Medtronic 2009 Annual Report Download - page 77

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73
Medtronic, Inc.
Balances of acquired intangible assets, excluding goodwill, are as follows:
(in millions)
Purchased
Technology
and Patents
Trademarks
and
Tradenames Other Total
Amortizable intangible assets as of April 24, 2009:
Original cost $3,057 $ 373 $ 238 $ 3,668
Accumulated amortization (801) (217) (173) (1,191)
Carrying value $2,256 $ 156 $ 65 $ 2,477
Weighted average original life (in years) 12.5 10.3 9.4
Amortizable intangible assets as of April 25, 2008:
Original cost $ 2,538 $ 373 $ 244 $ 3,155
Accumulated amortization (616) (181) (165) (962)
Carrying value $ 1,922 $ 192 $ 79 $ 2,193
Weighted average original life (in years) 12.9 10.3 9.7
Amortization expense for fiscal years 2009, 2008 and 2007 was $281 million, $220 million and $182 million, respectively.
Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets is as follows:
(in millions)
Fiscal Year
Amortization
Expense
2010 $ 3 0 2
2011 293
2012 265
2013 250
2014 242
Thereafter 1,125
$2,477
8. Financing Arrangements
Debt consisted of the following:
April 24, 2009 April 25, 2008
(in millions)
Maturity by
Fiscal Year Payable
Average
Interest Rate Payable
Average
Interest Rate
Short-Term Borrowings:
Contingent convertible debentures 2010–2022 $ — — $ 94 1.25%
Bank borrowings 2010 123 0.92% 175 0.87%
Commercial paper 2010 385 0.44% 874 2.42%
Capital lease obligations 2010 14 5.29% 11 5.33%
Total Short-Term Borrowings $ 522 $1,154
Long-Term Debt:
Contingent convertible debentures 2011–2022 $ 15 1.25% $ — —
Five-year senior convertible notes 2011 2,200 1.50% 2,200 1.50%
Five-year senior notes 2011 400 4.38% 400 4.38%
New credit agreement 2011 —— 300 2.90%
Seven-year senior convertible notes 2013 2,200 1.63% 2,200 1.63%
Five-year new senior notes 2014 550 4.50% ——
Ten-year senior notes 2016 600 4.75% 600 4.75%
Ten-year new senior notes 2019 400 5.60% ——
Thirty-year new senior notes 2039 300 6.50% ——
Interest rate swaps 2011/2016 —— 35 2.04%
Gain from interest rate swap termination N/A 54 — ——
Capital lease obligations 2010–2014 53 5.38% 67 5.37%
Total Long-Term Debt $6,772 $5,802