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- 10-K Annual report
- 10.1 Second Amended and Restated 1999 Stock Award and Incentive Plan
- 10.9 Amended and Restated Blackrock, Inc. Voluntary Deferred Compensation Plan
- 12.1 Computation of Ratio of Earnings to Fixed Charges
- 21.1 Subsidiaries of Registrant
- 23.1 Deloitte and Touche LLP Consent
- 31.1 Section 302 Certification of Chief Executive Officer
- 31.2 Section 302 Certification of Chief Financial Officer
- 32.1 Section 906 Certificaton of Chief Executive Officer and Chief Financial Officer
- Download Excel data file
- View Excel data file
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
|
| Year ended December 31, |
| |||||||||||||||||
(in millions) |
| 2015 |
|
| 2014 |
|
| 2013 |
|
| 2012 |
|
| 2011 |
| |||||
Income before income taxes |
| $ | 4,602 |
|
| $ | 4,395 |
|
| $ | 3,973 |
|
| $ | 3,470 |
|
| $ | 3,135 |
|
Less: Net income (loss) attributable to noncontrolling interests(1) |
|
| 7 |
|
|
| (30 | ) |
|
| 19 |
|
|
| (18 | ) |
|
| 2 |
|
Pre-tax income attributable to BlackRock, Inc. |
|
| 4,595 |
|
|
| 4,425 |
|
|
| 3,954 |
|
|
| 3,488 |
|
|
| 3,133 |
|
Add: Fixed charges |
|
| 261 |
|
|
| 254 |
|
|
| 258 |
|
|
| 261 |
|
|
| 236 |
|
Distributions of earnings from equity method investees |
|
| 41 |
|
|
| 57 |
|
|
| 80 |
|
|
| 42 |
|
|
| 30 |
|
Less: (Losses) earnings from equity method investees |
|
| 91 |
|
|
| 158 |
|
|
| 158 |
|
|
| 175 |
|
|
| 23 |
|
Pre-tax income before fixed charges |
| $ | 4,806 |
|
| $ | 4,578 |
|
| $ | 4,134 |
|
| $ | 3,616 |
|
| $ | 3,376 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| $ | 204 |
|
| $ | 232 |
|
| $ | 211 |
|
| $ | 215 |
|
| $ | 176 |
|
Interest expense on uncertain tax positions(2) |
|
| 12 |
|
|
| (22 | ) |
|
| 3 |
|
|
| 3 |
|
|
| 10 |
|
Portion of rent representative of interest(3) |
|
| 45 |
|
|
| 44 |
|
|
| 44 |
|
|
| 43 |
|
|
| 50 |
|
Total fixed charges |
| $ | 261 |
|
| $ | 254 |
|
| $ | 258 |
|
| $ | 261 |
|
| $ | 236 |
|
Ratio of earnings to fixed charges |
|
| 18.4 | x |
|
| 18.0 | x |
|
| 16.0 | x |
|
| 13.9 | x |
|
| 14.3 | x |
(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. |