XML 27 R25.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Guarantor Financial Information | 6 Months Ended
--- | ---
Oct. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Guarantor Financial Information | Guarantor Financial Information On January 26, 2015, Medtronic plc (Parent Company Guarantor) and Medtronic Global Holdings S.C.A. (Medtronic Luxco), a subsidiary guarantor, each provided a full and unconditional guarantee of the obligations of Medtronic, Inc. under the Senior Notes (Medtronic Senior Notes). In addition, Medtronic plc and Medtronic Luxco each provided a full and unconditional guarantee of the obligations of Covidien International Finance S.A. (CIFSA), assumed as part of the Covidien acquisition, under the Senior Notes (CIFSA Senior Notes). These guarantees of the CIFSA Senior Notes were in addition to the guarantees of the CIFSA Senior Notes by legacy Covidien holding companies Covidien Ltd. (f/k/a Covidien plc) and Covidien Group Holdings Ltd. (f/k/a Covidien Ltd.), both of which remain guarantors of the CIFSA Senior Notes. A summary of the guarantees is as follows: Guarantees of Medtronic Senior Notes
• | Parent Company Guarantor - Medtronic plc
• | Subsidiary Issuer - Medtronic, Inc.
• | Subsidiary Guarantor - Medtronic Luxco
Since Medtronic plc and Medtronic Luxco did not exist in the comparable period in the prior fiscal year, the Parent Company Guarantor column and Subsidiary Guarantor column in the consolidating financial information for the guarantee of the Medtronic Senior Notes will appear as zeros for the comparable period in fiscal year 2015. Accordingly, the consolidating financial information presented for the comparable period in the prior year is of the predecessor registrant, Medtronic, Inc. Guarantees of CIFSA Senior Notes
• | Parent Company Guarantor - Medtronic plc
• | Subsidiary Issuer - CIFSA
• | Subsidiary Guarantors - Medtronic Luxco, Covidien Ltd., and Covidien Group Holdings Ltd.
There were no Medtronic plc or Medtronic Luxco guarantees in effect prior to the Acquisition Date, and the CIFSA Senior Notes were assumed as part of the Covidien acquisition. Therefore, no consolidating financial information for the period ended October 24, 2014 is presented related to the guarantee of the CIFSA Senior Notes. The following presents the Company’s Consolidating Statements of Comprehensive Income as of and for the three and six months ended October 30, 2015 and October 24, 2014, and Condensed Consolidating Balance Sheets as of October 30, 2015 and April 24, 2015, and Condensed Consolidating Statements of Cash Flows as of and for the six months ended October 30, 2015. The guarantees provided by the Parent Company Guarantor and Subsidiary Guarantor(s) are joint and several. Condensed consolidating financial information for the Parent Company Guarantor, Subsidiary Issuer, and Subsidiary Guarantor(s), on a stand-alone basis, is presented using the equity method of accounting for subsidiaries. The Company has made a revision to its condensed consolidating balance sheet of the guarantees of CIFSA Senior Notes as previously presented in Note 19 in the Company’s Annual Report on Form 10-K for the year ended April 24, 2015. The $2.763 billion revision, in the line item Investment in Subsidiaries in the Subsidiary Issuer (CIFSA) column, occurred due to a $1.093 billion internal reorganization that took place during the second quarter of fiscal year 2016 and a $1.670 billion incorrect presentation primarily related to an intercompany dividend. There is no impact to the consolidated financial statements of Medtronic plc as previously filed in the 2015 Annual Report on Form 10-K or Quarterly Reports on Form 10-Q. Consolidating Statement of Comprehensive Income Three Months Ended October 30, 2015 Medtronic Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (Medtronic, Inc.) |  | Subsidiary Guarantor |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
Net sales | $ | — |  |  | $ | 363 |  |  | $ | — |  |  | $ | 7,058 |  |  | $ | (363 | ) |  | $ | 7,058 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of products sold | — |  |  | 345 |  |  | — |  |  | 2,393 |  |  | (556 | ) |  | 2,182 |
Research and development expense | — |  |  | 85 |  |  | — |  |  | 440 |  |  | 20 |  |  | 545 |
Selling, general, and administrative expense | 54 |  |  | 42 |  |  | — |  |  | 2,293 |  |  | (46 | ) |  | 2,343 |
Restructuring charges, net | — |  |  | 5 |  |  | — |  |  | 68 |  |  | — |  |  | 73 |
Certain litigation charges | — |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  | 26 |
Acquisition-related items | — |  |  | 55 |  |  | — |  |  | (6 | ) |  | — |  |  | 49 |
Amortization of intangible assets | — |  |  | 3 |  |  | — |  |  | 480 |  |  | — |  |  | 483 |
Other (income) expense, net | 56 |  |  | (348 | ) |  | — |  |  | 349 |  |  | — |  |  | 57 |
Operating profit (loss) | (110 | ) |  | 176 |  |  | — |  |  | 1,015 |  |  | 219 |  |  | 1,300 |
Interest income | — |  |  | (57 | ) |  | (175 | ) |  | (116 | ) |  | 241 |  |  | (107 | )
Interest expense | 4 |  |  | 455 |  |  | 3 |  |  | 103 |  |  | (241 | ) |  | 324 |
Interest (income) expense, net | 4 |  |  | 398 |  |  | (172 | ) |  | (13 | ) |  | — |  |  | 217 |
Equity in net (income) loss of subsidiaries | (590 | ) |  | 5,902 |  |  | (418 | ) |  | — |  |  | (4,894 | ) |  | — |
Income (loss) from operations before income taxes | 476 |  |  | (6,124 | ) |  | 590 |  |  | 1,028 |  |  | 5,113 |  |  | 1,083 |
Provision (benefit) for income taxes | (2 | ) |  | 3 |  |  | — |  |  | 562 |  |  | — |  |  | 563 |
Net income (loss) | 478 |  |  | (6,127 | ) |  | 590 |  |  | 466 |  |  | 5,113 |  |  | 520 |
Other comprehensive income (loss), net of tax | (115 | ) |  | (52 | ) |  | (115 | ) |  | (195 | ) |  | 362 |  |  | (115 | )
Total comprehensive income (loss) | $ | 363 |  |  | $ | (6,179 | ) |  | $ | 475 |  |  | $ | 271 |  |  | $ | 5,475 |  |  | $ | 405 |
Consolidating Statement of Comprehensive Income Six Months Ended October 30, 2015 Medtronic Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (Medtronic, Inc.) |  | Subsidiary Guarantor |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
Net sales | $ | — |  |  | $ | 736 |  |  | $ | — |  |  | $ | 14,335 |  |  | $ | (739 | ) |  | $ | 14,332 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of products sold | — |  |  | 700 |  |  | — |  |  | 4,604 |  |  | (666 | ) |  | 4,638 |
Research and development expense | — |  |  | 219 |  |  | — |  |  | 864 |  |  | 20 |  |  | 1,103 |
Selling, general, and administrative expense | 149 |  |  | 224 |  |  | — |  |  | 4,465 |  |  | (46 | ) |  | 4,792 |
Restructuring charges, net | — |  |  | 5 |  |  | — |  |  | 135 |  |  | — |  |  | 140 |
Certain litigation charges | — |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  | 26 |
Acquisition-related items | — |  |  | 55 |  |  | — |  |  | 65 |  |  | — |  |  | 120 |
Amortization of intangible assets | — |  |  | 6 |  |  | — |  |  | 958 |  |  | — |  |  | 964 |
Other (income) expense, net | 34 |  |  | (579 | ) |  | — |  |  | 663 |  |  | — |  |  | 118 |
Operating profit (loss) | (183 | ) |  | 106 |  |  | — |  |  | 2,555 |  |  | (47 | ) |  | 2,431 |
Interest (income) | — |  |  | (121 | ) |  | (358 | ) |  | (229 | ) |  | 486 |  |  | (222 | )
Interest expense | 5 |  |  | 899 |  |  | 3 |  |  | 209 |  |  | (486 | ) |  | 630 |
Interest (income) expense, net | 5 |  |  | 778 |  |  | (355 | ) |  | (20 | ) |  | — |  |  | 408 |
Equity in net (income) of subsidiaries | (1,520 | ) |  | 4,947 |  |  | (1,165 | ) |  | — |  |  | (2,262 | ) |  | — |
Income (loss) from operations before income taxes | 1,332 |  |  | (5,619 | ) |  | 1,520 |  |  | 2,575 |  |  | 2,215 |  |  | 2,023 |
Provision (benefit) for income taxes | (8 | ) |  | (159 | ) |  | — |  |  | 850 |  |  | — |  |  | 683 |
Net income (loss) | 1,340 |  |  | (5,460 | ) |  | 1,520 |  |  | 1,725 |  |  | 2,215 |  |  | 1,340 |
Other comprehensive income (loss), net of tax | (287 | ) |  | (224 | ) |  | (287 | ) |  | (367 | ) |  | 878 |  |  | (287 | )
Total comprehensive income | $ | 1,053 |  |  | $ | (5,684 | ) |  | $ | 1,233 |  |  | $ | 1,358 |  |  | $ | 3,093 |  |  | $ | 1,053 |
Consolidating Statement of Comprehensive Income Three Months Ended October 24, 2014 Medtronic Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (Medtronic, Inc.) |  | Subsidiary Guarantor |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
Net sales | $ | — |  |  | $ | 309 |  |  | $ | — |  |  | $ | 4,375 |  |  | $ | (318 | ) |  | $ | 4,366 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of products sold | — |  |  | 304 |  |  | — |  |  | 1,158 |  |  | (320 | ) |  | 1,142 |
Research and development expense | — |  |  | 118 |  |  | — |  |  | 256 |  |  | — |  |  | 374 |
Selling, general, and administrative expense | — |  |  | 242 |  |  | — |  |  | 1,265 |  |  | — |  |  | 1,507 |
Special (gains) charges, net | — |  |  | 100 |  |  | — |  |  | — |  |  | — |  |  | 100 |
Restructuring charges, net | — |  |  | 6 |  |  | — |  |  | (6 | ) |  | — |  |  | — |
Acquisition-related items | — |  |  | 98 |  |  | — |  |  | (37 | ) |  | — |  |  | 61 |
Amortization of intangible assets | — |  |  | 3 |  |  | — |  |  | 86 |  |  | — |  |  | 89 |
Other (income) expense, net | — |  |  | (318 | ) |  | — |  |  | 381 |  |  | — |  |  | 63 |
Operating profit (loss) | — |  |  | (244 | ) |  | — |  |  | 1,272 |  |  | 2 |  |  | 1,030 |
Interest income | — |  |  | — |  |  | — |  |  | (86 | ) |  | — |  |  | (86 | )
Interest expense | — |  |  | 84 |  |  | — |  |  | 10 |  |  | — |  |  | 94 |
Interest (income) expense, net | — |  |  | 84 |  |  | — |  |  | (76 | ) |  | — |  |  | 8 |
Equity in net (income) loss of subsidiaries | — |  |  | (1,033 | ) |  | — |  |  | — |  |  | 1,033 |  |  | — |
Income from operations before income taxes | — |  |  | 705 |  |  | — |  |  | 1,348 |  |  | (1,031 | ) |  | 1,022 |
Provision (benefit) for income taxes | — |  |  | (121 | ) |  | — |  |  | 315 |  |  | — |  |  | 194 |
Net income | — |  |  | 826 |  |  | — |  |  | 1,033 |  |  | (1,031 | ) |  | 828 |
Other comprehensive income, net of tax | — |  |  | (18 | ) |  | — |  |  | (23 | ) |  | 23 |  |  | (18 | )
Total comprehensive income | $ | — |  |  | $ | 808 |  |  | $ | — |  |  | $ | 1,010 |  |  | $ | (1,008 | ) |  | $ | 810 |
Consolidating Statement of Comprehensive Income Six Months Ended October 24, 2014 Medtronic Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (Medtronic, Inc.) |  | Subsidiary Guarantor |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
Net sales | $ | — |  |  | $ | 612 |  |  | $ | — |  |  | $ | 8,643 |  |  | $ | (616 | ) |  | $ | 8,639 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of products sold | — |  |  | 602 |  |  | — |  |  | 2,261 |  |  | (616 | ) |  | 2,247 |
Research and development expense | — |  |  | 234 |  |  | — |  |  | 505 |  |  | — |  |  | 739 |
Selling, general, and administrative expense | — |  |  | 483 |  |  | — |  |  | 2,530 |  |  | — |  |  | 3,013 |
Special (gains) charges, net | — |  |  | 100 |  |  | — |  |  | — |  |  | — |  |  | 100 |
Restructuring charges, net | — |  |  | 6 |  |  | — |  |  | 24 |  |  | — |  |  | 30 |
Acquisition-related items | — |  |  | 98 |  |  | — |  |  | 4 |  |  | — |  |  | 102 |
Amortization of intangible assets | — |  |  | 6 |  |  | — |  |  | 170 |  |  | — |  |  | 176 |
Other (income) expense, net | — |  |  | (533 | ) |  | — |  |  | 647 |  |  | — |  |  | 114 |
Operating profit (loss) | — |  |  | (384 | ) |  | — |  |  | 2,502 |  |  | — |  |  | 2,118 |
Interest income | — |  |  | — |  |  | — |  |  | (178 | ) |  | — |  |  | (178 | )
Interest expense | — |  |  | 173 |  |  | — |  |  | 18 |  |  | — |  |  | 191 |
Interest (income) expense, net | — |  |  | 173 |  |  | — |  |  | (160 | ) |  | — |  |  | 13 |
Equity in net income of subsidiaries | — |  |  | (2,053 | ) |  | — |  |  | — |  |  | 2,053 |  |  | — |
Income from operations before income taxes | — |  |  | 1,496 |  |  | — |  |  | 2,662 |  |  | (2,053 | ) |  | 2,105 |
Provision (benefit) for income taxes | — |  |  | (203 | ) |  | — |  |  | 609 |  |  | — |  |  | 406 |
Net income | — |  |  | 1,699 |  |  | — |  |  | 2,053 |  |  | (2,053 | ) |  | 1,699 |
Other comprehensive income, net of tax | — |  |  | 91 |  |  | — |  |  | 86 |  |  | (86 | ) |  | 91 |
Total comprehensive income | $ | — |  |  | $ | 1,790 |  |  | $ | — |  |  | $ | 2,139 |  |  | $ | (2,139 | ) |  | $ | 1,790 |
Condensed Consolidating Balance Sheet October 30, 2015 Medtronic Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (Medtronic, Inc.) |  | Subsidiary Guarantors |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1 |  |  | $ | 285 |  |  | $ | 1 |  |  | $ | 2,091 |  |  | $ | — |  |  | $ | 2,378 |
Investments | — |  |  | 14 |  |  | — |  |  | 14,837 |  |  | — |  |  | 14,851 |
Accounts receivable, net | — |  |  | — |  |  | — |  |  | 5,044 |  |  | — |  |  | 5,044 |
Inventories | — |  |  | 170 |  |  | — |  |  | 3,580 |  |  | (234 | ) |  | 3,516 |
Intercompany receivable | 234 |  |  | 162,699 |  |  | — |  |  | 164,394 |  |  | (327,327 | ) |  | — |
Tax assets | — |  |  | 376 |  |  | — |  |  | 1,243 |  |  | — |  |  | 1,619 |
Prepaid expenses and other current assets | 2 |  |  | 115 |  |  | — |  |  | 1,198 |  |  | — |  |  | 1,315 |
Total current assets | 237 |  |  | 163,659 |  |  | 1 |  |  | 192,387 |  |  | (327,561 | ) |  | 28,723 |
Property, plant, and equipment, net | — |  |  | 1,026 |  |  | — |  |  | 3,652 |  |  | — |  |  | 4,678 |
Goodwill | — |  |  | 1,672 |  |  | — |  |  | 39,602 |  |  | — |  |  | 41,274 |
Other intangible assets, net | — |  |  | 36 |  |  | — |  |  | 27,695 |  |  | — |  |  | 27,731 |
Long-term tax assets | — |  |  | 535 |  |  | — |  |  | 290 |  |  | — |  |  | 825 |
Investment in subsidiaries | 71,544 |  |  | 37,221 |  |  | 65,524 |  |  | — |  |  | (174,289 | ) |  | — |
Intercompany loans receivable | 3,000 |  |  | 7,078 |  |  | 10,330 |  |  | 11,875 |  |  | (32,283 | ) |  | — |
Other assets | — |  |  | 697 |  |  | — |  |  | 1,017 |  |  | — |  |  | 1,714 |
Total assets | $ | 74,781 |  |  | $ | 211,924 |  |  | $ | 75,855 |  |  | $ | 276,518 |  |  | $ | (534,133 | ) |  | $ | 104,945 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | — |  |  | $ | 501 |  |  | $ | 1,307 |  |  | $ | 350 |  |  | $ | — |  |  | $ | 2,158 |
Accounts payable | — |  |  | 233 |  |  | — |  |  | 1,214 |  |  | — |  |  | 1,447 |
Intercompany payable | 20,502 |  |  | 151,757 |  |  | — |  |  | 155,068 |  |  | (327,327 | ) |  | — |
Accrued compensation | 11 |  |  | 461 |  |  | — |  |  | 917 |  |  | — |  |  | 1,389 |
Accrued income taxes | 13 |  |  | — |  |  | 1 |  |  | 519 |  |  | — |  |  | 533 |
Deferred tax liabilities | — |  |  | — |  |  | — |  |  | 142 |  |  | — |  |  | 142 |
Other accrued expenses | 1 |  |  | 503 |  |  | — |  |  | 1,953 |  |  | — |  |  | 2,457 |
Total current liabilities | 20,527 |  |  | 153,455 |  |  | 1,308 |  |  | 160,163 |  |  | (327,327 | ) |  | 8,126 |
Long-term debt | — |  |  | 29,000 |  |  | — |  |  | 4,690 |  |  | — |  |  | 33,690 |
Long-term accrued compensation and retirement benefits | — |  |  | 996 |  |  | — |  |  | 581 |  |  | — |  |  | 1,577 |
Long-term accrued income taxes | — |  |  | 1,159 |  |  | — |  |  | 1,612 |  |  | — |  |  | 2,771 |
Long-term intercompany loans payable | 1,985 |  |  | 10,221 |  |  | 10,000 |  |  | 10,077 |  |  | (32,283 | ) |  | — |
Long-term deferred tax liabilities | — |  |  | — |  |  | — |  |  | 4,766 |  |  | — |  |  | 4,766 |
Other long-term liabilities | — |  |  | 234 |  |  | — |  |  | 1,512 |  |  | — |  |  | 1,746 |
Total liabilities | 22,512 |  |  | 195,065 |  |  | 11,308 |  |  | 183,401 |  |  | (359,610 | ) |  | 52,676 |
Shareholders’ equity | 52,269 |  |  | 16,859 |  |  | 64,547 |  |  | 93,117 |  |  | (174,523 | ) |  | 52,269 |
Total liabilities and shareholders’ equity | $ | 74,781 |  |  | $ | 211,924 |  |  | $ | 75,855 |  |  | $ | 276,518 |  |  | $ | (534,133 | ) |  | $ | 104,945 |
Condensed Consolidating Balance Sheet April 24, 2015 Medtronic Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (Medtronic, Inc.) |  | Subsidiary Guarantors |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 263 |  |  | $ | 1,071 |  |  | $ | 170 |  |  | $ | 3,339 |  |  | $ | — |  |  | $ | 4,843 |
Investments | — |  |  | — |  |  | — |  |  | 14,637 |  |  | — |  |  | 14,637 |
Accounts receivable, net | — |  |  | — |  |  | — |  |  | 5,112 |  |  | — |  |  | 5,112 |
Inventories | — |  |  | 165 |  |  | — |  |  | 3,298 |  |  | — |  |  | 3,463 |
Intercompany receivable | 259 |  |  | 146,373 |  |  | — |  |  | 150,679 |  |  | (297,311 | ) |  | — |
Tax assets | — |  |  | 770 |  |  | — |  |  | 729 |  |  | (164 | ) |  | 1,335 |
Prepaid expenses and other current assets | 4 |  |  | 128 |  |  | — |  |  | 1,322 |  |  | — |  |  | 1,454 |
Total current assets | 526 |  |  | 148,507 |  |  | 170 |  |  | 179,116 |  |  | (297,475 | ) |  | 30,844 |
Property, plant, and equipment, net | — |  |  | 976 |  |  | — |  |  | 3,753 |  |  | (30 | ) |  | 4,699 |
Goodwill | — |  |  | 1,607 |  |  | — |  |  | 38,923 |  |  | — |  |  | 40,530 |
Other intangible assets, net | — |  |  | 39 |  |  | — |  |  | 28,062 |  |  | — |  |  | 28,101 |
Long-term tax assets | — |  |  | 643 |  |  | — |  |  | 559 |  |  | (428 | ) |  | 774 |
Investment in subsidiaries | 70,255 |  |  | 42,311 |  |  | 64,335 |  |  | — |  |  | (176,901 | ) |  | — |
Intercompany loans receivable | 3,000 |  |  | 6,516 |  |  | 10,000 |  |  | 10,218 |  |  | (29,734 | ) |  | — |
Other assets | — |  |  | 678 |  |  | — |  |  | 1,059 |  |  | — |  |  | 1,737 |
Total assets | $ | 73,781 |  |  | $ | 201,277 |  |  | $ | 74,505 |  |  | $ | 261,690 |  |  | $ | (504,568 | ) |  | $ | 106,685 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | — |  |  | $ | 1,110 |  |  | $ | — |  |  | $ | 1,324 |  |  | $ | — |  |  | $ | 2,434 |
Accounts payable | — |  |  | 261 |  |  | — |  |  | 1,349 |  |  | — |  |  | 1,610 |
Intercompany payable | 20,506 |  |  | 135,091 |  |  | — |  |  | 141,714 |  |  | (297,311 | ) |  | — |
Accrued compensation | 1 |  |  | 490 |  |  | — |  |  | 1,120 |  |  | — |  |  | 1,611 |
Accrued income taxes | 41 |  |  | 371 |  |  | — |  |  | 523 |  |  | — |  |  | 935 |
Deferred tax liabilities | 3 |  |  | — |  |  | — |  |  | 280 |  |  | (164 | ) |  | 119 |
Other accrued expenses | — |  |  | 600 |  |  | — |  |  | 1,894 |  |  | (30 | ) |  | 2,464 |
Total current liabilities | 20,551 |  |  | 137,923 |  |  | — |  |  | 148,204 |  |  | (297,505 | ) |  | 9,173 |
Long-term debt | — |  |  | 29,004 |  |  | — |  |  | 4,748 |  |  | — |  |  | 33,752 |
Long-term accrued compensation and retirement benefits | — |  |  | 965 |  |  | — |  |  | 570 |  |  | — |  |  | 1,535 |
Long-term accrued income taxes | — |  |  | 1,450 |  |  | — |  |  | 1,026 |  |  | — |  |  | 2,476 |
Long-term intercompany loans payable | — |  |  | 10,218 |  |  | 10,000 |  |  | 9,516 |  |  | (29,734 | ) |  | — |
Long-term deferred tax liabilities | — |  |  | — |  |  | — |  |  | 5,128 |  |  | (428 | ) |  | 4,700 |
Other long-term liabilities | — |  |  | 207 |  |  | — |  |  | 1,612 |  |  | — |  |  | 1,819 |
Total liabilities | 20,551 |  |  | 179,767 |  |  | 10,000 |  |  | 170,804 |  |  | (327,667 | ) |  | 53,455 |
Shareholders’ equity | 53,230 |  |  | 21,510 |  |  | 64,505 |  |  | 90,886 |  |  | (176,901 | ) |  | 53,230 |
Total liabilities and shareholders’ equity | $ | 73,781 |  |  | $ | 201,277 |  |  | $ | 74,505 |  |  | $ | 261,690 |  |  | $ | (504,568 | ) |  | $ | 106,685 |
Condensed Consolidating Statement of Cash Flows Six Months Ended October 30, 2015 Medtronic Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (Medtronic, Inc.) |  | Subsidiary Guarantors |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
Operating Activities: |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | (24 | ) |  | $ | 454 |  |  | $ | (1,116 | ) |  | $ | 2,781 |  |  | $ | — |  |  | $ | 2,095 |
Investing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisitions, net of cash acquired | — |  |  | — |  |  | — |  |  | (997 | ) |  | — |  |  | (997 | )
Additions to property, plant, and equipment | — |  |  | (129 | ) |  | — |  |  | (317 | ) |  | — |  |  | (446 | )
Purchases of marketable securities | — |  |  | — |  |  | — |  |  | (3,370 | ) |  | — |  |  | (3,370 | )
Sales and maturities of marketable securities | — |  |  | — |  |  | — |  |  | 2,752 |  |  | — |  |  | 2,752 |
Net increase (decrease) in intercompany loans | — |  |  | (562 | ) |  | (330 | ) |  | (1,657 | ) |  | 2,549 |  |  | — |
Other investing activities, net | — |  |  | — |  |  | — |  |  | (13 | ) |  | — |  |  | (13 | )
Net cash provided by (used in) investing activities | — |  |  | (691 | ) |  | (330 | ) |  | (3,602 | ) |  | 2,549 |  |  | (2,074 | )
Financing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration | — |  |  | — |  |  | — |  |  | (19 | ) |  | — |  |  | (19 | )
Change in short-term borrowings, net | — |  |  | — |  |  | 1,277 |  |  | — |  |  | — |  |  | 1,277 |
Proceeds from short-term borrowings (maturities greater than 90 days) | — |  |  | 48 |  |  | — |  |  | — |  |  | — |  |  | 48 |
Payments on long-term debt | — |  |  | (600 | ) |  | — |  |  | (1,008 | ) |  | — |  |  | (1,608 | )
Dividends to shareholders | (1,075 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,075 | )
Issuance of ordinary shares | 263 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 263 |
Repurchase of ordinary shares | (1,460 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,460 | )
Net intercompany loan borrowings (repayments) | 1,985 |  |  | 3 |  |  | — |  |  | 561 |  |  | (2,549 | ) |  | — |
Other financing activities | 49 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49 |
Net cash provided by (used in) financing activities | (238 | ) |  | (549 | ) |  | 1,277 |  |  | (466 | ) |  | (2,549 | ) |  | (2,525 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | 39 |  |  | — |  |  | 39 |
Net change in cash and cash equivalents | (262 | ) |  | (786 | ) |  | (169 | ) |  | (1,248 | ) |  | — |  |  | (2,465 | )
Cash and cash equivalents at beginning of period | 263 |  |  | 1,071 |  |  | 170 |  |  | 3,339 |  |  | — |  |  | 4,843 |
Cash and cash equivalents at end of period | $ | 1 |  |  | $ | 285 |  |  | $ | 1 |  |  | $ | 2,091 |  |  | $ | — |  |  | $ | 2,378 |
Condensed Consolidating Statement of Cash Flows Six Months Ended October 24, 2014 Medtronic Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (Medtronic, Inc.) |  | Subsidiary Guarantors |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
Operating Activities: |  |  |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | $ | — |  |  | $ | 45 |  |  | $ | — |  |  | $ | 1,178 |  |  | $ | — |  |  | $ | 1,223 |
Investing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisitions, net of cash acquired | — |  |  | — |  |  | — |  |  | (578 | ) |  | — |  |  | (578 | )
Additions to property, plant, and equipment | — |  |  | (78 | ) |  | — |  |  | (132 | ) |  | — |  |  | (210 | )
Purchases of marketable securities | — |  |  | — |  |  | — |  |  | (3,024 | ) |  | — |  |  | (3,024 | )
Sales and maturities of marketable securities | — |  |  | — |  |  | — |  |  | 2,665 |  |  | — |  |  | 2,665 |
Net decrease in intercompany loans | — |  |  | — |  |  | — |  |  | 23 |  |  | (23 | ) |  | — |
Other investing activities, net | — |  |  | — |  |  | — |  |  | (6 | ) |  | — |  |  | (6 | )
Net cash used in investing activities | — |  |  | (78 | ) |  | — |  |  | (1,052 | ) |  | (23 | ) |  | (1,153 | )
Financing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration | — |  |  | — |  |  | — |  |  | (5 | ) |  | — |  |  | (5 | )
Change in short-term borrowings, net | — |  |  | 1,611 |  |  | — |  |  | — |  |  | — |  |  | 1,611 |
Proceeds from short-term borrowings (maturities greater than 90 days) | — |  |  | 150 |  |  | — |  |  | — |  |  | — |  |  | 150 |
Payments on long-term debt | — |  |  | (7 | ) |  | — |  |  | — |  |  | — |  |  | (7 | )
Dividends to shareholders | — |  |  | (602 | ) |  | — |  |  | — |  |  | — |  |  | (602 | )
Issuance of ordinary shares | — |  |  | 312 |  |  | — |  |  | — |  |  | — |  |  | 312 |
Repurchase of ordinary shares | — |  |  | (1,620 | ) |  | — |  |  | — |  |  | — |  |  | (1,620 | )
Net intercompany loan borrowings (repayments) | — |  |  | (23 | ) |  | — |  |  | — |  |  | 23 |  |  | — |
Other financing activities | — |  |  | 34 |  |  | — |  |  | — |  |  | — |  |  | 34 |
Net cash (used in) provided by financing activities | — |  |  | (145 | ) |  | — |  |  | (5 | ) |  | 23 |  |  | (127 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | (59 | ) |  | — |  |  | (59 | )
Net change in cash and cash equivalents | — |  |  | (178 | ) |  | — |  |  | 62 |  |  | — |  |  | (116 | )
Cash and cash equivalents at beginning of period | — |  |  | 264 |  |  | — |  |  | 1,139 |  |  | — |  |  | 1,403 |
Cash and cash equivalents at end of period | $ | — |  |  | $ | 86 |  |  | $ | — |  |  | $ | 1,201 |  |  | $ | — |  |  | $ | 1,287 |
Consolidating Statement of Comprehensive Income Three Months Ended October 30, 2015 CIFSA Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (CIFSA) |  | Subsidiary Guarantors |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
Net sales | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,058 |  |  | $ | — |  |  | $ | 7,058 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of products sold | — |  |  | — |  |  | — |  |  | 2,156 |  |  | 26 |  |  | 2,182 |
Research and development expense | — |  |  | — |  |  | — |  |  | 525 |  |  | 20 |  |  | 545 |
Selling, general, and administrative expense | 54 |  |  | 1 |  |  | — |  |  | 2,334 |  |  | (46 | ) |  | 2,343 |
Restructuring charges, net | — |  |  | — |  |  | — |  |  | 73 |  |  | — |  |  | 73 |
Certain litigation charges, net | — |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  | 26 |
Acquisition-related items | — |  |  | — |  |  | — |  |  | 49 |  |  | — |  |  | 49 |
Amortization of intangible assets | — |  |  | — |  |  | — |  |  | 483 |  |  | — |  |  | 483 |
Other (income) expense, net | 56 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 57 |
Operating profit (loss) | (110 | ) |  | (1 | ) |  | — |  |  | 1,411 |  |  | — |  |  | 1,300 |
Interest income | — |  |  | (150 | ) |  | (175 | ) |  | (115 | ) |  | 333 |  |  | (107 | )
Interest expense | 4 |  |  | 27 |  |  | 3 |  |  | 623 |  |  | (333 | ) |  | 324 |
Interest expense (income), net | 4 |  |  | (123 | ) |  | (172 | ) |  | 508 |  |  | — |  |  | 217 |
Equity in net (income) loss of subsidiaries | (590 | ) |  | (7,292 | ) |  | (418 | ) |  | — |  |  | 8,300 |  |  | — |
Income from operations before income taxes | 476 |  |  | 7,414 |  |  | 590 |  |  | 903 |  |  | (8,300 | ) |  | 1,083 |
Provision (benefit) for income taxes | (2 | ) |  | — |  |  | — |  |  | 565 |  |  | — |  |  | 563 |
Net income | 478 |  |  | 7,414 |  |  | 590 |  |  | 338 |  |  | (8,300 | ) |  | 520 |
Other comprehensive loss, net of tax | (115 | ) |  | 109 |  |  | (115 | ) |  | (115 | ) |  | 121 |  |  | (115 | )
Total comprehensive income (loss) | $ | 363 |  |  | $ | 7,523 |  |  | $ | 475 |  |  | $ | 223 |  |  | $ | (8,179 | ) |  | $ | 405 |
Consolidating Statement of Comprehensive Income Six Months Ended October 30, 2015 CIFSA Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (CIFSA) |  | Subsidiary Guarantors |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
Net sales | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,332 |  |  | $ | — |  |  | $ | 14,332 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of products sold | — |  |  | — |  |  | — |  |  | 4,612 |  |  | 26 |  |  | 4,638 |
Research and development expense | — |  |  | — |  |  | — |  |  | 1,083 |  |  | 20 |  |  | 1,103 |
Selling, general, and administrative expense | 149 |  |  | 1 |  |  | — |  |  | 4,688 |  |  | (46 | ) |  | 4,792 |
Restructuring charges, net | — |  |  | — |  |  | — |  |  | 140 |  |  | — |  |  | 140 |
Certain litigation charges, net | — |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  | 26 |
Acquisition-related items | — |  |  | — |  |  | — |  |  | 120 |  |  | — |  |  | 120 |
Amortization of intangible assets | — |  |  | — |  |  | — |  |  | 964 |  |  | — |  |  | 964 |
Other (income) expense, net | 34 |  |  | — |  |  | — |  |  | 84 |  |  | — |  |  | 118 |
Operating profit (loss) | (183 | ) |  | (1 | ) |  | — |  |  | 2,615 |  |  | — |  |  | 2,431 |
Interest income | — |  |  | (310 | ) |  | (358 | ) |  | (230 | ) |  | 676 |  |  | (222 | )
Interest expense | 5 |  |  | 59 |  |  | 3 |  |  | 1,239 |  |  | (676 | ) |  | 630 |
Interest expense (income), net | 5 |  |  | (251 | ) |  | (355 | ) |  | 1,009 |  |  | — |  |  | 408 |
Equity in net (income) loss of subsidiaries | (1,520 | ) |  | (7,262 | ) |  | (1,165 | ) |  | — |  |  | 9,947 |  |  | — |
Income from operations before income taxes | 1,332 |  |  | 7,512 |  |  | 1,520 |  |  | 1,606 |  |  | (9,947 | ) |  | 2,023 |
Provision (benefit) for income taxes | (8 | ) |  | — |  |  | — |  |  | 691 |  |  | — |  |  | 683 |
Net income | 1,340 |  |  | 7,512 |  |  | 1,520 |  |  | 915 |  |  | (9,947 | ) |  | 1,340 |
Other comprehensive loss, net of tax | (287 | ) |  | (63 | ) |  | (287 | ) |  | (287 | ) |  | 637 |  |  | (287 | )
Total comprehensive income (loss) | $ | 1,053 |  |  | $ | 7,449 |  |  | $ | 1,233 |  |  | $ | 628 |  |  | $ | (9,310 | ) |  | $ | 1,053 |
Condensed Consolidating Balance Sheet October 30, 2015 CIFSA Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (CIFSA) |  | Subsidiary Guarantors |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1 |  |  | $ | 140 |  |  | $ | 1 |  |  | $ | 2,236 |  |  | $ | — |  |  | $ | 2,378 |
Investments | — |  |  | — |  |  | — |  |  | 14,851 |  |  | — |  |  | 14,851 |
Accounts receivable, net | — |  |  | — |  |  | — |  |  | 5,044 |  |  | — |  |  | 5,044 |
Inventories | — |  |  | — |  |  | — |  |  | 3,516 |  |  | — |  |  | 3,516 |
Intercompany receivable | 234 |  |  | — |  |  | 60 |  |  | 20,521 |  |  | (20,815 | ) |  | — |
Tax assets | — |  |  | — |  |  | — |  |  | 1,619 |  |  | — |  |  | 1,619 |
Prepaid expenses and other current assets | 2 |  |  | — |  |  | 5 |  |  | 1,308 |  |  | — |  |  | 1,315 |
Total current assets | 237 |  |  | 140 |  |  | 66 |  |  | 49,095 |  |  | (20,815 | ) |  | 28,723 |
Property, plant, and equipment, net | — |  |  | — |  |  | — |  |  | 4,678 |  |  | — |  |  | 4,678 |
Goodwill | — |  |  | — |  |  | — |  |  | 41,274 |  |  | — |  |  | 41,274 |
Other intangible assets, net | — |  |  | — |  |  | — |  |  | 27,731 |  |  | — |  |  | 27,731 |
Long-term tax assets | — |  |  | — |  |  | — |  |  | 825 |  |  | — |  |  | 825 |
Investment in subsidiaries | 71,544 |  |  | 8,794 |  |  | 65,524 |  |  | — |  |  | (145,862 | ) |  | — |
Intercompany loans receivable | 3,000 |  |  | 9,175 |  |  | 11,827 |  |  | 6,421 |  |  | (30,423 | ) |  | — |
Other assets | — |  |  | — |  |  | — |  |  | 1,714 |  |  | — |  |  | 1,714 |
Total assets | $ | 74,781 |  |  | $ | 18,109 |  |  | $ | 77,417 |  |  | $ | 131,738 |  |  | $ | (197,100 | ) |  | $ | 104,945 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | — |  |  | $ | — |  |  | $ | 1,307 |  |  | $ | 851 |  |  | $ | — |  |  | $ | 2,158 |
Accounts payable | — |  |  | — |  |  | — |  |  | 1,447 |  |  | — |  |  | 1,447 |
Intercompany payable | 20,502 |  |  | — |  |  | 288 |  |  | 25 |  |  | (20,815 | ) |  | — |
Accrued compensation | 11 |  |  | — |  |  | — |  |  | 1,378 |  |  | — |  |  | 1,389 |
Accrued income taxes | 13 |  |  | — |  |  | 1 |  |  | 519 |  |  | — |  |  | 533 |
Deferred tax liabilities | — |  |  | — |  |  | — |  |  | 142 |  |  | — |  |  | 142 |
Other accrued expenses | 1 |  |  | 32 |  |  | — |  |  | 2,424 |  |  | — |  |  | 2,457 |
Total current liabilities | 20,527 |  |  | 32 |  |  | 1,596 |  |  | 6,786 |  |  | (20,815 | ) |  | 8,126 |
Long-term debt | — |  |  | 4,539 |  |  | — |  |  | 29,151 |  |  | — |  |  | 33,690 |
Long-term accrued compensation and retirement benefits | — |  |  | — |  |  | — |  |  | 1,577 |  |  | — |  |  | 1,577 |
Long-term accrued income taxes | — |  |  | — |  |  | — |  |  | 2,771 |  |  | — |  |  | 2,771 |
Long-term intercompany loans payable | 1,985 |  |  | 7,918 |  |  | 10,000 |  |  | 10,520 |  |  | (30,423 | ) |  | — |
Long-term deferred tax liabilities | — |  |  | — |  |  | — |  |  | 4,766 |  |  | — |  |  | 4,766 |
Other long-term liabilities | — |  |  | — |  |  | — |  |  | 1,746 |  |  | — |  |  | 1,746 |
Total liabilities | 22,512 |  |  | 12,489 |  |  | 11,596 |  |  | 57,317 |  |  | (51,238 | ) |  | 52,676 |
Shareholders’ equity | 52,269 |  |  | 5,620 |  |  | 65,821 |  |  | 74,421 |  |  | (145,862 | ) |  | 52,269 |
Total liabilities and shareholders’ equity | $ | 74,781 |  |  | $ | 18,109 |  |  | $ | 77,417 |  |  | $ | 131,738 |  |  | $ | (197,100 | ) |  | $ | 104,945 |
Condensed Consolidating Balance Sheet April 24, 2015 CIFSA Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (CIFSA) |  | Subsidiary Guarantors |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 263 |  |  | $ | 728 |  |  | $ | 170 |  |  | $ | 3,682 |  |  | $ | — |  |  | $ | 4,843 |
Investments | — |  |  | — |  |  | — |  |  | 14,637 |  |  | — |  |  | 14,637 |
Accounts receivable, net | — |  |  | — |  |  | — |  |  | 5,112 |  |  | — |  |  | 5,112 |
Inventories | — |  |  | — |  |  | — |  |  | 3,463 |  |  | — |  |  | 3,463 |
Intercompany receivable | 259 |  |  | — |  |  | 269 |  |  | 20,508 |  |  | (21,036 | ) |  | — |
Tax assets | — |  |  | — |  |  | — |  |  | 1,335 |  |  | — |  |  | 1,335 |
Prepaid expenses and other current assets | 4 |  |  | — |  |  | 6 |  |  | 1,444 |  |  | — |  |  | 1,454 |
Total current assets | 526 |  |  | 728 |  |  | 445 |  |  | 50,181 |  |  | (21,036 | ) |  | 30,844 |
Property, plant, and equipment, net | — |  |  | — |  |  | 1 |  |  | 4,728 |  |  | (30 | ) |  | 4,699 |
Goodwill | — |  |  | — |  |  | — |  |  | 40,530 |  |  | — |  |  | 40,530 |
Other intangible assets, net | — |  |  | — |  |  | — |  |  | 28,101 |  |  | — |  |  | 28,101 |
Long-term tax assets | — |  |  | — |  |  | — |  |  | 774 |  |  | — |  |  | 774 |
Investment in subsidiaries | 70,255 |  |  | 4,277 |  |  | 64,335 |  |  | — |  |  | (138,867 | ) |  | — |
Intercompany loans receivable | 3,000 |  |  | 7,401 |  |  | 11,303 |  |  | 6,372 |  |  | (28,076 | ) |  | — |
Other assets | — |  |  | — |  |  | — |  |  | 1,737 |  |  | — |  |  | 1,737 |
Total assets | $ | 73,781 |  |  | $ | 12,406 |  |  | $ | 76,084 |  |  | $ | 132,423 |  |  | $ | (188,009 | ) |  | $ | 106,685 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | — |  |  | $ | 1,002 |  |  | $ | — |  |  | $ | 1,432 |  |  | $ | — |  |  | $ | 2,434 |
Accounts payable | — |  |  | — |  |  | 2 |  |  | 1,608 |  |  | — |  |  | 1,610 |
Intercompany payable | 20,506 |  |  | — |  |  | 280 |  |  | 250 |  |  | (21,036 | ) |  | — |
Accrued compensation | 1 |  |  | — |  |  | — |  |  | 1,610 |  |  | — |  |  | 1,611 |
Accrued income taxes | 41 |  |  | — |  |  | — |  |  | 894 |  |  | — |  |  | 935 |
Deferred tax liabilities | 3 |  |  | — |  |  | — |  |  | 116 |  |  | — |  |  | 119 |
Other accrued expenses | — |  |  | 40 |  |  | 1 |  |  | 2,453 |  |  | (30 | ) |  | 2,464 |
Total current liabilities | 20,551 |  |  | 1,042 |  |  | 283 |  |  | 8,363 |  |  | (21,066 | ) |  | 9,173 |
Long-term debt | — |  |  | 4,580 |  |  | — |  |  | 29,172 |  |  | — |  |  | 33,752 |
Long-term accrued compensation and retirement benefits | — |  |  | — |  |  | — |  |  | 1,535 |  |  | — |  |  | 1,535 |
Long-term accrued income taxes | — |  |  | — |  |  | — |  |  | 2,476 |  |  | — |  |  | 2,476 |
Long-term intercompany loans payable | — |  |  | 8,385 |  |  | 10,002 |  |  | 9,689 |  |  | (28,076 | ) |  | — |
Long-term deferred tax liabilities | — |  |  | — |  |  | — |  |  | 4,700 |  |  | — |  |  | 4,700 |
Other long-term liabilities | — |  |  | — |  |  | — |  |  | 1,819 |  |  | — |  |  | 1,819 |
Total liabilities | 20,551 |  |  | 14,007 |  |  | 10,285 |  |  | 57,754 |  |  | (49,142 | ) |  | 53,455 |
Shareholders’ equity | 53,230 |  |  | (1,601 | ) |  | 65,799 |  |  | 74,669 |  |  | (138,867 | ) |  | 53,230 |
Total liabilities and shareholders’ equity | $ | 73,781 |  |  | $ | 12,406 |  |  | $ | 76,084 |  |  | $ | 132,423 |  |  | $ | (188,009 | ) |  | $ | 106,685 |
Condensed Consolidating Statement of Cash Flows Six Months Ended October 30, 2015 CIFSA Senior Notes
(in millions) | Parent Company Guarantor (Medtronic plc) |  | Subsidiary Issuer (CIFSA) |  | Subsidiary Guarantors |  | Subsidiary Non-guarantors |  | Consolidating Adjustments |  | Total
Operating Activities: |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | (24 | ) |  | $ | 2,605 |  |  | $ | (920 | ) |  | $ | 2,984 |  |  | $ | (2,550 | ) |  | $ | 2,095 |
Investing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisitions, net of cash acquired | — |  |  | — |  |  | — |  |  | (997 | ) |  | — |  |  | (997 | )
Additions to property, plant, and equipment | — |  |  | — |  |  | — |  |  | (446 | ) |  | — |  |  | (446 | )
Purchases of marketable securities | — |  |  | — |  |  | — |  |  | (3,370 | ) |  | — |  |  | (3,370 | )
Sales and maturities of marketable securities | — |  |  | — |  |  | — |  |  | 2,752 |  |  | — |  |  | 2,752 |
Net decrease in intercompany loans | — |  |  | (1,774 | ) |  | (524 | ) |  | (49 | ) |  | 2,347 |  |  | — |
Other investing activities, net | — |  |  | — |  |  | — |  |  | (13 | ) |  | — |  |  | (13 | )
Net cash provided by (used in) investing activities | — |  |  | (1,774 | ) |  | (524 | ) |  | (2,123 | ) |  | 2,347 |  |  | (2,074 | )
Financing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration | — |  |  | — |  |  | — |  |  | (19 | ) |  | — |  |  | (19 | )
Change in short-term borrowings, net | — |  |  | — |  |  | 1,277 |  |  | — |  |  | — |  |  | 1,277 |
Proceeds from short-term borrowings (maturities greater than 90 days) | — |  |  | 48 |  |  | — |  |  | — |  |  | — |  |  | 48 |
Payments on long-term debt | — |  |  | (1,000 | ) |  | — |  |  | (608 | ) |  | — |  |  | (1,608 | )
Dividends to shareholders | (1,075 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,075 | )
Issuance of ordinary shares | 263 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 263 |
Repurchase of ordinary shares | (1,460 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,460 | )
Net intercompany loan borrowings (repayments) | 1,985 |  |  | (467 | ) |  | (2 | ) |  | 831 |  |  | (2,347 | ) |  | — |
Intercompany dividend paid | — |  |  | — |  |  | — |  |  | (2,550 | ) |  | 2,550 |  |  | — |
Other financing activities | 49 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49 |
Net cash provided by (used in) financing activities | (238 | ) |  | (1,419 | ) |  | 1,275 |  |  | (2,346 | ) |  | 203 |  |  | (2,525 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | 39 |  |  | — |  |  | 39 |
Net change in cash and cash equivalents | (262 | ) |  | (588 | ) |  | (169 | ) |  | (1,446 | ) |  | — |  |  | (2,465 | )
Cash and cash equivalents at beginning of period | 263 |  |  | 728 |  |  | 170 |  |  | 3,682 |  |  | — |  |  | 4,843 |
Cash and cash equivalents at end of period | $ | 1 |  |  | $ | 140 |  |  | $ | 1 |  |  | $ | 2,236 |  |  | $ | — |  |  | $ | 2,378 |

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration