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: 2014 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Revenue | |||
| Total investment advisory, administration fees and securities lending revenue | $ 9,589 | 8,739 | 8,072 |
| Investment advisory performance fees | 550 | 561 | 463 |
| BlackRock Solutions and advisory | 635 | 577 | 518 |
| Distribution fees | 70 | 73 | 71 |
| Other revenue | 237 | 230 | 213 |
| Total revenue | 11,081 | 10,180 | 9,337 |
| Expense | |||
| Employee compensation and benefits | 3,829 | 3,560 | 3,287 |
| Distribution and servicing costs | 364 | 353 | 364 |
| Amortization of deferred sales commissions | 56 | 52 | 55 |
| Direct fund expenses | 748 | 657 | 591 |
| General and administration | 1,453 | 1,540 | 1,359 |
| Amortization of intangible assets | 157 | 161 | 157 |
| Total expense | 6,607 | 6,323 | 5,813 |
| Operating income | 4,474 | 3,857 | 3,524 |
| Nonoperating income (expense) | |||
| Net gain (loss) on investments | 165 | 305 | 163 |
| Interest and dividend income | 29 | 22 | 36 |
| Interest expense | (232) | (211) | (215) |
| Total nonoperating income (expense) | (79) | 116 | (54) |
| Income before income taxes | 4,395 | 3,973 | 3,470 |
| Income tax expense | 1,131 | 1,022 | 1,030 |
| Net income | 3,264 | 2,951 | 2,440 |
| Less: | |||
| Net income (loss) attributable to redeemable noncontrolling interests | 2 | (1) | 9 |
| Net income (loss) attributable to nonredeemable noncontrolling interests | (32) | 20 | (27) |
| Net income attributable to BlackRock, Inc. | 3,294 | 2,932 | 2,458 |
| Earnings per share attributable to BlackRock, Inc. common stockholders: | |||
| Basic | 19.58 | 17.23 | 14.03 |
| Diluted | 19.25 | 16.87 | 13.79 |
| Cash dividends declared and paid per share | 7.72 | 6.72 | 6.00 |
| Weighted-average common shares outstanding: | |||
| Basic | 168,225,154 | 170,185,870 | 174,961,018 |
| Diluted | 171,112,261 | 173,828,902 | 178,017,679 |
| Related Party | |||
| Related Parties | |||
| Total investment advisory, administration fees and securities lending revenue | 6,738 | 5,991 | 5,292 |
| Other Third Parties | |||
| Total investment advisory, administration fees and securities lending revenue | 2,851 | 2,748 | 2,780 |
| Legal Entity | |||
| Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure | |||
| Net gain (loss) on consolidated variable interest entities | (41) | 0 | (38) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2014 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net income | $ 3,264 | 2,951 | 2,440 |
| Other comprehensive income: | |||
| Unrealized holding gains (losses), net of tax | 3 [1] | 4 | 26 |
| Less: reclassification adjustment included in net income | 8 | 13 | 6 |
| Net change from available-for-sale investments, net of tax | (5) | (9) | 20 |
| Benefit plans, net | (2) | 10 | (5) |
| Foreign currency translation adjustments | (231) | 23 | 53 |
| Other comprehensive income (loss) | (238) | 24 | 68 |
| Comprehensive income | 3,026 | 2,975 | 2,508 |
| Less: Comprehensive income (loss) attributable to noncontrolling interests | (30) | 19 | (18) |
| Comprehensive income attributable to BlackRock, Inc. | 3,056 | 2,956 | 2,526 |
| [1] The tax benefit (expense) was not material in 2014, 2013 and 2012. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Cash flows from operating activities | |||
| Net income | $ 3,264 | 2,951 | 2,440 |
| Adjustments to reconcile net income to cash flows from operating activities: | |||
| Depreciation and amortization | 278 | 291 | 295 |
| Amortization of deferred sales commissions | 56 | 52 | 55 |
| Stock-based compensation | 453 | 448 | 451 |
| Deferred income tax expense (benefit) | (104) | (193) | (61) |
| Net (gains) losses on nontrading investments | (37) | (73) | (43) |
| Purchases of investments within consolidated sponsored investment funds | (160) | (195) | (108) |
| Proceeds from sales and maturities of investments within consolidated sponsored investment funds | 137 | 145 | 96 |
| Gain related to PennyMac initial public offering | 0 | (39) | 0 |
| Gain related to the charitable contribution | 0 | (80) | 0 |
| Charitable contribution | 0 | 124 | 0 |
| Assets and liabilities of consolidated VIEs: | |||
| Change in cash and cash equivalents | 168 | 143 | (24) |
| Net (gains) losses within consolidated VIEs | 41 | 0 | 38 |
| Net (purchases) proceeds within consolidated VIEs | (599) | 142 | (203) |
| (Earnings) losses from equity method investees | (158) | (158) | (175) |
| Distributions of earnings from equity method investees | 57 | 80 | 42 |
| Other adjustments | 5 | 10 | (4) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 78 | 14 | (292) |
| Investments, trading | (416) | (218) | (664) |
| Other assets | (1) | (92) | (10) |
| Accrued compensation and benefits | 101 | 203 | 138 |
| Accounts payable and accrued liabilities | (69) | 7 | 114 |
| Other liabilities | (13) | 80 | 155 |
| Cash flows from operating activities | 3,081 | 3,642 | 2,240 |
| Cash flows from investing activities | |||
| Purchases of investments | (369) | (412) | (402) |
| Proceeds from sales and maturities of investments | 654 | 286 | 695 |
| Distributions of capital from equity method investees | 143 | 83 | 73 |
| Net consolidations (deconsolidations) of sponsored investment funds | (123) | (48) | (215) |
| Acquisitions, net of cash acquired | 0 | (298) | (267) |
| Purchases of property and equipment | (66) | (94) | (150) |
| Cash flows from investing activities | 239 | (483) | (266) |
| Cash flows from financing activities | |||
| Repayments of short-term borrowings | 0 | (100) | 0 |
| Repayments of long-term borrowings | (1,000) | (750) | (500) |
| Proceeds from long-term borrowings | 997 | 0 | 1,495 |
| Cash dividends paid | (1,338) | (1,168) | (1,060) |
| Proceeds from stock options exercised | 4 | 28 | 47 |
| Repurchases of common stock | (1,344) | (1,243) | (1,645) |
| Net proceeds from (repayments of) borrowings by consolidated VIEs | 512 | (410) | 331 |
| Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders | 202 | 203 | 300 |
| Excess tax benefit from stock-based compensation | 106 | 41 | 74 |
| Other financing activities | 6 | 7 | 14 |
| Cash flows from financing activities | (1,855) | (3,392) | (944) |
| Effect of exchange rate changes on cash and cash equivalents | (132) | 17 | 70 |
| Net increase (decrease) in cash and cash equivalents | 1,333 | (216) | 1,100 |
| Cash and cash equivalents, beginning of year | 4,390 | 4,606 | |
| Cash and cash equivalents, end of year | 5,723 | 4,390 | 4,606 |
| Supplemental disclosure of cash flow information: | |||
| Interest | 216 | 202 | 201 |
| Interest on borrowings of consolidated VIEs | 142 | 102 | 75 |
| Income taxes (net of refunds) | 1,227 | 1,064 | 976 |
| Supplemental schedule of noncash investing and financing transactions: | |||
| Issuance of common stock | 646 | 429 | 378 |
| Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | (269) | (229) | (425) |
| Increase (decrease) in borrowings due to consolidation of VIEs | 585 | 363 | 406 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKROCK INC. | ||
Ticker: BLK Fiscal Year: 2014 | ||
Consolidated Statements of Financial Condition | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| Assets | ||
| Cash and cash equivalents | $ 5,723 | 4,390 |
| Accounts receivable | 2,120 | 2,247 |
| Investments | 1,921 | 2,151 |
| Separate account assets | 161,287 | 155,113 |
| Separate account collateral held under securities lending agreements | 33,654 | 21,788 |
| Property and equipment (net of accumulated depreciation of $587 and $611 at December 31, 2014 and 2013, respectively) | 467 | 525 |
| Intangible assets (net of accumulated amortization of $1,040 and $1,057 at December 31, 2014 and 2013, respectively) | 17,344 | 17,501 |
| Goodwill | 12,961 | 12,980 |
| Other assets | 701 | 692 |
| Total assets | 239,808 | 219,873 |
| Liabilities | ||
| Accrued compensation and benefits | 1,865 | 1,747 |
| Accounts payable and accrued liabilities | 1,035 | 1,084 |
| Borrowings | 4,938 | 4,939 |
| Separate account liabilities | 161,287 | 155,113 |
| Separate account collateral liabilities under securities lending agreements | 33,654 | 21,788 |
| Deferred income tax liabilities | 4,989 | 5,085 |
| Other liabilities | 886 | 1,004 |
| Total liabilities | 212,288 | 193,203 |
| Commitments and contingencies (Note 13) | ||
| Temporary equity | ||
| Redeemable noncontrolling interests | 35 | 54 |
| Permanent Equity | ||
| Common stock, $ 0.01 par value; Shares authorized: 500,000,000 at December 31, 2014 and 2013; Shares issued: 171,252,185 at December 31, 2014 and 2013; Shares outstanding: 164,786,788 and 166,589,688 at December 31, 2014 and 2013, respectively; | 2 | 2 |
| Additional paid-in capital | 19,386 | 19,473 |
| Retained earnings | 10,164 | 8,208 |
| Accumulated other comprehensive loss | (273) | (35) |
| Treasury stock, common, at cost (6,465,397 and 4,662,497 shares held at December 31, 2014 and 2013, respectively) | (1,894) | (1,210) |
| Total BlackRock, Inc. stockholders' equity | 27,366 | 26,460 |
| Nonredeemable noncontrolling interests | 104 | 135 |
| Total permanent equity | 27,485 | 26,616 |
| Total liabilities, temporary equity and permanent equity | 239,808 | 219,873 |
| Class of Stock | ||
| Series B Nonvoting Participating Preferred Stock | ||
| Preferred stock, value | 0 | 0 |
| Series C Nonvoting Participating Preferred Stock | ||
| Preferred stock, value | 0 | 0 |
| Legal Entity | ||
| Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure | ||
| Cash and cash equivalents | 278 | 161 |
| Bank loans, other investments and other assets | 3,352 | 2,325 |
| Borrowings | 3,389 | 2,369 |
| Other liabilities | 245 | 74 |
| Appropriated retained earnings | (19) | 22 |
| Nonredeemable noncontrolling interests | 15 | 21 |
| External Links | |
| BLACKROCK INC. (BLK) Fiscal Year 2014 | |
| 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 |