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: 2009 | |||
Statement Of Income Securities Based Income | |||
Period Ending Dec 31, 2009 10-K (Filed: Mar 10, 2010) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
| Revenue | |||
| Investment advisory, administration fees and securities lending revenue | |||
| Related parties | $ 2,616 | 2,962 | 2,640 |
| Other third parties | 1,210 | 1,295 | 1,397 |
| Investment advisory, administration fees and securities lending revenue | 3,826 | 4,257 | 4,037 |
| Investment advisory performance fees | 202 | 177 | 350 |
| BlackRock Solutions and advisory | 477 | 393 | 190 |
| Distribution fees | 100 | 139 | 123 |
| Other revenue | 95 | 98 | 145 |
| Total revenue | 4,700 | 5,064 | 4,845 |
| Expenses | |||
| Employee compensation and benefits | 1,802 | 1,815 | 1,767 |
| Distribution and servicing costs | |||
| Related parties | 368 | 495 | 470 |
| Other third parties | 109 | 96 | 69 |
| Amortization of deferred mutual fund sales commissions | 100 | 130 | 108 |
| Direct fund expenses | 95 | 86 | 80 |
| General and administration | 779 | 665 | 799 |
| Restructuring charges | 22 | 38 | 0 |
| Termination of closed-end fund administration and servicing arrangements | 0 | 0 | 128 |
| Amortization of intangible assets | 147 | 146 | 130 |
| Total expenses | 3,422 | 3,471 | 3,551 |
| Operating income | 1,278 | 1,593 | 1,294 |
| Non-operating income (expense) | |||
| Net gain (loss) on investments | 42 | (573) | 504 |
| Interest and dividend income | 20 | 65 | 74 |
| Interest expense | (68) | (69) | (52) |
| Total non-operating income (expense) | (6) | (577) | 526 |
| Income before income taxes | 1,272 | 1,016 | 1,820 |
| Income tax expense | 375 | 387 | 463 |
| Net income | 897 | 629 | 1,357 |
| Less: | |||
| Net income (loss) attributable to redeemable non-controlling interests | 2 | (1) | 2 |
| Net income (loss) attributable to nonredeemable non-controlling interests | 20 | (154) | 362 |
| Net income attributable to BlackRock, Inc. | 875 | 784 | 993 |
| Earnings per share attributable to BlackRock, Inc. common stockholders: | |||
| Basic | 6.24 | 5.86 | 7.53 |
| Diluted | 6.11 | 5.78 | 7.37 |
| Cash dividends declared and paid per share | 3.12 | 3.12 | 2.68 |
| Weighted-average common shares outstanding: | |||
| Basic | 136,669,164 | 129,543,443 | 128,488,561 |
| Diluted | 139,481,449 | 131,376,517 | 131,378,061 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2009 | |||
Statement Of Other Comprehensive Income | |||
Period Ending Dec 31, 2009 10-K (Filed: Mar 10, 2010) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
| Net income | $ 897 | 629 | 1,357 |
| Other comprehensive income: | |||
| Change in net unrealized gain (loss) from available-for-sale investments, net of tax | 15 [1] | (19) | (3) |
| Minimum pension liability adjustment | 1 | (1) | 0 |
| Foreign currency translation adjustments | 74 | (237) | 29 |
| Comprehensive income attributable to BlackRock, Inc. | 987 | 372 | 1,383 |
| [1] The tax benefit (expense) on the change in net unrealized gain (loss) from available-for-sale investments was ($8), $8 and $2 in 2009, 2008 and 2007, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2009 | |||
Statement Of Cash Flows Indirect Securities Based Operations | |||
Period Ending Dec 31, 2009 10-K (Filed: Mar 10, 2010) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
| Cash flows from operating activities | |||
| Net income | $ 897 | 629 | 1,357 |
| Adjustments to reconcile net income to cash from operating activities: | |||
| Depreciation and other amortization | 239 | 236 | 202 |
| Amortization of deferred mutual fund sales commissions | 100 | 130 | 108 |
| Stock-based compensation | 317 | 278 | 188 |
| Deferred income tax expense (benefit) | (89) | (234) | (106) |
| Net (gains) losses on non-trading investments | (20) | 216 | (442) |
| Purchases of other investments within consolidated funds | (41) | (127) | (870) |
| Proceeds from sales and maturities of other investments within consolidated funds | 285 | 342 | 597 |
| (Earnings) losses from equity method investees | (30) | 294 | (84) |
| Distributions of earnings from equity method investees | 18 | 28 | 16 |
| Other adjustments | 3 | 13 | 2 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (223) | 339 | (273) |
| Due from related parties | 159 | (112) | (4) |
| Deferred mutual fund sales commissions | (68) | (90) | (72) |
| Investments, trading | (53) | 265 | (45) |
| Other assets | (50) | 115 | (80) |
| Accrued compensation and benefits | (218) | (237) | 172 |
| Accounts payable and accrued liabilities | 165 | (227) | (33) |
| Due to related parties | (10) | 7 | (138) |
| Other liabilities | 18 | 51 | 92 |
| Cash flows from operating activities | 1,399 | 1,916 | 587 |
| Cash flows from investing activities | |||
| Purchases of investments | (73) | (417) | (521) |
| Purchases of assets held for sale | (2) | (59) | 0 |
| Proceeds from sale of disposal group | 0 | 41 | 0 |
| Proceeds from sales and maturities of investments | 260 | 122 | 266 |
| Distributions of capital from equity method investees | 89 | 15 | 7 |
| Net consolidations (deconsolidations) of sponsored investment funds | 27 | (3) | (117) |
| Acquisitions, net of cash acquired, and contingent payments | (5,755) | (16) | (592) |
| Purchases of property and equipment | (65) | (77) | (111) |
| Cash flows from investing activities | (5,519) | (394) | (1,068) |
| Cash flows from financing activities | |||
| Repayments of short-term borrowings | 0 | (400) | 0 |
| Proceeds from short-term borrowings | 2,034 | 300 | 300 |
| Repayments of long-term borrowings | 0 | (1) | 0 |
| Repayments of convertible debt | (7) | 0 | 0 |
| Proceeds from long-term borrowings | 2,495 | 0 | 694 |
| Cash dividends paid | (422) | (419) | (353) |
| Proceeds from stock options exercised | 18 | 24 | 70 |
| Proceeds from issuance of common stock | 2,804 | 6 | 7 |
| Repurchases of common stock | (46) | (46) | (383) |
| Merrill Lynch capital contribution | 25 | 0 | 0 |
| Net (redemptions/distributions paid)/subscriptions received from non-controlling interests holders | (255) | (207) | 400 |
| Excess tax benefit from stock-based compensation | 33 | 59 | 119 |
| Net borrowings/(repayment of borrowings) by consolidated sponsored investment funds | 70 | (203) | 114 |
| Other financing activities | 0 | 0 | (9) |
| Cash flows from financing activities | 6,749 | (887) | 959 |
| Effect of exchange rate changes on cash and cash equivalents | 47 | (259) | 18 |
| Net increase in cash and cash equivalents | 2,676 | 376 | 496 |
| Cash and cash equivalents, beginning of year | 2,032 | 1,656 | |
| Cash and cash equivalents, end of year | 4,708 | 2,032 | 1,656 |
| Supplemental disclosure of cash flow information is as follows: | |||
| Cash paid for: | |||
| Interest | 52 | 63 | 30 |
| Income taxes | 503 | 644 | 376 |
| Supplemental schedule of non-cash investing and financing transactions is as follows: | |||
| Increase (decrease) in non-controlling interests due to net consolidations/(deconsolidations) of sponsored investment funds | 7 | 280 | (1,295) |
| PNC LTIP capital contributions | 6 | 4 | 175 |
| Contingent common stock payment related to Quellos Transaction | 43 | 0 | 0 |
| Common stock released from escrow agent in connection with Quellos Transaction | 6 | 45 | 0 |
| Class of Stock | |||
| Common stock | |||
| Issuance of stock | 767 | 136 | 179 |
| Preferred stock | |||
| Issuance of stock | 7,842 | 0 | 0 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKROCK INC. | ||
Ticker: BLK Fiscal Year: 2009 | ||
Statement Of Financial Position Unclassified | ||
Period Ending Dec 31, 2009 10-K (Filed: Mar 10, 2010) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2009 | Dec 31, 2008 | |
| Assets | ||
| Cash and cash equivalents | $ 4,708 | 2,032 |
| Accounts receivable | 1,730 | 901 |
| Due from related parties | 189 | 309 |
| Investments | 1,049 | 1,429 |
| Separate account assets | 119,629 | 2,623 |
| Collateral held under securities lending agreements | 19,335 | 0 |
| Deferred mutual fund sales commissions, net | 103 | 135 |
| Property and equipment (net of accumulated depreciation of $333 and $259 at December 31, 2009 and 2008, respectively) | 445 | 260 |
| Intangible assets (net of accumulated amortization of $466 and $324 at December 31, 2009 and 2008, respectively) | 17,648 | 6,441 |
| Goodwill | 12,570 | 5,533 |
| Other assets | 588 | 261 |
| Total assets | 177,994 | 19,924 |
| Liabilities | ||
| Accrued compensation and benefits | 1,482 | 826 |
| Accounts payable and accrued liabilities | 845 | 545 |
| Due to related parties | 439 | 103 |
| Short-term borrowings | 2,234 | 200 |
| Convertible debentures | 243 | 245 |
| Long-term borrowings | 3,191 | 697 |
| Separate account liabilities | 119,629 | 2,623 |
| Collateral liability under securities lending agreements | 19,335 | 0 |
| Deferred tax liabilities | 5,526 | 1,826 |
| Other liabilities | 468 | 299 |
| Total liabilities | 153,392 | 7,364 |
| Commitments and contingencies (Note 14) | ||
| Temporary equity | ||
| Redeemable non-controlling interests | 49 | 266 |
| Permanent Equity | ||
| BlackRock, Inc. stockholders' equity | ||
| Common stock, $0.01 par value; Shares authorized: 500,000,000 at December 31, 2009 and 2008; Shares issued: 62,776,777 and 118,573,367 at December 31, 2009 and 2008, respectively; Shares outstanding: 61,896,236 and 117,291,110 at December 31, 2009 and 2008, respectively | 1 | 1 |
| Additional paid-in capital | 22,127 | 10,473 |
| Retained earnings | 2,436 | 1,982 |
| Accumulated other comprehensive (loss) | (96) | (186) |
| Escrow shares, common, at cost (868,940 and 911,266 shares held at December 31, 2009 and 2008, respectively) | (137) | (143) |
| Treasury stock, common, at cost (11,601 and 370,991 shares held at December 31, 2009 and 2008, respectively) | (3) | (58) |
| Total BlackRock, Inc. stockholders' equity | 24,329 | 12,069 |
| Nonredeemable non-controlling interests | 224 | 225 |
| Total permanent equity | 24,553 | 12,294 |
| Total liabilities, temporary equity and permanent equity | 177,994 | 19,924 |
| Class of Stock | ||
| Series A participating | ||
| Preferred stock | 0 | 0 |
| Series B participating | ||
| Preferred stock | 1 | 0 |
| Series C participating | ||
| Preferred stock | 0 | 0 |
| Series D participating | ||
| Preferred stock | 0 | 0 |
| External Links | |
| BLACKROCK INC. (BLK) Fiscal Year 2009 | |
| 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 |