Medtronic 2015 Annual Report Download - page 131

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Medtronic plc
Notes to Consolidated Financial Statements (Continued)
Future minimum payments under capitalized leases and non-cancelable operating leases at April 24, 2015 are:
(in millions)
Fiscal Year
Capitalized
Leases
Operating
Leases
2016 $ 20 $ 196
2017 37 138
2018 23 93
2019 22 66
2020 22 43
Thereafter 43 88
Total minimum lease payments $ 167 $ 624
Less amounts representing interest (22) N/A
Present value of net minimum lease payments $ 145 N/A
Rent expense for all operating leases was $195 million, $150 million, and $140 million in fiscal years 2015, 2014, and 2013,
respectively. The increase in fiscal year 2015 rent expense is primarily related to the January 26, 2015 Covidien acquisition.
15. Accumulated Other Comprehensive Loss
Changes in AOCI by component are as follows:
(in millions)
Unrealized
Gain (Loss) on
Available-for-
Sale Securities
Cumulative
Translation
Adjustments(a)
Net Change in
Retirement
Obligations
Unrealized
Gain (Loss) on
Derivatives
Total
Accumulated
Other
Comprehensive
Loss (Income)
Balance as of April 26, 2013, net of tax $ 97 $ 205 $ (852) $ 58 $ (492)
Other comprehensive (loss) income before
reclassifications, before tax (89) 13 60 (120) (136)
Tax benefit (expense) 32 — (37) 44 39
Other comprehensive (loss) income before
reclassifications, net of tax (57) 13 23 (76) (97)
Reclassifications, before tax (72) — 99 (42) (15)
Tax benefit (expense) 26 — (35) 16 7
Reclassifications, net of tax (46)(b) —64
(c) (26)(d) (8)
Other comprehensive (loss) income, net of tax (103) 13 87 (102) (105)
Balance as of April 25, 2014, net of tax (6) 218 (765) (44) (597)
Other comprehensive income (loss) before
reclassifications, before tax 169 (495) (617) 545 (398)
Tax (expense) benefit (60) — 198 (199) (61)
Other comprehensive income (loss) before
reclassifications, net of tax 109 (495) (419) 346 (459)
Reclassifications, before tax (138) — 78 (145) (205)
Tax benefit (expense) 49 — (25) 53 77
Reclassifications, net of tax (89)(b) —53
(c) (92)(d) (128)
Other comprehensive income (loss), net of tax 20 (495) (366) 254 (587)
Balance as of April 24, 2015, net of tax $ 14 $ (277) $ (1,131) $ 210 $ (1,184)
(a) Taxes are not provided on CTA as substantially all translation adjustments relate to earnings that are intended to be
indefinitely reinvested outside the U.S.
(b) Represents net realized gains on sales of available-for-sale securities that were reclassified from AOCI to other expense,
net (see Note 5).
121