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: 2010 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 28, 2011) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Revenue | |||
| Investment advisory, administration fees and securities lending revenue | |||
| Related parties | $ 4,893 | 2,616 | 2,962 |
| Other third parties | 2,397 | 1,210 | 1,295 |
| Total investment advisory, administration fees and securities lending revenue | 7,290 | 3,826 | 4,257 |
| Investment advisory performance fees | 540 | 202 | 177 |
| BlackRock Solutions and advisory | 460 | 477 | 393 |
| Distribution fees | 116 | 100 | 139 |
| Other revenue | 206 | 95 | 98 |
| Total revenue | 8,612 | 4,700 | 5,064 |
| Expenses | |||
| Employee compensation and benefits | 3,097 | 1,802 | 1,815 |
| Distribution and servicing costs | |||
| Related parties | 226 | 368 | 495 |
| Other third parties | 182 | 109 | 96 |
| Amortization of deferred sales commissions | 102 | 100 | 130 |
| Direct fund expenses | 493 | 95 | 86 |
| General and administration | 1,354 | 779 | 665 |
| Restructuring charges | 22 | 38 | |
| Amortization of intangible assets | 160 | 147 | 146 |
| Total expenses | 5,614 | 3,422 | 3,471 |
| Operating income | 2,998 | 1,278 | 1,593 |
| Non-operating income (expense) | |||
| Net gain (loss) on investments | 179 | 42 | (573) |
| Net gain (loss) on consolidated variable interest entities | (35) | ||
| Interest and dividend income | 29 | 20 | 65 |
| Interest expense | (150) | (68) | (69) |
| Total non-operating income (expense) | 23 | (6) | (577) |
| Income before income taxes | 3,021 | 1,272 | 1,016 |
| Income tax expense | 971 | 375 | 387 |
| Net income | 2,050 | 897 | 629 |
| Less: | |||
| Net income (loss) attributable to redeemable non-controlling interests | 3 | 2 | (1) |
| Net income (loss) attributable to nonredeemable non-controlling interests | (16) | 20 | (154) |
| Net income attributable to BlackRock, Inc. | 2,063 | 875 | 784 |
| Earnings per share attributable to BlackRock, Inc. common stockholders: | |||
| Basic | 10.67 | 6.24 | 5.86 |
| Diluted | 10.55 | 6.11 | 5.78 |
| Cash dividends declared and paid per share | 4.00 | 3.12 | 3.12 |
| Weighted-average common shares outstanding: | |||
| Basic | 190,554,510 | 136,669,164 | 129,543,443 |
| Diluted | 192,692,047 | 139,481,449 | 131,376,517 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2010 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 28, 2011) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Net income | $ 2,050 | 897 | 629 |
| Other comprehensive income: | |||
| Change in net unrealized gains (losses) from available-for-sale investments, net of tax, Unrealized holding gains (losses), net of tax | 3 | (4) | (14) |
| Less: reclassification adjustment included in net income | 1 | (19) | 5 |
| Net change from available-for-sale investments, net of tax | 2 | 15 | (19) [1] |
| Minimum pension liability adjustment | (1) | 1 | (1) |
| Foreign currency translation adjustments | (1) | 74 | (237) |
| Comprehensive income | 2,050 | 987 | 372 |
| Less: Comprehensive income (loss) attributable to non-controlling interests | (13) | 22 | (155) |
| Comprehensive income attributable to BlackRock, Inc. | 2,063 | 965 | 527 |
| [1] The tax benefit (expense) on unrealized holding gains (losses) was ($2), ($8) and $8 in 2010, 2009 and 2008, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2010 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 28, 2011) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Cash flows from operating activities | |||
| Net income | $ 2,050 | 897 | 629 |
| Adjustments to reconcile net income to cash from operating activities: | |||
| Depreciation and amortization | 310 | 239 | 236 |
| Amortization of deferred sales commissions | 102 | 100 | 130 |
| Stock-based compensation | 445 | 317 | 278 |
| Deferred income tax expense (benefit) | 3 | (89) | (234) |
| Net (gains) losses on non-trading investments | (62) | (20) | 216 |
| Purchases of investments within consolidated funds | (26) | (41) | (127) |
| Proceeds from sales and maturities of investments within consolidated funds | 54 | 285 | 342 |
| Assets and liabilities of consolidated VIEs: | |||
| Change in cash and cash equivalents | (45) | ||
| Net (gains) losses within consolidated VIEs | 35 | ||
| Net (purchases)/proceeds within consolidated VIEs | 44 | ||
| (Earnings) losses from equity method investees | (141) | (30) | 294 |
| Distributions of earnings from equity method investees | 14 | 18 | 28 |
| Other adjustments | (1) | 3 | 13 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (364) | (223) | 339 |
| Due from related parties | 45 | 159 | (112) |
| Deferred sales commissions | (65) | (68) | (90) |
| Investments, trading | (118) | (53) | 265 |
| Other assets | 236 | (50) | 115 |
| Accrued compensation and benefits | 52 | (218) | (237) |
| Accounts payable and accrued liabilities | 164 | 165 | (227) |
| Due to related parties | (356) | (10) | 7 |
| Other liabilities | 112 | 18 | 51 |
| Cash flows from operating activities | 2,488 | 1,399 | 1,916 |
| Cash flows from investing activities | |||
| Purchases of investments | (656) | (73) | (417) |
| Purchases of assets held for sale | (1) | (2) | (59) |
| Proceeds from sale of disposal group | 2 | 41 | |
| Proceeds from sales and maturities of investments | 181 | 260 | 122 |
| Distributions of capital from equity method investees | 53 | 89 | 15 |
| Net consolidations (deconsolidations) of sponsored investment funds | (52) | 27 | (3) |
| Acquisitions, net of cash acquired, and contingent payments | (23) | (5,755) | (16) |
| Purchases of property and equipment | (131) | (65) | (77) |
| Cash flows from investing activities | (627) | (5,519) | (394) |
| Cash flows from financing activities | |||
| Repayments of short-term borrowings | (2,134) | (400) | |
| Proceeds from short-term borrowings | 2,034 | 300 | |
| Repayments of long-term borrowings | (1) | ||
| Repayments of convertible debt | (176) | (7) | |
| Proceeds from long-term borrowings | 2,495 | ||
| Cash dividends paid | (776) | (422) | (419) |
| Proceeds from stock options exercised | 10 | 18 | 24 |
| Proceeds from issuance of common stock | 6 | 2,804 | 6 |
| Repurchases of common stock | (264) | (46) | (46) |
| Merrill Lynch capital contribution | 10 | 25 | |
| Net (redemptions/distributions paid)/subscriptions received from non-controlling interests holders | 110 | (255) | (207) |
| Excess tax benefit from stock-based compensation | 44 | 33 | 59 |
| Net borrowings/(repayments of borrowings) by consolidated sponsored investment funds | 70 | (203) | |
| Cash flows from financing activities | (3,170) | 6,749 | (887) |
| Effect of exchange rate changes on cash and cash equivalents | (32) | 47 | (259) |
| Net increase in cash and cash equivalents | (1,341) | 2,676 | 376 |
| Cash and cash equivalents, beginning of year | 4,708 | 2,032 | |
| Cash and cash equivalents, end of year | 3,367 | 4,708 | 2,032 |
| Supplemental disclosure of cash flow information is as follows: | |||
| Interest | 146 | 52 | 63 |
| Interest on borrowings of consolidated VIEs | 53 | ||
| Income taxes | 583 | 503 | 644 |
| Supplemental schedule of non-cash investing and financing transactions is as follows: | |||
| Increase (decrease) in non-controlling interests due to net consolidation/-deconsolidation) of sponsored investment funds | (170) | 7 | 280 |
| Contingent common stock payment related to Quellos transaction | 43 | ||
| Increase (decrease) in borrowings due to consolidation of VIEs | 1,157 | ||
| Common stock released from escrow agent in connection with Quellos transaction | 136 | 6 | 45 |
| Class of Stock | |||
| Voting Common Stock | |||
| Issuance of stock | 266 | 767 | 136 |
| Preferred stock | |||
| Issuance of stock | 7,842 | ||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKROCK INC. | ||
Ticker: BLK Fiscal Year: 2010 | ||
Consolidated Statements of Financial Condition | ||
Period Ending Dec 31, 2010 10-K (Filed: Feb 28, 2011) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2010 | Dec 31, 2009 | |
| Assets | ||
| Cash and cash equivalents | $ 3,367 | 4,708 |
| Accounts receivable | 2,095 | 1,718 |
| Due from related parties | 150 | 189 |
| Investments | 1,540 | 1,049 |
| Assets of consolidated variable interest entities | ||
| Cash and cash equivalents | 93 | |
| Bank loans and other investments | 1,312 | |
| Separate account assets | 121,137 | 119,629 |
| Collateral held under securities lending agreements | 17,638 | 19,335 |
| Deferred sales commissions, net | 66 | 103 |
| Property and equipment (net of accumulated depreciation of $426 and $303 at December 31, 2010 and 2009, respectively) | 428 | 443 |
| Intangible assets (net of accumulated amortization of $615 and $466 at December 31, 2010 and 2009, respectively) | 17,512 | 17,666 |
| Goodwill | 12,805 | 12,680 |
| Other assets | 316 | 604 |
| Total assets | 178,459 | 178,124 |
| Liabilities | ||
| Accrued compensation and benefits | 1,520 | 1,482 |
| Accounts payable and accrued liabilities | 1,068 | 840 |
| Due to related parties | 57 | 505 |
| Short-term borrowings | 100 | 2,234 |
| Liabilities of consolidated variable interest entities | ||
| Borrowings | 1,278 | |
| Other liabilities | 7 | |
| Convertible debentures | 67 | 243 |
| Long-term borrowings | 3,192 | 3,191 |
| Separate account liabilities | 121,137 | 119,629 |
| Collateral liability under securities lending agreements | 17,638 | 19,335 |
| Deferred income tax liabilities | 5,477 | 5,571 |
| Other liabilities | 584 | 492 |
| Total liabilities | 152,125 | 153,522 |
| Commitments and contingencies (Note 14) | ||
| Temporary equity | ||
| Redeemable non-controlling interests | 6 | 49 |
| Permanent Equity | ||
| Common stock, $0.01 par value; Shares authorized: 500,000,000 at December 31, 2010 and 2009; Shares issued: 131,923,624 and 62,776,777 at December 31, 2010 and 2009, respectively; Shares outstanding: 131,216,561 and 61,896,236 at December 31, 2010 and 2009, respectively; | 1 | 1 |
| Additional paid-in capital | 22,502 | 22,127 |
| Retained earnings | 3,723 | 2,436 |
| Appropriated retained earnings | 75 | |
| Accumulated other comprehensive loss | (96) | (96) |
| Escrow shares, common, at cost (3,603 and 868,940 shares held at December 31, 2010 and 2009, respectively) | (1) | (137) |
| Treasury stock, common, at cost (703,460 and 11,601 shares held at December 31, 2010 and 2009, respectively) | (111) | (3) |
| Total BlackRock, Inc. stockholders' equity | 26,094 | 24,329 |
| Nonredeemable non-controlling interests | 189 | 224 |
| Nonredeemable non-controlling interests of consolidated variable interest entities | 45 | |
| Total permanent equity | 26,328 | 24,553 |
| Total liabilities, temporary equity and permanent equity | 178,459 | 178,124 |
| Class of Stock | ||
| Series B Non-Voting Participating | ||
| Preferred stock | 1 | 1 |
| External Links | |
| BLACKROCK INC. (BLK) Fiscal Year 2010 | |
| 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 |