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. Additionally, Medtronic plc and Medtronic, Inc. each have provided a full and unconditional guarantee of the obligations of Medtronic Luxco under the Medtronic Luxco Senior Notes. The following is a summary of these guarantees:

The following presents the Company’s consolidating statements of comprehensive income for the three and nine months ended January 24, 2020 and January 25, 2019, condensed consolidating balance sheets at January 24, 2020 and April 26, 2019, and condensed consolidating statements of cash flows for the nine months ended January 24, 2020 and January 25, 2019. 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	$	—	$	344	$	—	$	7,717	$	(344)	$	7,717

Costs and expenses:
Cost of products sold	—		337		—		2,294		(231)		2,400
Research and development expense	—		154		—		419		—		573
Selling, general, and administrative expense	3		432		—		2,152		—		2,587
Amortization of intangible assets	—		6		—		430		—		436
Restructuring charges, net	—		3		—		10		—		13
Certain litigation charges	—		—		—		108		—		108
Other operating expense (income), net	12		(569)		—		624		(106)		(39)
Operating profit (loss)	(15)		(19)		—		1,680		(7)		1,639
Other non-operating (income) expense, net	—		(50)		(174)		(415)		543		(96)
Interest expense	66		316		141		176		(543)		156
Equity in net (income) loss of subsidiaries	(1,994)		(1,707)		(1,961)		—		5,662		—
Income (loss) before income taxes	1,913		1,422		1,994		1,919		(5,669)		1,579
Income tax provision	(2)		(40)		—		(298)		—		(340)
Net income (loss)	1,915		1,462		1,994		2,217		(5,669)		1,919
Net income attributable to noncontrolling interests	—		—		—		(4)		—		(4)
Net income (loss) attributable to Medtronic	1,915		1,462		1,994		2,213		(5,669)		1,915
Other comprehensive income (loss), net of tax	65		58		65		18		(141)		65
Comprehensive income attributable to noncontrolling interests	—		—		—		(4)		—		(4)
Total comprehensive income (loss)	$	1,980	$	1,520	$	2,059	$	2,231	$	(5,810)	$	1,980


(in millions)	Medtronic plc		Medtronic, Inc.		Medtronic Luxco		Subsidiary Non-guarantors		Consolidating Adjustments		Total
Net sales	$	—	$	1,155	$	—	$	22,916	$	(1,155)	$	22,916

Costs and expenses:
Cost of products sold	—		1,013		—		6,999		(852)		7,160
Research and development expense	—		500		—		1,263		—		1,763
Selling, general, and administrative expense	9		1,241		1		6,499		—		7,750
Amortization of intangible assets	—		12		—		1,305		—		1,317
Restructuring charges, net	—		13		—		74		—		87
Certain litigation charges	—		5		—		271		—		276

Other operating expense (income), net	39		(1,637)		(7)		1,977		(284)		88
Operating profit (loss)	(48)		8		6		4,528		(19)		4,475
Other non-operating (income) expense, net	—		(184)		(660)		(1,245)		1,784		(305)
Interest expense	350		1,372		424		568		(1,784)		930
Equity in net (income) loss of subsidiaries	(4,535)		(2,899)		(4,293)		—		11,727		—
Income (loss) before income taxes	4,137		1,719		4,535		5,205		(11,746)		3,850
Income tax provision	(6)		(199)		—		(112)		—		(317)
Net income (loss)	4,143		1,918		4,535		5,317		(11,746)		4,167
Net income attributable to noncontrolling interests	—		—		—		(24)		—		(24)
Net income (loss) attributable to Medtronic	4,143		1,918		4,535		5,293		(11,746)		4,143
Other comprehensive income (loss), net of tax	165		29		165		(65)		(129)		165
Comprehensive income attributable to noncontrolling interests	—		—		—		(24)		—		(24)
Total comprehensive income (loss)	$	4,308	$	1,947	$	4,700	$	5,228	$	(11,875)	$	4,308


(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 provision	(1)		40		—		60		—		99
Net income (loss)	1,269		642		1,410		1,380		(3,430)		1,271
Net income 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		45		154		132		(331)		154
Comprehensive income attributable to noncontrolling interests	—		—		—		(2)		—		(2)
Total comprehensive income (loss)	$	1,423	$	687	$	1,564	$	1,510	$	(3,761)	$	1,423


(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)		(2,176)		(3,645)		—		9,656		—
Income (loss) before income taxes	3,454		1,419		3,835		4,879		(9,682)		3,905
Income tax provision	(5)		(79)		—		521		—		437
Net income (loss)	3,459		1,498		3,835		4,358		(9,682)		3,468
Net income attributable to noncontrolling interests	—		—		—		(9)		—		(9)
Net income (loss) attributable to Medtronic	3,459		1,498		3,835		4,349		(9,682)		3,459
Other comprehensive income (loss), net of tax	(719)		(965)		(719)		(779)		2,460		(722)
Comprehensive income attributable to noncontrolling interests	—		—		—		(6)		—		(6)
Total comprehensive income (loss)	$	2,740	$	533	$	3,116	$	3,573	$	(7,222)	$	2,740


(in millions)	Medtronic plc		Medtronic, Inc.		Medtronic Luxco		Subsidiary Non-guarantors		Consolidating Adjustments		Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	185	$	3,524	$	—	$	3,709
Investments	—		—		—		7,919		—		7,919
Accounts receivable, net	—		—		—		6,248		—		6,248
Inventories, net	—		211		—		4,159		(248)		4,122
Intercompany receivable	42		8,807		5		34,982		(43,836)		—

Other current assets	10		195		2		1,838		—		2,045

Total current assets	52		9,213		192		58,670		(44,084)		24,043
Property, plant, and equipment, net	—		1,536		—		3,228		—		4,764
Goodwill	—		2,009		—		38,082		—		40,091
Other intangible assets, net	—		197		—		19,259		—		19,456
Tax assets	—		508		—		1,764		—		2,272
Investment in subsidiaries	58,753		75,008		77,989		—		(211,750)		—
Intercompany loans receivable	—		22		18,296		21,072		(39,390)		—
Other assets	—		377		—		1,819		—		2,196

Total assets	$	58,805	$	88,870	$	96,477	$	143,894	$	(295,224)	$	92,822
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	500	$	—	$	344	$	—	$	844
Accounts payable	—		507		—		1,438		—		1,945
Intercompany payable	—		21,383		13,599		8,854		(43,836)		—
Accrued compensation	20		785		—		1,104		—		1,909
Accrued income taxes	—		—		—		457		—		457

Other accrued expenses	25		287		98		3,170		—		3,580

Total current liabilities	45		23,462		13,697		15,367		(43,836)		8,735
Long-term debt	—		9,786		13,522		1,424		—		24,732
Accrued compensation and retirement benefits	—		1,025		—		573		—		1,598
Accrued income taxes	10		760		—		1,968		—		2,738
Intercompany loans payable	6,942		9,012		9,729		13,707		(39,390)		—
Deferred tax liabilities	—		—		—		1,282		—		1,282
Other liabilities	—		262		—		1,522		—		1,784

Total liabilities	6,997		44,307		36,948		35,843		(83,226)		40,869
Shareholders’ equity	51,808		44,563		59,529		107,906		(211,998)		51,808
Noncontrolling interests	—		—		—		145		—		145
Total equity	51,808		44,563		59,529		108,051		(211,998)		51,953
Total liabilities and equity	$	58,805	$	88,870	$	96,477	$	143,894	$	(295,224)	$	92,822


(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		71,123		65,012		—		(200,487)		—
Intercompany loans receivable	3,000		21		27,858		35,398		(66,277)		—
Other assets	—		216		—		798		—		1,014
Total assets	$	67,402	$	85,319	$	92,880	$	139,707	$	(295,614)	$	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		42,198		57,324		101,192		(200,714)		50,091
Noncontrolling interests	—		—		—		121		—		121
Total equity	50,091		42,198		57,324		101,313		(200,714)		50,212
Total liabilities and equity	$	67,402	$	85,319	$	92,880	$	139,707	$	(295,614)	$	89,694


(in millions)	Medtronic plc		Medtronic, Inc.		Medtronic Luxco		Subsidiary Non-guarantors		Consolidating Adjustments		Total
Operating Activities:
Net cash provided by (used in) operating activities	$	130	$	(1,315)	$	365	$	6,604	$	—	$	5,784
Investing Activities:
Acquisitions, net of cash acquired	—		2		—		(201)		—		(199)

Additions to property, plant, and equipment	—		(236)		—		(641)		—		(877)
Purchases of investments	—		—		—		(8,249)		—		(8,249)
Sales and maturities of investments	—		12		—		5,779		—		5,791




Capital contribution paid	—		—		(9,000)		(800)		9,800		—
Return of capital	10,000		—		(3,000)		(7,000)		—		—
Other investing activities	—		(56)		(5)		27		—		(34)
Net cash provided by (used in) investing activities	10,000		(278)		(12,005)		(11,085)		9,800		(3,568)
Financing Activities:

Change in current debt obligations, net	—		—		—		17		—		17


Issuance of long-term debt	—		—		5,567		1		—		5,568
Payments on long-term debt	—		(5,016)		(515)		(75)		—		(5,606)
Dividends to shareholders	(2,170)		—		—		—		—		(2,170)
Issuance of ordinary shares	585		—		—		—		—		585
Repurchase of ordinary shares	(1,208)		—		—		—		—		(1,208)
Net intercompany loan borrowings (repayments)	(7,337)		6,591		6,010		(5,264)		—		—

Capital contribution received	—		—		800		9,000		(9,800)		—
Other financing activities	—		—		(38)		(36)		—		(74)
Net cash provided by (used in) financing activities	(10,130)		1,575		11,824		3,643		(9,800)		(2,888)
Effect of exchange rate changes on cash and cash equivalents	—		—		—		(12)		—		(12)
Net change in cash and cash equivalents	—		(18)		184		(850)		—		(684)
Cash and cash equivalents at beginning of period	—		18		1		4,374		—		4,393
Cash and cash equivalents at end of period	$	—	$	—	$	185	$	3,524	$	—	$	3,709


(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


(in millions)	Medtronic plc		CIFSA		CIFSA Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments		Total
Net sales	$	—	$	—	$	—	$	7,717	$	—	$	7,717

Costs and expenses:
Cost of products sold	—		—		—		2,400		—		2,400
Research and development expense	—		—		—		573		—		573
Selling, general, and administrative expense	3		—		1		2,583		—		2,587
Amortization of intangible assets	—		—		—		436		—		436
Restructuring charges, net	—		—		—		13		—		13

Certain litigation charges	—		—		—		108		—		108



Other operating expense (income), net	12		—		—		(51)		—		(39)
Operating profit (loss)	(15)		—		(1)		1,655		—		1,639
Other non-operating (income) expense, net	—		(27)		(179)		(372)		482		(96)
Interest expense	66		189		141		242		(482)		156
Equity in net (income) loss of subsidiaries	(1,994)		(448)		(1,957)		—		4,399		—
Income (loss) before income taxes	1,913		286		1,994		1,785		(4,399)		1,579
Income tax provision	(2)		—		—		(338)		—		(340)
Net income (loss)	1,915		286		1,994		2,123		(4,399)		1,919
Net income attributable to noncontrolling interests	—		—		—		(4)		—		(4)
Net income (loss) attributable to Medtronic	1,915		286		1,994		2,119		(4,399)		1,915
Other comprehensive income (loss), net of tax	65		(35)		65		30		(60)		65
Comprehensive income attributable to noncontrolling interests	—		—		—		(4)		—		(4)
Total comprehensive income (loss)	$	1,980	$	251	$	2,059	$	2,149	$	(4,459)	$	1,980


(in millions)	Medtronic plc		CIFSA		CIFSA Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments		Total
Net sales	$	—	$	—	$	—	$	22,916	$	—	$	22,916

Costs and expenses:
Cost of products sold	—		—		—		7,160		—		7,160
Research and development expense	—		—		—		1,763		—		1,763
Selling, general, and administrative expense	9		1		2		7,738		—		7,750
Amortization of intangible assets	—		—		—		1,317		—		1,317
Restructuring charges, net	—		—		—		87		—		87
Certain litigation charges	—		—		—		276		—		276

Other operating expense (income), net	39		—		(7)		56		—		88
Operating profit (loss)	(48)		(1)		5		4,519		—		4,475
Other non-operating (income) expense, net	—		(122)		(680)		(1,132)		1,629		(305)
Interest expense	350		601		424		1,184		(1,629)		930
Equity in net (income) loss of subsidiaries	(4,535)		(2,635)		(4,274)		—		11,444		—
Income (loss) before income taxes	4,137		2,155		4,535		4,467		(11,444)		3,850
Income tax provision	(6)		—		—		(311)		—		(317)
Net income (loss)	4,143		2,155		4,535		4,778		(11,444)		4,167
Net income attributable to noncontrolling interests	—		—		—		(24)		—		(24)
Net income (loss) attributable to Medtronic	4,143		2,155		4,535		4,754		(11,444)		4,143
Other comprehensive income (loss), net of tax	165		(46)		165		(23)		(96)		165
Comprehensive income attributable to noncontrolling interests	—		—		—		(24)		—		(24)
Total comprehensive income (loss)	$	4,308	$	2,109	$	4,700	$	4,731	$	(11,540)	$	4,308


(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)		(656)		(1,336)		—		3,402		—
Income (loss) before income taxes	1,268		642		1,410		1,452		(3,402)		1,370
Income tax provision	(1)		—		—		100		—		99
Net income (loss)	1,269		642		1,410		1,352		(3,402)		1,271
Net income attributable to noncontrolling interests	—		—		—		(2)		—		(2)
Net income (loss) attributable to Medtronic	1,269		642		1,410		1,350		(3,402)		1,269
Other comprehensive income (loss), net of tax	154		104		154		154		(412)		154
Comprehensive income attributable to noncontrolling interests	—		—		—		(2)		—		(2)
Total comprehensive income (loss)	$	1,423	$	746	$	1,564	$	1,504	$	(3,814)	$	1,423


(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)		(2,277)		(3,626)		—		9,738		—
Income (loss) before income taxes	3,454		2,239		3,835		4,115		(9,738)		3,905
Income tax provision	(5)		—		—		442		—		437
Net income (loss)	3,459		2,239		3,835		3,673		(9,738)		3,468
Net income attributable to noncontrolling interests	—		—		—		(9)		—		(9)
Net income (loss) attributable to Medtronic	3,459		2,239		3,835		3,664		(9,738)		3,459
Other comprehensive income (loss), net of tax	(719)		287		(719)		(722)		1,151		(722)
Comprehensive income attributable to non-controlling interests	—		—		—		(6)		—		(6)
Total comprehensive income (loss)	$	2,740	$	2,526	$	3,116	$	2,945	$	(8,587)	$	2,740


(in millions)	Medtronic plc		CIFSA		CIFSA Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments		Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	185	$	3,524	$	—	$	3,709
Investments	—		—		—		7,919		—		7,919
Accounts receivable, net	—		—		—		6,248		—		6,248
Inventories, net	—		—		—		4,122		—		4,122
Intercompany receivable	42		—		1,333		13,623		(14,998)		—
Other current assets	10		—		3		2,032		—		2,045

Total current assets	52		—		1,521		37,468		(14,998)		24,043
Property, plant, and equipment, net	—		—		—		4,764		—		4,764
Goodwill	—		—		—		40,091		—		40,091
Other intangible assets, net	—		—		—		19,456		—		19,456
Tax assets	—		—		—		2,272		—		2,272
Investment in subsidiaries	58,753		68,723		76,908		—		(204,384)		—
Intercompany loans receivable	—		3,545		18,296		37,018		(58,859)		—
Other assets	—		—		—		2,196		—		2,196

Total assets	$	58,805	$	72,268	$	96,725	$	143,265	$	(278,241)	$	92,822
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	—	$	—	$	844	$	—	$	844
Accounts payable	—		—		—		1,945		—		1,945
Intercompany payable	—		1,327		13,599		72		(14,998)		—
Accrued compensation	20		—		—		1,889		—		1,909
Accrued income taxes	—		—		—		457		—		457
Other accrued expenses	25		8		104		3,443		—		3,580

Total current liabilities	45		1,335		13,703		8,650		(14,998)		8,735
Long-term debt	—		1,307		13,522		9,903		—		24,732
Accrued compensation and retirement benefits	—		—		—		1,598		—		1,598
Accrued income taxes	10		—		—		2,728		—		2,738
Intercompany loans payable	6,942		27,048		9,970		14,899		(58,859)		—
Deferred tax liabilities	—		—		—		1,282		—		1,282
Other liabilities	—		—		1		1,783		—		1,784

Total liabilities	6,997		29,690		37,196		40,843		(73,857)		40,869
Shareholders’ equity	51,808		42,578		59,529		102,277		(204,384)		51,808
Noncontrolling interests	—		—		—		145		—		145
Total equity	51,808		42,578		59,529		102,422		(204,384)		51,953
Total liabilities and equity	$	58,805	$	72,268	$	96,725	$	143,265	$	(278,241)	$	92,822


(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		39,563		63,651		—		(167,566)		—
Intercompany loans receivable	3,000		4,119		27,858		29,002		(63,979)		—
Other assets	—		—		—		1,014		—		1,014

Total assets	$	67,402	$	43,682	$	92,887	$	125,894	$	(240,171)	$	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		31,689		57,324		78,553		(167,566)		50,091
Noncontrolling interests	—		—		—		121		—		121
Total Equity	50,091		31,689		57,324		78,674		(167,566)		50,212
Total liabilities and equity	$	67,402	$	43,682	$	92,887	$	125,894	$	(240,171)	$	89,694


(in millions)	Medtronic plc		CIFSA		CIFSA Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments		Total
Operating Activities:
Net cash provided by (used in) operating activities	$	130	$	(497)	$	441	$	5,710	$	—	$	5,784
Investing Activities:
Acquisitions, net of cash acquired	—		—		—		(199)		—		(199)

Additions to property, plant, and equipment	—		—		—		(877)		—		(877)
Purchases of investments	—		—		—		(8,249)		—		(8,249)
Sales and maturities of investments	—		—		—		5,791		—		5,791

Capital contribution paid	—		(9,348)		(9,301)		(800)		19,449		—
Return of capital	10,000		—		(3,000)		(7,000)		—		—
Other investing activities	—		—		(5)		(29)		—		(34)
Net cash provided by (used in) investing activities	10,000		(9,348)		(12,306)		(11,363)		19,449		(3,568)
Financing Activities:

Change in current debt obligations, net	—		—		—		17		—		17


Issuance of long-term debt	—		—		5,567		1		—		5,568
Payments on long-term debt	—		(44)		(515)		(5,047)		—		(5,606)
Dividends to shareholders	(2,170)		—		—		—		—		(2,170)
Issuance of ordinary shares	585		—		—		—		—		585
Repurchase of ordinary shares	(1,208)		—		—		—		—		(1,208)
Net intercompany loan borrowings (repayments)	(7,337)		588		6,231		518		—		—

Capital contribution received	—		9,301		800		9,348		(19,449)		—
Other financing activities	—		—		(34)		(40)		—		(74)
Net cash provided by (used in) financing activities	(10,130)		9,845		12,049		4,797		(19,449)		(2,888)
Effect of exchange rate changes on cash and cash equivalents	—		—		—		(12)		—		(12)
Net change in cash and cash equivalents	—		—		184		(868)		—		(684)
Cash and cash equivalents at beginning of period	—		—		1		4,392		—		4,393
Cash and cash equivalents at end of period	$	—	$	—	$	185	$	3,524	$	—	$	3,709


(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 contributions 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 contributions 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