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: 2012 | |||
Consolidated Statements Of Income | |||
Period Ending Dec 31, 2012 10-K (Filed: Mar 1, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Revenue | |||
| Investment advisory, administration fees and securities lending revenue | $ 8,072 | 7,896 | 7,290 |
| Investment advisory performance fees | 463 | 371 | 540 |
| BlackRock Solutions and advisory | 518 | 510 | 460 |
| Distribution fees | 71 | 100 | 116 |
| Other revenue | 213 | 204 | 206 |
| Total revenue | 9,337 | 9,081 | 8,612 |
| Expenses | |||
| Employee compensation and benefits | 3,287 | 3,199 | 3,097 |
| Amortization of deferred sales commissions | 55 | 81 | 102 |
| Direct fund expenses | 591 | 563 | 493 |
| General and administration | 1,359 | 1,415 | 1,354 |
| Restructuring charges | 32 | ||
| Amortization of intangible assets | 157 | 156 | 160 |
| Total expenses | 5,813 | 5,832 | 5,614 |
| Operating income | 3,524 | 3,249 | 2,998 |
| Non-operating income (expense) | |||
| Net gain (loss) on investments | 163 | 46 | 179 |
| Interest and dividend income | 36 | 34 | 29 |
| Interest expense | (215) | (176) | (150) |
| Total non-operating income (expense) | (54) | (114) | 23 |
| Income before income taxes | 3,470 | 3,135 | 3,021 |
| Income tax expense | 1,030 | 796 | 971 |
| Net income | 2,440 | 2,339 | 2,050 |
| Less: | |||
| Net income (loss) attributable to redeemable non-controlling interests | 9 | 3 | |
| Net income (loss) attributable to nonredeemable non-controlling interests | (27) | 2 | (16) |
| Net income attributable to BlackRock, Inc. | 2,458 | 2,337 | 2,063 |
| Earnings per share attributable to BlackRock, Inc. common stockholders: | |||
| Basic | 14.03 | 12.56 | 10.67 |
| Diluted | 13.79 | 12.37 | 10.55 |
| Cash dividends declared and paid per share | 6.00 | 5.50 | 4.00 |
| Weighted-average common shares outstanding: | |||
| Basic | 174,961,018 | 184,265,367 | 190,554,510 |
| Diluted | 178,017,679 | 187,116,410 | 192,692,047 |
| Related Party | |||
| Related Parties | |||
| Investment advisory, administration fees and securities lending revenue | 5,292 | 5,303 | 4,893 |
| Distribution and servicing costs | 4 | 5 | 226 |
| Other Third Parties | |||
| Investment advisory, administration fees and securities lending revenue | 2,780 | 2,593 | 2,397 |
| Distribution and servicing costs | 360 | 381 | 182 |
| Legal Entity | |||
| Variable Interest Entity, Primary Beneficiary | |||
| Net gain (loss) on consolidated variable interest entities | (38) | (18) | (35) |
| Net income (loss) attributable to nonredeemable non-controlling interests | (38) | (18) | (35) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2012 | |||
Consolidated Statements Of Comprehensive Income | |||
Period Ending Dec 31, 2012 10-K (Filed: Mar 1, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Net income | $ 2,440 | 2,339 | 2,050 |
| Other comprehensive income: | |||
| Unrealized holding gains (losses), net of tax | 26 | (3) | 3 |
| Less: reclassification adjustment included in net income | 6 | 1 | 1 |
| Net change from available-for-sale investments, net of tax | 20 [1] | (4) | 2 |
| Benefit plans, net | (5) | (1) | |
| Foreign currency translation adjustments | 53 | (27) | (1) |
| Other comprehensive income (loss) | 68 | (31) | |
| Comprehensive income | 2,508 | 2,308 | 2,050 |
| Less: Comprehensive income (loss) attributable to non-controlling interests | (18) | 2 | (13) |
| Comprehensive income attributable to BlackRock, Inc. | 2,526 | 2,306 | 2,063 |
| [1] The tax benefit (expense) on unrealized holding gains (losses) was $(8) million, $3 million and $(2) million in 2012, 2011 and 2010, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2012 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2012 10-K (Filed: Mar 1, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Cash flows from operating activities | |||
| Net income | $ 2,440 | 2,339 | 2,050 |
| Adjustments to reconcile net income to cash from operating activities: | |||
| Depreciation and amortization | 295 | 299 | 310 |
| Amortization of deferred sales commissions | 55 | 81 | 102 |
| Stock-based compensation | 451 | 497 | 445 |
| Deferred income tax expense (benefit) | (61) | (137) | 3 |
| Net (gains) losses on non-trading investments | (43) | (40) | (62) |
| Purchases of investments within consolidated sponsored investment funds | (108) | (41) | (26) |
| Proceeds from sales and maturities of investments within consolidated sponsored investment funds | 96 | 50 | 54 |
| Assets and liabilities of consolidated VIEs: | |||
| Change in cash and cash equivalents | (24) | 54 | (45) |
| Net losses within consolidated VIEs | 38 | 18 | 35 |
| Net (purchases) proceeds within consolidated VIEs | (203) | 82 | 44 |
| (Earnings) losses from equity method investees | (175) | (23) | (141) |
| Distributions of earnings from equity method investees | 42 | 30 | 14 |
| Other adjustments | (4) | (1) | |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (292) | 124 | (364) |
| Due from related parties | (4) | (6) | 45 |
| Deferred sales commissions | (41) | (53) | (65) |
| Investments, trading | (664) | (116) | (118) |
| Other assets | 35 | (122) | 236 |
| Accrued compensation and benefits | 138 | (140) | 52 |
| Accounts payable and accrued liabilities | 114 | (152) | 164 |
| Due to related parties | (8) | (35) | (356) |
| Other liabilities | 163 | 117 | 112 |
| Cash flows from operating activities | 2,240 | 2,826 | 2,488 |
| Cash flows from investing activities | |||
| Purchases of investments | (402) | (204) | (656) |
| Proceeds from sales and maturities of investments | 695 | 213 | 181 |
| Distributions of capital from equity method investees | 73 | 34 | 53 |
| Net consolidations (deconsolidations) of sponsored investment funds | (215) | (52) | |
| Acquisitions, net of cash acquired, and contingent payments | (267) | (23) | |
| Purchases of property and equipment | (150) | (247) | (131) |
| Other | 1 | ||
| Cash flows from investing activities | (266) | (204) | (627) |
| Cash flows from financing activities | |||
| Repayments of short-term borrowings | (600) | (2,134) | |
| Proceeds from short-term borrowings | 600 | ||
| Repayments of convertible debt | (67) | (176) | |
| Repayments of long-term borrowings | (500) | ||
| Proceeds from long-term borrowings | 1,495 | 1,496 | |
| Cash dividends paid | (1,060) | (1,014) | (776) |
| Proceeds from stock options exercised | 47 | 16 | 10 |
| Proceeds from issuance of common stock | 7 | 5 | 6 |
| Repurchases of common stock | (1,645) | (2,885) | (264) |
| Merrill Lynch cash capital contribution | 7 | 8 | 10 |
| Net proceeds from (repayments of) borrowings by consolidated VIEs | 331 | (125) | |
| Net (redemptions/distributions paid)/subscriptions received from non-controlling interest holders | 300 | 54 | 110 |
| Excess tax benefit from stock-based compensation | 74 | 27 | 44 |
| Cash flows from financing activities | (944) | (2,485) | (3,170) |
| Effect of exchange rate changes on cash and cash equivalents | 70 | 2 | (32) |
| Net increase (decrease) in cash and cash equivalents | 1,100 | 139 | (1,341) |
| Cash and cash equivalents, beginning of year | 3,506 | 3,367 | 4,708 |
| Cash and cash equivalents, end of year | 4,606 | 3,506 | 3,367 |
| Supplemental disclosure of cash flow information: | |||
| Interest | 201 | 167 | 146 |
| Interest on borrowings of consolidated VIEs | 75 | 60 | 53 |
| Income taxes (net of refunds) | 976 | 962 | 583 |
| Supplemental schedule of non-cash investing and financing transactions: | |||
| Issuance of common stock | 378 | 213 | 266 |
| PNC preferred stock capital contribution | 200 | ||
| Increase (decrease) in non-controlling interests due to net consolidation (deconsolidation) of sponsored investment funds | (425) | (4) | (170) |
| Increase (decrease) in borrowings due to consolidation of VIEs | 406 | 412 | 1,157 |
| Common stock released from escrow | 1 | 136 | |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKROCK INC. | ||
Ticker: BLK Fiscal Year: 2012 | ||
Consolidated Statements Of Financial Condition | ||
Period Ending Dec 31, 2012 10-K (Filed: Mar 1, 2013) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2012 | Dec 31, 2011 | |
| Assets | ||
| Cash and cash equivalents | $ 4,606 | 3,506 |
| Accounts receivable | 2,250 | 1,960 |
| Due from related parties | 77 | 142 |
| Investments | 1,750 | 1,631 |
| Separate account assets | 134,768 | 118,871 |
| Collateral held under securities lending agreements | 23,021 | 20,918 |
| Deferred sales commissions, net | 24 | 38 |
| Property and equipment (net of accumulated depreciation of $572 and $483 at December 31, 2012 and 2011, respectively) | 557 | 537 |
| Intangible assets (net of accumulated amortization of $899 and $751 at December 31, 2012 and 2011, respectively) | 17,402 | 17,356 |
| Goodwill | 12,910 | 12,792 |
| Other assets | 525 | 452 |
| Total assets | 200,451 | 179,896 |
| Liabilities | ||
| Accrued compensation and benefits | 1,547 | 1,383 |
| Accounts payable and accrued liabilities | 1,055 | 923 |
| Due to related parties | 14 | 22 |
| Short-term borrowings | 100 | 100 |
| Long-term borrowings | 5,687 | 4,690 |
| Separate account liabilities | 134,768 | 118,871 |
| Collateral liabilities under securities lending agreements | 23,021 | 20,918 |
| Deferred income tax liabilities | 5,293 | 5,323 |
| Other liabilities | 844 | 721 |
| Total liabilities | 174,834 | 154,534 |
| Commitments and contingencies (Note 12) | ||
| Temporary equity | ||
| Redeemable non-controlling interests | 32 | 92 |
| Permanent Equity | ||
| Common stock, $ 0.01 par value; Shares authorized: 500,000,000 at December 31, 2012 and 2011; Shares issued: 171,252,185 and 139,880,380 at December 31, 2012 and 2011, respectively; Shares outstanding: 168,875,304 and 138,463,135 at December 31, 2012 and 2011, respectively; | 2 | 1 |
| Additional paid-in capital | 19,419 | 20,275 |
| Retained earnings | 6,444 | 5,046 |
| Accumulated other comprehensive loss | (59) | (127) |
| Escrow shares, common, at cost (3,603 shares held at December 31, 2011) | (1) | |
| Treasury stock, common, at cost (2,376,881 and 1,413,642 shares held at December 31, 2012 and 2011, respectively) | (432) | (218) |
| Total BlackRock, Inc. stockholders' equity | 25,403 | 25,048 |
| Nonredeemable non-controlling interests | 155 | 184 |
| Total permanent equity | 25,585 | 25,270 |
| Total liabilities, temporary equity and permanent equity | 200,451 | 179,896 |
| Legal Entity | ||
| Variable Interest Entity, Primary Beneficiary | ||
| Cash and cash equivalents | 297 | 54 |
| Bank loans and other investments | 2,264 | 1,639 |
| Borrowings | 2,402 | 1,574 |
| Other liabilities | 103 | 9 |
| Appropriated retained earnings | 29 | 72 |
| Nonredeemable non-controlling interests | 27 | 38 |
| Class of Stock | ||
| Series B Non-Voting Participating | ||
| Preferred stock | ||
| Series C Non-Voting Participating | ||
| Preferred stock | ||
| External Links | |
| BLACKROCK INC. (BLK) Fiscal Year 2012 | |
| 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 |