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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 25, 2019
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the transition period from __________ to __________
Commission File Number 001-36820
https://cdn.kscope.io/7c5cb429df259724f0b7749b1ee2f7f8-mdt-20191025_g1.jpg®
MEDTRONIC PUBLIC LIMITED COMPANY
(Exact name of registrant as specified in its charter)
  
Ireland98-1183488
(State of incorporation)(I.R.S. Employer
Identification No.)
20 On Hatch, Lower Hatch Street
Dublin 2, Ireland
(Address of principal executive offices) (Zip Code)
+353 1 438-1700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Ordinary shares, par value $0.0001 per shareMDTNew York Stock Exchange
Floating Rate Notes due 2021MDT/21New York Stock Exchange
0.000% Senior Notes due 2021MDT/21ANew York Stock Exchange
0.000% Senior Notes due 2022MDT/22BNew York Stock Exchange
0.375% Senior Notes due 2023MDT/23BNew York Stock Exchange
0.25% Senior Notes due 2025MDT/25New York Stock Exchange
1.125% Notes due 2027MDT/27New York Stock Exchange
1.625% Notes due 2031MDT/31New York Stock Exchange
1.00% Senior Notes due 2031MDT/31ANew York Stock Exchange
2.250% Notes due 2039MDT/39ANew York Stock Exchange
1.50% Senior Notes due 2039MDT/39BNew York Stock Exchange
1.75% Senior Notes due 2049MDT/49New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerEmerging growth company
Non-accelerated filerSmaller Reporting Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 1(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
As of November 27, 2019, 1,340,377,511 ordinary shares, par value $0.0001, and 1,872 A preferred shares, par value $1.00, of the registrant were outstanding.





TABLE OF CONTENTS
Item Description Page
     
    
1.  
2.  
3.  
4.  
    
1.  
2.  
6.  




PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Medtronic plc
Consolidated Statements of Income
(Unaudited)
 Three months endedSix months ended
(in millions, except per share data)October 25, 2019October 26, 2018October 25, 2019October 26, 2018
Net sales$7,706  $7,481  $15,199  $14,865  
Costs and expenses:  
Cost of products sold2,394  2,203  4,760  4,407  
Research and development expense603  590  1,190  1,175  
Selling, general, and administrative expense2,620  2,605  5,163  5,202  
Amortization of intangible assets441  445  881  891  
Restructuring charges, net27  24  74  86  
Certain litigation charges121    168  103  
Other operating expense, net149  70  127  221  
Operating profit1,351  1,544  2,836  2,780  
Other non-operating income, net(108) (52) (209) (238) 
Interest expense165  241  774  483  
Income before income taxes1,294  1,355  2,271  2,535  
Income tax provision(77) 235  23  338  
Net income1,371  1,120  2,248  2,197  
Net income attributable to noncontrolling interests(7) (5) (20) (7) 
Net income attributable to Medtronic$1,364  $1,115  $2,228  $2,190  
Basic earnings per share$1.02  $0.83  $1.66  $1.62  
Diluted earnings per share$1.01  $0.82  $1.65  $1.61  
Basic weighted average shares outstanding1,340.8  1,349.2  1,340.8  1,350.9  
Diluted weighted average shares outstanding1,351.4  1,360.9  1,351.6  1,363.0  

The accompanying notes are an integral part of these consolidated financial statements.
1


Medtronic plc
Consolidated Statements of Comprehensive Income
(Unaudited)
 Three months endedSix months ended
(in millions)October 25, 2019October 26, 2018October 25, 2019October 26, 2018
Net income$1,371  $1,120  $2,248  $2,197  
Other comprehensive income (loss), net of tax:  
Unrealized gain (loss) on investment securities17  (9) 73  (9) 
Translation adjustment(214) (431) (148) (1,255) 
Net investment hedge53    152    
Net change in retirement obligations12  21  25  48  
Unrealized gain (loss) on cash flow hedges5  127  (2) 340  
Other comprehensive (loss) income(127) (292) 100  (876) 
Comprehensive income including noncontrolling interests1,244  828  2,348  1,321  
Comprehensive income attributable to noncontrolling interests(7) (2) (20) (4) 
Comprehensive income attributable to Medtronic$1,237  $826  $2,328  $1,317  

The accompanying notes are an integral part of these consolidated financial statements.
2


Medtronic plc
Consolidated Balance Sheets
(Unaudited)
(in millions)October 25, 2019April 26, 2019
ASSETS  
Current assets:  
Cash and cash equivalents$3,962  $4,393  
Investments6,436  5,455  
Accounts receivable, less allowances of $198 and $190, respectively
6,118  6,222  
Inventories, net4,042  3,753  
Other current assets2,095  2,144  
Total current assets22,653  21,967  
Property, plant, and equipment11,364  10,920  
Accumulated depreciation(6,608) (6,245) 
Property, plant, and equipment, net4,756  4,675  
Goodwill39,952  39,959  
Other intangible assets, net19,775  20,560  
Tax assets1,804  1,519  
Other assets2,113  1,014  
Total assets$91,053  $89,694  
LIABILITIES AND EQUITY  
Current liabilities:  
Current debt obligations$875  $838  
Accounts payable1,965  1,953  
Accrued compensation1,773  2,189  
Accrued income taxes442  567  
Other accrued expenses3,115  2,925  
Total current liabilities8,170  8,472  
Long-term debt24,752  24,486  
Accrued compensation and retirement benefits1,573  1,651  
Accrued income taxes2,705  2,838  
Deferred tax liabilities1,376  1,278  
Other liabilities1,758  757  
Total liabilities40,334  39,482  
Commitments and contingencies (Note 17)
Shareholders’ equity:  
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,340,375,745 and 1,340,697,595 shares issued and outstanding, respectively
    
Additional paid-in capital26,171  26,532  
Retained earnings27,018  26,270  
Accumulated other comprehensive loss(2,611) (2,711) 
Total shareholders’ equity50,578  50,091  
Noncontrolling interests141  121  
Total equity50,719  50,212  
Total liabilities and equity$91,053  $89,694  

The accompanying notes are an integral part of these consolidated financial statements.
3


Medtronic plc
Consolidated Statements of Equity
(Unaudited)
Ordinary SharesAdditional Paid-in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Noncontrolling InterestsTotal Equity
(in millions)NumberPar Value
April 26, 20191,341  $  $26,532  $26,270  $(2,711) $50,091  $121  $50,212  
Net income—  —  —  864  —  864  13  877  
Other comprehensive income—  —  —  —  227  227  —  227  
Dividends to shareholders ($0.54 per ordinary share)
—  —  —  (724) —  (724) —  (724) 
Issuance of shares under stock purchase and award plans3  —  205  —  —  205  —  205  
Repurchase of ordinary shares(3) —  (328) —  —  (328) —  (328) 
Stock-based compensation—  —  61  —  —  61  —  61  
Cumulative effect of change in accounting principle(1)
—  —  —  (33) —  (33) —  (33) 
July 26, 20191,341  $  $26,470  $26,377  $(2,484) $50,363  $134  $50,497  
Net income—  —  —  1,364  —  1,364  7  1,371  
Other comprehensive (loss)—  —  —  —  (127) (127) —  (127) 
Dividends to shareholders ($$0.54 per ordinary share)
—  —  —  (723) —  (723) —  (723) 
Issuance of shares under stock purchase and award plans4  —  145  —  —  145  —  145  
Repurchase of ordinary shares(5) —  (552) —  —  (552) —  (552) 
Stock-based compensation—  108  —  —  108  —  108  
October 25, 20191,340  $  $26,171  $27,018  $(2,611) $50,578  $141  $50,719  

(1) See Note 2 to the consolidated financial statements for discussion regarding the adoption of accounting standards during the first quarter fiscal year 2020.
The accompanying notes are an integral part of these consolidated financial statements.
















4


Medtronic plc
Consolidated Statements of Equity
(Unaudited)
Ordinary SharesAdditional Paid-in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Noncontrolling InterestsTotal Equity
(in millions)NumberPar Value
April 27, 20181,354  $  $28,127  $24,379  $(1,786) $50,720  $102  $50,822  
Net income —  —  —  1,075  —  1,075  2  1,077  
Other comprehensive (loss)—  —  —  —  (584) (584) —  (584) 
Dividends to shareholders ($0.50 per ordinary share)
—  —  —  (677) —  (677) —  (677) 
Issuance of shares under stock purchase and award plans7  —  446  —  —  446  —  446  
Repurchase of ordinary shares(9) —  (820) —