EX-12.1 3 exb121-12312017.htm EXHIBIT 12.1 Exhibit



EXHIBIT 12.1


MASTERCARD INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Years Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
 
(in millions, except ratios)
Pre-tax income before adjustment for non-controlling interests
$
6,516

 
$
5,640

 
$
4,952

 
$
5,082

 
$
4,502

Loss attributable to non-controlling interests and equity investments
17

 
20

 
89

 
27

 
37

Add: Fixed charges
157

 
97

 
63

 
50

 
20

Earnings
$
6,690

 
$
5,757

 
$
5,104

 
$
5,159

 
$
4,559

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
154

 
$
95

 
$
61

 
$
48

 
$
14

Portion of rental expense under operating leases deemed to be the equivalent of interest 1
3

 
2

 
2

 
2

 
6

Total fixed charges
$
157

 
$
97

 
$
63

 
$
50

 
$
20

Ratio of earnings to fixed charges
42.6

 
59.4

 
81.0

 
103.2

 
228.0

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