Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(in millions) | Nine Months Ended September 30, 2014 | Year ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Income before income taxes | $ | 3,311 | $ | 3,973 | $ | 3,470 | $ | 3,135 | $ | 3,021 | $ | 1,272 | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interests(1) | (23 | ) | 19 | (18 | ) | 2 | (13 | ) | 22 | |||||||||||||||
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Pre-tax income attributable to BlackRock, Inc. | 3,334 | 3,954 | 3,488 | 3,133 | 3,034 | 1,250 | ||||||||||||||||||
Add: Fixed charges | 185 | 258 | 261 | 236 | 209 | 104 | ||||||||||||||||||
Distributions of earnings from equity method investees | 44 | 80 | 42 | 30 | 14 | 18 | ||||||||||||||||||
Less: (Losses) earnings from equity method investees | 133 | 158 | 175 | 23 | 141 | 30 | ||||||||||||||||||
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Pre-tax income before fixed charges | $ | 3,430 | $ | 4,134 | $ | 3,616 | $ | 3,376 | $ | 3,116 | $ | 1,342 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 174 | $ | 211 | $ | 215 | $ | 176 | $ | 150 | $ | 68 | ||||||||||||
Interest expense on uncertain tax positions(2) | (22 | ) | 3 | 3 | 10 | 8 | 8 | |||||||||||||||||
Portion of rent representative of interest(3) | 33 | 44 | 43 | 50 | 51 | 28 | ||||||||||||||||||
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Total fixed charges | $ | 185 | $ | 258 | $ | 261 | $ | 236 | $ | 209 | $ | 104 | ||||||||||||
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Ratio of earnings to fixed charges | 18.5x | 16.0x | 13.9x | 14.3x | 14.9x | 12.9x | ||||||||||||||||||
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(1) | Amount includes redeemable and nonredeemable noncontrolling interests. |
(2) | Interest expense on uncertain tax positions, in accordance with ASC 740-10,Income Taxes, has been recorded within income tax expense on the consolidated statements of income. |
(3) | The portion of rent representative of interest is calculated as one third of the total rent expense. |