Medtronic Reports 15 Percent Growth in Third-Quarter Revenue.Business Editors/Health/Medical Writers MINNEAPOLIS--(BUSINESS WIRE)--Feb. 11, 2004 Record Quarterly Performance Led by Greater Than 15 Percent Growth in Spinal, Implantable Defibrillators, Diabetes and Vascular Drawing upon the strength of its diversified portfolio of businesses, Medtronic, Inc. (NYSE NYSE See: New York Stock Exchange :MDT MDT abbr. Mountain Daylight Time MDT (in the US and Canada) Mountain Daylight Time MDT n abbr (US) (= mountain daylight time) → ), today announced quarterly revenues of $2.195 billion, up 15 percent over the $1.913 billion of the comparable period a year ago. Reflecting the weaker dollar outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , foreign currency translation, when compared to the prior year, had a positive effect on revenue of $93.8 million. The company announced third-quarter net earnings of $464.4 million, or $0.38 per diluted share, an increase in net earnings of 9 percent over the $427.7 million in net earnings and 9 percent above the $0.35 per diluted share recorded in the comparable period last year. Excluding charges taken in the third quarter of the current year, net earnings grew 14 percent to $486.4 million and net earnings per share grew 14 percent to $0.40 per diluted share. During the third quarter, the company took a required $22.0 million in-process research and development charge related to the previously announced acquisition of Vertelink, which has been completed. Art Collins, Medtronic chairman and chief executive officer, stated, "Medtronic's record quarterly revenues were led by several key product lines, including Spinal, Implantable Defibrillators, Diabetes and Vascular. These four product lines each grew by more than 15 percent and collectively increased over 20 percent." Collins went on to say, "However, revenue growth for pacemakers, external defibrillators and several neurological devices came in below our initial expectations. The corporation remains well-positioned in a number of very attractive, under-penetrated markets. In order to expand patient access and to further improve market share, substantial investments continue to be made in research and development, clinical trials, technical support and other market development activities." Cardiac Rhythm Management Cardiac rhythm management is a field of treatment in cardiology. The purpose is managing cardiac rhythm disorders. Usually it involves artificial pacemakers and/or implantable cardioverter-defibrillator therapy as well as antiarrhythmia drugs. Business Cardiac Rhythm Management posted revenues of $1.003 billion for the quarter, an 11 percent increase over the same quarter one year ago. Maintaining its clear market leadership position, Medtronic reported worldwide implantable defibrillator defibrillator, device that delivers an electrical shock to the heart in order to stop certain forms of rapid heart rhythm disturbances (arrhythmias). The shock changes a fibrillation to an organized rhythm or changes a very rapid and ineffective cardiac rhythm to a revenue growth of 17 percent in the third quarter. Growth was driven by continued preference for the InSync II Marquis(TM) heart failure device and the first full quarter of U.S. sales for the high-output Maximo(TM) implantable defibrillator. During the quarter, two new left-heart lead delivery systems were introduced to help facilitate cardiac resynchronization procedures to treat heart failure. Medtronic's CareLink(R) Network remote monitoring (protocol) remote monitoring - (RMON) A network management protocol that allows network information to be gathered at a single computer. Whereas SNMP gathers network data from a single type of Management Information Base (MIB), RMON 1 defines nine additional MIBs that provide a service was also expanded to include both the InSync Marquis(TM) and the InSync(R) ICD ICD International Classification of Diseases (of the World Health Organization); intrauterine contraceptive device. ICD abbr. heart failure devices. Results from the SCD-HeFT (Sudden Cardiac Death Sudden Cardiac Death Definition Sudden cardiac death (SCD) is an unexpected death due to heart problems, which occurs within one hour from the start of any cardiac-related symptoms. SCD is sometimes called cardiac arrest. in Heart Failure) Trial will be presented during Late-Breaking Clinical Trials at the annual meeting of the American College of Cardiology The American College of Cardiology (ACC) is a nonprofit medical association established in 1949 to educate, research and influence health care public policy. The president for the 2006–2007 year is Steven E. Nissen. [1] The organization has 39 chapters in the U.S. (ACC See adaptive cruise control. ) on March 8th. Between now and the end of the calendar year, six new implantable defibrillators are scheduled for introduction in the United States, plus an additional one outside of the United States, further strengthening Medtronic's portfolio of products to treat patients at high risk of sudden cardiac death. Worldwide pacing revenues grew 7 percent during the quarter, led by continued acceptance of both Medtronic and Vitatron branded products. During the quarter, the U.S. Food and Drug Administration (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) approved the EnPulse(TM), a new completely automatic pacemaker. The FDA also granted permission for Medtronic to start a major new clinical study to evaluate the potential for biventricular pacing to inhibit heart failure progression. Between now and the end of the calendar year, Medtronic will introduce two new pacemakers in the United States - the EnPulse(TM)2 early this summer and the EnRhythm(TM) by the end of year. The business will also introduce SelectSecure(TM), the world's first catheter-delivered right-heart pacing lead. Medtronic Physio-Control revenues were essentially flat in the quarter. The case for increased public access to automated external defibrillators automated external defibrillator Emergency medicine A portable device designed for use by first-response personnel for out-of-hospital emergency treatment of Pts suffering from cardiac arrest. See First-response personnel. (AEDs) was recently strengthened with the presentation of results from the American Heart Association American Heart Association (AHA), n.pr a national voluntary health agency that has the goal of increasing public and medical awareness of cardiovascular diseases and stroke, and thereby reducing the number of associated deaths and disabilities. (AHA) and National Institutes of Health (NIH "Not invented here." See digispeak. NIH - The United States National Institutes of Health. ) public access to defibrillation Defibrillation Definition Defibrillation is a process in which an electronic device sends an electric shock to the heart to stop an extremely rapid, irregular heartbeat, and restore the normal heart rhythm. (PAD) study. The study noted that the number of survivors from sudden cardiac arrest cardiac arrest n. Abbr. CA A sudden cessation of cardiac function, resulting in loss of effective circulation. Cardiac arrest A condition in which the heart stops functioning. in public locations approximately doubled when laypersons were trained to call 911 and administer CPR Cardiopulmonary Resuscitation (CPR) Definition Cardiopulmonary resuscitation (CPR) is a procedure to support and maintain breathing and circulation for a person who has stopped breathing (respiratory arrest) and/or whose heart has stopped (cardiac and AED AED - Automated Engineering Design therapy. Vascular Business Vascular achieved quarterly revenues of $211.7 million, a 16 percent increase versus the same period one year ago. Significant market share gains across several core product lines fueled the quarter's performance, led by ongoing acceptance of the Driver(TM) coronary stent coronary stent Intracoronary stent Cardiology An expandable tubular device which can be inserted percutaneously, and left within a coronary artery lumen to maintain its patency Pros Clinical and angiographic outcomes are better with intracoronary artery stent in both Europe and the United States. The Driver stent also serves as the platform for Medtronic's ENDEAVOR drug-eluting coronary stent. In the quarter, the company completed enrollment in its ENDEAVOR II pivotal clinical trial and hopes to initiate its ENDEAVOR III clinical trial in the United States shortly. An additional near-term highlight will be the presentation of nine-month results from ENDEAVOR I at the Paris Course on Revascularization (PCR PCR polymerase chain reaction. PCR abbr. polymerase chain reaction Polymerase chain reaction (PCR) ) meeting in May. Strong sales of core products introduced within the last year also contributed to quarterly results. These products included the NC Stormer Stormer may refer to:
n. A catheter with an inflatable balloon at its tip, used especially to expand a partially obstructed blood vessel or bodily passage and to measure blood pressure in a blood vessel. Also called balloon-tip catheter. , the Launcher(TM) guide catheter and the recently launched Racer biliary stent biliary stent Biliary endoprosthesis Surgery A tube inserted into a stenosed or obstructed narrowed or blocked bile duct to improve bile flow , the first cobalt-alloy peripheral stent to be introduced in the United States. The BeStent(TM)2 coronary stent was also launched in Japan during the quarter. Looking ahead, Medtronic expects to introduce the Sprinter(TM) Over-The-Wire balloon dilation dilation /di·la·tion/ (di-la´shun) 1. the act of dilating or stretching. 2. dilatation. di·la·tion n. 1. catheter in the United States within the next quarter. Additionally, results from the company's EMERALD trial will be presented at ACC in March - this trial examines the use of balloon occlusion occlusion /oc·clu·sion/ (o-kloo´zhun) 1. obstruction. 2. the trapping of a liquid or gas within cavities in a solid or on its surface. 3. distal protection in patients with acute myocardial infarctions acute myocardial infarction (  ·kyōōtˑ mī·ō·karˑ·dē· (AMIs).Cardiac Surgery Cardiac surgery is surgery on the heart and/or great vessels performed by a cardiac surgeon. Frequently, it is done to treat complications of ischemic heart disease (for example, coronary artery bypass grafting), correct congenital heart disease, or treat valvular heart disease Business Cardiac Surgery recorded revenues of $150.7 million for the quarter, a 9 percent increase when compared to the same quarter one year ago. Worldwide Heart Valve revenues grew 15 percent in the quarter due to continued market share gains and double-digit growth in U.S. sales of Medtronic tissue heart valves Heart valves Valves that regulate blood flow into and out of the heart chambers. Mentioned in: Heart Failure . Further broadening the portfolio of products to replace and repair heart valves, Medtronic recently introduced the ADVANTAGE(R) Supra A relational DBMS from Cincom Systems, Inc., Cincinnati, OH (www.cincom.com) that runs on IBM mainframes and VAXs. It includes a query language and a program that automates the database design process. (TM) Bileaflet Mechanical Heart Valve in Europe and Canada. The company also obtained a Humanitarian Device Exemption (HDE HDE Hauptverband des Deutschen Einzelhandels (Central Association of German Retail Trade) HDE Humanitarian Device Exemption HDE Heavy-Duty Engine HDE Holdrege, Nebraska (airport code) ) in the United States for the Contegra(R) Pulmonary Valved Conduit, a product that can correct congenital defects of the right side of the heart in children. Looking ahead, Medtronic expects to re-introduce tissue heart valves in Japan by the end of the fiscal year. Global revenues for Cardiac Surgery Technologies grew 20 percent, driven by strong market preference for the Cardioblate(R) BP Surgical Ablation System. The company also recently introduced the Octopus 4.3(R) Tissue Stabilizer stabilizer: see airplane. , Medtronic's seventh-generation system to facilitate beating heart bypass surgery Bypass surgery A surgical procedure that grafts blood vessels onto arteries to reroute the blood flow around blockages in the arteries (arteriosclerosis). . Perfusion Systems reported quarterly revenue growth of 3 percent. That business just introduced the Resting Heart(TM) System, a novel product to address the traditional challenges of arrested heart surgery. Neurological and Diabetes Business Neurological and Diabetes reported quarterly revenues of $395.3 million, a 15 percent increase versus the same period one year ago. Neurological reported quarterly revenue growth of 13 percent, with contributions coming from InterStim(R) Therapy for Urinary Control and the Bravo(TM) pH Monitoring System for the diagnosis of acid reflux acid reflux n. See heartburn. . In addition, continued physician preference for both the LEGEND(R) and the LEGEND GOLD(R) high-speed surgical drill systems supported sales gains in the quarter. During the quarter, the FDA approved the Kinetra(R) neurostimulator, a single device that can treat bilateral symptoms of Parkinson's disease Parkinson's disease or Parkinsonism, degenerative brain disorder first described by the English surgeon James Parkinson in 1817. When there is no known cause, the disease usually appears after age 40 and is referred to as Parkinson's disease. . In the November 13, 2003, issue of The New England Journal of Medicine The New England Journal of Medicine (New Engl J Med or NEJM) is an English-language peer-reviewed medical journal published by the Massachusetts Medical Society. It is one of the most popular and widely-read peer-reviewed general medical journals in the world. , results of a five-year study were published and demonstrated that patients with advanced Parkinson's disease experienced "marked improvements" in motor function and mobility when treated with bilateral brain stimulation via Medtronic Activa(R) Therapy. Also during the quarter, the U.S. pivotal clinical trial for the company's Gatekeeper(TM) Reflux Repair System was initiated. Quarterly revenues for Diabetes grew 20 percent. Revenue growth reflected continued acceptance of the Paradigm(R) 512 and 712 insulin pumps. During the quarter, the company introduced the Quick-Set(R) Plus Infusion Set An infusion set is used with an insulin pump as part of intensive insulin therapy. The purpose of an infusion set is to deliver insulin under the skin. It is a complete tubing system to connect an insulin pump to the pump user: it includes a subcutaneous cannula, adhesive mount, , which helps facilitate insulin delivery from an insulin pump to a patient's body for optimal blood sugar control. Reflecting continued progress toward the development of an artificial pancreas The artificial pancreas is a technology in development to help diabetic persons automatically control their blood glucose level by providing the substitute endocrine functionality of a healthy pancreas. , Medtronic today announced FDA clearance and the U.S. introduction of the Guardian(TM) Glucose Monitoring glucose monitoring Lab medicine The periodic evaluation of any analyte abnormal in Pts with DM, to assess short and long-term control with antiglycemic agents. See Glucose, Glycated hemoglobin. System, which features an alarm to signal high or low blood glucose levels blood glucose level, n level of glu-cose in the bloodstream, normally about 70 to 115 mg/dL after fasting overnight. Higher levels may indicate diseases such as diabetes mellitus. in people with diabetes. Spinal, ENT ENT ears, nose, and throat (otorhinolaryngology). ENT abbr. ear, nose, and throat ENT ear, nose and throat. ENT Ears, nose & throat; formally, otorhinolaryngology and SNT SNT Safer Neighbourhood Team (UK) SNT Scalable Network Technologies, Inc. SNT Syntrophin SNT Serial Number Tracking SNT Surgical Navigation Technologies (Medtronic) SNT Serum Neutralization Test Business Spinal, Ear, Nose and Throat (ENT) and Surgical Navigation Technologies (SNT) posted quarterly revenues of $433.9 million, a 26 percent increase when compared to the same quarter one year ago. Spinal revenues grew more than 30 percent spurred by increased acceptance of both the INFUSE in·fuse v. 1. To steep or soak without boiling in order to extract soluble elements or active principles. 2. To introduce a solution into the body through a vein for therapeutic purposes. (R) Bone Graft bone graft Orthopedic surgery Sterilized bony tissue, often of cadaveric origin, used to fill and/or 'sculpt' bone defects Indications Spinal fusion, revision of failed articular prostheses, filling traumatic or malignant bone defects, or periodontal defects. for spinal fusion spinal fusion n. A surgical procedure in which vertebrae are joined. Also called spondylosyndesis. Spinal fusion surgery and the company's growing portfolio of Minimal Access Spinal Technologies (MAST). In December, Medtronic received FDA approval for the expanded use of INFUSE Bone Graft with certain sizes of the INTER FIX Inter Fix™ Orthopedics An implantable threaded spinal fusion “cage” used for vertebral fusion in degenerative disk disease; the device is first packed with a previously harvested autologous bone graft and implanted between 2 vertebrae; (TM) and INTER FIX(TM) RP Threaded Fusion Devices. This approval provides two additional technology platforms for the use of INFUSE Bone Graft in treating back pain. Additionally, the company recently introduced the next generation of its leading TSRH-3D(R) Spinal Instrumentation Spinal Instrumentation Definition Spinal instrumentation is a method of straightening and stabilizing the spine after spinal fusion, by surgically attaching hooks, rods, and wire to the spine in a way that redistributes the stresses on the bones and , as well as its CD HORIZON(R) LEGACY(TM) 5.5 Spinal System - both systems are individually tailored to stabilize single or multiple levels of the spine prior to obtaining a spinal fusion. Another significant event in the quarter was the completion of enrollment in the company's study examining the use of rhBMP-2 in posterolateral fusion. ENT revenues grew 13 percent in the quarter, led by sales of its market-leading NIM-Response(TM) nerve monitor and its XPS (1) See XML Paper Specification. (2) A brand name for certain models of Inspiron laptops from Dell. (R) 3000 endoscopic en·do·scope n. An instrument for examining visually the interior of a bodily canal or a hollow organ such as the colon, bladder, or stomach. en shaver systems. During the quarter, Medtronic launched a new product line of flexible endoscopes and endoscope endoscope, any instrument used to look inside the body. Usually consisting of a fiber-optic tube attached to a viewing device, endoscopes are used to explore and biopsy such areas as the colon and the bronchi of the lungs. sheaths that provide a "delivery system" for procedures such as biopsy and sensory testing for evaluation of swallowing disorders Swallowing Disorders Definition Swallowing disorders include a number of diseases and conditions that cause difficulty in passing food or liquid from the mouth to the stomach. . Webcast Information Medtronic will host a webcast today, February 11, 2004, at 4:30 p.m. EST (3:30 p.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. ), to provide more information about its businesses for the public, analysts and the media. This quarterly presentation will be webcast through the company's website at www.medtronic.com/corporate/invest.html. Replay will be available until midnight CST on February 18, 2004. This earnings release will be archived at www.medtronic.com/newsroom, and a transcript of the webcast will be available at www.medtronic.com/corporate/invest.html. Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company, providing lifelong solutions for people with chronic disease. Its Internet address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. is www.medtronic.com. LT CAGE(R) + INFUSE(R), INTERFIX(TM) and INTERFIX(TM) RP + INFUSE(R) incorporate technology developed by Gary K. Michelson Gary K. Michelson, founder of Karlin Technology, is a surgeon turned inventor. On April 22, 2005, Medtronic Inc. paid US$ 1.35 billion to settle a patent lawsuit and also to acquire his spine surgery-related patents. External links
Any statements made about the company's anticipated financial results and regulatory approvals are forward-looking statements subject to risks and uncertainties such as the risks inherent in the development, manufacturing, marketing and sale of medical products, competitive factors, general economic conditions, legal disputes and government actions as more fully described in Medtronic's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended April 25, 2003. Actual results may differ materially from anticipated results.
MEDTRONIC, INC.
RECONCILIATION OF CONSOLIDATED GAAP EARNINGS
TO CONSOLIDATED NON-GAAP EARNINGS
(Unaudited)
(in millions, except per share data)
Three months
ended
Three months ended January 24,
January 23, 2004 2003
-------------------------------- ------------
Before
Special Special
and IPR&D and IPR&D As As
Charges Charges(a) Reported Reported
--------- ---------- ---------- ------------
Net sales $2,194.7 $- $2,194.7 $1,912.5
Costs and expenses:
Cost of products sold 538.4 - 538.4 474.8
Research and
development expense 207.1 - 207.1 187.1
Selling, general, and
administrative
expense 679.4 - 679.4 587.8
Purchased in-process
research and
development (IPR&D) - 22.0 22.0 -
Other expense 92.8 - 92.8 48.5
Interest
(income)/expense (3.6) - (3.6) 3.2
--------- ---------- ---------- ------------
Total costs and
expenses 1,514.1 22.0 1,536.1 1,301.4
--------- ---------- ---------- ------------
Earnings before income
taxes 680.6 (22.0) 658.6 611.1
Provision for income
taxes 194.2 - 194.2 183.4
--------- ---------- ---------- ------------
Net earnings (loss) $486.4 $(22.0) $464.4 $427.7
========= ========== ========== ============
Earnings per share:
Basic $0.40 $(0.02) $0.38 $0.35
========= ========== ========== ============
Diluted $0.40 $(0.02) $0.38 $0.35
========= ========== ========== ============
Weighted average shares
outstanding:
Basic 1,211.8 1,211.8 1,220.5
Diluted 1,222.4 1,222.4 1,232.8
(a)- Medtronic management believes that in order to properly
understand Medtronic's short-term and long-term financial trends,
investors may wish to consider the impact of special (such as certain
litigation and restructuring charges) and IPR&D charges. These
charges result from facts and circumstances that vary in frequency
and/or impact on continuing operations. In addition, Medtronic
management uses results of operations before special and IPR&D
charges to evaluate the operational performance of the Company and as
a basis for strategic planning. Investors should consider these non-
GAAP measures in addition to, and not as a substitute for, financial
performance measures prepared in accordance with GAAP.
MEDTRONIC, INC.
RECONCILIATION OF CONSOLIDATED GAAP EARNINGS
TO CONSOLIDATED NON-GAAP EARNINGS
(Unaudited)
(in millions, except per share data)
Nine months ended
January 23, 2004
---------------------------------------
Before Special Special and
and IPR&D IPR&D As
Charges Charges(a) Reported
-------------- ----------- -----------
Net sales $6,422.7 $- $6,422.7
Costs and expenses:
Cost of products sold 1,588.4 - 1,588.4
Research and development
expense 607.4 - 607.4
Selling, general, and
administrative expense 1,996.6 - 1,996.6
Special charges - (4.8) (4.8)
Purchased in-process research
and development (IPR&D) - 23.9 23.9
Other expense 228.8 - 228.8
Interest (income)/expense (1.1) - (1.1)
-------------- ----------- -----------
Total costs and expenses 4,420.1 19.1 4,439.2
-------------- ----------- -----------
Earnings before income taxes 2,002.6 (19.1) 1,983.5
Provision for income taxes 590.8 1.8 592.6
-------------- ----------- -----------
Net earnings (loss) $1,411.8 $(20.9) $1,390.9
============== =========== ===========
Earnings per share:
Basic $1.16 $(0.02) $1.15
============== =========== ===========
Diluted $1.15 $(0.02) $1.13
============== =========== ===========
Weighted average shares
outstanding:
Basic 1,214.8 1,214.8
Diluted 1,226.4 1,226.4
Nine months ended
January 24, 2003
--------------------------------------
Before Special Special and
and IPR&D IPR&D As
Charges Charges(a) Reported
-------------- ----------- -----------
Net sales $5,517.4 $- $5,517.4
Costs and expenses:
Cost of products sold 1,349.7 - 1,349.7
Research and development
expense 560.0 - 560.0
Selling, general, and
administrative expense 1,722.5 - 1,722.5
Special charges - 2.5 2.5
Purchased in-process research
and development (IPR&D) - 114.2 114.2
Other expense 119.6 - 119.6
Interest (income)/expense 3.4 - 3.4
-------------- ----------- -----------
Total costs and expenses 3,755.2 116.7 3,871.9
-------------- ----------- -----------
Earnings before income taxes 1,762.2 (116.7) 1,645.5
Provision for income taxes 528.6 4.2 532.8
-------------- ----------- -----------
Net earnings (loss) $1,233.6 $(120.9) $1,112.7
============== =========== ===========
Earnings per share:
Basic $1.01 $(0.10) $0.91
============== =========== ===========
Diluted $1.01 $(0.10) $0.91
============== =========== ===========
Weighted average shares
outstanding:
Basic 1,217.2 1,217.2
Diluted 1,227.0 1,227.0
(a)- Medtronic management believes that in order to properly
understand Medtronic's short-term and long-term financial trends,
investors may wish to consider the impact of special (such as certain
litigation and restructuring charges) and IPR&D charges. These
charges result from facts and circumstances that vary in frequency
and/or impact on continuing operations. In addition, Medtronic
management uses results of operations before special and IPR&D
charges to evaluate the operational performance of the Company and as
a basis for strategic planning. Investors should consider these non-
GAAP measures in addition to, and not as a substitute for, financial
performance measures prepared in accordance with GAAP.
MEDTRONIC, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
January 23, April 25,
2004 2003
----------- -----------
(in millions of
dollars, except per
share data)
ASSETS
------
Current assets:
Cash and cash equivalents.................... $ 1,267.5 $ 1,470.1
Short-term investments....................... 176.4 22.7
Accounts receivable, less allowances of
$126.6 and $99.5, respectively.............. 1,980.4 1,761.4
Inventories.................................. 976.1 942.4
Deferred tax assets, net..................... 216.0 194.0
Prepaid expenses and other current assets.... 20.7 214.9
---------- -----------
Total current assets........................ 4,637.1 4,605.5
Property, plant, and equipment................. 3,150.0 2,872.9
Accumulated depreciation....................... (1,480.8) (1,289.9)
---------- -----------
Net property, plant, and equipment.......... 1,669.2 1,583.0
Goodwill....................................... 4,250.4 4,183.8
Other intangible assets, net................... 1,020.9 1,033.0
Long-term investments.......................... 1,545.5 594.0
Other assets................................... 315.5 321.5
---------- -----------
Total assets................................ $13,438.6 $12,320.8
========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current liabilities:
Short-term borrowings........................ $ 2,463.8 $ 385.3
Accounts payable............................. 291.9 269.4
Accrued compensation......................... 388.3 402.1
Accrued income taxes......................... 605.1 444.4
Other accrued expenses....................... 325.6 312.1
---------- -----------
Total current liabilities................... 4,074.7 1,813.3
Long-term debt................................. 2.1 1,980.3
Deferred tax liabilities, net.................. 326.2 304.3
Long-term accrued compensation................. 116.5 101.9
Other long-term liabilities.................... 231.0 214.6
---------- -----------
Total liabilities........................... 4,750.5 4,414.4
Commitments and contingencies.................. -- --
Shareholders' equity:
Preferred stock -- par value $1.00........... -- --
Common stock -- par value $0.10.............. 121.2 121.8
Retained earnings............................ 8,502.0 7,808.4
Accumulated other non-owner changes in equity 71.7 (12.1)
---------- -----------
8,694.9 7,918.1
Receivable from Employee Stock Ownership Plan (6.8) (11.7)
---------- -----------
Total shareholders' equity.................. 8,688.1 7,906.4
---------- -----------
Total liabilities and shareholders' equity.. $13,438.6 $12,320.8
========== ===========
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