Calculate FY2020 PPE

Following is the balance sheet for Medtronic PLC for FY2019 ended April 26, 2019. Consolidated Balance Sheet ($ millions) April 26, 2019 Current assets $ 4,393 5,455 Cash and cash equivalents Investments Accounts receivable, net Inventories, net 6,222 3,753 Other current assets 2,144 Total current assets Property, plant, and equipment, net Goodwill 21,967 4,675 39,959 Other intangible assets, net 20,560 Tax assets 1,519 Other assets 1,014 $89,694 $ 838 Total assets Current liabilities Current debt obligations Accounts payable Accrued compensation Accrued income taxes 1,953 2,189 567 Other accrued expenses 2,925 Total current liabilities 8,472 24,486 1,651 Long-term debt Accrued compensation and retirement benefits Accrued income taxes Deferred tax liabilities 2,838 1,278 Other liabilities 757 Total liabilities 39,482 0 26,532 26,270 Shareholders' equity Ordinary shares Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total shareholders' equity Noncontrolling interests Total equity Total liabilities and equity (2,711) 50,091 121 50,212 $89,694 Use the following assumptions to forecast the company's balance sheet for FY2020. Forecasted FY2020 net income $4,927 million Forecasted FY2020 net sales $33,002 million Accounts receivable, less allowance 20.4% of net sales Inventories, net 12.3% of net sales Other current assets 7% of net sales Goodwill No change Tax assets 5% of net sales Other assets 3.3% of net sales Accounts payable 6.4% of net sales Accrued compensation (current liability) 7.2% of net sales Accrued compensation and retirement benefits (noncurrent liability) No change Accrued income taxes (current liability) 1.9% of net sales Other accrued expenses 9.6% of net sales Accrued income taxes (noncurrent liability) 9.3% of net sales Deferred tax liabilities 4.2% of net sales Other liabilities 2.5% of net sales Ordinary shares No change Accumulated other comprehensive loss No change Net income attributable to noncontrolling interest $19 million Dividends in FY2020 $2,853 million CAPEX in FY2019 (to be forecast as % of net sales) $1,134 million Depreciation expense in FY2020 $950 million Amortization expense in FY2020 $1,914 million Debt due in FY2020 $838 million Debt due in FY2021 $2,058 million MEDTRONIC PLC Forecasted Balance Sheet April 2020 Current assets $ 0 X Cash and cash equivalents Investments Accounts receivable, net Inventories, net 5,455 6,732 4,059 Other current assets 2,310 0 X 4,950 x 39,959 Total current assets Property, plant, and equipment, net Goodwill Other intangible assets, net Tax assets Other assets 18,646 1,650 1,089 91,986 Total assets $ 2,058 2,112 2,376 627 Current liabilities Current debt obligations Accounts payable Accrued compensation Accrued income taxes Other accrued expenses Total current liabilities Long-term debt Accrued compensation and retirement benefits Accrued income taxes Deferred tax liabilities 3,168 10,341 22,428 1,651 3,069 1,386 Other liabilities 825 Total liabilities 39,700 0 26,532 28,325 Shareholders' equity Ordinary shares Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total shareholders' equity Noncontrolling interests Total equity Total liabilities and equity (2,711) 52,146 140 52,286 91,986 $