Medtronic 2011 Annual Report Download - page 94

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90 Medtronic, Inc.
Notes to Consolidated Financial Statements
(continued)
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 6 for discussion of the fair value
measurement terms of Levels 1, 2, and 3.
U.S. Pension Benefits
Fair Value at
Fair Value Measurements
Using Inputs Considered as
(in millions) April 2 9, 2011 Level 1 Level 2 Level 3
Short-term investments $ 186 $186 $ — $ —
U.S. government securities 118 74 44 —
Corporate debt securities 82 — 82 —
Other common stock 201 201 — —
Equity mutual funds/
commingled trusts 309 — 67 242
Fixed income mutual funds 53 — 53 —
Partnership units 443 — — 443
$1,392 $461 $246 $685
Fair Value at
Fair Value Measurements
Using Inputs Considered as
(in millions) April 30, 2010 Level 1 Level 2 Level 3
Short-term investments $ 39 $ 39 $ — $ —
U.S. government and
agency securities 29 15 14 —
Corporate debt securities 24 — 24 —
Medtronic, Inc.
common stock 49 49 — —
Other common stock 195 195 — —
Fixed income mutual funds 167 167 — —
Partnership units 601 — — 601
$ 1,104 $465 $ 38 $601
T
and ending balances of U.S. pension benefits assets measured at
fair value that used significant unobservable inputs (Level 3):
(in millions)
April 2 9,
2011
April 30,
2010
Beginning Balance $601 $528
Total realized gains/(losses) and other-than-
temporary impairment losses included
in earnings 5 (14)
Total unrealized gains included in accumulated
other comprehensive loss 78 126
Purchases, issuances, and settlements 1 (39)
Ending Balance $685 $601
Non-U.S. Benefits
Fair Value at
Fair Value Measurements
Using Inputs Considered as
(in millions) April 2 9, 2011 Level 1 Level 2 Level 3
Registered investment
companies $590 $— $590 $—
Insurance contracts 9 — — 9
Partnership units 7 — — 7
$606 $— $590 $16
Fair Value at
Fair Value Measurements
Using Inputs Considered as
(in millions) April 30, 2010 Level 1 Level 2 Level 3
Registered investment
companies $ 413 $413 $— $—
Insurance contracts 7 — — 7
$ 420 $413 $— $ 7
T
and ending balances of non-U.S. pension benefits assets measured
at fair value that used significant unobservable inputs (Level 3):
(in millions)
April 2 9,
2011
April 30,
2010
Beginning Balance $ 7 $ 5
Foreign currency exchange 1 —
Purchases, issuances, and settlements 8 2
Ending Balance $16 $ 7
Post-Retirement Benefits
Fair Value at
Fair Value Measurements
Using Inputs Considered as
(in millions) April 2 9, 2011 Level 1 Level 2 Level 3
Short-term investments $ 28 $28 $— $ —
U.S. government securities 17 11 6 —
Corporate debt securities 12 — 12 —
Other common stock 30 30 — —
Equity mutual funds/
commingled trusts 46 — 10 36
Fixed income mutual funds 8 — 8 —
Partnership units 66 — — 66
Total $207 $69 $36 $102
Other items to reconcile
to fair value of plan
assets (9)
$198
Fair Value at
Fair Value Measurements
Using Inputs Considered as
(in millions) April 30, 2010 Level 1 Level 2 Level 3
Short-term investments $ 6 $ 6 $— $ —
U.S. government securities 42 2 —
Corporate debt securities 4 — 4 —
Medtronic, Inc.
common stock 7 7 — —
Other common stock 29 29 — —
Fixed income mutual funds 25 25 — —
Partnership units 89 — — 89
Total $164 $69 $ 6 $ 89
Other items to reconcile
to fair value of plan
assets (6)
$158