Medtronic 2007 Annual Report Download

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Table of contents

  • Page 1
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  • Page 2
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  • Page 9
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  • Page 10
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  • Page 11
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  • Page 12
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  • Page 15
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  • Page 17
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  • Page 18
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  • Page 19
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  • Page 20
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  • Page 21
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  • Page 22
    ...deZgVi^c\hZ\bZcih! lZYZkZade!bVcj[VXijgZ!VcYbVg`ZidjgbZY^XVaYZk^XZh^cbdgZ i]Vc&'%Xdjcig^ZhldgaYl^YZl]^aZZmeVcY^c\eVi^ZciVXXZhhiddjg egdYjXih# Djg eg^bVgn egdYjXih ^cXajYZ i]dhZ [dg XVgY^VX g]ni]b Y^hdgYZgh! XVgY^dkVhXjaVg Y^hZVhZ! cZjgdad\^XVa Y^hdgYZgh! he^cVa...

  • Page 23
    ... L]^aZ lZ Xdci^cjZ id ...id VaaZk^ViZ eV^c! gZhidgZ ]ZVai]! VcY ZmiZcYa^[Z#I]ZY^kZgh^inVcYYZei]d[djgXjggZciegdYjXid[[Zg^c\h 2007 $ 4,876 2,544 1,205 1,183 863 704 539 385 $12,299 2006 $ 4,794 2,244 940 1,016 722 663 501 412 $11,292 % Change 2% 13 28 16 20 6 8 (7) 9% CRDM Spinal...

  • Page 24
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  • Page 25
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  • Page 26
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  • Page 27
    ...Ã' (2) 1 (1) 10 8 9 Ã' 12% 2007 $ 1,895 2,917 64 4,876 1,721 696 ...Spinal Instrumentation Spinal Biologics Navigation SPINAL AND NAVIGATION Coronary Stents Other Coronary Endovascular/Peripheral VASCULAR Neurological Implantables Gastroenterology and Urology NEUROLOGICAL DIABETES Valves Perfusion...id...

  • Page 28
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  • Page 29
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  • Page 30
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  • Page 31
    ... CZjgdhi^bjaVi^dc HnhiZb [dg eV^c bVcV\ZbZci! l]^X] WZcZ[^iZY [gdb i]Z ^cigdYjXi^dc d[ djg H^c\aZ HigZiX]"8d^a :miZch^dc i]Vi ZcVWaZYe]nh^X^VchidXdckZgieVi^Zcihl^i]Zm^hi^c\cZjgdhi^bjaVidgh idi]ZcZlgZX]Vg\ZVWaZiZX]cdad\n#I]ZGZhidgZHnhiZb!djg[^ghi [jaan gZX]Vg\ZVWaZ...

  • Page 32
    ...! V cZl ^begdkZYeVi^Zciegd\gVbbZg!VcYje\gVYZYhd[ilVgZ# I]Z CZjgdad\^XVa Wjh^cZhh bVn ZmeZg^ZcXZ hadlZg \gdli] ^c XdbeVg^hdc id eg^dg nZVgh Vh i]Z Y^V\cdhi^Xh egdYjXi a^cZ ^h WZ^c\ Y^kZhiZY#I]^hY^kZhi^ijgZh]djaYWZXdbeaZiZWni]ZZcYd[i]Z[^ghi fjVgiZgd[[^hXVanZVg...

  • Page 33
    ... Zc_dnZY bdYZhi \gdli] Yjg^c\[^hXVanZVg'%%+!aZYWndjg8VgY^dWaViZ7E'7^edaVgHjg\^XVa 6WaVi^dcHnhiZb!l]^X]d[[Zghhjg\Zdchi]Zjc^fjZVW^a^inideZg[dgb Vc^gg^\ViZYhjg\^XVaVWaVi^dcegdXZYjgZ# Add`^c\ V]ZVY! lZ ZmeZXi djg 8VgY^VX Hjg\Zgn deZgVi^c\ hZ\bZcih]djaYWZcZ[^i[gdb...

  • Page 34
    ...HigViVkVakZ#  ™  8dci^cjZYVXXZeiVcXZd[djgAZ\ZcY]^\]"heZZYYg^aahnhiZbh! ZaZXig^XWdcZb^aa!VcY...dcd[*b^aa^dc]VYVcjc[VkdgVWaZ^beVXidccZihVaZhl]Zc XdbeVgZYidi]Zeg^dg[^hXVanZVg#DjggZhjaihlZgZ[aViVhVgZhjaid[ hjeea^Zg ...hVaZh/ Fiscal Year 2007 Cost of products ...

  • Page 35
    ...VXgdhhVaad[djgWjh^cZhhZh VcY ViiZbeih id aZkZgV\Z i]Z \ZcZgVa VcY VYb^c^higVi^...2007 $ 59 Ã' 59 25 40 Ã' (129) Ã' 2006 $ Ã' 66 66 Ã' Ã' 295 (225) Ã' 2005 $ Ã' Ã' Ã' Ã' 418 Ã' Ã' 49 Special charges: Asset impairment charges (net of $39 tax) Medtronic Foundation donation (net of $34 tax...

  • Page 36
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  • Page 37
    ...VXfj^h^i^dc!&,*b^aa^dcd[i]ZejgX]VhZeg^XZlVhZmeZchZY Vh>EG9gZaViZYidhe^cVaiZX]cdad\nWVhZYYZk^XZhi]Vi]VYcdinZi gZVX]ZY...iZX]cdad\^XVa[ZVh^W^a^inVcYl]^X]]VYcd[jijgZVaiZgcVi^kZ jhZ#I]ZeViZciheZgiV^cidcdkZahe^cVaiZX]cdad\nVcYiZX]c^fjZh i]Vi]VkZi]ZediZci^Va[dg[...

  • Page 38
    ... 0.9 FY06/05 N/A (9.7) 2007 $713 20.3 2006 $614 19.4% Provision for income tax Effective tax rate Impact of repatriation, special...gViZd[&.#)eZgXZciYZXgZVhZYWn.#,eZgXZciV\Z ed^cih [gdb [^hXVa nZVg '%%* id [^hXVa nZVg '%%+# I]^h YZXgZVhZ gZ[aZXiZY i]Z (#% eZgXZciV\Z ed^cih...

  • Page 39
    ...^ihVcYiVmedh^i^dch iV`ZcWni]Z>GHdg[dgZ^\ciVmVji]dg^i^Zh!l^i]gZheZXiidediZci^Va ^hhjZh dc [jijgZ iVm VjY^ih XdjaY ]VkZ V ...^i^Zh# A^fj^Y^in VcY 8Ve^iVa GZhdjgXZh Fiscal Year ZebbWhi_dc_bb_edi 2007 $5,355 3.1:1.0 $3,078 3,004 6,082 6,087 $ (5) 2006 $ 5,971 2.4:1.0 $...

  • Page 40
    ...Zh DjgcZiXVh]jhZY^c^ckZhi^c\VXi^k^i^ZhlVh &#,%& W^aa^dc [dg i]Z [^hXVa nZVg ZcYZY 6eg^a ',! '%%, XdbeVgZY id 2005 $ 2,824 (1,603) (494) (89) $ 638 2007 $ 2,979 (1,701) (3,011) (5) $(1,738) $ 2006 $ 2,220 (2,867) 1,304 105 762 '#-+, W^aa^dc jhZY ^c ^ckZhi^c\ VXi^k^i^Zh...

  • Page 41
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  • Page 42
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  • Page 48
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  • Page 51
    ...^c\!Vbdc\di]Zgh!i]dhZ Y^hXjhhZY^ci]ZegZk^djhhZXi^dc!^ci]ZhZXi^dcZci^iaZYÆG^h`;VXidghÇ ^c djg ;dgb &%"@! Vh lZaa Vh i]dhZ gZaViZY id XdbeZi^i^dc ^c i]Z bZY^XVa YZk^XZ ^cYjhign! gZYjXi^dc dg ^ciZggjei^dc ^c djg hjeean! fjVa^in egdWaZbh! YZXgZVh^c\ eg^XZh! VcY...

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    ...VjY^i^cVXXdgYVcXZl^i]i]Z hiVcYVgYh d[ i]Z EjWa^X 8dbeVcn 6XXdjci^c\ DkZgh^\]i 7dVgY Jc^iZYHiViZh#I]Z^cYZeZcYZcigZ\^hiZgZYejWa^XVXXdjci^c\[^gbÉh gZhedch^W^a^in^hidZmegZhhVcde^c^dci]VihjX][^cVcX^VahiViZbZcih egZhZci[V^gan!^cVaabViZg^VagZheZXih!djg[^cVcX^Vaedh...

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  • Page 54
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  • Page 55
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  • Page 56
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  • Page 57
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  • Page 58
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  • Page 59
    ...djiWVh^h#>ckZcidgnWVaVcXZh VgZVh[daadlh/ April 27, 2007 Finished goods Work in process Raw materials Total $ 753 209...kZhd[ i]Z VhhZih VgZ XVe^iVa^oZY l]^aZ ZmeZcY^ijgZh [dg gZeV^gh VcY ...XdkZgV\Z^hdWiV^cZY[dgi]dhZg^h`h gZfj^gZYidWZ^chjgZYWnaVldgXdcigVXi#6egdk^h^dc...

  • Page 60
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  • Page 61
    ...2006 Other comprehensive (loss)/income Adoption of SFAS No. 158 Balance April 27, 2007 $127 63 190 (13) 177 18 Ã' $195 Unrealized (Loss)/Gain on ...YZg^kVi^kZh#>i^hi]Z 8dbeVcnÉheda^XnidZciZg^cid[dglVgYZmX]Vc\ZYZg^kVi^kZXdcigVXih dcanidi]ZZmiZciigjZZmedhjgZhZm^hi0i]Z8dbeVcnYdZh...

  • Page 62
    ...WVhZYVlVgYh \gVciZYjcYZghidX`"WVhZYXdbeZchVi^dceaVchVcYh]VgZhXdbb^iiZY idWZejgX]VhZYjcYZgi]ZZbeadnZZhidX`ejgX]VhZeaVc# I]ZiVWaZWZadlhZih[dgi]i]Z...^XVcYY^ajiZY ZVgc^c\heZgh]VgZ/ Fiscal Year i^Wh[i_dc_bb_edi 2007 $ 2,802 2006 $ 2,547 2005 $ 1,804 Numerator: Net...

  • Page 63
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  • Page 65
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  • Page 67
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  • Page 68
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  • Page 69
    ...gZ[aZXiZY^cej^[h[nf[di["d[j^ci]Z Xdchda^YViZYhiViZbZcihd[ZVgc^c\h# ;dglVgYXdcigVXihYZh^\cViZYVhXVh][adl]ZY\ZhVgZYZh^\cZY id ]ZY\Z i]Z kVg^VW^a^in d[ XVh] [adlh VhhdX^ViZY l^i] [dgZXVhiZY igVchVXi^dch!YZcdb^cViZY^cV[dgZ^\cXjggZcXn!i]Vil^aaiV`ZeaVXZ ^ci]Z[jijgZ...

  • Page 70
    ...oZh VXi^k^in ^c WYYkckbWj[Z ej^[h Yecfh[^[di_l[ beii%_dYec[ gZaViZY id Vaa YZg^kVi^kZh XaVhh^[^ZY Vh XVh][adl]ZY\Zh^c[^hXVa...Net gains reclassified to earnings Change in fair value of hedges Accumulated derivative losses, April 27, 2007 $(47) 66 (30) (11) (14) 40 15 (11) (59) $ (...

  • Page 71
    ...Z b Z c i h 9ZWiXdch^hiZYd[i]Z[daadl^c\/ April 27, 2007 Maturity by Fiscal Year Short-Term Borrowings: Contingent convertible debentures Bank borrowings ...!jedcVX]Vc\Z^cXdcigda!VhYZ[^cZY!i]Z]daYZgh bVngZfj^gZi]Z8dbeVcnidejgX]VhZ[dgXVh]VaadgVedgi^dcd[i]Z^g cdiZh [dg...

  • Page 72
    ... YViZh d[ i]Z gZaViZY HZc^dg 8dckZgi^WaZCdiZhdgi]Z[^ghiYVnVaad[i]ZgZaViZYHZc^dg8dckZgi^WaZ CdiZhVgZcdadc\ZgdjihiVcY^c\YjZidXdckZgh^dcdgdi]Zgl^hZ#I]Z XVaadei^dch!l]^X]XdhiVcV\\gZ\ViZ&!%,*+..cZid[iVmWZcZ[^i! lZgZgZXdgYZYVhVgZYjXi^dcd[h]VgZ]daYZghÉZfj...

  • Page 73
    ...iZgbhd[i]ZCZl9ZWZcijgZhVgZXdch^hiZcil^i]i]ZiZgbh d[ i]Z DaY 9ZWZcijgZh cdiZY VWdkZ! ZmXZei i]Vi/ ^ i]Z CZl 9ZWZcijgZh gZfj^gZ i]Z 8dbeVcn id hZiiaZ Vaa XdckZgh^dch [dg V XdbW^cVi^dcd[XVh]VcYh]VgZhd[djgXdbbdchidX`!^[Vcn!^ca^Zjd[ dcanh]VgZh#JedcXdckZgh...

  • Page 74
    ...ZmeZchZ[dg[^hXVanZVgh'%%,!'%%+!VcY '%%*VgZVh[daadlh/ Fiscal Year 2007 Interest income Interest expense Interest income, net $ (382) 228...cZhh XdbW^cVi^dc igVchVXi^dc! ZVX]ZmZgX^hVWaZg^\]iZci^iaZhi]Z]daYZgidejgX]VhZ!Vii]ZZmZgX^hZ eg^XZ!XdbbdchidX`d[i]ZVXfj^g^c\XdbeVcndg...

  • Page 75
    ...dg i]Z [^hXVa nZVg ZcYZY 6eg^a',!'%%,lVh&',&-*egZ"iVm# HidX` Dei^dchHidX`dei^dcVlVgYhVgZ\gVciZYViZmZgX^hZeg^XZh ZfjVaidi]ZXadh^c\eg^XZd[i]Z8dbeVcnÉhXdbbdchidX`dci]Z \gVciYViZ#I]ZbV_dg^ind[i]Z8dbeVcnÉhhidX`dei^dcVlVgYhVgZ cdc"fjVa^[^ZY hidX` dei^dch...

  • Page 76
    ...^XZdci]ZYViZ d[\gVci# I]Z[daadl^c\iVWaZegdk^YZhi]ZlZ^\]iZYVkZgV\Z[V^gkVajZd[ dei^dch\gVciZYidZbeadnZZhVcYi]ZgZaViZYVhhjbei^dchjhZY^c i]Z7aVX`"HX]daZhbdYZa/ Fiscal Year 2007 Weighted Average Fair Value of options granted Assumptions used: Expected life (years) V Risk-free...

  • Page 77
    ... H;6H Cd# &'( id ^ih hidX`"WVhZYZbeadnZZXdbeZchVi^dc/ Fiscal Year 2006 Net earnings, as reported Add: Stock-based compensation expense...[^hXVanZVg'%%'VcYeg^dg!Yjg^c\[^hXVanZVgh'%%,!'%%+!VcY'%%*/ Fiscal Year 2007 Options ^ci]djhVcYh 2006 Options _dj^ekiWdZi 2005 Options _dj^...

  • Page 78
    ... ^h ZmeZXiZY id WZ gZXd\c^oZYdkZgVlZ^\]iZYVkZgV\ZeZg^dYd['#,nZVghVcYl^aaWZVY_jhiZY[dgVcn[jijgZX]Vc\Zh^cZhi^bViZY[dg[Z^ijgZh# GZhig^ XiZY Hid X` 6lVgY h I]Z[daadl^c\iVWaZhjbbVg^oZhgZhig^XiZYhidX`VlVgYVXi^k^inYjg^c\[^hXVanZVgh VcY'%%*/ Fiscal Year 2007 Awards (in...

  • Page 79
    ...Fiscal Year 2007 Deferred tax assets: Inventory (intercompany profit in inventory and excess of tax over book valuation) Convertible...cdi Zme^gZ# I]Z XVe^iVa adhh XVggn[dglVgYh Zme^gZ l^i]^cdcZid[^kZnZVgh#9Z[ZggZYiVma^VW^a^i^Zh\ZcZgVaangZegZhZci iVmZmeZchZgZXd\c^oZY^ci]ZXdchda^...

  • Page 80
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  • Page 81
    ...$ 50 $ 49 I]Z[daadl^c\^aajhigViZhi]ZVY_jhibZcihbVYZidi]ZXdchda^YViZYWVaVcXZh]ZZihidgZXdgYi]Z[jcYZYhiVijhVhd[6eg^a',!'%%,# Additional Minimum Liability ...tax asset AOCI, net AOCI, gross $274 3 17 24 41 SFAS No. 158 Adjustments $(276) (3) 129 209 338 Balance as of April 27, 2007...

  • Page 82
    CdiZhid8dchda^YViZY;^cVcX^VaHiViZbZcih  Yedj_dk[Z ZebbWhi_dc_bb_edi"[nY[fjf[hi^Wh[ZWjW... 95 2006 $ 165 204 79 EaVchl^i]egd_ZXiZYWZcZ[^idWa^\Vi^dch^cZmXZhhd[eaVcVhhZih/ Fiscal Year 2007 Projected benefit obligation Plan assets at fair value $ 355 191 2006 $ 319 169 I]ZcZieZg^...

  • Page 83
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