Medtronic plc

For the period ended Apr 26, 2024. Filed Jun 20, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Jun 20, 2024

MDT$101.59-1.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Financial Statements

	Fiscal Year
(in millions, except per share data)	2024	2023	2022
Net sales	$32,364	$31,227	$31,686
Costs and expenses:
Cost of products sold, excluding amortization of intangible assets	11,216	10,719	10,145
Research and development expense	2,735	2,696	2,746
Selling, general, and administrative expense	10,736	10,415	10,292
Amortization of intangible assets	1,693	1,698	1,733
Restructuring charges, net	226	375	60
Certain litigation charges, net	149	(30)	95
Other operating expense (income), net	464	(131)	862
Operating profit	5,144	5,485	5,752
Other non-operating income, net	(412)	(515)	(318)
Interest expense, net	719	636	553
Income before income taxes	4,837	5,364	5,517
Income tax provision	1,133	1,580	456
Net income	3,705	3,784	5,062
Net income attributable to noncontrolling interests	(28)	(26)	(22)
Net income attributable to Medtronic	$3,676	$3,758	$5,039
Basic earnings per share	$2.77	$2.83	$3.75
Diluted earnings per share	$2.76	$2.82	$3.73
Basic weighted average shares outstanding	1,327.7	1,329.8	1,342.4
Diluted weighted average shares outstanding	1,330.2	1,332.8	1,351.4

	Fiscal Year
(in millions)	2024	2023	2022
Net income	$3,705	$3,784	$5,062
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on investment securities	46	(49)	(301)
Translation adjustment	(848)	(240)	(2,086)
Net investment hedge	633	(596)	2,299
Net change in retirement obligations	212	32	574
Unrealized gain (loss) on cash flow hedges	136	(381)	727
Other comprehensive income (loss)	178	(1,234)	1,213
Comprehensive income including noncontrolling interests	3,883	2,549	6,274
Comprehensive income attributable to noncontrolling interests	(27)	(26)	(16)
Comprehensive income attributable to Medtronic	$3,856	$2,524	$6,258

(in millions, except share amounts)	April 26, 2024	April 28, 2023
ASSETS
Current assets:
Cash and cash equivalents	$1,284	$1,543
Investments	6,721	6,416
Accounts receivable, less allowances and credit losses of $173 and $176, respectively	6,128	5,998
Inventories	5,217	5,293
Other current assets	2,584	2,425
Total current assets	21,935	21,675
Property, plant, and equipment, net	6,131	5,569
Goodwill	40,986	41,425
Other intangible assets, net	13,225	14,844
Tax assets	3,657	3,477
Other assets	4,047	3,959
Total assets	$89,981	$90,948
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$1,092	$20
Accounts payable	2,410	2,662
Accrued compensation	2,375	1,949
Accrued income taxes	1,330	840
Other accrued expenses	3,582	3,581
Total current liabilities	10,789	9,051
Long-term debt	23,932	24,344
Accrued compensation and retirement benefits	1,101	1,093
Accrued income taxes	1,859	2,360
Deferred tax liabilities	515	708
Other liabilities	1,365	1,727
Total liabilities	39,561	39,283
Commitments and contingencies (Notes 3, 16, and 18)
Shareholders’ equity:
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,311,337,531 and 1,330,809,036 shares issued and outstanding, respectively	—	—
Additional paid-in capital	23,129	24,590
Retained earnings	30,403	30,392
Accumulated other comprehensive loss	(3,318)	(3,499)
Total shareholders’ equity	50,214	51,483
Noncontrolling interests	206	182
Total equity	50,420	51,665
Total liabilities and equity	$89,981	$90,948

Consolidated Statements of Equity

Ordinary Shares · Additional Paid-in Capital · RetainedEarnings · AccumulatedOtherComprehensiveLoss · Total Shareholders’ Equity · Noncontrolling Interests · Total Equity
(in millions, except per share data) · Number · Par Value
April 30, 2021	1,345	$—	$26,319	$28,594	$(3,485)	$51,428	$174	$51,602
Net income	—	—	—	5,039	—	5,039	22	5,062
Other comprehensive income (loss)	—	—	—	—	1,219	1,219	(6)	1,213
Dividends to shareholders ($2.52 per ordinary share)	—	—	—	(3,383)	—	(3,383)	—	(3,383)
Issuance of shares under stock purchase and award plans	7	—	329	—	—	329	—	329
Repurchase of ordinary shares	(21)	—	(2,442)	—	—	(2,442)	—	(2,442)
Stock-based compensation	—	—	359	—	—	359	—	359
Changes to noncontrolling ownership interests	—	—	1	—	—	1	(19)	(18)
April 29, 2022	1,331	$—	$24,566	$30,250	$(2,265)	$52,551	$171	$52,722
Net income	—	—	—	3,758	—	3,758	26	3,784
Other comprehensive loss	—	—	—	—	(1,234)	(1,234)	—	(1,234)
Dividends to shareholders ($2.72 per ordinary share)	—	—	—	(3,616)	—	(3,616)	—	(3,616)
Issuance of shares under stock purchase and award plans	6	—	236	—	—	236	—	236
Repurchase of ordinary shares	(6)	—	(571)	—	—	(571)	—	(571)
Stock-based compensation	—	—	355	—	—	355	—	355
Changes to noncontrolling ownership interests	—	—	5	—	—	5	(15)	(10)
April 28, 2023	1,331	$—	$24,590	$30,392	$(3,499)	$51,483	$182	$51,665
Net income	—	—	—	3,676	—	3,676	28	3,705
Other comprehensive income (loss)	—	—	—	—	180	180	(2)	178
Dividends to shareholders ($2.76 per ordinary share)	—	—	—	(3,666)	—	(3,666)	—	(3,666)
Issuance of shares under stock purchase and award plans	6	—	231	—	—	231	—	231
Repurchase of ordinary shares	(25)	—	(2,084)	—	—	(2,084)	—	(2,084)
Stock-based compensation	—	—	393	—	—	393	—	393
Changes to noncontrolling ownership interests	—	—	—	—	—	—	(2)	(2)
April 26, 2024	1,311	$—	$23,129	$30,403	$(3,318)	$50,214	$206	$50,420

	Fiscal Year
(in millions)	2024	2023	2022
Operating Activities:
Net income	$3,705	$3,784	$5,062
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,647	2,697	2,707
Provision for credit losses	90	73	58
Deferred income taxes	(508)	(226)	(604)
Stock-based compensation	393	355	359
Loss on debt extinguishment	—	53	—
Asset impairments and related inventory write-downs	371	—	515
Other, net	573	270	138
Change in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	(391)	(576)	(477)
Inventories, net	(139)	(939)	(560)
Accounts payable and accrued liabilities	391	696	213
Other operating assets and liabilities	(345)	(148)	(65)
Net cash provided by operating activities	6,787	6,039	7,346
Investing Activities:
Acquisitions, net of cash acquired	(211)	(1,867)	(91)
Additions to property, plant, and equipment	(1,587)	(1,459)	(1,368)
Purchases of investments	(7,748)	(7,514)	(9,882)
Sales and maturities of investments	7,441	7,343	9,692
Other investing activities, net	(261)	4	(10)
Net cash used in investing activities	(2,366)	(3,493)	(1,659)
Financing Activities:
Change in current debt obligations, net	1,073	—	—
Proceeds from short-term borrowings (maturities greater than 90 days)	—	2,284	—
Repayments from short-term borrowings (maturities greater than 90 days)	—	(2,279)	—
Issuance of long-term debt	—	5,409	—
Payments on long-term debt	—	(6,012)	(1)
Dividends to shareholders	(3,666)	(3,616)	(3,383)
Issuance of ordinary shares	284	308	429
Repurchase of ordinary shares	(2,138)	(645)	(2,544)
Other financing activities	(3)	(409)	163
Net cash used in financing activities	(4,450)	(4,960)	(5,336)
Effect of exchange rate changes on cash and cash equivalents	(230)	243	(231)
Net change in cash and cash equivalents	(259)	(2,171)	121
Cash and cash equivalents at beginning of period	1,543	3,714	3,593
Cash and cash equivalents at end of period	$1,284	$1,543	$3,714
Supplemental Cash Flow Information
Cash paid for:
Income taxes	$1,622	$1,548	$996
Interest	826	606	540

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.