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: 2011 | |||
Consolidated Statements Of Income | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Revenue | |||
| Investment advisory, administration fees and securities lending revenue | $ 7,896 | 7,290 | 3,826 |
| Investment advisory performance fees | 371 | 540 | 202 |
| BlackRock Solutions and advisory | 510 | 460 | 477 |
| Distribution fees | 100 | 116 | 100 |
| Other revenue | 204 | 206 | 95 |
| Total revenue | 9,081 | 8,612 | 4,700 |
| Expenses | |||
| Employee compensation and benefits | 3,199 | 3,097 | 1,802 |
| Amortization of deferred sales commissions | 81 | 102 | 100 |
| Direct fund expenses | 563 | 493 | 95 |
| General and administration | 1,415 | 1,354 | 779 |
| Restructuring charges | 32 | 22 | |
| Amortization of intangible assets | 156 | 160 | 147 |
| Total expenses | 5,832 | 5,614 | 3,422 |
| Operating income | 3,249 | 2,998 | 1,278 |
| Non-operating income (expense) | |||
| Net gain (loss) on investments | 46 | 179 | 42 |
| Net gain (loss) on consolidated variable interest entities | 23 | 141 | 30 |
| Interest and dividend income | 34 | 29 | 20 |
| Interest expense | (176) | (150) | (68) |
| Total non-operating income (expense) | (114) | 23 | (6) |
| Income before income taxes | 3,135 | 3,021 | 1,272 |
| Income tax expense | 796 | 971 | 375 |
| Net income | 2,339 | 2,050 | 897 |
| Less: | |||
| Net income (loss) attributable to redeemable non-controlling interests | 3 | 2 | |
| Net income (loss) attributable to nonredeemable non-controlling interests | 2 | (16) | 20 |
| Net income attributable to BlackRock, Inc. | 2,337 | 2,063 | 875 |
| Earnings per share attributable to BlackRock, Inc. common stockholders: | |||
| Basic | 12.56 | 10.67 | 6.24 |
| Diluted | 12.37 | 10.55 | 6.11 |
| Cash dividends declared and paid per share | 5.50 | 4.00 | 3.12 |
| Weighted-average common shares outstanding: | |||
| Basic | 184,265,367 | 190,554,510 | 136,669,164 |
| Diluted | 187,116,410 | 192,692,047 | 139,481,449 |
| Affiliates And Non Affiliates | |||
| Related Parties | |||
| Investment advisory, administration fees and securities lending revenue | 5,303 | 4,893 | 2,616 |
| Distribution and servicing costs | 5 | 226 | 368 |
| Other Third Parties | |||
| Investment advisory, administration fees and securities lending revenue | 2,593 | 2,397 | 1,210 |
| Distribution and servicing costs | 381 | 182 | 109 |
| Legal Entity | |||
| Variable Interest Entity, Primary Beneficiary | |||
| Net gain (loss) on consolidated variable interest entities | (18) | (35) | |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2011 | |||
Consolidated Statements Of Comprehensive Income | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Net income | $ 2,339 | 2,050 | 897 |
| Other comprehensive income: | |||
| Change in net unrealized gain (losses) from available-for-sale investments: Unrealized holding gains (losses), net of tax | (3) | 3 | (4) |
| Less: reclassification adjustment included in net income | 1 | 1 | (19) |
| Net change from available-for-sale investments, net of tax | (4) | 2 | 15 [1] |
| Minimum pension liability adjustment | (1) | 1 | |
| Foreign currency translation adjustments | (27) | (1) | 74 |
| Other comprehensive income (loss) | (31) | 90 | |
| Comprehensive income | 2,308 | 2,050 | 987 |
| Less: Comprehensive income (loss) attributable to non-controlling interests | 2 | (13) | 22 |
| Comprehensive income attributable to BlackRock, Inc. | 2,306 | 2,063 | 965 |
| [1] The tax benefit (expense) on unrealized holding gains (losses) was $3 million, $(2) million and $(8) million in 2011, 2010 and 2009, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2011 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Cash flows from operating activities | |||
| Net income | $ 2,339 | 2,050 | 897 |
| Adjustments to reconcile net income to cash from operating activities: | |||
| Depreciation and amortization | 299 | 310 | 239 |
| Amortization of deferred sales commissions | 81 | 102 | 100 |
| Stock-based compensation | 497 | 445 | 317 |
| Deferred income tax expense (benefit) | (137) | 3 | (89) |
| Net (gains) losses on non-trading investments | (40) | (62) | (20) |
| Purchases of investments within consolidated funds | (41) | (26) | (41) |
| Proceeds from sales and maturities of investments within consolidated funds | 50 | 54 | 285 |
| Assets and liabilities of consolidated VIEs: | |||
| Change in cash and cash equivalents | 54 | (45) | |
| Net (gains) losses within consolidated VIEs | 18 | 35 | |
| Net (purchases) proceeds within consolidated VIEs | 82 | 44 | |
| (Earnings) losses from equity method investees | (23) | (141) | (30) |
| Distributions of earnings from equity method investees | 30 | 14 | 18 |
| Other adjustments | (1) | 3 | |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 124 | (364) | (223) |
| Due from related parties | (6) | 45 | 159 |
| Deferred sales commissions | (53) | (65) | (68) |
| Investments, trading | (116) | (118) | (53) |
| Other assets | (122) | 236 | (50) |
| Accrued compensation and benefits | (140) | 52 | (218) |
| Accounts payable and accrued liabilities | (152) | 164 | 165 |
| Due to related parties | (35) | (356) | (10) |
| Other liabilities | 117 | 112 | 18 |
| Cash flows from operating activities | 2,826 | 2,488 | 1,399 |
| Cash flows from investing activities | |||
| Purchases of investments | (204) | (656) | (73) |
| Proceeds from sales and maturities of investments | 213 | 181 | 260 |
| Distributions of capital from equity method investees | 34 | 53 | 89 |
| Net consolidations (deconsolidations) of sponsored investment funds | (52) | 27 | |
| Acquisitions, net of cash acquired, and contingent payments | (23) | (5,755) | |
| Purchases of property and equipment | (247) | (131) | (65) |
| Other | 1 | (2) | |
| Cash flows from investing activities | (204) | (627) | (5,519) |
| Cash flows from financing activities | |||
| Repayments of short-term borrowings | (600) | (2,134) | |
| Proceeds from short-term borrowings | 600 | 2,034 | |
| Repayments of convertible debt | (67) | (176) | (7) |
| Proceeds from long-term borrowings | 1,496 | 2,495 | |
| Cash dividends paid | (1,014) | (776) | (422) |
| Proceeds from stock options exercised | 16 | 10 | 18 |
| Proceeds from issuance of common stock | 5 | 6 | 2,804 |
| Repurchases of common stock | (2,885) | (264) | (46) |
| Merrill Lynch cash capital contribution | 8 | 10 | 25 |
| Repayments of borrowings by consolidated VIEs | (125) | ||
| Net (redemptions/distributions paid)/subscriptions received from non-controlling interests holders | 54 | 110 | (255) |
| Excess tax benefit from stock-based compensation | 27 | 44 | 33 |
| Net borrowings (repayment of borrowings) by consolidated sponsored investment funds | 70 | ||
| Cash flows from financing activities | (2,485) | (3,170) | 6,749 |
| Effect of exchange rate changes on cash and cash equivalents | 2 | (32) | 47 |
| Net increase (decrease) in cash and cash equivalents | 139 | (1,341) | 2,676 |
| Cash and cash equivalents, beginning of year | 3,367 | 4,708 | |
| Cash and cash equivalents, end of year | 3,506 | 3,367 | 4,708 |
| Supplemental disclosure of cash flow information: | |||
| Interest | 167 | 146 | 52 |
| Interest on borrowings of consolidated VIEs | 60 | 53 | |
| Income taxes | 962 | 583 | 503 |
| Supplemental schedule of non-cash investing and financing transactions: | |||
| PNC preferred stock capital contribution | 200 | ||
| Increase (decrease) in non-controlling interests due to net consolidation/(deconsolidation) of sponsored investment funds | (4) | (170) | 7 |
| Contingent common stock payment related to Quellos transaction | 43 | ||
| Increase (decrease) in borrowings due to consolidation of VIEs | 412 | 1,157 | |
| Common stock released from escrow agent in connection with Quellos transaction | 136 | 6 | |
| Class of Stock | |||
| Preferred Stock | |||
| Issuance of stock | 7,842 | ||
| Voting Common Stock | |||
| Issuance of stock | 213 | 266 | 767 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKROCK INC. | ||
Ticker: BLK Fiscal Year: 2011 | ||
Consolidated Statements Of Financial Condition | ||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2011 | Dec 31, 2010 | |
| Assets | ||
| Cash and cash equivalents | $ 3,506 | 3,367 |
| Accounts receivable | 1,960 | 2,095 |
| Due from related parties | 142 | 150 |
| Investments | 1,631 | 1,540 |
| Separate account assets | 118,871 | 121,137 |
| Collateral held under securities lending agreements | 20,918 | 17,638 |
| Deferred sales commissions, net | 38 | 66 |
| Property and equipment (net of accumulated depreciation of $483 and $426 at December 31, 2011 and 2010, respectively) | 537 | 428 |
| Intangible assets (net of accumulated amortization of $751 and $615 at December 31, 2011 and 2010, respectively) | 17,356 | 17,512 |
| Goodwill | 12,792 | 12,805 |
| Other assets | 452 | 316 |
| Total assets | 179,896 | 178,459 |
| Liabilities | ||
| Accrued compensation and benefits | 1,383 | 1,520 |
| Accounts payable and accrued liabilities | 923 | 1,068 |
| Due to related parties | 22 | 57 |
| Short-term borrowings | 100 | 100 |
| Convertible debentures | 67 | |
| Long-term borrowings | 4,690 | 3,192 |
| Separate account liabilities | 118,871 | 121,137 |
| Collateral liabilities under securities lending agreements | 20,918 | 17,638 |
| Deferred income tax liabilities | 5,323 | 5,477 |
| Other liabilities | 721 | 584 |
| Total liabilities | 154,534 | 152,125 |
| Commitments and contingencies (Note 12) | ||
| Temporary equity | ||
| Redeemable non-controlling interests | 92 | 6 |
| Permanent Equity | ||
| Common stock $ 0.01 par value; Shares authorized: 500,000,000 at December 31, 2011 and 2010; Shares issued: 139,880,380 and 131,923,624 at December 31, 2011 and 2010, respectively; Shares outstanding: 138,463,135 and 131,216,561 at December 31, 2011 and 2010, respectively; | 1 | 1 |
| Additional paid-in capital | 20,275 | 22,502 |
| Retained earnings | 5,046 | 3,723 |
| Appropriated retained earnings | 72 | 75 |
| Accumulated other comprehensive loss | (127) | (96) |
| Escrow shares, common, at cost (3,603 shares held at December 31, 2011 and 2010) | (1) | (1) |
| Treasury stock, common, at cost (1,413,642 and 703,460 shares held at December 31, 2011 and 2010, respectively) | (218) | (111) |
| Total BlackRock, Inc. stockholders' equity | 25,048 | 26,094 |
| Nonredeemable non-controlling interests | 184 | 189 |
| Total permanent equity | 25,270 | 26,328 |
| Total liabilities, temporary equity and permanent equity | 179,896 | 178,459 |
| Class of Stock | ||
| Series B Non-Voting Participating | ||
| Preferred stock | 1 | |
| Series C Non-Voting Participating | ||
| Preferred stock | ||
| Legal Entity | ||
| Variable Interest Entity, Primary Beneficiary | ||
| Cash and cash equivalents | 54 | 93 |
| Bank loans and other investments | 1,639 | 1,312 |
| Borrowings | 1,574 | 1,278 |
| Other liabilities | 9 | 7 |
| Appropriated retained earnings | 72 | 75 |
| Nonredeemable non-controlling interests | 38 | 45 |
| External Links | |
| BLACKROCK INC. (BLK) Fiscal Year 2011 | |
| 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 |