Medtronic 2015 Annual Report Download - page 7
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MEDTRONIC PLC
RECONCILIATION OF OPERATING PROFIT TO NON-GAAP OPERATING PROFIT, EXCLUDING
FOREIGN CURRENCY
(Unaudited)
(in millions)
Fiscal year ended April 24, 2015 Fiscal year ended April 25, 2014
Net Sales Operating Profit
Operating Profit
Percent Net Sales Operating Profit
Operating Profit
Percent
As reported $ 20,261 $ 3,766 18.6% $ 17,005 $ 3,813 22.4%
Impact of inventory step-up(4) — 623 — —
Impact of product technology
upgrade commitment(5) —74 ——
Special (gains) charges, net(6) — (38) — 40
Restructuring charges, net(7) — 252 — 88
Certain litigation charges, net(8) — 42 — 770
Acquisition-related items(9) — 550 — 117
Amortization of intangible
assets(10) — 733 — 349
Non-GAAP $ 20,261 $ 6,002 29.6% $ 17,005 $ 5,177 30.4%
To combine Medtronic and
Covidien(11) 8,108 2,124 10,376 2,487
Foreign currency impact(12) 918 256 — —
Adjusted Non-GAAP $ 29,287 $ 8,382 28.6% $ 27,381 $ 7,664 28.0%
(4) To exclude amortization of step-up in preliminary fair value of inventory acquired in connection with the Covidien
acquisition.
(5) To exclude the probable and reasonably estimable commitment related to a CRHF global comprehensive program for
home based monitors due to industry conversion from analog to digital technology.
(6) To exclude charitable contributions made to the Medtronic Foundation. The fiscal year 2015 gain includes a gain on
divestiture recognized in connection with the sale of a product line in the Surgical Technologies division and a gain
recognized in connection with the sale of a certain equity method investment.
(7) To exclude restructuring charges related to the restructuring initiatives in each respective fiscal year, net of reversals of
excess restructuring reserves.
(8) To exclude charges classified as certain litigation charges, net on the consolidated statement of income. The fiscal year
2014 charge includes a charge related to the global patent settlement agreement with Edwards Lifesciences Corporation.
(9) To exclude charges classified as acquisition-related items on the consolidated statement of income. The fiscal year 2015
charge primarily includes transaction and integration-related costs incurred in connection with the Covidien acquisition.
(10) To exclude amortization of intangible assets.
(11) To combine Medtronic's results for the twelve months ended April 24, 2015 with Covidien's results for the nine months
ended December 26, 2014 and Medtronic's results for the twelve months ended April 25, 2015 with Covidien's results
for the twelve months ended March 28, 2014.
(12) To exclude the impact of foreign currency.