Medtronic 2015 Annual Report Download - page 123

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Medtronic plc
Notes to Consolidated Financial Statements (Continued)
The Company’s reserves for uncertain tax positions relate to unresolved matters with the IRS and other taxing authorities. These
reserves are subject to a high degree of estimation and management judgment. Resolution of these significant unresolved
matters, or positions taken by the IRS or foreign tax authorities during future tax audits, could have a material impact on the
Company’s financial results in future periods. The Company continues to believe that its reserves for uncertain tax positions are
appropriate and that it has meritorious defenses for its tax filings and will vigorously defend them during the audit process,
appellate process, and through litigation in courts, as necessary.
The major tax jurisdictions where the Company conducts business which remain subject to examination are as follows:
Jurisdiction Earliest Year Open
United States — federal and state 1996
Brazil 2009
Canada 2005
China 2009
Costa Rica 2012
Dominican Republic 2011
France 2007
Germany 2010
India 2002
Ireland 2010
Israel 2009
Italy 2005
Japan 2009
Luxembourg 2009
Mexico 2005
Puerto Rico 2005
Singapore 2009
Switzerland 2004
United Kingdom 2010
See Note 16 for additional information regarding the status of current tax audits and proceedings.
13. Retirement Benefit Plans
The Company sponsors various retirement benefit plans, including defined benefit pension plans (pension benefits), post-
retirement medical plans (post-retirement benefits), defined contribution savings plans, and termination indemnity plans,
covering substantially all U.S. employees and many employees outside the U.S. The expense related to these plans was $433
million, $419 million, and $419 million in fiscal years 2015, 2014, and 2013, respectively.
In the U.S., the Company maintains a qualified pension plan designed to provide guaranteed minimum retirement benefits to all
eligible U.S. employees. Pension coverage for non-U.S. employees is provided, to the extent deemed appropriate, through
separate plans. In addition, U.S. and Puerto Rico employees are also eligible to receive specified Company paid health care and
life insurance benefits through the Company’s post-retirement benefits. In addition to the benefits provided under the qualified
pension plan, retirement benefits associated with wages in excess of the IRS allowable limits are provided to certain employees
under a non-qualified plan.
As of April 24, 2015 and April 25, 2014, the net underfunded status of the Company’s benefit plans was $1.274 billion and
$488 million, respectively.
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