Medtronic 2014 Annual Report Download - page 72

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Medtronic, Inc.
Consolidated Statements of Earnings
Fiscal Year
2014 2013 2012
(in millions, except per share data)
Net sales $ 17,005 $ 16,590 $ 16,184
Costs and expenses:
Cost of products sold 4,333 4,126 3,889
Research and development expense 1,477 1,557 1,490
Selling, general, and administrative expense 5,847 5,698 5,623
Special charges 40 — —
Restructuring charges, net 78 172 87
Certain litigation charges, net 770 245 90
Acquisition-related items 117 (49) 12
Amortization of intangible assets 349 331 335
Other expense, net 181 108 364
Interest expense, net 108 151 149
Total costs and expenses 13,300 12,339 12,039
Earnings from continuing operations before income taxes 3,705 4,251 4,145
Provision for income taxes 640 784 730
Earnings from continuing operations 3,065 3,467 3,415
Discontinued operations, net of tax:
Earnings from operations of Physio-Control — — 32
Physio-Control divestiture-related costs — — (34)
Gain on sale of Physio-Control — — 204
Earnings from discontinued operations — — 202
Net earnings $ 3,065 $ 3,467 $ 3,617
Basic earnings per share:
Earnings from continuing operations $ 3.06 $ 3.40 $ 3.24
Net earnings $ 3.06 $ 3.40 $ 3.43
Diluted earnings per share:
Earnings from continuing operations $ 3.02 $ 3.37 $ 3.22
Net earnings $ 3.02 $ 3.37 $ 3.41
Basic weighted average shares outstanding 1,002.1 1,019.3 1,053.9
Diluted weighted average shares outstanding 1,013.6 1,027.5 1,059.9
Cash dividends declared per common share $ 1.12 $ 1.04 $ 0.97
The accompanying notes are an integral part of these consolidated financial statements.
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