Quarterly Report (10-q)

Date : 12/03/2019 @ 9:13PM
Source : Edgar (US Regulatory)
Stock : Medtronic PLC (MDT)
Quote : 119.3374  -1.6326 (-1.35%) @ 8:45PM
Medtronic share price Chart

Quarterly Report (10-q)

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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 25, 2019
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-20191025_G1.JPG ®
MEDTRONIC PUBLIC LIMITED COMPANY
(Exact name of registrant as specified in its charter)
   
Ireland 98-1183488
(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 class Trading Symbol Name of each exchange on which registered
Ordinary shares, par value $0.0001 per share MDT New York Stock Exchange
Floating Rate Notes due 2021 MDT/21 New York Stock Exchange
0.000% Senior Notes due 2021 MDT/21A New York Stock Exchange
0.000% Senior Notes due 2022 MDT/22B New York Stock Exchange
0.375% Senior Notes due 2023 MDT/23B New York Stock Exchange
0.25% Senior Notes due 2025 MDT/25 New York Stock Exchange
1.125% Notes due 2027 MDT/27 New York Stock Exchange
1.625% Notes due 2031 MDT/31 New York Stock Exchange
1.00% Senior Notes due 2031 MDT/31A New York Stock Exchange
2.250% Notes due 2039 MDT/39A New York Stock Exchange
1.50% Senior Notes due 2039 MDT/39B New York Stock Exchange
1.75% Senior Notes due 2049 MDT/49 New 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 filer Accelerated filer Emerging growth company
Non-accelerated filer Smaller 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 27, 2019, 1,340,377,511 ordinary shares, par value $0.0001, and 1,872 A preferred shares, par value $1.00, of the registrant were outstanding.





TABLE OF CONTENTS




PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Medtronic plc
Consolidated Statements of Income
(Unaudited)
  Three months ended Six months ended
(in millions, except per share data) October 25, 2019 October 26, 2018 October 25, 2019 October 26, 2018
Net sales $ 7,706    $ 7,481    $ 15,199    $ 14,865   
Costs and expenses:    
Cost of products sold 2,394    2,203    4,760    4,407   
Research and development expense 603    590    1,190    1,175   
Selling, general, and administrative expense 2,620    2,605    5,163    5,202   
Amortization of intangible assets 441    445    881    891   
Restructuring charges, net 27    24    74    86   
Certain litigation charges 121    —    168    103   
Other operating expense, net 149    70    127    221   
Operating profit 1,351    1,544    2,836    2,780   
Other non-operating income, net (108)   (52)   (209)   (238)  
Interest expense 165    241    774    483   
Income before income taxes 1,294    1,355    2,271    2,535   
Income tax provision (77)   235    23    338   
Net income 1,371    1,120    2,248    2,197   
Net income attributable to noncontrolling interests (7)   (5)   (20)   (7)  
Net income attributable to Medtronic $ 1,364    $ 1,115    $ 2,228    $ 2,190   
Basic earnings per share $ 1.02    $ 0.83    $ 1.66    $ 1.62   
Diluted earnings per share $ 1.01    $ 0.82    $ 1.65    $ 1.61   
Basic weighted average shares outstanding 1,340.8    1,349.2    1,340.8    1,350.9   
Diluted weighted average shares outstanding 1,351.4    1,360.9    1,351.6    1,363.0   

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


Medtronic plc
Consolidated Statements of Comprehensive Income
(Unaudited)
  Three months ended Six months ended
(in millions) October 25, 2019 October 26, 2018 October 25, 2019 October 26, 2018
Net income $ 1,371    $ 1,120    $ 2,248    $ 2,197   
Other comprehensive income (loss), net of tax:    
Unrealized gain (loss) on investment securities 17    (9)   73    (9)  
Translation adjustment (214)   (431)   (148)   (1,255)  
Net investment hedge 53    —    152    —   
Net change in retirement obligations 12    21    25    48   
Unrealized gain (loss) on cash flow hedges   127    (2)   340   
Other comprehensive (loss) income (127)   (292)   100    (876)  
Comprehensive income including noncontrolling interests 1,244    828    2,348    1,321   
Comprehensive income attributable to noncontrolling interests (7)   (2)   (20)   (4)  
Comprehensive income attributable to Medtronic $ 1,237    $ 826    $ 2,328    $ 1,317   

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


Medtronic plc
Consolidated Balance Sheets
(Unaudited)
(in millions) October 25, 2019 April 26, 2019
ASSETS    
Current assets:    
Cash and cash equivalents $ 3,962    $ 4,393   
Investments 6,436    5,455   
Accounts receivable, less allowances of $198 and $190, respectively
6,118    6,222   
Inventories, net 4,042    3,753   
Other current assets 2,095    2,144   
Total current assets 22,653    21,967   
Property, plant, and equipment 11,364    10,920   
Accumulated depreciation (6,608)   (6,245)  
Property, plant, and equipment, net 4,756    4,675   
Goodwill 39,952    39,959   
Other intangible assets, net 19,775    20,560   
Tax assets 1,804    1,519   
Other assets 2,113    1,014   
Total assets $ 91,053    $ 89,694   
LIABILITIES AND EQUITY    
Current liabilities:    
Current debt obligations $ 875    $ 838   
Accounts payable 1,965    1,953   
Accrued compensation 1,773    2,189   
Accrued income taxes 442    567   
Other accrued expenses 3,115    2,925   
Total current liabilities 8,170    8,472   
Long-term debt 24,752    24,486   
Accrued compensation and retirement benefits 1,573    1,651   
Accrued income taxes 2,705    2,838   
Deferred tax liabilities 1,376    1,278   
Other liabilities 1,758    757   
Total liabilities 40,334    39,482   
Commitments and contingencies (Note 17)
Shareholders’ equity:    
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,340,375,745 and 1,340,697,595 shares issued and outstanding, respectively
—    —   
Additional paid-in capital 26,171    26,532   
Retained earnings 27,018    26,270   
Accumulated other comprehensive loss (2,611)   (2,711)  
Total shareholders’ equity 50,578    50,091   
Noncontrolling interests 141    121   
Total equity 50,719    50,212   
Total liabilities and equity $ 91,053    $ 89,694   

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


Medtronic plc
Consolidated Statements of Equity
(Unaudited)
Ordinary Shares Additional Paid-in Capital Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Noncontrolling Interests Total Equity
(in millions) Number Par Value
April 26, 2019 1,341    $ —    $ 26,532    $ 26,270    $ (2,711)   $ 50,091    $ 121    $ 50,212   
Net income —    —    —    864    —    864    13    877   
Other comprehensive income —    —    —    —    227    227    —    227   
Dividends to shareholders ($0.54 per ordinary share)
—    —    —    (724)   —    (724)   —    (724)  
Issuance of shares under stock purchase and award plans   —    205    —    —    205    —    205   
Repurchase of ordinary shares (3)   —    (328)   —    —    (328)   —    (328)  
Stock-based compensation —    —    61    —    —    61    —    61   
Cumulative effect of change in accounting principle(1)
—    —    —    (33)   —    (33)   —    (33)  
July 26, 2019 1,341    $ —    $ 26,470    $ 26,377    $ (2,484)   $ 50,363    $ 134    $ 50,497   
Net income —    —    —    1,364    —    1,364      1,371   
Other comprehensive (loss) —    —    —    —    (127)   (127)   —    (127)  
Dividends to shareholders ($$0.54 per ordinary share)
—    —    —    (723)   —    (723)   —    (723)  
Issuance of shares under stock purchase and award plans   —    145    —    —    145    —    145   
Repurchase of ordinary shares (5)   —    (552)   —    —    (552)   —    (552)  
Stock-based compensation —    108    —    —    108    —    108   
October 25, 2019 1,340    $ —    $ 26,171    $ 27,018    $ (2,611)   $ 50,578    $ 141    $ 50,719   

(1) See Note 2 to the consolidated financial statements for discussion regarding the adoption of accounting standards during the first quarter fiscal year 2020.

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
















4


Medtronic plc
Consolidated Statements of Equity
(Unaudited)
Ordinary Shares Additional Paid-in Capital Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shareholders’
Equity
Noncontrolling Interests Total Equity
(in millions) Number Par Value
April 27, 2018 1,354    $ —    $ 28,127    $ 24,379    $ (1,786)   $ 50,720    $ 102    $ 50,822   
Net income —    —    —    1,075    —    1,075      1,077   
Other comprehensive (loss) —    —    —    —    (584)   (584)   —    (584)  
Dividends to shareholders ($0.50 per ordinary share)
—    —    —    (677)   —    (677)   —    (677)  
Issuance of shares under stock purchase and award plans   —    446    —    —    446    —    446   
Repurchase of ordinary shares (9)   —    (820)   —    —    (820)   —    (820)  
Stock-based compensation —    —    64    —    —    64    —    64   
Changes to noncontrolling ownership interests —    —    —    —    —    —       
Cumulative effect of change in accounting principle(1)
—    —    —    (47)   47    —    —    —   
July 27, 2018 1,352    $ —    $ 27,817    $ 24,730    $ (2,323)   $ 50,224    $ 105    $ 50,329   
Net income —    —    —    1,115    —    1,115      1,120   
Other comprehensive (loss) —    —    —    —    (289)   (289)   (3)   (292)  
Dividends to shareholders ($0.50 per ordinary share)
—    —    —    (674)   —    (674)   —    (674)  
Issuance of shares under stock purchase and award plans   —    298    —    —    298    —    298   
Repurchase of ordinary shares (13)   —    (1,171)   —    —    (1,171)   —    (1,171)  
Stock-based compensation —    —    104    —    —    104    —    104   
October 26, 2018 1,346    $ —    $ 27,048    $ 25,171    $ (2,612)   $ 49,607    $ 107    $ 49,714   
(1) The cumulative effect of change in accounting principle during the first quarter of fiscal year 2019 resulted from the adoption of accounting guidance that requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. As a result of the adoption, the Company reclassified $47 million from accumulated other comprehensive loss to the opening balance of retained earnings as of April 28, 2018.
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 25, 2019 October 26, 2018
Operating Activities:    
Net income $ 2,248    $ 2,197   
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,328    1,317   
Provision for doubtful accounts 44    32   
Deferred income taxes (245)   (80)  
Stock-based compensation 169    168   
Loss on debt extinguishment 406    —   
Other, net 119    55   
Change in operating assets and liabilities, net of acquisitions and divestitures:          
Accounts receivable, net 39    (37)  
Inventories, net (267)   (312)  
Accounts payable and accrued liabilities (294)   24   
Other operating assets and liabilities (170)   (499)  
Net cash provided by operating activities 3,377    2,865   
Investing Activities:    
Acquisitions, net of cash acquired (201)   (119)  
Additions to property, plant, and equipment (584)   (497)  
Purchases of investments (4,226)   (1,444)  
Sales and maturities of investments 3,260    2,824   
Other investing activities (16)   —   
Net cash (used in) provided by investing activities (1,767)   764   
Financing Activities:    
Change in current debt obligations, net 42    (700)  
Issuance of long-term debt 5,568     
Payments on long-term debt (5,594)   (17)  
Dividends to shareholders (1,447)   (1,351)  
Issuance of ordinary shares 432    800   
Repurchase of ordinary shares (962)   (2,047)  
Other financing activities (54)   11   
Net cash used in financing activities (2,015)   (3,303)  
Effect of exchange rate changes on cash and cash equivalents (26)   (84)  
Net change in cash and cash equivalents (431)   242   
Cash and cash equivalents at beginning of period 4,393    3,669   
Cash and cash equivalents at end of period $ 3,962    $ 3,911   
Supplemental Cash Flow Information    
Cash paid for:          
Income taxes $ 494    $ 941   
Interest 322    482   

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 of the adjustments necessary for a fair statement in conformity with U.S. GAAP. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.
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.
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 26, 2019. The Company’s fiscal years 2020, 2019, and 2018 will end or ended on April 24, 2020, April 26, 2019, and April 27, 2018, respectively.

2. New Accounting Pronouncements
Recently Adopted
Leases
In February 2016, the FASB issued guidance which requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet. This guidance also requires additional qualitative and quantitative lease related disclosures in the notes to the consolidated financial statements. The Company adopted this guidance using the modified retrospective method in the first quarter of fiscal year 2020.
During the implementation of this recently adopted accounting standard, the Company elected the package of practical expedients available under the transition guidance that allowed an entity not to reassess whether any expired or existing contracts are or contain leases, the classification for any expired or existing leases or any initial direct costs for existing leases. Further, the Company made accounting policy elections to not apply the recognition requirements to short-term leases and to account for lease and nonlease components as a single lease component.
The adoption of this guidance resulted in the recognition of right-of-use assets and lease liabilities in an amount of approximately $1.0 billion, an immaterial cumulative-effect adjustment to retained earnings as of April 27, 2019, and expansion of lease related disclosures. The adoption of this guidance did not have a material impact on the Company's consolidated statements of income or consolidated statements of cash flows.
Others
In August 2017, the FASB issued guidance to better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The Company adopted this guidance in the first quarter of fiscal year 2020. The adoption of this guidance resulted in expanded disclosures and did not have an impact on the Company's consolidated financial statements.
7

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)

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 hospitals, clinics, third-party health care providers, distributors, and other institutions, including governmental health care programs and group purchasing organizations.
The table below illustrates net sales by segment and division for the three and six months ended October 25, 2019 and October 26, 2018:
 
Three months ended(1)
Six months ended(1)
(in millions) October 25, 2019 October 26, 2018 October 25, 2019 October 26, 2018
Cardiac Rhythm & Heart Failure $ 1,426    $ 1,472    $ 2,807    $ 2,898   
Coronary & Structural Heart 955    906    1,896    1,823   
Aortic, Peripheral, & Venous 474    480    942    948   
Cardiac and Vascular Group 2,855    2,858    5,645    5,669   
Surgical Innovations 1,454    1,393    2,871    2,790   
Respiratory, Gastrointestinal, & Renal 688    654    1,371    1,309   
Minimally Invasive Therapies Group 2,142    2,047    4,242    4,099   
Brain Therapies 772    701    1,512    1,375   
Spine 692    656    1,349    1,308   
Specialty Therapies 333    322    656    631   
Pain Therapies 315    314    607    628   
Restorative Therapies Group 2,112    1,993    4,124    3,942   
Diabetes Group 596    583    1,188    1,155   
Total $ 7,706    $ 7,481    $ 15,199    $ 14,865   
(1) Revenue amounts have intentionally been rounded to the nearest million and, therefore, may not sum.
During the first quarter of fiscal year 2020, the Company realigned its divisions within the Restorative Therapies Group, which included a movement of revenue from Transformative Solutions product lines previously included in Specialty Therapies to a product line under Brain Therapies. As a result, net sales for fiscal year 2019 have been recast to adjust for this realignment.
8

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)

The table below illustrates net sales by market geography for each segment for the three and six months ended October 25, 2019 and October 26, 2018:
 
U.S.(1)(4)
Non-U.S. Developed Markets(2)(4)
Emerging Markets(3)(4)
Three months ended Three months ended Three months ended
(in millions) October 25, 2019 October 26, 2018 October 25, 2019 October 26, 2018 October 25, 2019 October 26, 2018
Cardiac and Vascular Group $ 1,455    $ 1,482    $ 890    $ 895    $ 510    $ 481   
Minimally Invasive Therapies Group 922    872    782    772    438    403   
Restorative Therapies Group 1,440    1,357    416    412    256    224   
Diabetes Group 311    334    226    203    59    46   
Total $ 4,129    $ 4,045    $ 2,315    $ 2,282    $ 1,262    $ 1,154   
 
U.S.(1)(4)
Non-U.S. Developed Markets(2)(4)
Emerging Markets(3)(4)
Six months ended Six months ended Six months ended
(in millions) October 25, 2019 October 26, 2018 October 25, 2019 October 26, 2018 October 25, 2019 October 26, 2018
Cardiac and Vascular Group $ 2,816    $ 2,871    $ 1,820    $ 1,842    $ 1,009    $ 956   
Minimally Invasive Therapies Group 1,835    1,729    1,573    1,600    834    770   
Restorative Therapies Group 2,778    2,651    842    840    504    451   
Diabetes Group 618    658    457    406    113    91   
Total $ 8,046    $ 7,909    $ 4,692    $ 4,688    $ 2,460    $ 2,268   
(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)Revenue amounts have intentionally been rounded to the nearest million and, therefore, may not sum.
The amount of revenue recognized is reduced by sales rebates and returns. Adjustments to rebates and returns reserves are recorded as increases or decreases of revenue. At October 25, 2019, $797 million of rebates were classified as other accrued expenses and $439 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheets. At April 26, 2019, $764 million of rebates were classified as other accrued expenses and $432 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheets. The Company includes obligations for returns in other accrued expenses in the consolidated balance sheets and the right-of-return asset in other current assets in the consolidated balance sheets. The right-of-return asset and liability at October 25, 2019 and April 26, 2019 were not material. For the three and six months ended October 25, 2019 and October 26, 2018, adjustments to rebate and return reserves recognized in revenue that were included in the rebate and return reserves at the beginning of the period were not material.
Deferred Revenue and Remaining Performance Obligations
The Company records a deferred revenue liability if a customer pays consideration before the Company transfers a good or service to the customer. Deferred revenue at October 25, 2019 and April 26, 2019 was $291 million and $315 million, respectively. At October 25, 2019 and April 26, 2019, $189 million and $211 million, respectively, was included in other accrued expenses and $102 million and $104 million, respectively, was included in other liabilities. During the six months ended October 25, 2019, the Company recognized $150 million of revenue that was included in deferred revenue as of April 26, 2019.
Remaining performance obligations include deferred revenue and amounts the Company expects to receive for goods and services that have not yet been delivered or provided under existing, noncancellable contracts with minimum purchase commitments. At October 25, 2019, the estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied for executed contracts with an original duration of one year or more was approximately $1.1 billion. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next four years.
9

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)

4. Acquisitions
The Company had acquisitions during the three and six months ended October 25, 2019 and October 26, 2018 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 six months ended October 25, 2019 and October 26, 2018. 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.
Fiscal Year 2020
The acquisition date fair value of net assets acquired during the six months ended October 25, 2019 was $272 million, consisting of $324 million of assets acquired and $52 million of liabilities assumed. Based upon preliminary valuations, assets acquired were primarily comprised of $139 million of technology-based intangible assets and $26 million of customer-related intangible assets with estimated useful lives ranging from 8 to 16 years, $92 million of goodwill, and $40 million of inventory. The goodwill is not deductible for tax purposes. The Company recognized $65 million of contingent consideration liabilities in connection with business combinations during the six months ended October 25, 2019, which are comprised of revenue milestone-based payments. For the six months ended October 25, 2019, purchase price allocation adjustments were not significant.
Fiscal Year 2019
The acquisition date fair value of net assets acquired during the six months ended October 26, 2018 was $166 million, consisting of $187 million of assets acquired and $21 million of liabilities assumed. Assets acquired were primarily comprised of $60 million of goodwill and $100 million of technology-based intangible assets with estimated useful lives ranging from 4 to 15 years. The Company recognized $46 million of contingent consideration liabilities in connection with business combinations during the six months ended October 26, 2018. For the six months ended October 26, 2018, purchase price allocation adjustments were not significant.
Acquired In-Process Research & Development
In-process research and development (IPR&D) acquired outside of a business combination is expensed immediately. During the three and six months ended October 25, 2019, the Company acquired no IPR&D in connection with an asset acquisition. During the three and six months ended October 26, 2018, the Company acquired $15 million of IPR&D in connection with an asset acquisition, which was recognized in other operating expense, net in the consolidated statements of income.
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, net in the consolidated statements of income. Contingent consideration payments made soon after the acquisition date are classified as investing activities in the consolidated statements of cash flows. Contingent consideration payments not made soon after the acquisition date that are related to the acquisition date fair value are reported as financing activities in the consolidated statements of cash flows, and amounts paid in excess of the original acquisition date fair value are reported as operating activities in the consolidated statements of cash flows.
The fair value of contingent consideration at October 25, 2019 and April 26, 2019 was $260 million and $222 million, respectively. At October 25, 2019, $83 million was recorded in other accrued expenses and $177 million was recorded in other liabilities in the consolidated balance sheets. At April 26, 2019, $73 million was recorded in other accrued expenses and $149 million was recorded in other liabilities in the consolidated balance sheets.
10

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)

The following table provides a reconciliation of the beginning and ending balances of contingent consideration:
  Three months ended Six months ended
(in millions) October 25, 2019 October 26, 2018 October 25, 2019 October 26, 2018
Beginning balance $ 269    $ 208    $ 222    $ 173   
Purchase price contingent consideration   11    65    46   
Payments (15)   (1)   (29)   (7)  
Change in fair value (1)   (15)     (9)  
Ending balance $ 260    $ 203    $ 260    $ 203   
The fair value of contingent consideration is measured using projected payment dates, discount rates, probabilities of payment, and projected revenues (for revenue-based consideration). Projected revenues are based on the Company's most recent internal operational budgets and long-range strategic plans. Changes in projected payment dates, discount rates, probabilities of payment, and projected revenues may result in adjustments to the fair value measurement. The recurring Level 3 fair value measurements of contingent consideration for which a liability is recorded include the following significant unobservable inputs:
Fair Value at
(in millions) October 25, 2019 Valuation Technique Unobservable Input Range
      Discount rate
11.5% - 32.5%
Revenue and other performance-based payments $135    Discounted cash flow Probability of payment
40% - 100%
      Projected fiscal year of payment 2020 - 2026
      Discount rate 5.5%   
Product development and other milestone-based payments $125    Discounted cash flow Probability of payment
75% - 100%
      Projected fiscal year of payment 2020 - 2027

5. Restructuring
In the third quarter of fiscal year 2018, the Company announced its Enterprise Excellence restructuring program, which is expected to leverage the Company's global size and scale, as well as enhance the customer and employee experience, with a focus on three objectives: global operations, functional optimization, and commercial optimization. Primary activities of the restructuring program include integrating and enhancing global manufacturing and supply processes, systems and site presence, enhancing and leveraging global operating models across several enabling functions, and optimizing certain commercial processes, systems, and models.
The Company estimates that, in connection with its Enterprise Excellence restructuring program, it will recognize pre-tax exit and disposal costs and other costs across all segments of approximately $1.6 billion to $1.8 billion, the majority of which are expected to be incurred by the end of fiscal year 2022. Approximately half of the estimated charges are related to employee termination benefits. The remaining charges are costs associated with the restructuring program, such as salaries for employees supporting the program and consulting expenses. These charges are recognized within restructuring charges, net, cost of products sold, and selling, general, and administrative expense in the consolidated statements of income.

For the three and six months ended October 25, 2019, the Company recognized charges of $95 million and $231 million, respectively. Additionally, the Company incurred accrual adjustments of $1 million and $13 million for the three and six months ended October 25, 2019, respectively, related to certain employees identified for termination finding other positions within Medtronic. For the three and six months ended October 25, 2019, charges included $32 million and $67 million, respectively, recognized within cost of products sold and $35 million and $77 million, respectively, recognized within selling, general, and administrative expense in the consolidated statements of income.

For the three and six months ended October 26, 2018, the Company recognized charges of $75 million and $195 million, respectively. Additionally, the Company incurred accrual adjustments of $4 million and $2 million for the three and six months ended October 26, 2018, respectively, related to employee termination benefits being more than initially estimated. For the three and six months ended October 26, 2018, charges included $22 million and $37 million, respectively, recognized within
11

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)

cost of products sold and $31 million and $54 million, respectively, recognized within selling, general, and administrative expense in the consolidated statements of income.

The following table summarizes the activity related to the Enterprise Excellence restructuring program for the six months ended October 25, 2019:
(in millions) Employee Termination Benefits
Associated Costs(1)
Asset Write-Downs(2)
Other Costs Total
April 26, 2019 $ 101    $   $ —    $ 12    $ 122   
Charges 79    139        231   
Cash payments (118)   (136)   —    (8)   (262)  
Settled non-cash —    —    (6)   —    (6)  
Accrual adjustments (6)   —    —    (7)   (13)  
October 25, 2019 $ 56    $ 12    $ —    $   $ 72   
(1)Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses.
(2)Recognized within cost of products sold in the consolidated statements of income.
6. Financial Instruments
Debt Securities
The Company holds investments in marketable debt securities that are classified and accounted for as available-for-sale and are remeasured on a recurring basis. For information regarding the valuation techniques and inputs used in the fair value measurements, refer to Note 1 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended April 26, 2019.
The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related consolidated balance sheet classification at October 25, 2019 and April 26, 2019: 
October 25, 2019
Valuation Balance Sheet Classification
(in millions) Cost Unrealized
Gains
Unrealized
Losses
Fair Value Investments Other Assets
Level 1:
U.S. government and agency securities $ 565    $ 15    $ —    $ 580    $ 580    $ —   
Level 2:
Corporate debt securities 3,814    43    (16)   3,841    3,841    —   
U.S. government and agency securities 858    —    (1)   857    857    —   
Mortgage-backed securities 634    11    (13)   632    632    —   
Non-U.S. government and agency securities 13    —    —    13    13    —   
Other asset-backed securities 514      (3)   513    513    —   
Total Level 2 5,833    56    (33)   5,856    5,856    —   
Level 3:
Auction rate securities 47    —    (3)   44    —    44   
Total available-for-sale debt securities $ 6,445    $ 71    $ (36)   $ 6,480    $ 6,436    $ 44   

12

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)

April 26, 2019
Valuation Balance Sheet Classification
(in millions) Cost Unrealized
Gains
Unrealized
Losses
Fair Value Investments Other Assets
Level 1:
U.S. government and agency securities $ 529    $   $ (7)   $ 523    $ 523    $ —   
Level 2:
Corporate debt securities 3,500    14    (21)   3,493    3,493    —   
U.S. government and agency securities 387      (7)   381    381    —   
Mortgage-backed securities 537      (20)   520    520    —   
Non-U.S. government and agency securities 11    —    —    11    11    —   
Other asset-backed securities 529      (3)   527    527    —   
Total Level 2 4,964    19    (51)   4,932    4,932    —   
Level 3:
Auction rate securities 47    —    (3)   44    —    44   
Total available-for-sale debt securities $ 5,540    $ 20    $ (61)   $ 5,499    $ 5,455    $ 44   
The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category at October 25, 2019 and April 26, 2019:
  October 25, 2019
  Less than 12 months More than 12 months
(in millions) Fair Value Unrealized
Losses
Fair Value Unrealized
Losses
U.S. government and agency securities $ 140    $ —    $ 180