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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 29, 2021
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-20210129_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 March 3, 2021, 1,348,072,847 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
     
    
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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 29, 2021January 24, 2020January 29, 2021January 24, 2020
Net sales$7,775 $7,717 $21,929 $22,916 
Costs and expenses:  
Cost of products sold2,621 2,400 7,830 7,160 
Research and development expense601 573 1,861 1,763 
Selling, general, and administrative expense2,537 2,587 7,553 7,750 
Amortization of intangible assets453 436 1,337 1,317 
Restructuring charges, net83 13 235 87 
Certain litigation charges, net122 108 118 276 
Other operating expense (income), net82 (39)116 88 
Operating profit1,277 1,639 2,879 4,475 
Other non-operating income, net(86)(96)(233)(305)
Interest expense143 156 783 930 
Income before income taxes1,220 1,579 2,329 3,850 
Income tax provision (benefit)(59)(340)65 (317)
Net income1,279 1,919 2,264 4,167 
Net income attributable to noncontrolling interests(9)(4)(18)(24)
Net income attributable to Medtronic$1,270 $1,915 $2,246 $4,143 
Basic earnings per share$0.94 $1.43 $1.67 $3.09 
Diluted earnings per share$0.94 $1.42 $1.66 $3.07 
Basic weighted average shares outstanding1,346.4 1,340.5 1,344.2 1,340.7 
Diluted weighted average shares outstanding1,356.0 1,351.5 1,352.7 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 endedNine months ended
(in millions)January 29, 2021January 24, 2020January 29, 2021January 24, 2020
Net income$1,279 $1,919 $2,264 $4,167 
Other comprehensive income (loss), net of tax:  
Unrealized gain on investment securities24 20 137 93 
Translation adjustment690 32 1,951 (116)
Net investment hedge(587)35 (1,863)187 
Net change in retirement obligations9 13 28 38 
Unrealized loss on cash flow hedges(213)(35)(607)(37)
Other comprehensive (loss) income(78)65 (354)165 
Comprehensive income including noncontrolling interests1,201 1,984 1,910 4,332 
Comprehensive income attributable to noncontrolling interests(11)(4)(27)(24)
Comprehensive income attributable to Medtronic$1,190 $1,980 $1,883 $4,308 

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


Medtronic plc
Consolidated Balance Sheets
(Unaudited)
(in millions)January 29, 2021April 24, 2020
ASSETS  
Current assets:  
Cash and cash equivalents$5,077 $4,140 
Investments9,562 6,808 
Accounts receivable, less allowances and credit losses of $277 and $208, respectively
5,215 4,645 
Inventories, net4,508 4,229 
Other current assets1,986 2,209 
Total current assets26,347 22,031 
Property, plant, and equipment12,398 11,644 
Accumulated depreciation(7,375)(6,816)
Property, plant, and equipment, net5,023 4,828 
Goodwill42,141 39,841 
Other intangible assets, net18,240 19,063 
Tax assets3,310 2,832 
Other assets2,208 2,094 
Total assets$97,270 $90,689 
LIABILITIES AND EQUITY  
Current liabilities:  
Current debt obligations$3,821 $2,776 
Accounts payable1,816 1,996 
Accrued compensation2,495 2,099 
Accrued income taxes403 502 
Other accrued expenses3,999 2,993 
Total current liabilities12,534 10,366 
Long-term debt26,502 22,021 
Accrued compensation and retirement benefits2,042 1,910 
Accrued income taxes2,263 2,682 
Deferred tax liabilities1,232 1,174 
Other liabilities1,768 1,664 
Total liabilities46,342 39,817 
Commitments and contingencies (Note 16)
Shareholders’ equity:  
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,347,470,889 and 1,341,074,724 shares issued and outstanding, respectively
  
Additional paid-in capital26,665 26,165 
Retained earnings28,015 28,132 
Accumulated other comprehensive loss(3,922)(3,560)
Total shareholders’ equity50,758 50,737 
Noncontrolling interests170 135 
Total equity50,928 50,872 
Total liabilities and equity$97,270 $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 
Net income— — — 1,270 — 1,270 9 1,279 
Other comprehensive (loss) income— — — — (80)(80)2 (78)
Dividends to shareholders ($0.58 per ordinary share)
— — — (781)— (781)— (781)
Issuance of shares under stock purchase and award plans2 — 118 — — 118 — 118 
Stock-based compensation— — 65 — — 65 — 65 
Changes to noncontrolling ownership interests— —  — —  6 6 
January 29, 20211,347 $ $26,665 $28,015 $(3,922)$50,758 $170 $50,928 
(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 
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)— (236)
Stock-based compensation— — 66 — — 66 — 66 
January 24, 20201,341 $ $26,144 $28,210 $(2,546)$51,808 $145 $51,953 
(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)
 Nine months ended
(in millions)January 29, 2021January 24, 2020
Operating Activities:  
Net income$2,264 $4,167 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization2,018 1,991 
Provision for doubtful accounts and credit losses103 67 
Deferred income taxes(208)(793)