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75732me_10K.indd 58 6/25/13 6:39 PM
Table of Contents
Medtronic, Inc.
Consolidated Statements of Earnings
Fiscal Year
2013 2012 2011
(in millions, except per share data)
Net sales $ 16,590 $ 16,184 $ 15,508
Costs and expenses:
Cost of products sold
Research and development expense
Selling, general, and administrative expense
Restructuring charges, net
Certain litigation charges, net
Acquisition-related items
Amortization of intangible assets
Other expense, net
Interest expense, net
Total costs and expenses
4,126
1,557
5,698
172
245
(49)
331
108
151
12,339
3,889
1,490
5,623
87
90
12
335
364
149
12,039
3,700
1,472
5,427
259
245
14
339
110
278
11,844
Earnings from continuing operations before income taxes 4,251 4,145 3,664
Provision for income taxes 784 730 609
Earnings from continuing operations 3,467 3,415 3,055
Discontinued operations, net of tax:
Earnings from operations of Physio-Control
Physio-Control divestiture-related costs
Gain on sale of Physio-Control
Earnings from discontinued operations
—
—
—
—
32
(34)
204
202
43
(2)
—
41
Net earnings $ 3,467 $ 3,617 $ 3,096
Basic earnings per share:
Earnings from continuing operations
Net earnings
Diluted earnings per share:
Earnings from continuing operations
Net earnings
$ 3.40
$ 3.40
$ 3.37
$ 3.37
$ 3.24
$ 3.43
$ 3.22
$ 3.41
$
$
$
$
2.84
2.87
2.82
2.86
Basic weighted average shares outstanding
Diluted weighted average shares outstanding
1,019.3
1,027.5
1,053.9
1,059.9
1,077.4
1,081.7
Cash dividends declared per common share $ 1.04 $ 0.97 $ 0.90
The accompanying notes are an integral part of these consolidated financial statements.
55