Medtronic 2016 Annual Report Download - page 117
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Table of Contents
Medtronic plc
Notes to Consolidated Financial Statements (Continued)
114
stock and debt instruments of private companies. For private equity funds, the sum of the unfunded commitments as of April 29,
2016 is $119 million, and the estimated liquidation period of these funds is expected to be one to 15 years. Real asset investments
consist of commodities, derivatives, Real Estate Investment Trusts, and illiquid real estate holdings. These investments have
redemption and liquidation periods ranging from 30 days to 10 years. Other valuation procedures are utilized to arrive at fair value
if a quoted market price is not available for a partnership investment.
Registered investment companies: Valued at the quoted market prices of shares held by the plan at year-end in the active market
on which the individual securities are traded.
Insurance contracts: Comprised of investments in collective (group) insurance contracts, consisting of individual insurance policies.
The policyholder is the employer and each member is the owner/beneficiary of their individual insurance policy. These policies
are a part of the insurance company’s general portfolio and participate in the insurer’s profit-sharing policy on an excess yield
basis.
The methods described above may produce fair values that may not be indicative of net realizable value or reflective of future fair
values. Furthermore, while the Company believes its valuation methodologies are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result
in a different fair value measurement at the reporting date.
There were no transfers between Level 1, Level 2, or Level 3 during fiscal years 2016, 2015, or 2014.
The following tables provide information by level for the retirement benefit plan assets that are measured at fair value, as defined
by U.S. GAAP. See Note 1 for discussion of the fair value measurement terms of Levels 1, 2, and 3.
U.S. Pension Benefits
Fair Value
as of
Fair Value Measurements
Using Inputs Considered as
(in millions) April 29, 2016 Level 1 Level 2 Level 3
Short-term investments $ 127 $ 127 $ — $ —
U.S. government securities 146 137 9 —
Corporate debt securities 216 — 216 —
Equity mutual funds/commingled trusts 956 — 763 193
Fixed income mutual funds 231 — 231 —
Partnership units 462 — — 462
$ 2,138 $ 264 $ 1,219 $ 655
Fair Value
as of Fair Value Measurements
Using Inputs Considered as
(in millions) April 24, 2015 Level 1 Level 2 Level 3
Short-term investments $ 247 $ 247 $ — $ —
U.S. government securities 155 109 46 —
Corporate debt securities 5 — 4 1
Equity commingled trusts 951 — 751 200
Fixed income commingled trusts 374 — 374 —
Partnership units 472 — — 472
$ 2,204 $ 356 $ 1,175 $ 673