VISA INC. - FORM 10-K - EX-12.1 - STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - November 20, 2014

Attached files

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EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 - VISA INC.vex311093014.htm
EX-10.44 - FORM OF VISA INC. 2007 INCENTIVE COMP PLAN - PS AWARD - VISA INC.vex1044093014.htm
EX-32.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 - VISA INC.vex322093014.htm
EX-10.53 - SIGN-ON BONUS AGREEMENT DATED MAY 22, 2013 BETWEEN VISA INC. AND RYAN MCINERNEY - VISA INC.vex1053093014.htm
EX-23.1 - CONSENT OF KPMG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - VISA INC.vex231093014.htm
EX-10.54 - OFFER LETTER DATED NOVEMBER 6, 2013 BETWEEN VISA INC. AND RAJAT TANEJA - VISA INC.vex1054093014.htm
EX-10.40 - FORM OF VISA INC. 2007 EQUITY INCENTIVE COMP PLAN - DIRECTOR RSU AWARD - VISA INC.vex1040093014.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 - VISA INC.vex312093014.htm
EX-10.42 - FORM OF VISA INC. 2007 EQUITY INCENTIVE COMP PLAN - RS AWARD - VISA INC.vex1042093014.htm
EX-10.55 - SIGN-ON BONUS AGREEMENT DATED NOV 12, 2013 BETWEEN VISA INC. AND RAJAT TANEJA - VISA INC.vex1055093014.htm
EX-10.45 - FORM OF ALTERNATIVE VISA INC. 2007 EQUITY INCENTIVE COMP PLAN - STOCK OPTION - VISA INC.vex1045093014.htm
EX-10.14 - AMENDMENT DATED AUG 26, 2014 TO THE OMNIBUS AGREEMENT - VISA INC.vex1014093014.htm
EX-21.1 - LIST OF SIGNIFICANT SUBSIDIARIES OF VISA INC. - VISA INC.vex211093014.htm
EX-10.18 - VISA INC. 2007 EQUITY INCENTIVE COMP PLAN, AS AMENDED AND RESTATED - VISA INC.vex1018093014.htm
EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 - VISA INC.vex321093014.htm
EX-10.46 - FORM OF ALTERNATIVE VISA INC. 2007 EQUITY INCENTIVE COMP PLAN - RS AWARD - VISA INC.vex1046093014.htm
EX-10.41 - FORM OF VISA INC. 2007 EQUITY INCENTIVE COMP PLAN - STOCK OPTION - VISA INC.vex1041093014.htm
EX-10.43 - FORM OF VISA INC. 2007 EQUITY INCENTIVE COMP PLAN - RSU AWARD - VISA INC.vex1043093014.htm
EX-10.51 - AMENDMENT NO. 1 TO THE AIRCRAFT TIME SHARING AGREEMENT - VISA INC.vex1051093014.htm
EX-10.47 - FORM OF ALTERNATIVE VISA INC. 2007 EQUITY INCENTIVE COMP PLAN - RSU AWARD - VISA INC.vex1047093014.htm
EXCEL - IDEA: XBRL DOCUMENT - VISA INC.Financial_Report.xls
10-K - 10-K - VISA INC.v09301410-k.htm
EX-10.17 - VISA DIRECTORS DEFERRED COMPENSATION PLAN, AS AMENDED AND RESTATED - VISA INC.vex1017093014.htm


Exhibit 12.1

VISA INC.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
For the Years Ended September 30,
(in millions, except for ratios)
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
 
Income before income taxes including non-controlling interest(1)
 
$
7,724

 
$
7,257

 
$
2,207

 
$
5,656

 
$
4,638

Fixed charges
 
8

 
4

 
(29
)
 
32

 
72

Other adjustments
 
1

 
4

 
7

 
4

 
8

Total earnings
 
$
7,733

 
$
7,265

 
$
2,185

 
$
5,692

 
$
4,718

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense(2)
 
$
8

 
$
4

 
$
(29
)
 
$
32

 
$
72

Total fixed charges
 
$
8

 
$
4

 
$
(29
)
 
$
32

 
$
72

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges(3)
 
926.6

 
1,880.7

 
(75.9
)
 
175.5

 
65.5

(1) 
During fiscal 2014 and 2012, we recorded litigation provisions of $450 million and $4.1 billion, respectively, and related tax benefits, associated with the interchange multidistrict litigation, which is covered by the retrospective responsibility plan. See Note 3—Retrospective Responsibility Plan and Note 20—Legal Matters to our consolidated financial statements of this report.
(2) 
Interest expense for the five years presented primarily consists of accretion on litigation matters, interest expense related to uncertain tax positions and interest expense on outstanding debt. Interest expense related to uncertain tax positions for the years ended September 30, 2014, 2013, 2012, 2011 and 2010 was $10 million, $9 million, $(45) million, $7 million and $37 million, respectively. During fiscal 2012, we reversed all previously recorded tax reserves and accrued interest associated with uncertainties related to the deductibility of covered litigation expense recorded in fiscal 2007 through fiscal 2011. See Overview in Item 7—Management's Discussion and Analysis of Financial Condition and Results of Operations of this report.
(3) 
Figures in the table may not recalculate exactly due to rounding. Earnings to fixed charges ratios are calculated based on unrounded numbers.



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