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: 2013 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Revenue | |||
| Total investment advisory, administration fees and securities lending revenue | $ 8,739 | 8,072 | 7,896 |
| Investment advisory performance fees | 561 | 463 | 371 |
| BlackRock Solutions and advisory | 577 | 518 | 510 |
| Distribution fees | 73 | 71 | 100 |
| Other revenue | 230 | 213 | 204 |
| Total revenue | 10,180 | 9,337 | 9,081 |
| Expenses | |||
| Employee compensation and benefits | 3,560 | 3,287 | 3,199 |
| Distribution and servicing costs | 353 | 364 | 386 |
| Amortization of deferred sales commissions | 52 | 55 | 81 |
| Direct fund expenses | 657 | 591 | 563 |
| General and administration | 1,540 | 1,359 | 1,415 |
| Restructuring charges | 32 | ||
| Amortization of intangible assets | 161 | 157 | 156 |
| Total expenses | 6,323 | 5,813 | 5,832 |
| Operating income | 3,857 | 3,524 | 3,249 |
| Nonoperating income (expense) | |||
| Net gain (loss) on investments | 305 | 163 | 46 |
| Interest and dividend income | 22 | 36 | 34 |
| Interest expense | (211) | (215) | (176) |
| Total nonoperating income (expense) | 116 | (54) | (114) |
| Income before income taxes | 3,973 | 3,470 | 3,135 |
| Income tax expense | 1,022 | 1,030 | 796 |
| Net income | 2,951 | 2,440 | 2,339 |
| Less: | |||
| Net income (loss) attributable to redeemable noncontrolling interests | (1) | 9 | |
| Net income (loss) attributable to nonredeemable noncontrolling interests | 20 | (27) | 2 |
| Net income attributable to BlackRock, Inc. | 2,932 | 2,458 | 2,337 |
| Earnings per share attributable to BlackRock, Inc. common stockholders: | |||
| Basic | 17.23 | 14.03 | 12.56 |
| Diluted | 16.87 | 13.79 | 12.37 |
| Cash dividends declared and paid per share | 6.72 | 6.00 | 5.50 |
| Weighted-average common shares outstanding: | |||
| Basic | 170,185,870 | 174,961,018 | 184,265,367 |
| Diluted | 173,828,902 | 178,017,679 | 187,116,410 |
| Legal Entity | |||
| Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure | |||
| Net gain (loss) on consolidated variable interest entities | (38) | (18) | |
| Related Party | |||
| Related Parties | |||
| Total investment advisory, administration fees and securities lending revenue | 5,991 | 5,292 | 5,303 |
| Other Third Parties | |||
| Total investment advisory, administration fees and securities lending revenue | 2,748 | 2,780 | 2,593 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2013 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Net income | $ 2,951 | 2,440 | 2,339 |
| Other comprehensive income: | |||
| Unrealized holding gains (losses), net of tax | 4 [1] | 26 | (3) |
| Less: reclassification adjustment included in net income | 13 | 6 | 1 |
| Net change from available-for-sale investments, net of tax | (9) | 20 | (4) |
| Benefit plans, net | 10 | (5) | |
| Foreign currency translation adjustments | 23 | 53 | (27) |
| Other comprehensive income (loss) | 24 | 68 | (31) |
| Comprehensive income | 2,975 | 2,508 | 2,308 |
| Less: Comprehensive income (loss) attributable to noncontrolling interests | 19 | (18) | 2 |
| Comprehensive income attributable to BlackRock Inc. | 2,956 | 2,526 | 2,306 |
| [1] The tax benefit (expense) was not material in 2013, 2012 and 2011. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2013 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Cash flows from operating activities | |||
| Net income | $ 2,951 | 2,440 | 2,339 |
| Adjustments to reconcile net income to cash from operating activities: | |||
| Depreciation and amortization | 291 | 295 | 299 |
| Amortization of deferred sales commissions | 52 | 55 | 81 |
| Stock-based compensation | 448 | 451 | 497 |
| Deferred income tax expense (benefit) | (193) | (61) | (137) |
| Gain related to PennyMac initial public offering | (39) | ||
| Gain related to the charitable contribution | (80) | ||
| Charitable contribution | 124 | ||
| Net (gains) losses on nontrading investments | (73) | (43) | (40) |
| Purchases of investments within consolidated sponsored investment funds | (195) | (108) | (41) |
| Proceeds from sales and maturities of investments within consolidated sponsored investment funds | 145 | 96 | 50 |
| Assets and liabilities of consolidated VIEs: | |||
| Change in cash and cash equivalents | 143 | (24) | 54 |
| Net (gains) losses within consolidated VIEs | 38 | 18 | |
| Net (purchases) proceeds within consolidated VIEs | 142 | (203) | 82 |
| (Earnings) losses from equity method investees | (158) | (175) | (23) |
| Distributions of earnings from equity method investees | 80 | 42 | 30 |
| Other adjustments | 10 | (4) | |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 14 | (292) | 124 |
| Investments, trading | (218) | (664) | (116) |
| Other assets | (92) | (10) | (181) |
| Accrued compensation and benefits | 203 | 138 | (140) |
| Accounts payable and accrued liabilities | 7 | 114 | (152) |
| Other liabilities | 80 | 155 | 82 |
| Cash flows from operating activities | 3,642 | 2,240 | 2,826 |
| Cash flows from investing activities | |||
| Purchases of investments | (412) | (402) | (204) |
| Proceeds from sales and maturities of investments | 286 | 695 | 213 |
| Distributions of capital from equity method investees | 83 | 73 | 34 |
| Net consolidations (deconsolidations) of sponsored investment funds | (48) | (215) | |
| Acquisitions, net of cash acquired | (298) | (267) | |
| Purchases of property and equipment | (94) | (150) | (247) |
| Cash flows from investing activities | (483) | (266) | (204) |
| Cash flows from financing activities | |||
| Repayments of short-term borrowings | (100) | (600) | |
| Proceeds from short-term borrowings | 600 | ||
| Repayments of convertible debt | (67) | ||
| Repayments of long-term borrowings | (750) | (500) | |
| Proceeds from long-term borrowings | 1,495 | 1,496 | |
| Cash dividends paid | (1,168) | (1,060) | (1,014) |
| Proceeds from stock options exercised | 28 | 47 | 16 |
| Proceeds from issuance of common stock | 7 | 7 | 5 |
| Repurchases of common stock | (1,243) | (1,645) | (2,885) |
| Merrill Lynch cash capital contribution | 7 | 8 | |
| Net proceeds from (repayments of) borrowings by consolidated VIEs | (410) | 331 | (125) |
| Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders | 203 | 300 | 54 |
| Excess tax benefit from stock-based compensation | 41 | 74 | 27 |
| Cash flows from financing activities | (3,392) | (944) | (2,485) |
| Effect of exchange rate changes on cash and cash equivalents | 17 | 70 | 2 |
| Net increase (decrease) in cash and cash equivalents | (216) | 1,100 | 139 |
| Cash and cash equivalents, beginning of year | 4,606 | 3,506 | |
| Cash and cash equivalents, end of year | 4,390 | 4,606 | 3,506 |
| Supplemental disclosure of cash flow information: | |||
| Interest | 202 | 201 | 167 |
| Interest on borrowings of consolidated VIEs | 102 | 75 | 60 |
| Income taxes (net of refunds) | 1,064 | 976 | 962 |
| Supplemental schedule of noncash investing and financing transactions: | |||
| Issuance of common stock | 429 | 378 | 213 |
| PNC preferred stock capital contribution | 200 | ||
| Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | (229) | (425) | (4) |
| Increase (decrease) in borrowings due to consolidation of VIEs | 363 | 406 | 412 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKROCK INC. | ||
Ticker: BLK Fiscal Year: 2013 | ||
Consolidated Statements of Financial Condition | ||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2013 | Dec 31, 2012 | |
| Assets | ||
| Cash and cash equivalents | $ 4,390 | 4,606 |
| Accounts receivable | 2,247 | 2,250 |
| Investments | 2,151 | 1,750 |
| Separate account assets | 155,113 | 134,768 |
| Separate account collateral held under securities lending agreements | 21,788 | 23,021 |
| Property and equipment (net of accumulated depreciation of $611 and $572 at December 31, 2013 and 2012, respectively) | 525 | 557 |
| Intangible assets (net of accumulated amortization of $1,057 and $899 at December 31, 2013 and 2012, respectively) | 17,501 | 17,402 |
| Goodwill | 12,980 | 12,910 |
| Other assets | 692 | 626 |
| Total assets | 219,873 | 200,451 |
| Liabilities | ||
| Accrued compensation and benefits | 1,747 | 1,547 |
| Accounts payable and accrued liabilities | 1,084 | 1,055 |
| Short-term borrowings | 100 | |
| Long-term borrowings | 4,939 | 5,687 |
| Separate account liabilities | 155,113 | 134,768 |
| Separate account collateral liabilities under securities lending agreements | 21,788 | 23,021 |
| Deferred income tax liabilities | 5,085 | 5,293 |
| Other liabilities | 1,004 | 858 |
| Total liabilities | 193,203 | 174,834 |
| Commitments and contingencies (Note 13) | ||
| Temporary equity | ||
| Redeemable noncontrolling interests | 54 | 32 |
| Permanent Equity | ||
| Common stock, $ 0.01 par value; Shares authorized: 500,000,000 at December 31, 2013 and 2012; Shares issued: 171,252,185 at December 31, 2013 and 2012; Shares outstanding: 166,589,688 and 168,875,304 at December 31, 2013 and 2012, respectively; | 2 | 2 |
| Additional paid-in capital | 19,473 | 19,419 |
| Retained earnings | 8,208 | 6,444 |
| Accumulated other comprehensive loss | (35) | (59) |
| Treasury stock, common, at cost (4,662,497 and 2,376,881 shares held at December 31, 2013 and 2012, respectively) | (1,210) | (432) |
| Total BlackRock, Inc. stockholders' equity | 26,460 | 25,403 |
| Nonredeemable noncontrolling interests | 135 | 155 |
| Total permanent equity | 26,616 | 25,585 |
| Total liabilities, temporary equity and permanent equity | 219,873 | 200,451 |
| Class of Stock | ||
| Series B Nonvoting Participating Preferred Stock | ||
| Preferred stock, value | ||
| Series C Nonvoting Participating Preferred Stock | ||
| Preferred stock, value | ||
| Legal Entity | ||
| Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure | ||
| Cash and cash equivalents | 161 | 297 |
| Bank loans, other investments and other assets | 2,325 | 2,264 |
| Borrowings | 2,369 | 2,402 |
| Other liabilities | 74 | 103 |
| Appropriated retained earnings | 22 | 29 |
| Nonredeemable noncontrolling interests | 21 | 27 |
| External Links | |
| BLACKROCK INC. (BLK) Fiscal Year 2013 | |
| 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 |