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mdt:CIFSANotesMember 2018-04-27 0001613103 srt:ConsolidationEliminationsMember mdt:CIFSANotesMember 2018-04-27 xbrli:shares iso4217:USD iso4217:EUR iso4217:USD xbrli:shares xbrli:pure mdt:patent mdt:subsidiary mdt:manufacturer mdt:tranche mdt:claim mdt:derivative mdt:landfill

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 
For the quarterly period ended
July 26, 2019
 
 
 
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the transition period from __________ to __________
Commission File Number 001-36820
https://cdn.kscope.io/242e06cde4a90bd261b9b9000959f4da-mdtlogo2a94.jpg®
MEDTRONIC PUBLIC LIMITED COMPANY
(Exact name of registrant as specified in its charter)
 
 
Ireland
98-1183488
(State of incorporation)
(I.R.S. Employer
Identification No.)
20 On Hatch, Lower Hatch Street
Dublin 2, Ireland
(Address of principal executive offices) (Zip Code)
+353 1 438-1700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Ordinary shares, par value $0.0001 per share
MDT
New York Stock Exchange
Floating Rate Notes due 2021
MDT/21
New York Stock Exchange
0.000% Senior Notes due 2021
MDT/21A
New York Stock Exchange
0.000% Senior Notes due 2022
MDT/22B
New York Stock Exchange
0.375% Senior Notes due 2023
MDT/23B
New York Stock Exchange
0.25% Senior Notes due 2025
MDT/25
New York Stock Exchange
1.125% Notes due 2027
MDT/27
New York Stock Exchange
1.625% Notes due 2031
MDT/31
New York Stock Exchange
1.00% Senior Notes due 2031
MDT/31A
New York Stock Exchange
2.250% Notes due 2039
MDT/39A
New York Stock Exchange
1.50% Senior Notes due 2039
MDT/39B
New York Stock Exchange
1.75% Senior Notes due 2049
MDT/49
New York Stock Exchange
 
 
 

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



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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 1(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
As of August 27, 2019, 1,341,669,471 ordinary shares, par value $0.0001, and 1,872 A preferred shares, par value $1.00, of the registrant were outstanding.
 
 




TABLE OF CONTENTS
Item
 
Description
 
Page
 
 
 
 
 
 
 
 
 
1.
 
 
2.
 
 
3.
 
 
4.
 
 
 
 
 
 
1.
 
 
2.
 
 
6.
 
 
 
 
 



PART I — FINANCIAL INFORMATION
Item 1. Financial Statements

Medtronic plc
Consolidated Statements of Income
(Unaudited)
 
Three months ended
(in millions, except per share data)
July 26, 2019
 
July 27, 2018
Net sales
$
7,493

 
$
7,384

Costs and expenses:
 

 
 

Cost of products sold
2,366

 
2,204

Research and development expense
587

 
585

Selling, general, and administrative expense
2,543

 
2,597

Amortization of intangible assets
440

 
446

Restructuring charges, net
47

 
62

Certain litigation charges
47

 
103

Other operating (income) expense, net
(22
)
 
151

Operating profit
1,485

 
1,236

Other non-operating income, net
(101
)
 
(186
)
Interest expense
609

 
242

Income before income taxes
977

 
1,180

Income tax provision
100

 
103

Net income
877

 
1,077

Net income attributable to noncontrolling interests
(13
)
 
(2
)
Net income attributable to Medtronic
$
864

 
$
1,075

Basic earnings per share
$
0.64

 
$
0.79

Diluted earnings per share
$
0.64

 
$
0.79

Basic weighted average shares outstanding
1,340.8

 
1,352.7

Diluted weighted average shares outstanding
1,351.9

 
1,365.4

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

1


Medtronic plc
Consolidated Statements of Comprehensive Income
(Unaudited)
 
Three months ended
(in millions)
July 26, 2019
 
July 27, 2018
Net income
$
877

 
$
1,077

 
 
 
 
Other comprehensive income (loss), net of tax:
 

 
 

Unrealized gain on investment securities
56

 

Translation adjustment
66

 
(824
)
Net investment hedge
99

 

Net change in retirement obligations
13

 
27

Unrealized (loss) gain on cash flow hedges
(7
)
 
213

Other comprehensive income (loss)
227

 
(584
)
Comprehensive income including noncontrolling interests
1,104

 
493

Comprehensive income attributable to noncontrolling interests
(13
)
 
(2
)
Comprehensive income attributable to Medtronic
$
1,091

 
$
491

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

2


Medtronic plc
Consolidated Balance Sheets
(Unaudited)
(in millions)
July 26, 2019
 
April 26, 2019
ASSETS
 

 
 

 
 
 
 
Current assets:
 

 
 

Cash and cash equivalents
$
5,080

 
$
4,393

Investments
5,603

 
5,455

Accounts receivable, less allowances of $196 and $190, respectively
5,894

 
6,222

Inventories, net
3,932

 
3,753

Other current assets
2,196

 
2,144

Total current assets
22,705

 
21,967

 
 
 
 
Property, plant, and equipment
11,136

 
10,920

Accumulated depreciation
(6,425
)
 
(6,245
)
Property, plant, and equipment, net
4,711

 
4,675

Goodwill
40,082

 
39,959

Other intangible assets, net
20,234

 
20,560

Tax assets
1,545

 
1,519

Other assets
1,991

 
1,014

Total assets
$
91,268

 
$
89,694

 
 
 
 
LIABILITIES AND EQUITY
 

 
 

 
 
 
 
Current liabilities:
 

 
 

Current debt obligations
$
1,458

 
$
838

Accounts payable
1,906

 
1,953

Accrued compensation
1,507

 
2,189

Accrued income taxes
500

 
567

Other accrued expenses
3,147

 
2,925

Total current liabilities
8,518

 
8,472

 
 
 
 
Long-term debt
24,804

 
24,486

Accrued compensation and retirement benefits
1,640

 
1,651

Accrued income taxes
2,873

 
2,838

Deferred tax liabilities
1,346

 
1,278

Other liabilities
1,590

 
757

Total liabilities
40,771

 
39,482

 
 
 
 
Commitments and contingencies (Note 17)

 

 
 
 
 
Shareholders’ equity:
 

 
 

Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,340,797,328 and 1,340,697,595 shares issued and outstanding, respectively

 

Additional paid-in capital
26,470

 
26,532

Retained earnings
26,377

 
26,270

Accumulated other comprehensive loss
(2,484
)
 
(2,711
)
Total shareholders’ equity
50,363

 
50,091

Noncontrolling interests
134

 
121

Total equity
50,497

 
50,212

Total liabilities and equity
$
91,268

 
$
89,694

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

3


Medtronic plc
Consolidated Statements of Equity
(Unaudited)
 
 
Ordinary Shares
 
Additional Paid-in Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
 Shareholders’
 Equity
 
Noncontrolling Interests
 
Total Equity
(in millions)
 
Number
 
Par Value
 
 
 
 
 
 
April 26, 2019
 
1,341

 
$

 
$
26,532

 
$
26,270

 
$
(2,711
)
 
$
50,091

 
$
121

 
$
50,212

Net income
 

 

 

 
864

 

 
864

 
13

 
877

Other comprehensive income
 

 

 

 

 
227

 
227

 

 
227

Dividends to shareholders ($0.54 per ordinary share)
 

 

 

 
(724
)
 

 
(724
)
 

 
(724
)
Issuance of shares under stock purchase and award plans
 
3

 

 
205

 

 

 
205

 

 
205

Repurchase of ordinary shares
 
(3
)
 

 
(328
)
 

 

 
(328
)
 

 
(328
)
Stock-based compensation
 
 
 

 
61

 

 

 
61

 

 
61

Cumulative effect of change in accounting principle(1)
 

 

 

 
(33
)
 

 
(33
)
 

 
(33
)
July 26, 2019
 
1,341

 
$

 
$
26,470

 
$
26,377

 
$
(2,484
)
 
$
50,363

 
$
134

 
$
50,497

 
 
Ordinary Shares
 
Additional Paid-in Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
 Shareholders’
 Equity
 
Noncontrolling Interests
 
Total Equity
(in millions)
 
Number
 
Par Value
 
 
 
 
 
 
April 27, 2018
 
1,354

 
$

 
$
28,127

 
$
24,379

 
$
(1,786
)
 
$
50,720

 
$
102

 
$
50,822

Net income
 

 

 

 
1,075

 

 
1,075

 
2

 
1,077

Other comprehensive (loss)
 

 

 

 

 
(584
)
 
(584
)
 

 
(584
)
Dividends to shareholders ($0.50 per ordinary share)
 

 

 

 
(677
)
 

 
(677
)
 

 
(677
)
Issuance of shares under stock purchase and award plans
 
7

 

 
446

 

 

 
446

 

 
446

Repurchase of ordinary shares
 
(9
)
 

 
(820
)
 

 

 
(820
)
 

 
(820
)
Stock-based compensation
 

 

 
64

 

 

 
64

 

 
64

Changes to noncontrolling ownership interests
 

 

 

 

 

 

 
1

 
1

Cumulative effect of change in accounting principle(2)
 

 

 

 
(47
)
 
47

 

 

 

July 27, 2018
 
1,352

 
$

 
$
27,817

 
$
24,730

 
$
(2,323
)
 
$
50,224

 
$
105

 
$
50,329

(1) See Note 2 to the consolidated financial statements for discussion regarding the adoption of accounting standards during the first quarter fiscal year 2020.
(2) The cumulative effect of change in accounting principle during the first quarter of fiscal year 2019 resulted from the adoption of accounting guidance that requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. As a result of the adoption, the Company reclassified $47 million from accumulated other comprehensive loss to the opening balance of retained earnings as of April 28, 2018.
The accompanying notes are an integral part of these consolidated financial statements.

4


Medtronic plc
Consolidated Statements of Cash Flows
(Unaudited)
 
Three months ended
(in millions)
July 26, 2019
 
July 27, 2018
Operating Activities:
 

 
 

Net income
$
877

 
$
1,077

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation and amortization
657

 
666

Provision for doubtful accounts
25

 
15

Deferred income taxes
18

 
3

Stock-based compensation
61

 
64

Loss on debt extinguishment
406

 

Other, net
58

 
3

Change in operating assets and liabilities, net of acquisitions and divestitures:
 

 
 

Accounts receivable, net
319

 
138

Inventories, net
(122
)
 
(180
)
Accounts payable and accrued liabilities
(629
)
 
85

Other operating assets and liabilities
(160
)
 
(169
)
Net cash provided by operating activities
1,510

 
1,702

Investing Activities:
 

 
 

Acquisitions, net of cash acquired
(145
)
 
(104
)
Additions to property, plant, and equipment
(301
)
 
(291
)
Purchases of investments
(1,669
)
 
(982
)
Sales and maturities of investments
1,569

 
2,020

Other investing activities
(5
)
 

Net cash (used in) provided by investing activities
(551
)
 
643

Financing Activities:
 

 
 

Change in current debt obligations, net
88

 
(505
)
Issuance of long-term debt
5,567

 

Payments on long-term debt
(5,035
)
 
(12
)
Dividends to shareholders
(724
)
 
(677
)
Issuance of ordinary shares
210

 
450

Repurchase of ordinary shares
(333
)
 
(824
)
Other financing activities
(47
)
 
(5
)
Net cash used in financing activities
(274
)
 
(1,573
)
Effect of exchange rate changes on cash and cash equivalents
2

 
(61
)
Net change in cash and cash equivalents
687

 
711

Cash and cash equivalents at beginning of period
4,393

 
3,669

Cash and cash equivalents at end of period
$
5,080

 
$
4,380

 
 
 
 
Supplemental Cash Flow Information
 

 
 

Cash paid for:
 

 
 

Income taxes
$
198

 
$
348

Interest
86

 
55


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

5

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)



1. Basis of Presentation
The accompanying unaudited consolidated financial statements of Medtronic plc and its subsidiaries (Medtronic plc, Medtronic, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S.) (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the consolidated financial statements include all of the adjustments necessary for a fair statement in conformity with U.S. GAAP. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year.
Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates.
The accompanying unaudited consolidated financial statements include the accounts of Medtronic plc, its wholly-owned subsidiaries, entities for which the Company has a controlling financial interest, and variable interest entities for which the Company is the primary beneficiary. Intercompany transactions and balances have been eliminated in consolidation.
The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements of the Company and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 26, 2019. The Company’s fiscal years 2020, 2019, and 2018 will end or ended on April 24, 2020, April 26, 2019, and April 27, 2018, respectively.
2. New Accounting Pronouncements
Recently Adopted
Leases
In February 2016, the FASB issued guidance which requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet. This guidance also requires additional qualitative and quantitative lease related disclosures in the notes to the consolidated financial statements. The Company adopted this guidance using the modified retrospective method in the first quarter of fiscal year 2020.
During the implementation of this recently adopted accounting standard, the Company elected the package of practical expedients available under the transition guidance that allowed an entity not to reassess whether any expired or existing contracts are or contain leases, the classification for any expired or existing leases or any initial direct costs for existing leases. Further, the Company made accounting policy elections to not apply the recognition requirements to short-term leases and to account for lease and nonlease components as a single lease component.
The adoption of this guidance resulted in the recognition of right-of-use asset and lease liabilities in an amount of approximately $1.0 billion, an immaterial cumulative-effect adjustment to retained earnings as of April 27, 2019, and expansion of lease related disclosures. The adoption of this guidance did not have a material impact on the Company's consolidated statements of income or consolidated statements of cash flows.
Others
In August 2017, the FASB issued guidance to better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The Company adopted this guidance in the first quarter of fiscal year 2020. The adoption of this guidance resulted in expanded disclosures and did not have an impact on the Company's consolidated financial statements.
3. Revenue
The Company's revenues are principally derived from device-based medical therapies and services related to cardiac rhythm disorders, cardiovascular disease, renal disease, neurological disorders and diseases, spinal conditions and musculoskeletal trauma, chronic pain, urological and digestive disorders, ear, nose, and throat conditions, and diabetes conditions as well as advanced and general surgical care products, respiratory and monitoring solutions, and neurological surgery technologies. The Company's primary customers include hospitals, clinics, third-party health care providers, distributors, and other institutions, including governmental health care programs and group purchasing organizations.

6

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


The table below illustrates net sales by segment and division for the three months ended July 26, 2019 and July 27, 2018:
 
Three months ended(1)
(in millions)
July 26, 2019
 
July 27, 2018
Cardiac Rhythm & Heart Failure
$
1,382

 
$
1,426

Coronary & Structural Heart
941

 
917

Aortic, Peripheral, & Venous
467

 
468

Cardiac and Vascular Group
2,790

 
2,811

Surgical Innovations
1,417

 
1,397

Respiratory, Gastrointestinal, & Renal
683

 
655

Minimally Invasive Therapies Group
2,100

 
2,052

Brain Therapies
740

 
674

Spine
658

 
652

Specialty Therapies
322

 
309

Pain Therapies
292

 
314

Restorative Therapies Group
2,012

 
1,949

Diabetes Group
592

 
572

Total
$
7,493

 
$
7,384

(1) Revenue amounts have intentionally been rounded to the nearest million and, therefore, may not sum.
During the first quarter of fiscal year 2020, the Company realigned its divisions within the Restorative Therapies Group, which included a movement of revenue from Transformative Solutions product lines previously included in Specialty Therapies to a product line under Brain Therapies. As a result, net sales for the three months ended July 27, 2018 have been recast to adjust for this realignment.
The table below illustrates net sales by market geography for each segment for the three months ended July 26, 2019 and July 27, 2018:
 
U.S.(1)(4)
 
Non-U.S. Developed Markets(2)(4)
 
Emerging Markets(3)(4)
 
Three months ended
 
Three months ended
 
Three months ended
(in millions)
July 26, 2019
 
July 27, 2018
 
July 26, 2019
 
July 27, 2018
 
July 26, 2019
 
July 27, 2018
Cardiac and Vascular Group
$
1,361

 
$
1,389

 
$
930

 
$
947

 
$
499

 
$
475

Minimally Invasive Therapies Group
913

 
857

 
791

 
828

 
396

 
367

Restorative Therapies Group
1,338

 
1,294

 
426

 
428

 
248

 
227

Diabetes Group
306

 
324

 
231

 
203

 
55

 
45

Total
$
3,918

 
$
3,864

 
$
2,377

 
$
2,406

 
$
1,198

 
$
1,114

(1)
U.S. includes the United States and U.S. territories.
(2)
Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries within Western Europe.
(3)
Emerging markets include the countries of the Middle East, Africa, Latin America, Eastern Europe, and the countries of Asia that are not included in the non-U.S. developed markets, as defined above.
(4)
Revenue amounts have intentionally been rounded to the nearest million and, therefore, may not sum.
The amount of revenue recognized reflects sales rebates and returns. Adjustments to rebates and returns reserves are recorded as increases or decreases of revenue. At July 26, 2019, $761 million of rebates were classified as other accrued expenses and $426 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheets. At April 26, 2019, $764 million of rebates were classified as other accrued expenses and $432 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheets. The Company includes obligations for returns in other accrued expenses in the consolidated balance sheets and the right-of-return asset in other current assets in the consolidated balance sheets. The right-of-return asset and liability at July 26, 2019 and April 26, 2019 were not material. For the three months ended July 26, 2019 and July 27, 2018, adjustments to rebate and return reserves recognized in revenue that were included in the rebate and return reserves at the beginning of the period were not material.

7

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


Deferred Revenue and Remaining Performance Obligations
The Company records a deferred revenue liability if a customer pays consideration before the Company transfers a good or service to the customer. Deferred revenue at July 26, 2019 and April 26, 2019 was $295 million and $315 million, respectively. At July 26, 2019 and April 26, 2019, $195 million and $211 million was included in other accrued expenses, respectively, and $100 million and $104 million was included in other liabilities, respectively. During the three months ended July 26, 2019, the Company recognized $98 million of revenue that was included in deferred revenue as of April 26, 2019.
Remaining performance obligations include deferred revenue and amounts the Company expects to receive for goods and services that have not yet been delivered or provided under existing, noncancellable contracts with minimum purchase commitments. At July 26, 2019, the estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied for executed contracts with an original duration of one year or more was approximately $1.0 billion. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next four years.
4. Acquisitions
The Company had acquisitions during the three months ended July 26, 2019 and July 27, 2018 that were accounted for as business combinations. The assets and liabilities of the businesses acquired were recorded and consolidated on the acquisition date at their respective fair values. Goodwill resulting from business combinations is largely attributable to future yet to be defined technologies, new customer relationships, existing workforce of the acquired businesses, and synergies expected to arise after the Company's acquisition of these businesses. The pro forma impact of these acquisitions was not significant, either individually or in the aggregate, to the results of the Company for the three months ended July 26, 2019 and July 27, 2018. The results of operations of acquired businesses have been included in the Company's consolidated statements of income since the date each business was acquired.
Fiscal Year 2020
The acquisition date fair value of net assets acquired in the first quarter of fiscal year 2020 was $206 million, consisting of $247 million of assets acquired and $41 million of liabilities assumed. Based upon preliminary valuations, assets acquired were primarily comprised of $91 million of technology-based intangible assets and $26 million of customer-related intangible assets with estimated useful lives of 8 years, $40 million of inventory, and $65 million of goodwill. The goodwill is not deductible for tax purposes. The Company recognized $58 million of contingent consideration liabilities in connection with business combinations during the first quarter of fiscal year 2020, which are comprised of revenue milestone-based payments.
Additionally, in the first quarter of fiscal year 2020, adjustments were made to the allocation of the purchase price for the Company's acquisitions of Mazor Robotics and EPiX Therapeutics, Inc., which were acquired during fiscal year 2019. These adjustments primarily related to deferred taxes, which resulted in an increase to goodwill of $5 million. The measurement period for purchase accounting for these acquisitions will close during fiscal year 2020.
Fiscal Year 2019
The acquisition date fair value of net assets acquired in the first quarter of fiscal year 2019 was $150 million, consisting of $171 million of assets acquired and $21 million of liabilities assumed. Assets acquired were primarily comprised of $62 million of goodwill and $93 million of technology-based intangible assets with estimated useful lives ranging from 14 to 15 years.
Contingent Consideration
Certain of the Company’s business combinations involve potential payment of future consideration that is contingent upon the achievement of certain product development milestones and/or contingent on the acquired business reaching certain performance milestones. A liability is recorded for the estimated fair value of the contingent consideration on the acquisition date. The fair value of the contingent consideration is remeasured at each reporting period, and the change in fair value is recognized within other operating (income) expense, net in the consolidated statements of income. Contingent consideration payments made soon after the acquisition date are classified as investing activities in the consolidated statements of cash flows. Contingent consideration payments not made soon after the acquisition date that are related to the acquisition date fair value are reported as financing activities in the consolidated statements of cash flows, and amounts paid in excess of the original acquisition date fair value are reported as operating activities in the consolidated statements of cash flows.
The fair value of contingent consideration at July 26, 2019 and April 26, 2019 was $269 million and $222 million, respectively. At July 26, 2019, $64 million was recorded in other accrued expenses and $205 million was recorded in other liabilities in the consolidated balance sheets. At April 26, 2019, $73 million was recorded in other accrued expenses and $149 million was recorded in other liabilities in the consolidated balance sheets.

8

Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


The following table provides a reconciliation of the beginning and ending balances of contingent consideration:
 
Three months ended
(in millions)
July 26, 2019
 
July 27, 2018
Beginning balance
$
222

 
$
173

Purchase price contingent consideration
58

 
35

Payments
(14
)
 
(6
)
Change in fair value
3

 
6

Ending balance
$
269

 
$
208


The fair value of contingent consideration is measured using projected payment dates, discount rates, probabilities of payment, and projected revenues (for revenue-based consideration). Projected revenues are based on the Company's most recent internal operational budgets and long-range strategic plans. Changes in projected payment dates, discount rates, probabilities of payment, and projected revenues may result in adjustments to the fair value measurement. The recurring Level 3 fair value measurements of contingent consideration for which a liability is recorded include the following significant unobservable inputs:
 
 
Fair Value at
 
 
 
 
 
 
(in millions)
 
July 26, 2019
 
Valuation Technique
 
Unobservable Input
 
Range
 
 
 
 
 
 
Discount rate
 
11.5% - 32.5%
Revenue and other performance-based payments
 
$135
 
Discounted cash flow
 
Probability of payment
 
40% - 100%
 
 
 
 
 
 
Projected fiscal year of payment
 
2020 - 2025
 
 
 
 
 
 
Discount rate
 
5.5%
Product development and other milestone-based payments
 
$134
 
Discounted cash flow
 
Probability of payment
 
75% - 100%
 
 
 
 
 
 
Projected fiscal year of payment
 
2020 - 2027

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

For the three months ended July 26, 2019, the Company recognized $136 million in charges, partially offset by accrual adjustments of $12 million related to certain employees identified for termination finding other positions within Medtronic. Restructuring charges included $35 million recognized within cost of products sold and $42 million recognized within selling, general, and administrative expense in the consolidated statements of income.

For the three months ended July 27, 2018, the Company recognized $120 million in charges, partially offset by accrual adjustments related to certain employees identified for termination finding other positions within Medtronic. For the three months ended July 27, 2018, restructuring charges included $15 million recognized within cost of products sold and $36 million recognized within