Medtronic 2015 Annual Report Download - page 128

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Medtronic plc
Notes to Consolidated Financial Statements (Continued)
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 2015, 2014, or 2013.
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
April 24, 2015
Fair Value Measurements
Using Inputs Considered as
(in millions) 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 mutual funds/commingled trusts 951 — 751 200
Fixed income mutual funds 374 — 374 —
Partnership units 472 — — 472
$ 2,204 $ 356 $ 1,175 $ 673
Fair Value
as of
April 25, 2014
Fair Value Measurements
Using Inputs Considered as
(in millions) Level 1 Level 2 Level 3
Short-term investments $ 157 $ 157 $ — $ —
U.S. government securities 158 108 50 —
Corporate debt securities 60 — 59 1
Other common stock 125 125 — —
Equity mutual funds/commingled trusts 578 — 293 285
Fixed income mutual funds 166 — 166 —
Partnership units 673 — — 673
$ 1,917 $ 390 $ 568 $ 959
The following tables provide a reconciliation of the beginning and ending balances of U.S. pension benefit assets measured at
fair value that used significant unobservable inputs (Level 3):
(in millions)
Total Level 3
Investments
Corporate Debt
Securities
Commingled
Trusts Partnership Units
Balance as of April 25, 2014 $ 959 $ 1 $ 285 $ 673
Total realized gains included in income 162 — 65 97
Total unrealized losses included in accumulated other
comprehensive loss (130) — (31) (99)
Purchases and sales, net (318) — (119) (199)
Balance as of April 24, 2015 $ 673 $ 1 $ 200 $ 472
118