BlackRock (BLK) 10-Q2017 Q1 Quarterly report

Filed: 9 May 17, 12:00am

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New words: adequately, Article, ASC, Beginning, breached, called, commencing, concentrated, crash, discrete, dismissed, dismissing, disproportionately, disruption, Energy, error, ETF, external, failing, flash, franchise, hidden, human, integral, law, negotiating, Northern, notice, overly, passed, passive, purportedly, reclassification, refinancing, repaid, repositioning, Retirement, seasonal, served, Treaty, underperformance, underperformed, unduly, unsubordinated, upfront

Removed: acquirer, Aegon, AOCI, BKCA, Canadian, clarification, collateralized, considerably, deconsolidation, determination, discipline, diversified, EMEA, exercised, expenditure, fluctuate, FutureAdvisor, headcount, high, identification, implementation, influence, Infraestructura, Institucional, Kelso, launch, licensing, Lynch, obtaining, offshore, organizational, quality, requirement, restated, rollforward, set, Simplifying, stated, sterling, strong, subsequently, UK, VII

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Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

	Three Months Ended March 31,		Year ended December 31,
(in millions)	2017		2016			2015		2014			2013		2012
Income before income taxes	$	1,140	$	4,460		$	4,602	$	4,395		$	3,973	$	3,470
Less: Net income (loss) attributable to noncontrolling interests⁽¹⁾		9		(2	)		7		(30	)		19		(18	)
Pre-tax income attributable to BlackRock, Inc.		1,131		4,462			4,595		4,425			3,954		3,488
Add: Fixed charges		65		253			261		254			258		261
Distributions of earnings from equity method investees		5		31			41		57			80		42
Less: (Losses) earnings from equity method investees		32		113			91		158			158		175
Pre-tax income before fixed charges	$	1,169	$	4,633		$	4,806	$	4,578		$	4,134	$	3,616
Fixed charges:
Interest expense	$	51	$	205		$	204	$	232		$	211	$	215
Interest expense on uncertain tax positions⁽²⁾		3		3			12		(22	)		3		3
Portion of rent representative of interest⁽³⁾		11		45			45		44			44		43
Total fixed charges	$	65	$	253		$	261	$	254		$	258	$	261
Ratio of earnings to fixed charges	18.0x		18.3x			18.4x		18.0x			16.0x		13.9x

⁽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.