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 2017 through 2020 were 52-week years. Fiscal year 2016 was a 53-week year, as will be fiscal year 2021, with the additional week occurring in the first quarter. The table below illustrates operating results and other selected financial data for fiscal years 2016 to 2020. 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)	2020		2019		2018		2017		2016
Operating Results:
Net sales	$	28,913	$	30,557	$	29,953	$	29,710	$	28,833
Cost of products sold	9,424		9,155		9,067		9,294		9,128
Research and development expense	2,331		2,330		2,256		2,193		2,211
Selling, general, and administrative expense	10,109		10,418		10,238		10,018		9,770
Amortization of intangible assets	1,756		1,764		1,823		1,980		1,931
Restructuring charges, net	118		198		30		303		290
Certain litigation charges	313		166		61		300		26
Gain on sale of businesses	—		—		(697)		—		—
Other operating expense, net	71		258		535		239		93
Operating profit	4,791		6,268		6,640		5,383		5,384
Other non-operating income, net	(356)		(373)		(181)		(313)		(338)
Interest expense	1,092		1,444		1,146		1,094		1,386
Income before income taxes	4,055		5,197		5,675		4,602		4,336
Income tax (benefit) provision	(751)		547		2,580		578		798

Net income	4,806		4,650		3,095		4,024		3,538
Net (income) loss attributable to noncontrolling interests	(17)		(19)		9		4		—
Net income attributable to Medtronic	$	4,789	$	4,631	$	3,104	$	4,028	$	3,538
Basic earnings per share	$	3.57	$	3.44	$	2.29	$	2.92	$	2.51
Diluted earnings per share	3.54		3.41		2.27		2.89		2.48
Cash dividends declared per ordinary share	2.16		2.00		1.84		1.72		1.52
Financial Position at Fiscal Year-end:
Total assets	90,689		89,694		91,393		99,857		99,685
Long-term debt	22,021		24,486		23,699		25,921		30,109
Shareholders’ equity	50,737		50,091		50,720		50,208		51,977
Additional Information:
Full-time employees at year-end	93,792		90,071		86,368		91,267		88,063
Full-time equivalent employees at year-end	104,950		101,013		98,003		102,688		98,017

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