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: 2017 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 28, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Revenue | |||
| Total investment advisory, administration fees and securities lending revenue | $ 10,893 | 9,880 | 9,840 |
| Investment advisory performance fees | 594 | 295 | 621 |
| Technology and risk management revenue | 677 | 595 | 528 |
| Distribution fees | 24 | 41 | 55 |
| Advisory and other revenue | 303 | 344 | 357 |
| Total revenue | 12,491 | 11,155 | 11,401 |
| Expense | |||
| Employee compensation and benefits | 4,255 | 3,880 | 4,005 |
| Distribution and servicing costs | 492 | 429 | 409 |
| Amortization of deferred sales commissions | 17 | 34 | 48 |
| Direct fund expense | 904 | 766 | 767 |
| General and administration | 1,462 | 1,301 | 1,380 |
| Restructuring charge | 0 | 76 | 0 |
| Amortization of intangible assets | 89 | 99 | 128 |
| Total expense | 7,219 | 6,585 | 6,737 |
| Operating income | 5,272 | 4,570 | 4,664 |
| Nonoperating income (expense) | |||
| Net gain (loss) on investments | 161 | 55 | 116 |
| Interest and dividend income | 49 | 40 | 26 |
| Interest expense | (205) | (205) | (204) |
| Total nonoperating income (expense) | 5 | (110) | (62) |
| Income before income taxes | 5,277 | 4,460 | 4,602 |
| Income tax expense | 270 | 1,290 | 1,250 |
| Net income | 5,007 | 3,170 | 3,352 |
| Net income (loss) attributable to noncontrolling interests | 37 | (2) | 7 |
| Net income attributable to BlackRock, Inc. | 4,970 | 3,172 | 3,345 |
| Earnings per share attributable to BlackRock, Inc. common stockholders: | |||
| Basic | 30.65 | 19.29 | 20.10 |
| Diluted | 30.23 | 19.04 | 19.79 |
| Cash dividends declared and paid per share | 10.00 | 9.16 | 8.72 |
| Weighted-average common shares outstanding: | |||
| Basic | 162,160,601 | 164,425,858 | 166,390,009 |
| Diluted | 164,415,035 | 166,579,752 | 169,038,571 |
| Related Party | |||
| Related Parties | |||
| Total investment advisory, administration fees and securities lending revenue | 7,740 | 6,836 | 6,875 |
| Other Third Parties | |||
| Total investment advisory, administration fees and securities lending revenue | 3,153 | 3,044 | 2,965 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2017 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 28, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Net income | $ 5,007 | 3,170 | 3,352 |
| Other comprehensive income: | |||
| Foreign currency translation adjustments | 285 [1] | (269) | (173) |
| Other | (1) | 1 | (2) |
| Other comprehensive income (loss) | 284 | (268) | (175) |
| Comprehensive income | 5,291 | 2,902 | 3,177 |
| Less: Comprehensive income (loss) attributable to noncontrolling interests | 37 | (2) | 7 |
| Comprehensive income attributable to BlackRock, Inc. | 5,254 | 2,904 | 3,170 |
| [1] (1) Amount for 2017 includes a loss from a net investment hedge of $64 million (net of a tax benefit of $38 million). Amount for 2016 and 2015 include a gain from a net investment hedge of $14 million (net of tax of $8 million) and $19 million (net of tax of $11 million), respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2017 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 28, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Cash flows from operating activities | |||
| Net income | $ 5,007 | 3,170 | 3,352 |
| Adjustments to reconcile net income to cash flows from operating activities: | |||
| Depreciation and amortization | 240 | 263 | 295 |
| Stock-based compensation | 542 | 521 | 514 |
| Deferred income tax expense (benefit) | (1,221) | (14) | (156) |
| Other gains | 0 | 0 | (40) |
| Assets and liabilities of consolidated VIEs: | |||
| Change in cash and cash equivalents | (81) | (119) | (98) |
| Net (gains) losses within consolidated VIEs | (118) | (16) | (58) |
| Net (purchases) proceeds within consolidated VIEs | (302) | (816) | (227) |
| (Earnings) losses from equity method investees | (122) | (113) | (91) |
| Distributions of earnings from equity method investees | 35 | 31 | 41 |
| Other adjustments | 0 | 0 | 14 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (521) | (65) | (82) |
| Investments, trading | (222) | (449) | (584) |
| Other assets | (212) | (151) | (195) |
| Accrued compensation and benefits | 276 | (86) | 98 |
| Accounts payable and accrued liabilities | 308 | 26 | (41) |
| Other liabilities | 219 | (28) | 262 |
| Cash flows from operating activities | 3,828 | 2,154 | 3,004 |
| Cash flows from investing activities | |||
| Purchases of investments | (489) | (377) | (330) |
| Proceeds from sales and maturities of investments | 166 | 378 | 456 |
| Distributions of capital from equity method investees | 32 | 34 | 66 |
| Net consolidations (deconsolidations) of sponsored investment funds | (39) | (74) | (163) |
| Acquisitions, net of cash acquired | (102) | (30) | (273) |
| Purchases of property and equipment | (155) | (119) | (221) |
| Cash flows from investing activities | (587) | (188) | (465) |
| Cash flows from financing activities | |||
| Proceeds from long-term borrowings | 697 | 0 | 787 |
| Repayments of long-term borrowings | (700) | 0 | (750) |
| Cash dividends paid | (1,662) | (1,545) | (1,476) |
| Proceeds from stock options exercised | 0 | 26 | 126 |
| Repurchases of common stock | (1,421) | (1,399) | (1,331) |
| Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders | 464 | 1,146 | 484 |
| Excess tax benefit from stock-based compensation | 0 | 82 | 105 |
| Other financing activities | (8) | 5 | (9) |
| Cash flows from financing activities | (2,630) | (1,685) | (2,064) |
| Effect of exchange rate changes on cash and cash equivalents | 192 | (273) | (115) |
| Net increase (decrease) in cash and cash equivalents | 803 | 8 | 360 |
| Cash and cash equivalents, beginning of year | 6,091 | 6,083 | |
| Cash and cash equivalents, end of year | 6,894 | 6,091 | 6,083 |
| Supplemental disclosure of cash flow information: | |||
| Interest | 205 | 198 | 194 |
| Income taxes (net of refunds) | 1,124 | 1,365 | 1,276 |
| Supplemental schedule of noncash investing and financing transactions: | |||
| Issuance of common stock | 626 | 667 | 600 |
| PNC preferred stock capital contribution | 193 | 172 | 0 |
| Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | (281) | (1,439) | (104) |
| Increase (decrease) in borrowings due to consolidation/deconsolidation of VIEs | 0 | 0 | (3,389) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKROCK INC. | ||
Ticker: BLK Fiscal Year: 2017 | ||
Consolidated Statements of Financial Condition | ||
Period Ending Dec 31, 2017 10-K (Filed: Feb 28, 2018) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2017 | Dec 31, 2016 | |
| Assets | ||
| Cash and cash equivalents | $ 6,894 | 6,091 |
| Accounts receivable | 2,699 | 2,115 |
| Investments | 1,981 | 1,595 |
| Separate account assets | 149,937 | 149,089 |
| Separate account collateral held under securities lending agreements | 24,190 | 27,792 |
| Property and equipment (net of accumulated depreciation of $658 and $601 at December 31, 2017 and December 31, 2016, respectively) | 592 | 559 |
| Intangible assets (net of accumulated amortization of $219 and $832 at December 31, 2017 and December 31, 2016, respectively) | 17,389 | 17,363 |
| Goodwill | 13,220 | 13,118 |
| Other assets | 1,612 | 1,300 |
| Total assets | 220,217 | 220,177 |
| Liabilities | ||
| Accrued compensation and benefits | 2,153 | 1,880 |
| Accounts payable and accrued liabilities | 1,161 | 880 |
| Liabilities of consolidated variable interest entities | 369 | 216 |
| Borrowings | 5,014 | 4,915 |
| Separate account liabilities | 149,937 | 149,089 |
| Separate account collateral liabilities under securities lending agreements | 24,190 | 27,792 |
| Deferred income tax liabilities | 3,538 | 4,840 |
| Other liabilities | 1,564 | 1,221 |
| Total liabilities | 187,926 | 190,833 |
| Commitments and contingencies (Note 13) | ||
| Temporary equity | ||
| Redeemable noncontrolling interests | 416 | 194 |
| Permanent Equity | ||
| Common stock, $ 0.01 par value; Shares authorized: 500,000,000 at December 31, 2017 and December 31, 2016; Shares issued: 171,252,185 at December 31, 2017 and December 31, 2016; Shares outstanding: 159,977,115 and 161,534,443 at December 31, 2017 and December 31, 2016, respectively | 2 | 2 |
| Additional paid-in capital | 19,256 | 19,337 |
| Retained earnings | 16,966 | 13,660 |
| Accumulated other comprehensive loss | (432) | (716) |
| Treasury stock, common, at cost (11,275,070 and 9,717,742 shares held at December 31, 2017 and December 31, 2016, respectively) | (3,967) | (3,185) |
| Total BlackRock, Inc. stockholders equity | 31,825 | 29,098 |
| Nonredeemable noncontrolling interests | 50 | 52 |
| Total permanent equity | 31,875 | 29,150 |
| Total liabilities, temporary equity and permanent equity | 220,217 | 220,177 |
| Class of Stock | ||
| Series B Nonvoting Participating Preferred Stock | ||
| 159,977,115 and 161,534,443 at December 31, 2017 and | 0 | 0 |
| Series C Nonvoting Participating Preferred Stock | ||
| 159,977,115 and 161,534,443 at December 31, 2017 and | 0 | 0 |
| Variable Interest Entities | ||
| Consolidated Variable Interest Entities | ||
| Cash and cash equivalents | 144 | 84 |
| Investments | 1,493 | 1,008 |
| Other assets | 66 | 63 |
| Total liabilities | 369 | 216 |
| Nonredeemable noncontrolling interests | 375 | 207 |
| External Links | |
| BLACKROCK INC. (BLK) Fiscal Year 2017 | |
| 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 |