Medtronic 2012 Annual Report Download - page 136

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Medtronic, Inc.
Notes to Consolidated Financial Statements (Continued)
119
The Company has not recorded an expense related to losses in connection with these matters because
any potential loss is not currently probable or reasonably estimable under U.S. GAAP. Additionally, the
Company cannot reasonably estimate the range of loss, if any, that may result from these matters.
In the normal course of business, the Company periodically enters into agreements that require it to
indemnify customers or suppliers for specific risks, such as claims for injury or property damage arising out
of the Company’s products or the negligence of its personnel or claims alleging that its products infringe
third-party patents or other intellectual property. The Company’s maximum exposure under these
indemnification provisions cannot be estimated, and the Company has not accrued any liabilities within the
consolidated financial statements. Historically, the Company has not experienced significant losses on these
types of indemnifications.
18. Quarterly Financial Data (unaudited)
(in millions,
except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year
_____________________ ____________ _______________ _____________ ______________ __________
Net Sales
2012 $3,946 $4,023 $3,918 $4,297 $16,184
2011 3,690 3,794 3,857 4,167 15,508
Gross Profit
2012 $2,995 $3,063 $2,987 $3,250 $12,295
2011 2,840 2,885 2,923 3,160 11,808
Earnings from
Continuing Operations
2012 $819 $864 $845 $888 $3,415
2011 828 553 913 761 3,055
Net Earnings
2012 $821 $871 $935 $991 $3,617
2011 830 566 924 776 3,096
Basic Earnings per Share:
Earnings from
continuing operations
2012 $0.77 $0.82 $0.80 $0.85 $3.24
2011 0.76 0.51 0.85 0.71 2.84
Net earnings
2012 $0.77 $0.82 $0.89$0.95 $3.43
2011 0.76 0.52 0.86 0.73 2.87
Diluted Earnings per Share:
Earnings from
continuing operations
2012 $0.77 $0.81 $0.80 $0.85 $3.22
2011 0.76 0.51 0.85 0.71 2.82
Net earnings
2012 $0.77 $0.82 $0.88 $0.94 $3.41
2011 0.76 0.52 0.86 0.72 2.86
The data in the schedule above has been intentionally rounded to the nearest million and therefore the
quarterly amounts may not sum to the fiscal year-to-date amounts.