Medtronic 2016 Annual Report Download - page 68

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Table of Contents
65
Medtronic plc
Consolidated Statements of Income
Fiscal Year
(in millions, except per share data) 2016 2015 2014
Net sales $ 28,833 $ 20,261 $ 17,005
Costs and expenses:
Cost of products sold 9,142 6,309 4,333
Research and development expense 2,224 1,640 1,477
Selling, general, and administrative expense 9,469 6,904 5,847
Special charges (gains), net 70 (38) 40
Restructuring charges, net 290 237 78
Certain litigation charges, net 26 42 770
Acquisition-related items 283 550 117
Amortization of intangible assets 1,931 733 349
Other expense, net 107 118 181
Operating profit 5,291 3,766 3,813
Interest income (431)(386)(271)
Interest expense 1,386 666 379
Interest expense, net 955 280 108
Income from operations before income taxes 4,336 3,486 3,705
Provision for income taxes 798 811 640
Net income $ 3,538 $ 2,675 $ 3,065
Basic earnings per share $ 2.51 $ 2.44 $ 3.06
Diluted earnings per share $ 2.48 $ 2.41 $ 3.02
Basic weighted average shares outstanding 1,409.6 1,095.5 1,002.1
Diluted weighted average shares outstanding 1,425.9 1,109.0 1,013.6
Cash dividends declared per ordinary share $ 1.52 $ 1.22 $ 1.12
The accompanying notes are an integral part of these consolidated financial statements.