EX-12.1 5 cme-2013123110kex121.htm RATIO OF FIXED CHARGES CME-2013.12.31 10K Ex 12.1
Exhibit 12.1


Ratio of Earnings to Fixed Charges (1)                                   
The following table sets forth our ratio of earnings to fixed charges (1) for the periods indicated. All amounts are in millions, except for the ratio of earnings to fixed charges.
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Income before income taxes
$
1,601.0

 
$
1,693.4

 
$
1,936.5

 
$
1,721.9

 
$
1,437.5

Add back:
 
 
 
 
 
 
 
 
 
Share of loss on equity investees (2)
6.4

 
5.5

 
5.9

 
7.2

 
7.2

Amortization of capitalized interest
0.2

 
0.2

 
0.2

 
0.1

 
—

Distributed income from equity investees
68.5

 
14.9

 
—

 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
Share of gains on equity investees (2)
(76.9
)
 
(36.2
)
 
(1.6
)
 
(0.8
)
 
—

Capitalized interest
—

 
(0.6
)
 
(1.0
)
 
(0.3
)
 
(1.4
)
Earnings Before Income Taxes
1,599.2

 
1,677.2

 
1,940.0

 
1,728.1

 
1,443.3

 
 
 
 
 
 
 
 
 
 
Plus:
 
 
 
 
 
 
 
 
 
Interest expense
151.4

 
132.7

 
117.9

 
140.6

 
135.3

Interest expense within rent
13.9

 
11.7

 
11.2

 
10.5

 
10.2

Adjusted Earnings
$
1,764.5

 
$
1,821.6

 
$
2,069.1

 
$
1,879.2

 
$
1,588.8

 
 
 
 
 
 
 
 
 
 
Fixed Charges
$
165.3

 
$
144.4

 
$
129.1

 
$
151.1

 
$
145.5

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
10.67

 
12.62

 
16.02

 
12.44

 
10.92

(1)     The ratio of earnings to fixed charges is calculated by dividing adjusted earnings by fixed charges. “Fixed charges” consist of interest incurred and an estimate of interest within rental expense.
(2)    Represents CME Group's interest in various entities, which is recognized using the equity method of accounting.