Medtronic 2010 Annual Report Download - page 63

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59
Medtronic, Inc.
The following table illustrates the impact of the adoption of new authoritative accounting guidance for convertible debt and the new
share-based payment authoritative guidance on certain financial statement line items in the consolidated statements of earnings for
fiscal years 2010, 2009 and 2008:
Fiscal Year 2010
Previous Impact of New Convertible Impact of New Share-Based
(in millions, except per share data) Method Debt Guidance Payment Guidance As Reported
Interest expense, net $ 79 $ 167 $ — $ 246
Provision for income taxes 933 (63) — 870
Net earnings $3,203 $ (104) $ — $3,099
Earnings per share:
Basic $ 2.90 $(0.09) $(0.01) $ 2.80
Diluted $ 2.89 $(0.09) $ — $ 2.79(a)
(a) The data in this schedule has been intentionally rounded to the nearest $0.01 and therefore may not sum.
Fiscal Year 2009
As Originally Impact of New Convertible Impact of New Share-Based
(in millions, except per share data) Reported Debt Guidance Payment Guidance As Adjusted
Interest expense, net $ 29 $ 154 $ — $ 183
Provision for income taxes 425 (55) — 370
Net earnings $ 2,169 $ (99) $ — $ 2,070
Earnings per share:
Basic $ 1.94 $ (0.09) $ — $ 1.85
Diluted $ 1.93 $ (0.09) $ — $ 1.84
Fiscal Year 2008
As Originally Impact of New Convertible Impact of New Share-Based
(in millions, except per share data) Reported Debt Guidance Payment Guidance As Adjusted
Interest expense/(income), net $ (109) $ 145 $ — $ 36
Provision for income taxes 654 (52) — 602
Net earnings $ 2,231 $ (93) $ — $ 2,138
Earnings per share:
Basic $ 1.97 $ (0.08) $ — $ 1.89
Diluted $ 1.95 $ (0.08) $ — $ 1.87
April 30, 2010
Previous
Effect
of As
(in millions) Method Change Reported
Assets:
Prepaid expenses and other current
assets (debt issuance costs) $ 709 $ (5) $ 704
Long-term deferred tax assets, net 28 (28) —
Total assets $28,123 $ (33) $28,090
Liabilities and
shareholders’ equity:
Long-term debt $ 7,293 $(349) $ 6,944
Long-term deferred tax liabilities, net — 89 89
Total liabilities 13,721 (260) 13,461
Retained earnings 14,599 227 14,826
Total shareholders’ equity 14,402 227 14,629
Total liabilities and
shareholders’ equity $28,123 $ (33) $28,090
April 24, 2009
As
Originally
Effect
of As
(in millions) Reported Change Adjusted
Assets:
Prepaid expenses and other current
assets (debt issuance costs) $ 630 $ (8) $ 622
Long-term deferred tax assets, net 65 (65) —
Total assets $23,661 $ (73) $23,588
Liabilities and
shareholders’ equity:
Long-term debt $ 6,772 $(519) $6,253
Long-term deferred tax liabilities, net — 115 115
Total liabilities 10,810 (404) 10,406
Retained earnings 12,941 331 13,272
Total shareholders’ equity 12,851 331 13,182
Total liabilities and
shareholders’ equity $23,661 $ (73) $23,588
The following tables illustrate the impact of the adoption of the new convertible debt guidance on certain financial statement line
items in the consolidated balance sheet as of April 30, 2010 and April 24, 2009: