Item 6. Selected Financial Data

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Item 6. Selected Financial Data



	Fiscal Year
(in millions, except per share data and additional information)	2017			2016			2015 (1)			2014			2013
Operating Results:
Net sales	$	29,710		$	28,833		$	20,261		$	17,005		$	16,590
Cost of products sold	9,291			9,142			6,309			4,333			4,126
Research and development expense	2,193			2,224			1,640			1,477			1,557
Selling, general, and administrative expense	9,711			9,469			6,904			5,847			5,698
Special charge (gain), net	100			70			(38		)	40			—
Restructuring charges, net	363			290			237			78			172
Certain litigation charges	300			26			42			770			245
Acquisition-related items	220			283			550			117			(49		)
Amortization of intangible assets	1,980			1,931			733			349			331
Other expense, net	222			107			118			181			108
Operating profit	5,330			5,291			3,766			3,813			4,402
Operating profit margin percent	17.9		%	18.4		%	18.6		%	22.4		%	26.5		%
Interest expense, net	728			955			280			108			151
Income before provision for income taxes	4,602			4,336			3,486			3,705			4,251
Provision for income taxes	578			798			811			640			784
Net income	4,024			3,538			2,675			3,065			3,467
Net loss attributable to noncontrolling interests	4			—			—			—			—
Net income attributable to Medtronic	$	4,028		$	3,538		$	2,675		$	3,065		$	3,467
Per Ordinary Share:
Basic - Net income attributable to Medtronic	$	2.92		$	2.51		$	2.44		$	3.06		$	3.40
Diluted - Net income attributable to Medtronic	2.89			2.48			2.41			3.02			3.37
Cash dividends declared per ordinary share	1.72			1.52			1.22			1.12			1.04
Financial Position at Fiscal Year-end:
Working capital	$	10,316		$	16,435		$	21,671		$	15,651		$	13,902
Current ratio (2)	1.7:1.0			3.3:1.0			3.4:1.0			3.8:1.0			4.5:1.0
Total assets	99,816			99,644			106,685			37,943			34,900
Long-term debt	25,921			30,109			33,752			10,315			9,741
Shareholders’ equity	50,294			52,063			53,230			19,443			18,671
Additional Information:
Full-time employees at year-end	91,267			88,063			85,573			43,305			42,466
Full-time equivalent employees at year-end	102,688			98,017			92,500			49,247			46,659


(1)	Covidien was acquired on January 26, 2015. As such, for the fiscal year ended April 24, 2015, the results of operations of Covidien are reflected in Medtronic’s results of operations for only the fourth quarter due to the timing of the acquisition, which affects comparability.


(2)	The ratio of current assets to current liabilities, excluding current assets and current liabilities held for sale at April 28, 2017.

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