Medtronic plc and Medtronic Global Holdings S.C.A. (Medtronic Luxco), a wholly-owned subsidiary guarantor, each have provided full and unconditional guarantees of the obligations of Medtronic, Inc., a wholly-owned subsidiary issuer, under the Senior Notes (Medtronic Senior Notes) and full and unconditional guarantees of the obligations of Covidien International Finance S.A. (CIFSA), a wholly-owned subsidiary issuer, under the Senior Notes (CIFSA Senior Notes). The guarantees of the CIFSA Senior Notes are in addition to the guarantees of the CIFSA Senior Notes by Covidien Ltd. and Covidien Group Holdings Ltd., both of which are wholly-owned subsidiary guarantors of the CIFSA Senior Notes. Medtronic plc and Medtronic, Inc. each have provided a full and unconditional guarantee of the obligations of Medtronic Luxco under the Senior Notes (Medtronic Luxco Senior Notes).

The following presents the Company’s consolidating statements of comprehensive income and condensed consolidating statements of cash flows as of and for the fiscal years ended April 26, 2019, April 27, 2018, and April 28, 2017, and condensed consolidating balance sheets at April 26, 2019 and April 27, 2018. The guarantees provided by the parent company guarantor and subsidiary guarantors are joint and several. Condensed consolidating financial information for Medtronic plc, Medtronic Luxco, Medtronic, Inc., CIFSA, and CIFSA Subsidiary Guarantors, on a stand-alone basis, is presented using the equity method of accounting for subsidiaries. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	1,318		$	—		$	30,558		$	(1,319	)	$	30,557

Costs and expenses:
Cost of products sold	—			1,110			—			8,833			(788		)	9,155
Research and development expense	—			659			—			1,671			—			2,330
Selling, general, and administrative expense	11			1,476			—			8,931			—			10,418
Amortization of intangible assets	—			8			—			1,756			—			1,764
Restructuring charges, net	—			44			—			154			—			198
Certain litigation charges	—			55			—			111			—			166
Other operating expense (income), net	54			(2,426		)	(28		)	3,085			(427		)	258
Operating profit (loss)	(65		)	392			28			6,017			(104		)	6,268
Other non-operating (income) expense, net	—			(507		)	(808		)	(1,890		)	2,832			(373		)
Interest expense	478			2,375			511			912			(2,832		)	1,444
Equity in net (income) loss of subsidiaries	(5,167		)	(3,089		)	(4,842		)	—			13,098			—
Income (loss) before income taxes	4,624			1,613			5,167			6,995			(13,202		)	5,197
Income tax (benefit) provision	(7		)	(246		)	—			800			—			547
Net income (loss)	4,631			1,859			5,167			6,195			(13,202		)	4,650
Net income attributable to noncontrolling interests	—			—			—			(19		)	—			(19		)
Net income (loss) attributable to Medtronic	4,631			1,859			5,167			6,176			(13,202		)	4,631
Other comprehensive income (loss), net of tax	(972		)	(1,049		)	(972		)	(882		)	2,900			(975		)
Comprehensive income attributable to noncontrolling interests	—			—			—			(16		)	—			(16		)
Total comprehensive income (loss) attributable to Medtronic	$	3,659		$	810		$	4,195		$	5,297		$	(10,302	)	$	3,659



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	1,198		$	—		$	29,952		$	(1,197	)	$	29,953

Costs and expenses:
Cost of products sold	—			971			—			8,884			(788		)	9,067
Research and development expense	—			656			—			1,600			—			2,256
Selling, general, and administrative expense	12			1,416			—			8,810			—			10,238
Amortization of intangible assets	—			8			—			1,815			—			1,823
Restructuring charges, net	—			(7		)	—			37			—			30
Certain litigation charges	—			24			—			37			—			61
Gain on sale of businesses	—			—			—			(697		)	—			(697		)
Other operating expense (income), net	52			(2,265		)	—			3,156			(408		)	535
Operating (loss) profit	(64		)	395			—			6,310			(1		)	6,640
Other non-operating (income) expense, net	—			(192		)	(482		)	(1,527		)	2,020			(181		)
Interest expense	247			1,897			234			788			(2,020		)	1,146
Equity in net (income) loss of subsidiaries	(3,408		)	(940		)	(3,160		)	—			7,508			—
Income (loss) before income taxes	3,097			(370		)	3,408			7,049			(7,509		)	5,675
Income tax (benefit) provision	(7		)	41			—			2,546			—			2,580
Net income (loss)	3,104			(411		)	3,408			4,503			(7,509		)	3,095
Net loss attributable to noncontrolling interests	—			—			—			9			—			9
Net income (loss) attributable to Medtronic	3,104			(411		)	3,408			4,512			(7,509		)	3,104
Other comprehensive income (loss), net of tax	1,030			972			1,030			954			(2,956		)	1,030
Comprehensive loss attributable to noncontrolling interests	—			—			—			9			—			9
Total comprehensive income (loss) attributable to Medtronic	$	4,134		$	561		$	4,438		$	5,466		$	(10,465	)	$	4,134



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	1,199		$	—		$	29,708		$	(1,197	)	$	29,710

Costs and expenses:
Cost of products sold	—			935			—			9,152			(793		)	9,294
Research and development expense	—			636			—			1,557			—			2,193
Selling, general, and administrative expense	12			1,308			—			8,698			—			10,018
Amortization of intangible assets	—			11			—			1,969			—			1,980
Restructuring charges, net	—			54			—			249			—			303
Certain litigation charges	—			—			—			300			—			300
Other operating expense (income), net	18			(2,380		)	—			3,024			(423		)	239
Operating (loss) profit	(30		)	635			—			4,759			19			5,383
Other non-operating (income) expense, net	—			(197		)	(649		)	(1,065		)	1,598			(313		)
Interest expense	113			1,652			62			865			(1,598		)	1,094
Equity in net (income) loss of subsidiaries	(4,163		)	(1,563		)	(3,576		)	—			9,302			—
Income (loss) before income taxes	4,020			743			4,163			4,959			(9,283		)	4,602
Income tax (benefit) provision	(8		)	(124		)	—			710			—			578
Net income (loss)	4,028			867			4,163			4,249			(9,283		)	4,024
Net loss attributable to noncontrolling interests	—			—			—			4			—			4
Net income (loss) attributable to Medtronic	4,028			867			4,163			4,253			(9,283		)	4,028
Other comprehensive (loss) income, net of tax	(745		)	(430		)	(745		)	(928		)	2,104			(744		)
Comprehensive loss attributable to noncontrolling interests	—			—			—			3			—			3
Total comprehensive income (loss) attributable to Medtronic	$	3,283		$	437		$	3,418		$	3,324		$	(7,179	)	$	3,283



(in millions)	Medtronic plc		Medtronic, Inc.		Medtronic Luxco		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	18	$	1	$	4,374	$	—		$	4,393
Investments	—		—		—		5,455		—			5,455
Accounts receivable, net	—		—		—		6,222		—			6,222
Inventories, net	—		188		—		3,792		(227		)	3,753
Intercompany receivable	40		9,407		6		19,170		(28,623		)	—
Other current assets	10		190		3		1,941		—			2,144
Total current assets	50		9,803		10		40,954		(28,850		)	21,967
Property, plant and equipment, net	—		1,480		—		3,195		—			4,675
Goodwill	—		2,009		—		37,950		—			39,959
Other intangible assets, net	—		99		—		20,461		—			20,560
Tax assets	—		568		—		951		—			1,519
Investment in subsidiaries	64,352		71,284		65,012		—		(200,648		)	—
Intercompany loans receivable	3,000		21		27,858		35,398		(66,277		)	—
Other assets	—		216		—		798		—			1,014
Total assets	$	67,402	$	85,480	$	92,880	$	139,707	$	(295,775	)	$	89,694
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	500	$	—	$	338	$	—		$	838
Accounts payable	—		481		—		1,472		—			1,953
Intercompany payable	—		11,971		7,200		9,452		(28,623		)	—
Accrued compensation	3		913		—		1,273		—			2,189
Accrued income taxes	—		—		—		567		—			567
Other accrued expenses	20		331		53		2,521		—			2,925
Total current liabilities	23		14,196		7,253		15,623		(28,623		)	8,472
Long-term debt	—		14,418		8,621		1,447		—			24,486
Accrued compensation and retirement benefits	—		1,069		—		582		—			1,651
Accrued income taxes	10		692		—		2,136		—			2,838
Intercompany loans payable	17,278		12,613		19,682		16,704		(66,277		)	—
Deferred tax liabilities	—		—		—		1,278		—			1,278
Other liabilities	—		133		—		624		—			757
Total liabilities	17,311		43,121		35,556		38,394		(94,900		)	39,482
Shareholders’ equity	50,091		42,359		57,324		101,192		(200,875		)	50,091
Noncontrolling interests	—		—		—		121		—			121
Total equity	50,091		42,359		57,324		101,313		(200,875		)	50,212
Total liabilities and equity	$	67,402	$	85,480	$	92,880	$	139,707	$	(295,775	)	$	89,694



(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



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by operating activities	$	(7	)	$	4,944		$	298		$	7,691		$	(5,919	)	$	7,007
Investing Activities:
Acquisitions, net of cash acquired	—			(237		)	—			(1,590		)	—			(1,827		)
Additions to property, plant, and equipment	—			(313		)	—			(821		)	—			(1,134		)
Purchases of investments	—			—			—			(2,532		)	—			(2,532		)
Sales and maturities of investments	—			76			—			4,607			—			4,683
Capital contributions paid	(18		)	(97		)	—			—			115			—
Other investing activities, net	—			—			82			(46		)	—			36
Net cash (used in) provided by investing activities	(18		)	(571		)	82			(382		)	115			(774		)
Financing Activities:
Change in current debt obligations, net	—			—			(1,696		)	983			—			(713		)
Issuance of long-term debt	—			—			7,791			3			—			7,794
Payments on long-term debt	—			(6,182		)	—			(1,766		)	—			(7,948		)
Dividends to shareholders	(2,693		)	—			—			—			—			(2,693		)
Issuance of ordinary shares	992			—			—			—			—			992
Repurchase of ordinary shares	(2,877		)	—			—			—			—			(2,877		)
Net intercompany loan borrowings (repayments)	4,603			1,807			(6,518		)	108			—			—
Intercompany dividends paid	—			—			—			(5,919		)	5,919			—
Capital contributions received	—			—			—			115			(115		)	—
Other financing activities	—			—			43			(29		)	—			14
Net cash (used in) provided by financing activities	25			(4,375		)	(380		)	(6,505		)	5,804			(5,431		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(78		)	—			(78		)
Net change in cash and cash equivalents	—			(2		)	—			726			—			724
Cash and cash equivalents at beginning of period	—			20			1			3,648			—			3,669
Cash and cash equivalents at end of period	$	—		$	18		$	1		$	4,374		$	—		$	4,393



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by operating activities	$	155		$	(1,567	)	$	249		$	16,419		$	(10,572	)	$	4,684
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(137		)	—			(137		)
Proceeds from sale of businesses	—			—			—			6,058			—			6,058
Additions to property, plant, and equipment	—			(340		)	—			(728		)	—			(1,068		)
Purchases of investments	—			(98		)	(25		)	(3,124		)	47			(3,200		)
Sales and maturities of investments	—			25			—			4,249			(47		)	4,227
Capital contributions paid	—			(59		)	(4,200		)	—			4,259			—
Other investing activities, net	—			—			—			(22		)	—			(22		)
Net cash (used in) provided by investing activities	—			(472		)	(4,225		)	6,296			4,259			5,858
Financing Activities:
Change in current debt obligations, net	—			—			(205		)	(44		)	—			(249		)
Issuance of long-term debt	—			—			—			21			—			21
Payments on long-term debt	—			(6,166		)	—			(1,204		)	—			(7,370		)
Dividends to shareholders	(2,494		)	—			—			—			—			(2,494		)
Issuance of ordinary shares	403			—			—			—			—			403
Repurchase of ordinary shares	(2,171		)	—			—			—			—			(2,171		)
Net intercompany loan borrowings (repayments)	4,107			8,180			4,177			(16,464		)	—			—
Intercompany dividends paid	—			—			—			(10,572		)	10,572			—
Capital contributions received	—			—			—			4,259			(4,259		)	—
Other financing activities	—			—			—			(94		)	—			(94		)
Net cash (used in) provided by financing activities	(155		)	2,014			3,972			(24,098		)	6,313			(11,954		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			114			—			114
Net change in cash and cash equivalents	—			(25		)	(4		)	(1,269		)	—			(1,298		)
Cash and cash equivalents at beginning of period	—			45			5			4,917			—			4,967
Cash and cash equivalents at end of period	$	—		$	20		$	1		$	3,648		$	—		$	3,669



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by operating activities	$	842		$	1,902		$	302		$	4,721		$	(887	)	$	6,880
Investing Activities:
Acquisitions, net of cash acquired	—			(940		)	—			(384		)	—			(1,324		)
Additions to property, plant, and equipment	—			(369		)	—			(885		)	—			(1,254		)
Purchases of investments	—			—			—			(4,533		)	162			(4,371		)
Sales and maturities of investments	—			210			—			5,308			(162		)	5,356
Capital contributions paid	—			(248		)	—			—			248			—
Other investing activities, net	—			—			—			22			—			22
Net cash (used in) provided by investing activities	—			(1,347		)	—			(472		)	248			(1,571		)
Financing Activities:
Change in current debt obligations, net	—			—			901			5			—			906
Issuance of long-term debt	—			150			1,850			140			—			2,140
Payments on long-term debt	—			(500		)	—			(363		)	—			(863		)
Dividends to shareholders	(2,376		)	—			—			—			—			(2,376		)
Issuance of ordinary shares	428			—			—			—			—			428
Repurchase of ordinary shares	(3,544		)	—			—			—			—			(3,544		)
Net intercompany loan borrowings (repayments)	4,650			(255		)	(3,048		)	(1,347		)	—			—
Intercompany dividends paid	—			—			—			(887		)	887			—
Capital contributions received	—			—			—			248			(248		)	—
Other financing activities	—			40			—			(14		)	—			26
Net cash (used in) provided by financing activities	(842		)	(565		)	(297		)	(2,218		)	639			(3,283		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			65			—			65
Net change in cash and cash equivalents	—			(10		)	5			2,096			—			2,091
Cash and cash equivalents at beginning of period	—			55			—			2,821			—			2,876
Cash and cash equivalents at end of period	$	—		$	45		$	5		$	4,917		$	—		$	4,967



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	30,557		$	—		$	30,557

Costs and expenses:
Cost of products sold	—			—			—			9,155			—			9,155
Research and development expense	—			—			—			2,330			—			2,330
Selling, general, and administrative expense	11			1			4			10,402			—			10,418
Amortization of intangible assets	—			—			—			1,764			—			1,764
Restructuring charges, net	—			—			—			198			—			198
Certain litigation charges	—			—			—			166			—			166
Other operating expense (income), net	54			1			(27		)	230			—			258
Operating (loss) profit	(65		)	(2		)	23			6,312			—			6,268
Other non-operating (income) expense, net	—			(44		)	(836		)	(830		)	1,337			(373		)
Interest expense	478			99			511			1,693			(1,337		)	1,444
Equity in net (income) loss of subsidiaries	(5,167		)	(3,144		)	(4,819		)	—			13,130			—
Income (loss) before income taxes	4,624			3,087			5,167			5,449			(13,130		)	5,197
Income tax (benefit) provision	(7		)	—			—			554			—			547
Net income (loss)	4,631			3,087			5,167			4,895			(13,130		)	4,650
Net income attributable to noncontrolling interests	—			—			—			(19		)	—			(19		)
Net income (loss) attributable to Medtronic	4,631			3,087			5,167			4,876			(13,130		)	4,631
Other comprehensive income (loss), net of tax	(972		)	7			(972		)	(1,060		)	2,022			(975		)
Comprehensive income attributable to noncontrolling interests	—			—			—			(16		)	—			(16		)
Total comprehensive income (loss) attributable to Medtronic	$	3,659		$	3,094		$	4,195		$	3,819		$	(11,108	)	$	3,659



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	29,953		$	—		$	29,953

Costs and expenses:
Cost of products sold	—			—			—			9,067			—			9,067
Research and development expense	—			—			—			2,256			—			2,256
Selling, general, and administrative expense	12			1			2			10,223			—			10,238
Amortization of intangible assets	—			—			—			1,823			—			1,823
Restructuring charges, net	—			—			—			30			—			30
Certain litigation charges	—			—			—			61			—			61
Gain on sale of businesses	—			—			—			(697		)	—			(697		)
Other operating expense, net	52			1			—			482			—			535
Operating (loss) profit	(64		)	(2		)	(2		)	6,708			—			6,640
Other non-operating (income) expense, net	—			(60		)	(498		)	(346		)	723			(181		)
Interest expense	247			83			234			1,305			(723		)	1,146
Equity in net (income) loss of subsidiaries	(3,408		)	(4,105		)	(3,146		)	—			10,659			—
Income (loss) before income taxes	3,097			4,080			3,408			5,749			(10,659		)	5,675
Income tax (benefit) provision	(7		)	—			—			2,587			—			2,580
Net income (loss)	3,104			4,080			3,408			3,162			(10,659		)	3,095
Net loss attributable to noncontrolling interests	—			—			—			9			—			9
Net (income) loss attributable to Medtronic	3,104			4,080			3,408			3,171			(10,659		)	3,104
Other comprehensive income (loss), net of tax	1,030			43			1,030			1,030			(2,103		)	1,030
Comprehensive loss attributable to noncontrolling interests	—			—			—			9			—			9
Total comprehensive income (loss) attributable to Medtronic	$	4,134		$	4,123		$	4,438		$	4,201		$	(12,762	)	$	4,134



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	29,710		$	—		$	29,710

Costs and expenses:
Cost of products sold	—			—			—			9,294			—			9,294
Research and development expense	—			—			—			2,193			—			2,193
Selling, general, and administrative expense	12			1			2			10,003			—			10,018
Amortization of intangible assets	—			—			—			1,980			—			1,980
Restructuring charges, net	—			—			—			303			—			303
Certain litigation charges	—			—			—			300			—			300
Other operating expense, net	18			1			4			216			—			239
Operating (loss) profit	(30		)	(2		)	(6		)	5,421			—			5,383
Other non-operating (income) expense, net	—			(82		)	(656		)	(380		)	805			(313		)
Interest expense	113			104			62			1,620			(805		)	1,094
Equity in net (income) loss of subsidiaries	(4,163		)	(3,736		)	(3,575		)	—			11,474			—
Income (loss) before income taxes	4,020			3,712			4,163			4,181			(11,474		)	4,602
Income tax (benefit) provision	(8		)	—			—			586			—			578
Net income (loss)	4,028			3,712			4,163			3,595			(11,474		)	4,024
Net loss attributable to noncontrolling interests	—			—			—			4			—			4
Net income (loss) attributable to Medtronic	4,028			3,712			4,163			3,599			(11,474		)	4,028
Other comprehensive (loss) income, net of tax	(745		)	(234		)	(745		)	(744		)	1,724			(744		)
Comprehensive loss attributable to noncontrolling interests	—			—			—			3			—			3
Total comprehensive income (loss) attributable to Medtronic	$	3,283		$	3,478		$	3,418		$	2,854		$	(9,750	)	$	3,283



(in millions)	Medtronic plc		CIFSA		CIFSA Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	1	$	4,392	$	—		$	4,393
Investments	—		—		—		5,455		—			5,455
Accounts receivable, net	—		—		—		6,222		—			6,222
Inventories, net	—		—		—		3,753		—			3,753
Intercompany receivable	40		—		1,374		7,212		(8,626		)	—
Other current assets	10		—		3		2,131		—			2,144
Total current assets	50		—		1,378		29,165		(8,626		)	21,967
Property, plant and equipment, net	—		—		—		4,675		—			4,675
Goodwill	—		—		—		39,959		—			39,959
Other intangible assets, net	—		—		—		20,560		—			20,560
Tax assets	—		—		—		1,519		—			1,519
Investment in subsidiaries	64,352		39,402		63,651		—		(167,405		)	—
Intercompany loans receivable	3,000		4,119		27,858		29,002		(63,979		)	—
Other assets	—		—		—		1,014		—			1,014
Total assets	$	67,402	$	43,521	$	92,887	$	125,894	$	(240,010	)	$	89,694
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	—	$	—	$	838	$	—		$	838
Accounts payable	—		—		—		1,953		—			1,953
Intercompany payable	—		1,308		7,199		119		(8,626		)	—
Accrued compensation	3		—		—		2,186		—			2,189
Accrued income taxes	—		—		—		567		—			567
Other accrued expenses	20		11		60		2,834		—			2,925
Total current liabilities	23		1,319		7,259		8,497		(8,626		)	8,472
Long-term debt	—		1,354		8,621		14,511		—			24,486
Accrued compensation and retirement benefits	—		—		—		1,651		—			1,651
Accrued income taxes	10		—		—		2,828		—			2,838
Intercompany loans payable	17,278		9,320		19,682		17,699		(63,979		)	—
Deferred tax liabilities	—		—		—		1,278		—			1,278
Other liabilities	—		—		1		756		—			757
Total liabilities	17,311		11,993		35,563		47,220		(72,605		)	39,482
Shareholders’ equity	50,091		31,528		57,324		78,553		(167,405		)	50,091
Noncontrolling interests	—		—		—		121		—			121
Total equity	50,091		31,528		57,324		78,674		(167,405		)	50,212
Total liabilities and equity	$	67,402	$	43,521	$	92,887	$	125,894	$	(240,010	)	$	89,694



(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



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by operating activities	$	(7	)	$	661		$	323		$	6,780		$	(750	)	$	7,007
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(1,827		)	—			(1,827		)
Additions to property, plant, and equipment	—			—			—			(1,134		)	—			(1,134		)
Purchases of investments	—			—			—			(2,532		)	—			(2,532		)
Sales and maturities of investments	—			—			—			4,683			—			4,683
Capital contributions paid	(18		)	(6,346		)	—			—			6,364			—
Other investing activities, net	—			—			82			(46		)	—			36
Net cash (used in) provided by investing activities	(18		)	(6,346		)	82			(856		)	6,364			(774		)
Financing Activities:
Change in current debt obligations, net	—			—			(1,696		)	983			—			(713		)
Issuance of long-term debt	—			—			7,791			3			—			7,794
Payments on long-term debt	—			(732		)	—			(7,216		)	—			(7,948		)
Dividends to shareholders	(2,693		)	—			—			—			—			(2,693		)
Issuance of ordinary shares	992			—			—			—			—			992
Repurchase of ordinary shares	(2,877		)	—			—			—			—			(2,877		)
Net intercompany loan borrowings (repayments)	4,603			6,417			(6,543		)	(4,477		)	—			—
Intercompany dividend paid	—			—			—			(750		)	750			—
Capital contributions received	—			—			—			6,364			(6,364		)	—
Other financing activities	—			—			43			(29		)	—			14
Net cash (used in) provided by financing activities	25			5,685			(405		)	(5,122		)	(5,614		)	(5,431		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(78		)	—			(78		)
Net change in cash and cash equivalents	—			—			—			724			—			724
Cash and cash equivalents at beginning of period	—			—			1			3,668			—			3,669
Cash and cash equivalents at end of period	$	—		$	—		$	1		$	4,392		$	—		$	4,393



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by operating activities	$	155		$	974		$	264		$	4,339		$	(1,048	)	$	4,684
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(137		)	—			(137		)
Proceeds from sale of businesses	—			—			—			6,058			—			6,058
Additions to property, plant, and equipment	—			—			—			(1,068		)	—			(1,068		)
Purchases of investments	—			—			(25		)	(3,200		)	25			(3,200		)
Sales and maturities of investments	—			—			—			4,252			(25		)	4,227
Capital contributions paid	—			(1,557		)	(4,200		)	—			5,757			—
Other investing activities, net	—			—			—			(22		)	—			(22		)
Net cash (used in) provided by investing activities	—			(1,557		)	(4,225		)	5,883			5,757			5,858
Financing Activities:
Change in current debt obligations, net	—			—			(205		)	(44		)	—			(249		)
Issuance of long-term debt	—			—			—			21			—			21
Payments on long-term debt	—			(1,150		)	—			(6,220		)	—			(7,370		)
Dividends to shareholders	(2,494		)	—			—			—			—			(2,494		)
Issuance of ordinary shares	403			—			—			—			—			403
Repurchase of ordinary shares	(2,171		)	—			—			—			—			(2,171		)
Net intercompany loan borrowings (repayments)	4,107			1,700			4,162			(9,969		)	—			—
Intercompany dividend paid	—			—			—			(1,048		)	1,048			—
Capital contributions received	—			—			—			5,757			(5,757		)	—
Other financing activities	—			—			—			(94		)	—			(94		)
Net cash (used in) provided by financing activities	(155		)	550			3,957			(11,597		)	(4,709		)	(11,954		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			114			—			114
Net change in cash and cash equivalents	—			(33		)	(4		)	(1,261		)	—			(1,298		)
Cash and cash equivalents at beginning of period	—			33			5			4,929			—			4,967
Cash and cash equivalents at end of period	$	—		$	—		$	1		$	3,668		$	—		$	3,669



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by operating activities	$	842		$	1,904		$	302		$	5,829		$	(1,997	)	$	6,880
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(1,324		)	—			(1,324		)
Additions to property, plant, and equipment	—			—			—			(1,254		)	—			(1,254		)
Purchases of investments	—			—			—			(4,371		)	—			(4,371		)
Sales and maturities of investments	—			—			—			5,356			—			5,356
Capital contributions paid	—			(537		)	—			—			537			—
Other investing activities, net	—			—			—			22			—			22
Net cash (used in) provided by investing activities	—			(537		)	—			(1,571		)	537			(1,571		)
Financing Activities:
Change in current debt obligations, net	—			—			901			5			—			906
Issuance of long-term debt	—			—			1,850			290			—			2,140
Payments on long-term debt	—			—			—			(863		)	—			(863		)
Dividends to shareholders	(2,376		)	—			—			—			—			(2,376		)
Issuance of ordinary shares	428			—			—			—			—			428
Repurchase of ordinary shares	(3,544		)	—			—			—			—			(3,544		)
Net intercompany loan borrowings (repayments)	4,650			(1,542		)	(3,048		)	(60		)	—			—
Intercompany dividend paid	—			—			—			(1,997		)	1,997			—
Capital contributions received	—			—			—			537			(537		)	—
Other financing activities	—			—			—			26			—			26
Net cash (used in) provided by financing activities	(842		)	(1,542		)	(297		)	(2,062		)	1,460			(3,283		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			65			—			65
Net change in cash and cash equivalents	—			(175		)	5			2,261			—			2,091
Cash and cash equivalents at beginning of period	—			208			—			2,668			—			2,876
Cash and cash equivalents at end of period	$	—		$	33		$	5		$	4,929		$	—		$	4,967