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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 six months ended October 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 25, 2014, April 26, 2013, April 27, 2012, April 29, 2011, and April 30, 2010 was computed based on Medtronic’s historical consolidated financial information.
(in millions, except ratio of earnings to fixed charges)
 
Six months ended October 24, 2014
 
Year ended April 25, 2014
 
Year ended
April 26,
2013
 
Year ended
April 27,
2012
 
Year ended
April 29,
2011
 
Year ended
April 30,
2010
Earnings:
 
 

 
 
 
 

 
 

 
 

 
 

Earnings from continuing operations before income taxes
 
$
2,105

 
$
3,705

 
$
4,251

 
$
4,145

 
$
3,664

 
$
3,944

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

 
8

 
7

Capitalized interest (1)
 
(2
)
 
(4
)
 
(4
)
 
(4
)
 
(4
)
 
(4
)
 
 
$
2,102

 
$
3,700

 
$
4,246

 
$
4,149

 
$
3,668

 
$
3,947

Fixed Charges:
 
 

 
 
 
 

 
 

 
 

 
 

Interest expense, gross (2)
 
$
191

 
$
379

 
$
392

 
$
353

 
$
454

 
$
406

Rent interest factor (3)
 
22

 
45

 
42

 
46

 
44

 
46

 
 
$
213

 
$
424

 
$
434

 
$
399

 
$
498

 
$
452

Earnings before income taxes and fixed charges
 
$
2,315

 
$
4,124

 
$
4,680

 
$
4,548

 
$
4,166

 
$
4,399

Ratio of earnings to fixed charges
 
11

 
10

 
11

 
11

 
8

 
10

 
(1) Capitalized interest relates to construction projects in process.
(2) Interest expense consists of interest on indebtedness.
(3) Approximately one-third of rental expense is deemed representative of the interest factor.