Property, plant, and equipment is stated at cost. Additions and improvements that extend the lives of the assets are capitalized while expenditures for repairs and maintenance are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the various assets.
Source: Medtronic Inc., Annual Report
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Medtronic Inc., Statement of Financial Position, Property, Plant and Equipment
USD $ in millions
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Construction in progress | |
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Property, plant, and equipment, at cost | |
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Source: Based on data from Medtronic Inc. Annual Reports
| Item | Description | The company |
|---|---|---|
| Land and land improvements | Real estate assets held for productive use and depreciable assets that are an addition or improvement to real estate held for productive use. | |
| Buildings and leasehold improvements | Carrying amount as of the balance sheet date of long-lived, depreciable assets that include building structures held for productive use including any addition, improvement, or renovation to the structure, such as interior masonry, interior flooring, electrical, and plumbing. | Medtronic Inc.'s buildings and leasehold improvements increased from 2009 to 2010 and from 2010 to 2011. |
| Equipment | Carrying amount as of the balance sheet date of long-lived, depreciable asset used in production process to produce goods and services. | Medtronic Inc.'s equipment increased from 2009 to 2010 and from 2010 to 2011. |
| Construction in progress | Carrying amount at the balance sheet date of long-lived asset under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service. | Medtronic Inc.'s construction in progress declined from 2009 to 2010 but then increased from 2010 to 2011 not reaching 2009 level. |
| Property, plant, and equipment, at cost | Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation. | Medtronic Inc.'s property, plant, and equipment, at cost increased from 2009 to 2010 and from 2010 to 2011. |
| Property, plant, and equipment, net | Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. | Medtronic Inc.'s property, plant, and equipment, net increased from 2009 to 2010 and from 2010 to 2011. |
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Medtronic Inc., Property, Plant and Equipment Ratios
| Apr 29, 2011 | Apr 30, 2010 | Apr 24, 2009 | Apr 25, 2008 | Apr 27, 2007 | Apr 28, 2006 | ||
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Average age | % |
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Estimated total useful life (years) | |
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Estimated age, time elapsed since purchase (years) | |
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Estimated remaining life (years) | |
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| Ratio | Description | The company |
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| Average age | As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company's fixed asset base is old or new. Newer assets are likely to be more efficient. | Medtronic Inc.'s average age of depreciable property, plant and equipment deteriorated from 2009 to 2010 and from 2010 to 2011. |
| Estimated total useful life | Over longer time periods, this ratio is a useful measure of company's depreciation policy and can be used for comparisons with competitors. | Medtronic Inc.'s estimated total useful life of depreciable property, plant and equipment increased from 2009 to 2010 and from 2010 to 2011. |
| Estimated time elapsed since purchase | The approximate age in years of a company's fixed assets. Useful for comparison purposes. | Medtronic Inc.'s estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2009 to 2010 and from 2010 to 2011. |
| Estimated remaining life | Medtronic Inc.'s estimated remaining life of depreciable property, plant and equipment declined from 2009 to 2010 but then increased from 2010 to 2011 not reaching 2009 level. |
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| Apr 29, 2011 | Apr 30, 2010 | Apr 24, 2009 | Apr 25, 2008 | Apr 27, 2007 | Apr 28, 2006 | ||
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| Selected Financial Data (USD $ in millions) | |||||||
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Accumulated depreciation | |
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Property, plant, and equipment, at cost | |
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Land and land improvements | |
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Average age1 | % |
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2011 Calculations
1 Average age = 100 × Accumulated depreciation ÷ (Property, plant, and equipment, at cost – Land and land improvements)
= 100 × ÷ ( – ) = %
| Ratio | Description | The company |
|---|---|---|
| Average age | As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company's fixed asset base is old or new. Newer assets are likely to be more efficient. | Medtronic Inc.'s average age of depreciable property, plant and equipment deteriorated from 2009 to 2010 and from 2010 to 2011. |
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| Apr 29, 2011 | Apr 30, 2010 | Apr 24, 2009 | Apr 25, 2008 | Apr 27, 2007 | Apr 28, 2006 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (USD $ in millions) | |||||||
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Property, plant, and equipment, at cost | |
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Land and land improvements | |
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Depreciation expense | |
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Estimated total useful life (years)1 | |
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2011 Calculations
1 Estimated total useful life (years) = (Property, plant, and equipment, at cost – Land and land improvements) ÷ Depreciation expense
= ( – ) ÷ =
| Ratio | Description | The company |
|---|---|---|
| Estimated total useful life | Over longer time periods, this ratio is a useful measure of company's depreciation policy and can be used for comparisons with competitors. | Medtronic Inc.'s estimated total useful life of depreciable property, plant and equipment increased from 2009 to 2010 and from 2010 to 2011. |
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| Apr 29, 2011 | Apr 30, 2010 | Apr 24, 2009 | Apr 25, 2008 | Apr 27, 2007 | Apr 28, 2006 | ||
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| Selected Financial Data (USD $ in millions) | |||||||
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Accumulated depreciation | |
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Depreciation expense | |
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Time elapsed since purchase (years)1 | |
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2011 Calculations
1 Time elapsed since purchase (years) = Accumulated depreciation ÷ Depreciation expense
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Estimated time elapsed since purchase | The approximate age in years of a company's fixed assets. Useful for comparison purposes. | Medtronic Inc.'s estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2009 to 2010 and from 2010 to 2011. |
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| Apr 29, 2011 | Apr 30, 2010 | Apr 24, 2009 | Apr 25, 2008 | Apr 27, 2007 | Apr 28, 2006 | ||
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| Selected Financial Data (USD $ in millions) | |||||||
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Property, plant, and equipment, net | |
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Land and land improvements | |
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Depreciation expense | |
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Estimated remaining life (years)1 | |
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2011 Calculations
1 Estimated remaining life (years) = (Property, plant, and equipment, net – Land and land improvements) ÷ Depreciation expense
= ( – ) ÷ =
| Ratio | Description | The company |
|---|---|---|
| Estimated remaining life | Medtronic Inc.'s estimated remaining life of depreciable property, plant and equipment declined from 2009 to 2010 but then increased from 2010 to 2011 not reaching 2009 level. |
May 23, 2012