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: 2016 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 28, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Revenue | |||
| Total investment advisory, administration fees and securities lending revenue | $ 9,880 | 9,840 | 9,589 |
| Investment advisory performance fees | 295 | 621 | 550 |
| BlackRock Solutions and advisory | 714 | 646 | 635 |
| Distribution fees | 41 | 55 | 70 |
| Other revenue | 225 | 239 | 237 |
| Total revenue | 11,155 | 11,401 | 11,081 |
| Expense | |||
| Employee compensation and benefits | 3,880 | 4,005 | 3,829 |
| Distribution and servicing costs | 429 | 409 | 364 |
| Amortization of deferred sales commissions | 34 | 48 | 56 |
| Direct fund expense | 766 | 767 | 748 |
| General and administration | 1,301 | 1,380 | 1,453 |
| Restructuring charge | 76 | 0 | 0 |
| Amortization of intangible assets | 99 | 128 | 157 |
| Total expense | 6,585 | 6,737 | 6,607 |
| Operating income | 4,570 | 4,664 | 4,474 |
| Nonoperating income (expense) | |||
| Net gain (loss) on investments | 55 | 116 | 124 |
| Interest and dividend income | 40 | 26 | 29 |
| Interest expense | (205) | (204) | (232) |
| Total nonoperating income (expense) | (110) | (62) | (79) |
| Income before income taxes | 4,460 | 4,602 | 4,395 |
| Income tax expense | 1,290 | 1,250 | 1,131 |
| Net income | 3,170 | 3,352 | 3,264 |
| Net income (loss) attributable to noncontrolling interests | (2) | 7 | (30) |
| Net income attributable to BlackRock, Inc. | 3,172 | 3,345 | 3,294 |
| Earnings per share attributable to BlackRock, Inc. common stockholders: | |||
| Basic | 19.29 | 20.10 | 19.58 |
| Diluted | 19.04 | 19.79 | 19.25 |
| Cash dividends declared and paid per share | 9.16 | 8.72 | 7.72 |
| Weighted-average common shares outstanding: | |||
| Basic | 164,425,858 | 166,390,009 | 168,225,154 |
| Diluted | 166,579,752 | 169,038,571 | 171,112,261 |
| Related Party | |||
| Related Parties | |||
| Total investment advisory, administration fees and securities lending revenue | 6,836 | 6,875 | 6,738 |
| Other Third Parties | |||
| Total investment advisory, administration fees and securities lending revenue | 3,044 | 2,965 | 2,851 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2016 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 28, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Net income | $ 3,170 | 3,352 | 3,264 |
| Other comprehensive income: | |||
| Change in net unrealized gains (losses) from available-for-sale investments, net of tax: | |||
| Unrealized holding gains (losses) | (1) [1] | 3 | |
| Less: reclassification adjustment included in net income | (1) | 2 | 8 |
| Net change from available-for-sale investments | 1 | (3) | (5) |
| Benefit plans | 1 | (2) | |
| Foreign currency translation adjustments | (269) [2] | (173) | (231) |
| Other comprehensive income (loss) | (268) | (175) | (238) |
| Comprehensive income | 2,902 | 3,177 | 3,026 |
| Less: Comprehensive income (loss) attributable to noncontrolling interests | (2) | 7 | (30) |
| Comprehensive income attributable to BlackRock, Inc. | 2,904 | 3,170 | 3,056 |
| [2] Amount for 2016 and 2015 includes gains from a net investment hedge of $14 million (net of tax of $8 million) and $19 million (net of tax of $11 million), respectively. | |||
| [1] The tax benefit (expense) was not material in 2016, 2015 and 2014. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2016 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 28, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Cash flows from operating activities | |||
| Net income | $ 3,170 | 3,352 | 3,264 |
| Adjustments to reconcile net income to cash flows from operating activities: | |||
| Depreciation and amortization | 229 | 247 | 278 |
| Amortization of deferred sales commissions | 34 | 48 | 56 |
| Stock-based compensation | 521 | 514 | 453 |
| Deferred income tax expense (benefit) | (14) | (156) | (104) |
| Other gains | 0 | (40) | 0 |
| Net (gains) losses on nontrading investments | 0 | 12 | (37) |
| Purchases of investments within consolidated sponsored investment funds | 0 | (1) | (160) |
| Proceeds from sales and maturities of investments within consolidated sponsored investment funds | 0 | 2 | 137 |
| Assets and liabilities of consolidated VIEs: | |||
| Change in cash and cash equivalents | (119) | (98) | 168 |
| Net (gains) losses within consolidated VIEs | (16) | (58) | 41 |
| Net (purchases) proceeds within consolidated VIEs | (816) | (227) | (599) |
| (Earnings) losses from equity method investees | (113) | (91) | (158) |
| Distributions of earnings from equity method investees | 31 | 41 | 57 |
| Other adjustments | 0 | 1 | 5 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (86) | (154) | 78 |
| Investments, trading | (449) | (584) | (416) |
| Other assets | (130) | (123) | 5 |
| Accrued compensation and benefits | (86) | 98 | 101 |
| Accounts payable and accrued liabilities | 51 | 14 | (69) |
| Other liabilities | (53) | 207 | (13) |
| Cash flows from operating activities | 2,154 | 3,004 | 3,087 |
| Cash flows from investing activities | |||
| Purchases of investments | (377) | (330) | (369) |
| Proceeds from sales and maturities of investments | 378 | 456 | 654 |
| Distributions of capital from equity method investees | 34 | 66 | 143 |
| Net consolidations (deconsolidations) of sponsored investment funds | (74) | (163) | (123) |
| Acquisitions, net of cash acquired | (30) | (273) | 0 |
| Purchases of property and equipment | (119) | (221) | (66) |
| Cash flows from investing activities | (188) | (465) | 239 |
| Cash flows from financing activities | |||
| Repayments of long-term borrowings | 0 | (750) | (1,000) |
| Proceeds from long-term borrowings | 0 | 787 | 997 |
| Cash dividends paid | (1,545) | (1,476) | (1,338) |
| Proceeds from stock options exercised | 26 | 126 | 4 |
| Repurchases of common stock | (1,399) | (1,331) | (1,344) |
| Net proceeds from (repayments of) borrowings by consolidated VIEs | 0 | 0 | 512 |
| Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders | 1,146 | 484 | 202 |
| Excess tax benefit from stock-based compensation | 82 | 105 | 106 |
| Other financing activities | 5 | (9) | 0 |
| Cash flows from financing activities | (1,685) | (2,064) | (1,861) |
| Effect of exchange rate changes on cash and cash equivalents | (273) | (115) | (132) |
| Net increase (decrease) in cash and cash equivalents | 8 | 360 | 1,333 |
| Cash and cash equivalents, beginning of year | 6,083 | 5,723 | |
| Cash and cash equivalents, end of year | 6,091 | 6,083 | 5,723 |
| Supplemental disclosure of cash flow information: | |||
| Interest | 198 | 194 | 216 |
| Interest on borrowings of consolidated VIEs | 0 | 0 | 142 |
| Income taxes (net of refunds) | 1,365 | 1,276 | 1,227 |
| Supplemental schedule of noncash investing and financing transactions: | |||
| Issuance of common stock | 667 | 600 | 646 |
| PNC preferred stock capital contribution | 172 | 0 | 0 |
| Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | (1,439) | (104) | (269) |
| Increase (decrease) in borrowings due to consolidation/deconsolidation of VIEs | 0 | (3,389) | 585 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKROCK INC. | ||
Ticker: BLK Fiscal Year: 2016 | ||
Consolidated Statements of Financial Condition | ||
Period Ending Dec 31, 2016 10-K (Filed: Feb 28, 2017) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2016 | Dec 31, 2015 | |
| Assets | ||
| Cash and cash equivalents | $ 6,091 | 6,083 |
| Accounts receivable | 2,350 | 2,237 |
| Investments | 1,595 | 1,578 |
| Separate account assets | 149,089 | 150,851 |
| Separate account collateral held under securities lending agreements | 27,792 | 31,336 |
| Property and equipment (net of accumulated depreciation of $601 and $570 at December 31,2016 and 2015, respectively) | 559 | 581 |
| Intangible assets (net of accumulated amortization of $832 and $745 at December 31,2016 and 2015, respectively) | 17,363 | 17,372 |
| Goodwill | 13,118 | 13,123 |
| Other assets | 1,065 | 855 |
| Total assets | 220,177 | 225,261 |
| Liabilities | ||
| Accrued compensation and benefits | 1,880 | 1,971 |
| Accounts payable and accrued liabilities | 1,094 | 1,068 |
| Liabilities of consolidated variable interest entities | 216 | 177 |
| Borrowings | 4,915 | 4,930 |
| Separate account liabilities | 149,089 | 150,851 |
| Separate account collateral liabilities under securities lending agreements | 27,792 | 31,336 |
| Deferred income tax liabilities | 4,840 | 4,851 |
| Other liabilities | 1,007 | 1,033 |
| Total liabilities | 190,833 | 196,217 |
| Commitments and contingencies (Note 13) | ||
| Temporary equity | ||
| Redeemable noncontrolling interests | 194 | 464 |
| Permanent Equity | ||
| Common stock, $ 0.01 par value; Shares authorized: 500,000,000 at December 31, 2016 and 2015; Shares issued: 171,252,185 at December 31, 2016 and 2015; Shares outstanding: 161,534,443 and 163,461,064 at December 31, 2016 and 2015, respectively; | 2 | 2 |
| Additional paid-in capital | 19,337 | 19,405 |
| Retained earnings | 13,660 | 12,033 |
| Accumulated other comprehensive loss | (716) | (448) |
| Treasury stock, common, at cost (9,717,742 and 7,791,121 shares held at December 31, 2016 and2015, respectively) | (3,185) | (2,489) |
| Total BlackRock, Inc. stockholders equity | 29,098 | 28,503 |
| Nonredeemable noncontrolling interests | 52 | 77 |
| Total permanent equity | 29,150 | 28,580 |
| Total liabilities, temporary equity and permanent equity | 220,177 | 225,261 |
| 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 | ||
| Consolidated Variable Interest Entities | ||
| Cash and cash equivalents | 84 | 148 |
| Investments | 1,008 | 1,030 |
| Other assets | 63 | 67 |
| External Links | |
| BLACKROCK INC. (BLK) Fiscal Year 2016 | |
| 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 |