EX-12.1 8 ndaq12312016ex-121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
Nasdaq, Inc.
Computation of Ratio of Earnings to Fixed Charges
And Preferred Stock Dividends
(Dollars in Millions)
Unaudited
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations(1)
$
132

(3) 
$
612

(3) 
$
592

 
$
600

(4) 
$
548

(4) 
 
 
 
 
 
 
 
 
 
 
 
Add: fixed charges
151

 
127

 
134

 
126

 
111

 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income before fixed charges
283

 
739

 
726

 
726

 
659

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense(2)
151

 
127

 
134

 
126

 
111

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
151

 
127

 
134

 
126

 
111

 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock dividend requirements
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and preferred stock dividends
$
151

 
$
127

 
$
134

 
$
126

 
$
111

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.87

 
5.82

 
5.42

 
5.76

 
5.94

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends
1.87

 
5.82

 
5.42

 
5.76

 
5.94

 
 
(1) 
Pre-tax income from continuing operations is before equity in earnings of 50%-or-less-owned companies.
(2) 
Consists of interest expense on all debt obligations (including accretion of debt issuance costs and debt discount) and the portion of operating lease rental expense that is representative of the interest factor.
(3) 
Includes an asset impairment charge of $578 million in 2016 and costs of $41 million in 2016 and $172 million in 2015 associated with Nasdaq’s 2015 restructuring program that was announced in 2015.
(4) 
Includes costs of $9 million in 2013 and $44 million in 2012 associated with Nasdaq’s 2012 restructuring program that was announced in 2012.