Analysis of Debt
Total Debt (Carrying Amount)
Medtronic PLC, balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2025-04-25), 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24).
- Current Debt Obligations
- The current debt obligations exhibit notable fluctuations over the observed periods. Beginning at 2,776 million USD in April 2020, the figure drastically declines to 11 million USD in April 2021, suggesting a significant repayment or reclassification in that period. Subsequently, it sharply increases to 3,742 million USD in April 2022, followed by a decrease to 20 million USD in April 2023. The amount then rises again to 1,092 million USD in April 2024, and further to 2,874 million USD in April 2025. Such volatility indicates irregular short-term borrowing or repayment activities across these fiscal years.
- Long-Term Debt
- The long-term debt shows moderate variability with an overall upward tendency. Starting at 22,021 million USD in April 2020, it rises to 26,378 million USD in April 2021. Then, it decreases to 20,372 million USD in April 2022, suggesting a repayment period or restructuring, before climbing to 24,344 million USD in April 2023. The amount slightly declines to 23,932 million USD in April 2024, then increases again to 25,642 million USD in April 2025. This pattern indicates that while the company manages its long-term borrowings actively, there is an overall tendency to maintain or increase long-term debt levels toward the most recent period.
- Total Debt (Carrying Amount)
- Total debt, representing the aggregate of current and long-term obligations, presents a generally increasing trend with some fluctuations. It starts at 24,797 million USD in April 2020 and rises to 26,389 million USD in April 2021. A decrease to 24,114 million USD in April 2022 reflects the reduction in both current and long-term debt during that period. The total debt remains relatively stable at 24,364 million USD in April 2023 but increases to 25,024 million USD in April 2024 and further to 28,516 million USD in April 2025. The upward movement in total debt in the later periods indicates an increasing leverage or debt financing stance adopted by the company in recent years.
Total Debt (Fair Value)
| Apr 25, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Bank borrowings | 13) |
| Commercial Paper | —) |
| Senior Notes | 26,200) |
| Finance lease obligations | 58) |
| Total debt (fair value) | 26,271) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.92 |
Based on: 10-K (reporting date: 2025-04-25).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt: 2.66%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 0.25% | 1,142) | 3) | |
| 0.00% | 1,142) | —) | |
| 2.63% | 571) | 15) | |
| 1.25% | 1,714) | 21) | |
| 4.42% | 1,000) | 44) | |
| 3.09% | 1,142) | 35) | |
| 0.51% | 1,142) | 6) | |
| 3.74% | 971) | 36) | |
| 1.75% | 1,142) | 20) | |
| 1.06% | 1,142) | 12) | |
| 3.25% | 1,142) | 37) | |
| 0.81% | 1,142) | 9) | |
| 4.62% | 1,000) | 46) | |
| 3.44% | 1,142) | 39) | |
| 4.47% | 1,932) | 86) | |
| 3.93% | 971) | 38) | |
| 4.67% | 253) | 12) | |
| 2.34% | 1,142) | 27) | |
| 6.56% | 158) | 10) | |
| 1.58% | 1,142) | 18) | |
| 5.58% | 224) | 12) | |
| 1.46% | 1,142) | 17) | |
| 4.54% | 105) | 5) | |
| 4.10% | 305) | 13) | |
| 4.20% | 685) | 29) | |
| 4.67% | 127) | 6) | |
| 4.69% | 1,813) | 85) | |
| 1.87% | 1,142) | 21) | |
| 1.75% | 1,142) | 20) | |
| 4.19% | 800) | 34) | |
| 10.00% | 58) | 6) | |
| Total | 28,675) | 763) | |
| 2.66% | |||
Based on: 10-K (reporting date: 2025-04-25).
1 US$ in millions
2 Weighted-average interest rate = 100 × 763 ÷ 28,675 = 2.66%