Medtronic 2016 Annual Report Download - page 39

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Table of Contents
36
Item 6. Selected Financial Data
(in millions, except per share data and additional information) Fiscal Year
Operating Results for the Fiscal Year: 2016 2015 (1) 2014 2013 2012
Net sales $ 28,833 $ 20,261 $ 17,005 $ 16,590 $ 16,184
Cost of products sold 9,142 6,309 4,333 4,126 3,889
Research and development expense 2,224 1,640 1,477 1,557 1,490
Selling, general, and administrative expense 9,469 6,904 5,847 5,698 5,623
Special charges (gains), net 70 (38) 40 — —
Restructuring charges, net 290 237 78 172 87
Certain litigation charges, net 26 42 770 245 90
Acquisition-related items 283 550 117 (49) 12
Amortization of intangible assets 1,931 733 349 331 335
Other expense, net 107 118 181 108 364
Operating profit 5,291 3,766 3,813 4,402 4,294
Operating profit margin percentage 18.4% 18.6% 22.4% 26.5% 26.5%
Interest expense, net 955 280 108 151 149
Income from continuing operations before income taxes 4,336 3,486 3,705 4,251 4,145
Provision for income taxes 798 811 640 784 730
Income from continuing operations 3,538 2,675 3,065 3,467 3,415
Income from discontinued operations, net of tax — — — — 202
Net income $ 3,538 $ 2,675 $ 3,065 $ 3,467 $ 3,617
Per Ordinary Share:
Basic - Income from continuing operations $ 2.51 $ 2.44 $ 3.06 $ 3.40 $ 3.24
Basic - Net income 2.51 2.44 3.06 3.40 3.43
Diluted - Income from continuing operations 2.48 2.41 3.02 3.37 3.22
Diluted - Net income 2.48 2.41 3.02 3.37 3.41
Cash dividends declared per ordinary share 1.52 1.22 1.12 1.04 0.97
Financial Position at Fiscal Year-end:
Working capital $ 16,435 $ 21,671 $ 15,651 $ 13,902 $ 10,409
Current ratio 3.3:1.0 3.4:1.0 3.8:1.0 4.5:1.0 2.8:1.0
Total assets $ 99,782 $ 106,685 $ 37,943 $ 34,900 $ 32,818
Long-term debt 30,247 33,752 10,315 9,741 7,359
Shareholders’ equity 52,063 53,230 19,443 18,671 17,113
Additional Information:(2)
Full-time employees at year-end 88,063 85,573 43,305 42,466 40,601
Full-time equivalent employees at year-end 98,017 92,500 49,247 46,659 44,944
(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.