EX-12.1 5 exb121-03312014.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXB 12.1 - 03.31.2014



EXHIBIT 12.1


MASTERCARD INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Three Months Ended
 
Years Ended December 31,
 
March 31, 2014
 
2013
 
2012
 
2011
 
2010
 
2009
 
(in millions, except ratios)
Pre-tax income (loss) before adjustment for non-controlling interests
$
1,281

 
$
4,502

 
$
3,932

 
$
2,746

 
$
2,757

 
$
2,218

Loss attributable to non-controlling interests and equity investments
8

 
37

 
25

 
18

 
1

 
3

Add: Fixed charges
6

 
20

 
25

 
29

 
56

 
120

Earnings (loss)
$
1,295

 
$
4,559

 
$
3,982

 
$
2,793

 
$
2,814

 
$
2,341

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
6

 
$
14

 
$
20

 
$
25

 
$
52

 
$
115

Portion of rental expense under operating leases deemed to be the equivalent of interest 1
—

 
6

 
5

 
4

 
4

 
5

Total fixed charges
$
6

 
$
20

 
$
25

 
$
29

 
$
56

 
$
120

Ratio of earnings to fixed charges
215.8

 
228.0

 
159.3

 
96.3

 
50.3

 
19.5

    
1 Portion of rental expense under operating leases deemed to be the equivalent of interest at an appropriate interest factor.