EX-12.1 6 medtronic122599_ex12-1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

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 27, 2012, April 29, 2011, April 30, 2010, April 24, 2009, April 25, 2008, and April 27, 2007 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 the amounts below include the results from both continuing operations and discontinued operations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions, except ratio of earnings to fixed charges) 

 

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

 

Year ended
April 27,
2007

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

3,617

 

$

3,096

 

$

3,099

 

$

2,070

 

$

2,138

 

$

2,703

 

Income taxes

 

 

752

 

 

627

 

 

870

 

 

370

 

 

602

 

 

658

 

Minority interest loss

 

 

8

 

 

8

 

 

7

 

 

1

 

 

—

 

 

—

 

Capitalized interest(1)

 

 

(4

)

 

(4

)

 

(4

)

 

(5

)

 

(10

)

 

(3

)

 

 

$

4,373

 

$

3,727

 

$

3,972

 

$

2,436

 

$

2,730

 

$

3,358

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(2)

 

$

349

 

$

450

 

$

402

 

$

371

 

$

400

 

$

383

 

Capitalized interest(1)

 

 

4

 

 

4

 

 

4

 

 

5

 

 

10

 

 

3

 

Amortization of debt issuance costs(3)

 

 

16

 

 

14

 

 

11

 

 

15

 

 

15

 

 

17

 

Rent interest factor(4)

 

 

46

 

 

44

 

 

46

 

 

45

 

 

41

 

 

34

 

 

 

$

415

 

$

512

 

$

463

 

$

436

 

$

466

 

$

437

 

Earnings before income taxes and fixed charges

 

$

4,788

 

$

4,239

 

$

4,435

 

$

2,872

 

$

3,196

 

$

3,795

 

Ratio of earnings to fixed charges

 

 

12

 

 

8

 

 

10

 

 

7

 

 

7

 

 

9

 

 

 

(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.