Exhibit 12.1
MEDTRONIC PLC COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The ratios of earnings to fixed charges for the nine months ended January, 27, 2017, and for each of the fiscal years ended April 29, 2016, April 24, 2015, April 25, 2014, April 26, 2013 and April 27, 2012 were computed based on Medtronic’s historical consolidated financial information included in Medtronic’s most recent Quarterly Report on Form10-Q and Annual Report onForm 10-K, respectively:
| | | | | | | | | | | | | | | | | | | | | | | | |
| (in millions, except ratio of earnings to fixed charges) | | Nine months
ended
January 27,
2017 | | | Fiscal year
ended
April 29,
2016 | | | Fiscal year
ended
April 24,
2015 | | | Fiscal year
ended
April 25,
2014 | | | Fiscal year
ended
April 26,
2013 | | | Fiscal year
ended
April 27,
2012 | |
Earnings: | | | | | | | | | | | | | | | | | | | | | | | | |
Income from operations before income taxes | | $ | 3,167 | | | $ | 4,336 | | | $ | 3,486 | | | $ | 3,705 | | | $ | 4,251 | | | $ | 4,145 | |
Noncontrolling interest (income) loss | | | 5 | | | | 4 | | | | 1 | | | | (1 | ) | | | (1 | ) | | | 8 | |
Capitalized interest(1) | | | (8 | ) | | | (10 | ) | | | (5 | ) | | | (4 | ) | | | (4 | ) | | | (4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 3,164 | | | $ | 4,330 | | | $ | 3,482 | | | $ | 3,700 | | | $ | 4,246 | | | $ | 4,149 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Fixed Charges: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, gross(2) | | $ | 804 | | | $ | 1,386 | | | $ | 666 | | | $ | 379 | | | $ | 392 | | | $ | 353 | |
Rent interest factor(3) | | | 66 | | | | 81 | | | | 59 | | | | 45 | | | | 42 | | | | 46 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 870 | | | $ | 1,467 | | | $ | 725 | | | $ | 424 | | | $ | 434 | | | $ | 399 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Earnings before income taxes and fixed charges | | $ | 4,034 | | | $ | 5,797 | | | $ | 4,207 | | | $ | 4,124 | | | $ | 4,680 | | | $ | 4,528 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges | | | 5x | | | | 4x | | | | 6x | | | | 10x | | | | 11x | | | | 11x | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Capitalized interest relates to construction projects in process. |
| (2) | Interest expense consists of interest on indebtedness. |
| (3) | Approximatelyone-third of rental expense is deemed representative of the interest factor. |
