$MDT
Medtronic plc Stock $mdt

$mdt Overview Financials Valuation SEC Filings Company Website

2018 Q3 Form 10-Q Financial Statement

#000161310318000032 Filed on August 31, 2018

Income Statement

Concept	2018 Q3	2017 Q3
Revenue	$7.384B	$7.390B
YoY Change	-0.08%	3.13%
Cost Of Revenue	$2.204B	$2.352B
YoY Change	-6.29%	4.02%
Gross Profit	$5.180B	$5.038B
YoY Change	2.82%	2.71%
Gross Profit Margin	70.15%	68.17%
Selling, General & Admin	$2.597B	$2.580B
YoY Change	0.66%	6.26%
% of Gross Profit	50.14%	51.21%
Research & Development	$585.0M	$549.0M
YoY Change	6.56%	-1.26%
% of Gross Profit	11.29%	10.9%
Depreciation & Amortization	$666.0M	$636.0M
YoY Change	4.72%	-13.7%
% of Gross Profit	12.86%	12.62%
Operating Expenses	$3.182B	$3.129B
YoY Change	1.69%	4.86%
Operating Profit	$1.236B	$1.382B
YoY Change	-10.56%	18.42%
Interest Expense	$242.0M	$286.0M
YoY Change	-15.38%	5.15%
% of Operating Profit	19.58%	20.69%
Other Income/Expense, Net	$186.0M	-$66.00M
YoY Change	-381.82%	69.23%
Pretax Income	$1.180B	$1.195B
YoY Change	-1.26%	20.95%
Income Tax	$103.0M	$186.0M
% Of Pretax Income	8.73%	15.56%
Net Earnings	$1.075B	$1.016B
YoY Change	5.81%	9.36%
Net Earnings / Revenue	14.56%	13.75%
Basic Earnings Per Share	$0.79	$0.75
Diluted Earnings Per Share	$0.79	$0.74
COMMON SHARES
Basic Shares Outstanding	1.353B shares	1.362B shares
Diluted Shares Outstanding	1.365B shares	1.376B shares

Balance Sheet

Concept	2018 Q3	2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$11.00B	$13.09B
YoY Change	-15.92%	2.17%
Cash & Equivalents	$4.380B	$4.691B
Short-Term Investments	$6.624B	$8.397B
Other Short-Term Assets	$2.101B	$2.000B
YoY Change	5.05%	14.22%
Inventory	$3.681B	$3.538B
Prepaid Expenses
Receivables	$5.674B	$5.784B
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$22.46B	$24.78B
YoY Change	-9.36%	5.45%
LONG-TERM ASSETS
Property, Plant & Equipment	$4.524B	$4.387B
YoY Change	3.12%	-8.87%
Goodwill	$38.96B	$39.20B
YoY Change	-0.61%	-5.12%
Intangibles	$21.27B	$23.01B
YoY Change	-7.55%	-12.98%
Long-Term Investments	$500.0M	$728.0M
YoY Change	-31.32%
Other Assets	$1.099B	$1.284B
YoY Change	-14.41%	-2.06%
Total Long-Term Assets	$67.26B	$75.47B
YoY Change	-10.88%	0.49%
TOTAL ASSETS
Total Short-Term Assets	$22.46B	$24.78B
Total Long-Term Assets	$67.26B	$75.47B
Total Assets	$89.72B	$100.3B
YoY Change	-10.5%	1.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.789B	$1.759B
YoY Change	1.71%	8.92%
Accrued Expenses	$4.735B	$4.363B
YoY Change	8.53%	3.39%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$1.545B	$8.058B
YoY Change	-80.83%	313.87%
Total Short-Term Liabilities	$9.112B	$15.15B
YoY Change	-39.85%	91.84%
LONG-TERM LIABILITIES
Long-Term Debt	$23.68B	$25.95B
YoY Change	-8.77%	-13.85%
Other Long-Term Liabilities	$801.0M	$1.026B
YoY Change	-21.93%	-42.52%
Total Long-Term Liabilities	$801.0M	$1.026B
YoY Change	-21.93%	-42.52%
TOTAL LIABILITIES
Total Short-Term Liabilities	$9.112B	$15.15B
Total Long-Term Liabilities	$801.0M	$1.026B
Total Liabilities	$39.39B	$49.46B
YoY Change	-20.36%	3.68%
SHAREHOLDERS EQUITY
Retained Earnings	$24.73B	$24.04B
YoY Change	2.86%	-54.51%
Common Stock	$0.00	$0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$50.22B	$50.67B
YoY Change
Total Liabilities & Shareholders Equity	$89.72B	$100.3B
YoY Change	-10.5%	1.67%

Cashflow Statement

Concept	2018 Q3	2017 Q3
OPERATING ACTIVITIES
Net Income	$1.075B	$1.016B
YoY Change	5.81%	9.36%
Depreciation, Depletion And Amortization	$666.0M	$636.0M
YoY Change	4.72%	-13.7%
Cash From Operating Activities	$1.702B	$737.0M
YoY Change	130.94%	-52.45%
INVESTING ACTIVITIES
Capital Expenditures	$291.0M	$278.0M
YoY Change	4.68%	-15.76%
Acquisitions	$104.0M	$0.00
YoY Change		-100.0%
Other Investing Activities	$0.00	-$5.000M
YoY Change	-100.0%	-350.0%
Cash From Investing Activities	$643.0M	$83.00M
YoY Change	674.7%	-129.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	$824.0M	$1.233B
YoY Change	-33.17%	-30.06%
Debt Paid & Issued, Net	$12.00M	$8.000M
YoY Change	50.0%	-52.94%
Cash From Financing Activities	-$1.573B	-$1.141B
YoY Change	37.86%	-1.64%
NET CHANGE
Cash From Operating Activities	$1.702B	$737.0M
Cash From Investing Activities	$643.0M	$83.00M
Cash From Financing Activities	-$1.573B	-$1.141B
Net Change In Cash	$772.0M	-$321.0M
YoY Change	-340.5%	-402.83%
FREE CASH FLOW
Cash From Operating Activities	$1.702B	$737.0M
Capital Expenditures	$291.0M	$278.0M
Free Cash Flow	$1.411B	$459.0M
YoY Change	207.41%	-62.38%

Facts In Submission

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CY2018Q3	dei	Document Period End Date DocumentPeriodEndDate	2018-07-27
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CY2017Q3	us-gaap	Effect Of Exchange Rate On Cash And Cash Equivalents EffectOfExchangeRateOnCashAndCashEquivalents	45000000	USD
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CY2018Q3	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	8600000000	USD
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CY2018Q3	us-gaap	Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments	141000000	USD
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CY2018Q3	us-gaap	Gain Loss On Interest Rate Fair Value Hedge Ineffectiveness GainLossOnInterestRateFairValueHedgeIneffectiveness	0	USD
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CY2018Q3	us-gaap	Goodwill Foreign Currency Translation Gain Loss GoodwillForeignCurrencyTranslationGainLoss	-650000000	USD
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CY2018Q3	us-gaap	Impairment Of Intangible Assets Indefinitelived Excluding Goodwill ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill	0	USD
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CY2018Q3	us-gaap	Income Loss From Subsidiaries Net Of Tax IncomeLossFromSubsidiariesNetOfTax	0	USD
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CY2018Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	103000000	USD
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CY2018Q3	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	348000000	USD
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CY2018Q3	us-gaap	Interest Expense InterestExpense	242000000	USD
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CY2018Q3	us-gaap	Interest Paid Net InterestPaidNet	55000000	USD
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CY2018Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	1236000000	USD
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CY2017Q3	us-gaap	Other Than Temporary Impairment Loss Debt Securities Available For Sale OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale	0	USD
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CY2018Q3	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	104000000	USD
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CY2018Q3	us-gaap	Payments To Acquire Interest In Subsidiaries And Affiliates PaymentsToAcquireInterestInSubsidiariesAndAffiliates	0	USD
CY2017Q3	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	615000000	USD
CY2018Q3	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	982000000	USD
CY2017Q3	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	278000000	USD
CY2018Q3	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	291000000	USD
CY2018Q2	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	1425000000	USD
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CY2017Q3	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	18000000	USD
CY2018Q3	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	0	USD
CY2017Q3	us-gaap	Proceeds From Issuance Or Sale Of Equity ProceedsFromIssuanceOrSaleOfEquity	143000000	USD
CY2018Q3	us-gaap	Proceeds From Issuance Or Sale Of Equity ProceedsFromIssuanceOrSaleOfEquity	450000000	USD
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CY2017Q3	us-gaap	Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess	569000000	USD
CY2018Q3	us-gaap	Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess	-505000000	USD
CY2017Q3	us-gaap	Proceeds From Sale Maturity And Collections Of Investments ProceedsFromSaleMaturityAndCollectionsOfInvestments	971000000	USD
CY2018Q3	us-gaap	Proceeds From Sale Maturity And Collections Of Investments ProceedsFromSaleMaturityAndCollectionsOfInvestments	2020000000	USD
CY2017Q3	us-gaap	Proceeds From Sale Of Available For Sale Securities Debt ProceedsFromSaleOfAvailableForSaleSecuritiesDebt	971000000	USD
CY2018Q3	us-gaap	Proceeds From Sale Of Available For Sale Securities Debt ProceedsFromSaleOfAvailableForSaleSecuritiesDebt	1112000000	USD
CY2017Q3	us-gaap	Profit Loss ProfitLoss	1009000000	USD
CY2018Q3	us-gaap	Profit Loss ProfitLoss	1077000000	USD
CY2018Q2	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	10259000000	USD
CY2018Q3	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	10336000000	USD
CY2018Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	4604000000	USD
CY2018Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	4524000000	USD
CY2017Q3	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	10000000	USD
CY2018Q3	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	15000000	USD
CY2017Q3	us-gaap	Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax	5000000	USD
CY2018Q3	us-gaap	Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax	-31000000	USD
CY2017Q3	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	8000000	USD
CY2018Q3	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	12000000	USD
CY2017Q3	us-gaap	Research And Development Expense Excluding Acquired In Process Cost ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost	549000000	USD
CY2018Q3	us-gaap	Research And Development Expense Excluding Acquired In Process Cost ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost	585000000	USD
CY2018Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	24379000000	USD
CY2018Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	24730000000	USD
CY2017Q3	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	7390000000	USD
CY2018Q3	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	7384000000	USD
CY2018Q3	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	600000000	USD
CY2018Q3	us-gaap	Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1 RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1	P3Y
CY2017Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	2580000000	USD
CY2018Q3	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	2597000000	USD
CY2017Q3	us-gaap	Share Based Compensation ShareBasedCompensation	92000000	USD
CY2018Q3	us-gaap	Share Based Compensation ShareBasedCompensation	64000000	USD
CY2018Q2	us-gaap	Short Term Investments ShortTermInvestments	7558000000	USD
CY2018Q3	us-gaap	Short Term Investments ShortTermInvestments	6624000000	USD
CY2017Q3	us-gaap	Stock Repurchased And Retired During Period Value StockRepurchasedAndRetiredDuringPeriodValue	1228000000	USD
CY2018Q3	us-gaap	Stock Repurchased And Retired During Period Value StockRepurchasedAndRetiredDuringPeriodValue	820000000	USD
CY2018Q2	us-gaap	Stockholders Equity StockholdersEquity	50720000000	USD
CY2018Q3	us-gaap	Stockholders Equity StockholdersEquity	50224000000	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
CY2018Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	50822000000	USD
CY2018Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	50329000000	USD
CY2017Q3	us-gaap	Tax Adjustments Settlements And Unusual Provisions TaxAdjustmentsSettlementsAndUnusualProvisions	60000000	USD
CY2018Q3	us-gaap	Tax Adjustments Settlements And Unusual Provisions TaxAdjustmentsSettlementsAndUnusualProvisions	-29000000	USD
CY2018Q2	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	1700000000	USD
CY2018Q3	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	1700000000	USD
CY2018Q3	us-gaap	Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued	150000000	USD
CY2018Q3	us-gaap	Unrecognized Tax Benefits That Would Impact Effective Tax Rate UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate	1700000000	USD
CY2017Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1375600000	shares
CY2018Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1365400000	shares
CY2017Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1361900000	shares
CY2018Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1352700000	shares
CY2018Q3	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 of Medtronic plc and its subsidiaries (Medtronic plc, Medtronic, or the Company) 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. In the opinion of management, the consolidated financial statements include all of the adjustments necessary for a fair statement in conformity with U.S. GAAP. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. For the purpose of providing more concise consolidated statements of income, amounts previously reported in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">acquisition-related items</font><font style="font-family:inherit;font-size:10pt;"> were reclassified to</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> selling, general, and administrative expense</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">other operating expense, net;</font><font style="font-family:inherit;font-size:10pt;"> amounts previously reported in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">divestiture-related items</font><font style="font-family:inherit;font-size:10pt;"> were reclassified to </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">selling, general, and administrative expense;</font><font style="font-family:inherit;font-size:10pt;"> and amounts previously reported in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">interest income</font><font style="font-family:inherit;font-size:10pt;"> were reclassified to </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">other non-operating income, net</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;">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. </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 accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements of the Company and related notes 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 27, 2018</font><font style="font-family:inherit;font-size:10pt;">. The Company’s fiscal years </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> will end or ended on </font><font style="font-family:inherit;font-size:10pt;">April 26, 2019</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">April 27, 2018</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;">, respectively.</font></div></div>
CY2018Q3	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;">2019</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> will end or ended on </font><font style="font-family:inherit;font-size:10pt;">April 26, 2019</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">April 27, 2018</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;">, respectively. </font></div></div>
CY2018Q3	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-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Legal 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;">The Company and its affiliates are involved in a number of legal actions involving product liability, intellectual property and commercial 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 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. </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 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 27, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">April 27, 2018</font><font style="font-family:inherit;font-size:10pt;">, accrued litigation was 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;">$0.9 billion</font><font style="font-family:inherit;font-size:10pt;">, respectively. The ultimate cost to the Company with respect to accrued litigation 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 litigation 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. While it is not possible to predict the outcome for most of the legal matters discussed below, the Company believes it is possible that the costs 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-style:italic;">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;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 recognized an expense for probable and estimable damages related to this matter, and accrued expenses for this matter are included within accrued litigation 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;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 litigation 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;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 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. </font><font style="font-family:inherit;font-size:10pt;">Two</font><font style="font-family:inherit;font-size:10pt;"> subsidiaries of Covidien supplied pelvic mesh products to </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> 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, 2018, the Company had reached agreements to settle approximately </font><font style="font-family:inherit;font-size:10pt;">14,400</font><font style="font-family:inherit;font-size:10pt;"> of these claims. The Company's accrued expenses for this matter are included within accrued litigation 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:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;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 </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> 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 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;">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;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;">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. On January 30, 2018, the District Court issued an order certifying a class for the period of September 8, 2010 through June 28, 2011. In July of 2018, the parties reached an agreement to settle this matter. The Company's accrued expenses for this matter are included within accrued litigation 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;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;">Merenstein</font><font style="font-family:inherit;font-size:10pt;"> 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;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 litigation 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;">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 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 litigation 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;">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;">Since 2011, the Company has responded to requests from the U.S. Department of Justice for information about business practices relating to several neurovascular products. The requests seek information dating back to 2010, in connection with neurovascular products developed and first marketed by Covidien or one of its predecessors, including ev3. The Company has fully cooperated and continues to cooperate with the requests, which are at various stages. The Company’s accrued expenses for the matters are included within accrued litigation 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;">Since 2014, the Company has responded to requests from the U.S. Department of Health and Human Services and the U.S. Department of Justice for information about business practices relating to several peripheral vascular products. The requests seek information dating back to 2009, in connection with peripheral vascular products developed and first marketed by Covidien or one of its predecessors, including ev3. The Company has fully cooperated and continues to cooperate with the requests, which are at various stages. The Company’s accrued expenses for the matters are included within accrued litigation 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;">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. 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 reviewed this dispute, and on June 9, 2016, issued its opinion with respect to the allocation of income between the parties 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. 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. Oral argument for the Appeal occurred on March 14, 2018. The 8th Circuit Court of Appeals issued their opinion on August 16, 2018, and remanded the case back to the U.S. Tax Court for additional factual findings.</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. The remaining unresolved issue for fiscal years 2007 and 2008 relates to 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. The remaining unresolved issue for fiscal years 2009, 2010, and 2011 relates to 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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Medtronic, Inc.’s fiscal years 2015 and 2016 U.S. federal income tax returns are currently being audited by the IRS.</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 2012. The statute of limitations for Covidien’s 2013 and 2014 U.S. federal income tax returns lapsed during the first quarter of fiscal years 2018 and 2019, respectively. Covidien's fiscal year 2015 U.S. federal income tax returns are currently being audited by the IRS.</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;">While it is not possible to predict the outcome for most of the income tax matters discussed above, 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:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Refer to 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 a guarantee commitment related to certain contingent tax liabilities as a party to the Tax Sharing Agreement that was entered into on June 29, 2007, between Covidien, Tyco International (now Johnson Controls), and Tyco Electronics (now TE Connectivity), associated with the spin-off from Tyco. The Tax Sharing Agreement covers certain income tax liabilities for periods prior to and including the spin-off. Medtronic’s share of the income tax liabilities for these periods is </font><font style="font-family:inherit;font-size:10pt;">42 percent</font><font style="font-family:inherit;font-size:10pt;">, with Johnson Controls and TE Connectivity share being </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. If Johnson Controls 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. The most significant amounts at risk under this Tax Sharing Agreement were resolved with the U.S. Tax Court and IRS Appeals resolutions reached in May 2016. However, the Tax Sharing Agreement remains in place with respect to income tax liabilities that are not the subject of such resolution, including certain state and international tax matters that remain open.</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 tax years that remain 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 Tyco Electronics legal entities for periods prior to the 2007 separation.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Refer to 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 27, 2018</font><font style="font-family:inherit;font-size:10pt;"> for additional information.</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 part of the Company’s Minimally Invasive Therapies Group sale of the Patient Care, Deep Vein Thrombosis, and Nutritional Insufficiency businesses to Cardinal on July 29, 2017, the Company has indemnified Cardinal for certain contingent tax liabilities related to the divested businesses that existed prior to the date of divestiture. The actual amounts that the Company may be required to ultimately accrue or pay could vary depending upon the outcome of the unresolved tax matters.</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 the normal course of business, the Company and/or its affiliates periodically enter into agreements that require one or more of the Company and/or its affiliates to indemnify customers or suppliers for specific risks, such as claims for injury or property damage arising as a result of the Company or its affiliates’ products, the negligence of the Company's personnel, or claims alleging that the Company's products infringe on third-party patents or other intellectual property. The Company also offers warranties on various products. The Company’s maximum exposure under these guarantees is unable to be estimated. Historically, the Company has not experienced significant losses on these types of 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;">The Company believes the ultimate resolution of the above guarantees is not expected to have a material effect on the Company’s consolidated earnings, financial position, or cash flows.</font></div></div>

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2018 Q3 Form 10-Q Financial Statement

#000161310318000032 Filed on August 31, 2018

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2018 Q3 Form 10-Q Financial Statement

#000161310318000032 Filed on August 31, 2018

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Medtronic plc Stock $mdt