Medtronic 2010 Annual Report Download - page 52

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48 Medtronic, Inc.
Consolidated Statements of Earnings
Fiscal Year
(in millions, except per share data) 2010 2009 2008
Net sales $ 15,817 $ 14,599 $ 13,515
Costs and expenses:
Cost of products sold 3,812 3,518 3,446
Research and development expense 1,460 1,355 1,275
Selling, general and administrative expense 5,415 5,152 4,707
Special charges —100 78
Restructuring charges 50 120 41
Certain litigation charges, net 374 714 366
Purchased in-process research and development (IPR&D) and certain acquisition-related costs 23 621 390
Other expense, net 468 396 436
Interest expense, net 246 183 36
Total costs and expenses 11,848 12,159 10,775
Earnings before income taxes 3,969 2,440 2,740
Provision for income taxes 870 370 602
Net earnings $ 3,099 $ 2,070 $ 2,138
Earnings per share:
Basic $ 2.80 $ 1.85 $ 1.89
Diluted $ 2.79 $ 1.84 $ 1.87
Weighted average shares outstanding:
Basic 1,106.3 1,121.9 1,133.0
Diluted 1,109.4 1,126.3 1,143.8
Cash dividends declared per common share $ 0.82 $ 0.75 $ 0.50
The accompanying notes are an integral part of these consolidated financial statements.