Medtronic 2009 Annual Report Download - page 53

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49
Medtronic, Inc.
Consolidated Statements of Earnings
Fiscal Year
(in millions, except per share data) 2009 2008 2007
Net sales $ 14,599 $ 13,515 $ 12,299
Costs and expenses:
Cost of products sold 3,518 3,446 3,168
Research and development expense 1,355 1,275 1,239
Selling, general and administrative expense 5,152 4,707 4,153
Special charges 100 78 98
Restructuring charges 120 41 28
Certain litigation charges 714 366 40
Purchased in-process research and development (IPR&D) charges 621 390 —
Other expense, net 396 436 212
Interest expense/(income), net 29 (109) (154)
Total costs and expenses 12,005 10,630 8,784
Earnings before income taxes 2,594 2,885 3,515
Provision for income taxes 425 654 713
Net earnings $ 2,169 $ 2,231 $ 2,802
Earnings per share:
Basic $ 1.94 $ 1.97 $ 2.44
Diluted $ 1.93 $ 1.95 $ 2.41
Weighted average shares outstanding:
Basic 1,117.8 1,130.7 1,149.7
Diluted 1,124.0 1,142.1 1,161.8
Cash dividends declared per common share $ 0.75 $ 0.50 $ 0.44
The accompanying notes are an integral part of these consolidated financial statements.