Medtronic 2015 Annual Report Download - page 141

Medtronic plc
Notes to Consolidated Financial Statements (Continued)
Net sales to external customers and property, plant, and equipment, net by geography are as follows:
(in millions) Americas EMEA(a) Asia Pacific Greater China Consolidated
Fiscal Year 2015
Net sales to external customers $ 12,125 $ 5,064 $ 2,059 $ 1,013 $ 20,261
Property, plant, and equipment, net $ 3,626 $ 725 $ 165 $ 183 $ 4,699
Fiscal Year 2014
Net sales to external customers $ 9,922 $ 4,483 $ 1,776 $ 824 $ 17,005
Property, plant, and equipment, net $ 1,833 $ 393 $ 74 $ 92 $ 2,392
Fiscal Year 2013
Net sales to external customers $ 9,761 $ 4,225 $ 1,886 $ 718 $ 16,590
Property, plant, and equipment, net $ 1,920 $ 397 $ 74 $ 99 $ 2,490
(a) Sales to Ireland were insignificant during all periods presented. Property, plant, and equipment, net includes $151
million, $72 million, and $70 million in Ireland in fiscal years 2015, 2014, and 2013, respectively.
No single customer represented over 10 percent of the Company’s consolidated net sales in fiscal years 2015, 2014, or 2013.
19. Guarantor Financial Information
On January 26, 2015, Medtronic plc (“Parent Company Guarantor”) and Medtronic Luxco, a subsidiary guarantor, each
provided a full and unconditional guarantee of the obligations of Medtronic, Inc. under the Medtronic 2015 Senior Notes and
Medtronic Outstanding Notes. In addition, Medtronic plc and Medtronic Luxco each provided a full and unconditional
guarantee of the obligations of CIFSA, assumed as part of the Covidien acquisition, under the CIFSA Senior Notes. These
guarantees of the CIFSA Senior Notes were in addition to the guarantees of the CIFSA Senior Notes by legacy Covidien
holding companies Covidien Ltd. (f/k/a Covidien plc) and Covidien Group Holdings Ltd. (f/k/a Covidien Ltd.), both of which
remain guarantors of the CIFSA Senior Notes. A summary of the guarantees is as follows:
Guarantees of Medtronic 2015 Senior Notes and Medtronic Outstanding Notes
•Parent Company Guarantor — Medtronic plc
•Subsidiary Issuer — Medtronic, Inc.
•Subsidiary Guarantor — Medtronic Luxco
Since Medtronic plc and Medtronic Luxco did not exist in prior years, the Parent Company Guarantor column and Subsidiary
Guarantor Column in the consolidating financial information for the guarantee of the Medtronic 2015 Senior Notes and
Medtronic Outstanding Notes will appear as zeros for fiscal year 2014 and fiscal year 2013. Accordingly, the prior years’
consolidating financial information are those of the predecessor registrant Medtronic, Inc.
Guarantees of CIFSA Senior Notes
•Parent Company Guarantor — Medtronic plc
•Subsidiary Issuer — CIFSA
•Subsidiary Guarantors — Medtronic Luxco, Covidien Ltd., and Covidien Group Holdings Ltd.
There were no Medtronic plc or Medtronic Luxco guarantees in effect in prior periods, and the CIFSA Senior Notes were
assumed as part of the Covidien acquisition. Therefore, no consolidating financial information for the years ended April 25,
2014 and April 26, 2013 is presented related to the guarantee of the CIFSA Senior Notes.
The following presents the Company’s Consolidating Statements of Comprehensive Income and Condensed Consolidating
Statements of Cash Flows as of and for the fiscal years ended April 24, 2015, April 25, 2014, and April 26, 2013, and
Condensed Consolidating Balance Sheets as of April 24, 2015 and April 25, 2014. The guarantees provided by the Parent
Company Guarantor and Subsidiary Guarantors are joint and several. Condensed consolidating financial information for
Medtronic plc, Medtronic Luxco, Medtronic, Inc. and CIFSA, on a stand-alone basis, is presented using the equity method of
accounting for subsidiaries.
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