Medtronic 10-K2010 Q4 Annual report

Filed: 29 Jun 10, 12:00am

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Positive
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Legalese
Litigous
Readability	8th grade Avg

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Medtronic, Inc.

Notes to Consolidated Financial Statements

Exhibit 12.1

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

The ratio of earnings to fixed charges for the fiscal years ended April 30, 2010, April 24, 2009, April 25, 2008, April 27, 2007, April 28, 2006 and April 29, 2005 was computed based on Medtronic’s historical consolidated financial information included in Medtronic’s most recent Annual Report incorporated by reference on Form 10-K.

	Year ended April 30, 2010			Year ended April 24, 2009			Year ended April 25, 2008			Year ended April 27, 2007			Year ended April 28, 200			Year ended April 29, 2005
Earnings:
Net earnings	$	3,099		$	2,070		$	2,138		$	2,703		$	2,519		$	1,797
Income taxes		870			370			602			658			598			736
Minority interest (loss)/income		7			1			—			—			—			(1	)
Capitalized interest (1)		(4	)		(5	)		(10	)		(3	)		(3	)		(1	)
	$	3,972		$	2,436		$	2,730		$	3,358		$	3,114		$	2,531
Fixed Charges:
Interest expense (2)	$	402		$	371		$	400		$	383		$	162		$	66
Capitalized interest (1)		4			5			10			3			3			1
Amortization of debt issuance costs (3)		11			15			15			17			7			1
Rent interest factor (4)		46			45			41			34			26			24
	$	463		$	436		$	466		$	437		$	198		$	92
Earnings before income taxes and fixed charges	$	4,435		$	2,872		$	3,196		$	3,795		$	3,312		$	2,623
Ratio of earnings to fixed charges		10			7			7			9			17			29

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

(2) Interest expense consists of interest on indebtedness.

(3) Represents the amortization of debt issuance costs incurred in connection with the Company's registered debt securities. See Note 9 to the consolidated financial statements for further information regarding the debt securities.

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