Attached files
| file | filename |
|---|---|
| 10-Q - 10-Q - BlackRock Inc. | blk-10q_20180331.htm |
| EX-32.1 - SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER - BlackRock Inc. | blk-ex321_8.htm |
| EX-31.2 - SECTION 302 CERTIFICATION OF CHIEF FINANCIAL OFFICER - BlackRock Inc. | blk-ex312_6.htm |
| EX-31.1 - SECTION 302 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - BlackRock Inc. | blk-ex311_9.htm |
| EX-10.1 - FORM OF PERFORMANCE-BASED STOCK OPTION AGREEMENT UNDER THE BLACKROCK, INC. SECON - BlackRock Inc. | blk-ex101_886.htm |
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
|
|
|
Three Months Ended March 31, |
|
|
Year ended December 31, |
|
||||||||||||||||||
|
(in millions) |
|
2018 |
|
|
2017(4) |
|
|
2016(4) |
|
|
2015(4) |
|
|
2014(4) |
|
|
2013(4) |
|
||||||
|
Income before income taxes |
|
$ |
1,359 |
|
|
$ |
5,259 |
|
|
$ |
4,455 |
|
|
$ |
4,602 |
|
|
$ |
4,395 |
|
|
$ |
3,973 |
|
|
Less: Net income (loss) attributable to noncontrolling interests(1) |
|
|
5 |
|
|
|
37 |
|
|
|
(2 |
) |
|
|
7 |
|
|
|
(30 |
) |
|
|
19 |
|
|
Pre-tax income attributable to BlackRock, Inc. |
|
|
1,354 |
|
|
|
5,222 |
|
|
|
4,457 |
|
|
|
4,595 |
|
|
|
4,425 |
|
|
|
3,954 |
|
|
Add: Fixed charges |
|
|
60 |
|
|
|
247 |
|
|
|
253 |
|
|
|
261 |
|
|
|
254 |
|
|
|
258 |
|
|
Distributions of earnings from equity method investees |
|
|
10 |
|
|
|
35 |
|
|
|
31 |
|
|
|
41 |
|
|
|
57 |
|
|
|
80 |
|
|
Less: (Losses) earnings from equity method investees |
|
|
33 |
|
|
|
122 |
|
|
|
113 |
|
|
|
91 |
|
|
|
158 |
|
|
|
158 |
|
|
Pre-tax income before fixed charges |
|
$ |
1,391 |
|
|
$ |
5,382 |
|
|
$ |
4,628 |
|
|
$ |
4,806 |
|
|
$ |
4,578 |
|
|
$ |
4,134 |
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
46 |
|
|
$ |
191 |
|
|
$ |
205 |
|
|
$ |
204 |
|
|
$ |
232 |
|
|
$ |
211 |
|
|
Interest expense on uncertain tax positions(2) |
|
|
3 |
|
|
|
12 |
|
|
|
3 |
|
|
|
12 |
|
|
|
(22 |
) |
|
|
3 |
|
|
Portion of rent representative of interest(3) |
|
|
11 |
|
|
|
44 |
|
|
|
45 |
|
|
|
45 |
|
|
|
44 |
|
|
|
44 |
|
|
Total fixed charges |
|
$ |
60 |
|
|
$ |
247 |
|
|
$ |
253 |
|
|
$ |
261 |
|
|
$ |
254 |
|
|
$ |
258 |
|
|
Ratio of earnings to fixed charges |
|
|
23.2 |
x |
|
|
21.8 |
x |
|
|
18.3 |
x |
|
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. |