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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 fiscal years ended April 26, 2013, April 27, 2012, April 29, 2011, April 30, 2010, April 24, 2009, and April 25, 2008 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. Note that amounts below for the fiscal years ended April 27, 2012, April 29, 2011, April 30, 2010, April 24, 2009, and April 25, 2008 include the results from both continuing operations and discontinued operations.
(in millions, except ratio of earnings to fixed charges)
 
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
 
Year ended
April 25,
2008
Earnings:
 
 

 
 

 
 

 
 

 
 

 
 

Net earnings
 
$
3,467

 
$
3,617

 
$
3,096

 
$
3,099

 
$
2,070

 
$
2,138

Income taxes
 
784

 
752

 
630

 
870

 
370

 
602

Minority interest (income) loss
 
(1
)
 
8

 
8

 
7

 
1

 
—

Capitalized interest(1)
 
(4
)
 
(4
)
 
(4
)
 
(4
)
 
(5
)
 
(10
)
 
 
$
4,246

 
$
4,373

 
$
3,730

 
$
3,972

 
$
2,436

 
$
2,730

Fixed Charges:
 
 

 
 

 
 

 
 

 
 

 
 

Interest expense(2)
 
$
388

 
$
349

 
$
450

 
$
402

 
$
371

 
$
400

Capitalized interest(1)
 
4

 
4

 
4

 
4

 
5

 
10

Amortization of debt issuance costs(3)
 
7

 
16

 
14

 
11

 
15

 
15

Rent interest factor(4)
 
42

 
46

 
44

 
46

 
45

 
41

 
 
$
441

 
$
415

 
$
512

 
$
463

 
$
436

 
$
466

Earnings before income taxes and fixed charges
 
$
4,687

 
$
4,788

 
$
4,242

 
$
4,435

 
$
2,872

 
$
3,196

Ratio of earnings to fixed charges
 
11

 
12

 
8

 
10

 
7

 
7

 
(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 8 to the consolidated financial statements in “Item 8. Financial Statements and Supplementary Data” in this Annual Report on Form 10-K for further information regarding the debt securities.
(4) Approximately one-third of rental expense is deemed representative of the interest factor.