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Section 1: 10-Q (10-Q)

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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 June 30, 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 July 31, 2019, there were 154,573,783 shares of the registrant’s common stock outstanding.

 

i


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

42

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

75

 

 

 

Item 4.

Controls and Procedures

76

PART II

OTHER INFORMATION

 

Item 1.

Legal Proceedings

77

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

79

 

 

 

Item 5.

Other Information

79

 

 

 

Item 6.

Exhibits

80

 

 

 

ii


PART I – FINANCIAL INFORMATION

Item 1.     Financial Statements

BlackRock, Inc.

Condensed Consolidated Statements of Financial Condition

(unaudited)

 

 

 

June 30,

 

 

December 31,

 

(in millions, except shares and per share data)

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,920

 

 

$

6,302

 

Accounts receivable

 

 

2,863

 

 

 

2,657

 

Investments

 

 

1,989

 

 

 

1,796

 

Assets of consolidated variable interest entities:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

103

 

 

 

186

 

Investments

 

 

2,431

 

 

 

2,680

 

Other assets

 

 

63

 

 

 

876

 

Separate account assets

 

 

96,807

 

 

 

90,285

 

Separate account collateral held under securities lending agreements

 

 

18,446

 

 

 

20,655

 

Property and equipment (net of accumulated depreciation of $836 and $750 at June 30, 2019

   and December 31, 2018, respectively)

 

 

659

 

 

 

643

 

Intangible assets (net of accumulated amortization of $284 and $244 at June 30, 2019 and

   December 31, 2018, respectively)

 

 

18,477

 

 

 

17,839

 

Goodwill

 

 

14,511

 

 

 

13,526

 

Other assets

 

 

3,078

 

 

 

2,128

 

Total assets

 

$

163,347

 

 

$

159,573

 

Liabilities

 

 

 

 

 

 

 

 

Accrued compensation and benefits

 

$

1,078

 

 

$

1,988

 

Accounts payable and accrued liabilities

 

 

1,277

 

 

 

1,292

 

Liabilities of consolidated variable interest entities:

 

 

 

 

 

 

 

 

Borrowings

 

 

142

 

 

 

84

 

Other liabilities

 

 

502

 

 

 

1,290

 

Borrowings

 

 

5,964

 

 

 

4,979

 

Separate account liabilities

 

 

96,807

 

 

 

90,285

 

Separate account collateral liabilities under securities lending agreements

 

 

18,446

 

 

 

20,655

 

Deferred income tax liabilities

 

 

3,825

 

 

 

3,571

 

Other liabilities

 

 

2,646

 

 

 

1,889

 

Total liabilities

 

 

130,687

 

 

 

126,033

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Temporary equity

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

710

 

 

 

1,107

 

Permanent Equity

 

 

 

 

 

 

 

 

BlackRock, Inc. stockholders’ equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value;

 

 

2

 

 

 

2

 

Shares authorized: 500,000,000 at June 30, 2019 and December 31, 2018;

   Shares issued: 171,252,185 at June 30, 2019 and December 31, 2018;

   Shares outstanding: 154,543,673 and 157,553,501 at June 30, 2019 and

   December 31, 2018, respectively

 

 

 

 

 

 

 

 

Preferred stock (Note 19)

 

 

 

 

 

 

Additional paid-in capital

 

 

18,947

 

 

 

19,168

 

Retained earnings

 

 

20,267

 

 

 

19,282

 

Accumulated other comprehensive loss

 

 

(664

)

 

 

(691

)

Treasury stock, common, at cost (16,708,512 and 13,698,684 shares held at June 30, 2019

    and December 31, 2018, respectively)

 

 

(6,659

)

 

 

(5,387

)

Total BlackRock, Inc. stockholders’ equity

 

 

31,893

 

 

 

32,374

 

Nonredeemable noncontrolling interests

 

 

57

 

 

 

59

 

Total permanent equity

 

 

31,950

 

 

 

32,433

 

Total liabilities, temporary equity and permanent equity

 

$

163,347

 

 

$

159,573

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

1


BlackRock, Inc.

Condensed Consolidated Statements of Income

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in millions, except shares and per share data)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and

  securities lending revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Related parties

 

$

2,061

 

 

$

2,087

 

 

$

4,050

 

 

$

4,199

 

Other third parties

 

 

842

 

 

 

857

 

 

 

1,658

 

 

 

1,692

 

Total investment advisory, administration fees and

   securities lending revenue

 

 

2,903

 

 

 

2,944

 

 

 

5,708

 

 

 

5,891

 

Investment advisory performance fees

 

 

64

 

 

 

91

 

 

 

90

 

 

 

161

 

Technology services revenue

 

 

237

 

 

 

198

 

 

 

441

 

 

 

382

 

Distribution fees

 

 

267

 

 

 

294

 

 

 

529

 

 

 

605

 

Advisory and other revenue

 

 

53

 

 

 

78

 

 

 

102

 

 

 

149

 

Total revenue

 

 

3,524

 

 

 

3,605

 

 

 

6,870

 

 

 

7,188

 

Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

1,083

 

 

 

1,082

 

 

 

2,147

 

 

 

2,203

 

Distribution and servicing costs

 

 

416

 

 

 

415

 

 

 

820

 

 

 

847

 

Direct fund expense

 

 

252

 

 

 

264

 

 

 

494

 

 

 

525

 

General and administration

 

 

470

 

 

 

393

 

 

 

858

 

 

 

776

 

Amortization of intangible assets

 

 

25

 

 

 

11

 

 

 

40

 

 

 

22

 

Total expense

 

 

2,246

 

 

 

2,165

 

 

 

4,359

 

 

 

4,373

 

Operating income

 

 

1,278

 

 

 

1,440

 

 

 

2,511

 

 

 

2,815

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

 

89

 

 

 

3

 

 

 

231

 

 

 

18

 

Interest and dividend income

 

 

20

 

 

 

19

 

 

 

49

 

 

 

34

 

Interest expense

 

 

(52

)

 

 

(46

)

 

 

(98

)

 

 

(92

)

Total nonoperating income (expense)

 

 

57

 

 

 

(24

)

 

 

182

 

 

 

(40

)

Income before income taxes

 

 

1,335

 

 

 

1,416

 

 

 

2,693

 

 

 

2,775

 

Income tax expense

 

 

322

 

 

 

338

 

 

 

620

 

 

 

603

 

Net income

 

 

1,013

 

 

 

1,078

 

 

 

2,073

 

 

 

2,172

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling

   interests

 

 

10

 

 

 

5

 

 

 

17

 

 

 

10

 

Net income attributable to BlackRock, Inc.

 

$

1,003

 

 

$

1,073

 

 

$

2,056

 

 

$

2,162

 

Earnings per share attributable to BlackRock, Inc.

   common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

6.46

 

 

$

6.67

 

 

$

13.11

 

 

$

13.42

 

Diluted

 

$

6.41

 

 

$

6.62

 

 

$

13.02

 

 

$

13.30

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

155,354,552

 

 

 

160,980,960

 

 

 

156,803,244

 

 

 

161,114,746

 

Diluted

 

 

156,360,741

 

 

 

162,161,937

 

 

 

157,853,711

 

 

 

162,532,637

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

2


BlackRock, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in millions)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

1,013

 

 

$

1,078

 

 

$

2,073

 

 

$

2,172

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments(1)

 

 

(41

)

 

 

(274

)

 

 

27

 

 

 

(137

)

Comprehensive income (loss)

 

 

972

 

 

 

804

 

 

 

2,100

 

 

 

2,035

 

Less: Comprehensive income (loss) attributable to

     noncontrolling interests

 

 

10

 

 

 

5

 

 

 

17

 

 

 

10

 

Comprehensive income attributable to BlackRock, Inc.

 

$

962

 

 

$

799

 

 

$

2,083

 

 

$

2,025

 

 

(1)

Amounts for the three months ended June 30, 2019 and 2018 include a loss from a net investment hedge of $8 million (net of tax benefit of $2 million) and a gain of $34 million (net of tax of $11 million), respectively. Amounts for the six months ended June 30, 2019 and 2018 include gains from a net investment hedge of $3 million (net of tax of $1 million) and $18 million (net of tax of $6 million), respectively.

See accompanying notes to condensed consolidated financial statements.

 

 

 

3


BlackRock, Inc.

Condensed Consolidated Statements of Changes in Equity

(unaudited)