What changed in this filing

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Item 1. Financial Statements

2024-11-26 compared with 2024-08-27 · 178 added, 147 removed, 776 unchanged (30% of the section changed)

2 unchanged sentences

Consolidated Statements of Income

Three months ended

(in millions, except per share data) July 26, 2024 July 28, 2023

Three months ended Six months ended

(in millions, except per share data) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Net sales $ 8,403 $ 7,984 $ 16,318 $ 15,686

6 unchanged sentences

Certain litigation charges, net — 65 81 105

Other operating expense, net 1 1

Other operating income, net ( 34 ) ( 31 ) ( 33 ) ( 30 )

Operating profit 1,595 1,340 2,873 2,608

13 unchanged sentences

Consolidated Statements of Comprehensive Income

Three months ended

(in millions) July 26, 2024 July 28, 2023

Three months ended Six months ended

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Net income $ 1,278 $ 911 $ 2,327 $ 1,708

4 unchanged sentences

Net change in retirement obligations — 1 1 4

Unrealized loss on cash flow hedges ( 66 ) ( 30 )

Other comprehensive loss ( 92 ) ( 175 )

Unrealized (loss) gain on cash flow hedges ( 27 ) 324 ( 93 ) 294

Other comprehensive income 161 295 69 120

Comprehensive income including noncontrolling interests 1,439 1,206 2,396 1,828

4 unchanged sentences

Consolidated Balance Sheets

(in millions) July 26, 2024 April 26, 2024

(in millions) October 25, 2024 April 26, 2024

Current assets:

53 unchanged sentences

July 26, 2024 1,282 $ — $ 20,810 $ 30,547 $ ( 3,410 ) $ 47,947 $ 213 $ 48,160

Net income — — — 1,270 — 1,270 9 1,278

Other comprehensive income — — — — 161 161 — 161

Dividends to shareholders ($ 0.70 per ordinary share)

— — — ( 897 ) — ( 897 ) — ( 897 )

Issuance of shares under stock purchase and award plans 3 — 103 — — 103 — 103

Repurchase of ordinary shares ( 3 ) — ( 248 ) — — ( 248 ) — ( 248 )

Stock-based compensation — — 159 — — 159 — 159

October 25, 2024 1,283 $ — $ 20,824 $ 30,919 $ ( 3,250 ) $ 48,494 $ 222 $ 48,716

Ordinary Shares Additional Paid-in Capital Retained

13 unchanged sentences

July 28, 2023 1,330 $ — $ 24,587 $ 30,265 $ ( 3,674 ) $ 51,178 $ 188 $ 51,366

Net income — — — 909 — 909 2 911

Other comprehensive income (loss) — — — — 297 297 ( 2 ) 295

Dividends to shareholders ($ 0.69 per ordinary share)

— — — ( 918 ) — ( 918 ) — ( 918 )

Issuance of shares under stock purchase and award plans 2 — 35 — — 35 — 35

Repurchase of ordinary shares ( 2 ) — ( 189 ) — — ( 189 ) — ( 189 )

Stock-based compensation — — 146 — — 146 — 146

October 27, 2023 1,330 $ — $ 24,580 $ 30,256 $ ( 3,377 ) $ 51,460 $ 187 $ 51,647

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

1 unchanged sentence

Consolidated Statements of Cash Flows

Three months ended

(in millions) July 26, 2024 July 28, 2023

Six months ended

(in millions) October 25, 2024 October 27, 2023

Operating Activities:

13 unchanged sentences

Investing Activities:

Acquisitions, net of cash acquired — ( 22 )

Additions to property, plant, and equipment ( 924 ) ( 815 )

9 unchanged sentences

Repurchase of ordinary shares ( 2,780 ) ( 378 )

Other financing activities ( 15 ) ( 8 )

Other financing activities, net ( 64 ) 153

Net cash used in financing activities ( 1,265 ) ( 591 )

27 unchanged sentences

Recently Adopted Accounting Standards

For the three months ended July 26, 2024, there have been no newly adopted accounting pronouncements that materially impact our consolidated financial statements .

As of October 25, 2024, there have been no newly adopted accounting pronouncements that materially impact our consolidated financial statements .

Refer to the Company's Annual Report on Form 10-K for the fiscal year ended April 26, 2024 for pronouncements recently adopted.

9 unchanged sentences

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.

Certain prior period revenue has been recast to conform to the new operating segment structure in the fourth quarter of fiscal year 2024.

Certain prior period net sales has been recast to conform to the new operating segment structure in the fourth quarter of fiscal year 2024.

Refer to Note 17 to the consolidated financial statements for additional information regarding the Company's reporting structure.

1 unchanged sentence

developed markets and the emerging markets into an international market geography.

Prior period revenue has been recast to conform to the new presentation.

Prior period net sales has been recast to conform to the new presentation.

Medtronic plc

Notes to Consolidated Financial Statements

The table below illustrates net sales by segment and division and by market geography for the three months ended July 26, 2024 and July 28, 2023.

The table below illustrates net sales by segment and division and by market geography for the three and six months ended October 25, 2024 and October 27, 2023.

revenue includes United States and U.S.

1 unchanged sentence

Three months ended

(in millions) July 26, 2024 July 28, 2023

Six months ended

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Cardiac Rhythm & Heart Failure $ 1,578 $ 1,492 $ 3,114 $ 2,938

10 unchanged sentences

Diabetes 686 610 1,333 1,189

Total reportable segment net sales 7,967 7,652

Reportable segment net sales 8,366 7,923 16,333 15,575

Other operating segment (1)

1 unchanged sentence

Total net sales $ 8,403 $ 7,984 $ 16,318 $ 15,686

International U.S.

International

Three months ended Three months ended

(in millions) July 26, 2024 July 28, 2023 July 26, 2024 July 28, 2023

Three months ended Six months ended

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Cardiovascular $ 1,434 $ 1,427 $ 1,668 $ 1,496 $ 2,836 $ 2,776 $ 3,272 $ 2,996

4 unchanged sentences

Other operating segment (1)

18 23 19 37 37 45 38 66

Other adjustments (2)

Total $ 4,082 $ 3,924 $ 3,832 $ 3,777

— — — — — — ( 90 ) —

Total net sales $ 4,304 $ 4,175 $ 4,099 $ 3,809 $ 8,387 $ 8,099 $ 7,931 $ 7,587

(1) Includes the historical operations and ongoing transition agreements from businesses the Company has exited or divested.

2 unchanged sentences

Adjustments to rebates and returns reserves are recorded as increases or decreases to revenue.

At July 26, 2024, $ 1.0 billion of rebates were classified as other accrued expenses , and $ 591 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet.

At October 25, 2024, $ 1.0 billion of rebates were classified as other accrued expenses , and $ 639 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet.

At April 26, 2024, $ 1.0 billion of rebates were classified as other accrued expenses, and $ 574 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet.

2 unchanged sentences

Deferred Revenue and Remaining Performance Obligations

Deferred revenue at July 26, 2024 and April 26, 2024 was $ 461 million and $ 453 million, respectively.

At July 26, 2024 and April 26, 2024, $ 362 million and $ 352 million was included in other accrued expenses, respectively, and $ 99 million and $ 101 million was included in other liabilities, respectively.

During the three months ended July 26, 2024, the Company recognized $ 108 million of revenue that was included in deferred revenue as of April 26, 2024.

During the three months ended July 28, 2023, the Company recognized $ 124 million of revenue that was included in deferred revenue as of April 28, 2023.

Deferred revenue at October 25, 2024 and April 26, 2024 was $ 467 million and $ 453 million, respectively.

At October 25, 2024 and April 26, 2024, $ 369 million and $ 352 million was included in other accrued expenses, respectively, and $ 98 million and $ 101 million was included in other liabilities, respectively.

During the six months ended October 25, 2024, the Company recognized $ 196 million of revenue that was included in deferred revenue as of April 26, 2024.

During the six months ended October 27, 2023, the Company recognized $ 216 million of revenue that was included in deferred revenue as of April 28, 2023.

Remaining performance obligations include goods and services that have not yet been delivered or provided under existing, noncancellable contracts with minimum purchase commitments.

At July 26, 2024, the estimated revenue expected to be recognized in future periods related to unsatisfied performance obligations for executed contracts with an original duration of one year or more was approximately $ 0.4 billion.

The Company expects to recognize revenue on the majority of these remaining performance obligations over the next two years .

At October 25, 2024, the estimated revenue expected to be recognized in future periods related to unsatisfied performance obligations for executed contracts with an original duration of one year or more was approximately $ 0.4 billion.

The Company expects to recognize revenue on the majority of these remaining performance obligations over the next three years .

Acquisitions and Dispositions

Acquisition Activity

During the three months ended July 26, 2024, the Company had no acquisitions that were accounted for as business combinations.

During the three and six months ended October 25, 2024, the Company had no acquisitions that were accounted for as business combinations.

During the fiscal year ended April 26, 2024, the Company had acquisitions that were accounted for as business combinations.

For the three months ended July 26, 2024 and the fiscal year ended April 26, 2024, purchase price allocation adjustments were not significant.

For the three and six months ended October 25, 2024 and the fiscal year ended April 26, 2024, purchase price allocation adjustments were not significant.

Fiscal year 2024

2 unchanged sentences

For tax purposes, $ 51 million of goodwill is deductible while $ 80 million is not deductible.

The IPR&D was placed into service as a definite-lived intangible asset during the second quarter of fiscal year 2025.

The Company recognized $ 30 million of non-cash contingent consideration liabilities in connection with these business combinations during the fiscal year ended April 26, 2024, which are comprised of revenue and product development milestone-based payments.

2 unchanged sentences

A liability is recorded for the estimated fair value of the contingent consideration on the acquisition date.

The fair value of the contingent consideration is remeasured at each reporting period, and the change in fair value is recognized within other operating expense, net in the consolidated statements of income.

The fair value of contingent consideration liabilities at July 26, 2024 and April 26, 2024 was $ 128 million and $ 149 million, respectively.

At July 26, 2024, $ 85 million was recorded in other accrued expenses , and $ 43 million was recorded in other liabilities in the consolidated balance sheet.

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, net in the consolidated statements of income.

The fair value of contingent consideration liabilities at October 25, 2024 and April 26, 2024 was $ 124 million and $ 149 million, respectively.

At October 25, 2024, $ 77 million was recorded in other accrued expenses , and $ 47 million was recorded in other liabilities in the consolidated balance sheet.

At April 26, 2024, $ 96 million was recorded in other accrued expenses , and $ 53 million was recorded in other liabilities in the consolidated balance sheet.

The following table provides a reconciliation of the beginning and ending balances of contingent consideration liabilities:

Three months ended

(in millions) July 26, 2024 July 28, 2023

Three months ended Six months ended

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Beginning balance $ 128 $ 206 $ 149 $ 206

Purchase price contingent consideration — 25 — 25

Payments ( 8 ) — ( 14 ) ( 3 )

5 unchanged sentences

Fair Value at

(in millions) July 26, 2024 Unobservable Input Range Weighted Average (1)

(in millions) October 25, 2024 Unobservable Input Range Weighted Average (1)

Revenue and other performance-based payments $ 58 Discount rate 16.5 % - 28.2 %

7 unchanged sentences

In connection with the sale, the Company may be entitled to receive additional consideration based on the achievement of certain revenue, regulatory, and profitability milestones, with potential payouts starting in fiscal year 2026 through 2029.

The fair value of the contingent consideration receivable at July 26, 2024 and April 26, 2024 was $ 58 million, and was recorded in other assets in the consolidated balance sheet.

The fair value of the contingent consideration receivable at October 25, 2024 and April 26, 2024 was $ 61 million and $ 58 million, and was recorded in other assets in the consolidated balance sheet.

The following table provides a reconciliation of the beginning and ending balances of the Level 3 measurement of contingent consideration receivable:

Three months ended

(in millions) July 26, 2024 July 28, 2023

Three months ended Six months ended

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Beginning balance $ 58 $ 152 $ 58 $ 195

2 unchanged sentences

Restructuring and Other Costs

For the three months ended July 26, 2024 and July 28, 2023, the Company incurred $ 62 million and $ 91 million, respectively, of restructuring and associated costs primarily related to employee termination benefits and facility consolidations to support cost reduction initiatives.

Restructuring and associated costs for the three and six months ended October 25, 2024 were $ 46 million and $ 108 million, respectively, as compared to $ 91 million and $ 182 million for the three and six months ended October 27, 2023, respectively.

Restructuring and associated costs primarily related to employee termination benefits and facility consolidations to support cost reduction initiatives.

Employee-related costs primarily consist of termination benefits provided to employees who have been involuntarily terminated.

1 unchanged sentence

The following table presents the classification of restructuring and associated costs in the consolidated statements of income:

Three months ended

(in millions) July 26, 2024 July 28, 2023

Three months ended Six months ended

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Cost of products sold $ 11 $ 15 $ 20 $ 30

4 unchanged sentences

Notes to Consolidated Financial Statements

The following table summarizes the activity for the three months ended July 26, 2024:

The following table summarizes the activity for the six months ended October 25, 2024:

(in millions) Employee Termination Benefits Associated and Other Costs Total

5 unchanged sentences

( 10 ) — ( 10 )

July 26, 2024 $ 113 $ 6 $ 119

October 25, 2024 $ 58 $ 13 $ 70

(1) Accrual adjustments primarily relate to certain employees identified for termination, finding other positions within the Company.

4 unchanged sentences

The Company holds investments in marketable debt securities that are classified and accounted for as available-for-sale and are remeasured on a recurring basis.

The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related consolidated balance sheet classification at July 26, 2024 and April 26, 2024:

July 26, 2024

October 25, 2024

Valuation Balance Sheet Classification

28 unchanged sentences

Notes to Consolidated Financial Statements

The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category at July 26, 2024 and April 26, 2024:

July 26, 2024

October 25, 2024

Less than 12 months More than 12 months

19 unchanged sentences

Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy.

There were no transfers into or out of Level 3 during the three months ended July 26, 2024 and July 28, 2023.

There were no transfers into or out of Level 3 during the three and six months ended October 25, 2024 and October 27, 2023.

When a determination is made to classify an asset or liability within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement.

Activity related to the Company’s available-for-sale debt securities portfolio is as follows:

Three months ended

(in millions) July 26, 2024 July 28, 2023

Three months ended Six months ended

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Proceeds from sales $ 2,087 $ 1,573 $ 4,244 $ 3,320

1 unchanged sentence

Gross realized losses ( 6 ) ( 3 ) ( 13 ) ( 15 )

The contractual maturities of available-for-sale debt securities at July 26, 2024 is shown in the following table.

The contractual maturities of available-for-sale debt securities at October 25, 2024 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.

7 unchanged sentences

Interest income is recognized in other non-operating income, net , in the consolidated statements of income.

During the three months ended July 26, 2024 and July 28, 2023, there was $ 112 million and $ 111 million of interest income, respectively.

During the three and six months ended October 25, 2024, there were $ 137 million and $ 249 million of interest income, respectively.

During the three and six months ended October 27, 2023, there was $ 148 million and $ 259 million of interest income, respectively.

Medtronic plc

6 unchanged sentences

Equity investments that do not have readily determinable fair values, and that are not accounted for via the fair value option, are included within Level 3 of the fair value hierarchy, as they are measured using the measurement alternative at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.

The following table summarizes the Company's equity and other investments at July 26, 2024 and April 26, 2024, which are classified as primarily other assets in the consolidated balance sheets:

(in millions) July 26, 2024 April 26, 2024

The following table summarizes the Company's equity and other investments at October 25, 2024 and April 26, 2024, which are classified as primarily other assets in the consolidated balance sheets:

(in millions) October 25, 2024 April 26, 2024

Investments with readily determinable fair value (marketable equity securities) $ 34 $ 28

4 unchanged sentences

Gains and losses on the Company's portfolio of equity and other investments are recognized in other non-operating income , net in the consolidated statements of income.

During the three months ended July 26, 2024, there were $ 17 million of net unrealized gains on equity securities and other investments still held at July 26, 2024.

During the three months ended July 28, 2023, there were $ 64 million of net unrealized losses on equity securities and other investments still held at July 28, 2023.

During the three and six months ended October 25, 2024, there were $ 10 million of net unrealized losses and $ 7 million of net unrealized gains, respectively, on equity securities and other investments still held at October 25, 2024.

During the three and six months ended October 27, 2023, there were $ 7 million and $ 70 million, respectively, of net unrealized losses on equity securities and other investments still held at October 27, 2023.

Mozarc Medical Investment

3 unchanged sentences

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.

During the three months ended July 26, 2024 and July 28, 2023, the change in fair value was insignificant.

During the three and six months ended October 25, 2024 and October 27, 2023, the change in fair value was not significant.

Financing Arrangements

3 unchanged sentences

The aggregate amount outstanding at any time under the commercial paper programs may not exceed the equivalent of $ 3.5 billion.

Commercial paper outstanding at July 26, 2024 was $ 449 million.

During the three months ended July 26, 2024, the commercial paper outstanding had a weighted average original maturity of 16 days and a weighted average interest rate of 5.50 percent.

Commercial paper outstanding at October 25, 2024 was $ 899 million.

During the three and six months ended October 25, 2024, the commercial paper outstanding had a weighted average original maturity of 13 days and 14 days, respectively and a weighted average interest rate of 5.23 percent and 5.34 percent, respectively.

Commercial paper outstanding at April 26, 2024 was $ 1.1 billion.

4 unchanged sentences

The Credit Facility includes a multi-currency borrowing feature for certain specified foreign currencies.

At July 26, 2024 and April 26, 2024, no amounts were outstanding under the Credit Facility.

At October 25, 2024 and April 26, 2024, no amounts were outstanding under the Credit Facility.

Medtronic plc

6 unchanged sentences

(in millions) Maturity by

Fiscal Year July 26, 2024 April 26, 2024

Fiscal Year October 25, 2024 April 26, 2024

Current debt obligations 2025 - 2026 $ 3,719 $ 1,092

3 unchanged sentences

0.000 percent five -year 2020 senior notes

2026 1,085 1,070

1.125 percent eight -year 2019 senior notes

46 unchanged sentences

Total long-term debt $ 24,607 $ 23,932

Interest expense on outstanding borrowings, including amortization of debt issuance costs and debt discounts and premiums is recognized in interest expense, net in the consolidated statements of income.

During the three and six months ended October 25, 2024, there was $ 252

Medtronic plc

Notes to Consolidated Financial Statements

During the three months ended July 26, 2024 and July 28, 2023, there was $ 217 million and $ 197 million, respectively, of interest expense on outstanding borrowings, including amortization of debt issuance costs and debt discounts and premiums, recognized in interest expense, net in the consolidated statements of income.

million and $ 469 million, respectively, of interest expense on outstanding borrowings, including amortization of debt issuance costs and debt discounts and premiums.

During the three and six months ended October 27, 2023, there was $ 230 million and $ 427 million, respectively, of interest expense on outstanding borrowings, including amortization of debt issuance costs and debt discounts and premiums.

The Company has outstanding unsecured senior obligations, described as senior notes in the tables above (collectively, the Senior Notes).

6 unchanged sentences

Financial Instruments Not Measured at Fair Value

At July 26, 2024, the estimated fair value of the Company’s Senior Notes was $ 25.1 billion compared to a principal value of $ 27.5 billion.

At October 25, 2024, the estimated fair value of the Company’s Senior Notes was $ 25.3 billion compared to a principal value of $ 27.4 billion.

At April 26, 2024, the estimated fair value was $ 21.2 billion compared to a principal value of $ 24.0 billion.

7 unchanged sentences

At inception, foreign currency forward contracts are designated as fair value hedges.

Changes in the fair value of these derivatives are reported as a component of other operating expense, net .

Changes in the fair value of these derivatives are reported as a component of other operating income, net .

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 three months ended July 26, 2024, after-tax unrealized gains related to included components in other operating expense, net were not significant .

During the three months ended July 26, 2024, amounts related to excluded components that are amortized in interest expense, net over the life of the hedging instrument were not significant.

During the three and six months ended October 25, 2024, after-tax unrealized losses related to included components in other operating income, net were not significant.

During the three and six months ended October 25, 2024, amounts related to excluded components that are amortized in interest expense, net over the life of the hedging instrument were not significant.

Cash flows related to the Company's derivative instruments designated as fair value hedges are reported as financing activities in the consolidated statements of cash flows.

8 unchanged sentences

The Company's cash flow hedges will mature within the subsequent three-year period.

At July 26, 2024 and April 26, 2024, the Company had $ 165 million and $ 229 million in after-tax unrealized gains, respectively, associated with cash flow hedging instruments recorded in accumulated other comprehensive loss .

The Company expects that $ 121 million of after-tax net unrealized gains at July 26, 2024 will be recognized in the consolidated statements of income over the next 12 months.

At October 25, 2024 and April 26, 2024, the Company had $ 139 million and $ 229 million in after-tax unrealized gains, respectively, associated with cash flow hedging instruments recorded in accumulated other comprehensive loss .

The Company expects that $ 108 million of after-tax net unrealized gains at October 25, 2024 will be recognized in the consolidated statements of income over the next 12 months.

Net Investment Hedges

6 unchanged sentences

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 three months ended July 26, 2024 and July 28, 2023, the Company recognized $ 50 million and $ 49 million, respectively, in after-tax unrealized gains representing excluded components in interest expense, net .

During the three and six months ended October 25, 2024, the Company recognized $ 47 million and $ 98 million, respectively, in after-tax unrealized gains representing excluded components in interest expense, net .

During the three and six months ended October 27, 2023, the Company recognized $ 50 million and $ 99 million, respectively, in after-tax unrealized gains representing 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.

6 unchanged sentences

The following table presents the contractual amounts of the Company's outstanding instruments:

(in billions)

July 26, 2024 April 26, 2024

(in billions) Designation October 25, 2024 April 26, 2024

Currency exchange rate contracts (1)

6 unchanged sentences

Currency exchange rate contracts Undesignated 4.7 5.9

(1) At July 26, 2024, includes derivative contracts with a notional value of € 1.0 billion, or $ 1.1 billion, designated as hedges of a portion of our fixed-rate debt obligations.

(2) At July 26, 2024, includes derivative contracts with a notional value of € 5.0 billion, or $ 5.4 billion, designated as hedges of a portion of our net investment in certain European operations and derivative contracts with a notional value of ¥ 322.2 billion, or $ 2.1 billion, designated as hedges of a portion of our net investment in certain Japanese operations.

(1) At October 25, 2024, includes derivative contracts with a notional value of € 1.0 billion, or $ 1.1 billion, designated as hedges of a portion of our fixed-rate debt obligations.

(2) At October 25, 2024, includes derivative contracts with a notional value of € 5.0 billion, or $ 5.4 billion, designated as hedges of a portion of our net investment in certain European operations and derivative contracts with a notional value of ¥ 322.2 billion, or $ 2.1 billion, designated as hedges of a portion of our net investment in certain Japanese operations.

These derivative contracts mature in fiscal years 2025 through 2033.

(3) At July 26, 2024, includes € 18.0 billion, or $ 19.5 billion, of outstanding Euro-denominated debt designated as hedges of a portion our net investment in foreign operations.

(3) At October 25, 2024, includes € 18.0 billion, or $ 19.4 billion, of outstanding Euro-denominated debt designated as hedges of a portion of our net investment in foreign operations.

This debt matures in fiscal years 2026 through 2054.

2 unchanged sentences

Gains and Losses on Hedging Instruments and Derivatives not Designated as Hedging Instruments

The amount of the gains and losses on hedging instruments and the classification of those gains and losses within our consolidated financial statements for the three months ended July 26, 2024 and July 28, 2023 were as follows:

The amount of the gains and losses on hedging instruments and the classification of those gains and losses within our consolidated financial statements for the three and six months ended October 25, 2024 and October 27, 2023 were as follows:

(Gain) Loss Recognized in Accumulated Other Comprehensive Loss (Gain) Loss Reclassified into Income

Three months ended Three months ended Location of (Gain) Loss in Income Statement

(in millions) July 26, 2024 July 28, 2023 July 26, 2024 July 28, 2023

Fair value hedges

Currency exchange rate contracts $ — $ — $ ( 1 ) $ — Other operating expense, net

Three months ended Six months ended Three months ended Six months ended Location of (Gain) Loss in Income Statement

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Cash flow hedges

Currency exchange rate contracts 43 ( 4 ) ( 36 ) ( 51 ) Other operating expense, net

Currency exchange rate contracts $ — $ ( 394 ) $ 42 $ ( 398 ) $ ( 3 ) $ ( 75 ) $ ( 39 ) $ ( 125 ) Other operating income, net

Currency exchange rate contracts 20 ( 75 ) — ( 109 ) ( 21 ) ( 15 ) ( 39 ) ( 19 ) Cost of products sold

3 unchanged sentences

Total $ ( 19 ) $ ( 1,384 ) $ 214 $ ( 1,278 ) $ ( 24 ) $ ( 89 ) $ ( 78 ) $ ( 145 )

The 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 during the three months ended July 26, 2024 and July 28, 2023 were as follows:

The 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 during the three and six months ended October 25, 2024 and October 27, 2023 were as follows:

(Gain) Loss Recognized in Income

Three months ended Location of (Gain) Loss in Income Statement

(in millions) July 26, 2024 July 28, 2023

Currency exchange rate contracts $ ( 8 ) $ ( 2 ) Other operating expense, net

Three months ended Six months ended Location of (Gain) Loss in Income Statement

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Currency exchange rate contracts $ ( 35 ) $ 94 $ ( 45 ) $ 92 Other operating income, net

Balance Sheet Presentation

The following tables summarize the balance sheet classification and fair value of derivative instruments included in the consolidated balance sheets at July 26, 2024 and April 26, 2024.

The following table summarizes the balance sheet classification and fair value of derivative instruments included in the consolidated balance sheets at October 25, 2024 and April 26, 2024.

The fair value amounts are presented on a gross basis, and are segregated between derivatives that are designated and qualify as hedging instruments and those that are not designated and do not qualify as hedging instruments, and are further segregated by type of contract within those two categories.

Fair Value - Assets Fair Value - Liabilities

(in millions) July 26, 2024 April 26, 2024 Balance Sheet Classification July 26, 2024 April 26, 2024 Balance Sheet Classification

(in millions) October 25, 2024 April 26, 2024 Balance Sheet Classification October 25, 2024 April 26, 2024 Balance Sheet Classification

Derivatives designated as hedging instruments

10 unchanged sentences

The following table provides information by level for the derivative assets and liabilities that are measured at fair value on a recurring basis.

July 26, 2024 April 26, 2024

October 25, 2024 April 26, 2024

(in millions) Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities

6 unchanged sentences

Derivatives not subject to master netting arrangements are not eligible for net presentation.

July 26, 2024

October 25, 2024

Gross Amount Not Offset on the Balance Sheet

16 unchanged sentences

Inventory balances were as follows:

(in millions) July 26, 2024 April 26, 2024

(in millions) October 25, 2024 April 26, 2024

Finished goods $ 3,729 $ 3,668

9 unchanged sentences

Currency translation and other 4 24 147 — 176

July 26, 2024 $ 7,977 $ 11,654 $ 19,198 $ 2,255 $ 41,084

October 25, 2024 $ 7,970 $ 11,668 $ 19,268 $ 2,255 $ 41,161

As further described in Note 17, the Company had changes to the operating segments and goodwill reporting units during the fourth quarter of fiscal year 2024.

For further information on the reporting unit changes, refer to Note 9 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended April 26, 2024.

No goodwill impairment was recognized during the three months ended July 26, 2024 and July 28, 2023.

No goodwill impairment was recognized during the three and six months ended October 25, 2024 and October 27, 2023.

The following table presents the gross carrying amount and accumulated amortization of intangible assets:

July 26, 2024 April 26, 2024

October 25, 2024 April 26, 2024

(in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization

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IPR&D $ 235 $ — $ 385 $ —

The Company did not recognize any definite-lived or indefinite-lived intangible asset impairment charges during the three months ended July 26, 2024 and July 28, 2023.

The Company did not recognize any definite-lived intangible asset impairment charges during the three and six months ended October 25, 2024 and October 27, 2023.

The Company did not recognize any indefinite-lived intangible asset impairment charges during the three and six months ended October 25, 2024.

Indefinite-lived intangible asset impairment charges were not significant for the three and six months ended October 27, 2023.

Due to the nature of IPR&D projects, the Company may experience future delays or failures to obtain regulatory approvals to conduct clinical trials, failures of clinical trials, delays or failures to obtain required market clearances, other failures to achieve a commercially viable product, or the discontinuation of certain projects, and as a result, may recognize impairment losses in the future.

Amortization Expense

Intangible asset amortization expense for the three months ended July 26, 2024 and July 28, 2023 was $ 414 million and $ 429 million, respectively.

Estimated aggregate amortization expense by fiscal year based on the carrying value of definite-lived intangible assets at July 26, 2024, excluding any possible future amortization associated with acquired IPR&D which has not yet met technological feasibility, is as follows:

Intangible asset amortization expense for the three months ended October 25, 2024 and October 27, 2023 was $ 413 million and $ 425 million, respectively.

Intangible asset amortization expense for the six months ended October 25, 2024 and October 27, 2023 was $ 827 million and $ 855 million, respectively.

Estimated aggregate amortization expense by fiscal year based on the carrying value of definite-lived intangible assets at October 25, 2024, excluding any possible future amortization associated with acquired IPR&D which has not yet met technological feasibility, is as follows:

(in millions) Amortization Expense

Remaining 2025 $ 824

The Organization for Economic Co-operation and Development (OECD) published Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15% in each jurisdiction in which the group

Medtronic plc

Notes to Consolidated Financial Statements

The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax.

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We will continue to monitor the impacts of further legislation, regulatory guidance, and regulations issued in the countries in which we do business.

The Israeli Central-Lod District Court issued its decision in Medtronic Ventor Technologies Ltd (Ventor) v.

The Israeli Central-Lod District Court issued its decision in the Medtronic Ventor Technologies Ltd (Ventor) v.

Kfar Saba Assessing Office on June 1, 2023.

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As a result, the Company recorded a $ 187 million income tax charge during the first quarter of fiscal year 2024 and has filed an appeal with the Supreme Court of Israel.

The Company's effective tax rate for the three months ended July 26, 2024 was 17.4 %, as compared to 33.4 % for the three months ended July 28, 2023.

The decrease in the effective tax rate primarily relates to an income tax reserve adjustment made during the three months ended July 28, 2023 associated with the Medtronic Ventor Technologies Ltd court decision and year-over-year changes in operational results by jurisdiction, which were partially offset by the impact of the Pillar Two global minimum tax for the three months ended July 26, 2024.

At both July 26, 2024 and April 26, 2024, the Company's gross unrecognized tax benefits were $ 2.8 billion.

In addition, the Company had accrued gross interest and penalties that were not significant at July 26, 2024.

The Company's effective tax rate for the three and six months ended October 25, 2024 was 18.0 % and 17.7 %, respectively, as compared to 30.6 % and 32.0 % for the three and six months ended October 27, 2023, respectively.

The decrease in the effective tax rate for the three months ended October 25, 2024, primarily relates to the establishment of a valuation allowance on certain net operating losses recorded during the three months ended October 27, 2023, which was partially offset by the implementation of the Pillar Two global minimum tax.

In addition to the items discussed in the current quarter, the decrease in the effective tax rate for the six months ended October 25, 2024 was also attributable to an income tax reserve adjustment made during the six months ended October 27, 2023 associated with the Ventor court decision noted above.

At October 25, 2024 and April 26, 2024, the Company's gross unrecognized tax benefits were $ 2.9 billion and $ 2.8 billion, respectively.

In addition, the Company had accrued gross interest and penalties of $ 45 million at October 25, 2024.

If all of the Company’s unrecognized tax benefits were recognized, approximately $ 2.7 billion would impact the Company’s effective tax rate.

At both July 26, 2024 and April 26, 2024, the amount of the Company's gross unrecognized tax benefits, net of cash advance, recorded as a noncurrent liability within accrued income taxes on the consolidated balance sheets was $ 1.8 billion.

At October 25, 2024 and April 26, 2024, the amount of the Company's gross unrecognized tax benefits, net of cash advance, recorded as a noncurrent liability within accrued income taxes on the consolidated balance sheets was $ 1.9 billion and $ 1.8 billion, respectively.

The Company recognizes interest and penalties related to income tax matters within income tax provision in the consolidated statements of income and records the liability within either current or noncurrent accrued income taxes on the consolidated balance sheets.

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The table below sets forth the computation of basic and diluted earnings per share:

Three months ended

(in millions, except per share data) July 26, 2024 July 28, 2023

Three months ended Six months ended

(in millions, except per share data) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Net income attributable to ordinary shareholders $ 1,270 $ 909 $ 2,312 $ 1,700

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Diluted earnings per share $ 0.99 $ 0.68 $ 1.79 $ 1.28

The calculation of weighted average diluted shares outstanding excludes options to purchase approximately 27 million and 22 million ordinary shares for the three months ended July 26, 2024 and July 28, 2023, respectively, because their effect would have been anti-dilutive on the Company’s earnings per share.

Medtronic plc

Notes to Consolidated Financial Statements

The calculation of weighted average diluted shares outstanding excludes options to purchase approximately 28 million and 27 million ordinary shares for the three and six months ended October 25, 2024, respectively, and 31 million and 27 million ordinary shares for the three and six months ended October 27, 2023, respectively, because their effect would have been anti-dilutive on the Company’s earnings per share.

Stock-Based Compensation

The following table presents the components and classification of stock-based compensation expense for stock options, restricted stock, performance share units, and employee stock purchase plan shares recognized for the three months ended July 26, 2024 and July 28, 2023:

Three months ended

(in millions) July 26, 2024 July 28, 2023

Three months ended Six months ended

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Stock options $ 30 $ 35 $ 42 $ 46

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employees and many employees outside the U.S.

The net periodic benefit cost of the defined benefit pension plans included the following components for the three months ended July 26, 2024 and July 28, 2023:

Three months ended Three months ended

(in millions) July 26, 2024 July 28, 2023 July 26, 2024 July 28, 2023

The net periodic benefit cost of the defined benefit pension plans included the following components for the three and six months ended October 25, 2024 and October 27, 2023:

Three months ended Six months ended

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Service cost $ 13 $ 15 $ 11 $ 10 $ 26 $ 30 $ 22 $ 20

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Amortization of net actuarial loss 4 5 — — 8 10 1 —

Net periodic benefit (credit) cost $ ( 7 ) $ ( 6 ) $ 7 $ 5

Net periodic (credit) benefit cost $ ( 7 ) $ ( 6 ) $ 7 $ 5 $ ( 14 ) $ ( 12 ) $ 14 $ 10

Components of net periodic benefit (credit) cost other than the service component are recognized in other non-operating income, net in the consolidated statements of income.

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Other comprehensive income (loss) 111 218 ( 170 ) 1 ( 93 ) 69

July 26, 2024 $ ( 136 ) $ ( 3,584 ) $ 672 $ ( 529 ) $ 165 $ ( 3,410 )

October 25, 2024 $ ( 101 ) $ ( 3,468 ) $ 708 $ ( 529 ) $ 139 $ ( 3,250 )

(in millions) Unrealized (Loss) Gain on Investment Securities Cumulative Translation Adjustments Net Investment Hedges Net Change in Retirement Obligations Unrealized Gain (Loss) on Cash Flow Hedges Total Accumulated Other Comprehensive (Loss) Income

April 28, 2023 $ ( 258 ) $ ( 2,839 ) $ 245 $ ( 741 ) $ 93 $ ( 3,499 )

Other comprehensive (loss) income before reclassifications ( 28 ) 14 ( 143 ) 1 12 ( 144 )

Other comprehensive income (loss) before reclassifications ( 49 ) ( 909 ) 771 — 404 217

Reclassifications 11 — — 4 ( 110 ) ( 95 )

Other comprehensive (loss) income ( 19 ) 14 ( 143 ) 3 ( 30 ) ( 175 )

July 28, 2023 $ ( 277 ) $ ( 2,825 ) $ 102 $ ( 738 ) $ 63 $ ( 3,674 )

The income tax on gains and losses on investment securities in other comprehensive income before reclassifications during the three months ended July 26, 2024 and July 28, 2023, was an expense of $ 14 million and a benefit of $ 3 million, respectively.

Other comprehensive income (loss) ( 38 ) ( 909 ) 771 4 294 122

October 27, 2023 $ ( 296 ) $ ( 3,748 ) $ 1,016 $ ( 737 ) $ 387 $ ( 3,377 )

The income tax on gains and losses on investment securities in other comprehensive income before reclassifications during the six months ended October 25, 2024 and October 27, 2023, was an expense of $ 19 million and a benefit of $ 8 million, respectively.

During the six months ended October 25, 2024 and October 27, 2023, realized gains and losses on investment securities reclassified from AOCI were reduced by income taxes of $ 2 million and $ 3 million, respectively.

When realized, gains and losses on investment securities reclassified from AOCI are recognized within other non-operating income, net .

Refer to Note 6 to the consolidated financial statements for additional information.

For the three months ended July 26, 2024 and July 28, 2023, there was no income tax on cumulative translation adjustment.

The income tax on net investment hedges in other comprehensive income before reclassifications during the three months ended July 26, 2024 was a benefit of $ 4 million.

During the three months ended July 28, 2023, there were no tax impacts on net investment hedges.

For the six months ended October 25, 2024 and October 27, 2023, there was no income tax on cumulative translation adjustments.

The income tax on net investment hedges in other comprehensive income before reclassifications during the six months ended October 25, 2024 was a benefit of $ 1 million.

During the six months ended October 27, 2023, there were no tax impacts on net investment hedges.

The net change in retirement obligations in other comprehensive income includes amortization of net actuarial losses included in net periodic benefit cost.

During the three months ended July 26, 2024 and July 28, 2023, there were no tax impacts on retirement obligations.

During the three months ended July 26, 2024, the gains and losses on defined benefit and pension items reclassified from AOCI were reduced by an insignificant amount of income taxes.

During the three months ended July 28, 2023, the gains and losses on defined benefit and pension items reclassified from AOCI were reduced by income taxes of $ 1 million.

During the six months ended October 25, 2024 and October 27, 2023, there were no tax impacts on retirement obligations.

During the six months ended October 25, 2024 and October 27, 2023, the gains and losses on defined benefit and pension items reclassified from AOCI were reduced by income taxes of $ 1 million and $ 2 million, respectively.

When realized, net gains and losses on defined benefit and pension items reclassified from AOCI are recognized within other non-operating income, net .

Refer to Note 14 to the consolidated financial statements for additional information.

The income tax on unrealized gains and losses on cash flow hedges in other comprehensive income before reclassifications during the three months ended July 26, 2024 and July 28, 2023, was an expense of $ 3 million and $ 25 million, respectively.

During the three months ended July 26, 2024 and July 28, 2023, gains and losses on cash flow hedges reclassified from AOCI were reduced by income taxes of $ 14 million and $ 13 million, respectively.

When realized, gains and losses on currency exchange rate contracts reclassified from AOCI are recognized within other operating expense, net or cost of products sold.

The income tax on unrealized gains and losses on cash flow hedges in other comprehensive income before reclassifications during the six months ended October 25, 2024 and October 27, 2023, was a benefit of $ 5 million and expense of $ 103 million, respectively.

During the six months ended October 25, 2024 and October 27, 2023, gains and losses on cash flow hedges reclassified from AOCI were reduced by income taxes of $ 22 million and $ 34 million, respectively.

When realized, gains and losses on currency exchange rate contracts reclassified from AOCI are recognized within other operating income, net or cost of products sold.

Refer to Note 8 to the consolidated financial statements for additional information.

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The Company and its affiliates are involved in a number of legal actions from time to time involving product liability, employment, intellectual property and commercial disputes, shareholder related matters, environmental proceedings, tax disputes, and governmental proceedings and investigations, including those described below.

With respect to governmental proceedings and investigations, like other companies in our industry, the Company is subject to extensive regulation by national, state, and local governmental agencies in the United States and in other jurisdictions in which the Company and its affiliates operate.

As a result, interaction with governmental agencies is

Medtronic plc

Notes to Consolidated Financial Statements

States and in other jurisdictions in which the Company and its affiliates operate.

As a result, interaction with governmental agencies is ongoing.

The Company’s standard practice is to cooperate with regulators and investigators in responding to inquiries.

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The Company classifies certain specified litigation charges and gains related to significant legal matters as certain litigation charges, net in the consolidated statements of income.

The Company recognized $ 81 million and $ 40 million of certain litigation charges during the three months ended July 26, 2024, and July 28, 2023, respectively.

At July 26, 2024 and April 26, 2024, accrued litigation was approximately $ 0.3 billion and $ 0.2 billion, respectively.

The Company recognized no certain litigation charges and $ 81 million of certain litigation charges during the three and six months ended October 25, 2024, respectively, whereas the Company recognized $ 65 million and $ 105 million of certain litigation charges during the three and six months ended October 27, 2023, respectively.

At October 25, 2024 and April 26, 2024, accrued litigation was approximately $ 0.2 billion.

The ultimate cost to the Company with respect to accrued litigation could be materially different than the amount of the current estimates and accruals and could have a material adverse impact on the Company’s consolidated earnings, financial position, and/or cash flows.

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state and federal courts that allege personal injury from hernia mesh products sold by those subsidiaries.

As of August 1, 2024, the Company and certain of its subsidiaries have been named as defendants in lawsuits filed on behalf of approximately 8,600 individual plaintiffs, and certain plaintiffs’ law firms have advised the Company that they may file additional cases in the future.

As of October 30, 2024, the Company and certain of its subsidiaries have been named as defendants in lawsuits filed on behalf of approximately 8,800 individual plaintiffs, and certain plaintiffs’ law firms have advised the Company that they may file additional cases in the future.

Approximately 6,850 plaintiffs have pending lawsuits in a coordinated proceeding in Massachusetts state court, where they have been consolidated before a single judge.

Approximately 500 plaintiffs have pending lawsuits in a coordinated action in Minnesota state court, and there are approximately 1,450 actions coordinated in a federal Multidistrict Litigation in the U.S.

District Court for the District of Massachusetts plus six one-off cases filed in other courts.

District Court for the District of Massachusetts plus fewer than ten one-off cases filed in other courts.

The pending lawsuits relate almost entirely to hernia mesh products that have not been subject to recalls, withdrawals, or other adverse regulatory action.

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state and federal courts alleging personal injury from Series 600 insulin pumps with allegedly defective clear retainer rings that were subject to field corrective actions in 2019 and 2021.

As of July 26, 2024, 26 lawsuits have been filed on behalf of a total of 106 individual plaintiffs, and certain plaintiffs’ law firms have notified the Company that they may file additional lawsuits in the future on behalf of thousands of additional claimants.

As of November 4, 2024, after a number of recent dismissals of individual plaintiffs, there are 23 lawsuits filed on behalf of 76 individuals.

Plaintiffs’ firms previously notified the Company that they may file additional lawsuits in the future on behalf of thousands of additional claimants.

Most of the filed suits are coordinated in California state court.

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District Court for the District of Maine in the early 2000's by the Natural Resources Defense Council and the Maine People's Alliance relating to mercury contamination of the Penobscot River and Bay and options for remediating such contamination.

In March 2021, the parties notified the court that they had agreed on a settlement in principle of all issues in this matter, and in September 2022 the parties filed a joint motion for final approval by the court.

In October 2022, the court issued a final order approving the settlement and the parties are working with consultants on implementation of remedial activities.

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and its wholly-owned subsidiary operating in Puerto Rico, which is one of the Company's key manufacturing sites.

Tax Court (Tax Court) reviewed this dispute, and in June 2016, issued an opinion with respect to the allocation of income between the parties for fiscal years 2005 and 2006 whereby it generally rejected the IRS’s position, but also made

Medtronic plc

Notes to Consolidated Financial Statements

certain modifications to the Medtronic, Inc.

tax returns as filed.

In April 2017, the IRS filed a Notice of Appeal to the U.S.

Court of Appeals for the Eighth Circuit regarding the Tax Court opinion.

Court of Appeals

Medtronic plc

Notes to Consolidated Financial Statements

for the Eighth Circuit regarding the Tax Court opinion.

Court of Appeals issued its opinion in August 2018 and remanded the case back to the Tax Court for additional factual findings.

26 unchanged sentences

The allocation of depreciation expense is based on the proportion of the assets used by each segment.

There have been no changes to reportable segments during the quarter ended July 26, 2024.

There have been no changes to reportable segments during the quarter ended October 25, 2024.

We continue to have four reportable segments:

6 unchanged sentences

Segment Operating Profit

Three months ended

(in millions) July 26, 2024 July 28, 2023

Three months ended Six months ended

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Cardiovascular $ 1,164 $ 1,117 $ 2,289 $ 2,208

10 unchanged sentences

Centralized distribution costs ( 405 ) ( 391 ) ( 800 ) ( 786 )

( 39 ) 32 ( 44 ) 29

Restructuring and associated costs ( 46 ) ( 91 ) ( 108 ) ( 182 )

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(1) Includes the historical operations and ongoing transition agreements from businesses the Company has exited or divested.

(2) Includes the net impact of remeasurement and the Company's hedging programs recorded in other operating expense, net.

(2) Includes the net impact of remeasurement and the Company's hedging programs recorded in other operating income, net.

(3) Incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

1 unchanged sentence

Net 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.

The following table presents net sales for the three months ended July 26, 2024 and July 28, 2023 for the Company's country of domicile, countries with significant concentrations, and all other countries:

Three months ended

(in millions) July 26, 2024 July 28, 2023

The following table presents net sales for the three and six months ended October 25, 2024 and October 27, 2023 for the Company's country of domicile, countries with significant concentrations, and all other countries:

Three months ended Six months ended

(in millions) October 25, 2024 October 27, 2023 October 25, 2024 October 27, 2023

Ireland $ 29 $ 29 $ 59 $ 58

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements