24
Other operating expense (income), net	24			(672		)	—			834			(116		)	70
Operating profit (loss)	(28		)	164			—			1,417			(9		)	1,544
Other non-operating (income) expense, net	—			(138		)	(175		)	(429		)	690			(52		)
Interest expense	108			482			113			228			(690		)	241
Equity in net (income) loss of subsidiaries	(1,249		)	(762		)	(1,187		)	—			3,198			—
Income (loss) before income taxes	1,113			582			1,249			1,618			(3,207		)	1,355
Income tax (benefit) provision	(2		)	(15		)	—			252			—			235
Net income (loss)	1,115			597			1,249			1,366			(3,207		)	1,120
Net (income) loss attributable to noncontrolling interests	—			—			—			(5		)	—			(5		)
Net income (loss) attributable to Medtronic	1,115			597			1,249			1,361			(3,207		)	1,115
Other comprehensive income (loss), net of tax	(289		)	(194		)	(289		)	(310		)	790			(292		)
Comprehensive income attributable to noncontrolling interests	—			—			—			(2		)	—			(2		)
Total comprehensive income (loss)	$	826		$	403		$	960		$	1,054		$	(2,417	)	$	826

Consolidating Statement of Comprehensive Income

Six Months Ended October 26, 2018

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	726		$	—		$	14,865		$	(726	)	$	14,865

Costs and expenses:
Cost of products sold	—			553			—			4,330			(476		)	4,407
Research and development expense	—			344			—			831			—			1,175
Selling, general, and administrative expense	6			781			—			4,415			—			5,202
Amortization of intangible assets	—			4			—			887			—			891
Restructuring charges, net	—			11			—			75			—			86
Certain litigation charges	—			78			—			25			—			103
Other operating expense (income), net	25			(931		)	—			1,349			(222		)	221
Operating profit (loss)	(31		)	(114		)	—			2,953			(28		)	2,780
Other non-operating (income) expense, net	—			(297		)	(339		)	(934		)	1,332			(238		)
Interest expense	208			946			216			445			(1,332		)	483
Equity in net (income) loss of subsidiaries	(2,425		)	(1,584		)	(2,302		)	—			6,311			—
Income (loss) before income taxes	2,186			821			2,425			3,442			(6,339		)	2,535
Income tax (benefit) provision	(4		)	(119		)	—			461			—			338
Net income (loss)	2,190			940			2,425			2,981			(6,339		)	2,197
Net (income) loss attributable to noncontrolling interests	—			—			—			(7		)	—			(7		)
Net income (loss) attributable to Medtronic	2,190			940			2,425			2,974			(6,339		)	2,190
Other comprehensive income (loss), net of tax	(873		)	(503		)	(873		)	(914		)	2,287			(876		)
Comprehensive income attributable to noncontrolling interests	—			—			—			(4		)	—			(4		)
Total comprehensive income (loss)	$	1,317		$	437		$	1,552		$	2,063		$	(4,052	)	$	1,317

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	—			231			—			2,093			(201		)	2,123
Research and development expense	—			170			—			386			—			556
Selling, general, and administrative expense	3			413			—			2,123			—			2,539
Amortization of intangible assets	—			2			—			458			—			460
Restructuring charges, net	—			—			—			8			—			8
Gain on sale of businesses	—			—			—			(697		)	—			(697		)
Other operating expense (income), net	12			(216		)	—			482			(111		)	167
Operating profit (loss)	(15		)	(300		)	—			2,197			12			1,894
Other non-operating (income) expense, net	—			(71		)	(103		)	(348		)	415			(107		)
Interest expense	60			425			48			155			(415		)	273
Equity in net (income) loss of subsidiaries	(2,091		)	(1,408		)	(2,036		)	—			5,535			—
Income (loss) before income taxes	2,016			754			2,091			2,390			(5,523		)	1,728
Income tax (benefit) provision	(1		)	(202		)	—			(82		)	—			(285		)
Net income (loss)	2,017			956			2,091			2,472			(5,523		)	2,013
Net loss attributable to noncontrolling interests	—			—			—			4			—			4
Net income (loss) attributable to Medtronic	2,017			956			2,091			2,476			(5,523		)	2,017
Other comprehensive (loss) income, net of tax	(136		)	(56		)	(136		)	(150		)	342			(136		)
Comprehensive loss attributable to noncontrolling interests	—			—			—			4			—			4
Total comprehensive income (loss)	$	1,881		$	900		$	1,955		$	2,326		$	(5,181	)	$	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	—			456			—			4,422			(403		)	4,475
Research and development expense	—			329			—			776			—			1,105
Selling, general, and administrative expense	5			752			—			4,362			—			5,119
Amortization of intangible assets	—			4			—			910			—			914
Restructuring charges, net	—			2			—			14			—			16
Gain on sale of businesses	—			—			—			(697		)	—			(697		)
Other operating expense (income), net	25			(586		)	—			1,009			(216		)	232
Operating profit (loss)	(30		)	(353		)	—			3,643			16			3,276
Other non-operating (income) expense, net	—			(149		)	(212		)	(679		)	834			(206		)
Interest expense	109			865			82			337			(834		)	559
Equity in net (income) loss of subsidiaries	(3,169		)	(1,740		)	(3,039		)	—			7,948			—
Income (loss) before income taxes	3,030			671			3,169			3,985			(7,932		)	2,923
Income tax (benefit) provision	(3		)	(320		)	—			224			—			(99		)
Net income (loss)	3,033			991			3,169			3,761			(7,932		)	3,022
Net loss attributable to noncontrolling interests	—			—			—			11			—			11
Net income (loss) attributable to Medtronic	3,033			991			3,169			3,772			(7,932		)	3,033
Other comprehensive income (loss), net of tax	553			520			553			530			(1,603		)	553
Comprehensive loss attributable to noncontrolling interests	—			—			—			11			—			11
Total comprehensive income (loss)	$	3,586		$	1,511		$	3,722		$	4,302		$	(9,535	)	$	3,586

Consolidating Statement of Comprehensive Income

Three Months Ended October 26, 2018

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	7,481		$	—		$	7,481

Costs and expenses:
Cost of products sold	—			—			—			2,203			—			2,203
Research and development expense	—			—			—			590			—			590
Selling, general, and administrative expense	4			—			1			2,600			—			2,605
Amortization of intangible assets	—			—			—			445			—			445
Restructuring charges, net	—			—			—			24			—			24
Other operating expense, net	24			—			—			46			—			70
Operating profit (loss)	(28		)	—			(1		)	1,573			—			1,544
Other non-operating (income) expense, net	—			(9		)	(183		)	(150		)	290			(52		)
Interest expense	108			22			113			288			(290		)	241
Equity in net (income) loss of subsidiaries	(1,249		)	(629		)	(1,180		)	—			3,058			—
Income (loss) before income taxes	1,113			616			1,249			1,435			(3,058		)	1,355
Income tax (benefit) provision	(2		)	—			—			237			—			235
Net income (loss)	1,115			616			1,249			1,198			(3,058		)	1,120
Net loss attributable to noncontrolling interests	—			—			—			(5		)	—			(5		)
Net income (loss) attributable to Medtronic	1,115			616			1,249			1,193			(3,058		)	1,115
Other comprehensive income (loss), net of tax	(289		)	(91		)	(289		)	(295		)	672			(292		)
Comprehensive income attributable to noncontrolling interests	—			—			—			(2		)	—			(2		)
Total comprehensive income (loss)	$	826		$	525		$	960		$	901		$	(2,386	)	$	826

Consolidating Statement of Comprehensive Income

Six Months Ended October 26, 2018

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	14,865		$	—		$	14,865

Costs and expenses:
Cost of products sold	—			—			—			4,407			—			4,407
Research and development expense	—			—			—			1,175			—			1,175
Selling, general, and administrative expense	6			—			1			5,195			—			5,202
Amortization of intangible assets	—			—			—			891			—			891
Restructuring charges, net	—			—			—			86			—			86
Certain litigation charges	—			—			—			103			—			103
Other operating expense, net	25			—			—			196			—			221
Operating profit (loss)	(31		)	—			(1		)	2,812			—			2,780
Other non-operating (income) expense, net	—			(19		)	(352		)	(424		)	557			(238		)
Interest expense	208			43			216			573			(557		)	483
Equity in net (income) loss of subsidiaries	(2,425		)	(1,585		)	(2,290		)	—			6,300			—
Income (loss) before income taxes	2,186			1,561			2,425			2,663			(6,300		)	2,535
Income tax (benefit) provision	(4		)	—			—			342			—			338
Net income (loss)	2,190			1,561			2,425			2,321			(6,300		)	2,197
Net loss attributable to noncontrolling interests	—			—			—			(7		)	—			(7		)
Net income (loss) attributable to Medtronic	2,190			1,561			2,425			2,314			(6,300		)	2,190
Other comprehensive income (loss), net of tax	(873		)	(331		)	(873		)	(879		)	2,080			(876		)
Comprehensive income attributable to noncontrolling interests	—			—			—			(4		)	—			(4		)
Total comprehensive income (loss)	$	1,317		$	1,230		$	1,552		$	1,438		$	(4,220	)	$	1,317

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	—			—			—			2,123			—			2,123
Research and development expense	—			—			—			556			—			556
Selling, general, and administrative expense	3			—			—			2,536			—			2,539
Amortization of intangible assets	—			—			—			460			—			460
Restructuring charges, net	—			—			—			8			—			8
Gain on sale of businesses	—			—			—			(697		)	—			(697		)
Other operating expense, net	12			—			—			155			—			167
Operating profit (loss)	(15		)	—			—			1,909			—			1,894
Other non-operating (income) expense, net	—			(16		)	(107		)	(135		)	151			(107		)
Interest expense	60			21			48			295			(151		)	273
Equity in net (income) loss of subsidiaries	(2,091		)	(1,264		)	(2,032		)	—			5,387			—
Income (loss) before income taxes	2,016			1,259			2,091			1,749			(5,387		)	1,728
Income tax (benefit) provision	(1		)	—			—			(284		)	—			(285		)
Net income (loss)	2,017			1,259			2,091			2,033			(5,387		)	2,013
Net loss attributable to noncontrolling interests	—			—			—			4			—			4
Net income (loss) attributable to Medtronic	2,017			1,259			2,091			2,037			(5,387		)	2,017
Other comprehensive (loss) income, net of tax	(136		)	(120		)	(136		)	(136		)	392			(136		)
Comprehensive loss attributable to noncontrolling interests	—			—			—			4			—			4
Total comprehensive income (loss)	$	1,881		$	1,139		$	1,955		$	1,901		$	(4,995	)	$	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	—			—			—			4,475			—			4,475
Research and development expense	—			—			—			1,105			—			1,105
Selling, general, and administrative expense	5			—			1			5,113			—			5,119
Amortization of intangible assets	—			—			—			914			—			914
Restructuring charges, net	—			—			—			16			—			16
Gain on sale of businesses	—			—			—			(697		)	—			(697		)
Other operating expense, net	25			1			—			206			—			232
Operating profit (loss)	(30		)	(1		)	(1		)	3,308			—			3,276
Other non-operating (income) expense, net	—			(32		)	(219		)	(253		)	298			(206		)
Interest expense	109			44			82			622			(298		)	559
Equity in net (income) loss of subsidiaries	(3,169		)	(2,137		)	(3,033		)	—			8,339			—
Income (loss) before income taxes	3,030			2,124			3,169			2,939			(8,339		)	2,923
Income tax (benefit) provision	(3		)	—			—			(96		)	—			(99		)
Net income (loss)	3,033			2,124			3,169			3,035			(8,339		)	3,022
Net loss attributable to noncontrolling interests	—			—			—			11			—			11
Net income (loss) attributable to Medtronic	3,033			2,124			3,169			3,046			(8,339		)	3,033
Other comprehensive income (loss), net of tax	553			52			553			553			(1,158		)	553
Comprehensive loss attributable to non-controlling interests	—			—			—			11			—			11
Total comprehensive income (loss)	$	3,586		$	2,176		$	3,722		$	3,599		$	(9,497	)	$	3,586

Condensed Consolidating Balance Sheet

October 26, 2018

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	$	—	$	24	$	495	$	3,392	$	—		$	3,911
Investments	—		—		—		6,222		—			6,222
Accounts receivable, net	—		—		—		5,743		—			5,743
Inventories, net	—		181		—		3,735		(153		)	3,763
Intercompany receivable	67		13,184		—		28,617		(41,868		)	—
Other current assets	11		172		—		1,831		—			2,014
Total current assets	78		13,561		495		49,540		(42,021		)	21,653
Property, plant, and equipment, net	—		1,431		—		3,105		—			4,536
Goodwill	—		1,883		—		36,722		—			38,605
Other intangible assets, net	—		24		—		20,795		—			20,819
Tax assets	—		418		—		996		—			1,414
Investment in subsidiaries	61,711		75,089		62,646		—		(199,446		)	—
Intercompany loans receivable	3,000		6,535		22,128		34,193		(65,856		)	—
Other assets	—		264		—		859		—			1,123
Total assets	$	64,789	$	99,205	$	85,269	$	146,210	$	(307,323	)	$	88,150
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	—	$	1,000	$	343	$	—		$	1,343
Accounts payable	—		458		—		1,284		—			1,742
Intercompany payable	—		19,544		9,073		13,251		(41,868		)	—
Accrued compensation	9		709		—		945		—			1,663
Accrued income taxes	—		—		—		536		—			536
Other accrued expenses	20		419		4		2,736		—			3,179
Total current liabilities	29		21,130		10,077		19,095		(41,868		)	8,463
Long-term debt	—		20,602		845		2,226		—			23,673
Accrued compensation and retirement benefits	—		822		—		479		—			1,301
Accrued income taxes	10		627		—		2,313		—			2,950
Intercompany loans payable	15,143		14,332		19,661		16,720		(65,856		)	—
Deferred tax liabilities	—		—		—		1,325		—			1,325
Other liabilities	—		54		—		670		—			724
Total liabilities	15,182		57,567		30,583		42,828		(107,724		)	38,436
Shareholders’ equity	49,607		41,638		54,686		103,275		(199,599		)	49,607
Noncontrolling interests	—		—		—		107		—			107
Total equity	49,607		41,638		54,686		103,382		(199,599		)	49,714
Total liabilities and equity	$	64,789	$	99,205	$	85,269	$	146,210	$	(307,323	)	$	88,150

Condensed Consolidating Balance Sheet

April 27, 2018

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	$	—	$	20	$	1	$	3,648	$	—		$	3,669
Investments	—		76		—		7,482		—			7,558
Accounts receivable, net	—		—		—		5,987		—			5,987
Inventories, net	—		165		—		3,539		(125		)	3,579
Intercompany receivable	37		23,480		—		33,929		(57,446		)	—
Other current assets	6		178		—		2,003		—			2,187
Total current assets	43		23,919		1		56,588		(57,571		)	22,980
Property, plant, and equipment, net	—		1,426		—		3,178		—			4,604
Goodwill	—		1,883		—		37,660		—			39,543
Other intangible assets, net	—		12		—		21,711		—			21,723
Tax assets	—		385		—		1,080		—			1,465
Investment in subsidiaries	60,381		73,585		61,461		—		(195,427		)	—
Intercompany loans receivable	3,000		6,519		19,337		34,196		(63,052		)	—
Other assets	—		223		—		855		—			1,078
Total assets	$	63,424	$	107,952	$	80,799	$	155,268	$	(316,050	)	$	91,393
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	—	$	1,696	$	362	$	—		$	2,058
Accounts payable	—		381		—		1,247		—			1,628
Intercompany payable	—		28,401		5,542		23,503		(57,446		)	—
Accrued compensation	3		787		—		1,198		—			1,988
Accrued income taxes	—		—		—		979		—			979
Other accrued expenses	16		359		4		3,052		—			3,431
Total current liabilities	19		29,928		7,242		30,341		(57,446		)	10,084
Long-term debt	—		20,598		844		2,257		—			23,699
Accrued compensation and retirement benefits	—		902		—		523		—			1,425
Accrued income taxes	10		531		—		2,510		—			3,051
Intercompany loans payable	12,675		14,339		19,335		16,703		(63,052		)	—
Deferred tax liabilities	—		—		—		1,423		—			1,423
Other liabilities	—		68		—		821		—			889
Total liabilities	12,704		66,366		27,421		54,578		(120,498		)	40,571
Shareholders' equity	50,720		41,586		53,378		100,588		(195,552		)	50,720
Noncontrolling interests	—		—		—		102		—			102
Total equity	50,720		41,586		53,378		100,690		(195,552		)	50,822
Total liabilities and equity	$	63,424	$	107,952	$	80,799	$	155,268	$	(316,050	)	$	91,393

Condensed Consolidating Balance Sheet

October 26, 2018

CIFSA Senior Notes



(in millions)	Medtronic plc		CIFSA		CIFSA Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	496	$	3,415	$	—		$	3,911
Investments	—		—		—		6,222		—			6,222
Accounts receivable, net	—		—		—		5,743		—			5,743
Inventories, net	—		—		—		3,763		—			3,763
Intercompany receivable	67		—		1,356		9,096		(10,519		)	—
Other current assets	11		—		1		2,002		—			2,014
Total current assets	78		—		1,853		30,241		(10,519		)	21,653
Property, plant, and equipment, net	—		—		—		4,536		—			4,536
Goodwill	—		—		—		38,605		—			38,605
Other intangible assets, net	—		—		—		20,819		—			20,819
Tax assets	—		—		—		1,414		—			1,414
Investment in subsidiaries	61,711		32,486		61,338		—		(155,535		)	—
Intercompany loans receivable	3,000		1,081		22,128		19,762		(45,971		)	—
Other assets	—		—		—		1,123		—			1,123
Total assets	$	64,789	$	33,567	$	85,319	$	116,500	$	(212,025	)	$	88,150
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	—	$	1,000	$	343	$	—		$	1,343
Accounts payable	—		—		—		1,742		—			1,742
Intercompany payable	—		1,295		9,072		152		(10,519		)	—
Accrued compensation	9		—		—		1,654		—			1,663
Accrued income taxes	—		—		—		536		—			536
Other accrued expenses	20		21		8		3,130		—			3,179
Total current liabilities	29		1,316		10,080		7,557		(10,519		)	8,463
Long-term debt	—		2,100		845		20,728		—			23,673
Accrued compensation and retirement benefits	—		—		—		1,301		—			1,301
Accrued income taxes	10		—		—		2,940		—			2,950
Intercompany loans payable	15,143		99		19,663		11,066		(45,971		)	—
Deferred tax liabilities	—		—		—		1,325		—			1,325
Other liabilities	—		—		1		723		—			724
Total liabilities	15,182		3,515		30,589		45,640		(56,490		)	38,436
Shareholders’ equity	49,607		30,052		54,730		70,753		(155,535		)	49,607
Noncontrolling interests	—		—		—		107		—			107
Total equity	49,607		30,052		54,730		70,860		(155,535		)	49,714
Total liabilities and equity	$	64,789	$	33,567	$	85,319	$	116,500	$	(212,025	)	$	88,150

Condensed Consolidating Balance Sheet

April 27, 2018

CIFSA Senior Notes



(in millions)	Medtronic plc		CIFSA		CIFSA Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	1	$	3,668	$	—		$	3,669
Investments	—		—		—		7,558		—			7,558
Accounts receivable, net	—		—		—		5,987		—			5,987
Inventories, net	—		—		—		3,579		—			3,579
Intercompany receivable	37		—		1,343		5,560		(6,940		)	—
Other current assets	6		—		—		2,181		—			2,187
Total current assets	43		—		1,344		28,533		(6,940		)	22,980
Property, plant, and equipment, net	—		—		—		4,604		—			4,604
Goodwill	—		—		—		39,543		—			39,543
Other intangible assets, net	—		—		—		21,723		—			21,723
Tax assets	—		—		—		1,465		—			1,465
Investment in subsidiaries	60,381		31,149		60,122		—		(151,652		)	—
Intercompany loans receivable	3,000		1,291		19,337		19,436		(43,064		)	—
Other assets	—		—		—		1,078		—			1,078
Total assets	$	63,424	$	32,440	$	80,803	$	116,382	$	(201,656	)	$	91,393
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	—	$	1,696	$	362	$	—		$	2,058
Accounts payable	—		—		—		1,628		—			1,628
Intercompany payable	—		1,283		5,542		115		(6,940		)	—
Accrued compensation	3		—		—		1,985		—			1,988
Accrued income taxes	—		—		—		979		—			979
Other accrued expenses	16		21		8		3,386		—			3,431
Total current liabilities	19		1,304		7,246		8,455		(6,940		)	10,084
Long-term debt	—		2,111		844		20,744		—			23,699
Accrued compensation and retirement benefits	—		—		—		1,425		—			1,425
Accrued income taxes	10		—		—		3,041		—			3,051
Intercompany loans payable	12,675		100		19,335		10,954		(43,064		)	—
Deferred tax liabilities	—		—		—		1,423		—			1,423
Other liabilities	—		—		—		889		—			889
Total liabilities	12,704		3,515		27,425		46,931		(50,004		)	40,571
Shareholders' equity	50,720		28,925		53,378		69,349		(151,652		)	50,720
Noncontrolling interests	—		—		—		102		—			102
Total Equity	50,720		28,925		53,378		69,451		(151,652		)	50,822
Total liabilities and equity	$	63,424	$	32,440	$	80,803	$	116,382	$	(201,656	)	$	91,393

Condensed Consolidating Statement of Cash Flows

Six Months Ended October 26, 2018

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	$	147		$	(1,335	)	$	123		$	3,930		$	—		$	2,865
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(119		)	—			(119		)
Additions to property, plant, and equipment	—			(133		)	—			(364		)	—			(497		)
Purchases of investments	—			—			—			(1,444		)	—			(1,444		)
Sales and maturities of investments	—			76			—			2,748			—			2,824
Capital contribution paid	(18		)	(32		)	—			—			50			—
Net cash provided by (used in) investing activities	(18		)	(89		)	—			821			50			764
Financing Activities:
Change in current debt obligations, net	—			—			(696		)	(4		)	—			(700		)
Issuance of long-term debt	—			—			—			1			—			1
Payments on long-term debt	—			—			—			(17		)	—			(17		)
Dividends to shareholders	(1,351		)	—			—			—			—			(1,351		)
Issuance of ordinary shares	800			—			—			—			—			800
Repurchase of ordinary shares	(2,047		)	—			—			—			—			(2,047		)
Net intercompany loan borrowings (repayments)	2,469			1,428			1,067			(4,964		)	—			—
Capital contribution received	—			—			—			50			(50		)	—
Other financing activities	—			—			—			11			—			11
Net cash provided by (used in) financing activities	(129		)	1,428			371			(4,923		)	(50		)	(3,303		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(84		)	—			(84		)
Net change in cash and cash equivalents	—			4			494			(256		)	—			242
Cash and cash equivalents at beginning of period	—			20			1			3,648			—			3,669
Cash and cash equivalents at end of period	$	—		$	24		$	495		$	3,392		$	—		$	3,911

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	$	157		$	(743	)	$	162		$	2,068		$	—		$	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
Capital contribution paid	—			(12		)	(4,200		)	—			4,212			—
Other investing activities, net	—			—			—			(2		)	—			(2		)
Net cash provided by (used in) investing activities	—			(144		)	(4,200		)	6,257			4,212			6,125
Financing Activities:
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			3,889			5,057			(11,694		)	—			—
Capital contribution received	—			—			—			4,212			(4,212		)	—
Other financing activities	—			—			—			(41		)	—			(41		)
Net cash provided by (used in) financing activities	(157		)	889			4,855			(8,652		)	(4,212		)	(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 26, 2018

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	$	147		$	(35	)	$	136		$	2,617		$	—		$	2,865
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(119		)	—			(119		)
Additions to property, plant, and equipment	—			—			—			(497		)	—			(497		)
Purchases of investments	—			—			—			(1,444		)	—			(1,444		)
Sales and maturities of investments	—			—			—			2,824			—			2,824
Capital contribution paid	(18		)	(187		)	—			—			205			—
Net cash provided by (used in) investing activities	(18		)	(187		)	—			764			205			764
Financing Activities:
Change in current debt obligations, net	—			—			(697		)	(3		)	—			(700		)
Issuance of long-term debt	—			—			—			1			—			1
Payments on long-term debt	—			—			—			(17		)	—			(17		)
Dividends to shareholders	(1,351		)	—			—			—			—			(1,351		)
Issuance of ordinary shares	800			—			—			—			—			800
Repurchase of ordinary shares	(2,047		)	—			—			—			—			(2,047		)
Net intercompany loan borrowings (repayments)	2,469			222			1,056			(3,747		)	—			—
Capital contribution received	—			—			—			205			(205		)	—
Other financing activities	—			—			—			11			—			11
Net cash provided by (used in) financing activities	(129		)	222			359			(3,550		)	(205		)	(3,303		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(84		)	—			(84		)
Net change in cash and cash equivalents	—			—			495			(253		)	—			242
Cash and cash equivalents at beginning of period	—			—			1			3,668			—			3,669
Cash and cash equivalents at end of period	$	—		$	—		$	496		$	3,415		$	—		$	3,911

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	$	157		$	997		$	169		$	1,369		$	(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
Capital contributions paid	—			(531		)	(4,200		)	—			4,731			—
Other investing activities, net	—			—			—			(2		)	—			(2		)
Net cash provided by (used in) investing activities	—			(531		)	(4,200		)	6,125			4,731			6,125
Financing Activities:
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			651			5,051			(8,450		)	—			—
Intercompany dividend paid	—			—			—			(1,048		)	1,048			—
Capital contributions received	—			—			—			4,731			(4,731		)	—
Other financing activities	—			—			—			(41		)	—			(41		)
Net cash provided by (used in) financing activities	(157		)	(499		)	4,849			(7,787		)	(3,683		)	(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