Medtronic 2013 Annual Report Download - page 110
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75732me_10K.indd 95 6/25/13 6:39 PM
Table of Contents
Medtronic, Inc.
Notes to Consolidated Financial Statements (Continued)
April 26, 2013
Asset Derivatives Liability Derivatives
Fair Fair
(in millions) Balance Sheet Location Value Balance Sheet Location Value
Derivatives designated as hedging
instruments
Prepaid expenses and
Foreign currency exchange rate contracts other current assets $ 150 Other accrued expenses $ 34
Interest rate contracts Other assets 181 Other long-term liabilities 18
Foreign currency exchange rate contracts Other assets 63 Other long-term liabilities 5
Total derivatives designated as hedging
instruments $ 394 $ 57
Derivatives not designated as hedging
instruments
Prepaid expenses and
Foreign currency exchange rate contracts other current assets $ — Other accrued expenses $ 1
Total derivatives not designated as hedging
instruments $ — $ 1
Total derivatives $ 394 $ 58
April 27, 2012
Asset Derivatives Liability Derivatives
Fair Fair
(in millions) Balance Sheet Location Value Balance Sheet Location Value
Derivatives designated as hedging
instruments
Prepaid expenses and
Foreign currency exchange rate contracts other current assets $ 74 Other accrued expenses $ 33
Interest rate contracts Other assets 167 Other long-term liabilities 45
Foreign currency exchange rate contracts Other assets 13 Other long-term liabilities 2
Total derivatives designated as hedging
instruments $ 254 $ 80
Derivatives not designated as hedging
instruments
Prepaid expenses and
Foreign currency exchange rate contracts other current assets $ — Other accrued expenses $ 2
Total derivatives not designated as hedging
instruments $ — $ 2
Total derivatives $ 254 $ 82
Concentrations of Credit Risk
Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of
interest-bearing investments, foreign exchange derivative contracts, and trade accounts receivable.
The Company maintains cash and cash equivalents, investments, and certain other financial instruments (including currency
exchange and interest rate derivative contracts) with various major financial institutions. The Company performs periodic
evaluations of the relative credit standings of these financial institutions and limits the amount of credit exposure with any one
institution. In addition, the Company has collateral credit agreements with its primary derivative counterparties. Under these
agreements, either party is required to post eligible collateral when the market value of transactions covered by the agreement
exceeds specific thresholds, thus limiting credit exposure for both parties. As of April 26, 2013, the Company received cash
collateral of $30 million from its counterparties. The collateral received was recorded in cash and cash equivalents, with the offset
92