Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - CME GROUP INC. | cme-2017123110k.htm |
| EX-10.3 - EQUITY GRANT LETTER PERFORMANCE SHARES - CME GROUP INC. | cme-2017123110kex103.htm |
| EX-31.1 - SECTION 302 CERTIFICATION - CME GROUP INC. | cme-2017123110kex311.htm |
| EX-31.2 - SECTION 302 CERTIFICATION - CME GROUP INC. | cme-2017123110kex312.htm |
| EX-21.1 - LIST OF SUBSIDIARIES OF CME GROUP INC - CME GROUP INC. | cme-2017123110kex211.htm |
| EX-10.5 - EQUITY STIPEND FOR NON-EXECUTIVE DIRECTORS - CME GROUP INC. | cme-2017123110kex105.htm |
| EX-10.2 - EQUITY GRANT LETTER RESTRICTED SHARES - CME GROUP INC. | cme-2017123110kex102.htm |
| EX-23.1 - CONSENT OF ERNST & YOUNG LLP - CME GROUP INC. | cme-2017121310kex231.htm |
| EX-32.1 - CERTIFICATION PURSUANT TO U.S.C. SECTION 1350 - CME GROUP INC. | cme-2017123110kex321.htm |
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.