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Guarantor Financial Information (Tables)

3 Months Ended

Jul. 28, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Statement of Comprehensive Income

Three Months Ended July 28, 2017

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	303		$	—		$	7,390		$	(303	)	$	7,390

Costs and expenses:
Cost of products sold	—			222			—			2,433			(306		)	2,349
Research and development expense	—			158			—			390			—			548
Selling, general, and administrative expense	3			301			—			2,181			—			2,485
Restructuring charges, net	—			1			—			7			—			8
Acquisition-related items	—			29			—			15			—			44
Divestiture-related items	—			9			—			38			—			47
Amortization of intangible assets	—			2			—			452			—			454
Other (income) expense, net	13			(477		)	—			530			—			66
Operating profit (loss)	(16		)	58			—			1,344			3			1,389

Interest income	—			(71		)	(110		)	(334		)	423			(92		)
Interest expense	49			441			35			184			(423		)	286
Interest expense (income), net	49			370			(75		)	(150		)	—			194
Equity in net (income) loss of subsidiaries	(1,079		)	(815		)	(1,004		)	—			2,898			—
Income from operations before income taxes	1,014			503			1,079			1,494			(2,895		)	1,195
Provision (benefit) for income taxes	(2		)	(77		)	—			265			—			186
Net income	1,016			580			1,079			1,229			(2,895		)	1,009
Net loss attributable to noncontrolling interests	—			—			—			7			—			7
Net income attributable to Medtronic	1,016			580			1,079			1,236			(2,895		)	1,016
Other comprehensive income (loss), net of tax	689			(7		)	689			680			(1,362		)	689
Other comprehensive loss attributable to non-controlling interests	—			—			—			7			—			7
Total comprehensive income	$	1,705		$	573		$	1,768		$	1,916		$	(4,257	)	$	1,705

Consolidating Statement of Comprehensive Income

Three Months Ended July 29, 2016

Medtronic Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	348		$	—		$	7,166		$	(348	)	$	7,166

Costs and expenses:
Cost of products sold	—			250			—			2,365			(354		)	2,261
Research and development expense	—			163			—			393			—			556
Selling, general, and administrative expense	3			280			—			2,145			—			2,428
Restructuring charges, net	—			16			—			78			—			94
Certain litigation charges	—			—			—			82			—			82
Acquisition-related items	—			23			—			29			—			52
Amortization of intangible assets	—			3			—			484			—			487
Other (income) expense, net	11			(640		)	—			668			—			39
Operating profit (loss)	(14		)	253			—			922			6			1,167

Interest income	—			(60		)	(156		)	(282		)	405			(93		)
Interest expense	16			408			1			252			(405		)	272
Interest (income) expense, net	16			348			(155		)	(30		)	—			179
Equity in net (income) loss of subsidiaries	(957		)	(1,174		)	(802		)	—			2,933			—
Income from operations before income taxes	927			1,079			957			952			(2,927		)	988
Provision (benefit) for income taxes	(2		)	22			—			39			—			59
Net income	929			1,057			957			913			(2,927		)	929
Other comprehensive income (loss), net of tax	(156		)	95			(156		)	(172		)	233			(156		)
Total comprehensive income	$	773		$	1,152		$	801		$	741		$	(2,694	)	$	773

Consolidating Statement of Comprehensive Income

Three Months Ended July 28, 2017

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	7,390		$	—		$	7,390

Costs and expenses:
Cost of products sold	—			—			—			2,349			—			2,349
Research and development expense	—			—			—			548			—			548
Selling, general, and administrative expense	3			—			—			2,482			—			2,485
Restructuring charges, net	—			—			—			8			—			8
Acquisition-related items	—			—			—			44			—			44
Divestiture-related items	—			—			—			47			—			47
Amortization of intangible assets	—			—			—			454			—			454
Other (income) expense, net	13			1			—			52			—			66
Operating profit (loss)	(16		)	(1		)	—			1,406			—			1,389
Interest income	—			(16		)	(112		)	(112		)	148			(92		)
Interest expense	49			23			35			327			(148		)	286
Interest expense (income), net	49			7			(77		)	215			—			194
Equity in net (income) loss of subsidiaries	(1,079		)	(390		)	(1,002		)	—			2,471			—
Income from operations before income taxes	1,014			382			1,079			1,191			(2,471		)	1,195
Provision (benefit) for income taxes	(2		)	—			—			188			—			186
Net income	1,016			382			1,079			1,003			(2,471		)	1,009
Net loss attributable to noncontrolling interests	—			—			—			7			—			7
Net income attributable to Medtronic	1,016			382			1,079			1,010			(2,471		)	1,016
Other comprehensive income (loss), net of tax	689			94			689			689			(1,472		)	689
Other comprehensive loss attributable to non controlling interests	—			—			—			7			—			7
Total comprehensive income	$	1,705		$	476		$	1,768		$	1,699		$	(3,943	)	$	1,705

Consolidating Statement of Comprehensive Income

Three Months Ended July 29, 2016

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Net sales	$	—		$	—		$	—		$	7,166		$	—		$	7,166

Costs and expenses:
Cost of products sold	—			—			—			2,261			—			2,261
Research and development expense	—			—			—			556			—			556
Selling, general, and administrative expense	3			—			—			2,425			—			2,428
Restructuring charges, net	—			—			—			94			—			94
Certain litigation charges	—			—			—			82			—			82
Acquisition-related items	—			—			—			52			—			52
Amortization of intangible assets	—			—			—			487			—			487
Other (income) expense, net	11			1			—			27			—			39
Operating profit (loss)	(14		)	(1		)	—			1,182			—			1,167
Interest income	—			(29		)	(157		)	(106		)	199			(93		)
Interest expense	16			32			1			422			(199		)	272
Interest expense (income), net	16			3			(156		)	316			—			179
Equity in net (income) loss of subsidiaries	(957		)	(877		)	(801		)	—			2,635			—
Income from operations before income taxes	927			873			957			866			(2,635		)	988
Provision (benefit) for income taxes	(2		)	—			—			61			—			59
Net income	929			873			957			805			(2,635		)	929
Other comprehensive income (loss), net of tax	(156		)	42			(156		)	(156		)	270			(156		)
Total comprehensive income	$	773		$	915		$	801		$	649		$	(2,365	)	$	773

Condensed Consolidating Balance Sheet

July 28, 2017

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(in millions)	Medtronic plc		Medtronic, Inc.		Medtronic Luxco		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	63	$	29	$	4,599	$	—		$	4,691
Investments	—		—		—		8,397		—			8,397
Accounts receivable, net	—		—		—		5,784		—			5,784
Inventories, net	—		166		—		3,547		(175		)	3,538
Intercompany receivable	94		—		—		12,960		(13,054		)	—
Other current assets	7		278		—		1,715		—			2,000
Current assets held for sale	—		—		—		369		—			369
Total current assets	101		507		29		37,371		(13,229		)	24,779
Property, plant, and equipment, net	—		1,325		—		3,062		—			4,387
Goodwill	—		—		—		39,196		—			39,196
Other intangible assets, net	—		17		—		22,989		—			23,006
Tax assets	—		809		—		789		—			1,598
Investment in subsidiaries	57,874		72,950		54,584		—		(185,408		)	—
Intercompany loans receivable	3,000		11,731		18,121		28,694		(61,546		)	—
Other assets	—		452		—		832		—			1,284
Noncurrent assets held for sale	—		—		—		6,000		—			6,000
Total assets	$	60,975	$	87,791	$	72,734	$	138,933	$	(260,183	)	$	100,250
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	5,000	$	1,473	$	1,585	$	—		$	8,058
Accounts payable	—		347		—		1,412		—			1,759
Intercompany payable	13		13,041		—		—		(13,054		)	—
Accrued compensation	7		454		—		843		—			1,304
Accrued income taxes	13		—		—		704		—			717
Other accrued expenses	1		506		16		2,728		—			3,251
Current liabilities held for sale	—		—		—		59		—			59
Total current liabilities	34		19,348		1,489		7,331		(13,054		)	15,148
Long-term debt	—		21,789		1,841		2,323		—			25,953
Accrued compensation and retirement benefits	—		1,116		—		547		—			1,663
Accrued income taxes	10		1,582		—		578		—			2,170
Intercompany loans payable	10,259		13,161		18,533		19,593		(61,546		)	—
Deferred tax liabilities	—		—		—		2,610		—			2,610
Other liabilities	—		154		—		872		—			1,026
Noncurrent liabilities held for sale	—		—		—		893		—			893
Total liabilities	10,303		57,150		21,863		34,747		(74,600		)	49,463
Shareholders’ equity	50,672		30,641		50,871		104,071		(185,583		)	50,672
Noncontrolling interests	—		—		—		115		—			115
Total equity	50,672		30,641		50,871		104,186		(185,583		)	50,787
Total liabilities and equity	$	60,975	$	87,791	$	72,734	$	138,933	$	(260,183	)	$	100,250

Condensed Consolidating Balance Sheet

April 28, 2017

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(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	63		—		—		12,618		(12,681		)	—
Other current assets	10		227		—		1,628		—			1,865
Current assets held for sale	—		—		—		371		—			371
Total current assets	73		427		5		37,227		(12,859		)	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		71,909		52,618		—		(180,360		)	—
Intercompany loans receivable	3,000		12,162		16,114		32,774		(64,050		)	—
Other assets	—		434		—		798		—			1,232
Noncurrent assets held for sale	—		—		—		5,919		—			5,919
Total assets	$	58,906	$	86,990	$	68,737	$	142,452	$	(257,269	)	$	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	12		12,669		—		—		(12,681		)	—
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	34		19,059		905		6,903		(12,681		)	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		13,151		17,160		25,171		(64,050		)	—
Deferred tax liabilities	—		—		—		2,978		—			2,978
Other liabilities	—		153		—		1,362		—			1,515
Noncurrent liabilities held for sale	—		—		—		720		—			720
Total liabilities	8,612		56,923		19,907		40,689		(76,731		)	49,400
Shareholders' equity	50,294		30,067		48,830		101,641		(180,538		)	50,294
Noncontrolling interests	—		—		—		122		—			122
Total equity	50,294		30,067		48,830		101,763		(180,538		)	50,416
Total liabilities and equity	$	58,906	$	86,990	$	68,737	$	142,452	$	(257,269	)	$	99,816

Condensed Consolidating Balance Sheet

July 28, 2017

CIFSA Senior Notes



(in millions)	Medtronic plc		CIFSA		CIFSA Subsidiary Guarantors		Subsidiary Non-guarantors		Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—	$	30	$	4,661	$	—		$	4,691
Investments	—		—		—		8,397		—			8,397
Accounts receivable, net	—		—		—		5,784		—			5,784
Inventories, net	—		—		—		3,538		—			3,538
Intercompany receivable	94		—		60		13		(167		)	—
Other current assets	7		—		—		1,993		—			2,000
Current assets held for sale	—		—		—		369		—			369
Total current assets	101		—		90		24,755		(167		)	24,779
Property, plant, and equipment, net	—		—		—		4,387		—			4,387
Goodwill	—		—		—		39,196		—			39,196
Other intangible assets, net	—		—		—		23,006		—			23,006
Tax assets	—		—		—		1,598		—			1,598
Investment in subsidiaries	57,874		31,684		53,258		—		(142,816		)	—
Intercompany loans receivable	3,000		2,795		19,390		18,634		(43,819		)	—
Other assets	—		—		—		1,284		—			1,284
Noncurrent assets held for sale	—		—		—		6,000		—			6,000
Total assets	$	60,975	$	34,479	$	72,738	$	118,860	$	(186,802	)	$	100,250
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	—	$	1,163	$	1,473	$	5,422	$	—		$	8,058
Accounts payable	—		—		—		1,759		—			1,759
Intercompany payable	13		—		—		154		(167		)	—
Accrued compensation	7		—		—		1,297		—			1,304
Accrued income taxes	13		—		—		704		—			717
Other accrued expenses	1		33		20		3,197		—			3,251
Current liabilities held for sale	—		—		—		59		—			59
Total current liabilities	34		1,196		1,493		12,592		(167		)	15,148
Long-term debt	—		2,128		1,841		21,984		—			25,953
Accrued compensation and retirement benefits	—		—		—		1,663		—			1,663
Accrued income taxes	10		—		—		2,160		—			2,170
Intercompany loans payable	10,259		1,371		18,533		13,656		(43,819		)	—
Deferred tax liabilities	—		—		—		2,610		—			2,610
Other liabilities	—		—		—		1,026		—			1,026
Noncurrent liabilities held for sale	—		—		—		893		—			893
Total liabilities	10,303		4,695		21,867		56,584		(43,986		)	49,463
Shareholders’ equity	50,672		29,784		50,871		62,161		(142,816		)	50,672
Noncontrolling interests	—		—		—		115		—			115
Total equity	50,672		29,784		50,871		62,276		(142,816		)	50,787
Total liabilities and equity	$	60,975	$	34,479	$	72,738	$	118,860	$	(186,802	)	$	100,250

Condensed Consolidating Balance Sheet

April 28, 2017

CIFSA Senior Notes



(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	63		—		60		12		(135		)	—
Other current assets	10		—		—		1,855		—			1,865
Current assets held for sale	—		—		—		371		—			371
Total current assets	73		33		65		24,837		(135		)	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		31,055		51,294		—		(138,182		)	—
Intercompany loans receivable	3,000		2,978		17,383		17,260		(40,621		)	—
Other assets	—		—		—		1,232		—			1,232
Noncurrent assets held for sale	—		—		—		5,919		—			5,919
Total assets	$	58,906	$	34,066	$	68,742	$	117,040	$	(178,938	)	$	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	12		—		—		123		(135		)	—
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	34		1,199		909		12,213		(135		)	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		1,369		17,161		13,523		(40,621		)	—
Deferred tax liabilities	—		—		—		2,978		—			2,978
Other liabilities	—		—		—		1,515		—			1,515
Noncurrent liabilities held for sale	—		—		—		720		—			720
Total liabilities	8,612		4,701		19,912		56,931		(40,756		)	49,400
Shareholders' equity	50,294		29,365		48,830		59,987		(138,182		)	50,294
Noncontrolling interests	—		—		—		122		—			122
Total Equity	50,294		29,365		48,830		60,109		(138,182		)	50,416
Total liabilities and equity	$	58,906	$	34,066	$	68,742	$	117,040	$	(178,938	)	$	99,816

Condensed Consolidating Statement of Cash Flows

Three Months Ended July 28, 2017

Medtronic Senior Notes and Medtronic Luxco Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	24		$	(355	)	$	86		$	982		$	—		$	737
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			—			—			—
Additions to property, plant, and equipment	—			(68		)	—			(210		)	—			(278		)
Purchases of investments	—			—			—			(615		)	—			(615		)
Sales and maturities of investments	—			—			—			971			—			971
Net (increase) decrease in intercompany loans	—			431			(2,007		)	4,080			(2,504		)	—
Other investing activities, net	—			—			—			5			—			5
Net cash provided by (used in) investing activities	—			363			(2,007		)	4,231			(2,504		)	83
Financing Activities:
Acquisition-related contingent consideration	—			—			—			(3		)	—			(3		)
Change in current debt obligations, net	—			—			572			(3		)	—			569
Issuance of long-term debt	—			—			—			18			—			18
Payments on long-term debt	—			—			—			(8		)	—			(8		)
Dividends to shareholders	(625		)	—			—			—			—			(625		)
Issuance of ordinary shares	143			—			—			—			—			143
Repurchase of ordinary shares	(1,233		)	—			—			—			—			(1,233		)
Net intercompany loan borrowings (repayments)	1,691			10			1,373			(5,578		)	2,504			—
Intercompany dividend paid	—			—			—			—			—			—
Other financing activities	—			—			—			(2		)	—			(2		)
Net cash provided by (used in) financing activities	(24		)	10			1,945			(5,576		)	2,504			(1,141		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			45			—			45
Net change in cash and cash equivalents	—			18			24			(318		)	—			(276		)
Cash and cash equivalents at beginning of period	—			45			5			4,917			—			4,967
Cash and cash equivalents at end of period	$	—		$	63		$	29		$	4,599		$	—		$	4,691

Condensed Consolidating Statement of Cash Flows

Three Months Ended July 29, 2016

Medtronic Senior Notes



(in millions)	Medtronic plc			Medtronic, Inc.			Medtronic Luxco			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	440		$	534		$	13		$	563		$	—		$	1,550
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(12		)	—			(12		)
Additions to property, plant, and equipment	—			—			—			(330		)	—			(330		)
Purchases of investments	—			—			—			(1,206		)	162			(1,044		)
Sales and maturities of investments	—			162			—			1,104			(162		)	1,104
Net (increase) decrease in intercompany loans	—			(541		)	(1,787		)	(785		)	3,113			—
Capital contribution paid	—			(162		)	—			—			162			—
Other investing activities, net	—			—			—			(2		)	—			(2		)
Net cash provided by (used in) investing activities	—			(541		)	(1,787		)	(1,231		)	3,275			(284		)
Financing Activities:
Acquisition-related contingent consideration	—			—			—			(11		)	—			(11		)
Change in current debt obligations, net	—			—			975			(49		)	—			926
Issuance of long-term debt	—			—			—			33			—			33
Payments on long-term debt	—			—			—			(17		)	—			(17		)
Dividends to shareholders	(599		)	—			—			—			—			(599		)
Issuance of ordinary shares	214			—			—			—			—			214
Repurchase of ordinary shares	(1,763		)	—			—			—			—			(1,763		)
Net intercompany loan borrowings (repayments)	1,708			(2		)	854			553			(3,113		)	—
Capital contribution received	—			—			—			162			(162		)	—
Other financing activities	—			—			—			57			—			57
Net cash provided by (used in) financing activities	(440		)	(2		)	1,829			728			(3,275		)	(1,160		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			78			—			78
Net change in cash and cash equivalents	—			(9		)	55			138			—			184
Cash and cash equivalents at beginning of period	—			55			—			2,821			—			2,876
Cash and cash equivalents at end of period	$	—		$	46		$	55		$	2,959		$	—		$	3,060

Condensed Consolidating Statement of Cash Flows

Three Months Ended July 28, 2017

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	24		$	234		$	88		$	641		$	(250	)	$	737
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			—			—			—
Additions to property, plant, and equipment	—			—			—			(278		)	—			(278		)
Purchases of investments	—			—			—			(615		)	—			(615		)
Sales and maturities of investments	—			—			—			971			—			971
Net (increase) decrease in intercompany loans	—			183			(2,007		)	(1,374		)	3,198			—
Capital contribution paid	—			(452		)	—			—			452			—
Other investing activities, net	—			—			—			5			—			5
Net cash provided by (used in) investing activities	—			(269		)	(2,007		)	(1,291		)	3,650			83
Financing Activities:
Acquisition-related contingent consideration	—			—			—			(3		)	—			(3		)
Change in current debt obligations, net	—			—			572			(3		)	—			569
Issuance of long-term debt	—			—			—			18			—			18
Payments on long-term debt	—			—			—			(8		)	—			(8		)
Dividends to shareholders	(625		)	—			—			—			—			(625		)
Issuance of ordinary shares	143			—			—			—			—			143
Repurchase of ordinary shares	(1,233		)	—			—			—			—			(1,233		)
Net intercompany loan borrowings (repayments)	1,691			2			1,372			133			(3,198		)	—
Intercompany dividend paid	—			—			—			(250		)	250			—
Capital contribution received	—			—			—			452			(452		)	—
Other financing activities	—			—			—			(2		)	—			(2		)
Net cash provided by (used in) financing activities	(24		)	2			1,944			337			(3,400		)	(1,141		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			45			—			45
Net change in cash and cash equivalents	—			(33		)	25			(268		)	—			(276		)
Cash and cash equivalents at beginning of period	—			33			5			4,929			—			4,967
Cash and cash equivalents at end of period	$	—		$	—		$	30		$	4,661		$	—		$	4,691

Condensed Consolidating Statement of Cash Flows

Three Months Ended July 29, 2016

CIFSA Senior Notes



(in millions)	Medtronic plc			CIFSA			CIFSA Subsidiary Guarantors			Subsidiary Non-guarantors			Consolidating Adjustments			Total
Operating Activities:
Net cash provided by (used in) operating activities	$	440		$	(7	)	$	—		$	1,117		$	—		$	1,550
Investing Activities:
Acquisitions, net of cash acquired	—			—			—			(12		)	—			(12		)
Additions to property, plant, and equipment	—			—			—			(330		)	—			(330		)
Purchases of investments	—			—			—			(1,044		)	—			(1,044		)
Sales and maturities of investments	—			—			—			1,104			—			1,104
Net (increase) decrease in intercompany loans	—			4,290			(1,774		)	3,334			(5,850		)	—
Capital contributions paid	—			(325		)	—			—			325			—
Other investing activities, net	—			—			—			(2		)	—			(2		)
Net cash provided by (used in) investing activities	—			3,965			(1,774		)	3,050			(5,525		)	(284		)
Financing Activities:
Acquisition-related contingent consideration	—			—			—			(11		)	—			(11		)
Change in current debt obligations, net	—			—			975			(49		)	—			926
Issuance of long-term debt	—			—			—			33			—			33
Payments on long-term debt	—			—			—			(17		)	—			(17		)
Dividends to shareholders	(599		)	—			—			—			—			(599		)
Issuance of ordinary shares	214			—			—			—			—			214
Repurchase of ordinary shares	(1,763		)	—			—			—			—			(1,763		)
Net intercompany loan borrowings (repayments)	1,708			(4,081		)	854			(4,331		)	5,850			—
Capital contributions received	—			—			—			325			(325		)	—
Other financing activities	—			—			—			57			—			57
Net cash provided by (used in) financing activities	(440		)	(4,081		)	1,829			(3,993		)	5,525			(1,160		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			78			—			78
Net change in cash and cash equivalents	—			(123		)	55			252			—			184
Cash and cash equivalents at beginning of period	—			208			—			2,668			—			2,876
Cash and cash equivalents at end of period	$	—		$	85		$	55		$	2,920		$	—		$	3,060