$MDT
Medtronic plc Stock $mdt

$mdt Overview Financials Valuation SEC Filings Company Website

2017 Q3 Form 10-Q Financial Statement

#000161310317000027 Filed on September 01, 2017

Income Statement

Concept	2017 Q3	2016 Q3
Revenue	$7.390B	$7.166B
YoY Change	3.13%	-1.48%
Cost Of Revenue	$2.352B	$2.261B
YoY Change	4.02%	-7.94%
Gross Profit	$5.038B	$4.905B
YoY Change	2.71%	1.81%
Gross Profit Margin	68.17%	68.45%
Selling, General & Admin	$2.580B	$2.428B
YoY Change	6.26%	-0.86%
% of Gross Profit	51.21%	49.5%
Research & Development	$549.0M	$556.0M
YoY Change	-1.26%	-0.36%
% of Gross Profit	10.9%	11.34%
Depreciation & Amortization	$636.0M	$737.0M
YoY Change	-13.7%	5.14%
% of Gross Profit	12.62%	15.03%
Operating Expenses	$3.129B	$2.984B
YoY Change	4.86%	-16.39%
Operating Profit	$1.382B	$1.167B
YoY Change	18.42%	-6.57%
Interest Expense	$286.0M	$272.0M
YoY Change	5.15%	-259.06%
% of Operating Profit	20.69%	23.31%
Other Income/Expense, Net	-$66.00M	-$39.00M
YoY Change	69.23%
Pretax Income	$1.195B	$988.0M
YoY Change	20.95%	5.11%
Income Tax	$186.0M	$59.00M
% Of Pretax Income	15.56%	5.97%
Net Earnings	$1.016B	$929.0M
YoY Change	9.36%	13.29%
Net Earnings / Revenue	13.75%	12.96%
Basic Earnings Per Share	$0.75	$0.67
Diluted Earnings Per Share	$0.74	$0.66
COMMON SHARES
Basic Shares Outstanding	1.362B shares	1.392B shares
Diluted Shares Outstanding	1.376B shares	1.407B shares

Balance Sheet

Concept	2017 Q3	2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$13.09B	$12.81B
YoY Change	2.17%	-28.76%
Cash & Equivalents	$4.691B	$3.060B
Short-Term Investments	$8.397B	$9.750B
Other Short-Term Assets	$2.000B	$1.751B
YoY Change	14.22%	-40.64%
Inventory	$3.538B	$3.580B
Prepaid Expenses
Receivables	$5.784B	$5.357B
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$24.78B	$23.50B
YoY Change	5.45%	-19.38%
LONG-TERM ASSETS
Property, Plant & Equipment	$4.387B	$4.814B
YoY Change	-8.87%	3.04%
Goodwill	$39.20B	$41.31B
YoY Change	-5.12%	1.6%
Intangibles	$23.01B	$26.44B
YoY Change	-12.98%	-4.56%
Long-Term Investments	$728.0M
YoY Change
Other Assets	$1.284B	$1.311B
YoY Change	-2.06%	-21.92%
Total Long-Term Assets	$75.47B	$75.10B
YoY Change	0.49%	-0.5%
TOTAL ASSETS
Total Short-Term Assets	$24.78B	$23.50B
Total Long-Term Assets	$75.47B	$75.10B
Total Assets	$100.3B	$98.60B
YoY Change	1.67%	-5.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.759B	$1.615B
YoY Change	8.92%	22.26%
Accrued Expenses	$4.363B	$4.220B
YoY Change	3.39%	9.95%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$8.058B	$1.947B
YoY Change	313.87%	5.24%
Total Short-Term Liabilities	$15.15B	$7.896B
YoY Change	91.84%	3.08%
LONG-TERM LIABILITIES
Long-Term Debt	$25.95B	$30.12B
YoY Change	-13.85%	-10.64%
Other Long-Term Liabilities	$1.026B	$1.785B
YoY Change	-42.52%	7.72%
Total Long-Term Liabilities	$1.026B	$1.785B
YoY Change	-42.52%	7.72%
TOTAL LIABILITIES
Total Short-Term Liabilities	$15.15B	$7.896B
Total Long-Term Liabilities	$1.026B	$1.785B
Total Liabilities	$49.46B	$47.71B
YoY Change	3.68%	-7.93%
SHAREHOLDERS EQUITY
Retained Earnings	$24.04B	$52.85B
YoY Change	-54.51%	-2.43%
Common Stock	$0.00	$0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$50.67B	$50.82B
YoY Change
Total Liabilities & Shareholders Equity	$100.3B	$98.60B
YoY Change	1.67%	-5.76%

Cashflow Statement

Concept	2017 Q3	2016 Q3
OPERATING ACTIVITIES
Net Income	$1.016B	$929.0M
YoY Change	9.36%	13.29%
Depreciation, Depletion And Amortization	$636.0M	$737.0M
YoY Change	-13.7%	5.14%
Cash From Operating Activities	$737.0M	$1.550B
YoY Change	-52.45%	89.95%
INVESTING ACTIVITIES
Capital Expenditures	$278.0M	$330.0M
YoY Change	-15.76%	-247.32%
Acquisitions	$0.00	$12.00M
YoY Change	-100.0%
Other Investing Activities	-$5.000M	$2.000M
YoY Change	-350.0%	-100.26%
Cash From Investing Activities	$83.00M	-$284.0M
YoY Change	-129.23%	-71.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	$1.233B	$1.763B
YoY Change	-30.06%
Debt Paid & Issued, Net	$8.000M	$17.00M
YoY Change	-52.94%
Cash From Financing Activities	-$1.141B	-$1.160B
YoY Change	-1.64%	-33.49%
NET CHANGE
Cash From Operating Activities	$737.0M	$1.550B
Cash From Investing Activities	$83.00M	-$284.0M
Cash From Financing Activities	-$1.141B	-$1.160B
Net Change In Cash	-$321.0M	$106.0M
YoY Change	-402.83%	-105.54%
FREE CASH FLOW
Cash From Operating Activities	$737.0M	$1.550B
Capital Expenditures	$278.0M	$330.0M
Free Cash Flow	$459.0M	$1.220B
YoY Change	-62.38%	17.31%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2017Q3	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	1354591435	shares
CY2017Q3	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2017Q3	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
CY2017Q3	dei	Entity Registrant Name EntityRegistrantName	Medtronic plc
CY2017Q3	dei	Amendment Flag AmendmentFlag	false
CY2017Q3	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--04-27
CY2017Q3	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2017Q3	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2018
CY2017Q3	dei	Document Period End Date DocumentPeriodEndDate	2017-07-28
CY2017Q3	dei	Document Type DocumentType	10-Q
CY2017Q3	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2017Q3	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	Yes
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CY2017Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.75
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CY2016Q3	us-gaap	Effect Of Exchange Rate On Cash And Cash Equivalents EffectOfExchangeRateOnCashAndCashEquivalents	78000000	USD
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CY2016Q3	us-gaap	Employee Service Share Based Compensation Tax Benefit From Compensation Expense EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense	21000000	USD
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CY2017Q3	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	6816000000	USD
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CY2017Q3	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Five FiniteLivedIntangibleAssetsAmortizationExpenseYearFive	1564000000	USD
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CY2017Q3	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Three FiniteLivedIntangibleAssetsAmortizationExpenseYearThree	1674000000	USD
CY2017Q3	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Two FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo	1693000000	USD
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CY2017Q3	us-gaap	Finite Lived Intangible Assets Gross FiniteLivedIntangibleAssetsGross	29253000000	USD
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CY2017Q3	us-gaap	Gain Loss On Interest Rate Fair Value Hedge Ineffectiveness GainLossOnInterestRateFairValueHedgeIneffectiveness	0	USD
CY2017Q2	us-gaap	Goodwill Goodwill	38515000000	USD
CY2017Q3	us-gaap	Goodwill Goodwill	39196000000	USD
CY2017Q3	us-gaap	Goodwill Foreign Currency Translation Gain Loss GoodwillForeignCurrencyTranslationGainLoss	627000000	USD
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CY2017Q3	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss	0	USD
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CY2017Q3	us-gaap	Impairment Of Intangible Assets Finitelived ImpairmentOfIntangibleAssetsFinitelived	0	USD
CY2016Q3	us-gaap	Impairment Of Intangible Assets Indefinitelived Excluding Goodwill ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill	0	USD
CY2017Q3	us-gaap	Impairment Of Intangible Assets Indefinitelived Excluding Goodwill ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill	0	USD
CY2016Q3	us-gaap	Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments	988000000	USD
CY2017Q3	us-gaap	Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments	1195000000	USD
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CY2017Q3	us-gaap	Income Loss From Subsidiaries Net Of Tax IncomeLossFromSubsidiariesNetOfTax	0	USD
CY2016Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	59000000	USD
CY2017Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	186000000	USD
CY2017Q3	us-gaap	Income Tax Reconciliation Nondeductible Expense Restructuring Charges IncomeTaxReconciliationNondeductibleExpenseRestructuringCharges	60000000	USD
CY2016Q3	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	115000000	USD
CY2017Q3	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	417000000	USD
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CY2017Q3	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	9200000	shares
CY2017Q2	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	23407000000	USD
CY2017Q3	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	23006000000	USD
CY2016Q3	us-gaap	Interest Expense InterestExpense	272000000	USD
CY2017Q3	us-gaap	Interest Expense InterestExpense	286000000	USD
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CY2017Q3	us-gaap	Interest Income Expense Nonoperating Net InterestIncomeExpenseNonoperatingNet	-194000000	USD
CY2016Q3	us-gaap	Interest Income Other InterestIncomeOther	93000000	USD
CY2017Q3	us-gaap	Interest Income Other InterestIncomeOther	92000000	USD
CY2016Q3	us-gaap	Interest Paid InterestPaid	68000000	USD
CY2017Q3	us-gaap	Interest Paid InterestPaid	68000000	USD
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CY2017Q3	us-gaap	Inventory Finished Goods Net Of Reserves InventoryFinishedGoodsNetOfReserves	2326000000	USD
CY2017Q2	us-gaap	Inventory Net InventoryNet	3338000000	USD
CY2017Q3	us-gaap	Inventory Net InventoryNet	3538000000	USD
CY2017Q2	us-gaap	Inventory Raw Materials Net Of Reserves InventoryRawMaterialsNetOfReserves	669000000	USD
CY2017Q3	us-gaap	Inventory Raw Materials Net Of Reserves InventoryRawMaterialsNetOfReserves	722000000	USD
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CY2017Q2	us-gaap	Investment Owned At Cost InvestmentOwnedAtCost	9597000000	USD
CY2017Q3	us-gaap	Investment Owned At Cost InvestmentOwnedAtCost	9248000000	USD
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CY2017Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	99816000000	USD
CY2017Q3	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	100250000000	USD
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CY2017Q2	us-gaap	Long Term Debt And Capital Lease Obligations LongTermDebtAndCapitalLeaseObligations	25921000000	USD
CY2017Q3	us-gaap	Long Term Debt And Capital Lease Obligations LongTermDebtAndCapitalLeaseObligations	25953000000	USD
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CY2017Q3	us-gaap	Long Term Debt And Capital Lease Obligations Current LongTermDebtAndCapitalLeaseObligationsCurrent	8058000000	USD
CY2017Q2	us-gaap	Long Term Debt Fair Value LongTermDebtFairValue	30400000000	USD
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CY2017Q2	us-gaap	Minority Interest MinorityInterest	122000000	USD
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CY2017Q3	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-66000000	USD
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CY2017Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	1389000000	USD
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CY2017Q3	us-gaap	Other Assets Current OtherAssetsCurrent	2000000000	USD
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CY2017Q3	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	1284000000	USD
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CY2017Q2	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	2442000000	USD
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CY2016Q3	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	85000000	USD
CY2017Q3	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-6000000	USD
CY2016Q3	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	2000000	USD
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CY2016Q3	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	599000000	USD
CY2017Q3	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	625000000	USD
CY2016Q3	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	12000000	USD
CY2017Q3	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	0	USD
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CY2017Q3	us-gaap	Payments To Acquire Interest In Subsidiaries And Affiliates PaymentsToAcquireInterestInSubsidiariesAndAffiliates	0	USD
CY2016Q3	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	1044000000	USD
CY2017Q3	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	615000000	USD
CY2016Q3	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	330000000	USD
CY2017Q3	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	278000000	USD
CY2017Q2	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	1641000000	USD
CY2017Q3	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	1663000000	USD
CY2016Q3	us-gaap	Proceeds From Contributions From Affiliates ProceedsFromContributionsFromAffiliates	0	USD
CY2017Q3	us-gaap	Proceeds From Contributions From Affiliates ProceedsFromContributionsFromAffiliates	0	USD
CY2016Q3	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	33000000	USD
CY2017Q3	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	18000000	USD
CY2016Q3	us-gaap	Proceeds From Issuance Or Sale Of Equity ProceedsFromIssuanceOrSaleOfEquity	214000000	USD
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CY2017Q3	us-gaap	Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess	569000000	USD
CY2016Q3	us-gaap	Proceeds From Sale Maturity And Collections Of Investments ProceedsFromSaleMaturityAndCollectionsOfInvestments	1104000000	USD
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CY2016Q3	us-gaap	Profit Loss ProfitLoss	929000000	USD
CY2017Q3	us-gaap	Profit Loss ProfitLoss	1009000000	USD
CY2017Q2	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	9691000000	USD
CY2017Q3	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	9890000000	USD
CY2017Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	4361000000	USD
CY2017Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	4387000000	USD
CY2016Q3	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	9000000	USD
CY2017Q3	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	10000000	USD
CY2016Q3	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	17000000	USD
CY2017Q3	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	8000000	USD
CY2016Q3	us-gaap	Research And Development Expense Excluding Acquired In Process Cost ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost	556000000	USD
CY2017Q3	us-gaap	Research And Development Expense Excluding Acquired In Process Cost ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost	548000000	USD
CY2017Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	23356000000	USD
CY2017Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	24043000000	USD
CY2016Q3	us-gaap	Sales Revenue Net SalesRevenueNet	7166000000	USD
CY2017Q3	us-gaap	Sales Revenue Net SalesRevenueNet	7390000000	USD
CY2016Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	2428000000	USD
CY2017Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	2485000000	USD
CY2016Q3	us-gaap	Share Based Compensation ShareBasedCompensation	79000000	USD
CY2017Q3	us-gaap	Share Based Compensation ShareBasedCompensation	92000000	USD
CY2017Q2	us-gaap	Short Term Investments ShortTermInvestments	8741000000	USD
CY2017Q3	us-gaap	Short Term Investments ShortTermInvestments	8397000000	USD
CY2017Q3	us-gaap	Stock Repurchased And Retired During Period Value StockRepurchasedAndRetiredDuringPeriodValue	1228000000	USD
CY2017Q2	us-gaap	Stockholders Equity StockholdersEquity	50294000000	USD
CY2017Q3	us-gaap	Stockholders Equity StockholdersEquity	50672000000	USD
CY2017Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	50416000000	USD
CY2017Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	50787000000	USD
CY2017Q2	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	1900000000	USD
CY2017Q3	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	1800000000	USD
CY2017Q3	us-gaap	Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued	384000000	USD
CY2017Q3	us-gaap	Unrecognized Tax Benefits That Would Impact Effective Tax Rate UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate	1800000000	USD
CY2016Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1407100000	shares
CY2017Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1375600000	shares
CY2016Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1392200000	shares
CY2017Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1361900000	shares
CY2017Q3	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;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </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;">The accompanying unaudited 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 consolidated financial statements reflect all 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. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.</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;">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 fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">April 28, 2017</font><font style="font-family:inherit;font-size:10pt;">.</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;">The accompanying unaudited consolidated financial statements include the accounts of Medtronic plc, its wholly-owned subsidiaries, entities for which the Company has a controlling financial interest, and variable interest entities for which the Company is the primary beneficiary. Intercompany transactions and balances have been fully eliminated in consolidation. </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;">The Company’s fiscal years </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> will end or ended on </font><font style="font-family:inherit;font-size:10pt;">April 27, 2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">April 28, 2017</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">April 29, 2016</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
CY2017Q3	us-gaap	Fiscal Period FiscalPeriod	<div style="font-family:Times New Roman;font-size:10pt;"><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;">The Company’s fiscal years </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> will end or ended on </font><font style="font-family:inherit;font-size:10pt;">April 27, 2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">April 28, 2017</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">April 29, 2016</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div></div>
CY2017Q3	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;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> Commitments and Contingencies</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;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 governmental proceedings and investigations, including those described below. With respect to governmental proceedings and investigations, like other companies in our industry, the Company is subject to extensive regulation by national, state and local governmental agencies in the United States and in other jurisdictions in which the Company and its affiliates operate. As a result, interaction with governmental agencies is ongoing. The Company’s standard practice is to cooperate with regulators and investigators in responding to inquiries. 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 enforcement agencies or private claimants seek damages, as well as other civil or criminal remedies (including injunctions barring the sale of products that are the subject of the proceeding), that could require significant expenditures, result in lost revenues, or limit the Company's ability to conduct business in the applicable jurisdictions. The Company records a liability in the consolidated financial statements on an undiscounted basis for loss contingencies related to legal actions when a loss is known or considered probable and the amount may be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and may be reasonably estimated, the estimated loss or range of loss is disclosed. When determining the estimated loss or range of loss, significant judgment is required. 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. At </font><font style="font-family:inherit;font-size:10pt;">July 28, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">April 28, 2017</font><font style="font-family:inherit;font-size:10pt;">, accrued certain litigation charges were approximately </font><font style="font-family:inherit;font-size:10pt;">$1.0 billion</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.1 billion</font><font style="font-family:inherit;font-size:10pt;">, respectively. The ultimate cost to the Company with respect to accrued certain litigation charges could be materially different than the amount of the current estimates and accruals and could have a material adverse impact on the Company’s consolidated earnings, financial position, and/or cash flows. 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 liabilities</font><font style="font-family:inherit;font-size:10pt;"> on the consolidated balance sheets. </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition to litigation contingencies, the Company also has certain income tax and guarantee obligations that may potentially result in future charges. While it is not possible to predict the outcome for most of the matters discussed below, the Company believes it is possible that charges associated with these matters could have a material adverse impact on the Company’s consolidated earnings, financial position, and/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-weight:bold;">Product Liability 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;text-decoration:underline;">Sprint Fidelis</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;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 recognized 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 is unable to 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-style:italic;text-decoration:underline;">INFUSE Litigation</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;">The Company estimated law firms representing approximately </font><font style="font-family:inherit;font-size:10pt;">6,000</font><font style="font-family:inherit;font-size:10pt;"> claimants asserted or intended to assert personal injury claims against Medtronic in the U.S. state and federal courts involving the INFUSE bone graft product. As of June 1, 2017, the Company had reached agreements to settle substantially all of these claims, resolving this litigation. The Company's accrued expenses for this matter are included within accrued certain litigation charges 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;text-decoration:underline;">Other INFUSE Litigation</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;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. In September of 2015, the Court granted Medtronic’s motion to dismiss the primary allegations, including the RICO claims, in Humana’s complaint. In April of 2016, the Court denied Humana's motion to file an amended complaint. In June of 2017, the Company settled this matter with no admission of liability, bringing this matter to a conclusion. The Company’s accrued expenses for this matter are included within accrued certain litigation charges 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;text-decoration:underline;">Pelvic Mesh Litigation</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company, through the acquisition of Covidien, is currently 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, C.R. Bard (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 fiscal year 2016, Bard paid 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 </font><font style="font-family:inherit;font-size:10pt;">11,000</font><font style="font-family:inherit;font-size:10pt;"> of these claims. In May 2017, the agreement with Bard was amended to extend the terms to apply to up to an additional </font><font style="font-family:inherit;font-size:10pt;">5,000</font><font style="font-family:inherit;font-size:10pt;"> claims. 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;">15,800</font><font style="font-family:inherit;font-size:10pt;"> claimants have asserted or may assert claims involving products manufactured by Covidien’s subsidiaries. As of August 1, 2017, the Company had reached agreements to settle approximately </font><font style="font-family:inherit;font-size:10pt;">12,900</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 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;">Patent Litigation</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Ethicon</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On December 14, 2011, Ethicon filed an action against Covidien in the U.S. District Court for the Southern District of Ohio, alleging patent infringement and seeking monetary damages and injunctive relief. On January 22, 2014, the district court entered summary judgment in Covidien's favor, and the majority of this ruling was affirmed by the Federal Circuit on August 7, 2015. Following appeal, the case was remanded back to the District Court with respect to </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> patent. On January 21, 2016, Covidien filed a second action in the U.S. District Court for the Southern District of Ohio, seeking a declaration of non-infringement with respect to a second set of patents held by Ethicon. The court consolidated this second action with the remaining patent issues from the first action. Following consolidation of the cases, Ethicon dismissed 6 of the asserted patents, leaving a single asserted patent. In addition to claims of non-infringement, the Company asserts an affirmative defense of invalidity. The case is currently in the discovery stage. The Company has not recognized 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 is unable to 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;">Shareholder Related Matters</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">INFUSE</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 12, 2012, Charlotte Kokocinski (Kokocinski) filed a shareholder derivative action against both Medtronic, Inc. and certain of its current and former officers and 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 District Court dismissed the case without prejudice, and Kokocinski subsequently filed an amended complaint. On March 30, 2015, the District Court granted defendants’ motion to dismiss the amended complaint, dismissing the case with prejudice. Kokocinski sought reconsideration of that decision, and, on September 30, 2015, the District Court denied Kokocinski’s request for reconsideration. Kokocinski appealed the District Court’s decision to the U.S. Court of Appeals for the Eighth Circuit. On March 1, 2017, the Eighth Circuit Court of Appeals affirmed the lower Court’s dismissal of the case with prejudice, and on April 11, 2017, the Eighth Circuit rejected Kokocinski’s request for reconsideration. The Company has not recognized 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 is unable to reasonably estimate the range of loss, if any, that may result from these matters.</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 and engaged in a scheme to defraud regarding the INFUSE Bone Graft product during the period of December 8, 2010 through August 3, 2011. The matters were consolidated in September, 2013, and in the consolidated complaint plaintiffs alleged a class period of September 28, 2010 through August 3, 2011. On September 30, 2015, the District Court granted defendants’ motion for summary judgment in the consolidated matters. Plaintiffs appealed the dismissal to the U.S. Court of Appeals for the Eighth Circuit, and in December of 2016 the Eighth Circuit Court reversed and remanded the case to the District Court for further proceedings. The Company has not recognized 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 is unable to 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;text-decoration:underline;">COVIDIEN ACQUISITION</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;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 District Court denied the plaintiffs’ motion for preliminary injunction and on January 5, 2015 issued its opinion. On March 20, 2015, the District Court issued its order and opinion granting Medtronic’s motion to dismiss the case. In May of 2015, the plaintiffs filed an appeal, and, in January of 2016, the Minnesota State Court of Appeals affirmed in part, reversed in part, and remanded the case to the District Court for further proceedings. In February of 2016, the Company petitioned the Minnesota Supreme Court to review the decision of the Minnesota State Court of Appeals, and on April 19, 2016 the Minnesota Supreme Court granted the Company’s petition on the issue of whether most of the original claims are properly characterized as direct or derivative under Minnesota law. In August of 2017, the Minnesota Supreme Court affirmed the decision of the Minnesota State Court of Appeals, sending the matter back to the trial court for further proceedings. The Company has not recognized 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 is unable to 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;text-decoration:underline;">HEARTWARE</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 22, 2016, the St. Paul Teachers’ Retirement Fund Association filed a putative class action complaint (the “Complaint”) in the United States District Court for the Southern District of New York against HeartWare on behalf of all persons and entities who purchased or otherwise acquired shares of HeartWare from June 10, 2014 through January 11, 2016 (the “Class Period”). The Complaint was amended on June 29, 2016 and claims HeartWare and one of its executives violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making false and misleading statements about, among other things, HeartWare’s response to a June 2014 U.S. FDA warning letter, the development of the Miniaturized Ventricular Assist Device (MVAD) System and the proposed acquisition of Valtech Cardio Ltd. The Complaint seeks to recover damages on behalf of all purchasers or acquirers of HeartWare’s stock during the Class Period. In August of 2016 the Company acquired HeartWare. The Company's accrued expenses for this matter are included within accrued certain litigation charges 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;">Environmental Proceedings</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company, through the acquisition of 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:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company 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 U.S. Surgical Corporation, subsidiaries of Covidien, in December 2008, which included a directive to remove a significant volume of soils at the site. After a hearing on the compliance order before the Maine Board of Environmental Protection (Maine Board) to challenge the terms of the compliance order, the Maine Board modified the MDEP order and issued a final order requiring removal of </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> landfills, capping of the remaining </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> landfills, installation of a groundwater extraction system and long-term monitoring of the site and the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> remaining landfills.</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company 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:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company 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:justify;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 included preliminary cost estimates for a variety of 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. In January of 2016, the Court appointed an engineering firm to conduct the next phase of the study. The study is targeted for completion in calendar year 2018.</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;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 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;">Government Matters</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;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's accrued expenses for these matters are included within accrued certain litigation charges as discussed above.</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;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's accrued expenses for this matter are included within accrued certain litigation charges as discussed above. </font></div><div style="line-height:120%;padding-top:10px;text-align:justify;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 has not recognized 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 is unable to 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;">Income Taxes</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2009, the 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 U.S. Tax Court proceeding with respect to this issue began on February 3, 2015 and ended on March 12, 2015. On June 9, 2016, the U.S. Tax court issued its opinion with respect to the allocation of income between Medtronic, Inc. and its wholly-owned subsidiary operating in Puerto Rico for fiscal years 2005 and 2006. The U.S. Tax Court generally rejected the IRS’s position, but also made certain modifications to the Medtronic, Inc. tax returns as filed. During November 2016, Medtronic and the IRS entered into a Stipulation of Settled Issues with the Tax Court which resolved the one-time repatriation holiday as an outstanding issue unless either party decided to appeal the Tax Court Opinion and a final decision is inconsistent with the U.S. Tax Court Opinion. The U.S. Tax Court entered their final decision on January 25, 2017. On April 21, 2017, the IRS filed their Notice of Appeal to the U.S. Court of Appeals for the 8th Circuit regarding the Tax Court Opinion.  A hearing date for the Appeal has not been set.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;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. During the first quarter of fiscal year 2017, an expected settlement was reached with the IRS for all outstanding issues for fiscal years 2007 and 2008 except for the allocation of income between Medtronic, Inc. and its wholly-owned subsidiary operating in Puerto Rico for the businesses that are the subject of the U.S. Tax Court Case for fiscal years 2005 and 2006. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;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. During the first quarter of fiscal year 2017, an expected settlement was reached with the IRS for all outstanding issues for fiscal years 2009, 2010, and 2011 except for the allocation of income between Medtronic, Inc. and its wholly-owned subsidiary operating in Puerto Rico for the businesses that are the subject of the U.S. Tax Court Case for fiscal years 2005 and 2006. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the IRS issued its audit report on Medtronic, Inc. for fiscal years 2012, 2013, and 2014. 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 utilization of certain net operating losses. The Company disagrees with the IRS and will attempt to resolve these matters at the IRS Appellate level.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;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 all tax years through 2009. The IRS continues to audit Covidien’s U.S. federal income tax returns for the years 2010 through 2012. The statute of limitations for Covidien’s 2013 U.S. federal income tax returns lapsed during the first quarter of fiscal year 2018. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">See Note </font><font style="font-family:inherit;font-size:10pt;">11</font><font style="font-family:inherit;font-size:10pt;"> for additional discussion of income taxes.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Guarantees</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of the 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:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 29, 2007, Covidien entered into the 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 the Company under the 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:justify;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. Accordingly, Mallinckrodt does not share in the Company’s liability to Tyco International and TE Connectivity, nor in the receivable that the Company has from Tyco International and TE Connectivity.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If any party to the 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 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:justify;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 Tax Sharing Agreement. The actual amounts that the Company may be required to ultimately accrue or pay under the 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. The resolutions with the U.S. Tax Court and IRS Appeals for fiscal years 1997 through 2007 were finalized during May 2016. However, the Tax Sharing Agreement remains in place with respect to income tax liabilities that are not the subject of such resolution. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;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:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">See Note 1 </font><font style="font-family:inherit;font-size:10pt;">to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended April 28, 2017</font><font style="font-family:inherit;font-size:10pt;"> for additional information.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Except as described above in this note or for certain income tax related matters, the Company has not recognized 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 is unable to 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:justify;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 is unable to be estimated, and the Company has not accrued any liabilities within the consolidated financial statements. Historically, the Company has not experienced significant losses on these types of indemnifications.</font></div></div>

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2017 Q3 Form 10-Q Financial Statement

#000161310317000027 Filed on September 01, 2017

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2017 Q3 Form 10-Q Financial Statement

#000161310317000027 Filed on September 01, 2017

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Medtronic plc Stock $mdt