Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
(in millions) | Six Months Ended June 30, 2015 | Year ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Income before income taxes | $ | 2,280 | $ | 4,395 | $ | 3,973 | $ | 3,470 | $ | 3,135 | $ | 3,021 | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interests(1) | 10 | (30 | ) | 19 | (18 | ) | 2 | (13 | ) | |||||||||||||||
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Pre-tax income attributable to BlackRock, Inc. | 2,270 | 4,425 | 3,954 | 3,488 | 3,133 | 3,034 | ||||||||||||||||||
Add: Fixed charges | 132 | 254 | 258 | 261 | 236 | 209 | ||||||||||||||||||
Distributions of earnings from equity method investees | 25 | 57 | 80 | 42 | 30 | 14 | ||||||||||||||||||
Less: (Losses) earnings from equity method investees | 51 | 158 | 158 | 175 | 23 | 141 | ||||||||||||||||||
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Pre-tax income before fixed charges | $ | 2,376 | $ | 4,578 | $ | 4,134 | $ | 3,616 | $ | 3,376 | $ | 3,116 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 103 | $ | 232 | $ | 211 | $ | 215 | $ | 176 | $ | 150 | ||||||||||||
Interest expense on uncertain tax positions(2) | 6 | (22 | ) | 3 | 3 | 10 | 8 | |||||||||||||||||
Portion of rent representative of interest(3) | 23 | 44 | 44 | 43 | 50 | 51 | ||||||||||||||||||
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Total fixed charges | $ | 132 | $ | 254 | $ | 258 | $ | 261 | $ | 236 | $ | 209 | ||||||||||||
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Ratio of earnings to fixed charges | 18.0x | 18.0x | 16.0x | 13.9x | 14.3x | 14.9x | ||||||||||||||||||
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(1) | Amount includes redeemable and nonredeemable noncontrolling interests. |
(2) | Interest expense on uncertain tax positions 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. |