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Guarantor Financial Information (Tables)
12 Months Ended
Apr. 24, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Consolidating Statement of Comprehensive Income
Consolidating Statement of Comprehensive Income
Fiscal Year Ended April 24, 2015
Medtronic 2015 Senior Notes and Medtronic Outstanding Notes

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

 
$
1,261

 
$

 
$
20,261

 
$
(1,261
)
 
$
20,261

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold

 
1,234

 

 
5,969

 
(894
)
 
6,309

Research and development expense

 
390

 

 
1,250

 

 
1,640

Selling, general, and administrative expense

 
535

 

 
6,369

 

 
6,904

Special (gains) charges, net

 

 

 
(38
)
 

 
(38
)
Restructuring charges, net

 

 

 
237

 

 
237

Certain litigation charges, net

 

 

 
42

 

 
42

Acquisition-related items

 

 

 
550

 

 
550

Amortization of intangible assets

 
11

 

 
722

 

 
733

Other (income) expense, net
(108
)
 
(712
)
 

 
938

 

 
118

Operating profit
108

 
(197
)
 

 
4,222

 
(367
)
 
3,766

 
 
 
 
 
 
 
 
 
 
 
 
Interest income

 

 
(170
)
 
(386
)
 
170

 
(386
)
Interest expense

 
706

 

 
130

 
(170
)
 
666

Interest expense (income), net

 
706

 
(170
)
 
(256
)
 

 
280

Equity in net income of subsidiaries
(2,578
)
 
(3,629
)
 
(2,408
)
 

 
8,615

 

Income from operations before income taxes
2,686

 
2,726

 
2,578

 
4,478

 
(8,982
)
 
3,486

Provision (benefit) for income taxes
11

 
(330
)
 

 
1,268

 
(138
)
 
811

Net income
2,675

 
3,056

 
2,578

 
3,210

 
(8,844
)
 
2,675

Other comprehensive loss, net of tax
(587
)
 
(587
)
 
(587
)
 
(587
)
 
1,761

 
(587
)
Total comprehensive income
$
2,088

 
$
2,469

 
$
1,991

 
$
2,623

 
$
(7,083
)
 
$
2,088



Consolidating Statement of Comprehensive Income
Fiscal Year Ended April 25, 2014
Medtronic 2015 Senior Notes and Medtronic Outstanding Notes

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

 
$
1,155

 
$

 
$
17,005

 
$
(1,155
)
 
$
17,005

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold

 
1,123

 

 
4,353

 
(1,143
)
 
4,333

Research and development expense

 
380

 

 
1,097

 

 
1,477

Selling, general, and administrative expense

 
617

 

 
5,230

 

 
5,847

Special charges

 

 

 
40

 

 
40

Restructuring charges, net

 

 

 
78

 

 
78

Certain litigation charges, net

 

 

 
770

 

 
770

Acquisition-related items

 

 

 
117

 

 
117

Amortization of intangible assets

 
12

 

 
337

 

 
349

Other (income) expense, net

 
(1,219
)
 

 
1,400

 

 
181

Operating profit

 
242

 

 
3,583

 
(12
)
 
3,813

 


 


 


 


 


 


Interest income

 
(5
)
 

 
(266
)
 

 
(271
)
Interest expense

 
317

 

 
62

 

 
379

Interest expense (income), net

 
312

 

 
(204
)
 

 
108

Equity in net income of subsidiaries

 
(3,560
)
 

 

 
3,560

 

Income from operations before income taxes

 
3,490

 

 
3,787

 
(3,572
)
 
3,705

Provision for income taxes

 
425

 

 
227

 
(12
)
 
640

Net income

 
3,065

 

 
3,560

 
(3,560
)
 
3,065

Other comprehensive loss, net of tax

 
(105
)
 

 
(105
)
 
105

 
(105
)
Total comprehensive income
$

 
$
2,960

 
$

 
$
3,455

 
$
(3,455
)
 
$
2,960



Consolidating Statement of Comprehensive Income
Fiscal Year Ended April 26, 2013
Medtronic 2015 Senior Notes and Medtronic Outstanding Notes

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

 
$
1,090

 
$

 
$
16,590

 
$
(1,090
)
 
$
16,590

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold

 
1,057

 

 
4,147

 
(1,078
)
 
4,126

Research and development expense

 
421

 

 
1,136

 

 
1,557

Selling, general, and administrative expense

 
542

 

 
5,156

 

 
5,698

Special charges

 

 

 

 

 

Restructuring charges, net

 

 

 
172

 

 
172

Certain litigation charges, net

 

 

 
245

 

 
245

Acquisition-related items

 

 

 
(49
)
 

 
(49
)
Amortization of intangible assets

 
14

 

 
317

 

 
331

Other (income) expense, net

 
(1,136
)
 

 
1,244

 

 
108

Operating profit

 
192

 

 
4,222

 
(12
)
 
4,402

 
 
 
 
 
 
 
 
 
 
 
 
Interest income

 

 

 
(237
)
 

 
(237
)
Interest expense

 
329

 

 
59

 

 
388

Interest expense (income), net

 
329

 

 
(178
)
 

 
151

Equity in net income of subsidiaries

 
(3,945
)
 

 

 
3,945

 

Income from operations before income taxes

 
3,808

 

 
4,400

 
(3,957
)
 
4,251

Provision for income taxes

 
341

 

 
455

 
(12
)
 
784

Net income

 
3,467

 

 
3,945

 
(3,945
)
 
3,467

Other comprehensive loss, net of tax

 
(19
)
 

 
(19
)
 
19

 
(19
)
Total comprehensive income
$

 
$
3,448

 
$

 
$
3,926

 
$
(3,926
)
 
$
3,448

Consolidating Statement of Comprehensive Income
Fiscal Year Ended April 24, 2015
CIFSA Senior Notes
(in millions)
Parent Company Guarantor (Medtronic plc)
 
Subsidiary Issuer (CIFSA)
 
Subsidiary Guarantors
 
Subsidiary Non-guarantors
 
Consolidating
Adjustments
 
Total
Net sales
$

 
$

 
$

 
$
20,261

 
$

 
$
20,261

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold

 

 

 
6,309

 

 
6,309

Research and development expense

 

 

 
1,640

 

 
1,640

Selling, general, and administrative expense


 

 
21

 
6,883

 

 
6,904

Special (gains) charges, net

 

 

 
(38
)
 

 
(38
)
Restructuring charges, net

 

 

 
237

 

 
237

Certain litigation charges, net

 

 

 
42

 

 
42

Acquisition-related items

 

 

 
550

 

 
550

Amortization of intangible assets

 

 

 
733

 

 
733

Other (income) expense, net
(108
)
 
1

 
26

 
199

 

 
118

Operating profit
108

 
(1
)
 
(47
)
 
3,706

 

 
3,766

 
 
 
 
 
 
 
 
 
 
 
 
Interest income

 
(149
)
 
(170
)
 
(386
)
 
319

 
(386
)
Interest expense

 
29

 

 
956

 
(319
)
 
666

Interest (income) expense, net

 
(120
)
 
(170
)
 
570

 

 
280

Equity in net income of subsidiaries
(2,578
)
 
626

 
(2,410
)
 

 
4,362

 

Income (loss) from operations before income taxes
2,686

 
(507
)
 
2,533

 
3,136

 
(4,362
)
 
3,486

Provision for income taxes
11

 

 

 
800

 

 
811

Net income (loss)
2,675

 
(507
)
 
2,533

 
2,336

 
(4,362
)
 
2,675

Other comprehensive loss, net of tax
(587
)
 
(587
)
 
(587
)
 
(587
)
 
1,761

 
(587
)
Total comprehensive income (loss)
$
2,088

 
$
(1,094
)
 
$
1,946

 
$
1,749

 
$
(2,601
)
 
$
2,088

Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
Fiscal Year Ended April 24, 2015
Medtronic 2015 Senior Notes and Medtronic Outstanding 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

 
41,218

 
64,335

 

 
(175,808
)
 

Intercompany loans receivable
3,000

 
6,516

 
10,000

 
10,218

 
(29,734
)
 

Other assets

 
678

 

 
1,059

 

 
1,737

Total assets
$
73,781

 
$
200,184

 
$
74,505

 
$
261,690

 
$
(503,475
)
 
$
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

 
20,417

 
64,505

 
90,886

 
(175,808
)
 
53,230

Total liabilities and shareholders’ equity
$
73,781

 
$
200,184

 
$
74,505

 
$
261,690

 
$
(503,475
)
 
$
106,685

Condensed Consolidating Balance Sheet
Fiscal Year Ended April 25, 2014
Medtronic 2015 Senior Notes and Medtronic Outstanding 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
$

 
$
264

 
$

 
$
1,139

 
$

 
$
1,403

Investments

 

 

 
12,838

 

 
12,838

Accounts receivable, net

 

 

 
3,811

 

 
3,811

Inventories

 
154

 

 
1,571

 

 
1,725

Intercompany receivable

 
43,377

 

 
51,593

 
(94,970
)
 

Tax assets

 
602

 

 
193

 
(59
)
 
736

Prepaid expenses and other current assets

 
479

 

 
597

 
(379
)
 
697

Total current assets

 
44,876

 

 
71,742

 
(95,408
)
 
21,210

Property, plant and equipment, net

 
954

 

 
1,461

 
(23
)
 
2,392

Goodwill

 
1,565

 

 
9,028

 

 
10,593

Other intangible assets, net

 
51

 

 
2,235

 

 
2,286

Long-term tax assets

 
435

 

 
252

 
(387
)
 
300

Investment in subsidiaries


 
36,943

 


 

 
(36,943
)
 

Intercompany loans receivable

 
20

 

 
273

 
(293
)
 

Other assets

 
573

 

 
589

 

 
1,162

Total assets
$

 
$
85,417

 
$

 
$
85,580

 
$
(133,054
)
 
$
37,943

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Short-term borrowings
$

 
$
1,262

 
$

 
$
351

 
$

 
$
1,613

Accounts payable

 
201

 

 
541

 

 
742

Intercompany payable

 
51,593

 

 
43,377

 
(94,970
)
 

Accrued compensation

 
405

 

 
610

 

 
1,015

Accrued income taxes

 
144

 

 
20

 

 
164

Deferred tax liabilities

 

 

 
78

 
(59
)
 
19

Other accrued expenses

 

 

 
2,408

 
(402
)
 
2,006

Total current liabilities

 
53,605

 

 
47,385

 
(95,431
)
 
5,559

Long-term debt

 
10,177

 

 
138

 

 
10,315

Long-term accrued compensation and retirement benefits

 
487

 

 
175

 

 
662

Long-term accrued income taxes

 
1,315

 

 
28

 

 
1,343

Long-term intercompany loans payable

 
273

 

 
20

 
(293
)
 

Long-term deferred tax liabilities

 

 

 
773

 
(387
)
 
386

Other long-term liabilities

 
117

 

 
118

 

 
235

Total liabilities

 
65,974

 

 
48,637

 
(96,111
)
 
18,500

Shareholders’ equity

 
19,443

 

 
36,943

 
(36,943
)
 
19,443

Total liabilities and shareholders’ equity
$

 
$
85,417

 
$

 
$
85,580

 
$
(133,054
)
 
$
37,943

Condensed Consolidating Balance Sheet
Fiscal Year Ended 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

 
7,040

 
64,335

 

 
(141,630
)
 

Intercompany loans receivable
3,000

 
7,401

 
11,303

 
6,372

 
(28,076
)
 

Other assets

 

 

 
1,737

 

 
1,737

Total assets
$
73,781

 
$
15,169

 
$
76,084

 
$
132,423

 
$
(190,772
)
 
$
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

 
610

 
1

 
1,883

 
(30
)
 
2,464

Total current liabilities
20,551

 
1,612

 
283

 
7,793

 
(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

 
14,577

 
10,285

 
57,184

 
(49,142
)
 
53,455

Shareholders’ equity
53,230

 
592

 
65,799

 
75,239

 
(141,630
)
 
53,230

Total liabilities and shareholders’ equity
$
73,781

 
$
15,169

 
$
76,084

 
$
132,423

 
$
(190,772
)
 
$
106,685

Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
Fiscal Year Ended April 24, 2015
Medtronic 2015 Senior Notes and Medtronic Outstanding 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
$
26

 
$
1,649

 
$
170

 
$
3,057

 
$

 
$
4,902

Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
Acquisitions, net of cash acquired
(9,700
)
 
(65
)
 

 
(5,119
)
 

 
(14,884
)
Additions to property, plant, and equipment

 

 

 
(571
)
 

 
(571
)
Purchases of marketable securities

 

 

 
(7,582
)
 

 
(7,582
)
Sales and maturities of marketable securities

 

 

 
5,890

 

 
5,890

Net decrease in intercompany loans

 
(16,996
)
 

 
55

 
16,941

 

Other investing activities, net

 

 

 
89

 

 
89

Net cash used in investing activities
(9,700
)
 
(17,061
)
 

 
(7,238
)
 
16,941

 
(17,058
)
Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
Acquisition-related contingent consideration

 

 

 
(85
)
 

 
(85
)
Change in short-term borrowings, net

 

 

 
(1
)
 

 
(1
)
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

 
19,942

 

 

 

 
19,942

Payments on long-term debt

 
(1,268
)
 

 

 

 
(1,268
)
Dividends to shareholders
(435
)
 
(902
)
 

 

 

 
(1,337
)
Issuance of ordinary shares
172

 
477

 

 

 

 
649

Repurchase of ordinary shares
(300
)
 
(1,620
)
 

 

 

 
(1,920
)
Net intercompany loan borrowings (repayments)
10,500

 
(55
)
 

 
6,496

 
(16,941
)
 

Other financing activities

 

 

 
(31
)
 

 
(31
)
Net cash provided by financing activities
9,937

 
16,574

 

 
6,379

 
(16,941
)
 
15,949

Effect of exchange rate changes on cash and cash equivalents

 
(355
)
 

 
2

 

 
(353
)
Net change in cash and cash equivalents
263

 
807

 
170

 
2,200

 

 
3,440

Cash and cash equivalents at beginning of period

 
264

 

 
1,139

 

 
1,403

Cash and cash equivalents at end of period
$
263

 
$
1,071

 
$
170

 
$
3,339

 
$

 
$
4,843

Condensed Consolidating Statement of Cash Flows
Fiscal Year Ended April 25, 2014
Medtronic 2015 Senior Notes and Medtronic Outstanding 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
$

 
$
1,384

 
$

 
$
3,575

 
$

 
$
4,959

Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
Acquisitions, net of cash acquired

 

 

 
(385
)
 

 
(385
)
Additions to property, plant, and equipment

 
(154
)
 

 
(242
)
 

 
(396
)
Purchases of marketable securities

 

 

 
(10,895
)
 

 
(10,895
)
Sales and maturities of marketable securities

 

 

 
8,111

 

 
8,111

Net decrease in intercompany loans

 
1

 

 
(12
)
 
11

 

Increase in investment in subsidiary

 

 

 

 

 

Other investing activities, net

 

 

 
(29
)
 

 
(29
)
Net cash used in investing activities

 
(153
)
 

 
(3,452
)
 
11

 
(3,594
)
Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
Acquisition-related contingent consideration

 

 

 
(1
)
 

 
(1
)
Change in short-term borrowings, net

 

 

 
127

 

 
127

Repayment of short-term borrowings (maturities greater than 90 days)

 
(1,301
)
 

 

 

 
(1,301
)
Proceeds from short-term borrowings (maturities greater than 90 days)

 
1,045

 

 
131

 

 
1,176

Issuance of long-term debt

 
1,994

 

 

 

 
1,994

Payments on long-term debt

 
(565
)
 

 

 

 
(565
)
Dividends to shareholders

 
(1,116
)
 

 

 

 
(1,116
)
Issuance of ordinary shares

 
1,307

 

 

 

 
1,307

Repurchase of ordinary shares

 
(2,553
)
 

 

 

 
(2,553
)
Net intercompany loan borrowings (repayments)

 
12

 

 
(1
)
 
(11
)
 

Other financing activities

 
14

 

 

 

 
14

Net cash (used in) provided by financing activities

 
(1,163
)
 

 
256

 
(11
)
 
(918
)
Effect of exchange rate changes on cash and cash equivalents

 

 

 
37

 

 
37

Net change in cash and cash equivalents

 
68

 

 
416

 

 
484

Cash and cash equivalents at beginning of period

 
196

 

 
723

 

 
919

Cash and cash equivalents at end of period
$

 
$
264

 
$

 
$
1,139

 
$

 
$
1,403

Condensed Consolidating Statement of Cash Flows
Fiscal Year Ended April 26, 2013
Medtronic 2015 Senior Notes and Medtronic Outstanding 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
$

 
$
2,298

 
$

 
$
2,644

 
$

 
$
4,942

Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
Acquisitions, net of cash acquired

 

 

 
(820
)
 

 
(820
)
Additions to property, plant, and equipment

 
(119
)
 

 
(338
)
 

 
(457
)
Purchases of marketable securities

 

 

 
(12,321
)
 

 
(12,321
)
Sales and maturities of marketable securities

 

 

 
10,511

 

 
10,511

Net decrease in intercompany loans

 

 

 
17

 
(17
)
 

Increase in investment in subsidiary

 

 

 

 

 

Other investing activities, net

 

 

 
(14
)
 

 
(14
)
Net cash used in investing activities

 
(119
)
 

 
(2,965
)
 
(17
)
 
(3,101
)
Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
Acquisition-related contingent consideration

 

 

 
(18
)
 

 
(18
)
Change in short-term borrowings, net

 
(699
)
 

 
(21
)
 

 
(720
)
Repayment of short-term borrowings (maturities greater than 90 days)

 
(2,700
)
 

 

 

 
(2,700
)
Proceeds from short-term borrowings (maturities greater than 90 days)

 
2,628

 

 

 

 
2,628

Issuance of long-term debt

 
2,980

 

 

 

 
2,980

Payments on long-term debt

 
(2,214
)
 

 

 

 
(2,214
)
Dividends to shareholders

 
(1,055
)
 

 

 

 
(1,055
)
Issuance of ordinary shares

 
267

 

 

 

 
267

Repurchase of ordinary shares

 
(1,247
)
 

 

 

 
(1,247
)
Net intercompany loan borrowings (repayments)

 
(17
)
 

 

 
17

 

Other financing activities

 
(22
)
 

 

 

 
(22
)
Net cash used in financing activities

 
(2,079
)
 

 
(39
)
 
17

 
(2,101
)
Effect of exchange rate changes on cash and cash equivalents

 

 

 
7

 

 
7

Net change in cash and cash equivalents

 
100

 

 
(353
)
 

 
(253
)
Cash and cash equivalents at beginning of period

 
96

 

 
1,076

 

 
1,172

Cash and cash equivalents at end of period
$

 
$
196

 
$

 
$
723

 
$

 
$
919

Condensed Consolidating Statement of Cash Flows
Fiscal Year Ended April 24, 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
$
26

 
$
(205
)
 
$
1,472

 
$
4,709

 
$
(1,100
)
 
$
4,902

Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
Acquisitions, net of cash acquired
(9,700
)
 

 

 
(5,184
)
 

 
(14,884
)
Additions to property, plant, and equipment

 

 
(1
)
 
(570
)
 

 
(571
)
Purchases of marketable securities

 

 

 
(7,582
)
 

 
(7,582
)
Sales and maturities of marketable securities

 

 

 
5,890

 

 
5,890

Net decrease in intercompany loans

 
(7,401
)
 
(1,303
)
 
(18,887
)
 
27,591

 

Other investing activities, net

 

 

 
89

 

 
89

Net cash used in investing activities
(9,700
)
 
(7,401
)
 
(1,304
)
 
(26,244
)
 
27,591

 
(17,058
)
Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
Acquisition-related contingent consideration

 

 

 
(85
)
 

 
(85
)
Change in short-term borrowings, net

 

 

 
(1
)
 

 
(1
)
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

 

 

 
19,942

 

 
19,942

Payments on long-term debt

 
(51
)
 

 
(1,217
)
 

 
(1,268
)
Dividends to shareholders
(435
)
 

 

 
(902
)
 

 
(1,337
)
Issuance of ordinary shares
172

 

 

 
477

 

 
649

Repurchase of ordinary shares
(300
)
 

 

 
(1,620
)
 

 
(1,920
)
Net intercompany loan borrowings (repayments)
10,500

 
8,385

 
2

 
8,704

 
(27,591
)
 

Intercompany dividend paid

 

 

 
(1,100
)
 
1,100

 

Other financing activities

 

 

 
(31
)
 

 
(31
)
Net cash provided by financing activities
9,937

 
8,334

 
2

 
24,167

 
(26,491
)
 
15,949

Effect of exchange rate changes on cash and cash equivalents

 

 

 
(353
)
 

 
(353
)
Net change in cash and cash equivalents
263

 
728

 
170

 
2,279

 

 
3,440

Cash and cash equivalents at beginning of period

 

 

 
1,403

 

 
1,403

Cash and cash equivalents at end of period
$
263

 
$
728

 
$
170

 
$
3,682

 
$

 
$
4,843