Medtronic 2011 Annual Report Download - page 51

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47
Medtronic, Inc.
Consolidated Statements of Earnings
Fiscal Year
(in millions, except per share data) 2011 2010 2009
Net sales $ 15,933 $ 15,817 $ 14,599
Costs and expenses:
Cost of products sold3,912 3,812 3,518
Research and development expense 1,508 1,460 1,355
Selling, general, and administrative expense 5,533 5,415 5,152
Special charges — — 100
Restructuring charges 261 50 120
Certain litigation charges, net 245 374 714
Acquisition-related items 14 23 621
Other expense, net 459 468 396
Interest expense, net 278 246 183
Total costs and expenses 12,210 11,848 12,159
Earnings before income taxes 3,723 3,969 2,440
Provision for income taxes 627 870 370
Net earnings$ 3,096 $ 3,099 $ 2,070
Earnings per share:
B asic$ 2.87 $ 2.80 $ 1.85
Diluted $ 2.86 $ 2.79 $ 1.84
Weighted average shares outstanding:
B asic1,077.4 1,106.3 1,121.9
Diluted 1,081.7 1,109.4 1,126.3
Cash dividends declared per common share $ 0.90 $ 0.82 $ 0.75
The accompanying notes are an integral part of these consolidated financial statements.