Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
|
| Nine Months Ended September 30, |
|
| Year ended December 31, |
| ||||||||||||||||||
(in millions) |
| 2015 |
|
| 2014 |
|
| 2013 |
|
| 2012 |
|
| 2011 |
|
| 2010 |
| ||||||
Income before income taxes |
| $ | 3,454 |
|
| $ | 4,395 |
|
| $ | 3,973 |
|
| $ | 3,470 |
|
| $ | 3,135 |
|
| $ | 3,021 |
|
Less: Net income (loss) attributable to noncontrolling interests(1) |
|
| (1 | ) |
|
| (30 | ) |
|
| 19 |
|
|
| (18 | ) |
|
| 2 |
|
|
| (13 | ) |
Pre-tax income attributable to BlackRock, Inc. |
|
| 3,455 |
|
|
| 4,425 |
|
|
| 3,954 |
|
|
| 3,488 |
|
|
| 3,133 |
|
|
| 3,034 |
|
Add: Fixed charges |
|
| 197 |
|
|
| 254 |
|
|
| 258 |
|
|
| 261 |
|
|
| 236 |
|
|
| 209 |
|
Distributions of earnings from equity method investees |
|
| 32 |
|
|
| 57 |
|
|
| 80 |
|
|
| 42 |
|
|
| 30 |
|
|
| 14 |
|
Less: (Losses) earnings from equity method investees |
|
| 59 |
|
|
| 158 |
|
|
| 158 |
|
|
| 175 |
|
|
| 23 |
|
|
| 141 |
|
Pre-tax income before fixed charges |
| $ | 3,625 |
|
| $ | 4,578 |
|
| $ | 4,134 |
|
| $ | 3,616 |
|
| $ | 3,376 |
|
| $ | 3,116 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| $ | 153 |
|
| $ | 232 |
|
| $ | 211 |
|
| $ | 215 |
|
| $ | 176 |
|
| $ | 150 |
|
Interest expense on uncertain tax positions(2) |
|
| 10 |
|
|
| (22 | ) |
|
| 3 |
|
|
| 3 |
|
|
| 10 |
|
|
| 8 |
|
Portion of rent representative of interest(3) |
|
| 34 |
|
|
| 44 |
|
|
| 44 |
|
|
| 43 |
|
|
| 50 |
|
|
| 51 |
|
Total fixed charges |
| $ | 197 |
|
| $ | 254 |
|
| $ | 258 |
|
| $ | 261 |
|
| $ | 236 |
|
| $ | 209 |
|
Ratio of earnings to fixed charges |
| 18.4x |
|
| 18.0x |
|
| 16.0x |
|
| 13.9x |
|
| 14.3x |
|
| 14.9x |
|
| (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. |