Medtronic 2015 Annual Report Download - page 77

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Medtronic plc
Consolidated Statements of Income
Fiscal Year
2015 2014 2013
(in millions, except per share data)
Net sales $ 20,261 $ 17,005 $ 16,590
Costs and expenses:
Cost of products sold 6,309 4,333 4,126
Research and development expense 1,640 1,477 1,557
Selling, general, and administrative expense 6,904 5,847 5,698
Special (gains) charges, net (38) 40 —
Restructuring charges, net 237 78 172
Certain litigation charges, net 42 770 245
Acquisition-related items 550 117 (49)
Amortization of intangible assets 733 349 331
Other expense, net 118 181 108
Operating profit 3,766 3,813 4,402
Interest income (386) (271) (237)
Interest expense 666 379 388
Interest expense, net 280 108 151
Income from operations before income taxes 3,486 3,705 4,251
Provision for income taxes 811 640 784
Net income $ 2,675 $ 3,065 $ 3,467
Basic earnings per share $ 2.44 $ 3.06 $ 3.40
Diluted earnings per share $ 2.41 $ 3.02 $ 3.37
Basic weighted average shares outstanding 1,095.5 1,002.1 1,019.3
Diluted weighted average shares outstanding 1,109.0 1,013.6 1,027.5
Cash dividends declared per ordinary share $ 1.22 $ 1.12 $ 1.04
The accompanying notes are an integral part of these consolidated financial statements.
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