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: 2018 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Revenue | |||
| Total revenue | $ 14,198 | 13,600 | 12,261 |
| Expense | |||
| Employee compensation and benefits | 4,320 | 4,253 | 3,878 |
| Distribution and servicing costs | 1,675 | 1,663 | 1,608 |
| Direct fund expense | 998 | 895 | 757 |
| General and administration | 1,638 | 1,446 | 1,278 |
| Restructuring charge | 60 | 76 | |
| Amortization of intangible assets | 50 | 89 | 99 |
| Total expense | 8,741 | 8,346 | 7,696 |
| Operating income | 5,457 | 5,254 | 4,565 |
| Nonoperating income (expense) | |||
| Net gain (loss) on investments | 1 | 161 | 55 |
| Interest and dividend income | 104 | 49 | 40 |
| Interest expense | (184) | (205) | (205) |
| Total nonoperating income (expense) | (79) | 5 | (110) |
| Income before income taxes | 5,378 | 5,259 | 4,455 |
| Income tax expense | 1,076 | 270 | 1,289 |
| Net income | 4,302 | 4,989 | 3,166 |
| Net income (loss) attributable to noncontrolling interests | (3) | 37 | (2) |
| Net income attributable to BlackRock, Inc. | 4,305 | 4,952 [1] | 3,168 |
| Earnings per share attributable to BlackRock, Inc. common stockholders: | |||
| Basic | 26.86 | 30.54 | 19.27 |
| Diluted | 26.58 | 30.12 | 19.02 |
| Cash dividends declared and paid per share | 12.02 | 10.00 | 9.16 |
| Weighted-average common shares outstanding: | |||
| Basic | 160,301,116 | 162,160,601 | 164,425,858 |
| Diluted | 161,948,732 | 164,415,035 | 166,579,752 |
| Product and Service | |||
| Investment Advisory, Administration Fees and Securities Lending Revenue | |||
| Total revenue | 11,553 | 10,868 | 9,848 |
| Related Party | |||
| Related Parties | |||
| Total revenue | 8,226 | 7,692 | 6,785 |
| Other Third Parties | |||
| Total revenue | 3,327 | 3,176 | 3,063 |
| Investment Advisory Performance Fees | |||
| Total revenue | 412 | 594 | 295 |
| Technology Services Revenue | |||
| Total revenue | 785 | 657 | 588 |
| Distribution Fees | |||
| Total revenue | 1,155 | 1,183 | 1,198 |
| Advisory and Other Revenue | |||
| Total revenue | 293 | 298 | 332 |
| [1] Results for 2017 and 2016 were recast to reflect the adoption of the new revenue recognition standard. See Note 2, Significant Accounting Policies, for further information on the adoption of the new revenue recognition standard. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2018 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net income | $ 4,302 | 4,989 | 3,166 |
| Other comprehensive income: | |||
| Foreign currency translation adjustments | (253) [1] | 285 | (269) |
| Other | (1) | 1 | |
| Other comprehensive income (loss) | (253) | 284 | (268) |
| Comprehensive income | 4,049 | 5,273 | 2,898 |
| Less: Comprehensive income (loss) attributable to noncontrolling interests | (3) | 37 | (2) |
| Comprehensive income attributable to BlackRock, Inc. | 4,052 | 5,236 | 2,900 |
| [1] Amount for 2018 included a gain from a net investment hedge of $30 million (net of tax of $10 million). Amounts for 2017 and 2016 included a loss of $64 million (net of tax benefit of $38 million) and a gain from a net investment hedge of $14 million (net of tax of $8 million), respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
BLACKROCK INC. | |||
Ticker: BLK Fiscal Year: 2018 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Operating activities | |||
| Net income | $ 4,302 | 4,989 | 3,166 |
| Adjustments to reconcile net income to cash flows from operating activities: | |||
| Depreciation and amortization | 220 | 240 | 263 |
| Stock-based compensation | 564 | 542 | 521 |
| Deferred income tax expense (benefit) | (226) | (1,221) | (15) |
| Contingent consideration fair value adjustments | 65 | 8 | (2) |
| Other gains | (50) | ||
| Assets and liabilities of consolidated VIEs: | |||
| Net (gains) losses within consolidated VIEs | 105 | (118) | (16) |
| Net (purchases) proceeds within consolidated VIEs | (1,683) | (302) | (816) |
| (Earnings) losses from equity method investees | (94) | (122) | (113) |
| Distributions of earnings from equity method investees | 30 | 35 | 31 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 4 | (521) | (65) |
| Investments, trading | (32) | (222) | (449) |
| Other assets | (223) | (173) | (153) |
| Accrued compensation and benefits | (230) | 276 | (86) |
| Accounts payable and accrued liabilities | 43 | 308 | 26 |
| Other liabilities | 280 | 231 | (19) |
| Net cash provided by/(used in) operating activities | 3,075 | 3,950 | 2,273 |
| Investing activities | |||
| Purchases of investments | (327) | (489) | (377) |
| Proceeds from sales and maturities of investments | 449 | 166 | 378 |
| Distributions of capital from equity method investees | 24 | 32 | 34 |
| Net consolidations (deconsolidations) of sponsored investment funds | (51) | (60) | (257) |
| Acquisitions, net of cash acquired | (699) | (102) | (30) |
| Purchases of property and equipment | (204) | (155) | (119) |
| Net cash provided by/(used in) investing activities | (808) | (608) | (371) |
| Financing activities | |||
| Proceeds from long-term borrowings | 697 | ||
| Repayments of long-term borrowings | (700) | ||
| Cash dividends paid | (1,968) | (1,662) | (1,545) |
| Proceeds from stock options exercised | 26 | ||
| Repurchases of common stock | (2,087) | (1,421) | (1,399) |
| Net proceeds from (repayments of) borrowings by consolidated VIEs | 40 | ||
| Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders | 1,263 | 464 | 1,146 |
| Excess tax benefit from stock-based compensation | 82 | ||
| Other financing activities | (13) | (8) | 5 |
| Net cash provided by/(used in) financing activities | (2,765) | (2,630) | (1,685) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (93) | 192 | (273) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (591) | 904 | (56) |
| Cash, cash equivalents and restricted cash, beginning of year | 7,096 | 6,192 | |
| Cash, cash equivalents and restricted cash, end of year | 6,505 | 7,096 | 6,192 |
| Supplemental disclosure of cash flow information: | |||
| Interest | 177 | 205 | 198 |
| Income taxes (net of refunds) | 1,159 | 1,124 | 1,365 |
| Supplemental schedule of noncash investing and financing transactions: | |||
| Issuance of common stock | 652 | 626 | 667 |
| PNC preferred stock capital contribution | 58 | 193 | 172 |
| Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | (560) | (281) | (1,439) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
BLACKROCK INC. | ||
Ticker: BLK Fiscal Year: 2018 | ||
Consolidated Statements of Financial Condition | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Assets | ||
| Cash and cash equivalents | $ 6,302 | 6,894 |
| Accounts receivable | 2,657 | 2,699 |
| Investments | 1,796 | 1,981 |
| Separate account assets | 90,285 | 149,937 |
| Separate account collateral held under securities lending agreements | 20,655 | 24,190 |
| Property and equipment (net of accumulated depreciation of $750 and $658 at December 31, 2018 and 2017, respectively) | 643 | 592 |
| Intangible assets (net of accumulated amortization of $244 and $219 at December 31, 2018 and 2017, respectively) | 17,839 | 17,389 |
| Goodwill | 13,526 | 13,220 |
| Other assets | 2,128 | 1,636 |
| Total assets | 159,573 | 220,241 |
| Liabilities | ||
| Accrued compensation and benefits | 1,988 | 2,153 |
| Accounts payable and accrued liabilities | 1,292 | 1,161 |
| Borrowings | 4,979 | 5,014 |
| Separate account liabilities | 90,285 | 149,937 |
| Separate account collateral liabilities under securities lending agreements | 20,655 | 24,190 |
| Deferred income tax liabilities | 3,571 | 3,527 |
| Other liabilities | 1,889 | 1,626 |
| Total liabilities | 126,033 | 187,977 |
| Commitments and contingencies (Note 14) | ||
| Temporary equity | ||
| Redeemable noncontrolling interests | 1,107 | 416 |
| Permanent Equity | ||
| Common stock, $0.01 par value;Shares authorized: 500,000,000 at December 31, 2018 and 2017;Shares issued: 171,252,185 at December 31, 2018 and 2017;Shares outstanding: 157,553,501 and 159,977,115 at December 31, 2018 and 2017, respectively | 2 | 2 |
| Additional paid-in capital | 19,168 | 19,256 |
| Retained earnings | 19,282 | 16,939 |
| Accumulated other comprehensive loss | (691) | (432) |
| Treasury stock, common, at cost (13,698,684 and 11,275,070 shares held at December 31, 2018 and 2017, respectively) | (5,387) | (3,967) |
| Total BlackRock, Inc. stockholders equity | 32,374 | 31,798 |
| Nonredeemable noncontrolling interests | 59 | 50 |
| Total permanent equity | 32,433 | 31,848 |
| Total liabilities, temporary equity and permanent equity | 159,573 | 220,241 |
| Class of Stock | ||
| Series B Nonvoting Participating Preferred Stock | ||
| Nonvoting participating preferred stock | 0 | 0 |
| Series C Nonvoting Participating Preferred Stock | ||
| Nonvoting participating preferred stock | 0 | 0 |
| Variable Interest Entities | ||
| Consolidated Variable Interest Entities | ||
| Cash and cash equivalents | 186 | 144 |
| Investments | 2,680 | 1,493 |
| Other assets | 876 | 66 |
| Borrowings | 84 | |
| Other liabilities | 1,290 | 369 |
| Nonredeemable noncontrolling interests | 1,076 | 375 |
| External Links | |
| BLACKROCK INC. (BLK) Fiscal Year 2018 | |
| 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 |