Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
Nine Months Ended September 30, |
|
| Year ended December 31, |
| |||||||||||||||||||
(in millions) | 2018 |
|
| 2017(4) |
|
| 2016(4) |
|
| 2015(4) |
|
| 2014(4) |
|
| 2013(4) |
| ||||||
Income before income taxes | $ | 4,204 |
|
| $ | 5,259 |
|
| $ | 4,455 |
|
| $ | 4,602 |
|
| $ | 4,395 |
|
| $ | 3,973 |
|
Less: Net income (loss) attributable to noncontrolling interests(1) |
| (3 | ) |
|
| 37 |
|
|
| (2 | ) |
|
| 7 |
|
|
| (30 | ) |
|
| 19 |
|
Pre-tax income attributable to BlackRock, Inc. |
| 4,207 |
|
|
| 5,222 |
|
|
| 4,457 |
|
|
| 4,595 |
|
|
| 4,425 |
|
|
| 3,954 |
|
Add: Fixed charges |
| 186 |
|
|
| 247 |
|
|
| 253 |
|
|
| 261 |
|
|
| 254 |
|
|
| 258 |
|
Distributions of earnings from equity method investees |
| 23 |
|
|
| 35 |
|
|
| 31 |
|
|
| 41 |
|
|
| 57 |
|
|
| 80 |
|
Less: (Losses) earnings from equity method investees |
| 92 |
|
|
| 122 |
|
|
| 113 |
|
|
| 91 |
|
|
| 158 |
|
|
| 158 |
|
Pre-tax income before fixed charges | $ | 4,324 |
|
| $ | 5,382 |
|
| $ | 4,628 |
|
| $ | 4,806 |
|
| $ | 4,578 |
|
| $ | 4,134 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense | $ | 138 |
|
| $ | 191 |
|
| $ | 205 |
|
| $ | 204 |
|
| $ | 232 |
|
| $ | 211 |
|
Interest expense on uncertain tax positions(2) |
| 14 |
|
|
| 12 |
|
|
| 3 |
|
|
| 12 |
|
|
| (22 | ) |
|
| 3 |
|
Portion of rent representative of interest(3) |
| 34 |
|
|
| 44 |
|
|
| 45 |
|
|
| 45 |
|
|
| 44 |
|
|
| 44 |
|
Total fixed charges | $ | 186 |
|
| $ | 247 |
|
| $ | 253 |
|
| $ | 261 |
|
| $ | 254 |
|
| $ | 258 |
|
Ratio of earnings to fixed charges |
| 23.2 | x |
| 21.8x |
|
| 18.3x |
|
| 18.4x |
|
| 18.0x |
|
| 16.0x |
|
_______________________
| (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. |
| (4) | BlackRock, Inc. adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) effective January 1, 2018. Financial results for 2017 and 2016 were recast to reflect the adoption of ASU 2014-09. Financial results for 2015, 2014 and 2013 reflect accounting guidance prior to ASU 2014-09. |