Medtronic 2014 Annual Report Download - page 115
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Medtronic, Inc.
Notes to Consolidated Financial Statements (Continued)
consolidated statements of earnings. Tax assets (liabilities), shown before jurisdictional netting of deferred tax assets
(liabilities), are comprised of the following:
(in millions) April 25, 2014 April 26, 2013
Deferred tax assets:
Net operating loss, capital loss, and credit carryforwards $ 487 $ 423
Other accrued liabilities 205 140
Accrued compensation 201 98
Pension and post-retirement benefits 194 239
Stock-based compensation 171 223
Other 142 200
Inventory 118 121
Federal and state benefit on uncertain tax positions 79 57
Unrealized loss on available-for-sale securities and derivative financial instruments 29 —
Gross deferred tax assets 1,626 1,501
Valuation allowance (397) (313)
Total deferred tax assets 1,229 1,188
Deferred tax liabilities:
Intangible assets (652) (712)
Basis impairment (225) (214)
Realized loss on derivative financial instruments (110) (110)
Other (24) (29)
Accumulated depreciation (20) (56)
Unrealized gain on available-for-sale securities and derivative financial instruments — (87)
Total deferred tax liabilities (1,031) (1,208)
Prepaid income taxes 320 321
Income tax receivables 113 114
Tax assets, net $ 631 $ 415
Reported as (after valuation allowance and jurisdictional netting):
Tax assets $ 736 $ 539
Long-term tax assets 300 232
Deferred tax liabilities (19) (16)
Long-term deferred tax liabilities (386) (340)
Tax assets, net $ 631 $ 415
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