EXHIBIT 12.1
MASTERCARD INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended | | Years Ended December 31, |
| June 30, 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | 2011 |
| (in millions, except ratios) |
Pre-tax income before adjustment for non-controlling interests | $ | 2,699 |
| | $ | 4,952 |
| | $ | 5,082 |
| | $ | 4,502 |
| | $ | 3,932 |
| | $ | 2,746 |
|
Loss attributable to non-controlling interests and equity investments | 9 |
| | 89 |
| | 27 |
| | 37 |
| | 25 |
| | 18 |
|
Add: Fixed charges | 43 |
| | 63 |
| | 50 |
| | 20 |
| | 25 |
| | 29 |
|
Earnings | $ | 2,751 |
| | $ | 5,104 |
| | $ | 5,159 |
| | $ | 4,559 |
| | $ | 3,982 |
| | $ | 2,793 |
|
Fixed charges: | | | | | | | | | | | |
Interest expense | $ | 42 |
| | $ | 61 |
| | $ | 48 |
| | $ | 14 |
| | $ | 20 |
| | $ | 25 |
|
Portion of rental expense under operating leases deemed to be the equivalent of interest 1 | 1 |
| | 2 |
| | 2 |
| | 6 |
| | 5 |
| | 4 |
|
Total fixed charges | $ | 43 |
| | $ | 63 |
| | $ | 50 |
| | $ | 20 |
| | $ | 25 |
| | $ | 29 |
|
Ratio of earnings to fixed charges | 64.0 |
| | 81.0 |
| | 103.2 |
| | 228.0 |
| | 159.3 |
| | 96.3 |
|
1 Portion of rental expense under operating leases deemed to be the equivalent of interest at an appropriate interest factor.