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EXHIBIT 12
ST. JUDE MEDICAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in millions of dollars)

 
 
FISCAL YEAR
 
 
2015
 
2014
 
2013
 
2012
 
2011
EARNINGS
 
 

 
 

 
 

 
 

 
 

Earnings before noncontrolling interest and income taxes
 
$
928

 
$
1,068

 
$
784

 
$
1,005

 
$
1,019

Plus fixed charges:
 
 

 
 

 
 

 
 

 
 

Interest expense (1)
 
103

 
85

 
81

 
73

 
70

Rent interest factor (2)
 
15

 
17

 
12

 
15

 
15

TOTAL FIXED CHARGES
 
118

 
102

 
93

 
88

 
85

EARNINGS BEFORE NONCONTROLLING INTEREST, INCOME TAXES AND FIXED CHARGES
 
$
1,046

 
$
1,170

 
$
877

 
$
1,093

 
$
1,104

RATIO OF EARNINGS TO FIXED CHARGES
 
8.9

 
11.5

 
9.4

 
12.4

 
13.0


(1)
Interest expense consists of interest on indebtedness and amortization of debt issuance costs but excludes interest on liabilities for uncertain tax positions.
(2)
Approximately one-third of rental expense is deemed representative of the interest factor.