Medtronic 2011 Annual Report Download - page 76

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72 Medtronic, Inc.
Notes to Consolidated Financial Statements
(continued)
Balances of intangible assets, excluding goodwill, are as follows:
(in millions)
Purchased
Technology
and Patents
Trademarks
and
Tradenames
Acquired
IPR&D Other Total
Amortizable intangible assets as of April 29, 2011:
Original cost $ 3,565 $ 373 $338 $ 150 $ 4,426
Accumulated amortization (1,265) (290) — (94) (1,649)
Carrying value $ 2,300 $ 83 $338 $ 56 $ 2,777
Weighted average original life (in years) 12.3 10.3 N/A 8.5
Amortizable intangible assets as of April 30, 2010:
Original cost $ 3,300 $ 373 $ 1 1 4 $ 252 $ 4,039
Accumulated amortization (1,040) (254) — (186) (1,480)
Carrying value $ 2,260 $ 119 $ 1 1 4 $ 66 $ 2,559
Weighted average original life (in years) 12.6 10.3 N/A 8.6
Amortization expense for fiscal years 2011, 2010, and 2009 was $340 million, $318 million, and $281 million, respectively.
Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets, excluding any
possible future amortization associated with acquired IPR&D, which has not met technological feasibility, is as follows:
(in millions)
Fiscal Year Amortization Expense
2012 $ 3 2 1
2013 304
2014 294
2015 279
2016 268
Thereafter 973
$2,439
8. Financing Arrangements
Debt consisted of the following:
April 2 9, 2011 April 30, 2010
(in millions, except interest rates)
Maturity by
Fiscal Year Payable
Average
Interest Rate
Effective
Interest Rate Payable
Average
Interest Rate
Effective
Interest Rate
Short-Term Borrowings:
Commercial paper 2012 $1,500 0.22% — $ — — —
Capital lease obligations 2012 2 7.47% — — — —
Bank borrowings 2011–2013 222 1.25% — 65 1.20% —
Five-year senior convertible notes 2011 — — — 2,200 1.50% 5.97%
Five-year 2005 senior notes 2011 — — — 400 4.38% 4.43%
Debt discount 2011–2012 (1) — — (90) — —
Total Short-Term Borrowings $1,723 $2,575