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Section 1: 10-Q (10-Q)

blk-10q_20190331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934.

For the transition period from                                 to                                 .

Commission file number 001-33099

 

BlackRock, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

32-0174431

(State or Other Jurisdiction of

Incorporation or Organization)

 

    (I.R.S. Employer Identification No.)

55 East 52nd Street, New York, NY 10055

(Address of Principal Executive Offices)

(Zip Code)

(212) 810-5300

(Registrant’s Telephone Number, Including Area Code)

 

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $.01 par value

 

BLK

 

New York Stock Exchange

1.250% Notes due 2025

 

BLK25

 

New York Stock Exchange

 

 

 

 

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  

Yes

 

X

 

No

 

 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  

Yes

 

X

 

No

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

Large accelerated filer

 

Accelerated filer

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

 

 

 

No

 

X

As of April 30, 2019, there were 154,521,765 shares of the registrant’s common stock outstanding.

 

 


BlackRock, Inc.

Index to Form 10-Q

PART I

FINANCIAL INFORMATION

 

 

 

Page

 

 

 

Item 1.

Financial Statements (unaudited)

 

 

 

 

 

Condensed Consolidated Statements of Financial Condition

1

 

 

 

 

Condensed Consolidated Statements of Income

2

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income

3

 

 

 

 

Condensed Consolidated Statements of Changes in Equity

4

 

 

 

 

Condensed Consolidated Statements of Cash Flows

6

 

 

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

64

 

 

 

Item 4.

Controls and Procedures

65

PART II

OTHER INFORMATION

 

Item 1.

Legal Proceedings

66

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

68

 

 

 

Item 6.

Exhibits

69

 

 

 

i


PART I – FINANCIAL INFORMATION

Item 1.     Financial Statements

BlackRock, Inc.

Condensed Consolidated Statements of Financial Condition

(unaudited)

 

 

 

March 31,

 

 

December 31,

 

(in millions, except shares and per share data)

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,891

 

 

$

6,302

 

Accounts receivable

 

 

2,771

 

 

 

2,657

 

Investments

 

 

1,917

 

 

 

1,796

 

Assets of consolidated variable interest entities:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

170

 

 

 

186

 

Investments

 

 

2,592

 

 

 

2,680

 

Other assets

 

 

69

 

 

 

876

 

Separate account assets

 

 

97,993

 

 

 

90,285

 

Separate account collateral held under securities lending agreements

 

 

20,791

 

 

 

20,655

 

Property and equipment (net of accumulated depreciation of $794 and $750 at March 31, 2019

   and December 31, 2018, respectively)

 

 

656

 

 

 

643

 

Intangible assets (net of accumulated amortization of $259 and $244 at March 31, 2019 and

   December 31, 2018, respectively)

 

 

17,824

 

 

 

17,839

 

Goodwill

 

 

13,524

 

 

 

13,526

 

Other assets

 

 

2,810

 

 

 

2,128

 

Total assets

 

$

165,008

 

 

$

159,573

 

Liabilities

 

 

 

 

 

 

 

 

Accrued compensation and benefits

 

$

730

 

 

$

1,988

 

Accounts payable and accrued liabilities

 

 

1,225

 

 

 

1,292

 

Liabilities of consolidated variable interest entities:

 

 

 

 

 

 

 

 

Borrowings

 

 

134

 

 

 

84

 

Other liabilities

 

 

479

 

 

 

1,290

 

Borrowings

 

 

4,966

 

 

 

4,979

 

Separate account liabilities

 

 

97,993

 

 

 

90,285

 

Separate account collateral liabilities under securities lending agreements

 

 

20,791

 

 

 

20,655

 

Deferred income tax liabilities

 

 

3,654

 

 

 

3,571

 

Other liabilities

 

 

2,665

 

 

 

1,889

 

Total liabilities

 

 

132,637

 

 

 

126,033

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

Temporary equity

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

1,009

 

 

 

1,107

 

Permanent Equity

 

 

 

 

 

 

 

 

BlackRock, Inc. stockholders’ equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value;

 

 

2

 

 

 

2

 

Shares authorized: 500,000,000 at March 31, 2019 and December 31, 2018;

   Shares issued: 171,252,185 at March 31, 2019 and December 31, 2018;

   Shares outstanding: 154,500,315 and 157,553,501 at March 31, 2019 and

   December 31, 2018, respectively

 

 

 

 

 

 

 

 

Preferred stock (Note 18)

 

 

 

 

 

 

Additional paid-in capital

 

 

18,827

 

 

 

19,168

 

Retained earnings

 

 

19,779

 

 

 

19,282

 

Accumulated other comprehensive loss

 

 

(623

)

 

 

(691

)

Treasury stock, common, at cost (16,751,870 and 13,698,684 shares held at March 31, 2019

    and December 31, 2018, respectively)

 

 

(6,676

)

 

 

(5,387

)

Total BlackRock, Inc. stockholders’ equity

 

 

31,309

 

 

 

32,374

 

Nonredeemable noncontrolling interests

 

 

53

 

 

 

59

 

Total permanent equity

 

 

31,362

 

 

 

32,433

 

Total liabilities, temporary equity and permanent equity

 

$

165,008

 

 

$

159,573

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

1


BlackRock, Inc.

Condensed Consolidated Statements of Income

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions, except shares and per share data)

 

2019

 

 

2018

 

Revenue

 

 

 

 

 

 

 

 

Investment advisory, administration fees and

  securities lending revenue

 

 

 

 

 

 

 

 

Related parties

 

$

1,989

 

 

$

2,112

 

Other third parties

 

 

816

 

 

 

835

 

Total investment advisory, administration fees and

   securities lending revenue

 

 

2,805

 

 

 

2,947

 

Investment advisory performance fees

 

 

26

 

 

 

70

 

Technology services revenue

 

 

204

 

 

 

184

 

Distribution fees

 

 

262

 

 

 

311

 

Advisory and other revenue

 

 

49

 

 

 

71

 

Total revenue

 

 

3,346

 

 

 

3,583

 

Expense

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

1,064

 

 

 

1,121

 

Distribution and servicing costs

 

 

404

 

 

 

432

 

Direct fund expense

 

 

242

 

 

 

261

 

General and administration

 

 

388

 

 

 

383

 

Amortization of intangible assets

 

 

15

 

 

 

11

 

Total expense

 

 

2,113

 

 

 

2,208

 

Operating income

 

 

1,233

 

 

 

1,375

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

 

142

 

 

 

15

 

Interest and dividend income

 

 

29

 

 

 

15

 

Interest expense

 

 

(46

)

 

 

(46

)

Total nonoperating income (expense)

 

 

125

 

 

 

(16

)

Income before income taxes

 

 

1,358

 

 

 

1,359

 

Income tax expense

 

 

298

 

 

 

265

 

Net income

 

 

1,060

 

 

 

1,094

 

Less:

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling

   interests

 

 

7

 

 

 

5

 

Net income attributable to BlackRock, Inc.

 

$

1,053

 

 

$

1,089

 

Earnings per share attributable to BlackRock, Inc.

   common stockholders:

 

 

 

 

 

 

 

 

Basic

 

$

6.65

 

 

$

6.75

 

Diluted

 

$

6.61

 

 

$

6.68

 

Cash dividends declared and paid per share

 

$

3.30

 

 

$

2.88

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

158,268,034

 

 

 

161,250,018

 

Diluted

 

 

159,348,431

 

 

 

162,918,961

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

2


BlackRock, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions)

 

2019

 

 

2018

 

Net income

 

$

1,060

 

 

$

1,094

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation adjustments(1)

 

 

68

 

 

 

137

 

Comprehensive income (loss)

 

 

1,128

 

 

 

1,231

 

Less: Comprehensive income (loss) attributable to

     noncontrolling interests

 

 

7

 

 

 

5

 

Comprehensive income attributable to BlackRock, Inc.

 

$

1,121

 

 

$

1,226

 

 

(1)

Amounts for the three months ended March 31, 2019 and 2018 include a gain from a net investment hedge of $11 million (net of a tax expense of $3 million) and a loss of $16 million (net of a tax benefit of $5 million), respectively.

See accompanying notes to condensed consolidated financial statements.

 

 

 

3


BlackRock, Inc.

Condensed Consolidated Statements of Changes in Equity

(unaudited)

 

(in millions)

 

Additional

Paid-in

Capital(1)

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Treasury

Stock

Common

 

 

Total

BlackRock

Stockholders’

Equity

 

 

Nonredeemable

Noncontrolling

Interests

 

 

Total

Permanent

Equity

 

 

Redeemable

Noncontrolling

Interests /

Temporary

Equity

 

December 31, 2018

 

$

19,170

 

 

$

19,282

 

 

$

(691

)

 

$

(5,387

)

 

$

32,374

 

 

$

59

 

 

$

32,433

 

 

$

1,107

 

Net income

 

 

 

 

 

1,053

 

 

 

 

 

 

 

 

 

1,053

 

 

 

 

 

 

1,053

 

 

 

7

 

Dividends paid

 

 

 

 

 

(556

)

 

 

 

 

 

 

 

 

(556

)

 

 

 

 

 

(556

)

 

 

 

Stock-based compensation

 

 

154

 

 

 

 

 

 

 

 

 

 

 

 

154

 

 

 

 

 

 

154

 

 

 

 

PNC preferred stock capital contribution

 

 

60

 

 

 

 

 

 

 

 

 

 

 

 

60

 

 

 

 

 

 

60

 

 

 

 

Retirement of preferred stock

 

 

(60

)

 

 

 

 

 

 

 

 

 

 

 

(60

)

 

 

 

 

 

(60

)

 

 

 

Issuance of common shares related to employee stock

   transactions

 

 

(495

)

 

 

 

 

 

 

 

 

499

 

 

 

4

 

 

 

 

 

 

4

 

 

 

 

Employee tax withholdings related to employee stock

   transactions

 

 

 

 

 

 

 

 

 

 

 

(222

)

 

 

(222

)

 

 

 

 

 

(222

)

 

 

 

Shares repurchased

 

 

 

 

 

 

 

 

 

 

 

(1,566

)

 

 

(1,566

)

 

 

 

 

 

(1,566

)

 

 

 

Subscriptions (redemptions/distributions) — noncontrolling

   interest holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(5

)

 

 

200

 

Net consolidations (deconsolidations) of sponsored

  investment funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

 

 

(305

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

68

 

 

 

 

 

 

68

 

 

 

 

 

 

68

 

 

 

 

March 31, 2019

 

$

18,829

 

 

$

19,779

 

 

$

(623

)

 

$

(6,676

)

 

$

31,309

 

 

$

53

 

 

$

31,362

 

 

$

1,009

 

 

(1)

Amounts include $2 million of common stock at both March 31, 2019 and December 31, 2018.

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

4


BlackRock, Inc.

Condensed Consolidated Statements of Changes in Equity

(unaudited)

 

(in millions)

 

Additional

Paid-in

Capital(1)

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Treasury

Stock

Common

 

 

Total

BlackRock

Stockholders’

Equity

 

 

Nonredeemable

Noncontrolling

Interests

 

 

Total

Permanent

Equity

 

 

Redeemable

Noncontrolling

Interests /

Temporary

Equity

 

December 31, 2017

 

$

19,258

 

 

$

16,939

 

 

$

(432

)

 

$

(3,967

)

 

$

31,798

 

 

$

50

 

 

$

31,848

 

 

$

416

 

Net income

 

 

 

 

 

1,089

 

 

 

 

 

 

 

 

 

1,089

 

 

 

(1

)

 

 

1,088

 

 

 

6

 

Dividends paid

 

 

 

 

 

(505

)

 

 

 

 

 

 

 

 

(505

)

 

 

 

 

 

(505

)

 

 

 

Stock-based compensation

 

 

175

 

 

 

 

 

 

 

 

 

 

 

 

175

 

 

 

 

 

 

175

 

 

 

 

PNC preferred stock capital contribution

 

 

58

 

 

 

 

 

 

 

 

 

 

 

 

58

 

 

 

 

 

 

58

 

 

 

 

Retirement of preferred stock

 

 

(58

)

 

 

 

 

 

 

 

 

 

 

 

(58

)

 

 

 

 

 

(58

)

 

 

 

Issuance of common shares related to employee stock

   transactions

 

 

(575

)

 

 

 

 

 

 

 

 

578

 

 

 

3

 

 

 

 

 

 

3

 

 

 

 

Employee tax withholdings related to employee stock

   transactions

 

 

 

 

 

 

 

 

 

 

 

(384

)

 

 

(384

)