Medtronic 2013 Annual Report Download - page 116
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75732me_10K.indd 101 6/25/13 6:39 PM
Table of Contents
Medtronic, Inc.
Notes to Consolidated Financial Statements (Continued)
(in millions) April 26, 2013 April 27, 2012
Deferred tax assets:
Net operating loss, capital loss, and credit carryforwards $ 423 $ 367
Pension and post-retirement benefits 239 256
Accrued liabilities 238 266
Stock-based compensation 223 233
Other 200 221
Inventory 121 141
Federal and state benefit on uncertain tax positions 57 81
Gross deferred tax assets 1,501 1,565
Valuation allowance (313) (258)
Total deferred tax assets 1,188 1,307
Deferred tax liabilities:
Intangible assets (712) (710)
Basis impairment (214) (178)
Realized loss on derivative financial instruments (110) (112)
Unrealized gain on available-for-sale securities and derivative financial instruments (87) (77)
Accumulated depreciation (56) (68)
Other (29) (31)
Total deferred tax liabilities (1,208) (1,176)
Prepaid income taxes 321 321
Income tax receivables 114 137
Tax assets, net $ 415 $ 589
Reported as (after jurisdictional netting):
Tax assets $ 539 $ 703
Long-term tax assets 232 176
Deferred tax liabilities (16) (14)
Long-term deferred tax liabilities (340) (276)
Total assets, net $ 415 $ 589
Prior period current and non-current deferred tax assets and liabilities within the consolidated balance sheets have been corrected
to properly reflect the jurisdictional netting of certain deferred income taxes and the presentation of accrued income taxes payable
and receivable.
98