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Financing Arrangements
 3 Months Ended
Jul. 29, 2022
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
Commercial Paper
The Company maintains commercial paper programs that allow the Company to issue U.S. dollar or Euro-denominated unsecured commercial paper notes. The aggregate amount outstanding at any time under the commercial paper programs may not exceed the equivalent of $3.5 billion. No commercial paper was outstanding at July 29, 2022 and April 29, 2022. The issuance of commercial paper reduces the amount of credit available under the Company’s existing Credit Facility, as defined below.
Line of Credit
The Company has a $3.5 billion five-year unsecured revolving credit facility (Credit Facility), which provides back-up funding for the commercial paper programs described above. The Credit Facility includes a multi-currency borrowing feature for certain specified foreign currencies. At July 29, 2022 and April 29, 2022, no amounts were outstanding under the Credit Facility.
Interest rates on advances on the Credit Facility are determined by a pricing matrix, based on the Company’s long-term debt ratings, assigned by Standard & Poor’s Ratings Services and Moody’s Investors Service. Facility fees are payable on the Credit Facility and are determined in the same manner as the interest rates. The Company is in compliance with the covenants under the Credit Facility.
Debt Obligations
The Company's debt obligations consisted of the following:
(in millions)Maturity by
Fiscal Year		July 29, 2022April 29, 2022
Current debt obligations2023 - 2024$5,729 $3,742 
Long-term debt
3.500 percent ten-year 2015 senior notes
2025— 1,890 
0.250 percent six-year 2019 senior notes
20261,012 1,064 
0.000 percent five-year 2020 senior notes
20261,012 1,064 
1.125 percent eight-year 2019 senior notes
20271,518 1,596 
3.350 percent ten-year 2019 senior notes
2027— 368 
0.375 percent eight-year 2020 senior notes
20291,012 1,064 
1.625 percent twelve-year 2019 senior notes
20311,012 1,064 
1.000 percent twelve-year 2019 senior notes
20321,012 1,064 
0.750 percent twelve-year 2020 senior notes
20331,012 1,064 
4.375 percent twenty-year 2015 senior notes
20351,932 1,932 
6.550 percent thirty-year 2007 CIFSA senior notes
2038253 253 
2.250 percent twenty-year 2019 senior notes
20391,012 1,064 
6.500 percent thirty-year 2009 senior notes
2039158 158 
1.500 percent twenty-year 2019 senior notes
20401,012 1,064 
5.550 percent thirty-year 2010 senior notes
2040224 224 
1.375 percent twenty-year 2020 senior notes
20411,012 1,064 
4.500 percent thirty-year 2012 senior notes
2042105 105 
4.000 percent thirty-year 2013 senior notes
2043305 305 
4.625 percent thirty-year 2014 senior notes
2044127 127 
4.625 percent thirty-year 2015 senior notes
20451,813 1,813 
1.750 percent thirty-year 2019 senior notes
20501,012 1,064 
1.625 percent thirty-year 2020 senior notes
20511,012 1,064 
Finance lease obligations2023 - 203658 56 
Deferred financing costs2023 - 2051(101)(109)
Debt discount, net2023 - 2051(40)(52)
Long-term debt$17,481 $20,372 
Senior Notes
The Company has outstanding unsecured senior obligations, described as senior notes in the tables above (collectively, the Senior Notes). The Senior Notes rank equally with all other unsecured and unsubordinated indebtedness of the Company. The Company is in compliance with all covenants related to the Senior Notes.
Term Loan Agreements
On May 2, 2022, Medtronic Luxco entered into a term loan agreement (Fiscal 2023 Loan Agreement) by and among Medtronic Luxco, Medtronic plc, Medtronic, Inc., and Mizuho Bank, Ltd. as administrative agent and as lender. The Fiscal 2023 Loan Agreement provides an unsecured term loan in an aggregate principal amount of up to ¥300 billion with a term of 364 days. Borrowings under the Fiscal 2023 Loan Agreement bear interest at the TIBOR Rate (as defined in the Fiscal 2023 Loan Agreement) plus a margin of 0.40% per annum. Medtronic plc and Medtronic, Inc. have guaranteed the obligations of Medtronic Luxco under the Fiscal 2023 Loan Agreement. In May and June 2022, Medtronic Luxco borrowed an aggregate of ¥297 billion, or approximately $2.3 billion, of the term loan, under the Fiscal 2023 Loan Agreement. The Company used the net proceeds of the borrowings to fund the early redemption of $1.9 billion of Medtronic Inc.'s 3.500% Senior Notes due 2025 for $1.9 billion of total consideration, and $368 million of Medtronic Luxco's 3.350% Senior Notes due 2027 for $376 million of total consideration. The Company recognized a total loss on debt extinguishment of $53 million in the quarter ended
July 29, 2022, which primarily includes cash premiums and accelerated amortization of deferred financing costs and debt discounts and premiums. The loss is recognized in interest expense in the consolidated statements of income.
Financial Instruments Not Measured at Fair Value
At July 29, 2022, the estimated fair value of the Company’s Senior Notes was $20.1 billion compared to a principal value of $21.1 billion. At April 29, 2022, the estimated fair value was $22.9 billion compared to a principal value of $24.2 billion. The fair value was estimated using quoted market prices for the publicly registered Senior Notes, which are classified as Level 2 within the fair value hierarchy. The fair values and principal values consider the terms of the related debt and exclude the impacts of debt discounts and hedging activity.