Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
|
|
|
Year ended December 31, |
|
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|
(in millions) |
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
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|
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. |