Exhibit 12.1
MASTERCARD INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31, 2015 |
Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
(in millions, except ratios) | ||||||||||||||||||||||||
Pre-tax income before adjustment for non-controlling interests | $ | 1,340 | $ | 5,082 | $ | 4,502 | $ | 3,932 | $ | 2,746 | $ | 2,757 | ||||||||||||
Loss attributable to non-controlling interests and equity investments | 8 | 27 | 37 | 25 | 18 | 1 | ||||||||||||||||||
Add: Fixed charges | 18 | 50 | 20 | 25 | 29 | 56 | ||||||||||||||||||
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Earnings | $ | 1,366 | $ | 5,159 | $ | 4,559 | $ | 3,982 | $ | 2,793 | $ | 2,814 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 17 | $ | 48 | $ | 14 | $ | 20 | $ | 25 | $ | 52 | ||||||||||||
Portion of rental expense under operating leases deemed to be the equivalent of interest(1) | 1 | 2 | 6 | 5 | 4 | 4 | ||||||||||||||||||
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Total fixed charges | $ | 18 | $ | 50 | $ | 20 | $ | 25 | $ | 29 | $ | 56 | ||||||||||||
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Ratio of earnings to fixed charges | 75.9 | 103.2 | 228.0 | 159.3 | 96.3 | 50.3 | ||||||||||||||||||
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(1) | Portion of rental expense under operating leases deemed to be the equivalent of interest at an appropriate interest factor. |