$MDT
Medtronic plc

2022 Q2 Form 10-K Financial Statement

#000161310322000023 Filed on June 23, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 2021 Q2
Revenue $8.089B $31.69B $8.188B
YoY Change -1.21% 5.21% 36.51%
Cost Of Revenue $2.565B $10.15B $2.620B
YoY Change -2.1% -3.22% 17.38%
Gross Profit $5.524B $21.54B $5.568B
YoY Change -0.79% 9.71% 49.12%
Gross Profit Margin 68.29% 67.98% 68.0%
Selling, General & Admin $2.570B $10.29B $2.348B
YoY Change 9.45% 1.42% 1.65%
% of Gross Profit 46.52% 47.78% 42.17%
Research & Development $652.0M $2.746B $632.0M
YoY Change 3.16% 10.15% 11.27%
% of Gross Profit 11.8% 12.75% 11.35%
Depreciation & Amortization $688.0M $2.707B $684.0M
YoY Change 0.58% 0.19% 1.79%
% of Gross Profit 12.45% 12.57% 12.28%
Operating Expenses $3.800B $13.04B $3.625B
YoY Change 4.83% 3.14% 9.62%
Operating Profit $1.724B $5.752B $1.943B
YoY Change -11.27% 28.28% 355.04%
Interest Expense -$167.0M $553.0M -$94.00M
YoY Change 77.66% -40.22% 487.5%
% of Operating Profit -9.69% 9.61% -4.84%
Other Income/Expense, Net $98.00M $318.0M $55.00M
YoY Change 78.18% -5.36% -600.0%
Pretax Income $1.602B $5.517B $1.566B
YoY Change 2.3% 41.64% 663.9%
Income Tax $110.0M $456.0M $200.0M
% Of Pretax Income 6.87% 8.27% 12.77%
Net Earnings $1.486B $5.039B $1.360B
YoY Change 9.26% 39.74% 110.53%
Net Earnings / Revenue 18.37% 15.9% 16.61%
Basic Earnings Per Share $3.75
Diluted Earnings Per Share $1.106M $3.73 $1.002M
COMMON SHARES
Basic Shares Outstanding 1.329B shares 1.342B shares 1.344B shares
Diluted Shares Outstanding 1.351B shares

Balance Sheet

Concept 2022 Q2 2022 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.57B $10.57B $10.82B
YoY Change -2.26% -2.26% -1.2%
Cash & Equivalents $3.714B $3.714B $3.593B
Short-Term Investments $6.859B $6.859B $7.224B
Other Short-Term Assets $2.318B $2.319B $1.955B
YoY Change 18.57% 18.56% -11.5%
Inventory $4.616B $4.616B $4.313B
Prepaid Expenses
Receivables $5.551B $5.551B $5.462B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.06B $23.06B $22.55B
YoY Change 2.27% 2.27% 2.35%
LONG-TERM ASSETS
Property, Plant & Equipment $5.413B $6.267B $5.221B
YoY Change 3.68% 0.77% 8.14%
Goodwill $40.50B $41.96B
YoY Change -3.48% 5.32%
Intangibles $15.60B $17.74B
YoY Change -12.09% -6.94%
Long-Term Investments $881.0M $881.0M $687.0M
YoY Change 28.24% 28.24% 43.13%
Other Assets $3.008B $4.677B $2.443B
YoY Change 23.13% 19.07% 16.67%
Total Long-Term Assets $67.92B $67.92B $70.54B
YoY Change -3.7% -3.7% 2.73%
TOTAL ASSETS
Total Short-Term Assets $23.06B $23.06B $22.55B
Total Long-Term Assets $67.92B $67.92B $70.54B
Total Assets $90.98B $90.98B $93.08B
YoY Change -2.26% -2.26% 2.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.276B $2.276B $2.106B
YoY Change 8.07% 8.07% 5.51%
Accrued Expenses $5.672B $5.367B $5.681B
YoY Change -0.16% -5.53% 17.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.742B $3.742B $11.00M
YoY Change 33918.18% 33918.18% -99.6%
Total Short-Term Liabilities $12.39B $12.39B $8.509B
YoY Change 45.66% 45.66% -17.91%
LONG-TERM LIABILITIES
Long-Term Debt $20.37B $20.37B $26.38B
YoY Change -22.77% -22.77% 19.14%
Other Long-Term Liabilities $1.410B $4.609B $1.756B
YoY Change -19.7% -17.19% 5.53%
Total Long-Term Liabilities $1.410B $24.98B $1.756B
YoY Change -19.7% -21.8% -92.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.39B $12.39B $8.509B
Total Long-Term Liabilities $1.410B $24.98B $1.756B
Total Liabilities $38.26B $38.43B $41.48B
YoY Change -7.77% -7.74% 4.18%
SHAREHOLDERS EQUITY
Retained Earnings $30.25B $28.59B
YoY Change 5.79% 1.64%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.55B $52.55B $51.43B
YoY Change
Total Liabilities & Shareholders Equity $90.98B $90.98B $93.08B
YoY Change -2.26% -2.26% 2.64%

Cashflow Statement

Concept 2022 Q2 2022 2021 Q2
OPERATING ACTIVITIES
Net Income $1.486B $5.039B $1.360B
YoY Change 9.26% 39.74% 110.53%
Depreciation, Depletion And Amortization $688.0M $2.707B $684.0M
YoY Change 0.58% 0.19% 1.79%
Cash From Operating Activities $2.058B $7.346B $1.745B
YoY Change 17.94% 17.72% 20.34%
INVESTING ACTIVITIES
Capital Expenditures -$389.0M $1.368B -$377.0M
YoY Change 3.18% 0.96% 12.2%
Acquisitions $91.00M
YoY Change -90.85%
Other Investing Activities $660.0M $10.00M $2.296B
YoY Change -71.25% -81.48% 227.53%
Cash From Investing Activities $271.0M -$1.659B $1.919B
YoY Change -85.88% -42.11% 425.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.544B
YoY Change 290.18%
Debt Paid & Issued, Net $1.000M
YoY Change -99.99%
Cash From Financing Activities -1.949B -$5.336B -5.129B
YoY Change -62.0% 29.01% 291.53%
NET CHANGE
Cash From Operating Activities 2.058B $7.346B 1.745B
Cash From Investing Activities 271.0M -$1.659B 1.919B
Cash From Financing Activities -1.949B -$5.336B -5.129B
Net Change In Cash 380.0M $121.0M -1.465B
YoY Change -125.94% -122.12% -390.1%
FREE CASH FLOW
Cash From Operating Activities $2.058B $7.346B $1.745B
Capital Expenditures -$389.0M $1.368B -$377.0M
Free Cash Flow $2.447B $5.978B $2.122B
YoY Change 15.32% 22.37% 18.81%

Facts In Submission

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The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States (U.S.) (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are used when accounting for items such as income taxes, contingencies, intangible asset, and liability valuations. Actual results may or may not differ from those estimates.
CY2022 us-gaap Fiscal Period
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
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CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0090
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0188
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2304
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2417
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.1797
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0195
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0236
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0209
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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436000000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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466000000 USD
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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5517000000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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3895000000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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4055000000 USD
CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2020 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2020 us-gaap Current Foreign Tax Expense Benefit
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2020 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2020 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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265000000 USD
CY2020 us-gaap Income Tax Expense Benefit
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2334000000 USD
CY2021Q2 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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1536000000 USD
CY2022Q2 mdt Deferred Tax Assets Operating And Capital Losses And Tax Credit Carryforwards
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5982000000 USD
CY2021Q2 mdt Deferred Tax Assets Operating And Capital Losses And Tax Credit Carryforwards
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6114000000 USD
CY2022Q2 mdt Deferred Tax Assets Research And Development Capitalization
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597000000 USD
CY2021Q2 mdt Deferred Tax Assets Research And Development Capitalization
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408000000 USD
CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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483000000 USD
CY2021Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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442000000 USD
CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
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332000000 USD
CY2021Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
411000000 USD
CY2022Q2 mdt Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Postretirement Benefits And Pensions
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefitsAndPensions
66000000 USD
CY2021Q2 mdt Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Postretirement Benefits And Pensions
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefitsAndPensions
234000000 USD
CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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146000000 USD
CY2021Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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132000000 USD
CY2022Q2 us-gaap Deferred Tax Assets Inventory
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CY2021Q2 us-gaap Deferred Tax Assets Inventory
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164000000 USD
CY2022Q2 mdt Deferred Tax Assets Lease Obligations
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92000000 USD
CY2021Q2 mdt Deferred Tax Assets Lease Obligations
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106000000 USD
CY2022Q2 mdt Deferred Tax Assets Tax Deferred Expense Federal And State Benefit On Uncertain Tax Positions
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60000000 USD
CY2021Q2 mdt Deferred Tax Assets Tax Deferred Expense Federal And State Benefit On Uncertain Tax Positions
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55000000 USD
CY2022Q2 mdt Deferred Tax Assets Interest Limitation
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CY2021Q2 mdt Deferred Tax Assets Interest Limitation
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374000000 USD
CY2021Q2 us-gaap Deferred Tax Assets Other
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CY2021Q2 us-gaap Deferred Tax Assets Gross
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CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q2 us-gaap Deferred Tax Assets Net
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1488000000 USD
CY2021Q2 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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1856000000 USD
CY2022Q2 us-gaap Deferred Tax Liabilities Derivatives
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102000000 USD
CY2022Q2 mdt Deferred Tax Liabilities Unrealized Gains On Trading Securities And Derivatives
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CY2021Q2 mdt Deferred Tax Liabilities Unrealized Gains On Trading Securities And Derivatives
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16000000 USD
CY2022Q2 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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121000000 USD
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151000000 USD
CY2022Q2 mdt Deferred Tax Liabilities Investment In Subsidiaries
DeferredTaxLiabilitiesInvestmentInSubsidiaries
129000000 USD
CY2021Q2 mdt Deferred Tax Liabilities Investment In Subsidiaries
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101000000 USD
CY2022Q2 us-gaap Deferred Tax Liabilities Other
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70000000 USD
CY2021Q2 us-gaap Deferred Tax Liabilities Other
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CY2021Q2 us-gaap Deferred Income Tax Liabilities
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CY2022Q2 us-gaap Prepaid Taxes
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CY2021Q2 us-gaap Prepaid Taxes
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CY2022Q2 us-gaap Income Tax Receivable
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CY2021Q2 us-gaap Income Tax Receivable
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CY2022Q2 us-gaap Deferred Tax Assets Liabilities Net
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CY2021Q2 us-gaap Deferred Tax Assets Liabilities Net
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CY2022Q2 mdt Deferred Tax Assets Netof Valuation Allowance Other
DeferredTaxAssetsNetofValuationAllowanceOther
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CY2021Q2 mdt Deferred Tax Assets Netof Valuation Allowance Other
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756000000 USD
CY2022Q2 us-gaap Deferred Income Tax Assets Net
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CY2021Q2 us-gaap Deferred Income Tax Assets Net
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CY2022Q2 us-gaap Deferred Income Tax Liabilities Net
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CY2021Q2 us-gaap Deferred Income Tax Liabilities Net
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CY2022Q2 us-gaap Deferred Tax Assets Liabilities Net
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CY2021Q2 us-gaap Deferred Tax Assets Liabilities Net
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CY2021Q2 us-gaap Undistributed Earnings Of Foreign Subsidiaries
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CY2022Q2 us-gaap Tax Credit Carryforward Amount
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CY2022Q2 mdt Deferred Tax Assets Tax Credit Carryforwards Not Subjectto Expiration
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120000000 USD
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.002
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.005
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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0.013
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.023
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.021
CY2022 mdt Effective Income Tax Rate Reconciliation Puerto Rico Excise Tax
EffectiveIncomeTaxRateReconciliationPuertoRicoExciseTax
0.011
CY2021 mdt Effective Income Tax Rate Reconciliation Puerto Rico Excise Tax
EffectiveIncomeTaxRateReconciliationPuertoRicoExciseTax
0.020
CY2020 mdt Effective Income Tax Rate Reconciliation Puerto Rico Excise Tax
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0.015
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.112
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.126
CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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-0.008
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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-0.015
CY2022 mdt Effective Income Tax Rate Reconciliation Interest On Uncertain Tax Positions Percent
EffectiveIncomeTaxRateReconciliationInterestOnUncertainTaxPositionsPercent
0.005
CY2021 mdt Effective Income Tax Rate Reconciliation Interest On Uncertain Tax Positions Percent
EffectiveIncomeTaxRateReconciliationInterestOnUncertainTaxPositionsPercent
0.009
CY2020 mdt Effective Income Tax Rate Reconciliation Interest On Uncertain Tax Positions Percent
EffectiveIncomeTaxRateReconciliationInterestOnUncertainTaxPositionsPercent
0.013
CY2022 mdt Effective Income Tax Rate Reconciliation Base Erosion And Anti Abuse Tax Percent
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0.009
CY2021 mdt Effective Income Tax Rate Reconciliation Base Erosion And Anti Abuse Tax Percent
EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxPercent
0.005
CY2020 mdt Effective Income Tax Rate Reconciliation Base Erosion And Anti Abuse Tax Percent
EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxPercent
0.026
CY2022 mdt Effective Income Tax Rate Reconciliation Deduction Foreign Derived Intangible Income Percent
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0.010
CY2021 mdt Effective Income Tax Rate Reconciliation Deduction Foreign Derived Intangible Income Percent
EffectiveIncomeTaxRateReconciliationDeductionForeignDerivedIntangibleIncomePercent
0.019
CY2020 mdt Effective Income Tax Rate Reconciliation Deduction Foreign Derived Intangible Income Percent
EffectiveIncomeTaxRateReconciliationDeductionForeignDerivedIntangibleIncomePercent
0.012
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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-0.009
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Restructuring Charges
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0
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Restructuring Charges
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0.018
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Restructuring Charges
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseRestructuringCharges
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings
0.022
CY2021 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings
0.034
CY2020 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
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0.028
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.004
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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0.083
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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0.068
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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-0.185
CY2020 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount
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CY2020 us-gaap Income Tax Reconciliation Tax Contingencies Foreign
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CY2022 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2022 us-gaap Income Tax Reconciliation Tax Settlements
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CY2022 mdt Effective Income Tax Rate Reconciliation Tax Basis Adjustment Of Intangible Assets Amount
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-82000000 USD
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
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47000000 USD
CY2022 mdt Effective Income Tax Rate Reconciliation Nondeductible Expense Permanent Reinvestment Assertion
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41000000 USD
CY2022 us-gaap Income Tax Reconciliation Disposition Of Assets
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26000000 USD
CY2021 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2021 us-gaap Income Tax Reconciliation Tax Settlements
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CY2021 mdt Effective Income Tax Rate Reconciliation Tax Basis Adjustment Of Intangible Assets Amount
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73000000 USD
CY2021Q2 mdt Deferred Tax Assets Goodwill And Intangible Assets Previously Recognized
DeferredTaxAssetsGoodwillAndIntangibleAssetsPreviouslyRecognized
1500000000 USD
CY2021 mdt Deferred Tax Asset Amortization Period
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P20Y
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
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50000000 USD
CY2021 us-gaap Income Tax Reconciliation Disposition Of Assets
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25000000 USD
CY2021 us-gaap Income Tax Reconciliation Tax Credits Research
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-83000000 USD
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-658000000 USD
CY2020 mdt Tax Expense Benefit Associated With Saleof Intellectual Property
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CY2022Q2 us-gaap Unrecognized Tax Benefits
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1700000000 USD
CY2021Q2 us-gaap Unrecognized Tax Benefits
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1700000000 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits
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1900000000 USD
CY2021Q2 us-gaap Unrecognized Tax Benefits
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1668000000 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits
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1862000000 USD
CY2019Q2 us-gaap Unrecognized Tax Benefits
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1836000000 USD
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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1000000 USD
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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88000000 USD
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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12000000 USD
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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40000000 USD
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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62000000 USD
CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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8000000 USD
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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55000000 USD
CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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29000000 USD
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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106000000 USD
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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9000000 USD
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
216000000 USD
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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5000000 USD
CY2022 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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11000000 USD
CY2021 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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21000000 USD
CY2020 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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27000000 USD
CY2022Q2 us-gaap Unrecognized Tax Benefits
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1661000000 USD
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1668000000 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1862000000 USD
CY2022 mdt Cash Advance Paidin Connection With Proposed Settlements
CashAdvancePaidinConnectionWithProposedSettlements
859000000 USD
CY2021 mdt Cash Advance Paidin Connection With Proposed Settlements
CashAdvancePaidinConnectionWithProposedSettlements
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Commitments and Contingencies <div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Legal Matters</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company and its affiliates are involved in a number of legal actions from time to time involving product liability, employment, intellectual property and commercial disputes, shareholder related matters, environmental proceedings, 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 </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. The Company classifies certain specified litigation charges and gains related to significant legal matters as </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">certain litigation charges</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the consolidated statements of income. During fiscal years 2022, 2021, and 2020, the Company recognized $95 million, $118 million, and $313 million, respectively, of additional certain litigation charges. At April 29, 2022 and April 30, 2021, total accrued litigation charges were approximately $0.3 billion and $0.4 billion, 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 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">other accrued expenses</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">other liabilities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 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.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Product Liability Matters</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Pelvic Mesh Litigation</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. 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 $121 million towards the settlement of 11,000 of these claims. In May 2017, the agreement with Bard was amended to extend the terms to apply to up to an additional 5,000 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 16,200 claimants have asserted or may assert claims involving products manufactured by Covidien’s subsidiaries. As of June 1, 2022, the Company had reached agreements to settle approximately 15,900 of these claims. The Company's accrued expenses for this matter are included within accrued litigation as discussed above.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Hernia Mesh Litigation</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Starting in fiscal year 2020, plaintiffs began filing lawsuits against certain subsidiaries of the Company in U.S. state and federal courts alleging personal injury from hernia mesh products sold by those subsidiaries. The majority of the pending cases are in Massachusetts state court, where they have been consolidated before a single judge. As of June 6, 2022, subsidiaries of the Company have been named as defendants in lawsuits filed on behalf of approximately 5,900 individual plaintiffs, and certain plaintiffs’ law firms have advised the Company that they may file additional cases in the future. On June 6, 2022, the Judicial Panel on Multidistrict Litigation transferred 83 actions involving the Company’s hernia mesh to a federal Multidistrict Litigation in the U.S. District Court for the District of Massachusetts for pretrial proceedings. The pending lawsuits relate almost entirely to hernia mesh products that have not been subject to recalls, withdrawals, or other adverse regulatory action. The Company has not recorded an expense related to damages in connection with these matters because any potential loss is not currently probable and reasonably estimable. Additionally, the Company is unable to reasonably estimate the range of loss, if any, that may result from these matters.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Environmental Proceedings</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 two landfills, capping of the remaining three landfills, installation of a groundwater extraction system and long-term monitoring of the site and the three remaining landfills. The Company has proceeded with remediation in accordance with the MDEP order as modified by the Maine Board order. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the early 2000s, the Company or its predecessors have 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 the Company's predecessor 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.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following a trial in March 2002, the court held that conditions in the Penobscot River and Bay may pose an imminent and substantial endangerment and that the Company’s predecessor was liable for the cost of performing a study of the River and Bay. Following a second trial in June 2014, the court ordered that further engineering study and engineering design work was needed to determine the nature and extent of remediation in the Penobscot River and Bay. The court also appointed an engineering firm to conduct such studies and issue a report on potential remediation alternatives. In connection with these proceedings, reports have been produced including a variety of cost estimates for a variety of potential remedial options. In March 2021, the parties notified the court that they had agreed on a settlement in principle of all issues in this matter. Finalization of the proposed settlement remains subject to court approval. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's accrued expenses for environmental proceedings are included within accrued litigation as discussed above. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Income Taxes</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 in June 2016, issued an opinion with respect to the allocation of income between the parties for fiscal years 2005 and 2006. The Tax Court generally rejected the IRS’s position, but also made certain modifications to the Medtronic, Inc. tax returns as filed. In April 2017, the IRS filed a Notice of Appeal to the U.S. Court of Appeals for the Eighth Circuit regarding the Tax Court opinion. Oral argument for the Appeal occurred in March 2018. The Court of Appeals issued its opinion in August 2018 and remanded the case back to the Tax Court for additional factual findings. The Tax Court trial relating to the issues remanded by the Court of Appeals concluded during June 2021. The parties are awaiting the Tax Court decision, which will remain subject to appeal by either party upon its issuance.</span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The IRS has issued its audit reports on Medtronic, Inc. for fiscal years 2007 through 2016. Medtronic, Inc. and the IRS have reached agreement on all significant issues 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 matter for fiscal years 2005 and 2006.</span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Medtronic, Inc.’s fiscal years 2017, 2018, and 2019 U.S. federal income tax returns are currently being audited by the IRS.</span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Covidien LP (a wholly owned subsidiary of Medtronic plc) has either reached agreement with the IRS or the statute of limitations has lapsed on its U.S. federal income tax returns through fiscal year 2018.</span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although 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.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer to Note 13 for additional discussion of income taxes.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Guarantees</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, and/or cash flows.</span></div>
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5517000000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3895000000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4055000000 USD
CY2022Q2 us-gaap Assets
Assets
90981000000 USD
CY2021Q2 us-gaap Assets
Assets
93083000000 USD
CY2022 us-gaap Depreciation
Depreciation
974000000 USD
CY2021 us-gaap Depreciation
Depreciation
919000000 USD
CY2020 us-gaap Depreciation
Depreciation
907000000 USD
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31686000000 USD
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
30117000000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
28913000000 USD
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5413000000 USD
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5221000000 USD
CY2020 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
187000000 USD

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