Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - MEDTRONIC INC | Financial_Report.xls |
| EX-31.2 - CERTIFICATION OF CFO PURSUANT TO SECTION 302 - MEDTRONIC INC | medtronic101082_ex31-2.htm |
| EX-31.1 - CERTIFICATION OF CEO PURSUANT TO SECTION 302 - MEDTRONIC INC | medtronic101082_ex31-1.htm |
| EX-32.1 - CERTIFICATION OF CEO PURSUANT TO SECTION 906 - MEDTRONIC INC | medtronic101082_ex32-1.htm |
| EX-32.2 - CERTIFICATION OF CFO PURSUANT TO SECTION 906 - MEDTRONIC INC | medtronic101082_ex32-2.htm |
| 10-Q - FORM 10-Q FOR THE QUARTER ENDED JANUARY 29, 2010 - MEDTRONIC INC | medtronic101082_10q.htm |
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 29, 2010 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.
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Nine
months |
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Year
ended |
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Year
ended |
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Year
ended |
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Year
ended |
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Year
ended |
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Earnings: |
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Net earnings |
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$ |
2,145 |
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$ |
2,070 |
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$ |
2,138 |
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$ |
2,703 |
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$ |
2,519 |
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$ |
1,797 |
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Income taxes |
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590 |
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370 |
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602 |
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658 |
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598 |
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736 |
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Minority interest loss/ (income) |
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6 |
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1 |
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— |
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— |
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— |
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(1 |
) |
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Capitalized interest (1) |
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(3 |
) |
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(5 |
) |
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(10 |
) |
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(3 |
) |
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(3 |
) |
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(1 |
) |
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$ |
2,738 |
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$ |
2,436 |
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$ |
2,730 |
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$ |
3,358 |
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$ |
3,114 |
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$ |
2,531 |
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Fixed Charges: |
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Interest expense (2) |
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$ |
294 |
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$ |
371 |
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$ |
400 |
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$ |
383 |
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$ |
162 |
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$ |
66 |
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Capitalized interest (1) |
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3 |
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5 |
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10 |
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3 |
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3 |
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1 |
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Amortization of debt issuance costs (3) |
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8 |
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15 |
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15 |
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17 |
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7 |
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1 |
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Rent interest factor (4) |
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32 |
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45 |
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41 |
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34 |
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26 |
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24 |
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$ |
337 |
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$ |
436 |
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$ |
466 |
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$ |
437 |
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$ |
198 |
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$ |
92 |
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Earnings before income taxes and fixed charges |
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$ |
3,075 |
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$ |
2,872 |
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$ |
3,196 |
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$ |
3,795 |
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$ |
3,312 |
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$ |
2,623 |
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Ratio of earnings to fixed charges |
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9 |
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7 |
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7 |
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9 |
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17 |
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29 |
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(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.
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