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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 24, 2020
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
mdt-20200124_g1.jpg®
MEDTRONIC PUBLIC LIMITED COMPANY
(Exact name of registrant as specified in its charter)
  
Ireland98-1183488
(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:
Title of each classTrading SymbolName of each exchange on which registered
Ordinary shares, par value $0.0001 per shareMDTNew York Stock Exchange
Floating Rate Notes due 2021MDT/21New York Stock Exchange
0.000% Senior Notes due 2021MDT/21ANew York Stock Exchange
0.000% Senior Notes due 2022MDT/22BNew York Stock Exchange
0.375% Senior Notes due 2023MDT/23BNew York Stock Exchange
0.25% Senior Notes due 2025MDT/25New York Stock Exchange
1.125% Notes due 2027MDT/27New York Stock Exchange
1.625% Notes due 2031MDT/31New York Stock Exchange
1.00% Senior Notes due 2031MDT/31ANew York Stock Exchange
2.250% Notes due 2039MDT/39ANew York Stock Exchange
1.50% Senior Notes due 2039MDT/39BNew York Stock Exchange
1.75% Senior Notes due 2049MDT/49New York Stock Exchange

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.
Large accelerated filerAccelerated filerEmerging growth company
Non-accelerated filerSmaller 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
Item Description Page
     
    
1.  
2.  
3.  
4.  
    
1.  
2.  
6.  




PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Medtronic plc
Consolidated Statements of Income
(Unaudited)
 Three months endedNine months ended
(in millions, except per share data)January 24, 2020January 25, 2019January 24, 2020January 25, 2019
Net sales$7,717  $7,546  $22,916  $22,411  
Costs and expenses:  
Cost of products sold2,400  2,265  7,160  6,672  
Research and development expense573  561  1,763  1,736  
Selling, general, and administrative expense2,587  2,596  7,750  7,798  
Amortization of intangible assets436  436  1,317  1,327  
Restructuring charges, net13  26  87  112  
Certain litigation charges108  63  276  166  
Other operating (income) expense, net(39) 57  88  278  
Operating profit1,639  1,542  4,475  4,322  
Other non-operating income, net(96) (71) (305) (309) 
Interest expense156  243  930  726  
Income before income taxes1,579  1,370  3,850  3,905  
Income tax provision(340) 99  (317) 437  
Net income1,919  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 outstanding1,340.5  1,342.8  1,340.7  1,348.1  
Diluted weighted average shares outstanding1,351.5  1,352.7  1,351.6  1,359.5  

The accompanying notes are an integral part of these consolidated financial statements.
1


Medtronic plc
Consolidated Statements of Comprehensive Income
(Unaudited)
 Three months endedNine months ended
(in millions)January 24, 2020January 25, 2019January 24, 2020January 25, 2019
Net income$1,919  $1,271  $4,167  $3,468  
Other comprehensive income (loss), net of tax:  
Unrealized gain on investment securities20  32  93  23  
Translation adjustment32  128  (116) (1,127) 
Net investment hedge35    187    
Net change in retirement obligations13  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 interests1,984  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.
2


Medtronic plc
Consolidated Balance Sheets
(Unaudited)
(in millions)January 24, 2020April 26, 2019
ASSETS  
Current assets:  
Cash and cash equivalents$3,709  $4,393  
Investments7,919  5,455  
Accounts receivable, less allowances of $205 and $190, respectively
6,248  6,222  
Inventories, net4,122  3,753  
Other current assets2,045  2,144  
Total current assets24,043  21,967  
Property, plant, and equipment11,507  10,920  
Accumulated depreciation(6,743) (6,245) 
Property, plant, and equipment, net4,764  4,675  
Goodwill40,091  39,959  
Other intangible assets, net19,456  20,560  
Tax assets2,272  1,519  
Other assets2,196  1,014  
Total assets$92,822  $89,694  
LIABILITIES AND EQUITY  
Current liabilities:  
Current debt obligations$844  $838  
Accounts payable1,945  1,953  
Accrued compensation1,909  2,189  
Accrued income taxes457  567  
Other accrued expenses3,580  2,925  
Total current liabilities8,735  8,472  
Long-term debt24,732  24,486  
Accrued compensation and retirement benefits1,598  1,651  
Accrued income taxes2,738  2,838  
Deferred tax liabilities1,282  1,278  
Other liabilities1,784  757  
Total liabilities40,869  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 capital26,144  26,532  
Retained earnings28,210  26,270  
Accumulated other comprehensive loss(2,546) (2,711) 
Total shareholders’ equity51,808  50,091  
Noncontrolling interests145  121  
Total equity51,953  50,212  
Total liabilities and equity$92,822  $89,694  

The accompanying notes are an integral part of these consolidated financial statements.
3


Medtronic plc
Consolidated Statements of Equity
(Unaudited)
Ordinary SharesAdditional Paid-in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Noncontrolling InterestsTotal Equity
(in millions)NumberPar Value
April 26, 20191,341  $  $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 plans3  —  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, 20191,341  $  $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 plans4  —  145  —  —  145  —  145  
Repurchase of ordinary shares(5) —  (552) —  —  (552) —  (552) 
Stock-based compensation—  —  108  —  —  108  —  108  
October 25, 20191,340  $  $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 plans3  —  143  —  —  143  —  143  
Repurchase of ordinary shares(2) —  (236) —  —  (236)