Medtronic 2016 Annual Report Download - page 103
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Table of Contents
Medtronic plc
Notes to Consolidated Financial Statements (Continued)
100
The following table provides information by level for the derivative assets and liabilities that are measured at fair value on a
recurring basis as of April 29, 2016 and April 24, 2015:
April 29, 2016 April 24, 2015
(in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Derivative Assets $ 145 $ 103 $ — $ 644 $ 89 $ —
Derivative Liabilities 166 53 — 45 71 —
The Company has elected to present the fair value of derivative assets and liabilities within the consolidated balance sheets on a
gross basis even when derivative transactions are subject to master netting arrangements and may otherwise qualify for net
presentation. The following table provides information as if the Company had elected to offset the asset and liability balances of
derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements
with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation.
April 29, 2016 Gross Amount Not Offset on the
Balance Sheet
(in millions)
Gross Amount of
Recognized Assets
(Liabilities) Financial
Instruments
Cash
Collateral
(Received) or
Posted Net Amount
Derivative Assets
Currency exchange rate contracts $ 145 $ (98) $ (1) $ 46
Interest rate contracts 89 (20) — 69
Cross Currency interest rate contracts 14 — — 14
$ 248 $ (118) $ (1) $ 129
Derivative Liabilities
Currency exchange rate contracts $ (166) $ 85 26 $ (55)
Interest rate contracts (48) 34 — (14)
Cross currency interest rate contracts (4) — — (4)
Commodity contracts (1) — — (1)
$(219) $ 119 $ 26 $ (74)
Total $ 29 $ 1 $ 25 $ 55
April 24, 2015 Gross Amount Not Offset on the
Balance Sheet
(in millions)
Gross Amount of
Recognized Assets
(Liabilities) Financial
Instruments
Cash
Collateral
(Received) or
Posted Net Amount
Derivative Assets
Currency exchange rate contracts $ 644 $ (61) $ (325) $ 258
Interest rate contracts 89 (10)(13) 66
$ 733 $ (71) $ (338) $ 324
Derivative Liabilities
Currency exchange rate contracts $ (45) $ 31 $ — $ (14)
Interest rate contracts (71) 40 8 (23)
$(116) $ 71 $ 8 $ (37)
Total $ 617 $ — $ (330) $ 287