$MDT
Medtronic plc Stock $mdt

$mdt Overview Financials Valuation SEC Filings Company Website

2015 Q3 Form 10-Q Financial Statement

#000161310315000038 Filed on September 09, 2015

Income Statement

Concept	2015 Q3	2014 Q3
Revenue	$7.274B	$4.273B
YoY Change	70.23%	4.65%
Cost Of Revenue	$2.456B	$1.105B
YoY Change	122.26%	8.12%
Gross Profit	$4.818B	$3.168B
YoY Change	52.08%	3.5%
Gross Profit Margin	66.24%	74.14%
Selling, General & Admin	$2.449B	$1.506B
YoY Change	62.62%	6.36%
% of Gross Profit	50.83%	47.54%
Research & Development	$558.0M	$365.0M
YoY Change	52.88%	1.39%
% of Gross Profit	11.58%	11.52%
Depreciation & Amortization	$701.0M	$215.0M
YoY Change	226.05%	3.37%
% of Gross Profit	14.55%	6.79%
Operating Expenses	$3.569B	$1.871B
YoY Change	90.75%	-1.84%
Operating Profit	$1.249B	$1.088B
YoY Change	14.8%	-5.8%
Interest Expense	-$171.0M	$97.00M
YoY Change	-276.29%	-342.5%
% of Operating Profit	-13.69%	8.92%
Other Income/Expense, Net		-$51.00M
YoY Change
Pretax Income	$940.0M	$1.083B
YoY Change	-13.2%	-6.07%
Income Tax	$120.0M	$212.0M
% Of Pretax Income	12.77%	19.58%
Net Earnings	$820.0M	$871.0M
YoY Change	-5.86%	-8.6%
Net Earnings / Revenue	11.27%	20.38%
Basic Earnings Per Share		$0.88
Diluted Earnings Per Share	$570.9K	$0.87
COMMON SHARES
Basic Shares Outstanding	1.414B shares	992.6M shares
Diluted Shares Outstanding		1.005B shares

Balance Sheet

Concept	2015 Q3	2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$17.98B	$13.96B
YoY Change	28.79%	22.43%
Cash & Equivalents	$2.979B	$1.336B
Short-Term Investments	$15.00B	$12.63B
Other Short-Term Assets	$2.950B	$1.282B
YoY Change	130.11%	0.08%
Inventory	$3.404B	$1.836B
Prepaid Expenses
Receivables	$4.811B	$3.690B
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$29.15B	$20.77B
YoY Change	40.33%	14.81%
LONG-TERM ASSETS
Property, Plant & Equipment	$4.672B	$2.376B
YoY Change	96.63%	-2.78%
Goodwill	$40.66B
YoY Change
Intangibles	$27.70B
YoY Change
Long-Term Investments
YoY Change
Other Assets	$1.679B	$1.371B
YoY Change	22.47%	-7.68%
Total Long-Term Assets	$75.48B	$16.78B
YoY Change	349.71%	-0.58%
TOTAL ASSETS
Total Short-Term Assets	$29.15B	$20.77B
Total Long-Term Assets	$75.48B	$16.78B
Total Assets	$104.6B	$37.55B
YoY Change	178.6%	7.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.321B	$685.0M
YoY Change	92.85%	9.25%
Accrued Expenses	$3.838B	$2.046B
YoY Change	87.59%	3.23%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$1.850B	$2.477B
YoY Change	-25.31%	60.53%
Total Short-Term Liabilities	$7.660B	$5.433B
YoY Change	40.99%	26.79%
LONG-TERM LIABILITIES
Long-Term Debt	$33.71B	$10.32B
YoY Change	226.54%	7.12%
Other Long-Term Liabilities	$1.657B	$2.173B
YoY Change	-23.75%	-0.69%
Total Long-Term Liabilities	$1.657B	$12.50B
YoY Change	-86.74%	5.67%
TOTAL LIABILITIES
Total Short-Term Liabilities	$7.660B	$5.433B
Total Long-Term Liabilities	$1.657B	$12.50B
Total Liabilities	$51.82B	$18.31B
YoY Change	183.06%	11.26%
SHAREHOLDERS EQUITY
Retained Earnings	$54.17B
YoY Change
Common Stock	$0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$52.81B	$19.25B
YoY Change
Total Liabilities & Shareholders Equity	$104.6B	$37.55B
YoY Change	178.6%	7.38%

Cashflow Statement

Concept	2015 Q3	2014 Q3
OPERATING ACTIVITIES
Net Income	$820.0M	$871.0M
YoY Change	-5.86%	-8.6%
Depreciation, Depletion And Amortization	$701.0M	$215.0M
YoY Change	226.05%	3.37%
Cash From Operating Activities	$816.0M	$310.0M
YoY Change	163.23%	-68.46%
INVESTING ACTIVITIES
Capital Expenditures	-$224.0M	$109.0M
YoY Change	-305.5%	-239.74%
Acquisitions		$146.0M
YoY Change
Other Investing Activities	-$762.0M	$4.000M
YoY Change	-19150.0%	-100.68%
Cash From Investing Activities	-$986.0M	-$6.000M
YoY Change	16333.33%	-99.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net		$1.065B
YoY Change
Debt Paid & Issued, Net		$3.000M
YoY Change
Cash From Financing Activities	-1.744B	-355.0M
YoY Change	391.27%	-15.88%
NET CHANGE
Cash From Operating Activities	816.0M	310.0M
Cash From Investing Activities	-986.0M	-6.000M
Cash From Financing Activities	-1.744B	-355.0M
Net Change In Cash	-1.914B	-51.00M
YoY Change	3652.94%	-51.43%
FREE CASH FLOW
Cash From Operating Activities	$816.0M	$310.0M
Capital Expenditures	-$224.0M	$109.0M
Free Cash Flow	$1.040B	$201.0M
YoY Change	417.41%	-81.06%

Facts In Submission

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	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--04-29
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2016
	dei	Document Period End Date DocumentPeriodEndDate	2015-07-31
	dei	Document Type DocumentType	10-Q
	dei	Entity Central Index Key EntityCentralIndexKey	0001613103
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	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
	dei	Entity Registrant Name EntityRegistrantName	Medtronic plc
	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	Yes
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CY2014Q3	us-gaap	Net Income Loss NetIncomeLoss	871000000	USD
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CY2014Q3	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	871000000	USD
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CY2014Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	1088000000	USD
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CY2014Q3	us-gaap	Other Comprehensive Income Loss Before Reclassifications Net Of Tax OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax	109000000	USD
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CY2014Q3	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	109000000	USD
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CY2014Q3	us-gaap	Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax	37000000	USD
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CY2014Q3	us-gaap	Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	54000000	USD
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CY2014Q3	us-gaap	Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax	32000000	USD
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CY2015Q2	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	2464000000	USD
CY2015Q3	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	2721000000	USD
CY2015Q2	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	1819000000	USD
CY2015Q3	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	1657000000	USD
CY2014Q3	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	9000000	USD
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CY2014Q3	us-gaap	Payments For Legal Settlements PaymentsForLegalSettlements	761000000	USD
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CY2014Q3	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	1065000000	USD
	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	750000000	USD
CY2014Q3	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	304000000	USD
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	538000000	USD
CY2014Q3	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	146000000	USD
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CY2014Q3	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	109000000	USD
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	224000000	USD
CY2015Q2	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	1535000000	USD
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	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	0	USD
CY2014Q3	us-gaap	Proceeds From Issuance Or Sale Of Equity ProceedsFromIssuanceOrSaleOfEquity	154000000	USD
	us-gaap	Proceeds From Issuance Or Sale Of Equity ProceedsFromIssuanceOrSaleOfEquity	98000000	USD
CY2014Q3	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	6000000	USD
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CY2014Q3	us-gaap	Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess	862000000	USD
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CY2014Q3	us-gaap	Proceeds From Sale Maturity And Collections Of Investments ProceedsFromSaleMaturityAndCollectionsOfInvestments	1853000000	USD
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CY2015Q3	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	9026000000	USD
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CY2014Q3	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	8000000	USD
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CY2015Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	54414000000	USD
CY2015Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	54165000000	USD
CY2014Q3	us-gaap	Sales Revenue Net SalesRevenueNet	4273000000	USD
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CY2014Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	1506000000	USD
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CY2014Q3	us-gaap	Share Based Compensation ShareBasedCompensation	34000000	USD
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CY2015Q2	us-gaap	Short Term Investments ShortTermInvestments	14637000000	USD
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CY2015Q2	us-gaap	Stockholders Equity StockholdersEquity	53230000000	USD
CY2015Q3	us-gaap	Stockholders Equity StockholdersEquity	52809000000	USD
CY2015Q2	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	2860000000	USD
CY2015Q3	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	2561000000	USD
CY2015Q3	us-gaap	Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued	580000000	USD
CY2015Q3	us-gaap	Unrecognized Tax Benefits That Would Impact Effective Tax Rate UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate	1982000000	USD
CY2014Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1005200000	shares
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CY2014Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	992600000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1418100000	shares
	us-gaap	Basis Of Accounting BasisOfAccounting	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S.) (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information necessary for a fair presentation of results of operations, comprehensive income, financial condition, and cash flows in conformity with U.S. GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results of Medtronic plc and its subsidiaries (Medtronic plc, Medtronic or the Company) for the periods presented. Medtronic plc is the successor registrant to Medtronic, Inc. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">April 24, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company’s fiscal years </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2016</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"> will end or ended on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">April 29, 2016</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">April 24, 2015</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">April 25, 2014</font><font style="font-family:inherit;font-size:10pt;">, respectively. Fiscal year 2016 is a 53-week year, and the extra week occured during the first quarter.</font></div></div>
	us-gaap	Fiscal Period FiscalPeriod	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company’s fiscal years </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2016</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"> will end or ended on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">April 29, 2016</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">April 24, 2015</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">April 25, 2014</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
	us-gaap	Loss Contingency Disclosures LossContingencyDisclosures	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Contingencies</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company and its affiliates are involved in a number of legal actions involving product liability, intellectual property disputes, shareholder related matters, environmental proceedings, income tax disputes, and other matters. The outcomes of these legal actions are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, the claimants seek damages, as well as other relief (including injunctions barring the sale of products that are the subject of the lawsuit), that could require significant expenditures or result in lost revenues. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete scientific facts or legal discovery; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines or punitive damages; or could result in a change in business practice. As of July 31, 2015 and April 24, 2015, accrued certain litigation charges involving product liability, intellectual property disputes, shareholder related matters, environmental proceedings, and other matters were </font><font style="font-family:inherit;font-size:10pt;">$787 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$879 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. The Company includes accrued certain litigation charges in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">other accrued expenses</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">other long-term liabilities</font><font style="font-family:inherit;font-size:10pt;"> on the condensed consolidated balance sheets. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition to the litigation contingencies referenced below, the Company also has certain guarantee obligations that may potentially result in future costs. While it is not possible to predict the outcome for most of the matters discussed below, the Company believes it is possible that costs associated with them could have a material adverse impact on the Company’s consolidated earnings, financial position, or cash flows.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Product Liability Matters</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Sprint Fidelis</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In 2007, a putative class action was filed in the Ontario Superior Court of Justice in Canada seeking damages for personal injuries allegedly related to the Company's Sprint Fidelis family of defibrillation leads. On October 20, 2009, the court certified a class proceeding but denied class certification on plaintiffs' claim for punitive damages. Pretrial proceedings are underway. The Company has not recorded an expense related to damages in connection with this matter because any potential loss is not currently probable or reasonably estimable under U.S. GAAP. Additionally, the Company cannot reasonably estimate the range of loss, if any, that may result from this matter.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">INFUSE Litigation</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company estimates law firms representing approximately </font><font style="font-family:inherit;font-size:10pt;">6,100</font><font style="font-family:inherit;font-size:10pt;"> claimants have asserted or intend to assert personal injury claims against Medtronic in the U.S. state and federal courts involving the INFUSE bone graft product. As of September 4, 2015, the Company has reached agreements to settle approximately </font><font style="font-family:inherit;font-size:10pt;">3,800</font><font style="font-family:inherit;font-size:10pt;"> of these claims. The Company's accrued expenses for this matter are included within accrued certain litigation charges in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">other accrued expenses</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">other long-term liabilities</font><font style="font-family:inherit;font-size:10pt;"> on the condensed consolidated balance sheets as discussed above. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Other INFUSE Litigation</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 5, 2014, Humana, Inc. filed a lawsuit for unspecified monetary damages in the U.S. District Court for the Western District of Tennessee, alleging that Medtronic, Inc. violated federal racketeering (RICO) law and various state laws, by conspiring with physicians to promote unapproved uses of INFUSE. The Company has not recorded an expense related to damages in connection with this matter because any potential loss is not currently probable or reasonably estimable under U.S. GAAP. Additionally, the Company cannot reasonably estimate the range of loss, if any, that may result from this matter.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pelvic Mesh Litigation</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Covidien currently is involved in litigation in various state and federal courts against manufacturers of pelvic mesh products alleging personal injuries resulting from the implantation of those products. Two subsidiaries of Covidien supplied pelvic mesh products to one of the manufacturers, Bard, named in the litigation. The litigation includes a federal multi-district litigation in the U.S. District Court for the Northern District of West Virginia and cases in various state courts and jurisdictions outside the U.S. Generally, complaints allege design and manufacturing claims, failure to warn, breach of warranty, fraud, violations of state consumer protection laws and loss of consortium claims. In July 2015, the Company and Bard agreed that Bard would pay the Company </font><font style="font-family:inherit;font-size:10pt;">$121 million</font><font style="font-family:inherit;font-size:10pt;"> towards the settlement of these claims. The </font><font style="font-family:inherit;font-size:10pt;">$121 million</font><font style="font-family:inherit;font-size:10pt;"> receivable was recorded as an opening balance sheet adjustment related to the Covidien acquisition in the first quarter of fiscal year 2016. That agreement does not resolve the dispute between the Company and Bard with respect to claims that do not settle, if any. As part of the agreement, the Company and Bard agreed to dismiss without prejudice their pending litigation with respect to Bard’s obligation to defend and indemnify the Company. The Company estimates law firms representing approximately </font><font style="font-family:inherit;font-size:10pt;">11,300</font><font style="font-family:inherit;font-size:10pt;"> claimants have asserted or intend to assert claims involving products manufactured by Covidien’s subsidiaries. As of September 4, 2015, the Company has reached agreements to settle approximately </font><font style="font-family:inherit;font-size:10pt;">2,300</font><font style="font-family:inherit;font-size:10pt;"> of these claims. The Company's accrued expenses for this matter are included within accrued certain litigation charges in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">other accrued expenses</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">other long-term liabilities</font><font style="font-family:inherit;font-size:10pt;"> on the condensed consolidated balance sheets as discussed above. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Patent Litigation</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Ethicon</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 28, 2013, the federal court ruled in favor of Covidien in a patent infringement suit against Ethicon Endo-Surgery, Inc. (Ethicon), a Johnson & Johnson company, relating to Ethicon’s Harmonic</font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> line of ultrasonic surgical products. The federal court awarded Covidien </font><font style="font-family:inherit;font-size:10pt;">$177 million</font><font style="font-family:inherit;font-size:10pt;"> in damages upon ruling that several of Covidien’s patents were valid, enforceable and infringed by Ethicon. Ethicon appealed the decision. On December 4, 2014, the U.S. Court of Appeals for the Federal Circuit reversed the </font><font style="font-family:inherit;font-size:10pt;">$177 million</font><font style="font-family:inherit;font-size:10pt;"> judgment against Ethicon and ruled that the infringed patent claims were invalid. On July 27, 2015, Medtronic filed a request seeking Supreme Court review of the Federal Circuit’s decision in the case.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Ethicon Endo-Surgery, Inc., et al. v. Covidien, Inc., et al</font><font style="font-family:inherit;font-size:10pt;">. is a patent infringement action filed on December 14, 2011 in the U.S. District Court for the Southern District of Ohio, Western Division. The complaint alleges that Covidien’s Sonicision product infringes several of Ethicon’s design and utility patents. Ethicon is seeking monetary damages and injunctive relief. On January 22, 2014, the district court entered summary judgment in Covidien’s favor, ruling that Covidien does not infringe any of the seven Ethicon patents in dispute and declaring five of Ethicon’s patents invalid. Ethicon appealed the district court’s decision and on August 7, 2015, the Court of Appeals for the Federal Circuit issued a ruling affirming in part, reversing in part, and vacating in part. Specifically the decision upholds the finding that Sonicision does not infringe any of the four design patents asserted by Ethicon, upheld the claim construction on of a patent related to ultrasonic dampening components but remanded to the trial court for further proceedings because of factual issues; and reversed the District Court’s finding that an Ethicon patent directed to ultrasonic shears and methods of sealing blood vessels was invalid. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has not recorded an expense related to damages in connection with the patent litigation matters because any potential loss is not currently probable or reasonably estimable under U.S. GAAP. Additionally, the Company cannot reasonably estimate the range of loss, if any, that may result from these matters.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Shareholder Related Matters</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">INFUSE</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 12, 2012, Charlotte Kokocinski filed a shareholder derivative action against both Medtronic, Inc. and certain of its current and former officers and members of its Board of Directors in the U.S. District Court for the District of Minnesota, setting forth certain allegations, including a claim that defendants violated various purported duties in connection with the INFUSE bone graft product and otherwise. On March 25, 2013, the Court dismissed the case without prejudice. On March 30, 2015, the Court granted defendants’ motion to dismiss the Amended Complaint, dismissing the case with prejudice. Plaintiffs are seeking reconsideration of that decision. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2012, Daniel Himmel and the Saratoga Advantage Trust commenced two other separate shareholder derivative actions in Hennepin County, Minnesota, District Court against the same defendants, making allegations similar to those in the </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Kokocinski</font><font style="font-family:inherit;font-size:10pt;"> case. On July 1, 2014, Road Carriers Local 707 Welfare & Pension Funds filed a shareholder derivative action in Hennepin County, Minnesota, District Court against the same defendants making allegations similar to those in the </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Kokocinski, Himmel,</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Saratoga Advantage Trust</font><font style="font-family:inherit;font-size:10pt;"> cases. On July 24, 2014, Anne Shirley Cutler filed a shareholder derivative action in Hennepin County, Minnesota, District Court against certain of the same defendants making allegations similar to those in the </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Kokocinski, Himmel,</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Saratoga Advantage Trust</font><font style="font-family:inherit;font-size:10pt;"> cases as well as allegations that defendants violated purported duties in connection with the Synchromed pain pump system. On May 26, 2015, the </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Himmel</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Saratoga Advantage Trust</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Road Carriers Local 707</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Cutler</font><font style="font-family:inherit;font-size:10pt;"> plaintiffs filed Voluntary Stipulations of Dismissal with Prejudice or statements of non-opposition to dismissal of all INFUSE-related claims and allegations. On June 4, 2015, the Court preliminarily approved the INFUSE-related dismissals with prejudice subject to shareholder notice and an opportunity to intervene. On June 9, 2015 and July 14, 2015, the Company provided notice of the Court's order in a Report on Form 8-K filing. No shareholder intervened within the deadline set by the Court.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On September 26, 2014, Richard Hockstein filed an INFUSE-related shareholder derivative action against both Medtronic, Inc. and certain of its current and former officers and members of its Board of Directors in the U.S. District Court for the District of Minnesota making allegations similar to those in the </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Kokocinski </font><font style="font-family:inherit;font-size:10pt;">case. West Virginia Pipe Trades and Phil Pace, on June 27, 2013 and July 3, 2013, respectively, filed putative class action complaints against Medtronic, Inc. and certain of its officers in the U.S. District Court for the District of Minnesota, alleging that the defendants made false and misleading public statements regarding the INFUSE Bone Graft product during the period of December 8, 2010 through August 3, 2011. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Shareholder Related Matters Resulting from the Covidien Acquisition</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On July 2, 2014, Lewis Merenstein filed a putative shareholder class action in Hennepin County, Minnesota, District Court seeking to enjoin the then-potential acquisition of Covidien. The lawsuit named Medtronic, Inc., Covidien, and each member of the Medtronic, Inc. Board of Directors at the time as defendants, and alleged that the directors breached their fiduciary duties to shareholders with regard to the then-potential acquisition. On August 21, 2014, Kenneth Steiner filed a putative shareholder class action in Hennepin County, Minnesota, District Court, also seeking an injunction to prevent the potential Covidien acquisition. In September 2014, the </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Merenstei</font><font style="font-family:inherit;font-size:10pt;">n and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Steiner</font><font style="font-family:inherit;font-size:10pt;"> matters were consolidated and in December 2014, the plaintiffs filed a preliminary injunction motion seeking to enjoin the Covidien transaction. On December 30, 2014, a hearing was held on plaintiffs’ motion for preliminary injunction and on defendants’ motion to dismiss. On January 2, 2015, the Court denied the plaintiffs’ motion for preliminary injunction and on January 5, 2015 issued its opinion. On March 20, 2015, the Court issued its order and opinion granting Medtronic’s motion to dismiss the case. In May of 2015, the plaintiffs filed an appeal with the Minnesota State Court of Appeals. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Putative shareholder class action complaints have been filed in the U.S. District Court for the District of Massachusetts by purported shareholders of Covidien under the captions </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Taxman v. Covidien plc, et al</font><font style="font-family:inherit;font-size:10pt;">., 14-cv-12949, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Lipovich v. Covidien plc, et al</font><font style="font-family:inherit;font-size:10pt;">., 14-cv-13308 and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Rosenfeld Family Foundation v. Covidien plc, et al</font><font style="font-family:inherit;font-size:10pt;">., 14-cv-13490. On October 20, 2014, the plaintiff in the </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Rosenfeld</font><font style="font-family:inherit;font-size:10pt;"> action and another purported shareholder of Covidien filed a motion seeking to consolidate the </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Taxman, Lipovich</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Rosenfeld</font><font style="font-family:inherit;font-size:10pt;"> actions, and on November 14, 2014, the U.S. District Court for the District of Massachusetts granted that motion consolidating the actions (the Consolidated Action). On December 23, 2014, the defendants reached an agreement in principle with plaintiffs in the Consolidated Action, and that agreement is reflected in a memorandum of understanding. In connection with the settlement contemplated by the memorandum of understanding, Covidien agreed to make certain additional disclosures related to the Transactions, which are contained in Covidien’s Report on Form 8-K filed on December 23, 2014. The memorandum of understanding contemplates that the parties will enter into a stipulation of settlement.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A stipulation of settlement was filed with the court on May 15, 2015, and a hearing has been scheduled in September 2015 at which the U.S. District Court for the District of Massachusetts will consider the fairness, reasonableness, and adequacy of the settlement, including attorneys' fees and expenses that will be paid to plaintiffs' counsel. If the settlement is finally approved by the court, it will resolve and release all claims in all actions that were or could have been brought by Covidien shareholders challenging any aspect of the Transactions. There can be no assurance that U.S. District Court for the District of Massachusetts will approve the settlement. In such event, the proposed settlement as contemplated by the memorandum of understanding may be terminated.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has not recorded an expense related to damages in connection with the shareholder related matters because any potential loss is not currently probable or reasonably estimable under U.S. GAAP. Additionally, the Company cannot reasonably estimate the range of loss, if any, that may result from these matters.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Environmental Proceedings</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Covidien is involved in various stages of investigation and cleanup related to environmental remediation matters at a number of sites. These projects relate to a variety of activities, including removal of solvents, metals and other hazardous substances from soil and groundwater. The ultimate cost of site cleanup and timing of future cash flows is difficult to predict given uncertainties regarding the extent of the required cleanup, the interpretation of applicable laws and regulations, and alternative cleanup methods.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Covidien is a successor to a company which owned and operated a chemical manufacturing facility in Orrington, Maine from 1967 until 1982, and is responsible for the costs of completing an environmental site investigation as required by the Maine Department of Environmental Protection (MDEP). MDEP served a compliance order on Mallinckrodt LLC and United States Surgical Corporation in December 2008. The compliance order included a directive to remove a significant volume of soils at the site. On December 19, 2008, Covidien filed an appeal with the Maine Board of Environmental Protection (Maine Board) to challenge the terms of the compliance order. A hearing before the Maine Board began on January 25, 2010 and concluded on February 4, 2010. On August 19, 2010, the Maine Board modified the MDEP order and issued a final order requiring removal of two landfills, capping of the remaining three landfills, installation of a groundwater extraction system and long-term monitoring of the site and the three remaining landfills.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 3, 2014, the Maine Supreme Judicial Court affirmed the Maine Board’s compliance order. Covidien has proceeded with implementation of the investigation and remediation at the site in accordance with the MDEP order as modified by the Maine Board order. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Covidien has also been involved in a lawsuit filed in the U.S. District Court for the District of Maine by the Natural Resources Defense Council and the Maine People’s Alliance. Plaintiffs sought an injunction requiring Covidien to conduct extensive studies of mercury contamination of the Penobscot River and Bay and options for remediating such contamination, and to perform appropriate remedial activities, if necessary.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On July 29, 2002, following a March 2002 trial, the District Court entered an opinion and order which held that conditions in the Penobscot River and Bay may pose an imminent and substantial endangerment and that Covidien was liable for the cost of performing a study of the river and bay. The District Court subsequently appointed an independent study panel to oversee the study and ordered Covidien to pay costs associated with the study. A report issued by the study panel contains recommendations for a variety of potential remedial options which could be implemented individually or in a variety of combinations, and includes preliminary cost estimates for the potential remedial options, which the report describes as “very rough estimates of cost,” ranging from </font><font style="font-family:inherit;font-size:10pt;">$25 million</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">$235 million</font><font style="font-family:inherit;font-size:10pt;">. The report indicates that these costs are subject to uncertainties, and that before any remedial option is implemented, further engineering studies and engineering design work are necessary to determine the feasibility of the proposed remedial options. In June of 2014, a trial was held to determine if remediation was necessary and feasible, and on September 2, 2015, the District Court issued an order concluding that further engineering study and engineering design work is appropriate to determine the nature and extent of remediation in the Penobscot River and Bay.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's accrued expenses for environmental proceedings are included within accrued certain litigation charges in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">other accrued expenses</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">other long-term liabilities</font><font style="font-family:inherit;font-size:10pt;"> on the condensed consolidated balance sheets as discussed above. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Other Matters</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">One of Covidien’s subsidiaries, ev3 Inc., (ev3) acquired Appriva Medical, Inc. in 2002. The acquisition agreement relating to ev3’s acquisition of Appriva Medical contained four contingent milestone payments totaling </font><font style="font-family:inherit;font-size:10pt;">$175 million</font><font style="font-family:inherit;font-size:10pt;">. ev3 determined that the milestones were not achieved by the applicable dates and that none of the milestones were payable. On April 7, 2009, Michael Lesh and Erik Van Der Burg, acting jointly as the Shareholder Representatives for the former shareholders of Appriva Medical, filed a motion to amend their previously dismissed complaints in Superior Court of the State of Delaware. The plaintiffs asserted several claims, including breach of contract, fraudulent inducement and violation of California securities law. On May 1, 2013, the jury returned a verdict finding that ev3 breached the merger agreement and awarded </font><font style="font-family:inherit;font-size:10pt;">$175 million</font><font style="font-family:inherit;font-size:10pt;"> in damages plus interest to the plaintiffs. On September 30, 2014, the Delaware Supreme Court reversed the jury’s verdict and remanded the case for a new trial. A new trial is scheduled to begin on October 19, 2015. The Company's accrued expenses for this matter are included within accrued certain litigation charges in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">other accrued expenses</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">other long-term liabilities</font><font style="font-family:inherit;font-size:10pt;"> on the condensed consolidated balance sheets as discussed above. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Medtronic has received subpoenas or document requests from the Attorneys General in Massachusetts, California, Oregon, Illinois, and Washington seeking information regarding sales, marketing, clinical, and other information relating to the INFUSE bone graft product. The Company continues to fully cooperate in connection with this matter.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On May 2, 2011, the U.S. Attorney’s Office for the District of Massachusetts issued a subpoena to ev3, a subsidiary of the Company, requesting production of documents relating to sales and marketing and other issues in connection with several neurovascular products. The matters under investigation relate to activities prior to Covidien's acquisition of ev3 in 2010. ev3 complied as required with the subpoena and cooperated with the investigation. The Company continues to fully cooperate in connection with this matter.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On September 2, 2014, the U.S. Department of Health and Human Services, Office of Inspector General and the U.S. Attorney’s Office for the Northern District of California, issued a subpoena requesting production of documents relating to sales and marketing practices associated with certain of ev3’s peripheral vascular products. The Company continues to fully cooperate in connection with this matter.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has not recorded an expense related to damages in connection with the issued subpoenas because any potential loss is not currently probable or reasonably estimable under U.S. GAAP. Additionally, the Company cannot reasonably estimate the range of loss, if any, that may result from these matters.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Taxes</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2009, the U.S. Internal Revenue Service (IRS) issued its audit report on Medtronic, Inc. for fiscal years 2005 and 2006. Medtronic, Inc. reached agreement with the IRS on some, but not all matters related to these fiscal years. On December 23, 2010, the IRS issued a statutory notice of deficiency with respect to the remaining issues. Medtronic, Inc. filed a Petition with the U.S. Tax Court on March 21, 2011 objecting to the deficiency. During October and November 2012, Medtronic, Inc. reached resolution with the IRS on various matters, including the deductibility of a settlement payment. Medtronic, Inc. and the IRS agreed to hold one issue, the calculation of amounts eligible for the one-time repatriation holiday, because such specific issue was being addressed by other taxpayers in litigation with the IRS. The remaining unresolved issue for fiscal years 2005 and 2006 relates to the allocation of income between Medtronic, Inc. and its wholly-owned subsidiary operating in Puerto Rico, which is one of the Company's key manufacturing sites. The Tax Court proceeding with respect to this issue began on February 3, 2015 and ended on March 12, 2015. The Company expects a ruling from the Tax Court sometime during fiscal year 2017.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2011, the IRS issued its audit report on Medtronic, Inc. for fiscal years 2007 and 2008. Medtronic, Inc. reached agreement with the IRS on some but not all matters related to these fiscal years. During the first quarter of fiscal year 2016, the Company finalized its agreement with the IRS on the proposed adjustments associated with the tax effects of the Company's acquisition of Kyphon Inc. (Kyphon). The settlement was consistent with the certain tax adjustment recorded during the fourth quarter of fiscal year 2015. The significant issues that remain unresolved for these tax years relate to the allocation of income between Medtronic, Inc. and its wholly-owned subsidiary operating in Puerto Rico. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2014, the IRS issued its audit report on Medtronic, Inc. for fiscal years 2009, 2010, and 2011. Medtronic, Inc. reached agreement with the IRS on some but not all matters related to these fiscal years. The significant issues that remain unresolved relate to the allocation of income between Medtronic, Inc. and its wholly-owned subsidiary operating in Puerto Rico, and proposed adjustments associated with the tax effects of its acquisition structures for Ardian, CoreValve, Inc., and Ablation Frontiers, Inc. The Company disagrees with the IRS and will attempt to resolve these matters at the IRS Appellate level; however, it will proceed through litigation, if necessary. The IRS continues to audit Medtronic, Inc.'s U.S. federal income tax returns for the fiscal years 2012 through 2014.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Covidien and the IRS have concluded and reached agreement on its audit of Covidien’s U.S. federal income tax returns for the 2008 and 2009 tax years. The IRS continues to audit Covidien’s U.S. federal income tax returns for the years 2010 through 2012. Open periods for examination also include certain periods during which Covidien was a subsidiary of Tyco International plc (Tyco International). The resolution of these matters is subject to the conditions set forth in the Tyco tax sharing agreement. Tyco International has the right to administer, control and settle all U.S. income tax audits for periods prior to the 2007 separation.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The IRS has concluded its field examination of certain of Tyco International’s U.S. federal income tax returns for the years 1997 through 2000 and proposed tax adjustments, several of which also affect Covidien’s income tax returns for certain years after 2000. Tyco International has appealed certain of the tax adjustments proposed by the IRS and has resolved all but one of the matters associated with the proposed tax adjustments. With respect to the outstanding issue that remains in dispute, on June 20, 2013, Tyco International advised Covidien that it had received Notices of Deficiency from the IRS asserting that several of Tyco International’s former U.S. subsidiaries owe additional taxes of </font><font style="font-family:inherit;font-size:10pt;">$914 million</font><font style="font-family:inherit;font-size:10pt;"> plus penalties of </font><font style="font-family:inherit;font-size:10pt;">$154 million</font><font style="font-family:inherit;font-size:10pt;"> based on audits of the 1997 through 2000 tax years of Tyco International and its subsidiaries as they existed at that time. These amounts exclude interest and do not reflect the impact on subsequent periods if the IRS position is ultimately proved correct. The IRS has asserted in the Notices of Deficiency that substantially all of Tyco International’s intercompany debt originating during the years 1997 through 2000 should not be treated as debt for U.S. federal income tax purposes, and has disallowed interest deductions related to the intercompany debt and certain tax attribute adjustments recognized on Tyco International’s U.S. income tax returns totaling approximately </font><font style="font-family:inherit;font-size:10pt;">$3.0 billion</font><font style="font-family:inherit;font-size:10pt;">. The Company disagrees with the IRS’s proposed adjustments. On July 22, 2013, Tyco International filed a petition with the U.S. Tax Court contesting the IRS assessment. The Company believes there are meritorious defenses for the tax filings in question, that the IRS positions with regard to these matters are inconsistent with the applicable tax laws and existing Treasury regulations, and that the previously reported taxes for the years in question are appropriate.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">No payments with respect to these matters or any additional matters that may be raised by the U.S. Tax Court would be required until the dispute is definitively resolved, which could take several years. The timing and outcome of such litigation is highly uncertain and could have a material adverse effect on the Company’s consolidated financial statements. In particular, if the IRS is successful in asserting its claim, it would likely assert that approximately </font><font style="font-family:inherit;font-size:10pt;">$6.6 billion</font><font style="font-family:inherit;font-size:10pt;"> of interest deductions with respect to Tyco International’s intercompany debt in subsequent time periods should also be disallowed. </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Covidien’s income tax returns for the years 2001 through 2003 remain subject to adjustment by the IRS upon ultimate resolution of the disputed issue involving certain intercompany loans that originated during 1997 through 2000. Covidien and the IRS have effectively settled its audits of tax matters for the years 2004 through 2007.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">See Note 11 to the condensed consolidated financial statements for additional discussion of income taxes.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Guarantees</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of the recent acquisition of Covidien, the Company has guarantee commitments and indemnifications with Tyco International, TE Connectivity Ltd. (TE Connectivity), and Mallinckrodt plc (Mallinckrodt) which relate to certain contingent tax liabilities.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 29, 2007, Covidien entered into a tax sharing agreement, under which Covidien shares responsibility for certain of its, Tyco International’s and TE Connectivity’s income tax liabilities for periods prior to Covidien’s 2007 separation from Tyco International (2007 separation). Covidien, Tyco International and TE Connectivity share </font><font style="font-family:inherit;font-size:10pt;">42 percent</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">27 percent</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">31 percent</font><font style="font-family:inherit;font-size:10pt;">, respectively, of U.S. income tax liabilities that arise from adjustments made by tax authorities to Covidien's, Tyco International’s and TE Connectivity’s U.S. income tax returns, certain income tax liabilities arising from adjustments made by tax authorities to intercompany transactions or similar adjustments, and certain taxes attributable to internal transactions undertaken in anticipation of the 2007 separation. If Tyco International and TE Connectivity default on their obligations to Covidien under the Tyco tax sharing agreement, the Company would be liable for the entire amount of these liabilities. All costs and expenses associated with the management of these tax liabilities are being shared equally among the parties.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with the 2007 separation, all tax liabilities associated with Covidien business became Covidien’s tax liabilities. Following Covidien’s spin-off of its Pharmaceuticals business to Covidien shareholders through a distribution of all the outstanding ordinary shares of Mallinkrodt (2013 separation), Mallinckrodt became the primary obligor to the taxing authorities for the tax liabilities attributable to its subsidiaries, a significant portion of which relate to periods prior to the 2007 separation. However, Covidien remains the sole party subject to the tax sharing agreement with Tyco International and TE Connectivity. Accordingly, Mallinckrodt does not share in Covidien’s liability to Tyco International and TE Connectivity, nor in the receivable that Covidien has from Tyco International and TE Connectivity.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If any party to the Tyco tax sharing agreement were to default in its obligation to another party to pay its share of the distribution taxes that arise as a result of no party’s fault, each non-defaulting party would be required to pay, equally with any other non-defaulting party, the amounts in default. In addition, if another party to the Tyco tax sharing agreement that is responsible for all or a portion of an income tax liability were to default in its payment of such liability to a taxing authority, the Company could be legally liable under applicable tax law for such liabilities and be required to make additional tax payments. Accordingly, under certain circumstances, the Company may be obligated to pay amounts in excess of the Company’s agreed upon share of Covidien's, Tyco International’s and TE Connectivity’s tax liabilities.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has used available information to develop its best estimates for certain assets and liabilities related to periods prior to the 2007 separation, including amounts subject to or impacted by the provisions of the Tyco tax sharing agreement. The actual amounts that the Company may be required to ultimately accrue or pay under the Tyco tax sharing agreement, however, could vary depending upon the outcome of the unresolved tax matters. Final determination of the balances will be made in subsequent periods, primarily related to certain pre-2007 separation tax liabilities and tax years open for examination. These balances will also be impacted by the filing of final or amended income tax returns in certain jurisdictions where those returns include a combination of Tyco International, Covidien and/or TE Connectivity legal entities for periods prior to the 2007 separation.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In conjunction with the 2013 separation, Mallinckrodt assumed the tax liabilities that are attributable to its subsidiaries, and Covidien indemnified Mallinckrodt to the extent that such tax liabilities arising from periods prior to 2013 exceed </font><font style="font-family:inherit;font-size:10pt;">$200 million</font><font style="font-family:inherit;font-size:10pt;">, net of certain tax benefits realized. In addition, in connection with the 2013 separation, Covidien entered into certain other guarantee commitments and indemnifications with Mallinckrodt.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">See Note 1 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended April 24, 2015 for additional information.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Except as described above or for certain income tax related matters, the Company has not recorded an expense related to losses in connection with these matters because any potential loss is not currently probable or reasonably estimable under U.S. GAAP. Additionally, the Company cannot reasonably estimate the range of loss, if any, that may result from these matters.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the normal course of business, the Company and/or its affiliates periodically enter into agreements that require one or more of them to indemnify customers or suppliers for specific risks, such as claims for injury or property damage arising out of the Company or its affiliates’ products or the negligence of any of their personnel or claims alleging that any of their products infringe third-party patents or other intellectual property. The Company’s maximum exposure under these indemnification provisions cannot be estimated, and the Company has not accrued any liabilities within the condensed consolidated financial statements. Historically, the Company has not experienced significant losses on these types of indemnifications.</font></div></div>

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$MDT
Medtronic plc Stock $mdt

2015 Q3 Form 10-Q Financial Statement

#000161310315000038 Filed on September 09, 2015

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Balance Sheet

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$MDT Medtronic plc Stock $mdt

2015 Q3 Form 10-Q Financial Statement

#000161310315000038 Filed on September 09, 2015

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$MDT
Medtronic plc Stock $mdt