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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 29, 2021
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the transition period from __________ to __________
Commission File Number 001-36820
mdt-20211029_g1.jpg®
Medtronic plc
(Exact name of registrant as specified in its charter)
  
Ireland98-1183488
(State of incorporation)(I.R.S. Employer
Identification No.)
20 On Hatch, Lower Hatch Street
Dublin 2, Ireland
(Address of principal executive offices) (Zip Code)
+353 1 438-1700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Ordinary shares, par value $0.0001 per shareMDTNew York Stock Exchange
0.00% Senior Notes due 2022MDT/22BNew York Stock Exchange
0.375% Senior Notes due 2023MDT/23BNew York Stock Exchange
0.000% Senior Notes due 2023MDT/23CNew York Stock Exchange
0.25% Senior Notes due 2025MDT/25New York Stock Exchange
0.000% Senior Notes due 2025MDT/25ANew York Stock Exchange
1.125% Senior Notes due 2027MDT/27New York Stock Exchange
0.375% Senior Notes due 2028MDT/28New York Stock Exchange
1.625% Senior Notes due 2031MDT/31New York Stock Exchange
1.00% Senior Notes due 2031MDT/31ANew York Stock Exchange
0.750% Senior Notes due 2032MDT/32New York Stock Exchange
2.250% Senior Notes due 2039MDT/39ANew York Stock Exchange
1.50% Senior Notes due 2039MDT/39BNew York Stock Exchange
1.375% Senior Notes due 2040MDT/40ANew York Stock Exchange
1.75% Senior Notes due 2049MDT/49New York Stock Exchange
1.625% Senior Notes due 2050MDT/50New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerEmerging growth company
Non-accelerated filerSmaller Reporting Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 1(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
As of November 30, 2021, 1,344,557,784 ordinary shares, par value $0.0001, and 1,872 A preferred shares, par value $1.00, of the registrant were outstanding.









PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Medtronic plc
Consolidated Statements of Income
(Unaudited)
 Three months endedSix months ended
(in millions, except per share data)October 29, 2021October 30, 2020October 29, 2021October 30, 2020
Net sales$7,847 $7,647 $15,835 $14,154 
Costs and expenses:  
Cost of products sold2,497 2,705 5,095 5,209 
Research and development expense676 639 1,426 1,260 
Selling, general, and administrative expense2,615 2,600 5,163 5,017 
Amortization of intangible assets431 443 866 884 
Restructuring charges, net10 97 21 150 
Certain litigation charges, net34 84 60 (4)
Other operating expense, net21 149 781 35 
Operating profit1,563 930 2,422 1,603 
Other non-operating income, net(66)(65)(177)(147)
Interest expense136 470 273 641 
Income before income taxes1,493 525 2,326 1,109 
Income tax provision 176 31 240 124 
Net income1,317 494 2,086 985 
Net income attributable to noncontrolling interests(6)(5)(12)(9)
Net income attributable to Medtronic$1,311 $489 $2,074 $976 
Basic earnings per share$0.97 $0.36 $1.54 $0.73 
Diluted earnings per share$0.97 $0.36 $1.53 $0.72 
Basic weighted average shares outstanding1,345.1 1,344.4 1,344.8 1,343.1 
Diluted weighted average shares outstanding1,355.3 1,352.1 1,355.9 1,351.1 

The accompanying notes are an integral part of these consolidated financial statements.
1


Medtronic plc
Consolidated Statements of Comprehensive Income
(Unaudited)
 Three months endedSix months ended
(in millions)October 29, 2021October 30, 2020October 29, 2021October 30, 2020
Net income$1,317 $494 $2,086 $985 
Other comprehensive income (loss), net of tax:  
Unrealized gain (loss) on investment securities (56)(12)(44)113 
Translation adjustment(247)144 (602)1,261 
Net investment hedge356 (164)780 (1,276)
Net change in retirement obligations18 17 37 20 
Unrealized gain (loss) on cash flow hedges95 (45)269 (395)
Other comprehensive income (loss)166 (60)440 (277)
Comprehensive income including noncontrolling interests1,483 434 2,526 708 
Comprehensive income attributable to noncontrolling interests(5)(6)(9)(15)
Comprehensive income attributable to Medtronic$1,478 $428 $2,517 $693 

The accompanying notes are an integral part of these consolidated financial statements.
2


Medtronic plc
Consolidated Balance Sheets
(Unaudited)
(in millions)October 29, 2021April 30, 2021
ASSETS  
Current assets:  
Cash and cash equivalents$2,900 $3,593 
Investments7,769 7,224 
Accounts receivable, less allowances and credit losses of $255 and $241, respectively
5,493 5,462 
Inventories, net4,349 4,313 
Other current assets2,220 1,955 
Total current assets22,731 22,548 
Property, plant, and equipment12,978 12,700 
Accumulated depreciation(7,790)(7,479)
Property, plant, and equipment, net5,188 5,221 
Goodwill41,612 41,961 
Other intangible assets, net16,523 17,740 
Tax assets3,203 3,169 
Other assets2,499 2,443 
Total assets$91,756 $93,083 
LIABILITIES AND EQUITY  
Current liabilities:  
Current debt obligations$16 $11 
Accounts payable1,917 2,106 
Accrued compensation1,934 2,482 
Accrued income taxes467 435 
Other accrued expenses3,469 3,475 
Total current liabilities7,803 8,509 
Long-term debt25,607 26,378 
Accrued compensation and retirement benefits1,505 1,557 
Accrued income taxes2,110 2,251 
Deferred tax liabilities1,024 1,028 
Other liabilities1,547 1,756 
Total liabilities39,596 41,481 
Commitments and contingencies (Note 16)
Shareholders’ equity:  
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,344,861,769 and 1,345,400,671 shares issued and outstanding, respectively
  
Additional paid-in capital26,059 26,319 
Retained earnings28,974 28,594 
Accumulated other comprehensive loss(3,042)(3,485)
Total shareholders’ equity51,991 51,428 
Noncontrolling interests168 174 
Total equity52,159 51,602 
Total liabilities and equity$91,756 $93,083 

The accompanying notes are an integral part of these consolidated financial statements.
3


Medtronic plc
Consolidated Statements of Equity
(Unaudited)
Ordinary SharesAdditional Paid-in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
 Shareholders’
 Equity
Noncontrolling InterestsTotal Equity
(in millions)NumberPar Value
April 30, 20211,345 $ $26,319 $28,594 $(3,485)$51,428 $174 $51,602 
Net income— — — 763 — 763 6 769 
Other comprehensive (loss) income— — — — 276 276 (2)274 
Dividends to shareholders ($0.63 per ordinary share)
— — — (846)— (846)— (846)
Issuance of shares under stock purchase and award plans2 — 107 — — 107 — 107 
Repurchase of ordinary shares(2)— (311)— — (311)— (311)
Stock-based compensation— — 69 — — 69 — 69 
July 30, 20211,345 $ $26,184 $28,511 $(3,209)$51,486 $178 $51,664 
Net income— — — 1,311 — 1,311 6 1,317 
Other comprehensive (loss) income— — — — 167 167 (1)166 
Dividends to shareholders ($0.63 per ordinary share)
— — — (847)— (847)— (847)
Issuance of shares under stock purchase and award plans3 — 92 — — 92 — 92 
Repurchase of ordinary shares(3)— (358)— — (358)— (358)
Stock-based compensation— — 140 — — 140 — 140 
Changes to noncontrolling ownership interests— — 1 — — 1 (16)(15)
October 29, 20211,345 $ $26,059 $28,974 $(3,042)$51,991 $168 $52,159 


4


Ordinary SharesAdditional Paid-in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
 Shareholders’
 Equity
Noncontrolling InterestsTotal Equity
(in millions)NumberPar Value
April 24, 20201,341 $ $26,165 $28,132 $(3,560)$50,737 $135 $50,872 
Net income — — — 487 — 487 4 491 
Other comprehensive (loss) income— — — — (222)(222)5 (217)
Dividends to shareholders ($0.58 per ordinary share)
— — — (778)— (778)— (778)
Issuance of shares under stock purchase and award plans2 — 26 — — 26 — 26 
Stock-based compensation— — 70 — — 70 — 70 
Changes to noncontrolling ownership interests— — — — — — 3 3 
Cumulative effect of change in accounting principle(1)
— — — (24)— (24)— (24)
July 31, 20201,343 $ $26,261 $27,817 $(3,782)$50,296 $147 $50,443 
Net income — — — 489 — 489 5 494 
Other comprehensive (loss)— — — — (61)(61)1 (60)
Dividends to shareholders ($0.58 per ordinary share)
— — — (780)— (780)— (780)
Issuance of shares under stock purchase and award plans2 — 93 — — 93 — 93 
Stock-based compensation— — 140 — — 140 — 140 
Changes to noncontrolling ownership interests— — (13)— — (13)(1)(14)
October 30, 20201,345 $ $26,481 $27,526 $(3,843)$50,164 $152 $50,316 
(1) The cumulative effect of the change in accounting principle during the first quarter of fiscal year 2021 resulted from the adoption of accounting guidance that changed the methodology to be used when measuring credit losses for certain financial instruments and financial assets, including trade receivables. As a result of the adoption, the Company adjusted the opening balance of retained earnings for $24 million as of April 25, 2020.

The accompanying notes are an integral part of these consolidated financial statements.
5


Medtronic plc
Consolidated Statements of Cash Flows
(Unaudited)
 Six months ended
(in millions)October 29, 2021October 30, 2020
Operating Activities:  
Net income$2,086 $985 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization1,347 1,340 
Provision for doubtful accounts34 86 
Deferred income taxes(78)(69)
Stock-based compensation209 210 
Loss on debt extinguishment 308 
MCS asset impairment and inventory write-down515  
Other, net130 112 
Change in operating assets and liabilities, net of acquisitions and divestitures:  
Accounts receivable, net(171)(669)
Inventories(156)(145)
Accounts payable and accrued liabilities(446)108 
Other operating assets and liabilities(409)(127)
Net cash provided by operating activities3,061 2,139 
Investing Activities:  
Acquisitions, net of cash acquired(91)(370)
Additions to property, plant, and equipment(649)(615)
Purchases of investments(5,311)(5,360)
Sales and maturities of investments4,637 4,337 
Other investing activities, net(79)(4)
Net cash used in investing activities(1,493)(2,012)
Financing Activities:  
Change in current debt obligations, net (57)
Proceeds from short-term borrowings (maturities greater than 90 days) 2,789 
Issuance of long-term debt 7,172 
Payments on long-term debt(1)(6,336)
Dividends to shareholders(1,693)(1,558)
Issuance of ordinary shares274 119 
Repurchase of ordinary shares(744)(68)
Other financing activities(46)(70)
Net cash provided by (used in) financing activities(2,210)1,991 
Effect of exchange rate changes on cash and cash equivalents(51)162 
Net change in cash and cash equivalents(693)2,280 
Cash and cash equivalents at beginning of period3,593 4,140 
Cash and cash equivalents at end of period$2,900 $6,420 
Supplemental Cash Flow Information  
Cash paid for:  
Income taxes$615 $384 
Interest280 321 
The accompanying notes are an integral part of these consolidated financial statements.
6

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)



1. Basis of Presentation
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 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.
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.
The Covid-19 pandemic ("COVID-19" or the "pandemic") has had, and may continue to have, an adverse effect on our business, results of operations, financial condition, and cash flows, and its future impacts remain highly uncertain and unpredictable. While there was not a material impact to the Company’s consolidated financial statements as of and for the three and six months ended October 29, 2021, changes in the Company’s assessment about the length and severity of the pandemic, as well as other factors, could result in actual results differing from estimates.
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 eliminated in consolidation. Amounts reported in millions within this quarterly report are computed based on the amounts in thousands, and therefore, the sum of the components may not equal the total amount reported in millions due to rounding. Additionally, certain columns and rows within tables may not sum due to rounding.
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 April 30, 2021. The Company’s fiscal years 2022, 2021, and 2020 will end or ended on April 29, 2022, April 30, 2021, and April 24, 2020, respectively. Fiscal year 2021 was a 53-week year, with the extra week having occurred in the first fiscal month of the first quarter.
2. New Accounting Pronouncements
Recently Adopted
For the three and six months ended October 29, 2021, there were no newly adopted accounting pronouncements that had a material impact to our consolidated financial statements. As of October 29, 2021, there are no recently issued but not yet adopted accounting pronouncements that are expected to materially impact our consolidated financial statements.
3. Revenue
The Company's revenues are principally derived from device-based medical therapies and services related to cardiac rhythm disorders, cardiovascular disease, renal disease, neurological disorders and diseases, spinal conditions and musculoskeletal trauma, chronic pain, urological and digestive disorders, ear, nose, and throat conditions, and diabetes conditions as well as advanced and general surgical care products, respiratory and monitoring solutions, and neurological surgery technologies. The Company's primary customers include healthcare systems, clinics, third-party healthcare providers, distributors, and other institutions, including governmental healthcare programs and group purchasing organizations.
During the fourth quarter of fiscal year 2021, the Company realigned its divisions within Cardiovascular. As a result, fiscal year 2021 revenue has been recast to adjust for these realignments. Additionally, the Company implemented a new operating model in fiscal year 2021, which was fully operational beginning in the fourth quarter.
7

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


The table below illustrates net sales by segment and division for the three and six months ended October 29, 2021 and October 30, 2020:<
 
Three months ended
Six months ended
(in millions)October 29, 2021October 30, 2020October 29, 2021October 30, 2020
Cardiac Rhythm & Heart Failure $1,471 $1,426 $2,954 $2,673 
Structural Heart & Aortic750 733 1,537 1,360 
Coronary & Peripheral Vascular 606 567