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Guarantor Financial Information (Tables)

9 Months Ended

Jan. 25, 2019

Condensed Financial Information Disclosure [Abstract]

Consolidating Statement of Comprehensive Income

Three Months Ended January 25, 2019

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	281		$	—		$	7,546		$	(281	)	$	7,546

Costs and expenses:
Cost of products sold	—			223			—			2,206			(164		)	2,265
Research and development expense	—			152			—			409			—			561
Selling, general, and administrative expense	2			362			—			2,232			—			2,596
Amortization of intangible assets	—			2			—			434			—			436
Restructuring charges, net	—			3			—			23			—			26
Certain litigation charges	—			12			—			51			—			63
Other operating expense (income), net	15			(827		)	—			987			(118		)	57
Operating profit (loss)	(17		)	354			—			1,204			1			1,542
Other non-operating (income) expense, net	—			(151		)	(200		)	(480		)	760			(71		)
Interest expense	125			501			133			244			(760		)	243
Equity in net (income) loss of subsidiaries	(1,410		)	(678		)	(1,343		)	—			3,431			—
Income (loss) before income taxes	1,268			682			1,410			1,440			(3,430		)	1,370
Income tax (benefit) provision	(1		)	40			—			60			—			99
Net income (loss)	1,269			642			1,410			1,380			(3,430		)	1,271
Net (income) loss attributable to noncontrolling interests	—			—			—			(2		)	—			(2		)
Net income (loss) attributable to Medtronic	1,269			642			1,410			1,378			(3,430		)	1,269
Other comprehensive income (loss), net of tax	154			54			154			132			(340		)	154
Comprehensive income attributable to noncontrolling interests	—			—			—			(2		)	—			(2		)
Total comprehensive income (loss)	$	1,423		$	696		$	1,564		$	1,510		$	(3,770	)	$	1,423

Consolidating Statement of Comprehensive Income

Nine Months Ended January 25, 2019

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	1,007		$	—		$	22,411		$	(1,007	)	$	22,411

Costs and expenses:
Cost of products sold	—			776			—			6,538			(642		)	6,672
Research and development expense	—			496			—			1,240			—			1,736
Selling, general, and administrative expense	8			1,142			—			6,648			—			7,798
Amortization of intangible assets	—			6			—			1,321			—			1,327
Restructuring charges, net	—			14			—			98			—			112
Certain litigation charges	—			90			—			76			—			166
Other operating expense (income), net	40			(1,759		)	—			2,336			(339		)	278
Operating profit (loss)	(48		)	242			—			4,154			(26		)	4,322
Other non-operating (income) expense, net	—			(445		)	(539		)	(1,411		)	2,086			(309		)
Interest expense	333			1,444			349			686			(2,086		)	726
Equity in net (income) loss of subsidiaries	(3,835		)	(2,178		)	(3,644		)	—			9,657			—
Income (loss) before income taxes	3,454			1,421			3,834			4,879			(9,683		)	3,905
Income tax (benefit) provision	(5		)	(79		)	—			521			—			437
Net income (loss)	3,459			1,500			3,834			4,358			(9,683		)	3,468
Net (income) loss attributable to noncontrolling interests	—			—			—			(9		)	—			(9		)
Net income (loss) attributable to Medtronic	3,459			1,500			3,834			4,349			(9,683		)	3,459
Other comprehensive income (loss), net of tax	(719		)	(747		)	(719		)	(779		)	2,242			(722		)
Comprehensive income attributable to noncontrolling interests	—			—			—			(6		)	—			(6		)
Total comprehensive income (loss)	$	2,740		$	753		$	3,115		$	3,573		$	(7,441	)	$	2,740

Consolidating Statement of Comprehensive Income

Three Months Ended January 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	$	—		$	275		$	—		$	7,369		$	(275	)	$	7,369

Costs and expenses:
Cost of products sold	—			246			—			2,126			(178		)	2,194
Research and development expense	—			166			—			393			—			559
Selling, general, and administrative expense	4			364			—			2,155			—			2,523
Amortization of intangible assets	—			2			—			459			—			461
Restructuring charges, net	—			—			—			7			—			7
Certain litigation charges	—			24			—			37			—			61
Other operating expense (income), net	10			(773		)	—			999			(108		)	128
Operating profit (loss)	(14		)	246			—			1,193			11			1,436
Other non-operating (income) expense, net	—			92			(133		)	(355		)	535			139
Interest expense	63			464			73			205			(535		)	270
Equity in net (income) loss of subsidiaries	1,314			1,350			1,374			—			(4,038		)	—
Income (loss) before income taxes	(1,391		)	(1,660		)	(1,314		)	1,343			4,049			1,027
Income tax (benefit) provision	(2		)	316			—			2,105			—			2,419
Net income (loss)	(1,389		)	(1,976		)	(1,314		)	(762		)	4,049			(1,392		)
Net loss attributable to noncontrolling interests	—			—			—			3			—			3
Net income (loss) attributable to Medtronic	(1,389		)	(1,976		)	(1,314		)	(759		)	4,049			(1,389		)
Other comprehensive (loss) income, net of tax	678			599			678			664			(1,941		)	678
Comprehensive loss attributable to noncontrolling interests	—			—			—			3			—			3
Total comprehensive income (loss)	$	(711	)	$	(1,377	)	$	(636	)	$	(95	)	$	2,108		$	(711	)

Consolidating Statement of Comprehensive Income

Nine Months Ended January 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	$	—		$	879		$	—		$	21,807		$	(877	)	$	21,809

Costs and expenses:
Cost of products sold	—			702			—			6,548			(581		)	6,669
Research and development expense	—			495			—			1,169			—			1,664
Selling, general, and administrative expense	9			1,089			—			6,544			—			7,642
Amortization of intangible assets	—			6			—			1,369			—			1,375
Restructuring charges, net	—			2			—			21			—			23
Certain litigation charges	—			24			—			37			—			61
Gain on sale of businesses	—			—			—			(697		)	—			(697		)
Other operating expense (income), net	35			(1,334		)	—			1,981			(322		)	360
Operating profit (loss)	(44		)	(105		)	—			4,835			26			4,712
Other non-operating (income) expense, net	—			(57		)	(344		)	(1,036		)	1,370			(67		)
Interest expense	172			1,330			155			542			(1,370		)	829
Equity in net (income) loss of subsidiaries	(1,855		)	(387		)	(1,666		)	—			3,908			—
Income (loss) before income taxes	1,639			(991		)	1,855			5,329			(3,882		)	3,950
Income tax (benefit) provision	(5		)	(3		)	—			2,328			—			2,320
Net income (loss)	1,644			(988		)	1,855			3,001			(3,882		)	1,630
Net loss attributable to noncontrolling interests	—			—			—			14			—			14
Net income (loss) attributable to Medtronic	1,644			(988		)	1,855			3,015			(3,882		)	1,644
Other comprehensive income (loss), net of tax	1,231			1,228			1,231			1,194			(3,653		)	1,231
Comprehensive loss attributable to noncontrolling interests	—			—			—			14			—			14
Total comprehensive income (loss)	$	2,875		$	240		$	3,086		$	4,209		$	(7,535	)	$	2,875

Consolidating Statement of Comprehensive Income

Three Months Ended January 25, 2019

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	7,546		$	—		$	7,546

Costs and expenses:
Cost of products sold	—			—			—			2,265			—			2,265
Research and development expense	—			—			—			561			—			561
Selling, general, and administrative expense	2			—			1			2,593			—			2,596
Amortization of intangible assets	—			—			—			436			—			436
Restructuring charges, net	—			—			—			26			—			26
Certain litigation charges	—			—			—			63			—			63
Other operating expense, net	15			—			—			42			—			57
Operating profit (loss)	(17		)	—			(1		)	1,560			—			1,542
Other non-operating (income) expense, net	—			(9		)	(207		)	(190		)	335			(71		)
Interest expense	125			23			132			298			(335		)	243
Equity in net (income) loss of subsidiaries	(1,410		)	(655		)	(1,336		)	—			3,401			—
Income (loss) before income taxes	1,268			641			1,410			1,452			(3,401		)	1,370
Income tax (benefit) provision	(1		)	—			—			100			—			99
Net income (loss)	1,269			641			1,410			1,352			(3,401		)	1,271
Net loss attributable to noncontrolling interests	—			—			—			(2		)	—			(2		)
Net income (loss) attributable to Medtronic	1,269			641			1,410			1,350			(3,401		)	1,269
Other comprehensive income (loss), net of tax	154			95			154			154			(403		)	154
Comprehensive income attributable to noncontrolling interests	—			—			—			(2		)	—			(2		)
Total comprehensive income (loss)	$	1,423		$	736		$	1,564		$	1,504		$	(3,804	)	$	1,423

Consolidating Statement of Comprehensive Income

Nine Months Ended January 25, 2019

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	22,411		$	—		$	22,411

Costs and expenses:
Cost of products sold	—			—			—			6,672			—			6,672
Research and development expense	—			—			—			1,736			—			1,736
Selling, general, and administrative expense	8			1			2			7,787			—			7,798
Amortization of intangible assets	—			—			—			1,327			—			1,327
Restructuring charges, net	—			—			—			112			—			112
Certain litigation charges	—			—			—			166			—			166
Other operating expense, net	40			—			—			238			—			278
Operating profit (loss)	(48		)	(1		)	(2		)	4,373			—			4,322
Other non-operating (income) expense, net	—			(29		)	(559		)	(614		)	893			(309		)
Interest expense	333			66			348			872			(893		)	726
Equity in net (income) loss of subsidiaries	(3,835		)	(2,271		)	(3,626		)	—			9,732			—
Income (loss) before income taxes	3,454			2,233			3,835			4,115			(9,732		)	3,905
Income tax (benefit) provision	(5		)	—			—			442			—			437
Net income (loss)	3,459			2,233			3,835			3,673			(9,732		)	3,468
Net loss attributable to noncontrolling interests	—			—			—			(9		)	—			(9		)
Net income (loss) attributable to Medtronic	3,459			2,233			3,835			3,664			(9,732		)	3,459
Other comprehensive income (loss), net of tax	(719		)	69			(719		)	(722		)	1,369			(722		)
Comprehensive income attributable to noncontrolling interests	—			—			—			(6		)	—			(6		)
Total comprehensive income (loss)	$	2,740		$	2,302		$	3,116		$	2,945		$	(8,363	)	$	2,740

Consolidating Statement of Comprehensive Income

Three Months Ended January 26, 2018

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	7,369		$	—		$	7,369

Costs and expenses:
Cost of products sold	—			—			—			2,194			—			2,194
Research and development expense	—			—			—			559			—			559
Selling, general, and administrative expense	4			—			—			2,519			—			2,523
Amortization of intangible assets	—			—			—			461			—			461
Restructuring charges, net	—			—			—			7			—			7
Certain litigation charges	—			—			—			61			—			61
Gain on sale of businesses	—			—			—			—			—			—
Other operating expense, net	10			—			—			118			—			128
Operating profit (loss)	(14		)	—			—			1,450			—			1,436
Other non-operating (income) expense, net	—			(13		)	(137		)	83			206			139
Interest expense	63			19			73			321			(206		)	270
Equity in net (income) loss of subsidiaries	1,314			(921		)	1,378			—			(1,771		)	—
Income (loss) before income taxes	(1,391		)	915			(1,314		)	1,046			1,771			1,027
Income tax (benefit) provision	(2		)	—			—			2,421			—			2,419
Net income (loss)	(1,389		)	915			(1,314		)	(1,375		)	1,771			(1,392		)
Net loss attributable to noncontrolling interests	—			—			—			3			—			3
Net income (loss) attributable to Medtronic	(1,389		)	915			(1,314		)	(1,372		)	1,771			(1,389		)
Other comprehensive (loss) income, net of tax	678			52			678			678			(1,408		)	678
Comprehensive loss attributable to noncontrolling interests	—			—			—			3			—			3
Total comprehensive income (loss)	$	(711	)	$	967		$	(636	)	$	(694	)	$	363		$	(711	)

Consolidating Statement of Comprehensive Income

Nine Months Ended January 26, 2018

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	21,809		$	—		$	21,809

Costs and expenses:
Cost of products sold	—			—			—			6,669			—			6,669
Research and development expense	—			—			—			1,664			—			1,664
Selling, general, and administrative expense	9			—			1			7,632			—			7,642
Amortization of intangible assets	—			—			—			1,375			—			1,375
Restructuring charges, net	—			—			—			23			—			23
Certain litigation charges	—			—			—			61			—			61
Gain on sale of businesses	—			—			—			(697		)	—			(697		)
Other operating expense, net	35			1			—			324			—			360
Operating profit (loss)	(44		)	(1		)	(1		)	4,758			—			4,712
Other non-operating (income) expense, net	—			(45		)	(355		)	(169		)	502			(67		)
Interest expense	172			63			156			940			(502		)	829
Equity in net (income) loss of subsidiaries	(1,855		)	(3,062		)	(1,657		)	—			6,574			—
Income (loss) before income taxes	1,639			3,043			1,855			3,987			(6,574		)	3,950
Income tax (benefit) provision	(5		)	—			—			2,325			—			2,320
Net income (loss)	1,644			3,043			1,855			1,662			(6,574		)	1,630
Net loss attributable to noncontrolling interests	—			—			—			14			—			14
Net income (loss) attributable to Medtronic	1,644			3,043			1,855			1,676			(6,574		)	1,644
Other comprehensive income (loss), net of tax	1,231			(7		)	1,231			1,231			(2,455		)	1,231
Comprehensive loss attributable to non-controlling interests	—			—			—			14			—			14
Total comprehensive income (loss)	$	2,875		$	3,036		$	3,086		$	2,907		$	(9,029	)	$	2,875

Condensed Consolidating Balance Sheet

January 25, 2019

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	$	—	$	16	$	336	$	3,351	$	—		$	3,703
Investments	—		—		—		5,439		—			5,439
Accounts receivable, net	—		—		—		5,854		—			5,854
Inventories, net	—		176		—		3,870		(180		)	3,866
Intercompany receivable	46		20,062		—		36,870		(56,978		)	—
Other current assets	9		159		3		1,844		—			2,015
Total current assets	55		20,413		339		57,228		(57,158		)	20,877
Property, plant, and equipment, net	—		1,439		—		3,154		—			4,593
Goodwill	—		1,883		—		38,120		—			40,003
Other intangible assets, net	—		—		—		20,835		—			20,835
Tax assets	—		447		—		1,049		—			1,496
Investment in subsidiaries	63,260		76,021		64,146		—		(203,427		)	—
Intercompany loans receivable	3,000		21		30,022		33,786		(66,829		)	—
Other assets	—		255		—		671		—			926
Total assets	$	66,315	$	100,479	$	94,507	$	154,843	$	(327,414	)	$	88,730
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	1	$	1,000	$	355	$	—		$	1,356
Accounts payable	—		459		—		1,247		—			1,706
Intercompany payable	—		20,271		16,601		20,106		(56,978		)	—
Accrued compensation	4		733		—		1,059		—			1,796
Accrued income taxes	—		—		—		648		—			648
Other accrued expenses	20		557		32		2,738		—			3,347
Total current liabilities	24		22,021		17,633		26,153		(56,978		)	8,853
Long-term debt	—		20,620		845		2,209		—			23,674
Accrued compensation and retirement benefits	—		836		—		477		—			1,313
Accrued income taxes	10		650		—		2,214		—			2,874
Intercompany loans payable	16,452		13,879		19,794		16,704		(66,829		)	—
Deferred tax liabilities	—		—		—		1,356		—			1,356
Other liabilities	—		41		—		678		—			719
Total liabilities	16,486		58,047		38,272		49,791		(123,807		)	38,789
Shareholders’ equity	49,829		42,432		56,235		104,940		(203,607		)	49,829
Noncontrolling interests	—		—		—		112		—			112
Total equity	49,829		42,432		56,235		105,052		(203,607		)	49,941
Total liabilities and equity	$	66,315	$	100,479	$	94,507	$	154,843	$	(327,414	)	$	88,730

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		73,495		61,461		—		(195,337		)	—
Intercompany loans receivable	3,000		6,519		19,337		34,196		(63,052		)	—
Other assets	—		223		—		855		—			1,078
Total assets	$	63,424	$	107,862	$	80,799	$	155,268	$	(315,960	)	$	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		41,496		53,378		100,588		(195,462		)	50,720
Noncontrolling interests	—		—		—		102		—			102
Total equity	50,720		41,496		53,378		100,690		(195,462		)	50,822
Total liabilities and equity	$	63,424	$	107,862	$	80,799	$	155,268	$	(315,960	)	$	91,393

Condensed Consolidating Balance Sheet

January 25, 2019

CIFSA Senior Notes



(in millions)	Medtronic plc		CIFSA		CIFSA Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	336	$	3,367	$	—		$	3,703
Investments	—		—		—		5,439		—			5,439
Accounts receivable, net	—		—		—		5,854		—			5,854
Inventories, net	—		—		—		3,866		—			3,866
Intercompany receivable	46		—		1,362		16,616		(18,024		)	—
Other current assets	9		—		3		2,003		—			2,015
Total current assets	55		—		1,701		37,145		(18,024		)	20,877
Property, plant, and equipment, net	—		—		—		4,593		—			4,593
Goodwill	—		—		—		40,003		—			40,003
Other intangible assets, net	—		—		—		20,835		—			20,835
Tax assets	—		—		—		1,496		—			1,496
Investment in subsidiaries	63,260		33,203		62,790		—		(159,253		)	—
Intercompany loans receivable	3,000		1,061		30,022		19,894		(53,977		)	—
Other assets	—		—		—		926		—			926
Total assets	$	66,315	$	34,264	$	94,513	$	124,892	$	(231,254	)	$	88,730
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	—	$	1,000	$	356	$	—		$	1,356
Accounts payable	—		—		—		1,706		—			1,706
Intercompany payable	—		1,302		16,601		121		(18,024		)	—
Accrued compensation	4		—		—		1,792		—			1,796
Accrued income taxes	—		—		—		648		—			648
Other accrued expenses	20		12		37		3,278		—			3,347
Total current liabilities	24		1,314		17,638		7,901		(18,024		)	8,853
Long-term debt	—		2,095		845		20,734		—			23,674
Accrued compensation and retirement benefits	—		—		—		1,313		—			1,313
Accrued income taxes	10		—		—		2,864		—			2,874
Intercompany loans payable	16,452		100		19,794		17,631		(53,977		)	—
Deferred tax liabilities	—		—		—		1,356		—			1,356
Other liabilities	—		—		1		718		—			719
Total liabilities	16,486		3,509		38,278		52,517		(72,001		)	38,789
Shareholders’ equity	49,829		30,755		56,235		72,263		(159,253		)	49,829
Noncontrolling interests	—		—		—		112		—			112
Total equity	49,829		30,755		56,235		72,375		(159,253		)	49,941
Total liabilities and equity	$	66,315	$	34,264	$	94,513	$	124,892	$	(231,254	)	$	88,730

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		31,239		60,122		—		(151,742		)	—
Intercompany loans receivable	3,000		1,291		19,337		19,436		(43,064		)	—
Other assets	—		—		—		1,078		—			1,078
Total assets	$	63,424	$	32,530	$	80,803	$	116,382	$	(201,746	)	$	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		29,015		53,378		69,349		(151,742		)	50,720
Noncontrolling interests	—		—		—		102		—			102
Total Equity	50,720		29,015		53,378		69,451		(151,742		)	50,822
Total liabilities and equity	$	63,424	$	32,530	$	80,803	$	116,382	$	(201,746	)	$	91,393

Condensed Consolidating Statement of Cash Flows

Nine Months Ended January 25, 2019

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	$	100		$	(619	)	$	200		$	5,239		$	—		$	4,920
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(1,615		)	—			(1,615		)
Additions to property, plant, and equipment	—			(207		)	—			(592		)	—			(799		)
Purchases of investments	—			—			—			(1,987		)	—			(1,987		)
Sales and maturities of investments	—			76			—			4,083			—			4,159
Capital contribution paid	(18		)	(47		)	—			—			65			—
Other investing activities	—			—			—			(3		)	—			(3		)
Net cash provided by (used in) investing activities	(18		)	(178		)	—			(114		)	65			(245		)
Financing Activities:
Change in current debt obligations, net	—			—			(696		)	—			—			(696		)
Issuance of long-term debt	—			—			—			3			—			3
Payments on long-term debt	—			—			—			(29		)	—			(29		)
Dividends to shareholders	(2,022		)	—			—			—			—			(2,022		)
Issuance of ordinary shares	891			—			—			—			—			891
Repurchase of ordinary shares	(2,728		)	—			—			—			—			(2,728		)
Net intercompany loan borrowings (repayments)	3,777			793			814			(5,384		)	—			—
Capital contribution received	—			—			—			65			(65		)	—
Other financing activities	—			—			17			(7		)	—			10
Net cash provided by (used in) financing activities	(82		)	793			135			(5,352		)	(65		)	(4,571		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(70		)	—			(70		)
Net change in cash and cash equivalents	—			(4		)	335			(297		)	—			34
Cash and cash equivalents at beginning of period	—			20			1			3,648			—			3,669
Cash and cash equivalents at end of period	$	—		$	16		$	336		$	3,351		$	—		$	3,703

Condensed Consolidating Statement of Cash Flows

Nine Months Ended January 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	$	172		$	(958	)	$	200		$	4,232		$	—		$	3,646
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(111		)	—			(111		)
Proceeds from sale of businesses	—			—			—			6,058			—			6,058
Additions to property, plant, and equipment	—			(234		)	—			(542		)	—			(776		)
Purchases of investments	—			—			—			(2,479		)	—			(2,479		)
Sales and maturities of investments	—			—			—			3,060			—			3,060
Capital contribution paid	—			(59		)	(4,200		)	—			4,259			—
Other investing activities	—			—			—			(5		)	—			(5		)
Net cash provided by (used in) investing activities	—			(293		)	(4,200		)	5,981			4,259			5,747
Financing Activities:
Change in current debt obligations, net	—			—			(397		)	6			—			(391		)
Issuance of long-term debt	—			—			—			21			—			21
Payments on long-term debt	—			(3,000		)	—			(1,167		)	—			(4,167		)
Dividends to shareholders	(1,870		)	—			—			—			—			(1,870		)
Issuance of ordinary shares	333			—			—			—			—			333
Repurchase of ordinary shares	(1,964		)	—			—			—			—			(1,964		)
Net intercompany loan borrowings (repayments)	3,329			4,244			4,453			(12,026		)	—			—
Capital contribution received	—			—			—			4,259			(4,259		)	—
Other financing activities	—			—			—			(88		)	—			(88		)
Net cash provided by (used in) financing activities	(172		)	1,244			4,056			(8,995		)	(4,259		)	(8,126		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			124			—			124
Net change in cash and cash equivalents	—			(7		)	56			1,342			—			1,391
Cash and cash equivalents at beginning of period	—			45			5			4,917			—			4,967
Cash and cash equivalents at end of period	$	—		$	38		$	61		$	6,259		$	—		$	6,358

Condensed Consolidating Statement of Cash Flows

Nine Months Ended January 25, 2019

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	$	100		$	(62	)	$	219		$	4,663		$	—		$	4,920
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(1,615		)	—			(1,615		)
Additions to property, plant, and equipment	—			—			—			(799		)	—			(799		)
Purchases of investments	—			—			—			(1,987		)	—			(1,987		)
Sales and maturities of investments	—			—			—			4,159			—			4,159
Capital contribution paid	(18		)	(187		)	—			—			205			—
Other investing activities	—			—			—			(3		)	—			(3		)
Net cash provided by (used in) investing activities	(18		)	(187		)	—			(245		)	205			(245		)
Financing Activities:
Change in current debt obligations, net	—			—			(696		)	—			—			(696		)
Issuance of long-term debt	—			—			—			3			—			3
Payments on long-term debt	—			—			—			(29		)	—			(29		)
Dividends to shareholders	(2,022		)	—			—			—			—			(2,022		)
Issuance of ordinary shares	891			—			—			—			—			891
Repurchase of ordinary shares	(2,728		)	—			—			—			—			(2,728		)
Net intercompany loan borrowings (repayments)	3,777			249			795			(4,821		)	—			—
Capital contribution received	—			—			—			205			(205		)	—
Other financing activities	—			—			17			(7		)	—			10
Net cash provided by (used in) financing activities	(82		)	249			116			(4,649		)	(205		)	(4,571		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(70		)	—			(70		)
Net change in cash and cash equivalents	—			—			335			(301		)	—			34
Cash and cash equivalents at beginning of period	—			—			1			3,668			—			3,669
Cash and cash equivalents at end of period	$	—		$	—		$	336		$	3,367		$	—		$	3,703

Condensed Consolidating Statement of Cash Flows

Nine Months Ended January 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	$	172		$	978		$	210		$	3,334		$	(1,048	)	$	3,646
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(111		)	—			(111		)
Proceeds from sale of businesses	—			—			—			6,058			—			6,058
Additions to property, plant, and equipment	—			—			—			(776		)	—			(776		)
Purchases of investments	—			—			—			(2,479		)	—			(2,479		)
Sales and maturities of investments	—			—			—			3,060			—			3,060
Capital contributions paid	—			(531		)	(4,200		)	—			4,731			—
Other investing activities	—			—			—			(5		)	—			(5		)
Net cash provided by (used in) investing activities	—			(531		)	(4,200		)	5,747			4,731			5,747
Financing Activities:
Change in current debt obligations, net	—			—			(397		)	6			—			(391		)
Issuance of long-term debt	—			—			—			21			—			21
Payments on long-term debt	—			(1,150		)	—			(3,017		)	—			(4,167		)
Dividends to shareholders	(1,870		)	—			—			—			—			(1,870		)
Issuance of ordinary shares	333			—			—			—			—			333
Repurchase of ordinary shares	(1,964		)	—			—			—			—			(1,964		)
Net intercompany loan borrowings (repayments)	3,329			670			4,443			(8,442		)	—			—
Intercompany dividend paid	—			—			—			(1,048		)	1,048			—
Capital contributions received	—			—			—			4,731			(4,731		)	—
Other financing activities	—			—			—			(88		)	—			(88		)
Net cash provided by (used in) financing activities	(172		)	(480		)	4,046			(7,837		)	(3,683		)	(8,126		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			124			—			124
Net change in cash and cash equivalents	—			(33		)	56			1,368			—			1,391
Cash and cash equivalents at beginning of period	—			33			5			4,929			—			4,967
Cash and cash equivalents at end of period	$	—		$	—		$	61		$	6,297		$	—		$	6,358