Medtronic 2008 Annual Report Download - page 55

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(in millions, except share and per share data)
April 25,
2008
April 27,
2007
Assets
Current assets:
Cash and cash equivalents $ 1,060 $ 1,256
Short-term investments 553 1,822
Accounts receivable, less allowances of $99 and $160, respectively 3,287 2,737
Income tax receivable 73 —
Inventories 1,280 1,215
Deferred tax assets, net 600 405
Prepaid expenses and other current assets 469 483
Total current assets 7,322 7,918
Property, plant and equipment, net 2,221 2,062
Goodwill 7,519 4,327
Other intangible assets, net 2,193 1,433
Long-term investments 2,322 3,203
Long-term deferred tax assets, net 103 204
Other long-term assets 518 365
Total assets
$ 22,198
$ 19,512
Liabilities and Shareholders’ Equity
Current liabilities:
Short-term borrowings $ 1,154 $ 509
Accounts payable 383 282
Accrued compensation 789 767
Accrued income taxes —350
Other accrued expenses 1,209 655
Total current liabilities 3,535 2,563
Long-term debt 5,802 5,578
Long-term accrued compensation and retirement benefits 304 264
Long-term accrued income taxes 519 —
Other long-term liabilities 502 130
Total liabilities 10,662 8,535
Commitments and contingencies (Notes 7, 14 and 15) ——
Shareholders’ equity:
Preferred stock — par value $1.00; 2.5 million shares authorized, none outstanding ——
Common stock — par value $0.10; 1.6 billion shares authorized, 1,124,926,775 and
1,143,407,452 shares issued and outstanding, respectively 112 114
Retained earnings 11,710 10,925
Accumulated other comprehensive loss (286) (62)
Total shareholders’ equity 11,536 10,977
Total liabilities and shareholders’ equity
$ 22,198
$ 19,512
The accompanying notes are an integral part of these consolidated financial statements.
Consolidated Balance Sheets
51Medtronic, Inc.