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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
January 26, 2024
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
Medtronic Logo.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
0.250% Senior Notes due 2025MDT/25New York Stock Exchange
0.000% Senior Notes due 2025MDT/25ANew York Stock Exchange
2.625% Senior Notes due 2025MDT/25BNew York Stock Exchange
1.125% Senior Notes due 2027MDT/27New York Stock Exchange
0.375% Senior Notes due 2028MDT/28New York Stock Exchange
3.000% Senior Notes due 2028MDT/28ANew York Stock Exchange
1.625% Senior Notes due 2031MDT/31New York Stock Exchange
1.000% Senior Notes due 2031MDT/31ANew York Stock Exchange
3.125% Senior Notes due 2031MDT/31BNew York Stock Exchange
0.750% Senior Notes due 2032MDT/32New York Stock Exchange
3.375% Senior Notes due 2034MDT/34New York Stock Exchange
2.250% Senior Notes due 2039MDT/39ANew York Stock Exchange
1.500% Senior Notes due 2039MDT/39BNew York Stock Exchange
1.375% Senior Notes due 2040MDT/40ANew York Stock Exchange
1.750% 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 February 21, 2024, 1,327,822,539 ordinary shares, par value $0.0001, of the registrant were outstanding.









PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Medtronic plc
Consolidated Statements of Income
(Unaudited)
 Three months endedNine months ended
(in millions, except per share data)January 26, 2024January 27, 2023January 26, 2024January 27, 2023
Net sales$8,089 $7,727 $23,775 $22,682 
Costs and expenses:  
Cost of products sold, excluding amortization of intangible assets2,782 2,689 8,172 7,740 
Research and development expense695 688 2,060 2,055 
Selling, general, and administrative expense2,673 2,615 7,971 7,799 
Amortization of intangible assets419 431 1,274 1,275 
Restructuring charges, net20 38 114 81 
Certain litigation charges  105  
Other operating expense (income), net17 (125)(13)(187)
Operating profit1,483 1,392 4,091 3,920 
Other non-operating income, net(177)(149)(407)(342)
Interest expense, net188 167 517 449 
Income before income taxes1,472 1,375 3,982 3,813 
Income tax provision135 146 936 1,218 
Net income1,337 1,229 3,045 2,595 
Net income attributable to noncontrolling interests(15)(6)(23)(17)
Net income attributable to Medtronic$1,322 $1,222 $3,022 $2,579 
Basic earnings per share$0.99 $0.92 $2.27 $1.94 
Diluted earnings per share$0.99 $0.92 $2.27 $1.94 
Basic weighted average shares outstanding1,329.7 1,330.2 1,330.1 1,329.6 
Diluted weighted average shares outstanding1,331.7 1,332.0 1,332.4 1,332.8 
The accompanying notes are an integral part of these consolidated financial statements.
1


Medtronic plc
Consolidated Statements of Comprehensive Income
(Unaudited)
 Three months endedNine months ended
(in millions)January 26, 2024January 27, 2023January 26, 2024January 27, 2023
Net income$1,337 $1,229 $3,045 $2,595 
Other comprehensive income (loss), net of tax:  
Unrealized gain (loss) on investment securities 111 107 73 (76)
Translation adjustment450 1,689 (461)(20)
Net investment hedge(424)(1,858)348 (449)
Net change in retirement obligations2 (2)6 2 
Unrealized (loss) gain on cash flow hedges(220)(760)74 (382)
Other comprehensive (loss) income (81)(824)39 (924)
Comprehensive income including noncontrolling interests1,257 405 3,084 1,671 
Comprehensive income attributable to noncontrolling interests(17)(11)(23)(17)
Comprehensive income attributable to Medtronic$1,240 $394 $3,062 $1,654 
The accompanying notes are an integral part of these consolidated financial statements.
2


Medtronic plc
Consolidated Balance Sheets
(Unaudited)
(in millions)January 26, 2024April 28, 2023
ASSETS  
Current assets:  
Cash and cash equivalents$1,623 $1,543 
Investments6,698 6,416 
Accounts receivable, less allowances and credit losses of $180 and $176, respectively
5,968 5,998 
Inventories, net5,726 5,293 
Other current assets2,499 2,425 
Total current assets22,513 21,675 
Property, plant, and equipment, net5,838 5,569 
Goodwill41,160 41,425 
Other intangible assets, net13,690 14,844 
Tax assets3,599 3,477 
Other assets4,036 3,959 
Total assets$90,836 $90,948 
LIABILITIES AND EQUITY 
Current liabilities: 
Current debt obligations$1,029 $20 
Accounts payable1,992 2,662 
Accrued compensation2,174 1,949 
Accrued income taxes1,109 840 
Other accrued expenses3,488 3,581 
Total current liabilities9,793 9,051 
Long-term debt24,153 24,344 
Accrued compensation and retirement benefits1,049 1,093 
Accrued income taxes1,821 2,360 
Deferred tax liabilities615 708 
Other liabilities1,410 1,727 
Total liabilities38,840 39,283 
Commitments and contingencies (Note 16)
Shareholders’ equity: 
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,329,653,024 and 1,330,809,036 shares issued and outstanding, respectively
  
Additional paid-in capital24,589 24,590 
Retained earnings30,661 30,392 
Accumulated other comprehensive loss(3,459)(3,499)
Total shareholders’ equity51,792 51,483 
Noncontrolling interests204 182 
Total equity51,996 51,665 
Total liabilities and equity$90,836 $90,948 
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 28, 20231,331 $ $24,590 $30,392 $(3,499)$51,483 $182 $51,665 
Net income— — — 791 — 791 6 797 
Other comprehensive loss— — — — (175)(175)— (175)
Dividends to shareholders ($0.69 per ordinary share)
— — — (918)— (918)— (918)
Issuance of shares under stock purchase and award plans1 — 73 — — 73 — 73 
Repurchase of ordinary shares(2)— (148)— — (148)— (148)
Stock-based compensation— — 73 — — 73 — 73 
July 28, 20231,330 $ $24,587 $30,265 $(3,674)$51,178 $188 $51,366 
Net income— — — 909 — 909 2 911 
Other comprehensive income (loss)— — — — 297 297 (2)295 
Dividends to shareholders ($0.69 per ordinary share)
— — — (918)— (918)— (918)
Issuance of shares under stock purchase and award plans2 — 35 — — 35 — 35 
Repurchase of ordinary shares(2)— (189)— — (189)— (189)
Stock-based compensation— — 146 — — 146 — 146 
October 27, 20231,330 $ $24,580 $30,256 $(3,377)$51,460 $187 $51,647 
Net income— — — 1,322 — 1,322 15 1,337 
Other comprehensive (loss) income— — — — (82)(82)1 (81)
Dividends to shareholders ($0.69 per ordinary share)
— — — (917)— (917)— (917)
Issuance of shares under stock purchase and award plans1 — 49 — — 49 — 49 
Repurchase of ordinary shares(2)— (124)— — (124)— (124)
Stock-based compensation— — 85 — — 85 — 85 
January 26, 20241,330 $ $24,589 $30,661 $(3,459)$51,792 $204 $51,996 

4


Ordinary SharesAdditional Paid-in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
 Shareholders’
 Equity
Noncontrolling InterestsTotal Equity
(in millions)NumberPar Value
April 29, 20221,331 $ $24,566 $30,250 $(2,265)$52,551 $171 $52,722 
Net income— — — 929 — 929 2 931 
Other comprehensive income (loss)— — — — 326 326 (2)324 
Dividends to shareholders ($0.68 per ordinary share)
— — — (903)— (903)— (903)
Issuance of shares under stock purchase and award plans2 — 41 — — 41 — 41 
Repurchase of ordinary shares(3)— (333)— — (333)— (333)
Stock-based compensation— — 62 — — 62 — 62 
July 29, 20221,329 $ $24,335 $30,276 $(1,939)$52,672 $170 $52,843 
Net income— — — 427 — 427 8 435 
Other comprehensive loss— — — — (422)(422)(2)(424)
Dividends to shareholders ($0.68 per ordinary share)
— — — (904)— (904)— (904)
Issuance of shares under stock purchase and award plans2 — 55 — — 55 — 55 
Repurchase of ordinary shares(1)— (85)— — (85)— (85)
Stock-based compensation— — 137 — — 137 — 137 
October 28, 20221,330 $ $24,442 $29,799 $(2,361)$51,880 $177 $52,057 
Net income— — — 1,222 — 1,222 6 1,229 
Other comprehensive (loss) income— — — — (828)(828)4 (824)
Dividends to shareholders ($0.68 per ordinary share)
— — — (904)— (904)— (904)
Issuance of shares under stock purchase and award plans1 — 48 — — 48 — 48 
Repurchase of ordinary shares(1)— (63)— — (63)— (63)
Stock-based compensation— — 81 — — 81 — 81 
Changes to noncontrolling ownership interests— — 5 — — 5 (11)(6)
January 27, 20231,330 $ $24,513 $30,117 $(3,189)$51,441 $177 $51,618 
The accompanying notes are an integral part of these consolidated financial statements.
5


Medtronic plc
Consolidated Statements of Cash Flows
(Unaudited)
 Nine months ended
(in millions)January 26, 2024January 27, 2023
Operating Activities:  
Net income$3,045 $2,595 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization1,993 2,018 
Provision for credit losses62 54 
Deferred income taxes(250)(78)
Stock-based compensation303 280 
Loss on debt extinguishment 53 
Other, net265 182 
Change in operating assets and liabilities, net of acquisitions and divestitures:  
Accounts receivable, net(140)(408)
Inventories, net(530)(936)
Accounts payable and accrued liabilities(253)163 
Other operating assets and liabilities(485)(344)
Net cash provided by operating activities4,010 3,579 
Investing Activities:  
Acquisitions, net of cash acquired(74)(1,867)
Additions to property, plant, and equipment(1,161)(1,081)
Purchases of investments(5,422)(5,472)
Sales and maturities of investments5,142 5,387 
Other investing activities, net(155)15 
Net cash used in investing activities(1,670)(3,018)
Financing Activities:  
Change in current debt obligations, net1,010 625 
Proceeds from short-term borrowings (maturities greater than 90 days) 2,284 
Issuance of long-term debt 3,430 
Payments on long-term debt (3,083)
Dividends to shareholders(2,753)(2,711)
Issuance of ordinary shares206 209 
Repurchase of ordinary shares(510)(548)
Other financing activities(44)(276)
Net cash used in financing activities(2,091)(70)
Effect of exchange rate changes on cash and cash equivalents(170)317 
Net change in cash and cash equivalents80 808 
Cash and cash equivalents at beginning of period1,543 3,714 
Cash and cash equivalents at end of period$1,623 $4,521 
Supplemental Cash Flow Information  
Cash paid for:  
Income taxes$1,403 $1,314 
Interest568 262 

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 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 28, 2023. The Company’s fiscal years 2024, 2023, and 2022 will end or ended on April 26, 2024, April 28, 2023, and April 29, 2022, respectively.
2. New Accounting Pronouncements
Recently Adopted
Supplier Finance Programs
In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-04, Liabilities— Supplier Finance Programs (Subtopic 405-50), which requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted this guidance on April 29, 2023. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements.
Not Yet Adopted
Segment Reporting
In November 2023, the FASB issued ASU 2023-07, Improvements to Segment Reporting (Topic 280), which requires incremental disclosures on reportable segments, primarily through enhanced disclosures on significant segment expenses. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2025 for our annual report and for interim periods starting in fiscal year 2026. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740), which requires incremental annual disclosures on income taxes, including rate reconciliations, income taxes paid, and other disclosures. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2026 for our annual report. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.
3. Revenue
The Company's revenues are principally derived from device-based medical therapies and services related to cardiac rhythm disorders, cardiovascular 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. Prior period revenue has been recast to reflect the new reporting structure, which primarily includes allocating certain prior Medical Surgical businesses to the Other line. Refer to Note 17 to the consolidated financial statements for additional information regarding the Company's reporting structure.
7

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


The table below illustrates net sales by segment and division for the three and nine months ended January 26, 2024 and January 27, 2023:
 
Three months ended
Nine months ended
(in millions)January 26, 2024January 27, 2023January 26, 2024January 27, 2023
Cardiac Rhythm & Heart Failure $1,470 $1,419 $4,408 $4,217 
Structural Heart & Aortic843 760 2,475 2,259 
Coronary & Peripheral Vascular 616 581 1,818 1,744 
Cardiovascular 2,929 2,760 8,702 8,219 
Cranial & Spinal Technologies1,204 1,128 3,465 3,253 
Specialty Therapies726 699 2,126 2,052 
Neuromodulation425 420 1,270 1,244 
Neuroscience 2,355 2,248 6,861 6,549 
Surgical & Endoscopy1,616 1,546 4,803 4,514 
Patient Monitoring & Respiratory Interventions532 522 1,526 1,489 
Medical Surgical 2,148 2,068 6,329 6,003 
Diabetes 640 570 1,829 1,667 
Other(1)
17 81 54 243 
Total$8,089 $7,727 $23,775 $22,682 
(1) Includes revenue from the divested Renal Care Solutions business and Transition Manufacturing Agreements from previously divested businesses.
The table below illustrates net sales by market geography for each segment for the three and nine months ended January 26, 2024 and January 27, 2023:
 
U.S.(1)
Non-U.S. Developed Markets(2)
Emerging Markets(3)
Three months endedThree months endedThree months ended
(in millions)January 26, 2024January 27, 2023January 26, 2024January 27, 2023January 26, 2024January 27, 2023
Cardiovascular $1,373 $1,363 $950 $859 $607 $538 
Neuroscience 1,556 1,507 442 401 357 341 
Medical Surgical 960 959 758 725 429 384 
Diabetes 224 215 322 274 94 80 
Other(4)
7 17 2 36 8 28 
Total$4,120 $4,062 $2,473 $2,294 $1,495 $1,371 
U.S.(1)
Non-U.S. Developed Markets(2)
Emerging Markets(3)
Nine months endedNine months endedNine months ended
(in millions)January 26, 2024January 27, 2023January 26, 2024January 27, 2023January 26, 2024January 27, 2023
Cardiovascular $4,149 $4,059 $2,818 $2,553 $1,734 $1,607 
Neuroscience 4,614 4,437 1,257 1,189 991 923 
Medical Surgical 2,805 2,685 2,270 2,144 1,254 1,174 
Diabetes 629 650 947 792 253 226 
Other(4)
23 66 14 101 18 76 
Total$12,219 $11,897 $7,305 $6,779 $4,251 $4,006 
(1)U.S. includes the United States and U.S. territories.
(2)Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries within Western Europe.
(3)Emerging markets include the countries of the Middle East, Africa, Latin America, Eastern Europe, and the countries of Asia that are not included in the non-U.S. developed markets, as defined above.
(4)Includes revenue from the divested Renal Care Solutions (RCS) business and Transition Manufacturing Agreements from previously divested businesses.
8

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


The amount of revenue recognized is reduced by sales rebates and returns. Adjustments to rebates and returns reserves are recorded as increases or decreases to revenue. At January 26, 2024, $1.1 billion of rebates were classified as other accrued expenses, and $575 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet. At April 28, 2023, $1.1 billion of rebates were classified as other accrued expenses, and $555 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet.
Deferred Revenue and Remaining Performance Obligations
Deferred revenue at January 26, 2024 and April 28, 2023 was $447 million and $405 million, respectively. At January 26, 2024 and April 28, 2023, $350 million and $314 million was included in other accrued expenses, respectively, and $97 million and $91 million was included in other liabilities, respectively. During the nine months ended January 26, 2024, the Company recognized $274 million of revenue that was included in deferred revenue as of April 28, 2023.
Remaining performance obligations include goods and services that have not yet been delivered or provided under existing, noncancellable contracts with minimum purchase commitments. At January 26, 2024, the estimated revenue expected to be recognized in future periods related to unsatisfied performance obligations for executed contracts with an original duration of one year or more was approximately $0.5 billion. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next three years.
4. Acquisitions and Dispositions
During the nine months ended January 26, 2024 and January 27, 2023, the Company had acquisitions that were accounted for as business combinations. The assets and liabilities of the businesses acquired were recorded and consolidated on the acquisition date at their respective fair values. Goodwill resulting from business combinations is largely attributable to future, yet to be defined technologies, new customer relationships, existing workforce of the acquired businesses, and synergies expected to arise after the Company's acquisition of these businesses. The pro forma impact of these acquisitions was not significant, either individually or in the aggregate, to the consolidated results of the Company for the three and nine months ended January 26, 2024 and January 27, 2023. The results of operations of acquired businesses have been included in the Company's consolidated statements of income since the date each business was acquired. For the three and nine months ended January 26, 2024 and January 27, 2023, purchase price allocation adjustments were not significant.
Fiscal Year 2024
The acquisition date fair value of net assets acquired during the nine months ended January 26, 2024 was $107 million. Based on preliminary valuations, assets acquired were primarily comprised of $51 million of goodwill and $29 million of technology-based intangible assets with estimated useful lives of 10 years. The goodwill is deductible for tax purposes. The Company recognized $25 million of non-cash contingent consideration liabilities in connection with these business combinations during the nine months ended January 26, 2024, which are comprised of revenue and product development milestone-based payments.
Fiscal Year 2023
Intersect ENT
On May 13, 2022, the Company acquired Intersect ENT, a global ear, nose, and throat (ENT) medical technology leader. The acquisition expands the Neuroscience segment portfolio of products used during ENT procedures, and combined with the Company's navigation, powered instruments, and existing tissue health products, offers a broader suite of solutions to assist surgeons treating patients who suffer from chronic rhinosinusitis (CRS). Total consideration, net of cash acquired, for the transaction, in which the Company acquired all outstanding shares of Intersect ENT for $28.25 per share, was $1.2 billion consisting of $1.1 billion of cash and $98 million previously held investments in Intersect ENT. The Company acquired $615 million of goodwill, $635 million of technology-based intangible assets, $35 million of customer-related intangible assets, and $13 million of tradenames with estimated useful lives of 20 years. The goodwill is not deductible for tax purposes.
Revenue and net loss attributable to Intersect ENT since the date of acquisition as well as costs incurred in connection with the acquisition included in the consolidated statements of income were not significant for the three and nine months ended January 27, 2023.
9

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


Affera, Inc.
On August 30, 2022, the Company acquired Affera, Inc. (Affera) a privately-held company focused on the development of cardiac mapping and navigation systems and catheter-based cardiac ablation technologies. The acquisition expands the Cardiovascular segment suite of advanced cardiac ablation products and accessories, including its first cardiac mapping and navigation platform. Total consideration, net of cash acquired for the transaction, was $904 million. The Company acquired $660 million of goodwill and $300 million of in-process research and development, which was capitalized into intangible assets during the fourth quarter of fiscal year 2023. The goodwill is not deductible for tax purposes. The Company recognized $201 million of contingent consideration liabilities in connection with the acquisition, which are comprised of product development milestone-based payments.
Revenue and net loss attributable to Affera since the date of acquisition as well as costs incurred in connection with the acquisition included in the consolidated statements of income were not significant for the three and nine months ended January 27, 2023.
The acquisition date fair values of the assets acquired and liabilities assumed were as follows:
(in millions)Intersect ENTAffera
Cash and cash equivalents$39 $66 
Inventory32  
Goodwill615 660 
Other intangible assets683 300 
Other assets40 1 
Total assets acquired1,408 1,027 
 
Current liabilities63 2 
Deferred tax liabilities51 53 
Other liabilities18 1 
Total liabilities assumed131 56 
Net assets acquired$1,277 $970 
Other acquisitions
For acquisitions, other than Intersect ENT and Affera, the acquisition date fair value of net assets acquired during the nine months ended January 27, 2023 was $123 million. Assets acquired were primarily comprised of $66 million of goodwill and $57 million of technology-based intangible assets with estimated useful lives of 16 years. The goodwill is deductible for tax purposes. The Company recognized $73 million of non-cash contingent consideration liabilities in connection with these acquisitions during the nine months ended January 27, 2023, which are comprised of revenue and product development milestone-based payments.
Acquired In-Process Research & Development (IPR&D)
IPR&D with no alternative future use acquired outside of a business combination is expensed immediately. The Company did not acquire any IPR&D in connection with asset acquisitions of technology not yet approved during the three months ended January 26, 2024 and January 27, 2023. During the nine months ended January 26, 2024 and January 27, 2023, IPR&D acquired in connection with asset acquisitions of technology not yet approved was not significant.
Contingent Consideration
Certain of the Company’s business combinations involve potential payment of future consideration that is contingent upon the achievement of certain product development milestones and/or contingent on the acquired business reaching certain performance milestones. A liability is recorded for the estimated fair value of the contingent consideration on the acquisition date. The fair value of the contingent consideration is remeasured at each reporting period, and the change in fair value is recognized within other operating expense (income), net in the consolidated statements of income.
The fair value of contingent consideration liabilities at January 26, 2024 and April 28, 2023 was $172 million and $206 million, respectively. At January 26, 2024, $118 million was recorded in other accrued expenses, and $55 million was recorded in other liabilities in the consolidated balance sheet. At April 28, 2023, $34 million was recorded in other accrued expenses, and $171 million was recorded in other liabilities in the consolidated balance sheet.
10

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


The following table provides a reconciliation of the beginning and ending balances of contingent consideration liabilities:
 Three months endedNine months ended
(in millions)January 26, 2024January 27, 2023January 26, 2024January 27, 2023
Beginning balance$220 $349 $206 $119 
Purchase price contingent consideration  25 274 
Payments(69)(45