EX-12.1 2 blk-ex121_7.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES blk-ex121_7.htm

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

 

(in millions)

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Income before income taxes

 

$

5,277

 

 

$

4,460

 

 

$

4,602

 

 

$

4,395

 

 

$

3,973

 

Less: Net income (loss) attributable to noncontrolling interests(1)

 

 

37

 

 

 

(2

)

 

 

7

 

 

 

(30

)

 

 

19

 

Pre-tax income attributable to BlackRock, Inc.

 

 

5,240

 

 

 

4,462

 

 

 

4,595

 

 

 

4,425

 

 

 

3,954

 

Add: Fixed charges

 

 

247

 

 

 

253

 

 

 

261

 

 

 

254

 

 

 

258

 

         Distributions of earnings from equity method investees

 

 

35

 

 

 

31

 

 

 

41

 

 

 

57

 

 

 

80

 

Less: (Losses) earnings from equity method investees

 

 

122

 

 

 

113

 

 

 

91

 

 

 

158

 

 

 

158

 

Pre-tax income before fixed charges

 

$

5,400

 

 

$

4,633

 

 

$

4,806

 

 

$

4,578

 

 

$

4,134

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

191

 

 

$

205

 

 

$

204

 

 

$

232

 

 

$

211

 

Interest expense on uncertain tax positions(2)

 

 

12

 

 

 

3

 

 

 

12

 

 

 

(22

)

 

 

3

 

Portion of rent representative of interest(3)

 

 

44

 

 

 

45

 

 

 

45

 

 

 

44

 

 

 

44

 

Total fixed charges

 

$

247

 

 

$

253

 

 

$

261

 

 

$

254

 

 

$

258

 

Ratio of earnings to fixed charges

 

 

21.9

x

 

 

18.3

x

 

 

18.4

x

 

 

18.0

x

 

 

16.0

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.