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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 nine months ended January 24, 2014 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)
 
Nine months ended January 24, 2014
 
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
 
$
3,224

 
$
4,251

 
$
4,145

 
$
3,664

 
$
3,944

 
$
2,469

Noncontrolling interest (income) loss
 
(2
)
 
(1
)
 
8

 
8

 
7

 
1

Capitalized interest (1)
 
(3
)
 
(4
)
 
(4
)
 
(4
)
 
(4
)
 
(5
)
 
 
$
3,219

 
$
4,246

 
$
4,149

 
$
3,668

 
$
3,947

 
$
2,465

Fixed Charges:
 
 

 
 
 
 

 
 

 
 

 
 

Interest expense, gross (2)
 
$
276

 
$
392

 
$
353

 
$
454

 
$
406

 
$
376

Rent interest factor (3)
 
33

 
42

 
46

 
44

 
46

 
45

 
 
$
309

 
$
434

 
$
399

 
$
498

 
$
452

 
$
421

Earnings before income taxes and fixed charges
 
$
3,528

 
$
4,680

 
$
4,548

 
$
4,166

 
$
4,399

 
$
2,886

Ratio of earnings to fixed charges
 
11

 
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.