EX-12.1 2 exb121-12312013.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXB 12.1 - 12.31.2013



EXHIBIT 12.1


MASTERCARD INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Years Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
 
(in millions, except ratios)
Pre-tax income before adjustment for non-controlling interests
$
4,502

 
$
3,932

 
$
2,746

 
$
2,757

 
$
2,218

Loss attributable to non-controlling interests and equity investments
37

 
25

 
18

 
1

 
3

Add: Fixed charges
20

 
25

 
29

 
56

 
120

Earnings
$
4,559

 
$
3,982

 
$
2,793

 
$
2,814

 
$
2,341

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
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
$
20

 
$
25

 
$
29

 
$
56

 
$
120

Ratio of earnings to fixed charges
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.