Guarantor Financial Information

9 Months Ended

Jan. 29, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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 January 23, 2015 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 nine months ended January 29, 2016 and January 23, 2015, and Condensed Consolidating Balance Sheets as of January 29, 2016 and April 24, 2015, and Condensed Consolidating Statements of Cash Flows as of and for the nine months ended January 29, 2016. 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.

During the third quarter of fiscal year 2016, the Company undertook certain steps to reorganize ownership of various subsidiaries. The transactions were entirely among subsidiaries under the common control of Medtronic. This reorganization has been reflected as of the beginning of the earliest period presented.

In addition, the Company made a revision to its condensed consolidating balance sheet of the guarantees of the 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 $14.700 billion revision increased the line items Investment in Subsidiaries and Shareholders' Equity in the Subsidiary Issuer (CIFSA) column due to an incorrect presentation primarily related to the investment balance upon acquisition and an intercompany dividend. Additionally, the Company made certain revisions to its condensed consolidating balance sheet of the guarantees of the Medtronic 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. 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 January 29, 2016

Medtronic Senior Notes



(in millions)	Parent Company Guarantor (Medtronic plc)			Subsidiary Issuer (Medtronic, Inc.)			Subsidiary Guarantor			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	349		$	—		$	6,934		$	(349	)	$	6,934

Costs and expenses:
Cost of products sold	—			242			—			2,261			(362		)	2,141
Research and development expense	—			66			—			480			—			546
Selling, general, and administrative expense	31			79			—			2,207			—			2,317
Restructuring charges, net	—			—			—			19			—			19
Certain litigation charges	—			—			—			—			—			—
Acquisition-related items	—			36			—			27			—			63
Amortization of intangible assets	—			3			—			481			—			484
Other (income) expense, net	—			(280		)	—			289			—			9
Operating profit (loss)	(31		)	203			—			1,170			13			1,355

Interest income	—			(58		)	(173		)	(99		)	231			(99		)
Interest expense	7			408			3			88			(231		)	275
Interest (income) expense, net	7			350			(170		)	(11		)	—			176
Equity in net (income) loss of subsidiaries	(1,130		)	(228		)	(962		)	—			2,320			—
Income (loss) from operations before income taxes	1,092			81			1,132			1,181			(2,307		)	1,179
Provision (benefit) for income taxes	(3		)	(16		)	2			101			—			84
Net income (loss)	1,095			97			1,130			1,080			(2,307		)	1,095
Other comprehensive income (loss), net of tax	(1,494		)	(120		)	(1,615		)	(1,212		)	2,947			(1,494		)
Total comprehensive income (loss)	$	(399	)	$	(23	)	$	(485	)	$	(132	)	$	640		$	(399	)

Consolidating Statement of Comprehensive Income

Nine Months Ended January 29, 2016

Medtronic Senior Notes



(in millions)	Parent Company Guarantor (Medtronic plc)			Subsidiary Issuer (Medtronic, Inc.)			Subsidiary Guarantor			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	1,085		$	—		$	21,266		$	(1,085	)	$	21,266

Costs and expenses:
Cost of products sold	—			753			—			7,089			(1,063		)	6,779
Research and development expense	—			348			—			1,301			—			1,649
Selling, general, and administrative expense	93			228			—			6,788			—			7,109
Restructuring charges, net	—			4			—			155			—			159
Certain litigation charges	—			—			—			26			—			26
Acquisition-related items	—			91			—			92			—			183
Amortization of intangible assets	—			9			—			1,439			—			1,448
Other (income) expense, net	—			(859		)	—			986			—			127
Operating profit (loss)	(93		)	511			—			3,390			(22		)	3,786

Interest (income)	—			(179		)	(531		)	(328		)	717			(321		)
Interest expense	12			1,307			6			297			(717		)	905
Interest (income) expense, net	12			1,128			(525		)	(31		)	—			584
Equity in net (income) of subsidiaries	(2,529		)	4,729			(2,006		)	—			(194		)	—
Income (loss) from operations before income taxes	2,424			(5,346		)	2,531			3,421			172			3,202
Provision (benefit) for income taxes	(11		)	(94		)	2			870			—			767
Net income (loss)	2,435			(5,252		)	2,529			2,551			172			2,435
Other comprehensive income (loss), net of tax	(1,781		)	(367		)	(1,781		)	(1,414		)	3,562			(1,781		)
Total comprehensive income	$	654		$	(5,619	)	$	748		$	1,137		$	3,734		$	654

Consolidating Statement of Comprehensive Income

Three Months Ended January 23, 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	$	—	$	301		$	—	$	4,318		$	(301	)	$	4,318

Costs and expenses:
Cost of products sold	—		214			—		1,216			(302		)	1,128
Research and development expense	—		69			—		304			—			373
Selling, general, and administrative expense	—		178			—		1,309			—			1,487
Special (gains) charges, net	—		(98		)	—		(40		)	—			(138		)
Acquisition-related items	—		76			—		4			—			80
Amortization of intangible assets	—		3			—		86			—			89
Other (income) expense, net	—		(370		)	—		394			—			24
Operating profit (loss)	—		229			—		1,045			1			1,275

Interest income	—		—			—		(96		)	1			(95		)
Interest expense	—		166			—		11			(1		)	176
Interest (income) expense, net	—		166			—		(85		)	—			81
Equity in net (income) loss of subsidiaries	—		(975		)	—		—			975			—
Income from operations before income taxes	—		1,038			—		1,130			(974		)	1,194
Provision (benefit) for income taxes	—		61			—		156			—			217
Net income	—		977			—		974			(974		)	977
Other comprehensive income, net of tax	—		(155		)	—		34			(34		)	(155		)
Total comprehensive income	$	—	$	822		$	—	$	1,008		$	(1,008	)	$	822

Consolidating Statement of Comprehensive Income

Nine Months Ended January 23, 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	$	—	$	913		$	—	$	12,957		$	(913	)	$	12,957

Costs and expenses:
Cost of products sold	—		655			—		3,628			(908		)	3,375
Research and development expense	—		303			—		809			—			1,112
Selling, general, and administrative expense	—		661			—		3,839			—			4,500
Special (gains) charges, net	—		2			—		(40		)	—			(38		)
Restructuring charges, net	—		—			—		30			—			30
Acquisition-related items	—		180			—		2			—			182
Amortization of intangible assets	—		9			—		256			—			265
Other (income) expense, net	—		(903		)	—		1,041			—			138
Operating profit (loss)	—		6			—		3,392			(5		)	3,393

Interest income	—		—			—		(275		)	1			(274		)
Interest expense	—		339			—		30			(1		)	368
Interest (income) expense, net	—		339			—		(245		)	—			94
Equity in net income of subsidiaries	—		(3,001		)	—		—			3,001			—
Income from operations before income taxes	—		2,668			—		3,637			(3,006		)	3,299
Provision (benefit) for income taxes	—		(8		)	—		631			—			623
Net income	—		2,676			—		3,006			(3,006		)	2,676
Other comprehensive income, net of tax	—		(64		)	—		1			(1		)	(64		)
Total comprehensive income	$	—	$	2,612		$	—	$	3,007		$	(3,007	)	$	2,612

Condensed Consolidating Balance Sheet

January 29, 2016

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	$	—	$	29	$	1	$	2,691	$	—		$	2,721
Investments	—		—		—		14,565		—			14,565
Accounts receivable, net	—		—		—		4,863		—			4,863
Inventories	—		164		—		3,593		(221		)	3,536
Intercompany receivable	249		162,357		—		164,957		(327,563		)	—
Tax assets	—		237		—		265		—			502
Prepaid expenses and other current assets	4		128		—		1,250		—			1,382
Total current assets	253		162,915		1		192,184		(327,784		)	27,569
Property, plant, and equipment, net	—		1,058		—		3,578		—			4,636
Goodwill	—		1,672		—		38,704		—			40,376
Other intangible assets, net	—		34		—		27,282		—			27,316
Long-term tax assets	—		550		—		510		—			1,060
Investment in subsidiaries	71,188		37,072		64,991		—		(173,251		)	—
Intercompany loans receivable	3,000		7,491		10,539		12,763		(33,793		)	—
Other assets	—		750		—		999		—			1,749
Total assets	$	74,441	$	211,542	$	75,531	$	276,020	$	(534,828	)	$	102,706
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings	$	—	$	501	$	1,292	$	360	$	—		$	2,153
Accounts payable	—		266		—		1,171		—			1,437
Intercompany payable	20,490		151,745		—		155,328		(327,563		)	—
Accrued compensation	6		516		—		959		—			1,481
Accrued income taxes	8		—		2		444		—			454
Deferred tax liabilities	—		—		—		—		—			—
Other accrued expenses	1		666		—		1,949		—			2,616
Total current liabilities	20,505		153,694		1,294		160,211		(327,563		)	8,141
Long-term debt	—		29,017		—		4,664		—			33,681
Long-term accrued compensation and retirement benefits	—		1,016		—		569		—			1,585
Long-term accrued income taxes	10		1,369		—		1,443		—			2,822
Long-term intercompany loans payable	3,110		10,122		10,053		10,508		(33,793		)	—
Long-term deferred tax liabilities	—		—		—		3,802		—			3,802
Other long-term liabilities	—		200		—		1,659		—			1,859
Total liabilities	23,625		195,418		11,347		182,856		(361,356		)	51,890
Shareholders’ equity	50,816		16,124		64,184		93,164		(173,472		)	50,816
Total liabilities and shareholders’ equity	$	74,441	$	211,542	$	75,531	$	276,020	$	(534,828	)	$	102,706

Condensed Consolidating Balance Sheet

April 24, 2015

Medtronic Senior Notes



(in millions)	Parent Company Guarantor (Medtronic plc)		Subsidiary Issuer (Medtronic, Inc.)		Subsidiary Guarantor		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		—		3,497		(199		)	3,463
Intercompany receivable	259		146,942		—		144,638		(291,839		)	—
Tax assets	—		295		—		1,040		—			1,335
Prepaid expenses and other current assets	4		128		—		1,322		—			1,454
Total current assets	526		148,601		170		173,585		(292,038		)	30,844
Property, plant, and equipment, net	—		976		—		3,723		—			4,699
Goodwill	—		1,607		—		38,923		—			40,530
Other intangible assets, net	—		39		—		28,062		—			28,101
Long-term tax assets	—		294		—		480		—			774
Investment in subsidiaries	70,233		42,250		63,064		—		(175,547		)	—
Intercompany loans receivable	3,000		6,516		10,000		10,218		(29,734		)	—
Other assets	—		678		—		1,059		—			1,737
Total assets	$	73,759	$	200,961	$	73,234	$	256,050	$	(497,319	)	$	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		135,660		—		135,673		(291,839		)	—
Accrued compensation	1		490		—		1,120		—			1,611
Accrued income taxes	19		—		—		916		—			935
Deferred tax liabilities	3		—		—		116		—			119
Other accrued expenses	—		628		—		1,836		—			2,464
Total current liabilities	20,529		138,149		—		142,334		(291,839		)	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	—		1,048		—		1,428		—			2,476
Long-term intercompany loans payable	—		10,218		10,000		9,516		(29,734		)	—
Long-term deferred tax liabilities	—		—		—		4,700		—			4,700
Other long-term liabilities	—		207		—		1,612		—			1,819
Total liabilities	20,529		179,591		10,000		164,908		(321,573		)	53,455
Shareholders’ equity	53,230		21,370		63,234		91,142		(175,746		)	53,230
Total liabilities and shareholders’ equity	$	73,759	$	200,961	$	73,234	$	256,050	$	(497,319	)	$	106,685

Condensed Consolidating Statement of Cash Flows

Nine Months Ended January 29, 2016

Medtronic Senior Notes



(in millions)	Parent Company Guarantor (Medtronic plc)			Subsidiary Issuer (Medtronic, Inc.)			Subsidiary Guarantor			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	(15	)	$	839		$	525		$	4,051		$	(1,508	)	$	3,892
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(1,132		)	—			(1,132		)
Additions to property, plant, and equipment	—			(210		)	—			(483		)	—			(693		)
Purchases of marketable securities	—			—			—			(4,509		)	—			(4,509		)
Sales and maturities of marketable securities	—			—			—			4,017			—			4,017
Net increase (decrease) in intercompany loans	—			(975		)	(539		)	(2,544		)	4,058			—
Increase in investment in subsidiary	—			—			—			—			—			—
Other investing activities, net	—			—			—			(11		)	—			(11		)
Net cash provided by (used in) investing activities	—			(1,185		)	(539		)	(4,662		)	4,058			(2,328		)
Financing Activities:
Acquisition-related contingent consideration	—			—			—			(21		)	—			(21		)
Change in short-term borrowings, net	—			—			1,201			22			—			1,223
Repayment of short-term borrowings (maturities greater than 90 days)	—			—			(48		)	—			—			(48		)
Proceeds from short-term borrowings (maturities greater than 90 days)	—			—			139			—			—			139
Payments on long-term debt	—			(600		)	—			(1,012		)	—			(1,612		)
Dividends to shareholders	(1,608		)	—			—			—			—			(1,608		)
Issuance of ordinary shares	360			—			—			—			—			360
Repurchase of ordinary shares	(2,170		)	—			—			—			—			(2,170		)
Net intercompany loan borrowings (repayments)	3,110			(96		)	53			991			(4,058		)	—
Intercompany dividend paid	—			—			—			(8		)	8			—
Capital contribution	—			—			(1,500		)	—			1,500			—
Other financing activities	60			—			—			—			—			60
Net cash provided by (used in) financing activities	(248		)	(696		)	(155		)	(28		)	(2,550		)	(3,677		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(9		)	—			(9		)
Net change in cash and cash equivalents	(263		)	(1,042		)	(169		)	(648		)	—			(2,122		)
Cash and cash equivalents at beginning of period	263			1,071			170			3,339			—			4,843
Cash and cash equivalents at end of period	$	—		$	29		$	1		$	2,691		$	—		$	2,721

Condensed Consolidating Statement of Cash Flows

Nine Months Ended January 23, 2015

Medtronic Senior Notes



(in millions)	Parent Company Guarantor (Medtronic plc)		Subsidiary Issuer (Medtronic, Inc.)			Subsidiary Guarantor		Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by operating activities	$	—	$	995		$	—	$	2,021		$	(26	)	$	2,990
Investing Activities:
Acquisitions, net of cash acquired	—		—			—		(611		)	—			(611		)
Additions to property, plant, and equipment	—		(116		)	—		(200		)	—			(316		)
Purchases of marketable securities	—		—			—		(5,327		)	—			(5,327		)
Sales and maturities of marketable securities	—		—			—		4,351			—			4,351
Net decrease in intercompany loans	—		3			—		39			(42		)	—
Other investing activities, net	—		—			—		60			—			60
Net cash used in investing activities	—		(113		)	—		(1,688		)	(42		)	(1,843		)
Financing Activities:
Acquisition-related contingent consideration	—		—			—		(5		)	—			(5		)
Change in short-term borrowings, net	—		7			—		—			—			7
Repayment of short-term borrowings (maturities greater than 90 days)	—		(150		)	—		—			—			(150		)
Proceeds from short-term borrowings (maturities greater than 90 days)	—		150			—		—			—			150
Issuance of long-term debt	—		16,918			—		—			—			16,918
Payments on long-term debt	—		(13		)	—		—			—			(13		)
Dividends to shareholders	—		(902		)	—		—			—			(902		)
Issuance of ordinary shares	—		477			—		—			—			477
Repurchase of ordinary shares	—		(1,620		)	—		—			—			(1,620		)
Net intercompany loan borrowings (repayments)	—		(39		)	—		(3		)	42			—
Intercompany dividend paid	—		—			—		(26		)	26			—
Other financing activities	—		(64		)	—		—			—			(64		)
Net cash (used in) provided by financing activities	—		14,764			—		(34		)	68			14,798
Effect of exchange rate changes on cash and cash equivalents	—		—			—		(117		)	—			(117		)
Net change in cash and cash equivalents	—		15,646			—		182			—			15,828
Cash and cash equivalents at beginning of period	—		264			—		1,139			—			1,403
Cash and cash equivalents at end of period	$	—	$	15,910		$	—	$	1,321		$	—		$	17,231

Consolidating Statement of Comprehensive Income

Three Months Ended January 29, 2016

CIFSA Senior Notes



(in millions)	Parent Company Guarantor (Medtronic plc)			Subsidiary Issuer (CIFSA)			Subsidiary Guarantor			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	6,934		$	—		$	6,934

Costs and expenses:
Cost of products sold	—			—			—			2,141			—			2,141
Research and development expense	—			—			—			546			—			546
Selling, general, and administrative expense	31			—			3			2,283			—			2,317
Restructuring charges, net	—			—			—			19			—			19
Certain litigation charges, net	—			—			—			—			—			—
Acquisition-related items	—			—			—			63			—			63
Amortization of intangible assets	—			—			—			484			—			484
Other (income) expense, net	—			—			11			(2		)	—			9
Operating profit (loss)	(31		)	—			(14		)	1,400			—			1,355

Interest income	—			(112		)	(175		)	(100		)	288			(99		)
Interest expense	7			41			3			512			(288		)	275
Interest expense (income), net	7			(71		)	(172		)	412			—			176
Equity in net (income) loss of subsidiaries	(1,130		)	(585		)	(972		)	—			2,687			—
Income from operations before income taxes	1,092			656			1,130			988			(2,687		)	1,179
Provision (benefit) for income taxes	(3		)	—			—			87			—			84
Net income	1,095			656			1,130			901			(2,687		)	1,095
Other comprehensive loss, net of tax	(1,494		)	(40		)	(1,494		)	(1,391		)	2,925			(1,494		)
Total comprehensive income (loss)	$	(399	)	$	616		$	(364	)	$	(490	)	$	238		$	(399	)

Consolidating Statement of Comprehensive Income

Nine Months Ended January 29, 2016

CIFSA Senior Notes



(in millions)	Parent Company Guarantor (Medtronic plc)			Subsidiary Issuer (CIFSA)			Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	21,266		$	—		$	21,266

Costs and expenses:
Cost of products sold	—			—			—			6,779			—			6,779
Research and development expense	—			—			—			1,649			—			1,649
Selling, general, and administrative expense	93			—			3			7,013			—			7,109
Restructuring charges, net	—			—			—			159			—			159
Certain litigation charges, net	—			—			—			26			—			26
Acquisition-related items	—			—			—			183			—			183
Amortization of intangible assets	—			—			—			1,448			—			1,448
Other (income) expense, net	—			1			11			115			—			127
Operating profit (loss)	(93		)	(1		)	(14		)	3,894			—			3,786

Interest income	—			(422		)	(533		)	(330		)	964			(321		)
Interest expense	12			100			6			1,751			(964		)	905
Interest expense (income), net	12			(322		)	(527		)	1,421			—			584
Equity in net (income) loss of subsidiaries	(2,529		)	(7,847		)	(2,016		)	—			12,392			—
Income from operations before income taxes	2,424			8,168			2,529			2,473			(12,392		)	3,202
Provision (benefit) for income taxes	(11		)	—			—			778			—			767
Net income	2,435			8,168			2,529			1,695			(12,392		)	2,435
Other comprehensive loss, net of tax	(1,781		)	(103		)	(1,781		)	(1,678		)	3,562			(1,781		)
Total comprehensive income (loss)	$	654		$	8,065		$	748		$	17		$	(8,830	)	$	654

Condensed Consolidating Balance Sheet

January 29, 2016

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	$	—	$	36	$	1	$	2,684	$	—		$	2,721
Investments	—		—		—		14,565		—			14,565
Accounts receivable, net	—		—		—		4,863		—			4,863
Inventories	—		—		—		3,536		—			3,536
Intercompany receivable	249		—		60		20,504		(20,813		)	—
Tax assets	—		—		—		502		—			502
Prepaid expenses and other current assets	4		—		5		1,373		—			1,382
Total current assets	253		36		66		48,027		(20,813		)	27,569
Property, plant, and equipment, net	—		—		—		4,636		—			4,636
Goodwill	—		—		—		40,376		—			40,376
Other intangible assets, net	—		—		—		27,316		—			27,316
Long-term tax assets	—		—		—		1,060		—			1,060
Investment in subsidiaries	71,188		33,441		63,719		—		(168,348		)	—
Intercompany loans receivable	3,000		2,810		12,025		17,264		(35,099		)	—
Other assets	—		—		—		1,749		—			1,749
Total assets	$	74,441	$	36,287	$	75,810	$	140,428	$	(224,260	)	$	102,706
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings	$	—	$	—	$	1,292	$	861	$	—		$	2,153
Accounts payable	—		—		—		1,437		—			1,437
Intercompany payable	20,490		—		277		46		(20,813		)	—
Accrued compensation	6		—		—		1,475		—			1,481
Accrued income taxes	8		—		2		444		—			454
Deferred tax liabilities	—		—		—		—		—			—
Other accrued expenses	1		45		—		2,570		—			2,616
Total current liabilities	20,505		45		1,571		6,833		(20,813		)	8,141
Long-term debt	—		4,519		—		29,162		—			33,681
Long-term accrued compensation and retirement benefits	—		—		—		1,585		—			1,585
Long-term accrued income taxes	10		—		—		2,812		—			2,822
Long-term intercompany loans payable	3,110		8,696		10,054		13,239		(35,099		)	—
Long-term deferred tax liabilities	—		—		—		3,802		—			3,802
Other long-term liabilities	—		—		—		1,859		—			1,859
Total liabilities	23,625		13,260		11,625		59,292		(55,912		)	51,890
Shareholders’ equity	50,816		23,027		64,185		81,136		(168,348		)	50,816
Total liabilities and shareholders’ equity	$	74,441	$	36,287	$	75,810	$	140,428	$	(224,260	)	$	102,706

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		20,507		(21,035		)	—
Tax assets	—		—		—		1,335		—			1,335
Prepaid expenses and other current assets	4		—		6		1,444		—			1,454
Total current assets	526		728		445		50,180		(21,035		)	30,844
Property, plant, and equipment, net	—		—		1		4,698		—			4,699
Goodwill	—		—		—		40,530		—			40,530
Other intangible assets, net	—		—		—		28,101		—			28,101
Long-term tax assets	—		—		—		774		—			774
Investment in subsidiaries	70,233		20,836		61,769		—		(152,838		)	—
Intercompany loans receivable	3,000		7,401		11,303		17,082		(38,786		)	—
Other assets	—		—		—		1,737		—			1,737
Total assets	$	73,759	$	28,965	$	73,518	$	143,102	$	(212,659	)	$	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		—		279		250		(21,035		)	—
Accrued compensation	1		—		—		1,610		—			1,611
Accrued income taxes	19		—		—		916		—			935
Deferred tax liabilities	3		—		—		116		—			119
Other accrued expenses	—		40		1		2,423		—			2,464
Total current liabilities	20,529		1,042		282		8,355		(21,035		)	9,173
Long-term debt	—		4,581		—		29,171		—			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		20,399		(38,786		)	—
Long-term deferred tax liabilities	—		—		—		4,700		—			4,700
Other long-term liabilities	—		—		—		1,819		—			1,819
Total liabilities	20,529		14,008		10,284		68,455		(59,821		)	53,455
Shareholders’ equity	53,230		14,957		63,234		74,647		(152,838		)	53,230
Total liabilities and shareholders’ equity	$	73,759	$	28,965	$	73,518	$	143,102	$	(212,659	)	$	106,685

Condensed Consolidating Statement of Cash Flows

Nine Months Ended January 29, 2016

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	$	(15	)	$	3,316		$	709		$	12,343		$	(12,461	)	$	3,892
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(1,132		)	—			(1,132		)
Additions to property, plant, and equipment	—			—			—			(693		)	—			(693		)
Purchases of marketable securities	—			—			—			(4,509		)	—			(4,509		)
Sales and maturities of marketable securities	—			—			—			4,017			—			4,017
Net (increase) decrease in intercompany loans receivable	—			4,592			(722		)	(181		)	(3,689		)	—
Other investing activities, net	—			—			—			(11		)	—			(11		)
Net cash provided by (used in) investing activities	—			4,592			(722		)	(2,509		)	(3,689		)	(2,328		)
Financing Activities:
Acquisition-related contingent consideration	—			—			—			(21		)	—			(21		)
Change in short-term borrowings, net	—			—			1,201			22			—			1,223
Repayment of short-term borrowings (maturities greater than 90 days)	—			—			(48		)	—			—			(48		)
Proceeds from short-term borrowings (maturities greater than 90 days)	—			—			139			—			—			139
Payments on long-term debt	—			(1,000		)	—			(612		)	—			(1,612		)
Dividends to shareholders	(1,608		)	—			—			—			—			(1,608		)
Issuance of ordinary shares	360			—			—			—			—			360
Repurchase of ordinary shares	(2,170		)	—			—			—			—			(2,170		)
Net intercompany loan borrowings (repayments)	3,110			311			52			(7,162		)	3,689			—
Intercompany dividend paid	—			—			—			(3,050		)	3,050			—
Capital contribution	—			(7,911		)	(1,500		)	—			9,411			—
Other financing activities	60			—			—			—			—			60
Net cash provided by (used in) financing activities	(248		)	(8,600		)	(156		)	(10,823		)	16,150			(3,677		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(9		)	—			(9		)
Net change in cash and cash equivalents	(263		)	(692		)	(169		)	(998		)	—			(2,122		)
Cash and cash equivalents at beginning of period	263			728			170			3,682			—			4,843
Cash and cash equivalents at end of period	$	—		$	36		$	1		$	2,684		$	—		$	2,721