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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
July 28, 2023
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the transition period from __________ to __________
Commission File Number 001-36820
Medtronic Logo.jpg®
Medtronic plc
(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
0.250% Senior Notes due 2025MDT/25New York Stock Exchange
0.000% Senior Notes due 2025MDT/25ANew York Stock Exchange
2.625% Senior Notes due 2025MDT/25BNew York Stock Exchange
1.125% Senior Notes due 2027MDT/27New York Stock Exchange
0.375% Senior Notes due 2028MDT/28New York Stock Exchange
3.000% Senior Notes due 2028MDT/28ANew York Stock Exchange
1.625% Senior Notes due 2031MDT/31New York Stock Exchange
1.000% Senior Notes due 2031MDT/31ANew York Stock Exchange
3.125% Senior Notes due 2031MDT/31BNew York Stock Exchange
0.750% Senior Notes due 2032MDT/32New York Stock Exchange
3.375% Senior Notes due 2034MDT/34New York Stock Exchange
2.250% Senior Notes due 2039MDT/39ANew York Stock Exchange
1.500% Senior Notes due 2039MDT/39BNew York Stock Exchange
1.375% Senior Notes due 2040MDT/40ANew York Stock Exchange
1.750% 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 August 25, 2023, 1,330,533,713 ordinary shares, par value $0.0001, of the registrant were outstanding.





TABLE OF CONTENTS
Item Description Page
     
    
1.  
2.  
3.  
4.  
    
1.  
2.  
5.
6.  




PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Medtronic plc
Consolidated Statements of Income
(Unaudited)
 Three months ended
(in millions, except per share data)July 28, 2023July 29, 2022
Net sales$7,702 $7,371 
Costs and expenses:  
Cost of products sold, excluding amortization of intangible assets2,628 2,516 
Research and development expense668 692 
Selling, general, and administrative expense2,613 2,567 
Amortization of intangible assets429 423 
Restructuring charges, net54 14 
Certain litigation charges40  
Other operating expense, net1 35 
Operating profit1,268 1,125 
Other non-operating income, net(76)(83)
Interest expense, net148 164 
Income before income taxes1,196 1,044 
Income tax provision400 112 
Net income797 931 
Net income attributable to noncontrolling interests(6)(2)
Net income attributable to Medtronic$791 $929 
Basic earnings per share$0.59 $0.70 
Diluted earnings per share$0.59 $0.70 
Basic weighted average shares outstanding1,330.5 1,329.4 
Diluted weighted average shares outstanding1,333.8 1,334.5 
The accompanying notes are an integral part of these consolidated financial statements.
1


Medtronic plc
Consolidated Statements of Comprehensive Income
(Unaudited)
 Three months ended
(in millions)July 28, 2023July 29, 2022
Net income$797 $931 
Other comprehensive (loss) income, net of tax:  
Unrealized loss on investment securities (19)(16)
Translation adjustment14 (884)
Net investment hedge(143)1,002 
Net change in retirement obligations3 1 
Unrealized (loss) gain on cash flow hedges(30)220 
Other comprehensive (loss) income(175)324 
Comprehensive income including noncontrolling interests622 1,255 
Comprehensive income attributable to noncontrolling interests(6) 
Comprehensive income attributable to Medtronic$616 $1,255 
The accompanying notes are an integral part of these consolidated financial statements.
2


Medtronic plc
Consolidated Balance Sheets
(Unaudited)
(in millions)July 28, 2023April 28, 2023
ASSETS  
Current assets:  
Cash and cash equivalents$1,339 $1,543 
Investments6,537 6,416 
Accounts receivable, less allowances and credit losses of $190 and $176, respectively
5,806 5,998 
Inventories, net5,668 5,293 
Other current assets2,518 2,425 
Total current assets21,869 21,675 
Property, plant, and equipment, net5,665 5,569 
Goodwill41,436 41,425 
Other intangible assets, net14,434 14,844 
Tax assets3,461 3,477 
Other assets3,912 3,959 
Total assets$90,776 $90,948 
LIABILITIES AND EQUITY 
Current liabilities: 
Current debt obligations$519 $20 
Accounts payable2,239 2,662 
Accrued compensation1,695 1,949 
Accrued income taxes1,013 840 
Other accrued expenses3,581 3,581 
Total current liabilities9,047 9,051 
Long-term debt24,463 24,344 
Accrued compensation and retirement benefits1,092 1,093 
Accrued income taxes2,407 2,360 
Deferred tax liabilities687 708 
Other liabilities1,715 1,727 
Total liabilities39,410 39,283 
Commitments and contingencies (Note 16)
Shareholders’ equity: 
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,330,498,304 and 1,330,809,036 shares issued and outstanding, respectively
  
Additional paid-in capital24,587 24,590 
Retained earnings30,265 30,392 
Accumulated other comprehensive loss(3,674)(3,499)
Total shareholders’ equity51,178 51,483 
Noncontrolling interests188 182 
Total equity51,366 51,665 
Total liabilities and equity$90,776 $90,948 
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 28, 20231,331 $ $24,590 $30,392 $(3,499)$51,483 $182 $51,665 
Net income— — — 791 — 791 6 797 
Other comprehensive loss— — — — (175)(175)— (175)
Dividends to shareholders ($0.69 per ordinary share)
— — — (918)— (918)— (918)
Issuance of shares under stock purchase and award plans1 — 73 — — 73 — 73 
Repurchase of ordinary shares(2)— (148)— — (148)— (148)
Stock-based compensation— — 73 — — 73 — 73 
July 28, 20231,330 $ $24,587 $30,265 $(3,674)$51,178 $188 $51,366 

Ordinary SharesAdditional Paid-in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
 Shareholders’
 Equity
Noncontrolling InterestsTotal Equity
(in millions)NumberPar Value
April 29, 20221,331 $ $24,566 $30,250 $(2,265)$52,551 $171 $52,722 
Net income— — — 929 — 929 2 931 
Other comprehensive income (loss)— — — — 326 326 (2)324 
Dividends to shareholders ($0.68 per ordinary share)
— — — (903)— (903)— (903)
Issuance of shares under stock purchase and award plans2 — 41 — — 41 — 41 
Repurchase of ordinary shares(3)— (333)— — (333)— (333)
Stock-based compensation— — 62 — — 62 — 62 
July 29, 20221,329 $ $24,335 $30,276 $(1,939)$52,672 $170 $52,843 
The accompanying notes are an integral part of these consolidated financial statements.
4


Medtronic plc
Consolidated Statements of Cash Flows
(Unaudited)
 Three months ended
(in millions)July 28, 2023July 29, 2022
Operating Activities:  
Net income$797 $931 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization672 668 
Provision for credit losses21 15 
Deferred income taxes (18)
Stock-based compensation73 62 
Loss on debt extinguishment 53 
Other, net135 121 
Change in operating assets and liabilities, net of acquisitions and divestitures:  
Accounts receivable, net164 89 
Inventories, net(410)(380)
Accounts payable and accrued liabilities(673)(147)
Other operating assets and liabilities96 (311)
Net cash provided by operating activities875 1,083 
Investing Activities:  
Acquisitions, net of cash acquired (1,191)
Additions to property, plant, and equipment(354)(426)
Purchases of investments(1,916)(1,884)
Sales and maturities of investments1,748 1,886 
Other investing activities, net(17)30 
Net cash used in investing activities(539)(1,585)
Financing Activities:  
Change in current debt obligations, net500  
Proceeds from short-term borrowings (maturities greater than 90 days) 2,284 
Payments on long-term debt (2,311)
Dividends to shareholders(918)(903)
Issuance of ordinary shares77 43 
Repurchase of ordinary shares(152)(336)
Other financing activities(8)273 
Net cash used in financing activities(501)(950)
Effect of exchange rate changes on cash and cash equivalents(39)(122)
Net change in cash and cash equivalents(204)(1,574)
Cash and cash equivalents at beginning of period1,543 3,714 
Cash and cash equivalents at end of period$1,339 $2,140 
Supplemental Cash Flow Information  
Cash paid for:  
Income taxes$117 $260 
Interest84 68 

The accompanying notes are an integral part of these consolidated financial statements.
5

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 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 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. Amounts reported in millions within this quarterly report are computed based on the amounts in thousands, and therefore, the sum of the components may not equal the total amount reported in millions due to rounding. Additionally, certain columns and rows within tables may not sum due to rounding.
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 28, 2023. The Company’s fiscal years 2024, 2023, and 2022 will end or ended on April 26, 2024, April 28, 2023, and April 29, 2022, respectively.
2. New Accounting Pronouncements
Recently Adopted
Supplier Finance Programs
In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-04, Liabilities— Supplier Finance Programs (Subtopic 405-50), which requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted this guidance on April 29, 2023. The adoption of this standard does not have a material impact on the Company’s Consolidated Financial Statements.
As of July 28, 2023, there are no recently issued but not yet adopted accounting pronouncements that are expected to materially impact our 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, 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 healthcare systems, clinics, third-party healthcare providers, distributors, and other institutions, including governmental healthcare programs and group purchasing organizations. Prior period revenue has been recast to reflect the new reporting structure, which primarily includes allocating certain prior Medical Surgical businesses to the Other line. Refer to Note 17 to the consolidated financial statements for additional information regarding the Company's new reporting structure.
6

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


The table below illustrates net sales by segment and division for the three months ended July 28, 2023 and July 29, 2022:
 
Three months ended
(in millions)July 28, 2023July 29, 2022
Cardiac Rhythm & Heart Failure $1,446 $1,381 
Structural Heart & Aortic814 741 
Coronary & Peripheral Vascular 589 579 
Cardiovascular 2,850 2,701 
Cranial & Spinal Technologies1,103 1,043 
Specialty Therapies695 667 
Neuromodulation420 405 
Neuroscience 2,219 2,115 
Surgical & Endoscopy1,546 1,455 
Patient Monitoring & Respiratory Interventions493 479 
Medical Surgical 2,039 1,933 
Diabetes 578 541 
Other(1)
16 81 
Total$7,702 $7,371 
(1) Includes revenue from the divested Renal Care Solutions business and Transition Manufacturing Agreements from previously divested businesses.
The table below illustrates net sales by market geography for each segment for the three months ended July 28, 2023 and July 29, 2022:
 
U.S.(1)
Non-U.S. Developed Markets(2)
Emerging Markets(3)
Three months endedThree months endedThree months ended
(in millions)July 28, 2023July 29, 2022July 28, 2023July 29, 2022July 28, 2023July 29, 2022
Cardiovascular $1,350 $1,286 $956 $892 $544 $523 
Neuroscience 1,497 1,419 416 407 306 290 
Medical Surgical 881 831 772 735 386 368 
Diabetes 188 206 315 264 75 72 
Other(4)
8 25 5 32 3 24 
Total$3,924 $3,766 $2,463 $2,328 $1,314 $1,276 
(1)U.S. includes the United States and U.S. territories.
(2)Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries within Western Europe.
(3)Emerging markets include the countries of the Middle East, Africa, Latin America, Eastern Europe, and the countries of Asia that are not included in the non-U.S. developed markets, as defined above.
(4)Includes revenue from the divested Renal Care Solutions (RCS) business and Transition Manufacturing Agreements from previously divested businesses.
The amount of revenue recognized is reduced by sales rebates and returns. Adjustments to rebates and returns reserves are recorded as increases or decreases to revenue. At July 28, 2023, $1.1 billion of rebates were classified as other accrued expenses, and $602 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet. At April 28, 2023, $1.1 billion of rebates were classified as other accrued expenses, and $555 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet.
Deferred Revenue and Remaining Performance Obligations
Deferred revenue at July 28, 2023 and April 28, 2023 was $425 million and $405 million, respectively. At July 28, 2023 and April 28, 2023, $334 million and $314 million was included in other accrued expenses, respectively, and $90 million and $91 million was included in other liabilities, respectively. During the three months ended July 28, 2023, the Company recognized $124 million of revenue that was included in deferred revenue as of April 28, 2023.
7

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


Remaining performance obligations include goods and services that have not yet been delivered or provided under existing, noncancellable contracts with minimum purchase commitments. At July 28, 2023, the estimated revenue expected to be recognized in future periods related to unsatisfied performance obligations for executed contracts with an original duration of one year or more was approximately $0.6 billion. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next three years.
4. Acquisitions and Dispositions
Fiscal Year 2024
The Company had no acquisitions that were accounted for as business combinations during the three months ended July 28, 2023. For the three months ended July 28, 2023, purchase price allocation adjustments were not significant.
Fiscal Year 2023
The Company had acquisitions that were accounted for as business combinations during the three months ended July 29, 2022. The assets and liabilities of the businesses acquired were recorded and consolidated on the acquisition date at their respective fair values. Goodwill resulting from business combinations is largely attributable to future, yet to be defined technologies, new customer relationships, existing workforce of the acquired businesses, and synergies expected to arise after the Company's acquisition of these businesses. The pro forma impact of these acquisitions was not significant, either individually or in the aggregate, to the consolidated results of the Company for the three months ended July 29, 2022. The results of operations of acquired businesses have been included in the Company's consolidated statements of income since the date each business was acquired. For the three months ended July 29, 2022, purchase price allocation adjustments were not significant.
Intersect ENT
On May 13, 2022, the Company acquired Intersect ENT, a global ear, nose, and throat (ENT) medical technology leader which offers a broad suite of solutions to assist surgeons treating patients who suffer from chronic rhinosinusitis (CRS). Total consideration, net of cash acquired, for the transaction, was $1.2 billion consisting of $1.1 billion of cash and $98 million previously held investments in Intersect ENT. The Company acquired $615 million of goodwill, $635 million of technology-based intangible assets, $35 million of customer-related intangible assets, and $13 million of tradenames with estimated useful lives of 20 years. The goodwill is not deductible for tax purposes.
Revenue and net loss attributable to Intersect ENT since the date of acquisition as well as costs incurred in connection with the acquisition included in the consolidated statements of income were not significant for the three months ended July 29, 2022.
The acquisition date fair values of the assets acquired and liabilities assumed were as follows:
(in millions)Intersect ENT
Cash and cash equivalents$39 
Inventory32 
Goodwill615 
Other intangible assets683 
Other assets40 
Total assets acquired1,408 
 
Current liabilities63 
Deferred tax liabilities51 
Other liabilities18 
Total liabilities assumed131 
Net assets acquired$1,277 




8

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


Other acquisitions
For acquisitions, other than Intersect ENT, the acquisition date fair value of net assets acquired during the three months ended July 29, 2022, was $123 million. Assets acquired were primarily comprised of $66 million of goodwill and $57 million of technology-based intangible assets, with estimated useful lives of 16 years. The goodwill is deductible for tax purposes. The Company recognized $73 million of non-cash contingent consideration liabilities in connection with these acquisitions, which are comprised of revenue and product development milestone-based payments.
Acquired In-Process Research & Development (IPR&D)
IPR&D with no alternative future use acquired outside of a business combination is expensed immediately. During the three months ended July 28, 2023, the Company did not acquire any IPR&D in connection with asset acquisitions of technology not yet approved. During the three months ended July 29, 2022, IPR&D acquired in connection with asset acquisitions of technology not yet approved by regulators was not significant.
Contingent Consideration
Certain of the Company’s business combinations involve potential payment of future consideration that is contingent upon the achievement of certain product development milestones and/or contingent on the acquired business reaching certain performance milestones. A liability is recorded for the estimated fair value of the contingent consideration on the acquisition date. The fair value of the contingent consideration is remeasured at each reporting period, and the change in fair value is recognized within other operating expense, net in the consolidated statements of income.
The fair value of contingent consideration liabilities at July 28, 2023 and April 28, 2023 was $206 million. At July 28, 2023, $33 million was recorded in other accrued expenses, and $173 million was recorded in other liabilities in the consolidated balance sheet. At April 28, 2023, $34 million was recorded in other accrued expenses, and $171 million was recorded in other liabilities in the consolidated balance sheet.
The following table provides a reconciliation of the beginning and ending balances of contingent consideration liabilities:
 Three months ended
(in millions)July 28, 2023July 29, 2022
Beginning balance$206 $119 
Purchase price contingent consideration 73 
Payments(3) 
Change in fair value3 2 
Ending balance$206 $193 
The recurring Level 3 fair value measurements of contingent consideration for which a liability is recorded include the following significant unobservable inputs:
Fair Value at
(in millions)July 28, 2023Unobservable InputRange
Weighted Average (1)
Revenue and other performance-based payments$81Discount rate
11.2% - 27.2%
17.3%
Projected fiscal year of payment2024 - 20272025
Product development and other milestone-based payments$125Discount rate
3.9% - 5.5%
4.1%
Projected fiscal year of payment2024 - 20272026
(1) Unobservable inputs were weighted by the relative fair value of the contingent consideration liability. For projected fiscal year of payment, the amount represents the median of the inputs and is not a weighted average.

9

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


On April 1, 2023, the Company and DaVita Inc. (“DaVita”) completed the transaction for the Company to sell half of its Renal Care Solutions (RCS) business. In connection with the sale, the Company may be entitled to receive additional consideration based on the achievement of certain revenue, regulatory, and profitability milestones, with potential payouts starting in fiscal year 2025 through 2029. The fair value of the contingent consideration receivable at July 28, 2023 and April 28, 2023 was $152 million and $195 million, respectively, and was recorded in other assets in the consolidated balance sheet.
The following table provides a reconciliation of the beginning and ending balances of the Level 3 measurement of contingent consideration receivable:
(in millions)July 28, 2023
Beginning balance$195 
Change in fair value(43)
Ending balance$152 
Renal Care Solutions disposition
This sale is part of an agreement between Medtronic and DaVita to form a new, independent kidney care-focused medical device company (“Mozarc Medical” or "Mozarc") with equal equity ownership. RCS was part of the Company’s Medical Surgical portfolio. At closing, the Company received $45 million cash consideration, recorded non-cash contingent consideration receivables valued at $195 million, made an additional cash investment of $224 million, and retained a 50% non-controlling equity interest in Mozarc valued at $307 million. For the contingent consideration receivables, the maximum consideration the Company could receive in the future is $300 million based on the achievement of the aforementioned milestones. The Company recorded a non-cash pre-tax impairment of $67 million in the three months ended July 29, 2022, primarily related to goodwill, recognized in other operating expense, net in the consolidated statements of income. Refer to Note 10 to the consolidated financial statements for additional information on the goodwill impairment. Refer to Note 6 to the consolidated financial statements for additional information on the Company’s retained 50% equity investment in Mozarc as a result of this transaction.

The Company determined that the sale of the RCS business did not meet the criteria to be classified as discontinued operations.
5. Restructuring and Other Costs
For the three months ended July 28, 2023, the Company incurred $91 million of restructuring and associated costs related to employee termination benefits and facility consolidations to support cost reduction initiatives. For the three months ended July 29, 2022, restructuring charges primarily related to the Enterprise Excellence and Simplification restructuring programs, both of which were substantially completed as of the end of fiscal year 2023. Enterprise Excellence was designed to leverage the Company’s global size and scale to focus on global operations, and functional and commercial optimization, and had total pre-tax charges of $1.8 billion. Simplification was designed to focus the organization on accelerating innovation, enhancing customer experience, driving revenue growth and winning market share, and had total pre-tax charges of $0.5 billion.
Employee-related costs primarily consist of termination benefits provided to employees who have been involuntarily terminated and voluntary early retirement benefits. Associated costs primarily include salaries and wages of employees that are fully-dedicated to restructuring programs and consulting expenses.

10

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


The following table presents the classification of restructuring and associated costs in the consolidated statements of income:
Three months ended
(in millions)July 28, 2023July 29, 2022
Cost of products sold$16 $20 
Selling, general, and administrative expenses21 41 
Restructuring charges, net54 14 
Total restructuring and associated costs$91 $76 
The following table summarizes the activity related to restructuring programs for the three months ended July 28, 2023:
(in millions)Employee Termination BenefitsAssociated CostsOther
Costs
Total
April 28, 2023$204 $23 $1 $230 
Charges55 37  92 
Cash payments(147)(53) (201)
Accrual adjustments(1)
(2)  (2)
July 28, 2023$110 $7 $1 $119 
(1)Accrual adjustments primarily relate to certain employees identified for termination, finding other positions within the Company.
11

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


6. Financial Instruments
Debt Securities
The Company holds investments in marketable debt securities that are classified and accounted for as available-for-sale and are remeasured on a recurring basis. The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related consolidated balance sheet classification at July 28, 2023 and April 28, 2023:
    
July 28, 2023
ValuationBalance Sheet Classification
(in millions)CostUnrealized
Gains
Unrealized
Losses
Fair ValueInvestmentsOther Assets
Level 1:
U.S. government and agency securities$549 $ $(28)$521 $521 $ 
Level 2:
Corporate debt securities4,219 5 (171)4,053 4,053  
U.S. government and agency securities897  (52)845 845  
Mortgage-backed securities574  (56)518 518  
Non-U.S. government and agency securities14   14 14  
Other asset-backed securities601  (16)585 585  
Total Level 26,305 5 (295)6,015 6,015  
Level 3:
Auction rate securities36  (3)33  33 
Total available-for-sale debt securities$6,890 $5 $(326)$6,570 $6,537 $33 
April 28, 2023
ValuationBalance Sheet Classification
(in millions)CostUnrealized
Gains
Unrealized
Losses
Fair ValueInvestmentsOther Assets
Level 1:
U.S. government and agency securities$527 $ $(22)$505 $505 $ 
Level 2:
Corporate debt securities4,140 6 (162)3,984 3,984  
U.S. government and agency securities879  (45)834 834  
Mortgage-backed securities560  (54)506 506  
Non-U.S. government and agency securities15   15 15  
Certificates of deposit10   10 10  
Other asset-backed securities580  (19)561 561  
Total Level 26,185 6 (281)5,911 5,911  
Level 3:
Auction rate securities36  (3)33  33 
Total available-for-sale debt securities$6,748 $6 $(305)$6,449 $6,416 $33 
The amortized cost of debt securities excludes accrued interest, which is reported in other current assets in the consolidated balance sheets.
12

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category at July 28, 2023 and April 28, 2023:
 July 28, 2023
 Less than 12 monthsMore than 12 months
(in millions)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Corporate debt securities$376 $(6)$2,896 $(165)
U.S. government and agency securities86 (2)860 (78)
Mortgage-backed securities26 (1)463 (55)
Other asset-backed securities  534 (16)
Auction rate securities  33 (3)
Total$488 $(9)$4,786 $(317)
 April 28, 2023
 Less than 12 monthsMore than 12 months
(in millions)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Corporate debt securities$286 $(4)$2,901 $(158)
U.S. government and agency securities89 (3)821 (64)
Mortgage-backed securities26 (1)460 (53)
Other asset-backed securities  545 (19)
Auction rate securities  33 (3)
Total$401 $(8)$4,760 $(297)
The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There were no transfers into or out of Level 3 during the three months ended July 28, 2023 and July 29, 2022. When a determination is made to classify an asset or liability within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement.
Activity related to the Company’s available-for-sale debt securities portfolio is as follows:
 Three months ended
(in millions)July 28, 2023July 29, 2022
Proceeds from sales$1,747 $1,864 
Gross realized gains5 1 
Gross realized losses(12)(9)
The July 28, 2023 balance of available-for-sale debt securities by contractual maturity is shown in the following table. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
(in millions)July 28, 2023
Due in one year or less$1,339 
Due after one year through five years3,799 
Due after five years through ten years761 
Due after ten years672 
Total$6,570 
Interest income is recognized in other non-operating income, net, in the consolidated statements of income. During the three months ended July 28, 2023 and July 29, 2022, there was $111 million and $55 million of interest income, respectively.
13

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


Equity Securities, Equity Method Investments, and Other Investments
The Company holds investments in equity securities with readily determinable fair values, equity method investments for which the Company has elected the fair value option, equity investments without readily determinable fair values, investments accounted for under the equity method, and other investments. Equity securities with readily determinable fair values are included in Level 1 of the fair value hierarchy, as they are measured using quoted market prices. Equity method investments for which the Company has elected the fair value option are included within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs to determine fair value. To determine the fair value of these investments, the Company uses a discounted cash flow methodology, taking into consideration various assumptions including discount rate, and all pertinent financial information available related to the investees, including historical financial statements and projected future cash flows. Equity investments that do not have readily determinable fair values, and that are not accounted for via the fair value option, are included within Level 3 of the fair value hierarchy, as they are measured using the measurement alternative at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.
The following table summarizes the Company's equity and other investments at July 28, 2023 and April 28, 2023, which are classified as other assets in the consolidated balance sheets:
(in millions)July 28, 2023April 28, 2023
Investments with readily determinable fair value (marketable equity securities)$51 $115 
Investments for which the fair value option has been elected531531
Investments without readily determinable fair values899 872 
Equity method and other investments88 89 
Total equity and other investments$1,569 $1,607 
Gains and losses on the Company's portfolio of equity and other investments are recognized in other non-operating income, net in the consolidated statements of income. During the three months ended July 28, 2023, there were $64 million of net unrealized losses on equity securities and other investments still held at July 28, 2023. During the three months ended July 29, 2022, there were $8 million of net unrealized gains on equity securities and other investments still held at July 29, 2022.
Mozarc Medical Investment
On April 1, 2023, the Company sold half of its RCS business to Mozarc, and as a result of the transaction the Company retained a 50% equity interest in Mozarc. Refer to Note 4 for additional information on this transaction. Although the equity investment provides the Company with the ability to exercise significant influence over Mozarc, the Company has elected the fair value option to account for this equity investment. The Company believes the fair value option best reflects the economics of the underlying transaction.
Under the fair value option, changes in the fair value of the investment are recognized through earnings each reporting period in other non-operating income, net in the consolidated statements of income. During the three months ended July 28, 2023, the change in fair value was insignificant.
7. 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. Commercial paper outstanding at July 28, 2023 was $500 million. During the three months ended July 28, 2023, the commercial paper outstanding had a weighted average original maturity of 14 days and a weighted average interest rate of 5.262 percent. No commercial paper was outstanding at April 28, 2023. 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 28, 2023 and April 28, 2023, 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.
14

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


Debt Obligations
The Company's debt obligations consisted of the following:
(in millions)Maturity by
Fiscal Year
July 28, 2023April 28, 2023
Current debt obligations2024 - 2025$519 $20 
Long-term debt
0.250 percent six-year 2019 senior notes
20261,105 1,097 
2.625 percent three-year 2022 senior notes
2026552 549 
0.000 percent five-year 2020 senior notes
20261,105 1,097 
1.125 percent eight-year 2019 senior notes
20271,657 1,646 
4.250 percent five-year 2023 senior notes
20281,000 1,000 
3.000 percent six-year 2022 senior notes
20291,105 1,097 
0.375 percent eight-year 2020 senior notes
20291,105 1,097 
1.625 percent twelve-year 2019 senior notes
20311,105 1,097 
1.000 percent twelve-year 2019 senior notes
20321,105 1,097 
3.125 percent nine-year 2022 senior notes
20321,105 1,097 
0.750 percent twelve-year 2020 senior notes
20331,105 1,097 
4.500 percent ten-year 2023 senior notes
20331,000 1,000 
3.375 percent twelve-year 2022 senior notes
20351,105 1,097 
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
20391,105 1,097 
6.500 percent thirty-year 2009 senior notes
2039158 158 
1.500 percent twenty-year 2019 senior notes
20401,105 1,097 
5.550 percent thirty-year 2010 senior notes
2040224 224 
1.375 percent twenty-year 2020 senior notes
20411,105 1,097 
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
20501,105 1,097 
1.625 percent thirty-year 2020 senior notes
20511,105 1,097 
Finance lease obligations2024 - 203657 57 
Deferred financing costs2026 - 2051(120)(124)
Debt discount, net2026 - 2051(65)(64)
Total long-term debt$24,463 $24,344 
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.
In September 2022, Medtronic Luxco issued four tranches of Euro-denominated Senior Notes with an aggregate principal of €3.5 billion, with maturities ranging from fiscal year 2026 to 2035, resulting in cash proceeds of approximately $3.4 billion, net of discounts and issuance costs. The Company used the net proceeds to repay at maturity €750 million of Medtronic Luxco Senior Notes for $772 million of total consideration in December 2022 and €2.8 billion of Medtronic Luxco Senior Notes for $2.9 billion of total consideration in March 2023.
15

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


In March 2023, Medtronic Luxco issued two tranches of USD-denominated Senior Notes with an aggregate principal of $2.0 billion, with maturities ranging from fiscal year 2028 to 2033, resulting in cash proceeds of approximately $2.0 billion, net of discounts and issuance costs. The Company used the net proceeds supplemented by additional cash to repay the ¥297 billion Fiscal 2023 Loan Agreement discussed below for $2.3 billion of total consideration.
The Euro-denominated debt issued in September 2022 is designated as a net investment hedge of certain of the Company's European operations. Refer to Note 8 for additional information regarding the net investment hedge.
Term Loan Agreements
In May 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 three months ended July 29, 2022, which primarily includes cash premiums and accelerated amortization of deferred financing costs and debt discounts and premiums. The loss was recognized in interest expense, net in the consolidated statements of income. During the fourth quarter of fiscal year 2023, the Company repaid the term loan in full, including interest.
Financial Instruments Not Measured at Fair Value
At July 28, 2023, the estimated fair value of the Company’s Senior Notes was $21.4 billion compared to a principal value of $24.6 billion. At April 28, 2023, the estimated fair value was $21.7 billion compared to a principal value of $24.5 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.
8. Derivatives and Currency Exchange Risk Management
The Company uses derivative instruments and foreign currency denominated debt to manage the impact that currency exchange rate and interest rate changes have on reported financial statements. The Company does not enter into derivative contracts for speculative purposes.
Cash Flow Hedges
The Company uses foreign currency forward and option contracts designated as cash flow hedges to manage its exposure to the variability of future cash flows that are denominated in a foreign currency.
At inception, foreign currency forward and option contracts are designated as cash flow hedges. Changes in the fair value of these derivatives are reported as a component of accumulated other comprehensive loss until the hedged transaction affects earnings. When the hedged transaction affects earnings, the gain or loss on the derivative is reclassified to earnings. Amounts excluded from the measurement of hedge effectiveness are recognized in earnings on a straight-line basis over the term of the hedge. Cash flows are reported as operating activities in the consolidated statements of cash flows.
The Company's cash flow hedges will mature within the subsequent three-year period. At July 28, 2023 and April 28, 2023, the Company had $63 million and $