Medtronic 10-Q2014 Q1 Quarterly report

Filed: 4 Sep 13, 12:00am

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EXHIBIT 12.1

MEDTRONIC, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The ratio of earnings to fixed charges for the three months ended July 26, 2013 was computed based on Medtronic’s current quarterly report on Form 10-Q. The ratio of earnings to fixed charges for the fiscal years ended April 26, 2013, April 27, 2012, April 29, 2011, April 30, 2010, and April 24, 2009 was computed based on Medtronic’s historical consolidated financial information.



(in millions, except ratio of earnings to fixed charges)	Three months ended July 26, 2013			Year ended April 26, 2013			Year ended April 27, 2012			Year ended April 29, 2011			Year ended April 30, 2010			Year ended April 24, 2009
Earnings:
Earnings from continuing operations before income taxes	$	1,153		$	4,251		$	4,145		$	3,664		$	3,944		$	2,469
Noncontrolling interest (income) loss	—			(1		)	8			8			7			1
Capitalized interest (1)	(1		)	(4		)	(4		)	(4		)	(4		)	(5		)
	$	1,152		$	4,246		$	4,149		$	3,668		$	3,947		$	2,465
Fixed Charges:
Interest expense, gross (2)	$	91		$	392		$	353		$	454		$	406		$	376
Rent interest factor (3)	11			42			46			44			46			45
	$	102		$	434		$	399		$	498		$	452		$	421
Earnings before income taxes and fixed charges	$	1,254		$	4,680		$	4,548		$	4,166		$	4,399		$	2,886
Ratio of earnings to fixed charges	12			11			11			8			10			7

(1) Capitalized interest relates to construction projects in process.

(2) Interest expense, gross consists of interest on indebtedness.

(3) Approximately one-third of rental expense is deemed representative of the interest factor.