Medtronic 2014 Annual Report Download - page 135

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Medtronic, Inc.
Notes to Consolidated Financial Statements (Continued)
The following table presents the Company’s net assets by reportable segment:
(in millions)
April 25,
2014
April 26,
2013
Cardiac and Vascular Group $ 6,578 $ 6,941
Restorative Therapies Group 9,604 10,058
Diabetes Group 1,819 1,857
Total Net Assets of Reportable Segments 18,001 18,856
Short-term borrowings (1,613) (910)
Long-term debt (10,315) (9,741)
Corporate 13,370 10,466
Total Net Assets $ 19,443 $ 18,671
Geographic Information
Net sales to external customers and property, plant, and equipment, net by geography are as follows:
(in millions) United States
Europe and
Canada Asia Pacific
Other
Foreign Consolidated
Fiscal Year 2014
Net sales to external customers $ 9,209 $ 4,380 $ 2,600 $ 816 $ 17,005
Property, plant, and equipment, net $ 1,762 $ 388 $ 195 $ 47 $ 2,392
Fiscal Year 2013
Net sales to external customers $ 9,059 $ 4,199 $ 2,604 $ 728 $ 16,590
Property, plant, and equipment, net $ 1,849 $ 391 $ 206 $ 44 $ 2,490
Fiscal Year 2012
Net sales to external customers $ 8,828 $ 4,313 $ 2,399 $ 644 $ 16,184
Property, plant, and equipment, net $ 1,894 $ 389 $ 154 $ 36 $ 2,473
No single customer represented over 10 percent of the Company’s consolidated net sales in fiscal years 2014, 2013, or 2012.
21. Subsequent Events
On June 15, 2014, Medtronic, Inc., a Minnesota corporation (Medtronic), entered into a Transaction Agreement (the Transaction
Agreement) by and among Medtronic, Covidien public limited company, an Irish public limited company (Covidien), Kalani I
Limited, a private limited company organized under the laws of Ireland (New Medtronic), Makani II Limited, a private limited
company organized under the laws of Ireland and a wholly-owned subsidiary of New Medtronic (IrSub), Aviation Acquisition
Co., Inc., a Minnesota corporation (U.S. AcquisitionCo), and Aviation Merger Sub, LLC, a Minnesota limited liability company
and a wholly-owned subsidiary of U.S. AcquisitionCo (MergerSub). Under the terms of the Transaction Agreement, (i) New
Medtronic and IrSub will acquire Covidien (the Acquisition) pursuant to the Irish Scheme of Arrangement under Section 201,
and a capital reduction under Sections 72 and 74, of the Irish Companies Act of 1963 (the Arrangement) and (ii) MergerSub will
merge with and into Medtronic, with Medtronic as the surviving corporation in the merger (such merger, the Merger, and the
Merger together with the Acquisition, the Pending Acquisition). As a result of the Pending Acquisition, both Medtronic and
Covidien will become wholly-owned direct or indirect subsidiaries of New Medtronic.
At the effective time of the Arrangement, (a) Covidien shareholders will be entitled to receive $35.19 in cash and 0.956 of a
newly issued New Medtronic share (the Arrangement Consideration) in exchange for each Covidien share held by such
shareholders, and (b) each share of Medtronic common stock will be converted into the right to receive one New Medtronic
share. The total cash and stock value of the Pending Acquisition is approximately $42.9 billion based on Medtronic’s closing
share price of $60.70 on June 13, 2014. It is expected that immediately after the closing of the Pending Acquisition, Covidien
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