Attached files
| file | filename |
|---|---|
| EX-31.2 - CERTIFICATION OF CFO PURSUANT TO SECTION 302 - MEDTRONIC INC | medtronic095603_ex31-2.htm |
| EX-10.2 - 2008 STOCK AWARD AND INCENTIVE PLAN - MEDTRONIC INC | medtronic095603_ex10-2.htm |
| EX-32.1 - CERTIFICATION OF CEO PURSUANT TO SECTION 906 - MEDTRONIC INC | medtronic095603_ex32-1.htm |
| EX-10.3 - 2005 EMPLOYEES STOCK PURCHASE PLAN - MEDTRONIC INC | medtronic095603_ex10-3.htm |
| EX-10.1 - CHANGE OF CONTROL AGREEMENT - MEDTRONIC INC | medtronic095603_ex10-1.htm |
| EX-31.1 - CERTIFICATION OF CEO PURSUANT TO SECTION 302 - MEDTRONIC INC | medtronic095603_ex31-1.htm |
| EX-32.2 - CERTIFICATION OF CFO PURSUANT TO SECTION 906 - MEDTRONIC INC | medtronic095603_ex32-2.htm |
| 10-Q - FORM 10-Q FOR QUARTERLY PERIOD ENDED OCTOBER 30, 2009 - MEDTRONIC INC | medtronic095603_10-q.htm |
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 30, 2009 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 24, 2009, April 25, 2008, April 27, 2007, April 28, 2006, and April 29, 2005 was computed based on Medtronic’s historical consolidated financial information.
|
|
|
Six months ended |
|
Year ended |
|
Year ended |
|
Year ended |
|
Year ended |
|
Year ended |
| ||||||
|
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
868 |
|
$ |
2,070 |
|
$ |
2,138 |
|
$ |
2,703 |
|
$ |
2,519 |
|
$ |
1,797 |
|
|
Income taxes |
|
|
242 |
|
|
370 |
|
|
602 |
|
|
658 |
|
|
598 |
|
|
736 |
|
|
Minority interest (loss)/income |
|
|
4 |
|
|
1 |
|
|
- |
|
|
- |
|
|
- |
|
|
(1 |
) |
|
Capitalized interest (1) |
|
|
(3 |
) |
|
(5 |
) |
|
(10 |
) |
|
(3 |
) |
|
(3 |
) |
|
(1 |
) |
|
|
|
$ |
1,111 |
|
$ |
2,436 |
|
$ |
2,730 |
|
$ |
3,358 |
|
$ |
3,114 |
|
$ |
2,531 |
|
|
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (2) |
|
$ |
198 |
|
$ |
371 |
|
$ |
400 |
|
$ |
383 |
|
$ |
162 |
|
$ |
66 |
|
|
Capitalized interest (1) |
|
|
3 |
|
|
5 |
|
|
10 |
|
|
3 |
|
|
3 |
|
|
1 |
|
|
Amortization of debt issuance costs (3) |
|
|
5 |
|
|
15 |
|
|
15 |
|
|
17 |
|
|
7 |
|
|
1 |
|
|
Rent interest factor (4) |
|
|
32 |
|
|
45 |
|
|
41 |
|
|
34 |
|
|
26 |
|
|
24 |
|
|
|
|
$ |
238 |
|
$ |
436 |
|
$ |
466 |
|
$ |
437 |
|
$ |
198 |
|
$ |
92 |
|
|
Earnings before income taxes and fixed charges |
|
$ |
1,349 |
|
$ |
2,872 |
|
$ |
3,196 |
|
$ |
3,795 |
|
$ |
3,312 |
|
$ |
2,623 |
|
|
Ratio of earnings to fixed charges |
|
|
6 |
|
|
7 |
|
|
7 |
|
|
9 |
|
|
17 |
|
|
29 |
|
(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 condensed consolidated financial statements for further information regarding the debt securities.
(4) Approximately one-third of rental expense is deemed representative of the interest factor.