EX-12.1 3 mdt-20170428xex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12.1
MEDTRONIC PLC COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The ratio of earnings to fixed charges for the fiscal years ended April 28, 2017, April 29, 2016, April 24, 2015, April 25, 2014, April 26, 2013, and April 27, 2012 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.

(in millions, except ratio of earnings to fixed charges) |  | Year ended April 28, 2017 |  | Year ended April 29, 2016 |  | Year ended April 24, 2015 |  | Year ended April 25, 2014 |  | Year ended April 26, 2013 |  | Year ended April 27, 2012
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income before provision for income taxes |  | $ | 4,602 |  |  | $ | 4,336 |  |  | $ | 3,486 |  |  | $ | 3,705 |  |  | $ | 4,251 |  |  | $ | 4,145 |
Noncontrolling interest loss (income) |  | 4 |  |  | 4 |  |  | 1 |  |  | (1 | ) |  | (1 | ) |  | 8 |
Capitalized interest(1) |  | (12 | ) |  | (10 | ) |  | (5 | ) |  | (4 | ) |  | (4 | ) |  | (4 | )
|  | $ | 4,594 |  |  | $ | 4,330 |  |  | $ | 3,482 |  |  | $ | 3,700 |  |  | $ | 4,246 |  |  | $ | 4,149 |
Fixed Charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, gross(2) |  | $ | 1,094 |  |  | $ | 1,386 |  |  | $ | 666 |  |  | $ | 379 |  |  | $ | 392 |  |  | $ | 353 |
Rent interest factor(3) |  | 88 |  |  | 81 |  |  | 59 |  |  | 45 |  |  | 42 |  |  | 46 |
|  | $ | 1,182 |  |  | $ | 1,467 |  |  | $ | 725 |  |  | $ | 424 |  |  | $ | 434 |  |  | $ | 399 |
Earnings before income taxes and fixed charges |  | $ | 5,776 |  |  | $ | 5,797 |  |  | $ | 4,207 |  |  | $ | 4,124 |  |  | $ | 4,680 |  |  | $ | 4,548 |
Ratio of earnings to fixed charges |  | 5 |  |  | 4 |  |  | 6 |  |  | 10 |  |  | 11 |  |  | 11 |

(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.