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[ "Segment and Market Geography\n The charts below illustrate the percent of net sales by market geography for fiscal years 2023 and 2022:\n The table below includes net sales by market geography for each of our segments for fiscal years 2023 and 2022:\n U.S. Non-U.S. Developed Markets Emerging Markets\n (in millions)\n Fiscal Year\n 2023\n Fiscal Year\n 2022 % Change\n Fiscal Year\n 2023\n Fiscal Year\n 2022 % Change\n Fiscal Year\n 2023\n Fiscal Year\n 2022 % Change\n Cardiovascular $ 5,848 $ 5,545 5 % $ 3,564 $ 3,866 (8)% $ 2,161 $ 2,012 7 %\n Medical Surgical 3,658 3,862 (5) 3,080 3,373 (9) 1,694 1,905 (11)\n Neuroscience 6,018 5,753 5 1,658 1,801 (8) 1,283 1,229 4\n Diabetes 849 974 (13) 1,106 1,085 2 307 279 10\n Total $ 16,373 $ 16,135 1 % $ 9,408 $ 10,126 (7)% $ 5,446 $ 5,426 — %\n (1) U.S. includes the United States and U.S. territories.\n (2) Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries within Western Europe.\n (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\n markets, as defined above.\n The decline in net sales for fiscal year 2023 was primarily driven by unfavorable currency impacts, impact of volume-based procurement tenders and COVID-19\n resurgence in China, as well as supply chain challenges in certain businesses, particularly in the first quarter of fiscal year 2023. Currency had an unfavorable\n impact of $1.2 billion on non-U.S. developed markets and $262 million on emerging markets. The decline in net sales was partially offset by growth in certain\n product lines and businesses, including Micra, Transcatheter Aortic Valve replacements (TAVR), hemorrhagic and ischemic stroke, and ENT, in addition to the\n $265 million one-time payment received as a result of the Intellectual Property Agreement entered into with Edwards Lifesciences, as further discussed in the\n Cardiovascular net sales section below.", "Medtronic plc\n Consolidated Statements of Income\n Fiscal Year\n (in millions, except per share data) 2023 2022 2021\n Net sales $ 31,227 $ 31,686 $ 30,117\n Costs and expenses:\n Cost of products sold, excluding amortization of intangible assets 10,719 10,145 10,483\n Research and development expense 2,696 2,746 2,493\n Selling, general, and administrative expense 10,415 10,292 10,148\n Amortization of intangible assets 1,698 1,733 1,783\n Restructuring charges, net 375 60 293\n Certain litigation charges, net (30) 95 118\n Other operating (income) expense, net (131) 862 315\n Operating profit 5,485 5,752 4,484\n Other non-operating income, net (515) (318) (336)\n Interest expense, net 636 553 925\n Income before income taxes 5,364 5,517 3,895\n Income tax provision 1,580 456 265\n Net income 3,784 5,062 3,630\n Net income attributable to noncontrolling interests (26) (22) (24)\n Net income attributable to Medtronic $ 3,758 $ 5,039 $ 3,606\n Basic earnings per share $ 2.83 $ 3.75 $ 2.68\n Diluted earnings per share $ 2.82 $ 3.73 $ 2.66\n Basic weighted average shares outstanding 1,329.8 1,342.4 1,344.9\n Diluted weighted average shares outstanding 1,332.8 1,351.4 1,354.0\n The accompanying notes are an integral part of these consolidated financial statements." ]

[ 7965, 7919 ]

[ "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Sales and Distribution\n\nWe sell our medical devices and therapies through a combination of direct sales representatives and independent distributors globally. Additionally, a portion of the Company's revenue is generated from consignment inventory maintained at hospitals. Our medical supply products are used primarily in hospitals, surgical centers, and alternate care facilities, such as home care and long-term care facilities, and are marketed to materials managers, group purchasing organizations (GPOs) and integrated delivery networks (IDNs). We often negotiate with GPOs and IDNs, which enter into supply contracts for the benefit of their member facilities. Our four largest markets are the U.S., Western Europe, China, and Japan. Emerging markets are an area of increasing focus and opportunity, as we believe they remain under-penetrated.\nOur marketing and sales strategy is focused on rapid, cost-effective delivery of high-quality products to a diverse group of customers worldwide. To achieve this objective, our marketing and sales teams are organized around physician specialties. This focus enables us to develop highly knowledgeable and dedicated sales representatives who are able to foster strong relationships with physicians and other customers and enhance our ability to cross-sell complementary products.\nWe are not dependent on any single customer for more than 10 percent of our total net sales.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Segment and Market Geography\n\nThe charts below illustrate the percent of net sales by market geography for fiscal years 2023 and 2022:\n\nThe table below includes net sales by market geography for each of our segments for fiscal years 2023 and 2022:\n,U.S.(1),,Non-U.S. Developed Markets(2),,Emerging Markets(3)\n(in millions),Fiscal Year 2023,,Fiscal Year 2022,,% Change,,Fiscal Year 2023,,Fiscal Year 2022,,% Change,,Fiscal Year 2023,,Fiscal Year 2022,,% Change\nCardiovascular,,$5,848,,,,$5,545,,,5%,,,,$3,564,,,,$3,866,,,(8)%,,,,$2,161,,,,$2,012,,,7%,\nMedical Surgical,3,658,,,3,862,,,(5),,,3,080,,,3,373,,,(9),,,1,694,,,1,905,,,(11),\nNeuroscience,6,018,,,5,753,,,5,,,1,658,,,1,801,,,(8),,,1,283,,,1,229,,,4,\nDiabetes,849,,,974,,,(13),,,1,106,,,1,085,,,2,,,307,,,279,,,10,\nTotal,,$16,373,,,,$16,135,,,1%,,,,$9,408,,,,$10,126,,,(7)%,,,,$5,446,,,,$5,426,,,—%,\n(1)U.S. includes the United States and U.S. territories.\n(2)Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries within Western Europe.\n(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.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\n\nThe table below illustrates net sales by market geography and segment for fiscal years 2023, 2022, and 2021:\n,U.S.(1),,Non-U.S. Developed Markets(2),,Emerging Markets(3)\n(in millions),Fiscal Year 2023,,Fiscal Year 2022,,Fiscal Year 2021,,Fiscal Year 2023,,Fiscal Year 2022,,Fiscal Year 2021,,Fiscal Year 2023,,Fiscal Year 2022,,Fiscal Year 2021\nCardiovascular,,$5,848,,,,$5,545,,,,$5,248,,,,$3,564,,,,$3,866,,,,$3,752,,,,$2,161,,,,$2,012,,,,$1,773,\nMedical Surgical,3,658,,,3,862,,,3,650,,,3,080,,,3,373,,,3,320,,,1,694,,,1,905,,,1,766,\nNeuroscience,6,018,,,5,753,,,5,456,,,1,658,,,1,801,,,1,724,,,1,283,,,1,229,,,1,015,\nDiabetes,849,,,974,,,1,171,,,1,106,,,1,085,,,1,019,,,307,,,279,,,222,\nTotal,,$16,373,,,,$16,135,,,,$15,526,,,,$9,408,,,,$10,126,,,,$9,815,,,,$5,446,,,,$5,426,,,,$4,777,\n(1)U.S. includes the United States and U.S. territories.\n(2)Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries within Western Europe.\n(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.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\nGeographic Information\n\nNet sales are attributed to the country based on the location of the customer taking possession of the products or in which the services are rendered. Geographic property, plant, and equipment are attributed to the country based on the physical location of the assets.\nThe following table presents net sales for fiscal years 2023, 2022, and 2021, and property, plant, and equipment, net at April 28, 2023 and April 29, 2022 for the Company's country of domicile, countries with significant concentrations, and all other countries:\n,Net sales,,Property, plant, and equipment, net\n(in millions),2023,,2022,,2021,,April 28, 2023,,April 29, 2022\nIreland,,$98,,,,$101,,,,$100,,,,$184,,,,$177,\nUnited States,16,373,,,16,135,,,15,526,,,4,083,,,3,821,\nRest of world,14,756,,,15,450,,,14,491,,,1,302,,,1,415,\nTotal other countries, excluding Ireland,31,129,,,31,585,,,30,017,,,5,385,,,5,236,\nTotal,,$31,227,,,,$31,686,,,,$30,117,,,,$5,569,,,,$5,413,\nNo single customer represented over 10 percent of the Company’s consolidated net sales in fiscal years 2023, 2022, or 2021.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Segment and Market Geography\n\nThe decline in net sales for fiscal year 2023 was primarily driven by unfavorable currency impacts, impact of volume-based procurement tenders and COVID-19 resurgence in China, as well as supply chain challenges in certain businesses, particularly in the first quarter of fiscal year 2023. Currency had an unfavorable impact of $1.2 billion on non-U.S. developed markets and $262 million on emerging markets. The decline in net sales was partially offset by growth in certain product lines and businesses, including Micra, Transcatheter Aortic Valve replacements (TAVR), hemorrhagic and ischemic stroke, and ENT, in addition to the $265 million one-time payment received as a result of the Intellectual Property Agreement entered into with Edwards Lifesciences, as further discussed in the Cardiovascular net sales section below.\nTable of Contents\nLooking ahead, a number of macro-economic and geopolitical factors could negatively impact our business, including without limitation:\n•Competitive product launches and pricing pressure, geographic macro-economic risks including fluctuations in currency exchange rates, general price inflation, rising interest rates, reimbursement challenges, impacts from changes in the mix of our product offerings, delays in product registration approvals, and replacement cycle challenges;\n•National and provincial/state tender decisions, including around pricing, for certain products, particularly in China;\n•The uncertain and uneven impact of COVID-19 on future procedural volumes, supply constraints including certain electronic components and semiconductors, healthcare staffing in certain regions, and resulting impacts on demand for our products and therapies; and\n•The sanctions and other measures being imposed in response to the Russia-Ukraine conflict are having, and could continue to have impacts on revenue and supply chain. The financial impact of the conflict in fiscal year 2023, including on accounts receivable and inventory reserves, was not material, and for fiscal year 2023, the business of the Company in these countries represented less than 1% of the Company's consolidated revenues and assets. Although the implications of this conflict are difficult to predict at this time, the ongoing conflict may increase pressure on the global economy and supply chains, resulting in increased future volatility risk for our business operations and performance.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: NET SALES\nSegment and Division\n\nThe charts below illustrate the percent of net sales by segment for fiscal years 2023 and 2022:\n\nThe table below includes net sales by segment and division for fiscal years 2023 and 2022:\n,Net Sales by Fiscal Year,,Percent Change\n(in millions),2023,,2022,\nCardiac Rhythm & Heart Failure,,$5,835,,,,$5,908,,,(1)%,\nStructural Heart & Aortic,3,363,,,3,055,,,10,\nCoronary & Peripheral Vascular,2,375,,,2,460,,,(3),\nCardiovascular,11,573,,,11,423,,,1,\nSurgical Innovations,5,663,,,6,060,,,(7),\nRespiratory, Gastrointestinal, & Renal,2,770,,,3,081,,,(10),\nMedical Surgical,8,433,,,9,141,,,(8),\nCranial & Spinal Technologies,4,451,,,4,456,,,—,\nSpecialty Therapies,2,815,,,2,592,,,9,\nNeuromodulation,1,693,,,1,735,,,(2),\nNeuroscience,8,959,,,8,784,,,2,\nDiabetes,2,262,,,2,338,,,(3),\nTotal,,$31,227,,,,$31,686,,,(1)%,\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: 2. Revenue\n\nThe 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.\nThe table below illustrates net sales by segment and division for fiscal years 2023, 2022, and 2021:\n,Net Sales by Fiscal Year\n(in millions),2023,,2022,,2021\nCardiac Rhythm & Heart Failure,,$5,835,,,,$5,908,,,,$5,584,\nStructural Heart & Aortic,3,363,,,3,055,,,2,834,\nCoronary & Peripheral Vascular,2,375,,,2,460,,,2,354,\nCardiovascular,11,573,,,11,423,,,10,772,\nSurgical Innovations,5,663,,,6,060,,,5,438,\nRespiratory, Gastrointestinal, & Renal,2,770,,,3,081,,,3,298,\nMedical Surgical,8,433,,,9,141,,,8,737,\nCranial & Spinal Technologies,4,451,,,4,456,,,4,288,\nSpecialty Therapies,2,815,,,2,592,,,2,307,\nNeuromodulation,1,693,,,1,735,,,1,601,\nNeuroscience,8,959,,,8,784,,,8,195,\nDiabetes,2,262,,,2,338,,,2,413,\nTotal,,$31,227,,,,$31,686,,,,$30,117,\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Research and Development\n\nThe markets in which we participate are subject to rapid technological advances and innovations. Constant improvement of existing products and introduction of new products is necessary to maintain market leadership. Our research and development (R&D) efforts are directed toward maintaining or achieving technological leadership in the markets we serve to help ensure that patients using our devices and therapies receive the most advanced and effective treatment possible. We remain committed to developing technological enhancements and new indications for existing products, and less invasive and new technologies for new and emerging markets to address unmet patient needs. That commitment leads to our initiation and participation in hundreds of clinical trials each fiscal year as the demand for clinical and economic evidence remains high. Furthermore, our development activities are intended to help reduce patient care costs and the length of hospital stays in the future. We have not engaged in significant customer or government-sponsored research.\nOur R&D activities include improving existing products and therapies, expanding their indications and applications for use, developing new therapies and procedures, and entering into arrangements with third parties to fund the development of certain technologies. We continue to focus on optimizing innovation, improving our R&D productivity, driving growth in emerging markets, generating clinical evidence, and assessing our R&D programs based on their ability to address unmet clinical needs, produce better patient outcomes, and create new standards of care.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Health & Safety\n\nAs a large, global employer, it is our responsibility to maintain a safe workplace and support the well-being of our employees.\nMedtronic has a comprehensive approach to providing robust support for our employees and their families in natural disasters, public health crises, civil unrest and war, bereavement, and other challenging events. Along with other programs, the Medtronic Employee Assistance Program and the Medtronic Employee Emergency Assistance Fund have historically supported employees and their families when faced with difficult times by providing a variety of services such as mental health, safety, and financial resources and support at no cost. These programs have proven invaluable in navigating our employees through unique challenges, including in fiscal year 2023. The Medtronic Employee Emergency Assistance Fund is supported by donations from employees and the Medtronic Foundation, and over the last five years has provided over $6 million in grants to employees experiencing unexpected events creating a financial hardship.\nFor more information on Human Capital Management at Medtronic, please refer to our 2022 Integrated Performance Report(1) as well as Medtronic’s 2022 Global Inclusion, Diversity and Equity Report(1) available on our company website.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Aggregate market value of voting and non-voting common equity of Medtronic plc held by non-affiliates of the registrant as of October 28, 2022, based on the closing price of $86.82 as reported on the New York Stock Exchange: approximately $115.5 billion. Number of Ordinary Shares outstanding on June 16, 2023: 1,330,405,428\nDOCUMENTS INCORPORATED BY REFERENCE\nPortions of the registrant’s Proxy Statement for its 2023 Annual General Meeting are incorporated by reference into Part III hereof.\n\n---", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Legal and Regulatory Risks\nSub-subsection: We are substantially dependent on patent and other proprietary rights and failing to protect such rights or to be successful in litigation related to our rights or the rights of others may result in our payment of significant monetary damages and/or royalty payments, negatively impacting our ability to sell current or future products.\n\nIn addition, the laws of certain countries in which we market or manufacture some of our products do not protect our intellectual property rights to the same extent as the laws of the U.S., which could make it easier for competitors to capture market position. For example, business in China comprises approximately seven percent of our total revenues. This may increase our vulnerability to our technology being reverse engineered or our trade secrets being compromised. If we are unable to protect our intellectual property in China or other countries, it could have a material adverse effect on our business, results of operations, financial condition, and cash flows. Competitors also may harm our sales by designing products that substantially mirror the capabilities of our products or technology without infringing our intellectual property rights.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Cardiovascular\nSub-subsection: Medical Surgical\n\nMedical Surgical’s products span the entire continuum of patient care from diagnosis to recovery, with a focus on diseases of the gastrointestinal tract, lungs, pelvic region, kidneys, obesity, and preventable complications. The products include those for advanced and general surgical products, surgical stapling devices, vessel sealing instruments, wound closure, electrosurgery products, hernia mechanical devices, mesh implants, advanced ablation, interventional lung, ventilators, airway products, renal care products, and sensors and monitors for pulse oximetry, capnography, level of consciousness and cerebral oximetry. Medical Surgical’s net sales for fiscal year 2023 were $8.4 billion, a decrease of 8 percent as compared to fiscal year 2022. The net sales decrease was primarily driven by unfavorable currency impact of $454 million, provincial volume-based procurement (VBP) stapling tenders in China, and a decline in ventilator sales due to the high COVID-19 demand in the corresponding period in the prior fiscal year. Supply chain disruptions, particularly in Surgical Innovations, also contributed to the net sales decrease for fiscal year 2023.\nThe charts below illustrate the percent of Medical Surgical net sales by division for fiscal years 2023 and 2022:\n\nSurgical Innovations net sales for fiscal year 2023 decreased 7 percent as compared to fiscal year 2022. The net sales decline was led by Advanced Surgical instruments, driven by global supply chain challenges, including resins, semiconductors, and packaging trays, which impacted energy and stapling products, and provincial VBP stapling tenders and COVID-19 lockdowns in China. These declines were partially offset by growth in Advanced Energy in the fourth quarter of fiscal year 2023.\nRespiratory, Gastrointestinal, & Renal (RGR) net sales for fiscal year 2023 decreased 10 percent as compared to fiscal year 2022. RGR net sales declines were largely due to declines in ventilator demand when compared to the corresponding period in the prior fiscal year as demand dropped below pre-pandemic levels, as well as declines in RCS driven by product availability challenges in the first three quarters of fiscal year 2023, and only two months of sales in the fourth quarter of fiscal year 2023 as a result of the April 1, 2023 contribution of half of the Company's RCS business to form Mozarc Medical. These declines were partially offset by growth in Gastrointestinal driven by strength in sales of GI Genius.\nTable of Contents\nIn addition to the macro-economic and geopolitical factors described in the Net Sales section, looking ahead we expect Medical Surgical could be affected by the following:", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: PART II\nItem 5. Market for Medtronic’s Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities\n\nThe Company’s ordinary shares are listed on the New York Stock Exchange under the symbol “MDT.”\nThe following table provides information about the shares repurchased by the Company during the fourth quarter of fiscal year 2023:\nFiscal Period,,Total Number ofShares Purchased,,Average PricePaid per Share,,Total Number of SharesPurchased as a Part ofPublicly AnnouncedProgram,,Maximum Approximate Dollar Value of Shares that may yet be Purchased Under the Program\n1/28/2023-2/24/2023,,257,425,,,,$84.48,,,257,425,,,,$2,446,440,933,\n2/25/2023-3/31/2023,,448,355,,,80.19,,,448,355,,,2,410,488,558,\n4/1/2023-4/28/2023,,389,900,,,83.02,,,389,900,,,2,378,119,960,\nTotal,,1,095,680,,,,$82.20,,,1,095,680,,,,$2,378,119,960,\nIn March 2019, the Company's Board of Directors authorized the repurchase of $6.0 billion of the Company's ordinary shares. There is no specific time-period associated with these repurchase authorizations. For additional discussion, see Note 11 to the consolidated financial statements in “Item 8. Financial Statements and Supplementary Data” in this Annual Report on Form 10-K.\nOn June 16, 2023, there were approximately 21,589 shareholders of record of the Company’s ordinary shares. Ordinary cash dividends declared and paid totaled $0.68 per share for each quarter of fiscal year 2023 and $0.63 per share for each quarter of fiscal year 2022. On May 25, 2023, the Company announced an increase in Medtronic's cash dividends for the first quarter of fiscal year 2024, raising the amount to $0.69 per share.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plc\nConsolidated Statements of Cash Flows\n\nRepurchase of ordinary shares,(645),,,(2,544),,,(652),\nOther financing activities,(409),,,163,,,(268),\nNet cash used in financing activities,(4,960),,,(5,336),,,(4,136),\nEffect of exchange rate changes on cash and cash equivalents,243,,,(231),,,215,\nNet change in cash and cash equivalents,(2,171),,,121,,,(547),\nCash and cash equivalents at beginning of period,3,714,,,3,593,,,4,140,\nCash and cash equivalents at end of period,,$1,543,,,,$3,714,,,,$3,593,\nSupplemental Cash Flow Information,,,,,\nCash paid for:,,,,,\nIncome taxes,,$1,548,,,,$996,,,,$1,250,\nInterest,606,,,540,,,582,", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Government Regulation\nSub-subsection: Trade Regulations\n\nThe movement of products, services, and investment across borders subjects us to extensive trade regulations. A variety of laws and regulations in the countries in which we transact business apply to the sale, shipment and provision of goods, services and technology across borders. These laws and regulations govern, among other things, our import, export and other business activities. We are also subject to the risk that these laws and regulations could change in a way that would expose us to additional costs, penalties or liabilities. Some governments also impose economic sanctions against certain countries, persons or entities. In addition to our need to comply with such regulations in connection with our direct activities, we also sell and provide goods, technology and services to agents, representatives and distributors who may export such items to customers and end-users. If we, or the third parties through which we do business, are not in compliance with applicable import, export control or economic sanctions laws and regulations, we may be subject to civil or criminal enforcement action, and varying degrees of liability. Such actions may disrupt or delay sales of our products or services or result in restrictions on our distribution and sales of products or services that may materially impact our business.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: GAAP to Non-GAAP Reconciliations\n\n(9)The charges relate to the Company’s June 2021 decision to stop the distribution and sale of the Medtronic HVAD System within the Mechanical Circulatory Support Operating Unit (MCS). The charges included $515 million of non-cash impairments, primarily related to $409 million of intangible asset impairments, as well as $366 million for commitments and obligations in connection with the decision, including patient support obligations, restructuring, and other associated costs. Medtronic is committed to serving the needs of patients currently implanted with the HVAD System.\n(10)The net benefit primarily relates to the deferred tax impact associated with a step up in tax basis for Swiss Cantonal purposes and a change in tax rates on deferred taxes associated with intellectual property, which are partially offset by the amortization on previously established deferred tax assets from intercompany intellectual property transactions and a charge related to a change in the Company's permanent reinvestment assertion on certain historical earnings.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Inclusion, Diversity & Equity\n\nWe believe that improving health for people from all walks of life depends on our ability to unleash the creative power of our diverse global employees. By breaking down barriers to Inclusion, Diversity and Equity (ID&E), we open doors for everyone, driving progress and prosperity around the world. We integrate ID&E principles throughout our Company to ensure every operating unit, team, and leader recognizes and celebrates the value of diverse experiences and backgrounds. As of the end of fiscal year 2023, 40 percent of our U.S. workforce is ethnically diverse; women comprise 51 percent of our global workforce; 43 percent of our manager and above employees are women; and 28 percent of our U.S. managers are ethnically diverse. Additionally, Medtronic employee resource groups (ERGs) are employee-led affinity groups that provide career development and networking opportunities for members and strengthen ties between employees of many different backgrounds, cultures, and interests. In fiscal year 2023, there were 13 ERGs and Diversity Networks across 300+ Network and ERG chapters in 70 countries with more than 35,000 members.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Summary of Cash Flows\n\n$3.4 billion. The Company used a portion of the net proceeds to repay at maturity €750 million of Medtronic Luxco Senior Notes for $772 million of total consideration in December 2022 and €2.8 billion of Medtronic Luxco Senior Notes for $2.9 billion of total consideration in March 2023. In the first quarter of fiscal year 2023, the Company issued short-term borrowings of approximately $2.3 billion under the Fiscal 2023 Loan Agreement and used the proceeds to fund the early redemption of senior notes for total consideration of $2.3 billion. For more information on the issuance and redemption of senior notes and the Term Loan, refer to the Debt and Capital section.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Business and Operational Risks\nSub-subsection: The continuing development of many of our products depends upon us maintaining strong relationships with healthcare professionals.\n\nIf we fail to maintain our working relationships with healthcare professionals, many of our products may not be developed and marketed in line with the needs and expectations of the professionals who use and support our products, which could cause a decline in our earnings and profitability. The research, development, marketing and sales of many of our new and improved products depends on our maintaining working relationships with healthcare professionals. We rely on these professionals to provide us with considerable knowledge and experience regarding the development, marketing and sale of our products. Physicians assist us as researchers, marketing and product consultants, inventors and public speakers. In addition, as a result of the COVID-19 pandemic, our access to these professionals has been limited at times, and travel restrictions, shutdowns and similar measures have impacted our ability to maintain these relationships, thereby affecting our ability to develop, market and sell new and improved products. If we are unable to maintain strong relationships with these professionals, the development and marketing of our products could suffer, which could have a material adverse effect on our business, results of operations, financial condition, and cash flows.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\n\nNo deferred taxes have been provided on the approximately $83.7 billion and $79.3 billion of undistributed earnings of the Company’s subsidiaries at April 28, 2023 and April 29, 2022, respectively, since these earnings have been, and under current plans will continue to be, permanently reinvested in these subsidiaries. Due to the number of legal entities and jurisdictions involved, the complexity of the legal entity structure of the Company, and the complexity of the tax laws in the relevant jurisdictions, the Company believes it is not practicable to estimate, within any reasonable range, the amount of additional taxes which may be payable upon distribution of these undistributed earnings.\nAt April 28, 2023, the Company had approximately $43.4 billion of net operating loss carryforwards in certain non-U.S. jurisdictions, of which$20.3 billion have no expiration, and the remaining $23.1 billion will expire during fiscal years 2024 through 2040. Included in these net operating loss carryforwards are $16.2 billion of net operating losses generated in fiscal year 2008 as a result of the receipt of a favorable tax ruling from certain non-U.S. taxing authorities; and $17 billion of net operating losses generated during fiscal year 2023 as a result of an intercompany reorganization. The Company has recorded a full valuation allowance against these net operating losses, as\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Item 7A. Quantitative and Qualitative Disclosures About Market Risk\nCURRENCY EXCHANGE RATE RISK\n\nDue to the global nature of our operations, we are exposed to currency exchange rate changes, which may cause fluctuations in earnings and cash flows. Fluctuations in the currency exchange rates of currency exposures that are unhedged, such as in certain emerging markets, may result in future earnings and cash flow volatility. The gross notional amount of all currency exchange rate derivative instruments outstanding at April 28, 2023 and April 29, 2022 was $22.0 billion and $13.8 billion, respectively. At April 28, 2023, these contracts were in a net unrealized gain position of $132 million. Additional information regarding our currency exchange rate derivative instruments is included in Note 7 to the consolidated financial statements in “Item 8. Financial Statements and Supplementary Data” in this Annual Report on Form 10-K.\nA sensitivity analysis of changes in the fair value of all currency exchange rate derivative contracts at April 28, 2023 and April 29, 2022 indicates that, if the U.S. dollar uniformly strengthened/weakened by 10 percent against all currencies, it would have the following impact on the fair value of these contracts:\n,,Increase (decrease)\n(in millions),,April 28, 2023,,April 29, 2022\n10% appreciation in the U.S. dollar,,,$1,548,,,,$903,\n10% depreciation in the U.S. dollar,,(1,548),,,(903),\nAny gains and losses on the fair value of derivative contracts would generally be offset by gains and losses on the underlying transactions. These offsetting gains and losses are not reflected in the above analysis.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\n\nDuring the fiscal year ended April 30, 2021, the Company had proceeds from maturities of investments classified as held to maturity of $911 million.\nThe April 28, 2023 balance of available-for-sale debt securities by contractual maturity is shown in the following table. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.\n(in millions),April 28, 2023\nDue in one year or less,,$1,267,\nDue after one year through five years,3,704,\nDue after five years through ten years,803,\nDue after ten years,676,\nTotal debt securities,,$6,449,\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Net Investment Hedges\n\nThe Company uses derivative instruments and foreign currency denominated debt to manage foreign currency risk associated with its net investment in foreign operations. The derivative instruments that the Company uses for this purpose may include foreign currency forward exchange contracts used on a standalone basis or in combination with option collars and standalone cross currency interest rate contracts.\nFor instruments that are designated as net investment hedges, the gains or losses are reported as a component of *accumulated other comprehensive loss*. The gains or losses are reclassified into earnings upon a liquidation event or deconsolidation of the foreign subsidiary. Amounts excluded from the assessment of effectiveness are recognized in *interest expense, net* on a straight-line basis over the term of the hedge. During the twelve months ended April 28, 2023, the Company recognized $107 million of after-tax unrealized gains related to excluded components in *interest expense, net*. The cash flows related to the Company’s derivative instruments designated as net investment hedges are reported as investing activities in the consolidated statements of cash flows. Cash flows attributable to amounts excluded from the assessment of effectiveness are reported as operating activities in the consolidated statements of cash flows.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\nGains and Losses on Hedging Instruments and Derivatives not Designated as Hedging Instruments\n\nThe amount of the gains and losses on our hedging instruments and the classification of those gains and losses within our consolidated financial statements for fiscal years 2023, 2022, and 2021 were as follows:\n,(Gain) Loss Recognized in Accumulated Other Comprehensive Income,,(Gain) Loss Reclassified into Income,,\n,Fiscal Year,,Fiscal Year,,Location of (Gain) Loss in Income Statement\n(in millions),2023,,2022,,2021,,2023,,2022,,2021,\nCash flow hedges,,,,,,,,,,,,,\nCurrency exchange rate contracts,,$(161),,,,$(953),,,,$519,,,,$(703),,,,$(144),,,,$(17),,,Other operating (income) expense, net\nCurrency exchange rate contracts,(79),,,18,,,108,,,(3),,,61,,,15,,,Cost of products sold\nNet investment hedges,,,,,,,,,,,,,\nForeign currency-denominated debt,524,,,(2,299),,,1,694,,,—,,,—,,,—,,,N/A\nCurrency exchange rate contracts,73,,,—,,,—,,,—,,,—,,,—,,,N/A\nTotal,,$356,,,,$(3,234),,,,$2,321,,,,$(706),,,,$(83),,,,$(2),,,\nThe amount of the gains and losses on our derivative instruments not designated as hedging instruments and the classification of those gains and losses within our consolidated financial statements for fiscal years 2023, 2022, and 2021 were as follows:\n,(Gain) Loss Recognized in Income,,\n,Fiscal Year,,Location of (Gain) Loss in Income Statement\n(in millions),2023,,2022,,2021,\nDerivatives not designated as hedging instruments,,,,,,,\nCurrency exchange rate contracts,,$31,,,,$(54),,,,$247,,,Other operating (income) expense, net\nTotal return swaps,1,,,1,,,(81),,,Other operating (income) expense, net\nTotal,,$32,,,,$(53),,,,$166,,,", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Segment Operating Profit\n\n,Fiscal Year\n(in millions),2023,,2022,,2021\nCardiovascular,,$4,435,,,,$4,512,,,,$3,850,\nMedical Surgical,2,856,,,3,572,,,3,021,\nNeuroscience,3,617,,,3,765,,,3,162,\nDiabetes,378,,,583,,,598,\nSegment operating profit,11,286,,,12,432,,,10,632,\nInterest expense,(636),,,(553),,,(925),\nOther non-operating income, net,515,,,318,,,336,\nAmortization of intangible assets,(1,698),,,(1,733),,,(1,783),\nCorporate,(1,763),,,(1,724),,,(1,577),\nCurrency,465,,,70,,,(47),\nCentralized distribution costs,(1,624),,,(1,822),,,(1,830),\nRestructuring and associated costs,(647),,,(335),,,(617),\nAcquisition-related items,(110),,,43,,,15,\nDivestiture and separation-related items,(235),,,—,,,—,\nCertain litigation charges, net,30,,,(95),,,(118),\nImpairment of abandoned intangible assets,—,,,—,,,(76),\nMCS impairment / costs,—,,,(881),,,—,\nIPR&D charges,—,,,(101),,,(31),\nMedical device regulations,(150),,,(102),,,(83),\nCommitments to the Medtronic Foundation and Medtronic LABS,(70),,,—,,,—,\nIncome before income taxes,,$5,364,,,,$5,517,,,,$3,895,", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: GAAP to Non-GAAP Reconciliations\n\nThe tables below present reconciliations of our Non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with U.S. GAAP for fiscal years 2023 and 2022.\n,Fiscal year ended April 28, 2023\n(in millions, except per share data),Income Before Income Taxes,,Income Tax Provision (Benefit),,Net Income Attributable to Medtronic,,Diluted EPS,,Effective Tax Rate\nGAAP,,$5,364,,,,$1,580,,,,$3,758,,,,$2.82,,,29.5%,\nNon-GAAP Adjustments:,,,,,,,,,\nAmortization of intangible assets,1,698,,,255,,,1,443,,,1.08,,,15.0,\nRestructuring and associated costs (1),647,,,139,,,507,,,0.38,,,21.5,\nAcquisition-related items (2),110,,,21,,,89,,,0.07,,,19.1,\nDivestiture and separation-related items (3),235,,,8,,,227,,,0.17,,,3.4,\nCertain litigation charges, net (4),(30),,,(8),,,(23),,,(0.02),,,26.7,\n(Gain)/loss on minority investments (5),(33),,,2,,,(29),,,(0.02),,,(6.1),\nMedical device regulations (6),150,,,30,,,120,,,0.09,,,20.0,\nDebt redemption premium and other charges (7),53,,,11,,,42,,,0.03,,,20.8,\nCertain tax adjustments, net (8),—,,,(910),,,910,,,0.68,,,—,\nNon-GAAP,,$8,194,,,,$1,128,,,,$7,045,,,,$5.29,,,13.8%,\nTable of Contents\n,Fiscal year ended April 29, 2022\n(in millions, except per share data),Income Before Income Taxes,,Income Tax Provision (Benefit),,Net Income Attributable to Medtronic,,Diluted EPS,,Effective Tax Rate\nGAAP,,$5,517,,,,$456,,,,$5,039,,,,$3.73,,,8.3%,\nNon-GAAP Adjustments:,,,,,,,,,\nAmortization of intangible assets,1,733,,,266,,,1,467,,,1.09,,,15.3,\nRestructuring and associated costs (1),335,,,54,,,281,,,0.21,,,16.1,\nAcquisition-related items (2),(43),,,5,,,(48),,,(0.04),,,(11.6),", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Economic and Industry Risks\nSub-subsection: We are subject to a variety of risks associated with global operations that could adversely affect our profitability and operating results.\n\nWe develop, manufacture, distribute and sell our products globally. We intend to continue to expand our operations and to pursue growth opportunities outside the U.S., especially in emerging markets. Operations in different countries including emerging markets could expose us to additional and greater risks and potential costs, including:\n•fluctuations in currency exchange rates,\n•healthcare reform legislation,\n•the need to comply with different regulatory regimes worldwide that are subject to change and that could restrict our ability to manufacture and sell our products,\n•local product preferences and product requirements,\n•longer-term receivables than are typical in the U.S.,\n•economic sanctions, export controls, trade protection measures, tariffs and other border taxes, and import or export licensing requirements,\n•less intellectual property protection in some countries outside the U.S. than exists in the U.S.,\n•different labor regulations and workforce instability,\n•political and economic instability, including as a result of wars and insurrections,\n•the expiration and non-renewal of foreign tax rulings and/or grants,\n•potentially negative consequences from changes in or interpretations of tax laws, and\n•economic instability and inflation, recession or interest rate fluctuations.\nThe ongoing global economic competition and trade tensions between the U.S. and China present risk to Medtronic. Although we have been able to mitigate some of the impact on Medtronic from increased duties imposed by both sides (through petitioning both governments for tariff exclusions and other mitigations), the risk remains of additional tariffs and other kinds of restrictions. Tariff exclusions awarded to Medtronic by the U.S. Government require periodic renewal, and policies for granting exclusions could shift. The U.S. and China, which\nTable of Contents\ncomprises approximately seven percent of our total revenues, could impose other types of restrictions such as limitations on government procurement or technology export restrictions, which could affect Medtronic’s access to the markets.\nThe Russia-Ukraine conflict and resulting sanctions and export restrictions are creating barriers to doing business in Russia and Belarus and adversely impacting global supply chains. While we have no manufacturing, distribution or direct material suppliers in the region, we continue to closely monitor the potential raw material/sub-tier supplier impact in both Russia and Ukraine. Materials like palladium and neon, which are both dependent on Russia supply, are part of broader semiconductor shortages in industry. Additional sanctions, export restrictions, and potential countermeasures within Russia may lead to greater uncertainty and geopolitical shifts in Asia that could cause additional adverse impacts on global supply chains and our business, results of operations, financial condition, and cash flows.\nMore generally, several governments including the U.S. have raised the possibility of policies to induce “re-shoring” of supply chains, less reliance on imported supplies, and greater national production. Examples include potential “Buy America” requirements in the U.S. If such steps triggered retaliation in other markets restricting access to foreign products in purchases by their government-owned healthcare systems, the result could be a significant impact on Medtronic.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Business and Operational Risks\nSub-subsection: We have debt obligations that create risk.\n\nWe are required to use a portion of our operating cash flow to pay interest or principal on our outstanding indebtedness instead of for other corporate purposes, including funding future expansion of our business. We may also incur additional indebtedness in the future to supplement our existing liquidity and cash generated from operations to satisfy our needs for working capital and capital expenditures, to pursue growth initiatives, and to make returns of capital to shareholders. Over the course of the past fiscal year, interest rate increases in the U.S. and Europe, and recent disruptions in the financial services industry, caused periods of tightened credit availability and volatility in borrowing terms. At the time we may incur such additional indebtedness, or refinance or restructure existing indebtedness, we may be unable to obtain capital market financing with similar terms and currency denomination to our existing indebtedness, or at all, which could have a material adverse effect on our business and results of operations. At any time, the value of our debt outstanding will fluctuate based on several factors including foreign currency exchange rate and interest rate movements.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plc\nConsolidated Statements of Income\n\n,Fiscal Year\n(in millions, except per share data),2023,,2022,,2021\nNet sales,,$31,227,,,,$31,686,,,,$30,117,\nCosts and expenses:,,,,,\nCost of products sold, excluding amortization of intangible assets,10,719,,,10,145,,,10,483,\nResearch and development expense,2,696,,,2,746,,,2,493,\nSelling, general, and administrative expense,10,415,,,10,292,,,10,148,\nAmortization of intangible assets,1,698,,,1,733,,,1,783,\nRestructuring charges, net,375,,,60,,,293,\nCertain litigation charges, net,(30),,,95,,,118,\nOther operating (income) expense, net,(131),,,862,,,315,\nOperating profit,5,485,,,5,752,,,4,484,\nOther non-operating income, net,(515),,,(318),,,(336),\nInterest expense, net,636,,,553,,,925,\nIncome before income taxes,5,364,,,5,517,,,3,895,\nIncome tax provision,1,580,,,456,,,265,\nNet income,3,784,,,5,062,,,3,630,\nNet income attributable to noncontrolling interests,(26),,,(22),,,(24),\nNet income attributable to Medtronic,,$3,758,,,,$5,039,,,,$3,606,\nBasic earnings per share,,$2.83,,,,$3.75,,,,$2.68,\nDiluted earnings per share,,$2.82,,,,$3.73,,,,$2.66,\nBasic weighted average shares outstanding,1,329.8,,,1,342.4,,,1,344.9,\nDiluted weighted average shares outstanding,1,332.8,,,1,351.4,,,1,354.0,", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: 19. Segment and Geographic Information\n\nThere were no changes to the reportable segments during the fiscal year ended April 28, 2023. The Company's four principal operating and reportable segments are as follows: Cardiovascular Portfolio, Medical Surgical Portfolio, Neuroscience Portfolio, and Diabetes Operating Unit. The Company's management has chosen to organize the entity based upon therapy solutions provided by each segment. The four principal segments are strategic businesses that are managed separately, as each one develops and manufactures products and provides services oriented toward targeted therapy solutions. The primary products and services from which the Cardiovascular Portfolio segment derives its revenues include products for the diagnosis, treatment, and management of cardiac rhythm disorders and cardiovascular disease, as well as services to diagnose, treat, and manage heart and vascular-related disorders and diseases. The primary products and services from which the Medical Surgical Portfolio segment derives its revenues include those focused on diseases of the respiratory system, gastrointestinal tract, lungs, pelvic region, kidneys, obesity, and other preventable complications. The primary products and services from which the Neuroscience Portfolio segment derives its revenues include those focused on neurostimulation therapies and drug delivery systems for the treatment of chronic pain, as well as various areas of the spine and brain, along with pelvic health and conditions of the ear, nose, and throat. The primary products from which the Diabetes Operating Unit segment derives its revenues include those focused on diabetes management, including insulin pumps, continuous glucose monitoring systems and sensors, and smart insulin pens. As of the beginning of fiscal year 2024, the Company realigned the operating segment structure as a result of changes in segment leadership and how the Company makes operating decisions and assesses business performance. We continue to have four reportable segments: Cardiovascular Portfolio, Medical Surgical Portfolio, Neuroscience Portfolio, and Diabetes Operating Unit; however, the transition activities from the previously divested businesses in the Medical Surgical Portfolio segment are now in an all other reporting segment. Segment disclosures are on a performance basis, consistent with internal management reporting. Net sales of the Company's segments include end-customer revenues from the sale of products the segment develops, manufactures, and distributes. Refer to Note 2 for discussion on net sales by segment. There are certain corporate and centralized expenses that are not allocated to the segments. The Company's management evaluates the performance of the segments and allocates resources based on net sales and segment operating profit. Segment operating profit represents income before income taxes, excluding interest income or expense, amortization of intangible assets, centralized distribution costs, non-operating income or expense items, certain corporate charges, and other items not allocated to the segments.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: CORPORATE SUSTAINABILITY GOALS\n\nWe see possibilities to further increase our positive impact in the world. We have identified three focus areas for our environmental, social, and governance (ESG) efforts to drive measurable impact on issues including: protecting our planet, accelerating access to healthcare technology, and advancing ID&E. In fiscal year 2022, we set new performance targets across the following areas: Patient Safety & Product Quality; Inclusion, Diversity & Equity; Climate Stewardship; Product Stewardship; and Access & Innovation. More information about our ESG focus areas, including progress we have made to date toward achieving them, is included in our Integrated Performance Report.(1)\n(1)The contents of our Integrated Performance Report and our Global Inclusion, Diversity, and Equity Report are referenced for general information only and are not incorporated by reference in the Form 10-K.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: PART I\nItem 1. Business\n\n\nMedtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company. Medtronic was founded in 1949 and today serves healthcare systems, physicians, clinicians, and patients in more than 150 countries worldwide. We remain committed to a mission written by our founder in 1960 that directs us “to contribute to human welfare by the application of biomedical engineering in the research, design, manufacture, and sale of products to alleviate pain, restore health, and extend life.”\nOur Mission — to alleviate pain, restore health, and extend life — empowers insight-driven care and better outcomes for our world. We remain committed to being recognized as a company of dedication, honesty, integrity, and service. Building on this strong foundation, we are embracing our role as a healthcare technology leader and evolving our business strategy in four key areas:\n•Leveraging our pipeline to accelerate revenue growth: The combination of our good end markets, recent product launches and robust pipeline is expected to continue accelerating our growth over both the near-and long-term. We aim to bring inventive and disruptive technology to large healthcare opportunities which enables us to better meet patient needs. Patients around the world deserve access to our life-saving products, and we are driven to use our local presence and scale to increase the adoption of our products and services in markets around the globe.\n•Serving more patients by accelerating innovation driven growth and delivering shareholder value: We listen to our patients and customers to better understand the challenges they face. From the patient journey, to creating agile partnerships that produce novel solutions, to making it easier for our customers to deploy our therapies — everything we do is anchored in deep insight, and creates simpler, superior experiences.\n•Creating and disrupting markets with our technology: We are confident in our ability to maximize new technology, artificial intelligence (AI), and data and analytics to tailor therapies in real-time, facilitating remote monitoring and care delivery that conveniently manages conditions, and creates new standards of care.\n•Empowering our operating units to be more nimble and more competitive: Our operating model, which was effective February 2021, simplified our organization to accelerate decision making, improve commercial execution, and more effectively leverage the scale of our company.\nWe have four operating and reportable segments that primarily develop, manufacture, distribute, and sell device-based medical therapies and services: the Cardiovascular Portfolio, the Medical Surgical Portfolio, the Neuroscience Portfolio, and the Diabetes Operating Unit. For more information regarding our segments, please see Note 19 to the consolidated financial statements in \"Item 8. Financial Statements and Supplementary Data\" in this Annual Report on Form 10-K.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: 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 13(a) of the Exchange Act. ☐\nSub-subsection: Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☒ No ☐\n\n**Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No **☒", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Annual Report on Form 10-K, and other written reports of Medtronic plc, organized under the laws of Ireland (together with its consolidated subsidiaries, Medtronic, the Company, or we, us, or our), and oral statements made by or with the approval of one of the Company’s executive officers from time to time, may include “forward-looking” statements. All statements other than statements of historical fact contained in this Annual Report on Form 10-K, including statements regarding our future results of operations and financial position, business strategy and plans, objectives of management for future operations and current expectations or forecasts of future results, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Our forward-looking statements may include statements related to our growth and growth strategies, developments in the markets for our products, therapies and services, financial results, product development launches and effectiveness, research and development strategy, regulatory approvals, competitive strengths, the potential or anticipated direct or indirect impact of COVID-19 (\"COVID-19\" or the \"pandemic\") on our business, results of operations and/or financial condition, restructuring and cost-saving initiatives, intellectual property rights, litigation and tax matters, governmental proceedings and investigations, mergers and acquisitions, divestitures, market acceptance of our products, therapies and services, accounting estimates, financing activities, ongoing contractual obligations, working capital adequacy, value of our investments, our effective tax rate, our expected returns to shareholders, and sales efforts. In some cases, such statements may be identified by the use of terminology such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “looking ahead,” “may,” “plan,” “possible,” “potential,” “project,” “should,” “will,” and similar words or expressions. Forward-looking statements in this Annual Report include, but are not limited to, statements regarding: our ability to drive long-term shareholder value; development and future launches of products and continued or future acceptance of products, therapies and services in our segments; expected timing for completion of research studies relating to our products; market positioning and performance of our products, including stabilization of certain product markets; divestitures and the potential benefits thereof; the costs and benefits of integrating previous acquisitions; anticipated timing for United States (U.S.) Food and Drug Administration (U.S. FDA) and non-U.S. regulatory approval of new products; increased presence in new markets, including markets outside the U.S.; changes in the market and our market share; acquisitions and investment initiatives, including the timing of regulatory approvals as well as integration of acquired companies into our operations; the resolution of tax matters; the effectiveness of our development activities in reducing patient care costs and hospital stay lengths; our approach towards cost containment; our expectations regarding healthcare costs, including potential changes to reimbursement policies and pricing pressures; our expectations regarding changes to patient standards of care; our ability to identify and maintain successful business partnerships; the elimination of certain positions or costs related to restructuring initiatives; outcomes in our litigation matters and governmental proceedings and investigations; general economic conditions; the adequacy of available working capital and our working capital needs; our payment of dividends and redemption of shares; the continued strength of our balance sheet and liquidity; our accounts receivable exposure; and the potential impact of our compliance with governmental regulations and accounting guidance.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Employee Engagement and Culture\n\nThrough our Organizational Health Survey, we gain valuable insight into the Medtronic employee experience and identify where we can improve in key priority areas: 1) Employee Engagement, 2) Inclusion, 3) Innovation, 4) Ethics and 5) quality culture as part of our commitment to Put Patients First in our everyday decisions and actions. In our most recent survey ending in the fourth quarter of fiscal year 2023, more than 82 percent of our employees responded. Medtronic carefully reviews and implements actions based on employee feedback in order to partner and create an inclusive, innovative and supportive environment.\nTable of Contents\nTo enable our transformation to be the global healthcare technology leader, we introduced a reinvigorated and revived culture. The Medtronic Mindset builds on our core values of integrity, quality, inclusion, and collaboration. It urges us to act boldly, compete to win, move with speed and decisiveness, foster belonging, and deliver results… the right way. Our renewed culture helps us meet the needs of our patients and customers, and ensures our Mission endures for many years to come.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\nEquity Securities, Equity Method Investments, and Other Investments\nSub-subsection: Mozarc Medical Investment\n\nOn April 1, 2023 the Company sold half of its RCS business to Mozarc, and as a result of the transaction the Company retained a 50% equity interest in Mozarc. Please refer to Note 3 to the consolidated financial statements for additional information on this transaction. Although the equity investment provides the Company with the ability to exercise significant influence over Mozarc, the Company has elected the fair value option to account for this equity investment. The Company believes the fair value option best reflects the economics of the underlying transaction. Under the fair value option, changes in the fair value of the investment are recognized through earnings each reporting period in *other non-operating income, net* in the consolidated statements of income.\nThe following table provides a reconciliation of the beginning and ending balances of the Mozarc investment for which the Fair Value Option has been elected:\n(in millions),Fiscal Year 2023\nBeginning Balance,,$—,\nInitial valuation,307,\nAdditional cash investment,224,\nEnding Balance,,$531,\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: LIQUIDITY AND CAPITAL RESOURCES\n\nWe are currently in a strong financial position, and we believe our balance sheet and liquidity as of April 28, 2023 provide us with flexibility, and our cash, cash equivalents, and current investments, along with our credit facility and related commercial paper programs will satisfy our foreseeable operating needs.\nOur liquidity and capital structure are evaluated regularly within the context of our annual operating and strategic planning processes. We consider the liquidity necessary to fund our operations, which includes working capital needs, investments in research and development, property, plant, and equipment, and other operating costs. We also consider capital allocation alternatives that balance returning value to shareholders through dividends and share repurchases, satisfying maturing debt, and acquiring businesses and technology.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Debt and Capital\n\nIn March 2023, Medtronic Luxco issued two tranches of USD-denominated Senior Notes with an aggregate principal of $2.0 billion, with maturities ranging from 2028 to 2033, resulting in cash proceeds of approximately $2.0 billion, net of discounts and issuance costs. The Company used the net proceeds supplemented by additional cash to repay the ¥297 billion Fiscal 2023 Loan Agreement discussed above for $2.3 billion of total consideration.\nWe repurchase our ordinary shares on occasion as part of our focus on returning value to our shareholders. In March 2019, the Company's Board of Directors authorized the repurchase of $6.0 billion of the Company's ordinary shares. There is no specific time period associated with these repurchase authorizations. During fiscal years 2023 and 2022, we repurchased a total of 6 million and 22 million shares, respectively, under these programs at an average price of $91.31 and $113.11, respectively. At April 28, 2023, we had approximately $2.4 billion remaining under the share repurchase program authorized by our Board of Directors.\nFor more information on credit arrangements, see Note 6 of the consolidated financial statements in “Item 8. Financial Statements and Supplementary Data” in this Annual Report on Form 10-K.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Item 9B. Other Information\n\nAs reported in our Quarterly Reports on Form 10-Q for the second and third quarters of fiscal year 2023, Medtronic has engaged in certain activities that it is required to disclose pursuant to Section 13(r)(1)(D)(ii) of the Securities Exchange Act of 1934, as amended. In particular, during the second and third quarters of fiscal year 2023, Medtronic engaged in certain regulatory activities involving Russia’s Federal Security Service (“FSB”) related to its medical devices that were expressly authorized by the U.S. Government under applicable economic sanctions regulations.\nDuring the second and third quarters of fiscal year 2023, in the normal course of business and consistent with the OFAC authorizations as in effect at the time, Medtronic Russia filed a total of four notifications with the FSB, as required under local Russian law for the import of medical devices that make use of encryption functionality. These activities did not directly result in any revenues or profits for Medtronic. Medtronic did not engage in these activities during the first and fourth quarters of fiscal year 2023. To the extent that notifications with the FSB remain permissible under U.S. law, Medtronic may decide to continue engaging in such activities for the limited purposes of complying with local law requirements in Russia.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Debt and Capital\n\nOur capital structure consists of equity and interest-bearing debt. We primarily utilize unsecured senior debt obligations to meet our financing needs and, to a lesser extent, bank borrowings. From time to time, we may repurchase our outstanding debt obligations in the open market or through privately negotiated transactions.\nTotal debt at April 28, 2023 was $24.4 billion, as compared to $24.1 billion at April 29, 2022. The increase in total debt was driven by issuance of Euro-denominated and USD-denominated Senior Notes, and fluctuations in exchange rates, offset by repayment of Euro-denominated and USD-denominated Senior Notes.\nIn May 2022, we entered into a term loan agreement (Fiscal 2023 Loan Agreement) with Mizuho Bank, Ltd. for an aggregate principal amount of up to ¥300 billion with a term of 364 days. In May and June 2022, Medtronic Luxco borrowed an aggregate of ¥297 billion, or approximately $2.3 billion, of the term loan, under the Fiscal 2023 Loan Agreement. The Company used the net proceeds of the borrowings to fund the early redemption of $1.9 billion of Medtronic Inc. Senior Notes for $1.9 billion of total consideration, and $368 million of Medtronic Luxco Senior Notes for $376 million of total consideration. The Company recognized a total loss on debt extinguishment of $53 million within *interest expense, net* in the consolidated statements of income during fiscal year 2023, which primarily included cash premiums and accelerated amortization of deferred financing costs and debt discounts and premiums. During the fourth quarter of fiscal year 2023, the Company repaid the term loan in full, including interest.\nIn September 2022, we issued four tranches of Euro-denominated Senior Notes with an aggregate principal of €3.5 billion, with maturities ranging from fiscal year 2026 to 2035, resulting in cash proceeds of approximately $3.4 billion, net of discounts and issuance costs. The Company used the net proceeds to repay at maturity €750 million of 0.000% Medtronic Luxco Senior Notes for $772 million of total consideration in December 2022 and €1.5 billion of 0.375% Medtronic Luxco Senior Notes and €1.25 billion of 0.000% Medtronic Luxco Senior Notes for $2.9 billion of total consideration in March 2023.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Economic and Industry Risks\nSub-subsection: Instability in the financial sector could adversely affect our revenues, results of operation, or financial condition.\n\nRecent disruptions in the financial services industry caused periods of tightened credit availability and volatility in borrowing terms. If these conditions were to recur or worsen, we may experience reduced demand for a number of our products. In addition, we could experience loss of sales and profits due to delayed payments or insolvency of healthcare professionals, hospitals and other customers, suppliers and vendors facing liquidity issues. As a result, our business and liquidity may be adversely impacted, and we may be compelled to take additional measures to preserve our cash flow.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Economic and Industry Risks\nSub-subsection: Healthcare industry cost-containment measures could result in reduced sales of our medical devices and medical device components.\n\nMost of our customers, and the healthcare providers to whom our customers supply medical devices, rely on third-party payers, including government programs and private health insurance plans, to reimburse some or all of the cost of the procedures in which medical devices that incorporate components we manufacture or assemble are used. The continuing efforts of governmental authorities, insurance companies and other payers of healthcare costs to contain or reduce these costs could lead to patients being unable to obtain approval for payment from these third-party payers. If third-party payer payment approval cannot be obtained by patients, sales of finished medical devices that include our components may decline significantly and our customers may reduce or eliminate purchases of our components. The cost-containment measures that healthcare providers are instituting, both in the U.S. and outside of the U.S., could harm our ability to operate profitably. For example, managed care organizations have successfully negotiated volume discounts for pharmaceuticals, and GPOs and IDNs have also concentrated purchasing decisions for some customers, which has led to downward pricing pressure for medical device companies, including us.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Economic and Industry Risks\nSub-subsection: Changes in the prices of our goods and services and/or inflationary costs may have a material adverse effect on our business, results of operations, financial condition and cash flows.\n\nWe have experienced, and may continue to experience, decreasing prices for certain of our goods and services due to pricing pressure from managed care organizations and other third-party payers on our customers, increased market power of our customers as the medical device industry consolidates and increased competition among medical engineering and manufacturing services providers. We have also recently experienced, and may continue to experience, rising costs due to inflation. If the prices for our goods and services change or inflation continues to rise, we may be unable to sufficiently reduce our expenses or offset rising costs through increased prices to customers. As a result, our business, results of operations, financial condition and cash flows may be adversely affected.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\n\nownership. RCS was part of the Company’s Medical Surgical portfolio. At closing, the Company received $45 million cash consideration, recorded non-cash contingent consideration receivables valued at $195 million due based on the achievement of certain revenue, regulatory, and profitability milestones, and retained a 50% non-controlling equity interest in Mozarc valued at $307 million. For the contingent consideration receivables, the maximum consideration the Company could receive in the future is $300 million based on the achievement of the aforementioned milestones, with potential payouts starting in fiscal year 2025 through 2029. The Company recorded total non-cash pre-tax charges of $136 million in fiscal year 2023, primarily related to impairment of goodwill and changes in the carrying amount of the disposal group, recognized in *other operating (income) expense, net* in the consolidated statements of income. Refer to Note 9 to the consolidated financial statements for additional information on the goodwill impairment. Refer to Note 5 to the consolidated financial statements for additional information on the Company’s retained 50% equity investment in Mozarc as a result of this transaction.The Company determined that the sale of the RCS business did not meet the criteria to be classified as discontinued operations.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Business and Operational Risks\nSub-subsection: Our research and development efforts rely upon investments and investment collaborations, and we cannot guarantee that any previous or future investments or investment collaborations will be successful.\n\nOur Mission is to provide a broad range of therapies to restore patients to fuller, healthier lives, which requires a wide variety of technologies, products and capabilities. The rapid pace of technological development in the medical industry and the specialized expertise required in different areas of medicine make it difficult for one company alone to develop a broad portfolio of technological solutions. In addition to internally generated growth through our research and development efforts, historically we have relied, and expect to continue to rely, upon investments and investment collaborations to provide us access to new technologies both in areas served by our existing businesses as well as in new areas.\nWe expect to make future investments where we believe that we can stimulate the development or acquisition of new technologies and products to further our strategic objectives and strengthen our existing businesses. Investments and investment collaborations in and with medical technology companies are inherently risky, and we cannot guarantee that any of our previous or future investments or investment collaborations will be successful or will not materially adversely affect our business, results of operations, financial condition and cash flows.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\n\nThe major tax jurisdictions where the Company conducts business which remain subject to examination are as follows:\nJurisdiction,,Earliest Year Open\nUnited States - federal and state,,2005\nAustralia,,2018\nBrazil,,2018\nCanada,,2013\nChina,,2015\nCosta Rica,,2019\nDominican Republic,,2019\nFrance,,2020\nGermany,,2014\nIndia,,2002\nIreland,,2012\nIsrael,,2010\nItaly,,2018\nJapan,,2019\nKorea,,2022\nLuxembourg,,2018\nMexico,,2014\nPuerto Rico,,2014\nSingapore,,2018\nSwitzerland,,2010\nUnited Kingdom,,2019\nSee Note 18 for additional information regarding the status of current tax audits and proceedings.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\nFiscal Year 2023\nSub-subsection: Other acquisitions\n\nFor acquisitions other than Intersect ENT and Affera, the acquisition date fair value of net assets acquired during fiscal year 2023 was $123 million. Based upon preliminary valuations, 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 fiscal year 2023, which are comprised of revenue and product development milestone-based payments.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Outstanding Instruments\n\nThe following table presents the contractual amounts of the Company's outstanding instruments:\n,,As of\n(in billions),Designation,April 28, 2023,,April 29, 2022\nCurrency exchange rate contracts,Cash flow hedge,,$9.1,,,,$8.8,\nCurrency exchange rate contracts(1),Net investment hedge,7.2,,,—,\nForeign currency-denominated debt(2),Net investment hedge,17.6,,,17.0,\nCurrency exchange rate contracts,Undesignated,5.8,,,4.9,\n(1)At April 28, 2023, includes derivative contracts with a notional value of €4.5 billion, or $4.9 billion, designated as hedges of a portion of our net investment in certain European operations and derivative contracts with a notional value of ¥297 billion, or $2.2 billion, designated as hedges of a portion of our net investment in certain Japanese operations. These derivative contracts mature in fiscal years 2024 through 2033.\n(2)At April 28, 2023, includes €16.0 billion, or $17.6 billion, of outstanding Euro-denominated debt as hedges of a portion our net investment in foreign operations. This debt matures in fiscal years 2026 through 2051.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plc\nConsolidated Statements of Comprehensive Income\n\n,Fiscal Year\n(in millions),2023,,2022,,2021\nNet income,,$3,784,,,,$5,062,,,,$3,630,\nOther comprehensive (loss) income, net of tax:,,,,,\nUnrealized (loss) gain on investment securities,(49),,,(301),,,92,\nTranslation adjustment,(240),,,(2,086),,,1,699,\nNet investment hedge,(596),,,2,299,,,(1,694),\nNet change in retirement obligations,32,,,574,,,505,\nUnrealized (loss) gain on cash flow hedges,(381),,,727,,,(519),\nOther comprehensive (loss) income,(1,234),,,1,213,,,83,\nComprehensive income including noncontrolling interests,2,549,,,6,274,,,3,713,\nComprehensive income attributable to noncontrolling interests,(26),,,(16),,,(32),\nComprehensive income attributable to Medtronic,,$2,524,,,,$6,258,,,,$3,681,", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Pay Equity\n\nIn our most recent reported period available, in the United States, we have achieved 100% pay equity for gender for the third consecutive year and 100% pay equity for ethnically diverse employees. Globally we have achieved 99% pay equity for gender. We are actively working to close any remaining pay gaps by continuing to expand the annual pay equity analyses for each country we operate in.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: 3. Acquisitions and Dispositions\n\nThe Company had acquisitions during fiscal years 2023 and 2022 that were accounted for as business combinations. The assets and liabilities of 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 acquisitions during fiscal years 2023 and 2022 was not significant, either individually or in the aggregate, to the consolidated results of the Company. 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. Purchase price allocation adjustments for fiscal years 2023 and 2022 business combinations were not significant.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Legal and Regulatory Risks\nSub-subsection: Healthcare policy changes may have a material adverse effect on us.\n\nThere have been and continue to be actions and proposals by several governments, regulators and third-party payers globally, including the U.S. federal and state governments, to control healthcare costs and, more generally, to reform healthcare systems. Certain of these actions and proposals, among other things, limit the prices we are able to charge for our products or the amounts of reimbursement available for our products, increase the importance of our ability to compete on cost, and could limit the acceptance and availability of our products. These actions and proposals could have a material adverse effect on our business, results of operations, financial condition and cash flows.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\nFiscal Year 2022\n\nThe acquisition date fair value of net assets acquired during fiscal year 2022 was $125 million, consisting of $154 million of assets acquired and $29 million of liabilities assumed. Assets acquired were primarily comprised of $50 million of technology-based intangible assets with estimated useful lives ranging from 15 to 16 years, and $80 million of goodwill. The goodwill is not deductible for tax purposes. The Company recognized $31 million of non-cash contingent consideration liabilities in connection with business combinations during fiscal year 2022, which are comprised of revenue and product development milestone-based payments.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Free Cash Flow\n\nFree cash flow, a non-GAAP financial measure, is calculated by subtracting additions to property, plant, and equipment from net cash provided by operating activities. Management uses this non-GAAP financial measure, in addition to U.S. GAAP financial measures, to evaluate our operating results. Free cash flow should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with U.S. GAAP. Reconciliations between net cash provided by operating activities (the most comparable U.S. GAAP measure) and free cash flow are as follows:\n,Fiscal Year\n(in millions),2023,,2022\nNet cash provided by operating activities,,$6,039,,,,$7,346,\nAdditions to property, plant, and equipment,(1,459),,,(1,368),\nFree cash flow,,$4,580,,,,$5,978,\nRefer to the Summary of Cash Flows section for drivers of the change in cash provided by operating activities.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: EXECUTIVE LEVEL OVERVIEW\n\nThe following is a summary of revenue, diluted earnings per share, and cash flow for fiscal years 2023 and 2022:\n", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: HUMAN CAPITAL\nMedtronic Workforce Overview\n\nMedtronic’s employees deliver on our Mission every day. We empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. We strive to be the employer of choice for the best and brightest global talent, where employees can grow and develop fulfilling careers. We aspire to create a truly inclusive, diverse, and equitable workplace that fosters innovation and creativity, and where every employee feels a sense of belonging and well-being. Medtronic has 95,000+ full-time employees, of which forty-three percent are based in the U.S. or Puerto Rico.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Commission File No. 1-36820\n\n®", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Intellectual Property and Litigation\n\nWe rely on a combination of patents, trademarks, tradenames, copyrights, trade secrets, and agreements (non-disclosure and non-competition agreements) to protect our business and proprietary technology. In addition, we have entered into exclusive and non-exclusive licenses relating to a wide array of third-party technologies. In the aggregate, these intellectual property assets and licenses are of material\nTable of Contents\nimportance to our business; however, we believe that no single intellectual property asset or license is material in relation to our business as a whole.\nWe operate in an industry characterized by extensive patent litigation. Patent litigation may result in significant damage awards and injunctions that could prevent the manufacture and sale of affected products or result in significant royalty payments in order to continue selling the products. At any given time, we are generally involved as both a plaintiff and a defendant in a number of patent infringement actions, the outcomes of which may not be known for prolonged periods of time.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Government Regulation\n\nOur operations and products are subject to extensive regulation by numerous government agencies, including the U.S. FDA, European regulatory authorities such as the Medicines and Healthcare products Regulatory Agency in the United Kingdom, the Health Products Regulatory Authority in the Republic of Ireland and the Federal Institute for Drugs and Medical Devices in Germany, the China National Medical Product Administration (NMPA), and other government agencies inside and outside the U.S. To varying degrees, each of these agencies requires us to comply with laws and regulations governing the development, testing, manufacturing, labeling, marketing, distribution and post-marketing surveillance of our products. Our business is also affected by patient and data privacy laws and government payer cost containment initiatives, as well as environmental health and safety laws and regulations.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Business and Operational Risks\nSub-subsection: Public health crises have had, and may continue to have, an adverse effect on certain aspects of our business, results of operations, financial condition, and cash flows. The nature and extent of future impacts are highly uncertain and unpredictable.\n\nOur global operations and interactions with healthcare systems, providers and patients around the world expose us to risks associated with public health crises, including epidemics and pandemics such as COVID-19. In particular, the preventative and precautionary measures that we and other businesses, communities, and governments have taken to mitigate the spread of the disease has led to restrictions on, and disruptions in, business and personal activities in certain countries and regions, including China, which comprises approximately seven percent of our total revenues. These restrictions have reduced customer demand for certain of our products. We expect medical procedure rates to continue to vary by therapy and country, and could be impacted by regional COVID-19 case volumes, healthcare system staffing shortages and supply chain issues that affect their ability to provide care, patients’ ability or willingness to schedule deferrable procedures, travel restrictions, transportation limitations, quarantine restrictions, vaccine and booster immunization rates, and new COVID-19 variants.\nTogether with the preventative and precautionary measures being taken, as well as the corresponding need to adapt to new and improved methods of conducting business, such as increased remote monitoring, COVID-19 has had, and may continue to have, an adverse impact on certain aspects of our Company and business, including the demand for and supply of certain of our products, operations, supply chains and distribution systems, and our ability to generate cash flow. Some of our products are more sensitive to reductions in deferrable and emergent medical procedures, and certain medical procedures have been and may continue to be suspended or postponed. It is not possible to predict the timing of deferrable medical procedures and, to the extent individuals and hospital systems de-prioritize, delay or cancel these procedures, our business, results of operations, financial condition, and cash flows could continue to be negatively affected.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: CRITICAL ACCOUNTING ESTIMATES\n\nWe have used various accounting policies to prepare the consolidated financial statements in accordance with U.S. GAAP. Our significant accounting policies are disclosed in Note 1 to the consolidated financial statements in \"Item 8. Financial Statements and Supplementary Data\" in this Annual Report on Form 10-K.\nThe preparation of the consolidated financial statements, in conformity with U.S. GAAP, requires us to use judgment in making estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates reflect our best judgment about economic and market conditions and the potential effects on the valuation and/or carrying value of assets and liabilities based upon relevant information available. We base our estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.\nOur critical accounting estimates include the following:\n**Revenue Recognition** The Company sells its products through direct sales representatives and independent distributors. Additionally, a portion of the Company's revenue is generated from consignment inventory maintained at hospitals and royalty and intellectual property arrangements. The Company recognizes revenue when control is transferred to the customer. For products sold through direct sales representatives and independent distributors, control is transferred upon shipment or upon delivery, based on the contract terms and legal requirements. For consignment inventory, control is transferred when the product is used or implanted. Payment terms vary depending on the country of sale, type of customer, and type of product.\nThe amount of revenue recognized reflects sales rebates and returns, which are estimated based on sales terms, historical experience, and trend analysis. In estimating rebates, the Company considers the lag time between the point of sale and the payment of the rebate claim, the stated rebate rates, and other relevant information. The Company records adjustments to rebates and returns reserves as increases or decreases of revenue.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Production and Availability of Raw Materials\n\nWe manufacture products at manufacturing facilities located in various countries throughout the world. We purchase many of the components and raw materials used in manufacturing our products from numerous suppliers in various countries. Certain components and raw materials are available only from a sole supplier. We work closely with our suppliers to help ensure continuity of supply while maintaining high quality and reliability. Generally, we have been able to obtain adequate supplies of such raw materials and components. However, due to the U.S. FDA’s manufacturing requirements, we may not be able to quickly establish additional or replacement sources for certain components or materials if we experience a sudden or unexpected reduction or interruption in supply and are unable to develop alternative sources.\nFor additional information related to our manufacturing facilities refer to “Item 2. Properties” in this Annual Report on Form 10-K.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\n\nThe following table provides information by level for the derivative assets and liabilities that are measured at fair value on a recurring basis:\n,April 28, 2023,,April 29, 2022,,,\n(in millions),Derivative Assets,,Derivative Liabilities,,Derivative Assets,,Derivative Liabilities,,,\nLevel 1,,$368,,,,$236,,,,$695,,,,$109,,,,\nLevel 2,—,,,—,,,—,,,20,,,,\nTotal,,$368,,,,$236,,,,$695,,,,$129,,,,\nThe Company has elected to present the fair value of derivative assets and liabilities within the consolidated balance sheets on a gross basis, even when derivative transactions are subject to master netting arrangements and may otherwise qualify for net presentation. The cash flows related to collateral posted and received are reported gross as investing and financing activities, respectively, in the consolidated statements of cash flows.\nThe following tables provide information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation.\n,,April 28, 2023\n,,,,Gross Amount Not Offset on the Balance Sheet,,\n(in millions),,Gross Amount of Recognized Assets (Liabilities),,Financial Instruments,,Cash Collateral (Received) Posted,,Net Amount\nDerivative assets:,,,,,,,,\nCurrency exchange rate contracts,,,$368,,,,$(189),,,,$(11),,,,$168,\nDerivative liabilities:,,,,,,,,\nCurrency exchange rate contracts,,(236),,,189,,,—,,,(48),\nTotal,,,$132,,,,$—,,,,$(11),,,,$121,\n,,April 29, 2022\n,,,,Gross Amount Not Offset on the Balance Sheet,,\n(in millions),,Gross Amount of Recognized Assets (Liabilities),,Financial Instruments,,Cash Collateral (Received) Posted,,Net Amount\nDerivative assets:,,,,,,,,\nCurrency exchange rate contracts,,,$695,,,,$(109),,,,$(254),,,,$332,\nDerivative liabilities:,,,,,,,,\nCurrency exchange rate contracts,,(109),,,109,,,—,,,—,\nTotal return swaps,,(20),,,—,,,—,,,(20),\n,,(129),,,109,,,—,,,(20),\nTotal,,,$566,,,,$—,,,,$(254),,,,$312,", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Government Regulation\nSub-subsection: Anti-Boycott Laws\n\nUnder U.S. laws and regulations, U.S. companies and their subsidiaries and affiliates outside the U.S. are prohibited from participating or agreeing to participate in unsanctioned foreign boycotts in connection with certain business activities, including the sale, purchase, transfer, shipping or financing of goods or services within the U.S. or between the U.S. and countries outside of the U.S. If we, or certain third\nTable of Contents\nparties through which we sell or provide goods or services, violate anti-boycott laws and regulations, we may be subject to civil or criminal enforcement action and varying degrees of liability.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: 9. Goodwill and Other Intangible Assets\nGoodwill\n\nThe following table presents the changes in the carrying amount of goodwill by segment:\n(in millions),Cardiovascular,,Medical Surgical,,Neuroscience,,Diabetes,,Total\nApril 30, 2021,,$7,209,,,,$21,195,,,,$11,300,,,,$2,257,,,,$41,961,\nGoodwill as a result of acquisitions,55,,,—,,,26,,,—,,,80,\nPurchase accounting adjustments,21,,,3,,,3,,,(2),,,25,\nCurrency translation and other,(125),,,(1,241),,,(196),,,(1),,,(1,563),\nApril 29, 2022,7,160,,,19,957,,,11,132,,,2,254,,,40,502,\nGoodwill as a result of acquisitions,726,,,—,,,615,,,—,,,1,340,\nPurchase accounting adjustments,(6),,,—,,,2,,,—,,,(5),\nSale of RCS business,—,,,(208),,,—,,,—,,,(208),\nCurrency translation and other,(6),,,(170),,,(30),,,1,,,(204),\nApril 28, 2023,,$7,873,,,,$19,579,,,,$11,718,,,,$2,255,,,,$41,425,\nAs a result of the agreement with DaVita, as disclosed in Note 3, the Company allocated $208 million of goodwill to the RCS business that met the criteria to be classified as held for sale during the first quarter of fiscal year 2023 and was subsequently sold on April 1, 2023. Upon allocation, a goodwill impairment test was performed for the RCS business, and the Company recognized $61 million of goodwill impairment charges during fiscal year 2023. The goodwill impairment charges are recognized in* other operating (income) expense, net* in the consolidated statements of income. The Company did not recognize any goodwill impairment charges during fiscal years 2022 or 2021.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Business and Operational Risks\nSub-subsection: We operate in a highly competitive industry and we may be unable to compete effectively.\n\nWe compete in both the therapeutic and diagnostic medical markets in more than 150 countries throughout the world. These markets are characterized by rapid change resulting from technological advances, innovations and scientific discoveries. In the product lines in which we compete, we face a range of competitors from large companies with multiple business lines to small, specialized manufacturers that offer a limited selection of niche products. Development by other companies of new or improved products, processes, technologies, or the introduction of reprocessed products or generic versions when our proprietary products lose their patent protection may make our existing or planned products less competitive. In addition, we face competition from providers of alternative medical therapies, such as pharmaceutical companies.\nWe believe our ability to compete depends upon many factors both within and beyond our control, including:\n•product performance and reliability,\n•product technology and innovation,\n•product quality and safety,\n•breadth of product lines,\n•product support services,\n•customer support,\n•cost-effectiveness and price,\n•reimbursement approval from healthcare insurance providers, and\n•changes to the regulatory environment.\nCompetition may increase as additional companies enter our markets or modify their existing products to compete directly with ours. In addition, academic institutions, governmental agencies and other public and private research organizations also may conduct research, seek patent protection and establish collaborative arrangements for discovery, research, clinical development and marketing of products similar to ours. These companies and institutions compete with us in recruiting and retaining qualified scientific and management personnel, as well as in acquiring necessary product technologies. From time to time we have lost, and may in the future lose, market share in connection with product problems, physician advisories, safety alerts and publications about our products, which highlights the importance of product quality, product efficacy and quality systems to our business. In the current environment of managed care, consolidation among healthcare providers, increased competition, declining reimbursement rates, and national and provincial tender pricing, as recently experienced in China, competitively priced product offerings are essential to our success. Further, our continued growth and success depend on our ability to develop, acquire and market new and differentiated products, technologies and intellectual property, and as a result we also face competition for marketing, distribution, and collaborative development agreements, establishing relationships with academic and research institutions and licenses to intellectual property. In order to continue to compete effectively, we must continue to create, invest in or acquire advanced technology, incorporate this technology into our proprietary products, obtain regulatory approvals in a timely manner, and manufacture and successfully market our products. Given these factors, we cannot guarantee that we will be able to compete effectively or continue our level of success.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Legal and Regulatory Risks\nSub-subsection: We are subject to extensive and complex laws and governmental regulations and any adverse regulatory action may materially adversely affect our financial condition and business operations.\n\nGovernmental regulations in the U.S. and outside the U.S. are constantly changing and may become increasingly stringent. In the E.U, for example, the Medical Device Regulation which became effective in May 2021 includes significant additional pre-market and post-market requirements. Penalties for regulatory non-compliance could be severe, including fines and revocation or suspension of a company’s business license, mandatory price reductions and criminal sanctions. The development and implementation of future laws and regulations may have a material adverse effect on us.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: 20 On Hatch, Lower Hatch Street\nDublin 2, Ireland\n\n(Address of principal executive offices)", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Securities registered pursuant to section 12(g) of the Act:\nNone\nSub-subsection: 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 ☐\n\n---\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: 7. Derivatives and Currency Exchange Risk Management\n\nThe Company uses derivative instruments and foreign currency denominated debt to manage the impact that currency exchange rate and interest rate changes have on reported financial statements. The Company does not enter into derivative contracts for speculative purposes.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Legal and Regulatory Risks\nSub-subsection: Legislative or other governmental action relating to the denial of U.S. federal or state governmental contracts to U.S. companies that redomicile abroad could adversely affect our business.\n\nVarious U.S. federal and state legislative proposals that would deny governmental contracts to U.S. companies that move their corporate location abroad may affect us. We are unable to predict the likelihood that, or final form in which, any such proposed legislation might become law, the nature of the regulations that may be promulgated under any future legislative enactments, or the effect such enactments and increased regulatory scrutiny may have on our business.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Concentrations of Credit Risk\n\nFinancial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of interest-bearing investments, derivative contracts, and trade accounts receivable. Global concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across many geographic areas. The Company monitors the creditworthiness of its customers to which it grants credit terms in the normal course of business.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nWe have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, results of operations, financial condition, and/or cash flows. These forward-looking statements speak only as of the date of this Annual Report on Form 10-K and are subject to a number of risks, uncertainties and assumptions described in the “Risk Factors” section and elsewhere in this Annual Report on Form 10-K. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. One must carefully consider forward-looking statements and understand that such forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and involve a variety of risks and uncertainties, known and unknown, including, among others, those discussed in the sections entitled “Government Regulation” within “Item 1. Business” and “Item 1A. Risk Factors” in this Annual Report on Form 10-K, as well as those related to:\n•competition in the medical device industry;\n•delays in regulatory approvals;\n•public health crises;\n•reduction or interruption in our supply;\n•failure to complete or achieve the intended benefits of acquisitions or divestitures;\n•adverse regulatory action;\n•laws and governmental regulations;\n•litigation results;\n•quality problems;\n•healthcare policy changes;\n•cybersecurity incidents;\n•international operations, including the impact of armed conflicts;\n•self-insurance;\nTable of Contents\n•commercial insurance;\n•changes in applicable tax rates;\n•positions taken by taxing authorities;\n•decreasing selling prices and pricing pressure;\n•liquidity shortfalls;\n•fluctuations in currency exchange rates;\n•inflation; or\n•disruption of our current plans and operations.\nConsequently, no forward-looking statement may be guaranteed, and actual results may vary materially from those projected in the forward-looking statements. We intend to take advantage of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding our forward-looking statements and are including this sentence for the express purpose of enabling us to use the protections of the safe harbor with respect to all forward-looking statements. While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Undesignated Derivatives\n\nThe Company uses foreign currency forward exchange contracts to offset the Company’s exposure to the change in the value of non-functional currency denominated assets, liabilities, and cash flows.\nThese foreign currency forward exchange rate contracts are not designated as hedges at inception, and therefore, changes in the fair value of these contracts are recognized in the consolidated statements of income. Cash flows related to the Company’s undesignated derivative contracts are reported in the consolidated statements of cash flows based on the nature of the derivative instrument.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Total Assets and Depreciation Expense\n\n,Total Assets,,Depreciation Expense\n(in millions),April 28, 2023,,April 29, 2022,,2023,,2022,,2021\nCardiovascular,,$16,051,,,,$14,490,,,,$212,,,,$214,,,,$212,\nMedical Surgical,36,248,,,36,940,,,202,,,200,,,195,\nNeuroscience,18,346,,,16,917,,,267,,,265,,,236,\nDiabetes,3,930,,,3,797,,,80,,,67,,,53,\nSegments,74,575,,,72,144,,,761,,,746,,,696,\nCorporate,16,373,,,18,837,,,238,,,228,,,223,\nTotal,,$90,948,,,,$90,981,,,,$999,,,,$974,,,,$919,\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: OTHER FACTORS IMPACTING OUR OPERATIONS\nPublic Health Crises\n\nThe global COVID-19 pandemic, together with the preventative and precautionary measures taken by businesses, communities, and governments, have impacted, and may continue to impact significant aspects of our Company and business, including future procedural volumes, supply constraints, healthcare staffing, and resulting impacts on demand for our products and therapies. If there are significant outbreaks of other contagious diseases or other global public health crises, we may face similar impacts. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: GAAP to Non-GAAP Reconciliations\n\nCertain litigation charges,95,,,17,,,78,,,0.06,,,17.9,\n(Gain)/loss on minority investments (5),(12),,,—,,,(9),,,(0.01),,,—,\nMedical device regulations (6),102,,,16,,,86,,,0.06,,,15.7,\nMCS impairment / costs (9),881,,,220,,,661,,,0.49,,,25.0,\nCertain tax adjustments, net (10),—,,,50,,,(50),,,(0.04),,,—,\nNon-GAAP,,$8,609,,,,$1,084,,,,$7,505,,,,$5.55,,,12.6%,\n(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.\n(2)The charges primarily include business combination costs and changes in fair value of contingent consideration.\n(3)The charges predominantly include non-cash pre-tax impairments, primarily related to goodwill, changes in the carrying value of the disposal group, and other associated costs, as a result of the April 1, 2023 sale of half of the Company's Renal Care Solutions (RCS) business; charges related to the impending separation of the Patient Monitoring and Respiratory Interventions businesses within our Medical Surgical Portfolio in the fourth quarter of fiscal year 2023; and charges related to an exit of a business which are primarily comprised of inventory write-downs.\n(4)Certain litigation includes $35 million income related to the one-time payment received as a result of the Intellectual Property Agreement entered into with Edwards Lifesciences on April 12, 2023.\n(5)We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.\n(6)The charges represent estimated incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and /or one-time costs, which are limited to a specific period.\n(7)The charges relate to the early redemption of approximately $2.3 billion of debt and were recorded within interest expense, net within the consolidated statements of income.\n(8)The charge primarily relates to a $764 million reserve adjustment that was a direct result of the U.S. Tax Court opinion, issued on August 18, 2022, on the previously disclosed litigation regarding the allocation of income between Medtronic, Inc. and its wholly owned subsidiary operating in Puerto Rico. Additional charges relate to the reduction of deferred tax assets due to the disallowance of certain interest deductions and the change in the reporting currency for certain carryover attributes, and the amortization on previously established deferred tax assets from intercompany intellectual property transactions.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: 15. Retirement Benefit Plans\n\nThe Company sponsors various retirement benefit plans, including defined benefit pension plans, post-retirement medical plans, defined contribution savings plans, and termination indemnity plans, covering substantially all U.S. employees and many employees outside the U.S. The net expense related to these plans was $494 million, $459 million, and $668 million in fiscal years 2023, 2022, and 2021, respectively.In the U.S., the Company maintains qualified pension plans designed to provide guaranteed minimum retirement benefits to all eligible U.S. participants. Pension coverage for non-U.S. employees is provided, to the extent deemed appropriate, through separate plans. In addition to the benefits provided under the qualified pension plan, retirement benefits associated with wages in excess of the IRS allowable limits are provided to certain employees under a non-qualified plan. U.S. and Puerto Rico employees are also eligible to receive a medical benefit component, in addition to normal retirement benefits, through the Company’s post-retirement benefits. At April 28, 2023 and April 29, 2022, the funded status of the Company’s benefit plans was $103 million overfunded and $74 million overfunded, respectively. During fiscal years 2023 and 2021, the Company offered certain eligible U.S. employees voluntary early retirement packages, resulting in charges of $94 million and $97 million, respectively, primarily related to U.S. pension benefits. The charges were recognized in *restructuring charges, net *in the consolidated statements of income. See Note 4 for additional information on restructuring charges.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Deferred Revenue and Remaining Performance Obligations\n\nDeferred revenue at April 28, 2023 and April 29, 2022 was $405 million and $399 million, respectively. At April 28, 2023 and April 29, 2022, $314 million and $305 million was included in *other accrued expenses*, respectively, and $91 million and $94 million was included in *other liabilities*, respectively. During the fiscal year ended April 28, 2023, the Company recognized $240 million of revenue that was included in deferred revenue as of April 29, 2022.\nRemaining performance obligations include goods and services that have not yet been delivered or provided under existing, noncancellable contracts with minimum purchase commitments. At April 28, 2023, 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 $0.6 billion. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next three years.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Item 6. Reserved\n\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Legal and Regulatory Risks\nSub-subsection: The failure to comply with anti-corruption laws could materially adversely affect our business and result in civil and/or criminal sanctions.\n\nThe U.S. Foreign Corrupt Practices Act (FCPA), the Irish Criminal Justice (Corruption Offences) Act 2018, and similar anti-corruption laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials for the purpose of obtaining or retaining business and to ensure adequate internal controls, books, and records. Because of the predominance of government-administered healthcare systems in many jurisdictions around the world, many of our customer relationships outside of the U.S. are with governmental entities and are therefore potentially subject to such laws. We also participate in public-private partnerships and other commercial and policy arrangements with governments around the globe.\nGlobal enforcement of anti-corruption laws has increased in recent years, including investigations and enforcement proceedings leading to assessment of significant fines and penalties against companies and individuals. Our international operations create a risk of unauthorized payments or offers of payments by one of our employees, consultants, sales agents, or distributors. We maintain various controls aligned with legal requirements to prevent and prohibit improper practices, including policies, programs, and training for our employees and third party intermediaries acting on our behalf. However, existing safeguards and any future improvements may not always be effective, and our employees, consultants, sales agents or distributors may engage in conduct for which we could be held responsible. In addition, regulators could seek to hold us liable for conduct committed by companies in which we invest or that we acquire. Any alleged or actual violations of these regulations may subject us to government scrutiny, criminal or civil sanctions and other liabilities, including exclusion from government contracting, and could disrupt our business, adversely affect our reputation and result in a material adverse effect on our business, results of operations, financial condition and cash flows.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Business and Operational Risks\nSub-subsection: Reduction or interruption in supply or other manufacturing difficulties may adversely affect our manufacturing operations and related product sales.\n\nIn addition, many of our products require sterilization before sale and several of our key products are manufactured or sterilized at a particular facility, with limited alternate facilities. If an event occurs that results in damage to or closure of one or more of such facilities, such as the Illinois Environmental Protection Agency's decision to close a supplier's sterilization facility in February 2019, we may be unable to manufacture or sterilize the relevant products to the required quality specifications or at all. Because of the time required to approve and license a manufacturing or sterilization facility, a third-party may not be available on a timely basis to replace production capacity in the event manufacturing or sterilization capacity is lost.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Item 9A. Controls and Procedures\nDisclosure Controls and Procedures\n\nOur management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) and changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this annual report, our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) are effective.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations\nUNDERSTANDING OUR FINANCIAL INFORMATION\n\nThe following discussion and analysis provides information management believes to be relevant to understanding the financial condition and results of operations of the Company. The discussion focuses on our financial results for the fiscal year ended April 28, 2023 (fiscal year 2023) and the fiscal year ended April 29, 2022 (fiscal year 2022). A discussion on our results of operations for fiscal year 2022 as compared to the year ended April 30, 2021 (fiscal year 2021) is included in Part II, Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for the year ended April 29, 2022, filed with the SEC on June 23, 2022, and is incorporated by reference into this Form 10-K. You should read this discussion and analysis along with our consolidated financial statements and related notes thereto at April 28, 2023 and April 29, 2022 and for fiscal years 2023, 2022, and 2021, which are presented within \"Item 8. Financial Statements and Supplementary Data\" in this Annual Report on Form 10-K. Amounts reported in millions within this annual 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.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Legal and Regulatory Risks\nSub-subsection: We are subject to environmental laws and regulations and the risk of environmental liabilities, violations and litigation.\n\nWe are subject to environmental, health, and safety laws, and regulations concerning, among other things, the generation, handling, transportation, and disposal of hazardous substances or wastes, the remediation of hazardous substances or materials at various sites, and emissions or discharges into the land, air or water. We are further subject to numerous laws and regulations concerning, among other things, chemical constituents in medical products and end-of-life disposal and take-back programs for medical devices. Our operations and those of certain third-party suppliers involve the use of substances subject to these laws and regulations, primarily those used in manufacturing and sterilization processes. If we or our suppliers violate these environmental laws and regulations, facilities could be shut down and violators could be fined, or otherwise sanctioned. New laws and regulations, violations of these laws or regulations, stricter enforcement of existing requirements, or the discovery of previously unknown contamination could require us to incur costs or could become the basis for new or increased liabilities that could be material.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Item 1B. Unresolved Staff Comments\n\nNone.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Amortization Expense\n\nIntangible asset amortization expense was $1.7 billion for fiscal years 2023 and 2022 and $1.8 billion for fiscal year 2021. Estimated aggregate amortization expense by fiscal year based on the current carrying value and remaining estimated useful lives of definite-lived intangible assets at April 28, 2023, excluding any possible future amortization associated with acquired IPR&D which has not met technological feasibility, is as follows:\n(in millions),AmortizationExpense\n2024,,$1,676,\n2025,1,654,\n2026,1,641,\n2027,1,616,\n2028,1,565,\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\n\nGranted,5,470,,,92.96,,,,,\nExercised,(1,513),,,59.15,,,,,\nExpired/Forfeited/Cancelled,(1,354),,,102.93,,,,,\nOutstanding at April 28, 2023,30,866,,,93.30,,,5.1,,,$154,\nExpected to vest at April 28, 2023,8,685,,,103.48,,,8.5,,1,\nExercisable at April 28, 2023,21,468,,,88.90,,,3.7,,153,\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Item 1A. Risk Factors\n\nInvesting in our securities involves a variety of risks and uncertainties, known and unknown, including, among others, those discussed below. Each of the following risks should be carefully considered, together with all the other information included in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and in our other filings with the SEC. Furthermore, additional risks and uncertainty not presently known to us or that we currently believe to be immaterial may also adversely affect our business. Our business, results of operations, financial condition, and cash flow and prospects could be materially and adversely affected by any of these risks or uncertainties.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: UNITED STATES\nSECURITIES AND EXCHANGE COMMISSION\nWashington, D.C. 20549\nFORM 10-K\n\n☒,Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934.For the fiscal year ended April 28, 2023.\n☐,Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.For the transition period from __________ to __________", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\n\nAt 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. At April 29, 2022, $981 million of rebates were classified as *other accrued expenses, *and $548 million of rebates were classified as a reduction of *accounts receivable *in the consolidated balance sheet. During fiscal year 2023, 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.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: INCOME TAXES\n\nDuring fiscal year 2022, we recognized$89 million of operational tax benefits. The operational tax benefits included a$46 million benefit from excess tax benefits associated with stock-based compensation, and a $43 million net benefit associated with the resolution of certain income tax audits, finalization of certain tax returns, changes to uncertain tax position reserves, and changes to certain deferred income tax balances.\nAn increase in our Non-GAAP Nominal Tax Rate of one percent would result in an additional income tax provision for fiscal years 2023 and 2022 of approximately$82 million and$86 million, respectively.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Item 4. Mine Safety Disclosures\n\nNot applicable.\nTable of Contents", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Legal and Regulatory Risks\nSub-subsection: Laws and regulations governing international business operations could adversely impact our business.\n\nThe U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Commerce Department’s Bureau of Industry and Security (BIS) administer certain laws and regulations that restrict U.S. persons and, in some instances, non-U.S. persons, in conducting activities, transacting business with, or making investments in, certain countries, governments, entities and individuals subject to U.S.\nTable of Contents\neconomic sanctions or export restrictions. Our international operations subject us to these laws and regulations, which are complex, restrict our business dealings with certain countries, governments, entities, and individuals, and are constantly changing. Further restrictions may be enacted, amended, enforced or interpreted in a manner that materially impacts our operations.\nFrom time to time, certain of our subsidiaries have limited business dealings in countries subject to comprehensive sanctions, including Iran, Syria, Cuba, and the region of Crimea, as well as Russia and Belarus. Certain of our subsidiaries sell medical devices, and may provide related services, to distributors and other purchasing bodies in such countries/region. These business dealings represent an insignificant amount of our consolidated revenues and income, but expose us to a heightened risk of violating applicable sanctions regulations. Violations of these regulations are punishable by civil penalties, including fines, denial of export privileges, injunctions, asset seizures, debarment from government contracts and revocations or restrictions of licenses, as well as criminal fines and imprisonment. We have established policies and procedures designed to assist with our compliance with such laws and regulations. However, there can be no assurance that our policies and procedures will prevent us from violating these regulations in every transaction in which we may engage, and such a violation could adversely affect our reputation, business, results of operations, financial condition, and cash flows.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Legal and Regulatory Risks\nSub-subsection: We are substantially dependent on patent and other proprietary rights and failing to protect such rights or to be successful in litigation related to our rights or the rights of others may result in our payment of significant monetary damages and/or royalty payments, negatively impacting our ability to sell current or future products.\n\nWe are substantially dependent on patent and other proprietary rights and rely on a combination of patents, trademarks, tradenames, copyrights, trade secrets, and agreements (such as employee, non-disclosure and non-competition agreements) to protect our business and proprietary intellectual property. We also operate in an industry characterized by extensive patent litigation. Patent litigation can result in significant damage awards and injunctions that could prevent our manufacture and sale of affected products or require us to pay significant royalties in order to continue to manufacture or sell affected products. At any given time, we are generally involved as both a plaintiff and a defendant in a number of patent infringement actions, the outcomes of which may not be known for prolonged periods of time. While it is not possible to predict the outcome of patent litigation, it is possible that the results of such litigation could require us to pay significant monetary damages and/or royalty payments, negatively impact our ability to sell current or future products, or that enforcement actions to protect our patent and proprietary rights against others could be unsuccessful, any of which could have a material adverse impact on our business, results of operations, financial condition, and cash flows. In addition, any public announcements related to litigation or administrative proceedings initiated or threatened against us could cause our stock price to decline.\nWhile we intend to defend against any threats to our intellectual property, our patents, trademarks, tradenames, copyrights, trade secrets or agreements (such as employee, non-disclosure and non-competition agreements) may not adequately protect our intellectual property. Further, pending patent applications may not result in patents being issued to us, patents issued to or licensed by us may be challenged or circumvented by competitors and such patents may be found invalid, unenforceable or too limited in scope to protect our technology or provide us with any competitive advantage. In addition, our patents will expire over time, our ability to protect novel business models is uncertain, and infringement may go undetected. Third parties could obtain patents that may require us to negotiate licenses to conduct our\nTable of Contents\nbusiness, and such licenses may not be available on reasonable terms or at all. In addition, license agreements could be terminated. We also rely on non-disclosure and non-competition agreements with certain employees, consultants and other parties to protect, in part, trade secrets and other proprietary rights. We cannot be certain that these agreements will not be breached, that we will have adequate remedies for any breach, that others will not independently develop substantially equivalent proprietary information, or that third parties will not otherwise gain access to our trade secrets or proprietary knowledge.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Changes in Internal Control Over Financial Reporting\n\nDuring the quarter ended April 28, 2023, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Medtronic plcNotes to Consolidated Financial Statements (Continued)\n\n**Currency Translation ** Assets and liabilities of non-U.S. dollar functional currency entities are translated to U.S. dollars at period-end exchange rates, and the currency impacts arising from the translation of the assets and liabilities are recorded as a cumulative translation adjustment, a component of *accumulated other comprehensive loss, *on the consolidated balance sheets. Elements of the consolidated statements of income are translated at the average monthly currency exchange rates in effect during the period. Currency transaction gains and losses are included in *other operating (income) expense, net* in the consolidated statements of income.**Stock-Based Compensation ** The Company measures stock-based compensation expense at the grant date based on the fair value of the award and recognizes the compensation expense over the requisite service period, which is generally the vesting period. The amount of stock-based compensation expense recognized during a period is based on the portion of the awards that are expected to vest. The Company estimates pre-vesting forfeitures at the time of grant and revises the estimates in subsequent periods.<h4>Recently Adopted Accounting Standards</h4>\nFor fiscal year 2023, there were no newly adopted accounting standards that had a material impact to our consolidated financial statements.", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: MEDTRONIC PLC AND SUBSIDIARIES\nSCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS\n(in millions)\n\n,,,Additions,,Deductions,,\n,Balance atBeginning ofFiscal Year,,Charges to Income,,Charges to Other Accounts,,Other Changes (Debit) Credit,,Balanceat End ofFiscal Year\nAllowance for doubtful accounts:,,,,,,,,,\nFiscal year ended April 28, 2023,,$230,,,,$73,,,,$—,,,,$(127),,(a),,$176,\nFiscal year ended April 29, 2022,241,,,58,,,—,,,(69),,(a),230,\nFiscal year ended April 30, 2021,208,,,128,,,—,,,(95),,(a),241,\nInventory reserve:,,,,,,,,,\nFiscal year ended April 28, 2023,,$628,,,,$271,,,,$—,,,,$(231),,(b),,$669,\nFiscal year ended April 29, 2022,629,,,156,,,—,,,(157),,(b),628,\nFiscal year ended April 30, 2021,544,,,483,,,—,,,(398),,(b),629,\nDeferred tax valuation allowance:,,,,,,,,,\nFiscal year ended April 28, 2023,,$6,583,,,,$4,779,,,,$39,,(c),,$(63),,(d),,$11,311,\n,,,,,1,(e),(27),,(f),\nFiscal year ended April 29, 2022,5,822,,,884,,,(19),,(e),(103),,(d),6,583,\nFiscal year ended April 30, 2021,5,482,,,342,,,170,,(e),(172),,(d),5,822,\n(a) Primarily consists of uncollectible accounts written off, less recoveries.\n(b) Primarily reflects utilization of the inventory reserve.\n(c) Reflects the impact from acquisitions.\n(d) Primarily reflects carryover attribute utilization and expiration.\n(e) Primarily reflects the effects of currency fluctuations.\n(f) Primarily reflects the impacts from tax rate changes.\n,All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.\n,2. Exhibits\n,Exhibit No.,,Description,\n,3.1,,Certificate of Incorporation of Medtronic plc (incorporated by reference to Exhibit 3.1 to Medtronic plc’s Current Report on Form 8-K, filed on January 27, 2015, File No. 001-36820).,", "Ticker: MDT; CIK: 0001613103; Filing Date: 20230428; Filing Year: April 28, 2023; Company Name: Medtronic plc\n\nSub-section: Learning & Development\n\nThe skills and dedication of our employees drive our business performance. Our comprehensive professional development programs empower our people to build rewarding careers and help us attract world-class talent from global and diverse populations. Our suite of professional development programs ensures that our employees, regardless of level, location, language or learning preferences, have access to opportunities to develop and grow. Our investment in employee development has contributed to more than 32 percent of our open roles being filled with internal employees.\nWe have shifted away from degree requirements to focus on skills-based certification for certain roles within Medtronic. Additionally, as members of the Multiple Pathways Initiative, we have used a skills-based approach to offering opportunities to expanded pools of external talent that have previously been held back due to lack of access to undergraduate education. Internally, employees can now participate through MAPS (Medtronic Advancement Pathways and Skill-building) in undergraduate courses from top-tier universities to enhance or obtain new skills, at no cost to the employee. Our change in approach has opened up opportunities for employees who have been otherwise restricted from career advancement due to degree requirements." ]

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