EX-12.1 5 cme-2017123110kex121.htm RATIO OF FIXED CHARGES Exhibit
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,
 
2017
 
2016
 
2015
 
2014
 
2013
Income before income taxes
$
2,526.3

 
$
2,287.6

 
$
1,956.8

 
$
1,771.4

 
$
1,601.0

Add back:
 
 
 
 
 
 
 
 
 
Share of losses on equity investees (2)
—

 
1.0

 
2.6

 
6.5

 
6.4

Amortization of capitalized interest
—

 
—

 
0.2

 
0.3

 
0.2

Distributed income from equity investees
103.2

 
107.9

 
94.9

 
76.2

 
68.5

Subtract:
 
 
 
 
 
 
 
 
 
Share of earnings of equity investees (2)
(129.2
)
 
(111.2
)
 
(102.6
)
 
(91.3
)
 
(76.9
)
Pre-tax adjusted earnings
2,500.3

 
2,285.3

 
1,951.9

 
1,763.1

 
1,599.2

 
 
 
 
 
 
 
 
 
 
Plus:
 
 
 
 
 
 
 
 
 
Interest expense
117.1

 
123.5

 
117.4

 
119.4

 
151.4

Interest expense within rent
13.0

 
16.1

 
16.0

 
15.5

 
13.9

Pre-tax adjusted earnings before fixed charges
$
2,630.4

 
$
2,424.9

 
$
2,085.3

 
$
1,898.0

 
$
1,764.5

 
 
 
 
 
 
 
 
 
 
Fixed charges
$
130.1

 
$
139.6

 
$
133.4

 
$
134.9

 
$
165.3

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
20.22

 
17.37

 
15.64

 
14.07

 
10.67

(1)     The ratio of earnings to fixed charges is calculated by dividing pre-tax adjusted earnings before fixed charged 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.