Medtronic 2015 Annual Report Download - page 48

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Item 6. Selected Financial Data
Fiscal Year
2015(1) 2014 2013 2012 2011
(in millions, except per share data and additional information)
Operating Results for the Fiscal Year:
Net sales $ 20,261 $ 17,005 $ 16,590 $ 16,184 $ 15,508
Cost of products sold 6,309 4,333 4,126 3,889 3,700
Research and development expense 1,640 1,477 1,557 1,490 1,472
Selling, general, and administrative expense 6,904 5,847 5,698 5,623 5,427
Special (gains) charges, net (38) 40———
Restructuring charges, net 237 78 172 87 259
Certain litigation charges, net 42 770 245 90 245
Acquisition-related items 550 117 (49) 12 14
Amortization of intangible assets 733 349 331 335 339
Other expense, net 118 181 108 364 110
Operating profit 3,766 3,813 4,402 4,294 3,942
Operating profit margin percentage 18.6% 22.4% 26.5% 26.5% 25.4%
Interest expense, net 280 108 151 149 278
Income from continuing operations before income
taxes 3,486 3,705 4,251 4,145 3,664
Provision for income taxes 811 640 784 730 609
Income from continuing operations 2,675 3,065 3,467 3,415 3,055
Income from discontinued operations, net of tax — — — 202 41
Net income $ 2,675 $ 3,065 $ 3,467 $ 3,617 $ 3,096
Per Ordinary Share:
Basic - Income from continuing operations $ 2.44 $ 3.06 $ 3.40 $ 3.24 $ 2.84
Basic - Net income 2.44 3.06 3.40 3.43 2.87
Diluted - Income from continuing operations 2.41 3.02 3.37 3.22 2.82
Diluted - Net income 2.41 3.02 3.37 3.41 2.86
Cash dividends declared per ordinary share 1.22 1.12 1.04 0.97 0.90
Financial Position at Fiscal Year-end:
Working capital $ 21,671 $ 15,651 $ 13,902 $ 10,409 $ 9,437
Current ratio 3.4:1.0 3.8:1.0 4.5:1.0 2.8:1.0 3.0:1.0
Total assets $ 106,685 $ 37,943 $ 34,900 $ 32,818 $ 30,662
Long-term debt 33,752 10,315 9,741 7,359 8,112
Shareholders’ equity 53,230 19,443 18,671 17,113 15,968
Additional Information:(2)
Full-time employees at year-end 85,573 43,305 42,466 40,601 40,346
Full-time equivalent employees at year-end 92,500 49,247 46,659 44,944 44,315
(1) Covidien was acquired on January 26, 2015. For further information, see the section entitled “Understanding our Financial
Information” contained in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations.”
(2) Employee counts include continuing operations only.
38