Item 6. Selected Financial Data

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Item 6. Selected Financial Data

Our fiscal year-end is the last Friday in April, and therefore, the total weeks in a fiscal year fluctuates between 52 and 53 weeks. Fiscal years 2019, 2018, 2017, and 2015 were 52-week years. Fiscal year 2016 was a 53-week year, with the additional week occurring in the first quarter. The table below illustrates operating results and other selected financial data for fiscal years 2015 to 2019. Certain reclassifications have been made to prior year selected financial data to conform to classifications used in the current year.



	Fiscal Year
(in millions, except per share data and additional information)	2019			2018			2017			2016			2015(1)
Operating Results:
Net sales	$	30,557		$	29,953		$	29,710		$	28,833		$	20,261
Cost of products sold	9,155			9,067			9,294			9,128			6,306
Research and development expense	2,330			2,256			2,193			2,211			1,638
Selling, general, and administrative expense	10,418			10,238			10,018			9,770			7,446
Amortization of intangible assets	1,764			1,823			1,980			1,931			733
Restructuring charges, net	198			30			303			290			237
Certain litigation charges	166			61			300			26			42
Gain on sale of businesses	—			(697		)	—			—			—
Other operating expense, net	258			535			239			93			182
Operating profit	6,268			6,640			5,383			5,384			3,677
Other non-operating income, net	(373		)	(181		)	(313		)	(338		)	(475		)
Interest expense	1,444			1,146			1,094			1,386			666
Income before income taxes	5,197			5,675			4,602			4,336			3,486
Income tax provision	547			2,580			578			798			811
Net income	4,650			3,095			4,024			3,538			2,675
Net (income) loss attributable to noncontrolling interests	(19		)	9			4			—			—
Net income attributable to Medtronic	$	4,631		$	3,104		$	4,028		$	3,538		$	2,675
Basic earnings per share	$	3.44		$	2.29		$	2.92		$	2.51		$	2.44
Diluted earnings per share	3.41			2.27			2.89			2.48			2.41
Cash dividends declared per ordinary share	2.00			1.84			1.72			1.52			1.22
Financial Position at Fiscal Year-end:
Total assets	89,694			91,393			99,857			99,685			106,726
Long-term debt	24,486			23,699			25,921			30,109			33,752
Shareholders’ equity	50,091			50,720			50,208			51,977			53,144
Additional Information:
Full-time employees at year-end	90,071			86,368			91,267			88,063			85,573
Full-time equivalent employees at year-end	101,013			98,003			102,688			98,017			92,500


(1)	Covidien plc 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.

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