Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BLK | |
Entity Registrant Name | BlackRock Inc. | |
Entity Central Index Key | 1364742 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 164,616,254 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Financial Condition (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $4,293 | $5,723 |
Accounts receivable | 2,836 | 2,120 |
Investments | 2,204 | 1,921 |
Separate account assets | 162,046 | 161,287 |
Separate account collateral held under securities lending agreements | 35,367 | 33,654 |
Property and equipment (net of accumulated depreciation of $605 and $587 at March 31, 2015 and December 31, 2014, respectively) | 537 | 467 |
Intangible assets (net of accumulated amortization of $1,075 and $1,040 at March 31, 2015 and December 31, 2014, respectively) | 17,429 | 17,344 |
Goodwill | 12,975 | 12,961 |
Other assets | 853 | 701 |
Total assets | 242,714 | 239,808 |
Liabilities | ||
Accrued compensation and benefits | 684 | 1,865 |
Accounts payable and accrued liabilities | 1,714 | 1,035 |
Borrowings | 4,938 | 4,938 |
Separate account liabilities | 162,046 | 161,287 |
Separate account collateral liabilities under securities lending agreements | 35,367 | 33,654 |
Deferred income tax liabilities | 5,077 | 4,989 |
Other liabilities | 1,086 | 886 |
Total liabilities | 215,058 | 212,288 |
Commitments and contingencies (Note 11) | ||
Temporary equity | ||
Redeemable noncontrolling interests | 180 | 35 |
Permanent Equity | ||
Common stock, $0.01 par value; Shares authorized: 500,000,000 at March 31, 2015 and December 31, 2014; Shares issued: 171,252,185 at March 31, 2015 and December 31, 2014; Shares outstanding: 164,949,507 and 164,786,788 at March 31, 2015 and December 31, 2014, respectively | 2 | 2 |
Preferred stock (Note 15) | 0 | 0 |
Additional paid-in capital | 19,126 | 19,386 |
Retained earnings | 10,597 | 10,164 |
Accumulated other comprehensive loss | -439 | -273 |
Treasury stock, common, at cost (6,302,678 and 6,465,397 shares held at March 31, 2015 and December 31, 2014, respectively) | -1,927 | -1,894 |
Total BlackRock, Inc. stockholders' equity | 27,375 | 27,366 |
Nonredeemable noncontrolling interests | 89 | 104 |
Total permanent equity | 27,476 | 27,485 |
Total liabilities, temporary equity and permanent equity | 242,714 | 239,808 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Assets | ||
Cash and cash equivalents | 279 | 278 |
Bank loans, other investments and other assets | 3,895 | 3,352 |
Liabilities | ||
Borrowings | 3,964 | 3,389 |
Other liabilities | 182 | 245 |
Permanent Equity | ||
Appropriated retained earnings | 16 | -19 |
Nonredeemable noncontrolling interests | $12 | $15 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $605 | $587 |
Intangible assets, accumulated amortization | $1,075 | $1,040 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 171,252,185 | 171,252,185 |
Common stock, shares outstanding | 164,949,507 | 164,786,788 |
Treasury stock, common shares | 6,302,678 | 6,465,397 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue | ||
Total investment advisory, administration fees and securities lending revenue | $2,390 | $2,291 |
Investment advisory performance fees | 108 | 158 |
BlackRock Solutions and advisory | 147 | 154 |
Distribution fees | 17 | 19 |
Other revenue | 61 | 48 |
Total revenue | 2,723 | 2,670 |
Expense | ||
Employee compensation and benefits | 981 | 982 |
Distribution and servicing costs | 99 | 89 |
Amortization of deferred sales commissions | 13 | 15 |
Direct fund expense | 189 | 179 |
General and administration | 339 | 313 |
Amortization of intangible assets | 35 | 41 |
Total expense | 1,656 | 1,619 |
Operating income | 1,067 | 1,051 |
Nonoperating income (expense) | ||
Net gain (loss) on investments | 63 | 76 |
Interest and dividend income | 4 | 10 |
Interest expense | -51 | -53 |
Total nonoperating income (expense) | 51 | 17 |
Income before income taxes | 1,118 | 1,068 |
Income tax expense | 258 | 324 |
Net income | 860 | 744 |
Less: | ||
Net income (loss) attributable to redeemable noncontrolling interests | 4 | 1 |
Net income (loss) attributable to nonredeemable noncontrolling interests | 34 | -13 |
Net income attributable to BlackRock, Inc. | 822 | 756 |
Earnings per share attributable to BlackRock, Inc. common stockholders: | ||
Basic | $4.92 | $4.47 |
Diluted | $4.84 | $4.40 |
Cash dividends declared and paid per share | $2.18 | $1.93 |
Weighted-average common shares outstanding: | ||
Basic | 167,089,037 | 169,081,421 |
Diluted | 169,723,167 | 171,933,803 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Nonoperating income (expense) | ||
Net gain (loss) on consolidated variable interest entities | 35 | -16 |
Related Parties [Member] | ||
Revenue | ||
Total investment advisory, administration fees and securities lending revenue | 1,681 | 1,611 |
Other Third Parties [Member] | ||
Revenue | ||
Total investment advisory, administration fees and securities lending revenue | $709 | $680 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $860 | $744 | ||
Other comprehensive income: | ||||
Unrealized holding gains (losses), net of tax | 0 | 0 | ||
Less: reclassification adjustment included in net income | 0 | [1] | 8 | [1] |
Net change from available-for-sale investments, net of tax | 0 | -8 | ||
Benefit plans, net | -1 | 0 | ||
Foreign currency translation adjustments | -165 | 8 | ||
Other comprehensive income (loss) | -166 | 0 | ||
Comprehensive income | 694 | 744 | ||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 38 | -12 | ||
Comprehensive income attributable to BlackRock, Inc. | $656 | $756 | ||
[1] | The tax benefit (expense) was not material for the three months ended March 31, 2014. |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Changes in Equity (USD $) | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Appropriated Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock Common [Member] | Total BlackRock Stockholders' Equity [Member] | Nonredeemable Noncontrolling Interests [Member] | Nonredeemable Noncontrolling Interests of Consolidated VIEs [Member] | Redeemable Noncontrolling Interests / Temporary Equity [Member] | |
In Millions | |||||||||||
Balance at Dec. 31, 2013 | $26,616 | $19,475 | [1] | $8,208 | $22 | ($35) | ($1,210) | $26,460 | $135 | $21 | $54 |
Net income | 743 | 0 | [1] | 756 | 0 | 0 | 0 | 756 | 3 | -16 | 1 |
Allocation of gains (losses) of consolidated collateralized loan obligations | 0 | 0 | [1] | 0 | -16 | 0 | 0 | -16 | 0 | 16 | 0 |
Dividends paid | -366 | 0 | [1] | -366 | 0 | 0 | 0 | -366 | 0 | 0 | 0 |
Stock-based compensation | 127 | 126 | [1] | 0 | 0 | 0 | 1 | 127 | 0 | 0 | 0 |
Issuance of common shares related to employee stock transactions | 1 | -603 | [1] | 0 | 0 | 0 | 604 | 1 | 0 | 0 | 0 |
Employee tax withholdings related to employee stock transactions | -325 | 0 | [1] | 0 | 0 | 0 | -325 | -325 | 0 | 0 | 0 |
Shares repurchased | -250 | 0 | [1] | 0 | 0 | 0 | -250 | -250 | 0 | 0 | 0 |
Net tax benefit (shortfall) from stock-based compensation | 91 | 91 | [1] | 0 | 0 | 0 | 0 | 91 | 0 | 0 | 0 |
Subscriptions (redemptions/ distributions) - noncontrolling interest holders | -24 | 0 | [1] | 0 | 0 | 0 | 0 | 0 | -21 | -3 | 49 |
Net consolidations (deconsolidations) of sponsored investment funds | 0 | 0 | [1] | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16 |
Other comprehensive income (loss) | 0 | ||||||||||
Balance at Mar. 31, 2014 | 26,613 | 19,089 | [1] | 8,598 | 6 | -35 | -1,180 | 26,478 | 117 | 18 | 88 |
Balance at Dec. 31, 2014 | 27,485 | 19,388 | [2] | 10,164 | -19 | -273 | -1,894 | 27,366 | 104 | 15 | 35 |
Net income | 856 | 0 | [2] | 822 | 0 | 0 | 0 | 822 | -1 | 35 | 4 |
Allocation of gains (losses) of consolidated collateralized loan obligations | 0 | 0 | [2] | 0 | 35 | 0 | 0 | 35 | 0 | -35 | 0 |
Dividends paid | -389 | 0 | [2] | -389 | 0 | 0 | 0 | -389 | 0 | 0 | 0 |
Stock-based compensation | 143 | 143 | [2] | 0 | 0 | 0 | 0 | 143 | 0 | 0 | 0 |
Issuance of common shares related to employee stock transactions | 7 | -458 | [2] | 0 | 0 | 0 | 465 | 7 | 0 | 0 | 0 |
Employee tax withholdings related to employee stock transactions | -223 | 0 | [2] | 0 | 0 | 0 | -223 | -223 | 0 | 0 | 0 |
Shares repurchased | -275 | 0 | [2] | 0 | 0 | 0 | -275 | -275 | 0 | 0 | 0 |
Net tax benefit (shortfall) from stock-based compensation | 55 | 55 | [2] | 0 | 0 | 0 | 0 | 55 | 0 | 0 | 0 |
Subscriptions (redemptions/ distributions) - noncontrolling interest holders | -17 | 0 | [2] | 0 | 0 | 0 | 0 | 0 | -14 | -3 | 123 |
Net consolidations (deconsolidations) of sponsored investment funds | 0 | 0 | [2] | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18 |
Other comprehensive income (loss) | -166 | 0 | [2] | 0 | 0 | -166 | 0 | -166 | 0 | 0 | 0 |
Balance at Mar. 31, 2015 | $27,476 | $19,128 | [2] | $10,597 | $16 | ($439) | ($1,927) | $27,375 | $89 | $12 | $180 |
[1] | Amounts include $2 million of common stock at both March 31, 2014 and December 31, 2013. | ||||||||||
[2] | Amounts include $2 million of common stock at both March 31, 2015 and December 31, 2014. |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Statement of Stockholders' Equity [Abstract] | ||||
Additional Paid-in Capital, value of stock | $2 | $2 | $2 | $2 |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net income | $860 | $744 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation and amortization | 63 | 73 |
Amortization of deferred sales commissions | 13 | 15 |
Stock-based compensation | 143 | 127 |
Deferred income tax expense (benefit) | 87 | 165 |
Other gains | -40 | 0 |
Net (gains) losses on nontrading investments | 19 | -47 |
Purchases of investments within consolidated sponsored investment funds | -5 | -7 |
Proceeds from sales and maturities of investments within consolidated sponsored investment funds | 18 | 69 |
Assets and liabilities of consolidated VIEs: | ||
Change in cash and cash equivalents | 209 | -46 |
Net (gains) losses within consolidated VIEs | -35 | 16 |
Net (purchases) proceeds within consolidated VIEs | -177 | 169 |
(Earnings) losses from equity method investees | -33 | -39 |
Distributions of earnings from equity method investees | 9 | 7 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -750 | -624 |
Investments, trading | -336 | -95 |
Other assets | -91 | -82 |
Accrued compensation and benefits | -1,188 | -1,079 |
Accounts payable and accrued liabilities | 654 | 521 |
Other liabilities | 90 | -93 |
Cash flows from operating activities | -490 | -206 |
Cash flows from investing activities | ||
Purchases of investments | -101 | -123 |
Proceeds from sales and maturities of investments | 152 | 266 |
Distributions of capital from equity method investees | 9 | 8 |
Net consolidations (deconsolidations) of sponsored investment funds | 27 | -3 |
Acquisition | -88 | 0 |
Purchases of property and equipment | -98 | -15 |
Cash flows from investing activities | -99 | 133 |
Cash flows from financing activities | ||
Proceeds from long-term borrowings | 0 | 997 |
Cash dividends paid | -389 | -366 |
Repurchases of common stock | -498 | -575 |
Net proceeds from (repayments of) borrowings by consolidated VIEs | -29 | -120 |
Net (redemptions/distributions paid) / subscriptions received from noncontrolling interests holders | 106 | 25 |
Excess tax benefit from stock-based compensation | 55 | 102 |
Other financing activities | 7 | 1 |
Cash flows from financing activities | -748 | 64 |
Effect of exchange rate changes on cash and cash equivalents | -93 | 13 |
Net increase (decrease) in cash and cash equivalents | -1,430 | 4 |
Cash and cash equivalents, beginning of period | 5,723 | 4,390 |
Cash and cash equivalents, end of period | 4,293 | 4,394 |
Supplemental disclosure of cash flow information: | ||
Interest | 40 | 23 |
Interest on borrowings of consolidated VIEs | 30 | 27 |
Income taxes (net of refunds) | 133 | 178 |
Supplemental schedule of noncash investing and financing transactions: | ||
Issuance of common stock | 458 | 603 |
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | 18 | -16 |
Increase (decrease) in borrowings due to consolidation of VIEs | $603 | $0 |
Business_Overview
Business Overview | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Business Overview | 1. Business Overview |
BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm providing a broad range of investment and risk management services to institutional and retail clients worldwide. | |
BlackRock’s diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares® exchange-traded funds (“ETFs”), separate accounts, collective investment funds and other pooled investment vehicles. BlackRock also offers the BlackRock Solutions® investment and risk management technology platform, Aladdin®, risk analytics and advisory services and solutions to a broad base of institutional investors. | |
At March 31, 2015, The PNC Financial Services Group, Inc. (“PNC”) held 20.9% of the Company’s voting common stock and 22.0% of the Company’s capital stock, which includes outstanding common and nonvoting preferred stock. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounting Policies [Abstract] | ||||
Significant Accounting Policies | 2. Significant Accounting Policies | |||
Basis of Presentation. These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests on the condensed consolidated statements of financial condition represents the portion of consolidated sponsored investment funds in which the Company does not have direct equity ownership. Accounts and transactions between consolidated entities have been eliminated. | ||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. | ||||
Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission (“SEC”) on February 27, 2015 (“2014 Form 10-K”). | ||||
The interim financial information at March 31, 2015 and for the three months ended March 31, 2015 and 2014 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. | ||||
Fair Value Measurements. | ||||
Hierarchy of Fair Value Inputs. The Company uses a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: | ||||
Level 1 Inputs: | ||||
Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. | ||||
• | Level 1 assets may include listed mutual funds (including those accounted for under the equity method of accounting as these mutual funds are investment companies that have publicly available net asset values (“NAVs”), which in accordance with GAAP, are calculated under fair value measures and the changes in fair values are equal to the earnings of such funds), ETFs, listed equities and certain exchange-traded derivatives. | |||
Level 2 Inputs: | ||||
Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies. As a practical expedient, the Company uses the NAV (or its equivalent) of certain investments as their fair value. | ||||
• | Level 2 assets may include debt securities, bank loans, short-term floating-rate notes, asset-backed securities, securities held within consolidated hedge funds, certain equity method limited partnership interests in hedge funds valued based on NAV (or its equivalent) where the Company has the ability to redeem at the measurement date or within the near term without redemption restrictions, restricted public securities valued at a discount, as well as over-the-counter derivatives, including interest and inflation rate swaps and foreign currency exchange contracts that have inputs to the valuations that generally can be corroborated by observable market data. | |||
Level 3 Inputs: | ||||
Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation. Certain investments that are valued using a NAV (or its equivalent) and are subject to current redemption restrictions that will not be lifted in the near term are included in Level 3. | ||||
• | Level 3 assets may include general and limited partnership interests in private equity funds, funds of private equity funds, real estate funds, hedge funds, funds of hedge funds, direct private equity investments held within consolidated funds, bank loans and bonds. | |||
• | Level 3 liabilities include borrowings of consolidated collateralized loan obligations (“CLOs”) valued based upon nonbinding single-broker quotes and contingent liabilities related to acquisitions valued based upon discounted cash flow analysis using unobservable market data. | |||
• | Level 3 inputs include BlackRock capital accounts for its partnership interests in various alternative investments, including distressed credit hedge funds, opportunistic funds, real estate and private equity funds, which may be adjusted by using the returns of certain market indices. | |||
Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. | ||||
Valuation Techniques. The fair values of certain Level 3 assets and liabilities were determined using various methodologies as appropriate, including NAVs of underlying investments, third-party pricing vendors, broker quotes and market and income approaches. Such quotes and modeled prices are evaluated for reasonableness through various procedures, including due diligence reviews of third-party pricing vendors, variance analyses, consideration of the current market environment and other analytical procedures. | ||||
As a practical expedient, the Company uses NAV as the fair value for certain investments. The inputs to value these investments may include BlackRock capital accounts for its partnership interests in various alternative investments, including distressed credit hedge funds, opportunistic funds, real estate and private equity funds, which may be adjusted by using the returns of certain market indices. The various partnerships generally are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that may be used as an input to value these investments. | ||||
A significant number of inputs used to value equity, debt securities and bank loans is sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price. Annually, BlackRock’s internal valuation committee or other designated groups review both the valuation methodologies, including the general assumptions and methods used to value various asset classes, and operational processes with these vendors. On a quarterly basis, meetings are held with key vendors to identify any significant changes to the vendors’ processes. | ||||
In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input. | ||||
Fair Value Option. The Company applies the fair value option provisions for eligible assets and liabilities, including bank loans and borrowings, held by consolidated CLOs to mitigate accounting mismatches between the carrying value of the assets and liabilities and to achieve operational simplification. To the extent there is a difference between the change in fair value of the assets and liabilities, the difference is reflected as net income (loss) attributable to nonredeemable noncontrolling interests on the condensed consolidated statements of income and offset by a change in appropriated retained earnings on the condensed consolidated statements of financial condition. | ||||
Derivative Instruments and Hedging Activities. The Company does not use derivative financial instruments for trading or speculative purposes. The Company may use derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market exposures for certain seed investments. The Company may also use derivatives within its separate account assets, which are segregated funds held for purposes of funding individual and group pension contracts. In addition, certain consolidated sponsored investment funds may also invest in derivatives as a part of their investment strategy. | ||||
Changes in the fair value of the Company’s derivative financial instruments are generally recognized in earnings and, where applicable, are offset by the corresponding gain or loss on the related foreign-denominated assets or liabilities or hedged investments, on the condensed consolidated statements of income. | ||||
Separate Account Assets and Liabilities. Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom, and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition. | ||||
The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income. | ||||
Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company receives legal title to the collateral with minimum values generally ranging from approximately 102% to 112% of the value of the securities lent in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales. | ||||
The Company records on the condensed consolidated statements of financial condition the cash and noncash collateral received under these BlackRock Life Limited securities lending arrangements as its own asset in addition to an equal and offsetting collateral liability for the obligation to return the collateral. During the three months ended March 31, 2015 and 2014, the Company had not resold or repledged any of the collateral received under these arrangements. At March 31, 2015 and December 31, 2014, the fair value of loaned securities held by separate accounts was approximately $32.5 billion and $30.6 billion, respectively, and the fair value of the collateral held under these securities lending agreements was approximately $35.4 billion and $33.7 billion, respectively. | ||||
Appropriated Retained Earnings. Upon the consolidation of CLOs, BlackRock records an adjustment to appropriated retained earnings on the condensed consolidated statements of financial condition equal to the difference between the fair value of the CLOs’ assets and the fair value of their liabilities. Such amounts are recorded as appropriated retained earnings as the CLO noteholders ultimately will receive the benefits or absorb the losses associated with the CLOs’ assets and liabilities. The net change in the fair value of the CLOs’ assets and liabilities is recorded as net income (loss) attributable to nonredeemable noncontrolling interests and as a change to appropriated retained earnings. | ||||
Recent Accounting Pronouncements Not Yet Adopted | ||||
Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The Company is currently evaluating the impact of adopting ASU 2014-09, which is effective for the Company on January 1, 2017. | ||||
Amendments to the Consolidation Analysis, and Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity. In August 2014, the FASB issued ASU 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). ASU 2014-13 provides an entity that consolidates a collateralized financing entity (“CFE”) that had elected the fair value option for the financial assets and financial liabilities of such CFE an alternative to current fair value measurement guidance. If elected, the Company could measure both the financial assets and the financial liabilities of the CFE by using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The election would effectively eliminate any measurement difference previously recorded as net income (loss) attributable to nonredeemable noncontrolling interests and as an adjustment to appropriated retained earnings. | ||||
In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), which significantly amends the consolidation analysis required under current consolidation guidance. The amendments include changes to: (i) the VIE analysis for limited partnerships; (ii) the criteria for evaluating whether fees paid to a decision maker or a service provider are a variable interest; (iii) the effect of fee arrangements on the primary beneficiary (“PB”) determination; (iv) the effect of related parties on the PB determination; and (v) the consolidation evaluation for certain investment funds. This includes a scope exception for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. | ||||
ASU 2014-13 and ASU 2015-02 are effective for the Company on January 1, 2016, with retrospective or modified retrospective approach required. ASU 2014-13 and ASU 2015-02 permit early adoption in an interim period with any adjustments reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently expecting to deconsolidate CLOs and consolidate certain other investment products. | ||||
Debt Issuance Costs. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU 2015-03 is effective for the Company on January 1, 2016, with early adoption permitted for financial statements that have not been previously issued. The guidance also requires retrospective application to all prior periods presented. The Company does not expect the adoption of ASU 2015-03 to be material to the condensed consolidated financial statements. | ||||
Disclosures for Investments in Certain Entities that Calculate NAV Per Share. In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. ASU 2015-07 is effective for the Company on January 1, 2016, with early adoption permitted. The guidance also requires retrospective application to all prior periods presented. The Company does not expect the adoption of ASU 2015-07 to be material to the condensed consolidated financial statements. |
Investments
Investments | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||
Investments | 3. Investments | ||||||||||||||||||||||
A summary of the carrying value of total investments is as follows: | |||||||||||||||||||||||
(in millions) | March 31, | December 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Available-for-sale investments | $203 | $201 | |||||||||||||||||||||
Held-to-maturity investments | 13 | 79 | |||||||||||||||||||||
Trading investments: | |||||||||||||||||||||||
Consolidated sponsored investment funds | 787 | 443 | |||||||||||||||||||||
Other equity and debt securities | 16 | 29 | |||||||||||||||||||||
Deferred compensation plan mutual funds | 66 | 64 | |||||||||||||||||||||
Total trading investments | 869 | 536 | |||||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Consolidated sponsored investment funds | 255 | 270 | |||||||||||||||||||||
Equity method investments | 656 | 633 | |||||||||||||||||||||
Deferred compensation plan equity method investments | 21 | 21 | |||||||||||||||||||||
Cost method investments(1) | 96 | 96 | |||||||||||||||||||||
Carried interest | 91 | 85 | |||||||||||||||||||||
Total other investments | 1,119 | 1,105 | |||||||||||||||||||||
Total investments | $2,204 | $1,921 | |||||||||||||||||||||
(1) | Amounts primarily include Federal Reserve Bank (“FRB”) Stock. | ||||||||||||||||||||||
At March 31, 2015, the Company consolidated $1,042 million of investments held by consolidated sponsored investment funds (excluding variable interest entities (“VIEs”)) of which $787 million and $255 million were classified as trading investments and other investments, respectively. At December 31, 2014, the Company consolidated $713 million of investments held by consolidated sponsored investment funds (excluding VIEs) of which $443 million and $270 million were classified as trading investments and other investments, respectively. | |||||||||||||||||||||||
Available-for-Sale Investments | |||||||||||||||||||||||
A summary of the cost and carrying value of investments classified as available-for-sale investments is as follows: | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Gross Unrealized | Carrying | ||||||||||||||||||||||
March 31, 2015 | Cost | Gains | Losses | Value | |||||||||||||||||||
Equity securities of sponsored investment funds | $200 | $7 | ($4) | $203 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||
Equity securities of sponsored investment funds | $205 | $5 | ($9) | $201 | |||||||||||||||||||
Available-for-sale investments primarily included seed investments in BlackRock sponsored mutual funds. | |||||||||||||||||||||||
Held-to-Maturity Investments | |||||||||||||||||||||||
The carrying value of held-to-maturity investments was $13 million and $79 million at March 31, 2015 and December 31, 2014, respectively. Held-to-maturity investments included foreign government debt held for regulatory purposes and the amortized cost (carrying value) of these investments approximated fair value. At March 31, 2015, these investments mature after five years through ten years. | |||||||||||||||||||||||
Trading Investments | |||||||||||||||||||||||
A summary of the cost and carrying value of trading investments is as follows: | |||||||||||||||||||||||
(in millions) | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||
Cost | Carrying | Cost | Carrying | ||||||||||||||||||||
Value | Value | ||||||||||||||||||||||
Trading investments: | |||||||||||||||||||||||
Deferred compensation plan mutual funds | $48 | $66 | $48 | $64 | |||||||||||||||||||
Equity securities/multi-asset mutual funds | 202 | 230 | 210 | 239 | |||||||||||||||||||
Debt securities/fixed income mutual funds: | |||||||||||||||||||||||
Corporate debt | 250 | 252 | 109 | 110 | |||||||||||||||||||
Government debt | 257 | 264 | 100 | 103 | |||||||||||||||||||
Asset/mortgage backed debt | 57 | 57 | 20 | 20 | |||||||||||||||||||
Total trading investments | $814 | $869 | $487 | $536 | |||||||||||||||||||
At March 31, 2015, trading investments included $572 million of debt securities and $215 million of equity securities held by consolidated sponsored investment funds, $66 million of certain deferred compensation plan mutual fund investments and $16 million of other equity and debt securities. | |||||||||||||||||||||||
At December 31, 2014, trading investments included $223 million of debt securities and $220 million of equity securities held by consolidated sponsored investment funds, $64 million of certain deferred compensation plan mutual fund investments and $29 million of other equity and debt securities. | |||||||||||||||||||||||
Other Investments | |||||||||||||||||||||||
A summary of the cost and carrying value of other investments is as follows: | |||||||||||||||||||||||
(in millions) | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||
Cost | Carrying | Cost | Carrying | ||||||||||||||||||||
Value | Value | ||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Consolidated sponsored investment funds | $268 | $255 | $268 | $270 | |||||||||||||||||||
Equity method | 519 | 656 | 518 | 633 | |||||||||||||||||||
Deferred compensation plan equity method investments | 20 | 21 | 21 | 21 | |||||||||||||||||||
Cost method investments: | |||||||||||||||||||||||
Federal Reserve Bank stock | 92 | 92 | 92 | 92 | |||||||||||||||||||
Other | 4 | 4 | 4 | 4 | |||||||||||||||||||
Total cost method investments | 96 | 96 | 96 | 96 | |||||||||||||||||||
Carried interest | - | 91 | - | 85 | |||||||||||||||||||
Total other investments | $903 | $1,119 | $903 | $1,105 | |||||||||||||||||||
Consolidated sponsored investment funds include third-party private equity funds, direct investments in private companies and third-party hedge funds held by BlackRock sponsored investment funds. | |||||||||||||||||||||||
Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds. | |||||||||||||||||||||||
In addition, the Company accounts for its interest in PennyMac Financial Services, Inc. (“PennyMac”) as an equity method investment. At March 31, 2015 and December 31, 2014 the Company’s investment in PennyMac was excluded from the balances in the table above and included in other assets on the condensed consolidated statements of financial condition. The carrying value and fair value of the Company’s interest (approximately 20% or 16 million shares and units) was approximately $179 million and $264 million, respectively, at March 31, 2015 and approximately $167 million and $269 million, respectively, at December 31, 2014. The fair value of the Company’s interest reflected the PennyMac stock price at March 31, 2015 and December 31, 2014, respectively (a Level 1 input). | |||||||||||||||||||||||
Cost method investments include nonmarketable securities, including FRB stock, which is held for regulatory purposes and is restricted from sale. At March 31, 2015 and December 31, 2014, there were no indicators of impairment on these investments. | |||||||||||||||||||||||
Carried interest represents allocations to BlackRock’s general partner capital accounts from certain funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds. |
Consolidated_Sponsored_Investm
Consolidated Sponsored Investment Funds | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Consolidated Sponsored Investment Funds | 4. Consolidated Sponsored Investment Funds | ||||||||
The Company consolidates certain sponsored investment funds primarily because it is deemed to control such funds. The investments owned by these consolidated sponsored investment funds are classified as trading or other investments. The following table presents the balances related to these consolidated funds that were included on the condensed consolidated statements of financial condition as well as BlackRock’s net interest in these funds: | |||||||||
(in millions) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Cash and cash equivalents | $ 180 | $120 | |||||||
Investments: | |||||||||
Trading investments | 787 | 443 | |||||||
Other investments | 255 | 270 | |||||||
Other assets | 46 | 20 | |||||||
Other liabilities | (122 | ) | (18 | ) | |||||
Noncontrolling interests | (269 | ) | (139 | ) | |||||
BlackRock’s net interests in consolidated sponsored investment funds | $877 | $696 | |||||||
BlackRock’s total exposure to consolidated sponsored investment funds represents the value of its economic ownership interest in these sponsored investment funds. Valuation changes associated with investments held at fair value by these consolidated investment funds are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to noncontrolling interests for the portion not attributable to BlackRock. | |||||||||
In addition, at March 31, 2015 and December 31, 2014, several consolidated CLOs and one sponsored investment fund, which were deemed to be VIEs, were excluded from the balances in the table above as the balances for these investment products are reported separately on the condensed consolidated statements of financial condition. See Note 6, Variable Interest Entities, for further discussion on these consolidated investment products. See Note 2, Significant Accounting Policies-Recent Accounting Pronouncements Not Yet Adopted, for further information on ASU 2015-02. | |||||||||
The Company can not readily access cash and cash equivalents held by consolidated sponsored investment funds to use in its operating activities. In addition, the Company can not readily sell investments held by consolidated sponsored investment funds in order to obtain cash for use in the Company’s operations. |
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | 5. Fair Value Disclosures | ||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis and other assets not held at fair value | |||||||||||||||||||||||||||||||||||||
March 31, 2015 | Quoted | Significant Other | Significant | Other Assets | March 31, | ||||||||||||||||||||||||||||||||
(in millions) | Prices in | Observable Inputs | Unobservable | Not Held at Fair | 2015 | ||||||||||||||||||||||||||||||||
Active | (Level 2) | Inputs | Value(1) | ||||||||||||||||||||||||||||||||||
Markets for | (Level 3) | ||||||||||||||||||||||||||||||||||||
Identical | |||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||
Equity securities of sponsored investment funds | $ | 200 | $ | 3 | $ | - | $ | - | $ | 203 | |||||||||||||||||||||||||||
Held-to-maturity debt securities | - | - | - | 13 | 13 | ||||||||||||||||||||||||||||||||
Trading: | |||||||||||||||||||||||||||||||||||||
Deferred compensation plan mutual funds | 66 | - | - | - | 66 | ||||||||||||||||||||||||||||||||
Equity/Multi-asset mutual funds | 230 | - | - | - | 230 | ||||||||||||||||||||||||||||||||
Debt securities / fixed income mutual funds | 1 | 572 | - | - | 573 | ||||||||||||||||||||||||||||||||
Total trading | 297 | 572 | - | - | 869 | ||||||||||||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||||||||||||||
Consolidated sponsored investment funds private / public equity(2) | 12 | 7 | 236 | - | 255 | ||||||||||||||||||||||||||||||||
Equity method: | |||||||||||||||||||||||||||||||||||||
Hedge funds / Funds of hedge funds | - | 164 | 73 | 1 | 238 | ||||||||||||||||||||||||||||||||
Private equity investments | - | - | 168 | - | 168 | ||||||||||||||||||||||||||||||||
Real estate funds | - | 21 | 90 | 7 | 118 | ||||||||||||||||||||||||||||||||
Fixed income mutual funds | 10 | - | - | - | 10 | ||||||||||||||||||||||||||||||||
Other | 122 | - | - | - | 122 | ||||||||||||||||||||||||||||||||
Total equity method | 132 | 185 | 331 | 8 | 656 | ||||||||||||||||||||||||||||||||
Deferred compensation plan equity method investments | - | - | 21 | - | 21 | ||||||||||||||||||||||||||||||||
Cost method investments | - | - | - | 96 | 96 | ||||||||||||||||||||||||||||||||
Carried interest | - | - | - | 91 | 91 | ||||||||||||||||||||||||||||||||
Total investments | 641 | 767 | 588 | 208 | 2,204 | ||||||||||||||||||||||||||||||||
Separate account assets | 115,164 | 45,628 | - | 1,254 | 162,046 | ||||||||||||||||||||||||||||||||
Separate account collateral held under securities lending agreements: | |||||||||||||||||||||||||||||||||||||
Equity securities | 32,523 | - | - | - | 32,523 | ||||||||||||||||||||||||||||||||
Debt securities | - | 2,844 | - | - | 2,844 | ||||||||||||||||||||||||||||||||
Total separate account collateral held under securities lending agreements | 32,523 | 2,844 | - | - | 35,367 | ||||||||||||||||||||||||||||||||
Assets of consolidated VIEs: | |||||||||||||||||||||||||||||||||||||
Bank loans and other assets | - | 3,622 | 171 | 41 | 3,834 | ||||||||||||||||||||||||||||||||
Bonds | - | 29 | 18 | - | 47 | ||||||||||||||||||||||||||||||||
Private / public equity(3) | - | 4 | 10 | - | 14 | ||||||||||||||||||||||||||||||||
Total assets of consolidated VIEs | - | 3,655 | 199 | 41 | 3,895 | ||||||||||||||||||||||||||||||||
Total | $ | 148,328 | $ | 52,894 | $ | 787 | $ | 1,503 | $ | 203,512 | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||
Borrowings of consolidated VIEs | $ | - | $ | - | $ | 3,964 | $ | - | $ | 3,964 | |||||||||||||||||||||||||||
Separate account collateral liabilities under securities lending agreements | 32,523 | 2,844 | - | - | 35,367 | ||||||||||||||||||||||||||||||||
Other liabilities(4) | - | 6 | 51 | - | 57 | ||||||||||||||||||||||||||||||||
Total | $ | 32,523 | $ | 2,850 | $ | 4,015 | $ | - | $ | 39,388 | |||||||||||||||||||||||||||
(1) | Amounts are comprised of investments held at cost or amortized cost, carried interest and certain equity method investments, which include sponsored investment funds and other assets, which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value. | ||||||||||||||||||||||||||||||||||||
(2) | Level 3 amounts include $157 million and $79 million of underlying third-party private equity funds and direct investments in private equity companies held by private equity funds, respectively. | ||||||||||||||||||||||||||||||||||||
(3) | Level 3 amounts include $10 million of underlying third-party private equity funds held by a consolidated private equity fund of funds. | ||||||||||||||||||||||||||||||||||||
(4) | Amounts include a derivative (see Note 7, Derivatives and Hedging, for more information) and contingent liabilities related to certain acquisitions (see Note 11, Commitments and Contingencies, for more information). | ||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis and other assets not held at fair value | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | Quoted | Significant | Significant | Other Assets | December 31, | ||||||||||||||||||||||||||||||||
(in millions) | Prices in | Other | Unobservable | Not Held at | 2014 | ||||||||||||||||||||||||||||||||
Active | Observable | Inputs | Fair Value(1) | ||||||||||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||
Equity securities of sponsored investment funds | $ | 198 | $ | 3 | $ | - | $ | - | $ | 201 | |||||||||||||||||||||||||||
Held-to-maturity debt securities | - | - | - | 79 | 79 | ||||||||||||||||||||||||||||||||
Trading: | |||||||||||||||||||||||||||||||||||||
Deferred compensation plan mutual funds | 64 | - | - | - | 64 | ||||||||||||||||||||||||||||||||
Equity/Multi-asset mutual funds | 239 | - | - | - | 239 | ||||||||||||||||||||||||||||||||
Debt securities / fixed income mutual funds | 11 | 222 | - | - | 233 | ||||||||||||||||||||||||||||||||
Total trading | 314 | 222 | - | - | 536 | ||||||||||||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||||||||||||||
Consolidated sponsored investment funds private / public equity(2) | 11 | 11 | 248 | - | 270 | ||||||||||||||||||||||||||||||||
Equity method: | |||||||||||||||||||||||||||||||||||||
Hedge funds / Funds of hedge funds | - | 213 | 64 | 5 | 282 | ||||||||||||||||||||||||||||||||
Private equity investments | - | - | 107 | - | 107 | ||||||||||||||||||||||||||||||||
Real estate funds | - | 21 | 88 | 8 | 117 | ||||||||||||||||||||||||||||||||
Fixed income mutual funds | 29 | - | - | - | 29 | ||||||||||||||||||||||||||||||||
Other | 98 | - | - | - | 98 | ||||||||||||||||||||||||||||||||
Total equity method | 127 | 234 | 259 | 13 | 633 | ||||||||||||||||||||||||||||||||
Deferred compensation plan equity method investments | - | - | 21 | - | 21 | ||||||||||||||||||||||||||||||||
Cost method investments | - | - | - | 96 | 96 | ||||||||||||||||||||||||||||||||
Carried interest | - | - | - | 85 | 85 | ||||||||||||||||||||||||||||||||
Total investments | 650 | 470 | 528 | 273 | 1,921 | ||||||||||||||||||||||||||||||||
Separate account assets | 113,566 | 46,866 | - | 855 | 161,287 | ||||||||||||||||||||||||||||||||
Separate account collateral held under securities lending agreements: | |||||||||||||||||||||||||||||||||||||
Equity securities | 30,387 | - | - | - | 30,387 | ||||||||||||||||||||||||||||||||
Debt securities | - | 3,267 | - | - | 3,267 | ||||||||||||||||||||||||||||||||
Total separate account collateral held under securities lending agreements | 30,387 | 3,267 | - | - | 33,654 | ||||||||||||||||||||||||||||||||
Assets of consolidated VIEs: | |||||||||||||||||||||||||||||||||||||
Bank loans and other assets | - | 2,958 | 302 | 32 | 3,292 | ||||||||||||||||||||||||||||||||
Bonds | - | 29 | 18 | - | 47 | ||||||||||||||||||||||||||||||||
Private / public equity(3) | - | 3 | 10 | - | 13 | ||||||||||||||||||||||||||||||||
Total assets of consolidated VIEs | - | 2,990 | 330 | 32 | 3,352 | ||||||||||||||||||||||||||||||||
Total | $ | 144,603 | $ | 53,593 | $ | 858 | $ | 1,160 | $ | 200,214 | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||
Borrowings of consolidated VIEs | $ | - | $ | - | $ | 3,389 | $ | - | $ | 3,389 | |||||||||||||||||||||||||||
Separate account collateral liabilities under securities lending agreements | 30,387 | 3,267 | - | - | 33,654 | ||||||||||||||||||||||||||||||||
Other liabilities(4) | - | 5 | 39 | - | 44 | ||||||||||||||||||||||||||||||||
Total | $ | 30,387 | $ | 3,272 | $ | 3,428 | $ | - | $ | 37,087 | |||||||||||||||||||||||||||
(1) | Amounts are comprised of investments held at cost or amortized cost, carried interest and certain equity method investments, which include sponsored investment funds and other assets, which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value. | ||||||||||||||||||||||||||||||||||||
(2) | Level 3 amounts include $168 million and $80 million of underlying third-party private equity funds and direct investments in private equity companies held by private equity funds, respectively. | ||||||||||||||||||||||||||||||||||||
(3) | Level 3 amounts include $10 million of underlying third-party private equity funds held by a consolidated private equity fund of funds. | ||||||||||||||||||||||||||||||||||||
(4) | Amounts include a derivative (see Note 7, Derivatives and Hedging, for more information) and contingent liabilities related to certain acquisitions (see Note 11, Commitments and Contingencies, for more information). | ||||||||||||||||||||||||||||||||||||
Level 3 Assets. Level 3 investments of $588 million and $528 million at March 31, 2015 and December 31, 2014, respectively, primarily related to equity method investments and private equity funds held by consolidated sponsored investment funds. Level 3 assets within investments, except for direct investments in private equity companies held by private equity funds described below, were primarily valued based upon NAVs received from internal and third-party fund managers. | |||||||||||||||||||||||||||||||||||||
Direct investments in private equity companies held by private equity funds totaled $79 million and $80 million at March 31, 2015 and December 31, 2014, respectively. Direct investments in private equity companies may be valued using the market approach or the income approach, or a combination thereof, and were valued based on an assessment of each underlying investment, incorporating evaluation of additional significant third-party financing, changes in valuations of comparable peer companies, the business environment of the companies, market indices, assumptions relating to appropriate risk adjustments for nonperformance and legal restrictions on disposition, among other factors. The fair value derived from the methods used is evaluated and weighted, as appropriate, considering the reasonableness of the range of values indicated. Under the market approach, fair value may be determined by reference to multiples of market-comparable companies or transactions, including earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. Under the income approach, fair value may be determined by discounting the expected cash flows to a single present value amount using current expectations about those future amounts. Unobservable inputs used in a discounted cash flow model may include projections of operating performance generally covering a five-year period and a terminal value of the private equity direct investment. For investments utilizing the discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, risk premium or discount for lack of marketability in isolation could result in a significantly lower (higher) fair value measurement. For investments utilizing the market comparable companies valuation technique, a significant increase (decrease) in the EBITDA multiple in isolation could result in a significantly higher (lower) fair value measurement. | |||||||||||||||||||||||||||||||||||||
Level 3 assets of consolidated VIEs include bank loans and bonds valued based on single-broker nonbinding quotes and direct private equity investments and private equity funds valued based upon internal as well as third-party fund managers, which may be adjusted by using the returns of certain market indices. | |||||||||||||||||||||||||||||||||||||
Level 3 Liabilities. Level 3 borrowings of consolidated VIEs include CLO borrowings valued based upon single-broker nonbinding quotes. | |||||||||||||||||||||||||||||||||||||
Level 3 other liabilities include contingent liabilities related to certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs. | |||||||||||||||||||||||||||||||||||||
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||||||
(in millions) | December 31, | Realized | Purchases | Sales and | Issuances and | Transfers | Transfers | March 31, | Total net | ||||||||||||||||||||||||||||
2014 | and | maturities | other | into | out of | 2015 | unrealized | ||||||||||||||||||||||||||||||
unrealized | settlements(1) | Level 3 | Level 3 | gains (losses) | |||||||||||||||||||||||||||||||||
gains | included in | ||||||||||||||||||||||||||||||||||||
(losses) in | earnings(2) | ||||||||||||||||||||||||||||||||||||
earnings | |||||||||||||||||||||||||||||||||||||
and OCI | |||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||
Consolidated sponsored investment funds: | |||||||||||||||||||||||||||||||||||||
Private equity | $248 | ($12 | ) | $5 | ($5 | ) | $- | $- | $- | $236 | ($ | 11 | ) | ||||||||||||||||||||||||
Equity method: | |||||||||||||||||||||||||||||||||||||
Hedge funds / Funds of hedge funds | 64 | 7 | 8 | (4 | ) | (2 | ) | - | - | 73 | 9 | ||||||||||||||||||||||||||
Private equity investments | 107 | (5 | ) | 73 | - | (7 | ) | - | - | 168 | (7 | ) | |||||||||||||||||||||||||
Real estate funds | 88 | 1 | 1 | - | - | - | - | 90 | 2 | ||||||||||||||||||||||||||||
Deferred compensation plan equity method investments | 21 | 1 | - | - | (1 | ) | - | - | 21 | 1 | |||||||||||||||||||||||||||
Total Level 3 investments | 528 | (8 | ) | 87 | (9 | ) | (10 | ) | - | - | 588 | (6 | ) | ||||||||||||||||||||||||
Assets of consolidated VIEs: | |||||||||||||||||||||||||||||||||||||
Bank loans | 302 | 1 | 17 | (12 | ) | 26 | 72 | (235 | ) | 171 | |||||||||||||||||||||||||||
Bonds | 18 | - | - | - | - | - | - | 18 | |||||||||||||||||||||||||||||
Private equity | 10 | - | - | - | - | - | - | 10 | |||||||||||||||||||||||||||||
Total Level 3 assets of consolidated VIEs | 330 | 1 | 17 | (12 | ) | 26 | 72 | (235 | ) | 199 | N/A | (3) | |||||||||||||||||||||||||
Total Level 3 assets | $858 | ($7 | ) | $104 | ($21 | ) | $16 | $72 | ($235 | ) | $787 | ||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||
Borrowings of consolidated VIEs | $3,389 | ($1 | ) | $- | $- | $574 | $- | $- | $3,964 | N/A | (3) | ||||||||||||||||||||||||||
Other liabilities | 39 | 2 | - | - | 14 | - | - | 51 | - | ||||||||||||||||||||||||||||
Total Level 3 liabilities | $3,428 | $1 | $- | $- | $588 | $- | $- | $4,015 | |||||||||||||||||||||||||||||
N/A | – not applicable | ||||||||||||||||||||||||||||||||||||
(1) | Amount primarily includes distributions from equity method investees and loans and net proceeds from borrowings of consolidated VIEs. Amounts also include a contingent liability related to an acquisition. | ||||||||||||||||||||||||||||||||||||
(2) | Earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date. | ||||||||||||||||||||||||||||||||||||
(3) | The net gain (loss) on consolidated VIEs is solely attributable to noncontrolling interests on the condensed consolidated statements of income. | ||||||||||||||||||||||||||||||||||||
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||
(in millions) | December 31, | Realized | Purchases | Sales and | Issuances and | Transfers | Transfers | March 31, | Total net | ||||||||||||||||||||||||||||
2013 | and | maturities | other | into | out of | 2014 | unrealized | ||||||||||||||||||||||||||||||
unrealized | settlements(1) | Level 3(2) | Level 3 | gains (losses) | |||||||||||||||||||||||||||||||||
gains | included in | ||||||||||||||||||||||||||||||||||||
(losses) in | earnings(3) | ||||||||||||||||||||||||||||||||||||
earnings | |||||||||||||||||||||||||||||||||||||
and OCI | |||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||
Consolidated sponsored investment funds: | |||||||||||||||||||||||||||||||||||||
Hedge funds / Funds of funds | $24 | $1 | $- | ($12 | ) | ($1 | ) | $- | $- | $12 | $- | ||||||||||||||||||||||||||
Private equity | 223 | 1 | 5 | (14 | ) | - | 41 | - | 256 | 1 | |||||||||||||||||||||||||||
Equity method: | |||||||||||||||||||||||||||||||||||||
Hedge funds / Funds of hedge funds | 99 | 2 | 4 | (11 | ) | (3 | ) | - | - | 91 | 2 | ||||||||||||||||||||||||||
Private equity investments | 101 | 3 | 3 | - | (6 | ) | - | - | 101 | 4 | |||||||||||||||||||||||||||
Real estate funds | 98 | 2 | 2 | - | (2 | ) | - | - | 100 | 1 | |||||||||||||||||||||||||||
Deferred compensation plan equity method investments | 29 | 2 | - | - | - | - | - | 31 | 2 | ||||||||||||||||||||||||||||
Total Level 3 investments | 574 | 11 | 14 | (37 | ) | (12 | ) | 41 | - | 591 | 10 | ||||||||||||||||||||||||||
Assets of consolidated VIEs: | |||||||||||||||||||||||||||||||||||||
Bank loans | 129 | - | 16 | (13 | ) | - | 73 | (58 | ) | 147 | |||||||||||||||||||||||||||
Bonds | 35 | - | - | (7 | ) | - | - | - | 28 | ||||||||||||||||||||||||||||
Private equity | 14 | - | - | (1 | ) | - | - | - | 13 | ||||||||||||||||||||||||||||
Total Level 3 assets of consolidated VIEs | 178 | - | 16 | (21 | ) | - | 73 | (58 | ) | 188 | N/A | (4) | |||||||||||||||||||||||||
Total Level 3 assets | $752 | $11 | $30 | ($58 | ) | ($12 | ) | $114 | ($58 | ) | $779 | ||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||
Borrowings of consolidated VIEs | $2,369 | $5 | $- | $- | ($120 | ) | $- | $- | $2,244 | N/A | (4) | ||||||||||||||||||||||||||
Other liabilities | 42 | - | - | - | - | - | - | 42 | - | ||||||||||||||||||||||||||||
Total Level 3 liabilities | $2,411 | $5 | $- | $- | ($120 | ) | $- | $- | $2,286 | ||||||||||||||||||||||||||||
N/A | – not applicable | ||||||||||||||||||||||||||||||||||||
(1) | Amount primarily includes distributions from equity method investees and repayment of borrowings of consolidated VIEs. | ||||||||||||||||||||||||||||||||||||
(2) | Includes investments previously held at cost. | ||||||||||||||||||||||||||||||||||||
(3) | Earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date. | ||||||||||||||||||||||||||||||||||||
(4) | The net gain (loss) on consolidated VIEs is solely attributable to noncontrolling interests on the condensed consolidated statements of income. | ||||||||||||||||||||||||||||||||||||
Realized and Unrealized Gains (Losses) for Level 3 Assets and Liabilities. Realized and unrealized gains (losses) recorded for Level 3 assets and liabilities are reported in nonoperating income (expense) on the condensed consolidated statements of income. A portion of net income (loss) for consolidated sponsored investments and all of the net income (loss) for consolidated VIEs are allocated to noncontrolling interests to reflect net income (loss) not attributable to the Company. | |||||||||||||||||||||||||||||||||||||
Transfers in and/or out of Levels. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable, or when the Company determines it has the ability, or no longer has the ability, to redeem, in the near term, certain investments that the Company values using a NAV (or a capital account), or when the carrying value of certain equity method investments no longer represents fair value as determined under valuation methodologies. | |||||||||||||||||||||||||||||||||||||
Assets of Consolidated VIEs. During the three months ended March 31, 2015 and 2014, there were $235 million and $58 million, respectively, of transfers out of Level 3 to Level 2 related to bank loans. In addition, during the three months ended March 31, 2015 and 2014, there were $72 million and $73 million, respectively, of transfers into Level 3 from Level 2 related to bank loans. These transfers in and out of levels were primarily due to availability/unavailability of observable market inputs, including inputs from pricing vendors and brokers. | |||||||||||||||||||||||||||||||||||||
Significant Issuances and Other Settlements. During the three months ended March 31, 2015, other settlements included $603 million of borrowings due to the consolidation of one additional CLO and $29 million of repayments of borrowings of consolidated CLOs. During the three months ended March 31, 2014, other settlements included $120 million of repayments of borrowings of consolidated CLOs. | |||||||||||||||||||||||||||||||||||||
Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At March 31, 2015 and December 31, 2014, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below: | |||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||
(in millions) | Carrying | Estimated | Carrying | Estimated | Fair Value | ||||||||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | Hierarchy | |||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,293 | $ | 4,293 | $ | 5,723 | $ | 5,723 | Level 1 | (1)/ (2) | |||||||||||||||||||||||||||
Accounts receivable | 2,836 | 2,836 | 2,120 | 2,120 | Level 1 | (3) | |||||||||||||||||||||||||||||||
Cash and cash equivalents of consolidated VIEs | 279 | 279 | 278 | 278 | Level 1 | (1) | |||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | 1,714 | 1,714 | 1,035 | 1,035 | Level 1 | (3) | |||||||||||||||||||||||||||||||
Long-term borrowings | 4,938 | 5,365 | 4,938 | 5,309 | Level 2 | (4) | |||||||||||||||||||||||||||||||
(1) | Cash and cash equivalents are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities. | ||||||||||||||||||||||||||||||||||||
(2) | At March 31, 2015 and December 31, 2014, approximately $184 million and $100 million, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund. | ||||||||||||||||||||||||||||||||||||
(3) | The carrying amounts of accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short-term nature. | ||||||||||||||||||||||||||||||||||||
(4) | Long-term borrowings are recorded at amortized cost. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is estimated using market prices at the end of March 2015 and December 2014, respectively. See Note 10, Borrowings, for the fair value of each of the Company’s long-term borrowings. | ||||||||||||||||||||||||||||||||||||
Investments in Certain Entities that Calculate Net Asset Value Per Share. | |||||||||||||||||||||||||||||||||||||
As a practical expedient to value certain investments that do not have a readily determinable fair value and have attributes of an investment company, the Company uses NAV as the fair value. The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent). | |||||||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||||||
(in millions) | Ref | Fair Value | Total | Redemption | Redemption | ||||||||||||||||||||||||||||||||
Unfunded | Frequency | Notice Period | |||||||||||||||||||||||||||||||||||
Commitments | |||||||||||||||||||||||||||||||||||||
Consolidated sponsored investment funds: | |||||||||||||||||||||||||||||||||||||
Private equity funds of funds | (a | ) | $157 | $ | 21 | N/R | N/R | ||||||||||||||||||||||||||||||
Equity method:(1) | |||||||||||||||||||||||||||||||||||||
Hedge funds/funds of hedge funds | (b | ) | 237 | 39 | Daily/Monthly (37%) | 1 – 90 days | |||||||||||||||||||||||||||||||
Quarterly (32%) | |||||||||||||||||||||||||||||||||||||
N/R (31%) | |||||||||||||||||||||||||||||||||||||
Private equity funds | (c | ) | 168 | 68 | N/R | N/R | |||||||||||||||||||||||||||||||
Real estate funds | (d | ) | 111 | - | Quarterly (19%) | 60 days | |||||||||||||||||||||||||||||||
N/R (81%) | |||||||||||||||||||||||||||||||||||||
Deferred compensation plan investments | (e | ) | 21 | 5 | N/R | N/R | |||||||||||||||||||||||||||||||
Consolidated VIEs: | |||||||||||||||||||||||||||||||||||||
Private equity fund | (f | ) | 10 | 1 | N/R | N/R | |||||||||||||||||||||||||||||||
Total | $704 | $ | 134 | ||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(in millions) | Ref | Fair Value | Total | Redemption | Redemption | ||||||||||||||||||||||||||||||||
Unfunded | Frequency | Notice Period | |||||||||||||||||||||||||||||||||||
Commitments | |||||||||||||||||||||||||||||||||||||
Consolidated sponsored investment funds: | |||||||||||||||||||||||||||||||||||||
Private equity funds of funds | (a | ) | $168 | $22 | N/R | N/R | |||||||||||||||||||||||||||||||
Equity method:(1) | |||||||||||||||||||||||||||||||||||||
Hedge funds/funds of hedge funds | (b | ) | 277 | 39 | Daily/Monthly (29%) | 1 –90 days | |||||||||||||||||||||||||||||||
Quarterly (48%) | |||||||||||||||||||||||||||||||||||||
N/R (23%) | |||||||||||||||||||||||||||||||||||||
Private equity funds | (c | ) | 107 | 61 | N/R | N/R | |||||||||||||||||||||||||||||||
Real estate funds | (d | ) | 109 | 1 | Quarterly (19%) | 60 days | |||||||||||||||||||||||||||||||
N/R (81%) | |||||||||||||||||||||||||||||||||||||
Deferred compensation plan investments | (e | ) | 21 | 5 | N/R | N/R | |||||||||||||||||||||||||||||||
Consolidated VIEs: | |||||||||||||||||||||||||||||||||||||
Private equity fund | (f | ) | 10 | 1 | N/R | N/R | |||||||||||||||||||||||||||||||
Total | $692 | $ | 129 | ||||||||||||||||||||||||||||||||||
N/R– | not redeemable | ||||||||||||||||||||||||||||||||||||
(1) | Comprised of equity method investments, which include investment companies, which account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value. | ||||||||||||||||||||||||||||||||||||
(a) | This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. The fair values of the investments in the third-party funds have been estimated using capital accounts representing the Company’s ownership interest in each fund in the portfolio as well as other performance inputs. These investments are not subject to redemption; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. It is estimated that the underlying assets of these funds will be liquidated over a weighted-average period of approximately six years and seven years at March 31, 2015 and December 31, 2014, respectively. The total remaining unfunded commitments to other third-party funds were $21 million at March 31, 2015 and $22 million at December 31, 2014. The Company had contractual obligations to the consolidated funds of $31 million at both March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||
(b) | This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, distressed credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. It was estimated that the investments in the funds that are not subject to redemption will be liquidated over a weighted-average period of approximately two years at both March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||
(c) | This category includes several private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds as well as other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. It was estimated that the investments in these funds will be liquidated over a weighted-average period of approximately four years at both March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||
(d) | This category includes several real estate funds that invest directly in real estate and real estate related assets. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. A majority of the Company’s investments are not subject to redemption or are not currently redeemable and are normally returned through distributions as a result of the liquidation of the underlying assets of the real estate funds. It is estimated that the investments in these funds not subject to redemptions will be liquidated over a weighted-average period of approximately seven years at both March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||
(e) | This category includes investments in several real estate funds . The fair values of the investments in this category have been estimated using capital accounts representing the Company’s ownership interest in partners’ capital as well as performance inputs. The investments are not subject to redemption; however, distributions as a result of the liquidation of the underlying assets will be used to settle certain deferred compensation liabilities over time. | ||||||||||||||||||||||||||||||||||||
(f) | This category includes the underlying third-party private equity funds within one consolidated BlackRock sponsored private equity fund of funds. The fair values of the investments in the third-party funds have been estimated using capital accounts representing the Company’s ownership interest in each fund in the portfolio as well as other performance inputs. These investments are not subject to redemption; however, for certain funds the Company may sell or transfer its interest, which may need approval by the general partner of the underlying third-party funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. It is estimated that the underlying assets of these funds will be liquidated over a weighted-average period of approximately one year at both March 31, 2015 and December 31, 2014. Total remaining unfunded commitments to other third-party funds were not material at both March 31, 2015 and December 31, 2014, which commitments are required to be funded by capital contributions from noncontrolling interest holders. | ||||||||||||||||||||||||||||||||||||
Fair Value Option. | |||||||||||||||||||||||||||||||||||||
The following table summarizes information at March 31, 2015 and December 31, 2014 related to those assets and liabilities for which the fair value option was elected: | |||||||||||||||||||||||||||||||||||||
(in millions) | March 31, | December 31, | |||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
CLO Bank Loans: | |||||||||||||||||||||||||||||||||||||
Aggregate principal amounts outstanding | $3,827 | $3,338 | |||||||||||||||||||||||||||||||||||
Fair value | 3,793 | 3,260 | |||||||||||||||||||||||||||||||||||
Aggregate unpaid principal balance in excess of (less than) fair value | $34 | $78 | |||||||||||||||||||||||||||||||||||
Unpaid principal balance of loans more than 90 days past due | $4 | $6 | |||||||||||||||||||||||||||||||||||
Aggregate fair value of loans more than 90 days past due | - | 2 | |||||||||||||||||||||||||||||||||||
Aggregate unpaid principal balance in excess of fair value for loans more than 90 days past due | $4 | $4 | |||||||||||||||||||||||||||||||||||
CLO Borrowings: | |||||||||||||||||||||||||||||||||||||
Aggregate principal amounts outstanding | $4,088 | $3,508 | |||||||||||||||||||||||||||||||||||
Fair value | $3,964 | $3,389 | |||||||||||||||||||||||||||||||||||
At March 31, 2015, the principal amounts outstanding of the borrowings issued by the CLOs mature between 2016 and 2027. | |||||||||||||||||||||||||||||||||||||
During the three months ended March 31, 2015 and 2014, the change in fair value of the bank loans and bonds held by the CLOs resulted in an $84 million and a $27 million gain, respectively, which were partially offset by a $39 million and a $22 million loss, respectively, from the change in fair value of the CLO borrowings. | |||||||||||||||||||||||||||||||||||||
The net gains (losses) were recorded in net gain (loss) on consolidated VIEs on the condensed consolidated statements of income. | |||||||||||||||||||||||||||||||||||||
The change in fair value of the assets and liabilities included interest income and expense, respectively. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Variable Interest Entities | 6. Variable Interest Entities | ||||||||||||||||
In the normal course of business, the Company is the manager of various types of sponsored investment vehicles, including collateralized debt obligations (“CDOs”)/CLOs and sponsored investment funds, which may be considered VIEs. The Company receives advisory fees and/or other incentive-related fees for its services and may from time to time own equity or debt securities or enter into derivatives with the vehicles, each of which are considered variable interests. The Company enters into these variable interests principally to address client needs through the launch of such investment vehicles. The VIEs are primarily financed via capital contributed by equity and debt holders. The Company’s involvement in financing the operations of the VIEs is generally limited to its equity interests. | |||||||||||||||||
In order to determine whether the Company is the PB of a VIE, management must make significant estimates and assumptions of probable future cash flows of the VIEs. Assumptions made in such analyses may include, but are not limited to, market prices of securities, market interest rates, potential credit defaults on individual securities or default rates on a portfolio of securities, prepayments, realization of gains, liquidity or marketability of certain securities, discount rates and the probability of certain other outcomes. See Note 2, Significant Accounting Policies in the 2014 Form 10-K, for more information. | |||||||||||||||||
Consolidated VIEs. Consolidated VIEs included CLOs in which BlackRock did not have an investment; however, BlackRock, as the collateral manager, was deemed to have both the power to control the activities of the CLOs and the right to receive benefits that could potentially be significant to the CLOs. In addition, BlackRock was the PB of one investment fund because it absorbed the majority of the variability due to its de facto related-party relationships with other partners in the fund. The assets of these VIEs are not available to creditors of the Company. In addition, the investors in these VIEs have no recourse to the credit of the Company. At March 31, 2015 and December 31, 2014, the following balances related to VIEs were recorded on the condensed consolidated statements of financial condition: | |||||||||||||||||
(in millions) | March 31, 2015 | December 31, 2014 | |||||||||||||||
Assets of consolidated VIEs: | |||||||||||||||||
Cash and cash equivalents | $279 | $278 | |||||||||||||||
Bank loans | 3,793 | 3,260 | |||||||||||||||
Bonds | 47 | 47 | |||||||||||||||
Other investments and other assets | 55 | 45 | |||||||||||||||
Total bank loans, bonds, other investments and other assets | 3,895 | 3,352 | |||||||||||||||
Liabilities of consolidated VIEs: | |||||||||||||||||
Borrowings | (3,964 | ) | (3,389 | ) | |||||||||||||
Other liabilities | (182 | ) | (245 | ) | |||||||||||||
Appropriated retained earnings | (16 | ) | 19 | ||||||||||||||
Noncontrolling interests of consolidated VIEs | (12 | ) | (15 | ) | |||||||||||||
Total BlackRock net interests in consolidated VIEs | $- | $- | |||||||||||||||
The Company recorded $35 million of nonoperating income and $16 million of nonoperating expense and an equal and offsetting income/loss attributable to nonredeemable noncontrolling interests related to consolidated VIEs during the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||
At both March 31, 2015 and December 31, 2014, the weighted-average maturity of the bank loans and bonds was approximately 4.9 years. | |||||||||||||||||
See Note 2, Significant Accounting Policies-Recent Accounting Pronouncements Not Yet Adopted, for further information on ASU 2015-02. | |||||||||||||||||
Non-Consolidated VIEs. At March 31, 2015 and December 31, 2014, the Company’s carrying value of assets and liabilities pertaining to its variable interests in VIEs and its maximum risk of loss related to VIEs for which it was the sponsor or in which it held a variable interest, but for which it was not the PB, was as follows: | |||||||||||||||||
(in millions) | Variable Interests on the Condensed | ||||||||||||||||
Consolidated | |||||||||||||||||
Statement of Financial Condition | |||||||||||||||||
At March 31, 2015 | Investments | Advisory | Other Net | Maximum | |||||||||||||
Fee | Assets | Risk of Loss(1) | |||||||||||||||
Receivables | (Liabilities) | ||||||||||||||||
CDOs/CLOs | $- | $1 | ($6) | $18 | |||||||||||||
Other sponsored investment funds: | |||||||||||||||||
Collective trusts | - | 212 | - | 212 | |||||||||||||
Other | 52 | 163 | -3 | 215 | |||||||||||||
Total | $52 | $376 | ($9) | $445 | |||||||||||||
At December 31, 2014 | |||||||||||||||||
CDOs/CLOs | $- | $2 | ($5) | $19 | |||||||||||||
Other sponsored investment funds: | |||||||||||||||||
Collective trusts | - | 191 | - | 191 | |||||||||||||
Other | 57 | 177 | -3 | 234 | |||||||||||||
Total | $57 | $370 | ($8) | $444 | |||||||||||||
-1 | At both March 31, 2015 and December 31, 2014, BlackRock’s maximum risk of loss associated with these VIEs primarily related to collecting advisory fee receivables and BlackRock’s investments. | ||||||||||||||||
The net assets of the above CDOs/CLOs that the Company does not consolidate were as follows: | |||||||||||||||||
CDOs/CLOs | |||||||||||||||||
(in billions) | March 31, 2015 | December 31, 2014 | |||||||||||||||
Assets at fair value | $1 | $1 | |||||||||||||||
Liabilities(1) | 2 | 2 | |||||||||||||||
Net assets | ($1 | ) | ($1 | ) | |||||||||||||
-1 | Amounts primarily comprised of unpaid principal debt obligations to CDO/CLO debt holders. | ||||||||||||||||
The net assets of other sponsored investment funds that are nonconsolidated VIEs approximated $1.7 trillion to $1.8 trillion at both March 31, 2015 and December 31, 2014. Net assets included approximately $1.5 trillion of collective trusts at March 31, 2015 and approximately $1.4 trillion of collective trusts at December 31, 2014. Each collective trust has been aggregated separately and may include collective trusts that invest in other collective trusts. The net assets of these VIEs primarily are comprised of cash and cash equivalents and investments, partially offset by liabilities primarily comprised of various accruals for the sponsored investment vehicles. |
Derivatives_and_Hedging
Derivatives and Hedging | 3 Months Ended |
Mar. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | 7. Derivatives and Hedging |
The Company maintains a program to enter into swaps to hedge against market price and interest rate exposures with respect to certain seed investments in sponsored investment products. At March 31, 2015, the Company had outstanding total return swaps and interest rate swaps with an aggregate notional value of approximately $260 million and $99 million, respectively. At December 31, 2014, the Company had outstanding total return swaps and interest rate swaps with aggregate notional values of approximately $238 million and $84 million, respectively. | |
The Company has entered into a derivative providing credit protection to a counterparty of approximately $17 million, representing the Company’s maximum risk of loss with respect to the provision of credit protection. The Company carries the derivative at fair value based on the expected discounted future cash flows under the arrangement. | |
The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At March 31, 2015 and December 31, 2014, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $215 million and $201 million, respectively. | |
Gains (losses) on total return swaps and interest rate swaps are recorded in nonoperating income (expense) and were not material to the condensed consolidated statements of income for the three months ended March 31, 2015 and 2014. | |
Gains (losses) on forward foreign currency exchange contracts are recorded in other general and administration expense and were not material to the condensed consolidated statements of income for the three months ended March 31, 2015 and 2014. | |
The Company consolidates certain sponsored investment funds, which may utilize derivative instruments as a part of the funds’ investment strategies. Gains (losses) on such derivatives are recorded in nonoperating income (expense) and were not material for the three months ended March 31, 2015 and 2014. | |
The fair values of the outstanding derivatives were not material to the condensed consolidated statements of financial condition at both March 31, 2015 and December 31, 2014. |
Goodwill
Goodwill | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | 8. Goodwill | ||||
Goodwill activity during the three months ended March 31, 2015 was as follows: | |||||
(in millions) | |||||
December 31, 2014 | $12,961 | ||||
BKCA acquisition | 19 | ||||
Goodwill adjustment related to Quellos(1) | (5 | ) | |||
March 31, 2015 | $12,975 | ||||
(1) | The decrease in goodwill during the three months ended March 31, 2015 resulted from tax benefits realized from tax-deductible goodwill in excess of book goodwill from the acquisition of the fund-of-funds business of Quellos Group, LLC in October 2007 (the “Quellos Transaction”). Goodwill related to the Quellos Transaction will continue to be reduced in future periods by the amount of tax benefits realized from tax-deductible goodwill in excess of book goodwill from the Quellos Transaction. The balance of the Quellos tax-deductible goodwill in excess of book goodwill was approximately $255 million and $263 million at March 31, 2015 and December 31, 2014, respectively. | ||||
The $19 million increase represents goodwill from the Company’s acquisition in March 2015 of certain assets related to BlackRock Kelso Capital Advisors LLC (“BKCA”) that constituted a business under current accounting guidance for approximately $100 million, including contingent consideration. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Intangible Assets | 9. Intangible Assets | ||||||||||||
The carrying amounts of identifiable intangible assets are summarized as follows: | |||||||||||||
(in millions) | Indefinite-lived | Finite-lived | Total | ||||||||||
intangible assets | intangible assets | intangible assets | |||||||||||
December 31, 2014 | $16,988 | $356 | $17,344 | ||||||||||
Amortization expense | - | (35 | ) | (35 | ) | ||||||||
BKCA acquisition | 120 | - | 120 | ||||||||||
March 31, 2015 | $17,108 | $321 | $17,429 | ||||||||||
Indefinite-lived Acquired Management Contracts | |||||||||||||
Indefinite-lived intangible assets increased by $120 million in the three months ended March 31, 2015, as a result of the BKCA acquisition. |
Borrowings
Borrowings | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Borrowings | 10. Borrowings | ||||||||||||||||
Short-Term Borrowings | |||||||||||||||||
2015 Revolving Credit Facility. In April 2015, the Company’s credit facility was amended to extend the maturity date to March 2020 and to increase the amount of the aggregate commitment to $4.0 billion (the “2015 credit facility”). The 2015 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, increasing the overall size of the 2015 credit facility to an aggregate principal amount not to exceed $5.0 billion. Interest on borrowings outstanding accrues at a rate based on the applicable London Interbank Offered Rate plus a spread. The 2015 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at March 31, 2015. The 2015 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities. At March 31, 2015, the Company had no amount outstanding under the 2015 credit facility. | |||||||||||||||||
Commercial Paper Program. The maximum aggregate amount for which the Company can issue unsecured commercial paper notes (the “CP Notes”) on a private-placement basis up to a maximum aggregate amount outstanding at any time is $3.990 billion. The commercial paper program is currently supported by the 2015 credit facility. At March 31, 2015, BlackRock had no CP Notes outstanding. | |||||||||||||||||
Long-Term Borrowings | |||||||||||||||||
The carrying value and fair value of long-term borrowings estimated using market prices at March 31, 2015 included the following: | |||||||||||||||||
(in millions) | Maturity Amount | Unamortized | Carrying Value | Fair Value | |||||||||||||
Discount | |||||||||||||||||
1.375% Notes due 2015 | $750 | $ - | $750 | $751 | |||||||||||||
6.25% Notes due 2017 | 700 | -1 | 699 | 785 | |||||||||||||
5.00% Notes due 2019 | 1,000 | -2 | 998 | 1,136 | |||||||||||||
4.25% Notes due 2021 | 750 | -3 | 747 | 840 | |||||||||||||
3.375% Notes due 2022 | 750 | -3 | 747 | 793 | |||||||||||||
3.50% Notes due 2024 | 1,000 | -3 | 997 | 1,060 | |||||||||||||
Total Long-term Borrowings | $4,950 | ($12) | $4,938 | $5,365 | |||||||||||||
Long-term borrowings at December 31, 2014 had a carrying value of $4.938 billion and a fair value of $5.309 billion determined using market prices at the end of December 2014. | |||||||||||||||||
See Note 19, Subsequent Events, for information on the May 2015 debt offering and Note 12, Borrowings, in the 2014 Form 10-K for more information regarding the Company’s borrowings. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies |
Investment Commitments. At March 31, 2015, the Company had $353 million of various capital commitments to fund sponsored investment funds, including funds of private equity funds, real estate funds, infrastructure funds, opportunistic funds and distressed credit funds. This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds. In addition to the capital commitments of $353 million, the Company had approximately $30 million of contingent commitments for certain funds which have investment periods that have expired. Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment. These unfunded commitments are not recorded on the condensed consolidated statements of financial condition. These commitments do not include potential future commitments approved by the Company that are not yet legally binding. The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients. | |
Contingencies | |
Contingent Payments. The Company acts as the portfolio manager in a series of derivative transactions and has a maximum potential exposure of $17 million under a derivative between the Company and counterparty. See Note 7, Derivatives and Hedging, for further discussion. | |
Contingent Payments Related to Business Acquisitions. In connection with the acquisition of Credit Suisse’s ETF franchise, BlackRock is required to make contingent payments annually to Credit Suisse, subject to achieving specified thresholds during a seven-year period, subsequent to the 2013 acquisition date. BlackRock is required to make contingent payments related to the acquisition of MGPA during a five-year period, subject to achieving specified thresholds, subsequent to the 2013 acquisition date. In addition, BlackRock is required to make contingent payments in connection with the BKCA acquisition over a three-year period, subject to the acquired business achieving specified performance targets. The fair value of the remaining aggregate contingent payments at March 31, 2015 is not significant to the condensed consolidated statement of financial condition and is included in other liabilities. | |
Legal Proceedings. From time to time, BlackRock receives subpoenas or other requests for information from various U.S. federal, state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings. It is BlackRock’s policy to cooperate fully with such inquiries. The Company and certain of its subsidiaries have been named as defendants in various legal actions, including arbitrations and other litigation arising in connection with BlackRock’s activities. Additionally, certain BlackRock-sponsored investment funds that the Company manages are subject to lawsuits, any of which potentially could harm the investment returns of the applicable fund or result in the Company being liable to the funds for any resulting damages. | |
Management, after consultation with legal counsel, currently does not anticipate that the aggregate liability arising out of regulatory matters or lawsuits will have a material effect on BlackRock’s results of operations, financial position, or cash flows. However, there is no assurance as to whether any such pending or threatened matters will have a material effect on BlackRock’s results of operations, financial position or cash flows in any future reporting period. Due to uncertainties surrounding the outcome of these matters, management cannot reasonably estimate the possible loss or range of loss that may arise from these matters. | |
Indemnifications. In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances. The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote. Consequently, no liability has been recorded on the condensed consolidated statements of financial condition. | |
In connection with securities lending transactions, BlackRock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower’s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower’s obligation under the securities lending agreement. At March 31, 2015, the Company indemnified certain of its clients for their securities lending loan balances of approximately $153.9 billion. The Company held as agent, cash and securities totaling $164.4 billion as collateral for indemnified securities on loan at March 31, 2015. The fair value of these indemnifications was not material at March 31, 2015. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Stock-Based Compensation | 12. Stock-Based Compensation | ||||||||
Restricted stock and restricted stock units (“RSUs”) activity for the three months ended March 31, 2015 is summarized below: | |||||||||
Outstanding at | Restricted | Weighted- | |||||||
Stock and | Average | ||||||||
RSUs | Grant Date | ||||||||
Fair Value | |||||||||
31-Dec-14 | 3,401,909 | $257.01 | |||||||
Granted | 1,260,795 | $343.91 | |||||||
Converted | (1,531,673 | ) | $228.31 | ||||||
Forfeited | (4,768 | ) | $304.46 | ||||||
March 31, 2015(1) | 3,126,263 | $306.04 | |||||||
(1) | At March 31, 2015, approximately 2.9 million awards are expected to vest and 0.1 million awards have vested but have not been converted. | ||||||||
The Company values restricted stock and RSUs at their grant-date fair value as measured by BlackRock’s common stock price. In January 2015, the Company granted 952,329 RSUs to employees as part of annual incentive compensation that vest ratably over three years from the date of grant and 303,999 RSUs to employees that cliff vest 100% on January 31, 2018. | |||||||||
At March 31, 2015, the intrinsic value of outstanding RSUs was $1.1 billion reflecting a closing stock price of $365.84. | |||||||||
At March 31, 2015, total unrecognized stock-based compensation expense related to unvested RSUs was $601 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.6 years. | |||||||||
Market Performance-based RSUs. | |||||||||
Market performance-based RSUs outstanding at both March 31, 2015 and December 31, 2014 were 1,425,319 with a weighted average exercise price of $137.31. At March 31, 2015, approximately 1.4 million awards are expected to vest and an immaterial amount of awards have vested but have not been converted. No market performance based RSUs were granted during the three months ended March 31, 2015. | |||||||||
At March 31, 2015, the intrinsic value of outstanding market performance-based RSUs was $521 million reflecting a closing stock price of $365.84. | |||||||||
See Note 14, Stock-Based Compensation, in the 2014 Form 10-K for more information on market performance-based RSUs. | |||||||||
At March 31, 2015, total unrecognized stock-based compensation expense related to unvested market performance-based awards was $87 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.7 years. | |||||||||
Performance-Based RSUs. | |||||||||
Pursuant to the BlackRock, Inc. Amended and Restated 1999 Stock Award and Incentive Plan, performance-based RSUs may be granted to certain employees. Each performance-based award consists of a “base” number of restricted stock units granted to the employee. The number of shares that an employee ultimately receives at vesting will be equal to the base number of performance-based RSUs granted, multiplied by a predetermined percentage determined in accordance with the level of attainment of Company performance measures during the performance period and could be higher or lower than the original RSU grant. The awards are generally forfeited if the employee leaves the Company before the vesting date. Performance-based RSUs are not considered participating securities as the dividend equivalents are subject to forfeiture prior to vesting of the award. | |||||||||
In January 2015, the Company granted 262,847 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2018. These awards are amortized over a service period of three years. | |||||||||
Performance-based RSU activity for the three months ended March 31, 2015 is summarized below: | |||||||||
Outstanding at | Performance- | Weighted- | |||||||
Based RSUs | Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
December 31, 2014 | - | $- | |||||||
Granted | 262,847 | $343.86 | |||||||
March 31, 2015(1) | 262,847 | $ | 343.86 | ||||||
(1) | At March 31, 2015, approximately 0.3 million awards are expected to vest and no awards have vested and have not been converted. | ||||||||
At March 31, 2015, total unrecognized stock-based compensation expense related to unvested performance-based awards was $84 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.8 years. | |||||||||
The Company values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total grant-date fair market value of performance-based RSUs expected to vest was $90 million. | |||||||||
At March 31, 2015, the intrinsic value of outstanding performance-based RSUs was $96.2 million reflecting a closing stock price of $365.84. | |||||||||
Long-Term Incentive Plans Funded by PNC. Under a share surrender agreement, PNC committed to provide up to 4 million shares of BlackRock stock, held by PNC, to fund certain BlackRock long-term incentive plans (“LTIP”). The current share surrender agreement commits PNC to provide BlackRock series C nonvoting participating preferred stock to fund the remaining committed shares. As of March 31, 2015, 2.7 million shares had been surrendered by PNC. | |||||||||
At March 31, 2015, the remaining shares committed by PNC of 1.3 million were available to fund certain future long-term incentive awards. | |||||||||
Stock Options. Stock option activity for the three months ended March 31, 2015 is summarized below: | |||||||||
Outstanding at | Shares | Weighted | |||||||
under | average | ||||||||
option | exercise | ||||||||
price | |||||||||
December 31, 2014(1) | 906,719 | $ | 167.76 | ||||||
Exercised(1) | (32,116 | ) | $ | 167.76 | |||||
March 31, 2015(1) | 874,603 | $ | 167.76 | ||||||
(1) | The aggregate intrinsic value of options exercised during the three months ended March 31, 2015 was $6.2 million. At March 31, 2015, all options were vested. | ||||||||
The remaining average life of stock options outstanding at March 31, 2015 is approximately two years. |
Net_Capital_Requirements
Net Capital Requirements | 3 Months Ended |
Mar. 31, 2015 | |
Banking and Thrift [Abstract] | |
Net Capital Requirements | 13. Net Capital Requirements |
The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions. As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents. Additionally, transfers of cash between international jurisdictions, including repatriation to the United States, may have adverse tax consequences that could discourage such transfers. | |
Capital Requirements. At March 31, 2015, the Company was required to maintain approximately $1.1 billion in net capital in certain regulated subsidiaries, including BlackRock Institutional Trust Company, N.A. (a chartered national bank whose powers are limited to trust activities and which is subject to regulatory capital requirements administered by the Office of the Comptroller of the Currency), entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the United Kingdom, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
The following table presents changes in AOCI by component for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||
(in millions) | Unrealized gains | Benefit plans | Foreign | Total | |||||||||||||||||||
(losses) on | currency | ||||||||||||||||||||||
available-for-sale | translation | ||||||||||||||||||||||
investments(1) | adjustments | ||||||||||||||||||||||
December 31, 2014 | $ | 2 | $ | 4 | ($ | 279 | ) | ($ | 273 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | - | (1 | ) | (165 | ) | (166 | ) | ||||||||||||||||
Amount reclassified from AOCI | - | - | - | - | |||||||||||||||||||
Net other comprehensive income (loss) for the three months ended March 31, 2015 | - | (1 | ) | (165 | ) | (166 | ) | ||||||||||||||||
March 31, 2015 | $ | 2 | $ | 3 | ($ | 444 | ) | ($ | 439 | ) | |||||||||||||
(in millions) | Unrealized gains | Benefit plans | Foreign | Total | |||||||||||||||||||
(losses) on | currency | ||||||||||||||||||||||
available-for-sale | translation | ||||||||||||||||||||||
investments(1) | adjustments | ||||||||||||||||||||||
December 31, 2013 | $ | 7 | $ | 6 | ($ | 48 | ) | ($ | 35 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | - | - | 8 | 8 | |||||||||||||||||||
Amount reclassified from AOCI(2),(3) | (8 | ) | - | - | (8 | ) | |||||||||||||||||
Net other comprehensive income (loss) for the three months ended March 31, 2014 | (8 | ) | - | 8 | - | ||||||||||||||||||
March 31, 2014 | ($ | 1 | ) | $ | 6 | ($ | 40 | ) | ($ | 35 | ) | ||||||||||||
(1) | All amounts are net of tax. | ||||||||||||||||||||||
(2) | The tax benefit (expense) was not material for the three months ended March 31, 2014. | ||||||||||||||||||||||
(3) | The pre-tax amount reclassified from AOCI was included in net gain (loss) on investments on the condensed consolidated statements of income. |
Capital_Stock
Capital Stock | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity [Abstract] | |||||||||
Capital Stock | 15. Capital Stock | ||||||||
Nonvoting Participating Preferred Stock. The Company’s preferred shares authorized, issued and outstanding consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Series A | |||||||||
Shares authorized, $0.01 par value | 20,000,000 | 20,000,000 | |||||||
Shares issued and outstanding | - | - | |||||||
Series B | |||||||||
Shares authorized, $0.01 par value | 150,000,000 | 150,000,000 | |||||||
Shares issued and outstanding(1) | 823,188 | 823,188 | |||||||
Series C | |||||||||
Shares authorized, $0.01 par value | 6,000,000 | 6,000,000 | |||||||
Shares issued and outstanding(1) | 1,311,887 | 1,311,887 | |||||||
Series D | |||||||||
Shares authorized, $0.01 par value | 20,000,000 | 20,000,000 | |||||||
Shares issued and outstanding | - | - | |||||||
(1) | Shares held by PNC. | ||||||||
Share Repurchases. The Company repurchased 0.8 million common shares in open market-transactions under the share repurchase program for approximately $275 million during the three months ended March 31, 2015. | |||||||||
In January 2015, the Board of Directors approved an increase in the availability of shares that may be repurchased under the Company’s existing share repurchase program to allow for the repurchase of up to a total of 9.4 million additional shares of BlackRock common stock. At March 31, 2015, there were 8.6 million shares still authorized to be repurchased. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes |
The first quarter of 2015 included nonrecurring tax benefits of $69 million, primarily due to the realization of losses from changes in the Company’s organizational tax structure and the resolution of certain outstanding tax matters. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | 17. Earnings Per Share | ||||||||
Due to the similarities in terms between BlackRock nonvoting participating preferred stock and the Company’s common stock, the Company considers its participating preferred stock to be a common stock equivalent for purposes of earnings per share (“EPS”) calculations. As such, the Company has included the outstanding nonvoting participating preferred stock in the calculation of average basic and diluted shares outstanding. | |||||||||
The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2015 and 2014 under the treasury stock method: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in millions, except per share data) | 2015 | 2014 | |||||||
Net income attributable to BlackRock | $822 | $756 | |||||||
Basic weighted-average shares outstanding | 167,089,037 | 169,081,421 | |||||||
Dilutive effect of nonparticipating RSUs and stock options | 2,634,130 | 2,852,382 | |||||||
Total diluted weighted-average shares outstanding | 169,723,167 | 171,933,803 | |||||||
Basic earnings per share | $4.92 | $4.47 | |||||||
Diluted earnings per share | $4.84 | $4.40 |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Information | 18. Segment Information | ||||||||
The Company’s management directs BlackRock’s operations as one business, the asset management business. As such, the Company operates in one business segment. | |||||||||
The following table illustrates investment advisory, administration fees, securities lending revenue and performance fees, BlackRock Solutions and advisory revenue, distribution fees and other revenue for the three months ended March 31, 2015 and 2014. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in millions) | 2015 | 2014 | |||||||
Equity | $ | 1,306 | $ | 1,277 | |||||
Fixed income | 575 | 503 | |||||||
Multi-asset | 312 | 289 | |||||||
Alternatives | 232 | 306 | |||||||
Cash management | 73 | 74 | |||||||
Total investment advisory, administration fees, securities lending revenue and performance fees | 2,498 | 2,449 | |||||||
BlackRock Solutions and advisory | 147 | 154 | |||||||
Distribution fees | 17 | 19 | |||||||
Other revenue | 61 | 48 | |||||||
Total revenue | $ | 2,723 | $ | 2,670 | |||||
The following table illustrates total revenue for the three months ended March 31, 2015 and 2014 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides. | |||||||||
(in millions) | Three Months Ended | ||||||||
March 31, | |||||||||
Revenue | 2015 | 2014 | |||||||
Americas | $ | 1,851 | $ | 1,782 | |||||
Europe | 743 | 757 | |||||||
Asia-Pacific | 129 | 131 | |||||||
Total revenue | $ | 2,723 | $ | 2,670 | |||||
The following table illustrates long-lived assets that consist of goodwill and property and equipment at March 31, 2015 and December 31, 2014 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located. | |||||||||
(in millions) | March 31, | December 31, | |||||||
Long-lived Assets | 2015 | 2014 | |||||||
Americas | $ | 13,238 | $ | 13,151 | |||||
Europe | 187 | 194 | |||||||
Asia-Pacific | 87 | 83 | |||||||
Total long-lived assets | $ | 13,512 | $ | 13,428 | |||||
Americas primarily is comprised of the United States, Canada, Brazil, Chile and Mexico, while Europe primarily is comprised of the United Kingdom. Asia-Pacific is comprised of Hong Kong, Australia, China, India, Japan, Korea, Malaysia, Singapore and Taiwan. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events |
Debt Offering. In May 2015, the Company issued €700 million (or approximately $760 million based on an exchange rate of $1.09 per €1) of 1.25% senior unsecured notes maturing on May 6, 2025 (the “2025 Notes”). The notes are expected to be listed on the New York Stock Exchange. The net proceeds of the 2025 Notes will be used for general corporate purposes, including refinancing of outstanding indebtedness. Interest of approximately $10 million per year based on current exchange rates is payable annually on May 6 of each year. The 2025 Notes may be redeemed in whole or in part prior to maturity at any time at the option of the Company at a “make-whole” redemption price. The 2025 Notes were issued at a discount of approximately $3 million that will be amortized over the term of the 2025 Notes. | |
Other. The Company conducted a review for additional subsequent events and determined that no additional subsequent events had occurred that would require accrual or additional disclosure. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounting Policies [Abstract] | ||||
Basis of Presentation | Basis of Presentation. These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests on the condensed consolidated statements of financial condition represents the portion of consolidated sponsored investment funds in which the Company does not have direct equity ownership. Accounts and transactions between consolidated entities have been eliminated. | |||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. | ||||
Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission (“SEC”) on February 27, 2015 (“2014 Form 10-K”). | ||||
The interim financial information at March 31, 2015 and for the three months ended March 31, 2015 and 2014 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. | ||||
Fair Value Measurements | Fair Value Measurements. | |||
Hierarchy of Fair Value Inputs. The Company uses a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: | ||||
Level 1 Inputs: | ||||
Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. | ||||
• | Level 1 assets may include listed mutual funds (including those accounted for under the equity method of accounting as these mutual funds are investment companies that have publicly available net asset values (“NAVs”), which in accordance with GAAP, are calculated under fair value measures and the changes in fair values are equal to the earnings of such funds), ETFs, listed equities and certain exchange-traded derivatives. | |||
Level 2 Inputs: | ||||
Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies. As a practical expedient, the Company uses the NAV (or its equivalent) of certain investments as their fair value. | ||||
• | Level 2 assets may include debt securities, bank loans, short-term floating-rate notes, asset-backed securities, securities held within consolidated hedge funds, certain equity method limited partnership interests in hedge funds valued based on NAV (or its equivalent) where the Company has the ability to redeem at the measurement date or within the near term without redemption restrictions, restricted public securities valued at a discount, as well as over-the-counter derivatives, including interest and inflation rate swaps and foreign currency exchange contracts that have inputs to the valuations that generally can be corroborated by observable market data. | |||
Level 3 Inputs: | ||||
Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation. Certain investments that are valued using a NAV (or its equivalent) and are subject to current redemption restrictions that will not be lifted in the near term are included in Level 3. | ||||
• | Level 3 assets may include general and limited partnership interests in private equity funds, funds of private equity funds, real estate funds, hedge funds, funds of hedge funds, direct private equity investments held within consolidated funds, bank loans and bonds. | |||
• | Level 3 liabilities include borrowings of consolidated collateralized loan obligations (“CLOs”) valued based upon nonbinding single-broker quotes and contingent liabilities related to acquisitions valued based upon discounted cash flow analysis using unobservable market data. | |||
• | Level 3 inputs include BlackRock capital accounts for its partnership interests in various alternative investments, including distressed credit hedge funds, opportunistic funds, real estate and private equity funds, which may be adjusted by using the returns of certain market indices. | |||
Significance of Inputs | Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. | |||
Valuation Techniques | Valuation Techniques. The fair values of certain Level 3 assets and liabilities were determined using various methodologies as appropriate, including NAVs of underlying investments, third-party pricing vendors, broker quotes and market and income approaches. Such quotes and modeled prices are evaluated for reasonableness through various procedures, including due diligence reviews of third-party pricing vendors, variance analyses, consideration of the current market environment and other analytical procedures. | |||
As a practical expedient, the Company uses NAV as the fair value for certain investments. The inputs to value these investments may include BlackRock capital accounts for its partnership interests in various alternative investments, including distressed credit hedge funds, opportunistic funds, real estate and private equity funds, which may be adjusted by using the returns of certain market indices. The various partnerships generally are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that may be used as an input to value these investments. | ||||
A significant number of inputs used to value equity, debt securities and bank loans is sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price. Annually, BlackRock’s internal valuation committee or other designated groups review both the valuation methodologies, including the general assumptions and methods used to value various asset classes, and operational processes with these vendors. On a quarterly basis, meetings are held with key vendors to identify any significant changes to the vendors’ processes. | ||||
In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input. | ||||
Fair Value Option | Fair Value Option. The Company applies the fair value option provisions for eligible assets and liabilities, including bank loans and borrowings, held by consolidated CLOs to mitigate accounting mismatches between the carrying value of the assets and liabilities and to achieve operational simplification. To the extent there is a difference between the change in fair value of the assets and liabilities, the difference is reflected as net income (loss) attributable to nonredeemable noncontrolling interests on the condensed consolidated statements of income and offset by a change in appropriated retained earnings on the condensed consolidated statements of financial condition. | |||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities. The Company does not use derivative financial instruments for trading or speculative purposes. The Company may use derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market exposures for certain seed investments. The Company may also use derivatives within its separate account assets, which are segregated funds held for purposes of funding individual and group pension contracts. In addition, certain consolidated sponsored investment funds may also invest in derivatives as a part of their investment strategy. | |||
Changes in the fair value of the Company’s derivative financial instruments are generally recognized in earnings and, where applicable, are offset by the corresponding gain or loss on the related foreign-denominated assets or liabilities or hedged investments, on the condensed consolidated statements of income. | ||||
Separate Account Assets and Liabilities | Separate Account Assets and Liabilities. Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom, and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition. | |||
The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income. | ||||
Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements | Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company receives legal title to the collateral with minimum values generally ranging from approximately 102% to 112% of the value of the securities lent in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales. | |||
The Company records on the condensed consolidated statements of financial condition the cash and noncash collateral received under these BlackRock Life Limited securities lending arrangements as its own asset in addition to an equal and offsetting collateral liability for the obligation to return the collateral. During the three months ended March 31, 2015 and 2014, the Company had not resold or repledged any of the collateral received under these arrangements. At March 31, 2015 and December 31, 2014, the fair value of loaned securities held by separate accounts was approximately $32.5 billion and $30.6 billion, respectively, and the fair value of the collateral held under these securities lending agreements was approximately $35.4 billion and $33.7 billion, respectively. | ||||
Appropriated Retained Earnings | Appropriated Retained Earnings. Upon the consolidation of CLOs, BlackRock records an adjustment to appropriated retained earnings on the condensed consolidated statements of financial condition equal to the difference between the fair value of the CLOs’ assets and the fair value of their liabilities. Such amounts are recorded as appropriated retained earnings as the CLO noteholders ultimately will receive the benefits or absorb the losses associated with the CLOs’ assets and liabilities. The net change in the fair value of the CLOs’ assets and liabilities is recorded as net income (loss) attributable to nonredeemable noncontrolling interests and as a change to appropriated retained earnings. | |||
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted | |||
Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The Company is currently evaluating the impact of adopting ASU 2014-09, which is effective for the Company on January 1, 2017. | ||||
Amendments to the Consolidation Analysis, and Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity. In August 2014, the FASB issued ASU 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). ASU 2014-13 provides an entity that consolidates a collateralized financing entity (“CFE”) that had elected the fair value option for the financial assets and financial liabilities of such CFE an alternative to current fair value measurement guidance. If elected, the Company could measure both the financial assets and the financial liabilities of the CFE by using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The election would effectively eliminate any measurement difference previously recorded as net income (loss) attributable to nonredeemable noncontrolling interests and as an adjustment to appropriated retained earnings. | ||||
In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), which significantly amends the consolidation analysis required under current consolidation guidance. The amendments include changes to: (i) the VIE analysis for limited partnerships; (ii) the criteria for evaluating whether fees paid to a decision maker or a service provider are a variable interest; (iii) the effect of fee arrangements on the primary beneficiary (“PB”) determination; (iv) the effect of related parties on the PB determination; and (v) the consolidation evaluation for certain investment funds. This includes a scope exception for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. | ||||
ASU 2014-13 and ASU 2015-02 are effective for the Company on January 1, 2016, with retrospective or modified retrospective approach required. ASU 2014-13 and ASU 2015-02 permit early adoption in an interim period with any adjustments reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently expecting to deconsolidate CLOs and consolidate certain other investment products. | ||||
Debt Issuance Costs. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. ASU 2015-03 is effective for the Company on January 1, 2016, with early adoption permitted for financial statements that have not been previously issued. The guidance also requires retrospective application to all prior periods presented. The Company does not expect the adoption of ASU 2015-03 to be material to the condensed consolidated financial statements. | ||||
Disclosures for Investments in Certain Entities that Calculate NAV Per Share. In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. ASU 2015-07 is effective for the Company on January 1, 2016, with early adoption permitted. The guidance also requires retrospective application to all prior periods presented. The Company does not expect the adoption of ASU 2015-07 to be material to the condensed consolidated financial statements. |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||
Summary of Carrying Value of Total Investments | A summary of the carrying value of total investments is as follows: | ||||||||||||||||||||||
(in millions) | March 31, | December 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Available-for-sale investments | $203 | $201 | |||||||||||||||||||||
Held-to-maturity investments | 13 | 79 | |||||||||||||||||||||
Trading investments: | |||||||||||||||||||||||
Consolidated sponsored investment funds | 787 | 443 | |||||||||||||||||||||
Other equity and debt securities | 16 | 29 | |||||||||||||||||||||
Deferred compensation plan mutual funds | 66 | 64 | |||||||||||||||||||||
Total trading investments | 869 | 536 | |||||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Consolidated sponsored investment funds | 255 | 270 | |||||||||||||||||||||
Equity method investments | 656 | 633 | |||||||||||||||||||||
Deferred compensation plan equity method investments | 21 | 21 | |||||||||||||||||||||
Cost method investments(1) | 96 | 96 | |||||||||||||||||||||
Carried interest | 91 | 85 | |||||||||||||||||||||
Total other investments | 1,119 | 1,105 | |||||||||||||||||||||
Total investments | $2,204 | $1,921 | |||||||||||||||||||||
(1) | Amounts primarily include Federal Reserve Bank (“FRB”) Stock. | ||||||||||||||||||||||
Summary of Cost and Carrying Value of Investments Classified as Available-for-Sale Investments | A summary of the cost and carrying value of investments classified as available-for-sale investments is as follows: | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Gross Unrealized | Carrying | ||||||||||||||||||||||
March 31, 2015 | Cost | Gains | Losses | Value | |||||||||||||||||||
Equity securities of sponsored investment funds | $200 | $7 | ($4) | $203 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||
Equity securities of sponsored investment funds | $205 | $5 | ($9) | $201 | |||||||||||||||||||
Summary of Cost and Carrying Value of Trading Investments | A summary of the cost and carrying value of trading investments is as follows: | ||||||||||||||||||||||
(in millions) | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||
Cost | Carrying | Cost | Carrying | ||||||||||||||||||||
Value | Value | ||||||||||||||||||||||
Trading investments: | |||||||||||||||||||||||
Deferred compensation plan mutual funds | $48 | $66 | $48 | $64 | |||||||||||||||||||
Equity securities/multi-asset mutual funds | 202 | 230 | 210 | 239 | |||||||||||||||||||
Debt securities/fixed income mutual funds: | |||||||||||||||||||||||
Corporate debt | 250 | 252 | 109 | 110 | |||||||||||||||||||
Government debt | 257 | 264 | 100 | 103 | |||||||||||||||||||
Asset/mortgage backed debt | 57 | 57 | 20 | 20 | |||||||||||||||||||
Total trading investments | $814 | $869 | $487 | $536 | |||||||||||||||||||
Summary of Cost and Carrying Value of Other Investments | A summary of the cost and carrying value of other investments is as follows: | ||||||||||||||||||||||
(in millions) | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||
Cost | Carrying | Cost | Carrying | ||||||||||||||||||||
Value | Value | ||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||
Consolidated sponsored investment funds | $268 | $255 | $268 | $270 | |||||||||||||||||||
Equity method | 519 | 656 | 518 | 633 | |||||||||||||||||||
Deferred compensation plan equity method investments | 20 | 21 | 21 | 21 | |||||||||||||||||||
Cost method investments: | |||||||||||||||||||||||
Federal Reserve Bank stock | 92 | 92 | 92 | 92 | |||||||||||||||||||
Other | 4 | 4 | 4 | 4 | |||||||||||||||||||
Total cost method investments | 96 | 96 | 96 | 96 | |||||||||||||||||||
Carried interest | - | 91 | - | 85 | |||||||||||||||||||
Total other investments | $903 | $1,119 | $903 | $1,105 | |||||||||||||||||||
Consolidated_Sponsored_Investm1
Consolidated Sponsored Investment Funds (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Consolidated Sponsored Investment Funds Included in Condensed Consolidated Statements of Financial Condition | The following table presents the balances related to these consolidated funds that were included on the condensed consolidated statements of financial condition as well as BlackRock’s net interest in these funds: | ||||||||
(in millions) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Cash and cash equivalents | $ 180 | $120 | |||||||
Investments: | |||||||||
Trading investments | 787 | 443 | |||||||
Other investments | 255 | 270 | |||||||
Other assets | 46 | 20 | |||||||
Other liabilities | (122 | ) | (18 | ) | |||||
Noncontrolling interests | (269 | ) | (139 | ) | |||||
BlackRock’s net interests in consolidated sponsored investment funds | $877 | $696 | |||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis and other assets not held at fair value | ||||||||||||||||||||||||||||||||||||
March 31, 2015 | Quoted | Significant Other | Significant | Other Assets | March 31, | ||||||||||||||||||||||||||||||||
(in millions) | Prices in | Observable Inputs | Unobservable | Not Held at Fair | 2015 | ||||||||||||||||||||||||||||||||
Active | (Level 2) | Inputs | Value(1) | ||||||||||||||||||||||||||||||||||
Markets for | (Level 3) | ||||||||||||||||||||||||||||||||||||
Identical | |||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||
Equity securities of sponsored investment funds | $ | 200 | $ | 3 | $ | - | $ | - | $ | 203 | |||||||||||||||||||||||||||
Held-to-maturity debt securities | - | - | - | 13 | 13 | ||||||||||||||||||||||||||||||||
Trading: | |||||||||||||||||||||||||||||||||||||
Deferred compensation plan mutual funds | 66 | - | - | - | 66 | ||||||||||||||||||||||||||||||||
Equity/Multi-asset mutual funds | 230 | - | - | - | 230 | ||||||||||||||||||||||||||||||||
Debt securities / fixed income mutual funds | 1 | 572 | - | - | 573 | ||||||||||||||||||||||||||||||||
Total trading | 297 | 572 | - | - | 869 | ||||||||||||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||||||||||||||
Consolidated sponsored investment funds private / public equity(2) | 12 | 7 | 236 | - | 255 | ||||||||||||||||||||||||||||||||
Equity method: | |||||||||||||||||||||||||||||||||||||
Hedge funds / Funds of hedge funds | - | 164 | 73 | 1 | 238 | ||||||||||||||||||||||||||||||||
Private equity investments | - | - | 168 | - | 168 | ||||||||||||||||||||||||||||||||
Real estate funds | - | 21 | 90 | 7 | 118 | ||||||||||||||||||||||||||||||||
Fixed income mutual funds | 10 | - | - | - | 10 | ||||||||||||||||||||||||||||||||
Other | 122 | - | - | - | 122 | ||||||||||||||||||||||||||||||||
Total equity method | 132 | 185 | 331 | 8 | 656 | ||||||||||||||||||||||||||||||||
Deferred compensation plan equity method investments | - | - | 21 | - | 21 | ||||||||||||||||||||||||||||||||
Cost method investments | - | - | - | 96 | 96 | ||||||||||||||||||||||||||||||||
Carried interest | - | - | - | 91 | 91 | ||||||||||||||||||||||||||||||||
Total investments | 641 | 767 | 588 | 208 | 2,204 | ||||||||||||||||||||||||||||||||
Separate account assets | 115,164 | 45,628 | - | 1,254 | 162,046 | ||||||||||||||||||||||||||||||||
Separate account collateral held under securities lending agreements: | |||||||||||||||||||||||||||||||||||||
Equity securities | 32,523 | - | - | - | 32,523 | ||||||||||||||||||||||||||||||||
Debt securities | - | 2,844 | - | - | 2,844 | ||||||||||||||||||||||||||||||||
Total separate account collateral held under securities lending agreements | 32,523 | 2,844 | - | - | 35,367 | ||||||||||||||||||||||||||||||||
Assets of consolidated VIEs: | |||||||||||||||||||||||||||||||||||||
Bank loans and other assets | - | 3,622 | 171 | 41 | 3,834 | ||||||||||||||||||||||||||||||||
Bonds | - | 29 | 18 | - | 47 | ||||||||||||||||||||||||||||||||
Private / public equity(3) | - | 4 | 10 | - | 14 | ||||||||||||||||||||||||||||||||
Total assets of consolidated VIEs | - | 3,655 | 199 | 41 | 3,895 | ||||||||||||||||||||||||||||||||
Total | $ | 148,328 | $ | 52,894 | $ | 787 | $ | 1,503 | $ | 203,512 | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||
Borrowings of consolidated VIEs | $ | - | $ | - | $ | 3,964 | $ | - | $ | 3,964 | |||||||||||||||||||||||||||
Separate account collateral liabilities under securities lending agreements | 32,523 | 2,844 | - | - | 35,367 | ||||||||||||||||||||||||||||||||
Other liabilities(4) | - | 6 | 51 | - | 57 | ||||||||||||||||||||||||||||||||
Total | $ | 32,523 | $ | 2,850 | $ | 4,015 | $ | - | $ | 39,388 | |||||||||||||||||||||||||||
(1) | Amounts are comprised of investments held at cost or amortized cost, carried interest and certain equity method investments, which include sponsored investment funds and other assets, which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value. | ||||||||||||||||||||||||||||||||||||
(2) | Level 3 amounts include $157 million and $79 million of underlying third-party private equity funds and direct investments in private equity companies held by private equity funds, respectively. | ||||||||||||||||||||||||||||||||||||
(3) | Level 3 amounts include $10 million of underlying third-party private equity funds held by a consolidated private equity fund of funds. | ||||||||||||||||||||||||||||||||||||
(4) | Amounts include a derivative (see Note 7, Derivatives and Hedging, for more information) and contingent liabilities related to certain acquisitions (see Note 11, Commitments and Contingencies, for more information). | ||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis and other assets not held at fair value | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | Quoted | Significant | Significant | Other Assets | December 31, | ||||||||||||||||||||||||||||||||
(in millions) | Prices in | Other | Unobservable | Not Held at | 2014 | ||||||||||||||||||||||||||||||||
Active | Observable | Inputs | Fair Value(1) | ||||||||||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||||
Equity securities of sponsored investment funds | $ | 198 | $ | 3 | $ | - | $ | - | $ | 201 | |||||||||||||||||||||||||||
Held-to-maturity debt securities | - | - | - | 79 | 79 | ||||||||||||||||||||||||||||||||
Trading: | |||||||||||||||||||||||||||||||||||||
Deferred compensation plan mutual funds | 64 | - | - | - | 64 | ||||||||||||||||||||||||||||||||
Equity/Multi-asset mutual funds | 239 | - | - | - | 239 | ||||||||||||||||||||||||||||||||
Debt securities / fixed income mutual funds | 11 | 222 | - | - | 233 | ||||||||||||||||||||||||||||||||
Total trading | 314 | 222 | - | - | 536 | ||||||||||||||||||||||||||||||||
Other investments: | |||||||||||||||||||||||||||||||||||||
Consolidated sponsored investment funds private / public equity(2) | 11 | 11 | 248 | - | 270 | ||||||||||||||||||||||||||||||||
Equity method: | |||||||||||||||||||||||||||||||||||||
Hedge funds / Funds of hedge funds | - | 213 | 64 | 5 | 282 | ||||||||||||||||||||||||||||||||
Private equity investments | - | - | 107 | - | 107 | ||||||||||||||||||||||||||||||||
Real estate funds | - | 21 | 88 | 8 | 117 | ||||||||||||||||||||||||||||||||
Fixed income mutual funds | 29 | - | - | - | 29 | ||||||||||||||||||||||||||||||||
Other | 98 | - | - | - | 98 | ||||||||||||||||||||||||||||||||
Total equity method | 127 | 234 | 259 | 13 | 633 | ||||||||||||||||||||||||||||||||
Deferred compensation plan equity method investments | - | - | 21 | - | 21 | ||||||||||||||||||||||||||||||||
Cost method investments | - | - | - | 96 | 96 | ||||||||||||||||||||||||||||||||
Carried interest | - | - | - | 85 | 85 | ||||||||||||||||||||||||||||||||
Total investments | 650 | 470 | 528 | 273 | 1,921 | ||||||||||||||||||||||||||||||||
Separate account assets | 113,566 | 46,866 | - | 855 | 161,287 | ||||||||||||||||||||||||||||||||
Separate account collateral held under securities lending agreements: | |||||||||||||||||||||||||||||||||||||
Equity securities | 30,387 | - | - | - | 30,387 | ||||||||||||||||||||||||||||||||
Debt securities | - | 3,267 | - | - | 3,267 | ||||||||||||||||||||||||||||||||
Total separate account collateral held under securities lending agreements | 30,387 | 3,267 | - | - | 33,654 | ||||||||||||||||||||||||||||||||
Assets of consolidated VIEs: | |||||||||||||||||||||||||||||||||||||
Bank loans and other assets | - | 2,958 | 302 | 32 | 3,292 | ||||||||||||||||||||||||||||||||
Bonds | - | 29 | 18 | - | 47 | ||||||||||||||||||||||||||||||||
Private / public equity(3) | - | 3 | 10 | - | 13 | ||||||||||||||||||||||||||||||||
Total assets of consolidated VIEs | - | 2,990 | 330 | 32 | 3,352 | ||||||||||||||||||||||||||||||||
Total | $ | 144,603 | $ | 53,593 | $ | 858 | $ | 1,160 | $ | 200,214 | |||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||
Borrowings of consolidated VIEs | $ | - | $ | - | $ | 3,389 | $ | - | $ | 3,389 | |||||||||||||||||||||||||||
Separate account collateral liabilities under securities lending agreements | 30,387 | 3,267 | - | - | 33,654 | ||||||||||||||||||||||||||||||||
Other liabilities(4) | - | 5 | 39 | - | 44 | ||||||||||||||||||||||||||||||||
Total | $ | 30,387 | $ | 3,272 | $ | 3,428 | $ | - | $ | 37,087 | |||||||||||||||||||||||||||
(1) | Amounts are comprised of investments held at cost or amortized cost, carried interest and certain equity method investments, which include sponsored investment funds and other assets, which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value. | ||||||||||||||||||||||||||||||||||||
(2) | Level 3 amounts include $168 million and $80 million of underlying third-party private equity funds and direct investments in private equity companies held by private equity funds, respectively. | ||||||||||||||||||||||||||||||||||||
(3) | Level 3 amounts include $10 million of underlying third-party private equity funds held by a consolidated private equity fund of funds. | ||||||||||||||||||||||||||||||||||||
(4) | Amounts include a derivative (see Note 7, Derivatives and Hedging, for more information) and contingent liabilities related to certain acquisitions (see Note 11, Commitments and Contingencies, for more information). | ||||||||||||||||||||||||||||||||||||
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis | Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||||||||||
(in millions) | December 31, | Realized | Purchases | Sales and | Issuances and | Transfers | Transfers | March 31, | Total net | ||||||||||||||||||||||||||||
2014 | and | maturities | other | into | out of | 2015 | unrealized | ||||||||||||||||||||||||||||||
unrealized | settlements(1) | Level 3 | Level 3 | gains (losses) | |||||||||||||||||||||||||||||||||
gains | included in | ||||||||||||||||||||||||||||||||||||
(losses) in | earnings(2) | ||||||||||||||||||||||||||||||||||||
earnings | |||||||||||||||||||||||||||||||||||||
and OCI | |||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||
Consolidated sponsored investment funds: | |||||||||||||||||||||||||||||||||||||
Private equity | $248 | ($12 | ) | $5 | ($5 | ) | $- | $- | $- | $236 | ($ | 11 | ) | ||||||||||||||||||||||||
Equity method: | |||||||||||||||||||||||||||||||||||||
Hedge funds / Funds of hedge funds | 64 | 7 | 8 | (4 | ) | (2 | ) | - | - | 73 | 9 | ||||||||||||||||||||||||||
Private equity investments | 107 | (5 | ) | 73 | - | (7 | ) | - | - | 168 | (7 | ) | |||||||||||||||||||||||||
Real estate funds | 88 | 1 | 1 | - | - | - | - | 90 | 2 | ||||||||||||||||||||||||||||
Deferred compensation plan equity method investments | 21 | 1 | - | - | (1 | ) | - | - | 21 | 1 | |||||||||||||||||||||||||||
Total Level 3 investments | 528 | (8 | ) | 87 | (9 | ) | (10 | ) | - | - | 588 | (6 | ) | ||||||||||||||||||||||||
Assets of consolidated VIEs: | |||||||||||||||||||||||||||||||||||||
Bank loans | 302 | 1 | 17 | (12 | ) | 26 | 72 | (235 | ) | 171 | |||||||||||||||||||||||||||
Bonds | 18 | - | - | - | - | - | - | 18 | |||||||||||||||||||||||||||||
Private equity | 10 | - | - | - | - | - | - | 10 | |||||||||||||||||||||||||||||
Total Level 3 assets of consolidated VIEs | 330 | 1 | 17 | (12 | ) | 26 | 72 | (235 | ) | 199 | N/A | (3) | |||||||||||||||||||||||||
Total Level 3 assets | $858 | ($7 | ) | $104 | ($21 | ) | $16 | $72 | ($235 | ) | $787 | ||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||
Borrowings of consolidated VIEs | $3,389 | ($1 | ) | $- | $- | $574 | $- | $- | $3,964 | N/A | (3) | ||||||||||||||||||||||||||
Other liabilities | 39 | 2 | - | - | 14 | - | - | 51 | - | ||||||||||||||||||||||||||||
Total Level 3 liabilities | $3,428 | $1 | $- | $- | $588 | $- | $- | $4,015 | |||||||||||||||||||||||||||||
N/A | – not applicable | ||||||||||||||||||||||||||||||||||||
(1) | Amount primarily includes distributions from equity method investees and loans and net proceeds from borrowings of consolidated VIEs. Amounts also include a contingent liability related to an acquisition. | ||||||||||||||||||||||||||||||||||||
(2) | Earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date. | ||||||||||||||||||||||||||||||||||||
(3) | The net gain (loss) on consolidated VIEs is solely attributable to noncontrolling interests on the condensed consolidated statements of income. | ||||||||||||||||||||||||||||||||||||
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||
(in millions) | December 31, | Realized | Purchases | Sales and | Issuances and | Transfers | Transfers | March 31, | Total net | ||||||||||||||||||||||||||||
2013 | and | maturities | other | into | out of | 2014 | unrealized | ||||||||||||||||||||||||||||||
unrealized | settlements(1) | Level 3(2) | Level 3 | gains (losses) | |||||||||||||||||||||||||||||||||
gains | included in | ||||||||||||||||||||||||||||||||||||
(losses) in | earnings(3) | ||||||||||||||||||||||||||||||||||||
earnings | |||||||||||||||||||||||||||||||||||||
and OCI | |||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||
Consolidated sponsored investment funds: | |||||||||||||||||||||||||||||||||||||
Hedge funds / Funds of funds | $24 | $1 | $- | ($12 | ) | ($1 | ) | $- | $- | $12 | $- | ||||||||||||||||||||||||||
Private equity | 223 | 1 | 5 | (14 | ) | - | 41 | - | 256 | 1 | |||||||||||||||||||||||||||
Equity method: | |||||||||||||||||||||||||||||||||||||
Hedge funds / Funds of hedge funds | 99 | 2 | 4 | (11 | ) | (3 | ) | - | - | 91 | 2 | ||||||||||||||||||||||||||
Private equity investments | 101 | 3 | 3 | - | (6 | ) | - | - | 101 | 4 | |||||||||||||||||||||||||||
Real estate funds | 98 | 2 | 2 | - | (2 | ) | - | - | 100 | 1 | |||||||||||||||||||||||||||
Deferred compensation plan equity method investments | 29 | 2 | - | - | - | - | - | 31 | 2 | ||||||||||||||||||||||||||||
Total Level 3 investments | 574 | 11 | 14 | (37 | ) | (12 | ) | 41 | - | 591 | 10 | ||||||||||||||||||||||||||
Assets of consolidated VIEs: | |||||||||||||||||||||||||||||||||||||
Bank loans | 129 | - | 16 | (13 | ) | - | 73 | (58 | ) | 147 | |||||||||||||||||||||||||||
Bonds | 35 | - | - | (7 | ) | - | - | - | 28 | ||||||||||||||||||||||||||||
Private equity | 14 | - | - | (1 | ) | - | - | - | 13 | ||||||||||||||||||||||||||||
Total Level 3 assets of consolidated VIEs | 178 | - | 16 | (21 | ) | - | 73 | (58 | ) | 188 | N/A | (4) | |||||||||||||||||||||||||
Total Level 3 assets | $752 | $11 | $30 | ($58 | ) | ($12 | ) | $114 | ($58 | ) | $779 | ||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||
Borrowings of consolidated VIEs | $2,369 | $5 | $- | $- | ($120 | ) | $- | $- | $2,244 | N/A | (4) | ||||||||||||||||||||||||||
Other liabilities | 42 | - | - | - | - | - | - | 42 | - | ||||||||||||||||||||||||||||
Total Level 3 liabilities | $2,411 | $5 | $- | $- | ($120 | ) | $- | $- | $2,286 | ||||||||||||||||||||||||||||
N/A | – not applicable | ||||||||||||||||||||||||||||||||||||
(1) | Amount primarily includes distributions from equity method investees and repayment of borrowings of consolidated VIEs. | ||||||||||||||||||||||||||||||||||||
(2) | Includes investments previously held at cost. | ||||||||||||||||||||||||||||||||||||
(3) | Earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date. | ||||||||||||||||||||||||||||||||||||
(4) | The net gain (loss) on consolidated VIEs is solely attributable to noncontrolling interests on the condensed consolidated statements of income. | ||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Financial Liabilities | Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At March 31, 2015 and December 31, 2014, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below: | ||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||
(in millions) | Carrying | Estimated | Carrying | Estimated | Fair Value | ||||||||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | Hierarchy | |||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,293 | $ | 4,293 | $ | 5,723 | $ | 5,723 | Level 1 | (1)/ (2) | |||||||||||||||||||||||||||
Accounts receivable | 2,836 | 2,836 | 2,120 | 2,120 | Level 1 | (3) | |||||||||||||||||||||||||||||||
Cash and cash equivalents of consolidated VIEs | 279 | 279 | 278 | 278 | Level 1 | (1) | |||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | 1,714 | 1,714 | 1,035 | 1,035 | Level 1 | (3) | |||||||||||||||||||||||||||||||
Long-term borrowings | 4,938 | 5,365 | 4,938 | 5,309 | Level 2 | (4) | |||||||||||||||||||||||||||||||
(1) | Cash and cash equivalents are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities. | ||||||||||||||||||||||||||||||||||||
(2) | At March 31, 2015 and December 31, 2014, approximately $184 million and $100 million, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund. | ||||||||||||||||||||||||||||||||||||
(3) | The carrying amounts of accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short-term nature. | ||||||||||||||||||||||||||||||||||||
(4) | Long-term borrowings are recorded at amortized cost. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is estimated using market prices at the end of March 2015 and December 2014, respectively. See Note 10, Borrowings, for the fair value of each of the Company’s long-term borrowings. | ||||||||||||||||||||||||||||||||||||
Investments in Certain Entities Calculate Net Asset Value per Share | The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent). | ||||||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||||||
(in millions) | Ref | Fair Value | Total | Redemption | Redemption | ||||||||||||||||||||||||||||||||
Unfunded | Frequency | Notice Period | |||||||||||||||||||||||||||||||||||
Commitments | |||||||||||||||||||||||||||||||||||||
Consolidated sponsored investment funds: | |||||||||||||||||||||||||||||||||||||
Private equity funds of funds | (a | ) | $157 | $ | 21 | N/R | N/R | ||||||||||||||||||||||||||||||
Equity method:(1) | |||||||||||||||||||||||||||||||||||||
Hedge funds/funds of hedge funds | (b | ) | 237 | 39 | Daily/Monthly (37%) | 1 – 90 days | |||||||||||||||||||||||||||||||
Quarterly (32%) | |||||||||||||||||||||||||||||||||||||
N/R (31%) | |||||||||||||||||||||||||||||||||||||
Private equity funds | (c | ) | 168 | 68 | N/R | N/R | |||||||||||||||||||||||||||||||
Real estate funds | (d | ) | 111 | - | Quarterly (19%) | 60 days | |||||||||||||||||||||||||||||||
N/R (81%) | |||||||||||||||||||||||||||||||||||||
Deferred compensation plan investments | (e | ) | 21 | 5 | N/R | N/R | |||||||||||||||||||||||||||||||
Consolidated VIEs: | |||||||||||||||||||||||||||||||||||||
Private equity fund | (f | ) | 10 | 1 | N/R | N/R | |||||||||||||||||||||||||||||||
Total | $704 | $ | 134 | ||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||
(in millions) | Ref | Fair Value | Total | Redemption | Redemption | ||||||||||||||||||||||||||||||||
Unfunded | Frequency | Notice Period | |||||||||||||||||||||||||||||||||||
Commitments | |||||||||||||||||||||||||||||||||||||
Consolidated sponsored investment funds: | |||||||||||||||||||||||||||||||||||||
Private equity funds of funds | (a | ) | $168 | $22 | N/R | N/R | |||||||||||||||||||||||||||||||
Equity method:(1) | |||||||||||||||||||||||||||||||||||||
Hedge funds/funds of hedge funds | (b | ) | 277 | 39 | Daily/Monthly (29%) | 1 –90 days | |||||||||||||||||||||||||||||||
Quarterly (48%) | |||||||||||||||||||||||||||||||||||||
N/R (23%) | |||||||||||||||||||||||||||||||||||||
Private equity funds | (c | ) | 107 | 61 | N/R | N/R | |||||||||||||||||||||||||||||||
Real estate funds | (d | ) | 109 | 1 | Quarterly (19%) | 60 days | |||||||||||||||||||||||||||||||
N/R (81%) | |||||||||||||||||||||||||||||||||||||
Deferred compensation plan investments | (e | ) | 21 | 5 | N/R | N/R | |||||||||||||||||||||||||||||||
Consolidated VIEs: | |||||||||||||||||||||||||||||||||||||
Private equity fund | (f | ) | 10 | 1 | N/R | N/R | |||||||||||||||||||||||||||||||
Total | $692 | $ | 129 | ||||||||||||||||||||||||||||||||||
N/R– | not redeemable | ||||||||||||||||||||||||||||||||||||
(1) | Comprised of equity method investments, which include investment companies, which account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value. | ||||||||||||||||||||||||||||||||||||
(a) | This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. The fair values of the investments in the third-party funds have been estimated using capital accounts representing the Company’s ownership interest in each fund in the portfolio as well as other performance inputs. These investments are not subject to redemption; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. It is estimated that the underlying assets of these funds will be liquidated over a weighted-average period of approximately six years and seven years at March 31, 2015 and December 31, 2014, respectively. The total remaining unfunded commitments to other third-party funds were $21 million at March 31, 2015 and $22 million at December 31, 2014. The Company had contractual obligations to the consolidated funds of $31 million at both March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||
(b) | This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, distressed credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. It was estimated that the investments in the funds that are not subject to redemption will be liquidated over a weighted-average period of approximately two years at both March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||
(c) | This category includes several private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds as well as other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. It was estimated that the investments in these funds will be liquidated over a weighted-average period of approximately four years at both March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||
(d) | This category includes several real estate funds that invest directly in real estate and real estate related assets. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. A majority of the Company’s investments are not subject to redemption or are not currently redeemable and are normally returned through distributions as a result of the liquidation of the underlying assets of the real estate funds. It is estimated that the investments in these funds not subject to redemptions will be liquidated over a weighted-average period of approximately seven years at both March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||
(e) | This category includes investments in several real estate funds . The fair values of the investments in this category have been estimated using capital accounts representing the Company’s ownership interest in partners’ capital as well as performance inputs. The investments are not subject to redemption; however, distributions as a result of the liquidation of the underlying assets will be used to settle certain deferred compensation liabilities over time. | ||||||||||||||||||||||||||||||||||||
(f) | This category includes the underlying third-party private equity funds within one consolidated BlackRock sponsored private equity fund of funds. The fair values of the investments in the third-party funds have been estimated using capital accounts representing the Company’s ownership interest in each fund in the portfolio as well as other performance inputs. These investments are not subject to redemption; however, for certain funds the Company may sell or transfer its interest, which may need approval by the general partner of the underlying third-party funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. It is estimated that the underlying assets of these funds will be liquidated over a weighted-average period of approximately one year at both March 31, 2015 and December 31, 2014. Total remaining unfunded commitments to other third-party funds were not material at both March 31, 2015 and December 31, 2014, which commitments are required to be funded by capital contributions from noncontrolling interest holders. | ||||||||||||||||||||||||||||||||||||
Summary of Information Related to those Assets and Liabilities for which Fair Value Option was Elected | The following table summarizes information at March 31, 2015 and December 31, 2014 related to those assets and liabilities for which the fair value option was elected: | ||||||||||||||||||||||||||||||||||||
(in millions) | March 31, | December 31, | |||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
CLO Bank Loans: | |||||||||||||||||||||||||||||||||||||
Aggregate principal amounts outstanding | $3,827 | $3,338 | |||||||||||||||||||||||||||||||||||
Fair value | 3,793 | 3,260 | |||||||||||||||||||||||||||||||||||
Aggregate unpaid principal balance in excess of (less than) fair value | $34 | $78 | |||||||||||||||||||||||||||||||||||
Unpaid principal balance of loans more than 90 days past due | $4 | $6 | |||||||||||||||||||||||||||||||||||
Aggregate fair value of loans more than 90 days past due | - | 2 | |||||||||||||||||||||||||||||||||||
Aggregate unpaid principal balance in excess of fair value for loans more than 90 days past due | $4 | $4 | |||||||||||||||||||||||||||||||||||
CLO Borrowings: | |||||||||||||||||||||||||||||||||||||
Aggregate principal amounts outstanding | $4,088 | $3,508 | |||||||||||||||||||||||||||||||||||
Fair value | $3,964 | $3,389 |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Balances Relating to Variable Interest Entities in which BlackRock is Primary Beneficiary | At March 31, 2015 and December 31, 2014, the following balances related to VIEs were recorded on the condensed consolidated statements of financial condition: | ||||||||||||||||
(in millions) | March 31, 2015 | December 31, 2014 | |||||||||||||||
Assets of consolidated VIEs: | |||||||||||||||||
Cash and cash equivalents | $279 | $278 | |||||||||||||||
Bank loans | 3,793 | 3,260 | |||||||||||||||
Bonds | 47 | 47 | |||||||||||||||
Other investments and other assets | 55 | 45 | |||||||||||||||
Total bank loans, bonds, other investments and other assets | 3,895 | 3,352 | |||||||||||||||
Liabilities of consolidated VIEs: | |||||||||||||||||
Borrowings | (3,964 | ) | (3,389 | ) | |||||||||||||
Other liabilities | (182 | ) | (245 | ) | |||||||||||||
Appropriated retained earnings | (16 | ) | 19 | ||||||||||||||
Noncontrolling interests of consolidated VIEs | (12 | ) | (15 | ) | |||||||||||||
Total BlackRock net interests in consolidated VIEs | $- | $- | |||||||||||||||
Balances Relating to Variable Interest Entities in which BlackRock is Not Primary Beneficiary | At March 31, 2015 and December 31, 2014, the Company’s carrying value of assets and liabilities pertaining to its variable interests in VIEs and its maximum risk of loss related to VIEs for which it was the sponsor or in which it held a variable interest, but for which it was not the PB, was as follows: | ||||||||||||||||
(in millions) | Variable Interests on the Condensed | ||||||||||||||||
Consolidated | |||||||||||||||||
Statement of Financial Condition | |||||||||||||||||
At March 31, 2015 | Investments | Advisory | Other Net | Maximum | |||||||||||||
Fee | Assets | Risk of Loss(1) | |||||||||||||||
Receivables | (Liabilities) | ||||||||||||||||
CDOs/CLOs | $- | $1 | ($6) | $18 | |||||||||||||
Other sponsored investment funds: | |||||||||||||||||
Collective trusts | - | 212 | - | 212 | |||||||||||||
Other | 52 | 163 | -3 | 215 | |||||||||||||
Total | $52 | $376 | ($9) | $445 | |||||||||||||
At December 31, 2014 | |||||||||||||||||
CDOs/CLOs | $- | $2 | ($5) | $19 | |||||||||||||
Other sponsored investment funds: | |||||||||||||||||
Collective trusts | - | 191 | - | 191 | |||||||||||||
Other | 57 | 177 | -3 | 234 | |||||||||||||
Total | $57 | $370 | ($8) | $444 | |||||||||||||
-1 | At both March 31, 2015 and December 31, 2014, BlackRock’s maximum risk of loss associated with these VIEs primarily related to collecting advisory fee receivables and BlackRock’s investments. | ||||||||||||||||
Unconsolidated Collateralized Debt or Loan Obligations | The net assets of the above CDOs/CLOs that the Company does not consolidate were as follows: | ||||||||||||||||
CDOs/CLOs | |||||||||||||||||
(in billions) | March 31, 2015 | December 31, 2014 | |||||||||||||||
Assets at fair value | $1 | $1 | |||||||||||||||
Liabilities(1) | 2 | 2 | |||||||||||||||
Net assets | ($1 | ) | ($1 | ) | |||||||||||||
-1 | Amounts primarily comprised of unpaid principal debt obligations to CDO/CLO debt holders. |
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill Activity | Goodwill activity during the three months ended March 31, 2015 was as follows: | ||||
(in millions) | |||||
December 31, 2014 | $12,961 | ||||
BKCA acquisition | 19 | ||||
Goodwill adjustment related to Quellos(1) | (5 | ) | |||
March 31, 2015 | $12,975 | ||||
(1) | The decrease in goodwill during the three months ended March 31, 2015 resulted from tax benefits realized from tax-deductible goodwill in excess of book goodwill from the acquisition of the fund-of-funds business of Quellos Group, LLC in October 2007 (the “Quellos Transaction”). Goodwill related to the Quellos Transaction will continue to be reduced in future periods by the amount of tax benefits realized from tax-deductible goodwill in excess of book goodwill from the Quellos Transaction. The balance of the Quellos tax-deductible goodwill in excess of book goodwill was approximately $255 million and $263 million at March 31, 2015 and December 31, 2014, respectively. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Carrying Amounts of Identifiable Intangible Assets | The carrying amounts of identifiable intangible assets are summarized as follows: | ||||||||||||
(in millions) | Indefinite-lived | Finite-lived | Total | ||||||||||
intangible assets | intangible assets | intangible assets | |||||||||||
December 31, 2014 | $16,988 | $356 | $17,344 | ||||||||||
Amortization expense | - | (35 | ) | (35 | ) | ||||||||
BKCA acquisition | 120 | - | 120 | ||||||||||
March 31, 2015 | $17,108 | $321 | $17,429 | ||||||||||
Borrowings_Tables
Borrowings (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Carrying Value and Fair Value of Long-Term Borrowings | The carrying value and fair value of long-term borrowings estimated using market prices at March 31, 2015 included the following: | ||||||||||||||||
(in millions) | Maturity Amount | Unamortized | Carrying Value | Fair Value | |||||||||||||
Discount | |||||||||||||||||
1.375% Notes due 2015 | $750 | $ - | $750 | $751 | |||||||||||||
6.25% Notes due 2017 | 700 | -1 | 699 | 785 | |||||||||||||
5.00% Notes due 2019 | 1,000 | -2 | 998 | 1,136 | |||||||||||||
4.25% Notes due 2021 | 750 | -3 | 747 | 840 | |||||||||||||
3.375% Notes due 2022 | 750 | -3 | 747 | 793 | |||||||||||||
3.50% Notes due 2024 | 1,000 | -3 | 997 | 1,060 | |||||||||||||
Total Long-term Borrowings | $4,950 | ($12) | $4,938 | $5,365 | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Restricted Stock and RSU Activity | Restricted stock and restricted stock units (“RSUs”) activity for the three months ended March 31, 2015 is summarized below: | ||||||||
Outstanding at | Restricted | Weighted- | |||||||
Stock and | Average | ||||||||
RSUs | Grant Date | ||||||||
Fair Value | |||||||||
31-Dec-14 | 3,401,909 | $257.01 | |||||||
Granted | 1,260,795 | $343.91 | |||||||
Converted | (1,531,673 | ) | $228.31 | ||||||
Forfeited | (4,768 | ) | $304.46 | ||||||
March 31, 2015(1) | 3,126,263 | $306.04 | |||||||
(1) | At March 31, 2015, approximately 2.9 million awards are expected to vest and 0.1 million awards have vested but have not been converted. | ||||||||
Stock Option Activity | Stock Options. Stock option activity for the three months ended March 31, 2015 is summarized below: | ||||||||
Outstanding at | Shares | Weighted | |||||||
under | average | ||||||||
option | exercise | ||||||||
price | |||||||||
December 31, 2014(1) | 906,719 | $ | 167.76 | ||||||
Exercised(1) | (32,116 | ) | $ | 167.76 | |||||
March 31, 2015(1) | 874,603 | $ | 167.76 | ||||||
(1) | The aggregate intrinsic value of options exercised during the three months ended March 31, 2015 was $6.2 million. At March 31, 2015, all options were vested. | ||||||||
Performance-Based RSUs [Member] | |||||||||
Restricted Stock and RSU Activity | Performance-based RSU activity for the three months ended March 31, 2015 is summarized below: | ||||||||
Outstanding at | Performance- | Weighted- | |||||||
Based RSUs | Average | ||||||||
Grant Date | |||||||||
Fair Value | |||||||||
December 31, 2014 | - | $- | |||||||
Granted | 262,847 | $343.86 | |||||||
March 31, 2015(1) | 262,847 | $ | 343.86 | ||||||
(1) | At March 31, 2015, approximately 0.3 million awards are expected to vest and no awards have vested and have not been converted. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income | The following table presents changes in AOCI by component for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||
(in millions) | Unrealized gains | Benefit plans | Foreign | Total | |||||||||||||||||||
(losses) on | currency | ||||||||||||||||||||||
available-for-sale | translation | ||||||||||||||||||||||
investments(1) | adjustments | ||||||||||||||||||||||
December 31, 2014 | $ | 2 | $ | 4 | ($ | 279 | ) | ($ | 273 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | - | (1 | ) | (165 | ) | (166 | ) | ||||||||||||||||
Amount reclassified from AOCI | - | - | - | - | |||||||||||||||||||
Net other comprehensive income (loss) for the three months ended March 31, 2015 | - | (1 | ) | (165 | ) | (166 | ) | ||||||||||||||||
March 31, 2015 | $ | 2 | $ | 3 | ($ | 444 | ) | ($ | 439 | ) | |||||||||||||
(in millions) | Unrealized gains | Benefit plans | Foreign | Total | |||||||||||||||||||
(losses) on | currency | ||||||||||||||||||||||
available-for-sale | translation | ||||||||||||||||||||||
investments(1) | adjustments | ||||||||||||||||||||||
December 31, 2013 | $ | 7 | $ | 6 | ($ | 48 | ) | ($ | 35 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | - | - | 8 | 8 | |||||||||||||||||||
Amount reclassified from AOCI(2),(3) | (8 | ) | - | - | (8 | ) | |||||||||||||||||
Net other comprehensive income (loss) for the three months ended March 31, 2014 | (8 | ) | - | 8 | - | ||||||||||||||||||
March 31, 2014 | ($ | 1 | ) | $ | 6 | ($ | 40 | ) | ($ | 35 | ) | ||||||||||||
(1) | All amounts are net of tax. | ||||||||||||||||||||||
(2) | The tax benefit (expense) was not material for the three months ended March 31, 2014. | ||||||||||||||||||||||
(3) | The pre-tax amount reclassified from AOCI was included in net gain (loss) on investments on the condensed consolidated statements of income. |
Capital_Stock_Tables
Capital Stock (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity [Abstract] | |||||||||
Preferred Shares Authorized, Issued and Outstanding | Nonvoting Participating Preferred Stock. The Company’s preferred shares authorized, issued and outstanding consisted of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Series A | |||||||||
Shares authorized, $0.01 par value | 20,000,000 | 20,000,000 | |||||||
Shares issued and outstanding | - | - | |||||||
Series B | |||||||||
Shares authorized, $0.01 par value | 150,000,000 | 150,000,000 | |||||||
Shares issued and outstanding(1) | 823,188 | 823,188 | |||||||
Series C | |||||||||
Shares authorized, $0.01 par value | 6,000,000 | 6,000,000 | |||||||
Shares issued and outstanding(1) | 1,311,887 | 1,311,887 | |||||||
Series D | |||||||||
Shares authorized, $0.01 par value | 20,000,000 | 20,000,000 | |||||||
Shares issued and outstanding | - | - | |||||||
(1) | Shares held by PNC. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Basic and Diluted EPS under Treasury Stock Method | The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2015 and 2014 under the treasury stock method: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in millions, except per share data) | 2015 | 2014 | |||||||
Net income attributable to BlackRock | $822 | $756 | |||||||
Basic weighted-average shares outstanding | 167,089,037 | 169,081,421 | |||||||
Dilutive effect of nonparticipating RSUs and stock options | 2,634,130 | 2,852,382 | |||||||
Total diluted weighted-average shares outstanding | 169,723,167 | 171,933,803 | |||||||
Basic earnings per share | $4.92 | $4.47 | |||||||
Diluted earnings per share | $4.84 | $4.40 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Investment Advisory, Administration Fees, Securities Lending Revenue and Performance Fees, BlackRock Solutions and Advisory Revenue, Distribution Fees and Other Revenue | The following table illustrates investment advisory, administration fees, securities lending revenue and performance fees, BlackRock Solutions and advisory revenue, distribution fees and other revenue for the three months ended March 31, 2015 and 2014. | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in millions) | 2015 | 2014 | |||||||
Equity | $ | 1,306 | $ | 1,277 | |||||
Fixed income | 575 | 503 | |||||||
Multi-asset | 312 | 289 | |||||||
Alternatives | 232 | 306 | |||||||
Cash management | 73 | 74 | |||||||
Total investment advisory, administration fees, securities lending revenue and performance fees | 2,498 | 2,449 | |||||||
BlackRock Solutions and advisory | 147 | 154 | |||||||
Distribution fees | 17 | 19 | |||||||
Other revenue | 61 | 48 | |||||||
Total revenue | $ | 2,723 | $ | 2,670 | |||||
Total Revenue by Geographic Region | The following table illustrates total revenue for the three months ended March 31, 2015 and 2014 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides. | ||||||||
(in millions) | Three Months Ended | ||||||||
March 31, | |||||||||
Revenue | 2015 | 2014 | |||||||
Americas | $ | 1,851 | $ | 1,782 | |||||
Europe | 743 | 757 | |||||||
Asia-Pacific | 129 | 131 | |||||||
Total revenue | $ | 2,723 | $ | 2,670 | |||||
Schedule of Long-Lived Assets by Geographic Region | The following table illustrates long-lived assets that consist of goodwill and property and equipment at March 31, 2015 and December 31, 2014 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located. | ||||||||
(in millions) | March 31, | December 31, | |||||||
Long-lived Assets | 2015 | 2014 | |||||||
Americas | $ | 13,238 | $ | 13,151 | |||||
Europe | 187 | 194 | |||||||
Asia-Pacific | 87 | 83 | |||||||
Total long-lived assets | $ | 13,512 | $ | 13,428 | |||||
Business_Overview_Additional_I
Business Overview - Additional Information (Detail) (PNC [Member]) | Mar. 31, 2015 |
PNC [Member] | |
Related Party Transaction [Line Items] | |
Percentage of common stock of parent owned | 20.90% |
Percentage of capital stock of parent owned | 22.00% |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Fair value of loaned securities | $32,500,000,000 | $30,600,000,000 |
Fair value of collateral held for loan securities | $35,367,000,000 | $33,654,000,000 |
Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Collateral cash and securities received in exchange of value of securities lent in order to reduce counterparty risk | 102.00% | |
Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Collateral cash and securities received in exchange of value of securities lent in order to reduce counterparty risk | 112.00% |
Investments_Summary_of_Carryin
Investments - Summary of Carrying Value of Total Investments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Investment [Line Items] | ||
Available-for-sale investments | $203 | $201 |
Held-to-maturity investments | 13 | 79 |
Total trading investments | 869 | 536 |
Consolidated sponsored investment funds | 255 | 270 |
Equity method investments | 656 | 633 |
Cost method investments | 96 | 96 |
Carried interest | 91 | 85 |
Total other investments | 1,119 | 1,105 |
Total investments | 2,204 | 1,921 |
Consolidated Sponsored Investment Funds [Member] | ||
Investment [Line Items] | ||
Total trading investments | 787 | 443 |
Total other investments | 255 | 270 |
Total investments | 1,042 | 713 |
Other Equity and Debt Securities [Member] | ||
Investment [Line Items] | ||
Total trading investments | 16 | 29 |
Deferred Compensation Plan Fund [Member] | ||
Investment [Line Items] | ||
Total trading investments | 66 | 64 |
Equity method investments | $21 | $21 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Total investments | $2,204 | $1,921 |
Total trading investments | 869 | 536 |
Other investments | 1,119 | 1,105 |
Foreign government debt | 13 | 79 |
Maximum [Member] | ||
Investment [Line Items] | ||
Maturity period of investments | 10 years | |
Minimum [Member] | ||
Investment [Line Items] | ||
Maturity period of investments | 5 years | |
PennyMac [Member] | ||
Investment [Line Items] | ||
Ownership percentage | 20.00% | 20.00% |
Shares and units | 16 | 16 |
Carrying value - equity method investment | 179 | 167 |
Fair value of equity method investments | 264 | 269 |
Consolidated Sponsored Investment Funds [Member] | ||
Investment [Line Items] | ||
Total investments | 1,042 | 713 |
Total trading investments | 787 | 443 |
Other investments | 255 | 270 |
Trading securities, equity | 215 | 220 |
Trading securities, debt | 572 | 223 |
Deferred Compensation Plan Fund [Member] | ||
Investment [Line Items] | ||
Total trading investments | 66 | 64 |
Equity and Debt Securities Held in Separate Investment Accounts [Member] | ||
Investment [Line Items] | ||
Total trading investments | $16 | $29 |
Investments_Summary_of_Cost_an
Investments - Summary of Cost and Carrying Value of Investments Classified as Available-for-Sale Investments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule of Investments [Line Items] | ||
Available-for-sale investments, Carrying Value | $203 | $201 |
Equity Securities of Sponsored Investment Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale investments, Cost | 200 | 205 |
Available-for-sale investments, Gross Unrealized Gains | 7 | 5 |
Available-for-sale investments, Gross Unrealized Losses | -4 | -9 |
Available-for-sale investments, Carrying Value | $203 | $201 |
Investments_Summary_of_Cost_an1
Investments - Summary of Cost and Carrying Value of Trading Investments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule of Investments [Line Items] | ||
Cost | $814 | $487 |
Carrying Value | 869 | 536 |
Deferred Compensation Plan Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Cost | 48 | 48 |
Carrying Value | 66 | 64 |
Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Cost | 202 | 210 |
Carrying Value | 230 | 239 |
Corporate Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Cost | 250 | 109 |
Carrying Value | 252 | 110 |
Government Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Cost | 257 | 100 |
Carrying Value | 264 | 103 |
Asset/Mortgage Backed Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Cost | 57 | 20 |
Carrying Value | $57 | $20 |
Investments_Summary_of_Cost_an2
Investments - Summary of Cost and Carrying Value of Other Investments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule of Investments [Line Items] | ||
Cost | $903 | $903 |
Carrying Value | 1,119 | 1,105 |
Consolidated Sponsored Investment Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Cost | 268 | 268 |
Carrying Value | 255 | 270 |
Equity Method [Member] | ||
Schedule of Investments [Line Items] | ||
Cost | 519 | 518 |
Carrying Value | 656 | 633 |
Deferred Compensation Plan Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Cost | 20 | 21 |
Carrying Value | 21 | 21 |
Federal Reserve Bank Stock [Member] | ||
Schedule of Investments [Line Items] | ||
Cost | 92 | 92 |
Carrying Value | 92 | 92 |
Other [Member] | ||
Schedule of Investments [Line Items] | ||
Cost | 4 | 4 |
Carrying Value | 4 | 4 |
Total Cost Method Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Cost | 96 | 96 |
Carrying Value | 96 | 96 |
Carried Interest [Member] | ||
Schedule of Investments [Line Items] | ||
Cost | 0 | 0 |
Carrying Value | $91 | $85 |
Consolidated_Sponsored_Investm2
Consolidated Sponsored Investment Funds - Consolidated Sponsored Investment Funds Included in Condensed Consolidated Statements of Financial Condition (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Consolidated Sponsored Investment Funds [Line Items] | ||||
Cash and cash equivalents | $4,293 | $5,723 | $4,394 | $4,390 |
Trading investments | 869 | 536 | ||
Other investments | 1,119 | 1,105 | ||
Other assets | 853 | 701 | ||
Other liabilities | -1,086 | -886 | ||
Noncontrolling interests | -89 | -104 | ||
Consolidated Entities [Member] | ||||
Consolidated Sponsored Investment Funds [Line Items] | ||||
Cash and cash equivalents | 180 | 120 | ||
Trading investments | 787 | 443 | ||
Other investments | 255 | 270 | ||
Other assets | 46 | 20 | ||
Other liabilities | -122 | -18 | ||
Noncontrolling interests | -269 | -139 | ||
BlackRock's net interests in consolidated sponsored investment funds | $877 | $696 |
Fair_Value_Disclosures_Assets_
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale | $203 | $201 |
Total trading | 869 | 536 |
Separate account assets | 162,046 | 161,287 |
Total separate account collateral held under securities lending agreements | 35,367 | 33,654 |
Borrowings of consolidated VIEs | 4,938 | 4,938 |
Separate account collateral liabilities under securities lending agreements | 35,367 | 33,654 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 869 | 536 |
Total equity method | 656 | 633 |
Deferred compensation plan equity method investments | 21 | 21 |
Cost method investments | 96 | 96 |
Carried interest | 91 | 85 |
Total investments | 2,204 | 1,921 |
Separate account assets | 162,046 | 161,287 |
Total separate account collateral held under securities lending agreements | 35,367 | 33,654 |
Total | 203,512 | 200,214 |
Separate account collateral liabilities under securities lending agreements | 35,367 | 33,654 |
Other liabilities | 57 | 44 |
Total liabilities measured at fair value | 39,388 | 37,087 |
Fair Value, Measurements, Recurring [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 3,895 | 3,352 |
Borrowings of consolidated VIEs | 3,964 | 3,389 |
Fair Value, Measurements, Recurring [Member] | Deferred Compensation Plan Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 66 | 64 |
Fair Value, Measurements, Recurring [Member] | Equity/Multi-asset Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 230 | 239 |
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 573 | 233 |
Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total consolidated sponsored investment funds | 255 | 270 |
Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 14 | 13 |
Fair Value, Measurements, Recurring [Member] | Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 238 | 282 |
Fair Value, Measurements, Recurring [Member] | Equity Method, Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 168 | 107 |
Fair Value, Measurements, Recurring [Member] | Equity Method, Real Estate Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 118 | 117 |
Fair Value, Measurements, Recurring [Member] | Fixed Income Mutual Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 10 | 29 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 122 | 98 |
Fair Value, Measurements, Recurring [Member] | Bank Loans and Other Assets [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 3,834 | 3,292 |
Fair Value, Measurements, Recurring [Member] | Bonds [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 47 | 47 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 0 | 0 |
Total equity method | 8 | 13 |
Deferred compensation plan equity method investments | 0 | 0 |
Cost method investments | 96 | 96 |
Carried interest | 91 | 85 |
Total investments | 208 | 273 |
Separate account assets | 1,254 | 855 |
Total separate account collateral held under securities lending agreements | 0 | 0 |
Total | 1,503 | 1,160 |
Separate account collateral liabilities under securities lending agreements | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 41 | 32 |
Borrowings of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Deferred Compensation Plan Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Equity/Multi-asset Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Private/ Public Equity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total consolidated sponsored investment funds | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Private/ Public Equity [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 1 | 5 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Equity Method, Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Equity Method, Real Estate Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 7 | 8 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Fixed Income Mutual Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Bank Loans and Other Assets [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 41 | 32 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Bonds [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 203 | 201 |
Total separate account collateral held under securities lending agreements | 32,523 | 30,387 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Other Assets Not Held at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 0 | 0 |
Total separate account collateral held under securities lending agreements | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity debt securities | 13 | 79 |
Total separate account collateral held under securities lending agreements | 2,844 | 3,267 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Other Assets Not Held at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity debt securities | 13 | 79 |
Total separate account collateral held under securities lending agreements | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 297 | 314 |
Total equity method | 132 | 127 |
Deferred compensation plan equity method investments | 0 | 0 |
Cost method investments | 0 | 0 |
Carried interest | 0 | 0 |
Total investments | 641 | 650 |
Separate account assets | 115,164 | 113,566 |
Total separate account collateral held under securities lending agreements | 32,523 | 30,387 |
Total | 148,328 | 144,603 |
Separate account collateral liabilities under securities lending agreements | 32,523 | 30,387 |
Other liabilities | 0 | 0 |
Total liabilities measured at fair value | 32,523 | 30,387 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 0 | 0 |
Borrowings of consolidated VIEs | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Deferred Compensation Plan Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 66 | 64 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Equity/Multi-asset Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 230 | 239 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 1 | 11 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total consolidated sponsored investment funds | 12 | 11 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Method, Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Method, Real Estate Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Income Mutual Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 10 | 29 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 122 | 98 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Bank Loans and Other Assets [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Bonds [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 200 | 198 |
Total separate account collateral held under securities lending agreements | 32,523 | 30,387 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity debt securities | 0 | 0 |
Total separate account collateral held under securities lending agreements | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 572 | 222 |
Total equity method | 185 | 234 |
Deferred compensation plan equity method investments | 0 | 0 |
Cost method investments | 0 | 0 |
Carried interest | 0 | 0 |
Total investments | 767 | 470 |
Separate account assets | 45,628 | 46,866 |
Total separate account collateral held under securities lending agreements | 2,844 | 3,267 |
Total | 52,894 | 53,593 |
Separate account collateral liabilities under securities lending agreements | 2,844 | 3,267 |
Other liabilities | 6 | 5 |
Total liabilities measured at fair value | 2,850 | 3,272 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 3,655 | 2,990 |
Borrowings of consolidated VIEs | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Deferred Compensation Plan Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Equity/Multi-asset Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 572 | 222 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total consolidated sponsored investment funds | 7 | 11 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 4 | 3 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 164 | 213 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Method, Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Method, Real Estate Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 21 | 21 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Income Mutual Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Bank Loans and Other Assets [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 3,622 | 2,958 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Bonds [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 29 | 29 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 3 | 3 |
Total separate account collateral held under securities lending agreements | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity debt securities | 0 | 0 |
Total separate account collateral held under securities lending agreements | 2,844 | 3,267 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 588 | 528 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 0 | 0 |
Total equity method | 331 | 259 |
Deferred compensation plan equity method investments | 21 | 21 |
Cost method investments | 0 | 0 |
Carried interest | 0 | 0 |
Total investments | 588 | 528 |
Separate account assets | 0 | 0 |
Total separate account collateral held under securities lending agreements | 0 | 0 |
Total | 787 | 858 |
Separate account collateral liabilities under securities lending agreements | 0 | 0 |
Other liabilities | 51 | 39 |
Total liabilities measured at fair value | 4,015 | 3,428 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 199 | 330 |
Borrowings of consolidated VIEs | 3,964 | 3,389 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Deferred Compensation Plan Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Equity/Multi-asset Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total consolidated sponsored investment funds | 236 | 248 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 10 | 10 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 73 | 64 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Method, Private Equity Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 168 | 107 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Method, Real Estate Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 90 | 88 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Income Mutual Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Bank Loans and Other Assets [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 171 | 302 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Bonds [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets of consolidated VIEs | 18 | 18 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 0 | 0 |
Total separate account collateral held under securities lending agreements | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity debt securities | 0 | 0 |
Total separate account collateral held under securities lending agreements | $0 | $0 |
Fair_Value_Disclosures_Assets_1
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) (Significant Unobservable Inputs (Level 3) [Member], Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Third-party [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Private equity investments | $157 | $168 |
Direct Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Private equity investments | 79 | 80 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | Third-party [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets of consolidated VIEs, Private / public equity | $10 | $10 |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Private equity investments | $79 | $80 | |
Operating performance projections covering period | 5 years | ||
Proceeds from borrowings | 0 | 997 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 588 | 528 | |
Assets of Consolidated VIEs, Bank Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers out of Level 3 | 235 | 58 | |
Transfers into Level 3 | 72 | 73 | |
Assets of Consolidated VIEs, Bank Loans [Member] | Bank Loans and Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers out of Level 3 | 235 | 58 | |
Transfers into Level 3 | 72 | 73 | |
CLO Borrowings [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Principal amounts outstanding of the borrowings, maturity year, minimum | 2016 | ||
Principal amounts outstanding of the borrowings, maturity year, maximum | 2027 | ||
Loss on fair value borrowings | 39 | 22 | |
CLO Bank Loans and Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on fair value assets | 84 | 27 | |
Consolidated CLO [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Proceeds from borrowings | 603 | ||
Repayment of borrowings | $29 | $120 |
Fair_Value_Disclosures_Changes
Fair Value Disclosures - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Sponsored Investment Funds, Hedge Funds / Funds of Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | $24 | |
Realized and unrealized gains (losses) in earnings and OCI | 1 | |
Purchases | 0 | |
Sales and maturities | -12 | |
Issuances and other settlements | -1 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Assets measured at fair value, ending balance | 12 | |
Total net unrealized gains (losses) included in earnings | 0 | |
Consolidated Sponsored Investment Funds, Private Equity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 248 | 223 |
Realized and unrealized gains (losses) in earnings and OCI | -12 | 1 |
Purchases | 5 | 5 |
Sales and maturities | -5 | -14 |
Issuances and other settlements | 0 | 0 |
Transfers into Level 3 | 0 | 41 |
Transfers out of Level 3 | 0 | 0 |
Assets measured at fair value, ending balance | 236 | 256 |
Total net unrealized gains (losses) included in earnings | -11 | 1 |
Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 64 | 99 |
Realized and unrealized gains (losses) in earnings and OCI | 7 | 2 |
Purchases | 8 | 4 |
Sales and maturities | -4 | -11 |
Issuances and other settlements | -2 | -3 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets measured at fair value, ending balance | 73 | 91 |
Total net unrealized gains (losses) included in earnings | 9 | 2 |
Equity Method, Private Equity Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 107 | 101 |
Realized and unrealized gains (losses) in earnings and OCI | -5 | 3 |
Purchases | 73 | 3 |
Sales and maturities | 0 | 0 |
Issuances and other settlements | -7 | -6 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets measured at fair value, ending balance | 168 | 101 |
Total net unrealized gains (losses) included in earnings | -7 | 4 |
Equity Method, Real Estate Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 88 | 98 |
Realized and unrealized gains (losses) in earnings and OCI | 1 | 2 |
Purchases | 1 | 2 |
Sales and maturities | 0 | 0 |
Issuances and other settlements | 0 | -2 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets measured at fair value, ending balance | 90 | 100 |
Total net unrealized gains (losses) included in earnings | 2 | 1 |
Equity Method, Deferred Compensation Plan Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 21 | 29 |
Realized and unrealized gains (losses) in earnings and OCI | 1 | 2 |
Purchases | 0 | 0 |
Sales and maturities | 0 | 0 |
Issuances and other settlements | -1 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets measured at fair value, ending balance | 21 | 31 |
Total net unrealized gains (losses) included in earnings | 1 | 2 |
Investments of Consolidated Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 528 | 574 |
Realized and unrealized gains (losses) in earnings and OCI | -8 | 11 |
Purchases | 87 | 14 |
Sales and maturities | -9 | -37 |
Issuances and other settlements | -10 | -12 |
Transfers into Level 3 | 0 | 41 |
Transfers out of Level 3 | 0 | 0 |
Assets measured at fair value, ending balance | 588 | 591 |
Total net unrealized gains (losses) included in earnings | -6 | 10 |
Assets of Consolidated VIEs, Bank Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 302 | 129 |
Realized and unrealized gains (losses) in earnings and OCI | 1 | 0 |
Purchases | 17 | 16 |
Sales and maturities | -12 | -13 |
Issuances and other settlements | 26 | 0 |
Transfers into Level 3 | 72 | 73 |
Transfers out of Level 3 | -235 | -58 |
Assets measured at fair value, ending balance | 171 | 147 |
Assets of Consolidated VIEs, Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 18 | 35 |
Realized and unrealized gains (losses) in earnings and OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales and maturities | 0 | -7 |
Issuances and other settlements | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets measured at fair value, ending balance | 18 | 28 |
Consolidated VIEs, Private Equity Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 10 | 14 |
Realized and unrealized gains (losses) in earnings and OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales and maturities | 0 | -1 |
Issuances and other settlements | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets measured at fair value, ending balance | 10 | 13 |
Total Level 3 Assets of Consolidated VIEs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 330 | 178 |
Realized and unrealized gains (losses) in earnings and OCI | 1 | 0 |
Purchases | 17 | 16 |
Sales and maturities | -12 | -21 |
Issuances and other settlements | 26 | 0 |
Transfers into Level 3 | 72 | 73 |
Transfers out of Level 3 | -235 | -58 |
Assets measured at fair value, ending balance | 199 | 188 |
Total Level 3 Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 858 | 752 |
Realized and unrealized gains (losses) in earnings and OCI | -7 | 11 |
Purchases | 104 | 30 |
Sales and maturities | -21 | -58 |
Issuances and other settlements | 16 | -12 |
Transfers into Level 3 | 72 | 114 |
Transfers out of Level 3 | -235 | -58 |
Assets measured at fair value, ending balance | 787 | 779 |
Borrowings of Consolidated VIEs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value, beginning balance | 3,389 | 2,369 |
Realized and unrealized gains (losses) in earnings and OCI | -1 | 5 |
Purchases | 0 | 0 |
Sales and maturities | 0 | 0 |
Issuances and other settlements | 574 | -120 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Liabilities measured at fair value, ending balance | 3,964 | 2,244 |
Other Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value, beginning balance | 39 | 42 |
Realized and unrealized gains (losses) in earnings and OCI | 2 | 0 |
Purchases | 0 | 0 |
Sales and maturities | 0 | 0 |
Issuances and other settlements | 14 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Liabilities measured at fair value, ending balance | 51 | 42 |
Total net unrealized gains (losses) included in earnings | 0 | 0 |
Total Level 3 Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value, beginning balance | 3,428 | 2,411 |
Realized and unrealized gains (losses) in earnings and OCI | 1 | 5 |
Purchases | 0 | 0 |
Sales and maturities | 0 | 0 |
Issuances and other settlements | 588 | -120 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Liabilities measured at fair value, ending balance | $4,015 | $2,286 |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $4,293 | $5,723 | $4,394 | $4,390 |
Long-term borrowings | 4,938 | 4,938 | ||
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 4,293 | 5,723 | ||
Accounts receivable | 2,836 | 2,120 | ||
Cash and cash equivalents of consolidated VIEs | 279 | 278 | ||
Accounts payable and accrued liabilities | 1,714 | 1,035 | ||
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term borrowings | 5,365 | 5,309 | ||
Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 4,293 | 5,723 | ||
Accounts receivable | 2,836 | 2,120 | ||
Cash and cash equivalents of consolidated VIEs | 279 | 278 | ||
Accounts payable and accrued liabilities | 1,714 | 1,035 | ||
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term borrowings | $4,938 | $4,938 |
Fair_Value_Disclosures_Fair_Va1
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $4,293 | $5,723 | $4,394 | $4,390 |
Money market valuation floor | $1 | |||
Consolidated Sponsored Investment Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $184 | $100 |
Fair_Value_Disclosures_Investm
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $704 | $692 |
Total Unfunded Commitments | 134 | 129 |
Equity Method, Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 168 | 107 |
Total Unfunded Commitments | 68 | 61 |
Equity Method, Real Estate Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 111 | 109 |
Total Unfunded Commitments | 0 | 1 |
Redemption Frequency (Quarterly) | 19.00% | 19.00% |
Redemption Frequency (Not Redeemable) | 81.00% | 81.00% |
Redemption Notice Period, Not Redeemable | 60 days | 60 days |
Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 237 | 277 |
Total Unfunded Commitments | 39 | 39 |
Redemption Frequency (Daily) | 37.00% | 29.00% |
Redemption Frequency (Monthly) | 37.00% | 29.00% |
Redemption Frequency (Quarterly) | 32.00% | 48.00% |
Redemption Frequency (Not Redeemable) | 31.00% | 23.00% |
Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period, days | 1 day | 1 day |
Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period, days | 90 days | 90 days |
Equity Method, Deferred Compensation Plan Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 21 | 21 |
Total Unfunded Commitments | 5 | 5 |
Consolidated Sponsored Investment Funds, Private Equity [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 157 | 168 |
Total Unfunded Commitments | 21 | 22 |
Consolidated VIEs, Private Equity Fund [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 10 | 10 |
Total Unfunded Commitments | $1 | $1 |
Fair_Value_Disclosures_Investm1
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $134 | $129 |
Equity Method, Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Liquidation period, years | 4 years | 4 years |
Total Unfunded Commitments | 68 | 61 |
Equity Method, Real Estate Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Liquidation period, years | 7 years | 7 years |
Total Unfunded Commitments | 0 | 1 |
Consolidated Sponsored Investment Funds, Other Funds of Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption period | 1 year | 1 year |
Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Liquidation period, years | 2 years | 2 years |
Total Unfunded Commitments | 39 | 39 |
Consolidated Sponsored Investment Funds, Private Equity [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Liquidation period, years | 6 years | 7 years |
Total Unfunded Commitments | 21 | 22 |
Amount of unfunded commitments contractually obligated to fund | $31 | $31 |
Fair_Value_Disclosures_Summary
Fair Value Disclosures - Summary of Information Related to those Assets and Liabilities for which Fair Value Option was Elected (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate principal amounts outstanding | $4,950 | |
Fair value | 5,365 | |
CLO Bank Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate principal amounts outstanding | 3,827 | 3,338 |
Fair value | 3,793 | 3,260 |
Aggregate unpaid principal balance in excess of (less than) fair value | 34 | 78 |
Unpaid principal balance of loans more than 90 days past due | 4 | 6 |
Aggregate fair value of loans more than 90 days past due | 0 | 2 |
Aggregate unpaid principal balance in excess of fair value for loans more than 90 days past due | 4 | 4 |
CLO Borrowings [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate principal amounts outstanding | 4,088 | 3,508 |
Fair value | $3,964 | $3,389 |
Variable_Interest_Entities_Bal
Variable Interest Entities - Balances Relating to Variable Interest Entities in which BlackRock is Primary Beneficiary (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $4,293 | $5,723 | $4,394 | $4,390 |
Borrowings | -5,365 | |||
Other liabilities | -1,086 | -886 | ||
Noncontrolling interests of consolidated VIEs | -89 | -104 | ||
Consolidated Entity, Variable Interest Entities VIE [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 279 | 278 | ||
Bank loans | 3,793 | 3,260 | ||
Bonds | 47 | 47 | ||
Other investments and other assets | 55 | 45 | ||
Total bank loans, bonds, other investments and other assets | 3,895 | 3,352 | ||
Borrowings | -3,964 | -3,389 | ||
Other liabilities | -182 | -245 | ||
Appropriated retained earnings | -16 | 19 | ||
Noncontrolling interests of consolidated VIEs | -12 | -15 | ||
Total BlackRock net interests in consolidated VIEs | $0 | $0 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Consolidated Entity, Variable Interest Entities VIE [Member] | |||
Variable Interest Entity [Line Items] | |||
Nonoperating income and (expense) | $35,000,000 | ($16,000,000) | |
Income/(loss) attributable to nonredeemable noncontrolling interests | 35,000,000 | -16,000,000 | |
Weighted-average maturities of bank loans and bonds, years | 4 years 10 months 24 days | 4 years 10 months 24 days | |
Nonconsolidated Entity Variable Interest Entities VIE [Member] | |||
Variable Interest Entity [Line Items] | |||
Other sponsored investments funds collective trusts | 1,500,000,000,000 | 1,400,000,000,000 | |
Nonconsolidated Entity Variable Interest Entities VIE [Member] | Minimum [Member] | |||
Variable Interest Entity [Line Items] | |||
Other sponsored investments funds | 1,700,000,000,000 | 1,700,000,000,000 | |
Nonconsolidated Entity Variable Interest Entities VIE [Member] | Maximum [Member] | |||
Variable Interest Entity [Line Items] | |||
Other sponsored investments funds | $1,800,000,000,000 | 1,800,000,000,000 |
Variable_Interest_Entities_Bal1
Variable Interest Entities - Balances Relating to Variable Interest Entities in which BlackRock is Not Primary Beneficiary (Detail) (Nonconsolidated Entity Variable Interest Entities VIE [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ||
Collective trusts | $1,500,000 | $1,400,000 |
Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
CDOs/CLOs | 0 | 0 |
Collective trusts | 0 | 0 |
Other | 52 | 57 |
Total | 52 | 57 |
Advisory Fee Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
CDOs/CLOs | 1 | 2 |
Collective trusts | 212 | 191 |
Other | 163 | 177 |
Total | 376 | 370 |
Other Net Assets (Liabilities) [Member] | ||
Variable Interest Entity [Line Items] | ||
CDOs/CLOs | -6 | -5 |
Collective trusts | 0 | 0 |
Other | -3 | -3 |
Total | -9 | -8 |
Maximum Risk of Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
CDOs/CLOs | 18 | 19 |
Collective trusts | 212 | 191 |
Other | 215 | 234 |
Total | $445 | $444 |
Variable_Interest_Entities_Unc
Variable Interest Entities - Unconsolidated Collateralized Debt or Loan Obligations (Detail) (Nonconsolidated Entity Variable Interest Entities VIE [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Billions, unless otherwise specified | ||
Nonconsolidated Entity Variable Interest Entities VIE [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets at fair value | $1 | $1 |
Liabilities | 2 | 2 |
Net assets | ($1) | ($1) |
Derivatives_and_Hedging_Additi
Derivatives and Hedging - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative maximum risk of loss for credit protection | $17,000,000 | |
Total Return Swaps [Member] | ||
Derivative [Line Items] | ||
Notional value | 260,000,000 | 238,000,000 |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Notional value | 99,000,000 | 84,000,000 |
Forward Foreign Currency Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Notional value | $215,000,000 | $201,000,000 |
Goodwill_Goodwill_Activity_Det
Goodwill - Goodwill Activity (Detail) (USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 |
Goodwill [Line Items] | ||
Beginning balance | $12,961 | |
Goodwill adjustment related to Quellos | -5 | |
Ending balance | 12,975 | 12,975 |
BlackRock Kelso Capital Advisors LLC [Member] | ||
Goodwill [Line Items] | ||
BKCA acquisition | $19 | $19 |
Goodwill_Goodwill_Activity_Par
Goodwill - Goodwill Activity (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Goodwill [Roll Forward] | ||
Excess of tax goodwill over book goodwill | $255 | $263 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (BlackRock Kelso Capital Advisors LLC [Member], USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 |
BlackRock Kelso Capital Advisors LLC [Member] | ||
Goodwill [Line Items] | ||
Increase in goodwill from acquisition | $19 | $19 |
Purchase price | $100 |
Intangible_Assets_Carrying_Amo
Intangible Assets - Carrying Amounts of Identifiable Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule Of Intangible Assets [Line Items] | ||
Intangible assets, Beginning balance | $17,344 | |
Amortization expense | -35 | -41 |
Intangible assets, Ending balance | 17,429 | |
BlackRock Kelso Capital Advisors LLC [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
BKCA acquisition | 120 | |
Indefinite-lived intangible assets [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Intangible assets, Beginning balance | 16,988 | |
Amortization expense | 0 | |
Intangible assets, Ending balance | 17,108 | |
Indefinite-lived intangible assets [Member] | BlackRock Kelso Capital Advisors LLC [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
BKCA acquisition | 120 | |
Finite-lived intangible assets [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Intangible assets, Beginning balance | 356 | |
Amortization expense | -35 | |
Intangible assets, Ending balance | 321 | |
Finite-lived intangible assets [Member] | BlackRock Kelso Capital Advisors LLC [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
BKCA acquisition | $0 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (BlackRock Kelso Capital Advisors LLC [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
BlackRock Kelso Capital Advisors LLC [Member] | |
Schedule Of Intangible Assets [Line Items] | |
Indefinite-lived intangible assets increased by acquisition | $120 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Unsecured revolving credit facility | $3,990,000,000 | ||
Line of credit facility, covenant terms | The 2015 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1 | ||
Line of credit facility, covenant compliance | Satisfied with a ratio of less than 1 to 1 at March 31, 2015 | ||
Commercial paper notes outstanding | 0 | 0 | |
Long-term borrowings | 4,938,000,000 | 4,938,000,000 | |
Long-term debt, fair value | 5,309,000,000 | ||
2015 Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Extended debt instrument maturity date | Mar-20 | ||
Amount outstanding under credit facility | 0 | ||
Subsequent Event [Member] | 2015 Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Additional amount available, subject to lender credit approval | 1,000,000,000 | ||
Unsecured revolving credit facility | 4,000,000,000 | ||
Subsequent Event [Member] | 2015 Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Maximum amount available under facility | $5,000,000,000 |
Borrowings_Carrying_Value_and_
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Maturity Amount | $4,950 | |
Unamortized discount | -12 | |
Carrying Value | 4,938 | 4,938 |
Fair value | 5,365 | |
1.375% Notes due 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 750 | |
Unamortized discount | 0 | |
Carrying Value | 750 | |
Fair value | 751 | |
6.25% Notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 700 | |
Unamortized discount | -1 | |
Carrying Value | 699 | |
Fair value | 785 | |
5.00% Notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 1,000 | |
Unamortized discount | -2 | |
Carrying Value | 998 | |
Fair value | 1,136 | |
4.25% Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 750 | |
Unamortized discount | -3 | |
Carrying Value | 747 | |
Fair value | 840 | |
3.375% Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 750 | |
Unamortized discount | -3 | |
Carrying Value | 747 | |
Fair value | 793 | |
3.50% Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 1,000 | |
Unamortized discount | -3 | |
Carrying Value | 997 | |
Fair value | $1,060 |
Borrowings_Carrying_Value_and_1
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
1.375% Notes due 2015 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings interest rate | 1.38% |
Debt instrument maturity date | 2015 |
6.25% Notes due 2017 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings interest rate | 6.25% |
Debt instrument maturity date | 2017 |
5.00% Notes due 2019 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings interest rate | 5.00% |
Debt instrument maturity date | 2019 |
4.25% Notes due 2021 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings interest rate | 4.25% |
Debt instrument maturity date | 2021 |
3.375% Notes due 2022 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings interest rate | 3.38% |
Debt instrument maturity date | 2022 |
3.50% Notes due 2024 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings interest rate | 3.50% |
Debt instrument maturity date | 2024 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Loss Contingencies [Line Items] | |
Various capital commitments to fund sponsored investment funds, including funds of private equity funds, real estate funds, infrastructure funds, opportunistic funds and distressed credit funds | 353,000,000 |
Contingent commitments | 30,000,000 |
Derivative maximum risk of loss for credit protection | 17,000,000 |
Loan balances | 153,900,000,000 |
Collateral for indemnified securities | 164,400,000,000 |
Credit Suisse's [Member] | |
Loss Contingencies [Line Items] | |
Fee measurement period | 7 years |
MGPA [Member] | |
Loss Contingencies [Line Items] | |
Fee measurement period | 5 years |
BlackRock Kelso Capital Advisors LLC [Member] | |
Loss Contingencies [Line Items] | |
Fee measurement period | 3 years |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock and RSU Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock and RSUs, beginning of period | 3,401,909 |
Restricted Stock and RSUs, Granted | 1,260,795 |
Restricted Stock and RSUs, Converted | -1,531,673 |
Restricted Stock and RSUs, Forfeited | -4,768 |
Restricted Stock and RSUs, end of period | 3,126,263 |
Weighted-Average Grant Date Fair Value, beginning of period | $257.01 |
Weighted-Average Grant Date Fair Value, Granted | $343.91 |
Weighted-Average Grant Date Fair Value, Converted | $228.31 |
Weighted-Average Grant Date Fair Value, Forfeited | $304.46 |
Weighted-Average Grant Date Fair Value, end of period | $306.04 |
Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock and RSUs, beginning of period | 0 |
Restricted Stock and RSUs, Granted | 262,847 |
Restricted Stock and RSUs, end of period | 262,847 |
Weighted-Average Grant Date Fair Value, beginning of period | $0 |
Weighted-Average Grant Date Fair Value, Granted | $343.86 |
Weighted-Average Grant Date Fair Value, end of period | $343.86 |
StockBased_Compensation_Restri1
Stock-Based Compensation - Restricted Stock and RSU Activity (Parenthetical) (Detail) | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation awards expected to vest | 2,900,000 |
Awards vested, not converted | 100,000 |
Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation awards expected to vest | 300,000 |
Awards vested, not converted | 0 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jan. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 1,260,795 | ||
Restricted stock units vesting period, years | 3 years | ||
Intrinsic value of outstanding RSUs | $1,100 | ||
Stock price | $366 | ||
Restricted Stock and RSUs outstanding | 3,126,263 | 3,401,909 | |
Weighted Average Grant Date Fair Value | $306.04 | $257.01 | |
Share-based compensation awards expected to vest | 2,900,000 | ||
Remaining average life of stock options | 2 years | ||
Long-Term Incentive Plans Funded by PNC [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares committed to fund long-term incentive plans | 4,000,000 | ||
Number of additional shares surrendered | 2,700,000 | ||
Remaining shares committed by PNC for long-term incentive awards | 1,300,000 | ||
RSU Awards To Employees Annual Incentive Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 952,329 | ||
Awards Granted That Cliff Vest 100% [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards to employees cliff vesting | 303,999 | ||
RSUs to employees that cliff vest, percentage | 100.00% | ||
RSUs to employees that cliff vest, date | 31-Jan-18 | ||
Restricted Stock and RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense | 601 | ||
Remaining weighted-average period | 1 year 7 months 6 days | ||
Market Performance-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 0 | ||
Intrinsic value of outstanding RSUs | 521 | ||
Stock price | $366 | ||
Unrecognized stock-based compensation expense | 87 | ||
Remaining weighted-average period | 1 year 8 months 12 days | ||
Restricted Stock and RSUs outstanding | 1,425,319 | 1,425,319 | |
Weighted Average Grant Date Fair Value | $137.31 | $137.31 | |
Share-based compensation awards expected to vest | 1,400,000 | ||
Performance-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 262,847 | ||
Restricted stock units vesting period, years | 3 years | ||
Awards to employees cliff vesting | 262,847 | ||
RSUs to employees that cliff vest, percentage | 100.00% | ||
RSUs to employees that cliff vest, date | 31-Jan-18 | ||
Intrinsic value of outstanding RSUs | 96.2 | ||
Stock price | $366 | ||
Restricted Stock and RSUs outstanding | 262,847 | 0 | |
Weighted Average Grant Date Fair Value | $343.86 | $0 | |
Share-based compensation awards expected to vest | 300,000 | ||
Unrecognized stock-based compensation expense | 84 | ||
Remaining weighted-average period | 2 years 9 months 18 days | ||
Grant-date fair market value expected to vest | $90 |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding, Shares under option, beginning of period | 906,719 |
Exercised, Shares under option | -32,116 |
Outstanding, Shares under option, end of period | 874,603 |
Weighted average exercise price, beginning of period | $167.76 |
Exercised, Weighted average exercise price | $167.76 |
Weighted average exercise price, end of period | $167.76 |
StockBased_Compensation_Stock_1
Stock-Based Compensation - Stock Option Activity (Parenthetical) (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Aggregate intrinsic value of options exercised | $6.20 |
Net_Capital_Requirements_Addit
Net Capital Requirements - Additional Information (Detail) (USD $) | Mar. 31, 2015 |
In Billions, unless otherwise specified | |
Banking and Thrift [Abstract] | |
Net capital requirement in certain regulated subsidiaries | $1.10 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | ($273) | ($35) |
Other comprehensive income (loss) before reclassifications | -166 | 8 |
Amount reclassified from AOCI | 0 | -8 |
Other comprehensive income (loss) | -166 | 0 |
Ending Balance | -439 | -35 |
Unrealized Gains (Losses) on Available-for-Sale Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 2 | 7 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amount reclassified from AOCI | 0 | -8 |
Other comprehensive income (loss) | 0 | -8 |
Ending Balance | 2 | -1 |
Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 4 | 6 |
Other comprehensive income (loss) before reclassifications | -1 | 0 |
Amount reclassified from AOCI | 0 | 0 |
Other comprehensive income (loss) | -1 | 0 |
Ending Balance | 3 | 6 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | -279 | -48 |
Other comprehensive income (loss) before reclassifications | -165 | 8 |
Amount reclassified from AOCI | 0 | 0 |
Other comprehensive income (loss) | -165 | 8 |
Ending Balance | ($444) | ($40) |
Capital_Stock_Preferred_Shares
Capital Stock - Preferred Shares Authorized, Issued and Outstanding (Detail) | Mar. 31, 2015 | Dec. 31, 2014 |
Series A Non-voting Participating Preferred Stock [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Shares authorized, $0.01 par value | 20,000,000 | 20,000,000 |
Shares issued | 0 | 0 |
Shares outstanding | 0 | 0 |
Series B Non-voting Participating Preferred Stock [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Shares authorized, $0.01 par value | 150,000,000 | 150,000,000 |
Shares issued | 823,188 | 823,188 |
Shares outstanding | 823,188 | 823,188 |
Series C Non-voting Participating Preferred Stock [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Shares authorized, $0.01 par value | 6,000,000 | 6,000,000 |
Shares issued | 1,311,887 | 1,311,887 |
Shares outstanding | 1,311,887 | 1,311,887 |
Series D Non-voting Participating Preferred Stock [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Shares authorized, $0.01 par value | 20,000,000 | 20,000,000 |
Shares issued | 0 | 0 |
Shares outstanding | 0 | 0 |
Capital_Stock_Preferred_Shares1
Capital Stock - Preferred Shares Authorized, Issued and Outstanding (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Series A Non-voting Participating Preferred Stock [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Preferred stock, par value | $0.01 | $0.01 |
Series B Non-voting Participating Preferred Stock [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Preferred stock, par value | $0.01 | $0.01 |
Series C Non-voting Participating Preferred Stock [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Preferred stock, par value | $0.01 | $0.01 |
Series D Non-voting Participating Preferred Stock [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Preferred stock, par value | $0.01 | $0.01 |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Jan. 31, 2015 |
Stockholders' Equity Note [Abstract] | ||
Common shares repurchased | 800,000 | |
Common shares repurchased, value | $275 | |
Share repurchase program authorized shares | 9,400,000 | |
Shares authorized to be repurchased | 8,600,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Income Tax Disclosure [Abstract] | |
Nonrecurring tax benefits | $69 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted EPS under Treasury Stock Method (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net income attributable to BlackRock | $822 | $756 |
Basic weighted-average shares outstanding | 167,089,037 | 169,081,421 |
Dilutive effect of nonparticipating RSUs and stock options | 2,634,130 | 2,852,382 |
Total diluted weighted-average shares outstanding | 169,723,167 | 171,933,803 |
Basic earnings per share | $4.92 | $4.47 |
Diluted earnings per share | $4.84 | $4.40 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 1 |
Segment_Information_Schedule_o
Segment Information - Schedule of Investment Advisory, Administration Fees, Securities Lending Revenue and Performance Fees, BlackRock Solutions and Advisory Revenue, Distribution Fees and Other Revenue (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue | $2,723 | $2,670 |
BlackRock Solutions and advisory | 147 | 154 |
Distribution fees | 17 | 19 |
Other revenue | 61 | 48 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,498 | 2,449 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Securities [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,306 | 1,277 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 575 | 503 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Multi-asset [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 312 | 289 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 232 | 306 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Cash Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 73 | 74 |
BlackRock Solutions and Advisory [Member] | ||
Segment Reporting Information [Line Items] | ||
BlackRock Solutions and advisory | 147 | 154 |
Distribution Fees [Member] | ||
Segment Reporting Information [Line Items] | ||
Distribution fees | 17 | 19 |
Other Revenue [Member] | ||
Segment Reporting Information [Line Items] | ||
Other revenue | $61 | $48 |
Segment_Information_Total_Reve
Segment Information - Total Revenue by Geographic Region (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue | $2,723 | $2,670 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,851 | 1,782 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 743 | 757 |
Asia-Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $129 | $131 |
Segment_Information_Schedule_o1
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $13,512 | $13,428 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 13,238 | 13,151 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 187 | 194 |
Asia-Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $87 | $83 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], 2025 Notes [Member]) | 0 Months Ended | ||
6-May-15 | 6-May-15 | 6-May-15 | |
USD ($) | USD ($) | EUR (€) | |
Subsequent Event [Line Items] | |||
Amount of debt issued | $760,000,000 | € 700,000,000 | |
Foreign currency exchange rate, USD per euro | 1.09 | 1.09 | |
Interest rate | 1.25% | 1.25% | |
Senior unsecured notes maturity date | 6-May-25 | ||
Approximate annual interest expense | 10,000,000 | ||
Debt instrument, payment terms | Annually on May 6 of each year | ||
Amount of discount at issuance | $3,000,000 |