NOTE 14 - QUARTERLY FINANCIAL DATA (UNAUDITED) First Quarter
(in millions, except per share amounts)
Fiscal Year 2014: Net sales Gross profit Net earnings before noncontrolling interest Net earnings attributable to St. Jude Medical, Inc. Basic net earnings per share attributable to St. Jude Medical, Inc. Diluted net earnings per share attributable to St. Jude Medical, Inc. Fiscal Year 2013: Net sales Gross profit Net earnings before noncontrolling interest Net earnings attributable to St. Jude Medical, Inc. Basic net earnings per share attributable to St. Jude Medical, Inc. Diluted net earnings per share attributable to St. Jude Medical, Inc.
$
1,363 980 239
Second Quarter
$
249
1,448 1,015 246
Third Quarter
$
270
1,372 960 232
Fourth Quarter
$
238
1,439 1,014 238 245
$
0.88
$
0.95
$
0.83
$
0.86
$
0.86
$
0.93
$
0.82
$
0.84
$
1,338 961 222
$
1,403 1,021 107
$
1,338 953 252
$
1,422 992 111
223
115
262
123
$
0.78
$
0.41
$
0.91
$
0.42
$
0.78
$
0.40
$
0.90
$
0.42
During the first, second, third and fourth quarters of 2014, the Company recognized after-tax charges of $25 million, $21 million, $39 million and $65 million, respectively, in its Net earnings attributable to St. Jude Medical, Inc. These charges primarily related to the 2012 Business Realignment Plan and Manufacturing and Supply Chain Optimization Plan, acquisition-related charges, intangible asset impairment charges, product field action and litigation charges and legal settlement expenses, partially offset by income tax benefits for discrete income tax adjustments and a favorable legal settlement. See Notes 2, 6, 8, 9 and 11 for further information. During the first, second and fourth quarters of 2013, the Company recognized after-tax charges of $40 million, $160 million and $171 million, respectively, in its Net earnings attributable to St. Jude Medical, Inc. These charges primarily related to the 2012 Business Realignment Plan and 2011 Restructuring Plan, debt retirement costs associated with the make-whole redemption payments and the write-off of unamortized debt issuance costs, acquisition-related charges, product field action and litigation charges, a legal settlement charge and an income tax expense charge related to uncertain tax positions in foreign jurisdictions, partially offset by income tax benefits from enactment of a tax law and the settlement of domestic tax audits. See Notes 2, 4, 6, 8, 9 and 11 for further information.
99