QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||||
For the quarterly period ended | January | ||||||||||
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from __________ to __________ |
MEDTRONIC PUBLIC LIMITED COMPANY | ||||||||
(Exact name of registrant as specified in its charter) | ||||||||
Ireland | 98-1183488 | |||||||
(State of incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Ordinary shares, par value $0.0001 per share | MDT | New York Stock Exchange | ||||||
Floating Rate Notes due 2021 | MDT/21 | New York Stock Exchange | ||||||
0.000% Senior Notes due 2021 | MDT/21A | New York Stock Exchange | ||||||
0.000% Senior Notes due 2022 | MDT/22B | New York Stock Exchange | ||||||
0.375% Senior Notes due 2023 | MDT/23B | New York Stock Exchange | ||||||
0.25% Senior Notes due 2025 | MDT/25 | New York Stock Exchange | ||||||
1.125% Notes due 2027 | MDT/27 | New York Stock Exchange | ||||||
1.625% Notes due 2031 | MDT/31 | New York Stock Exchange | ||||||
1.00% Senior Notes due 2031 | MDT/31A | New York Stock Exchange | ||||||
2.250% Notes due 2039 | MDT/39A | New York Stock Exchange | ||||||
1.50% Senior Notes due 2039 | MDT/39B | New York Stock Exchange | ||||||
1.75% Senior Notes due 2049 | MDT/49 | New York Stock Exchange | ||||||
Large accelerated filer | ☒ | Accelerated filer | ☐ | Emerging growth company | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller Reporting Company | ☐ |
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Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
(in millions, except per share data) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||
Net sales | $ | 7,717 | $ | 7,546 | $ | 22,916 | $ | 22,411 | |||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of products sold | 2,400 | 2,265 | 7,160 | 6,672 | |||||||||||||||||||||||||||||||
Research and development expense | 573 | 561 | 1,763 | 1,736 | |||||||||||||||||||||||||||||||
Selling, general, and administrative expense | 2,587 | 2,596 | 7,750 | 7,798 | |||||||||||||||||||||||||||||||
Amortization of intangible assets | 436 | 436 | 1,317 | 1,327 | |||||||||||||||||||||||||||||||
Restructuring charges, net | 13 | 26 | 87 | 112 | |||||||||||||||||||||||||||||||
Certain litigation charges | 108 | 63 | 276 | 166 | |||||||||||||||||||||||||||||||
Other operating (income) expense, net | (39) | 57 | 88 | 278 | |||||||||||||||||||||||||||||||
Operating profit | 1,639 | 1,542 | 4,475 | 4,322 | |||||||||||||||||||||||||||||||
Other non-operating income, net | (96) | (71) | (305) | (309) | |||||||||||||||||||||||||||||||
Interest expense | 156 | 243 | 930 | 726 | |||||||||||||||||||||||||||||||
Income before income taxes | 1,579 | 1,370 | 3,850 | 3,905 | |||||||||||||||||||||||||||||||
Income tax provision | (340) | 99 | (317) | 437 | |||||||||||||||||||||||||||||||
Net income | 1,919 | 1,271 | 4,167 | 3,468 | |||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (4) | (2) | (24) | (9) | |||||||||||||||||||||||||||||||
Net income attributable to Medtronic | $ | 1,915 | $ | 1,269 | $ | 4,143 | $ | 3,459 | |||||||||||||||||||||||||||
Basic earnings per share | $ | 1.43 | $ | 0.95 | $ | 3.09 | $ | 2.57 | |||||||||||||||||||||||||||
Diluted earnings per share | $ | 1.42 | $ | 0.94 | $ | 3.07 | $ | 2.54 | |||||||||||||||||||||||||||
Basic weighted average shares outstanding | 1,340.5 | 1,342.8 | 1,340.7 | 1,348.1 | |||||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | 1,351.5 | 1,352.7 | 1,351.6 | 1,359.5 | |||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
(in millions, except per share data) | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | |||||||||||
Net sales | $ | 7,369 | $ | 7,283 | $ | 21,809 | $ | 21,794 | |||||||
Costs and expenses: | |||||||||||||||
Cost of products sold | 2,191 | 2,268 | 6,660 | 6,855 | |||||||||||
Research and development expense | 558 | 530 | 1,661 | 1,640 | |||||||||||
Selling, general, and administrative expense | 2,499 | 2,388 | 7,422 | 7,232 | |||||||||||
Amortization of intangible assets | 461 | 497 | 1,375 | 1,484 | |||||||||||
Restructuring charges, net | 7 | 21 | 23 | 162 | |||||||||||
Acquisition-related items | 26 | 68 | 77 | 148 | |||||||||||
Certain litigation charges | 61 | 218 | 61 | 300 | |||||||||||
Divestiture-related items | — | — | 114 | — | |||||||||||
Gain on sale of businesses | — | — | (697 | ) | — | ||||||||||
Special charge | — | 100 | 80 | 100 | |||||||||||
Other expense, net | 140 | 46 | 317 | 174 | |||||||||||
Operating profit | 1,426 | 1,147 | 4,716 | 3,699 | |||||||||||
Investment loss | 227 | — | 227 | — | |||||||||||
Interest income | (98 | ) | (88 | ) | (290 | ) | (272 | ) | |||||||
Interest expense | 270 | 268 | 829 | 804 | |||||||||||
Interest expense, net | 172 | 180 | 539 | 532 | |||||||||||
Income before income taxes | 1,027 | 967 | 3,950 | 3,167 | |||||||||||
Income tax provision | 2,419 | 147 | 2,320 | 307 | |||||||||||
Net (loss) income | (1,392 | ) | 820 | 1,630 | 2,860 | ||||||||||
Net loss attributable to noncontrolling interests | 3 | 1 | 14 | 5 | |||||||||||
Net (loss) income attributable to Medtronic | $ | (1,389 | ) | $ | 821 | $ | 1,644 | $ | 2,865 | ||||||
Basic (loss) earnings per share | $ | (1.03 | ) | $ | 0.60 | $ | 1.21 | $ | 2.07 | ||||||
Diluted (loss) earnings per share | $ | (1.03 | ) | $ | 0.59 | $ | 1.20 | $ | 2.05 | ||||||
Basic weighted average shares outstanding | 1,354.0 | 1,372.2 | 1,357.2 | 1,381.9 | |||||||||||
Diluted weighted average shares outstanding | 1,354.0 | 1,383.1 | 1,368.9 | 1,394.7 | |||||||||||
Cash dividends declared per ordinary share | $ | 0.46 | $ | 0.43 | $ | 1.38 | $ | 1.29 |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||
Net income | $ | 1,919 | $ | 1,271 | $ | 4,167 | $ | 3,468 | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||||
Unrealized gain on investment securities | 20 | 32 | 93 | 23 | |||||||||||||||||||||||||||||||
Translation adjustment | 32 | 128 | (116) | (1,127) | |||||||||||||||||||||||||||||||
Net investment hedge | 35 | — | 187 | — | |||||||||||||||||||||||||||||||
Net change in retirement obligations | 13 | 17 | 38 | 65 | |||||||||||||||||||||||||||||||
Unrealized (loss) gain on cash flow hedges | (35) | (23) | (37) | 317 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 65 | 154 | 165 | (722) | |||||||||||||||||||||||||||||||
Comprehensive income including noncontrolling interests | 1,984 | 1,425 | 4,332 | 2,746 | |||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (4) | (2) | (24) | (6) | |||||||||||||||||||||||||||||||
Comprehensive income attributable to Medtronic | $ | 1,980 | $ | 1,423 | $ | 4,308 | $ | 2,740 |
Three months ended | Nine months ended | ||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | |||||||||||
Net (loss) income | $ | (1,392 | ) | $ | 820 | $ | 1,630 | $ | 2,860 | ||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Unrealized (loss) gain on available-for-sale securities | (14 | ) | (115 | ) | 41 | (40 | ) | ||||||||
Currency translation | 897 | (553 | ) | 1,525 | (1,239 | ) | |||||||||
Net change in retirement obligations | (3 | ) | 22 | 11 | 66 | ||||||||||
Unrealized (loss) gain on derivatives | (202 | ) | 95 | (346 | ) | 202 | |||||||||
Other comprehensive income (loss) | 678 | (551 | ) | 1,231 | (1,011 | ) | |||||||||
Comprehensive (loss) income including noncontrolling interests | (714 | ) | 269 | 2,861 | 1,849 | ||||||||||
Comprehensive loss attributable to noncontrolling interests | 3 | 1 | 14 | 5 | |||||||||||
Comprehensive (loss) income attributable to Medtronic | $ | (711 | ) | $ | 270 | $ | 2,875 | $ | 1,854 |
(in millions) | January 24, 2020 | April 26, 2019 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 3,709 | $ | 4,393 | |||||||
Investments | 7,919 | 5,455 | |||||||||
Accounts receivable, less allowances of $205 and $190, respectively | 6,248 | 6,222 | |||||||||
Inventories, net | 4,122 | 3,753 | |||||||||
Other current assets | 2,045 | 2,144 | |||||||||
Total current assets | 24,043 | 21,967 | |||||||||
Property, plant, and equipment | 11,507 | 10,920 | |||||||||
Accumulated depreciation | (6,743) | (6,245) | |||||||||
Property, plant, and equipment, net | 4,764 | 4,675 | |||||||||
Goodwill | 40,091 | 39,959 | |||||||||
Other intangible assets, net | 19,456 | 20,560 | |||||||||
Tax assets | 2,272 | 1,519 | |||||||||
Other assets | 2,196 | 1,014 | |||||||||
Total assets | $ | 92,822 | $ | 89,694 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current debt obligations | $ | 844 | $ | 838 | |||||||
Accounts payable | 1,945 | 1,953 | |||||||||
Accrued compensation | 1,909 | 2,189 | |||||||||
Accrued income taxes | 457 | 567 | |||||||||
Other accrued expenses | 3,580 | 2,925 | |||||||||
Total current liabilities | 8,735 | 8,472 | |||||||||
Long-term debt | 24,732 | 24,486 | |||||||||
Accrued compensation and retirement benefits | 1,598 | 1,651 | |||||||||
Accrued income taxes | 2,738 | 2,838 | |||||||||
Deferred tax liabilities | 1,282 | 1,278 | |||||||||
Other liabilities | 1,784 | 757 | |||||||||
Total liabilities | 40,869 | 39,482 | |||||||||
Commitments and contingencies (Note 17) | |||||||||||
Shareholders’ equity: | |||||||||||
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,340,786,042 and 1,340,697,595 shares issued and outstanding, respectively | — | — | |||||||||
Additional paid-in capital | 26,144 | 26,532 | |||||||||
Retained earnings | 28,210 | 26,270 | |||||||||
Accumulated other comprehensive loss | (2,546) | (2,711) | |||||||||
Total shareholders’ equity | 51,808 | 50,091 | |||||||||
Noncontrolling interests | 145 | 121 | |||||||||
Total equity | 51,953 | 50,212 | |||||||||
Total liabilities and equity | $ | 92,822 | $ | 89,694 |
(in millions) | January 26, 2018 | April 28, 2017 | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 6,358 | $ | 4,967 | |||
Investments | 8,078 | 8,741 | |||||
Accounts receivable, less allowances of $183 and $155, respectively | 5,775 | 5,591 | |||||
Inventories, net | 3,751 | 3,338 | |||||
Other current assets | 2,645 | 1,865 | |||||
Current assets held for sale | — | 371 | |||||
Total current assets | 26,607 | 24,873 | |||||
Property, plant, and equipment | 10,006 | 9,691 | |||||
Accumulated depreciation | (5,489 | ) | (5,330 | ) | |||
Property, plant, and equipment, net | 4,517 | 4,361 | |||||
Goodwill | 39,795 | 38,515 | |||||
Other intangible assets, net | 22,178 | 23,407 | |||||
Tax assets | 1,537 | 1,509 | |||||
Other assets | 1,166 | 1,232 | |||||
Noncurrent assets held for sale | — | 5,919 | |||||
Total assets | $ | 95,800 | $ | 99,816 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Current debt obligations | $ | 2,902 | $ | 7,520 | |||
Accounts payable | 1,809 | 1,731 | |||||
Accrued compensation | 1,645 | 1,860 | |||||
Accrued income taxes | 925 | 633 | |||||
Other accrued expenses | 3,652 | 2,442 | |||||
Current liabilities held for sale | — | 34 | |||||
Total current liabilities | 10,933 | 14,220 | |||||
Long-term debt | 25,918 | 25,921 | |||||
Accrued compensation and retirement benefits | 1,524 | 1,641 | |||||
Accrued income taxes | 4,758 | 2,405 | |||||
Deferred tax liabilities | 1,363 | 2,978 | |||||
Other liabilities | 964 | 1,515 | |||||
Noncurrent liabilities held for sale | — | 720 | |||||
Total liabilities | 45,460 | 49,400 | |||||
Commitments and contingencies (Note 17) | |||||||
Shareholders’ equity: | |||||||
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,355,260,722 and 1,369,424,818 shares issued and outstanding, respectively | — | — | |||||
Additional paid-in capital | 28,190 | 29,551 | |||||
Retained earnings | 23,426 | 23,356 | |||||
Accumulated other comprehensive loss | (1,382 | ) | (2,613 | ) | |||
Total shareholders’ equity | 50,234 | 50,294 | |||||
Noncontrolling interests | 106 | 122 | |||||
Total equity | 50,340 | 50,416 | |||||
Total liabilities and equity | $ | 95,800 | $ | 99,816 |
Ordinary Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Number | Par Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
April 26, 2019 | 1,341 | $ | — | $ | 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 plans | 3 | — | 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, 2019 | 1,341 | $ | — | $ | 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 plans | 4 | — | 145 | — | — | 145 | — | 145 | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | (5) | — | (552) | — | — | (552) | — | (552) | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 108 | — | — | 108 | — | 108 | ||||||||||||||||||||||||||||||||||||||||||||||||
October 25, 2019 | 1,340 | $ | — | $ | 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 plans | 3 | — | 143 | — | — | 143 | — | 143 | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | (2) | — | (236) | — | — | (236) | — | (236) | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 66 | — | — | 66 | — | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||
January 24, 2020 | 1,341 | $ | — | $ | 26,144 | $ | 28,210 | $ | (2,546) | $ | 51,808 | $ | 145 | $ | 51,953 |
Nine months ended | |||||||
(in millions) | January 26, 2018 | January 27, 2017 | |||||
Operating Activities: | |||||||
Net income | $ | 1,630 | $ | 2,860 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 1,980 | 2,199 | |||||
Amortization of debt premium, discount, and issuance costs | (17 | ) | 21 | ||||
Acquisition-related items | (37 | ) | (43 | ) | |||
Provision for doubtful accounts | 36 | 31 | |||||
Deferred income taxes | (1,042 | ) | (404 | ) | |||
Stock-based compensation | 270 | 272 | |||||
Gain on sale of businesses | (697 | ) | — | ||||
Investment loss | 227 | — | |||||
Other, net | 66 | (113 | ) | ||||
Change in operating assets and liabilities, net of acquisitions and divestitures: | |||||||
Accounts receivable, net | 19 | 18 | |||||
Inventories, net | (318 | ) | (261 | ) | |||
Accounts payable and accrued liabilities | 13 | 32 | |||||
Other operating assets and liabilities | 1,516 | 495 | |||||
Net cash provided by operating activities | 3,646 | 5,107 | |||||
Investing Activities: | |||||||
Acquisitions, net of cash acquired | (111 | ) | (1,328 | ) | |||
Proceeds from sale of businesses | 6,058 | — | |||||
Additions to property, plant, and equipment | (776 | ) | (924 | ) | |||
Purchases of investments | (2,479 | ) | (3,354 | ) | |||
Sales and maturities of investments | 3,060 | 4,286 | |||||
Other investing activities, net | (5 | ) | 21 | ||||
Net cash provided by (used in) investing activities | 5,747 | (1,299 | ) | ||||
Financing Activities: | |||||||
Acquisition-related contingent consideration | (43 | ) | (58 | ) | |||
Change in current debt obligations, net | (391 | ) | 1,118 | ||||
Repayment of short-term borrowings (maturities greater than 90 days) | (44 | ) | (2 | ) | |||
Proceeds from short-term borrowings (maturities greater than 90 days) | 1 | 4 | |||||
Issuance of long-term debt | 21 | 131 | |||||
Payments on long-term debt | (4,167 | ) | (361 | ) | |||
Dividends to shareholders | (1,870 | ) | (1,782 | ) | |||
Issuance of ordinary shares | 333 | 309 | |||||
Repurchase of ordinary shares | (1,964 | ) | (3,409 | ) | |||
Other financing activities | (2 | ) | 80 | ||||
Net cash used in financing activities | (8,126 | ) | (3,970 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 124 | 54 | |||||
Net change in cash and cash equivalents | 1,391 | (108 | ) | ||||
Cash and cash equivalents at beginning of period | 4,967 | 2,876 | |||||
Cash and cash equivalents at end of period | $ | 6,358 | $ | 2,768 | |||
Supplemental Cash Flow Information | |||||||
Cash paid for: | |||||||
Income taxes | $ | 911 | $ | 474 | |||
Interest | 651 | 626 |
Ordinary Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Number | Par Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
April 27, 2018 | 1,354 | $ | — | $ | 28,127 | $ | 24,379 | $ | (1,786) | $ | 50,720 | $ | 102 | $ | 50,822 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 1,075 | — | 1,075 | 2 | 1,077 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | — | — | — | — | (584) | (584) | — | (584) | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to shareholders ($0.50 per ordinary share) | — | — | — | (677) | — | (677) | — | (677) | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under stock purchase and award plans | 7 | — | 446 | — | — | 446 | — | 446 | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | (9) | — | (820) | — | — | (820) | — | (820) | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 64 | — | — | 64 | — | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||
Changes to noncontrolling ownership interests | — | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle(1) | — | — | — | (47) | 47 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
July 27, 2018 | 1,352 | $ | — | $ | 27,817 | $ | 24,730 | $ | (2,323) | $ | 50,224 | $ | 105 | $ | 50,329 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 1,115 | — | 1,115 | 5 | 1,120 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) | — | — | — | — | (289) | (289) | (3) | (292) | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to shareholders ($0.50 per ordinary share) | — | — | — | (674) | — | (674) | — | (674) | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under stock purchase and award plans | 7 | — | 298 | — | — | 298 | — | 298 | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | (13) | — | (1,171) | — | — | (1,171) | — | (1,171) | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 104 | — | — | 104 | — | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||
October 26, 2018 | 1,346 | $ | — | $ | 27,048 | $ | 25,171 | $ | (2,612) | $ | 49,607 | $ | 107 | $ | 49,714 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 1,269 | — | 1,269 | 2 | 1,271 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 154 | 154 | — | 154 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends to shareholders ($0.50 per ordinary share) | — | — | — | (671) | — | (671) | — | (671) | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under stock purchase and award plans | 2 | — | 82 | — | — | 82 | — | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares | (7) | — | (672) | — | — | (672) | — | (672) | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 60 | — | — | 60 | — | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||
Changes to noncontrolling ownership interests | — | — | — | — | — | — | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||
January 25, 2019 | 1,341 | $ | — | $ | 26,518 | $ | 25,769 | $ | (2,458) | $ | 49,829 | $ | 112 | $ | 49,941 |
Nine months ended | |||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | |||||||||||||||
Operating Activities: | |||||||||||||||||
Net income | $ | 4,167 | $ | 3,468 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 1,991 | 1,992 | |||||||||||||||
Provision for doubtful accounts | 67 | 55 | |||||||||||||||
Deferred income taxes | (793) | (205) | |||||||||||||||
Stock-based compensation | 235 | 228 | |||||||||||||||
Loss on debt extinguishment | 406 | — | |||||||||||||||
Other, net | 140 | 111 | |||||||||||||||
Change in operating assets and liabilities, net of acquisitions and divestitures: | |||||||||||||||||
Accounts receivable, net | (119) | (140) | |||||||||||||||
Inventories, net | (346) | (367) | |||||||||||||||
Accounts payable and accrued liabilities | 103 | 211 | |||||||||||||||
Other operating assets and liabilities | (67) | (433) | |||||||||||||||
Net cash provided by operating activities | 5,784 | 4,920 | |||||||||||||||
Investing Activities: | |||||||||||||||||
Acquisitions, net of cash acquired | (199) | (1,615) | |||||||||||||||
Additions to property, plant, and equipment | (877) | (799) | |||||||||||||||
Purchases of investments | (8,249) | (1,987) | |||||||||||||||
Sales and maturities of investments | 5,791 | 4,159 | |||||||||||||||
Other investing activities | (34) | (3) | |||||||||||||||
Net cash used in investing activities | (3,568) | (245) | |||||||||||||||
Financing Activities: | |||||||||||||||||
Change in current debt obligations, net | 17 | (696) | |||||||||||||||
Issuance of long-term debt | 5,568 | 3 | |||||||||||||||
Payments on long-term debt | (5,606) | (29) | |||||||||||||||
Dividends to shareholders | (2,170) | (2,022) | |||||||||||||||
Issuance of ordinary shares | 585 | 891 | |||||||||||||||
Repurchase of ordinary shares | (1,208) | (2,728) | |||||||||||||||
Other financing activities | (74) | 10 | |||||||||||||||
Net cash used in financing activities | (2,888) | (4,571) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (12) | (70) | |||||||||||||||
Net change in cash and cash equivalents | (684) | 34 | |||||||||||||||
Cash and cash equivalents at beginning of period | 4,393 | 3,669 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 3,709 | $ | 3,703 | |||||||||||||
Supplemental Cash Flow Information | |||||||||||||||||
Cash paid for: | |||||||||||||||||
Income taxes | $ | 639 | $ | 1,206 | |||||||||||||
Interest | 348 | 540 | |||||||||||||||
Three months ended(1) | Nine months ended(1) | ||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||
Cardiac Rhythm & Heart Failure | $ | 1,393 | $ | 1,397 | $ | 4,201 | $ | 4,295 | |||||||||||||||||||||||||||
Coronary & Structural Heart | 948 | 913 | 2,844 | 2,736 | |||||||||||||||||||||||||||||||
Aortic, Peripheral, & Venous | 478 | 476 | 1,420 | 1,424 | |||||||||||||||||||||||||||||||
Cardiac and Vascular Group | 2,819 | 2,786 | 8,464 | 8,455 | |||||||||||||||||||||||||||||||
Surgical Innovations | 1,474 | 1,434 | 4,345 | 4,224 | |||||||||||||||||||||||||||||||
Respiratory, Gastrointestinal, & Renal | 702 | 690 | 2,073 | 1,999 | |||||||||||||||||||||||||||||||
Minimally Invasive Therapies Group | 2,176 | 2,124 | 6,418 | 6,223 | |||||||||||||||||||||||||||||||
Brain Therapies | 795 | 732 | 2,307 | 2,107 | |||||||||||||||||||||||||||||||
Spine | 674 | 655 | 2,023 | 1,963 | |||||||||||||||||||||||||||||||
Specialty Therapies | 340 | 325 | 996 | 956 | |||||||||||||||||||||||||||||||
Pain Therapies | 303 | 314 | 910 | 942 | |||||||||||||||||||||||||||||||
Restorative Therapies Group | 2,111 | 2,026 | 6,235 | 5,968 | |||||||||||||||||||||||||||||||
Diabetes Group | 610 | 610 | 1,798 | 1,765 | |||||||||||||||||||||||||||||||
Total | $ | 7,717 | $ | 7,546 | $ | 22,916 | $ | 22,411 |
U.S.(1)(4) | Non-U.S. Developed Markets(2)(4) | Emerging Markets(3)(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Three months ended | Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Cardiac and Vascular Group | $ | 1,366 | $ | 1,369 | $ | 915 | $ | 924 | $ | 538 | $ | 493 | |||||||||||||||||||||||||||||||||||||||||
Minimally Invasive Therapies Group | 934 | 930 | 791 | 796 | 451 | 398 | |||||||||||||||||||||||||||||||||||||||||||||||
Restorative Therapies Group | 1,409 | 1,354 | 436 | 435 | 266 | 237 | |||||||||||||||||||||||||||||||||||||||||||||||
Diabetes Group | 312 | 348 | 236 | 213 | 63 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,021 | $ | 4,001 | $ | 2,377 | $ | 2,368 | $ | 1,318 | $ | 1,177 | |||||||||||||||||||||||||||||||||||||||||
U.S.(1)(4) | Non-U.S. Developed Markets(2)(4) | Emerging Markets(3)(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended | Nine months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Cardiac and Vascular Group | $ | 4,182 | $ | 4,240 | $ | 2,735 | $ | 2,766 | $ | 1,547 | $ | 1,449 | |||||||||||||||||||||||||||||||||||||||||
Minimally Invasive Therapies Group | 2,769 | 2,659 | 2,364 | 2,396 | 1,285 | 1,168 | |||||||||||||||||||||||||||||||||||||||||||||||
Restorative Therapies Group | 4,187 | 4,005 | 1,278 | 1,275 | 770 | 688 | |||||||||||||||||||||||||||||||||||||||||||||||
Diabetes Group | 930 | 1,006 | 693 | 619 | 176 | 140 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 12,068 | $ | 11,910 | $ | 7,069 | $ | 7,056 | $ | 3,778 | $ | 3,445 |
(in millions) | Mazor Robotics | ||||
Cash and cash equivalents | $ | 109 | |||
Investments | 52 | ||||
Accounts receivable | 9 | ||||
Inventory | 5 | ||||
Other current assets | 1 | ||||
Property, plant, and equipment | 3 | ||||
Goodwill | 1,318 | ||||
Other intangible assets | 399 | ||||
Tax assets | 9 | ||||
Total assets acquired | 1,905 | ||||
Current liabilities | 210 | ||||
Deferred tax liabilities | 21 | ||||
Total liabilities assumed | 231 | ||||
Net assets acquired | $ | 1,674 |
(in millions) | HeartWare International, Inc. | All Other | |||||
Other current assets | $ | 351 | $ | 3 | |||
Property, plant, and equipment | 14 | 6 | |||||
Other intangible assets | 625 | 93 | |||||
Goodwill | 481 | 27 | |||||
Other assets | 84 | — | |||||
Total assets acquired | 1,555 | 129 | |||||
Current liabilities | 143 | 2 | |||||
Deferred tax liabilities | 6 | 3 | |||||
Long-term debt | 245 | — | |||||
Other liabilities | 89 | — | |||||
Total liabilities assumed | 483 | 5 | |||||
Net assets acquired | $ | 1,072 | $ | 124 |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||
Beginning balance | $ | 260 | $ | 203 | $ | 222 | $ | 173 | |||||||||||||||||||||||||||
Purchase price contingent consideration | 45 | 5 | 110 | 51 | |||||||||||||||||||||||||||||||
Payments | (3) | (1) | (32) | (8) | |||||||||||||||||||||||||||||||
Change in fair value | 2 | (59) | 4 | (68) | |||||||||||||||||||||||||||||||
Ending balance | $ | 304 | $ | 148 | $ | 304 | $ | 148 |
Fair Value at | ||||||||||||||||||||||||||
(in millions) | January | Valuation Technique | Unobservable Input | Range | ||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
$ | Discounted cash flow | Probability of payment | 30% - 100% | |||||||||||||||||||||||
Projected fiscal year of payment | ||||||||||||||||||||||||||
Discount rate | 5.5% | |||||||||||||||||||||||||
Product development and other milestone-based payments | $ | Discounted cash flow | Probability of payment | 75% - 100% | ||||||||||||||||||||||
Projected fiscal year of payment |
Three months ended | Nine months ended | ||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | |||||||||||
Beginning Balance | $ | 190 | $ | 285 | $ | 246 | $ | 377 | |||||||
Purchase price contingent consideration | 13 | (4 | ) | 28 | 28 | ||||||||||
Payments | (20 | ) | (23 | ) | (66 | ) | (62 | ) | |||||||
Change in fair value | (12 | ) | 4 | (37 | ) | (81 | ) | ||||||||
Ending Balance | $ | 171 | $ | 262 | $ | 171 | $ | 262 |
(in millions) | April 28, 2017 | |||
Inventories, net | $ | 371 | ||
Property, plant, and equipment, net | 689 | |||
Goodwill | 2,910 | |||
Other intangible assets, net | 2,320 | |||
Total assets held for sale | $ | 6,290 | ||
Other accrued expenses | $ | 34 | ||
Accrued compensation and retirement benefits | 12 | |||
Deferred tax liabilities | 707 | |||
Other liabilities | 1 | |||
Total liabilities held for sale | $ | 754 |
(in millions) | Employee Termination Benefits | Associated Costs(1) | Asset Write-Downs(2) | Other Costs | Total | ||||||||||||||||||||||||||||||||||||
April 26, 2019 | $ | 101 | $ | 9 | $ | — | $ | 12 | $ | 122 | |||||||||||||||||||||||||||||||
Charges | 91 | 223 | 6 | 8 | 328 | ||||||||||||||||||||||||||||||||||||
Cash payments | (118) | (223) | — | (8) | (349) | ||||||||||||||||||||||||||||||||||||
Settled non-cash | — | — | (6) | — | (6) | ||||||||||||||||||||||||||||||||||||
Accrual adjustments | (5) | — | — | (8) | (13) | ||||||||||||||||||||||||||||||||||||
January 24, 2020 | $ | 69 | $ | 9 | $ | — | $ | 4 | $ | 82 |
(in millions) | Employee Termination Benefits | Associated Costs(1) | Total | ||||||||
April 28, 2017 | $ | — | $ | — | $ | — | |||||
Charges | 9 | 23 | 32 | ||||||||
Cash payments | — | (23 | ) | (23 | ) | ||||||
January 26, 2018 | $ | 9 | $ | — | $ | 9 |
(1)Associated costs include costs incurred as a direct result |
(in millions) | Employee Termination Benefits | Other Costs | Total | ||||||||
April 28, 2017 | $ | 261 | $ | 30 | $ | 291 | |||||
Charges | 25 | 20 | 45 | ||||||||
Cash payments | (119 | ) | (30 | ) | (149 | ) | |||||
Accrual adjustments | (17 | ) | 2 | (15 | ) | ||||||
January 26, 2018 | $ | 150 | $ | 22 | $ | 172 |
January 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation | Balance Sheet Classification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Cost | Unrealized Gains | Unrealized Losses | Fair Value | Investments | Other Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 623 | $ | 17 | $ | — | $ | 640 | $ | 640 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 2: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 5,155 | 52 | (8) | 5,199 | 5,199 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | 900 | — | — | 900 | 900 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 655 | 13 | (13) | 655 | 655 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government and agency securities | 13 | — | — | 13 | 13 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 511 | 3 | (2) | 512 | 512 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Level 2 | 7,234 | 68 | (23) | 7,279 | 7,279 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auction rate securities | 36 | — | (3) | 33 | — | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale debt securities | $ | 7,893 | $ | 85 | $ | (26) | $ | 7,952 | $ | 7,919 | $ | 33 |
Valuation | Balance Sheet Classification | ||||||||||||||||||||||
(in millions) | Cost | Unrealized Gains | Unrealized Losses | Fair Value | Investments | Other Assets | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Level 1: | |||||||||||||||||||||||
U.S. government and agency securities | $ | 618 | $ | — | $ | (16 | ) | $ | 602 | $ | 602 | $ | — | ||||||||||
Marketable equity securities | 69 | 126 | (2 | ) | 193 | — | 193 | ||||||||||||||||
Total Level 1 | 687 | 126 | (18 | ) | 795 | 602 | 193 | ||||||||||||||||
Level 2: | |||||||||||||||||||||||
Corporate debt securities | 4,254 | 42 | (30 | ) | 4,266 | 4,266 | — | ||||||||||||||||
U.S. government and agency securities | 882 | — | (18 | ) | 864 | 864 | — | ||||||||||||||||
Mortgage-backed securities | 753 | 3 | (26 | ) | 730 | 730 | — | ||||||||||||||||
Foreign government and agency securities | 66 | — | (1 | ) | 65 | 65 | — | ||||||||||||||||
Other asset-backed securities | 337 | 1 | (2 | ) | 336 | 336 | — | ||||||||||||||||
Debt funds | 939 | 7 | (126 | ) | 820 | 820 | — | ||||||||||||||||
Total Level 2 | 7,231 | 53 | (203 | ) | 7,081 | 7,081 | — | ||||||||||||||||
Level 3: | |||||||||||||||||||||||
Corporate debt securities | 1 | — | — | 1 | — | 1 | |||||||||||||||||
Auction rate securities | 47 | — | (3 | ) | 44 | — | 44 | ||||||||||||||||
Total Level 3 | 48 | — | (3 | ) | 45 | — | 45 | ||||||||||||||||
Investments measured at net asset value(1): | |||||||||||||||||||||||
Debt funds | 400 | — | (5 | ) | 395 | 395 | — | ||||||||||||||||
Total available-for-sale securities | 8,366 | 179 | (229 | ) | 8,316 | 8,078 | 238 | ||||||||||||||||
Cost method, equity method, and other investments: | |||||||||||||||||||||||
Level 3: | |||||||||||||||||||||||
Cost method, equity method, and other investments | 407 | — | — | N/A | — | 407 | |||||||||||||||||
Total Level 3 | 407 | — | — | N/A | — | 407 | |||||||||||||||||
Total cost method, equity method, and other investments | 407 | — | — | N/A | — | 407 | |||||||||||||||||
Total investments | $ | 8,773 | $ | 179 | $ | (229 | ) | $ | 8,316 | $ | 8,078 | $ | 645 |
April 26, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation | Balance Sheet Classification | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Cost | Unrealized Gains | Unrealized Losses | Fair Value | Investments | Other Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 529 | $ | 1 | $ | (7) | $ | 523 | $ | 523 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 2: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 3,500 | 14 | (21) | 3,493 | 3,493 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | 387 | 1 | (7) | 381 | 381 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 537 | 3 | (20) | 520 | 520 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government and agency securities | 11 | — | — | 11 | 11 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 529 | 1 | (3) | 527 | 527 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Level 2 | 4,964 | 19 | (51) | 4,932 | 4,932 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auction rate securities | 47 | — | (3) | 44 | — | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale debt securities | $ | 5,540 | $ | 20 | $ | (61) | $ | 5,499 | $ | 5,455 | $ | 44 |
Valuation | Balance Sheet Classification | ||||||||||||||||||||||
(in millions) | Cost | Unrealized Gains | Unrealized Losses | Fair Value | Investments | Other Assets | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Level 1: | |||||||||||||||||||||||
U.S. government and agency securities | $ | 613 | $ | 2 | $ | (5 | ) | $ | 610 | $ | 610 | $ | — | ||||||||||
Marketable equity securities | 58 | 49 | (4 | ) | 103 | — | 103 | ||||||||||||||||
Total Level 1 | 671 | 51 | (9 | ) | 713 | 610 | 103 | ||||||||||||||||
Level 2: | |||||||||||||||||||||||
Corporate debt securities | 4,643 | 62 | (23 | ) | 4,682 | 4,682 | — | ||||||||||||||||
U.S. government and agency securities | 860 | — | (10 | ) | 850 | 850 | — | ||||||||||||||||
Mortgage-backed securities | 766 | 9 | (16 | ) | 759 | 759 | — | ||||||||||||||||
Foreign government and agency securities | 49 | — | — | 49 | 49 | — | |||||||||||||||||
Other asset-backed securities | 228 | 1 | (1 | ) | 228 | 228 | — | ||||||||||||||||
Debt funds | 1,246 | 4 | (178 | ) | 1,072 | 1,072 | — | ||||||||||||||||
Total Level 2 | 7,792 | 76 | (228 | ) | 7,640 | 7,640 | — | ||||||||||||||||
Level 3: | |||||||||||||||||||||||
Corporate debt securities | 1 | — | — | 1 | — | 1 | |||||||||||||||||
Auction rate securities | 47 | — | (3 | ) | 44 | — | 44 | ||||||||||||||||
Total Level 3 | 48 | — | (3 | ) | 45 | — | 45 | ||||||||||||||||
Investments measured at net asset value(1): | |||||||||||||||||||||||
Debt funds | 497 | — | (6 | ) | 491 | 491 | — | ||||||||||||||||
Total available-for-sale securities | 9,008 | 127 | (246 | ) | 8,889 | 8,741 | 148 | ||||||||||||||||
Cost method, equity method, and other investments: | |||||||||||||||||||||||
Level 3: | |||||||||||||||||||||||
Cost method, equity method, and other investments | 589 | — | — | N/A | — | 589 | |||||||||||||||||
Total Level 3 | 589 | — | — | N/A | — | 589 | |||||||||||||||||
Total cost method, equity method, and other investments | 589 | — | — | N/A | — | 589 | |||||||||||||||||
Total investments | $ | 9,597 | $ | 127 | $ | (246 | ) | $ | 8,889 | $ | 8,741 | $ | 737 |
January 24, 2020 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 months | More than 12 months | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 96 | $ | — | $ | 40 | $ | — | |||||||||||||||||||||||||||||||||
Corporate debt securities | 371 | (3) | 65 | (5) | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 82 | (1) | 63 | (12) | |||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 23 | — | 165 | (2) | |||||||||||||||||||||||||||||||||||||
Auction rate securities | — | — | 33 | (3) | |||||||||||||||||||||||||||||||||||||
Total | $ | 572 | $ | (4) | $ | 366 | $ | (22) |
January 26, 2018 | |||||||||||||||
Less than 12 months | More than 12 months | ||||||||||||||
(in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||
Corporate debt securities | $ | 1,675 | $ | (19 | ) | $ | 295 | $ | (11 | ) | |||||
Auction rate securities | — | — | 44 | (3 | ) | ||||||||||
Mortgage-backed securities | 435 | (9 | ) | 107 | (17 | ) | |||||||||
U.S. government and agency securities | 658 | (20 | ) | 454 | (14 | ) | |||||||||
Foreign government and agency securities | — | — | 36 | (1 | ) | ||||||||||
Debt funds | — | — | 1,001 | (131 | ) | ||||||||||
Other asset-backed securities | 184 | (1 | ) | 61 | (1 | ) | |||||||||
Marketable equity securities | — | — | 1 | (2 | ) | ||||||||||
Total | $ | 2,952 | $ | (49 | ) | $ | 1,999 | $ | (180 | ) |
April 28, 2017 | |||||||||||||||
Less than 12 months | More than 12 months | ||||||||||||||
(in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||
Corporate debt securities | $ | 1,263 | $ | (19 | ) | $ | 46 | $ | (4 | ) | |||||
Auction rate securities | — | — | 44 | (3 | ) | ||||||||||
Mortgage-backed securities | 276 | (4 | ) | 95 | (12 | ) | |||||||||
U.S. government and agency securities | 896 | (15 | ) | — | — | ||||||||||
Other asset-backed securities | 127 | (1 | ) | — | — | ||||||||||
Debt funds | 173 | (1 | ) | 1,125 | (183 | ) | |||||||||
Marketable equity securities | 14 | (3 | ) | 2 | (1 | ) | |||||||||
Total | $ | 2,749 | $ | (43 | ) | $ | 1,312 | $ | (203 | ) |
April 26, 2019 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 months | More than 12 months | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||
U.S. government and agency securities | $ | 130 | $ | (1) | $ | 649 | $ | (13) | |||||||||||||||||||||||||||||||||
Corporate debt securities | 582 | (5) | 1,153 | (16) | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 73 | (1) | 250 | (19) | |||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 290 | (2) | 85 | (1) | |||||||||||||||||||||||||||||||||||||
Auction rate securities | — | — | 44 | (3) | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,075 | $ | (9) | $ | 2,181 | $ | (52) |
Three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
January 26, 2018 | January 27, 2017 | Three months ended | Nine months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Debt(1) | Equity(2) | Debt(1) | Equity(2) | (in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 667 | $ | 39 | $ | 661 | $ | 1 | Proceeds from sales | $ | 2,531 | $ | 1,301 | $ | 5,789 | $ | 3,217 | |||||||||||||||||||||||||||||||||
Gross realized gains | 3 | 8 | 10 | — | Gross realized gains | 9 | 9 | 17 | 17 | |||||||||||||||||||||||||||||||||||||||||
Gross realized losses | (2 | ) | — | (7 | ) | — | Gross realized losses | (2) | (36) | (13) | (55) | |||||||||||||||||||||||||||||||||||||||
Impairment losses recognized | — | (227 | ) | — | (10 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
January 26, 2018 | January 27, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Debt(1) | Equity(2) | Debt(1) | Equity(2) | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 3,021 | $ | 39 | $ | 4,203 | $ | 83 | ||||||||||||||||||||||||||||||||||||||||||
Gross realized gains | 22 | 15 | 74 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||
Gross realized losses | (17 | ) | — | (56 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Impairment losses recognized | — | (228 | ) | — | (20 | ) |
(in millions) | January 24, 2020 | ||||
Due in one year or less | $ | 3,595 | |||
Due after one year through five years | 2,727 | ||||
Due after five years through ten years | 1,577 | ||||
Due after ten years | 53 | ||||
Total | $ | 7,952 |
(in millions) | January 26, 2018 | ||
Due in one year or less | $ | 885 | |
Due after one year through five years | 2,748 | ||
Due after five years through ten years | 3,161 | ||
Due after ten years | 114 | ||
Total | $ | 6,908 |
(in millions) | January 24, 2020 | April 26, 2019 | ||||||||||||
Investments with readily determinable fair value (marketable equity securities) | $ | 39 | $ | — | ||||||||||
Investments without readily determinable fair values | 373 | 308 | ||||||||||||
Equity method and other investments | 68 | 64 | ||||||||||||
Total equity and other investments | $ | 480 | $ | 372 |
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | ||||||||||||||||||||||||||||||||||
Proceeds from sales | $ | — | $ | 33 | $ | 2 | $ | 941 | ||||||||||||||||||||||||||||||
Gross gains | 1 | 8 | 16 | 131 | ||||||||||||||||||||||||||||||||||
Gross losses | — | (1) | — | (30) | ||||||||||||||||||||||||||||||||||
Impairment losses recognized | (1) | — | (5) | (12) |
(in millions, except interest rates) | Maturity by Fiscal Year | January 26, 2018 | April 28, 2017 | |||||||||||||||||||||||||||
(in millions) | (in millions) | Maturity by Fiscal Year | January 24, 2020 | April 26, 2019 | ||||||||||||||||||||||||||
Current debt obligations | 2018 - 2019 | $ | 2,902 | $ | 7,520 | Current debt obligations | 2020 - 2021 | $ | 844 | $ | 838 | |||||||||||||||||||
Long-term debt | Long-term debt | |||||||||||||||||||||||||||||
5.600 percent ten-year 2009 senior notes | 2019 | 400 | 400 | |||||||||||||||||||||||||||
1.700 percent two-year 2017 senior notes | 2019 | 1,000 | 1,000 | |||||||||||||||||||||||||||
4.450 percent ten-year 2010 senior notes | 2020 | 766 | 766 | |||||||||||||||||||||||||||
2.500 percent five-year 2015 senior notes | 2020 | 2,500 | 2,500 | |||||||||||||||||||||||||||
Floating rate five-year 2015 senior notes | 2020 | 500 | 500 | |||||||||||||||||||||||||||
4.200 percent ten-year 2010 CIFSA senior notes | 2021 | 600 | 600 | |||||||||||||||||||||||||||
4.125 percent ten-year 2011 senior notes | 2021 | 500 | 500 | |||||||||||||||||||||||||||
3.125 percent ten-year 2012 senior notes | 2022 | 675 | 675 | |||||||||||||||||||||||||||
3.150 percent seven-year 2015 senior notes | 2022 | 2,500 | 2,500 | |||||||||||||||||||||||||||
3.200 percent ten-year 2012 CIFSA senior notes | 2023 | 650 | 650 | |||||||||||||||||||||||||||
2.750 percent ten-year 2013 senior notes | 2023 | 530 | 530 | |||||||||||||||||||||||||||
2.950 percent ten-year 2013 CIFSA senior notes | 2024 | 310 | 310 | |||||||||||||||||||||||||||
3.625 percent ten-year 2014 senior notes | 2024 | 850 | 850 | |||||||||||||||||||||||||||
3.500 percent ten-year 2015 senior notes | 2025 | 4,000 | 4,000 | |||||||||||||||||||||||||||
3.350 percent ten-year 2017 senior notes | 2027 | 850 | 850 | |||||||||||||||||||||||||||
4.375 percent twenty-year 2015 senior notes | 2035 | 2,382 | 2,382 | |||||||||||||||||||||||||||
6.550 percent thirty-year 2008 CIFSA senior notes | 2038 | 374 | 374 | |||||||||||||||||||||||||||
6.500 percent thirty-year 2009 senior notes | 2039 | 300 | 300 | |||||||||||||||||||||||||||
5.550 percent thirty-year 2010 senior notes | 2040 | 500 | 500 | |||||||||||||||||||||||||||
4.500 percent thirty-year 2012 senior notes | 2042 | 400 | 400 | |||||||||||||||||||||||||||
4.000 percent thirty-year 2013 senior notes | 2043 | 325 | 325 | |||||||||||||||||||||||||||
4.625 percent thirty-year 2014 senior notes | 2044 | 650 | 650 | |||||||||||||||||||||||||||
4.625 percent thirty-year 2015 senior notes | 2045 | 4,150 | 4,150 | |||||||||||||||||||||||||||
Interest rate swaps (Note 9) | 2021 - 2022 | 10 | 40 | |||||||||||||||||||||||||||
Capital lease obligations | 2019 - 2025 | 22 | 23 | |||||||||||||||||||||||||||
0.000 percent two-year 2019 senior notes | 0.000 percent two-year 2019 senior notes | 2021 | 1,662 | 1,681 | ||||||||||||||||||||||||||
Floating rate two-year 2019 senior notes | Floating rate two-year 2019 senior notes | 2021 | 831 | 560 | ||||||||||||||||||||||||||
4.125 percent ten-year 2011 senior notes | 4.125 percent ten-year 2011 senior notes | 2021 | — | 500 | ||||||||||||||||||||||||||
3.150 percent seven-year 2015 senior notes | 3.150 percent seven-year 2015 senior notes | 2022 | 1,534 | 2,500 | ||||||||||||||||||||||||||
3.125 percent ten-year 2012 senior notes | 3.125 percent ten-year 2012 senior notes | 2022 | — | 675 | ||||||||||||||||||||||||||
3.200 percent ten-year 2012 CIFSA senior notes | 3.200 percent ten-year 2012 CIFSA senior notes | 2023 | 650 | 650 | ||||||||||||||||||||||||||
0.375 percent four-year 2019 senior notes | 0.375 percent four-year 2019 senior notes | 2023 | 1,662 | 1,681 | ||||||||||||||||||||||||||
2.750 percent ten-year 2013 senior notes | 2.750 percent ten-year 2013 senior notes | 2023 | 530 | 530 | ||||||||||||||||||||||||||
0.000 percent four-year 2019 senior notes | 0.000 percent four-year 2019 senior notes | 2023 | 831 | — | ||||||||||||||||||||||||||
2.950 percent ten-year 2013 CIFSA senior notes | 2.950 percent ten-year 2013 CIFSA senior notes | 2024 | 310 | 310 | ||||||||||||||||||||||||||
3.625 percent ten-year 2014 senior notes | 3.625 percent ten-year 2014 senior notes | 2024 | 432 | 850 | ||||||||||||||||||||||||||
3.500 percent ten-year 2015 senior notes | 3.500 percent ten-year 2015 senior notes | 2025 | 2,700 | 4,000 | ||||||||||||||||||||||||||
0.250 percent seven-year 2019 senior notes | 0.250 percent seven-year 2019 senior notes | 2026 | 1,108 | — | ||||||||||||||||||||||||||
1.125 percent eight-year 2019 senior notes | 1.125 percent eight-year 2019 senior notes | 2027 | 1,662 | 1,681 | ||||||||||||||||||||||||||
3.350 percent ten-year 2017 senior notes | 3.350 percent ten-year 2017 senior notes | 2027 | 368 | 850 | ||||||||||||||||||||||||||
1.625 percent twelve-year 2019 senior notes | 1.625 percent twelve-year 2019 senior notes | 2031 | 1,108 | 1,121 | ||||||||||||||||||||||||||
1.000 percent thirteen-year 2019 senior notes | 1.000 percent thirteen-year 2019 senior notes | 2032 | 1,108 | — | ||||||||||||||||||||||||||
4.375 percent twenty-year 2015 senior notes | 4.375 percent twenty-year 2015 senior notes | 2035 | 1,931 | 2,382 | ||||||||||||||||||||||||||
6.550 percent thirty-year 2007 CIFSA senior notes | 6.550 percent thirty-year 2007 CIFSA senior notes | 2038 | 253 | 284 | ||||||||||||||||||||||||||
2.250 percent twenty-year 2019 senior notes | 2.250 percent twenty-year 2019 senior notes | 2039 | 1,108 | 1,121 | ||||||||||||||||||||||||||
6.500 percent thirty-year 2009 senior notes | 6.500 percent thirty-year 2009 senior notes | 2039 | 158 | 183 | ||||||||||||||||||||||||||
5.550 percent thirty-year 2010 senior notes | 5.550 percent thirty-year 2010 senior notes | 2040 | 224 | 306 | ||||||||||||||||||||||||||
1.500 percent twenty-year 2019 senior notes | 1.500 percent twenty-year 2019 senior notes | 2040 | 1,108 | — | ||||||||||||||||||||||||||
4.500 percent thirty-year 2012 senior notes | 4.500 percent thirty-year 2012 senior notes | 2042 | 105 | 129 | ||||||||||||||||||||||||||
4.000 percent thirty-year 2013 senior notes | 4.000 percent thirty-year 2013 senior notes | 2043 | 305 | 325 | ||||||||||||||||||||||||||
4.625 percent thirty-year 2014 senior notes | 4.625 percent thirty-year 2014 senior notes | 2044 | 127 | 177 | ||||||||||||||||||||||||||
4.625 percent thirty-year 2015 senior notes | 4.625 percent thirty-year 2015 senior notes | 2045 | 1,813 | 1,963 | ||||||||||||||||||||||||||
1.750 percent thirty-year 2019 senior notes | 1.750 percent thirty-year 2019 senior notes | 2050 | 1,108 | — | ||||||||||||||||||||||||||
Bank borrowings | 2019 - 2021 | 165 | 139 | Bank borrowings | 2021 - 2022 | 70 | 83 | |||||||||||||||||||||||
Debt premium, net | 2019 - 2045 | 123 | 135 | |||||||||||||||||||||||||||
Debt (discount) premium, net | Debt (discount) premium, net | 2020 - 2050 | (15) | 29 | ||||||||||||||||||||||||||
Finance lease obligations | Finance lease obligations | 2021 - 2033 | 47 | 10 | ||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | N/A | — | 9 | ||||||||||||||||||||||||||
Deferred financing costs | 2019 - 2045 | (114 | ) | (128 | ) | Deferred financing costs | 2020 - 2050 | (106) | (104) | |||||||||||||||||||||
Long-term debt | $ | 25,918 | $ | 25,921 | Long-term debt | $ | 24,732 | $ | 24,486 |
Three months ended | Nine months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Classification | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | (in millions) | Classification | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Currency exchange rate contract (losses) gains | Other expense, net | $ | (181 | ) | $ | 67 | $ | (318 | ) | $ | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Currency exchange rate contracts | Currency exchange rate contracts | Other operating (income) expense, net | $ | 2 | $ | 30 | $ | (4) | $ | (171) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps | Total return swaps | Other operating (income) expense, net | (17) | — | (22) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | (15) | $ | 30 | $ | (26) | $ | (171) |
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | ||||||||||||||||||||||||||||||||||
Currency exchange rate contracts | $ | (41) | $ | (25) | $ | (144) | $ | (469) |
Three months ended January 26, 2018 | ||||||||||
Recognized in AOCI | Recognized in Income | |||||||||
(in millions) | Amount | Classification | Amount | |||||||
Currency exchange rate contracts | $ | (287 | ) | Other expense, net | $ | (11 | ) | |||
Three months ended January 27, 2017 | ||||||||||
Recognized in AOCI | Recognized in Income | |||||||||
(in millions) | Amount | Classification | Amount | |||||||
Currency exchange rate contracts | $ | 190 | Other expense, net | $ | 68 | |||||
Nine months ended January 26, 2018 | ||||||||||
Recognized in AOCI | Recognized in Income | |||||||||
(in millions) | Amount | Classification | Amount | |||||||
Currency exchange rate contracts | $ | (507 | ) | Other expense, net | $ | 1 | ||||
Nine months ended January 27, 2017 | ||||||||||
Recognized in AOCI | Recognized in Income | |||||||||
(in millions) | Amount | Classification | Amount | |||||||
Currency exchange rate contracts | $ | 378 | Other expense, net | $ | 89 |
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||
January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||||||
(in millions) | Other operating (income) expense, net | Other operating (income) expense, net | Other operating (income) expense, net | Other operating (income) expense, net | ||||||||||||||||||||||||||||||||||
Total amounts of income and expense line items presented in the consolidated statements of income in which the effects of cash flow hedges are recorded | $ | (39) | $ | 57 | $ | 88 | $ | 278 | ||||||||||||||||||||||||||||||
Currency exchange rate contracts designated as cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Amount of (gain) loss reclassified from AOCI into income | (82) | (48) | (206) | (56) |
(in millions) | Carrying Amount of Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | ||||||||||||||||||||||||||||||||||||
Location on the Consolidated Balance Sheet | January 24, 2020 | April 26, 2019 | January 24, 2020 | April 26, 2019 | ||||||||||||||||||||||||||||||||||
Long-term debt | $ | — | $ | (1,175) | $ | — | $ | 9 | ||||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | Classification | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||||||||||
Net investment hedges | Other operating (income) expense, net | $ | — | $ | — | $ | (7) | $ | — |
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | ||||||||||||||||||||||||||||||||||
Net investment hedges | $ | (35) | $ | — | $ | (187) | $ | — |
January 24, 2020 | |||||||||||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | |||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Currency exchange rate contracts | Other current assets | $ | 183 | Other accrued expenses | $ | 11 | |||||||||||||||||||||||||||||||||||
Currency exchange rate contracts | Other assets | 75 | Other liabilities | 12 | |||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | 258 | 23 | |||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Currency exchange rate contracts | Other current assets | 9 | Other accrued expenses | 10 | |||||||||||||||||||||||||||||||||||||
Total return swap | Other current assets | 16 | Other accrued expenses | — | |||||||||||||||||||||||||||||||||||||
Cross currency interest rate contracts | Other current assets | 1 | Other accrued expenses | — | |||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 26 | 10 | |||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 284 | $ | 33 |
January 26, 2018 | |||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||
(in millions) | Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | |||||||
Derivatives designated as hedging instruments | |||||||||||
Currency exchange rate contracts | Other current assets | $ | 23 | Other accrued expenses | $ | 249 | |||||
Interest rate contracts | Other assets | 15 | Other liabilities | 5 | |||||||
Currency exchange rate contracts | Other assets | 8 | Other liabilities | 113 | |||||||
Total derivatives designated as hedging instruments | $ | 46 | $ | 367 | |||||||
Derivatives not designated as hedging instruments | |||||||||||
Currency exchange rate contracts | Other current assets | $ | 52 | Other accrued expenses | $ | 73 | |||||
Total return swap | Other current assets | 22 | Other accrued expenses | — | |||||||
Stock warrants | Other assets | 29 | Other liabilities | — | |||||||
Cross currency interest rate contracts | Other assets | 6 | Other liabilities | 8 | |||||||
Total derivatives not designated as hedging instruments | $ | 109 | $ | 81 | |||||||
Total derivatives | $ | 155 | $ | 448 |
April 28, 2017 | |||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||
(in millions) | Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | |||||||
Derivatives designated as hedging instruments | |||||||||||
Currency exchange rate contracts | Other current assets | $ | 152 | Other accrued expenses | $ | 43 | |||||
Interest rate contracts | Other assets | 41 | Other liabilities | — | |||||||
Currency exchange rate contracts | Other assets | 48 | Other liabilities | 14 | |||||||
Total derivatives designated as hedging instruments | $ | 241 | $ | 57 | |||||||
Derivatives not designated as hedging instruments | |||||||||||
Currency exchange rate contracts | Other current assets | 16 | Other accrued expenses | 36 | |||||||
Cross currency interest rate contracts | Other assets | 5 | Other liabilities | 11 | |||||||
Total derivatives not designated as hedging instruments | $ | 21 | $ | 47 | |||||||
Total derivatives | $ | 262 | $ | 104 |
April 26, 2019 | |||||||||||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Balance Sheet Classification | Fair Value | Balance Sheet Classification | Fair Value | |||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Currency exchange rate contracts | Other current assets | $ | 234 | Other accrued expenses | $ | 1 | |||||||||||||||||||||||||||||||||||
Interest rate contracts | Other assets | 9 | Other liabilities | — | |||||||||||||||||||||||||||||||||||||
Currency exchange rate contracts | Other assets | 78 | Other liabilities | 1 | |||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | 321 | 2 | |||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||
Currency exchange rate contracts | Other current assets | 23 | Other accrued expenses | 17 | |||||||||||||||||||||||||||||||||||||
Total return swaps | Other current assets | 15 | Other accrued expenses | — | |||||||||||||||||||||||||||||||||||||
Cross currency interest rate contracts | Other current assets | 6 | Other accrued expenses | — | |||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 44 | 17 | |||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 365 | $ | 19 |
January 26, 2018 | April 28, 2017 | January 24, 2020 | April 26, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 1 | Level 2 | (in millions) | Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | $ | 83 | $ | 72 | $ | 216 | $ | 46 | Derivative assets | $ | 267 | $ | 17 | $ | 335 | $ | 30 | |||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 435 | 13 | 93 | 11 | Derivative liabilities | 33 | — | 19 | — |
January 26, 2018 | January 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amount Not Offset on the Balance Sheet | Gross Amount Not Offset on the Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Gross Amount of Recorded Assets (Liabilities) | Financial Instruments | Collateral (Received) Posted | Net Amount | (in millions) | Gross Amount of Recorded Assets (Liabilities) | Financial Instruments | Cash Collateral Posted (Received) | Net Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency exchange rate contracts | $ | 83 | $ | (56 | ) | $ | — | $ | 27 | Currency exchange rate contracts | $ | 267 | $ | (33) | $ | (5) | $ | 229 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 15 | (12 | ) | — | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps | Total return swaps | 16 | — | — | 16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross currency interest rate contracts | 6 | (2 | ) | — | 4 | Cross currency interest rate contracts | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock warrants | 29 | — | — | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total return swap | 22 | — | — | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 155 | $ | (70 | ) | $ | — | $ | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
284 | (33) | (5) | 246 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency exchange rate contracts | $ | (435 | ) | $ | 66 | $ | 98 | $ | (271 | ) | Currency exchange rate contracts | (33) | 33 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | (5 | ) | 2 | 1 | (2 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross currency interest rate contracts | (8 | ) | 2 | — | (6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | (448 | ) | $ | 70 | $ | 99 | $ | (279 | ) | (33) | 33 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (293 | ) | $ | — | $ | 99 | $ | (194 | ) | Total | $ | 251 | $ | — | $ | (5) | $ | 246 |
April 28, 2017 | ||||||||||||||||
Gross Amount Not Offset on the Balance Sheet | ||||||||||||||||
(in millions) | Gross Amount of Recorded Assets (Liabilities) | Financial Instruments | Collateral (Received) Posted | Net Amount | ||||||||||||
Derivative assets: | ||||||||||||||||
Currency exchange rate contracts | $ | 216 | $ | (58 | ) | $ | (55 | ) | $ | 103 | ||||||
Interest rate contracts | 41 | (15 | ) | (5 | ) | 21 | ||||||||||
Cross currency interest rate contracts | 5 | (2 | ) | — | 3 | |||||||||||
$ | 262 | $ | (75 | ) | $ | (60 | ) | $ | 127 | |||||||
Derivative liabilities: | ||||||||||||||||
Currency exchange rate contracts | $ | (93 | ) | $ | 73 | $ | — | $ | (20 | ) | ||||||
Cross currency interest rate contracts | (11 | ) | 2 | — | (9 | ) | ||||||||||
$ | (104 | ) | $ | 75 | $ | — | $ | (29 | ) | |||||||
Total | $ | 158 | $ | — | $ | (60 | ) | $ | 98 |
April 26, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amount Not Offset on the Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Gross Amount of Recorded Assets (Liabilities) | Financial Instruments | Cash Collateral Posted (Received) | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency exchange rate contracts | $ | 335 | $ | (9) | $ | (43) | $ | 283 | ||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 9 | — | (1) | 8 | ||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps | 15 | — | — | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
Cross currency interest rate contracts | 6 | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||
365 | (9) | (44) | 312 | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency exchange rate contracts | (19) | 9 | — | (10) | ||||||||||||||||||||||||||||||||||||||||||||||
(19) | 9 | — | (10) | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 346 | $ | — | $ | (44) | $ | 302 |
(in millions) | January 24, 2020 | April 26, 2019 | |||||||||
Finished goods | $ | 2,693 | $ | 2,476 | |||||||
Work in-process | 643 | 572 | |||||||||
Raw materials | 786 | 705 | |||||||||
Total | $ | 4,122 | $ | 3,753 |
(in millions) | January 26, 2018 | April 28, 2017 | |||||
Finished goods | $ | 2,472 | $ | 2,211 | |||
Work in-process | 523 | 458 | |||||
Raw materials | 756 | 669 | |||||
Total | $ | 3,751 | $ | 3,338 |
(in millions) | Cardiac and Vascular Group | Minimally Invasive Therapies Group | Restorative Therapies Group | Diabetes Group | Total | (in millions) | Cardiac and Vascular Group | Minimally Invasive Therapies Group | Restorative Therapies Group | Diabetes Group | Total | |||||||||||||||||||||||||||||||||||||
April 28, 2017 | $ | 6,651 | $ | 20,411 | $ | 9,600 | $ | 1,853 | $ | 38,515 | ||||||||||||||||||||||||||||||||||||||
April 26, 2019 | April 26, 2019 | $ | 6,854 | $ | 20,381 | $ | 10,821 | $ | 1,903 | $ | 39,959 | |||||||||||||||||||||||||||||||||||||
Goodwill as a result of acquisitions | — | 11 | 9 | 7 | 27 | Goodwill as a result of acquisitions | — | 11 | 65 | 16 | 92 | |||||||||||||||||||||||||||||||||||||
Purchase accounting adjustments | 54 | — | — | — | 54 | Purchase accounting adjustments | 7 | 2 | 119 | (5) | 123 | |||||||||||||||||||||||||||||||||||||
Currency translation | 110 | 959 | 130 | — | 1,199 | |||||||||||||||||||||||||||||||||||||||||||
January 26, 2018 | $ | 6,815 | $ | 21,381 | $ | 9,739 | $ | 1,860 | $ | 39,795 | ||||||||||||||||||||||||||||||||||||||
Currency translation and other | Currency translation and other | 5 | (59) | (29) | — | (83) | ||||||||||||||||||||||||||||||||||||||||||
January 24, 2020 | January 24, 2020 | $ | 6,866 | $ | 20,335 | $ | 10,976 | $ | 1,914 | $ | 40,091 |
January 24, 2020 | April 26, 2019 | ||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||||||||||||
Definite-lived: | |||||||||||||||||||||||||||||||||||
Customer-related | $ | 16,971 | $ | (4,824) | $ | 16,944 | $ | (4,095) | |||||||||||||||||||||||||||
Purchased technology and patents | 10,640 | (4,178) | 11,405 | (4,570) | |||||||||||||||||||||||||||||||
Trademarks and tradenames | 464 | (228) | 570 | (324) | |||||||||||||||||||||||||||||||
Other | 83 | (54) | 85 | (59) | |||||||||||||||||||||||||||||||
Total | $ | 28,158 | $ | (9,284) | $ | 29,004 | $ | (9,048) | |||||||||||||||||||||||||||
Indefinite-lived: | |||||||||||||||||||||||||||||||||||
IPR&D | $ | 582 | $ | — | $ | 604 | $ | — | |||||||||||||||||||||||||||
January 26, 2018 | April 28, 2017 | ||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||
Definite-lived: | |||||||||||||||
Customer-related | $ | 16,989 | $ | (2,901 | ) | $ | 16,862 | $ | (2,166 | ) | |||||
Purchased technology and patents | 11,548 | (4,248 | ) | 11,461 | (3,690 | ) | |||||||||
Trademarks and tradenames | 822 | (562 | ) | 772 | (461 | ) | |||||||||
Other | 84 | (48 | ) | 77 | (42 | ) | |||||||||
Total | $ | 29,443 | $ | (7,759 | ) | $ | 29,172 | $ | (6,359 | ) | |||||
Indefinite-lived: | |||||||||||||||
IPR&D | $ | 494 | $ | 594 |
(in millions) | Amortization Expense | ||||
Remaining 2020 | $ | 437 | |||
2021 | 1,741 | ||||
2022 | 1,699 | ||||
2023 | 1,634 | ||||
2024 | 1,605 | ||||
2025 | 1,576 | ||||
(in millions) | Amortization Expense | ||
Remaining 2018 | $ | 433 | |
2019 | 1,684 | ||
2020 | 1,631 | ||
2021 | 1,611 | ||
2022 | 1,572 | ||
2023 | 1,494 |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
(in millions, except per share data) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||||||||
Net income attributable to ordinary shareholders | $ | 1,915 | $ | 1,269 | $ | 4,143 | $ | 3,459 | |||||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||||
Basic – weighted average shares outstanding | 1,340.5 | 1,342.8 | 1,340.7 | 1,348.1 | |||||||||||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||||
Employee stock options | 8.4 | 6.9 | 7.8 | 7.9 | |||||||||||||||||||||||||||||||
Employee restricted stock units | 2.6 | 3.0 | 2.9 | 3.2 | |||||||||||||||||||||||||||||||
Other | — | — | 0.2 | 0.3 | |||||||||||||||||||||||||||||||
Diluted – weighted average shares outstanding | 1,351.5 | 1,352.7 | 1,351.6 | 1,359.5 | |||||||||||||||||||||||||||||||
Basic earnings per share | $ | 1.43 | $ | 0.95 | $ | 3.09 | $ | 2.57 | |||||||||||||||||||||||||||
Diluted earnings per share | $ | 1.42 | $ | 0.94 | $ | 3.07 | $ | 2.54 |
Three months ended | Nine months ended | ||||||||||||||
(in millions, except per share data) | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | |||||||||||
Numerator: | |||||||||||||||
Net (loss) income attributable to ordinary shareholders | $ | (1,389 | ) | $ | 821 | $ | 1,644 | $ | 2,865 | ||||||
Denominator: | |||||||||||||||
Basic – weighted average shares outstanding | 1,354.0 | 1,372.2 | 1,357.2 | 1,381.9 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Employee stock options | — | 7.9 | 8.1 | 9.2 | |||||||||||
Employee restricted stock units | — | 3.0 | 3.4 | 3.4 | |||||||||||
Other | — | — | 0.2 | 0.2 | |||||||||||
Diluted – weighted average shares outstanding | 1,354.0 | 1,383.1 | 1,368.9 | 1,394.7 | |||||||||||
Basic (loss) earnings per share | $ | (1.03 | ) | $ | 0.60 | $ | 1.21 | $ | 2.07 | ||||||
Diluted (loss) earnings per share | $ | (1.03 | ) | $ | 0.59 | $ | 1.20 | $ | 2.05 |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Stock options | $ | 12 | $ | 11 | $ | 52 | $ | 62 | |||||||||||||||||||||||||||||||||||||||
Restricted stock | 46 | 43 | 159 | 144 | |||||||||||||||||||||||||||||||||||||||||||
Employee stock purchase plan | 8 | 6 | 24 | 22 | |||||||||||||||||||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 66 | $ | 60 | $ | 235 | $ | 228 | |||||||||||||||||||||||||||||||||||||||
Cost of products sold | $ | 6 | $ | 5 | $ | 22 | $ | 23 | |||||||||||||||||||||||||||||||||||||||
Research and development expense | 9 | 8 | 29 | 29 | |||||||||||||||||||||||||||||||||||||||||||
Selling, general, and administrative expense | 51 | 47 | 184 | 176 | |||||||||||||||||||||||||||||||||||||||||||
Total stock-based compensation expense | 66 | 60 | 235 | 228 | |||||||||||||||||||||||||||||||||||||||||||
Income tax benefits | (11) | (8) | (40) | (40) | |||||||||||||||||||||||||||||||||||||||||||
Total stock-based compensation expense, net of tax | $ | 55 | $ | 52 | $ | 195 | $ | 188 |
Three months ended | Nine months ended | ||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | |||||||||||
Stock options | $ | 28 | $ | 37 | $ | 105 | $ | 128 | |||||||
Restricted stock | 38 | 40 | 145 | 128 | |||||||||||
Employee stock purchase plan | 6 | 5 | 20 | 16 | |||||||||||
Total stock-based compensation expense | $ | 72 | $ | 82 | $ | 270 | $ | 272 | |||||||
Cost of products sold | $ | 10 | $ | 12 | $ | 34 | $ | 38 | |||||||
Research and development expense | 8 | 10 | 29 | 32 | |||||||||||
Selling, general, and administrative expense | 53 | 55 | 187 | 179 | |||||||||||
Restructuring charges, net | — | — | — | 2 | |||||||||||
Acquisition-related items | 1 | 5 | 4 | 21 | |||||||||||
Divestiture-related items | — | — | 16 | — | |||||||||||
Total stock-based compensation expense | 72 | 82 | 270 | 272 | |||||||||||
Income tax benefits | (12 | ) | (23 | ) | (69 | ) | (77 | ) | |||||||
Total stock-based compensation expense, net of tax | $ | 60 | $ | 59 | $ | 201 | $ | 195 |
U.S. | Non-U.S. | |||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 26 | $ | 27 | $ | 15 | $ | 15 | ||||||||||||||||||||||||||||||||||||||||||
Interest cost | 32 | 33 | 7 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (56) | (54) | (15) | (14) | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 14 | 19 | 4 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 16 | $ | 25 | $ | 11 | $ | 11 | ||||||||||||||||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 78 | $ | 81 | $ | 45 | $ | 45 | ||||||||||||||||||||||||||||||||||||||||||
Interest cost | 96 | 99 | 21 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (168) | (162) | (45) | (42) | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 42 | 57 | 11 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 48 | $ | 75 | $ | 32 | $ | 33 |
U.S. | Non-U.S. | ||||||||||||||
Three months ended | Three months ended | ||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | |||||||||||
Service cost | $ | 29 | $ | 29 | $ | 17 | $ | 19 | |||||||
Interest cost | 29 | 27 | 7 | 6 | |||||||||||
Expected return on plan assets | (51 | ) | (47 | ) | (13 | ) | (12 | ) | |||||||
Amortization of net actuarial loss | 20 | 23 | 4 | 4 | |||||||||||
Plan settlement | 15 | — | — | — | |||||||||||
Net periodic benefit cost | $ | 42 | $ | 32 | $ | 15 | $ | 17 |
U.S. | Non-U.S. | ||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | |||||||||||
Service cost | $ | 87 | $ | 87 | $ | 51 | $ | 57 | |||||||
Interest cost | 89 | 81 | 21 | 18 | |||||||||||
Expected return on plan assets | (155 | ) | (141 | ) | (39 | ) | (36 | ) | |||||||
Amortization of net actuarial loss | 60 | 69 | 12 | 12 | |||||||||||
Plan settlement | 15 | — | — | — | |||||||||||
Net periodic benefit cost | $ | 96 | $ | 96 | $ | 45 | $ | 51 |
(in millions) | Balance Sheet Classification | January 24, 2020 | |||||||||
Right-of-use assets | Other assets | $ | 995 | ||||||||
Current liability | Other accrued expenses | 169 | |||||||||
Non-current liability | Other liabilities | 851 | |||||||||
January 24, 2020 | ||||||||
Weighted-average remaining lease term | 7.5 years | |||||||
Weighted-average discount rate | 3.0% |
Three months ended | Nine months ended | |||||||||||||
(in millions) | January 24, 2020 | January 24, 2020 | ||||||||||||
Operating lease cost | $ | 59 | $ | 170 | ||||||||||
Short-term lease cost | 10 | 32 | ||||||||||||
Total operating lease cost | $ | 69 | $ | 202 | ||||||||||
Nine months ended | |||||||||||
(in millions) | January 24, 2020 | ||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 167 | |||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | 178 |
(in millions) Fiscal Year | Operating Leases | |||||||||||||
Remaining 2020 | $ | 81 | ||||||||||||
2021 | 203 | |||||||||||||
2022 | 171 | |||||||||||||
2023 | 147 | |||||||||||||
2024 | 125 | |||||||||||||
Thereafter | 448 | |||||||||||||
Total expected lease payments | 1,175 | |||||||||||||
Less: Imputed interest | (155) | |||||||||||||
Total lease liability | $ | 1,020 |
(in millions) Fiscal Year | Operating Leases | |||||||
2020 | $ | 216 | ||||||
2021 | 157 | |||||||
2022 | 103 | �� | ||||||
2023 | 61 | |||||||
2024 | 34 | |||||||
Thereafter | 81 | |||||||
Total minimum lease payments | $ | 652 |
(in millions) | Unrealized (Loss) Gain on Investment Securities | Cumulative Translation Adjustments | Net Investment Hedges | Net Change in Retirement Obligations | Unrealized Gain (Loss) on Cash Flow Hedges | Total Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||||||
April 26, 2019 | $ | (45) | $ | (1,383) | $ | (169) | $ | (1,308) | $ | 194 | $ | (2,711) | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 94 | (116) | 187 | (1) | 106 | 270 | |||||||||||||||||||||||||||||
Reclassifications | (1) | — | — | 39 | (143) | (105) | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | 93 | (116) | 187 | 38 | (37) | 165 | |||||||||||||||||||||||||||||
January 24, 2020 | $ | 48 | $ | (1,499) | $ | 18 | $ | (1,270) | $ | 157 | $ | (2,546) | |||||||||||||||||||||||
(in millions) | Unrealized (Loss) Gain on Investment Securities | Cumulative Translation Adjustment | Net Investment Hedges | Net Change in Retirement Obligations | Unrealized (Loss) Gain on Cash Flow Hedges | Total Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||||||
April 27, 2018 | $ | (194) | $ | (11) | $ | (257) | $ | (1,117) | $ | (207) | $ | (1,786) | |||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (7) | (1,124) | — | — | 353 | (778) | |||||||||||||||||||||||||||||
Reclassifications | 30 | — | — | 65 | (36) | 59 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | 23 | (1,124) | — | 65 | 317 | (719) | |||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle(1) | 47 | — | — | — | — | 47 | |||||||||||||||||||||||||||||
January 25, 2019 | $ | (124) | $ | (1,135) | $ | (257) | $ | (1,052) | $ | 110 | $ | (2,458) |
(in millions) | Unrealized (Loss) Gain on Available-for-Sale Securities | Cumulative Translation Adjustment | Net Change in Retirement Obligations | Unrealized (Loss) Gain on Derivative Financial Instruments | Total Accumulated Other Comprehensive (Loss) Income | ||||||||||||||
April 28, 2017 | $ | (69 | ) | $ | (1,452 | ) | $ | (1,129 | ) | $ | 37 | $ | (2,613 | ) | |||||
Other comprehensive income (loss) before reclassifications | 50 | 1,559 | (38 | ) | (351 | ) | 1,220 | ||||||||||||
Reclassifications | (9 | ) | (34 | ) | 49 | 5 | 11 | ||||||||||||
Other comprehensive income (loss) | 41 | 1,525 | 11 | (346 | ) | 1,231 | |||||||||||||
January 26, 2018 | $ | (28 | ) | $ | 73 | $ | (1,118 | ) | $ | (309 | ) | $ | (1,382 | ) | |||||
(in millions) | Unrealized (Loss) Gain on Available-for-Sale Securities | Cumulative Translation Adjustment | Net Change in Retirement Obligations | Unrealized (Loss) Gain on Derivative Financial Instruments | Total Accumulated Other Comprehensive (Loss) Income | ||||||||||||||
April 29, 2016 | $ | (107 | ) | $ | (474 | ) | $ | (1,197 | ) | $ | (90 | ) | $ | (1,868 | ) | ||||
Other comprehensive income (loss) before reclassifications | (25 | ) | (1,239 | ) | — | 255 | (1,009 | ) | |||||||||||
Reclassifications | (15 | ) | — | 66 | (53 | ) | (2 | ) | |||||||||||
Other comprehensive income (loss) | (40 | ) | (1,239 | ) | 66 | 202 | (1,011 | ) | |||||||||||
January 27, 2017 | $ | (147 | ) | $ | (1,713 | ) | $ | (1,131 | ) | $ | 112 | $ | (2,879 | ) |
(in millions) | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||
April 28, 2017 | $ | 50,294 | $ | 122 | $ | 50,416 | ||||||
Net income (loss) | 1,644 | (14 | ) | 1,630 | ||||||||
Other comprehensive income | 1,231 | — | 1,231 | |||||||||
Dividends to shareholders | (1,870 | ) | — | (1,870 | ) | |||||||
Issuance of shares under stock purchase and award plans | 266 | — | 266 | |||||||||
Repurchase of ordinary shares | (1,897 | ) | — | (1,897 | ) | |||||||
Stock-based compensation | 270 | — | 270 | |||||||||
Cumulative effect of change in accounting principle | 296 | — | 296 | |||||||||
Additions (reductions) of noncontrolling ownership interests | — | (2 | ) | (2 | ) | |||||||
January 26, 2018 | $ | 50,234 | $ | 106 | $ | 50,340 | ||||||
(in millions) | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||
April 29, 2016 | $ | 52,063 | $ | — | $ | 52,063 | ||||||
Net income (loss) | 2,865 | (5 | ) | 2,860 | ||||||||
Other comprehensive loss | (1,011 | ) | — | (1,011 | ) | |||||||
Dividends to shareholders | (1,782 | ) | — | (1,782 | ) | |||||||
Issuance of shares under stock purchase and award plans | 309 | — | 309 | |||||||||
Repurchase of ordinary shares | (3,409 | ) | — | (3,409 | ) | |||||||
Tax benefit from exercise of stock-based awards | 80 | — | 80 | |||||||||
Stock-based compensation | 272 | — | 272 | |||||||||
Additions (reductions) of noncontrolling ownership interests | — | 111 | 111 | |||||||||
January 27, 2017 | $ | 49,387 | $ | 106 | $ | 49,493 |
Three months ended (1) | Nine months ended (1) | ||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||
Cardiac and Vascular Group | $ | 2,819 | $ | 2,786 | $ | 8,464 | $ | 8,455 | |||||||||||||||||||||||||||
Minimally Invasive Therapies Group | 2,176 | 2,124 | 6,418 | 6,223 | |||||||||||||||||||||||||||||||
Restorative Therapies Group | 2,111 | 2,026 | 6,235 | 5,968 | |||||||||||||||||||||||||||||||
Diabetes Group | 610 | 610 | 1,798 | 1,765 | |||||||||||||||||||||||||||||||
Total | $ | 7,717 | $ | 7,546 | $ | 22,916 | $ | 22,411 |
Three months ended | Nine months ended | ||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | |||||||||||
Cardiac and Vascular Group | $ | 2,800 | $ | 2,548 | $ | 8,219 | $ | 7,650 | |||||||
Minimally Invasive Therapies Group | 2,041 | 2,417 | 6,479 | 7,314 | |||||||||||
Restorative Therapies Group | 1,944 | 1,817 | 5,616 | 5,415 | |||||||||||
Diabetes Group | 584 | 501 | 1,495 | 1,415 | |||||||||||
Net Sales | $ | 7,369 | $ | 7,283 | $ | 21,809 | $ | 21,794 |
Three months ended | Nine months ended | ||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | |||||||||||
Cardiac and Vascular Group | $ | 1,082 | $ | 965 | $ | 3,197 | $ | 2,936 | |||||||
Minimally Invasive Therapies Group | 797 | 820 | 2,433 | 2,530 | |||||||||||
Restorative Therapies Group | 756 | 717 | 2,186 | 2,087 | |||||||||||
Diabetes Group | 187 | 185 | 389 | 502 | |||||||||||
Reportable segments' EBITA before other adjustments | 2,822 | 2,687 | 8,205 | 8,055 | |||||||||||
Amortization of intangible assets | (461 | ) | (497 | ) | (1,375 | ) | (1,484 | ) | |||||||
Restructuring and associated costs | (30 | ) | (21 | ) | (62 | ) | (172 | ) | |||||||
Acquisition-related items | (30 | ) | (68 | ) | (101 | ) | (148 | ) | |||||||
Certain litigation charges | (61 | ) | (218 | ) | (61 | ) | (300 | ) | |||||||
IPR&D impairment | (46 | ) | — | (46 | ) | — | |||||||||
Divestiture-related items | — | — | (115 | ) | — | ||||||||||
Gain on sale of businesses | — | — | 697 | — | |||||||||||
Special charge | — | (100 | ) | (80 | ) | (100 | ) | ||||||||
Hurricane Maria | — | — | (34 | ) | — | ||||||||||
Impact of inventory step-up | — | — | — | (38 | ) | ||||||||||
Centralized distribution costs | (471 | ) | (364 | ) | (1,399 | ) | (1,211 | ) | |||||||
Interest expense, net | (172 | ) | (180 | ) | (539 | ) | (532 | ) | |||||||
Corporate | (524 | ) | (272 | ) | (1,140 | ) | (903 | ) | |||||||
Income before income taxes | $ | 1,027 | $ | 967 | $ | 3,950 | $ | 3,167 |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||
Cardiac and Vascular Group | $ | 1,101 | $ | 1,076 | $ | 3,284 | $ | 3,262 | |||||||||||||||||||||||||||
Minimally Invasive Therapies Group | 860 | 828 | 2,453 | 2,396 | |||||||||||||||||||||||||||||||
Restorative Therapies Group | 898 | 824 | 2,531 | 2,394 | |||||||||||||||||||||||||||||||
Diabetes Group | 158 | 190 | 456 | 538 | |||||||||||||||||||||||||||||||
Segment operating profit | 3,017 | 2,918 | 8,724 | 8,590 | |||||||||||||||||||||||||||||||
Interest expense | (156) | (243) | (930) | (726) | |||||||||||||||||||||||||||||||
Other non-operating income, net | 96 | 71 | 305 | 309 | |||||||||||||||||||||||||||||||
Amortization of intangible assets | (436) | (436) | (1,317) | (1,327) | |||||||||||||||||||||||||||||||
Corporate | (348) | (331) | (1,005) | (974) | |||||||||||||||||||||||||||||||
Centralized distribution costs | (348) | (383) | (1,117) | (1,313) | |||||||||||||||||||||||||||||||
Restructuring and associated costs | (97) | (66) | (315) | (256) | |||||||||||||||||||||||||||||||
Acquisition-related items | (28) | (17) | (74) | (57) | |||||||||||||||||||||||||||||||
Certain litigation charges | (108) | (63) | (276) | (166) | |||||||||||||||||||||||||||||||
IPR&D charges | — | (11) | — | (26) | |||||||||||||||||||||||||||||||
Exit of businesses | — | (69) | (41) | (149) | |||||||||||||||||||||||||||||||
Debt tender premium and other charges | — | — | 7 | — | |||||||||||||||||||||||||||||||
Medical device regulations | (13) | — | (31) | — | |||||||||||||||||||||||||||||||
Contribution to Medtronic Foundation | — | — | (80) | — | |||||||||||||||||||||||||||||||
Income before income taxes | $ | 1,579 | $ | 1,370 | $ | 3,850 | $ | 3,905 | |||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | |||||||||||
Americas (1) | $ | 4,202 | $ | 4,417 | $ | 12,659 | $ | 13,185 | |||||||
EMEA (2) | 1,895 | 1,652 | 5,319 | 4,895 | |||||||||||
Asia-Pacific | 815 | 818 | 2,506 | 2,530 | |||||||||||
Greater China | 457 | 396 | 1,325 | 1,184 | |||||||||||
Net Sales | $ | 7,369 | $ | 7,283 | $ | 21,809 | $ | 21,794 |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||
Ireland | $ | 22 | $ | 24 | $ | 66 | $ | 68 | |||||||||||||||||||||||||||
United States | 4,021 | 4,001 | 12,068 | 11,910 | |||||||||||||||||||||||||||||||
Rest of world | 3,674 | 3,521 | 10,782 | 10,433 | |||||||||||||||||||||||||||||||
Total other countries, excluding Ireland | 7,695 | 7,522 | 22,850 | 22,343 | |||||||||||||||||||||||||||||||
Total | $ | 7,717 | $ | 7,546 | $ | 22,916 | $ | 22,411 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
Net sales | $ | — | $ | 344 | $ | — | $ | 7,717 | $ | (344) | $ | 7,717 | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of products sold | — | 337 | — | 2,294 | (231) | 2,400 | |||||||||||||||||||||||||||||
Research and development expense | — | 154 | — | 419 | — | 573 | |||||||||||||||||||||||||||||
Selling, general, and administrative expense | 3 | 432 | — | 2,152 | — | 2,587 | |||||||||||||||||||||||||||||
Amortization of intangible assets | — | 6 | — | 430 | — | 436 | |||||||||||||||||||||||||||||
Restructuring charges, net | — | 3 | — | 10 | — | 13 | |||||||||||||||||||||||||||||
Certain litigation charges | — | — | — | 108 | — | 108 | |||||||||||||||||||||||||||||
Other operating expense (income), net | 12 | (569) | — | 624 | (106) | (39) | |||||||||||||||||||||||||||||
Operating profit (loss) | (15) | (19) | — | 1,680 | (7) | 1,639 | |||||||||||||||||||||||||||||
Other non-operating (income) expense, net | — | (50) | (174) | (415) | 543 | (96) | |||||||||||||||||||||||||||||
Interest expense | 66 | 316 | 141 | 176 | (543) | 156 | |||||||||||||||||||||||||||||
Equity in net (income) loss of subsidiaries | (1,994) | (1,707) | (1,961) | — | 5,662 | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 1,913 | 1,422 | 1,994 | 1,919 | (5,669) | 1,579 | |||||||||||||||||||||||||||||
Income tax provision | (2) | (40) | — | (298) | — | (340) | |||||||||||||||||||||||||||||
Net income (loss) | 1,915 | 1,462 | 1,994 | 2,217 | (5,669) | 1,919 | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (4) | — | (4) | |||||||||||||||||||||||||||||
Net income (loss) attributable to Medtronic | 1,915 | 1,462 | 1,994 | 2,213 | (5,669) | 1,915 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 65 | 58 | 65 | 18 | (141) | 65 | |||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (4) | — | (4) | |||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 1,980 | $ | 1,520 | $ | 2,059 | $ | 2,231 | $ | (5,810) | $ | 1,980 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
Net sales | $ | — | $ | 275 | $ | — | $ | 7,369 | $ | (275 | ) | $ | 7,369 | ||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of products sold | — | 243 | — | 2,126 | (178 | ) | 2,191 | ||||||||||||||||
Research and development expense | — | 165 | — | 393 | — | 558 | |||||||||||||||||
Selling, general, and administrative expense | 4 | 346 | — | 2,149 | — | 2,499 | |||||||||||||||||
Amortization of intangible assets | — | 2 | — | 459 | — | 461 | |||||||||||||||||
Restructuring charges, net | — | — | — | 7 | — | 7 | |||||||||||||||||
Acquisition-related items | — | 27 | — | (1 | ) | — | 26 | ||||||||||||||||
Certain litigation charges | — | 24 | — | 37 | — | 61 | |||||||||||||||||
Other (income) expense, net | 10 | (768 | ) | — | 1,006 | (108 | ) | 140 | |||||||||||||||
Operating profit (loss) | (14 | ) | 236 | — | 1,193 | 11 | 1,426 | ||||||||||||||||
Investment loss | — | 172 | — | 55 | — | 227 | |||||||||||||||||
Interest income | — | (90 | ) | (133 | ) | (410 | ) | 535 | (98 | ) | |||||||||||||
Interest expense | 63 | 464 | 73 | 205 | (535 | ) | 270 | ||||||||||||||||
Interest expense, net | 63 | 374 | (60 | ) | (205 | ) | — | 172 | |||||||||||||||
Equity in net (income) loss of subsidiaries | 1,314 | 1,161 | 1,374 | — | (3,849 | ) | — | ||||||||||||||||
Income (loss) before income taxes | (1,391 | ) | (1,471 | ) | (1,314 | ) | 1,343 | 3,860 | 1,027 | ||||||||||||||
Income tax (benefit) provision | (2 | ) | 316 | — | 2,105 | — | 2,419 | ||||||||||||||||
Net income (loss) | (1,389 | ) | (1,787 | ) | (1,314 | ) | (762 | ) | 3,860 | (1,392 | ) | ||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 3 | — | 3 | |||||||||||||||||
Net income (loss) attributable to Medtronic | (1,389 | ) | (1,787 | ) | (1,314 | ) | (759 | ) | 3,860 | (1,389 | ) | ||||||||||||
Other comprehensive income (loss), net of tax | 678 | 428 | 678 | 664 | (1,770 | ) | 678 | ||||||||||||||||
Other comprehensive loss attributable to noncontrolling interests | — | — | — | 3 | — | 3 | |||||||||||||||||
Total comprehensive income (loss) | $ | (711 | ) | $ | (1,359 | ) | $ | (636 | ) | $ | (95 | ) | $ | 2,090 | $ | (711 | ) |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
Net sales | $ | — | $ | 1,155 | $ | — | $ | 22,916 | $ | (1,155) | $ | 22,916 | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of products sold | — | 1,013 | — | 6,999 | (852) | 7,160 | |||||||||||||||||||||||||||||
Research and development expense | — | 500 | — | 1,263 | — | 1,763 | |||||||||||||||||||||||||||||
Selling, general, and administrative expense | 9 | 1,241 | 1 | 6,499 | — | 7,750 | |||||||||||||||||||||||||||||
Amortization of intangible assets | — | 12 | — | 1,305 | — | 1,317 | |||||||||||||||||||||||||||||
Restructuring charges, net | — | 13 | — | 74 | — | 87 | |||||||||||||||||||||||||||||
Certain litigation charges | — | 5 | — | 271 | — | 276 | |||||||||||||||||||||||||||||
Other operating expense (income), net | 39 | (1,637) | (7) | 1,977 | (284) | 88 | |||||||||||||||||||||||||||||
Operating profit (loss) | (48) | 8 | 6 | 4,528 | (19) | 4,475 | |||||||||||||||||||||||||||||
Other non-operating (income) expense, net | — | (184) | (660) | (1,245) | 1,784 | (305) | |||||||||||||||||||||||||||||
Interest expense | 350 | 1,372 | 424 | 568 | (1,784) | 930 | |||||||||||||||||||||||||||||
Equity in net (income) loss of subsidiaries | (4,535) | (2,899) | (4,293) | — | 11,727 | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 4,137 | 1,719 | 4,535 | 5,205 | (11,746) | 3,850 | |||||||||||||||||||||||||||||
Income tax provision | (6) | (199) | — | (112) | — | (317) | |||||||||||||||||||||||||||||
Net income (loss) | 4,143 | 1,918 | 4,535 | 5,317 | (11,746) | 4,167 | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (24) | — | (24) | |||||||||||||||||||||||||||||
Net income (loss) attributable to Medtronic | 4,143 | 1,918 | 4,535 | 5,293 | (11,746) | 4,143 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 165 | 29 | 165 | (65) | (129) | 165 | |||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (24) | — | (24) | |||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 4,308 | $ | 1,947 | $ | 4,700 | $ | 5,228 | $ | (11,875) | $ | 4,308 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
Net sales | $ | — | $ | 879 | $ | — | $ | 21,807 | $ | (877 | ) | $ | 21,809 | ||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of products sold | — | 693 | — | 6,548 | (581 | ) | 6,660 | ||||||||||||||||
Research and development expense | — | 492 | — | 1,169 | — | 1,661 | |||||||||||||||||
Selling, general, and administrative expense | 9 | 1,020 | — | 6,393 | — | 7,422 | |||||||||||||||||
Amortization of intangible assets | — | 6 | — | 1,369 | — | 1,375 | |||||||||||||||||
Restructuring charges, net | — | 2 | — | 21 | — | 23 | |||||||||||||||||
Acquisition-related items | — | 45 | — | 32 | — | 77 | |||||||||||||||||
Certain litigation charges | — | 24 | — | 37 | — | 61 | |||||||||||||||||
Divestiture-related items | — | 15 | — | 99 | — | 114 | |||||||||||||||||
Gain on sale of businesses | — | — | — | (697 | ) | — | (697 | ) | |||||||||||||||
Special charge | — | 80 | — | — | — | 80 | |||||||||||||||||
Other (income) expense, net | 35 | (1,397 | ) | — | 2,001 | (322 | ) | 317 | |||||||||||||||
Operating profit (loss) | (44 | ) | (101 | ) | — | 4,835 | 26 | 4,716 | |||||||||||||||
Investment loss | — | 172 | — | 55 | — | 227 | |||||||||||||||||
Interest income | — | (225 | ) | (344 | ) | (1,091 | ) | 1,370 | (290 | ) | |||||||||||||
Interest expense | 172 | 1,330 | 155 | 542 | (1,370 | ) | 829 | ||||||||||||||||
Interest expense, net | 172 | 1,105 | (189 | ) | (549 | ) | — | 539 | |||||||||||||||
Equity in net (income) loss of subsidiaries | (1,855 | ) | (1,599 | ) | (1,666 | ) | — | 5,120 | — | ||||||||||||||
Income (loss) before income taxes | 1,639 | 221 | 1,855 | 5,329 | (5,094 | ) | 3,950 | ||||||||||||||||
Income tax (benefit) provision | (5 | ) | 3 | — | 2,322 | — | 2,320 | ||||||||||||||||
Net income (loss) | 1,644 | 218 | 1,855 | 3,007 | (5,094 | ) | 1,630 | ||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 14 | — | 14 | |||||||||||||||||
Net income (loss) attributable to Medtronic | 1,644 | 218 | 1,855 | 3,021 | (5,094 | ) | 1,644 | ||||||||||||||||
Other comprehensive income (loss), net of tax | 1,231 | 948 | 1,231 | 1,194 | (3,373 | ) | 1,231 | ||||||||||||||||
Other comprehensive loss attributable to noncontrolling interests | — | — | — | 14 | — | 14 | |||||||||||||||||
Total comprehensive income (loss) | $ | 2,875 | $ | 1,166 | $ | 3,086 | $ | 4,215 | $ | (8,467 | ) | $ | 2,875 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
Net sales | $ | — | $ | 281 | $ | — | $ | 7,546 | $ | (281) | $ | 7,546 | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of products sold | — | 223 | — | 2,206 | (164) | 2,265 | |||||||||||||||||||||||||||||
Research and development expense | — | 152 | — | 409 | — | 561 | |||||||||||||||||||||||||||||
Selling, general, and administrative expense | 2 | 362 | — | 2,232 | — | 2,596 | |||||||||||||||||||||||||||||
Amortization of intangible assets | — | 2 | — | 434 | — | 436 | |||||||||||||||||||||||||||||
Restructuring charges, net | — | 3 | — | 23 | — | 26 | |||||||||||||||||||||||||||||
Certain litigation charges | — | 12 | — | 51 | — | 63 | |||||||||||||||||||||||||||||
Other operating expense (income), net | 15 | (827) | — | 987 | (118) | 57 | |||||||||||||||||||||||||||||
Operating profit (loss) | (17) | 354 | — | 1,204 | 1 | 1,542 | |||||||||||||||||||||||||||||
Other non-operating (income) expense, net | — | (151) | (200) | (480) | 760 | (71) | |||||||||||||||||||||||||||||
Interest expense | 125 | 501 | 133 | 244 | (760) | 243 | |||||||||||||||||||||||||||||
Equity in net (income) loss of subsidiaries | (1,410) | (678) | (1,343) | — | 3,431 | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 1,268 | 682 | 1,410 | 1,440 | (3,430) | 1,370 | |||||||||||||||||||||||||||||
Income tax provision | (1) | 40 | — | 60 | — | 99 | |||||||||||||||||||||||||||||
Net income (loss) | 1,269 | 642 | 1,410 | 1,380 | (3,430) | 1,271 | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (2) | — | (2) | |||||||||||||||||||||||||||||
Net income (loss) attributable to Medtronic | 1,269 | 642 | 1,410 | 1,378 | (3,430) | 1,269 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 154 | 45 | 154 | 132 | (331) | 154 | |||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (2) | — | (2) | |||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 1,423 | $ | 687 | $ | 1,564 | $ | 1,510 | $ | (3,761) | $ | 1,423 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
Net sales | $ | — | $ | 237 | $ | — | $ | 7,283 | $ | (237 | ) | $ | 7,283 | ||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of products sold | — | 214 | — | 2,207 | (153 | ) | 2,268 | ||||||||||||||||
Research and development expense | — | 147 | — | 383 | — | 530 | |||||||||||||||||
Selling, general, and administrative expense | 4 | 264 | — | 2,120 | — | 2,388 | |||||||||||||||||
Amortization of intangible assets | — | 3 | — | 494 | — | 497 | |||||||||||||||||
Restructuring charges, net | — | 22 | — | (1 | ) | — | 21 | ||||||||||||||||
Acquisition-related items | — | 36 | — | 32 | — | 68 | |||||||||||||||||
Certain litigation charges | — | — | — | 218 | — | 218 | |||||||||||||||||
Special charge | — | 100 | — | — | — | 100 | |||||||||||||||||
Other (income) expense, net | 80 | (462 | ) | — | 526 | (98 | ) | 46 | |||||||||||||||
Operating profit (loss) | (84 | ) | (87 | ) | — | 1,304 | 14 | 1,147 | |||||||||||||||
Interest income | — | (62 | ) | (157 | ) | (294 | ) | 425 | (88 | ) | |||||||||||||
Interest expense | 32 | 397 | 18 | 246 | (425 | ) | 268 | ||||||||||||||||
Interest expense, net | 32 | 335 | (139 | ) | (48 | ) | — | 180 | |||||||||||||||
Equity in net (income) loss of subsidiaries | (937 | ) | (594 | ) | (798 | ) | — | 2,329 | — | ||||||||||||||
Income (loss) before income taxes | 821 | 172 | 937 | 1,352 | (2,315 | ) | 967 | ||||||||||||||||
Income tax (benefit) provision | — | (105 | ) | — | 252 | — | 147 | ||||||||||||||||
Net income (loss) | 821 | 277 | 937 | 1,100 | (2,315 | ) | 820 | ||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | |||||||||||||||||
Net income (loss) attributable to Medtronic | 821 | 277 | 937 | 1,101 | (2,315 | ) | 821 | ||||||||||||||||
Other comprehensive income (loss), net of tax | (551 | ) | (183 | ) | (551 | ) | (584 | ) | 1,318 | (551 | ) | ||||||||||||
Other comprehensive loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | |||||||||||||||||
Total comprehensive income (loss) | $ | 270 | $ | 94 | $ | 386 | $ | 517 | $ | (997 | ) | $ | 270 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
Net sales | $ | — | $ | 1,007 | $ | — | $ | 22,411 | $ | (1,007) | $ | 22,411 | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of products sold | — | 776 | — | 6,538 | (642) | 6,672 | |||||||||||||||||||||||||||||
Research and development expense | — | 496 | — | 1,240 | — | 1,736 | |||||||||||||||||||||||||||||
Selling, general, and administrative expense | 8 | 1,142 | — | 6,648 | — | 7,798 | |||||||||||||||||||||||||||||
Amortization of intangible assets | — | 6 | — | 1,321 | — | 1,327 | |||||||||||||||||||||||||||||
Restructuring charges, net | — | 14 | — | 98 | — | 112 | |||||||||||||||||||||||||||||
Certain litigation charges | — | 90 | — | 76 | — | 166 | |||||||||||||||||||||||||||||
Other operating expense (income), net | 40 | (1,759) | — | 2,336 | (339) | 278 | |||||||||||||||||||||||||||||
Operating profit (loss) | (48) | 242 | — | 4,154 | (26) | 4,322 | |||||||||||||||||||||||||||||
Other non-operating (income) expense, net | — | (445) | (539) | (1,411) | 2,086 | (309) | |||||||||||||||||||||||||||||
Interest expense | 333 | 1,444 | 349 | 686 | (2,086) | 726 | |||||||||||||||||||||||||||||
Equity in net (income) loss of subsidiaries | (3,835) | (2,176) | (3,645) | — | 9,656 | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 3,454 | 1,419 | 3,835 | 4,879 | (9,682) | 3,905 | |||||||||||||||||||||||||||||
Income tax provision | (5) | (79) | — | 521 | — | 437 | |||||||||||||||||||||||||||||
Net income (loss) | 3,459 | 1,498 | 3,835 | 4,358 | (9,682) | 3,468 | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (9) | — | (9) | |||||||||||||||||||||||||||||
Net income (loss) attributable to Medtronic | 3,459 | 1,498 | 3,835 | 4,349 | (9,682) | 3,459 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (719) | (965) | (719) | (779) | 2,460 | (722) | |||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (6) | — | (6) | |||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 2,740 | $ | 533 | $ | 3,116 | $ | 3,573 | $ | (7,222) | $ | 2,740 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
Net sales | $ | — | $ | 919 | $ | — | $ | 21,793 | $ | (918 | ) | $ | 21,794 | ||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of products sold | — | 706 | — | 6,775 | (626 | ) | 6,855 | ||||||||||||||||
Research and development expense | — | 469 | — | 1,171 | — | 1,640 | |||||||||||||||||
Selling, general, and administrative expense | 9 | 828 | — | 6,395 | — | 7,232 | |||||||||||||||||
Amortization of intangible assets | — | 9 | — | 1,475 | — | 1,484 | |||||||||||||||||
Restructuring charges, net | — | 40 | — | 122 | — | 162 | |||||||||||||||||
Acquisition-related items | — | 96 | — | 52 | — | 148 | |||||||||||||||||
Certain litigation charges | — | — | — | 300 | — | 300 | |||||||||||||||||
Special charge | — | 100 | — | — | — | 100 | |||||||||||||||||
Other (income) expense, net | 5 | (1,431 | ) | — | 1,906 | (306 | ) | 174 | |||||||||||||||
Operating profit (loss) | (14 | ) | 102 | — | 3,597 | 14 | 3,699 | ||||||||||||||||
Interest income | — | (183 | ) | (477 | ) | (719 | ) | 1,107 | (272 | ) | |||||||||||||
Interest expense | 74 | 1,203 | 31 | 603 | (1,107 | ) | 804 | ||||||||||||||||
Interest expense, net | 74 | 1,020 | (446 | ) | (116 | ) | — | 532 | |||||||||||||||
Equity in net (income) loss of subsidiaries | (2,949 | ) | (2,785 | ) | (2,503 | ) | — | 8,237 | — | ||||||||||||||
Income (loss) before income taxes | 2,861 | 1,867 | 2,949 | 3,713 | (8,223 | ) | 3,167 | ||||||||||||||||
Income tax (benefit) provision | (4 | ) | (179 | ) | — | 490 | — | 307 | |||||||||||||||
Net income (loss) | 2,865 | 2,046 | 2,949 | 3,223 | (8,223 | ) | 2,860 | ||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 5 | — | 5 | |||||||||||||||||
Net income (loss) attributable to Medtronic | 2,865 | 2,046 | 2,949 | 3,228 | (8,223 | ) | 2,865 | ||||||||||||||||
Other comprehensive income (loss), net of tax | (1,011 | ) | (472 | ) | (1,011 | ) | (1,085 | ) | 2,568 | (1,011 | ) | ||||||||||||
Other comprehensive loss attributable to noncontrolling interests | — | — | — | 5 | — | 5 | |||||||||||||||||
Total comprehensive income (loss) | $ | 1,854 | $ | 1,574 | $ | 1,938 | $ | 2,143 | $ | (5,655 | ) | $ | 1,854 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 185 | $ | 3,524 | $ | — | $ | 3,709 | |||||||||||||||||||||||
Investments | — | — | — | 7,919 | — | 7,919 | |||||||||||||||||||||||||||||
Accounts receivable, net | — | — | — | 6,248 | — | 6,248 | |||||||||||||||||||||||||||||
Inventories, net | — | 211 | — | 4,159 | (248) | 4,122 | |||||||||||||||||||||||||||||
Intercompany receivable | 42 | 8,807 | 5 | 34,982 | (43,836) | — | |||||||||||||||||||||||||||||
Other current assets | 10 | 195 | 2 | 1,838 | — | 2,045 | |||||||||||||||||||||||||||||
Total current assets | 52 | 9,213 | 192 | 58,670 | (44,084) | 24,043 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | — | 1,536 | — | 3,228 | — | 4,764 | |||||||||||||||||||||||||||||
Goodwill | — | 2,009 | — | 38,082 | — | 40,091 | |||||||||||||||||||||||||||||
Other intangible assets, net | — | 197 | — | 19,259 | — | 19,456 | |||||||||||||||||||||||||||||
Tax assets | — | 508 | — | 1,764 | — | 2,272 | |||||||||||||||||||||||||||||
Investment in subsidiaries | 58,753 | 75,008 | 77,989 | — | (211,750) | — | |||||||||||||||||||||||||||||
Intercompany loans receivable | — | 22 | 18,296 | 21,072 | (39,390) | — | |||||||||||||||||||||||||||||
Other assets | — | 377 | — | 1,819 | — | 2,196 | |||||||||||||||||||||||||||||
Total assets | $ | 58,805 | $ | 88,870 | $ | 96,477 | $ | 143,894 | $ | (295,224) | $ | 92,822 | |||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Current debt obligations | $ | — | $ | 500 | $ | — | $ | 344 | $ | — | $ | 844 | |||||||||||||||||||||||
Accounts payable | — | 507 | — | 1,438 | — | 1,945 | |||||||||||||||||||||||||||||
Intercompany payable | — | 21,383 | 13,599 | 8,854 | (43,836) | — | |||||||||||||||||||||||||||||
Accrued compensation | 20 | 785 | — | 1,104 | — | 1,909 | |||||||||||||||||||||||||||||
Accrued income taxes | — | — | — | 457 | — | 457 | |||||||||||||||||||||||||||||
Other accrued expenses | 25 | 287 | 98 | 3,170 | — | 3,580 | |||||||||||||||||||||||||||||
Total current liabilities | 45 | 23,462 | 13,697 | 15,367 | (43,836) | 8,735 | |||||||||||||||||||||||||||||
Long-term debt | — | 9,786 | 13,522 | 1,424 | — | 24,732 | |||||||||||||||||||||||||||||
Accrued compensation and retirement benefits | — | 1,025 | — | 573 | — | 1,598 | |||||||||||||||||||||||||||||
Accrued income taxes | 10 | 760 | — | 1,968 | — | 2,738 | |||||||||||||||||||||||||||||
Intercompany loans payable | 6,942 | 9,012 | 9,729 | 13,707 | (39,390) | — | |||||||||||||||||||||||||||||
Deferred tax liabilities | — | — | — | 1,282 | — | 1,282 | |||||||||||||||||||||||||||||
Other liabilities | — | 262 | — | 1,522 | — | 1,784 | |||||||||||||||||||||||||||||
Total liabilities | 6,997 | 44,307 | 36,948 | 35,843 | (83,226) | 40,869 | |||||||||||||||||||||||||||||
Shareholders’ equity | 51,808 | 44,563 | 59,529 | 107,906 | (211,998) | 51,808 | |||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | 145 | — | 145 | |||||||||||||||||||||||||||||
Total equity | 51,808 | 44,563 | 59,529 | 108,051 | (211,998) | 51,953 | |||||||||||||||||||||||||||||
Total liabilities and equity | $ | 58,805 | $ | 88,870 | $ | 96,477 | $ | 143,894 | $ | (295,224) | $ | 92,822 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 38 | $ | 61 | $ | 6,259 | $ | — | $ | 6,358 | |||||||||||
Investments | — | — | — | 8,078 | — | 8,078 | |||||||||||||||||
Accounts receivable, net | — | — | — | 5,775 | — | 5,775 | |||||||||||||||||
Inventories, net | — | 166 | — | 3,739 | (154 | ) | 3,751 | ||||||||||||||||
Intercompany receivable | 40 | 14,773 | — | 33,103 | (47,916 | ) | — | ||||||||||||||||
Other current assets | 5 | 313 | — | 2,327 | — | 2,645 | |||||||||||||||||
Total current assets | 45 | 15,290 | 61 | 59,281 | (48,070 | ) | 26,607 | ||||||||||||||||
Property, plant, and equipment, net | — | 1,378 | — | 3,139 | — | 4,517 | |||||||||||||||||
Goodwill | — | — | — | 39,795 | — | 39,795 | |||||||||||||||||
Other intangible assets, net | — | 13 | — | 22,165 | — | 22,178 | |||||||||||||||||
Tax assets | — | 564 | — | 973 | — | 1,537 | |||||||||||||||||
Investment in subsidiaries | 59,130 | 58,914 | 59,923 | — | (177,967 | ) | — | ||||||||||||||||
Intercompany loans receivable | 3,000 | 6,520 | 18,357 | 32,510 | (60,387 | ) | — | ||||||||||||||||
Other assets | — | 267 | — | 899 | — | 1,166 | |||||||||||||||||
Total assets | $ | 62,175 | $ | 82,946 | $ | 78,341 | $ | 158,762 | $ | (286,424 | ) | $ | 95,800 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Current debt obligations | $ | — | $ | 2,000 | $ | 504 | $ | 398 | $ | — | $ | 2,902 | |||||||||||
Accounts payable | — | 368 | — | 1,441 | — | 1,809 | |||||||||||||||||
Intercompany payable | — | 25,285 | 7,833 | 14,798 | (47,916 | ) | — | ||||||||||||||||
Accrued compensation | 18 | 624 | — | 1,003 | — | 1,645 | |||||||||||||||||
Accrued income taxes | 14 | — | — | 911 | — | 925 | |||||||||||||||||
Other accrued expenses | 2 | 640 | 15 | 2,995 | — | 3,652 | |||||||||||||||||
Total current liabilities | 34 | 28,917 | 8,352 | 21,546 | (47,916 | ) | 10,933 | ||||||||||||||||
Long-term debt | — | 21,771 | 1,843 | 2,304 | — | 25,918 | |||||||||||||||||
Accrued compensation and retirement benefits | — | 988 | — | 536 | — | 1,524 | |||||||||||||||||
Accrued income taxes | 10 | 1,710 | — | 3,038 | — | 4,758 | |||||||||||||||||
Intercompany loans payable | 11,897 | 14,885 | 16,023 | 17,582 | (60,387 | ) | — | ||||||||||||||||
Deferred tax liabilities | — | — | — | 1,363 | — | 1,363 | |||||||||||||||||
Other liabilities | — | 64 | — | 900 | — | 964 | |||||||||||||||||
Total liabilities | 11,941 | 68,335 | 26,218 | 47,269 | (108,303 | ) | 45,460 | ||||||||||||||||
Shareholders’ equity | 50,234 | 14,611 | 52,123 | 111,387 | (178,121 | ) | 50,234 | ||||||||||||||||
Noncontrolling interests | — | — | — | 106 | — | 106 | |||||||||||||||||
Total equity | 50,234 | 14,611 | 52,123 | 111,493 | (178,121 | ) | 50,340 | ||||||||||||||||
Total liabilities and equity | $ | 62,175 | $ | 82,946 | $ | 78,341 | $ | 158,762 | $ | (286,424 | ) | $ | 95,800 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 18 | $ | 1 | $ | 4,374 | $ | — | $ | 4,393 | |||||||||||||||||||||||
Investments | — | — | — | 5,455 | — | 5,455 | |||||||||||||||||||||||||||||
Accounts receivable, net | — | — | — | 6,222 | — | 6,222 | |||||||||||||||||||||||||||||
Inventories, net | — | 188 | — | 3,792 | (227) | 3,753 | |||||||||||||||||||||||||||||
Intercompany receivable | 40 | 9,407 | 6 | 19,170 | (28,623) | — | |||||||||||||||||||||||||||||
Other current assets | 10 | 190 | 3�� | 1,941 | — | 2,144 | |||||||||||||||||||||||||||||
Total current assets | 50 | 9,803 | 10 | 40,954 | (28,850) | 21,967 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | — | 1,480 | — | 3,195 | — | 4,675 | |||||||||||||||||||||||||||||
Goodwill | — | 2,009 | — | 37,950 | — | 39,959 | |||||||||||||||||||||||||||||
Other intangible assets, net | — | 99 | — | 20,461 | — | 20,560 | |||||||||||||||||||||||||||||
Tax assets | — | 568 | — | 951 | — | 1,519 | |||||||||||||||||||||||||||||
Investment in subsidiaries | 64,352 | 71,123 | 65,012 | — | (200,487) | — | |||||||||||||||||||||||||||||
Intercompany loans receivable | 3,000 | 21 | 27,858 | 35,398 | (66,277) | — | |||||||||||||||||||||||||||||
Other assets | — | 216 | — | 798 | — | 1,014 | |||||||||||||||||||||||||||||
Total assets | $ | 67,402 | $ | 85,319 | $ | 92,880 | $ | 139,707 | $ | (295,614) | $ | 89,694 | |||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Current debt obligations | $ | — | $ | 500 | $ | — | $ | 338 | $ | — | $ | 838 | |||||||||||||||||||||||
Accounts payable | — | 481 | — | 1,472 | — | 1,953 | |||||||||||||||||||||||||||||
Intercompany payable | — | 11,971 | 7,200 | 9,452 | (28,623) | — | |||||||||||||||||||||||||||||
Accrued compensation | 3 | 913 | — | 1,273 | — | 2,189 | |||||||||||||||||||||||||||||
Accrued income taxes | — | — | — | 567 | — | 567 | |||||||||||||||||||||||||||||
Other accrued expenses | 20 | 331 | 53 | 2,521 | — | 2,925 | |||||||||||||||||||||||||||||
Total current liabilities | 23 | 14,196 | 7,253 | 15,623 | (28,623) | 8,472 | |||||||||||||||||||||||||||||
Long-term debt | — | 14,418 | 8,621 | 1,447 | — | 24,486 | |||||||||||||||||||||||||||||
Accrued compensation and retirement benefits | — | 1,069 | — | 582 | — | 1,651 | |||||||||||||||||||||||||||||
Accrued income taxes | 10 | 692 | — | 2,136 | — | 2,838 | |||||||||||||||||||||||||||||
Intercompany loans payable | 17,278 | 12,613 | 19,682 | 16,704 | (66,277) | — | |||||||||||||||||||||||||||||
Deferred tax liabilities | — | — | — | 1,278 | — | 1,278 | |||||||||||||||||||||||||||||
Other liabilities | — | 133 | — | 624 | — | 757 | |||||||||||||||||||||||||||||
Total liabilities | 17,311 | 43,121 | 35,556 | 38,394 | (94,900) | 39,482 | |||||||||||||||||||||||||||||
Shareholders' equity | 50,091 | 42,198 | 57,324 | 101,192 | (200,714) | 50,091 | |||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | 121 | — | 121 | |||||||||||||||||||||||||||||
Total equity | 50,091 | 42,198 | 57,324 | 101,313 | (200,714) | 50,212 | |||||||||||||||||||||||||||||
Total liabilities and equity | $ | 67,402 | $ | 85,319 | $ | 92,880 | $ | 139,707 | $ | (295,614) | $ | 89,694 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 45 | $ | 5 | $ | 4,917 | $ | — | $ | 4,967 | |||||||||||
Investments | — | — | — | 8,741 | — | 8,741 | |||||||||||||||||
Accounts receivable, net | — | — | — | 5,591 | — | 5,591 | |||||||||||||||||
Inventories, net | — | 155 | — | 3,361 | (178 | ) | 3,338 | ||||||||||||||||
Intercompany receivable | 51 | 16,301 | — | 30,475 | (46,827 | ) | — | ||||||||||||||||
Other current assets | 10 | 227 | — | 1,628 | — | 1,865 | |||||||||||||||||
Current assets held for sale | — | — | — | 371 | — | 371 | |||||||||||||||||
Total current assets | 61 | 16,728 | 5 | 55,084 | (47,005 | ) | 24,873 | ||||||||||||||||
Property, plant, and equipment, net | — | 1,311 | — | 3,050 | — | 4,361 | |||||||||||||||||
Goodwill | — | — | — | 38,515 | — | 38,515 | |||||||||||||||||
Other intangible assets, net | — | 20 | — | 23,387 | — | 23,407 | |||||||||||||||||
Tax assets | — | 727 | — | 782 | — | 1,509 | |||||||||||||||||
Investment in subsidiaries | 55,833 | 55,811 | 52,618 | — | (164,262 | ) | — | ||||||||||||||||
Intercompany loans receivable | 3,000 | 6,530 | 16,114 | 25,621 | (51,265 | ) | — | ||||||||||||||||
Other assets | — | 434 | — | 798 | — | 1,232 | |||||||||||||||||
Noncurrent assets held for sale | — | — | — | 5,919 | — | 5,919 | |||||||||||||||||
Total assets | $ | 58,894 | $ | 81,561 | $ | 68,737 | $ | 153,156 | $ | (262,532 | ) | $ | 99,816 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Current debt obligations | $ | — | $ | 5,000 | $ | 901 | $ | 1,619 | $ | — | $ | 7,520 | |||||||||||
Accounts payable | — | 304 | — | 1,427 | — | 1,731 | |||||||||||||||||
Intercompany payable | — | 23,380 | 7,111 | 16,336 | (46,827 | ) | — | ||||||||||||||||
Accrued compensation | 9 | 734 | — | 1,117 | — | 1,860 | |||||||||||||||||
Accrued income taxes | 13 | — | — | 620 | — | 633 | |||||||||||||||||
Other accrued expenses | — | 352 | 4 | 2,086 | — | 2,442 | |||||||||||||||||
Current liabilities held for sale | — | — | — | 34 | — | 34 | |||||||||||||||||
Total current liabilities | 22 | 29,770 | 8,016 | 23,239 | (46,827 | ) | 14,220 | ||||||||||||||||
Long-term debt | — | 21,782 | 1,842 | 2,297 | — | 25,921 | |||||||||||||||||
Accrued compensation and retirement benefits | — | 1,120 | — | 521 | — | 1,641 | |||||||||||||||||
Accrued income taxes | 10 | 1,658 | — | 737 | — | 2,405 | |||||||||||||||||
Intercompany loans payable | 8,568 | 13,109 | 10,049 | 19,539 | (51,265 | ) | — | ||||||||||||||||
Deferred tax liabilities | — | — | — | 2,978 | — | 2,978 | |||||||||||||||||
Other liabilities | — | 153 | — | 1,362 | — | 1,515 | |||||||||||||||||
Noncurrent liabilities held for sale | — | — | — | 720 | — | 720 | |||||||||||||||||
Total liabilities | 8,600 | 67,592 | 19,907 | 51,393 | (98,092 | ) | 49,400 | ||||||||||||||||
Shareholders' equity | 50,294 | 13,969 | 48,830 | 101,641 | (164,440 | ) | 50,294 | ||||||||||||||||
Noncontrolling interests | — | — | — | 122 | — | 122 | |||||||||||||||||
Total equity | 50,294 | 13,969 | 48,830 | 101,763 | (164,440 | ) | 50,416 | ||||||||||||||||
Total liabilities and equity | $ | 58,894 | $ | 81,561 | $ | 68,737 | $ | 153,156 | $ | (262,532 | ) | $ | 99,816 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 130 | $ | (1,315) | $ | 365 | $ | 6,604 | $ | — | $ | 5,784 | |||||||||||||||||||||||
Investing Activities: | |||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | 2 | — | (201) | — | (199) | |||||||||||||||||||||||||||||
Additions to property, plant, and equipment | — | (236) | — | (641) | — | (877) | |||||||||||||||||||||||||||||
Purchases of investments | — | — | — | (8,249) | — | (8,249) | |||||||||||||||||||||||||||||
Sales and maturities of investments | — | 12 | — | 5,779 | — | 5,791 | |||||||||||||||||||||||||||||
Capital contribution paid | — | — | (9,000) | (800) | 9,800 | — | |||||||||||||||||||||||||||||
Return of capital | 10,000 | — | (3,000) | (7,000) | — | — | |||||||||||||||||||||||||||||
Other investing activities | — | (56) | (5) | 27 | — | (34) | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 10,000 | (278) | (12,005) | (11,085) | 9,800 | (3,568) | |||||||||||||||||||||||||||||
Financing Activities: | |||||||||||||||||||||||||||||||||||
Change in current debt obligations, net | — | — | — | 17 | — | 17 | |||||||||||||||||||||||||||||
Issuance of long-term debt | — | — | 5,567 | 1 | — | 5,568 | |||||||||||||||||||||||||||||
Payments on long-term debt | — | (5,016) | (515) | (75) | — | (5,606) | |||||||||||||||||||||||||||||
Dividends to shareholders | (2,170) | — | — | — | — | (2,170) | |||||||||||||||||||||||||||||
Issuance of ordinary shares | 585 | — | — | — | — | 585 | |||||||||||||||||||||||||||||
Repurchase of ordinary shares | (1,208) | — | — | — | — | (1,208) | |||||||||||||||||||||||||||||
Net intercompany loan borrowings (repayments) | (7,337) | 6,591 | 6,010 | (5,264) | — | — | |||||||||||||||||||||||||||||
Capital contribution received | — | — | 800 | 9,000 | (9,800) | — | |||||||||||||||||||||||||||||
Other financing activities | — | — | (38) | (36) | — | (74) | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (10,130) | 1,575 | 11,824 | 3,643 | (9,800) | (2,888) | |||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (12) | — | (12) | |||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | (18) | 184 | (850) | — | (684) | |||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 18 | 1 | 4,374 | — | 4,393 | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 185 | $ | 3,524 | $ | — | $ | 3,709 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
Operating Activities: | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 172 | $ | (958 | ) | $ | 200 | $ | 4,232 | $ | — | $ | 3,646 | ||||||||||
Investing Activities: | |||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | — | (111 | ) | — | (111 | ) | |||||||||||||||
Proceeds from sale of businesses | — | — | — | 6,058 | — | 6,058 | |||||||||||||||||
Additions to property, plant, and equipment | — | (234 | ) | — | (542 | ) | — | (776 | ) | ||||||||||||||
Purchases of investments | — | — | — | (2,479 | ) | — | (2,479 | ) | |||||||||||||||
Sales and maturities of investments | — | — | — | 3,060 | — | 3,060 | |||||||||||||||||
Capital contribution paid | — | (59 | ) | (4,200 | ) | — | 4,259 | — | |||||||||||||||
Other investing activities, net | — | — | — | (5 | ) | — | (5 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | — | (293 | ) | (4,200 | ) | 5,981 | 4,259 | 5,747 | |||||||||||||||
Financing Activities: | |||||||||||||||||||||||
Acquisition-related contingent consideration | — | — | — | (43 | ) | — | (43 | ) | |||||||||||||||
Change in current debt obligations, net | — | — | (397 | ) | 6 | — | (391 | ) | |||||||||||||||
Repayment of short-term borrowings (maturities greater than 90 days) | — | — | — | (44 | ) | — | (44 | ) | |||||||||||||||
Proceeds from short-term borrowings (maturities greater than 90 days) | — | — | — | 1 | — | 1 | |||||||||||||||||
Issuance of long-term debt | — | — | — | 21 | — | 21 | |||||||||||||||||
Payments on long-term debt | — | (3,000 | ) | — | (1,167 | ) | — | (4,167 | ) | ||||||||||||||
Dividends to shareholders | (1,870 | ) | — | — | — | — | (1,870 | ) | |||||||||||||||
Issuance of ordinary shares | 333 | — | — | — | — | 333 | |||||||||||||||||
Repurchase of ordinary shares | (1,964 | ) | — | — | — | — | (1,964 | ) | |||||||||||||||
Net intercompany loan borrowings (repayments) | 3,329 | 4,244 | 4,453 | (12,026 | ) | — | — | ||||||||||||||||
Capital contribution received | — | — | — | 4,259 | (4,259 | ) | — | ||||||||||||||||
Other financing activities | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | (172 | ) | 1,244 | 4,056 | (8,995 | ) | (4,259 | ) | (8,126 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 124 | — | 124 | |||||||||||||||||
Net change in cash and cash equivalents | — | (7 | ) | 56 | 1,342 | — | 1,391 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 45 | 5 | 4,917 | — | 4,967 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 38 | $ | 61 | $ | 6,259 | $ | — | $ | 6,358 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
Operating Activities: | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 834 | $ | 933 | $ | 161 | $ | 3,179 | $ | — | $ | 5,107 | |||||||||||
Investing Activities: | |||||||||||||||||||||||
Acquisitions, net of cash acquired | — | (940 | ) | — | (388 | ) | — | (1,328 | ) | ||||||||||||||
Additions to property, plant, and equipment | — | (257 | ) | — | (667 | ) | — | (924 | ) | ||||||||||||||
Purchases of investments | — | — | — | (3,516 | ) | 162 | (3,354 | ) | |||||||||||||||
Sales and maturities of investments | — | 210 | — | 4,238 | (162 | ) | 4,286 | ||||||||||||||||
Capital contribution paid | — | (241 | ) | — | — | 241 | — | ||||||||||||||||
Other investing activities, net | — | — | — | 21 | — | 21 | |||||||||||||||||
Net cash provided by (used in) investing activities | — | (1,228 | ) | — | (312 | ) | 241 | (1,299 | ) | ||||||||||||||
Financing Activities: | |||||||||||||||||||||||
Acquisition-related contingent consideration | — | — | — | (58 | ) | — | (58 | ) | |||||||||||||||
Change in current debt obligations, net | — | — | 1,099 | 19 | — | 1,118 | |||||||||||||||||
Repayment of short-term borrowings (maturities greater than 90 days) | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||
Proceeds from short-term borrowings (maturities greater than 90 days) | — | — | — | 4 | — | 4 | |||||||||||||||||
Issuance of long-term debt | — | — | — | 131 | — | 131 | |||||||||||||||||
Payments on long-term debt | — | (29 | ) | — | (332 | ) | — | (361 | ) | ||||||||||||||
Dividends to shareholders | (1,782 | ) | — | — | — | — | (1,782 | ) | |||||||||||||||
Issuance of ordinary shares | 309 | — | — | — | — | 309 | |||||||||||||||||
Repurchase of ordinary shares | (3,409 | ) | — | — | — | — | (3,409 | ) | |||||||||||||||
Net intercompany loan borrowings (repayments) | 4,048 | 275 | (1,260 | ) | (3,063 | ) | — | — | |||||||||||||||
Capital contribution received | — | — | — | 241 | (241 | ) | — | ||||||||||||||||
Other financing activities | — | 34 | — | 46 | — | 80 | |||||||||||||||||
Net cash provided by (used in) financing activities | (834 | ) | 280 | (161 | ) | (3,014 | ) | (241 | ) | (3,970 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 54 | — | 54 | |||||||||||||||||
Net change in cash and cash equivalents | — | (15 | ) | — | (93 | ) | — | (108 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 55 | — | 2,821 | — | 2,876 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 40 | $ | — | $ | 2,728 | $ | — | $ | 2,768 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 7,369 | $ | — | $ | 7,369 | |||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of products sold | — | — | — | 2,191 | — | 2,191 | |||||||||||||||||
Research and development expense | — | — | — | 558 | — | 558 | |||||||||||||||||
Selling, general, and administrative expense | 4 | — | — | 2,495 | — | 2,499 | |||||||||||||||||
Amortization of intangible assets | — | — | — | 461 | — | 461 | |||||||||||||||||
Restructuring charges, net | — | — | — | 7 | — | 7 | |||||||||||||||||
Acquisition-related items | — | — | — | 26 | — | 26 | |||||||||||||||||
Certain litigation charges | — | — | — | 61 | — | 61 | |||||||||||||||||
Other (income) expense, net | 10 | — | — | 130 | — | 140 | |||||||||||||||||
Operating profit (loss) | (14 | ) | — | — | 1,440 | — | 1,426 | ||||||||||||||||
Investment loss | — | — | — | 227 | — | 227 | |||||||||||||||||
Interest income | — | (13 | ) | (137 | ) | (154 | ) | 206 | (98 | ) | |||||||||||||
Interest expense | 63 | 19 | 73 | 321 | (206 | ) | 270 | ||||||||||||||||
Interest expense, net | 63 | 6 | (64 | ) | 167 | — | 172 | ||||||||||||||||
Equity in net (income) loss of subsidiaries | 1,314 | (765 | ) | 1,378 | — | (1,927 | ) | — | |||||||||||||||
Income (loss) before income taxes | (1,391 | ) | 759 | (1,314 | ) | 1,046 | 1,927 | 1,027 | |||||||||||||||
Income tax (benefit) provision | (2 | ) | — | — | 2,421 | — | 2,419 | ||||||||||||||||
Net income (loss) | (1,389 | ) | 759 | (1,314 | ) | (1,375 | ) | 1,927 | (1,392 | ) | |||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 3 | — | 3 | |||||||||||||||||
Net income (loss) attributable to Medtronic | (1,389 | ) | 759 | (1,314 | ) | (1,372 | ) | 1,927 | (1,389 | ) | |||||||||||||
Other comprehensive income (loss), net of tax | 678 | 245 | 678 | 678 | (1,601 | ) | 678 | ||||||||||||||||
Other comprehensive loss attributable to non-controlling interests | — | — | — | 3 | — | 3 | |||||||||||||||||
Total comprehensive income (loss) | $ | (711 | ) | $ | 1,004 | $ | (636 | ) | $ | (694 | ) | $ | 326 | $ | (711 | ) |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 21,809 | $ | — | $ | 21,809 | |||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of products sold | — | — | — | 6,660 | — | 6,660 | |||||||||||||||||
Research and development expense | — | — | — | 1,661 | — | 1,661 | |||||||||||||||||
Selling, general, and administrative expense | 9 | — | 1 | 7,412 | — | 7,422 | |||||||||||||||||
Amortization of intangible assets | — | — | — | 1,375 | — | 1,375 | |||||||||||||||||
Restructuring charges, net | — | — | — | 23 | — | 23 | |||||||||||||||||
Acquisition-related items | — | — | — | 77 | — | 77 | |||||||||||||||||
Certain litigation charges | — | — | — | 61 | — | 61 | |||||||||||||||||
Divestiture-related items | — | — | — | 114 | — | 114 | |||||||||||||||||
Gain on sale of businesses | — | — | — | (697 | ) | — | (697 | ) | |||||||||||||||
Special charge | — | — | — | 80 | — | 80 | |||||||||||||||||
Other (income) expense, net | 35 | 1 | — | 281 | — | 317 | |||||||||||||||||
Operating profit (loss) | (44 | ) | (1 | ) | (1 | ) | 4,762 | — | 4,716 | ||||||||||||||
Investment loss | — | — | — | 227 | — | 227 | |||||||||||||||||
Interest income | — | (45 | ) | (355 | ) | (392 | ) | 502 | (290 | ) | |||||||||||||
Interest expense | 172 | 63 | 156 | 940 | (502 | ) | 829 | ||||||||||||||||
Interest expense, net | 172 | 18 | (199 | ) | 548 | — | 539 | ||||||||||||||||
Equity in net (income) loss of subsidiaries | (1,855 | ) | (1,938 | ) | (1,657 | ) | — | 5,450 | — | ||||||||||||||
Income (loss) before income taxes | 1,639 | 1,919 | 1,855 | 3,987 | (5,450 | ) | 3,950 | ||||||||||||||||
Income tax (benefit) provision | (5 | ) | — | — | 2,325 | — | 2,320 | ||||||||||||||||
Net income (loss) | 1,644 | 1,919 | 1,855 | 1,662 | (5,450 | ) | 1,630 | ||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 14 | — | 14 | |||||||||||||||||
Net income (loss) attributable to Medtronic | 1,644 | 1,919 | 1,855 | 1,676 | (5,450 | ) | 1,644 | ||||||||||||||||
Other comprehensive income (loss), net of tax | 1,231 | 314 | 1,231 | 1,231 | (2,776 | ) | 1,231 | ||||||||||||||||
Other comprehensive loss attributable to noncontrolling interests | — | — | — | 14 | — | 14 | |||||||||||||||||
Total comprehensive income (loss) | $ | 2,875 | $ | 2,233 | $ | 3,086 | $ | 2,907 | $ | (8,226 | ) | $ | 2,875 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 7,283 | $ | — | $ | 7,283 | |||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of products sold | — | — | — | 2,268 | — | 2,268 | |||||||||||||||||
Research and development expense | — | — | — | 530 | — | 530 | |||||||||||||||||
Selling, general, and administrative expense | 4 | — | — | 2,384 | — | 2,388 | |||||||||||||||||
Amortization of intangible assets | — | — | — | 497 | — | 497 | |||||||||||||||||
Restructuring charges, net | — | — | — | 21 | — | 21 | |||||||||||||||||
Acquisition-related items | — | — | — | 68 | — | 68 | |||||||||||||||||
Certain litigation charges | — | — | — | 218 | — | 218 | |||||||||||||||||
Special charge | — | — | — | 100 | — | 100 | |||||||||||||||||
Other (income) expense, net | 80 | — | — | (34 | ) | — | 46 | ||||||||||||||||
Operating profit (loss) | (84 | ) | — | — | 1,231 | — | 1,147 | ||||||||||||||||
Interest income | — | (23 | ) | (158 | ) | (108 | ) | 201 | (88 | ) | |||||||||||||
Interest expense | 32 | 26 | 18 | 393 | (201 | ) | 268 | ||||||||||||||||
Interest expense, net | 32 | 3 | (140 | ) | 285 | — | 180 | ||||||||||||||||
Equity in net (income) loss of subsidiaries | (937 | ) | (434 | ) | (797 | ) | — | 2,168 | — | ||||||||||||||
Income (loss) before income taxes | 821 | 431 | 937 | 946 | (2,168 | ) | 967 | ||||||||||||||||
Income tax (benefit) provision | — | — | — | 147 | — | 147 | |||||||||||||||||
Net income (loss) | 821 | 431 | 937 | 799 | (2,168 | ) | 820 | ||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | |||||||||||||||||
Net income (loss) attributable to Medtronic | 821 | 431 | 937 | 800 | (2,168 | ) | 821 | ||||||||||||||||
Other comprehensive income (loss), net of tax | (551 | ) | (358 | ) | (551 | ) | (551 | ) | 1,460 | (551 | ) | ||||||||||||
Other comprehensive loss attributable to noncontrolling interests | — | — | — | 1 | — | 1 | |||||||||||||||||
Total comprehensive income (loss) | $ | 270 | $ | 73 | $ | 386 | $ | 249 | $ | (708 | ) | $ | 270 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 21,794 | $ | — | $ | 21,794 | |||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of products sold | — | — | — | 6,855 | — | 6,855 | |||||||||||||||||
Research and development expense | — | — | — | 1,640 | — | 1,640 | |||||||||||||||||
Selling, general, and administrative expense | 9 | 1 | 2 | 7,220 | — | 7,232 | |||||||||||||||||
Amortization of intangible assets | — | — | — | 1,484 | — | 1,484 | |||||||||||||||||
Restructuring charges, net | — | — | — | 162 | — | 162 | |||||||||||||||||
Acquisition-related items | — | — | — | 148 | — | 148 | |||||||||||||||||
Certain litigation charges | — | — | — | 300 | — | 300 | |||||||||||||||||
Special charge | — | — | — | 100 | — | 100 | |||||||||||||||||
Other (income) expense, net | 5 | 1 | — | 168 | — | 174 | |||||||||||||||||
Operating profit (loss) | (14 | ) | (2 | ) | (2 | ) | 3,717 | — | 3,699 | ||||||||||||||
Interest income | — | (71 | ) | (482 | ) | (315 | ) | 596 | (272 | ) | |||||||||||||
Interest expense | 74 | 81 | 30 | 1,215 | (596 | ) | 804 | ||||||||||||||||
Interest expense, net | 74 | 10 | (452 | ) | 900 | — | 532 | ||||||||||||||||
Equity in net (income) loss of subsidiaries | (2,949 | ) | (1,462 | ) | (2,499 | ) | — | 6,910 | — | ||||||||||||||
Income (loss) before income taxes | 2,861 | 1,450 | 2,949 | 2,817 | (6,910 | ) | 3,167 | ||||||||||||||||
Income tax (benefit) provision | (4 | ) | — | — | 311 | — | 307 | ||||||||||||||||
Net income (loss) | 2,865 | 1,450 | 2,949 | 2,506 | (6,910 | ) | 2,860 | ||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 5 | — | 5 | |||||||||||||||||
Net income (loss) attributable to Medtronic | 2,865 | 1,450 | 2,949 | 2,511 | (6,910 | ) | 2,865 | ||||||||||||||||
Other comprehensive income (loss), net of tax | (1,011 | ) | (385 | ) | (1,011 | ) | (1,011 | ) | 2,407 | (1,011 | ) | ||||||||||||
Other comprehensive loss attributable to non-controlling interests | — | — | — | 5 | — | 5 | |||||||||||||||||
Total comprehensive income (loss) | $ | 1,854 | $ | 1,065 | $ | 1,938 | $ | 1,500 | $ | (4,503 | ) | $ | 1,854 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 61 | $ | 6,297 | $ | — | $ | 6,358 | |||||||||||
Investments | — | — | — | 8,078 | — | 8,078 | |||||||||||||||||
Accounts receivable, net | — | — | — | 5,775 | — | 5,775 | |||||||||||||||||
Inventories, net | — | — | — | 3,751 | — | 3,751 | |||||||||||||||||
Intercompany receivable | 40 | — | 1,338 | 7,855 | (9,233 | ) | — | ||||||||||||||||
Other current assets | 5 | — | — | 2,640 | — | 2,645 | |||||||||||||||||
Total current assets | 45 | — | 1,399 | 34,396 | (9,233 | ) | 26,607 | ||||||||||||||||
Property, plant, and equipment, net | — | — | — | 4,517 | — | 4,517 | |||||||||||||||||
Goodwill | — | — | — | 39,795 | — | 39,795 | |||||||||||||||||
Other intangible assets, net | — | — | — | 22,178 | — | 22,178 | |||||||||||||||||
Tax assets | — | — | — | 1,537 | — | 1,537 | |||||||||||||||||
Investment in subsidiaries | 59,130 | 53,153 | 58,590 | — | (170,873 | ) | — | ||||||||||||||||
Intercompany loans receivable | 3,000 | 2,316 | 18,357 | 16,123 | (39,796 | ) | — | ||||||||||||||||
Other assets | — | — | — | 1,166 | — | 1,166 | |||||||||||||||||
Total assets | $ | 62,175 | $ | 55,469 | $ | 78,346 | $ | 119,712 | $ | (219,902 | ) | $ | 95,800 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Current debt obligations | $ | — | $ | — | $ | 504 | $ | 2,398 | $ | — | $ | 2,902 | |||||||||||
Accounts payable | — | — | — | 1,809 | — | 1,809 | |||||||||||||||||
Intercompany payable | — | 1,278 | 7,833 | 122 | (9,233 | ) | — | ||||||||||||||||
Accrued compensation | 18 | — | — | 1,627 | — | 1,645 | |||||||||||||||||
Accrued income taxes | 14 | — | — | 911 | — | 925 | |||||||||||||||||
Other accrued expenses | 2 | 12 | 19 | 3,619 | — | 3,652 | |||||||||||||||||
Total current liabilities | 34 | 1,290 | 8,356 | 10,486 | (9,233 | ) | 10,933 | ||||||||||||||||
Long-term debt | — | 2,117 | 1,843 | 21,958 | — | 25,918 | |||||||||||||||||
Accrued compensation and retirement benefits | — | — | — | 1,524 | — | 1,524 | |||||||||||||||||
Accrued income taxes | 10 | — | — | 4,748 | — | 4,758 | |||||||||||||||||
Intercompany loans payable | 11,897 | 100 | 16,023 | 11,776 | (39,796 | ) | — | ||||||||||||||||
Deferred tax liabilities | — | — | — | 1,363 | — | 1,363 | |||||||||||||||||
Other liabilities | — | — | 1 | 963 | — | 964 | |||||||||||||||||
Total liabilities | 11,941 | 3,507 | 26,223 | 52,818 | (49,029 | ) | 45,460 | ||||||||||||||||
Shareholders’ equity | 50,234 | 51,962 | 52,123 | 66,788 | (170,873 | ) | 50,234 | ||||||||||||||||
Noncontrolling interests | — | — | — | 106 | — | 106 | |||||||||||||||||
Total equity | 50,234 | 51,962 | 52,123 | 66,894 | (170,873 | ) | 50,340 | ||||||||||||||||
Total liabilities and equity | $ | 62,175 | $ | 55,469 | $ | 78,346 | $ | 119,712 | $ | (219,902 | ) | $ | 95,800 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 33 | $ | 5 | $ | 4,929 | $ | — | $ | 4,967 | |||||||||||
Investments | — | — | — | 8,741 | — | 8,741 | |||||||||||||||||
Accounts receivable, net | — | — | — | 5,591 | — | 5,591 | |||||||||||||||||
Inventories, net | — | — | — | 3,338 | — | 3,338 | |||||||||||||||||
Intercompany receivable | 51 | — | 1,329 | 7,111 | (8,491 | ) | — | ||||||||||||||||
Other current assets | 10 | — | — | 1,855 | — | 1,865 | |||||||||||||||||
Current assets held for sale | — | — | — | 371 | — | 371 | |||||||||||||||||
Total current assets | 61 | 33 | 1,334 | 31,936 | (8,491 | ) | 24,873 | ||||||||||||||||
Property, plant, and equipment, net | — | — | — | 4,361 | — | 4,361 | |||||||||||||||||
Goodwill | — | — | — | 38,515 | — | 38,515 | |||||||||||||||||
Other intangible assets, net | — | — | — | 23,407 | — | 23,407 | |||||||||||||||||
Tax assets | — | — | — | 1,509 | — | 1,509 | |||||||||||||||||
Investment in subsidiaries | 55,833 | 47,248 | 51,294 | — | (154,375 | ) | — | ||||||||||||||||
Intercompany loans receivable | 3,000 | 2,978 | 16,114 | 10,149 | (32,241 | ) | — | ||||||||||||||||
Other assets | — | — | — | 1,232 | — | 1,232 | |||||||||||||||||
Noncurrent assets held for sale | — | — | — | 5,919 | — | 5,919 | |||||||||||||||||
Total assets | $ | 58,894 | $ | 50,259 | $ | 68,742 | $ | 117,028 | $ | (195,107 | ) | $ | 99,816 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Current debt obligations | $ | — | $ | 1,176 | $ | 901 | $ | 5,443 | $ | — | $ | 7,520 | |||||||||||
Accounts payable | — | — | — | 1,731 | — | 1,731 | |||||||||||||||||
Intercompany payable | — | 1,269 | 7,111 | 111 | (8,491 | ) | — | ||||||||||||||||
Accrued compensation | 9 | — | — | 1,851 | — | 1,860 | |||||||||||||||||
Accrued income taxes | 13 | — | — | 620 | — | 633 | |||||||||||||||||
Other accrued expenses | — | 23 | 8 | 2,411 | — | 2,442 | |||||||||||||||||
Current liabilities held for sale | — | — | — | 34 | — | 34 | |||||||||||||||||
Total current liabilities | 22 | 2,468 | 8,020 | 12,201 | (8,491 | ) | 14,220 | ||||||||||||||||
Long-term debt | — | 2,133 | 1,842 | 21,946 | — | 25,921 | |||||||||||||||||
Accrued compensation and retirement benefits | — | — | — | 1,641 | — | 1,641 | |||||||||||||||||
Accrued income taxes | 10 | — | — | 2,395 | — | 2,405 | |||||||||||||||||
Intercompany loans payable | 8,568 | 100 | 10,050 | 13,523 | (32,241 | ) | — | ||||||||||||||||
Deferred tax liabilities | — | — | — | 2,978 | — | 2,978 | |||||||||||||||||
Other liabilities | — | — | — | 1,515 | — | 1,515 | |||||||||||||||||
Noncurrent liabilities held for sale | — | — | — | 720 | — | 720 | |||||||||||||||||
Total liabilities | 8,600 | 4,701 | 19,912 | 56,919 | (40,732 | ) | 49,400 | ||||||||||||||||
Shareholders' equity | 50,294 | 45,558 | 48,830 | 59,987 | (154,375 | ) | 50,294 | ||||||||||||||||
Noncontrolling interests | — | — | — | 122 | — | 122 | |||||||||||||||||
Total Equity | 50,294 | 45,558 | 48,830 | 60,109 | (154,375 | ) | 50,416 | ||||||||||||||||
Total liabilities and equity | $ | 58,894 | $ | 50,259 | $ | 68,742 | $ | 117,028 | $ | (195,107 | ) | $ | 99,816 |
(in millions) | Medtronic plc | Medtronic, Inc. | Medtronic Luxco | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 100 | $ | (619) | $ | 200 | $ | 5,239 | $ | — | $ | 4,920 | |||||||||||||||||||||||
Investing Activities: | |||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | — | (1,615) | — | (1,615) | |||||||||||||||||||||||||||||
Additions to property, plant, and equipment | — | (207) | — | (592) | — | (799) | |||||||||||||||||||||||||||||
Purchases of investments | — | — | — | (1,987) | — | (1,987) | |||||||||||||||||||||||||||||
Sales and maturities of investments | — | 76 | — | 4,083 | — | 4,159 | |||||||||||||||||||||||||||||
Capital contribution paid | (18) | (47) | — | — | 65 | — | |||||||||||||||||||||||||||||
Other investing activities | — | — | — | (3) | — | (3) | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (18) | (178) | — | (114) | 65 | (245) | |||||||||||||||||||||||||||||
Financing Activities: | |||||||||||||||||||||||||||||||||||
Change in current debt obligations, net | — | — | (696) | — | — | (696) | |||||||||||||||||||||||||||||
Issuance of long-term debt | — | — | — | 3 | — | 3 | |||||||||||||||||||||||||||||
Payments on long-term debt | — | — | — | (29) | — | (29) | |||||||||||||||||||||||||||||
Dividends to shareholders | (2,022) | — | — | — | — | (2,022) | |||||||||||||||||||||||||||||
Issuance of ordinary shares | 891 | — | — | — | — | 891 | |||||||||||||||||||||||||||||
Repurchase of ordinary shares | (2,728) | — | — | — | — | (2,728) | |||||||||||||||||||||||||||||
Net intercompany loan borrowings (repayments) | 3,777 | 793 | 814 | (5,384) | — | — | |||||||||||||||||||||||||||||
Capital contribution received | — | — | — | 65 | (65) | — | |||||||||||||||||||||||||||||
Other financing activities | — | — | 17 | (7) | — | 10 | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (82) | 793 | 135 | (5,352) | (65) | (4,571) | |||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (70) | — | (70) | |||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | (4) | 335 | (297) | — | 34 | |||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 20 | 1 | 3,648 | — | 3,669 | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 16 | $ | 336 | $ | 3,351 | $ | — | $ | 3,703 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
Operating Activities: | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 172 | $ | 978 | $ | 210 | $ | 3,334 | $ | (1,048 | ) | $ | 3,646 | ||||||||||
Investing Activities: | |||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | — | (111 | ) | — | (111 | ) | |||||||||||||||
Proceeds from sale of businesses | — | — | — | 6,058 | — | 6,058 | |||||||||||||||||
Additions to property, plant, and equipment | — | — | — | (776 | ) | — | (776 | ) | |||||||||||||||
Purchases of investments | — | — | — | (2,479 | ) | — | (2,479 | ) | |||||||||||||||
Sales and maturities of investments | — | — | — | 3,060 | — | 3,060 | |||||||||||||||||
Capital contribution paid | — | (531 | ) | (4,200 | ) | — | 4,731 | — | |||||||||||||||
Other investing activities, net | — | — | — | (5 | ) | — | (5 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | — | (531 | ) | (4,200 | ) | 5,747 | 4,731 | 5,747 | |||||||||||||||
Financing Activities: | |||||||||||||||||||||||
Acquisition-related contingent consideration | — | — | — | (43 | ) | — | (43 | ) | |||||||||||||||
Change in current debt obligations, net | — | — | (397 | ) | 6 | — | (391 | ) | |||||||||||||||
Repayment of short-term borrowings (maturities greater than 90 days) | — | — | — | (44 | ) | — | (44 | ) | |||||||||||||||
Proceeds from short-term borrowings (maturities greater than 90 days) | — | — | — | 1 | — | 1 | |||||||||||||||||
Issuance of long-term debt | — | — | — | 21 | — | 21 | |||||||||||||||||
Payments on long-term debt | — | (1,150 | ) | — | (3,017 | ) | — | (4,167 | ) | ||||||||||||||
Dividends to shareholders | (1,870 | ) | — | — | — | — | (1,870 | ) | |||||||||||||||
Issuance of ordinary shares | 333 | — | — | — | — | 333 | |||||||||||||||||
Repurchase of ordinary shares | (1,964 | ) | — | — | — | — | (1,964 | ) | |||||||||||||||
Net intercompany loan borrowings (repayments) | 3,329 | 670 | 4,443 | (8,442 | ) | — | — | ||||||||||||||||
Intercompany dividend paid | — | — | — | (1,048 | ) | 1,048 | — | ||||||||||||||||
Capital contribution received | — | — | — | 4,731 | (4,731 | ) | — | ||||||||||||||||
Other financing activities | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | (172 | ) | (480 | ) | 4,046 | (7,837 | ) | (3,683 | ) | (8,126 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 124 | — | 124 | |||||||||||||||||
Net change in cash and cash equivalents | — | (33 | ) | 56 | 1,368 | — | 1,391 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 33 | 5 | 4,929 | — | 4,967 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 61 | $ | 6,297 | $ | — | $ | 6,358 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 7,717 | $ | — | $ | 7,717 | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of products sold | — | — | — | 2,400 | — | 2,400 | |||||||||||||||||||||||||||||
Research and development expense | — | — | — | 573 | — | 573 | |||||||||||||||||||||||||||||
Selling, general, and administrative expense | 3 | — | 1 | 2,583 | — | 2,587 | |||||||||||||||||||||||||||||
Amortization of intangible assets | — | — | — | 436 | — | 436 | |||||||||||||||||||||||||||||
Restructuring charges, net | — | — | — | 13 | — | 13 | |||||||||||||||||||||||||||||
Certain litigation charges | — | — | — | 108 | — | 108 | |||||||||||||||||||||||||||||
Other operating expense (income), net | 12 | — | — | (51) | — | (39) | |||||||||||||||||||||||||||||
Operating profit (loss) | (15) | — | (1) | 1,655 | — | 1,639 | |||||||||||||||||||||||||||||
Other non-operating (income) expense, net | — | (27) | (179) | (372) | 482 | (96) | |||||||||||||||||||||||||||||
Interest expense | 66 | 189 | 141 | 242 | (482) | 156 | |||||||||||||||||||||||||||||
Equity in net (income) loss of subsidiaries | (1,994) | (448) | (1,957) | — | 4,399 | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 1,913 | 286 | 1,994 | 1,785 | (4,399) | 1,579 | |||||||||||||||||||||||||||||
Income tax provision | (2) | — | — | (338) | — | (340) | |||||||||||||||||||||||||||||
Net income (loss) | 1,915 | 286 | 1,994 | 2,123 | (4,399) | 1,919 | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (4) | — | (4) | |||||||||||||||||||||||||||||
Net income (loss) attributable to Medtronic | 1,915 | 286 | 1,994 | 2,119 | (4,399) | 1,915 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 65 | (35) | 65 | 30 | (60) | 65 | |||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (4) | — | (4) | |||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 1,980 | $ | 251 | $ | 2,059 | $ | 2,149 | $ | (4,459) | $ | 1,980 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 22,916 | $ | — | $ | 22,916 | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of products sold | — | — | — | 7,160 | — | 7,160 | |||||||||||||||||||||||||||||
Research and development expense | — | — | — | 1,763 | — | 1,763 | |||||||||||||||||||||||||||||
Selling, general, and administrative expense | 9 | 1 | 2 | 7,738 | — | 7,750 | |||||||||||||||||||||||||||||
Amortization of intangible assets | — | — | — | 1,317 | — | 1,317 | |||||||||||||||||||||||||||||
Restructuring charges, net | — | — | — | 87 | — | 87 | |||||||||||||||||||||||||||||
Certain litigation charges | — | — | — | 276 | — | 276 | |||||||||||||||||||||||||||||
Other operating expense (income), net | 39 | — | (7) | 56 | — | 88 | |||||||||||||||||||||||||||||
Operating profit (loss) | (48) | (1) | 5 | 4,519 | — | 4,475 | |||||||||||||||||||||||||||||
Other non-operating (income) expense, net | — | (122) | (680) | (1,132) | 1,629 | (305) | |||||||||||||||||||||||||||||
Interest expense | 350 | 601 | 424 | 1,184 | (1,629) | 930 | |||||||||||||||||||||||||||||
Equity in net (income) loss of subsidiaries | (4,535) | (2,635) | (4,274) | — | 11,444 | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 4,137 | 2,155 | 4,535 | 4,467 | (11,444) | 3,850 | |||||||||||||||||||||||||||||
Income tax provision | (6) | — | — | (311) | — | (317) | |||||||||||||||||||||||||||||
Net income (loss) | 4,143 | 2,155 | 4,535 | 4,778 | (11,444) | 4,167 | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (24) | — | (24) | |||||||||||||||||||||||||||||
Net income (loss) attributable to Medtronic | 4,143 | 2,155 | 4,535 | 4,754 | (11,444) | 4,143 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 165 | (46) | 165 | (23) | (96) | 165 | |||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (24) | — | (24) | |||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 4,308 | $ | 2,109 | $ | 4,700 | $ | 4,731 | $ | (11,540) | $ | 4,308 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 7,546 | $ | — | $ | 7,546 | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of products sold | — | — | — | 2,265 | — | 2,265 | |||||||||||||||||||||||||||||
Research and development expense | — | — | — | 561 | — | 561 | |||||||||||||||||||||||||||||
Selling, general, and administrative expense | 2 | — | 1 | 2,593 | — | 2,596 | |||||||||||||||||||||||||||||
Amortization of intangible assets | — | — | — | 436 | — | 436 | |||||||||||||||||||||||||||||
Restructuring charges, net | — | — | — | 26 | — | 26 | |||||||||||||||||||||||||||||
Certain litigation charges | — | — | — | 63 | — | 63 | |||||||||||||||||||||||||||||
Other operating expense, net | 15 | — | — | 42 | — | 57 | |||||||||||||||||||||||||||||
Operating profit (loss) | (17) | — | (1) | 1,560 | — | 1,542 | |||||||||||||||||||||||||||||
Other non-operating (income) expense, net | — | (9) | (207) | (190) | 335 | (71) | |||||||||||||||||||||||||||||
Interest expense | 125 | 23 | 132 | 298 | (335) | 243 | |||||||||||||||||||||||||||||
Equity in net (income) loss of subsidiaries | (1,410) | (656) | (1,336) | — | 3,402 | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 1,268 | 642 | 1,410 | 1,452 | (3,402) | 1,370 | |||||||||||||||||||||||||||||
Income tax provision | (1) | — | — | 100 | — | 99 | |||||||||||||||||||||||||||||
Net income (loss) | 1,269 | 642 | 1,410 | 1,352 | (3,402) | 1,271 | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (2) | — | (2) | |||||||||||||||||||||||||||||
Net income (loss) attributable to Medtronic | 1,269 | 642 | 1,410 | 1,350 | (3,402) | 1,269 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 154 | 104 | 154 | 154 | (412) | 154 | |||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (2) | — | (2) | |||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 1,423 | $ | 746 | $ | 1,564 | $ | 1,504 | $ | (3,814) | $ | 1,423 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 22,411 | $ | — | $ | 22,411 | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of products sold | — | — | — | 6,672 | — | 6,672 | |||||||||||||||||||||||||||||
Research and development expense | — | — | — | 1,736 | — | 1,736 | |||||||||||||||||||||||||||||
Selling, general, and administrative expense | 8 | 1 | 2 | 7,787 | — | 7,798 | |||||||||||||||||||||||||||||
Amortization of intangible assets | — | — | — | 1,327 | — | 1,327 | |||||||||||||||||||||||||||||
Restructuring charges, net | — | — | — | 112 | — | 112 | |||||||||||||||||||||||||||||
Certain litigation charges | — | — | — | 166 | — | 166 | |||||||||||||||||||||||||||||
Other operating expense, net | 40 | — | — | 238 | — | 278 | |||||||||||||||||||||||||||||
Operating profit (loss) | (48) | (1) | (2) | 4,373 | — | 4,322 | |||||||||||||||||||||||||||||
Other non-operating (income) expense, net | — | (29) | (559) | (614) | 893 | (309) | |||||||||||||||||||||||||||||
Interest expense | 333 | 66 | 348 | 872 | (893) | 726 | |||||||||||||||||||||||||||||
Equity in net (income) loss of subsidiaries | (3,835) | (2,277) | (3,626) | — | 9,738 | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 3,454 | 2,239 | 3,835 | 4,115 | (9,738) | 3,905 | |||||||||||||||||||||||||||||
Income tax provision | (5) | — | — | 442 | — | 437 | |||||||||||||||||||||||||||||
Net income (loss) | 3,459 | 2,239 | 3,835 | 3,673 | (9,738) | 3,468 | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | (9) | — | (9) | |||||||||||||||||||||||||||||
Net income (loss) attributable to Medtronic | 3,459 | 2,239 | 3,835 | 3,664 | (9,738) | 3,459 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (719) | 287 | (719) | (722) | 1,151 | (722) | |||||||||||||||||||||||||||||
Comprehensive income attributable to non-controlling interests | — | — | — | (6) | — | (6) | |||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | 2,740 | $ | 2,526 | $ | 3,116 | $ | 2,945 | $ | (8,587) | $ | 2,740 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 185 | $ | 3,524 | $ | — | $ | 3,709 | |||||||||||||||||||||||
Investments | — | — | — | 7,919 | — | 7,919 | |||||||||||||||||||||||||||||
Accounts receivable, net | — | — | — | 6,248 | — | 6,248 | |||||||||||||||||||||||||||||
Inventories, net | — | — | — | 4,122 | — | 4,122 | |||||||||||||||||||||||||||||
Intercompany receivable | 42 | — | 1,333 | 13,623 | (14,998) | — | |||||||||||||||||||||||||||||
Other current assets | 10 | — | 3 | 2,032 | — | 2,045 | |||||||||||||||||||||||||||||
Total current assets | 52 | — | 1,521 | 37,468 | (14,998) | 24,043 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | — | — | — | 4,764 | — | 4,764 | |||||||||||||||||||||||||||||
Goodwill | — | — | — | 40,091 | — | 40,091 | |||||||||||||||||||||||||||||
Other intangible assets, net | — | — | — | 19,456 | — | 19,456 | |||||||||||||||||||||||||||||
Tax assets | — | — | — | 2,272 | — | 2,272 | |||||||||||||||||||||||||||||
Investment in subsidiaries | 58,753 | 68,723 | 76,908 | — | (204,384) | — | |||||||||||||||||||||||||||||
Intercompany loans receivable | — | 3,545 | 18,296 | 37,018 | (58,859) | — | |||||||||||||||||||||||||||||
Other assets | — | — | — | 2,196 | — | 2,196 | |||||||||||||||||||||||||||||
Total assets | $ | 58,805 | $ | 72,268 | $ | 96,725 | $ | 143,265 | $ | (278,241) | $ | 92,822 | |||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Current debt obligations | $ | — | $ | — | $ | — | $ | 844 | $ | — | $ | 844 | |||||||||||||||||||||||
Accounts payable | — | — | — | 1,945 | �� | — | 1,945 | ||||||||||||||||||||||||||||
Intercompany payable | — | 1,327 | 13,599 | 72 | (14,998) | — | |||||||||||||||||||||||||||||
Accrued compensation | 20 | — | — | 1,889 | — | 1,909 | |||||||||||||||||||||||||||||
Accrued income taxes | — | — | — | 457 | — | 457 | |||||||||||||||||||||||||||||
Other accrued expenses | 25 | 8 | 104 | 3,443 | — | 3,580 | |||||||||||||||||||||||||||||
Total current liabilities | 45 | 1,335 | 13,703 | 8,650 | (14,998) | 8,735 | |||||||||||||||||||||||||||||
Long-term debt | — | 1,307 | 13,522 | 9,903 | — | 24,732 | |||||||||||||||||||||||||||||
Accrued compensation and retirement benefits | — | — | — | 1,598 | — | 1,598 | |||||||||||||||||||||||||||||
Accrued income taxes | 10 | — | — | 2,728 | — | 2,738 | |||||||||||||||||||||||||||||
Intercompany loans payable | 6,942 | 27,048 | 9,970 | 14,899 | (58,859) | — | |||||||||||||||||||||||||||||
Deferred tax liabilities | — | — | — | 1,282 | — | 1,282 | |||||||||||||||||||||||||||||
Other liabilities | — | — | 1 | 1,783 | — | 1,784 | |||||||||||||||||||||||||||||
Total liabilities | 6,997 | 29,690 | 37,196 | 40,843 | (73,857) | 40,869 | |||||||||||||||||||||||||||||
Shareholders’ equity | 51,808 | 42,578 | 59,529 | 102,277 | (204,384) | 51,808 | |||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | 145 | — | 145 | |||||||||||||||||||||||||||||
Total equity | 51,808 | 42,578 | 59,529 | 102,422 | (204,384) | 51,953 | |||||||||||||||||||||||||||||
Total liabilities and equity | $ | 58,805 | $ | 72,268 | $ | 96,725 | $ | 143,265 | $ | (278,241) | $ | 92,822 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 1 | $ | 4,392 | $ | — | $ | 4,393 | |||||||||||||||||||||||
Investments | — | — | — | 5,455 | — | 5,455 | |||||||||||||||||||||||||||||
Accounts receivable, net | — | — | — | 6,222 | — | 6,222 | |||||||||||||||||||||||||||||
Inventories, net | — | — | �� | 3,753 | — | 3,753 | |||||||||||||||||||||||||||||
Intercompany receivable | 40 | — | 1,374 | 7,212 | (8,626) | — | |||||||||||||||||||||||||||||
Other current assets | 10 | — | 3 | 2,131 | — | 2,144 | |||||||||||||||||||||||||||||
Total current assets | 50 | — | 1,378 | 29,165 | (8,626) | 21,967 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | — | — | — | 4,675 | — | 4,675 | |||||||||||||||||||||||||||||
Goodwill | — | — | — | 39,959 | — | 39,959 | |||||||||||||||||||||||||||||
Other intangible assets, net | — | — | — | 20,560 | — | 20,560 | |||||||||||||||||||||||||||||
Tax assets | — | — | — | 1,519 | — | 1,519 | |||||||||||||||||||||||||||||
Investment in subsidiaries | 64,352 | 39,563 | 63,651 | — | (167,566) | — | |||||||||||||||||||||||||||||
Intercompany loans receivable | 3,000 | 4,119 | 27,858 | 29,002 | (63,979) | — | |||||||||||||||||||||||||||||
Other assets | — | — | — | 1,014 | — | 1,014 | |||||||||||||||||||||||||||||
Total assets | $ | 67,402 | $ | 43,682 | $ | 92,887 | $ | 125,894 | $ | (240,171) | $ | 89,694 | |||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Current debt obligations | $ | — | $ | — | $ | — | $ | 838 | $ | — | $ | 838 | |||||||||||||||||||||||
Accounts payable | — | — | — | 1,953 | — | 1,953 | |||||||||||||||||||||||||||||
Intercompany payable | — | 1,308 | 7,199 | 119 | (8,626) | — | |||||||||||||||||||||||||||||
Accrued compensation | 3 | — | — | 2,186 | — | 2,189 | |||||||||||||||||||||||||||||
Accrued income taxes | — | — | — | 567 | — | 567 | |||||||||||||||||||||||||||||
Other accrued expenses | 20 | 11 | 60 | 2,834 | — | 2,925 | |||||||||||||||||||||||||||||
Total current liabilities | 23 | 1,319 | 7,259 | 8,497 | (8,626) | 8,472 | |||||||||||||||||||||||||||||
Long-term debt | — | 1,354 | 8,621 | 14,511 | — | 24,486 | |||||||||||||||||||||||||||||
Accrued compensation and retirement benefits | — | — | — | 1,651 | — | 1,651 | |||||||||||||||||||||||||||||
Accrued income taxes | 10 | — | — | 2,828 | — | 2,838 | |||||||||||||||||||||||||||||
Intercompany loans payable | 17,278 | 9,320 | 19,682 | 17,699 | (63,979) | — | |||||||||||||||||||||||||||||
Deferred tax liabilities | — | — | — | 1,278 | — | 1,278 | |||||||||||||||||||||||||||||
Other liabilities | — | — | 1 | 756 | — | 757 | |||||||||||||||||||||||||||||
Total liabilities | 17,311 | 11,993 | 35,563 | 47,220 | (72,605) | 39,482 | |||||||||||||||||||||||||||||
Shareholders' equity | 50,091 | 31,689 | 57,324 | 78,553 | (167,566) | 50,091 | |||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | 121 | — | 121 | |||||||||||||||||||||||||||||
Total Equity | 50,091 | 31,689 | 57,324 | 78,674 | (167,566) | 50,212 | |||||||||||||||||||||||||||||
Total liabilities and equity | $ | 67,402 | $ | 43,682 | $ | 92,887 | $ | 125,894 | $ | (240,171) | $ | 89,694 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 130 | $ | (497) | $ | 441 | $ | 5,710 | $ | — | $ | 5,784 | |||||||||||||||||||||||
Investing Activities: | |||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | — | (199) | — | (199) | |||||||||||||||||||||||||||||
Additions to property, plant, and equipment | — | — | — | (877) | — | (877) | |||||||||||||||||||||||||||||
Purchases of investments | — | — | — | (8,249) | — | (8,249) | |||||||||||||||||||||||||||||
Sales and maturities of investments | — | — | — | 5,791 | — | 5,791 | |||||||||||||||||||||||||||||
Capital contribution paid | — | (9,348) | (9,301) | (800) | 19,449 | — | |||||||||||||||||||||||||||||
Return of capital | 10,000 | — | (3,000) | (7,000) | — | — | |||||||||||||||||||||||||||||
Other investing activities | — | — | (5) | (29) | — | (34) | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 10,000 | (9,348) | (12,306) | (11,363) | 19,449 | (3,568) | |||||||||||||||||||||||||||||
Financing Activities: | |||||||||||||||||||||||||||||||||||
Change in current debt obligations, net | — | — | — | 17 | — | 17 | |||||||||||||||||||||||||||||
Issuance of long-term debt | — | — | 5,567 | 1 | — | 5,568 | |||||||||||||||||||||||||||||
Payments on long-term debt | — | (44) | (515) | (5,047) | — | (5,606) | |||||||||||||||||||||||||||||
Dividends to shareholders | (2,170) | — | — | — | — | (2,170) | |||||||||||||||||||||||||||||
Issuance of ordinary shares | 585 | — | — | — | — | 585 | |||||||||||||||||||||||||||||
Repurchase of ordinary shares | (1,208) | — | — | — | — | (1,208) | |||||||||||||||||||||||||||||
Net intercompany loan borrowings (repayments) | (7,337) | 588 | 6,231 | 518 | — | — | |||||||||||||||||||||||||||||
Capital contribution received | — | 9,301 | 800 | 9,348 | (19,449) | — | |||||||||||||||||||||||||||||
Other financing activities | — | — | (34) | (40) | — | (74) | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (10,130) | 9,845 | 12,049 | 4,797 | (19,449) | (2,888) | |||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (12) | — | (12) | |||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 184 | (868) | — | (684) | |||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 1 | 4,392 | — | 4,393 | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 185 | $ | 3,524 | $ | — | $ | 3,709 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||
Operating Activities: | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 834 | $ | 867 | $ | 15 | $ | 4,311 | $ | (920 | ) | $ | 5,107 | ||||||||||
Investing Activities: | |||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | — | (1,328 | ) | — | (1,328 | ) | |||||||||||||||
Additions to property, plant, and equipment | — | — | — | (924 | ) | — | (924 | ) | |||||||||||||||
Purchases of investments | — | — | — | (3,354 | ) | — | (3,354 | ) | |||||||||||||||
Sales and maturities of investments | — | — | — | 4,286 | — | 4,286 | |||||||||||||||||
Capital contributions paid | — | (537 | ) | — | — | 537 | — | ||||||||||||||||
Other investing activities, net | — | — | — | 21 | — | 21 | |||||||||||||||||
Net cash provided by (used in) investing activities | — | (537 | ) | — | (1,299 | ) | 537 | (1,299 | ) | ||||||||||||||
Financing Activities: | |||||||||||||||||||||||
Acquisition-related contingent consideration | — | — | — | (58 | ) | — | (58 | ) | |||||||||||||||
Change in current debt obligations, net | — | — | 1,099 | 19 | — | 1,118 | |||||||||||||||||
Repayment of short-term borrowings (maturities greater than 90 days) | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||
Proceeds from short-term borrowings (maturities greater than 90 days) | — | — | — | 4 | — | 4 | |||||||||||||||||
Issuance of long-term debt | — | — | — | 131 | — | 131 | |||||||||||||||||
Payments on long-term debt | — | — | — | (361 | ) | — | (361 | ) | |||||||||||||||
Dividends to shareholders | (1,782 | ) | — | — | — | — | (1,782 | ) | |||||||||||||||
Issuance of ordinary shares | 309 | — | — | — | — | 309 | |||||||||||||||||
Repurchase of ordinary shares | (3,409 | ) | — | — | — | — | (3,409 | ) | |||||||||||||||
Net intercompany loan borrowings (repayments) | 4,048 | (457 | ) | (1,114 | ) | (2,477 | ) | — | — | ||||||||||||||
Intercompany dividend paid | — | — | — | (920 | ) | 920 | — | ||||||||||||||||
Capital contributions received | — | — | — | 537 | (537 | ) | — | ||||||||||||||||
Other financing activities | — | — | — | 80 | — | 80 | |||||||||||||||||
Net cash provided by (used in) financing activities | (834 | ) | (457 | ) | (15 | ) | (3,047 | ) | 383 | (3,970 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 54 | — | 54 | |||||||||||||||||
Net change in cash and cash equivalents | — | (127 | ) | — | 19 | — | (108 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 208 | — | 2,668 | — | 2,876 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 81 | $ | — | $ | 2,687 | $ | — | $ | 2,768 |
(in millions) | Medtronic plc | CIFSA | CIFSA Subsidiary Guarantors | Subsidiary Non-guarantors | Consolidating Adjustments | Total | |||||||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 100 | $ | (62) | $ | 219 | $ | 4,663 | $ | — | $ | 4,920 | |||||||||||||||||||||||
Investing Activities: | |||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | — | (1,615) | — | (1,615) | |||||||||||||||||||||||||||||
Additions to property, plant, and equipment | — | — | — | (799) | — | (799) | |||||||||||||||||||||||||||||
Purchases of investments | — | — | — | (1,987) | — | (1,987) | |||||||||||||||||||||||||||||
Sales and maturities of investments | — | — | — | 4,159 | — | 4,159 | |||||||||||||||||||||||||||||
Capital contributions paid | (18) | (187) | — | — | 205 | — | |||||||||||||||||||||||||||||
Other investing activities | — | — | — | (3) | — | (3) | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (18) | (187) | — | (245) | 205 | (245) | |||||||||||||||||||||||||||||
Financing Activities: | |||||||||||||||||||||||||||||||||||
Change in current debt obligations, net | — | — | (696) | — | — | (696) | |||||||||||||||||||||||||||||
Issuance of long-term debt | — | — | — | 3 | — | 3 | |||||||||||||||||||||||||||||
Payments on long-term debt | — | — | — | (29) | — | (29) | |||||||||||||||||||||||||||||
Dividends to shareholders | (2,022) | — | — | — | — | (2,022) | |||||||||||||||||||||||||||||
Issuance of ordinary shares | 891 | — | — | — | — | 891 | |||||||||||||||||||||||||||||
Repurchase of ordinary shares | (2,728) | — | — | — | — | (2,728) | |||||||||||||||||||||||||||||
Net intercompany loan borrowings (repayments) | 3,777 | 249 | 795 | (4,821) | — | — | |||||||||||||||||||||||||||||
Capital contributions received | — | — | — | 205 | (205) | — | |||||||||||||||||||||||||||||
Other financing activities | — | — | 17 | (7) | — | 10 | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (82) | 249 | 116 | (4,649) | (205) | (4,571) | |||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (70) | — | (70) | |||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 335 | (301) | — | 34 | |||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 1 | 3,668 | — | 3,669 | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 336 | $ | 3,367 | $ | — | $ | 3,703 |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | January 24, 2020 | January 25, 2019 | % Change | January 24, 2020 | January 25, 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Medtronic | $ | 1,915 | $ | 1,269 | 51 | % | $ | 4,143 | $ | 3,459 | 20 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 1.42 | $ | 0.94 | 51 | % | $ | 3.07 | $ | 2.54 | 21 | % |
Three months ended | Nine months ended | ||||||||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | % Change | January 26, 2018 | January 27, 2017 | % Change | |||||||||||||||
Net (loss) income attributable to Medtronic | $ | (1,389 | ) | $ | 821 | (269 | )% | $ | 1,644 | $ | 2,865 | (43 | )% | ||||||||
Diluted (loss) earnings per share | $ | (1.03 | ) | $ | 0.59 | (275 | )% | $ | 1.20 | $ | 2.05 | (41 | )% |
Three months ended January 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | Income Before Income Taxes | Income Tax Provision | Net Income Attributable to Medtronic | Diluted EPS(1) | Effective Tax Rate | ||||||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 1,579 | $ | (340) | $ | 1,915 | $ | 1.42 | (21.5) | % | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and associated costs (2) | 97 | 16 | 81 | 0.06 | 16.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related items (3) | 28 | 3 | 25 | 0.02 | 10.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Certain litigation charges | 108 | 1 | 107 | 0.08 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Medical device regulations (5) | 13 | 2 | 11 | 0.01 | 15.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 436 | 68 | 368 | 0.27 | 15.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Certain tax adjustments, net (6) | — | 558 | (558) | (0.41) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 2,261 | $ | 308 | $ | 1,949 | $ | 1.44 | 13.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Three months ended January 25, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | Income Before Income Taxes | Income Tax Provision | Net Income Attributable to Medtronic | Diluted EPS(1) | Effective Tax Rate | ||||||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 1,370 | $ | 99 | $ | 1,269 | $ | 0.94 | 7.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and associated costs (2) | 66 | 12 | 54 | 0.04 | 18.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related items | 17 | 5 | 12 | 0.01 | 29.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Certain litigation charges | 63 | 12 | 51 | 0.04 | 19.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Gain)/loss on minority investments (4) | (7) | (1) | (6) | — | 14.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
IPR&D charges (7) | 11 | 3 | 8 | 0.01 | 27.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exit of businesses (8) | 69 | 13 | 56 | 0.04 | 18.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 436 | 65 | 371 | 0.27 | 14.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Certain tax adjustments, net (9) | — | 64 | (64) | (0.05) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 2,025 | $ | 272 | $ | 1,751 | $ | 1.29 | 13.4 | % |
Three months ended January 26, 2018 | ||||||||||||||||||
(in millions) | Income Before Income Taxes | Income tax provision (benefit) (1) | Net (Loss) Income attributable to Medtronic | Diluted (LPS) EPS (2)(3) | Effective Tax Rate | |||||||||||||
GAAP | $ | 1,027 | $ | 2,419 | $ | (1,389 | ) | $ | (1.03 | ) | 235.5 | % | ||||||
Non-GAAP Adjustments: | ||||||||||||||||||
Restructuring and associated costs (4) | 30 | 4 | 26 | 0.02 | 13.3 | |||||||||||||
Acquisition-related items | 30 | 13 | 17 | 0.01 | 43.3 | |||||||||||||
Certain litigation charges | 61 | 8 | 53 | 0.04 | 13.1 | |||||||||||||
Investment loss (5) | 227 | (1 | ) | 228 | 0.17 | (0.4 | ) | |||||||||||
IPR&D impairment | 46 | 5 | 41 | 0.03 | 10.9 | |||||||||||||
Amortization of intangible assets | 461 | 87 | 374 | 0.27 | 18.9 | |||||||||||||
Certain tax adjustments, net (6) | — | (2,242 | ) | 2,242 | 1.64 | — | ||||||||||||
Non-GAAP | $ | 1,882 | $ | 293 | $ | 1,592 | $ | 1.17 | 15.6 | % | ||||||||
Three months ended January 27, 2017 | ||||||||||||||||||
(in millions) | Income Before Income Taxes | Income tax provision (benefit) (1) | Net Income attributable to Medtronic | Diluted EPS (3) | Effective Tax Rate | |||||||||||||
GAAP | $ | 967 | $ | 147 | $ | 821 | $ | 0.59 | 15.2 | % | ||||||||
Non-GAAP Adjustments: | ||||||||||||||||||
Special charge (7) | 100 | 37 | 63 | 0.05 | 37.0 | |||||||||||||
Restructuring charges, net | 21 | 2 | 19 | 0.01 | 9.5 | |||||||||||||
Certain litigation charges | 218 | 80 | 138 | 0.10 | 36.7 | |||||||||||||
Acquisition-related items | 68 | 16 | 52 | 0.04 | 23.5 | |||||||||||||
Amortization of intangible assets | 497 | 123 | 374 | 0.27 | 24.7 | |||||||||||||
Certain tax adjustment (8) | — | (86 | ) | 86 | 0.06 | — | ||||||||||||
Non-GAAP | $ | 1,871 | $ | 319 | $ | 1,553 | $ | 1.12 | 17.0 | % |
(2)Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses. (3)The charges primarily include costs incurred in connection with legacy-Covidien enterprise resource planning deployment activities, business combination related costs, and changes in the fair value of contingent consideration. (4)We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations. (5)The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. (6)The benefit relates to the release of a valuation allowance on certain net operating losses. (7)The charges were recognized in connection with the impairment of in-process research and development ("IPR&D") assets. (8)The net charge relates to business exits and is primarily comprised of intangible asset impairments. (9)The net benefit relates to the impact of U.S. tax reform, intercompany legal entity restructuring, and the finalization of certain |
Nine months ended January 26, 2018 | ||||||||||||||||||
(in millions) | Income Before Income Taxes | Income tax provision (benefit) (1) | Net Income attributable to Medtronic | Diluted EPS (2) | Effective Tax Rate | |||||||||||||
GAAP | $ | 3,950 | $ | 2,320 | $ | 1,644 | $ | 1.20 | 58.7 | % | ||||||||
Non-GAAP Adjustments: | ||||||||||||||||||
Restructuring and associated costs (3) | 62 | 10 | 52 | 0.04 | 16.1 | |||||||||||||
Acquisition-related items | 101 | 35 | 66 | 0.05 | 34.7 | |||||||||||||
Divestiture-related items (4) | 115 | 12 | 103 | 0.08 | 10.4 | |||||||||||||
Certain litigation charges | 61 | 8 | 53 | 0.04 | 13.1 | |||||||||||||
Investment loss (5) | 227 | (1 | ) | 228 | 0.17 | (0.4 | ) | |||||||||||
IPR&D impairment | 46 | 5 | 41 | 0.03 | 10.9 | |||||||||||||
Gain on sale of businesses (6) | (697 | ) | — | (697 | ) | (0.51 | ) | — | ||||||||||
Hurricane Maria (7) | 34 | 1 | 33 | 0.02 | 2.9 | |||||||||||||
Special charge (8) | 80 | 26 | 54 | 0.04 | 32.5 | |||||||||||||
Amortization of intangible assets | 1,375 | 241 | 1,134 | 0.83 | 17.5 | |||||||||||||
Certain tax adjustments, net (9) | — | (1,877 | ) | 1,877 | 1.37 | — | ||||||||||||
Non-GAAP | $ | 5,354 | $ | 780 | $ | 4,588 | $ | 3.35 | 14.6 | % | ||||||||
Nine months ended January 27, 2017 | ||||||||||||||||||
(in millions) | Income Before Income Taxes | Income tax provision (benefit) (1) | Net Income attributable to Medtronic | Diluted EPS (2) | Effective Tax Rate | |||||||||||||
GAAP | $ | 3,167 | 307 | $ | 2,865 | $ | 2.05 | 9.7 | % | |||||||||
Non-GAAP Adjustments: | ||||||||||||||||||
Impact of inventory step-up (10) | 38 | 14 | 24 | 0.02 | 36.8 | |||||||||||||
Special charge (11) | 100 | 37 | 63 | 0.05 | 37.0 | |||||||||||||
Restructuring charges, net | 172 | 40 | 132 | 0.09 | 23.3 | |||||||||||||
Certain litigation charges | 300 | 110 | 190 | 0.14 | 36.7 | |||||||||||||
Acquisition-related items | 148 | 55 | 93 | 0.07 | 37.2 | |||||||||||||
Amortization of intangible assets | 1,484 | 349 | 1,135 | 0.81 | 23.5 | |||||||||||||
Certain tax adjustments, net (12) | — | (55 | ) | 55 | 0.04 | — | ||||||||||||
Non-GAAP | $ | 5,409 | $ | 857 | $ | 4,557 | $ | 3.27 | 15.8 | % |
Nine months ended January 24, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | Income Before Income Taxes | Income Tax Provision | Net Income Attributable to Medtronic | Diluted EPS(1) | Effective Tax Rate | ||||||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 3,850 | $ | (317) | $ | 4,143 | $ | 3.07 | (8.2) | % | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and associated costs (2) | 315 | 47 | 268 | 0.20 | 14.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related items (3) | 74 | 9 | 65 | 0.05 | 12.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Certain litigation charges | 276 | 33 | 243 | 0.18 | 12.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Gain)/loss on minority investments (4) | (11) | (2) | (9) | (0.01) | 18.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt tender premium and other charges (5) | 406 | 86 | 320 | 0.24 | 21.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Medical device regulations (6) | 31 | 4 | 27 | 0.02 | 12.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exit of businesses (7) | 41 | 6 | 35 | 0.03 | 14.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Contribution to the Medtronic Foundation | 80 | 18 | 62 | 0.05 | 22.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 1,317 | 203 | 1,114 | 0.82 | 15.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Certain tax adjustments, net (8) | — | 839 | (839) | (0.62) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 6,379 | $ | 926 | $ | 5,429 | $ | 4.02 | 14.5 | % | |||||||||||||||||||||||||||||||||||||||||||
Nine months ended January 25, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | Income Before Income Taxes | Income Tax Provision | Net Income Attributable to Medtronic | Diluted EPS(1) | Effective Tax Rate | ||||||||||||||||||||||||||||||||||||||||||||||||
GAAP | $ | 3,905 | $ | 437 | $ | 3,459 | $ | 2.54 | 11.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and associated costs (2) | 256 | 40 | 216 | 0.16 | 15.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related items | 57 | 13 | 44 | 0.03 | 22.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Certain litigation charges | 166 | 24 | 142 | 0.10 | 14.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Gain)/loss on minority investments (4) | (92) | (9) | (83) | (0.06) | 9.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
IPR&D charges (9) | 26 | 3 | 23 | 0.02 | 11.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exit of businesses (7) | 149 | 31 | 118 | 0.09 | 20.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 1,327 | 199 | 1,128 | 0.83 | 15.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Certain tax adjustments, net (10) | — | 35 | (35) | (0.03) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP | $ | 5,794 | $ | 773 | $ | 5,012 | $ | 3.69 | 13.3 | % |
Three months ended(1) | Nine months ended(1) | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | % Change | January 24, 2020 | January 25, 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||
Cardiac Rhythm & Heart Failure | $ | 1,393 | $ | 1,397 | — | % | $ | 4,201 | $ | 4,295 | (2) | % | |||||||||||||||||||||||||||||||||||
Coronary & Structural Heart | 948 | 913 | 4 | 2,844 | 2,736 | 4 | |||||||||||||||||||||||||||||||||||||||||
Aortic, Peripheral, & Venous | 478 | 476 | — | 1,420 | 1,424 | — | |||||||||||||||||||||||||||||||||||||||||
Cardiac and Vascular Group | 2,819 | 2,786 | 1 | 8,464 | 8,455 | — | |||||||||||||||||||||||||||||||||||||||||
Surgical Innovations | 1,474 | 1,434 | 3 | 4,345 | 4,224 | 3 | |||||||||||||||||||||||||||||||||||||||||
Respiratory, Gastrointestinal, & Renal | 702 | 690 | 2 | 2,073 | 1,999 | 4 | |||||||||||||||||||||||||||||||||||||||||
Minimally Invasive Therapies Group | 2,176 | 2,124 | 2 | 6,418 | 6,223 | 3 | |||||||||||||||||||||||||||||||||||||||||
Brain Therapies | 795 | 732 | 9 | 2,307 | 2,107 | 10 | |||||||||||||||||||||||||||||||||||||||||
Spine | 674 | 655 | 3 | 2,023 | 1,963 | 3 | |||||||||||||||||||||||||||||||||||||||||
Specialty Therapies | 340 | 325 | 5 | 996 | 956 | 4 | |||||||||||||||||||||||||||||||||||||||||
Pain Therapies | 303 | 314 | (4) | 910 | 942 | (3) | |||||||||||||||||||||||||||||||||||||||||
Restorative Therapies Group | 2,111 | 2,026 | 4 | 6,235 | 5,968 | 5 | |||||||||||||||||||||||||||||||||||||||||
Diabetes Group | 610 | 610 | — | 1,798 | 1,765 | 2 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 7,717 | $ | 7,546 | 2 | % | $ | 22,916 | $ | 22,411 | 2 | % |
Three months ended | Nine months ended | ||||||||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | % Change | January 26, 2018 | January 27, 2017 | % Change | |||||||||||||||
Cardiac Rhythm & Heart Failure | $ | 1,457 | $ | 1,371 | 6 | % | $ | 4,314 | $ | 4,105 | 5 | % | |||||||||
Coronary & Structural Heart | 886 | 751 | 18 | 2,557 | 2,266 | 13 | |||||||||||||||
Aortic & Peripheral Vascular | 457 | 426 | 7 | 1,348 | 1,279 | 5 | |||||||||||||||
Cardiac and Vascular Group | 2,800 | 2,548 | 10 | 8,219 | 7,650 | 7 | |||||||||||||||
Surgical Innovations(1) | 1,384 | 1,255 | 10 | 4,024 | 3,785 | 6 | |||||||||||||||
Respiratory, Gastrointestinal, & Renal(1) | 657 | 1,162 | (43 | ) | 2,455 | 3,529 | (30 | ) | |||||||||||||
Minimally Invasive Therapies Group | 2,041 | 2,417 | (16 | ) | 6,479 | 7,314 | (11 | ) | |||||||||||||
Spine | 661 | 657 | 1 | 1,969 | 1,965 | — | |||||||||||||||
Brain Therapies | 585 | 518 | 13 | 1,682 | 1,513 | 11 | |||||||||||||||
Specialty Therapies | 398 | 370 | 8 | 1,132 | 1,095 | 3 | |||||||||||||||
Pain Therapies | 300 | 272 | 10 | 833 | 842 | (1 | ) | ||||||||||||||
Restorative Therapies Group | 1,944 | 1,817 | 7 | 5,616 | 5,415 | 4 | |||||||||||||||
Diabetes Group | 584 | 501 | 17 | 1,495 | 1,415 | 6 | |||||||||||||||
Total | $ | 7,369 | $ | 7,283 | 1 | % | $ | 21,809 | $ | 21,794 | — | % |
U.S.(1) | Non-U.S. Developed Markets(2) | Emerging Markets(3) | U.S.(1)(4) | Non-U.S. Developed Markets(2)(4) | Emerging Markets(3)(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | % Change | January 26, 2018 | January 27, 2017 | % Change | January 26, 2018 | January 27, 2017 | % Change | (in millions) | January 24, 2020 | January 25, 2019 | % Change | January 24, 2020 | January 25, 2019 | % Change | January 24, 2020 | January 25, 2019 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cardiac and Vascular Group | $ | 1,395 | $ | 1,320 | 6 | % | $ | 934 | $ | 815 | 15 | % | $ | 471 | $ | 413 | 14 | % | Cardiac and Vascular Group | $ | 1,366 | $ | 1,369 | — | % | $ | 915 | $ | 924 | (1) | % | $ | 538 | $ | 493 | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimally Invasive Therapies Group | 862 | 1,234 | (30 | ) | 807 | 842 | (4 | ) | 372 | 341 | 9 | Minimally Invasive Therapies Group | 934 | 930 | — | 791 | 796 | (1) | 451 | 398 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restorative Therapies Group | 1,300 | 1,242 | 5 | 429 | 384 | 12 | 215 | 191 | 13 | Restorative Therapies Group | 1,409 | 1,354 | 4 | 436 | 435 | — | 266 | 237 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diabetes Group | 355 | 310 | 15 | 185 | 152 | 22 | 44 | 39 | 13 | Diabetes Group | 312 | 348 | (10) | 236 | 213 | 11 | 63 | 49 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,912 | $ | 4,106 | (5 | )% | $ | 2,355 | $ | 2,193 | 7 | % | $ | 1,102 | $ | 984 | 12 | % | Total | $ | 4,021 | $ | 4,001 | — | % | $ | 2,377 | $ | 2,368 | — | % | $ | 1,318 | $ | 1,177 | 12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S.(1)(4) | Non-U.S. Developed Markets(2)(4) | Emerging Markets(3)(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended | Nine months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | January 24, 2020 | January 25, 2019 | % Change | January 24, 2020 | January 25, 2019 | % Change | January 24, 2020 | January 25, 2019 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cardiac and Vascular Group | Cardiac and Vascular Group | $ | 4,182 | $ | 4,240 | (1) | % | $ | 2,735 | $ | 2,766 | (1) | % | $ | 1,547 | $ | 1,449 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimally Invasive Therapies Group | Minimally Invasive Therapies Group | 2,769 | 2,659 | 4 | 2,364 | 2,396 | (1) | 1,285 | 1,168 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restorative Therapies Group | Restorative Therapies Group | 4,187 | 4,005 | 5 | 1,278 | 1,275 | — | 770 | 688 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diabetes Group | Diabetes Group | 930 | 1,006 | (8) | 693 | 619 | 12 | 176 | 140 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 12,068 | $ | 11,910 | 1 | % | $ | 7,069 | $ | 7,056 | — | % | $ | 3,778 | $ | 3,445 | 10 | % |
U.S.(1) | Non-U.S. Developed Markets(2) | Emerging Markets(3) | ||||||||||||||||||||||||||||||
Nine months ended | Nine months ended | Nine months ended | ||||||||||||||||||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | % Change | January 26, 2018 | January 27, 2017 | % Change | January 26, 2018 | January 27, 2017 | % Change | |||||||||||||||||||||||
Cardiac and Vascular Group | $ | 4,151 | $ | 3,970 | 5 | % | $ | 2,716 | $ | 2,467 | 10 | % | $ | 1,352 | $ | 1,213 | 11 | % | ||||||||||||||
Minimally Invasive Therapies Group | 2,902 | 3,735 | (22 | ) | 2,455 | 2,558 | (4 | ) | 1,122 | 1,021 | 10 | |||||||||||||||||||||
Restorative Therapies Group | 3,779 | 3,710 | 2 | 1,217 | 1,151 | 6 | 620 | 554 | 12 | |||||||||||||||||||||||
Diabetes Group | 856 | 845 | 1 | 521 | 457 | 14 | 118 | 113 | 4 | |||||||||||||||||||||||
Total | $ | 11,688 | $ | 12,260 | (5 | )% | $ | 6,909 | $ | 6,633 | 4 | % | $ | 3,212 | $ | 2,901 | 11 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | ||||||||||||||||||||||||||||||||
Cost of products sold | 31.1 | % | 30.0 | % | 31.2 | % | 29.8 | % | |||||||||||||||||||||||||||
Research and development expense | 7.4 | % | 7.4 | % | 7.7 | % | 7.7 | % | |||||||||||||||||||||||||||
Selling, general, and administrative expense | 33.5 | % | 34.4 | % | 33.8 | % | 34.8 | % |
Three months ended | Nine months ended | ||||||||||
January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | ||||||||
Cost of products sold | 29.7 | % | 31.1 | % | 30.5 | % | 31.5 | % | |||
Research and development expense | 7.6 | % | 7.3 | % | 7.6 | % | 7.5 | % | |||
Selling, general, and administrative expense | 33.9 | % | 32.8 | % | 34.0 | % | 33.2 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||
Amortization of intangible assets | $ | 436 | $ | 436 | $ | 1,317 | $ | 1,327 | |||||||||||||||||||||||||||
Restructuring charges, net | 13 | 26 | 87 | 112 | |||||||||||||||||||||||||||||||
Certain litigation charges | 108 | 63 | 276 | 166 | |||||||||||||||||||||||||||||||
Other operating (income) expense, net | (39) | 57 | 88 | 278 | |||||||||||||||||||||||||||||||
Other non-operating income, net | (96) | (71) | (305) | (309) | |||||||||||||||||||||||||||||||
Interest expense | 156 | 243 | 930 | 726 |
Three months ended | Nine months ended | ||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | |||||||||||
Amortization of intangible assets | $ | 461 | $ | 497 | $ | 1,375 | $ | 1,484 | |||||||
Restructuring charges, net | 7 | 21 | 23 | 162 | |||||||||||
Acquisition-related items | 26 | 68 | 77 | 148 | |||||||||||
Certain litigation charges | 61 | 218 | 61 | 300 | |||||||||||
Divestiture-related items | — | — | 114 | — | |||||||||||
Gain on sale of businesses | — | — | (697 | ) | — | ||||||||||
Special charge | — | 100 | 80 | 100 | |||||||||||
Other expense, net | 140 | 46 | 317 | 174 | |||||||||||
Investment loss | 227 | — | 227 | — | |||||||||||
Interest expense, net | 172 | 180 | 539 | 532 |
Three months ended | Nine months ended | ||||||||||||||
(in millions) | January 26, 2018 | January 27, 2017 | January 26, 2018 | January 27, 2017 | |||||||||||
Income tax provision | $ | 2,419 | $ | 147 | $ | 2,320 | $ | 307 | |||||||
Income before income taxes | 1,027 | 967 | 3,950 | 3,167 | |||||||||||
Effective tax rate | 235.5 | % | 15.2 | % | 58.7 | % | 9.7 | % | |||||||
Non-GAAP income tax provision | $ | 293 | $ | 319 | $ | 780 | $ | 857 | |||||||
Non-GAAP income before income taxes | 1,882 | 1,871 | 5,354 | 5,409 | |||||||||||
Non-GAAP Nominal Tax Rate | 15.6 | % | 17.0 | % | 14.6 | % | 15.8 | % | |||||||
Difference between the effective tax rate and Non-GAAP Nominal Tax Rate | (219.9 | )% | 1.8 | % | (44.1 | )% | 6.1 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | January 24, 2020 | January 25, 2019 | |||||||||||||||||||||||||||||||
Income tax provision | $ | (340) | $ | 99 | $ | (317) | $ | 437 | |||||||||||||||||||||||||||
Income before income taxes | 1,579 | 1,370 | 3,850 | 3,905 | |||||||||||||||||||||||||||||||
Effective tax rate | (21.5) | % | 7.2 | % | (8.2) | % | 11.2 | % | |||||||||||||||||||||||||||
Non-GAAP income tax provision | $ | 308 | $ | 272 | $ | 926 | $ | 773 | |||||||||||||||||||||||||||
Non-GAAP income before income taxes | 2,261 | 2,025 | 6,379 | 5,794 | |||||||||||||||||||||||||||||||
Non-GAAP Nominal Tax Rate | 13.6 | % | 13.4 | % | 14.5 | % | 13.3 | % | |||||||||||||||||||||||||||
Difference between the effective tax rate and Non-GAAP Nominal Tax Rate | 35.1 | % | 6.2 | % | 22.7 | % | 2.1 | % |
(in millions) | January 26, 2018 | April 28, 2017 | |||||
Working capital | $ | 15,674 | $ | 10,316 | |||
Current ratio(1) | 2.4:1.0 | 1.7:1.0 | |||||
Cash, cash equivalents, and current investments | $ | 14,436 | $ | 13,708 | |||
Current debt obligations and long-term debt | $ | 28,820 | $ | 33,441 |
Nine months ended | |||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | |||||||||||||||
Cash provided by (used in): | |||||||||||||||||
Operating activities | $ | 5,784 | $ | 4,920 | |||||||||||||
Investing activities | (3,568) | (245) | |||||||||||||||
Financing activities | (2,888) | (4,571) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (12) | (70) | |||||||||||||||
Net change in cash and cash equivalents | $ | (684) | $ | 34 |
Nine months ended | |||||||
(in millions) | January 26, 2018 | January 27, 2017 | |||||
Cash provided by (used in): | |||||||
Operating activities | $ | 3,646 | $ | 5,107 | |||
Investing activities | 5,747 | (1,299 | ) | ||||
Financing activities | (8,126 | ) | (3,970 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 124 | 54 | |||||
Net change in cash and cash equivalents | $ | 1,391 | $ | (108 | ) |
Nine months ended | |||||||||||||||||
(in millions) | January 24, 2020 | January 25, 2019 | |||||||||||||||
Net cash provided by operating activities | $ | 5,784 | $ | 4,920 | |||||||||||||
Additions to property, plant, and equipment | (877) | (799) | |||||||||||||||
Free cash flow | $ | 4,907 | $ | 4,121 | |||||||||||||
Nine months ended | |||||||
(in millions) | January 26, 2018 | January 27, 2017 | |||||
Net cash provided by operating activities | $ | 3,646 | $ | 5,107 | |||
Net cash provided by (used in) investing activities | 5,747 | (1,299 | ) | ||||
Net cash used in financing activities | (8,126 | ) | (3,970 | ) | |||
Net cash provided by operating activities | $ | 3,646 | $ | 5,107 | |||
Additions to property, plant, and equipment | (776 | ) | (924 | ) | |||
Free cash flow | $ | 2,870 | $ | 4,183 | |||
Dividends to shareholders | $ | 1,870 | $ | 1,782 | |||
Repurchase of ordinary shares | 1,964 | 3,409 | |||||
Issuances of ordinary shares | (333 | ) | (309 | ) | |||
Return to shareholders | $ | 3,501 | $ | 4,882 | |||
Return of operating cash flow percentage | 96 | % | 96 | % | |||
Return of free cash flow percentage | 122 | % | 117 | % |
Maturity by Fiscal Year | ||||||||||||||||||||||||||||
(in millions) | Total | Remaining 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | |||||||||||||||||||||
Contractual obligations related to off-balance sheet arrangements: | ||||||||||||||||||||||||||||
Operating leases | $ | 693 | $ | 73 | $ | 203 | $ | 159 | $ | 111 | $ | 71 | $ | 76 | ||||||||||||||
Commitments to fund minority investments, milestone payments, and royalty obligations(1) | 270 | 30 | 106 | 47 | 42 | 43 | 2 | |||||||||||||||||||||
Interest payments(2) | 12,882 | 467 | 969 | 930 | 806 | 773 | 8,937 | |||||||||||||||||||||
Other(3) | 620 | 210 | 225 | 98 | 34 | 8 | 45 | |||||||||||||||||||||
Contractual obligations related to off-balance sheet arrangements subtotal | $ | 14,465 | $ | 780 | $ | 1,503 | $ | 1,234 | $ | 993 | $ | 895 | $ | 9,060 | ||||||||||||||
Contractual obligations reflected in the balance sheet: | ||||||||||||||||||||||||||||
Debt obligations(4) | $ | 27,877 | $ | 2,000 | $ | 1,403 | $ | 3,808 | $ | 1,220 | $ | 3,175 | $ | 16,271 | ||||||||||||||
Capital leases | 22 | 1 | 4 | 4 | 3 | 2 | 8 | |||||||||||||||||||||
Contingent consideration(5) | 171 | 11 | 97 | 37 | 13 | 6 | 7 | |||||||||||||||||||||
Tax obligations(6) | 2,528 | — | 257 | 197 | 197 | 197 | 1,680 | |||||||||||||||||||||
Contractual obligations reflected in the balance sheet subtotal(7) | $ | 30,598 | $ | 2,012 | $ | 1,761 | $ | 4,046 | $ | 1,433 | $ | 3,380 | $ | 17,966 | ||||||||||||||
Total contractual obligations | $ | 45,063 | $ | 2,792 | $ | 3,264 | $ | 5,280 | $ | 2,426 | $ | 4,275 | $ | 27,026 |
Agency Rating(1) | ||||||||||||||||||||
January 24, 2020 | April 26, 2019 | |||||||||||||||||||
Standard & Poor's Ratings Services | ||||||||||||||||||||
Long-term debt | A | A | ||||||||||||||||||
Short-term debt | A-1 | A-1 | ||||||||||||||||||
Moody's Investors Service | ||||||||||||||||||||
Long-term debt | A3 | A3 | ||||||||||||||||||
Short-term debt | P-2 | P-2 |
Fiscal Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as a Part of Publicly Announced Program (1) | Maximum Approximate Dollar Value of Shares that may yet be Purchased Under the Program (1) | ||||||||||||||||||||||
10/26/2019 - 11/22/2019 | 547,952 | $ | 108.74 | 547,952 | $ | 6,238,903,103 | ||||||||||||||||||||
11/23/2019 - 12/27/2019 | 471,599 | 112.28 | 471,599 | 6,185,952,813 | ||||||||||||||||||||||
12/28/2019 - 1/24/2020 | 1,049,571 | 117.60 | 1,049,571 | 6,062,523,192 | ||||||||||||||||||||||
Total | 2,069,122 | $ | 114.04 | 2,069,122 | $ | 6,062,523,192 |
Fiscal Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as a Part of Publicly Announced Program (1) | Maximum Approximate Dollar Value of Shares that may yet be Purchased Under the Program (2) | |||||||||
10/28/2017-11/24/2017 | 526,032 | $ | 79.84 | 526,032 | 4,206,817,373 | ||||||||
11/25/2017-12/29/2017 | 123,896 | 80.71 | 123,896 | 4,196,819,855 | |||||||||
12/30/2017-1/26/2018 | 120,640 | 82.89 | 120,640 | 4,186,822,325 | |||||||||
Total | 770,568 | $ | 80.46 | 770,568 | 4,186,822,325 |
(a) | Exhibits | |||||||||||||||
Inline XBRL Schema Document. | ||||||||||||||||
101.CAL | Inline XBRL Calculation Linkbase Document. | |||||||||||||||
101.DEF | Inline XBRL Definition Linkbase Document. | |||||||||||||||
101.LAB | Inline XBRL Label Linkbase Document. | |||||||||||||||
101.PRE | Inline XBRL Presentation Linkbase Document. | |||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
MEDTRONIC PUBLIC LIMITED COMPANY | ||||||||
(Registrant) | ||||||||
Date: | /s/ Omar Ishrak | |||||||
Omar Ishrak | ||||||||
Chairman and Chief Executive Officer | ||||||||
Date: | /s/ Karen L. Parkhill | |||||||
Karen L. Parkhill | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer |