XML 45 R32.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Derivatives and Currency Exchange Risk Management (Tables) | 3 Months Ended
--- | ---
Jul. 28, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Amount and Location of Gains (Losses) in Statements of Income, Derivative Instruments Not Designated as Hedging Instruments | The amounts and classification of the losses in the consolidated statements of income related to derivative instruments, not designated as hedging instruments, for the three months ended July 28, 2017 and July 29, 2016 were as follows:
|  |  |  | Three months ended
(in millions) |  | Classification |  | July 28, 2017 |  | July 29, 2016
Currency exchange rate contracts losses |  | Other expense, net |  | $ | 31 |  |  | $ | 3 |
Amount and Location of Gains (Losses) in Statements of Income and OCI, Derivative Instruments Designated as Cash Flow Hedges | The amount of gross gains, classification of the gains in the consolidated statements of income, and the accumulated other comprehensive (loss) income (AOCI) related to the effective portion of currency exchange rate contract derivative instruments designated as cash flow hedges for the three months ended July 28, 2017 and July 29, 2016 were as follows:
|  | Three months ended July 28, 2017
|  | Recognized in AOCI |  | Recognized in Income
(in millions) |  | Amount |  | Classification |  | Amount
Currency exchange rate contracts |  | $ | (250 | ) |  | Other expense, net |  | $ | 22 |
Total |  | $ | (250 | ) |  |  |  | $ | 22 |
|  | Three months ended July 29, 2016
|  | Recognized in AOCI |  | Recognized in Income
(in millions) |  | Amount |  | Classification |  | Amount
Currency exchange rate contracts |  | $ | 121 |  |  | Other expense, net |  | $ | 15 |
Total |  | $ | 121 |  |  |  |  | $ | 15 |
Classification and Fair Value Amounts of Derivative Instruments in Balance Sheets | The following tables summarize the balance sheet classification and fair value of derivative instruments included in the consolidated balance sheets at July 28, 2017 and April 28, 2017. The fair value amounts are presented on a gross basis and are segregated between derivatives that are designated and qualify as hedging instruments and those that are not designated and do not qualify as hedging instruments, and are further segregated by type of contract within those two categories.
| July 28, 2017
| Derivative Assets |  | Derivative Liabilities
(in millions) | Balance Sheet Classification |  | Fair Value |  | Balance Sheet Classification |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Currency exchange rate contracts | Prepaid expenses and other current assets |  | $ | 60 |  |  | Other accrued expenses |  | $ | 124 |
Interest rate contracts | Other assets |  | 41 |  |  | Other liabilities |  | — |
Currency exchange rate contracts | Other assets |  | 25 |  |  | Other liabilities |  | 76 |
Total derivatives designated as hedging instruments |  |  | $ | 126 |  |  |  |  | $ | 200 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |
Currency exchange rate contracts | Prepaid expenses and other current assets |  | $ | 22 |  |  | Other accrued expenses |  | $ | 68 |
Total return swap | Prepaid expenses and other current assets |  | 6 |  |  | Other accrued expenses |  | — |
Cross currency interest rate contracts | Other assets |  | 5 |  |  | Other liabilities |  | 10 |
Total derivatives not designated as hedging instruments |  |  | 33 |  |  |  |  | 78 |
Total derivatives |  |  | $ | 159 |  |  |  |  | $ | 278 |
| April 28, 2017
| Asset Derivatives |  | Liability Derivatives
(in millions) | Balance Sheet Classification |  | Fair Value |  | Balance Sheet Classification |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |
Currency exchange rate contracts | Prepaid expenses and other current assets |  | $ | 152 |  |  | Other accrued expenses |  | $ | 43 |
Interest rate contracts | Other assets |  | 41 |  |  | Other liabilities |  | — |
Currency exchange rate contracts | Other assets |  | 48 |  |  | Other liabilities |  | 14 |
Total derivatives designated as hedging instruments |  |  | $ | 241 |  |  |  |  | $ | 57 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |
Currency exchange rate contracts | Prepaid expenses and other current assets |  | 16 |  |  | Other accrued expenses |  | 36 |
Cross currency interest rate contracts | Other assets |  | 5 |  |  | Other liabilities |  | 11 |
Total derivatives not designated as hedging instruments |  |  | 21 |  |  |  |  | 47 |
Total derivatives |  |  | $ | 262 |  |  |  |  | $ | 104 |
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis | 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 |
Offsetting Assets | 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 |
Offsetting Liabilities | 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 |

X
- Definition Tabular disclosure of the location and amount of gains and losses recognized in the statement of financial performance on foreign currency derivative instruments not designated as hedging instruments. + References No definition available. + Details
Name: | mdt_ScheduleOfForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossInStatementOfFinancialPerformanceTableTextBlock
Namespace Prefix: | mdt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration