10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2019 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 28, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Revenue | |||
| Total revenue | $ 14,539 | 14,198 | 13,600 |
| Expense | |||
| Employee compensation and benefits | 4,470 | 4,320 | 4,253 |
| Distribution and servicing costs | 1,685 | 1,675 | 1,663 |
| Direct fund expense | 978 | 998 | 895 |
| General and administration | 1,758 | 1,638 | 1,446 |
| Restructuring charge | 60 | ||
| Amortization of intangible assets | 97 | 50 | 89 |
| Total expense | 8,988 | 8,741 | 8,346 |
| Operating income | 5,551 | 5,457 | 5,254 |
| Nonoperating income (expense) | |||
| Net gain (loss) on investments | 342 | 1 | 161 |
| Interest and dividend income | 97 | 104 | 49 |
| Interest expense | (203) | (184) | (205) |
| Total nonoperating income (expense) | 236 | (79) | 5 |
| Income before income taxes | 5,787 | 5,378 | 5,259 |
| Income tax expense | 1,261 | 1,076 | 270 |
| Net income | 4,526 | 4,302 | 4,989 |
| Net income (loss) attributable to noncontrolling interests | 50 | (3) | 37 |
| Net income attributable to BlackRock, Inc. | 4,476 | 4,305 | 4,952 |
| Earnings per share attributable to BlackRock, Inc. common stockholders: | |||
| Basic | 28.69 | 26.86 | 30.54 |
| Diluted | 28.43 | 26.58 | 30.12 |
| Weighted-average common shares outstanding: | |||
| Basic | 156,014,343 | 160,301,116 | 162,160,601 |
| Diluted | 157,459,546 | 161,948,732 | 164,415,035 |
| Product and Service | |||
| Investment Advisory, Administration Fees and Securities Lending Revenue | |||
| Related Party | |||
| Related Parties | |||
| Total revenue | 8,323 | 8,226 | 7,692 |
| Total revenue | 11,777 | 11,553 | 10,868 |
| Other Third Parties | |||
| Total revenue | 3,454 | 3,327 | 3,176 |
| Investment Advisory Performance Fees | |||
| Total revenue | 450 | 412 | 594 |
| Technology Services Revenue | |||
| Total revenue | 974 | 785 | 657 |
| Distribution Fees | |||
| Total revenue | 1,069 | 1,155 | 1,183 |
| Advisory and Other Revenue | |||
| Total revenue | 269 | 293 | 298 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2019 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 28, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Net income | $ 4,526 | 4,302 | 4,989 |
| Other comprehensive income (loss): | |||
| Foreign currency translation adjustments | 120 | (253) | 284 [1] |
| Other comprehensive income (loss) | 120 | (253) | 284 |
| Comprehensive income | 4,646 | 4,049 | 5,273 |
| Less: Comprehensive income (loss) attributable to noncontrolling interests | 50 | (3) | 37 |
| Comprehensive income attributable to BlackRock, Inc. | 4,596 | 4,052 | 5,236 |
| [1] Amounts for 2019 and 2018 include gains from a net investment hedge of $11 million (net of tax expense of $3 million) and $30 million (net of tax expense of $10 million), respectively. Amount for 2017 includes a loss from a net investment hedge of $64 million (net of tax benefit of $38 million) | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2019 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 28, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Operating activities | |||
| Net income | $ 4,526 | 4,302 | 4,989 |
| Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||
| Depreciation and amortization | 405 | 220 | 240 |
| Stock-based compensation | 567 | 564 | 542 |
| Deferred income tax expense (benefit) | 17 | (226) | (1,221) |
| Contingent consideration fair value adjustments | 53 | 65 | 8 |
| Other gains | (30) | (50) | |
| Net (gains) losses within consolidated sponsored investment products | (254) | 149 | (218) |
| Net (purchases) proceeds within consolidated sponsored investment products | (1,746) | (1,938) | (570) |
| (Earnings) losses from equity method investees | (116) | (94) | (122) |
| Distributions of earnings from equity method investees | 70 | 30 | 35 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (433) | 4 | (521) |
| Investments, trading | (21) | 179 | 146 |
| Other assets | 141 | (223) | (173) |
| Accrued compensation and benefits | 58 | (230) | 276 |
| Accounts payable and accrued liabilities | (111) | 43 | 308 |
| Other liabilities | (242) | 280 | 231 |
| Net cash provided by/(used in) operating activities | 2,884 | 3,075 | 3,950 |
| Investing activities | |||
| Purchases of investments | (693) | (327) | (489) |
| Proceeds from sales and maturities of investments | 417 | 449 | 166 |
| Distributions of capital from equity method investees | 136 | 24 | 32 |
| Net consolidations (deconsolidations) of sponsored investment funds | (110) | (51) | (60) |
| Acquisitions, net of cash acquired | (1,510) | (699) | (102) |
| Purchases of property and equipment | (254) | (204) | (155) |
| Net cash provided by/(used in) investing activities | (2,014) | (808) | (608) |
| Financing activities | |||
| Proceeds from long-term borrowings | 992 | 697 | |
| Repayments of long-term borrowings | (1,000) | (700) | |
| Cash dividends paid | (2,096) | (1,968) | (1,662) |
| Repurchases of common stock | (1,911) | (2,087) | (1,421) |
| Net proceeds from (repayments of) borrowings by consolidated sponsored investment products | 111 | 40 | |
| Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders | 1,458 | 1,263 | 464 |
| Other financing activities | (137) | (13) | (8) |
| Net cash provided by/(used in) financing activities | (2,583) | (2,765) | (2,630) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 54 | (93) | 192 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (1,659) | (591) | 904 |
| Cash, cash equivalents and restricted cash, beginning of year | 6,505 | 7,096 | |
| Cash, cash equivalents and restricted cash, end of year | 4,846 | 6,505 | 7,096 |
| Supplemental disclosure of cash flow information: | |||
| Interest | 193 | 177 | 205 |
| Income taxes (net of refunds) | 1,168 | 1,159 | 1,124 |
| Supplemental schedule of noncash investing and financing transactions: | |||
| Issuance of common stock | 549 | 652 | 626 |
| PNC preferred stock capital contribution | 60 | 58 | 193 |
| Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | (1,292) | (560) | (281) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKROCK INC. | ||
Ticker: BLK Fiscal Year: 2019 | ||
Consolidated Statements of Financial Condition | ||
Period Ending Dec 31, 2019 10-K (Filed: Feb 28, 2020) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2019 | Dec 31, 2018 | |
| Assets | ||
| Cash and cash equivalents | $ 4,829 | 6,488 |
| Accounts receivable | 3,179 | 2,657 |
| Investments | 5,489 [1] | 4,476 |
| Separate account assets | 102,844 | 90,285 |
| Separate account collateral held under securities lending agreements | 15,466 | 20,655 |
| Property and equipment (net of accumulated depreciation of $880 and $750 at December 31, 2019 and 2018, respectively) | 715 | 643 |
| Intangible assets (net of accumulated amortization of $185 and $244 at December 31, 2019 and 2018, respectively) | 18,369 | 17,839 |
| Goodwill | 14,562 | 13,526 |
| Other assets | 3,169 | 3,004 |
| Total assets | 168,622 | 159,573 |
| Liabilities | ||
| Accrued compensation and benefits | 2,057 | 1,988 |
| Accounts payable and accrued liabilities | 1,167 | 1,292 |
| Borrowings | 4,955 | 4,979 |
| Separate account liabilities | 102,844 | 90,285 |
| Separate account collateral liabilities under securities lending agreements | 15,466 | 20,655 |
| Deferred income tax liabilities | 3,734 | 3,571 |
| Other liabilities | 3,470 | 3,263 |
| Total liabilities | 133,693 | 126,033 |
| Commitments and contingencies (Note 16) | ||
| Temporary equity | ||
| Redeemable noncontrolling interests | 1,316 | 1,107 |
| Permanent equity | ||
| Common stock, $0.01 par value; Shares authorized: 500,000,000 at December 31, 2019 and 2018; Shares issued: 171,252,185 at December 31, 2019 and 2018; Shares outstanding: 154,375,780 and 157,553,501 at December 31, 2019 and 2018, respectively | 2 | 2 |
| Additional paid-in capital | 19,186 | 19,168 |
| Retained earnings | 21,662 | 19,282 |
| Accumulated other comprehensive loss | (571) | (691) |
| Treasury stock, common, at cost (16,876,405 and 13,698,684 shares held at December 31, 2019 and 2018, respectively) | (6,732) | (5,387) |
| Total BlackRock, Inc. stockholders equity | 33,547 | 32,374 |
| Nonredeemable noncontrolling interests | 66 | 59 |
| Total permanent equity | 33,613 | 32,433 |
| Total liabilities, temporary equity and permanent equity | 168,622 | 159,573 |
| Class of Stock | ||
| Series B Nonvoting Participating Preferred Stock | ||
| Nonvoting participating preferred stock | 0 | 0 |
| Series C Nonvoting Participating Preferred Stock | ||
| Nonvoting participating preferred stock | 0 | 0 |
| [1] For 2019, cash and cash equivalents, investments, other assets and other liabilities include $131 million, $3,301 million, $68 million, and $820 million, respectively, related to consolidated variable interest entities (VIEs). For 2018, cash and cash equivalents, investments, other assets and other liabilities include $186 million, $2,680 million, $876 million, and $1,374 million, respectively, related to consolidated VIEs | ||
| External Links | |
| BLACKROCK INC. (BLK) Fiscal Year 2019 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |