SEC Filings

10-Q
MEDTRONIC PLC filed this Form 10-Q on 12/04/2017
Entire Document
 
Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


Consolidating Statement of Comprehensive Income
Three Months Ended October 27, 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
$

 
$
300

 
$

 
$
7,050

 
$
(300
)
 
$
7,050

 
 
 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold

 
228

 

 
2,204

 
(312
)
 
2,120

Research and development expense

 
169

 

 
386

 

 
555

Selling, general, and administrative expense
3

 
375

 

 
2,060

 

 
2,438

Amortization of intangible assets

 
2

 

 
458

 

 
460

Restructuring charges, net

 

 

 
8

 

 
8

Acquisition-related items

 
14

 

 
(7
)
 

 
7

Divestiture-related items

 
6

 

 
61

 

 
67

Gain on sale of businesses

 

 

 
(697
)
 

 
(697
)
Special charge

 
80

 

 

 

 
80

Other (income) expense, net
12

 
(392
)
 

 
491

 

 
111

Operating profit (loss)
(15
)
 
(182
)
 

 
2,086

 
12

 
1,901

Interest income

 
(64
)
 
(103
)
 
(348
)
 
415

 
(100
)
Interest expense
60

 
425

 
48

 
155

 
(415
)
 
273

Interest expense, net
60

 
361

 
(55
)
 
(193
)
 

 
173

Equity in net (income) loss of subsidiaries
(2,091
)
 
(1,809
)
 
(2,036
)
 

 
5,936

 

Income before income taxes
2,016

 
1,266

 
2,091

 
2,279

 
(5,924
)
 
1,728

Income tax (benefit) provision
(1
)
 
(158
)
 

 
(126
)
 

 
(285
)
Net income
2,017

 
1,424

 
2,091

 
2,405

 
(5,924
)
 
2,013

Net loss attributable to noncontrolling interests

 

 

 
4

 

 
4

Net income attributable to Medtronic
2,017

 
1,424

 
2,091

 
2,409

 
(5,924
)
 
2,017

Other comprehensive income (loss), net of tax
(136
)
 
(308
)
 
(136
)
 
(150
)
 
594

 
(136
)
Other comprehensive loss attributable to
noncontrolling interests

 

 

 
4

 

 
4

Total comprehensive income
$
1,881

 
$
1,116

 
$
1,955

 
$
2,259

 
$
(5,330
)
 
$
1,881







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