Attached files
EXHIBIT 12.1
MASTERCARD INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
| Three Months Ended March 31, 2010 |
Year Ended December 31, | |||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
| Pre-tax income (loss) before adjustment for non-controlling interests |
$ | 695 | $ | 2,218 | $ | (383 | ) | $ | 1,671 | $ | 294 | $ | 407 | |||||||
| Loss attributable to non-controlling interests |
— | 3 | 2 | 1 | (1 | ) | — | |||||||||||||
| Add: Fixed charges |
16 | 120 | 109 | 62 | 65 | 74 | ||||||||||||||
| Earnings |
$ | 711 | $ | 2,341 | $ | (272 | ) | $ | 1,734 | $ | 358 | $ | 481 | |||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
$ | 15 | $ | 115 | $ | 104 | $ | 57 | $ | 61 | $ | 70 | ||||||||
| Portion of rental expense under operating leases deemed to be the equivalent of interest 1 |
1 | 5 | 5 | 5 | 4 | 4 | ||||||||||||||
| Total fixed charges |
$ | 16 | $ | 120 | $ | 109 | $ | 62 | $ | 65 | $ | 74 | ||||||||
| Ratio of earnings to fixed charges |
44.4 | 19.5 | — | 2 | 28.0 | 5.5 | 6.5 | |||||||||||||
| 1 | Portion of rental expense under operating leases deemed to be the equivalent of interest at an appropriate interest factor. |
| 2 | The ratio coverage was less than 1:1. MasterCard would have needed to generate additional earnings of $381 to achieve a coverage of 1:1 in 2008. |