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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
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☒ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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| For the quarterly period ended | January 24, 2020 |
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☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from __________ to __________ | |
Commission File Number 001-36820
® | | | | | |
MEDTRONIC PUBLIC LIMITED COMPANY | |
(Exact name of registrant as specified in its charter) | |
| |
Ireland | 98-1183488 |
(State of incorporation) | (I.R.S. Employer Identification No.) |
20 On Hatch, Lower Hatch Street
Dublin 2, Ireland
(Address of principal executive offices) (Zip Code)
+353 1 438-1700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol | Name of each exchange on which registered |
Ordinary shares, par value $0.0001 per share | MDT | New York Stock Exchange |
Floating Rate Notes due 2021 | MDT/21 | New York Stock Exchange |
0.000% Senior Notes due 2021 | MDT/21A | New York Stock Exchange |
0.000% Senior Notes due 2022 | MDT/22B | New York Stock Exchange |
0.375% Senior Notes due 2023 | MDT/23B | New York Stock Exchange |
0.25% Senior Notes due 2025 | MDT/25 | New York Stock Exchange |
1.125% Notes due 2027 | MDT/27 | New York Stock Exchange |
1.625% Notes due 2031 | MDT/31 | New York Stock Exchange |
1.00% Senior Notes due 2031 | MDT/31A | New York Stock Exchange |
2.250% Notes due 2039 | MDT/39A | New York Stock Exchange |
1.50% Senior Notes due 2039 | MDT/39B | New York Stock Exchange |
1.75% Senior Notes due 2049 | MDT/49 | New York Stock Exchange |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ☒ | Accelerated filer | ☐ | Emerging growth company | ☐ |
Non-accelerated filer | ☐ | Smaller Reporting Company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 1(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
As of February 25, 2020, 1,340,166,137 ordinary shares, par value $0.0001, and 1,872 A preferred shares, par value $1.00, of the registrant were outstanding.
TABLE OF CONTENTS
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Item | | Description | | Page |
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2. | | | | |
3. | | | | |
4. | | | | |
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1. | | | | |
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6. | | | | |
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PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Medtronic plc
Consolidated Statements of Income
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended | | | | Nine months ended | | |
(in millions, except per share data) | January 24, 2020 | | January 25, 2019 | | January 24, 2020 | | January 25, 2019 |
Net sales | $ | 7,717 | | | $ | 7,546 | | | $ | 22,916 | | | $ | 22,411 | |
Costs and expenses: | | | | | | | |
Cost of products sold | 2,400 | | | 2,265 | | | 7,160 | | | 6,672 | |
Research and development expense | 573 | | | 561 | | | 1,763 | | | 1,736 | |
Selling, general, and administrative expense | 2,587 | | | 2,596 | | | 7,750 | | | 7,798 | |
Amortization of intangible assets | 436 | | | 436 | | | 1,317 | | | 1,327 | |
Restructuring charges, net | 13 | | | 26 | | | 87 | | | 112 | |
Certain litigation charges | 108 | | | 63 | | | 276 | | | 166 | |
| | | | | | | |
Other operating (income) expense, net | (39) | | | 57 | | | 88 | | | 278 | |
Operating profit | 1,639 | | | 1,542 | | | 4,475 | | | 4,322 | |
Other non-operating income, net | (96) | | | (71) | | | (305) | | | (309) | |
Interest expense | 156 | | | 243 | | | 930 | | | 726 | |
Income before income taxes | 1,579 | | | 1,370 | | | 3,850 | | | 3,905 | |
Income tax provision | (340) | | | 99 | | | (317) | | | 437 | |
Net income | 1,919 | | | 1,271 | | | 4,167 | | | 3,468 | |
Net income attributable to noncontrolling interests | (4) | | | (2) | | | (24) | | | (9) | |
Net income attributable to Medtronic | $ | 1,915 | | | $ | 1,269 | | | $ | 4,143 | | | $ | 3,459 | |
Basic earnings per share | $ | 1.43 | | | $ | 0.95 | | | $ | 3.09 | | | $ | 2.57 | |
Diluted earnings per share | $ | 1.42 | | | $ | 0.94 | | | $ | 3.07 | | | $ | 2.54 | |
Basic weighted average shares outstanding | 1,340.5 | | | 1,342.8 | | | 1,340.7 | | | 1,348.1 | |
Diluted weighted average shares outstanding | 1,351.5 | | | 1,352.7 | | | 1,351.6 | | | 1,359.5 | |
| | | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
Medtronic plc
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended | | | | Nine months ended | | |
(in millions) | January 24, 2020 | | January 25, 2019 | | January 24, 2020 | | January 25, 2019 |
Net income | $ | 1,919 | | | $ | 1,271 | | | $ | 4,167 | | | $ | 3,468 | |
| | | | | | | |
Other comprehensive income (loss), net of tax: | | | | | | | |
Unrealized gain on investment securities | 20 | | | 32 | | | 93 | | | 23 | |
Translation adjustment | 32 | | | 128 | | | (116) | | | (1,127) | |
Net investment hedge | 35 | | | — | | | 187 | | | — | |
Net change in retirement obligations | 13 | | | 17 | | | 38 | | | 65 | |
Unrealized (loss) gain on cash flow hedges | (35) | | | (23) | | | (37) | | | 317 | |
Other comprehensive income (loss) | 65 | | | 154 | | | 165 | | | (722) | |
Comprehensive income including noncontrolling interests | 1,984 | | | 1,425 | | | 4,332 | | | 2,746 | |
Comprehensive income attributable to noncontrolling interests | (4) | | | (2) | | | (24) | | | (6) | |
Comprehensive income attributable to Medtronic | $ | 1,980 | | | $ | 1,423 | | | $ | 4,308 | | | $ | 2,740 | |
The accompanying notes are an integral part of these consolidated financial statements.
Medtronic plc
Consolidated Balance Sheets
(Unaudited)
| | | | | | | | | | | |
(in millions) | January 24, 2020 | | April 26, 2019 |
ASSETS | | | |
| | | |
Current assets: | | | |
Cash and cash equivalents | $ | 3,709 | | | $ | 4,393 | |
Investments | 7,919 | | | 5,455 | |
Accounts receivable, less allowances of $205 and $190, respectively | 6,248 | | | 6,222 | |
Inventories, net | 4,122 | | | 3,753 | |
Other current assets | 2,045 | | | 2,144 | |
Total current assets | 24,043 | | | 21,967 | |
| | | |
Property, plant, and equipment | 11,507 | | | 10,920 | |
Accumulated depreciation | (6,743) | | | (6,245) | |
Property, plant, and equipment, net | 4,764 | | | 4,675 | |
Goodwill | 40,091 | | | 39,959 | |
Other intangible assets, net | 19,456 | | | 20,560 | |
Tax assets | 2,272 | | | 1,519 | |
Other assets | 2,196 | | | 1,014 | |
Total assets | $ | 92,822 | | | $ | 89,694 | |
| | | |
LIABILITIES AND EQUITY | | | |
| | | |
Current liabilities: | | | |
Current debt obligations | $ | 844 | | | $ | 838 | |
Accounts payable | 1,945 | | | 1,953 | |
Accrued compensation | 1,909 | | | 2,189 | |
Accrued income taxes | 457 | | | 567 | |
Other accrued expenses | 3,580 | | | 2,925 | |
Total current liabilities | 8,735 | | | 8,472 | |
| | | |
Long-term debt | 24,732 | | | 24,486 | |
Accrued compensation and retirement benefits | 1,598 | | | 1,651 | |
Accrued income taxes | 2,738 | | | 2,838 | |
Deferred tax liabilities | 1,282 | | | 1,278 | |
Other liabilities | 1,784 | | | 757 | |
Total liabilities | 40,869 | | | 39,482 | |
| | | |
Commitments and contingencies (Note 17) | | | |
| | | |
Shareholders’ equity: | | | |
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,340,786,042 and 1,340,697,595 shares issued and outstanding, respectively | — | | | — | |
Additional paid-in capital | 26,144 | | | 26,532 | |
Retained earnings | 28,210 | | | 26,270 | |
Accumulated other comprehensive loss | (2,546) | | | (2,711) | |
Total shareholders’ equity | 51,808 | | | 50,091 | |
Noncontrolling interests | 145 | | | 121 | |
Total equity | 51,953 | | | 50,212 | |
Total liabilities and equity | $ | 92,822 | | | $ | 89,694 | |
The accompanying notes are an integral part of these consolidated financial statements.
Medtronic plc
Consolidated Statements of Equity
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Ordinary Shares | | | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Shareholders’ Equity | | Noncontrolling Interests | | Total Equity |
(in millions) | | Number | | Par Value | | | | | | | | | | | | |
April 26, 2019 | | 1,341 | | | $ | — | | | $ | 26,532 | | | $ | 26,270 | | | $ | (2,711) | | | $ | 50,091 | | | $ | 121 | | | $ | 50,212 | |
Net income | | — | | | — | | | — | | | 864 | | | — | | | 864 | | | 13 | | | 877 | |
Other comprehensive income | | — | | | — | | | — | | | — | | | 227 | | | 227 | | | — | | | 227 | |
Dividends to shareholders ($0.54 per ordinary share) | | — | | | — | | | — | | | (724) | | | — | | | (724) | | | — | | | (724) | |
Issuance of shares under stock purchase and award plans | | 3 | | | — | | | 205 | | | — | | | — | | | 205 | | | — | | | 205 | |
Repurchase of ordinary shares | | (3) | | | — | | | (328) | | | — | | | — | | | (328) | | | — | | | (328) | |
Stock-based compensation | | — | | | — | | | 61 | | | — | | | — | | | 61 | | | — | | | 61 | |
Cumulative effect of change in accounting principle(1) | | — | | | — | | | — | | | (33) | | | — | | | (33) | | | — | | | (33) | |
July 26, 2019 | | 1,341 | | | $ | — | | | $ | 26,470 | | | $ | 26,377 | | | $ | (2,484) | | | $ | 50,363 | | | $ | 134 | | | $ | 50,497 | |
Net income | | — | | | — | | | — | | | 1,364 | | | — | | | 1,364 | | | 7 | | | 1,371 | |
Other comprehensive (loss) | | — | | | — | | | — | | | — | | | (127) | | | (127) | | | — | | | (127) | |
Dividends to shareholders ($0.54 per ordinary share) | | — | | | — | | | — | | | (723) | | | — | | | (723) | | | — | | | (723) | |
Issuance of shares under stock purchase and award plans | | 4 | | | — | | | 145 | | | — | | | — | | | 145 | | | — | | | 145 | |
Repurchase of ordinary shares | | (5) | | | — | | | (552) | | | — | | | — | | | (552) | | | — | | | (552) | |
Stock-based compensation | | — | | | — | | | 108 | | | — | | | — | | | 108 | | | — | | | 108 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
October 25, 2019 | | 1,340 | | | $ | — | | | $ | 26,171 | | | $ | 27,018 | | | $ | (2,611) | | | $ | 50,578 | | | $ | 141 | | | $ | 50,719 | |
Net income | | — | | | — | | | — | | | 1,915 | | | — | | | 1,915 | | | 4 | | | 1,919 | |
Other comprehensive income | | — | | | — | | | — | | | — | | | 65 | | | 65 | | | — | | | 65 | |
Dividends to shareholders ($0.54 per ordinary share) | | — | | | — | | | — | | | (723) | | | — | | | (723) | | | — | | | (723) | |
Issuance of shares under stock purchase and award plans | | 3 | | | — | | | 143 | | | — | | | — | | | 143 | | | — | | | 143 | |
Repurchase of ordinary shares | | (2) | | | — | | | (236) | | | — | | | — | | | (236) | | | |