Refine Assumptions for PPE Forecast Provided below is FY2016 information for Medtronic PLC. Medtronic plc Consolidated Statement of Income ($ millions) Apr. 29, 2016 Net sales $28,833 Costs and expenses Cost of products sold 9,142 Research and development expenses 2,224 Selling general, and administrative expense 9,469 Special charges (gains), net 70 Restructuring charge, net 290 Certain litigation charges, net 26 Acquisition-related items 283 Amortization of intangiable assets 1,931 Other expense, net 107 Operating profit 5,291 Interest expense, net 955 Income from operations before income taxes 4,336 Provision for income taxes 798 Net income $3,538 165 9,113 TULSI curren IdMILIE Long-term debt Long-term accrued compensation Long-term accrued income taxes Long-term deferred tax liabilities Other long-term liabilities Total liabilities Shareholders' equity Ordinary shares Retained earnings Accumulated other comprehensive (loss) Total shareholders' equity Total liabilities and shareholders' equity 30,247 1,759 2,903 3,729 1,916 47,719 33,752 1,535 2,476 4,700 1,819 53,455 53,931 (1,868) 52,063 $99,782 54,414 (1,184) 53,230 $106,685 a. Use the financial statements along with the additional information below to forecast property, plant and equipment, net for FY2017. CAPEX in FY2016 Depreciation expense in FY2016 Forecasted FY2017 net sales $1,046 million 890 million 35,176 million Round to the nearest million. Forecasted PPE, net for FY2017 $ * million b. Suppose the company discloses in a press release that accompanies its year-end SEC filing that anticipated CAPEX for FY2017 is $1.5 billion. Use the guidance to refine your forecast of property, plant and equipment, net for FY2017. x million