Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BLK | ||
Entity Registrant Name | BlackRock Inc. | ||
Entity Central Index Key | 1,364,742 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 162,250,955 | ||
Entity Public Float | $ 55.2 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 6,091 | $ 6,083 |
Accounts receivable | 2,350 | 2,237 |
Investments | 1,595 | 1,578 |
Separate account assets | 149,089 | 150,851 |
Separate account collateral held under securities lending agreements | 27,792 | 31,336 |
Property and equipment (net of accumulated depreciation of $601 and $570 at December 31,2016 and 2015, respectively) | 559 | 581 |
Intangible assets (net of accumulated amortization of $832 and $745 at December 31,2016 and 2015, respectively) | 17,363 | 17,372 |
Goodwill | 13,118 | 13,123 |
Other assets | 1,065 | 855 |
Total assets | 220,177 | 225,261 |
Liabilities | ||
Accrued compensation and benefits | 1,880 | 1,971 |
Accounts payable and accrued liabilities | 1,094 | 1,068 |
Liabilities of consolidated variable interest entities | 216 | 177 |
Borrowings | 4,915 | 4,930 |
Separate account liabilities | 149,089 | 150,851 |
Separate account collateral liabilities under securities lending agreements | 27,792 | 31,336 |
Deferred income tax liabilities | 4,840 | 4,851 |
Other liabilities | 1,007 | 1,033 |
Total liabilities | 190,833 | 196,217 |
Commitments and contingencies (Note 13) | ||
Temporary equity | ||
Redeemable noncontrolling interests | 194 | 464 |
Permanent Equity | ||
Common stock, $ 0.01 par value; Shares authorized: 500,000,000 at December 31, 2016 and 2015; Shares issued: 171,252,185 at December 31, 2016 and 2015; Shares outstanding: 161,534,443 and 163,461,064 at December 31, 2016 and 2015, respectively; | 2 | 2 |
Additional paid-in capital | 19,337 | 19,405 |
Retained earnings | 13,660 | 12,033 |
Accumulated other comprehensive loss | (716) | (448) |
Treasury stock, common, at cost (9,717,742 and 7,791,121 shares held at December 31, 2016 and2015, respectively) | (3,185) | (2,489) |
Total BlackRock, Inc. stockholders’ equity | 29,098 | 28,503 |
Nonredeemable noncontrolling interests | 52 | 77 |
Total permanent equity | 29,150 | 28,580 |
Total liabilities, temporary equity and permanent equity | 220,177 | 225,261 |
Consolidated Variable Interest Entities [Member] | ||
Assets | ||
Cash and cash equivalents | 84 | 148 |
Investments | 1,008 | 1,030 |
Other assets | 63 | 67 |
Series B Nonvoting Participating Preferred Stock [Member] | ||
Permanent Equity | ||
Preferred stock, value | 0 | 0 |
Series C Nonvoting Participating Preferred Stock [Member] | ||
Permanent Equity | ||
Preferred stock, value | $ 0 | $ 0 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Property and equipment, accumulated depreciation | $ 601 | $ 570 |
Intangible assets, accumulated amortization | $ 832 | $ 745 |
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 | 161,534,443 | 163,461,064 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Treasury stock, common shares | 9,717,742 | 7,791,121 |
Series B Nonvoting Participating Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 150,000,000 | 150,000,000 |
Preferred stock, shares issued | 823,188 | 823,188 |
Preferred stock, shares outstanding | 823,188 | 823,188 |
Series C Nonvoting Participating Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 6,000,000 | 6,000,000 |
Preferred stock, shares issued | 763,660 | 1,311,887 |
Preferred stock, shares outstanding | 763,660 | 1,311,887 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | |||
Total investment advisory, administration fees and securities lending revenue | $ 9,880 | $ 9,840 | $ 9,589 |
Investment advisory performance fees | 295 | 621 | 550 |
BlackRock Solutions and advisory | 714 | 646 | 635 |
Distribution fees | 41 | 55 | 70 |
Other revenue | 225 | 239 | 237 |
Total revenue | 11,155 | 11,401 | 11,081 |
Expense | |||
Employee compensation and benefits | 3,880 | 4,005 | 3,829 |
Distribution and servicing costs | 429 | 409 | 364 |
Amortization of deferred sales commissions | 34 | 48 | 56 |
Direct fund expense | 766 | 767 | 748 |
General and administration | 1,301 | 1,380 | 1,453 |
Restructuring charge | 76 | 0 | 0 |
Amortization of intangible assets | 99 | 128 | 157 |
Total expense | 6,585 | 6,737 | 6,607 |
Operating income | 4,570 | 4,664 | 4,474 |
Nonoperating income (expense) | |||
Net gain (loss) on investments | 55 | 116 | 124 |
Interest and dividend income | 40 | 26 | 29 |
Interest expense | (205) | (204) | (232) |
Total nonoperating income (expense) | (110) | (62) | (79) |
Income before income taxes | 4,460 | 4,602 | 4,395 |
Income tax expense | 1,290 | 1,250 | 1,131 |
Net income | 3,170 | 3,352 | 3,264 |
Net income (loss) attributable to noncontrolling interests | (2) | 7 | (30) |
Net income attributable to BlackRock, Inc. | $ 3,172 | $ 3,345 | $ 3,294 |
Earnings per share attributable to BlackRock, Inc. common stockholders: | |||
Basic | $ 19.29 | $ 20.10 | $ 19.58 |
Diluted | 19.04 | 19.79 | 19.25 |
Cash dividends declared and paid per share | $ 9.16 | $ 8.72 | $ 7.72 |
Weighted-average common shares outstanding: | |||
Basic | 164,425,858 | 166,390,009 | 168,225,154 |
Diluted | 166,579,752 | 169,038,571 | 171,112,261 |
Related Parties [Member] | |||
Revenue | |||
Total investment advisory, administration fees and securities lending revenue | $ 6,836 | $ 6,875 | $ 6,738 |
Other Third Parties [Member] | |||
Revenue | |||
Total investment advisory, administration fees and securities lending revenue | $ 3,044 | $ 2,965 | $ 2,851 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 3,170 | $ 3,352 | $ 3,264 | |
Change in net unrealized gains (losses) from available-for-sale investments, net of tax: | ||||
Unrealized holding gains (losses) | [1] | (1) | 3 | |
Less: reclassification adjustment included in net income | [1] | (1) | 2 | 8 |
Net change from available-for-sale investments | 1 | (3) | (5) | |
Benefit plans | 1 | (2) | ||
Foreign currency translation adjustments | [2] | (269) | (173) | (231) |
Other comprehensive income (loss) | (268) | (175) | (238) | |
Comprehensive income | 2,902 | 3,177 | 3,026 | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (2) | 7 | (30) | |
Comprehensive income attributable to BlackRock, Inc. | $ 2,904 | $ 3,170 | $ 3,056 | |
[1] | The tax benefit (expense) was not material in 2016, 2015 and 2014. | |||
[2] | Amount for 2016 and 2015 includes gains from a net investment hedge of $14 million (net of tax of $8 million) and $19 million (net of tax of $11 million), respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Gains (losses) from net investment hedging, net of tax | $ 14 | $ 19 |
Gains (losses) from net investment hedging, tax | $ 8 | $ 11 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | 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] | Redeemable Noncontrolling Interests / Temporary Equity [Member] | |
Balance at Dec. 31, 2013 | $ 26,616 | $ 19,475 | [1] | $ 8,208 | $ 22 | $ (35) | $ (1,210) | $ 26,460 | $ 156 | $ 54 |
Net income | 3,262 | 3,294 | 3,294 | (32) | 2 | |||||
Allocation of gains (losses) of consolidated collateralized loan obligations | (41) | (41) | 41 | |||||||
Dividends paid | (1,338) | (1,338) | (1,338) | |||||||
Stock-based compensation | 453 | 453 | [1] | 453 | ||||||
Issuance of common shares related to employee stock transactions | 14 | (646) | [1] | 660 | 14 | |||||
Employee tax withholdings related to employee stock transactions | (344) | (344) | (344) | |||||||
Shares repurchased | (1,000) | (1,000) | (1,000) | |||||||
Net tax benefit (shortfall) from stock-based compensation | 106 | 106 | [1] | 106 | ||||||
Subscriptions (redemptions/distributions) — noncontrolling interest holders | (46) | (46) | 248 | |||||||
Net consolidations (deconsolidations) of sponsored investment funds | (269) | |||||||||
Other comprehensive income (loss) | (238) | (238) | (238) | |||||||
Balance at Dec. 31, 2014 | 27,485 | 19,388 | [1] | 10,164 | (19) | (273) | (1,894) | 27,366 | 119 | 35 |
Net income | 3,351 | 3,345 | 3,345 | 6 | 1 | |||||
Net consolidation (deconsolidation) of VIEs due to adoption of new accounting pronouncement | 11 | $ 19 | 19 | (8) | 194 | |||||
Dividends paid | (1,476) | (1,476) | (1,476) | |||||||
Stock-based compensation | 514 | 514 | [1] | 514 | ||||||
Issuance of common shares related to employee stock transactions | 136 | (600) | [1] | 736 | 136 | |||||
Employee tax withholdings related to employee stock transactions | (231) | (231) | (231) | |||||||
Shares repurchased | (1,100) | (1,100) | (1,100) | |||||||
Net tax benefit (shortfall) from stock-based compensation | 105 | 105 | [1] | 105 | ||||||
Subscriptions (redemptions/distributions) — noncontrolling interest holders | (34) | (34) | 518 | |||||||
Net consolidations (deconsolidations) of sponsored investment funds | (6) | (6) | (284) | |||||||
Other comprehensive income (loss) | (175) | (175) | (175) | |||||||
Balance at Dec. 31, 2015 | 28,580 | 19,407 | [1],[2] | 12,033 | (448) | (2,489) | 28,503 | 77 | 464 | |
Net income | 3,170 | 3,172 | 3,172 | (2) | ||||||
Dividends paid | (1,545) | (1,545) | (1,545) | |||||||
Stock-based compensation | 521 | 521 | [2] | 521 | ||||||
PNC preferred stock capital contribution | 172 | 172 | [2] | 172 | ||||||
Retirement of preferred stock | (172) | (172) | [2] | (172) | ||||||
Issuance of common shares related to employee stock transactions | 36 | (667) | [2] | 703 | 36 | |||||
Employee tax withholdings related to employee stock transactions | (274) | (274) | (274) | |||||||
Shares repurchased | (1,125) | (1,125) | (1,125) | |||||||
Net tax benefit (shortfall) from stock-based compensation | 78 | 78 | [2] | 78 | ||||||
Subscriptions (redemptions/distributions) — noncontrolling interest holders | (23) | (23) | 1,169 | |||||||
Net consolidations (deconsolidations) of sponsored investment funds | (1,439) | |||||||||
Other comprehensive income (loss) | (268) | (268) | (268) | |||||||
Balance at Dec. 31, 2016 | $ 29,150 | $ 19,339 | [2] | $ 13,660 | $ (716) | $ (3,185) | $ 29,098 | $ 52 | $ 194 | |
[1] | Amounts include $2 million of common stock at December 31, 2015, 2014 and 2013 | |||||||||
[2] | Amounts include $2 million of common stock at both December 31, 2016 and 2015. |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Additional Paid-in Capital, value of stock | $ 29,150 | $ 28,580 | $ 27,485 | $ 26,616 |
Common Stock [Member] | ||||
Additional Paid-in Capital, value of stock | $ 2 | $ 2 | $ 2 | $ 2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net income | $ 3,170 | $ 3,352 | $ 3,264 |
Adjustments to reconcile net income to cash flows from operating activities: | |||
Depreciation and amortization | 229 | 247 | 278 |
Amortization of deferred sales commissions | 34 | 48 | 56 |
Stock-based compensation | 521 | 514 | 453 |
Deferred income tax expense (benefit) | (14) | (156) | (104) |
Other gains | 0 | (40) | 0 |
Net (gains) losses on nontrading investments | 0 | 12 | (37) |
Purchases of investments within consolidated sponsored investment funds | 0 | (1) | (160) |
Proceeds from sales and maturities of investments within consolidated sponsored investment funds | 0 | 2 | 137 |
Assets and liabilities of consolidated VIEs: | |||
Change in cash and cash equivalents | (119) | (98) | 168 |
Net (gains) losses within consolidated VIEs | (16) | (58) | 41 |
Net (purchases) proceeds within consolidated VIEs | (816) | (227) | (599) |
(Earnings) losses from equity method investees | (113) | (91) | (158) |
Distributions of earnings from equity method investees | 31 | 41 | 57 |
Other adjustments | 0 | 1 | 5 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (86) | (154) | 78 |
Investments, trading | (449) | (584) | (416) |
Other assets | (130) | (123) | 5 |
Accrued compensation and benefits | (86) | 98 | 101 |
Accounts payable and accrued liabilities | 51 | 14 | (69) |
Other liabilities | (53) | 207 | (13) |
Cash flows from operating activities | 2,154 | 3,004 | 3,087 |
Cash flows from investing activities | |||
Purchases of investments | (377) | (330) | (369) |
Proceeds from sales and maturities of investments | 378 | 456 | 654 |
Distributions of capital from equity method investees | 34 | 66 | 143 |
Net consolidations (deconsolidations) of sponsored investment funds | (74) | (163) | (123) |
Acquisitions, net of cash acquired | (30) | (273) | 0 |
Purchases of property and equipment | (119) | (221) | (66) |
Cash flows from investing activities | (188) | (465) | 239 |
Cash flows from financing activities | |||
Repayments of long-term borrowings | 0 | (750) | (1,000) |
Proceeds from long-term borrowings | 0 | 787 | 997 |
Cash dividends paid | (1,545) | (1,476) | (1,338) |
Proceeds from stock options exercised | 26 | 126 | 4 |
Repurchases of common stock | (1,399) | (1,331) | (1,344) |
Net proceeds from (repayments of) borrowings by consolidated VIEs | 0 | 0 | 512 |
Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders | 1,146 | 484 | 202 |
Excess tax benefit from stock-based compensation | 82 | 105 | 106 |
Other financing activities | 5 | (9) | 0 |
Cash flows from financing activities | (1,685) | (2,064) | (1,861) |
Effect of exchange rate changes on cash and cash equivalents | (273) | (115) | (132) |
Net increase (decrease) in cash and cash equivalents | 8 | 360 | 1,333 |
Cash and cash equivalents, beginning of year | 6,083 | 5,723 | 4,390 |
Cash and cash equivalents, end of year | 6,091 | 6,083 | 5,723 |
Supplemental disclosure of cash flow information: | |||
Interest | 198 | 194 | 216 |
Interest on borrowings of consolidated VIEs | 0 | 0 | 142 |
Income taxes (net of refunds) | 1,365 | 1,276 | 1,227 |
Supplemental schedule of noncash investing and financing transactions: | |||
Issuance of common stock | 667 | 600 | 646 |
PNC preferred stock capital contribution | 172 | 0 | 0 |
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | (1,439) | (104) | (269) |
Increase (decrease) in borrowings due to consolidation/deconsolidation of VIEs | $ 0 | $ (3,389) | $ 585 |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Introduction and Basis of Presentation | 1. Introduction and Basis of Presentation Business . 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 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 ® BlackRock Solutions ® Aladdin ® At December 31, 2016, The PNC Financial Services Group, Inc. (“PNC”) held 21.3% of the Company’s voting common stock and 22.0% of the Company’s capital stock, which includes outstanding common and nonvoting preferred stock. Basis of Presentation. These 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 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 items previously reported have been reclassified to conform to the current year presentation. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Cash and Cash Equivalents . Cash and cash equivalents primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less in which the Company is exposed to market and credit risk. Cash and cash equivalent balances that are legally restricted from use by the Company are recorded in other assets on the consolidated statements of financial condition. Cash balances maintained by consolidated voting rights entities (“VREs”) are not considered legally restricted and are included in cash and cash equivalents on the consolidated statements of financial condition. Cash balances maintained by consolidated variable interest entities (“VIEs”) are included in assets of consolidated variable interest entities on the consolidated statements of financial condition. Investments. Investments in Debt and Marketable Equity Securities. BlackRock classifies debt and marketable equity investments as trading, available-for-sale, or held-to-maturity based on the Company’s intent to sell the security or, for a debt security, the Company’s intent and ability to hold the debt security to maturity. Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the consolidated statements of financial condition with changes in fair value recorded in nonoperating income (expense) on the consolidated statements of income in the period of the change. Held-to-maturity debt securities are purchased with the positive intent and ability to be held to maturity and are recorded at amortized cost on the consolidated statements of financial condition. Available-for-sale securities are those securities that are not classified as trading or held-to-maturity. Available-for-sale securities are carried at fair value on the consolidated statements of financial condition with changes in fair value recorded in the accumulated other comprehensive income (loss) component of stockholders’ equity in the period of the change. Upon the disposition of an available-for-sale security, the Company reclassifies the gain or loss on the security from accumulated other comprehensive income (loss) to nonoperating income (expense) on the consolidated statements of income. Equity Method . For equity investments where BlackRock does not control the investee, and where it is not the primary beneficiary (“PB”) of a VIE, but can exert significant influence over the financial and operating policies of the investee, the Company follows the equity method of accounting. BlackRock’s share of the investee’s underlying net income or loss is recorded as net gain (loss) on investments within nonoperating income (expense) and as other revenue for certain strategic investments since such companies are considered to be an extension of BlackRock’s core business. BlackRock’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the consolidated statement of financial condition. Distributions received from the investment reduce the Company’s carrying value of the investee and the cost basis if deemed to be a return of capital. Cost Method . For nonmarketable equity investments where BlackRock neither controls nor has significant influence over the investee, the investments are accounted for using the cost method of accounting. Dividends received from the investment are recorded as dividend income within nonoperating income (expense). Impairments of Investments . Management periodically assesses equity method, available-for-sale, held-to-maturity and cost investments for other-than-temporary impairment (“OTTI”). If an OTTI exists, an impairment charge is recorded in nonoperating income (expense) on the consolidated statements of the income. For equity method, held-to-maturity and cost method investments, if circumstances indicate that an OTTI may exist, the investments are evaluated using market values, where available, or the expected future cash flows of the investment. If the Company determines an OTTI exists, an impairment charge is recognized for the excess of the carrying amount of the investment over its estimated fair value. For available-for-sale securities, when the fair value is lower than cost, the Company considers, among other factors, the length of time the security has been in a loss position, the extent to which the security’s fair value is less than cost, the financial condition and near-term prospects of the security’s issuer and the Company’s ability and intent to hold the security for a length of time sufficient to allow for recovery of such unrealized losses. For equity securities, if the impairment is considered other-than-temporary, an impairment charge is recognized for the excess of the carrying amount of the investment over its fair value. For debt securities, the Company considers whether: (1) it has the intent to sell the security; (2) it is more likely than not that it will be required to sell the security before recovery; or (3) it expects to recover the entire amortized cost basis of the security. If the Company intends to sell the security or it is more likely than not that it will be required to sell the security, the entire difference between the amortized cost and fair value must be recognized in earnings. If the Company does not intend to sell a security and it is not more likely than not that it will be required to sell the security but the security has suffered an impairment related to credit, the credit loss will be bifurcated from the total decline in value and recorded in earnings with the remaining portion recorded in accumulated other comprehensive income. For the Company’s investments in collateralized loan obligations (“CLOs”), the Company reviews cash flow estimates over the life of each CLO investment. On a quarterly basis, if the present value of the estimated future cash flows is lower than the carrying value of the investment and there is an adverse change in estimated cash flows, an impairment is considered to be other-than-temporary. An impairment charge is recognized for the excess of the carrying amount of the investment over its estimated fair value. Consolidation. As of January 1, 2015, the Company applies the consolidation guidance in accordance with ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis , (“ASU 2015-02”). The Company performs an analysis for investment products to determine if the product is a VIE or a VRE. Assessing whether an entity is a VIE or a VRE involves judgment and analysis. Factors considered in this assessment include the entity’s legal organization, the entity’s capital structure and equity ownership, and any related party or de facto agent implications of the Company’s involvement with the entity. Investments that are determined to be VIEs are consolidated if the Company is the PB of the entity. VREs are typically consolidated if the Company holds the majority voting interest. Upon the occurrence of certain events (such as contributions and redemptions, either by the Company, or third parties, or amendments to the governing documents of the Company’s investment products), management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE or a VRE. Additionally, management continually reconsiders whether the Company is deemed to be a VIE’s PB that consolidates such entity. Consolidation of Variable Interest Entities . Certain investment products for which a controlling financial interest is achieved through arrangements that do not involve or are not directly linked to voting interests are deemed VIEs. BlackRock reviews factors, including whether or not i) the entity has equity that is sufficient to permit the entity to finance its activities without additional subordinated support from other parties and ii) the equity holders at risk have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact the entity’s economic performance, to determine if the investment product is a VIE. BlackRock re-evaluates such factors as facts and circumstances change. All VIEs are evaluated for consolidation under a single method. The PB of a VIE is defined as the variable interest holder that has a controlling financial interest in the VIE. A controlling financial interest is defined as (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that potentially could be significant to the VIE. The Company generally consolidates VIEs in which it holds an equity ownership interest of 10% or greater and deconsolidates such VIEs once equity ownership falls below 10%. Consolidation of Voting Rights Entities . BlackRock is required to consolidate an investee to the extent that BlackRock can exert control over the financial and operating policies of the investee, which generally exists if there is a greater than 50% voting equity interest. Retention of Specialized Investment Company Accounting Principles. Upon consolidation of sponsored investment funds, the Company retains the specialized investment company accounting principles of the underlying funds. All of the underlying investments held by such consolidated sponsored investment funds are carried at fair value with corresponding changes in the investments’ fair values reflected in nonoperating income (expense) on the consolidated statements of income. When the Company no longer controls these funds due to reduced ownership percentage or other reasons, the funds are deconsolidated and accounted for as an equity method investment, available-for-sale security or trading investment if the Company still maintains an investment. Money Market Fee Waivers . The Company is currently voluntarily waiving a portion of its management fees on certain money market funds to ensure that they maintain a targeted level of daily net investment income (the “Yield Support waivers”). During 2016 and 2015, these waivers resulted in a reduction of management fees of approximately $56 million and $137 million, respectively. Approximately 35% and 50% of Yield Support waivers for 2016 and 2015, respectively, were offset by a reduction of BlackRock’s distribution and servicing costs paid to a financial intermediary. BlackRock has provided Yield Support waivers in prior periods and may increase or decrease the level of fee waivers in future periods. 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 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 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 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 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. The securities lending revenue earned from lending securities held by the separate accounts is included in investment advisory, administration fees and securities lending revenue on the consolidated statements of income. Property and Equipment . Property and equipment are recorded at cost less accumulated depreciation. Depreciation is generally determined by cost less any estimated residual value using the straight-line method over the estimated useful lives of the various classes of property and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life or the remaining lease term. BlackRock develops a variety of risk management, investment analytic and investment system services for internal use, utilizing proprietary software that is hosted and maintained by BlackRock. The Company capitalizes certain costs incurred in connection with developing or obtaining software for internal use. Capitalized software costs are included within property and equipment on the consolidated statements of financial condition and are amortized, beginning when the software project is ready for its intended use, over the estimated useful life of the software of approximately three years. Goodwill and Intangible Assets . Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. The Company has determined that it has one reporting unit for goodwill impairment testing purposes, the consolidated BlackRock single operating segment, which is consistent with internal management reporting and management's oversight of operations. In its assessment of goodwill for impairment, the Company considers such factors as the book value and market capitalization of the Company. On a quarterly basis, the Company considers if triggering events have occurred that may indicate a potential goodwill impairment. If a triggering event has occurred, the Company performs assessments, which may include reviews of significant valuation assumptions, to determine if goodwill may be impaired. The Company performs an impairment assessment of its goodwill at least annually as of July 31 st Intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets acquired in a business acquisition. The value of contracts to manage assets in proprietary open-end funds and collective trust funds and certain other commingled products without a specified termination date is generally classified as indefinite-lived intangible assets. The assignment of indefinite lives to such contracts primarily is based upon the following: (i) the assumption that there is no foreseeable limit on the contract period to manage these products; (ii) the Company expects to, and has the ability to, continue to operate these products indefinitely; (iii) the products have multiple investors and are not reliant on a single investor or small group of investors for their continued operation; (iv) current competitive factors and economic conditions do not indicate a finite life; and (v) there is a high likelihood of continued renewal based on historical experience. In addition, trade names/trademarks are considered indefinite-lived intangible assets when they are expected to generate cash flows indefinitely. Indefinite-lived intangible assets and goodwill are not amortized. Finite-lived management contracts, which relate to acquired separate accounts and funds with a specified termination date, are amortized over their remaining useful lives. The Company performs assessments to determine if any intangible assets are potentially impaired and whether the indefinite-lived and finite-lived classifications are still appropriate. The carrying value of finite-lived management contracts and their remaining useful lives are reviewed at least annually to determine if circumstances exist which may indicate a potential impairment or revisions to the amortization period. The Company performs impairment assessments of all of its intangible assets at least annually, as of July 31 st In evaluating whether it is more likely than not that the fair value of indefinite-lived intangibles is less than its carrying value, BlackRock assesses various significant qualitative factors, including assets under management (“AUM”), revenue basis points, projected AUM growth rates, operating margins, tax rates and discount rates. In addition, the Company considers other factors, including (i) macroeconomic conditions such as a deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets; (ii) industry and market considerations such as a deterioration in the environment in which the entity operates, an increased competitive environment, a decline in market-dependent multiples or metrics, a change in the market for an entity’s services, or regulatory, legal or political developments; and (iii) entity-specific events, such as a change in management or key personnel, overall financial performance and litigation that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset. If an indefinite-lived intangible is determined to be more likely than not impaired, then the fair value of the asset is compared with its carrying value and any excess of the carrying value over the fair value would be recognized as an expense in the period in which the impairment occurs. For finite-lived intangible assets, if potential impairment circumstances are considered to exist, the Company will perform a recoverability test using an undiscounted cash flow analysis. Actual results could differ from these cash flow estimates, which could materially impact the impairment conclusion. If the carrying value of the asset is determined not to be recoverable based on the undiscounted cash flow test, the difference between the carrying value of the asset and its current fair value would be recognized as an expense in the period in which the impairment occurs. Noncontrolling Interests. The Company reports noncontrolling interests as equity, separate from the parent’s equity, on the consolidated statements of financial condition. In addition, the Company’s consolidated net income on the consolidated statements of income includes the income (loss) attributable to noncontrolling interest holders of the Company’s consolidated investment products. Income (loss) attributable to noncontrolling interests is not adjusted for income taxes for consolidated investment products that are treated as pass-through entities for tax purposes. Classification and Measurement of Redeemable Securities. The Company includes redeemable noncontrolling interests related to certain consolidated investment products in temporary equity on the consolidated statements of financial condition. Treasury Stock . The Company records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the average cost method. Revenue Recognition Investment Advisory, Administration Fees and Securities Lending Revenue . Investment advisory and administration fees are recognized as the services are performed. Such fees are primarily based on pre-determined percentages of the market value of AUM or committed capital. Investment advisory and administration fees are affected by changes in AUM, including market appreciation or depreciation, foreign exchange translation and net inflows or outflows. Investment advisory and administration fees for investment funds are shown net of fees waived pursuant to contractual expense limitations of the funds or voluntary waivers. The Company contracts with third parties and related parties for various mutual fund distribution and shareholder servicing to be performed on behalf of certain funds the Company manages. Such arrangements generally are priced as a portion of the management fee paid by the fund. In certain cases, the fund (primarily international funds) takes on the primary responsibility for payment for services such that the Company bears no credit risk to the third-party. The Company records its management fees net of retrocessions. Retrocessions for 2016, 2015 and 2014 were $804 million, $870 million and $891 million, respectively, and were reflected net in investment advisory, administration fees and securities lending revenue on the consolidated statements of income. The Company also earns revenue by lending securities as an agent on behalf of clients, primarily to brokerage institutions. Revenue is accounted for on an accrual basis. The revenue earned is shared between the Company and the funds or other third-party accounts managed by the Company from which the securities are borrowed. Investment Advisory Performance Fees / Carried Interest . The Company receives investment advisory performance fees or incentive allocations from certain actively managed investment funds and certain separately managed accounts. These performance fees are dependent upon exceeding specified relative or absolute investment return thresholds. Such fees are recorded upon completion of the measurement period, which varies by product or account, and could be monthly, quarterly, annually or longer. In addition, the Company is allocated carried interest from certain alternative investment products upon exceeding performance thresholds. BlackRock may be required to reverse/return all, or part, of such carried interest allocations depending upon future performance of these funds. Therefore, BlackRock records carried interest subject to such clawback provisions in total investments or cash/cash of consolidated VIEs to the extent that it is distributed, on its consolidated statements of financial condition. Carried interest is recorded as performance fee revenue upon the earlier of the termination of the investment fund or when the likelihood of clawback is considered mathematically improbable. The Company records a deferred carried interest liability to the extent it receives cash or capital allocations related to carried interest prior to meeting the revenue recognition criteria. At December 31, 2016 and 2015, the Company had $152 million and $143 million, respectively, of deferred carried interest recorded in other liabilities/other liabilities of consolidated VIEs on the consolidated statements of financial condition. A portion of the deferred carried interest liability will be paid to certain employees. The ultimate timing of the recognition of performance fee revenue, if any, for these products is unknown. BlackRock Solutions and Advisory . BlackRock provides a variety of risk management, investment analytic, enterprise investment system, financial markets advisory and wealth management technology services to financial institutions, pension funds, asset managers, foundations, consultants, mutual fund sponsors, real estate investment trusts, government agencies and retail intermediaries. These services are provided under the brand name and include a wide array of risk management services, valuation of illiquid securities, disposition and workout assignments (including long-term portfolio liquidation assignments), strategic planning and execution, and enterprise investment system outsourcing to clients. Fees earned for and advisory services are recorded as services are performed and are determined using some, or all, of the following methods: (i) percentages of various attributes of advisory AUM or value of positions on the platform, (ii) fixed-rate fees and (iii) fees billed on a time and materials basis. The fees earned for and advisory services are recorded in and advisory on the consolidated statements of income. Other Revenue . The Company earns fees for transition management services comprised of commissions from acting as an introducing broker-dealer in buying and selling securities on behalf of the Company’s customers. Commissions related to transition management services are recorded on a trade-date basis as securities transactions occur and are reflected in other revenue on the consolidated statements of income. Other revenue also includes equity method investment earnings related to certain strategic investments. Stock-based Compensation . Entities are required to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The compensation cost is recognized over the period during which an employee is required to provide service (usually the vesting period) in exchange for the stock-based award. The Company measures the grant-date fair value of restricted stock units (“RSUs”) using the Company’s share price on the date of grant. For employee share options and instruments with market conditions, the Company uses pricing models. If an equity award is modified after the grant-date, incremental compensation cost is recognized for an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Awards under the Company’s stock-based compensation plans vest over various periods. Compensation cost is recorded by the Company on a straight-line basis over the requisite service period for each separate vesting portion of the award as if the award is, in-substance, multiple awards. Compensation cost was reduced by the number of awards expected to be forfeited prior to vesting. Forfeiture estimates generally were derived using historical forfeiture information, where available, and were reviewed for reasonableness at least quarterly. The Company amortizes the grant-date fair value of stock-based compensation awards made to retirement-eligible employees over the requisite service period. Upon notification of retirement, the Company accelerates the unamortized portion of the award over the contractually required retirement notification period. Distribution and Servicing Costs . Distribution and servicing costs include payments to third parties, primarily associated with distribution and servicing of client investments in certain BlackRock products. Distribution and servicing costs are expensed when incurred. Amortization of Deferred Sales Commissions . The Company holds the rights to receive certain cash flows from sponsored mutual funds sold without a front-end sales charge (“back-end load shares”). The carrying value of these deferred mutual fund commissions is recorded within other assets on the consolidated statements of financial condition and is being amortized over periods between one and six years. The Company receives distribution fees from these funds and contingent deferred sales commissions (“CDSCs”) upon shareholder redemption of certain back-end load shares that are recorded within distribution fees on the consolidated statements of income. Upon receipt of CDSCs, the Company records revenue and the remaining unamortized deferred sales commission is expensed. Direct Fund Expense . Direct fund expense, which is expensed as incurred, primarily consist of third-party nonadvisory expense incurred by BlackRock related to certain funds for the use of certain index trademarks, reference data for certain indices, custodial services, fund administration, fund accounting, transfer agent services, shareholder reporting services, audit and tax services as well as other fund-related expense directly attributable to the nonadvisory operations of the fund. Leases . The Company accounts for its office facilities leases as operating leases, which may include escalation clauses. The Company expenses the lease payments associated with operating leases evenly during the lease term (including rent-free periods) commencing when the Company obtains the right to control the use of the leased property. Foreign Exchange . Foreign currency transactions are recorded at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities that are denominated in foreign currencies are subsequently remeasured into the functional currencies of the Company's subsidiaries at the rates prevailing at each balance sheet date. Gains and losses arising on remeasurement are included in general and administration expense on the consolidated statements of income. Revenue and expenses are translated at average exchange rates during the period. Gains or losses resulting from translating foreign currency financial statements into U.S. dollars are included in accumulated other comprehensive income, a separate component of stockholders’ equity, on the consolidated statements of financial condition. Income Taxes . Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using currently enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized on the consolidated statements of income in the period that includes the enactment date. Management periodically assesses the recoverability of its deferred income tax assets based upon expected future earnings, taxable income in prior carryback years, future deductibility of the asset, changes in applicable tax laws and other factors. If management determines that it is not more likely than not that the deferred tax asset will be fully recoverable in the future, a valuation allowance will be established for the difference between the asset balance and the amount expected to be recoverable in the future. This allowance will result in additional income tax expense. Further, the Company records its income taxes receivable and payable based upon its estimated income tax position. Excess tax benefits related to stock-based compensation were recognized as additional paid-in capital and are reflected as financing cash flows on the consolidated statements of cash flows. Earnings per Share (“EPS”) . Basic EPS is calculated by dividing net income applicable to common shareholders by the weighted-average number of shares outstanding during the period. Diluted EPS includes the determinants of basic EPS and common stock equivalents outstanding during the period. Diluted EPS is computed using the treasury stock method. Due to the similarities in terms between BlackRock’s nonvoting participating preferred stock and the Company’s common stock, the Company considers its nonvoting participating preferred stock to be a common stock equivalent for purposes of EPS calculations. As such, the Company has included the outstanding nonvoting participating preferred stock in the calculation of average basic and diluted shares outstanding. Business Segments . The Company’s management directs BlackRock’s operations as one business, the asset management business. The Company utilizes a consolidated approach to assess performance and allocate resources. As such, the Company operates in one business segment as defined in ASC 280-10 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 3. Investments A summary of the carrying value of total investments is as follows: (in millions) December 31, 2016 December 31, 2015 Available-for-sale investments $ 80 $ 44 Held-to-maturity investments 51 108 Trading investments: Consolidated sponsored investment funds 465 700 Other equity and debt securities 101 20 Deferred compensation plan mutual funds 59 65 Total trading investments 625 785 Other investments: Equity method investments 730 527 Cost method investments (1) 91 95 Carried interest 18 19 Total other investments 839 641 Total investments $ 1,595 $ 1,578 (1) Amounts primarily include Federal Reserve Bank (“FRB”) stock. 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 Cost Gains Losses Value December 31, 2016 $ 79 $ 2 $ (1 ) $ 80 December 31, 2015 $ 45 $ 2 $ (3 ) $ 44 At December 31, 2016 and 2015, available-for-sale investments primarily included investments in CLOs and seed investments in BlackRock sponsored mutual funds. A summary of sale activity of available-for-sale securities during 2016, 2015 and 2014 is shown below. Year ended December 31, (in millions) 2016 2015 2014 Sales proceeds $ 40 $ 36 $ 155 Net realized gain (loss): Gross realized gains $ 2 $ 3 $ 14 Gross realized losses (1 ) (1 ) (3 ) Net realized gain (loss) $ 1 $ 2 $ 11 Held-to-Maturity Investments The carrying value of held-to-maturity investments was $51 million and $108 million at December 31, 2016 and 2015, respectively. Held-to-maturity investments included foreign government debt held primarily for regulatory purposes and certain investments in CLOs. The amortized cost (carrying value) of these investments approximated fair value. At December 31, 2016, $10 million of these investments mature between five years to ten years and $41 million mature after 10 years. Trading Investments A summary of the cost and carrying value of trading investments is as follows: December 31, 2016 December 31, 2015 (in millions) Cost Carrying Value Cost Carrying Value Trading investments: Deferred compensation plan mutual funds $ 41 $ 59 $ 48 $ 65 Equity securities/multi-asset mutual funds 290 308 294 279 Debt securities/fixed income mutual funds: Corporate debt 128 128 194 190 Government debt 60 60 202 202 Asset/mortgage backed debt 70 70 49 49 Total trading investments $ 589 $ 625 $ 787 $ 785 At December 31, 2016, trading investments included $246 million of debt securities and $219 million of equity securities held by consolidated sponsored investment funds accounted for as VREs, $59 million of certain deferred compensation plan mutual fund investments and $101 million of other equity and debt securities. At December 31, 2015, trading investments included $437 million of debt securities and $263 million of equity securities held by consolidated sponsored investment funds accounted for as VREs, $65 million of certain deferred compensation plan mutual fund investments and $20 million of other equity and debt securities. Other Investments A summary of the carrying value of other investments is as follows: (in millions) December 31, 2016 December 31, 2015 Other investments: Equity method investments $ 730 $ 527 Cost method investments: Federal Reserve Bank stock 89 93 Other 2 2 Total cost method investments 91 95 Carried interest (1) 18 19 Total other investments $ 839 $ 641 (1) Carried interest related to VREs. Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds. See Note 11, Other Assets Cost method investments include nonmarketable securities, primarily FRB stock, which is held for regulatory purposes and is restricted from sale. At December 31, 2016 and 2015, 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 Voting Rights Enti
Consolidated Voting Rights Entities | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Consolidated Voting Rights Entities | 4. Consolidated Voting Rights Entities The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds. The investments owned by these consolidated VREs are classified as trading investments. The following table presents the balances related to these consolidated VREs that were recorded on the consolidated statements of financial condition, including BlackRock’s net interest in these funds: (in millions) December 31, 2016 December 31, 2015 Cash and cash equivalents $ 53 $ 100 Investments 465 700 Other assets 15 18 Other liabilities (50 ) (77 ) Noncontrolling interests (39 ) (125 ) BlackRock’s net interests in consolidated VREs $ 444 $ 616 BlackRock’s total exposure to consolidated VREs 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 VREs are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to noncontrolling interests for the portion not attributable to BlackRock. The Company cannot readily access cash and cash equivalents held by consolidated VREs to use in its operating activities. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities In the normal course of business, the Company is the manager of various types of sponsored investment vehicles, which may be considered VIEs. The Company 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’s involvement in financing the operations of the VIEs is generally limited to its investments in the entity. The Company consolidates entities when it is determined to be the PB. See Note 2, Significant Accounting Policies Consolidated VIEs. The Company’s consolidated VIEs as of December 31, 2016 include certain sponsored investment funds in which BlackRock has an investment and as the investment manager, is deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these sponsored investment funds. 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. Consolidated VIE assets and liabilities are presented after intercompany eliminations at December 31, 2016 and 2015 in the following table: (in millions) December 31, 2016 December 31, 2015 Assets of consolidated VIEs: Cash and cash equivalents $ 84 $ 148 Investments 1,008 1,030 Other assets 63 67 Total investments and other assets 1,071 1,097 Liabilities of consolidated VIEs (216 ) (177 ) Noncontrolling interests (207 ) (416 ) BlackRock's net interests in consolidated VIEs $ 732 $ 652 The Company recorded a $16 million nonoperating net gain for 2016 related to consolidated VIEs. Net loss attributable to noncontrolling interests related to consolidated VIEs for 2016 was $2 million. The Company recorded a $58 million nonoperating net gain for 2015 related to consolidated VIEs. Net income attributable to noncontrolling interests related to consolidated VIEs for 2015 was $6 million. The Company recorded $41 million of nonoperating expense and an equal and offsetting loss attributable to noncontrolling interests related to consolidated VIEs for 2014. Non-Consolidated VIEs. At December 31, 2016 and 2015, the Company’s carrying value of assets and liabilities included on the consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs for which it held a variable interest, but for which it was not the PB, was as follows: (in millions) At December 31, 2016 Investments Advisory Fee Receivables Other Net Assets (Liabilities) Maximum Risk of Loss (1) Sponsored investment products $ 171 $ 9 $ (8 ) $ 197 At December 31, 2015 Sponsored investment products $ 64 $ 3 $ (7 ) $ 84 (1) At December 31, 2016 and 2015, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and collecting advisory fee receivables. The net assets of sponsored investment products that are nonconsolidated VIEs approximated $4 billion and $3 billion at December 31, 2016 and December 31, 2015, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 6. 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 December 31, 2016 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (1) Other Assets Not Held at Fair Value (2) December 31, 2016 Assets: Investments Available-for-sale $ 7 $ 49 $ 24 $ — $ — $ 80 Held-to-maturity debt securities — — — — 51 51 Trading: Deferred compensation plan mutual funds 59 — — — — 59 Equity securities / Multi-asset mutual funds 308 — — — — 308 Debt securities / fixed income mutual funds 1 250 7 — — 258 Total trading 368 250 7 — — 625 Other investments: Equity method: Equity and fixed income mutual funds 323 — — 5 — 328 Other — — — 394 8 402 Total equity method 323 — — 399 8 730 Cost method investments — — — — 91 91 Carried interest — — — — 18 18 Total investments 698 299 31 399 168 1,595 Separate account assets 109,663 38,542 — — 884 149,089 Separate account collateral held under securities lending agreements: Equity securities 22,173 — — — — 22,173 Debt securities — 5,619 — — — 5,619 Total separate account collateral held under securities lending agreements 22,173 5,619 — — — 27,792 Investments of consolidated VIEs: Private / public equity (3) 3 2 112 89 79 285 Equity securities 278 — — — — 278 Debt securities — 274 — — — 274 Other — — — 63 — 63 Carried interest — — — — 108 108 Total investments of consolidated VIEs 281 276 112 152 187 1,008 Total $ 132,815 $ 44,736 $ 143 $ 551 $ 1,239 $ 179,484 Liabilities: Separate account collateral liabilities under securities lending agreements $ 22,173 $ 5,619 $ — $ — $ — $ 27,792 Other liabilities (4) — 7 115 — — 122 Total $ 22,173 $ 5,626 $ 115 $ — $ — $ 27,914 (1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) 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. (3) Level 3 amounts include direct investments in private equity companies held by private equity funds. (4) Amounts primarily include recorded contingent liabilities related to certain acquisitions (see Note 13, Commitments and Contingencies Assets and liabilities measured at fair value on a recurring basis and other assets not held at fair value December 31, 2015 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (1) Other Assets Not Held at Fair Value (2) December 31, 2015 Assets: Investments Available-for-sale $ 19 $ 2 $ 23 $ — $ — $ 44 Held-to-maturity debt securities — — — — 108 108 Trading: Deferred compensation plan mutual funds 65 — — — — 65 Equity securities / Multi-asset mutual funds 278 — — — — 278 Debt securities / fixed income mutual funds 2 438 2 — — 442 Total trading 345 438 2 — — 785 Other investments: Equity method: Equity and fixed income mutual funds 73 — — 30 — 103 Other — — — 414 10 424 Total equity method 73 — — 444 10 527 Cost method investments — — — — 95 95 Carried interest — — — — 19 19 Total investments 437 440 25 444 232 1,578 Separate account assets 109,761 40,152 — — 938 150,851 Separate account collateral held under securities lending agreements: Equity securities 26,062 — — — — 26,062 Debt securities — 5,274 — — — 5,274 Total separate account collateral held under securities lending agreements 26,062 5,274 — — — 31,336 Investments of consolidated VIEs: Private / public equity (3) 6 4 196 145 — 351 Equity securities 298 — — — — 298 Debt securities — 242 — — — 242 Other — — — 58 — 58 Carried interest — — — — 81 81 Total investments of consolidated VIEs 304 246 196 203 81 1,030 Total $ 136,564 $ 46,112 $ 221 $ 647 $ 1,251 $ 184,795 Liabilities: Separate account collateral liabilities under securities lending agreements $ 26,062 $ 5,274 $ — $ — $ — $ 31,336 Other liabilities (4) — 6 48 — — 54 Total $ 26,062 $ 5,280 $ 48 $ — $ — $ 31,390 (1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) 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. (3) Level 3 amounts include direct investments in private equity companies held by private equity funds. (4) Amounts primarily include recorded contingent liabilities related to certain acquisitions (see Note 13, Commitments and Contingencies Level 3 Assets. Level 3 investments of consolidated VIEs of $112 million and $196 million at December 31, 2016 and 2015, respectively, related to direct investments in private equity companies held by consolidated private equity funds. 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 may include investments in CLOs and bonds valued based on single-broker nonbinding quotes, and direct private equity investments valued using the market approach or the income approach as described above. Level 3 Liabilities. Level 3 other liabilities primarily include recorded 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 2016 (in millions) December 31, 2015 Realized and Unrealized Gains (Losses) in Earnings and OCI Purchases Sales and Maturities Issuances and Other Settlements (1) Transfers into Level 3 Transfers out of Level 3 (2) December 31, 2016 Total Net Unrealized Gains (Losses) Included in Earnings (3) Assets: Investments: Available-for-sale securities (4) $ 23 $ — $ 47 $ — $ — $ — $ (46 ) $ 24 $ — Trading 2 — 8 — — — (3 ) 7 — Total investments 25 — 55 — — — (49 ) 31 — Assets of consolidated VIEs - Private equity 196 3 6 (15 ) — — (78 ) 112 $ 3 Total Level 3 assets $ 221 $ 3 $ 61 $ (15 ) $ — $ — $ (127 ) $ 143 $ 3 Liabilities: Other liabilities (5) $ 48 $ 3 $ — $ — $ 70 $ — $ — 115 $ 3 (1) Issuances and other settlements amount includes a contingent liability related to the BofA ® (2) Amounts include transfers out of Level 3 due to availability of observable market inputs from pricing vendors. (3) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. (4 ) Amounts include investments in CLOs. (5 ) Other liabilities amount includes contingent liabilities and payments of contingent liabilities in connection with certain acquisitions. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 2015 (in millions) December 31, 2014 Realized and Unrealized Gains (Losses) in Earnings and OCI Purchases Sales and Maturities Issuances and Other Settlements (1)(2) Transfers into Level 3 Transfers out of Level 3 December 31, 2015 Total Net Unrealized Gains (Losses) Included in Earnings (3) Assets: Investments: Available-for-sale securities (4) $ — $ — $ 23 $ — $ — $ — $ — $ 23 $ — Trading — — 2 — — — — 2 — Consolidated sponsored investment funds- Private equity 80 — — — (80 ) — — — — Total investments 80 — 25 — (80 ) — — 25 — Assets of consolidated VIEs: Private equity — 37 79 — 80 — — 196 $ 37 Bank loans 302 — — — (302 ) — — — — Bonds 18 — — — (18 ) — — — — Total assets of consolidated VIEs 320 37 79 — (240 ) — — 196 37 Total Level 3 assets $ 400 $ 37 $ 104 $ — $ (320 ) $ — $ — $ 221 $ 37 Liabilities: Borrowings of consolidated VIEs $ 3,389 $ — $ — $ — $ (3,389 ) $ — $ — $ — $ — Other liabilities 39 3 — — 12 — — 48 3 Total liabilities $ 3,428 $ 3 $ — $ — $ (3,377 ) $ — $ — $ 48 $ 3 (1) Amounts include the consolidation (deconsolidation) of VIEs due to the adoption of ASU 2015-02 effective January 1, 2015. (2) Other liabilities amount includes contingent liabilities and payments of contingent liabilities related to certain acquisitions. (3) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. (4) Amounts include investments in CLOs. 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 consolidated statements of income. A portion of net income (loss) for consolidated sponsored investment funds 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 carrying value of certain equity method investments no longer represents fair value as determined under valuation methodologies. Disclosures of Fair Value for Financial Instruments Not Held at Fair Value . At December 31, 2016 and 2015, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below. December 31, 2016 December 31, 2015 (in millions) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Fair Value Hierarchy Financial Assets: Cash and cash equivalents $ 6,091 $ 6,091 $ 6,083 $ 6,083 Level 1 (1),(2) Accounts receivable 2,350 2,350 2,237 2,237 Level 1 (3) Cash and cash equivalents of consolidated VIEs 84 84 148 148 Level 1 (1),(2) Financial Liabilities: Accounts payable and accrued liabilities 1,094 1,094 1,068 1,068 Level 1 (3) Long-term borrowings 4,915 5,165 4,930 5,223 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 both December 31, 2016 and 2015, approximately $132 million of money market funds were recorded within cash and cash equivalents on the consolidated statements of financial condition. In addition, at December 31, 2016 and 2015, approximately $13 million and $68 million, respectively, of money market funds were recorded within cash and cash equivalents of consolidated VIEs. 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, net of debt issuance costs. 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 December 2016 and 2015, respectively. See Note 12, 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). December 31, 2016 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 237 $ 14 Daily/Monthly (21%) Quarterly (51%) N/R (28%) 1 – 90 days Private equity funds (b) 90 62 N/R N/R Real assets funds (c) 60 35 Quarterly (41%) N/R (59%) 60 days Other (d) 12 9 Daily/Monthly (42%) N/R (58%) 3-5 days Consolidated VIEs: Private equity funds of funds (e) 89 16 N/R N/R Hedge fund (a) 36 — Quarterly 90 days Real assets funds (c) 27 21 NR NR Total $ 551 $ 157 December 31, 2015 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 217 $ 30 Daily/Monthly (22%) Quarterly (52%) N/R (26%) 30 – 90 days Private equity funds (b) 89 67 N/R N/R Real assets funds (c) 94 31 Quarterly (25%) N/R (75%) 60 days Other (d) 44 5 Daily/Monthly (68%) N/R (32%) 3-5 days Consolidated VIEs: Private equity funds of funds (e) 145 19 N/R N/R Hedge fund (a) 58 — Quarterly 90 days Total $ 647 $ 152 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 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 one year at both December 31, 2016 and 2015. (b) 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 five years and four years at December 31, 2016 and 2015, respectively. (c) (d) This category includes deferred compensation plan investments. 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. In addition, this category for 2015 also includes a multi-asset fund that is redeemable. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in partners’ capital. (e) 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 five years at both December 31, 2016 and 2015. The total remaining unfunded commitments to other third-party funds were $16 million and $19 million at December 31, 2016 and 2015, respectively. The Company had contractual obligations to the consolidated funds of $24 million and $31 million at December 31, 2016 and 2015, respectively. |
Derivatives and Hedging
Derivatives and Hedging | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016, the Company had outstanding total return swaps and interest rate swaps with aggregate notional values of approximately $572 million and $42 million, respectively. At December 31, 2015, the Company had outstanding total return swaps and interest rate swaps with aggregate notional values of approximately $360 million and $46 million, respectively. Gains (losses) on total return swaps are recorded in nonoperating income (expense) and were $ ( Gains (losses) on the interest rate swaps are recorded in nonoperating income (expense) and were $(21) million for 2014. Gains (losses) were not material for 2016 and 2015. 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 outflows under the arrangement. The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At December 31, 2016 and 2015, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $107 million and $169 million, respectively. Gains (losses) on the forward foreign currency exchange contracts are recorded in other general and administration expense and were not material to the consolidated statements of income for 2016, 2015 and 2014. The Company consolidates certain sponsored investment funds, which may utilize derivative instruments as a part of the funds’ investment strategies. The change in fair value of such derivatives, which is recorded in nonoperating income (expense), was not material for 2016, 2015 and 2014. The fair value of the outstanding derivatives mentioned above were not material to the consolidated statements of financial condition at December 31, 2016 and 2015. See Note 12, Borrowings |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 8. Property and Equipment Property and equipment consists of the following: Estimated useful December 31, (in millions) life-in years 2016 2015 Property and equipment: Land N/A $ 6 $ 6 Building 39 33 17 Building improvements 15 29 15 Leasehold improvements 1-15 476 491 Equipment and computer software 3 411 374 Other transportation equipment 10 135 135 Furniture and fixtures 7 65 62 Construction in progress N/A 5 51 Total 1,160 1,151 Less: accumulated depreciation and amortization 601 570 Property and equipment, net $ 559 $ 581 N/A – Not Applicable Qualifying software costs of approximately $50 million, $48 million and $45 million have been capitalized within equipment and computer software during 2016, 2015 and 2014, respectively, and are being amortized over an estimated useful life of three years. Depreciation and amortization expense was $124 million, $115 million and $117 million for 2016, 2015 and 2014, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 9. Goodwill Goodwill activity during 2016 and 2015 was as follows: (in millions) 2016 2015 Beginning of year balance $ 13,123 $ 12,961 Acquisitions (1) 14 181 Goodwill adjustments related to Quellos (2) (19 ) (19 ) End of year balance $ 13,118 $ 13,123 (1) In 2016, the $14 million increase represents goodwill from the BofA Global Capital Management transaction in April 2016 that transferred investment management responsibilities of approximately $80.6 billion of cash assets under management to the Company. Total consideration included $75 million of contingent consideration at fair value at time of close. BlackRock’s platform provides clients with broad access to high quality, global liquidity investment solutions. ( 2 ) The decrease in goodwill during both 2016 and 2015 primarily resulted from a decline related to 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 BlackRock assessed its goodwill for impairment as of July 31, 2016, 2015 and 2014 and considered such factors as the book value and the market capitalization of the Company. The impairment assessment indicated no impairment charges were required. The Company continues to monitor its book value per share compared with closing prices of its common stock for potential indicators of impairment. At December 31, 2016, the Company’s common stock closed at a market price of $380.54, which exceeded its book value of approximately $178.38 per share. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 10. Intangible Assets Intangible assets at December 31, 2016 and 2015 consisted of the following: (in millions) Remaining Weighted- Average Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount At December 31, 2016 Indefinite-lived intangible assets: Management contracts N/A $ 15,769 $ — $ 15,769 Trade names / trademarks N/A 1,403 — 1,403 License N/A 6 — 6 Total indefinite-lived intangible assets 17,178 — 17,178 Finite-lived intangible assets: Management contracts 3.9 1,011 827 184 Intellectual property 1.6 6 5 1 Total finite-lived intangible assets 3.8 1,017 832 185 Total intangible assets $ 18,195 $ 832 $ 17,363 At December 31, 2015 Indefinite-lived intangible assets: Management contracts N/A $ 15,699 $ — $ 15,699 Trade names / trademarks N/A 1,403 — 1,403 License N/A 6 — 6 Total indefinite-lived intangible assets 17,108 — 17,108 Finite-lived intangible assets: Management contracts 3.7 1,003 741 262 Intellectual property 2.6 6 4 2 Total finite-lived intangible assets 3.7 1,009 745 264 Total intangible assets $ 18,117 $ 745 $ 17,372 N/A — Not Applicable The impairment tests performed for intangible assets as of July 31, 2016, 2015 and 2014 indicated no impairment charges were required. Estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows: (in millions) Year Amount 2017 $ 82 2018 32 2019 30 2020 16 2021 13 In April 2016, in connection with the BofA Global Capital Management transaction, the Company acquired $70 million of indefinite-lived management contracts and $20 million of finite-lived management contracts with a weighted-average estimated life of approximately 10 years. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | 11. Other Assets The Company accounts for its interest in PennyMac as an equity method investment, which is included in other assets on the 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 $301 million and $259 million, respectively, at December 31, 2016 and approximately $222 million and $239 million, respectively, at December 31, 2015. The fair value of the Company’s interest reflected the PennyMac stock price at December 31, 2016 and 2015, respectively (a Level 1 input). The Company performed an other-than-temporary impairment analysis as of December 31, 2016 and determined the decline in fair value below the carrying value to be temporary. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | 12. Borrowings Short-Term Borrowings 2016 Revolving Credit Facility. The Company’s credit facility has an aggregate commitment amount of $4.0 billion and was amended in April 2016 to extend the maturity date to March 2021 (the “2016 credit facility”). The 2016 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 2016 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 2016 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 December 31, 2016. The 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities. At December 31, 2016, the Company had no amount outstanding under the 2016 credit facility. Commercial Paper Program. 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 of $4.0 billion. The commercial paper program is currently supported by the 2016 credit facility. At December 31, 2016, BlackRock had no CP Notes outstanding. Long-Term Borrowings The carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at December 31, 2016 included the following: (in millions) Maturity Unamortized Discount and Debt Issuance Costs Carrying Value Fair Value 6.25% Notes due 2017 $ 700 $ — $ 700 $ 724 5.00% Notes due 2019 1,000 (3 ) 997 1,086 4.25% Notes due 2021 750 (4 ) 746 808 3.375% Notes due 2022 750 (4 ) 746 775 3.50% Notes due 2024 1,000 (6 ) 994 1,030 1.25% Notes due 2025 738 (6 ) 732 742 Total Long-term Borrowings $ 4,938 $ (23 ) $ 4,915 $ 5,165 Long-term borrowings at December 31, 2015 had a carrying value of $4.9 billion and a fair value of $5.2 billion determined using market prices at the end of December 2015. 2025 Notes. In May 2015, the Company issued €700 million of 1.25% senior unsecured notes maturing on May 6, 2025 (the “2025 Notes”). The notes are listed on the New York Stock Exchange. The net proceeds of the 2025 Notes were used for general corporate purposes, including refinancing of outstanding indebtedness. Interest of approximately $9 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 Notes. Upon conversion to U.S. dollars the Company designated the €700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations. Gains of $14 million (net of tax of $8 million) and $19 million (net of tax of $11 million) were recognized in other comprehensive income for 2016 and 2015, respectively. No hedge ineffectiveness was recognized during 2016. 2024 Notes . In March 2014, the Company issued $1.0 billion in aggregate principal amount of 3.50% senior unsecured and unsubordinated notes maturing on March 18, 2024 (the “2024 Notes”). The net proceeds of the 2024 Notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014. Interest is payable semi-annually in arrears on March 18 and September 18 of each year, or approximately $35 million per year. The 2024 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price. The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 Notes. 2022 Notes. In May 2012, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations. These notes were issued as two separate series of senior debt securities, including $750 million of 1.375% notes, which were repaid in June 2015 at maturity, and $750 million of 3.375% notes maturing in June 2022 (the “2022 Notes”). Net proceeds were used to fund the repurchase of BlackRock’s common stock and Series B Preferred from Barclays and affiliates and for general corporate purposes. Interest on the 2022 Notes of approximately $25 million per year is payable semi-annually on June 1 and December 1 of each year, which commenced December 1, 2012. The 2022 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price. The “make-whole” redemption price represents a price, subject to the specific terms of the 2022 Notes and related indenture, that is the greater of (a) par value and (b) the present value of future payments that will not be paid because of an early redemption, which is discounted at a fixed spread over a comparable Treasury security. The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 Notes. 2021 Notes. In May 2011, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations. These notes were issued as two separate series of senior debt securities, including $750 million of 4.25% notes maturing in May 2021 and $750 million of floating rate notes, which were repaid in May 2013 at maturity. Net proceeds of this offering were used to fund the repurchase of BlackRock’s Series B Preferred from affiliates of Merrill Lynch & Co., Inc. Interest on the 4.25% notes due in 2021 (“2021 Notes”) is payable semi-annually on May 24 and November 24 of each year, which commenced November 24, 2011, and is approximately $32 million per year. The 2021 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price. The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 Notes. 2019 Notes. In December 2009, the Company issued $2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations. These notes were issued as three separate series of senior debt securities including $0.5 billion of 2.25% notes, which were repaid in December 2012, $1.0 billion of 3.50% notes, which were repaid in December 2014 at maturity, and $1.0 billion of 5.0% notes maturing in December 2019 (the “2019 Notes”). Net proceeds of this offering were used to repay borrowings under the CP Program, which was used to finance a portion of the acquisition of Barclays Global Investors from Barclays on December 1, 2009, and for general corporate purposes. Interest on the 2019 Notes of approximately $50 million per year is payable semi-annually in arrears on June 10 and December 10 of each year. These notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price. The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 Notes. 2017 Notes. In September 2007, the Company issued $700 million in aggregate principal amount of 6.25% senior unsecured and unsubordinated notes maturing on September 15, 2017 (the “2017 Notes”). A portion of the net proceeds of the 2017 Notes was used to fund the initial cash payment for the acquisition of the fund-of-funds business of Quellos and the remainder was used for general corporate purposes. Interest is payable semi-annually in arrears on March 15 and September 15 of each year, or approximately $44 million per year. The 2017 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price. The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2017 Notes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Operating Lease Commitments The Company leases its primary office spaces under agreements that expire through 2035. Future minimum commitments under these operating leases are as follows: (in millions) Year Amount 2017 142 2018 135 2019 125 2020 120 2021 112 Thereafter 404 Total $ 1,038 Rent expense and certain office equipment expense under lease agreements amounted to $134 million, $136 million and $132 million in 2016, 2015 and 2014, respectively. Investment Commitments . At December 31, 2016, the Company had $192 million of various capital commitments to fund sponsored investment funds, including consolidated VIEs. These funds include private equity funds, real assets funds, and opportunistic 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 $192 million, the Company had approximately $12 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 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 Related to Business Acquisitions . In connection with certain acquisitions, BlackRock is required to make contingent payments, subject to achieving specified performance targets, which may include revenue related to acquired contracts or new capital commitments for certain products. The fair value of the remaining aggregate contingent payments at December 31, 2016 totaled $115 million and is included in other liabilities on the consolidated statement of financial condition. Other Contingent Payments. The Company acts as the portfolio manager in a series of derivative transactions and has a maximum potential exposure of $17 million between the Company and counterparty. See Note 7, , for further discussion. 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, BlackRock-advised investment portfolios may be subject to lawsuits, any of which potentially could harm the investment returns of the applicable portfolio or result in the Company being liable to the portfolios for any resulting damages. On May 27, 2014, certain purported investors in the BlackRock Global Allocation Fund, Inc. and the BlackRock Equity Dividend Fund (collectively, the “Funds”) filed a consolidated complaint (the “Consolidated Complaint”) in the U.S. District Court for the District of New Jersey against BlackRock Advisors, LLC, BlackRock Investment Management, LLC and BlackRock International Limited (collectively, the “Defendants”) under the caption In re BlackRock Mutual Funds Advisory Fee Litigation Between November 12, 2015 and November 16, 2015, BlackRock, Inc., BlackRock Realty Advisors, Inc. (“BRA”) and BlackRock US Core Property Fund, Inc. (formerly known as the BlackRock Granite Property Fund, Inc.) (“Granite Fund”), along with certain other Granite Fund-related entities (collectively, the “BlackRock Parties”) were named as defendants in thirteen lawsuits filed in the Superior Court of the State of California for the County of Alameda arising out of the June 16, 2015 collapse of a balcony at the Library Gardens apartment complex in Berkeley, California (the “Property”). The Property is indirectly owned by the Granite Fund, which is managed by BRA. The plaintiffs also named as defendants in the lawsuits Greystar, which is the property manager of the Property, and certain other entities, including the developer of the Property, building contractors and building materials suppliers. The plaintiffs allege, among other things, that the BlackRock Parties were negligent in their ownership, control and maintenance of the Property’s balcony, and seek monetary, including punitive, damages. Additionally, on March 16, 2016, three former tenants of the Library Gardens apartment unit that experienced the balcony collapse sued the BlackRock Parties. The former tenants, who witnessed (but were not physically injured in) the accident make allegations virtually identical to those in the previously filed actions and claim that, as a result of the collapse, they suffered unspecified emotional damage. Several defendants have also filed cross-complaints alleging a variety of claims, including claims against the BlackRock Parties for contribution, negligence, and declaratory relief. BlackRock believes the claims against the BlackRock Parties are without merit and intends to vigorously defend the actions. 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 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 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 December 31, 2016, the Company indemnified certain of its clients for their securities lending loan balances of approximately $169.3 billion. The Company held as agent, cash and securities totaling $180.1 billion as collateral for indemnified securities on loan at December 31, 2016. The fair value of these indemnifications was not material at December 31, 2016. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 14. Stock-Based Compensation The components of stock-based compensation expense are as follows: (in millions) 2016 2015 2014 Stock-based compensation: Restricted stock and RSUs $ 493 $ 484 $ 421 Long-term incentive plans to be funded by PNC 28 30 32 Total stock-based compensation $ 521 $ 514 $ 453 Stock Award and Incentive Plan. Pursuant to the BlackRock, Inc. Second Amended and Restated 1999 Stock Award and Incentive Plan (the “Award Plan”), options to purchase shares of the Company’s common stock at an exercise price not less than the market value of BlackRock’s common stock on the date of grant in the form of stock options, restricted stock or RSUs may be granted to employees and nonemployee directors. A maximum of 34,500,000 shares of common stock were authorized for issuance under the Award Plan. Of this amount, 5,918,096 shares remain available for future awards at December 31, 2016. Upon exercise of employee stock options, the issuance of restricted stock or the vesting of RSUs, the Company issues shares out of treasury to the extent available. Restricted Stock and RSUs. Pursuant to the Award Plan, restricted stock grants and RSUs may be granted to certain employees. Substantially all restricted stock and RSUs vest over periods ranging from one to three years and are expensed using the straight-line method over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. Restricted stock and RSU activity for 2016 is summarized below. Outstanding at Restricted Stock and RSUs Weighted- Average Grant Date Fair Value December 31, 2015 3,067,737 $ 308.42 Granted 1,481,125 $ 301.01 Converted (1,455,072 ) $ 283.64 Forfeited (106,202 ) $ 274.18 December 31, 2016 (1) 2,987,588 $ 318.04 (1) At December 31, 2016, approximately 2.7 million awards are expected to vest and 0.3 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. The total fair market value of RSUs/restricted stock granted to employees during 2016, 2015 and 2014 was $446 million, $473 million and $472 million, respectively. The total fair market value of RSUs/restricted stock converted to common stock during 2016, 2015 and 2014 was $413 million, $379 million and $534 million, respectively. At December 31, 2016, the intrinsic value of outstanding RSUs was $1.1 billion, reflecting a closing stock price of $380.54 at December 31, 2016. RSUs/restricted stock granted in connection with annual incentive compensation under the Award Plan primarily related to the following: 2016 2015 2014 Awards granted that vest ratably over three years from the date of grant 1,030,964 952,329 1,022,295 Awards granted that cliff vest 100% on: January 31, 2017 — — 287,963 January 31, 2018 — 303,999 — January 31, 2019 303,587 — — 1,334,551 1,256,328 1,310,258 In addition the Company also granted RSUs of 146,574, 120,935 and 166,018 during 2016, 2015 and 2014, respectively with varying vesting periods up to three years. At December 31, 2016, there was $288 million in total unrecognized stock-based compensation expense related to unvested RSUs. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of less than one year. In January 2017, the Company granted under the Award Plan • 699,991 RSUs or shares of restricted stock to employees as part of annual incentive compensation that vest ratably over three years from the date of grant; and • 277,313 RSUs or shares of restricted stock to employees that cliff vest 100% on January 31, 2020. Performance-Based RSUs. Pursuant to the Award Plan, performance-based RSUs may be granted to certain employees. Each performance-based award consists of a “base” number of RSUs 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 the first quarter of 2016 and 2015, the Company granted 375,242 and 262,847, respectively, performance-based RSUs to certain employees that cliff vest 100% on January 31, 2019 and 2018, respectively. These awards are amortized over a service period of three years. The number of shares distributed at vesting could be higher or lower than the original grant based on the level of attainment of predetermined Company performance measures. Performance-based RSU activity for 2016 is summarized below. Outstanding at Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2015 255,868 $ 343.86 Granted 375,242 $ 296.97 Forfeited (20,739 ) $ 325.65 December 31, 2016 610,371 $ 315.65 At December 31, 2016, total unrecognized stock-based compensation expense related to unvested performance-based awards was $94 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.7 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 granted to employees during 2016 was $111 million. At December 31, 2016, the intrinsic value of outstanding performance-based RSUs was $232 million reflecting a closing stock price of $380.54. In January 2017, the Company granted 293,385 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2020. These awards are amortized over a service period of three years. The number of shares distributed at vesting could be higher or lower than the original grant based on the level of attainment of predetermined Company performance measures. Market Performance-based RSUs. Pursuant to the Award Plan, market performance-based RSUs may be granted to certain employees. The market performance-based RSUs require that separate 15%, 25% and 35% share price appreciation targets be achieved during the six-year term of the awards. The awards are split into three tranches and each tranche may vest if the specified target increase in share price is met. Eligible vesting dates for each tranche are January 31 (or, if such date is not a business day, the next following business day) of the year in which the fourth, fifth or sixth anniversaries of the grant-date occurs. Certain awards are forfeited if the employee leaves BlackRock before the vesting date. These awards are amortized over a service period of four years, which is the longer of the explicit service period or the period in which the market target is expected to be met. Market performance-based RSUs are not considered participating securities as the dividend equivalents are subject to forfeiture prior to vesting of the award. During 2016 and 2015 there were no market performance-based awards granted. In 2014, the Company granted 315,961 market performance-based RSUs. Market performance-based RSU activity for 2016 is summarized below. Outstanding at Market Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2015 1,378,177 $ 137.07 Converted (548,227 ) $ 115.03 Forfeited (26,476 ) $ 164.67 December 31, 2016 (1) 803,474 $ 151.20 (1) At December 31, 2016, approximately 0.7 million awards are expected to vest and an immaterial amount of awards have vested and have not been converted. At December 31, 2016, total unrecognized stock-based compensation expense related to unvested market performance-based awards was $14 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of less than one year. At December 31, 2016, the intrinsic value of outstanding market performance-based awards was $306 million reflecting a closing stock price of $380.54. The grant-date fair value of the awards was Grant Year Risk-Free Interest Rate Performance Period Expected Stock Volatility Expected Dividend Yield 2014 2.05 % 6 27.40 % 2.42 % The Company’s expected stock volatility assumption was based upon an average of the historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant-date. The dividend yield assumption was derived using estimated dividends over the expected term and the stock price at the date of grant. The risk-free interest rate is based on the U.S. Treasury yield at date of grant. 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”), including performance-based and market performance-based RSUs. The current share surrender agreement commits PNC to provide BlackRock Series C nonvoting participating preferred stock to fund the remaining committed shares. As of December 31, 2016, 3.2 million shares had been surrendered by PNC. At December 31, 2016, the remaining shares committed by PNC of 0.8 million were available to fund certain future long-term incentive awards. 517,138 shares were surrendered by PNC in the first quarter of 2017. Stock Options. Stock option grants were made to certain employees pursuant to the Award Plan in 1999 through 2007. Options granted had a ten-year life, vested ratably over periods ranging from two to five years and became exercisable upon vesting. The Company has not granted any stock options subsequent to the January 2007 grant, which vested on September 29, 2011. Stock option activity for 2016 is summarized below. Outstanding at Shares under option Weighted average exercise price December 31, 2015 154,094 $ 167.76 Exercised (154,094 ) $ 167.76 December 31, 2016 — The aggregate intrinsic value of options exercised during 2016, 2015 and 2014 was $30 million, $128 million and $4 million, respectively. Employee Stock Purchase Plan (“ESPP”). The ESPP allows eligible employees to purchase the Company’s common stock at 95% of the fair market value on the last day of each three-month offering period. The Company does not record compensation expense related to employees purchasing shares under the ESPP. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 15. Employee Benefit Plans Deferred Compensation Plans Voluntary Deferred Compensation Plan. The Company adopted a Voluntary Deferred Compensation Plan (“VDCP”) that allows eligible employees in the United States to elect to defer between 1% and 100% of their annual cash incentive compensation. The participants must specify a deferral period of up to 10 years from the year of deferral and additionally, elect to receive distributions in the form of a lump sum or in up to 10 annual installments. The Company may fund the obligation through the rabbi trust on behalf of the plan’s participants. The rabbi trust established for the VDCP, with assets totaling $59 million and $65 million at December 31, 2016 and 2015, respectively, is reflected in investments on the consolidated statements of financial condition. Such investments are classified as trading investments. The corresponding liability balance of $83 million and $88 million at December 31, 2016 and 2015, respectively, is reflected on the consolidated statements of financial condition as accrued compensation and benefits. Earnings in the rabbi trust, including unrealized appreciation or depreciation, are reflected as nonoperating income (expense) and changes in the corresponding liability are reflected as employee compensation and benefits expense on the consolidated statements of income. Other Deferred Compensation Plans. The Company has additional compensation plans for the purpose of providing deferred compensation and retention incentives to certain employees. For these plans, the final value of the deferred amount to be distributed in cash upon vesting is primarily associated with investment returns of certain investment funds. The liabilities for these plans were $223 million and $178 million at December 31, 2016 and 2015, respectively, and are reflected in the consolidated statements of financial condition as accrued compensation and benefits. In January 2017, the Company granted approximately $110 million of additional deferred compensation that will fluctuate with investment returns and will vest ratably over three years from the date of grant. Defined Contribution Plans The Company has several defined contribution plans primarily in the United States and United Kingdom. Certain of the Company’s U.S. employees participate in a defined contribution plan (“U.S. Plan”). Employee contributions of up to 8% of eligible compensation, as defined by the plan and subject to Internal Revenue Code limitations, are matched by the Company at 50% up to a maximum of $5,000 annually. In addition, the Company makes an annual retirement contribution to eligible participants equal to 3-5% of eligible compensation. In 2016, 2015 and 2014, the Company’s contribution expense related to the U.S. Plan was $75 million, $72 million and $67 million, respectively. Certain U.K. wholly owned subsidiaries of the Company contribute to a defined contribution plan for their employees. The contributions range between 6% and 15% of each employee’s eligible compensation. The Company’s contribution expense related to this plan was $30 million in 2016, and $33 million in both 2015 and 2014. In addition, the contribution expense related to defined contribution plans in other regions was $20 million in 2016 and $18 million in both 2015 and 2014. Defined Benefit Plans. The Company has several defined benefit pension plans primarily in Japan and Germany. All accrued benefits under the Germany defined benefit plan are currently frozen and the plan is closed to new participants. The participant benefits under the Germany plan will not change with salary increases or additional years of service. At December 31, 2016 and 2015, the plan assets for both these plans were approximately $23 million and $22 million, respectively. The underfunded obligations at December 31, 2016 and 2015 were not material. Benefit payments for the next five years and in aggregate for the five years thereafter are not expected to be material. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions Determination of Related Parties PNC. The Company considers PNC, along with its affiliates, to be related parties based on the level of its ownership of BlackRock capital stock. At December 31, 2016, PNC owned approximately 21.3% of the Company’s voting common stock and held approximately 22.0% of the total capital stock. Registered Investment Companies and Equity Method Investments. The Company considers the registered investment companies that it manages, which include mutual funds and exchange-traded funds, to be related parties as a result of the Company’s advisory relationship. In addition, equity method investments are considered related parties, due to the Company’s influence over the financial and operating policies of the investee. Revenue from Related Parties Revenues for services provided by the Company to these and other related parties are as follows: (in millions) 2016 2015 2014 Investment advisory, administration fees and securities lending revenue: PNC and affiliates $ 3 $ 4 $ 5 Registered investment companies/equity method investees 6,833 6,871 6,733 Total investment advisory, administration fees, and securities lending revenue 6,836 6,875 6,738 Investment advisory performance fees 125 129 173 BlackRock Solutions and advisory: PNC and affiliates 7 7 7 Equity method investees — — 6 Total BlackRock Solutions 7 7 13 Other revenue: PNC and affiliates 3 3 3 Equity method investees 87 70 67 Total other revenue 90 73 70 Total revenue from related parties $ 7,058 $ 7,084 $ 6,994 The Company provides investment advisory and administration services to its open- and closed-end funds and other commingled or pooled funds and separate accounts in which related parties invest. In addition, the Company provides investment advisory and administration services to PNC and its affiliates for fees based on AUM. Further, the Company provides risk management services to PNC. The Company records its investment advisory and administration fees net of retrocessions. Aggregate Expenses for Transactions with Related Parties Aggregate expenses included in the consolidated statements of income for transactions with related parties are as follows: (in millions) 2016 2015 2014 Expense with related parties: Distribution and servicing costs PNC and affiliates $ 2 $ 2 $ 2 Total distribution and servicing costs 2 2 2 General and administration expense Other registered investment companies 61 60 55 Other 4 18 5 Total general and administration expense 65 78 60 Total expense with related parties $ 67 $ 80 $ 62 Certain Agreements and Arrangements with PNC PNC. On February 27, 2009, BlackRock entered into an amended and restated implementation and stockholder agreement with PNC, and a third amendment to the share surrender agreement with PNC. Receivables and Payables with Related Parties. Due from related parties, which is included within other assets on the consolidated statements of financial condition was $100 million and $73 million at December 31, 2016 and 2015, respectively, and primarily represented receivables from certain investment products managed by BlackRock. Accounts receivable at December 31, 2016 and 2015 included $688 million and $705 million, respectively, related to receivables from BlackRock mutual funds, including iShares , for investment advisory and administration services. Due to related parties, which is included within other liabilities on the consolidated statements of financial condition, was $19 million and $18 million at December 31, 2016 and 2015, respectively, and primarily represented payables to certain investment products managed by BlackRock. |
Net Capital Requirements
Net Capital Requirements | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Net Capital Requirements | 17. 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. Banking Regulatory Requirements. BlackRock Institutional Trust Company, N.A. (“BTC”), a wholly owned subsidiary of the Company, is chartered as a national bank whose powers are limited to trust activities. BTC is subject to regulatory capital requirements administered by the Office of the Comptroller of the Currency. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements. Under the capital adequacy guidelines and the regulatory framework for prompt corrective action, BTC must meet specific capital guidelines that invoke quantitative measures of BTC’s assets, liabilities, and certain off-balance sheet items as calculated under the regulatory accounting practices. BTC’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulators to ensure capital adequacy require BTC to maintain a minimum Common Equity Tier 1 capital and Tier 1 leverage ratio, as well as Tier 1 and total risk-based capital ratios. Based on BTC’s calculations as of December 31, 2016 and 2015, it exceeded the applicable capital adequacy requirements. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (in millions) Amount Ratio Amount Ratio Amount Ratio December 31, 2016 Total capital (to risk weighted assets) $ 1,211 92.5 % $ 105 8.0 % $ 131 10.0 % Common Equity Tier 1 capital (to risk weighted assets) $ 1,211 92.5 % $ 59 4.5 % $ 85 6.5 % Tier 1 capital (to risk weighted assets) $ 1,211 92.5 % $ 79 6.0 % $ 105 8.0 % Tier 1 capital (to average assets) $ 1,211 65.3 % $ 74 4.0 % $ 93 5.0 % December 31, 2015 Total capital (to risk weighted assets) $ 1,593 88.6 % $ 144 8.0 % $ 180 10.0 % Common Equity Tier 1 capital (to risk weighted assets) $ 1,593 88.6 % $ 81 4.5 % $ 117 6.5 % Tier 1 capital (to risk weighted assets) $ 1,593 88.6 % $ 108 6.0 % $ 144 8.0 % Tier 1 capital (to average assets) $ 1,593 66.7 % $ 96 4.0 % $ 119 5.0 % Broker-dealers. BlackRock Investments, LLC and BlackRock Execution Services are registered broker-dealers and wholly owned subsidiaries of BlackRock that are subject to the Uniform Net Capital requirements under the Securities Exchange Act of 1934, which requires maintenance of certain minimum net capital levels. Capital Requirements. At December 31, 2016 and 2015, the Company was required to maintain approximately $1.4 billion and $1.1 billion, respectively, in net capital in certain regulated subsidiaries, including BTC, 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 Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 18. Accumulated Other Comprehensive Income (Loss) The following table presents changes in accumulated other comprehensive income (loss) “ (in millions) Unrealized (Losses) on Available-for-sale Investments (1) Benefit Plans Foreign Currency Translation Adjustments (2) Total December 31, 2013 $ 7 $ 6 $ (48 ) $ (35 ) Other comprehensive income (loss) before reclassifications 3 (2 ) (231 ) (230 ) Amount reclassified from AOCI (3) (8 ) — — (8 ) Net other comprehensive income (loss) for 2014 (5 ) (2 ) (231 ) (238 ) December 31, 2014 $ 2 $ 4 $ (279 ) $ (273 ) Other comprehensive income (loss) before reclassifications (1 ) 1 (173 ) (173 ) Amount reclassified from AOCI (3) (2 ) — — (2 ) Net other comprehensive income (loss) for 2015 (3 ) 1 (173 ) (175 ) December 31, 2015 $ (1 ) $ 5 $ (452 ) $ (448 ) Other comprehensive income (loss) before reclassifications — — (269 ) (269 ) Amount reclassified from AOCI (3) 1 — — 1 Net other comprehensive income (loss) for 2016 1 — (269 ) (268 ) December 31, 2016 $ — $ 5 $ (721 ) $ (716 ) (1) All amounts are net of tax. The tax benefit (expense) was not material for 2016, 2015 and 2014. (2) Amount for 2016 includes gains from a net investment hedge of $14 million, net of tax of $8 million. (3) The pre-tax amount reclassified from AOCI was included in net gain (loss) on investments on the consolidated statements of income. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Capital Stock | 19. Capital Stock The Company’s authorized common stock and nonvoting participating preferred stock, $0.01 par value, (“Preferred”) consisted of the following: December 31, 2016 December 31, 2015 Common Stock 500,000,000 500,000,000 Nonvoting Participating Preferred Stock Series A Preferred 20,000,000 20,000,000 Series B Preferred 150,000,000 150,000,000 Series C Preferred 6,000,000 6,000,000 Series D Preferred 20,000,000 20,000,000 PNC Capital Contribution. During 2016, PNC surrendered to BlackRock 548,227 shares of BlackRock Series C Preferred to fund certain LTIP awards. Cash Dividends for Common and Preferred Shares / RSUs. During 2016, 2015 and 2014, the Company paid cash dividends of $9.16 per share (or $1,545 million), $8.72 per share (or $1,476 million)and $7.72 per share (or $1,338 million), respectively. Share Repurchases. The Company repurchased 3.3 million common shares in open market-transactions under its share repurchase program for $1.1 billion during 2016. At December 31, 2016, there were 3 million shares still authorized to be repurchased. The Company’s common and preferred shares issued and outstanding and related activity consist of the following: Shares Issued Shares Outstanding Common Shares Treasury Common Shares Series B Preferred Series C Preferred Common Shares Series B Preferred Series C Preferred December 31, 2013 171,252,185 (4,662,497 ) 823,188 1,311,887 166,589,688 823,188 1,311,887 Shares repurchased — (3,175,088 ) — — (3,175,088 ) — — Net issuance of common shares related to employee stock transactions — 1,372,188 — — 1,372,188 — — December 31, 2014 171,252,185 (6,465,397 ) 823,188 1,311,887 164,786,788 823,188 1,311,887 Shares repurchased — (3,080,689 ) — — (3,080,689 ) — — Net issuance of common shares related to employee stock transactions — 1,754,965 — — 1,754,965 — — December 31, 2015 171,252,185 (7,791,121 ) 823,188 1,311,887 163,461,064 823,188 1,311,887 Shares repurchased — (3,264,935 ) — — (3,264,935 ) — — Net issuance of common shares related to employee stock transactions — 1,338,314 — — 1,338,314 — — PNC LTIP capital contribution — — — (548,227 ) — — (548,227 ) December 31, 2016 171,252,185 (9,717,742 ) 823,188 763,660 161,534,443 823,188 763,660 |
Restructuring Charge
Restructuring Charge | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charge | 20. Restructuring Charge A restructuring charge of $76 million ($53 million after-tax), comprised of $44 million of severance and $32 million of expense related to the accelerated amortization of previously granted deferred cash and equity compensation awards, was recorded in the first quarter of 2016 in connection with a project to streamline and simplify the organization. The following table presents a rollforward of the Company’s restructuring liability for 2016, which is included within other liabilities on the consolidated statements of financial condition: (in millions) 2016 Liability as of December 31, 2015 $ — Additions 76 Cash payments (44 ) Accelerated amortization expense of equity-based awards (28 ) Liability as of December 31, 2016 $ 4 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 21. Income Taxes The components of income tax expense for 2016, 2015 and 2014, are as follows: (in millions) 2016 2015 2014 Current income tax expense: Federal $ 858 $ 937 $ 923 State and local 61 74 54 Foreign 385 395 258 Total net current income tax expense 1,304 1,406 1,235 Deferred income tax expense (benefit): Federal 31 (13 ) (73 ) State and local 14 (19 ) (9 ) Foreign (59 ) (124 ) (22 ) Total net deferred income tax expense (benefit) (14 ) (156 ) (104 ) Total income tax expense $ 1,290 $ 1,250 $ 1,131 Income tax expense has been based on the following components of income before taxes, less net income (loss) attributable to noncontrolling interests: (in millions) 2016 2015 2014 Domestic $ 2,837 $ 2,840 $ 2,946 Foreign 1,625 1,755 1,479 Total $ 4,462 $ 4,595 $ 4,425 The foreign income before taxes includes countries that have statutory tax rates that are lower than the U.S. federal statutory tax rate of 35%, such as the United Kingdom, Channel Islands, Ireland and Canada. A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 35% is as follows: (in millions) 2016 % 2015 % 2014 % Statutory income tax expense $ 1,562 35 % $ 1,608 35 % $ 1,549 35 % Increase (decrease) in income taxes resulting from: State and local taxes (net of federal benefit) 69 2 42 1 51 1 Impact of foreign, state, and local tax rate changes on deferred taxes (33 ) (1 ) (45 ) (1 ) (4 ) — Effect of foreign tax rates (329 ) (7 ) (385 ) (8 ) (434 ) (10 ) Other 21 — 30 — (31 ) — Income tax expense $ 1,290 29 % $ 1,250 27 % $ 1,131 26 % Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements. These temporary differences result in taxable or deductible amounts in future years. The components of deferred income tax assets and liabilities are shown below December 31, (in millions) 2016 2015 Deferred income tax assets: Compensation and benefits $ 399 $ 372 Unrealized investment losses 42 114 Loss carryforwards 85 98 Foreign tax credit carryforwards 118 83 Other 216 235 Gross deferred tax assets 860 902 Less: deferred tax valuation allowances (22 ) (20 ) Deferred tax assets net of valuation allowances 838 882 Deferred income tax liabilities: Goodwill and acquired indefinite-lived intangibles 5,568 5,588 Acquired finite-lived intangibles 36 45 Other 54 80 Gross deferred tax liabilities 5,658 5,713 Net deferred tax (liabilities) $ (4,820 ) $ (4,831 ) Deferred income tax assets and liabilities are recorded net when related to the same tax jurisdiction. At December 31, 2016, the Company recorded on the consolidated statement of financial condition deferred income tax assets, within other assets, and deferred income tax liabilities of deferred income tax liab During 2016, tax legislation enacted in the United Kingdom and domestic state and local tax changes resulted in a $30 million net noncash benefit related to the revaluation of certain deferred income tax liabilities. During 2015, tax legislation enacted in the United Kingdom and domestic state and local tax changes resulted in a $54 million net noncash benefit related to the revaluation of certain deferred income tax liabilities. At December 31, 2016 and 2015, the Company had available state net operating loss carryforwards of $1.6 billion and $1.5 billion, respectively, which will begin to expire in 2017. At December 31, 2016 and 2015, the Company had foreign net operating loss carryforwards of $90 million and $135 million, respectively, of which $3 million will begin to expire in 2021 and the balance will carry forward indefinitely. At December 31, 2016, the Company had foreign tax credit carryforwards for income tax purposes of $118 million which will begin to expire in 2023. At December 31, 2016 and 2015, the Company had $22 million and $20 million of valuation allowances for deferred income tax assets, respectively, recorded on the consolidated statements of financial condition. The year-over-year increase in the valuation allowance primarily related to the tax loss carryforwards. Goodwill recorded in connection with the Quellos Transaction has been reduced during the period by the amount of tax benefit realized from tax-deductible goodwill. See Note 9, Goodwill , for further Current income taxes are recorded net on the consolidated statements of financial condition when related to the same tax jurisdiction. At December 31, 2016, the Company had current income taxes receivable and payable of $247 million and $75 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively. At December 31, 2015, the Company had current income taxes receivable and payable of $166 million and $79 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively. The Company does not provide deferred taxes on the excess of the financial reporting over tax basis on its investments in foreign subsidiaries that are essentially permanent in duration. The excess totaled $5,251 million and $4,734 million at December 31, 2016 and 2015, respectively. The determination of the additional deferred income taxes on the excess has not been provided because it is not practicable due to the complexities associated with its hypothetical calculation. The following tabular reconciliation presents the total amounts of gross unrecognized tax benefits: (in millions) 2016 2015 2014 Balance at January 1 $ 466 $ 379 $ 467 Additions for tax positions of prior years 3 39 21 Reductions for tax positions of prior years (78 ) (25 ) (24 ) Additions based on tax positions related to current year 37 75 85 Lapse of statute of limitations — (2 ) (2 ) Settlements (18 ) — (168 ) Balance at December 31 $ 410 $ 466 $ 379 Included in the balance of unrecognized tax benefits at December 31, 2016, 2015 and 2014, respectively, are $284 million, $320 million and $283 million of tax benefits that, if recognized, would affect the effective tax rate. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. Related to the unrecognized tax benefits noted above, the Company accrued interest and penalties of $3 million during 2016 and in total, as of December 31, 2016, had recognized a liability for interest and penalties of $59 million. The Company accrued interest and penalties of $12 million during 2015 and in total, as of December 31, 2015, had recognized a liability for interest and penalties of $56 million. The Company accrued interest and penalties of $(25) million during 2014 and in total, as of December 31, 2014, had recognized a liability for interest and penalties of $44 million. BlackRock is subject to U.S. federal income tax, state and local income tax, and foreign income tax in multiple jurisdictions. Tax years after 2009 remain open to U.S. federal income tax examination. In June 2014, the IRS commenced its examination of BlackRock’s 2010 through 2012 tax years, and while the impact on the consolidated financial statements is undetermined, it is not expected to be material. The Company is currently under audit in several state and local jurisdictions. The significant state and local income tax examinations are in New York State and New York City for tax years 2009 through 2011, and California for tax years 2013 through 2014. No state and local income tax audits cover years earlier than 2008. No state and local income tax audits are expected to result in an assessment material to BlackRock’s consolidated financial statements. Her Majesty’s Revenue and Customs’ United Kingdom income tax audit for various U.K. BlackRock subsidiaries is in progress for tax years 2009 and years after. BlackRock does not expect the audit to result in a material impact to the consolidated financial statements. From time to time, BlackRock may receive or be subject to tax authorities’ assessments and challenges related to income taxes. BlackRock does not currently expect the ultimate resolution of any existing matters to be material to the consolidated financial statements. At December 31, 2016, it is reasonably possible the total amounts of unrecognized tax benefits will change within the next twelve months due to completion of tax authorities’ exams or the expiration of statues of limitations. Management estimates that the existing liability for uncertain tax positions could decrease by approximately $10 million to $40 million within the next twelve months. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 22. Earnings Per Share The following table sets forth the computation of basic and diluted EPS for 2016, 2015 and 2014 under the treasury stock method: (in millions, except shares and per share data) 2016 2015 2014 Net income attributable to BlackRock $ 3,172 $ 3,345 $ 3,294 Basic weighted-average shares outstanding 164,425,858 166,390,009 168,225,154 Dilutive effect of nonparticipating RSUs and stock options 2,153,894 2,648,562 2,887,107 Total diluted weighted-average shares outstanding 166,579,752 169,038,571 171,112,261 Basic earnings per share $ 19.29 $ 20.10 $ 19.58 Diluted earnings per share $ 19.04 $ 19.79 $ 19.25 There were no anti-dilutive RSUs for 2015. Amounts of anti-dilutive RSUs for 2016 and 2014 were immaterial. In addition, there were no anti-dilutive stock options for 2016, 2015 and 2014. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 23. Segment Information The Company’s management directs BlackRock’s operations as one business, the asset management business. The Company utilizes a consolidated approach to assess performance and allocate resources. As such, the Company operates in one business segment as defined in ASC 280-10. The following table illustrates investment advisory, administration fees, securities lending revenue and performance fees by product type, BlackRock Solutions (in millions) 2016 2015 2014 Equity $ 5,018 $ 5,345 $ 5,337 Fixed income 2,664 2,428 2,171 Multi-asset 1,157 1,287 1,236 Alternatives 878 1,082 1,103 Cash management 458 319 292 Total investment advisory, administration fees, securities lending revenue and performance fees 10,175 10,461 10,139 BlackRock Solutions and advisory 714 646 635 Distribution fees 41 55 70 Other revenue 225 239 237 Total revenue $ 11,155 $ 11,401 $ 11,081 The following table illustrates total revenue for 2016, 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) Revenue 2016 2015 2014 Americas $ 7,530 $ 7,502 $ 7,286 Europe 3,083 3,356 3,246 Asia-Pacific 542 543 549 Total revenue $ 11,155 $ 11,401 $ 11,081 The following table illustrates long-lived assets that consist of goodwill and property and equipment at December 31, 2016 and 2015 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) Long-lived Assets 2016 2015 Americas $ 13,424 $ 13,422 Europe 163 186 Asia-Pacific 90 96 Total long-lived assets $ 13,677 $ 13,704 Americas primarily is comprised of the United States and Canada, while Europe primarily is comprised of the United Kingdom and Luxembourg. Asia-Pacific primarily is comprised of Hong Kong, Australia, Japan and Singapore. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | 24. Selected Quarterly Financial Data (unaudited) (in millions, except shares and per share data) 2016 1 st (1)(2) 2 nd 3 rd (3) 4 th (4) Revenue $ 2,624 $ 2,804 $ 2,837 $ 2,890 Operating income $ 963 $ 1,173 $ 1,209 $ 1,225 Net income $ 647 $ 795 $ 877 $ 851 Net income attributable to BlackRock $ 657 $ 789 $ 875 $ 851 Earnings per share attributable to BlackRock, Inc. common stockholders: Basic $ 3.97 $ 4.79 $ 5.33 $ 5.21 Diluted $ 3.92 $ 4.73 $ 5.26 $ 5.13 Weighted-average common shares outstanding: Basic 165,388,130 164,758,612 164,129,214 163,441,552 Diluted 167,398,938 166,639,290 166,256,598 165,854,167 Dividend declared per share $ 2.29 $ 2.29 $ 2.29 $ 2.29 Common stock price per share: High $ 342.56 $ 367.47 $ 376.00 $ 398.45 Low $ 289.72 $ 319.54 $ 335.11 $ 338.61 Close $ 340.57 $ 342.53 $ 362.46 $ 380.54 2015 Revenue $ 2,723 $ 2,905 $ 2,910 $ 2,863 Operating income $ 1,067 $ 1,238 $ 1,222 $ 1,137 Net income (5) $ 825 $ 826 $ 832 $ 869 Net income attributable to BlackRock $ 822 $ 819 $ 843 $ 861 Earnings per share attributable to BlackRock, Inc. common stockholders: Basic $ 4.92 $ 4.92 $ 5.08 $ 5.19 Diluted $ 4.84 $ 4.84 $ 5.00 $ 5.11 Weighted-average common shares outstanding: Basic 167,089,037 166,616,558 166,045,291 165,826,808 Diluted 169,723,167 169,114,759 168,665,303 168,632,558 Dividend declared per share $ 2.18 $ 2.18 $ 2.18 $ 2.18 Common stock price per share: High $ 380.33 $ 377.85 $ 354.54 $ 363.72 Low $ 340.51 $ 344.54 $ 293.52 $ 295.92 Close $ 365.84 $ 345.98 $ 297.47 $ 340.52 (1) The first quarter of 2016 included a pre-tax restructuring charge of $76 million. (2) 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. (3) The third quarter of 2016 included a $26 million net noncash tax benefit, primarily related to the revaluation of certain deferred income tax liabilities as a result of legislation enacted in the United Kingdom, and domestic state and local changes. (4) The fourth quarter of 2015 included a $64 million noncash tax benefit, primarily related to the revaluation of certain deferred income tax liabilities, including the effect of tax legislation enacted in the United Kingdom. (5) During the second quarter of 2015, the company adopted new accounting guidance on consolidations effective January 1, 2015 using the modified retrospective method. Upon adoption, the Company recorded a change to total nonoperating income (expense) with an equal and offsetting charge to noncontrolling interest for the three months ended March 31, 2015. There was no impact to net income attributable to BlackRock, Inc. or BlackRock’s earnings per share. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events In February 2017, the Company announced that it has entered an agreement to acquire the First Reserve Energy Infrastructure business, the equity infrastructure franchise of First Reserve. Consideration for the transaction will include an upfront payment and contingent consideration. The transaction is expected to close in the first half of 2017, subject to customary regulatory approvals and closing conditions. This transaction is not expected to be material to the Company’s consolidated financial condition or results of operations. In January 2017, the Board of Directors authorized the repurchase of an additional 6 million shares under the Company’s existing share repurchase program for a total of up to 9 million shares of BlackRock common stock. On January 12, 2017, the Board of Directors approved BlackRock’s quarterly dividend of $2.50 to be paid on March 23, 2017 to stockholders of record at the close of business on March 6, 2017. The Company conducted a review for additional subsequent events and determined that no subsequent events had occurred that would require accrual or additional disclosures. |
Introduction and Basis of Pre35
Introduction and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. These 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 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 items previously reported have been reclassified to conform to the current year presentation. |
Significant Accounting Polici36
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents . Cash and cash equivalents primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less in which the Company is exposed to market and credit risk. Cash and cash equivalent balances that are legally restricted from use by the Company are recorded in other assets on the consolidated statements of financial condition. Cash balances maintained by consolidated voting rights entities (“VREs”) are not considered legally restricted and are included in cash and cash equivalents on the consolidated statements of financial condition. Cash balances maintained by consolidated variable interest entities (“VIEs”) are included in assets of consolidated variable interest entities on the consolidated statements of financial condition. |
Investments | Investments. Investments in Debt and Marketable Equity Securities. BlackRock classifies debt and marketable equity investments as trading, available-for-sale, or held-to-maturity based on the Company’s intent to sell the security or, for a debt security, the Company’s intent and ability to hold the debt security to maturity. Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the consolidated statements of financial condition with changes in fair value recorded in nonoperating income (expense) on the consolidated statements of income in the period of the change. Held-to-maturity debt securities are purchased with the positive intent and ability to be held to maturity and are recorded at amortized cost on the consolidated statements of financial condition. Available-for-sale securities are those securities that are not classified as trading or held-to-maturity. Available-for-sale securities are carried at fair value on the consolidated statements of financial condition with changes in fair value recorded in the accumulated other comprehensive income (loss) component of stockholders’ equity in the period of the change. Upon the disposition of an available-for-sale security, the Company reclassifies the gain or loss on the security from accumulated other comprehensive income (loss) to nonoperating income (expense) on the consolidated statements of income. Equity Method . For equity investments where BlackRock does not control the investee, and where it is not the primary beneficiary (“PB”) of a VIE, but can exert significant influence over the financial and operating policies of the investee, the Company follows the equity method of accounting. BlackRock’s share of the investee’s underlying net income or loss is recorded as net gain (loss) on investments within nonoperating income (expense) and as other revenue for certain strategic investments since such companies are considered to be an extension of BlackRock’s core business. BlackRock’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the consolidated statement of financial condition. Distributions received from the investment reduce the Company’s carrying value of the investee and the cost basis if deemed to be a return of capital. Cost Method . For nonmarketable equity investments where BlackRock neither controls nor has significant influence over the investee, the investments are accounted for using the cost method of accounting. Dividends received from the investment are recorded as dividend income within nonoperating income (expense). Impairments of Investments . Management periodically assesses equity method, available-for-sale, held-to-maturity and cost investments for other-than-temporary impairment (“OTTI”). If an OTTI exists, an impairment charge is recorded in nonoperating income (expense) on the consolidated statements of the income. For equity method, held-to-maturity and cost method investments, if circumstances indicate that an OTTI may exist, the investments are evaluated using market values, where available, or the expected future cash flows of the investment. If the Company determines an OTTI exists, an impairment charge is recognized for the excess of the carrying amount of the investment over its estimated fair value. For available-for-sale securities, when the fair value is lower than cost, the Company considers, among other factors, the length of time the security has been in a loss position, the extent to which the security’s fair value is less than cost, the financial condition and near-term prospects of the security’s issuer and the Company’s ability and intent to hold the security for a length of time sufficient to allow for recovery of such unrealized losses. For equity securities, if the impairment is considered other-than-temporary, an impairment charge is recognized for the excess of the carrying amount of the investment over its fair value. For debt securities, the Company considers whether: (1) it has the intent to sell the security; (2) it is more likely than not that it will be required to sell the security before recovery; or (3) it expects to recover the entire amortized cost basis of the security. If the Company intends to sell the security or it is more likely than not that it will be required to sell the security, the entire difference between the amortized cost and fair value must be recognized in earnings. If the Company does not intend to sell a security and it is not more likely than not that it will be required to sell the security but the security has suffered an impairment related to credit, the credit loss will be bifurcated from the total decline in value and recorded in earnings with the remaining portion recorded in accumulated other comprehensive income. For the Company’s investments in collateralized loan obligations (“CLOs”), the Company reviews cash flow estimates over the life of each CLO investment. On a quarterly basis, if the present value of the estimated future cash flows is lower than the carrying value of the investment and there is an adverse change in estimated cash flows, an impairment is considered to be other-than-temporary. An impairment charge is recognized for the excess of the carrying amount of the investment over its estimated fair value. |
Consolidation | Consolidation. As of January 1, 2015, the Company applies the consolidation guidance in accordance with ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis , (“ASU 2015-02”). The Company performs an analysis for investment products to determine if the product is a VIE or a VRE. Assessing whether an entity is a VIE or a VRE involves judgment and analysis. Factors considered in this assessment include the entity’s legal organization, the entity’s capital structure and equity ownership, and any related party or de facto agent implications of the Company’s involvement with the entity. Investments that are determined to be VIEs are consolidated if the Company is the PB of the entity. VREs are typically consolidated if the Company holds the majority voting interest. Upon the occurrence of certain events (such as contributions and redemptions, either by the Company, or third parties, or amendments to the governing documents of the Company’s investment products), management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE or a VRE. Additionally, management continually reconsiders whether the Company is deemed to be a VIE’s PB that consolidates such entity. Consolidation of Variable Interest Entities . Certain investment products for which a controlling financial interest is achieved through arrangements that do not involve or are not directly linked to voting interests are deemed VIEs. BlackRock reviews factors, including whether or not i) the entity has equity that is sufficient to permit the entity to finance its activities without additional subordinated support from other parties and ii) the equity holders at risk have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact the entity’s economic performance, to determine if the investment product is a VIE. BlackRock re-evaluates such factors as facts and circumstances change. All VIEs are evaluated for consolidation under a single method. The PB of a VIE is defined as the variable interest holder that has a controlling financial interest in the VIE. A controlling financial interest is defined as (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that potentially could be significant to the VIE. The Company generally consolidates VIEs in which it holds an equity ownership interest of 10% or greater and deconsolidates such VIEs once equity ownership falls below 10%. Consolidation of Voting Rights Entities . BlackRock is required to consolidate an investee to the extent that BlackRock can exert control over the financial and operating policies of the investee, which generally exists if there is a greater than 50% voting equity interest. Retention of Specialized Investment Company Accounting Principles. Upon consolidation of sponsored investment funds, the Company retains the specialized investment company accounting principles of the underlying funds. All of the underlying investments held by such consolidated sponsored investment funds are carried at fair value with corresponding changes in the investments’ fair values reflected in nonoperating income (expense) on the consolidated statements of income. When the Company no longer controls these funds due to reduced ownership percentage or other reasons, the funds are deconsolidated and accounted for as an equity method investment, available-for-sale security or trading investment if the Company still maintains an investment. Money Market Fee Waivers . The Company is currently voluntarily waiving a portion of its management fees on certain money market funds to ensure that they maintain a targeted level of daily net investment income (the “Yield Support waivers”). During 2016 and 2015, these waivers resulted in a reduction of management fees of approximately $56 million and $137 million, respectively. Approximately 35% and 50% of Yield Support waivers for 2016 and 2015, respectively, were offset by a reduction of BlackRock’s distribution and servicing costs paid to a financial intermediary. BlackRock has provided Yield Support waivers in prior periods and may increase or decrease the level of fee waivers in future periods. 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 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 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 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 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. The securities lending revenue earned from lending securities held by the separate accounts is included in investment advisory, administration fees and securities lending revenue on the consolidated statements of income. |
Money Market Fee Waivers | Money Market Fee Waivers . The Company is currently voluntarily waiving a portion of its management fees on certain money market funds to ensure that they maintain a targeted level of daily net investment income (the “Yield Support waivers”). During 2016 and 2015, these waivers resulted in a reduction of management fees of approximately $56 million and $137 million, respectively. Approximately 35% and 50% of Yield Support waivers for 2016 and 2015, respectively, were offset by a reduction of BlackRock’s distribution and servicing costs paid to a financial intermediary. BlackRock has provided Yield Support waivers in prior periods and may increase or decrease the level of fee waivers in future periods. |
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 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 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 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 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. The securities lending revenue earned from lending securities held by the separate accounts is included in investment advisory, administration fees and securities lending revenue on the consolidated statements of income. |
Property and Equipment | Property and Equipment . Property and equipment are recorded at cost less accumulated depreciation. Depreciation is generally determined by cost less any estimated residual value using the straight-line method over the estimated useful lives of the various classes of property and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life or the remaining lease term. BlackRock develops a variety of risk management, investment analytic and investment system services for internal use, utilizing proprietary software that is hosted and maintained by BlackRock. The Company capitalizes certain costs incurred in connection with developing or obtaining software for internal use. Capitalized software costs are included within property and equipment on the consolidated statements of financial condition and are amortized, beginning when the software project is ready for its intended use, over the estimated useful life of the software of approximately three years. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets . Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. The Company has determined that it has one reporting unit for goodwill impairment testing purposes, the consolidated BlackRock single operating segment, which is consistent with internal management reporting and management's oversight of operations. In its assessment of goodwill for impairment, the Company considers such factors as the book value and market capitalization of the Company. On a quarterly basis, the Company considers if triggering events have occurred that may indicate a potential goodwill impairment. If a triggering event has occurred, the Company performs assessments, which may include reviews of significant valuation assumptions, to determine if goodwill may be impaired. The Company performs an impairment assessment of its goodwill at least annually as of July 31 st Intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets acquired in a business acquisition. The value of contracts to manage assets in proprietary open-end funds and collective trust funds and certain other commingled products without a specified termination date is generally classified as indefinite-lived intangible assets. The assignment of indefinite lives to such contracts primarily is based upon the following: (i) the assumption that there is no foreseeable limit on the contract period to manage these products; (ii) the Company expects to, and has the ability to, continue to operate these products indefinitely; (iii) the products have multiple investors and are not reliant on a single investor or small group of investors for their continued operation; (iv) current competitive factors and economic conditions do not indicate a finite life; and (v) there is a high likelihood of continued renewal based on historical experience. In addition, trade names/trademarks are considered indefinite-lived intangible assets when they are expected to generate cash flows indefinitely. Indefinite-lived intangible assets and goodwill are not amortized. Finite-lived management contracts, which relate to acquired separate accounts and funds with a specified termination date, are amortized over their remaining useful lives. The Company performs assessments to determine if any intangible assets are potentially impaired and whether the indefinite-lived and finite-lived classifications are still appropriate. The carrying value of finite-lived management contracts and their remaining useful lives are reviewed at least annually to determine if circumstances exist which may indicate a potential impairment or revisions to the amortization period. The Company performs impairment assessments of all of its intangible assets at least annually, as of July 31 st In evaluating whether it is more likely than not that the fair value of indefinite-lived intangibles is less than its carrying value, BlackRock assesses various significant qualitative factors, including assets under management (“AUM”), revenue basis points, projected AUM growth rates, operating margins, tax rates and discount rates. In addition, the Company considers other factors, including (i) macroeconomic conditions such as a deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets; (ii) industry and market considerations such as a deterioration in the environment in which the entity operates, an increased competitive environment, a decline in market-dependent multiples or metrics, a change in the market for an entity’s services, or regulatory, legal or political developments; and (iii) entity-specific events, such as a change in management or key personnel, overall financial performance and litigation that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset. If an indefinite-lived intangible is determined to be more likely than not impaired, then the fair value of the asset is compared with its carrying value and any excess of the carrying value over the fair value would be recognized as an expense in the period in which the impairment occurs. For finite-lived intangible assets, if potential impairment circumstances are considered to exist, the Company will perform a recoverability test using an undiscounted cash flow analysis. Actual results could differ from these cash flow estimates, which could materially impact the impairment conclusion. If the carrying value of the asset is determined not to be recoverable based on the undiscounted cash flow test, the difference between the carrying value of the asset and its current fair value would be recognized as an expense in the period in which the impairment occurs. |
Noncontrolling Interests | Noncontrolling Interests. The Company reports noncontrolling interests as equity, separate from the parent’s equity, on the consolidated statements of financial condition. In addition, the Company’s consolidated net income on the consolidated statements of income includes the income (loss) attributable to noncontrolling interest holders of the Company’s consolidated investment products. Income (loss) attributable to noncontrolling interests is not adjusted for income taxes for consolidated investment products that are treated as pass-through entities for tax purposes. |
Classification and Measurement of Redeemable Securities | Classification and Measurement of Redeemable Securities. The Company includes redeemable noncontrolling interests related to certain consolidated investment products in temporary equity on the consolidated statements of financial condition. |
Treasury Stock | Treasury Stock . The Company records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the average cost method. |
Revenue Recognition | Revenue Recognition Investment Advisory, Administration Fees and Securities Lending Revenue . Investment advisory and administration fees are recognized as the services are performed. Such fees are primarily based on pre-determined percentages of the market value of AUM or committed capital. Investment advisory and administration fees are affected by changes in AUM, including market appreciation or depreciation, foreign exchange translation and net inflows or outflows. Investment advisory and administration fees for investment funds are shown net of fees waived pursuant to contractual expense limitations of the funds or voluntary waivers. The Company contracts with third parties and related parties for various mutual fund distribution and shareholder servicing to be performed on behalf of certain funds the Company manages. Such arrangements generally are priced as a portion of the management fee paid by the fund. In certain cases, the fund (primarily international funds) takes on the primary responsibility for payment for services such that the Company bears no credit risk to the third-party. The Company records its management fees net of retrocessions. Retrocessions for 2016, 2015 and 2014 were $804 million, $870 million and $891 million, respectively, and were reflected net in investment advisory, administration fees and securities lending revenue on the consolidated statements of income. The Company also earns revenue by lending securities as an agent on behalf of clients, primarily to brokerage institutions. Revenue is accounted for on an accrual basis. The revenue earned is shared between the Company and the funds or other third-party accounts managed by the Company from which the securities are borrowed. Investment Advisory Performance Fees / Carried Interest . The Company receives investment advisory performance fees or incentive allocations from certain actively managed investment funds and certain separately managed accounts. These performance fees are dependent upon exceeding specified relative or absolute investment return thresholds. Such fees are recorded upon completion of the measurement period, which varies by product or account, and could be monthly, quarterly, annually or longer. In addition, the Company is allocated carried interest from certain alternative investment products upon exceeding performance thresholds. BlackRock may be required to reverse/return all, or part, of such carried interest allocations depending upon future performance of these funds. Therefore, BlackRock records carried interest subject to such clawback provisions in total investments or cash/cash of consolidated VIEs to the extent that it is distributed, on its consolidated statements of financial condition. Carried interest is recorded as performance fee revenue upon the earlier of the termination of the investment fund or when the likelihood of clawback is considered mathematically improbable. The Company records a deferred carried interest liability to the extent it receives cash or capital allocations related to carried interest prior to meeting the revenue recognition criteria. At December 31, 2016 and 2015, the Company had $152 million and $143 million, respectively, of deferred carried interest recorded in other liabilities/other liabilities of consolidated VIEs on the consolidated statements of financial condition. A portion of the deferred carried interest liability will be paid to certain employees. The ultimate timing of the recognition of performance fee revenue, if any, for these products is unknown. BlackRock Solutions and Advisory . BlackRock provides a variety of risk management, investment analytic, enterprise investment system, financial markets advisory and wealth management technology services to financial institutions, pension funds, asset managers, foundations, consultants, mutual fund sponsors, real estate investment trusts, government agencies and retail intermediaries. These services are provided under the brand name and include a wide array of risk management services, valuation of illiquid securities, disposition and workout assignments (including long-term portfolio liquidation assignments), strategic planning and execution, and enterprise investment system outsourcing to clients. Fees earned for and advisory services are recorded as services are performed and are determined using some, or all, of the following methods: (i) percentages of various attributes of advisory AUM or value of positions on the platform, (ii) fixed-rate fees and (iii) fees billed on a time and materials basis. The fees earned for and advisory services are recorded in and advisory on the consolidated statements of income. Other Revenue . The Company earns fees for transition management services comprised of commissions from acting as an introducing broker-dealer in buying and selling securities on behalf of the Company’s customers. Commissions related to transition management services are recorded on a trade-date basis as securities transactions occur and are reflected in other revenue on the consolidated statements of income. Other revenue also includes equity method investment earnings related to certain strategic investments. |
Stock-based Compensation | Stock-based Compensation . Entities are required to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The compensation cost is recognized over the period during which an employee is required to provide service (usually the vesting period) in exchange for the stock-based award. The Company measures the grant-date fair value of restricted stock units (“RSUs”) using the Company’s share price on the date of grant. For employee share options and instruments with market conditions, the Company uses pricing models. If an equity award is modified after the grant-date, incremental compensation cost is recognized for an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Awards under the Company’s stock-based compensation plans vest over various periods. Compensation cost is recorded by the Company on a straight-line basis over the requisite service period for each separate vesting portion of the award as if the award is, in-substance, multiple awards. Compensation cost was reduced by the number of awards expected to be forfeited prior to vesting. Forfeiture estimates generally were derived using historical forfeiture information, where available, and were reviewed for reasonableness at least quarterly. The Company amortizes the grant-date fair value of stock-based compensation awards made to retirement-eligible employees over the requisite service period. Upon notification of retirement, the Company accelerates the unamortized portion of the award over the contractually required retirement notification period. |
Distribution and Servicing Costs | Distribution and Servicing Costs . Distribution and servicing costs include payments to third parties, primarily associated with distribution and servicing of client investments in certain BlackRock products. Distribution and servicing costs are expensed when incurred. |
Amortization of Deferred Sales Commissions | Amortization of Deferred Sales Commissions . The Company holds the rights to receive certain cash flows from sponsored mutual funds sold without a front-end sales charge (“back-end load shares”). The carrying value of these deferred mutual fund commissions is recorded within other assets on the consolidated statements of financial condition and is being amortized over periods between one and six years. The Company receives distribution fees from these funds and contingent deferred sales commissions (“CDSCs”) upon shareholder redemption of certain back-end load shares that are recorded within distribution fees on the consolidated statements of income. Upon receipt of CDSCs, the Company records revenue and the remaining unamortized deferred sales commission is expensed. |
Direct Fund Expenses | Direct Fund Expense . Direct fund expense, which is expensed as incurred, primarily consist of third-party nonadvisory expense incurred by BlackRock related to certain funds for the use of certain index trademarks, reference data for certain indices, custodial services, fund administration, fund accounting, transfer agent services, shareholder reporting services, audit and tax services as well as other fund-related expense directly attributable to the nonadvisory operations of the fund. |
Leases | Leases . The Company accounts for its office facilities leases as operating leases, which may include escalation clauses. The Company expenses the lease payments associated with operating leases evenly during the lease term (including rent-free periods) commencing when the Company obtains the right to control the use of the leased property. |
Foreign Exchange | Foreign Exchange . Foreign currency transactions are recorded at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities that are denominated in foreign currencies are subsequently remeasured into the functional currencies of the Company's subsidiaries at the rates prevailing at each balance sheet date. Gains and losses arising on remeasurement are included in general and administration expense on the consolidated statements of income. Revenue and expenses are translated at average exchange rates during the period. Gains or losses resulting from translating foreign currency financial statements into U.S. dollars are included in accumulated other comprehensive income, a separate component of stockholders’ equity, on the consolidated statements of financial condition. |
Income Taxes | Income Taxes . Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using currently enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized on the consolidated statements of income in the period that includes the enactment date. Management periodically assesses the recoverability of its deferred income tax assets based upon expected future earnings, taxable income in prior carryback years, future deductibility of the asset, changes in applicable tax laws and other factors. If management determines that it is not more likely than not that the deferred tax asset will be fully recoverable in the future, a valuation allowance will be established for the difference between the asset balance and the amount expected to be recoverable in the future. This allowance will result in additional income tax expense. Further, the Company records its income taxes receivable and payable based upon its estimated income tax position. Excess tax benefits related to stock-based compensation were recognized as additional paid-in capital and are reflected as financing cash flows on the consolidated statements of cash flows. |
Earnings per Share ("EPS") | Earnings per Share (“EPS”) . Basic EPS is calculated by dividing net income applicable to common shareholders by the weighted-average number of shares outstanding during the period. Diluted EPS includes the determinants of basic EPS and common stock equivalents outstanding during the period. Diluted EPS is computed using the treasury stock method. Due to the similarities in terms between BlackRock’s nonvoting participating preferred stock and the Company’s common stock, the Company considers its nonvoting participating preferred stock to be a common stock equivalent for purposes of EPS calculations. As such, the Company has included the outstanding nonvoting participating preferred stock in the calculation of average basic and diluted shares outstanding. |
Business Segments | Business Segments . The Company’s management directs BlackRock’s operations as one business, the asset management business. The Company utilizes a consolidated approach to assess performance and allocate resources. As such, the Company operates in one business segment as defined in ASC 280-10, Segment Reporting (“ASC 280-10”). |
Fair Value Measurements | Fair Value Measurements. Hierarchy of Fair Value Inputs . The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches 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, 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. • Level 2 assets may include debt securities, investments in CLOs, short-term floating-rate notes, asset-backed securities, securities held within consolidated hedge funds, 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. • Level 3 assets may include direct private equity investments held within consolidated funds and investments in CLOs. • Level 3 liabilities include contingent liabilities related to acquisitions valued based upon discounted cash flow analyses using unobservable market data. 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 Approaches. The fair values of certain Level 3 assets and liabilities were determined using various valuation approaches as appropriate, including 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. A significant number of inputs used to value equity, debt securities and investments in CLOs 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 approaches, 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. Investments Measured at Net Asset Values. As a practical expedient, the Company uses net asset value (“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 hedge funds, real assets 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 could be used as an input to value these investments. |
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 uses 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. However, certain consolidated sponsored investment funds may also utilize derivatives as a part of their investment strategy. Changes in the fair value of the Company’s derivative financial instruments are 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 consolidated statements of income. The Company may also use financial instruments designated as net investment hedges for accounting purposes to hedge net investments in international subsidiaries whose functional currency is different from U.S. dollars. The gain or loss from revaluing accounting hedges of net investments in foreign operations at the spot rate is deferred and reported within accumulated other comprehensive income on the consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge on a quarterly basis. |
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 guidance also changes the accounting for certain contract costs and revises the criteria for determining if an entity is acting as a principal or agent in certain arrangements. The Company continues to evaluate the impact of ASU 2014-09 on the presentation and recognition of its revenue and certain contract costs. The most significant change currently identified to date relates to certain distribution costs currently presented net against revenues (contra-revenue) that may need to be presented as an expense on a gross basis. The Company will adopt ASU 2014-09 upon its effective date of January 1, 2018, together with all amending ASUs, and is currently evaluating which transition method it will apply. Recognition and Measurement of Financial Instruments . In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 amends guidance on the classification and measurement of financial instruments, including significant revisions in accounting related to the classification and measurement of investments in equity securities and presentation of certain fair value changes for financial liabilities when the fair value option is elected. ASU 2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. The Company is currently evaluating the impact of adopting ASU 2016-01, which is effective for the Company on January 1, 2018. Leases. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize assets and liabilities arising from most operating leases on the consolidated statements of financial condition. The Company is currently evaluating the impact of adopting ASU 2016-02, which is effective for the Company on January 1, 2019. Accounting for Share-Based Payments. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the consolidated statement of cash flows. The Company adopted ASU 2016-09 as of January 1, 2017. ASU 2016-09 requires all excess tax benefits and deficiencies to be recognized in income tax expense on the consolidated statements of income. Accordingly, the Company expects to record a discrete income tax benefit of approximately $80 million during the first quarter of 2017 for vested restricted stock units where the grant date stock price was lower than the vesting date stock price. The new guidance could increase the volatility of income tax expense as a result of fluctuations in the Company’s stock price. Also, upon adoption, the Company elected to account for forfeitures as they occur, which is not expected to have a material impact on the consolidated financial statements. Accounting for Credit Losses. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the guidance for evaluating the impairment of financial instruments. The new guidance adds an impairment model that is based on expected losses rather than incurred losses. The Company is currently evaluating the impact of adopting ASU 2016-13, which is effective for the Company on January 1, 2020 with early adoption permitted on January 1, 2019. Cash Flow Classification. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which amends and clarifies the current guidance to reduce diversity in practice of the classification of certain cash receipts and payments in the statement of cash flows. The Company is currently evaluating the impact of adopting ASU 2016-15, which is effective for the Company on January 1, 2018 with early adoption permitted. The Company must apply the guidance retrospectively to all periods presented. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) December 31, 2016 December 31, 2015 Available-for-sale investments $ 80 $ 44 Held-to-maturity investments 51 108 Trading investments: Consolidated sponsored investment funds 465 700 Other equity and debt securities 101 20 Deferred compensation plan mutual funds 59 65 Total trading investments 625 785 Other investments: Equity method investments 730 527 Cost method investments (1) 91 95 Carried interest 18 19 Total other investments 839 641 Total investments $ 1,595 $ 1,578 (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 Cost Gains Losses Value December 31, 2016 $ 79 $ 2 $ (1 ) $ 80 December 31, 2015 $ 45 $ 2 $ (3 ) $ 44 |
Summary of Sale Activity of Available-for-Sale-Securities | A summary of sale activity of available-for-sale securities during 2016, 2015 and 2014 is shown below. Year ended December 31, (in millions) 2016 2015 2014 Sales proceeds $ 40 $ 36 $ 155 Net realized gain (loss): Gross realized gains $ 2 $ 3 $ 14 Gross realized losses (1 ) (1 ) (3 ) Net realized gain (loss) $ 1 $ 2 $ 11 |
Summary of Cost and Carrying Value of Trading Investments | A summary of the cost and carrying value of trading investments is as follows: December 31, 2016 December 31, 2015 (in millions) Cost Carrying Value Cost Carrying Value Trading investments: Deferred compensation plan mutual funds $ 41 $ 59 $ 48 $ 65 Equity securities/multi-asset mutual funds 290 308 294 279 Debt securities/fixed income mutual funds: Corporate debt 128 128 194 190 Government debt 60 60 202 202 Asset/mortgage backed debt 70 70 49 49 Total trading investments $ 589 $ 625 $ 787 $ 785 |
Summary of Carrying Value of Other Investments | A summary of the carrying value of other investments is as follows: (in millions) December 31, 2016 December 31, 2015 Other investments: Equity method investments $ 730 $ 527 Cost method investments: Federal Reserve Bank stock 89 93 Other 2 2 Total cost method investments 91 95 Carried interest (1) 18 19 Total other investments $ 839 $ 641 (1) Carried interest related to VREs. |
Consolidated Voting Rights En38
Consolidated Voting Rights Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Consolidated VREs Included in Condensed Consolidated Statements of Financial Condition | The following table presents the balances related to these consolidated VREs that were recorded on the consolidated statements of financial condition, including BlackRock’s net interest in these funds: (in millions) December 31, 2016 December 31, 2015 Cash and cash equivalents $ 53 $ 100 Investments 465 700 Other assets 15 18 Other liabilities (50 ) (77 ) Noncontrolling interests (39 ) (125 ) BlackRock’s net interests in consolidated VREs $ 444 $ 616 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Consolidated Variable Interest Entities [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of VIE Assets and Liabilities | Consolidated VIE assets and liabilities are presented after intercompany eliminations at December 31, 2016 and 2015 in the following table: (in millions) December 31, 2016 December 31, 2015 Assets of consolidated VIEs: Cash and cash equivalents $ 84 $ 148 Investments 1,008 1,030 Other assets 63 67 Total investments and other assets 1,071 1,097 Liabilities of consolidated VIEs (216 ) (177 ) Noncontrolling interests (207 ) (416 ) BlackRock's net interests in consolidated VIEs $ 732 $ 652 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of VIE Assets and Liabilities | At December 31, 2016 and 2015, the Company’s carrying value of assets and liabilities included on the consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs for which it held a variable interest, but for which it was not the PB, was as follows: (in millions) At December 31, 2016 Investments Advisory Fee Receivables Other Net Assets (Liabilities) Maximum Risk of Loss (1) Sponsored investment products $ 171 $ 9 $ (8 ) $ 197 At December 31, 2015 Sponsored investment products $ 64 $ 3 $ (7 ) $ 84 (1) At December 31, 2016 and 2015, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and collecting advisory fee receivables. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (1) Other Assets Not Held at Fair Value (2) December 31, 2016 Assets: Investments Available-for-sale $ 7 $ 49 $ 24 $ — $ — $ 80 Held-to-maturity debt securities — — — — 51 51 Trading: Deferred compensation plan mutual funds 59 — — — — 59 Equity securities / Multi-asset mutual funds 308 — — — — 308 Debt securities / fixed income mutual funds 1 250 7 — — 258 Total trading 368 250 7 — — 625 Other investments: Equity method: Equity and fixed income mutual funds 323 — — 5 — 328 Other — — — 394 8 402 Total equity method 323 — — 399 8 730 Cost method investments — — — — 91 91 Carried interest — — — — 18 18 Total investments 698 299 31 399 168 1,595 Separate account assets 109,663 38,542 — — 884 149,089 Separate account collateral held under securities lending agreements: Equity securities 22,173 — — — — 22,173 Debt securities — 5,619 — — — 5,619 Total separate account collateral held under securities lending agreements 22,173 5,619 — — — 27,792 Investments of consolidated VIEs: Private / public equity (3) 3 2 112 89 79 285 Equity securities 278 — — — — 278 Debt securities — 274 — — — 274 Other — — — 63 — 63 Carried interest — — — — 108 108 Total investments of consolidated VIEs 281 276 112 152 187 1,008 Total $ 132,815 $ 44,736 $ 143 $ 551 $ 1,239 $ 179,484 Liabilities: Separate account collateral liabilities under securities lending agreements $ 22,173 $ 5,619 $ — $ — $ — $ 27,792 Other liabilities (4) — 7 115 — — 122 Total $ 22,173 $ 5,626 $ 115 $ — $ — $ 27,914 (1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) 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. (3) Level 3 amounts include direct investments in private equity companies held by private equity funds. (4) Amounts primarily include recorded contingent liabilities related to certain acquisitions (see Note 13, Commitments and Contingencies Assets and liabilities measured at fair value on a recurring basis and other assets not held at fair value December 31, 2015 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (1) Other Assets Not Held at Fair Value (2) December 31, 2015 Assets: Investments Available-for-sale $ 19 $ 2 $ 23 $ — $ — $ 44 Held-to-maturity debt securities — — — — 108 108 Trading: Deferred compensation plan mutual funds 65 — — — — 65 Equity securities / Multi-asset mutual funds 278 — — — — 278 Debt securities / fixed income mutual funds 2 438 2 — — 442 Total trading 345 438 2 — — 785 Other investments: Equity method: Equity and fixed income mutual funds 73 — — 30 — 103 Other — — — 414 10 424 Total equity method 73 — — 444 10 527 Cost method investments — — — — 95 95 Carried interest — — — — 19 19 Total investments 437 440 25 444 232 1,578 Separate account assets 109,761 40,152 — — 938 150,851 Separate account collateral held under securities lending agreements: Equity securities 26,062 — — — — 26,062 Debt securities — 5,274 — — — 5,274 Total separate account collateral held under securities lending agreements 26,062 5,274 — — — 31,336 Investments of consolidated VIEs: Private / public equity (3) 6 4 196 145 — 351 Equity securities 298 — — — — 298 Debt securities — 242 — — — 242 Other — — — 58 — 58 Carried interest — — — — 81 81 Total investments of consolidated VIEs 304 246 196 203 81 1,030 Total $ 136,564 $ 46,112 $ 221 $ 647 $ 1,251 $ 184,795 Liabilities: Separate account collateral liabilities under securities lending agreements $ 26,062 $ 5,274 $ — $ — $ — $ 31,336 Other liabilities (4) — 6 48 — — 54 Total $ 26,062 $ 5,280 $ 48 $ — $ — $ 31,390 (1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) 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. (3) Level 3 amounts include direct investments in private equity companies held by private equity funds. (4) Amounts primarily include recorded contingent liabilities related to certain acquisitions (see Note 13, Commitments and Contingencies |
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 2016 (in millions) December 31, 2015 Realized and Unrealized Gains (Losses) in Earnings and OCI Purchases Sales and Maturities Issuances and Other Settlements (1) Transfers into Level 3 Transfers out of Level 3 (2) December 31, 2016 Total Net Unrealized Gains (Losses) Included in Earnings (3) Assets: Investments: Available-for-sale securities (4) $ 23 $ — $ 47 $ — $ — $ — $ (46 ) $ 24 $ — Trading 2 — 8 — — — (3 ) 7 — Total investments 25 — 55 — — — (49 ) 31 — Assets of consolidated VIEs - Private equity 196 3 6 (15 ) — — (78 ) 112 $ 3 Total Level 3 assets $ 221 $ 3 $ 61 $ (15 ) $ — $ — $ (127 ) $ 143 $ 3 Liabilities: Other liabilities (5) $ 48 $ 3 $ — $ — $ 70 $ — $ — 115 $ 3 (1) Issuances and other settlements amount includes a contingent liability related to the BofA ® (2) Amounts include transfers out of Level 3 due to availability of observable market inputs from pricing vendors. (3) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. (4 ) Amounts include investments in CLOs. (5 ) Other liabilities amount includes contingent liabilities and payments of contingent liabilities in connection with certain acquisitions. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 2015 (in millions) December 31, 2014 Realized and Unrealized Gains (Losses) in Earnings and OCI Purchases Sales and Maturities Issuances and Other Settlements (1)(2) Transfers into Level 3 Transfers out of Level 3 December 31, 2015 Total Net Unrealized Gains (Losses) Included in Earnings (3) Assets: Investments: Available-for-sale securities (4) $ — $ — $ 23 $ — $ — $ — $ — $ 23 $ — Trading — — 2 — — — — 2 — Consolidated sponsored investment funds- Private equity 80 — — — (80 ) — — — — Total investments 80 — 25 — (80 ) — — 25 — Assets of consolidated VIEs: Private equity — 37 79 — 80 — — 196 $ 37 Bank loans 302 — — — (302 ) — — — — Bonds 18 — — — (18 ) — — — — Total assets of consolidated VIEs 320 37 79 — (240 ) — — 196 37 Total Level 3 assets $ 400 $ 37 $ 104 $ — $ (320 ) $ — $ — $ 221 $ 37 Liabilities: Borrowings of consolidated VIEs $ 3,389 $ — $ — $ — $ (3,389 ) $ — $ — $ — $ — Other liabilities 39 3 — — 12 — — 48 3 Total liabilities $ 3,428 $ 3 $ — $ — $ (3,377 ) $ — $ — $ 48 $ 3 (1) Amounts include the consolidation (deconsolidation) of VIEs due to the adoption of ASU 2015-02 effective January 1, 2015. (2) Other liabilities amount includes contingent liabilities and payments of contingent liabilities related to certain acquisitions. (3) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. (4) Amounts include investments in CLOs. |
Fair Value of Financial Assets and Financial Liabilities | Disclosures of Fair Value for Financial Instruments Not Held at Fair Value . At December 31, 2016 and 2015, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below. December 31, 2016 December 31, 2015 (in millions) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Fair Value Hierarchy Financial Assets: Cash and cash equivalents $ 6,091 $ 6,091 $ 6,083 $ 6,083 Level 1 (1),(2) Accounts receivable 2,350 2,350 2,237 2,237 Level 1 (3) Cash and cash equivalents of consolidated VIEs 84 84 148 148 Level 1 (1),(2) Financial Liabilities: Accounts payable and accrued liabilities 1,094 1,094 1,068 1,068 Level 1 (3) Long-term borrowings 4,915 5,165 4,930 5,223 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 both December 31, 2016 and 2015, approximately $132 million of money market funds were recorded within cash and cash equivalents on the consolidated statements of financial condition. In addition, at December 31, 2016 and 2015, approximately $13 million and $68 million, respectively, of money market funds were recorded within cash and cash equivalents of consolidated VIEs. 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, net of debt issuance costs. 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 December 2016 and 2015, respectively. See Note 12, Borrowings |
Investments in Certain Entities that 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). December 31, 2016 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 237 $ 14 Daily/Monthly (21%) Quarterly (51%) N/R (28%) 1 – 90 days Private equity funds (b) 90 62 N/R N/R Real assets funds (c) 60 35 Quarterly (41%) N/R (59%) 60 days Other (d) 12 9 Daily/Monthly (42%) N/R (58%) 3-5 days Consolidated VIEs: Private equity funds of funds (e) 89 16 N/R N/R Hedge fund (a) 36 — Quarterly 90 days Real assets funds (c) 27 21 NR NR Total $ 551 $ 157 December 31, 2015 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 217 $ 30 Daily/Monthly (22%) Quarterly (52%) N/R (26%) 30 – 90 days Private equity funds (b) 89 67 N/R N/R Real assets funds (c) 94 31 Quarterly (25%) N/R (75%) 60 days Other (d) 44 5 Daily/Monthly (68%) N/R (32%) 3-5 days Consolidated VIEs: Private equity funds of funds (e) 145 19 N/R N/R Hedge fund (a) 58 — Quarterly 90 days Total $ 647 $ 152 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 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 one year at both December 31, 2016 and 2015. (b) 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 five years and four years at December 31, 2016 and 2015, respectively. (c) (d) This category includes deferred compensation plan investments. 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. In addition, this category for 2015 also includes a multi-asset fund that is redeemable. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in partners’ capital. (e) 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 five years at both December 31, 2016 and 2015. The total remaining unfunded commitments to other third-party funds were $16 million and $19 million at December 31, 2016 and 2015, respectively. The Company had contractual obligations to the consolidated funds of $24 million and $31 million at December 31, 2016 and 2015, respectively. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consists of the following: Estimated useful December 31, (in millions) life-in years 2016 2015 Property and equipment: Land N/A $ 6 $ 6 Building 39 33 17 Building improvements 15 29 15 Leasehold improvements 1-15 476 491 Equipment and computer software 3 411 374 Other transportation equipment 10 135 135 Furniture and fixtures 7 65 62 Construction in progress N/A 5 51 Total 1,160 1,151 Less: accumulated depreciation and amortization 601 570 Property and equipment, net $ 559 $ 581 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill Activity | Goodwill activity during 2016 and 2015 was as follows: (in millions) 2016 2015 Beginning of year balance $ 13,123 $ 12,961 Acquisitions (1) 14 181 Goodwill adjustments related to Quellos (2) (19 ) (19 ) End of year balance $ 13,118 $ 13,123 (1) In 2016, the $14 million increase represents goodwill from the BofA Global Capital Management transaction in April 2016 that transferred investment management responsibilities of approximately $80.6 billion of cash assets under management to the Company. Total consideration included $75 million of contingent consideration at fair value at time of close. BlackRock’s platform provides clients with broad access to high quality, global liquidity investment solutions. ( 2 ) The decrease in goodwill during both 2016 and 2015 primarily resulted from a decline related to 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 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets at December 31, 2016 and 2015 consisted of the following: (in millions) Remaining Weighted- Average Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount At December 31, 2016 Indefinite-lived intangible assets: Management contracts N/A $ 15,769 $ — $ 15,769 Trade names / trademarks N/A 1,403 — 1,403 License N/A 6 — 6 Total indefinite-lived intangible assets 17,178 — 17,178 Finite-lived intangible assets: Management contracts 3.9 1,011 827 184 Intellectual property 1.6 6 5 1 Total finite-lived intangible assets 3.8 1,017 832 185 Total intangible assets $ 18,195 $ 832 $ 17,363 At December 31, 2015 Indefinite-lived intangible assets: Management contracts N/A $ 15,699 $ — $ 15,699 Trade names / trademarks N/A 1,403 — 1,403 License N/A 6 — 6 Total indefinite-lived intangible assets 17,108 — 17,108 Finite-lived intangible assets: Management contracts 3.7 1,003 741 262 Intellectual property 2.6 6 4 2 Total finite-lived intangible assets 3.7 1,009 745 264 Total intangible assets $ 18,117 $ 745 $ 17,372 N/A — Not Applicable |
Estimated Amortization Expense for Finite-lived Intangible Assets | Estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows: (in millions) Year Amount 2017 $ 82 2018 32 2019 30 2020 16 2021 13 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 and foreign exchange rates at December 31, 2016 included the following: (in millions) Maturity Unamortized Discount and Debt Issuance Costs Carrying Value Fair Value 6.25% Notes due 2017 $ 700 $ — $ 700 $ 724 5.00% Notes due 2019 1,000 (3 ) 997 1,086 4.25% Notes due 2021 750 (4 ) 746 808 3.375% Notes due 2022 750 (4 ) 746 775 3.50% Notes due 2024 1,000 (6 ) 994 1,030 1.25% Notes due 2025 738 (6 ) 732 742 Total Long-term Borrowings $ 4,938 $ (23 ) $ 4,915 $ 5,165 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Commitments under Operating Leases | Future minimum commitments under these operating leases are as follows: (in millions) Year Amount 2017 142 2018 135 2019 125 2020 120 2021 112 Thereafter 404 Total $ 1,038 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Components of Stock-Based Compensation Expense | The components of stock-based compensation expense are as follows: (in millions) 2016 2015 2014 Stock-based compensation: Restricted stock and RSUs $ 493 $ 484 $ 421 Long-term incentive plans to be funded by PNC 28 30 32 Total stock-based compensation $ 521 $ 514 $ 453 |
Restricted Stock and RSU Activity | Restricted stock and RSU activity for 2016 is summarized below. Outstanding at Restricted Stock and RSUs Weighted- Average Grant Date Fair Value December 31, 2015 3,067,737 $ 308.42 Granted 1,481,125 $ 301.01 Converted (1,455,072 ) $ 283.64 Forfeited (106,202 ) $ 274.18 December 31, 2016 (1) 2,987,588 $ 318.04 (1) At December 31, 2016, approximately 2.7 million awards are expected to vest and 0.3 million awards have vested but have not been converted. |
Summary of RSUs/Restricted Stock Granted in Connection with Annual Incentive Compensation under Award Plan | RSUs/restricted stock granted in connection with annual incentive compensation under the Award Plan primarily related to the following: 2016 2015 2014 Awards granted that vest ratably over three years from the date of grant 1,030,964 952,329 1,022,295 Awards granted that cliff vest 100% on: January 31, 2017 — — 287,963 January 31, 2018 — 303,999 — January 31, 2019 303,587 — — 1,334,551 1,256,328 1,310,258 |
Stock Option Activity | Stock option activity for 2016 is summarized below. Outstanding at Shares under option Weighted average exercise price December 31, 2015 154,094 $ 167.76 Exercised (154,094 ) $ 167.76 December 31, 2016 — The aggregate intrinsic value of options exercised during 2016, 2015 and 2014 was $30 million, $128 million and $4 million, respectively. |
Performance-Based RSUs [Member] | |
Restricted Stock and RSU Activity | Performance-based RSU activity for 2016 is summarized below. Outstanding at Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2015 255,868 $ 343.86 Granted 375,242 $ 296.97 Forfeited (20,739 ) $ 325.65 December 31, 2016 610,371 $ 315.65 |
Market Performance-Based RSUs [Member] | |
Restricted Stock and RSU Activity | Market performance-based RSU activity for 2016 is summarized below. Outstanding at Market Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2015 1,378,177 $ 137.07 Converted (548,227 ) $ 115.03 Forfeited (26,476 ) $ 164.67 December 31, 2016 (1) 803,474 $ 151.20 (1) At December 31, 2016, approximately 0.7 million awards are expected to vest and an immaterial amount of awards have vested and have not been converted. |
Schedule of Fair Value of Market Performance-Based Award at Grant Date | The fair value was calculated using a Monte Carlo simulation with the following assumptions: Grant Year Risk-Free Interest Rate Performance Period Expected Stock Volatility Expected Dividend Yield 2014 2.05 % 6 27.40 % 2.42 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Revenues for Services Provided to Related Parties | Revenues for services provided by the Company to these and other related parties are as follows: (in millions) 2016 2015 2014 Investment advisory, administration fees and securities lending revenue: PNC and affiliates $ 3 $ 4 $ 5 Registered investment companies/equity method investees 6,833 6,871 6,733 Total investment advisory, administration fees, and securities lending revenue 6,836 6,875 6,738 Investment advisory performance fees 125 129 173 BlackRock Solutions and advisory: PNC and affiliates 7 7 7 Equity method investees — — 6 Total BlackRock Solutions 7 7 13 Other revenue: PNC and affiliates 3 3 3 Equity method investees 87 70 67 Total other revenue 90 73 70 Total revenue from related parties $ 7,058 $ 7,084 $ 6,994 |
Aggregate Expenses Included in Consolidated Statements of Income for Transactions with Related Parties | Aggregate expenses included in the consolidated statements of income for transactions with related parties are as follows: (in millions) 2016 2015 2014 Expense with related parties: Distribution and servicing costs PNC and affiliates $ 2 $ 2 $ 2 Total distribution and servicing costs 2 2 2 General and administration expense Other registered investment companies 61 60 55 Other 4 18 5 Total general and administration expense 65 78 60 Total expense with related parties $ 67 $ 80 $ 62 |
Net Capital Requirements (Table
Net Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking And Thrift [Abstract] | |
Summary of Capital Adequacy Requirements | Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (in millions) Amount Ratio Amount Ratio Amount Ratio December 31, 2016 Total capital (to risk weighted assets) $ 1,211 92.5 % $ 105 8.0 % $ 131 10.0 % Common Equity Tier 1 capital (to risk weighted assets) $ 1,211 92.5 % $ 59 4.5 % $ 85 6.5 % Tier 1 capital (to risk weighted assets) $ 1,211 92.5 % $ 79 6.0 % $ 105 8.0 % Tier 1 capital (to average assets) $ 1,211 65.3 % $ 74 4.0 % $ 93 5.0 % December 31, 2015 Total capital (to risk weighted assets) $ 1,593 88.6 % $ 144 8.0 % $ 180 10.0 % Common Equity Tier 1 capital (to risk weighted assets) $ 1,593 88.6 % $ 81 4.5 % $ 117 6.5 % Tier 1 capital (to risk weighted assets) $ 1,593 88.6 % $ 108 6.0 % $ 144 8.0 % Tier 1 capital (to average assets) $ 1,593 66.7 % $ 96 4.0 % $ 119 5.0 % |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table presents changes in accumulated other comprehensive income (loss) “ (in millions) Unrealized (Losses) on Available-for-sale Investments (1) Benefit Plans Foreign Currency Translation Adjustments (2) Total December 31, 2013 $ 7 $ 6 $ (48 ) $ (35 ) Other comprehensive income (loss) before reclassifications 3 (2 ) (231 ) (230 ) Amount reclassified from AOCI (3) (8 ) — — (8 ) Net other comprehensive income (loss) for 2014 (5 ) (2 ) (231 ) (238 ) December 31, 2014 $ 2 $ 4 $ (279 ) $ (273 ) Other comprehensive income (loss) before reclassifications (1 ) 1 (173 ) (173 ) Amount reclassified from AOCI (3) (2 ) — — (2 ) Net other comprehensive income (loss) for 2015 (3 ) 1 (173 ) (175 ) December 31, 2015 $ (1 ) $ 5 $ (452 ) $ (448 ) Other comprehensive income (loss) before reclassifications — — (269 ) (269 ) Amount reclassified from AOCI (3) 1 — — 1 Net other comprehensive income (loss) for 2016 1 — (269 ) (268 ) December 31, 2016 $ — $ 5 $ (721 ) $ (716 ) (1) All amounts are net of tax. The tax benefit (expense) was not material for 2016, 2015 and 2014. (2) Amount for 2016 includes gains from a net investment hedge of $14 million, net of tax of $8 million. (3) The pre-tax amount reclassified from AOCI was included in net gain (loss) on investments on the consolidated statements of income. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Common and Preferred Shares Authorized, Issued and Outstanding and Related Activity | The Company’s authorized common stock and nonvoting participating preferred stock, $0.01 par value, (“Preferred”) consisted of the following: December 31, 2016 December 31, 2015 Common Stock 500,000,000 500,000,000 Nonvoting Participating Preferred Stock Series A Preferred 20,000,000 20,000,000 Series B Preferred 150,000,000 150,000,000 Series C Preferred 6,000,000 6,000,000 Series D Preferred 20,000,000 20,000,000 The Company’s common and preferred shares issued and outstanding and related activity consist of the following: Shares Issued Shares Outstanding Common Shares Treasury Common Shares Series B Preferred Series C Preferred Common Shares Series B Preferred Series C Preferred December 31, 2013 171,252,185 (4,662,497 ) 823,188 1,311,887 166,589,688 823,188 1,311,887 Shares repurchased — (3,175,088 ) — — (3,175,088 ) — — Net issuance of common shares related to employee stock transactions — 1,372,188 — — 1,372,188 — — December 31, 2014 171,252,185 (6,465,397 ) 823,188 1,311,887 164,786,788 823,188 1,311,887 Shares repurchased — (3,080,689 ) — — (3,080,689 ) — — Net issuance of common shares related to employee stock transactions — 1,754,965 — — 1,754,965 — — December 31, 2015 171,252,185 (7,791,121 ) 823,188 1,311,887 163,461,064 823,188 1,311,887 Shares repurchased — (3,264,935 ) — — (3,264,935 ) — — Net issuance of common shares related to employee stock transactions — 1,338,314 — — 1,338,314 — — PNC LTIP capital contribution — — — (548,227 ) — — (548,227 ) December 31, 2016 171,252,185 (9,717,742 ) 823,188 763,660 161,534,443 823,188 763,660 |
Restructuring Charge (Tables)
Restructuring Charge (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Rollforward of Restructuring Liability | The following table presents a rollforward of the Company’s restructuring liability for 2016, which is included within other liabilities on the consolidated statements of financial condition: (in millions) 2016 Liability as of December 31, 2015 $ — Additions 76 Cash payments (44 ) Accelerated amortization expense of equity-based awards (28 ) Liability as of December 31, 2016 $ 4 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense for 2016, 2015 and 2014, are as follows: (in millions) 2016 2015 2014 Current income tax expense: Federal $ 858 $ 937 $ 923 State and local 61 74 54 Foreign 385 395 258 Total net current income tax expense 1,304 1,406 1,235 Deferred income tax expense (benefit): Federal 31 (13 ) (73 ) State and local 14 (19 ) (9 ) Foreign (59 ) (124 ) (22 ) Total net deferred income tax expense (benefit) (14 ) (156 ) (104 ) Total income tax expense $ 1,290 $ 1,250 $ 1,131 |
Components of Income before Taxes, Less Net Income (Loss) Attributable to Noncontrolling Interests | Income tax expense has been based on the following components of income before taxes, less net income (loss) attributable to noncontrolling interests: (in millions) 2016 2015 2014 Domestic $ 2,837 $ 2,840 $ 2,946 Foreign 1,625 1,755 1,479 Total $ 4,462 $ 4,595 $ 4,425 |
Reconciliation of Income Tax Expense with Expected Federal Income Tax Expense | A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 35% is as follows: (in millions) 2016 % 2015 % 2014 % Statutory income tax expense $ 1,562 35 % $ 1,608 35 % $ 1,549 35 % Increase (decrease) in income taxes resulting from: State and local taxes (net of federal benefit) 69 2 42 1 51 1 Impact of foreign, state, and local tax rate changes on deferred taxes (33 ) (1 ) (45 ) (1 ) (4 ) — Effect of foreign tax rates (329 ) (7 ) (385 ) (8 ) (434 ) (10 ) Other 21 — 30 — (31 ) — Income tax expense $ 1,290 29 % $ 1,250 27 % $ 1,131 26 % |
Components of Deferred Income Tax Assets and Liabilities | The components of deferred income tax assets and liabilities are shown below December 31, (in millions) 2016 2015 Deferred income tax assets: Compensation and benefits $ 399 $ 372 Unrealized investment losses 42 114 Loss carryforwards 85 98 Foreign tax credit carryforwards 118 83 Other 216 235 Gross deferred tax assets 860 902 Less: deferred tax valuation allowances (22 ) (20 ) Deferred tax assets net of valuation allowances 838 882 Deferred income tax liabilities: Goodwill and acquired indefinite-lived intangibles 5,568 5,588 Acquired finite-lived intangibles 36 45 Other 54 80 Gross deferred tax liabilities 5,658 5,713 Net deferred tax (liabilities) $ (4,820 ) $ (4,831 ) |
Reconciliation of Gross Unrecognized Tax Benefits | The following tabular reconciliation presents the total amounts of gross unrecognized tax benefits: (in millions) 2016 2015 2014 Balance at January 1 $ 466 $ 379 $ 467 Additions for tax positions of prior years 3 39 21 Reductions for tax positions of prior years (78 ) (25 ) (24 ) Additions based on tax positions related to current year 37 75 85 Lapse of statute of limitations — (2 ) (2 ) Settlements (18 ) — (168 ) Balance at December 31 $ 410 $ 466 $ 379 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016, 2015 and 2014 under the treasury stock method: (in millions, except shares and per share data) 2016 2015 2014 Net income attributable to BlackRock $ 3,172 $ 3,345 $ 3,294 Basic weighted-average shares outstanding 164,425,858 166,390,009 168,225,154 Dilutive effect of nonparticipating RSUs and stock options 2,153,894 2,648,562 2,887,107 Total diluted weighted-average shares outstanding 166,579,752 169,038,571 171,112,261 Basic earnings per share $ 19.29 $ 20.10 $ 19.58 Diluted earnings per share $ 19.04 $ 19.79 $ 19.25 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 by product type, BlackRock Solutions (in millions) 2016 2015 2014 Equity $ 5,018 $ 5,345 $ 5,337 Fixed income 2,664 2,428 2,171 Multi-asset 1,157 1,287 1,236 Alternatives 878 1,082 1,103 Cash management 458 319 292 Total investment advisory, administration fees, securities lending revenue and performance fees 10,175 10,461 10,139 BlackRock Solutions and advisory 714 646 635 Distribution fees 41 55 70 Other revenue 225 239 237 Total revenue $ 11,155 $ 11,401 $ 11,081 |
Total Revenue by Geographic Region | The following table illustrates total revenue for 2016, 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) Revenue 2016 2015 2014 Americas $ 7,530 $ 7,502 $ 7,286 Europe 3,083 3,356 3,246 Asia-Pacific 542 543 549 Total revenue $ 11,155 $ 11,401 $ 11,081 |
Schedule of Long-Lived Assets by Geographic Region | The following table illustrates long-lived assets that consist of goodwill and property and equipment at December 31, 2016 and 2015 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) Long-lived Assets 2016 2015 Americas $ 13,424 $ 13,422 Europe 163 186 Asia-Pacific 90 96 Total long-lived assets $ 13,677 $ 13,704 |
Selected Quarterly Financial 55
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | (in millions, except shares and per share data) 2016 1 st (1)(2) 2 nd 3 rd (3) 4 th (4) Revenue $ 2,624 $ 2,804 $ 2,837 $ 2,890 Operating income $ 963 $ 1,173 $ 1,209 $ 1,225 Net income $ 647 $ 795 $ 877 $ 851 Net income attributable to BlackRock $ 657 $ 789 $ 875 $ 851 Earnings per share attributable to BlackRock, Inc. common stockholders: Basic $ 3.97 $ 4.79 $ 5.33 $ 5.21 Diluted $ 3.92 $ 4.73 $ 5.26 $ 5.13 Weighted-average common shares outstanding: Basic 165,388,130 164,758,612 164,129,214 163,441,552 Diluted 167,398,938 166,639,290 166,256,598 165,854,167 Dividend declared per share $ 2.29 $ 2.29 $ 2.29 $ 2.29 Common stock price per share: High $ 342.56 $ 367.47 $ 376.00 $ 398.45 Low $ 289.72 $ 319.54 $ 335.11 $ 338.61 Close $ 340.57 $ 342.53 $ 362.46 $ 380.54 2015 Revenue $ 2,723 $ 2,905 $ 2,910 $ 2,863 Operating income $ 1,067 $ 1,238 $ 1,222 $ 1,137 Net income (5) $ 825 $ 826 $ 832 $ 869 Net income attributable to BlackRock $ 822 $ 819 $ 843 $ 861 Earnings per share attributable to BlackRock, Inc. common stockholders: Basic $ 4.92 $ 4.92 $ 5.08 $ 5.19 Diluted $ 4.84 $ 4.84 $ 5.00 $ 5.11 Weighted-average common shares outstanding: Basic 167,089,037 166,616,558 166,045,291 165,826,808 Diluted 169,723,167 169,114,759 168,665,303 168,632,558 Dividend declared per share $ 2.18 $ 2.18 $ 2.18 $ 2.18 Common stock price per share: High $ 380.33 $ 377.85 $ 354.54 $ 363.72 Low $ 340.51 $ 344.54 $ 293.52 $ 295.92 Close $ 365.84 $ 345.98 $ 297.47 $ 340.52 (1) The first quarter of 2016 included a pre-tax restructuring charge of $76 million. (2) 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. (3) The third quarter of 2016 included a $26 million net noncash tax benefit, primarily related to the revaluation of certain deferred income tax liabilities as a result of legislation enacted in the United Kingdom, and domestic state and local changes. (4) The fourth quarter of 2015 included a $64 million noncash tax benefit, primarily related to the revaluation of certain deferred income tax liabilities, including the effect of tax legislation enacted in the United Kingdom. (5) During the second quarter of 2015, the company adopted new accounting guidance on consolidations effective January 1, 2015 using the modified retrospective method. Upon adoption, the Company recorded a change to total nonoperating income (expense) with an equal and offsetting charge to noncontrolling interest for the three months ended March 31, 2015. There was no impact to net income attributable to BlackRock, Inc. or BlackRock’s earnings per share. |
Introduction and Basis of Pre56
Introduction and Basis of Presentation - Additional Information (Detail) - PNC [Member] | Dec. 31, 2016 |
Related Party Transaction [Line Items] | |
Percentage of common stock of parent owned | 21.30% |
Percentage of capital stock of parent owned | 22.00% |
Significant Accounting Polici57
Significant Accounting Policies - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Reduction of management fees | $ 56 | $ 137 | ||
Percentage of Yield Support waivers offset | 35.00% | 50.00% | ||
Fair value of loaned securities | $ 25,700 | $ 28,800 | ||
Fair value of collateral held for loan securities | 27,792 | 31,336 | ||
Retrocession arrangements amount | 804 | 870 | $ 891 | |
Deferred carried interest in other liabilities | $ 152 | $ 143 | ||
Carrying value of deferred mutual fund commissions amortization, minimum | 1 year | |||
Carrying value of deferred mutual fund commissions amortization, maximum | 6 years | |||
Number of business segments | Segment | 1 | |||
Adjustments for New Accounting Pronouncement -ASU 2016-09 [Member] | Scenario, Forecast [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Discrete income tax benefit for vested stock awards | $ 80 | |||
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
VIE, ownership interest percentage | 10.00% | |||
Collateral cash and securities received in exchange of value of securities lent in order to reduce counterparty risk | 102.00% | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Collateral cash and securities received in exchange of value of securities lent in order to reduce counterparty risk | 112.00% | |||
Maximum [Member] | Software [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 3 years |
Investments - Summary of Carryi
Investments - Summary of Carrying Value of Total Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Available-for-sale investments | $ 80 | $ 44 |
Held-to-maturity investments | 51 | 108 |
Total trading investments | 625 | 785 |
Total Other Investments, Carrying Value | 839 | 641 |
Total investments | 1,595 | 1,578 |
Consolidated Sponsored Investment Funds [Member] | ||
Investment [Line Items] | ||
Total trading investments | 465 | 700 |
Other Equity and Debt Securities [Member] | ||
Investment [Line Items] | ||
Total trading investments | 101 | 20 |
Deferred Compensation Plan Fund [Member] | ||
Investment [Line Items] | ||
Total trading investments | 59 | 65 |
Consolidated Entities [Member] | Carried Interest [Member] | ||
Investment [Line Items] | ||
Total Other Investments, Carrying Value | 18 | 19 |
Equity Method Investments [Member] | ||
Investment [Line Items] | ||
Total Other Investments, Carrying Value | 730 | 527 |
Cost Method Investments [Member] | ||
Investment [Line Items] | ||
Total Other Investments, Carrying Value | $ 91 | $ 95 |
Investments - Summary of Cost a
Investments - Summary of Cost and Carrying Value of Investments Classified as Available-for-Sale Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investments Debt And Equity Securities [Abstract] | ||
Available-for-sale investments, Cost | $ 79 | $ 45 |
Available-for-sale investments, Gross Unrealized Gains | 2 | 2 |
Available-for-sale investments, Gross Unrealized Losses | (1) | (3) |
Available-for-sale investments, Carrying Value | $ 80 | $ 44 |
Investments - Summary of Sale A
Investments - Summary of Sale Activity of Available-for-Sale-Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Available For Sale Securities Gross Realized Gain Loss Net [Abstract] | |||
Sales proceeds | $ 40 | $ 36 | $ 155 |
Gross realized gains | 2 | 3 | 14 |
Gross realized losses | (1) | (1) | (3) |
Net realized gain (loss) | $ 1 | $ 2 | $ 11 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Held-to-maturity investments | $ 51 | $ 108 |
Foreign government debt, after five years through ten years | 10 | |
Held-to-maturity investments, after ten years | 41 | |
Total trading investments | 625 | 785 |
Consolidated Sponsored Investment Funds [Member] | ||
Investment [Line Items] | ||
Total trading investments | 465 | 700 |
Deferred Compensation Plan Fund [Member] | ||
Investment [Line Items] | ||
Total trading investments | 59 | 65 |
Equity and Debt Securities Held in Separate Investment Accounts [Member] | ||
Investment [Line Items] | ||
Total trading investments | 101 | 20 |
Consolidated Entities [Member] | Consolidated Sponsored Investment Funds [Member] | ||
Investment [Line Items] | ||
Trading securities, debt | 246 | 437 |
Trading securities, equity | $ 219 | $ 263 |
Investments - Summary of Cost62
Investments - Summary of Cost and Carrying Value of Trading Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Trading investments, Cost | $ 589 | $ 787 |
Trading investments, Carrying Value | 625 | 785 |
Deferred Compensation Plan Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Trading investments, Cost | 41 | 48 |
Trading investments, Carrying Value | 59 | 65 |
Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Trading investments, Cost | 290 | 294 |
Trading investments, Carrying Value | 308 | 279 |
Corporate Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Trading investments, Cost | 128 | 194 |
Trading investments, Carrying Value | 128 | 190 |
Government Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Trading investments, Cost | 60 | 202 |
Trading investments, Carrying Value | 60 | 202 |
Asset/Mortgage Backed Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Trading investments, Cost | 70 | 49 |
Trading investments, Carrying Value | $ 70 | $ 49 |
Investments - Summary of Carr63
Investments - Summary of Carrying Value of Other Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | $ 839 | $ 641 |
Federal Reserve Bank Stock [Member] | ||
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | 89 | 93 |
Other [Member] | ||
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | 2 | 2 |
Carried Interest [Member] | Consolidated Entities [Member] | ||
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | 18 | 19 |
Cost Method Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | 91 | 95 |
Equity Method Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | $ 730 | $ 527 |
Consolidated VREs Recorded in C
Consolidated VREs Recorded in Condensed Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Consolidated Sponsored Investment Funds [Line Items] | ||||
Cash and cash equivalents | $ 6,091 | $ 6,083 | $ 5,723 | $ 4,390 |
Investments | 1,595 | 1,578 | ||
Other assets | 1,065 | 855 | ||
Other liabilities | (1,007) | (1,033) | ||
Noncontrolling interests | (52) | (77) | ||
Consolidated Voting Rights Entities [Member] | ||||
Consolidated Sponsored Investment Funds [Line Items] | ||||
Cash and cash equivalents | 53 | 100 | ||
Investments | 465 | 700 | ||
Other assets | 15 | 18 | ||
Other liabilities | (50) | (77) | ||
Noncontrolling interests | (39) | (125) | ||
BlackRock’s net interests in consolidated VREs | $ 444 | $ 616 |
Variable Interest Entities Refl
Variable Interest Entities Reflects adoption of ASU 2015-12 - Schedule of VIE Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 6,091 | $ 6,083 | $ 5,723 | $ 4,390 |
Investments | 1,595 | 1,578 | ||
Other assets | 1,065 | 855 | ||
Liabilities of consolidated VIEs | (190,833) | (196,217) | ||
Noncontrolling interests | (52) | (77) | ||
Consolidated Variable Interest Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 84 | 148 | ||
Investments | 1,008 | 1,030 | ||
Other assets | 63 | 67 | ||
Total investments and other assets | 1,071 | 1,097 | ||
Liabilities of consolidated VIEs | (216) | (177) | ||
Noncontrolling interests | (207) | (416) | ||
BlackRock's net interests in consolidated VIEs | $ 732 | $ 652 |
Variable Interest Entities Re66
Variable Interest Entities Reflects adoption of ASU 2015-12 - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||
Net income (loss) attributable to noncontrolling interests | $ (2) | $ 7 | $ (30) |
Nonoperating net gain (loss) | 55 | 116 | 124 |
Consolidated Variable Interest Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Net income (loss) attributable to noncontrolling interests | 16 | 58 | (41) |
Nonoperating net gain (loss) | (2) | 6 | $ (41) |
Variable Interest Entity, Not Primary Beneficiary [Member] | Sponsored Investment Products [Member] | |||
Variable Interest Entity [Line Items] | |||
Net assets of investments funds | $ 4,000 | $ 3,000 |
Variable Interest Entities Re67
Variable Interest Entities Reflects adoption of ASU 2015-12 - Balances Relating to Variable Interest Entities in which BlackRock is Not Primary Beneficiary (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | $ 171,000,000 | $ 64,000,000 |
Advisory Fee Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | 9,000,000 | 3,000,000 |
Other Net Assets (Liabilities) [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | (8,000,000) | (7,000,000) |
Maximum Risk of Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | $ 197,000,000 | $ 84,000,000 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | $ 80 | $ 44 |
Total trading investments | 625 | 785 |
Separate account assets | 149,089 | 150,851 |
Fair value of collateral held for loan securities | 27,792 | 31,336 |
Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 308 | 279 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 80 | 44 |
Held-to-maturity debt securities | 51 | 108 |
Total trading investments | 625 | 785 |
Total equity method | 730 | 527 |
Cost method investments | 91 | 95 |
Carried interest | 18 | 19 |
Total investments | 1,595 | 1,578 |
Separate account assets | 149,089 | 150,851 |
Fair value of collateral held for loan securities | 27,792 | 31,336 |
Total investments of consolidated VIEs | 1,008 | 1,030 |
Total | 179,484 | 184,795 |
Separate account collateral liabilities under securities lending agreements | 27,792 | 31,336 |
Other liabilities | 122 | 54 |
Total liabilities measured at fair value | 27,914 | 31,390 |
Fair Value, Measurements, Recurring [Member] | Equity Securities/Multi-asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 308 | 278 |
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 investments | 258 | 442 |
Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 285 | 351 |
Fair Value, Measurements, Recurring [Member] | Equity And Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 328 | 103 |
Fair Value, Measurements, Recurring [Member] | Other Types Of Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 402 | 424 |
Total investments of consolidated VIEs | 63 | 58 |
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 investments | 59 | 65 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 7 | 19 |
Total trading investments | 368 | 345 |
Total equity method | 323 | 73 |
Total investments | 698 | 437 |
Separate account assets | 109,663 | 109,761 |
Fair value of collateral held for loan securities | 22,173 | 26,062 |
Total investments of consolidated VIEs | 281 | 304 |
Total | 132,815 | 136,564 |
Separate account collateral liabilities under securities lending agreements | 22,173 | 26,062 |
Total liabilities measured at fair value | 22,173 | 26,062 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities/Multi-asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 308 | 278 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 1 | 2 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 3 | 6 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity And Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 323 | 73 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Deferred Compensation Plan Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 59 | 65 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 49 | 2 |
Total trading investments | 250 | 438 |
Total investments | 299 | 440 |
Separate account assets | 38,542 | 40,152 |
Fair value of collateral held for loan securities | 5,619 | 5,274 |
Total investments of consolidated VIEs | 276 | 246 |
Total | 44,736 | 46,112 |
Separate account collateral liabilities under securities lending agreements | 5,619 | 5,274 |
Other liabilities | 7 | 6 |
Total liabilities measured at fair value | 5,626 | 5,280 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 250 | 438 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 2 | 4 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 24 | 23 |
Total trading investments | 7 | 2 |
Total investments | 31 | 25 |
Total investments of consolidated VIEs | 112 | 196 |
Total | 143 | 221 |
Other liabilities | 115 | 48 |
Total liabilities measured at fair value | 115 | 48 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 7 | 2 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 112 | 196 |
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 399 | 444 |
Total investments | 399 | 444 |
Total investments of consolidated VIEs | 152 | 203 |
Total | 551 | 647 |
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Private/ Public Equity [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 89 | 145 |
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Equity And Fixed Income Mutual Funds [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 5 | 30 |
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Other Types Of Investments [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 394 | 414 |
Total investments of consolidated VIEs | 63 | 58 |
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] | ||
Held-to-maturity debt securities | 51 | 108 |
Total equity method | 8 | 10 |
Cost method investments | 91 | 95 |
Carried interest | 18 | 19 |
Total investments | 168 | 232 |
Separate account assets | 884 | 938 |
Total investments of consolidated VIEs | 187 | 81 |
Total | 1,239 | 1,251 |
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 investments of consolidated VIEs | 79 | |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Other Types Of Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 8 | 10 |
Fair Value, Measurements, Recurring [Member] | Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 22,173 | 26,062 |
Total investments of consolidated VIEs | 278 | 298 |
Fair Value, Measurements, Recurring [Member] | Equity Securities/Multi-Asset Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 22,173 | 26,062 |
Total investments of consolidated VIEs | 278 | 298 |
Fair Value, Measurements, Recurring [Member] | Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 5,619 | 5,274 |
Total investments of consolidated VIEs | 274 | 242 |
Fair Value, Measurements, Recurring [Member] | Debt Securities | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 5,619 | 5,274 |
Total investments of consolidated VIEs | 274 | 242 |
Fair Value, Measurements, Recurring [Member] | Carried Interest [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 108 | 81 |
Fair Value, Measurements, Recurring [Member] | Carried Interest [Member] | Other Assets Not Held at Fair Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | $ 108 | $ 81 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Significant Unobservable Inputs (Level 3) [Member] | Private/ Public Equity [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments | $ 112 | $ 196 |
Fair Value Disclosures - Change
Fair Value Disclosures - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | $ 221 | $ 400 |
Realized and Unrealized Gains (Losses) in Earnings and OCI, Assets | 3 | 37 |
Purchases, Assets | 61 | 104 |
Sales and Maturities, Assets | (15) | |
Issuances and Other Settlements, Assets | (320) | |
Transfers out of Level 3, Assets | (127) | |
Assets measured at fair value, ending balance | 143 | 221 |
Total Net Unrealized Gains (Losses) Included in Earnings | 3 | 37 |
Liabilities measured at fair value, beginning balance | 48 | 3,428 |
Realized and Unrealized Gains (Losses) in Earnings and OCI, Liabilities | 3 | |
Issuances and Other Settlements, Liabilities | (3,377) | |
Liabilities measured at fair value, ending balance | 48 | |
Total Net Unrealized Gains (Losses) Included in Earnings | 3 | |
Consolidated Entities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 196 | 320 |
Realized and Unrealized Gains (Losses) in Earnings and OCI, Assets | 37 | |
Purchases, Assets | 79 | |
Issuances and Other Settlements, Assets | (240) | |
Assets measured at fair value, ending balance | 196 | |
Total Net Unrealized Gains (Losses) Included in Earnings | 37 | |
Available-for-sale Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 23 | |
Purchases, Assets | 47 | 23 |
Transfers out of Level 3, Assets | (46) | |
Assets measured at fair value, ending balance | 24 | 23 |
Private/ Public Equity [Member] | Consolidated Entities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 80 | |
Issuances and Other Settlements, Assets | (80) | |
Consolidated Variable Interest Entities [Member] | Borrowings [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value, beginning balance | 3,389 | |
Issuances and Other Settlements, Liabilities | (3,389) | |
Consolidated Variable Interest Entities [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value, beginning balance | 48 | 39 |
Realized and Unrealized Gains (Losses) in Earnings and OCI, Liabilities | 3 | 3 |
Issuances and Other Settlements, Liabilities | 70 | 12 |
Liabilities measured at fair value, ending balance | 115 | 48 |
Total Net Unrealized Gains (Losses) Included in Earnings | 3 | 3 |
Consolidated Variable Interest Entities [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 196 | |
Realized and Unrealized Gains (Losses) in Earnings and OCI, Assets | 3 | 37 |
Purchases, Assets | 6 | 79 |
Sales and Maturities, Assets | (15) | |
Issuances and Other Settlements, Assets | 80 | |
Transfers out of Level 3, Assets | (78) | |
Assets measured at fair value, ending balance | 112 | 196 |
Total Net Unrealized Gains (Losses) Included in Earnings | 3 | 37 |
Consolidated Variable Interest Entities [Member] | Bank Loan Obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 302 | |
Issuances and Other Settlements, Assets | (302) | |
Consolidated Variable Interest Entities [Member] | Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 18 | |
Issuances and Other Settlements, Assets | (18) | |
Trading [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 2 | |
Purchases, Assets | 8 | 2 |
Transfers out of Level 3, Assets | (3) | |
Assets measured at fair value, ending balance | 7 | 2 |
Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 25 | 80 |
Purchases, Assets | 55 | 25 |
Issuances and Other Settlements, Assets | (80) | |
Transfers out of Level 3, Assets | (49) | |
Assets measured at fair value, ending balance | $ 31 | $ 25 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 6,091 | $ 6,083 | $ 5,723 | $ 4,390 |
Long-term borrowings | 4,915 | 4,930 | ||
Consolidated Variable Interest Entities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 84 | 148 | ||
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 | 6,091 | 6,083 | ||
Accounts receivable | 2,350 | 2,237 | ||
Accounts payable and accrued liabilities | 1,094 | 1,068 | ||
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term borrowings | 4,915 | 4,930 | ||
Carrying Amount [Member] | Consolidated Variable Interest Entities [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 | 84 | 148 | ||
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 | 6,091 | 6,083 | ||
Accounts receivable | 2,350 | 2,237 | ||
Accounts payable and accrued liabilities | 1,094 | 1,068 | ||
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term borrowings | 5,165 | 5,223 | ||
Estimated Fair Value [Member] | Consolidated Variable Interest Entities [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 | $ 84 | $ 148 |
Fair Value Disclosures - Fair72
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 6,091 | $ 6,083 | $ 5,723 | $ 4,390 |
Money market valuation per share floor | $ 1 | |||
Money Market Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 132 | 132 | ||
Consolidated Variable Interest Entities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 84 | 148 | ||
Consolidated Variable Interest Entities [Member] | Money Market Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 13 | $ 68 |
Fair Value Disclosures - Invest
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 551 | $ 647 |
Total Unfunded Commitments | 157 | 152 |
Hedge Funds/Funds of Hedge Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 36 | $ 58 |
Hedge Funds/Funds of Hedge Funds [Member] | Consolidated Variable Interest Entities [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period, days | 90 days | 90 days |
Real Assets Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 27 | |
Total Unfunded Commitments | 21 | |
Private Equity Funds Of Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 89 | $ 145 |
Total Unfunded Commitments | 16 | 19 |
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 237 | 217 |
Total Unfunded Commitments | $ 14 | $ 30 |
Redemption Frequency (Daily) | 21.00% | 22.00% |
Redemption Frequency (Monthly) | 21.00% | 22.00% |
Redemption Frequency (Quarterly) | 51.00% | 52.00% |
Redemption Frequency (Not Redeemable) | 28.00% | 26.00% |
Equity Method Investments [Member] | 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 | 30 days |
Equity Method Investments [Member] | 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 Investments [Member] | Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 90 | $ 89 |
Total Unfunded Commitments | 62 | 67 |
Equity Method Investments [Member] | Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 60 | 94 |
Total Unfunded Commitments | $ 35 | $ 31 |
Redemption Frequency (Quarterly) | 41.00% | 25.00% |
Redemption Frequency (Not Redeemable) | 59.00% | 75.00% |
Redemption Notice Period, Not Redeemable | 60 days | 60 days |
Equity Method Investments [Member] | Other Types Of Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 12 | $ 44 |
Total Unfunded Commitments | $ 9 | $ 5 |
Redemption Frequency (Daily) | 42.00% | 68.00% |
Redemption Frequency (Monthly) | 42.00% | 68.00% |
Redemption Frequency (Not Redeemable) | 58.00% | 32.00% |
Equity Method Investments [Member] | Other Types Of Investments [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period, days | 3 days | 3 days |
Equity Method Investments [Member] | Other Types Of Investments [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period, days | 5 days | 5 days |
Fair Value Disclosures - Inve74
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 157 | $ 152 |
Real Assets Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 21 | |
Private Equity Funds Of Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Liquidation period, years | 5 years | 5 years |
Total Unfunded Commitments | $ 16 | $ 19 |
Amount of unfunded commitments contractually obligated to fund | $ 24 | $ 31 |
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Liquidation period, years | 1 year | 1 year |
Total Unfunded Commitments | $ 14 | $ 30 |
Equity Method Investments [Member] | Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Liquidation period, years | 5 years | 4 years |
Total Unfunded Commitments | $ 62 | $ 67 |
Equity Method Investments [Member] | Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption period | 7 years | 6 years |
Total Unfunded Commitments | $ 35 | $ 31 |
Derivatives and Hedging - Addit
Derivatives and Hedging - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Derivative maximum risk of loss for credit protection | $ 17 | ||
Total Return Swaps [Member] | |||
Derivative [Line Items] | |||
Notional value | 572 | $ 360 | |
Total Return Swaps [Member] | Nonoperating Income (Expense) [Member] | |||
Derivative [Line Items] | |||
Amount of gains (losses) recognized in income on derivative instruments | (31) | 11 | $ (26) |
Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Notional value | 42 | 46 | |
Interest Rate Swaps [Member] | Nonoperating Income (Expense) [Member] | |||
Derivative [Line Items] | |||
Amount of gains (losses) recognized in income on derivative instruments | $ (21) | ||
Forward Foreign Currency Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Notional value | $ 107 | $ 169 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,160 | $ 1,151 |
Less: accumulated depreciation and amortization | 601 | 570 |
Property and equipment, net | 559 | 581 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 6 | 6 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 33 | 17 |
Estimated useful life-in years | 39 years | |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 29 | 15 |
Estimated useful life-in years | 15 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 476 | 491 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life-in years | 1 year | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life-in years | 15 years | |
Equipment and Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 411 | 374 |
Estimated useful life-in years | 3 years | |
Other Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 135 | 135 |
Estimated useful life-in years | 10 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 65 | 62 |
Estimated useful life-in years | 7 years | |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5 | $ 51 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 124 | $ 115 | $ 117 |
Equipment and Computer Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Qualifying software costs | $ 50 | $ 48 | $ 45 |
Estimated useful life | 3 years |
Goodwill - Goodwill Activity (D
Goodwill - Goodwill Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill Roll Forward | ||
Beginning of year balance | $ 13,123 | $ 12,961 |
Acquisitions | 14 | 181 |
Goodwill adjustments related to Quellos | (19) | (19) |
End of year balance | $ 13,118 | $ 13,123 |
Goodwill - Goodwill Activity (P
Goodwill - Goodwill Activity (Parenthetical) (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Acquisitions | $ 14 | $ 181 | |
Purchase price | 300 | ||
Contingent consideration at fair value | 27 | ||
Excess of tax goodwill over book goodwill | $ 200 | 231 | |
FutureAdvisor [Member] | |||
Goodwill [Line Items] | |||
Acquisitions | 113 | ||
Infraestructura Institucional [Member] | |||
Goodwill [Line Items] | |||
Acquisitions | 49 | ||
BlackRock Kelso Capital Advisors LLC [Member] | |||
Goodwill [Line Items] | |||
Acquisitions | $ 19 | ||
BofA Global Capital Management [Member] | |||
Goodwill [Line Items] | |||
Acquisitions | $ 14 | ||
Contingent consideration at fair value | $ 75 | ||
Asset management transaction completion date | 2016-04 | ||
Assets under management | $ 80,600 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Goodwill [Abstract] | |||||||||
Impairment of goodwill | $ 0 | $ 0 | $ 0 | ||||||
Closing market price of common stock | $ 380.54 | $ 340.52 | $ 362.46 | $ 342.53 | $ 340.57 | $ 297.47 | $ 345.98 | $ 365.84 | |
Book value per share | $ 178.38 |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Total intangible assets - Gross Carrying Amount | $ 18,195 | $ 18,117 |
Total intangible assets - Net Carrying Amount | $ 17,363 | $ 17,372 |
Intangible Assets - Finite-live
Intangible Assets - Finite-lived Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life | 3 years 9 months 18 days | 3 years 8 months 12 days |
Finite-lived intangible assets - Gross Carrying Amount | $ 1,017 | $ 1,009 |
Finite-lived intangible assets - Accumulated Amortization | 832 | 745 |
Finite-lived intangible assets - Net Carrying Amount | $ 185 | $ 264 |
Management Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life | 3 years 10 months 24 days | 3 years 8 months 12 days |
Finite-lived intangible assets - Gross Carrying Amount | $ 1,011 | $ 1,003 |
Finite-lived intangible assets - Accumulated Amortization | 827 | 741 |
Finite-lived intangible assets - Net Carrying Amount | $ 184 | $ 262 |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life | 1 year 7 months 6 days | 2 years 7 months 6 days |
Finite-lived intangible assets - Gross Carrying Amount | $ 6 | $ 6 |
Finite-lived intangible assets - Accumulated Amortization | 5 | 4 |
Finite-lived intangible assets - Net Carrying Amount | $ 1 | $ 2 |
Intangible Assets - Indefinite-
Intangible Assets - Indefinite-lived Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 17,178 | $ 17,108 |
Management Contracts [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 15,769 | 15,699 |
Trade Names / Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 1,403 | 1,403 |
License [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 6 | $ 6 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2014 | Apr. 30, 2016 |
Schedule Of Intangible Assets [Line Items] | ||||
Impairment of intangible assets | $ 0 | $ 0 | $ 0 | |
BofA Global Capital Management [Member] | ||||
Schedule Of Intangible Assets [Line Items] | ||||
Acquired indefinite-lived management contracts | $ 70,000,000 | |||
Finite-lived intangible assets, BofA Global Capital Management Transaction | $ 20,000,000 | |||
Acquired finite-lived intangible assets weighted-average useful life | 10 years |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization Expense for Finite-Lived Intangible Assets (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |
2,017 | $ 82 |
2,018 | 32 |
2,019 | 30 |
2,020 | 16 |
2,021 | $ 13 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - PennyMac [Member] - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Assets [Line Items] | ||
Ownership percentage | 20.00% | |
Shares and units | 16 | |
Carrying value - equity method investment | $ 301 | $ 222 |
Fair value of equity method investments | $ 259 | $ 239 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) € in Millions | May 06, 2015USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016EUR (€) | May 06, 2015EUR (€) | May 31, 2012USD ($) | May 31, 2011USD ($) | Dec. 31, 2009USD ($) | Sep. 30, 2007USD ($) |
Debt Instrument [Line Items] | ||||||||||
Borrowings | $ 4,915,000,000 | $ 4,930,000,000 | ||||||||
Fair Value | 5,165,000,000 | 5,200,000,000 | ||||||||
Amount of debt issued | 4,938,000,000 | |||||||||
Gains from net investment hedging, net of tax | 14,000,000 | 19,000,000 | ||||||||
Gains from net investment hedging, tax | $ 8,000,000 | $ 11,000,000 | ||||||||
Unsecured Debt 2024 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount of debt issued | $ 1,000,000,000 | |||||||||
Interest rate | 3.50% | |||||||||
Senior unsecured notes maturity date | Mar. 18, 2024 | |||||||||
Approximate annual interest expense | $ 35,000,000 | |||||||||
Debt instrument, payment terms | Interest is payable semi-annually in arrears on March 18 and September 18 of each year | |||||||||
Unsecured Unsubordinated Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount of debt issued | $ 1,500,000,000 | $ 1,500,000,000 | $ 2,500,000,000 | |||||||
Unsecured Debt 2015 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount of debt issued | $ 750,000,000 | |||||||||
Interest rate | 1.375% | |||||||||
Unsecured Debt 2022 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount of debt issued | $ 750,000,000 | |||||||||
Interest rate | 3.375% | |||||||||
Approximate annual interest expense | $ 25,000,000 | |||||||||
Debt instrument, payment terms | Interest is payable semi-annually on June 1 and December 1 of each year | |||||||||
Unsecured Debt 2013 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount of debt issued | 750,000,000 | |||||||||
Unsecured Notes Due in 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount of debt issued | $ 750,000,000 | |||||||||
Interest rate | 4.25% | |||||||||
Approximate annual interest expense | $ 32,000,000 | |||||||||
Debt instrument, payment terms | Interest is payable semi-annually on May 24 and November 24 of each year | |||||||||
Unsecured Debt 2012 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount of debt issued | $ 500,000,000 | |||||||||
Interest rate | 2.25% | |||||||||
Unsecured Debt 2014 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount of debt issued | $ 1,000,000,000 | |||||||||
Interest rate | 3.50% | |||||||||
Unsecured Debt 2019 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount of debt issued | $ 1,000,000,000 | |||||||||
Interest rate | 5.00% | |||||||||
Senior Notes Due 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Approximate annual interest expense | $ 50,000,000 | |||||||||
Debt instrument, payment terms | Interest is payable semi-annually in arrears on June 10 and December 10 of each year | |||||||||
Unsecured Debt 2017 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount of debt issued | $ 700,000,000 | |||||||||
Interest rate | 6.25% | |||||||||
Approximate annual interest expense | $ 44,000,000 | |||||||||
Debt instrument, payment terms | Interest is payable semi-annually in arrears on March 15 and September 15 of each year | |||||||||
Other Comprehensive Income [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount of ineffectiveness on net investment hedges | $ 0 | |||||||||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt offering designated as net investment hedge to offset its currency exposure | € | € 700 | |||||||||
Commercial Paper [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum amount available under facility | 4,000,000,000 | |||||||||
Commercial Paper [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount outstanding under credit facility | 0 | |||||||||
2016 Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unsecured revolving credit facility | 4,000,000,000 | |||||||||
Additional amount available, subject to lender credit approval | 1,000,000,000 | |||||||||
Maximum amount available under facility | 5,000,000,000 | |||||||||
Amount outstanding under credit facility | $ 0 | |||||||||
Extended debt instrument maturity date | 2021-03 | |||||||||
Line of credit facility, covenant terms | The 2016 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 | |||||||||
2025 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings | $ 732,000,000 | |||||||||
Fair Value | 742,000,000 | |||||||||
Amount of debt issued | $ 738,000,000 | € 700 | ||||||||
Interest rate | 1.25% | 1.25% | 1.25% | |||||||
Senior unsecured notes maturity date | May 6, 2025 | |||||||||
Approximate annual interest expense | $ 9,000,000 | |||||||||
Debt instrument, payment terms | Annually on May 6 of each year |
Borrowings - Carrying Value and
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings (Detail) € in Millions, $ in Millions | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 06, 2015EUR (€) |
Debt Instrument [Line Items] | |||
Maturity Amount | $ 4,938 | ||
Unamortized Discount and Debt Issuance Costs | (23) | ||
Carrying Value | 4,915 | $ 4,930 | |
Fair Value | 5,165 | $ 5,200 | |
6.25% Notes due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 700 | ||
Carrying Value | 700 | ||
Fair Value | 724 | ||
5.00% Notes due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 1,000 | ||
Unamortized Discount and Debt Issuance Costs | (3) | ||
Carrying Value | 997 | ||
Fair Value | 1,086 | ||
4.25% Notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 750 | ||
Unamortized Discount and Debt Issuance Costs | (4) | ||
Carrying Value | 746 | ||
Fair Value | 808 | ||
3.375% Notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 750 | ||
Unamortized Discount and Debt Issuance Costs | (4) | ||
Carrying Value | 746 | ||
Fair Value | 775 | ||
3.50% Notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 1,000 | ||
Unamortized Discount and Debt Issuance Costs | (6) | ||
Carrying Value | 994 | ||
Fair Value | 1,030 | ||
1.25% Notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 738 | € 700 | |
Unamortized Discount and Debt Issuance Costs | (6) | ||
Carrying Value | 732 | ||
Fair Value | $ 742 |
Borrowings - Carrying Value a89
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2016 | May 06, 2015 | |
6.25% Notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings interest rate | 6.25% | |
Debt instrument maturity date | 2,017 | |
5.00% Notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings interest rate | 5.00% | |
Debt instrument maturity date | 2,019 | |
4.25% Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings interest rate | 4.25% | |
Debt instrument maturity date | 2,021 | |
3.375% Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings interest rate | 3.375% | |
Debt instrument maturity date | 2,022 | |
3.50% Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings interest rate | 3.50% | |
Debt instrument maturity date | 2,024 | |
1.25% Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings interest rate | 1.25% | 1.25% |
Debt instrument maturity date | 2,025 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Commitments under Operating Leases (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,017 | $ 142 |
2,018 | 135 |
2,019 | 125 |
2,020 | 120 |
2,021 | 112 |
Thereafter | 404 |
Total operating lease minimum commitments | $ 1,038 |
Commitments and Contingencies91
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Mar. 16, 2016Person | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Loss Contingencies [Line Items] | ||||
Rent expense and certain office equipment expense | $ 134 | $ 136 | $ 132 | |
Various capital commitments to fund sponsored investment funds, including funds of private equity funds, real assets funds, opportunistic funds and distressed credit funds | 192 | |||
Contingent commitments | 12 | |||
Contingent consideration at fair value | $ 27 | |||
Derivative maximum risk of loss for credit protection | 17 | |||
Number of former tenants suing BlackRock Parties | Person | 3 | |||
Securities lending loan balances indemnified | 169,300 | |||
Collateral for indemnified securities | 180,100 | |||
Other Liabilities [Member] | ||||
Loss Contingencies [Line Items] | ||||
Contingent consideration at fair value | $ 115 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Components of Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and RSUs | $ 493 | $ 484 | $ 421 |
Total stock-based compensation | 521 | 514 | 453 |
Long-Term Incentive Plans Funded by PNC [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and RSUs | $ 28 | $ 30 | $ 32 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2017shares | Mar. 31, 2017shares | Mar. 31, 2016shares | Mar. 31, 2015shares | Dec. 31, 2016USD ($)Tranche$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock shares authorized for issuance under Award Plan | 34,500,000 | ||||||
Number of shares remaining for future awards | 5,918,096 | ||||||
Fair market value of RSUs/restricted stock granted to employees | $ | $ 446 | $ 473 | $ 472 | ||||
Fair market value of RSUs/restricted stock converted to common stock | $ | $ 413 | 379 | 534 | ||||
Restricted Stock and RSUs, Granted | 1,481,125 | ||||||
Stock options contractual term, years | 10 years | ||||||
Aggregate intrinsic value of options exercised | $ | $ 30 | $ 128 | $ 4 | ||||
Employee stock purchase plan, purchase price percentage | 95.00% | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Intrinsic value of outstanding RSUs | $ | $ 1,100 | ||||||
Stock price | $ / shares | $ 380.54 | ||||||
Restricted Stock and RSUs, Granted | 146,574 | 120,935 | 166,018 | ||||
Unrecognized stock-based compensation expense | $ | $ 288 | ||||||
RSUs/Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units vesting period, years | 3 years | 3 years | 3 years | ||||
Restricted Stock and RSUs, Granted | 1,030,964 | 952,329 | 1,022,295 | ||||
Awards to employees cliff vesting | 303,587 | 303,999 | 287,963 | ||||
RSUs to employees that cliff vest, percentage | 100.00% | 100.00% | 100.00% | ||||
RSUs to employees that cliff vest, date | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | ||||
RSUs/Restricted Stock [Member] | Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units vesting period, years | 3 years | ||||||
Restricted Stock and RSUs, Granted | 699,991 | ||||||
Awards to employees cliff vesting | 277,313 | ||||||
RSUs to employees that cliff vest, percentage | 100.00% | ||||||
RSUs to employees that cliff vest, date | Jan. 31, 2020 | ||||||
Performance-Based RSUs [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units vesting period, years | 3 years | 3 years | |||||
Intrinsic value of outstanding RSUs | $ | $ 232 | ||||||
Stock price | $ / shares | $ 380.54 | ||||||
Restricted Stock and RSUs, Granted | 375,242 | 262,847 | 375,242 | ||||
Unrecognized stock-based compensation expense | $ | $ 94 | ||||||
Remaining weighted-average period | 1 year 8 months 12 days | ||||||
Awards to employees cliff vesting | 375,242 | 262,847 | |||||
RSUs to employees that cliff vest, percentage | 100.00% | 100.00% | |||||
RSUs to employees that cliff vest, date | Jan. 31, 2019 | Jan. 31, 2018 | |||||
Fair value of RSUs/restricted stock granted to employees | $ | $ 111 | ||||||
Performance-Based RSUs [Member] | Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units vesting period, years | 3 years | ||||||
Restricted Stock and RSUs, Granted | 293,385 | ||||||
Awards to employees cliff vesting | 293,385 | ||||||
RSUs to employees that cliff vest, percentage | 100.00% | ||||||
RSUs to employees that cliff vest, date | Jan. 31, 2020 | ||||||
Market Performance-Based RSUs [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units vesting period, years | 6 years | 6 years | 6 years | ||||
Intrinsic value of outstanding RSUs | $ | $ 306 | ||||||
Stock price | $ / shares | $ 380.54 | ||||||
Restricted Stock and RSUs, Granted | 0 | 0 | 315,961 | ||||
Unrecognized stock-based compensation expense | $ | $ 14 | ||||||
Share price appreciation targets | 15.00% | 25.00% | 35.00% | ||||
Number of tranches | Tranche | 3 | ||||||
Service period of awards | 4 years | ||||||
Grant date fair value | $ | $ 62 | ||||||
Long-Term Incentive Plans Funded by PNC [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of additional shares surrendered | 3,200,000 | ||||||
Remaining shares committed by PNC for long-term incentive awards | 800,000 | ||||||
Long-Term Incentive Plans Funded by PNC [Member] | Scenario, Forecast [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of additional shares surrendered | 517,138 | ||||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units vesting period, years | 1 year | ||||||
Minimum [Member] | Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units vesting period, years | 2 years | ||||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units vesting period, years | 3 years | ||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units vesting period, years | 3 years | 3 years | 3 years | ||||
Remaining weighted-average period | 1 year | ||||||
Maximum [Member] | Market Performance-Based RSUs [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining weighted-average period | 1 year | ||||||
Maximum [Member] | 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 | ||||||
Maximum [Member] | Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units vesting period, years | 5 years |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock and RSU Activity (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock and RSUs, beginning of period | 3,067,737 | 3,067,737 | |||
Restricted Stock and RSUs, Granted | 1,481,125 | ||||
Restricted Stock and RSUs, Converted | (1,455,072) | ||||
Restricted Stock and RSUs, Forfeited | (106,202) | ||||
Restricted Stock and RSUs, end of period | 2,987,588 | 3,067,737 | |||
Weighted-Average Grant Date Fair Value, beginning of period | $ 308.42 | $ 308.42 | |||
Weighted-Average Grant Date Fair Value, Granted | 301.01 | ||||
Weighted-Average Grant Date Fair Value, Converted | 283.64 | ||||
Weighted-Average Grant Date Fair Value, Forfeited | 274.18 | ||||
Weighted-Average Grant Date Fair Value, end of period | $ 318.04 | $ 308.42 | |||
Performance-Based RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock and RSUs, beginning of period | 255,868 | 255,868 | |||
Restricted Stock and RSUs, Granted | 375,242 | 262,847 | 375,242 | ||
Restricted Stock and RSUs, Forfeited | (20,739) | ||||
Restricted Stock and RSUs, end of period | 610,371 | 255,868 | |||
Weighted-Average Grant Date Fair Value, beginning of period | $ 343.86 | $ 343.86 | |||
Weighted-Average Grant Date Fair Value, Granted | 296.97 | ||||
Weighted-Average Grant Date Fair Value, Forfeited | 325.65 | ||||
Weighted-Average Grant Date Fair Value, end of period | $ 315.65 | $ 343.86 | |||
Market Performance-Based RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock and RSUs, beginning of period | 1,378,177 | 1,378,177 | |||
Restricted Stock and RSUs, Granted | 0 | 0 | 315,961 | ||
Restricted Stock and RSUs, Converted | (548,227) | ||||
Restricted Stock and RSUs, Forfeited | (26,476) | ||||
Restricted Stock and RSUs, end of period | 803,474 | 1,378,177 | |||
Weighted-Average Grant Date Fair Value, beginning of period | $ 137.07 | $ 137.07 | |||
Weighted-Average Grant Date Fair Value, Converted | 115.03 | ||||
Weighted-Average Grant Date Fair Value, Forfeited | 164.67 | ||||
Weighted-Average Grant Date Fair Value, end of period | $ 151.20 | $ 137.07 |
Stock-Based Compensation - Re95
Stock-Based Compensation - Restricted Stock and RSU Activity (Parenthetical) (Detail) shares in Millions | Dec. 31, 2016shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation awards expected to vest | 2.7 |
Awards vested, not converted | 0.3 |
Market Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation awards expected to vest | 0.7 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSUs/Restricted Stock Granted in Connection with Annual Incentive Compensation under Award Plan (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 1,481,125 | ||
RSUs/Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 1,030,964 | 952,329 | 1,022,295 |
Awards to employees cliff vesting | 303,587 | 303,999 | 287,963 |
Annual RSUs Granted [Member] | RSUs/Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 1,334,551 | 1,256,328 | 1,310,258 |
Stock-Based Compensation - Su97
Stock-Based Compensation - Summary of RSUs/Restricted Stock Granted in Connection with Annual Incentive Compensation under Award Plan (Parenthetical) (Detail) - RSUs/Restricted Stock [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units vesting period, years | 3 years | 3 years | 3 years |
RSUs to employees that cliff vest, date | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 |
RSUs to employees that cliff vest, percentage | 100.00% | 100.00% | 100.00% |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Fair Value of Market Performance-Based Award at Grant Date (Detail) - Market Performance-Based RSUs [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-Free Interest Rate | 2.05% | ||
Performance Period | 6 years | 6 years | 6 years |
Expected Stock Volatility | 27.40% | ||
Expected Dividend Yield | 2.42% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding, Shares under option, beginning of period | 154,094 |
Exercised, Shares under option | (154,094) |
Outstanding, Shares under option, end of period | 0 |
Weighted average exercise price, beginning of period | $ / shares | $ 167.76 |
Exercised, Weighted average exercise price | $ / shares | $ 167.76 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($)installment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Deferred Compensation Plans [Member] | ||||
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items] | ||||
Other deferred compensation plan liability | $ 223,000,000 | $ 178,000,000 | ||
Deferred Compensation Plans [Member] | Subsequent Event [Member] | ||||
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items] | ||||
Additional deferred compensation granted | $ 110,000,000 | |||
Deferred compensation, vesting period | 3 years | |||
Deferred Compensation Plans [Member] | Voluntary Deferred Compensation Plan [Member] | ||||
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items] | ||||
Deferred compensation plan, annual percentage of incentive compensation deferred, minimum | 1.00% | |||
Deferred compensation plan, annual percentage of incentive compensation deferred, maximum | 100.00% | |||
Deferred compensation plan, deferral period, years | up to 10 years | |||
Deferred compensation plan, number of annual installments | installment | 10 | |||
Deferred Compensation Plans [Member] | Rabbi Trust [Member] | ||||
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items] | ||||
Deferred compensation plan assets | $ 59,000,000 | 65,000,000 | ||
Deferred compensation plan liability | $ 83,000,000 | 88,000,000 | ||
Defined Contribution Plans [Member] | U.K. Plan [Member] | ||||
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items] | ||||
Defined contribution plan, employee contribution, percentage of employee compensation, maximum | 15.00% | |||
Defined contribution plan, employer matching annual contribution, percentage of eligible compensation, minimum | 6.00% | |||
Defined contribution plan expense | $ 30,000,000 | 33,000,000 | $ 33,000,000 | |
Defined Contribution Plans [Member] | Other Regions [Member] | ||||
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items] | ||||
Defined contribution plan expense | $ 20,000,000 | 18,000,000 | 18,000,000 | |
Defined Contribution Plans [Member] | U.S. Plan [Member] | ||||
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items] | ||||
Defined contribution plan, employee contribution, percentage of employee compensation, maximum | 8.00% | |||
Defined Contribution plan, employer matching contribution percentage of employee contribution | 50.00% | |||
Defined contribution plan, employer matching annual contribution, percentage of eligible compensation, minimum | 3.00% | |||
Defined contribution plan, employer matching annual contribution, percentage of eligible compensation, maximum | 5.00% | |||
Defined contribution plan, employer matching contribution, maximum amount | $ 5,000 | |||
Defined contribution plan expense | 75,000,000 | 72,000,000 | $ 67,000,000 | |
Defined Benefit Plans [Member] | Japan and Germany Plan [Member] | ||||
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items] | ||||
Deferred compensation plan assets | $ 23,000,000 | $ 22,000,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Due from related parties | $ 100 | $ 73 |
Due to related parties | $ 19 | 18 |
PNC [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of common stock of parent owned | 21.30% | |
Percentage of capital stock of parent owned | 22.00% | |
BlackRock Mutual Funds and iShares [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable from related parties | $ 688 | $ 705 |
Related Party Transactions - Re
Related Party Transactions - Revenues for Services Provided to Related Parties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Revenues from related parties | $ 7,058 | $ 7,084 | $ 6,994 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from related parties | 6,836 | 6,875 | 6,738 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | PNC and Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from related parties | 3 | 4 | 5 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Registered Investment Companies/Equity Method Investees [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from related parties | 6,833 | 6,871 | 6,733 |
Investment Advisory Performance Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from related parties | 125 | 129 | 173 |
BlackRock Solutions and Advisory [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from related parties | 7 | 7 | 13 |
BlackRock Solutions and Advisory [Member] | PNC and Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from related parties | 7 | 7 | 7 |
BlackRock Solutions and Advisory [Member] | Equity Method Investees [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from related parties | 6 | ||
Other Revenue [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from related parties | 90 | 73 | 70 |
Other Revenue [Member] | PNC and Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from related parties | 3 | 3 | 3 |
Other Revenue [Member] | Equity Method Investees [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from related parties | $ 87 | $ 70 | $ 67 |
Related Party Transactions - Ag
Related Party Transactions - Aggregate Expenses Included in Consolidated Statements of Income for Transactions with Related Parties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Expense with related parties | $ 67 | $ 80 | $ 62 |
Distribution and Servicing Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Expense with related parties | 2 | 2 | 2 |
Distribution and Servicing Costs [Member] | PNC and Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Expense with related parties | 2 | 2 | 2 |
General and Administrative Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Expense with related parties | 65 | 78 | 60 |
General and Administrative Expenses [Member] | Other Registered Investment Companies [Member] | |||
Related Party Transaction [Line Items] | |||
Expense with related parties | 61 | 60 | 55 |
General and Administrative Expenses [Member] | Other [Member] | |||
Related Party Transaction [Line Items] | |||
Expense with related parties | $ 4 | $ 18 | $ 5 |
Net Capital Requirements - Summ
Net Capital Requirements - Summary of Capital Adequacy Requirements (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Banking And Thrift [Abstract] | ||
Total capital (to risk weighted assets), Actual, Amount | $ 1,211 | $ 1,593 |
Total capital (to risk weighted assets), Actual, Ratio | 92.50% | 88.60% |
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Amount | $ 105 | $ 144 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 131 | $ 180 |
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk weighted assets), Actual, Amount | $ 1,211 | $ 1,593 |
Tier 1 capital (to risk weighted assets), Actual, Ratio | 92.50% | 88.60% |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Amount | $ 79 | $ 108 |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 105 | $ 144 |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 capital (to average assets), Actual, Amount | $ 1,211 | $ 1,593 |
Tier 1 capital (to average assets), Actual, Ratio | 65.30% | 66.70% |
Tier 1 capital (to average assets), For Capital Adequacy Purposes, Amount | $ 74 | $ 96 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 93 | $ 119 |
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Common Equity Tier 1 capital (to risk weighted assets), Actual, Amount | $ 1,211 | $ 1,593 |
Common Equity Tier 1 capital (to risk weighted assets), Actual, Ratio | 92.50% | 88.60% |
Common Equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Amount | $ 59 | $ 81 |
Common Equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common Equity Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 85 | $ 117 |
Common Equity Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Net Capital Requirements - Addi
Net Capital Requirements - Additional Information (Detail) - USD ($) $ in Billions | Dec. 31, 2016 | Dec. 31, 2015 |
Regulatory Capital Requirements [Abstract] | ||
Net capital requirement in certain regulated subsidiaries | $ 1.4 | $ 1.1 |
Accumulated Other Comprehens106
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 28,580 | $ 27,485 | $ 26,616 |
Other comprehensive income (loss) | (268) | (175) | (238) |
Balance | 29,150 | 28,580 | 27,485 |
Unrealized Gains (Losses) on Available-for-Sale Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (1) | 2 | 7 |
Other comprehensive income (loss) before reclassifications | (1) | 3 | |
Amount reclassified from AOCI | 1 | (2) | (8) |
Other comprehensive income (loss) | 1 | (3) | (5) |
Balance | 0 | (1) | 2 |
Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 5 | 4 | 6 |
Other comprehensive income (loss) before reclassifications | 1 | (2) | |
Amount reclassified from AOCI | 0 | 0 | 0 |
Other comprehensive income (loss) | 1 | (2) | |
Balance | 5 | 5 | 4 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (452) | (279) | (48) |
Other comprehensive income (loss) before reclassifications | (269) | (173) | (231) |
Amount reclassified from AOCI | 0 | 0 | 0 |
Other comprehensive income (loss) | (269) | (173) | (231) |
Balance | (721) | (452) | (279) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (448) | (273) | (35) |
Other comprehensive income (loss) before reclassifications | (269) | (173) | (230) |
Amount reclassified from AOCI | 1 | (2) | (8) |
Other comprehensive income (loss) | (268) | (175) | (238) |
Balance | $ (716) | $ (448) | $ (273) |
Accumulated Other Comprehens107
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ||
Gains from net investment hedging, net of tax | $ 14 | $ 19 |
Gains from net investment hedging, tax | $ 8 | $ 11 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Capitalization, Equity [Line Items] | |||
Common stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, par value | 0.01 | 0.01 | |
Dividends, cash per common or preferred share | $ 9.16 | $ 8.72 | $ 7.72 |
Aggregate dividends | $ 1,545 | $ 1,476 | $ 1,338 |
Common shares repurchased | 3,300,000 | ||
Common shares repurchased, value | $ 1,125 | $ 1,100 | $ 1,000 |
Shares authorized to be repurchased | 3,000,000 | ||
Series C 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] | PNC [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Surrender of share of series non- voting preferred stock | 548,227 |
Capital Stock - Common and Pref
Capital Stock - Common and Preferred Stock Authorized (Detail) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Series A Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Series B Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized | 150,000,000 | 150,000,000 |
Series C Non-voting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized | 6,000,000 | 6,000,000 |
Series D Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Capital Stock - Common and P110
Capital Stock - Common and Preferred Shares Issued and Outstanding and Related Activity (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Shares, beginning balance | 171,252,185 | 171,252,185 | 171,252,185 |
Shares repurchased | 0 | 0 | 0 |
Net issuance of common shares related to employee stock transactions | 0 | 0 | 0 |
PNC LTIP capital contribution | 0 | ||
Shares, ending balance | 171,252,185 | 171,252,185 | 171,252,185 |
Common Stock [Member] | Shares Outstanding [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Shares, beginning balance | 163,461,064 | 164,786,788 | 166,589,688 |
Shares repurchased | (3,264,935) | (3,080,689) | (3,175,088) |
Net issuance of common shares related to employee stock transactions | 1,338,314 | 1,754,965 | 1,372,188 |
PNC LTIP capital contribution | 0 | ||
Shares, ending balance | 161,534,443 | 163,461,064 | 164,786,788 |
Treasury Stock Common [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Shares, beginning balance | (7,791,121) | (6,465,397) | (4,662,497) |
Shares repurchased | (3,264,935) | (3,080,689) | (3,175,088) |
Net issuance of common shares related to employee stock transactions | 1,338,314 | 1,754,965 | 1,372,188 |
PNC LTIP capital contribution | 0 | ||
Shares, ending balance | (9,717,742) | (7,791,121) | (6,465,397) |
Series B Nonvoting Participating Preferred Stock [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Shares, beginning balance | 823,188 | 823,188 | 823,188 |
Shares repurchased | 0 | 0 | 0 |
Net issuance of common shares related to employee stock transactions | 0 | 0 | 0 |
PNC LTIP capital contribution | 0 | ||
Shares, ending balance | 823,188 | 823,188 | 823,188 |
Series B Nonvoting Participating Preferred Stock [Member] | Shares Outstanding [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Shares, beginning balance | 823,188 | 823,188 | 823,188 |
Shares repurchased | 0 | 0 | 0 |
Net issuance of common shares related to employee stock transactions | 0 | 0 | 0 |
PNC LTIP capital contribution | 0 | ||
Shares, ending balance | 823,188 | 823,188 | 823,188 |
Series C Nonvoting Participating Preferred Stock [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Shares, beginning balance | 1,311,887 | 1,311,887 | 1,311,887 |
Shares repurchased | 0 | 0 | 0 |
Net issuance of common shares related to employee stock transactions | 0 | 0 | 0 |
PNC LTIP capital contribution | (548,227) | ||
Shares, ending balance | 763,660 | 1,311,887 | 1,311,887 |
Series C Nonvoting Participating Preferred Stock [Member] | Shares Outstanding [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Shares, beginning balance | 1,311,887 | 1,311,887 | 1,311,887 |
Shares repurchased | 0 | 0 | 0 |
Net issuance of common shares related to employee stock transactions | 0 | 0 | 0 |
PNC LTIP capital contribution | (548,227) | ||
Shares, ending balance | 763,660 | 1,311,887 | 1,311,887 |
Restructuring Charge - Addition
Restructuring Charge - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost And Reserve [Line Items] | ||||
Pre-tax restructuring charge | $ 76 | $ 76 | $ 0 | $ 0 |
After-tax restructuring charge | 53 | |||
Employee Severance [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Pre-tax restructuring charge | 44 | |||
Accelerated Amortization of Deferred Cash and Equity Compensation Awards [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Pre-tax restructuring charge | $ 32 |
Restructuring Charge - Rollforw
Restructuring Charge - Rollforward of Restructuring Liability (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring And Related Activities [Abstract] | ||||
Restructuring liability, beginning balance | $ 0 | $ 0 | ||
Additions | $ 76 | 76 | $ 0 | $ 0 |
Cash payments | (44) | |||
Accelerated amortization expense of equity-based awards | (28) | |||
Restructuring liability, ending balance | $ 4 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current income tax expense: Federal | $ 858 | $ 937 | $ 923 |
Current income tax expense: State and local | 61 | 74 | 54 |
Current income tax expense: Foreign | 385 | 395 | 258 |
Total net current income tax expense | 1,304 | 1,406 | 1,235 |
Deferred income tax expense (benefit): Federal | 31 | (13) | (73) |
Deferred income tax expense (benefit): State and local | 14 | (19) | (9) |
Deferred income tax expense (benefit): Foreign | (59) | (124) | (22) |
Total net deferred income tax expense (benefit) | (14) | (156) | (104) |
Total income tax expense | $ 1,290 | $ 1,250 | $ 1,131 |
Income Taxes - Components of114
Income Taxes - Components of Income before Taxes, Less Net Income (Loss) Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components Of Income Before Tax Less Noncontrolling Interest [Line Items] | |||
Income tax expense based on components of income before taxes, net income (loss) attributable to non-controlling interests | $ 4,462 | $ 4,595 | $ 4,425 |
Domestic [Member] | |||
Components Of Income Before Tax Less Noncontrolling Interest [Line Items] | |||
Income tax expense based on components of income before taxes, net income (loss) attributable to non-controlling interests | 2,837 | 2,840 | 2,946 |
Foreign [Member] | |||
Components Of Income Before Tax Less Noncontrolling Interest [Line Items] | |||
Income tax expense based on components of income before taxes, net income (loss) attributable to non-controlling interests | $ 1,625 | $ 1,755 | $ 1,479 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes Disclosure [Line Items] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Deferred tax asset | $ 838 | $ 882 | |
Deferred income tax liabilities | 4,840 | 4,851 | |
Deferred tax expense (benefit) associated with the revaluation of deferred income tax liabilities as a result of tax changes | (30) | (54) | |
Foreign tax credit carryforwards | 118 | 83 | |
Deferred tax assets, valuation allowance | 22 | 20 | |
Income taxes receivable | 247 | 166 | |
Income taxes payable | 75 | 79 | |
Deferred taxes not recognized on excess of financial reporting over tax basis | 5,251 | 4,734 | |
Unrecognized tax benefits that would affect effective tax rate if recognized | 284 | 320 | $ 283 |
Interest and penalties accrued during period | 3 | 12 | (25) |
Liability for interest and penalties | 59 | 56 | $ 44 |
Minimum [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Liability for uncertain tax positions | 10 | ||
Maximum [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Liability for uncertain tax positions | $ 40 | ||
Foreign Tax Credit Carryforwards [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Foreign tax credit carryforwards, maturity date | 2,023 | ||
Related to the Same Tax Jurisdiction [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Deferred tax asset | $ 20 | 20 | |
Deferred income tax liabilities | 4,840 | 4,851 | |
State [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 1,600 | 1,500 | |
Net operating loss carryforwards, maturity year | 2,017 | ||
Foreign [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 90 | $ 135 | |
Net operating loss carryforwards, maturity year | 2,021 | ||
Foreign net loss carry forwards, subject to expiration | $ 3 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense with Expected Federal Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory income tax expense, amount | $ 1,562 | $ 1,608 | $ 1,549 |
State and local taxes (net of federal benefit), amount | 69 | 42 | 51 |
Impact of foreign, state, and local tax rate changes on deferred taxes, amount | (33) | (45) | (4) |
Effect of foreign tax rates, amount | (329) | (385) | (434) |
Other, amount | 21 | 30 | (31) |
Total income tax expense | $ 1,290 | $ 1,250 | $ 1,131 |
Statutory income tax expense, rate | 35.00% | 35.00% | 35.00% |
State and local taxes (net of federal benefit), rate | 2.00% | 1.00% | 1.00% |
Impact of foreign, state, and local tax rate changes on deferred taxes, rate | (1.00%) | (1.00%) | 0.00% |
Effect of foreign tax rates, rate | (7.00%) | (8.00%) | (10.00%) |
Other, rate | 0.00% | 0.00% | 0.00% |
Effective income tax rate | 29.00% | 27.00% | 26.00% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Components Of Deferred Tax Assets And Liabilities [Abstract] | ||
Deferred tax assets: Compensation and benefits | $ 399 | $ 372 |
Deferred tax assets: Unrealized investment losses | 42 | 114 |
Deferred tax assets: Loss carryforwards | 85 | 98 |
Deferred tax assets: Foreign tax credit carryforwards | 118 | 83 |
Deferred tax assets: Other | 216 | 235 |
Gross deferred tax assets | 860 | 902 |
Less: deferred tax valuation allowances | (22) | (20) |
Deferred tax assets net of valuation allowances | 838 | 882 |
Deferred tax liabilities: Goodwill and acquired indefinite-lived intangibles | 5,568 | 5,588 |
Deferred tax liabilities: Acquired finite-lived intangibles | 36 | 45 |
Deferred tax liabilities: Other | 54 | 80 |
Gross deferred tax liabilities | 5,658 | 5,713 |
Net deferred tax (liabilities) | $ (4,820) | $ (4,831) |
Income Taxes - Reconciliatio118
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, beginning balance | $ 466 | $ 379 | $ 467 |
Additions for tax positions of prior years | 3 | 39 | 21 |
Reductions for tax positions of prior years | (78) | (25) | (24) |
Additions based on tax positions related to current year | 37 | 75 | 85 |
Lapse of statute of limitations | 0 | (2) | (2) |
Settlements | (18) | (168) | |
Unrecognized tax benefits, ending balance | $ 410 | $ 466 | $ 379 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted EPS under Treasury Stock Method (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to BlackRock | $ 851 | $ 875 | $ 789 | $ 657 | $ 861 | $ 843 | $ 819 | $ 822 | $ 3,172 | $ 3,345 | $ 3,294 |
Basic weighted-average shares outstanding | 163,441,552 | 164,129,214 | 164,758,612 | 165,388,130 | 165,826,808 | 166,045,291 | 166,616,558 | 167,089,037 | 164,425,858 | 166,390,009 | 168,225,154 |
Dilutive effect of nonparticipating RSUs and stock options | 2,153,894 | 2,648,562 | 2,887,107 | ||||||||
Total diluted weighted-average shares outstanding | 165,854,167 | 166,256,598 | 166,639,290 | 167,398,938 | 168,632,558 | 168,665,303 | 169,114,759 | 169,723,167 | 166,579,752 | 169,038,571 | 171,112,261 |
Basic earnings per share | $ 5.21 | $ 5.33 | $ 4.79 | $ 3.97 | $ 5.19 | $ 5.08 | $ 4.92 | $ 4.92 | $ 19.29 | $ 20.10 | $ 19.58 |
Diluted earnings per share | $ 5.13 | $ 5.26 | $ 4.73 | $ 3.92 | $ 5.11 | $ 5 | $ 4.84 | $ 4.84 | $ 19.04 | $ 19.79 | $ 19.25 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share Amount | 0 | ||
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share Amount | 0 | 0 | 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 1 |
Segment Information - Schedule
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 ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total investment advisory, administration fees, securities lending revenue and performance fees | $ 10,175 | $ 10,461 | $ 10,139 | ||||||||
BlackRock Solutions and advisory | 714 | 646 | 635 | ||||||||
Distribution fees | 41 | 55 | 70 | ||||||||
Other revenue | 225 | 239 | 237 | ||||||||
Total revenue | $ 2,890 | $ 2,837 | $ 2,804 | $ 2,624 | $ 2,863 | $ 2,910 | $ 2,905 | $ 2,723 | 11,155 | 11,401 | 11,081 |
Equity [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total investment advisory, administration fees, securities lending revenue and performance fees | 5,018 | 5,345 | 5,337 | ||||||||
Fixed Income [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total investment advisory, administration fees, securities lending revenue and performance fees | 2,664 | 2,428 | 2,171 | ||||||||
Multi-asset [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total investment advisory, administration fees, securities lending revenue and performance fees | 1,157 | 1,287 | 1,236 | ||||||||
Alternatives [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total investment advisory, administration fees, securities lending revenue and performance fees | 878 | 1,082 | 1,103 | ||||||||
Cash Management [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total investment advisory, administration fees, securities lending revenue and performance fees | $ 458 | $ 319 | $ 292 |
Segment Information - Total Rev
Segment Information - Total Revenue by Geographic Region (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 2,890 | $ 2,837 | $ 2,804 | $ 2,624 | $ 2,863 | $ 2,910 | $ 2,905 | $ 2,723 | $ 11,155 | $ 11,401 | $ 11,081 |
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 7,530 | 7,502 | 7,286 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 3,083 | 3,356 | 3,246 | ||||||||
Asia-Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 542 | $ 543 | $ 549 |
Segment Information - Schedu124
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 13,677 | $ 13,704 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 13,424 | 13,422 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 163 | 186 |
Asia-Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 90 | $ 96 |
Selected Quarterly Financial125
Selected Quarterly Financial Data - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 2,890 | $ 2,837 | $ 2,804 | $ 2,624 | $ 2,863 | $ 2,910 | $ 2,905 | $ 2,723 | $ 11,155 | $ 11,401 | $ 11,081 |
Operating income | 1,225 | 1,209 | 1,173 | 963 | 1,137 | 1,222 | 1,238 | 1,067 | 4,570 | 4,664 | 4,474 |
Net income | 851 | 877 | 795 | 647 | 869 | 832 | 826 | 825 | 3,170 | 3,352 | 3,264 |
Net income attributable to BlackRock | $ 851 | $ 875 | $ 789 | $ 657 | $ 861 | $ 843 | $ 819 | $ 822 | $ 3,172 | $ 3,345 | $ 3,294 |
Earnings per share attributable to BlackRock, Inc. common stockholders: Basic | $ 5.21 | $ 5.33 | $ 4.79 | $ 3.97 | $ 5.19 | $ 5.08 | $ 4.92 | $ 4.92 | $ 19.29 | $ 20.10 | $ 19.58 |
Earnings per share attributable to Black Rock, Inc. common stockholders: Diluted | $ 5.13 | $ 5.26 | $ 4.73 | $ 3.92 | $ 5.11 | $ 5 | $ 4.84 | $ 4.84 | $ 19.04 | $ 19.79 | $ 19.25 |
Weighted-average common shares outstanding: Basic | 163,441,552 | 164,129,214 | 164,758,612 | 165,388,130 | 165,826,808 | 166,045,291 | 166,616,558 | 167,089,037 | 164,425,858 | 166,390,009 | 168,225,154 |
Weighted-average common shares outstanding: Diluted | 165,854,167 | 166,256,598 | 166,639,290 | 167,398,938 | 168,632,558 | 168,665,303 | 169,114,759 | 169,723,167 | 166,579,752 | 169,038,571 | 171,112,261 |
Dividend declared per share | $ 2.29 | $ 2.29 | $ 2.29 | $ 2.29 | $ 2.18 | $ 2.18 | $ 2.18 | $ 2.18 | $ 9.16 | $ 8.72 | $ 7.72 |
Common stock price per share: High | 398.45 | 376 | 367.47 | 342.56 | 363.72 | 354.54 | 377.85 | 380.33 | 398.45 | 363.72 | |
Common stock price per share: Low | 338.61 | 335.11 | 319.54 | 289.72 | 295.92 | 293.52 | 344.54 | 340.51 | 338.61 | 295.92 | |
Common stock price per share: Close | $ 380.54 | $ 362.46 | $ 342.53 | $ 340.57 | $ 340.52 | $ 297.47 | $ 345.98 | $ 365.84 | $ 380.54 | $ 340.52 |
Selected Quarterly Financial126
Selected Quarterly Financial Data - Schedule of Selected Quarterly Financial Data (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||
Pre-tax restructuring charge | $ 76 | $ 76 | $ 0 | $ 0 | |||
Tax benefit related to certain nonrecurring items | $ 69 | ||||||
Deferred tax expense (benefit) associated with the revaluation of deferred income tax liabilities as a result of tax changes | $ (26) | $ (64) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Jan. 12, 2017 | Dec. 31, 2016 | Jan. 31, 2017 |
Subsequent Event [Line Items] | |||
Dividend declared date | Jan. 12, 2017 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Additional shares authorized to repurchase under the share repurchase program | 6,000,000 | ||
Quarterly dividend payable, per share | $ 2.50 | ||
Dividend payable date | Mar. 23, 2017 | ||
Dividend payable, record date | Mar. 6, 2017 | ||
Subsequent Event [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Shares authorized to repurchase under the share repurchase program | 9,000,000 |