Medtronic plc0001613103--04-30falseQ22021D02 XH02us-gaap:AccountingStandardsUpdate201602MemberP7YP10YP4YP4YP2YP10YP10YP10YP10YP7YP5YP8YP10YP8YP12YP13YP12YP20YP30YP20YP30YP20YP30YP20YP30YP30YP30YP30YP30YP30Y00016131032020-04-252020-10-300001613103us-gaap:CommonStockMember2020-04-252020-10-300001613103mdt:SeniorNotes2019Due2021FloatingMember2020-04-252020-10-300001613103mdt:SeniorNotes2019Due2022Member2020-04-252020-10-300001613103mdt:SeniorNotes2019Due20230.375PercentMember2020-04-252020-10-300001613103mdt:SeniorNotes2020Due2023Member2020-04-252020-10-300001613103mdt:SeniorNotes2019Due2025Member2020-04-252020-10-300001613103mdt:SeniorNotes2020Due2025Member2020-04-252020-10-300001613103mdt:SeniorNotes2019Due2027Member2020-04-252020-10-300001613103mdt:SeniorNotes2020Due2028Member2020-04-252020-10-300001613103mdt:SeniorNotes2019Due20311.625PercentMember2020-04-252020-10-300001613103mdt:SeniorNotes2019Due20311.00PercentMember2020-04-252020-10-300001613103mdt:SeniorNotes2020Due2032Member2020-04-252020-10-300001613103mdt:SeniorNotes2019Due20392.250PercentMember2020-04-252020-10-300001613103mdt:SeniorNotes2019Due20391.50PercentMember2020-04-252020-10-300001613103mdt:SeniorNotes2020Due2040Member2020-04-252020-10-300001613103mdt:SeniorNotes2019Due2049Member2020-04-252020-10-300001613103mdt:SeniorNotes2020Due2050Member2020-04-252020-10-30xbrli:shares00016131032020-12-01iso4217:USD00016131032020-08-012020-10-3000016131032019-07-272019-10-2500016131032019-04-272019-10-25iso4217:USDxbrli:shares00016131032020-10-3000016131032020-04-240001613103us-gaap:CommonStockMember2020-04-240001613103us-gaap:AdditionalPaidInCapitalMember2020-04-240001613103us-gaap:RetainedEarningsMember2020-04-240001613103us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-240001613103us-gaap:ParentMember2020-04-240001613103us-gaap:NoncontrollingInterestMember2020-04-240001613103us-gaap:RetainedEarningsMember2020-04-252020-07-310001613103us-gaap:ParentMember2020-04-252020-07-310001613103us-gaap:NoncontrollingInterestMember2020-04-252020-07-3100016131032020-04-252020-07-310001613103us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-252020-07-310001613103us-gaap:CommonStockMember2020-04-252020-07-310001613103us-gaap:AdditionalPaidInCapitalMember2020-04-252020-07-310001613103us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-04-240001613103us-gaap:ParentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-04-240001613103srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-04-240001613103us-gaap:CommonStockMember2020-07-310001613103us-gaap:AdditionalPaidInCapitalMember2020-07-310001613103us-gaap:RetainedEarningsMember2020-07-310001613103us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-310001613103us-gaap:ParentMember2020-07-310001613103us-gaap:NoncontrollingInterestMember2020-07-3100016131032020-07-310001613103us-gaap:RetainedEarningsMember2020-08-012020-10-300001613103us-gaap:ParentMember2020-08-012020-10-300001613103us-gaap:NoncontrollingInterestMember2020-08-012020-10-300001613103us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-08-012020-10-300001613103us-gaap:CommonStockMember2020-08-012020-10-300001613103us-gaap:AdditionalPaidInCapitalMember2020-08-012020-10-300001613103us-gaap:CommonStockMember2020-10-300001613103us-gaap:AdditionalPaidInCapitalMember2020-10-300001613103us-gaap:RetainedEarningsMember2020-10-300001613103us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-300001613103us-gaap:ParentMember2020-10-300001613103us-gaap:NoncontrollingInterestMember2020-10-300001613103us-gaap:CommonStockMember2019-04-260001613103us-gaap:AdditionalPaidInCapitalMember2019-04-260001613103us-gaap:RetainedEarningsMember2019-04-260001613103us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-260001613103us-gaap:ParentMember2019-04-260001613103us-gaap:NoncontrollingInterestMember2019-04-2600016131032019-04-260001613103us-gaap:RetainedEarningsMember2019-04-272019-07-260001613103us-gaap:ParentMember2019-04-272019-07-260001613103us-gaap:NoncontrollingInterestMember2019-04-272019-07-2600016131032019-04-272019-07-260001613103us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-272019-07-260001613103us-gaap:CommonStockMember2019-04-272019-07-260001613103us-gaap:AdditionalPaidInCapitalMember2019-04-272019-07-2600016131032018-04-282019-04-260001613103us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-04-260001613103us-gaap:ParentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-04-260001613103srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-04-260001613103us-gaap:CommonStockMember2019-07-260001613103us-gaap:AdditionalPaidInCapitalMember2019-07-260001613103us-gaap:RetainedEarningsMember2019-07-260001613103us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-260001613103us-gaap:ParentMember2019-07-260001613103us-gaap:NoncontrollingInterestMember2019-07-2600016131032019-07-260001613103us-gaap:RetainedEarningsMember2019-07-272019-10-250001613103us-gaap:ParentMember2019-07-272019-10-250001613103us-gaap:NoncontrollingInterestMember2019-07-272019-10-250001613103us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-272019-10-250001613103us-gaap:CommonStockMember2019-07-272019-10-250001613103us-gaap:AdditionalPaidInCapitalMember2019-07-272019-10-250001613103us-gaap:CommonStockMember2019-10-250001613103us-gaap:AdditionalPaidInCapitalMember2019-10-250001613103us-gaap:RetainedEarningsMember2019-10-250001613103us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-10-250001613103us-gaap:ParentMember2019-10-250001613103us-gaap:NoncontrollingInterestMember2019-10-2500016131032019-10-250001613103mdt:CardiacRhythmandHeartFailureDivisionMembermdt:CardiacAndVascularGroupMember2020-08-012020-10-300001613103mdt:CardiacRhythmandHeartFailureDivisionMembermdt:CardiacAndVascularGroupMember2019-07-272019-10-250001613103mdt:CardiacRhythmandHeartFailureDivisionMembermdt:CardiacAndVascularGroupMember2020-04-252020-10-300001613103mdt:CardiacRhythmandHeartFailureDivisionMembermdt:CardiacAndVascularGroupMember2019-04-272019-10-250001613103mdt:CoronaryandStructuralHeartDivisionMembermdt:CardiacAndVascularGroupMember2020-08-012020-10-300001613103mdt:CoronaryandStructuralHeartDivisionMembermdt:CardiacAndVascularGroupMember2019-07-272019-10-250001613103mdt:CoronaryandStructuralHeartDivisionMembermdt:CardiacAndVascularGroupMember2020-04-252020-10-300001613103mdt:CoronaryandStructuralHeartDivisionMembermdt:CardiacAndVascularGroupMember2019-04-272019-10-250001613103mdt:AorticPeripheralandVenousDivisionMembermdt:CardiacAndVascularGroupMember2020-08-012020-10-300001613103mdt:AorticPeripheralandVenousDivisionMembermdt:CardiacAndVascularGroupMember2019-07-272019-10-250001613103mdt:AorticPeripheralandVenousDivisionMembermdt:CardiacAndVascularGroupMember2020-04-252020-10-300001613103mdt:AorticPeripheralandVenousDivisionMembermdt:CardiacAndVascularGroupMember2019-04-272019-10-250001613103mdt:CardiacAndVascularGroupMember2020-08-012020-10-300001613103mdt:CardiacAndVascularGroupMember2019-07-272019-10-250001613103mdt:CardiacAndVascularGroupMember2020-04-252020-10-300001613103mdt:CardiacAndVascularGroupMember2019-04-272019-10-250001613103mdt:SurgicalInnovationsDivisionMembermdt:MinimallyInvasiveTherapiesGroupMember2020-08-012020-10-300001613103mdt:SurgicalInnovationsDivisionMembermdt:MinimallyInvasiveTherapiesGroupMember2019-07-272019-10-250001613103mdt:SurgicalInnovationsDivisionMembermdt:MinimallyInvasiveTherapiesGroupMember2020-04-252020-10-300001613103mdt:SurgicalInnovationsDivisionMembermdt:MinimallyInvasiveTherapiesGroupMember2019-04-272019-10-250001613103mdt:MinimallyInvasiveTherapiesGroupMembermdt:RespiratoryGastrointestinalandRenalDivisionMember2020-08-012020-10-300001613103mdt:MinimallyInvasiveTherapiesGroupMembermdt:RespiratoryGastrointestinalandRenalDivisionMember2019-07-272019-10-250001613103mdt:MinimallyInvasiveTherapiesGroupMembermdt:RespiratoryGastrointestinalandRenalDivisionMember2020-04-252020-10-300001613103mdt:MinimallyInvasiveTherapiesGroupMembermdt:RespiratoryGastrointestinalandRenalDivisionMember2019-04-272019-10-250001613103mdt:MinimallyInvasiveTherapiesGroupMember2020-08-012020-10-300001613103mdt:MinimallyInvasiveTherapiesGroupMember2019-07-272019-10-250001613103mdt:MinimallyInvasiveTherapiesGroupMember2020-04-252020-10-300001613103mdt:MinimallyInvasiveTherapiesGroupMember2019-04-272019-10-250001613103mdt:CranialAndSpinalTechnologiesDivisionMembermdt:RestorativeTherapiesGroupMember2020-08-012020-10-300001613103mdt:CranialAndSpinalTechnologiesDivisionMembermdt:RestorativeTherapiesGroupMember2019-07-272019-10-250001613103mdt:CranialAndSpinalTechnologiesDivisionMembermdt:RestorativeTherapiesGroupMember2020-04-252020-10-300001613103mdt:CranialAndSpinalTechnologiesDivisionMembermdt:RestorativeTherapiesGroupMember2019-04-272019-10-250001613103mdt:SpecialtyTherapiesDivisionMembermdt:RestorativeTherapiesGroupMember2020-08-012020-10-300001613103mdt:SpecialtyTherapiesDivisionMembermdt:RestorativeTherapiesGroupMember2019-07-272019-10-250001613103mdt:SpecialtyTherapiesDivisionMembermdt:RestorativeTherapiesGroupMember2020-04-252020-10-300001613103mdt:SpecialtyTherapiesDivisionMembermdt:RestorativeTherapiesGroupMember2019-04-272019-10-250001613103mdt:NeuromodulationDivisionMembermdt:RestorativeTherapiesGroupMember2020-08-012020-10-300001613103mdt:NeuromodulationDivisionMembermdt:RestorativeTherapiesGroupMember2019-07-272019-10-250001613103mdt:NeuromodulationDivisionMembermdt:RestorativeTherapiesGroupMember2020-04-252020-10-300001613103mdt:NeuromodulationDivisionMembermdt:RestorativeTherapiesGroupMember2019-04-272019-10-250001613103mdt:RestorativeTherapiesGroupMember2020-08-012020-10-300001613103mdt:RestorativeTherapiesGroupMember2019-07-272019-10-250001613103mdt:RestorativeTherapiesGroupMember2020-04-252020-10-300001613103mdt:RestorativeTherapiesGroupMember2019-04-272019-10-250001613103mdt:DiabetesGroupMember2020-08-012020-10-300001613103mdt:DiabetesGroupMember2019-07-272019-10-250001613103mdt:DiabetesGroupMember2020-04-252020-10-300001613103mdt:DiabetesGroupMember2019-04-272019-10-250001613103country:USmdt:CardiacAndVascularGroupMember2020-08-012020-10-300001613103country:USmdt:CardiacAndVascularGroupMember2019-07-272019-10-250001613103mdt:CardiacAndVascularGroupMembermdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2020-08-012020-10-300001613103mdt:CardiacAndVascularGroupMembermdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2019-07-272019-10-250001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:CardiacAndVascularGroupMember2020-08-012020-10-300001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:CardiacAndVascularGroupMember2019-07-272019-10-250001613103country:USmdt:MinimallyInvasiveTherapiesGroupMember2020-08-012020-10-300001613103country:USmdt:MinimallyInvasiveTherapiesGroupMember2019-07-272019-10-250001613103mdt:MinimallyInvasiveTherapiesGroupMembermdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2020-08-012020-10-300001613103mdt:MinimallyInvasiveTherapiesGroupMembermdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2019-07-272019-10-250001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:MinimallyInvasiveTherapiesGroupMember2020-08-012020-10-300001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:MinimallyInvasiveTherapiesGroupMember2019-07-272019-10-250001613103country:USmdt:RestorativeTherapiesGroupMember2020-08-012020-10-300001613103country:USmdt:RestorativeTherapiesGroupMember2019-07-272019-10-250001613103mdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMembermdt:RestorativeTherapiesGroupMember2020-08-012020-10-300001613103mdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMembermdt:RestorativeTherapiesGroupMember2019-07-272019-10-250001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:RestorativeTherapiesGroupMember2020-08-012020-10-300001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:RestorativeTherapiesGroupMember2019-07-272019-10-250001613103country:USmdt:DiabetesGroupMember2020-08-012020-10-300001613103country:USmdt:DiabetesGroupMember2019-07-272019-10-250001613103mdt:DiabetesGroupMembermdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2020-08-012020-10-300001613103mdt:DiabetesGroupMembermdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2019-07-272019-10-250001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:DiabetesGroupMember2020-08-012020-10-300001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:DiabetesGroupMember2019-07-272019-10-250001613103country:US2020-08-012020-10-300001613103country:US2019-07-272019-10-250001613103mdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2020-08-012020-10-300001613103mdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2019-07-272019-10-250001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMember2020-08-012020-10-300001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMember2019-07-272019-10-250001613103country:USmdt:CardiacAndVascularGroupMember2020-04-252020-10-300001613103country:USmdt:CardiacAndVascularGroupMember2019-04-272019-10-250001613103mdt:CardiacAndVascularGroupMembermdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2020-04-252020-10-300001613103mdt:CardiacAndVascularGroupMembermdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2019-04-272019-10-250001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:CardiacAndVascularGroupMember2020-04-252020-10-300001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:CardiacAndVascularGroupMember2019-04-272019-10-250001613103country:USmdt:MinimallyInvasiveTherapiesGroupMember2020-04-252020-10-300001613103country:USmdt:MinimallyInvasiveTherapiesGroupMember2019-04-272019-10-250001613103mdt:MinimallyInvasiveTherapiesGroupMembermdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2020-04-252020-10-300001613103mdt:MinimallyInvasiveTherapiesGroupMembermdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2019-04-272019-10-250001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:MinimallyInvasiveTherapiesGroupMember2020-04-252020-10-300001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:MinimallyInvasiveTherapiesGroupMember2019-04-272019-10-250001613103country:USmdt:RestorativeTherapiesGroupMember2020-04-252020-10-300001613103country:USmdt:RestorativeTherapiesGroupMember2019-04-272019-10-250001613103mdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMembermdt:RestorativeTherapiesGroupMember2020-04-252020-10-300001613103mdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMembermdt:RestorativeTherapiesGroupMember2019-04-272019-10-250001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:RestorativeTherapiesGroupMember2020-04-252020-10-300001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:RestorativeTherapiesGroupMember2019-04-272019-10-250001613103country:USmdt:DiabetesGroupMember2020-04-252020-10-300001613103country:USmdt:DiabetesGroupMember2019-04-272019-10-250001613103mdt:DiabetesGroupMembermdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2020-04-252020-10-300001613103mdt:DiabetesGroupMembermdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2019-04-272019-10-250001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:DiabetesGroupMember2020-04-252020-10-300001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMembermdt:DiabetesGroupMember2019-04-272019-10-250001613103country:US2020-04-252020-10-300001613103country:US2019-04-272019-10-250001613103mdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2020-04-252020-10-300001613103mdt:JapanAustraliaNewZealandKoreaCanadaandWesternEuropeMember2019-04-272019-10-250001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMember2020-04-252020-10-300001613103mdt:MiddleEastAfricaLatinAmericaEasternEuropeandAsiaExcludingJapanandKoreaMember2019-04-272019-10-250001613103mdt:OtherAccruedExpensesMember2020-10-300001613103us-gaap:AccountsReceivableMember2020-10-300001613103mdt:OtherAccruedExpensesMember2020-04-240001613103us-gaap:AccountsReceivableMember2020-04-240001613103us-gaap:OtherLiabilitiesMember2020-10-300001613103us-gaap:OtherLiabilitiesMember2020-04-240001613103mdt:AllBusinessAcquisitionsMember2020-10-300001613103mdt:AllBusinessAcquisitionsMemberus-gaap:TechnologyBasedIntangibleAssetsMember2020-10-300001613103mdt:AllBusinessAcquisitionsMemberus-gaap:CustomerRelatedIntangibleAssetsMember2020-10-300001613103srt:MinimumMembermdt:AllBusinessAcquisitionsMemberus-gaap:CustomerRelatedIntangibleAssetsMember2020-04-252020-10-300001613103srt:MinimumMembermdt:AllBusinessAcquisitionsMemberus-gaap:TechnologyBasedIntangibleAssetsMember2020-04-252020-10-300001613103srt:MaximumMembermdt:AllBusinessAcquisitionsMemberus-gaap:CustomerRelatedIntangibleAssetsMember2020-04-252020-10-300001613103srt:MaximumMembermdt:AllBusinessAcquisitionsMemberus-gaap:TechnologyBasedIntangibleAssetsMember2020-04-252020-10-300001613103mdt:AllBusinessAcquisitionsMember2020-04-252020-10-300001613103mdt:AllBusinessAcquisitionsMember2019-10-250001613103mdt:AllBusinessAcquisitionsMemberus-gaap:TechnologyBasedIntangibleAssetsMember2019-10-250001613103mdt:AllBusinessAcquisitionsMemberus-gaap:CustomerRelatedIntangibleAssetsMember2019-10-250001613103srt:MinimumMembermdt:AllBusinessAcquisitionsMemberus-gaap:TechnologyBasedIntangibleAssetsMember2019-04-272019-10-250001613103srt:MinimumMembermdt:AllBusinessAcquisitionsMemberus-gaap:CustomerRelatedIntangibleAssetsMember2019-04-272019-10-250001613103srt:MaximumMembermdt:AllBusinessAcquisitionsMemberus-gaap:CustomerRelatedIntangibleAssetsMember2019-04-272019-10-250001613103srt:MaximumMembermdt:AllBusinessAcquisitionsMemberus-gaap:TechnologyBasedIntangibleAssetsMember2019-04-272019-10-250001613103mdt:AllBusinessAcquisitionsMember2019-04-272019-10-25xbrli:pure0001613103us-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Membermdt:RevenueMilestoneMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103us-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Membermdt:RevenueMilestoneMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membermdt:RevenueMilestoneMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103us-gaap:FairValueInputsLevel3Membermdt:RevenueMilestoneMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103srt:MinimumMemberus-gaap:FairValueInputsLevel3Membermdt:RevenueMilestoneMembermdt:MeasurementInputProbabilityofPaymentMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103srt:MaximumMemberus-gaap:FairValueInputsLevel3Membermdt:RevenueMilestoneMembermdt:MeasurementInputProbabilityofPaymentMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103us-gaap:FairValueInputsLevel3Membermdt:RevenueMilestoneMembersrt:WeightedAverageMembermdt:MeasurementInputProbabilityofPaymentMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membermdt:ProductDevelopmentMilestoneMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membermdt:ProductDevelopmentMilestoneMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103us-gaap:FairValueInputsLevel3Membermdt:ProductDevelopmentMilestoneMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103srt:MinimumMemberus-gaap:FairValueInputsLevel3Membermdt:ProductDevelopmentMilestoneMembermdt:MeasurementInputProbabilityofPaymentMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103srt:MaximumMemberus-gaap:FairValueInputsLevel3Membermdt:ProductDevelopmentMilestoneMembermdt:MeasurementInputProbabilityofPaymentMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103us-gaap:FairValueInputsLevel3Membermdt:ProductDevelopmentMilestoneMembersrt:WeightedAverageMembermdt:MeasurementInputProbabilityofPaymentMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103srt:MinimumMembermdt:PreTaxExitandDisposalCostsMembermdt:EnterpriseExcellenceMember2020-10-300001613103srt:MaximumMembermdt:PreTaxExitandDisposalCostsMembermdt:EnterpriseExcellenceMember2020-10-300001613103mdt:EnterpriseExcellenceMember2020-08-012020-10-300001613103mdt:EnterpriseExcellenceMember2020-04-252020-10-300001613103us-gaap:CostOfSalesMembermdt:EnterpriseExcellenceMember2020-08-012020-10-300001613103us-gaap:CostOfSalesMembermdt:EnterpriseExcellenceMember2020-04-252020-10-300001613103mdt:EnterpriseExcellenceMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-08-012020-10-300001613103mdt:EnterpriseExcellenceMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-04-252020-10-300001613103mdt:EnterpriseExcellenceMember2019-07-272019-10-250001613103mdt:EnterpriseExcellenceMember2019-04-272019-10-250001613103us-gaap:CostOfSalesMembermdt:EnterpriseExcellenceMember2019-07-272019-10-250001613103us-gaap:CostOfSalesMembermdt:EnterpriseExcellenceMember2019-04-272019-10-250001613103mdt:EnterpriseExcellenceMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2019-07-272019-10-250001613103mdt:EnterpriseExcellenceMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2019-04-272019-10-250001613103mdt:EnterpriseExcellenceMemberus-gaap:EmployeeSeveranceMember2020-04-240001613103mdt:AssociatedCostsMembermdt:EnterpriseExcellenceMember2020-04-240001613103us-gaap:OtherRestructuringMembermdt:EnterpriseExcellenceMember2020-04-240001613103mdt:EnterpriseExcellenceMember2020-04-240001613103mdt:EnterpriseExcellenceMemberus-gaap:EmployeeSeveranceMember2020-04-252020-10-300001613103mdt:AssociatedCostsMembermdt:EnterpriseExcellenceMember2020-04-252020-10-300001613103us-gaap:OtherRestructuringMembermdt:EnterpriseExcellenceMember2020-04-252020-10-300001613103mdt:EnterpriseExcellenceMemberus-gaap:EmployeeSeveranceMember2020-10-300001613103mdt:AssociatedCostsMembermdt:EnterpriseExcellenceMember2020-10-300001613103us-gaap:OtherRestructuringMembermdt:EnterpriseExcellenceMember2020-10-300001613103mdt:EnterpriseExcellenceMember2020-10-300001613103srt:MinimumMembermdt:PreTaxExitandDisposalCostsMembermdt:SimplificationRestructuringProgramMember2020-10-300001613103srt:MaximumMembermdt:PreTaxExitandDisposalCostsMembermdt:SimplificationRestructuringProgramMember2020-10-300001613103mdt:SimplificationRestructuringProgramMember2020-08-012020-10-300001613103mdt:SimplificationRestructuringProgramMember2020-04-252020-10-300001613103mdt:SimplificationRestructuringProgramMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-08-012020-10-300001613103mdt:SimplificationRestructuringProgramMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-04-252020-10-300001613103mdt:SimplificationRestructuringProgramMemberus-gaap:EmployeeSeveranceMember2020-04-240001613103mdt:AssociatedCostsMembermdt:SimplificationRestructuringProgramMember2020-04-240001613103mdt:SimplificationRestructuringProgramMember2020-04-240001613103mdt:SimplificationRestructuringProgramMemberus-gaap:EmployeeSeveranceMember2020-04-252020-10-300001613103mdt:AssociatedCostsMembermdt:SimplificationRestructuringProgramMember2020-04-252020-10-300001613103mdt:SimplificationRestructuringProgramMemberus-gaap:EmployeeSeveranceMember2020-10-300001613103mdt:AssociatedCostsMembermdt:SimplificationRestructuringProgramMember2020-10-300001613103mdt:SimplificationRestructuringProgramMember2020-10-300001613103us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-10-300001613103us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-10-300001613103us-gaap:FairValueInputsLevel1Memberus-gaap:OtherAssetsMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-10-300001613103us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:InvestmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:CorporateDebtSecuritiesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-10-300001613103us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-10-300001613103us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-10-300001613103us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:InvestmentsMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:MortgageBackedSecuritiesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-10-300001613103us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-10-300001613103us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-10-300001613103us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:InvestmentsMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:OtherAssetsMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:FairValueInputsLevel3Memberus-gaap:AuctionRateSecuritiesMember2020-10-300001613103us-gaap:FairValueInputsLevel3Memberus-gaap:AuctionRateSecuritiesMemberus-gaap:InvestmentsMember2020-10-300001613103us-gaap:FairValueInputsLevel3Memberus-gaap:AuctionRateSecuritiesMemberus-gaap:OtherAssetsMember2020-10-300001613103us-gaap:InvestmentsMember2020-10-300001613103us-gaap:OtherAssetsMember2020-10-300001613103us-gaap:FairValueInputsLevel2Memberus-gaap:BankTimeDepositsMember2020-10-300001613103us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:BankTimeDepositsMember2020-10-300001613103us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:BankTimeDepositsMember2020-10-300001613103us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-04-240001613103us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-04-240001613103us-gaap:FairValueInputsLevel1Memberus-gaap:OtherAssetsMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-04-240001613103us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:InvestmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:CorporateDebtSecuritiesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-04-240001613103us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-04-240001613103us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-04-240001613103us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:InvestmentsMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:MortgageBackedSecuritiesMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-04-240001613103us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-04-240001613103us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-04-240001613103us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:InvestmentsMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:OtherAssetsMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:FairValueInputsLevel3Memberus-gaap:AuctionRateSecuritiesMember2020-04-240001613103us-gaap:FairValueInputsLevel3Memberus-gaap:AuctionRateSecuritiesMemberus-gaap:InvestmentsMember2020-04-240001613103us-gaap:FairValueInputsLevel3Memberus-gaap:AuctionRateSecuritiesMemberus-gaap:OtherAssetsMember2020-04-240001613103us-gaap:InvestmentsMember2020-04-240001613103us-gaap:OtherAssetsMember2020-04-240001613103us-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-10-300001613103us-gaap:CorporateDebtSecuritiesMember2020-10-300001613103us-gaap:MortgageBackedSecuritiesMember2020-10-300001613103us-gaap:AssetBackedSecuritiesMember2020-10-300001613103us-gaap:CorporateDebtSecuritiesMember2020-04-240001613103us-gaap:MortgageBackedSecuritiesMember2020-04-240001613103us-gaap:AssetBackedSecuritiesMember2020-04-240001613103us-gaap:AuctionRateSecuritiesMember2020-04-240001613103mdt:EquityInvestmentsMember2020-08-012020-10-300001613103mdt:EquityInvestmentsMember2019-07-272019-10-250001613103mdt:EquityInvestmentsMember2020-04-252020-10-300001613103mdt:EquityInvestmentsMember2019-04-272019-10-250001613103mdt:A2015CommercialPaperProgramMemberus-gaap:CommercialPaperMember2020-10-300001613103mdt:A2015CommercialPaperProgramMemberus-gaap:CommercialPaperMember2020-04-240001613103us-gaap:LineOfCreditMembermdt:AmendedandRestatedRevolvingCreditAgreementMember2020-10-300001613103us-gaap:LineOfCreditMembermdt:AmendedandRestatedRevolvingCreditAgreementMember2020-04-252020-10-300001613103us-gaap:LineOfCreditMembermdt:AmendedandRestatedRevolvingCreditAgreementMember2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2015Due2022Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2015Due2022Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2015Due2022Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2012Due2023Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2012Due2023Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2012Due2023Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due20230.000PercentMember2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due20230.000PercentMember2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due20230.000PercentMember2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due20230.375PercentMember2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due20230.375PercentMember2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due20230.375PercentMember2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2023Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2023Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2023Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2013Due2023Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2013Due2023Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2013Due2023Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2013Due2024Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2013Due2024Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2013Due2024Member2020-04-240001613103mdt:SeniorNotes2014Due2024Memberus-gaap:SeniorNotesMember2020-10-300001613103mdt:SeniorNotes2014Due2024Memberus-gaap:SeniorNotesMember2020-04-252020-10-300001613103mdt:SeniorNotes2014Due2024Memberus-gaap:SeniorNotesMember2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2015Due2025Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2015Due2025Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2015Due2025Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2026Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2026Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2026Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2026Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2026Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2026Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2027Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2027Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2027Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2017Due2027Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2017Due2027Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2017Due2027Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2029Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2029Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2029Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due20311.625PercentMember2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due20311.625PercentMember2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due20311.625PercentMember2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2032Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2032Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2032Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2033Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2033Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2033Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2015Due2035Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2015Due2035Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2015Due2035Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2007Due2038Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2007Due2038Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2007Due2038Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due20392.250PercentMember2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due20392.250PercentMember2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due20392.250PercentMember2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2009Due2039Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2009Due2039Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2009Due2039Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2040Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2040Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2040Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2010Due2040Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2010Due2040Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2010Due2040Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2041Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2041Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2041Member2020-04-240001613103mdt:SeniorNotes2012Due2042Memberus-gaap:SeniorNotesMember2020-10-300001613103mdt:SeniorNotes2012Due2042Memberus-gaap:SeniorNotesMember2020-04-252020-10-300001613103mdt:SeniorNotes2012Due2042Memberus-gaap:SeniorNotesMember2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2013Due2043Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2013Due2043Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2013Due2043Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2014Due2044Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2014Due2044Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2014Due2044Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2015Due2045Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2015Due2045Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2015Due2045Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2050Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2050Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2019Due2050Member2020-04-240001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2051Member2020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2051Member2020-04-252020-10-300001613103us-gaap:SeniorNotesMembermdt:SeniorNotes2020Due2051Member2020-04-240001613103us-gaap:NotesPayableToBanksMember2020-10-300001613103us-gaap:NotesPayableToBanksMember2020-04-24mdt:tranche0001613103us-gaap:SeniorNotesMembermdt:MedtronicLuxcoMembermdt:SeniorNotes2019Member2019-06-30iso4217:EUR0001613103us-gaap:SeniorNotesMembermdt:MedtronicLuxcoMembermdt:SeniorNotes2019Member2019-06-012019-06-300001613103us-gaap:SeniorNotesMembermdt:MedtronicIncCIFSAandMedtronicLuxcoSeniorNotesMember2019-06-012019-06-300001613103us-gaap:SeniorNotesMembermdt:MedtronicIncCIFSAandMedtronicLuxcoSeniorNotesMember2019-04-272019-07-260001613103us-gaap:SeniorNotesMembermdt:MedtronicLuxcoMembermdt:SeniorNotes2020Member2020-09-300001613103us-gaap:SeniorNotesMembermdt:MedtronicLuxcoMembermdt:SeniorNotes2020Member2020-09-012020-09-300001613103us-gaap:SeniorNotesMembermdt:MedtronicIncAndCIFSASeniorNotesMember2020-10-012020-10-300001613103us-gaap:SeniorNotesMembermdt:MedtronicLuxcoSeniorNotesMember2020-10-012020-10-300001613103us-gaap:SeniorNotesMembermdt:MedtronicIncCIFSAandMedtronicLuxcoSeniorNotesMember2020-10-012020-10-300001613103us-gaap:SeniorNotesMembersrt:ScenarioForecastMembermdt:MedtronicLuxcoSeniorNotesMember2021-03-012021-03-310001613103us-gaap:SeniorNotesMembermdt:MedtronicIncCIFSAandMedtronicLuxcoSeniorNotesMember2020-08-012020-10-30iso4217:JPY0001613103mdt:MedtronicLuxcoMemberus-gaap:MediumTermNotesMember2020-05-120001613103mdt:MedtronicLuxcoMemberus-gaap:MediumTermNotesMember2020-05-122020-05-120001613103mdt:MedtronicLuxcoMembermdt:TokyoInterBankOfferedRateTIBORMemberus-gaap:MediumTermNotesMember2020-05-122020-05-120001613103mdt:MedtronicLuxcoMemberus-gaap:SubsequentEventMemberus-gaap:MediumTermNotesMember2020-11-122020-11-120001613103us-gaap:ForeignExchangeContractMember2020-10-300001613103us-gaap:ForeignExchangeContractMember2020-04-240001613103us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-10-300001613103us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-04-240001613103us-gaap:NondesignatedMemberus-gaap:TotalReturnSwapMember2020-10-300001613103us-gaap:NondesignatedMemberus-gaap:TotalReturnSwapMember2020-04-240001613103us-gaap:ForeignExchangeContractMemberus-gaap:OtherOperatingIncomeExpenseMember2020-08-012020-10-300001613103us-gaap:ForeignExchangeContractMemberus-gaap:OtherOperatingIncomeExpenseMember2019-07-272019-10-250001613103us-gaap:ForeignExchangeContractMemberus-gaap:OtherOperatingIncomeExpenseMember2020-04-252020-10-300001613103us-gaap:ForeignExchangeContractMemberus-gaap:OtherOperatingIncomeExpenseMember2019-04-272019-10-250001613103us-gaap:TotalReturnSwapMemberus-gaap:OtherOperatingIncomeExpenseMember2020-08-012020-10-300001613103us-gaap:TotalReturnSwapMemberus-gaap:OtherOperatingIncomeExpenseMember2019-07-272019-10-250001613103us-gaap:TotalReturnSwapMemberus-gaap:OtherOperatingIncomeExpenseMember2020-04-252020-10-300001613103us-gaap:TotalReturnSwapMemberus-gaap:OtherOperatingIncomeExpenseMember2019-04-272019-10-250001613103us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-300001613103us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-04-240001613103us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-04-252020-10-300001613103us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2020-08-012020-10-300001613103us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2019-07-272019-10-250001613103us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2020-04-252020-10-300001613103us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2019-04-272019-10-250001613103us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherOperatingIncomeExpenseMember2020-08-012020-10-300001613103us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherOperatingIncomeExpenseMember2019-07-272019-10-250001613103us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherOperatingIncomeExpenseMember2020-04-252020-10-300001613103us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherOperatingIncomeExpenseMember2019-04-272019-10-250001613103us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-300001613103currency:EURus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-300001613103currency:JPYus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-3000016131032019-04-272020-04-240001613103us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherOperatingIncomeExpenseMember2020-08-012020-10-300001613103us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherOperatingIncomeExpenseMember2019-07-272019-10-250001613103us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherOperatingIncomeExpenseMember2020-04-252020-10-300001613103us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherOperatingIncomeExpenseMember2019-04-272019-10-250001613103us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2020-08-012020-10-300001613103us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2019-07-272019-10-250001613103us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2020-04-252020-10-300001613103us-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2019-04-272019-10-250001613103us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-300001613103us-gaap:ForeignExchangeContractMembermdt:OtherAccruedExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-300001613103us-gaap:OtherAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-300001613103us-gaap:OtherLiabilitiesMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-10-300001613103us-gaap:DesignatedAsHedgingInstrumentMember2020-10-300001613103us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-10-300001613103us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMembermdt:OtherAccruedExpensesMember2020-10-300001613103us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:TotalReturnSwapMember2020-10-300001613103us-gaap:NondesignatedMemberus-gaap:TotalReturnSwapMembermdt:OtherAccruedExpensesMember2020-10-300001613103us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMember2020-10-300001613103us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NondesignatedMembermdt:OtherAccruedExpensesMember2020-10-300001613103us-gaap:NondesignatedMember2020-10-300001613103us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-04-240001613103us-gaap:ForeignExchangeContractMembermdt:OtherAccruedExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-04-240001613103us-gaap:OtherAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-04-240001613103us-gaap:OtherLiabilitiesMemberus-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-04-240001613103us-gaap:DesignatedAsHedgingInstrumentMember2020-04-240001613103us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-04-240001613103us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMembermdt:OtherAccruedExpensesMember2020-04-240001613103us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:TotalReturnSwapMember2020-04-240001613103us-gaap:NondesignatedMemberus-gaap:TotalReturnSwapMembermdt:OtherAccruedExpensesMember2020-04-240001613103us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMember2020-04-240001613103us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NondesignatedMembermdt:OtherAccruedExpensesMember2020-04-240001613103us-gaap:NondesignatedMember2020-04-240001613103us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-10-300001613103us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-10-300001613103us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-04-240001613103us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-04-240001613103us-gaap:CrossCurrencyInterestRateContractMember2020-10-300001613103us-gaap:TotalReturnSwapMember2020-10-300001613103us-gaap:CrossCurrencyInterestRateContractMember2020-04-240001613103us-gaap:TotalReturnSwapMember2020-04-240001613103mdt:CardiacAndVascularGroupMember2020-04-240001613103mdt:MinimallyInvasiveTherapiesGroupMember2020-04-240001613103mdt:RestorativeTherapiesGroupMember2020-04-240001613103mdt:DiabetesGroupMember2020-04-240001613103mdt:CardiacAndVascularGroupMember2020-10-300001613103mdt:MinimallyInvasiveTherapiesGroupMember2020-10-300001613103mdt:RestorativeTherapiesGroupMember2020-10-300001613103mdt:DiabetesGroupMember2020-10-3000016131032018-07-282018-10-260001613103us-gaap:CustomerRelatedIntangibleAssetsMember2020-10-300001613103us-gaap:CustomerRelatedIntangibleAssetsMember2020-04-240001613103mdt:PurchasedTechnologyAndPatentsMember2020-10-300001613103mdt:PurchasedTechnologyAndPatentsMember2020-04-240001613103us-gaap:TrademarksAndTradeNamesMember2020-10-300001613103us-gaap:TrademarksAndTradeNamesMember2020-04-240001613103us-gaap:OtherIntangibleAssetsMember2020-10-300001613103us-gaap:OtherIntangibleAssetsMember2020-04-240001613103us-gaap:InProcessResearchAndDevelopmentMember2020-10-300001613103us-gaap:InProcessResearchAndDevelopmentMember2020-04-240001613103mdt:AmortizableAssetCreatedForSwissFederalIncomeTaxPurposesMember2019-07-272019-10-250001613103mdt:AmortizableAssetCreatedForSwissFederalIncomeTaxPurposesMember2019-04-272019-10-250001613103us-gaap:EmployeeStockOptionMember2020-08-012020-10-300001613103us-gaap:EmployeeStockOptionMember2020-04-252020-10-300001613103us-gaap:EmployeeStockOptionMember2019-04-272019-10-250001613103us-gaap:EmployeeStockOptionMember2019-07-272019-10-250001613103us-gaap:EmployeeStockOptionMember2020-08-012020-10-300001613103us-gaap:EmployeeStockOptionMember2019-07-272019-10-250001613103us-gaap:EmployeeStockOptionMember2020-04-252020-10-300001613103us-gaap:EmployeeStockOptionMember2019-04-272019-10-250001613103us-gaap:RestrictedStockUnitsRSUMember2020-08-012020-10-300001613103us-gaap:RestrictedStockUnitsRSUMember2019-07-272019-10-250001613103us-gaap:RestrictedStockUnitsRSUMember2020-04-252020-10-300001613103us-gaap:RestrictedStockUnitsRSUMember2019-04-272019-10-250001613103mdt:EmployeesStockPurchasePlanMember2020-08-012020-10-300001613103mdt:EmployeesStockPurchasePlanMember2019-07-272019-10-250001613103mdt:EmployeesStockPurchasePlanMember2020-04-252020-10-300001613103mdt:EmployeesStockPurchasePlanMember2019-04-272019-10-250001613103us-gaap:CostOfSalesMember2020-08-012020-10-300001613103us-gaap:CostOfSalesMember2019-07-272019-10-250001613103us-gaap:CostOfSalesMember2020-04-252020-10-300001613103us-gaap:CostOfSalesMember2019-04-272019-10-250001613103us-gaap:ResearchAndDevelopmentExpenseMember2020-08-012020-10-300001613103us-gaap:ResearchAndDevelopmentExpenseMember2019-07-272019-10-250001613103us-gaap:ResearchAndDevelopmentExpenseMember2020-04-252020-10-300001613103us-gaap:ResearchAndDevelopmentExpenseMember2019-04-272019-10-250001613103us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-08-012020-10-300001613103us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-07-272019-10-250001613103us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-04-252020-10-300001613103us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-04-272019-10-250001613103country:USus-gaap:PensionPlansDefinedBenefitMember2020-08-012020-10-300001613103country:USus-gaap:PensionPlansDefinedBenefitMember2019-07-272019-10-250001613103us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-08-012020-10-300001613103us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2019-07-272019-10-250001613103country:USus-gaap:PensionPlansDefinedBenefitMember2020-04-252020-10-300001613103country:USus-gaap:PensionPlansDefinedBenefitMember2019-04-272019-10-250001613103us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-04-252020-10-300001613103us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2019-04-272019-10-250001613103country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-08-012020-10-300001613103country:USus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-04-252020-10-300001613103us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-04-240001613103us-gaap:AccumulatedTranslationAdjustmentMember2020-04-240001613103us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2020-04-240001613103us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-04-240001613103us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-04-240001613103us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-04-252020-10-300001613103us-gaap:AccumulatedTranslationAdjustmentMember2020-04-252020-10-300001613103us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2020-04-252020-10-300001613103us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-04-252020-10-300001613103us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-04-252020-10-300001613103us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-252020-10-300001613103us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-10-300001613103us-gaap:AccumulatedTranslationAdjustmentMember2020-10-300001613103us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2020-10-300001613103us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-300001613103us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-10-300001613103us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-04-260001613103us-gaap:AccumulatedTranslationAdjustmentMember2019-04-260001613103us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2019-04-260001613103us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-04-260001613103us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-04-260001613103us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-04-272019-10-250001613103us-gaap:AccumulatedTranslationAdjustmentMember2019-04-272019-10-250001613103us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2019-04-272019-10-250001613103us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-04-272019-10-250001613103us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-04-272019-10-250001613103us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-272019-10-250001613103us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-10-250001613103us-gaap:AccumulatedTranslationAdjustmentMember2019-10-250001613103us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2019-10-250001613103us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-10-250001613103us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-10-25mdt:subsidiary0001613103mdt:PelvicMeshLitigationMemberus-gaap:DamagesFromProductDefectsMember2020-04-252020-10-30mdt:manufacturer0001613103mdt:PelvicMeshLitigationMemberus-gaap:DamagesFromProductDefectsMember2015-04-252016-04-29mdt:claim0001613103mdt:PelvicMeshLitigationMemberus-gaap:DamagesFromProductDefectsMember2017-05-012017-05-310001613103mdt:PelvicMeshLitigationMemberus-gaap:DamagesFromProductDefectsMember2020-10-300001613103mdt:PelvicMeshLitigationMemberus-gaap:DamagesFromProductDefectsMemberus-gaap:SubsequentEventMember2020-11-042020-11-04mdt:patent0001613103mdt:EthiconPatentInfringementLitigationMember2011-12-142011-12-140001613103mdt:SassoLitigationMember2018-11-282018-11-28mdt:landfill0001613103mdt:OrringtonMaineChemicalManufacturingFacilityMember2020-04-252020-10-300001613103mdt:CardiacAndVascularGroupMemberus-gaap:OperatingSegmentsMember2020-08-012020-10-300001613103mdt:CardiacAndVascularGroupMemberus-gaap:OperatingSegmentsMember2019-07-272019-10-250001613103mdt:CardiacAndVascularGroupMemberus-gaap:OperatingSegmentsMember2020-04-252020-10-300001613103mdt:CardiacAndVascularGroupMemberus-gaap:OperatingSegmentsMember2019-04-272019-10-250001613103mdt:MinimallyInvasiveTherapiesGroupMemberus-gaap:OperatingSegmentsMember2020-08-012020-10-300001613103mdt:MinimallyInvasiveTherapiesGroupMemberus-gaap:OperatingSegmentsMember2019-07-272019-10-250001613103mdt:MinimallyInvasiveTherapiesGroupMemberus-gaap:OperatingSegmentsMember2020-04-252020-10-300001613103mdt:MinimallyInvasiveTherapiesGroupMemberus-gaap:OperatingSegmentsMember2019-04-272019-10-250001613103us-gaap:OperatingSegmentsMembermdt:RestorativeTherapiesGroupMember2020-08-012020-10-300001613103us-gaap:OperatingSegmentsMembermdt:RestorativeTherapiesGroupMember2019-07-272019-10-250001613103us-gaap:OperatingSegmentsMembermdt:RestorativeTherapiesGroupMember2020-04-252020-10-300001613103us-gaap:OperatingSegmentsMembermdt:RestorativeTherapiesGroupMember2019-04-272019-10-250001613103mdt:DiabetesGroupMemberus-gaap:OperatingSegmentsMember2020-08-012020-10-300001613103mdt:DiabetesGroupMemberus-gaap:OperatingSegmentsMember2019-07-272019-10-250001613103mdt:DiabetesGroupMemberus-gaap:OperatingSegmentsMember2020-04-252020-10-300001613103mdt:DiabetesGroupMemberus-gaap:OperatingSegmentsMember2019-04-272019-10-250001613103us-gaap:OperatingSegmentsMember2020-08-012020-10-300001613103us-gaap:OperatingSegmentsMember2019-07-272019-10-250001613103us-gaap:OperatingSegmentsMember2020-04-252020-10-300001613103us-gaap:OperatingSegmentsMember2019-04-272019-10-250001613103us-gaap:MaterialReconcilingItemsMember2020-08-012020-10-300001613103us-gaap:MaterialReconcilingItemsMember2019-07-272019-10-250001613103us-gaap:MaterialReconcilingItemsMember2020-04-252020-10-300001613103us-gaap:MaterialReconcilingItemsMember2019-04-272019-10-250001613103country:IE2020-08-012020-10-300001613103country:IE2019-07-272019-10-250001613103country:IE2020-04-252020-10-300001613103country:IE2019-04-272019-10-250001613103mdt:TotalOtherCountriesExcludingUnitedStatesandIrelandMember2020-08-012020-10-300001613103mdt:TotalOtherCountriesExcludingUnitedStatesandIrelandMember2019-07-272019-10-250001613103mdt:TotalOtherCountriesExcludingUnitedStatesandIrelandMember2020-04-252020-10-300001613103mdt:TotalOtherCountriesExcludingUnitedStatesandIrelandMember2019-04-272019-10-250001613103mdt:TotalOtherCountriesExcludingIrelandMember2020-08-012020-10-300001613103mdt:TotalOtherCountriesExcludingIrelandMember2019-07-272019-10-250001613103mdt:TotalOtherCountriesExcludingIrelandMember2020-04-252020-10-300001613103mdt:TotalOtherCountriesExcludingIrelandMember2019-04-272019-10-25

-
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 October 30, 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-20201030_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
0.00% Senior Notes due 2022MDT/22BNew York Stock Exchange
0.375% Senior Notes due 2023MDT/23BNew York Stock Exchange
0.000% Senior Notes due 2023MDT/23CNew York Stock Exchange
0.25% Senior Notes due 2025MDT/25New York Stock Exchange
0.000% Senior Notes due 2025MDT/25ANew York Stock Exchange
1.125% Senior Notes due 2027MDT/27New York Stock Exchange
0.375% Senior Notes due 2028MDT/28New York Stock Exchange
1.625% Senior Notes due 2031MDT/31New York Stock Exchange
1.00% Senior Notes due 2031MDT/31ANew York Stock Exchange
0.750% Senior Notes due 2032MDT/32New York Stock Exchange
2.250% Senior Notes due 2039MDT/39ANew York Stock Exchange
1.50% Senior Notes due 2039MDT/39BNew York Stock Exchange
1.375% Senior Notes due 2040MDT/40ANew York Stock Exchange
1.75% Senior Notes due 2049MDT/49New York Stock Exchange
1.625% Senior Notes due 2050MDT/50New 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 December 1, 2020, 1,346,019,949 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 endedSix months ended
(in millions, except per share data)October 30, 2020October 25, 2019October 30, 2020October 25, 2019
Net sales$7,647 $7,706 $14,154 $15,199 
Costs and expenses:  
Cost of products sold2,705 2,394 5,209 4,760 
Research and development expense639 603 1,260 1,190 
Selling, general, and administrative expense2,600 2,620 5,017 5,163 
Amortization of intangible assets443 441 884 881 
Restructuring charges, net97 27 150 74 
Certain litigation charges, net84 121 (4)168 
Other operating expense, net149 149 35 127 
Operating profit930 1,351 1,603 2,836 
Other non-operating income, net(65)(108)(147)(209)
Interest expense470 165 641 774 
Income before income taxes525 1,294 1,109 2,271 
Income tax provision (benefit)31 (77)124 23 
Net income494 1,371 985 2,248 
Net income attributable to noncontrolling interests(5)(7)(9)(20)
Net income attributable to Medtronic$489 $1,364 $976 $2,228 
Basic earnings per share$0.36 $1.02 $0.73 $1.66 
Diluted earnings per share$0.36 $1.01 $0.72 $1.65 
Basic weighted average shares outstanding1,344.4 1,340.8 1,343.1 1,340.8 
Diluted weighted average shares outstanding1,352.1 1,351.4 1,351.1 1,351.6 

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


Medtronic plc
Consolidated Statements of Comprehensive Income
(Unaudited)
 Three months endedSix months ended
(in millions)October 30, 2020October 25, 2019October 30, 2020October 25, 2019
Net income$494 $1,371 $985 $2,248 
Other comprehensive income (loss), net of tax:  
Unrealized (loss) gain on investment securities(12)17 113 73 
Translation adjustment144 (214)1,261 (148)
Net investment hedge(164)53 (1,276)152 
Net change in retirement obligations17 12 20 25 
Unrealized loss on cash flow hedges(45)5 (395)(2)
Other comprehensive (loss) income(60)(127)(277)100 
Comprehensive income including noncontrolling interests434 1,244 708 2,348 
Comprehensive income attributable to noncontrolling interests(6)(7)(15)(20)
Comprehensive income attributable to Medtronic$428 $1,237 $693 $2,328 

The accompanying notes are an integral part of these consolidated financial statements.
2


Medtronic plc
Consolidated Balance Sheets
(Unaudited)
(in millions)October 30, 2020April 24, 2020
ASSETS  
Current assets:  
Cash and cash equivalents$6,420 $4,140 
Investments7,857 6,808 
Accounts receivable, less allowances and credit losses of $312 and $208, respectively
5,348 4,645 
Inventories, net4,484 4,229 
Other current assets1,927 2,209 
Total current assets26,036 22,031 
Property, plant, and equipment12,198 11,644 
Accumulated depreciation(7,260)(6,816)
Property, plant, and equipment, net4,938 4,828 
Goodwill41,212 39,841 
Other intangible assets, net18,412 19,063 
Tax assets3,176 2,832 
Other assets2,112 2,094 
Total assets$95,886 $90,689 
LIABILITIES AND EQUITY  
Current liabilities:  
Current debt obligations$4,041 $2,776 
Accounts payable1,902 1,996 
Accrued compensation2,133 2,099 
Accrued income taxes406 502 
Other accrued expenses3,589 2,993 
Total current liabilities12,071 10,366 
Long-term debt25,967 22,021 
Accrued compensation and retirement benefits2,024 1,910 
Accrued income taxes2,569 2,682 
Deferred tax liabilities1,251 1,174 
Other liabilities1,688 1,664 
Total liabilities45,570 39,817 
Commitments and contingencies (Note 16)
Shareholders’ equity:  
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,345,547,814 and 1,341,074,724 shares issued and outstanding, respectively
  
Additional paid-in capital26,481 26,165 
Retained earnings27,526 28,132 
Accumulated other comprehensive loss(3,843)(3,560)
Total shareholders’ equity50,164 50,737 
Noncontrolling interests152 135 
Total equity50,316 50,872 
Total liabilities and equity$95,886 $90,689 

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 24, 20201,341 $ $26,165 $28,132 $(3,560)$50,737 $135 $50,872 
Net income— — — 487 — 487 4 491 
Other comprehensive (loss) income— — — — (222)(222)5 (217)
Dividends to shareholders ($0.58 per ordinary share)
— — — (778)— (778)— (778)
Issuance of shares under stock purchase and award plans2 — 26 — — 26 — 26 
Stock-based compensation— — 70 — — 70 — 70 
Changes to noncontrolling ownership interests— — — — — — 3 3 
Cumulative effect of change in accounting principle(1)
— — — (24)— (24)— (24)
July 31, 20201,343 $ $26,261 $27,817 $(3,782)$50,296 $147 $50,443 
Net income— — — 489 — 489 5 494 
Other comprehensive (loss) income— — — — (61)(61)1 (60)
Dividends to shareholders ($0.58 per ordinary share)
— — — (780)— (780)— (780)
Issuance of shares under stock purchase and award plans2 — 93 — — 93 — 93 
Stock-based compensation— — 140 — — 140 — 140 
Changes to noncontrolling ownership interests— — (13)— — (13)(1)(14)
October 30, 20201,345 $ $26,481 $27,526 $(3,843)$50,164 $152 $50,316 
(1) See Note 2 to the consolidated financial statements for discussion regarding the adoption of accounting standards during the first quarter of fiscal year 2021.
The accompanying notes are an integral part of these consolidated financial statements.
4


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 
(1) The cumulative effect of change in accounting principle during the first quarter of fiscal year 2020 resulted from the adoption of accounting guidance that requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet. As a result of the adoption, the Company adjusted the opening balance of retained earnings for $33 million as of April 27, 2019.
The accompanying notes are an integral part of these consolidated financial statements.
5


Medtronic plc
Consolidated Statements of Cash Flows
(Unaudited)
 Six months ended
(in millions)October 30, 2020October 25, 2019
Operating Activities:  
Net income$985 $2,248 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization1,340 1,328 
Provision for doubtful accounts86 44 
Deferred income taxes(69)(245)
Stock-based compensation210 169 
Loss on debt extinguishment308 406 
Other, net112 119 
Change in operating assets and liabilities, net of acquisitions and divestitures:  
Accounts receivable, net(669)39 
Inventories, net(145)(267)
Accounts payable and accrued liabilities108 (294)
Other operating assets and liabilities(127)(170)
Net cash provided by operating activities2,139 3,377 
Investing Activities:  
Acquisitions, net of cash acquired(370)(201)
Additions to property, plant, and equipment(615)(584)
Purchases of investments(5,360)(4,226)
Sales and maturities of investments4,337 3,260 
Other investing activities(4)(16)
Net cash used in investing activities(2,012)(1,767)
Financing Activities:  
Change in current debt obligations, net(57)42 
Proceeds from short-term borrowings (maturities greater than 90 days)2,789  
Issuance of long-term debt7,172 5,568 
Payments on long-term debt(6,336)(5,594)
Dividends to shareholders(1,558)(1,447)
Issuance of ordinary shares119 432 
Repurchase of ordinary shares(68)(962)
Other financing activities(70)(54)
Net cash provided by (used in) financing activities1,991 (2,015)
Effect of exchange rate changes on cash and cash equivalents162 (26)
Net change in cash and cash equivalents2,280 (431)
Cash and cash equivalents at beginning of period4,140 4,393 
Cash and cash equivalents at end of period$6,420 $3,962 
Supplemental Cash Flow Information  
Cash paid for:  
Income taxes$384 $494 
Interest321 322 
The accompanying notes are an integral part of these consolidated financial statements.
6

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


1. Basis of Presentation
The accompanying unaudited consolidated financial statements of Medtronic plc and its subsidiaries (Medtronic plc, Medtronic, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S.) (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the consolidated financial statements include all of the adjustments necessary for a fair statement in conformity with U.S. GAAP. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.
Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates.
The Covid-19 pandemic ("COVID-19" or the "pandemic") has had, and may continue to have, an adverse effect on our business, results of operations, financial condition, and cash flows, and its future impacts remain highly uncertain and unpredictable. The Company has considered the disruptions caused by COVID-19, including lower sales and customer demand than the prior year in many businesses and macroeconomic factors, and has assessed the potential impact on certain accounting estimates including, but not limited to, the allowance for doubtful accounts, inventory reserves, return reserves, the valuation of goodwill, intangible assets, other long-lived assets, investments and contingent consideration, as of October 30, 2020 and through the date of this report. While there was not a material impact to the Company’s consolidated financial statements as of and for the three and six months ended October 30, 2020, changes in the Company’s assessment about the length and severity of the pandemic, as well as other factors, could result in actual results differing from estimates.
The accompanying unaudited consolidated financial statements include the accounts of Medtronic plc, its wholly-owned subsidiaries, entities for which the Company has a controlling financial interest, and variable interest entities for which the Company is the primary beneficiary. Intercompany transactions and balances have been eliminated in consolidation.
The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements of the Company and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 24, 2020. The Company’s fiscal years 2021, 2020, and 2019 will end or ended on April 30, 2021, April 24, 2020, and April 26, 2019, respectively. Fiscal year 2021 is a 53-week year, with the extra week having occurred in the first fiscal month of the first quarter.
2. New Accounting Pronouncements
Recently Adopted
Current Expected Credit Losses
In June 2016, the Financial Accounting Standards Board (FASB) issued guidance which changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables. The new methodology requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial asset. The Company adopted this guidance using the modified retrospective method in the first quarter of fiscal year 2021. The adoption of this guidance did not have a material impact to the Company’s consolidated financial statements.
3. Revenue
The Company's revenues are principally derived from device-based medical therapies and services related to cardiac rhythm disorders, cardiovascular disease, renal disease, neurological disorders and diseases, spinal conditions and musculoskeletal trauma, chronic pain, urological and digestive disorders, ear, nose, and throat conditions, and diabetes conditions as well as advanced and general surgical care products, respiratory and monitoring solutions, and neurological surgery technologies. The Company's primary customers include hospitals, clinics, third-party health care providers, distributors, and other institutions, including governmental health care programs and group purchasing organizations.
7

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)

The table below illustrates net sales by segment and division for the three and six months ended October 30, 2020 and October 25, 2019:
 
Three months ended(1)
Six months ended(1)
(in millions)October 30, 2020October 25, 2019October 30, 2020October 25, 2019
Cardiac Rhythm & Heart Failure$1,426 $1,426 $2,673 $2,807 
Coronary & Structural Heart831