EXHIBIT 12.1
MASTERCARD INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(in millions, except ratios) | ||||||||||||||||||||
Pre-tax income before adjustment fornon-controlling interests | $ | 6,516 | $ | 5,640 | $ | 4,952 | $ | 5,082 | $ | 4,502 | ||||||||||
Loss attributable tonon-controlling interests and equity investments | 17 | 20 | 89 | 27 | 37 | |||||||||||||||
Add: Fixed charges | 157 | 97 | 63 | 50 | 20 | |||||||||||||||
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Earnings | $ | 6,690 | $ | 5,757 | $ | 5,104 | $ | 5,159 | $ | 4,559 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 154 | $ | 95 | $ | 61 | $ | 48 | $ | 14 | ||||||||||
Portion of rental expense under operating leases deemed to be the | 3 | 2 | 2 | 2 | 6 | |||||||||||||||
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Total fixed charges | $ | 157 | $ | 97 | $ | 63 | $ | 50 | $ | 20 | ||||||||||
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Ratio of earnings to fixed charges | 42.6 | 59.4 | 81.0 | 103.2 | 228.0 | |||||||||||||||
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1 | Portion of rental expense under operating leases deemed to be the equivalent of interest at an appropriate interest factor. |