SEC Filings

10-Q
MEDTRONIC PLC filed this Form 10-Q on 09/01/2017
Entire Document
 
Medtronic plc
Notes to Consolidated Financial Statements
(Unaudited)


The following table provides information by level for the derivative assets and liabilities that are measured at fair value on a recurring basis.
 
July 28, 2017
 
April 28, 2017
(in millions)
Level 1
 
Level 2
 
Level 1
 
Level 2
Derivative assets
$
107

 
$
52

 
$
216

 
$
46

Derivative liabilities
268

 
10

 
93

 
11

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.
 
 
July 28, 2017
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded Assets (Liabilities)
 
Financial Instruments
 
Collateral (Received) Posted
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
107

 
$
(106
)
 
$

 
$
1

Interest rate contracts
 
41

 
(27
)
 

 
14

Cross currency interest rate contracts
 
5

 
(2
)
 

 
3

Total return swap
 
6

 

 

 
6

 
 
$
159

 
$
(135
)
 
$

 
$
24

 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
(268
)
 
$
133

 
$

 
$
(135
)
Cross currency interest rate contracts
 
(10
)
 
2

 

 
(8
)
 
 
(278
)
 
135

 

 
(143
)
Total
 
$
(119
)
 
$

 
$

 
$
(119
)
 
 
April 28, 2017
 
 
 
 
Gross Amount Not Offset on the Balance Sheet
 
 
(in millions)
 
Gross Amount of Recorded Assets (Liabilities)
 
Financial Instruments
 
Collateral (Received) Posted
 
Net Amount
Derivative assets:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
216

 
$
(58
)
 
$
(55
)
 
$
103

Interest rate contracts
 
41

 
(15
)
 
(5
)
 
21

Cross currency interest rate contracts
 
5

 
(2
)
 

 
3

 
 
$
262

 
$
(75
)
 
$
(60
)
 
$
127

 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
Currency exchange rate contracts
 
$
(93
)
 
$
73

 
$

 
$
(20
)
Cross currency interest rate contracts
 
(11
)
 
2

 

 
(9
)
 
 
(104
)
 
75

 

 
(29
)
Total
 
$
158

 
$

 
$
(60
)
 
$
98


20

X