Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | BlackRock, Inc. | |
Entity Central Index Key | 0001364742 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 154,262,173 | |
Entity Current Reporting Status | Yes | |
Entity File Number | 001-33099 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 32-0174431 | |
Entity Address, Address Line One | 55 East 52nd Street | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10055 | |
City Area Code | 212 | |
Local Phone Number | 810-5300 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Common Stock, $.01 Par Value [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | BLK | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Security Exchange Name | NYSE | |
1.250% Notes due 2025 [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | BLK25 | |
Title of 12(b) Security | 1.250% Notes due 2025 | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and cash equivalents | [1] | $ 4,406 | $ 4,829 |
Accounts receivable | 3,095 | 3,179 | |
Investments | [1] | 5,240 | 5,489 |
Separate account assets | 83,262 | 102,844 | |
Separate account collateral held under securities lending agreements | 14,777 | 15,466 | |
Property and equipment (net of accumulated depreciation of $923 and $880 at March 31, 2020 and December 31, 2019, respectively) | 714 | 715 | |
Intangible assets (net of accumulated amortization of $210 and $185 at March 31, 2020 and December 31, 2019, respectively) | 18,344 | 18,369 | |
Goodwill | 14,559 | 14,562 | |
Other assets | [1] | 4,623 | 3,169 |
Total assets | 149,020 | 168,622 | |
Liabilities | |||
Accrued compensation and benefits | 858 | 2,057 | |
Accounts payable and accrued liabilities | 982 | 1,167 | |
Borrowings | 5,933 | 4,955 | |
Separate account liabilities | 83,262 | 102,844 | |
Separate account collateral liabilities under securities lending agreements | 14,777 | 15,466 | |
Deferred income tax liabilities | 3,610 | 3,734 | |
Other liabilities | [1] | 5,088 | 3,470 |
Total liabilities | 114,510 | 133,693 | |
Commitments and contingencies | |||
Temporary equity | |||
Redeemable noncontrolling interests | 1,440 | 1,316 | |
Permanent Equity | |||
Common stock, $0.01 par value; Shares authorized: 500,000,000 at March 31, 2020 and December 31, 2019; Shares issued: 171,252,185 at March 31, 2020 and December 31, 2019; Shares outstanding: 154,262,618 and 154,375,780 at March 31, 2020 and December 31, 2019, respectively | 2 | 2 | |
Preferred stock | 0 | 0 | |
Additional paid-in capital | 18,885 | 19,186 | |
Retained earnings | 21,872 | 21,662 | |
Accumulated other comprehensive loss | (810) | (571) | |
Treasury stock, common, at cost (16,989,567 and 16,876,405 shares held at March 31, 2020 and December 31, 2019, respectively) | (6,936) | (6,732) | |
Total BlackRock, Inc. stockholders’ equity | 33,013 | 33,547 | |
Nonredeemable noncontrolling interests | 57 | 66 | |
Total permanent equity | 33,070 | 33,613 | |
Total liabilities, temporary equity and permanent equity | $ 149,020 | $ 168,622 | |
[1] | At March 31, 2020, cash and cash equivalents, investments, other assets and other liabilities include $269 million, $3,170 million, $90 million, and $883 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2019, cash and cash equivalents, investments, other assets and other liabilities include $131 million, $3,301 million, $68 million, and $820 million, respectively, related to consolidated VIEs. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Property and equipment, accumulated depreciation | $ 923 | $ 880 | |
Intangible assets, accumulated amortization | $ 210 | $ 185 | |
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 | 154,262,618 | 154,375,780 | |
Treasury stock, common shares | 16,989,567 | 16,876,405 | |
Cash and cash equivalents | [1] | $ 4,406 | $ 4,829 |
Investments | [1] | 5,240 | 5,489 |
Other assets | [1] | 4,623 | 3,169 |
Other liabilities | [1] | 5,088 | 3,470 |
Consolidated Variable Interest Entities [Member] | |||
Cash and cash equivalents | 269 | 131 | |
Investments | 3,170 | 3,301 | |
Other assets | 90 | 68 | |
Other liabilities | $ 883 | $ 820 | |
[1] | At March 31, 2020, cash and cash equivalents, investments, other assets and other liabilities include $269 million, $3,170 million, $90 million, and $883 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2019, cash and cash equivalents, investments, other assets and other liabilities include $131 million, $3,301 million, $68 million, and $820 million, respectively, related to consolidated VIEs. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | ||
Total revenue | $ 3,710 | $ 3,346 |
Expense | ||
Employee compensation and benefits | 1,137 | 1,064 |
Distribution and servicing costs | 445 | 404 |
Direct fund expense | 277 | 242 |
General and administration | 1,142 | 388 |
Amortization of intangible assets | 25 | 15 |
Total expense | 3,026 | 2,113 |
Operating income | 684 | 1,233 |
Nonoperating income (expense) | ||
Net gain (loss) on investments | (40) | 142 |
Interest and dividend income | 15 | 29 |
Interest expense | (46) | (46) |
Total nonoperating income (expense) | (71) | 125 |
Income before income taxes | 613 | 1,358 |
Income tax expense (benefit) | (14) | 298 |
Net income | 627 | 1,060 |
Net income (loss) attributable to noncontrolling interests | (179) | 7 |
Net income attributable to BlackRock, Inc. | $ 806 | $ 1,053 |
Earnings per share attributable to BlackRock, Inc. common stockholders: | ||
Basic | $ 5.19 | $ 6.65 |
Diluted | $ 5.15 | $ 6.61 |
Weighted-average common shares outstanding: | ||
Basic | 155,243,279 | 158,268,034 |
Diluted | 156,416,726 | 159,348,431 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | ||
Revenue | ||
Total revenue | $ 3,055 | $ 2,805 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Related Parties [Member] | ||
Revenue | ||
Total revenue | 2,175 | 1,989 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Other Third Parties [Member] | ||
Revenue | ||
Total revenue | 880 | 816 |
Investment Advisory Performance Fees [Member] | ||
Revenue | ||
Total revenue | 41 | 26 |
Technology Services Revenue [Member] | ||
Revenue | ||
Total revenue | 274 | 204 |
Distribution Fees [Member] | ||
Revenue | ||
Total revenue | 276 | 262 |
Advisory and Other Revenue [Member] | ||
Revenue | ||
Total revenue | $ 64 | $ 49 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 627 | $ 1,060 | |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | [1] | (239) | 68 |
Comprehensive income (loss) | 388 | 1,128 | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (179) | 7 | |
Comprehensive income attributable to BlackRock, Inc. | $ 567 | $ 1,121 | |
[1] | Amounts for the three months ended March 31, 2020 and 2019 include gains from a net investment hedge of $13 million (net of tax expense of $4 million) and $11 million (net of tax expense of $3 million), respectively. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Gain from net investment hedging, net of tax | $ 13 | $ 11 |
Gain from net investment hedging, tax (expenses) | $ (4) | $ (3) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Additional Paid-in Capital [Member] | 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, 2018 | $ 32,433 | $ 19,170 | [1] | $ 19,282 | $ (691) | $ (5,387) | $ 32,374 | $ 59 | $ 1,107 |
Net income | 1,053 | 1,053 | 1,053 | 7 | |||||
Dividends declared | (556) | (556) | (556) | ||||||
Stock-based compensation | 154 | 154 | [1] | 154 | |||||
PNC preferred stock capital contribution | 60 | 60 | [1] | 60 | |||||
Retirement of preferred stock | (60) | (60) | [1] | (60) | |||||
Issuance of common shares related to employee stock transactions | 4 | (495) | [1] | 499 | 4 | ||||
Employee tax withholdings related to employee stock transactions | (222) | (222) | (222) | ||||||
Shares repurchased | (1,566) | (1,566) | (1,566) | ||||||
Subscriptions (redemptions/distributions) — noncontrolling interest holders | (5) | (5) | 200 | ||||||
Net consolidations (deconsolidations) of sponsored investment funds | (1) | (1) | (305) | ||||||
Other comprehensive income (loss) | 68 | 68 | 68 | ||||||
Balance at Mar. 31, 2019 | 31,362 | 18,829 | [1] | 19,779 | (623) | (6,676) | 31,309 | 53 | 1,009 |
Balance at Dec. 31, 2019 | 33,613 | 19,188 | [2] | 21,662 | (571) | (6,732) | 33,547 | 66 | 1,316 |
Net income | 806 | 806 | 806 | (179) | |||||
Dividends declared | (596) | (596) | (596) | ||||||
Stock-based compensation | 149 | 149 | [2] | 149 | |||||
Issuance of common shares related to employee stock transactions | 3 | (450) | [2] | 453 | 3 | ||||
Employee tax withholdings related to employee stock transactions | (257) | (257) | (257) | ||||||
Shares repurchased | (400) | (400) | (400) | ||||||
Subscriptions (redemptions/distributions) — noncontrolling interest holders | (9) | (9) | 871 | ||||||
Net consolidations (deconsolidations) of sponsored investment funds | (568) | ||||||||
Other comprehensive income (loss) | (239) | (239) | (239) | ||||||
Balance at Mar. 31, 2020 | $ 33,070 | $ 18,887 | [2] | $ 21,872 | $ (810) | $ (6,936) | $ 33,013 | $ 57 | $ 1,440 |
[1] | Amounts include $2 million of common stock at both March 31, 2019 and December 31, 2018. | ||||||||
[2] | Amounts include $2 million of common stock at both March 31, 2020 and December 31, 2019. |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Additional Paid-in Capital, value of stock | $ 33,070 | $ 31,362 | $ 33,613 | $ 32,433 |
Common Stock [Member] | ||||
Additional Paid-in Capital, value of stock | $ 2 | $ 2 | $ 2 | $ 2 |
Dividends declared, amount per share | $ 3.63 | $ 3.30 |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net income | $ 627 | $ 1,060 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 111 | 89 |
Stock-based compensation | 149 | 154 |
Deferred income tax expense (benefit) | (133) | 88 |
Charitable Contribution | 589 | |
Gain related to the Charitable Contribution | (122) | |
Gain related to iCapital recapitalization | (244) | |
Net (gains) losses within consolidated sponsored investment products | 391 | (122) |
Net (purchases) proceeds within consolidated sponsored investment products | (860) | (220) |
(Earnings) losses from equity method investees | 40 | (24) |
Distributions of earnings from equity method investees | 13 | 14 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5) | (99) |
Investments, trading | 132 | (7) |
Other assets | (1,669) | (7) |
Accrued compensation and benefits | (1,222) | (1,254) |
Accounts payable and accrued liabilities | (214) | (56) |
Other liabilities | 1,479 | 159 |
Net cash provided by/(used in) operating activities | (938) | (225) |
Investing activities | ||
Purchases of investments | (45) | (48) |
Proceeds from sales and maturities of investments | 17 | 27 |
Distributions of capital from equity method investees | 61 | 7 |
Net consolidations (deconsolidations) of sponsored investment funds | (15) | (46) |
Purchases of property and equipment | (52) | (58) |
Net cash provided by/(used in) investing activities | (34) | (118) |
Financing activities | ||
Proceeds from long-term borrowings | 999 | |
Cash dividends paid | (596) | (556) |
Repurchases of common stock | (657) | (1,788) |
Net proceeds from (repayments of) borrowings by consolidated sponsored investment products | 22 | 50 |
Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders | 862 | 195 |
Other financing activities | (2) | (13) |
Net cash provided by/(used in) financing activities | 628 | (2,112) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (79) | 28 |
Net increase/(decrease) in cash, cash equivalents and restricted cash | (423) | (2,427) |
Cash, cash equivalents and restricted cash, beginning of period | 4,846 | 6,505 |
Cash, cash equivalents and restricted cash, end of period | 4,423 | 4,078 |
Supplemental disclosure of cash flow information: | ||
Interest | 29 | 29 |
Income taxes (net of refunds) | 476 | 179 |
Supplemental schedule of noncash investing and financing transactions: | ||
Issuance of common stock | 450 | 495 |
PNC preferred stock capital contribution | 60 | |
Charitable Contribution of an investment | (589) | |
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | $ (568) | $ (306) |
Business Overview
Business Overview | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business Overview | 1. Business Overview BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm providing a broad range of investment management and technology services to institutional and retail clients worldwide. BlackRock’s diverse platform of alpha-seeking active, index and cash management 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 also offers technology services, including the investment and risk management technology platform, Aladdin ® At March 31, 2020, The PNC Financial Services Group, Inc. (“PNC”) held 22.0% of the Company’s voting common stock and 22.4% of the Company’s capital stock, which includes outstanding common and nonvoting preferred stock. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests (“NCI”) on the condensed consolidated statements of financial condition represents the portion of consolidated sponsored investment funds in which the Company does not have direct equity ownership. Accounts and transactions between consolidated entities have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission (“SEC”) on February 28, 2020 (“2019 Form 10-K”). The interim financial information at March 31, 2020 and for the three months ended March 31, 2020 and 2019 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. Certain prior period presentations and disclosures, while not required to be recast, were reclassified to ensure comparability with current period classifications. Accounting Pronouncements Adopted in the Three Months Ended March 31, 2020 Measurement of Credit Losses. In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-13, (“ASU 2016-13”), which significantly changes the accounting and disclosures for credit losses for most financial assets. The new guidance requires an estimate of expected lifetime credit losses and eliminates the existing recognition thresholds under current models. The adoption of ASU 2016-13, which was effective for the Company on January 1, 2020, did not have a material impact on its condensed consolidated financial statements. 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 collateralized loan obligations (“CLOs”), bank loans, 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, investments in CLOs and bank loans of consolidated CLOs. • Level 3 liabilities include contingent liabilities related to acquisitions valued based upon discounted cash flow analyses using unobservable market data and borrowings of consolidated CLOs. 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. A significant number of inputs used to value equity, debt securities, investments in CLOs and bank loans is sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price. 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 the Company’s 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. Fair Value Asset s and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including bank loans, held by a consolidated CLO. As the fair value of the financial assets of the consolidated CLO is more observable than the fair value of the borrowings of the consolidated CLO, the Company measures the fair value of the borrowings of the consolidated CLO as the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO. Derivatives 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. The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the condensed consolidated statements of financial condition. 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 condensed 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 not US 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 (loss) on the condensed consolidated statements of financial condition. Amounts excluded from the effectiveness assessment are reported in the condensed consolidated statements of income using a systematic and rational method. The Company reassesses the effectiveness of its net investment hedge at least quarterly. Separate Account Assets and Liabilities . Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom, and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition. The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income. Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company receives legal title to the collateral with minimum values generally ranging from approximately 102% to 112% of the value of the securities lent in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales. The Company records on the condensed consolidated statements of financial condition the cash and noncash collateral received under these BlackRock Life Limited securities lending arrangements as its own asset in addition to an equal and offsetting collateral liability for the obligation to return the collateral. 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 condensed consolidated statements of income. During the three months ended March 31, 2020 and 2019, the Company had not resold or repledged any of the collateral received under these arrangements. At March 31, 2020 and December 31, 2019, the fair value of loaned securities held by separate accounts was approximately $14.0 billion and $14.4 billion, respectively, and the fair value of the collateral held under these securities lending agreements was approximately $14.8 billion and $15.5 billion, respectively. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisition | 3. Acquisition On May 10, 2019, the Company acquired 100% of the equity interests of eFront Holding SAS (“eFront Transaction” or “eFront”), a leading alternative investment management software and solutions provider for approximately $1.3 billion, excluding the settlement of eFront’s outstanding debt. The acquisition of eFront expanded Aladdin The purchase price was funded through a combination of existing cash and issuance of commercial paper (subsequently repaid with existing cash) and long-term notes in April 2019. A summary of the fair values of the assets acquired and liabilities assumed in this acquisition is as follows (1) Estimate of (in millions) Fair Value Accounts receivable $ 61 Finite-lived intangible assets: Customer relationships 400 Technology-related 203 Trade name 14 Goodwill 1,044 Other assets 49 Deferred income tax liabilities (146 ) Other liabilities assumed (125 ) Total consideration, net of cash acquired $ 1,500 Summary of consideration, net of cash acquired: Cash paid including settlement of outstanding debt of approximately $0.2 billion $ 1,555 Cash acquired (55 ) Total consideration, net of cash acquired $ 1,500 (1) The Company does not expect additional material changes to the value of the assets acquired or liabilities assumed in conjunction with the transaction. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2020 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | 4. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows. March 31, December 31, 2020 2019 (in millions) Cash and cash equivalents $ 4,406 $ 4,829 Restricted cash included in other assets 17 17 Total cash, cash equivalents and restricted cash $ 4,423 $ 4,846 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 5. Investments A summary of the carrying value of total investments is as follows: March 31, December 31, (in millions) 2020 2019 Debt securities: Held-to-maturity investments $ 252 $ 249 Trading securities 1,417 1,249 Total debt securities 1,669 1,498 Equity securities at FVTNI (1) 1,565 1,926 Equity method investments (2) 860 943 Bank loans 204 204 Federal Reserve Bank stock (3) 93 93 Carried interest (4) 569 528 Other investments (5) 280 297 Total investments $ 5,240 $ 5,489 ( 1 ) Fair value recorded through net income (“FVTNI”). ( 2 ) Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds. ( 3 ) At both March 31, 2020 and December 31, 2019, there were no indicators of impairment of Federal Reserve Bank stock, which is held for regulatory purposes and is restricted from sale. ( 4 ) Carried interest of consolidated sponsored investment funds 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. ( 5 ) Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes and private equity and real asset investments of consolidated sponsored investment products measured at fair value. Held-to-Maturity Investments The carrying value of held-to-maturity investments was $252 million and $249 million at March 31, 2020 and December 31, 2019, respectively. Held-to-maturity investments included certain investments in CLOs and foreign government debt held primarily for regulatory purposes. The amortized cost (carrying value) of these investments approximated fair value (primarily a Level 2 input). At March 31, 2020, $12 million mature between one to five years, $115 million of these investments mature between five to Trading Debt Securities and Equity Securities at FVTNI A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows: March 31, 2020 December 31, 2019 (in millions) Cost Carrying Value Cost Carrying Value Trading debt securities: Corporate debt $ 1,108 $ 1,074 $ 822 $ 844 Government debt 250 250 268 269 Asset/mortgage-backed debt 112 93 141 136 Total trading debt securities $ 1,470 $ 1,417 $ 1,231 $ 1,249 Equity securities at FVTNI: Deferred compensation plan mutual funds $ 2 $ 5 $ 6 $ 23 Equity securities/multi-asset mutual funds 1,615 1,560 1,763 1,903 Total equity securities at FVTNI $ 1,617 $ 1,565 $ 1,769 $ 1,926 |
Consolidated Sponsored Investme
Consolidated Sponsored Investment Products | 3 Months Ended |
Mar. 31, 2020 | |
Statement Of Financial Position [Abstract] | |
Consolidated Sponsored Investment Products | 6. Consolidated Sponsored Investment Products The Company consolidates certain sponsored investment funds accounted for as voting rights entities (“VREs”) because it is deemed to control such funds. 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’s consolidated VIEs include certain sponsored investment products 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 products and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these sponsored investment products. 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. The following table presents the balances related to these consolidated sponsored investment products accounted for as VIEs and VREs that were recorded on the consolidated statements of financial condition, including BlackRock’s net interest in these products: March 31, 2020 December 31, 2019 (in millions) VIEs VREs Total VIEs VREs Total Cash and cash equivalents $ 269 $ 47 $ 316 $ 131 $ 10 $ 141 Investments: Trading debt securities 1,244 145 1,389 1,059 151 1,210 Equity securities at FVTNI 996 346 1,342 1,330 332 1,662 Bank loans 204 — 204 204 — 204 Other investments 174 — 174 194 — 194 Carried interest 552 — 552 514 — 514 Total investments 3,170 491 3,661 3,301 483 3,784 Other assets 90 6 96 68 5 73 Other liabilities (1) (883 ) (26 ) (909 ) (820 ) (20 ) (840 ) Noncontrolling interest (1,390 ) (107 ) (1,497 ) (1,348 ) (34 ) (1,382 ) BlackRock's net interests in consolidated investment products $ 1,256 $ 411 $ 1,667 $ 1,332 $ 444 $ 1,776 (1) At March 31, 2020 and December 31, 2019, other liabilities of VIEs include $203 million and $195 million, respectively, related to borrowings of a consolidated CLO. BlackRock’s total exposure to consolidated sponsored investment products represents the value of its economic ownership interest in these sponsored investment products. Valuation changes associated with investments held at fair value by these consolidated sponsored investment products 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 sponsored investment products to use in its operating activities. Net gain (loss) related to consolidated VIEs is presented in the following table: Three Months Ended March 31, (in millions) 2020 2019 Nonoperating net gain (loss) on consolidated VIEs $ (309 ) $ 94 Net income (loss) attributable to NCI on consolidated VIEs $ (158 ) $ 5 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | 7. Variable Interest Entities Nonconsolidated VIEs . At March 31, 2020 and December 31, 2019, the Company’s carrying value of assets and liabilities included on the condensed 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 primary beneficiary, was as follows: (in millions) At March 31, 2020 Investments Advisory Fee Receivables Other Net Assets (Liabilities) Maximum Risk (1) Sponsored investment products $ 533 $ 102 $ (12 ) $ 652 At December Sponsored investment products $ 539 $ 71 $ (10 ) $ 627 (1) At both March 31, 2020 and December 31, 2019, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of advisory fee receivables. The net assets of sponsored investment products that are nonconsolidated VIEs approximated $11 billion and $12 billion at March 31, 2020 and December 31, 2019, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 8. Fair Value Disclosures Fair Value Hierarchy Assets and liabilities measured at fair value on a recurring basis March 31, 2020 (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 (2) March 31, 2020 Assets: Investments Debt securities: Held-to-maturity investments $ — $ — $ — $ — $ 252 $ 252 Trading securities — 1,408 9 — — 1,417 Total debt securities — 1,408 9 — 252 1,669 Equity securities at FVTNI: Deferred compensation plan mutual funds 5 — — — — 5 Equity securities/Multi-asset mutual funds 1,560 — — — — 1,560 Total equity securities at FVTNI 1,565 — — — — 1,565 Equity method: Equity and fixed income mutual funds 145 — — — — 145 Hedge funds/funds of hedge funds — — — 222 — 222 Private equity funds — — — 210 — 210 Real assets funds — — — 271 — 271 Other 9 — — 3 — 12 Total equity method 154 — — 706 — 860 Bank loans — 23 181 — — 204 Federal Reserve Bank Stock — — — — 93 93 Carried interest — — — — 569 569 Other investments (3) — 4 16 84 176 280 Total investments 1,719 1,435 206 790 1,090 5,240 Other assets (4) 133 181 — — — 314 Separate account assets 54,812 27,340 — — 1,110 83,262 Separate account collateral held under securities lending agreements: Equity securities 4,731 — — — — 4,731 Debt securities — 10,046 — — — 10,046 Total separate account collateral held under securities lending agreements 4,731 10,046 — — — 14,777 Total $ 61,395 $ 39,002 $ 206 $ 790 $ 2,200 $ 103,593 Liabilities: Separate account collateral liabilities under securities lending agreements $ 4,731 $ 10,046 $ — $ — $ — $ 14,777 Other liabilities (5) — 28 421 — — 449 Total $ 4,731 $ 10,074 $ 421 $ — $ — $ 15,226 (1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent), as a practical expedient. (2) Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, 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 primarily include direct investments in private equity companies held by private equity funds. (4) Amounts in Level 1 and Level 2 include a minority investment in a publicly traded company and fair value of derivatives (See Note 9, Derivatives and Hedging (5) Level 3 amounts primarily include contingent liabilities related to certain acquisitions (see Note 15, Commitments and Contingencies Assets and liabilities measured at fair value on a recurring basis December 31, 2019 (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 (2) December 31, 2019 Assets: Investments Debt securities: Held-to-maturity investments $ — $ — $ — $ — $ 249 $ 249 Trading securities — 1,241 8 — — 1,249 Total debt securities — 1,241 8 — 249 1,498 Equity securities at FVTNI: Deferred compensation plan mutual funds 23 — — — — 23 Equity securities/Multi-asset mutual funds 1,903 — — — — 1,903 Total equity securities at FVTNI 1,926 — — — — 1,926 Equity method: Equity and fixed income mutual funds 157 — — — — 157 Hedge funds/funds of hedge funds — — — 220 — 220 Private equity funds — — — 248 — 248 Real assets funds — — — 296 — 296 Other 12 — — 10 — 22 Total equity method 169 — — 774 — 943 Bank loans — 27 177 — — 204 Federal Reserve Bank Stock — — — — 93 93 Carried interest — — — — 528 528 Other investments (3) — — 9 98 190 297 Total investments 2,095 1,268 194 872 1,060 5,489 Other assets (4) 173 — — — — 173 Separate account assets 72,515 29,582 — — 747 102,844 Separate account collateral held under securities lending agreements: Equity securities 10,209 — — — — 10,209 Debt securities — 5,257 — — — 5,257 Total separate account collateral held under securities lending agreements 10,209 5,257 — — — 15,466 Total $ 84,992 $ 36,107 $ 194 $ 872 $ 1,807 $ 123,972 Liabilities: Separate account collateral liabilities under securities lending agreements $ 10,209 $ 5,257 $ — $ — $ — $ 15,466 Other liabilities (5) — 10 388 — — 398 Total $ 10,209 $ 5,267 $ 388 $ — $ — $ 15,864 (1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. (2) Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, 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 primarily include direct investments in private equity companies held by private equity funds. (4) Amount includes a minority investment in a publicly traded company. (5) Amounts primarily include contingent liabilities related to certain acquisitions (see Note 15, Commitments and Contingencies Level 3 Assets. Level 3 assets may include investments in CLOs and bank loans of consolidated CLOs, which were valued based on single-broker nonbinding quotes and direct private equity investments, which were valued using the market or income approach . Level 3 investments of $206 million and $194 million at March 31, 2020 and December 31, 2019, respectively, primarily included bank loans of a consolidated CLO and investments in CLOs. Level 3 Liabilities. Level 3 liabilities primarily include contingent liabilities associated with certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs and borrowings of a consolidated CLO, which were valued based on the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2020 (in millions) December 31, 2019 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 March 31, 2020 Total Net Unrealized Gains (Losses) Included in Earnings (2) Assets: Investments: Debt securities: Trading $ 8 $ — $ 1 $ — $ — $ — $ — $ 9 $ — Total debt securities 8 — 1 — — — — 9 — Private equity 9 — 8 (1 ) — — — 16 — Bank loans 177 (14 ) 18 — — — — 181 (14 ) Total investments $ 194 $ (14 ) $ 27 $ (1 ) $ — $ — $ — $ 206 $ (14 ) Liabilities: Other liabilities (3) $ 388 $ (11 ) $ — $ — $ 22 $ — $ — 421 $ (11 ) Total Level 3 liabilities $ 388 $ (11 ) $ — $ — $ 22 $ — $ — $ 421 $ (11 ) (1) Amounts include proceeds from borrowings of a consolidated CLO. (2) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. (3) Amounts include contingent liabilities in connection with certain acquisitions and borrowings related to a consolidated CLO. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31 , 201 9 (in millions) December 31, 2018 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 (2) March 31, 2019 Total Net Unrealized Gains (Losses) Included in Earnings (3) Assets: Investments: Debt securities: Trading $ 4 $ — $ — $ — $ — $ — $ (4 ) $ — $ — Total debt securities 4 — — — — — (4 ) — — Private equity 82 — — — — — (72 ) 10 — Bank loans (4) 70 — 53 — — — — 123 — Total investments 156 — 53 — — — (76 ) 133 — Total Level 3 assets $ 156 $ — $ 53 $ — $ — $ — $ (76 ) $ 133 $ — Liabilities: Other liabilities (4) $ 371 $ (6 ) $ — $ — $ 32 $ — $ — $ 409 $ (6 ) Total Level 3 liabilities $ 371 $ (6 ) $ — $ — $ 32 $ — $ — $ 409 $ (6 ) (1) Amounts include proceeds from borrowings of a consolidated CLO and contingent liability payments in connection with certain prior acquisitions. (2) Amounts include an investment in a consolidated entity that no longer qualifies as an investment company and is no longer accounted for under a fair value measure. (3) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. (4) Amounts include contingent liabilities in connection with certain acquisitions and bank loans and borrowings related to a consolidated CLO. Realized and Unrealized Gains (Losses) for Level 3 Assets and Liabilities. Realized and unrealized gains (losses) recorded for Level 3 assets and liabilities are reported in nonoperating income (expense) on the condensed consolidated statements of income. A portion of net income (loss) for consolidated sponsored investment funds is 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 March 31, 2020 and December 31, 2019, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below: March 31, 2020 December 31, 2019 (in millions) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Fair Value Hierarchy Financial Assets (1) Cash and cash equivalents $ 4,406 $ 4,406 $ 4,829 $ 4,829 Level 1 (2) (3) Other assets $ 21 $ 21 $ 68 $ 68 Level 1 (4) Financial Liabilities: Long-term borrowings $ 5,933 $ 6,147 $ 4,955 $ 5,254 Level 2 (5) (1) See Note 5, Investments (2) Cash and cash equivalents are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities. (3) At March 31, 2020 and December 31, 2019, approximately $430 million and $674 million, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund. (4) Other assets include restricted cash and cash collateral deposited with certain derivative counterparties. The carrying values of these assets approximate fair value due to their short-term maturities. (5) 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 determined using market prices at the end of March 2020 and December 2019, respectively. See Note 14, Borrowings Investments in Certain Entities that Calculate Net Asset Value Per Share As a practical expedient to value certain investments that do not have a readily determinable fair value and have attributes of an investment company, the Company uses NAV as the fair value. The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent). March 31, 2020 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 222 $ 112 Daily/Monthly (25%) Quarterly (16%) N/R (59%) 1 – 90 days Private equity funds (b) 210 231 N/R N/R Real assets funds (c) 271 131 Quarterly (53%) N/R (47%) 60 days Other 3 6 N/R N/R Consolidated sponsored investment products: Private equity funds of funds (d) 15 8 N/R N/R Hedge fund (a) 3 — Quarterly 90 days Real assets funds (c) 66 79 N/R N/R Total $ 790 $ 567 December 31, 2019 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 220 $ 120 Daily/Monthly (27%) Quarterly (15%) N/R (58%) 1 – 90 days Private equity funds (b) 248 212 N/R N/R Real assets funds (c) 296 120 Quarterly (57%) N/R (43%) 60 days Other 10 9 N/R N/R Consolidated sponsored investment products: Private equity funds of funds (d) 23 9 N/R N/R Hedge fund (a) 3 — Quarterly 90 days Real assets funds (c) 72 83 N/R N/R Total $ 872 $ 553 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. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both March 31, 2020 and December 31, 2019. (b) This category includes 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 . The liquidation period for the investments in these funds is unknown at both March 31, 2020 and December 31, 2019. (c) This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds . The liquidation periods for the investments in the funds that are not subject to redemptions is unknown at both March 31 , 20 20 and December 31, 201 9 . The total remaining unfunded commitments to real assets funds were $ 210 million and $ 203 million at March 31 , 20 20 and December 31, 201 9 , respectively. The Company ’s portion of the total remaining unfunded commitments was $ 183 million and $ million at March 31, 2020 and December 31, 201 9 , respectively . (d) 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 or are not currently redeemable; 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. The liquidation period for the underlying assets of these funds is unknown at both March 31, 2020 and December 31, 2019. The total remaining unfunded commitments to other third-party funds were $8 million and $9 million at March 31, 2020 and December 31, 2019, respectively. The Company had contractual obligations to the consolidated funds of $22 million at both March 31, 2020 and December 31, 2019. Fair Value Option . At March 31, 2020 and December 31, 2019, the Company elected the fair value option for certain investments in CLOs of approximately $28 million and $37 million, respectively, reported within investments. In addition, the Company elected the fair value option for bank loans and borrowings of a consolidated CLO, recorded within investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at March 31, 2020 and December 31, 2019: March 31, December 31, (in millions) 2020 2019 CLO Bank loans: Aggregate principal amounts outstanding $ 220 $ 204 Fair value 204 204 Aggregate unpaid principal balance in excess of (less than) fair value $ 16 $ — CLO Borrowings: Aggregate principal amounts outstanding $ 226 $ 195 Fair value $ 203 $ 195 At March 31, 2020, the principal amounts outstanding of the borrowings issued by the CLOs mature in 2030. During the three months ended March 31, 2020 and 2019, the net gains (losses) from the change in fair value of the bank loans and borrowings held by the consolidated CLO were not material and were recorded in net gain (loss) on the condensed consolidated statements of income. The change in fair value of the assets and liabilities included interest income and expense, respectively. |
Derivatives and Hedging
Derivatives and Hedging | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | 9. Derivatives and Hedging The Company maintains a program to enter into swaps to hedge against market price and interest rate exposures with respect to certain seed investments in sponsored investment products. At March 31, 2020 and December 31, 2019, the Company had outstanding total return swaps with aggregate notional values of approximately $597 million and $644 million, respectively. The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At March 31, 2020 and December 31, 2019, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $2.5 billion and At both March 31, 2020 and December 31, 2019, the Company had a derivative providing credit protection with a notional amount of approximately $17 million to a counterparty, representing the Company’s maximum risk of loss with respect to the derivative. The Company carries the derivative at fair value based on the expected discounted future cash outflows under the arrangement. The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at March 31, 2020: March 31, 2020 (in millions) Assets Liabilities Derivative instruments Statement of Financial Condition Classification Fair Value Statement of Financial Condition Classification Fair Value Total return swaps Other assets $ 89 Other liabilities $ 7 Forward foreign currency exchange contracts Other assets 92 Other liabilities 9 Total $ 181 $ 16 The fair values of the outstanding total return swaps and forward foreign currency exchange contracts were not material to the condensed consolidated statement of financial condition at December 31, 2019. The following table presents realized and unrealized gains (losses) recognized in the condensed consolidated statements of income on derivative instruments: Three Months Ended March 31, (in millions) 2020 2019 Derivative Instruments Statement of Income Classification Gains (Losses) Total return swaps Nonoperating income (expense) $ 142 $ (50 ) Forward foreign currency exchange contracts General and administration expense (88 ) 36 Total gain (loss) from derivative instruments $ 54 $ (14 ) 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 the three months ended March 31, 2020 and 2019. See Note 15, Borrowings |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 10. Goodwill Goodwill activity during the three months ended March 31, 2020 was as follows: (in millions) December 31, 2019 $ 14,562 Goodwill adjustments related to Quellos (1) (3 ) March 31, 2020 $ 14,559 (1) Amounts 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 $98 million and $106 million at March 31, 2020 and December 31, 2019, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 11. Intangible Assets The carrying amounts of identifiable intangible assets are summarized as follows: (in millions) Indefinite-lived Finite-lived Total December 31, 2019 $ 17,578 $ 791 $ 18,369 Amortization expense — (25 ) (25 ) March 31, 2020 $ 17,578 $ 766 $ 18,344 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | 12. Leases The following table presents components of lease cost included in general and administration expense on the condensed consolidated statement of income: Three Months Ended March 31, (in millions) 2020 2019 Lease cost: Operating lease cost (1) $ 37 $ 34 Variable lease cost (2) 9 8 Total lease cost $ 46 $ 42 (1) (2) The following table presents operating leases included on the condensed consolidated statement of financial condition: Statement of Financial Condition March 31, December 31, (in millions) Classification 2020 2019 Statement of Financial Condition information: Operating lease right-of-use (“ROU”) assets Other assets $ 662 $ 669 Operating lease liabilities Other liabilities $ 774 $ 776 Supplemental information related to operating leases is summarized below: Three Months Ended March 31, (in millions) 2020 2019 Supplemental cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 38 $ 35 Supplemental noncash information: ROU assets in exchange for operating lease liabilities in connection with the adoption of ASU 2016-02 $ — $ 661 ROU assets in exchange for operating lease liabilities $ 47 $ — March 31, December 31, 2020 2019 Lease term and discount rate: Weighted-average remaining lease term 9 years 9 years Weighted-average discount rate 3 % 3 % |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | 13. Other Assets PennyMac At December 31, 2019, the Company accounted for its interest in PennyMac Financial Services, Inc. (“PennyMac”) as an equity method investment, which was included in other assets on the condensed consolidated statements of financial condition. The carrying value and market value of the Company’s interest (approximately 20% or 16 million shares) were approximately $451 million and $530 million, respectively, at December 31, 2019. The market value of the Company’s interest reflected the PennyMac stock price at December 31, 2019 (a Level 1 input). On February 13, 2020, BlackRock established The BlackRock Foundation (the “Foundation”) and contributed its remaining 20% stake in PennyMac to the Foundation and the BlackRock Charitable Fund, which BlackRock established in 2013 (together, the “Charitable Contribution”). The Charitable Contribution resulted in an operating expense of $589 million, which was offset by a $122 million noncash, nonoperating pre-tax gain on the contributed shares and a tax benefit of $241 million in the condensed consolidated statement of income for the three months ended March 31, 2020. iCapital On March 10, 2020, in connection with a recapitalization of iCapital Network, Inc. (“iCapital”), BlackRock received additional stock in exchange for certain securities it held, which resulted in a nonoperating pre-tax gain of approximately $240 million in the condensed consolidated statement of income for the three months ended March 31, 2020. Following this transaction, the Company accounts for its interest in iCapital as an equity method investment, which is included in other assets on the condensed consolidated statements of financial condition. At March 31, 2020, the carrying value of the Company’s interest in iCapital is approximately $300 million. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | 14. Borrowings Short-Term Borrowings 2020 Revolving Credit Facility. The Company’s credit facility has an aggregate commitment amount of $4.0 billion and was amended in March 2020 to extend the maturity date to March 2025 (the “2020 credit facility”). The 2020 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 2020 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 2020 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at March 31, 2020. The 2020 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities. At March 31, 2020, the Company had no amount outstanding under the 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 2020 credit facility. At March 31, 2020, BlackRock had no CP Notes outstanding. Long-Term Borrowings The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at March 31, 2020 included the following: (in millions) Maturity Amount Unamortized Discount and Debt Issuance Costs Carrying Value Fair Value 4.25% Notes due 2021 $ 750 $ — $ 750 $ 770 3.375% Notes due 2022 750 (2 ) 748 774 3.50% Notes due 2024 1,000 (3 ) 997 1,058 1.25% Notes due 2025 768 (4 ) 764 767 3.20% Notes due 2027 700 (5 ) 695 730 3.25% Notes due 2029 1,000 (14 ) 986 1,050 2.40% Notes due 2030 1,000 (7 ) 993 998 Total Long-term Borrowings $ 5,968 $ (35 ) $ 5,933 $ 6,147 2030 Notes . In January 2020, the Company issued $1 billion in aggregate principal amount of 2.40% senior unsecured and unsubordinated notes maturing on April 30, 2030 (the “2030 Notes”). The net proceeds of the 2030 Notes were used for general corporate purposes. Interest of approximately $24 million per year is payable semi-annually on April 30 and October 30 of each year, commencing on April 30, 2020. The 2030 Notes may be redeemed prior to January 30, 2030 in whole or in part at any time, at the option of the Company, at a “make-whole” redemption price or at 100% of the principal amount of the 2030 Notes thereafter. The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2030 Notes. See Note 15, Borrowings See Note 24, Subsequent Events |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Investment Commitments. At March 31, 2020, the Company had $583 million of various capital commitments to fund sponsored investment products, including consolidated sponsored investment products. These products 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. Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment. These unfunded commitments are not recorded on the condensed consolidated statements of financial condition. These commitments do not include potential future commitments approved by the Company that are not yet legally binding. The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients. Contingencies Contingent Payments 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 March 31, 2020 totaled $218 million and is included in other liabilities on the condensed consolidated statements 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 9, , for further discussion. Legal Proceedings. From time to time, BlackRock receives subpoenas or other requests for information from various US federal and state governmental and regulatory authorities and international governmental and regulatory authorities in connection with industry-wide or other investigations or proceedings. It is BlackRock’s policy to cooperate fully with such matters. The Company, certain of its subsidiaries and employees 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 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 US District Court for the District of New Jersey against BlackRock Advisors, LLC, BlackRock Investment Management, LLC and BlackRock International Limited under the caption In re BlackRock Mutual Funds Advisory Fee Litigation On June 16, 2016, iShares iShares iShares On April 5, 2017, BlackRock, Inc., BlackRock Institutional Trust Company, N.A. (“BTC”), the BlackRock, Inc. Retirement Committee and various sub-committees, and a BlackRock employee were named as defendants in a purported class action lawsuit brought in the US District Court for the Northern District of California by a former employee on behalf of all participants and beneficiaries in the BlackRock employee 401(k) Plan (the “Plan”) from April 5, 2011 to the present. The lawsuit generally alleges that the defendants breached their duties towards Plan participants in violation of the Employee Retirement Income Security Act of 1974 by, among other things, offering investment options that were overly expensive, underperformed unaffiliated peer funds, focused disproportionately on active versus passive strategies, and were unduly concentrated in investment options managed by BlackRock. On October 18, 2017, the plaintiffs filed an Amended Complaint, which, among other things, added as defendants certain current and former members of the BlackRock Retirement and Investment Committees. The Amended Complaint also included a new purported class claim on behalf of investors in certain Collective Trust Funds (“CTFs”) managed by BTC. Specifically, the plaintiffs allege that BTC, as fiduciary to the CTFs, engaged in self-dealing by, most significantly, selecting itself as the securities lending agent on terms that the plaintiffs claim were excessive. The Amended Complaint also alleged that BlackRock took undue risks in its management of securities lending cash reinvestment vehicles during the financial crisis. On August 23, 2018, the court granted permission to the plaintiffs to file a Second Amended Complaint (“SAC”) which added as defendants the BlackRock, Inc. Management Development and Compensation Committee, the Plan’s independent investment consultant and the Plan’s Administrative Committee and its members. On October 22, 2018, BlackRock filed a motion to dismiss the SAC, and on June 3, 2019, the plaintiffs filed a motion seeking to certify both the Plan and the CTF classes. On September 3, 2019, the court granted BlackRock’s motion to dismiss part of the plaintiffs’ claim seeking to recover alleged losses in the securities lending vehicles but denied the motion to dismiss in all other respects. On February 11, 2020, the court denied the plaintiffs’ motion to certify the CTF class and granted their motion to certify the Plan class. On April 27, 2020, the Ninth Circuit denied plaintiffs’ request to immediately appeal the class certification ruling. The defendants believe the claims in this lawsuit are without merit. Management, after consultation with legal counsel, currently does not anticipate that the aggregate liability arising out of regulatory matters or lawsuits will have a material effect on BlackRock’s results of operations, financial position, or cash flows. However, there is no assurance as to whether any such pending or threatened matters will have a material effect on BlackRock’s results of operations, financial position or cash flows in any future reporting period. Due to uncertainties surrounding the outcome of these matters, management cannot reasonably estimate the possible loss or range of loss that may arise from these matters. Indemnifications. In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances. The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote. Consequently, no liability has been recorded on the condensed consolidated statements of financial condition. In connection with securities lending transactions, BlackRock has agreed to indemnify 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. The amount of securities on loan as of March 31, 2020 and subject to this type of indemnification was $224 billion. In the Company’s capacity as lending agent, cash and securities totaling $238 billion were held as collateral for indemnified securities on loan at March 31, 2020. The fair value of these indemnifications was not material at March 31, 2020. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 16. Revenue The table below presents detail of revenue for the three months ended March 31, 2020 and 2019 and includes the product mix of investment advisory, administration fees and securities lending revenue (collectively “base fees”) and performance fees. Three Months Ended March 31, (in millions) 2020 2019 Investment advisory, administration fees and securities lending revenue: Equity: Active $ 398 $ 375 iShares ETFs 879 847 Non-ETF Index 163 164 Equity subtotal 1,440 1,386 Fixed income: Active 481 457 iShares ETFs 259 220 Non-ETF Index 112 97 Fixed income subtotal 852 774 Multi-asset 293 276 Alternatives: Illiquid alternatives 148 110 Liquid alternatives 112 94 Currency and commodities (1) 32 24 Alternatives subtotal 292 228 Long-Term 2,877 2,664 Cash management 178 141 Total base fees 3,055 2,805 Investment advisory performance fees: Equity 2 — Fixed income 2 2 Multi-asset 1 — Alternatives: Illiquid alternatives 17 20 Liquid alternatives 19 4 Alternatives subtotal 36 24 Total performance fees 41 26 Technology services revenue 274 204 Distribution fees: Retrocessions 169 161 12b-1 fees (US mutual fund distribution fees) 91 89 Other 16 12 Total distribution fees 276 262 Advisory and other revenue: Advisory 17 19 Other 47 30 Total advisory and other revenue 64 49 Total revenue $ 3,710 $ 3,346 _____________________________________________________________ (1) iShares The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style: Three Months Ended March 31, (in millions) 2020 2019 By client type: Retail $ 872 $ 826 iShares ETFs 1,170 1,091 Institutional: Active 574 500 Index 261 247 Total institutional 835 747 Long-Term 2,877 2,664 Cash management 178 141 Total $ 3,055 $ 2,805 By investment style: Active $ 1,427 $ 1,307 Index and iShares 1,450 1,357 Long-Term 2,877 2,664 Cash management 178 141 Total $ 3,055 $ 2,805 I nvestment advisory and administration fees – remaining performance obligation The tables below present estimated investment advisory and administration fees expected to be recognized in the future related to the unsatisfied portion of the performance obligations at March 31, 2020 and 2019: March 31, 2020 Remainder of (in millions) 2020 2021 2022 2023 Thereafter Total Investment advisory and administration fees: Alternatives (1)(2) $ 86 $ 103 $ 87 $ 74 $ 48 $ 398 March 31, 2019 Remainder of (in millions) 2019 2020 2021 2022 Thereafter Total Investment advisory and administration fees: Alternatives (1)(2) $ 56 $ 68 $ 55 $ 46 $ 43 $ 268 (1) (2) Change in Deferred Carried Interest Liability The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, (in millions) 2020 2019 Beginning balance $ 483 $ 293 Net increase (decrease) in unrealized allocations 62 51 Performance fee revenue recognized (10 ) (17 ) Ending balance $ 535 $ 327 Technology services revenue – remaining performance obligation The tables below present estimated technology services revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at March 31, 2020 and 2019: March 31, 2020 Remainder of (in millions) 2020 2021 2022 2023 Thereafter Total Technology services revenue (1)(2) $ 103 $ 61 $ 38 $ 16 $ 9 $ 227 March 31, 2019 Remainder of (in millions) 2019 2020 2021 2022 Thereafter Total Technology services revenue (1)(2) $ 24 $ 28 $ 22 $ 14 $ 9 $ 97 (1) (2) In addition to amounts disclosed in the tables above, certain technology services contracts require fixed minimum fees, which are billed on a monthly or quarterly basis in arrears. The Company recognizes such revenue as services are performed. As of March 31, 2020, the estimated fixed minimum fees for the remainder of the year approximated $490 million. The term for these contracts, which are either in their initial or renewal period, ranges from one to five years. The table below presents changes in the technology services deferred revenue liability for the three months ended March 31, 2020 and 2019, which is included in other liabilities on the condensed consolidated statements of financial condition: Three Months Ended March 31, (in millions) 2020 2019 Beginning balance $ 116 $ 70 Additions 30 11 Revenue recognized that was included in the beginning balance (32 ) (8 ) Ending balance $ 114 $ 73 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 17. Stock-Based Compensation Restricted Stock and RSUs. Restricted stock and restricted stock units (“RSUs”) activity for the three months ended March 31, 2020 is summarized below. Outstanding at Restricted Stock and RSUs Weighted- Average Grant Date Fair Value December 31, 2019 2,236,452 $ 444.02 Granted 905,542 $ 533.48 Converted (804,828 ) $ 423.92 Forfeited (27,549 ) $ 463.19 March 31, 2020 (1) 2,309,617 $ 485.87 (1) At March 31, 2020, approximately 2.2 million awards are expected to vest and 0.1 million awards have vested but have not been converted. In January 2020, the Company granted 504,403 RSUs or shares of restricted stock to employees as part of 2019 annual incentive compensation that vest ratably over three years from the date of grant and 393,161 RSUs or shares of restricted stock to employees that cliff vest 100% on January 31, 2023. 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 the three months ended March 31, 2020 was $483 million. At March 31, 2020, the intrinsic value of outstanding RSUs was $1.0 billion, reflecting a closing stock price of $439.97. At March 31, 2020, total unrecognized stock-based compensation expense related to unvested RSUs was $696 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.8 years. Performance-Based RSUs. Performance-based RSU activity for the three months ended March 31, 2020 is summarized below. Outstanding at Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2019 742,918 $ 436.84 Granted 238,478 $ 533.58 Additional shares granted due to attainment of performance measures 30,600 $ 375.26 Converted (311,779 ) $ 375.26 March 31, 2020 700,217 $ 494.51 In January 2020, the Company granted 238,478 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2023. 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. In January 2020, the Company also granted 30,600 additional RSUs related to prior awards to certain employees based on the attainment of Company performance measures during the performance period. The Company initially 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 the three months ended March 31, 2020 was $139 million. At March 31, 2020, the intrinsic value of outstanding performance-based RSUs was $308 million, reflecting a closing stock price of $439.97. At March 31, 2020, total unrecognized stock-based compensation expense related to unvested performance-based awards was $241 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period 1.9 years. See Note 18, Stock-Based Compensation, Performance-based Stock Options. Stock option activity for the three months ended March 31, 2020 is summarized below. Outstanding at Shares Under Option Weighted Average Exercise Price December 31, 2019 1,941,145 $ 513.50 Forfeited (25,353 ) $ 513.50 March 31, 2020 1,915,792 $ 513.50 At March 31, 2020, total unrecognized stock-based compensation expense related to unvested performance-based stock options was $105 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 3.7 years. See Note 18, Stock-Based Compensation, |
Net Capital Requirements
Net Capital Requirements | 3 Months Ended |
Mar. 31, 2020 | |
Regulatory Capital Requirements [Abstract] | |
Net Capital Requirements | 18. 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 may have adverse tax consequences that could discourage such transfers. At March 31, 2020, the Company was required to maintain approximately $2.0 billion in net capital in certain regulated subsidiaries, including BlackRock Institutional Trust Company, N.A. (a wholly owned subsidiary of the Company that is chartered as a national bank whose powers are limited to trust and other fiduciary activities and which is subject to regulatory capital requirements administered by the Office of the Comptroller of the Currency), entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the United Kingdom, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 19. Accumulated Other Comprehensive Income (Loss) The following table presents changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, (in millions) 2020 2019 Beginning balance $ (571 ) $ (691 ) Foreign currency translation adjustments (1) (239 ) 68 Ending balance $ (810 ) $ (623 ) (1) Amounts for the three months ended March 31, 2020 and 2019 include gains from a net investment hedge of $13 million (net of tax expense of $4 million) and $11 million (net of tax expense of $3 million), respectively. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Capital Stock | 20. Capital Stock Nonvoting Participating Preferred Stock . The Company’s preferred shares authorized, issued and outstanding consisted of the following: March 31, December 31, 2020 2019 Series A Shares authorized, $0.01 par value 20,000,000 20,000,000 Shares issued and outstanding — — Series B Shares authorized, $0.01 par value 150,000,000 150,000,000 Shares issued and outstanding (1) 823,188 823,188 Series C Shares authorized, $0.01 par value 6,000,000 6,000,000 Shares issued and outstanding — — Series D Shares authorized, $0.01 par value 20,000,000 20,000,000 Shares issued and outstanding — — (1) Shares held by PNC. Share Repurchases . The Company repurchased 0.8 million common shares in open market transactions under the share repurchase program for approximately $400 million during the three months ended March 31, 2020. At March 31, 2020, there were 5.1 million shares still authorized to be repurchased. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 21. Income Taxes The three months ended March 31, 2020 income tax benefit included a discrete tax benefit of $241 million recognized in connection with the Charitable Contribution. The three months ended March 31, 2020 and 2019 income tax expense (benefit) included $64 million and $23 million, respectively, of discrete tax benefits, including benefits related to stock-based compensation awards that vest in the first quarter of each year. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 22. Earnings Per Share Due to the similarities in terms between BlackRock nonvoting participating preferred stock and the Company’s common stock, the Company considers its participating preferred stock to be a common stock equivalent for purposes of earnings per share (“EPS”) calculations. As such, the Company has included the outstanding nonvoting participating preferred stock in the calculation of average basic and diluted shares outstanding. The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2020 and 2019 under the treasury stock method: Three Months Ended March 31, (in millions, except shares and per share data) 2020 2019 Net income attributable to BlackRock $ 806 $ 1,053 Basic weighted-average shares outstanding 155,243,279 158,268,034 Dilutive effect of nonparticipating RSUs and stock options 1,173,447 1,080,397 Total diluted weighted-average shares outstanding 156,416,726 159,348,431 Basic earnings per share $ 5.19 $ 6.65 Diluted earnings per share $ 5.15 $ 6.61 For the three months ended March 31, 2020, 603,639 RSUs were excluded from the calculation of diluted EPS because to include them would have an anti-dilutive effect. The amount of anti-dilutive RSUs was immaterial for the three months ended March 31, 2019. In addition, performance-based RSUs and stock options are excluded from potential dilution until the designated performance conditions are met. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
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. The following table illustrates total revenue for the three months ended March 31, 2020 and 2019 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides or affiliated services are provided. Three Months Ended (in millions) March 31, Revenue 2020 2019 Americas $ 2,480 $ 2,240 Europe 1,067 943 Asia-Pacific 163 163 Total revenue $ 3,710 $ 3,346 See Note 16, Revenue The following table illustrates long-lived assets that consist of goodwill and property and equipment at March 31, 2020 and December 31, 2019 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located. (in millions) March 31, December 31, Long-lived Assets 2020 2019 Americas $ 13,830 $ 13,830 Europe 1,356 1,360 Asia-Pacific 87 87 Total long-lived assets $ 15,273 $ 15,277 Americas is primarily comprised of the United States, Latin America and Canada, while Europe is primarily comprised of the United Kingdom, the Netherlands and Luxembourg. Asia-Pacific is primarily comprised of Hong Kong, Australia, Japan and Singapore. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events In April 2020, the Company issued $1.25 billion in aggregate principal amount of 1.90% senior unsecured and unsubordinated notes maturing on January 28, 2031 (the “2031 Notes”). The net proceeds of the 2031 Notes will be used for general corporate purposes, which may include the repayment of all or a portion of the $750 million 4.25% Notes due May 2021. Interest of approximately $24 million per year will be payable semi-annually on January 28 and July 28 of each year, commencing July 28, 2020. The 2031 Notes may be redeemed prior to October 28, 2030 in whole or in part at any time, at the option of the Company, at a “make-whole” redemption price or at 100% of the principal amount of the 2031 Notes thereafter. The discount and debt issuance costs will be amortized over the term of the 2031 Notes. The Company conducted a review for additional subsequent events and determined that no subsequent events had occurred that would require accrual or additional disclosures. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests (“NCI”) on the condensed consolidated statements of financial condition represents the portion of consolidated sponsored investment funds in which the Company does not have direct equity ownership. Accounts and transactions between consolidated entities have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission (“SEC”) on February 28, 2020 (“2019 Form 10-K”). The interim financial information at March 31, 2020 and for the three months ended March 31, 2020 and 2019 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. Certain prior period presentations and disclosures, while not required to be recast, were reclassified to ensure comparability with current period classifications. |
Accounting Pronouncements Adopted in the Three Months Ended March 31, 2020 | Accounting Pronouncements Adopted in the Three Months Ended March 31, 2020 Measurement of Credit Losses. In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-13, (“ASU 2016-13”), which significantly changes the accounting and disclosures for credit losses for most financial assets. The new guidance requires an estimate of expected lifetime credit losses and eliminates the existing recognition thresholds under current models. The adoption of ASU 2016-13, which was effective for the Company on January 1, 2020, did not have a material impact on its condensed consolidated financial statements. |
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 collateralized loan obligations (“CLOs”), bank loans, 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, investments in CLOs and bank loans of consolidated CLOs. • Level 3 liabilities include contingent liabilities related to acquisitions valued based upon discounted cash flow analyses using unobservable market data and borrowings of consolidated CLOs. 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. A significant number of inputs used to value equity, debt securities, investments in CLOs and bank loans is sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price. 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 the Company’s 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. Fair Value Asset s and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including bank loans, held by a consolidated CLO. As the fair value of the financial assets of the consolidated CLO is more observable than the fair value of the borrowings of the consolidated CLO, the Company measures the fair value of the borrowings of the consolidated CLO as the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO. |
Derivative Instruments and Hedging Activities | Derivatives 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. The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the condensed consolidated statements of financial condition. 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 condensed 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 not US 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 (loss) on the condensed consolidated statements of financial condition. Amounts excluded from the effectiveness assessment are reported in the condensed consolidated statements of income using a systematic and rational method. The Company reassesses the effectiveness of its net investment hedge at least quarterly. |
Separate Account Assets and Liabilities | Separate Account Assets and Liabilities . Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom, and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition. The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income. |
Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements | Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company receives legal title to the collateral with minimum values generally ranging from approximately 102% to 112% of the value of the securities lent in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales. The Company records on the condensed consolidated statements of financial condition the cash and noncash collateral received under these BlackRock Life Limited securities lending arrangements as its own asset in addition to an equal and offsetting collateral liability for the obligation to return the collateral. 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 condensed consolidated statements of income. During the three months ended March 31, 2020 and 2019, the Company had not resold or repledged any of the collateral received under these arrangements. At March 31, 2020 and December 31, 2019, the fair value of loaned securities held by separate accounts was approximately $14.0 billion and $14.4 billion, respectively, and the fair value of the collateral held under these securities lending agreements was approximately $14.8 billion and $15.5 billion, respectively. |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | Estimate of (in millions) Fair Value Accounts receivable $ 61 Finite-lived intangible assets: Customer relationships 400 Technology-related 203 Trade name 14 Goodwill 1,044 Other assets 49 Deferred income tax liabilities (146 ) Other liabilities assumed (125 ) Total consideration, net of cash acquired $ 1,500 Summary of consideration, net of cash acquired: Cash paid including settlement of outstanding debt of approximately $0.2 billion $ 1,555 Cash acquired (55 ) Total consideration, net of cash acquired $ 1,500 (1) The Company does not expect additional material changes to the value of the assets acquired or liabilities assumed in conjunction with the transaction. |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows. March 31, December 31, 2020 2019 (in millions) Cash and cash equivalents $ 4,406 $ 4,829 Restricted cash included in other assets 17 17 Total cash, cash equivalents and restricted cash $ 4,423 $ 4,846 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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: March 31, December 31, (in millions) 2020 2019 Debt securities: Held-to-maturity investments $ 252 $ 249 Trading securities 1,417 1,249 Total debt securities 1,669 1,498 Equity securities at FVTNI (1) 1,565 1,926 Equity method investments (2) 860 943 Bank loans 204 204 Federal Reserve Bank stock (3) 93 93 Carried interest (4) 569 528 Other investments (5) 280 297 Total investments $ 5,240 $ 5,489 ( 1 ) Fair value recorded through net income (“FVTNI”). ( 2 ) Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds. ( 3 ) At both March 31, 2020 and December 31, 2019, there were no indicators of impairment of Federal Reserve Bank stock, which is held for regulatory purposes and is restricted from sale. ( 4 ) Carried interest of consolidated sponsored investment funds 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. ( 5 ) Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes and private equity and real asset investments of consolidated sponsored investment products measured at fair value. |
Summary of Cost and Carrying Value of Trading Debt Securities and Equity Securities at FVTNI | A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows: March 31, 2020 December 31, 2019 (in millions) Cost Carrying Value Cost Carrying Value Trading debt securities: Corporate debt $ 1,108 $ 1,074 $ 822 $ 844 Government debt 250 250 268 269 Asset/mortgage-backed debt 112 93 141 136 Total trading debt securities $ 1,470 $ 1,417 $ 1,231 $ 1,249 Equity securities at FVTNI: Deferred compensation plan mutual funds $ 2 $ 5 $ 6 $ 23 Equity securities/multi-asset mutual funds 1,615 1,560 1,763 1,903 Total equity securities at FVTNI $ 1,617 $ 1,565 $ 1,769 $ 1,926 |
Consolidated Sponsored Invest_2
Consolidated Sponsored Investment Products (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement Of Financial Position [Abstract] | |
Consolidated VIEs And VREs Recorded in Condensed Consolidated Statements of Financial Condition | The following table presents the balances related to these consolidated sponsored investment products accounted for as VIEs and VREs that were recorded on the consolidated statements of financial condition, including BlackRock’s net interest in these products: March 31, 2020 December 31, 2019 (in millions) VIEs VREs Total VIEs VREs Total Cash and cash equivalents $ 269 $ 47 $ 316 $ 131 $ 10 $ 141 Investments: Trading debt securities 1,244 145 1,389 1,059 151 1,210 Equity securities at FVTNI 996 346 1,342 1,330 332 1,662 Bank loans 204 — 204 204 — 204 Other investments 174 — 174 194 — 194 Carried interest 552 — 552 514 — 514 Total investments 3,170 491 3,661 3,301 483 3,784 Other assets 90 6 96 68 5 73 Other liabilities (1) (883 ) (26 ) (909 ) (820 ) (20 ) (840 ) Noncontrolling interest (1,390 ) (107 ) (1,497 ) (1,348 ) (34 ) (1,382 ) BlackRock's net interests in consolidated investment products $ 1,256 $ 411 $ 1,667 $ 1,332 $ 444 $ 1,776 (1) At March 31, 2020 and December 31, 2019, other liabilities of VIEs include $203 million and $195 million, respectively, related to borrowings of a consolidated CLO. |
Schedule of Nonoperating Gains (Loss) Related to Consolidated Variable Interest Entity | Net gain (loss) related to consolidated VIEs is presented in the following table: Three Months Ended March 31, (in millions) 2020 2019 Nonoperating net gain (loss) on consolidated VIEs $ (309 ) $ 94 Net income (loss) attributable to NCI on consolidated VIEs $ (158 ) $ 5 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of VIE Assets and Liabilities | At March 31, 2020 and December 31, 2019, the Company’s carrying value of assets and liabilities included on the condensed 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 primary beneficiary, was as follows: (in millions) At March 31, 2020 Investments Advisory Fee Receivables Other Net Assets (Liabilities) Maximum Risk (1) Sponsored investment products $ 533 $ 102 $ (12 ) $ 652 At December Sponsored investment products $ 539 $ 71 $ (10 ) $ 627 (1) At both March 31, 2020 and December 31, 2019, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of advisory fee receivables. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 (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 (2) March 31, 2020 Assets: Investments Debt securities: Held-to-maturity investments $ — $ — $ — $ — $ 252 $ 252 Trading securities — 1,408 9 — — 1,417 Total debt securities — 1,408 9 — 252 1,669 Equity securities at FVTNI: Deferred compensation plan mutual funds 5 — — — — 5 Equity securities/Multi-asset mutual funds 1,560 — — — — 1,560 Total equity securities at FVTNI 1,565 — — — — 1,565 Equity method: Equity and fixed income mutual funds 145 — — — — 145 Hedge funds/funds of hedge funds — — — 222 — 222 Private equity funds — — — 210 — 210 Real assets funds — — — 271 — 271 Other 9 — — 3 — 12 Total equity method 154 — — 706 — 860 Bank loans — 23 181 — — 204 Federal Reserve Bank Stock — — — — 93 93 Carried interest — — — — 569 569 Other investments (3) — 4 16 84 176 280 Total investments 1,719 1,435 206 790 1,090 5,240 Other assets (4) 133 181 — — — 314 Separate account assets 54,812 27,340 — — 1,110 83,262 Separate account collateral held under securities lending agreements: Equity securities 4,731 — — — — 4,731 Debt securities — 10,046 — — — 10,046 Total separate account collateral held under securities lending agreements 4,731 10,046 — — — 14,777 Total $ 61,395 $ 39,002 $ 206 $ 790 $ 2,200 $ 103,593 Liabilities: Separate account collateral liabilities under securities lending agreements $ 4,731 $ 10,046 $ — $ — $ — $ 14,777 Other liabilities (5) — 28 421 — — 449 Total $ 4,731 $ 10,074 $ 421 $ — $ — $ 15,226 (1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent), as a practical expedient. (2) Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, 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 primarily include direct investments in private equity companies held by private equity funds. (4) Amounts in Level 1 and Level 2 include a minority investment in a publicly traded company and fair value of derivatives (See Note 9, Derivatives and Hedging (5) Level 3 amounts primarily include contingent liabilities related to certain acquisitions (see Note 15, Commitments and Contingencies Assets and liabilities measured at fair value on a recurring basis December 31, 2019 (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 (2) December 31, 2019 Assets: Investments Debt securities: Held-to-maturity investments $ — $ — $ — $ — $ 249 $ 249 Trading securities — 1,241 8 — — 1,249 Total debt securities — 1,241 8 — 249 1,498 Equity securities at FVTNI: Deferred compensation plan mutual funds 23 — — — — 23 Equity securities/Multi-asset mutual funds 1,903 — — — — 1,903 Total equity securities at FVTNI 1,926 — — — — 1,926 Equity method: Equity and fixed income mutual funds 157 — — — — 157 Hedge funds/funds of hedge funds — — — 220 — 220 Private equity funds — — — 248 — 248 Real assets funds — — — 296 — 296 Other 12 — — 10 — 22 Total equity method 169 — — 774 — 943 Bank loans — 27 177 — — 204 Federal Reserve Bank Stock — — — — 93 93 Carried interest — — — — 528 528 Other investments (3) — — 9 98 190 297 Total investments 2,095 1,268 194 872 1,060 5,489 Other assets (4) 173 — — — — 173 Separate account assets 72,515 29,582 — — 747 102,844 Separate account collateral held under securities lending agreements: Equity securities 10,209 — — — — 10,209 Debt securities — 5,257 — — — 5,257 Total separate account collateral held under securities lending agreements 10,209 5,257 — — — 15,466 Total $ 84,992 $ 36,107 $ 194 $ 872 $ 1,807 $ 123,972 Liabilities: Separate account collateral liabilities under securities lending agreements $ 10,209 $ 5,257 $ — $ — $ — $ 15,466 Other liabilities (5) — 10 388 — — 398 Total $ 10,209 $ 5,267 $ 388 $ — $ — $ 15,864 (1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. (2) Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, 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 primarily include direct investments in private equity companies held by private equity funds. (4) Amount includes a minority investment in a publicly traded company. (5) Amounts primarily include contingent liabilities related to certain acquisitions (see Note 15, 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 the Three Months Ended March 31, 2020 (in millions) December 31, 2019 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 March 31, 2020 Total Net Unrealized Gains (Losses) Included in Earnings (2) Assets: Investments: Debt securities: Trading $ 8 $ — $ 1 $ — $ — $ — $ — $ 9 $ — Total debt securities 8 — 1 — — — — 9 — Private equity 9 — 8 (1 ) — — — 16 — Bank loans 177 (14 ) 18 — — — — 181 (14 ) Total investments $ 194 $ (14 ) $ 27 $ (1 ) $ — $ — $ — $ 206 $ (14 ) Liabilities: Other liabilities (3) $ 388 $ (11 ) $ — $ — $ 22 $ — $ — 421 $ (11 ) Total Level 3 liabilities $ 388 $ (11 ) $ — $ — $ 22 $ — $ — $ 421 $ (11 ) (1) Amounts include proceeds from borrowings of a consolidated CLO. (2) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. (3) Amounts include contingent liabilities in connection with certain acquisitions and borrowings related to a consolidated CLO. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31 , 201 9 (in millions) December 31, 2018 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 (2) March 31, 2019 Total Net Unrealized Gains (Losses) Included in Earnings (3) Assets: Investments: Debt securities: Trading $ 4 $ — $ — $ — $ — $ — $ (4 ) $ — $ — Total debt securities 4 — — — — — (4 ) — — Private equity 82 — — — — — (72 ) 10 — Bank loans (4) 70 — 53 — — — — 123 — Total investments 156 — 53 — — — (76 ) 133 — Total Level 3 assets $ 156 $ — $ 53 $ — $ — $ — $ (76 ) $ 133 $ — Liabilities: Other liabilities (4) $ 371 $ (6 ) $ — $ — $ 32 $ — $ — $ 409 $ (6 ) Total Level 3 liabilities $ 371 $ (6 ) $ — $ — $ 32 $ — $ — $ 409 $ (6 ) (1) Amounts include proceeds from borrowings of a consolidated CLO and contingent liability payments in connection with certain prior acquisitions. (2) Amounts include an investment in a consolidated entity that no longer qualifies as an investment company and is no longer accounted for under a fair value measure. (3) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. (4) Amounts include contingent liabilities in connection with certain acquisitions and bank loans and borrowings related to a consolidated CLO. |
Fair Value of Financial Assets and Financial Liabilities | Disclosures of Fair Value for Financial Instruments Not Held at Fair Value . At March 31, 2020 and December 31, 2019, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below: March 31, 2020 December 31, 2019 (in millions) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Fair Value Hierarchy Financial Assets (1) Cash and cash equivalents $ 4,406 $ 4,406 $ 4,829 $ 4,829 Level 1 (2) (3) Other assets $ 21 $ 21 $ 68 $ 68 Level 1 (4) Financial Liabilities: Long-term borrowings $ 5,933 $ 6,147 $ 4,955 $ 5,254 Level 2 (5) (1) See Note 5, Investments (2) Cash and cash equivalents are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities. (3) At March 31, 2020 and December 31, 2019, approximately $430 million and $674 million, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund. (4) Other assets include restricted cash and cash collateral deposited with certain derivative counterparties. The carrying values of these assets approximate fair value due to their short-term maturities. (5) 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 determined using market prices at the end of March 2020 and December 2019, respectively. See Note 14, 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). March 31, 2020 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 222 $ 112 Daily/Monthly (25%) Quarterly (16%) N/R (59%) 1 – 90 days Private equity funds (b) 210 231 N/R N/R Real assets funds (c) 271 131 Quarterly (53%) N/R (47%) 60 days Other 3 6 N/R N/R Consolidated sponsored investment products: Private equity funds of funds (d) 15 8 N/R N/R Hedge fund (a) 3 — Quarterly 90 days Real assets funds (c) 66 79 N/R N/R Total $ 790 $ 567 December 31, 2019 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 220 $ 120 Daily/Monthly (27%) Quarterly (15%) N/R (58%) 1 – 90 days Private equity funds (b) 248 212 N/R N/R Real assets funds (c) 296 120 Quarterly (57%) N/R (43%) 60 days Other 10 9 N/R N/R Consolidated sponsored investment products: Private equity funds of funds (d) 23 9 N/R N/R Hedge fund (a) 3 — Quarterly 90 days Real assets funds (c) 72 83 N/R N/R Total $ 872 $ 553 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. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both March 31, 2020 and December 31, 2019. (b) This category includes 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 . The liquidation period for the investments in these funds is unknown at both March 31, 2020 and December 31, 2019. (c) This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds . The liquidation periods for the investments in the funds that are not subject to redemptions is unknown at both March 31 , 20 20 and December 31, 201 9 . The total remaining unfunded commitments to real assets funds were $ 210 million and $ 203 million at March 31 , 20 20 and December 31, 201 9 , respectively. The Company ’s portion of the total remaining unfunded commitments was $ 183 million and $ million at March 31, 2020 and December 31, 201 9 , respectively . (d) 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 or are not currently redeemable; 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. The liquidation period for the underlying assets of these funds is unknown at both March 31, 2020 and December 31, 2019. The total remaining unfunded commitments to other third-party funds were $8 million and $9 million at March 31, 2020 and December 31, 2019, respectively. The Company had contractual obligations to the consolidated funds of $22 million at both March 31, 2020 and December 31, 2019. |
Summary of Information Related to Bank Loans and Borrowings of Consolidated CLO Recorded within Investments and Borrowings of Consolidated VIEs Respectively for which Fair Value Option was Elected | In addition, the Company elected the fair value option for bank loans and borrowings of a consolidated CLO, recorded within investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at March 31, 2020 and December 31, 2019: March 31, December 31, (in millions) 2020 2019 CLO Bank loans: Aggregate principal amounts outstanding $ 220 $ 204 Fair value 204 204 Aggregate unpaid principal balance in excess of (less than) fair value $ 16 $ — CLO Borrowings: Aggregate principal amounts outstanding $ 226 $ 195 Fair value $ 203 $ 195 |
Derivative and Hedging (Tables)
Derivative and Hedging (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivatives Instruments Recognized in Condensed Consolidated Statements of Financial Condition | The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at March 31, 2020: March 31, 2020 (in millions) Assets Liabilities Derivative instruments Statement of Financial Condition Classification Fair Value Statement of Financial Condition Classification Fair Value Total return swaps Other assets $ 89 Other liabilities $ 7 Forward foreign currency exchange contracts Other assets 92 Other liabilities 9 Total $ 181 $ 16 |
Summary of Realized and Unrealized Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments | The following table presents realized and unrealized gains (losses) recognized in the condensed consolidated statements of income on derivative instruments: Three Months Ended March 31, (in millions) 2020 2019 Derivative Instruments Statement of Income Classification Gains (Losses) Total return swaps Nonoperating income (expense) $ 142 $ (50 ) Forward foreign currency exchange contracts General and administration expense (88 ) 36 Total gain (loss) from derivative instruments $ 54 $ (14 ) |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill Activity | Goodwill activity during the three months ended March 31, 2020 was as follows: (in millions) December 31, 2019 $ 14,562 Goodwill adjustments related to Quellos (1) (3 ) March 31, 2020 $ 14,559 (1) Amounts 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 $98 million and $106 million at March 31, 2020 and December 31, 2019, respectively. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Amounts of Identifiable Intangible Assets | The carrying amounts of identifiable intangible assets are summarized as follows: (in millions) Indefinite-lived Finite-lived Total December 31, 2019 $ 17,578 $ 791 $ 18,369 Amortization expense — (25 ) (25 ) March 31, 2020 $ 17,578 $ 766 $ 18,344 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Cost | The following table presents components of lease cost included in general and administration expense on the condensed consolidated statement of income: Three Months Ended March 31, (in millions) 2020 2019 Lease cost: Operating lease cost (1) $ 37 $ 34 Variable lease cost (2) 9 8 Total lease cost $ 46 $ 42 (1) (2) |
Schedule of Operating Leases Included on Condensed Consolidated Statement of Financial Condition | The following table presents operating leases included on the condensed consolidated statement of financial condition: Statement of Financial Condition March 31, December 31, (in millions) Classification 2020 2019 Statement of Financial Condition information: Operating lease right-of-use (“ROU”) assets Other assets $ 662 $ 669 Operating lease liabilities Other liabilities $ 774 $ 776 |
Schedule of Supplemental Information Related to Operating Lease | Supplemental information related to operating leases is summarized below: Three Months Ended March 31, (in millions) 2020 2019 Supplemental cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 38 $ 35 Supplemental noncash information: ROU assets in exchange for operating lease liabilities in connection with the adoption of ASU 2016-02 $ — $ 661 ROU assets in exchange for operating lease liabilities $ 47 $ — March 31, December 31, 2020 2019 Lease term and discount rate: Weighted-average remaining lease term 9 years 9 years Weighted-average discount rate 3 % 3 % |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Carrying Value and Fair Value of Long-Term Borrowings Determined Market Prices EUR/USD Foreign Exchange Rate | The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at March 31, 2020 included the following: (in millions) Maturity Amount Unamortized Discount and Debt Issuance Costs Carrying Value Fair Value 4.25% Notes due 2021 $ 750 $ — $ 750 $ 770 3.375% Notes due 2022 750 (2 ) 748 774 3.50% Notes due 2024 1,000 (3 ) 997 1,058 1.25% Notes due 2025 768 (4 ) 764 767 3.20% Notes due 2027 700 (5 ) 695 730 3.25% Notes due 2029 1,000 (14 ) 986 1,050 2.40% Notes due 2030 1,000 (7 ) 993 998 Total Long-term Borrowings $ 5,968 $ (35 ) $ 5,933 $ 6,147 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type | The table below presents detail of revenue for the three months ended March 31, 2020 and 2019 and includes the product mix of investment advisory, administration fees and securities lending revenue (collectively “base fees”) and performance fees. Three Months Ended March 31, (in millions) 2020 2019 Investment advisory, administration fees and securities lending revenue: Equity: Active $ 398 $ 375 iShares ETFs 879 847 Non-ETF Index 163 164 Equity subtotal 1,440 1,386 Fixed income: Active 481 457 iShares ETFs 259 220 Non-ETF Index 112 97 Fixed income subtotal 852 774 Multi-asset 293 276 Alternatives: Illiquid alternatives 148 110 Liquid alternatives 112 94 Currency and commodities (1) 32 24 Alternatives subtotal 292 228 Long-Term 2,877 2,664 Cash management 178 141 Total base fees 3,055 2,805 Investment advisory performance fees: Equity 2 — Fixed income 2 2 Multi-asset 1 — Alternatives: Illiquid alternatives 17 20 Liquid alternatives 19 4 Alternatives subtotal 36 24 Total performance fees 41 26 Technology services revenue 274 204 Distribution fees: Retrocessions 169 161 12b-1 fees (US mutual fund distribution fees) 91 89 Other 16 12 Total distribution fees 276 262 Advisory and other revenue: Advisory 17 19 Other 47 30 Total advisory and other revenue 64 49 Total revenue $ 3,710 $ 3,346 _____________________________________________________________ (1) iShares The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style: Three Months Ended March 31, (in millions) 2020 2019 By client type: Retail $ 872 $ 826 iShares ETFs 1,170 1,091 Institutional: Active 574 500 Index 261 247 Total institutional 835 747 Long-Term 2,877 2,664 Cash management 178 141 Total $ 3,055 $ 2,805 By investment style: Active $ 1,427 $ 1,307 Index and iShares 1,450 1,357 Long-Term 2,877 2,664 Cash management 178 141 Total $ 3,055 $ 2,805 |
Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations | The tables below present estimated investment advisory and administration fees expected to be recognized in the future related to the unsatisfied portion of the performance obligations at March 31, 2020 and 2019: March 31, 2020 Remainder of (in millions) 2020 2021 2022 2023 Thereafter Total Investment advisory and administration fees: Alternatives (1)(2) $ 86 $ 103 $ 87 $ 74 $ 48 $ 398 March 31, 2019 Remainder of (in millions) 2019 2020 2021 2022 Thereafter Total Investment advisory and administration fees: Alternatives (1)(2) $ 56 $ 68 $ 55 $ 46 $ 43 $ 268 (1) (2) |
Schedule of Changes in Deferred Carried Interest Liability | The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, (in millions) 2020 2019 Beginning balance $ 483 $ 293 Net increase (decrease) in unrealized allocations 62 51 Performance fee revenue recognized (10 ) (17 ) Ending balance $ 535 $ 327 |
Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations | The tables below present estimated technology services revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at March 31, 2020 and 2019: March 31, 2020 Remainder of (in millions) 2020 2021 2022 2023 Thereafter Total Technology services revenue (1)(2) $ 103 $ 61 $ 38 $ 16 $ 9 $ 227 March 31, 2019 Remainder of (in millions) 2019 2020 2021 2022 Thereafter Total Technology services revenue (1)(2) $ 24 $ 28 $ 22 $ 14 $ 9 $ 97 (1) (2) |
Schedule of Changes in Technology Services Deferred Revenue Liability | The table below presents changes in the technology services deferred revenue liability for the three months ended March 31, 2020 and 2019, which is included in other liabilities on the condensed consolidated statements of financial condition: Three Months Ended March 31, (in millions) 2020 2019 Beginning balance $ 116 $ 70 Additions 30 11 Revenue recognized that was included in the beginning balance (32 ) (8 ) Ending balance $ 114 $ 73 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restricted Stock and RSU Activity | Restricted stock and restricted stock units (“RSUs”) activity for the three months ended March 31, 2020 is summarized below. Outstanding at Restricted Stock and RSUs Weighted- Average Grant Date Fair Value December 31, 2019 2,236,452 $ 444.02 Granted 905,542 $ 533.48 Converted (804,828 ) $ 423.92 Forfeited (27,549 ) $ 463.19 March 31, 2020 (1) 2,309,617 $ 485.87 (1) At March 31, 2020, approximately 2.2 million awards are expected to vest and 0.1 million awards have vested but have not been converted. |
Performance-Based RSUs [Member] | |
Restricted Stock and RSU Activity | Performance-based RSU activity for the three months ended March 31, 2020 is summarized below. Outstanding at Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2019 742,918 $ 436.84 Granted 238,478 $ 533.58 Additional shares granted due to attainment of performance measures 30,600 $ 375.26 Converted (311,779 ) $ 375.26 March 31, 2020 700,217 $ 494.51 |
Performance-Based Stock Options [Member] | |
Stock Option Activity | Stock option activity for the three months ended March 31, 2020 is summarized below. Outstanding at Shares Under Option Weighted Average Exercise Price December 31, 2019 1,941,145 $ 513.50 Forfeited (25,353 ) $ 513.50 March 31, 2020 1,915,792 $ 513.50 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table presents changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, (in millions) 2020 2019 Beginning balance $ (571 ) $ (691 ) Foreign currency translation adjustments (1) (239 ) 68 Ending balance $ (810 ) $ (623 ) (1) Amounts for the three months ended March 31, 2020 and 2019 include gains from a net investment hedge of $13 million (net of tax expense of $4 million) and $11 million (net of tax expense of $3 million), respectively. |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Preferred Shares Authorized, Issued and Outstanding | Nonvoting Participating Preferred Stock . The Company’s preferred shares authorized, issued and outstanding consisted of the following: March 31, December 31, 2020 2019 Series A Shares authorized, $0.01 par value 20,000,000 20,000,000 Shares issued and outstanding — — Series B Shares authorized, $0.01 par value 150,000,000 150,000,000 Shares issued and outstanding (1) 823,188 823,188 Series C Shares authorized, $0.01 par value 6,000,000 6,000,000 Shares issued and outstanding — — Series D Shares authorized, $0.01 par value 20,000,000 20,000,000 Shares issued and outstanding — — (1) Shares held by PNC. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS under Treasury Stock Method | The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2020 and 2019 under the treasury stock method: Three Months Ended March 31, (in millions, except shares and per share data) 2020 2019 Net income attributable to BlackRock $ 806 $ 1,053 Basic weighted-average shares outstanding 155,243,279 158,268,034 Dilutive effect of nonparticipating RSUs and stock options 1,173,447 1,080,397 Total diluted weighted-average shares outstanding 156,416,726 159,348,431 Basic earnings per share $ 5.19 $ 6.65 Diluted earnings per share $ 5.15 $ 6.61 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Total Revenue by Geographic Region | The following table illustrates total revenue for the three months ended March 31, 2020 and 2019 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides or affiliated services are provided. Three Months Ended (in millions) March 31, Revenue 2020 2019 Americas $ 2,480 $ 2,240 Europe 1,067 943 Asia-Pacific 163 163 Total revenue $ 3,710 $ 3,346 |
Schedule of Long-Lived Assets by Geographic Region | The following table illustrates long-lived assets that consist of goodwill and property and equipment at March 31, 2020 and December 31, 2019 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located. (in millions) March 31, December 31, Long-lived Assets 2020 2019 Americas $ 13,830 $ 13,830 Europe 1,356 1,360 Asia-Pacific 87 87 Total long-lived assets $ 15,273 $ 15,277 |
Business Overview - Additional
Business Overview - Additional Information (Detail) - PNC [Member] | Mar. 31, 2020 |
Related Party Transaction [Line Items] | |
Percentage of common stock of parent owned | 22.00% |
Percentage of capital stock of parent owned | 22.40% |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Billions | Mar. 31, 2020 | Dec. 31, 2019 |
Significant Accounting Policies [Line Items] | ||
Fair value of loaned securities | $ 14 | $ 14.4 |
Fair value of collateral held for loan securities | $ 14.8 | $ 15.5 |
Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
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% |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - eFront [Member] $ in Billions | May 10, 2019USD ($) |
Business Acquisition [Line Items] | |
Business acquisition, percentage of equity interest acquired | 100.00% |
Business acquisition purchase price, excluding settlement of debt | $ 1.3 |
Acquisition - Summary of Fair V
Acquisition - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | May 10, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Goodwill | $ 14,559 | $ 14,562 | |
eFront [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | $ 61 | ||
Goodwill | 1,044 | ||
Other assets | 49 | ||
Deferred income tax liabilities | (146) | ||
Other liabilities assumed | (125) | ||
Total consideration, net of cash acquired | 1,500 | ||
Cash paid including settlement of outstanding debt of approximately $0.2 billion | 1,555 | ||
Cash acquired | (55) | ||
Total consideration, net of cash acquired | 1,500 | ||
eFront [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible assets | 400 | ||
eFront [Member] | Technology-Related [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible assets | 203 | ||
eFront [Member] | Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible assets | $ 14 |
Acquisition - Summary of Initia
Acquisition - Summary of Initial and Revised Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) $ in Billions | May 10, 2019USD ($) |
eFront [Member] | |
Business Acquisition [Line Items] | |
Settlement of outstanding debt | $ 0.2 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |||||
Cash and cash equivalents | [1] | $ 4,406 | $ 4,829 | ||
Restricted cash included in other assets | $ 17 | $ 17 | |||
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember | |||
Total cash, cash equivalents and restricted cash | $ 4,423 | $ 4,846 | $ 4,078 | $ 6,505 | |
[1] | At March 31, 2020, cash and cash equivalents, investments, other assets and other liabilities include $269 million, $3,170 million, $90 million, and $883 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2019, cash and cash equivalents, investments, other assets and other liabilities include $131 million, $3,301 million, $68 million, and $820 million, respectively, related to consolidated VIEs. |
Investments - Summary of Carryi
Investments - Summary of Carrying Value of Total Investments (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | |||
Held-to-maturity investments | $ 252 | $ 249 | |
Trading securities | 1,417 | 1,249 | |
Total debt securities | 1,669 | 1,498 | |
Equity securities at FVTNI | 1,565 | 1,926 | |
Total investments | [1] | 5,240 | 5,489 |
Bank loans | 204 | 204 | |
Other Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 280 | 297 | |
Equity Method Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 860 | 943 | |
Federal Reserve Bank Stock [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 93 | 93 | |
Consolidated Entities [Member] | Carried Interest [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | $ 569 | $ 528 | |
[1] | At March 31, 2020, cash and cash equivalents, investments, other assets and other liabilities include $269 million, $3,170 million, $90 million, and $883 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2019, cash and cash equivalents, investments, other assets and other liabilities include $131 million, $3,301 million, $68 million, and $820 million, respectively, related to consolidated VIEs. |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Investments Debt And Equity Securities [Abstract] | ||
Held-to-maturity investments | $ 252 | $ 249 |
Held-to-maturity investments, after one year through five years | 12 | |
Foreign government debt, after five years through ten years | 115 | |
Held-to-maturity investments, after ten years | $ 125 |
Investments - Summary of Cost a
Investments - Summary of Cost and Carrying Value of Trading Debt Securities and Equity Securities at FVTNI (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Total trading debt securities, Cost | $ 1,470 | $ 1,231 |
Equity securities at FVTNI, Cost | 1,617 | 1,769 |
Total trading debt, Carrying Value | 1,417 | 1,249 |
Equity securities at FVTNI, Carrying Value | 1,565 | 1,926 |
Corporate Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total trading debt securities, Cost | 1,108 | 822 |
Total trading debt, Carrying Value | 1,074 | 844 |
Government Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total trading debt securities, Cost | 250 | 268 |
Total trading debt, Carrying Value | 250 | 269 |
Asset/Mortgage-Backed Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total trading debt securities, Cost | 112 | 141 |
Total trading debt, Carrying Value | 93 | 136 |
Deferred Compensation Plan Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Equity securities at FVTNI, Cost | 2 | 6 |
Equity securities at FVTNI, Carrying Value | 5 | 23 |
Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Equity securities at FVTNI, Cost | 1,615 | 1,763 |
Equity securities at FVTNI, Carrying Value | $ 1,560 | $ 1,903 |
Consolidated Sponsored Invest_3
Consolidated Sponsored Investment Products - Consolidated VIEs And VREs Recorded in Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Consolidated Sponsored Investment Funds [Line Items] | |||
Cash and cash equivalents | [1] | $ 4,406 | $ 4,829 |
Investments: | |||
Trading securities | 1,417 | 1,249 | |
Equity securities | 1,565 | 1,926 | |
Bank loans | 204 | 204 | |
Total investments | [1] | 5,240 | 5,489 |
Other assets | [1] | 4,623 | 3,169 |
Other liabilities | [1] | (5,088) | (3,470) |
Noncontrolling interest | (57) | (66) | |
Consolidated Variable Interest Entities [Member] | |||
Consolidated Sponsored Investment Funds [Line Items] | |||
Cash and cash equivalents | 269 | 131 | |
Investments: | |||
Trading securities | 1,244 | 1,059 | |
Bank loans | 204 | 204 | |
Other investments | 174 | 194 | |
Carried interest | 552 | 514 | |
Total investments | 3,170 | 3,301 | |
Other assets | 90 | 68 | |
Other liabilities | (883) | (820) | |
Noncontrolling interest | (1,390) | (1,348) | |
BlackRock's net interests in consolidated investment products | 1,256 | 1,332 | |
Consolidated Voting Rights Entities [Member] | |||
Consolidated Sponsored Investment Funds [Line Items] | |||
Cash and cash equivalents | 47 | 10 | |
Investments: | |||
Trading securities | 145 | 151 | |
Total investments | 491 | 483 | |
Other assets | 6 | 5 | |
Other liabilities | (26) | (20) | |
Noncontrolling interest | (107) | (34) | |
BlackRock's net interests in consolidated investment products | 411 | 444 | |
Consolidated Sponsored Investment Products [Member] | |||
Consolidated Sponsored Investment Funds [Line Items] | |||
Cash and cash equivalents | 316 | 141 | |
Investments: | |||
Trading securities | 1,389 | 1,210 | |
Bank loans | 204 | 204 | |
Other investments | 174 | 194 | |
Carried interest | 552 | 514 | |
Total investments | 3,661 | 3,784 | |
Other assets | 96 | 73 | |
Other liabilities | (909) | (840) | |
Noncontrolling interest | (1,497) | (1,382) | |
BlackRock's net interests in consolidated investment products | 1,667 | 1,776 | |
Equity securities [Member] | |||
Investments: | |||
Equity securities | 1,560 | 1,903 | |
Equity securities [Member] | Consolidated Variable Interest Entities [Member] | |||
Investments: | |||
Equity securities | 996 | 1,330 | |
Equity securities [Member] | Consolidated Voting Rights Entities [Member] | |||
Investments: | |||
Equity securities | 346 | 332 | |
Equity securities [Member] | Consolidated Sponsored Investment Products [Member] | |||
Investments: | |||
Equity securities | $ 1,342 | $ 1,662 | |
[1] | At March 31, 2020, cash and cash equivalents, investments, other assets and other liabilities include $269 million, $3,170 million, $90 million, and $883 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2019, cash and cash equivalents, investments, other assets and other liabilities include $131 million, $3,301 million, $68 million, and $820 million, respectively, related to consolidated VIEs. |
Consolidated Sponsored Invest_4
Consolidated Sponsored Investment Products - Consolidated VIEs And VREs Recorded in Consolidated Statements of Financial Condition (Detail) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Consolidated Sponsored Investment Funds [Line Items] | |||
Other liabilities | [1] | $ 5,088 | $ 3,470 |
Consolidated Variable Interest Entities [Member] | |||
Consolidated Sponsored Investment Funds [Line Items] | |||
Other liabilities | 883 | 820 | |
Consolidated Variable Interest Entities [Member] | Borrowings of Consolidated CLO [Member] | |||
Consolidated Sponsored Investment Funds [Line Items] | |||
Other liabilities | $ 203 | $ 195 | |
[1] | At March 31, 2020, cash and cash equivalents, investments, other assets and other liabilities include $269 million, $3,170 million, $90 million, and $883 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2019, cash and cash equivalents, investments, other assets and other liabilities include $131 million, $3,301 million, $68 million, and $820 million, respectively, related to consolidated VIEs. |
Consolidated Sponsored Invest_5
Consolidated Sponsored Investment Products - Schedule of Net Gain (Loss) Related to Consolidated VIEs (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Variable Interest Entity [Line Items] | ||
Nonoperating net gain (loss) on consolidated VIEs | $ (40) | $ 142 |
Net income (loss) attributable to noncontrolling interests | (179) | 7 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Nonoperating net gain (loss) on consolidated VIEs | (309) | 94 |
Net income (loss) attributable to noncontrolling interests | $ (158) | $ 5 |
Variable Interest Entities Refl
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 ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | $ 533,000,000 | $ 539,000,000 |
Advisory Fee Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | 102,000,000 | 71,000,000 |
Other Net Assets (Liabilities) [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | (12,000,000) | (10,000,000) |
Maximum Risk of Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | $ 652,000,000 | $ 627,000,000 |
Variable Interest Entities Re_2
Variable Interest Entities Reflects adoption of ASU 2015-12 - Additional Information (Detail) - USD ($) $ in Billions | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Sponsored Investment Products [Member] | ||
Variable Interest Entity [Line Items] | ||
Net assets of investments funds | $ 11 | $ 12 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities | $ 1,417 | $ 1,249 |
Total equity securities at FVTNI | 1,565 | 1,926 |
Separate account assets | 83,262 | 102,844 |
Total separate account collateral held under securities lending agreements | 14,800 | 15,500 |
Separate account collateral liabilities under securities lending agreements | 14,777 | 15,466 |
Equity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity securities at FVTNI | 1,560 | 1,903 |
Investments Measured at NAV [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] | ||
Other assets | 21 | 68 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Held-to-maturity investments | 252 | 249 |
Total debt securities | 1,669 | 1,498 |
Total equity securities at FVTNI | 1,565 | 1,926 |
Total equity method | 860 | 943 |
Bank loans | 204 | 204 |
Federal Reserve Bank Stock | 93 | 93 |
Carried interest | 569 | 528 |
Other investments | 280 | 297 |
Total investments | 5,240 | 5,489 |
Other assets | 314 | 173 |
Separate account assets | 83,262 | 102,844 |
Total separate account collateral held under securities lending agreements | 14,777 | 15,466 |
Total | 103,593 | 123,972 |
Separate account collateral liabilities under securities lending agreements | 14,777 | 15,466 |
Other liabilities | 449 | 398 |
Total liabilities measured at fair value | 15,226 | 15,864 |
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 equity securities at FVTNI | 5 | 23 |
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 equity securities at FVTNI | 1,565 | 1,926 |
Total equity method | 154 | 169 |
Total investments | 1,719 | 2,095 |
Other assets | 133 | 173 |
Separate account assets | 54,812 | 72,515 |
Total separate account collateral held under securities lending agreements | 4,731 | 10,209 |
Total | 61,395 | 84,992 |
Separate account collateral liabilities under securities lending agreements | 4,731 | 10,209 |
Total liabilities measured at fair value | 4,731 | 10,209 |
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 equity securities at FVTNI | 5 | 23 |
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 debt securities | 1,408 | 1,241 |
Bank loans | 23 | 27 |
Other investments | 4 | |
Total investments | 1,435 | 1,268 |
Other assets | 181 | |
Separate account assets | 27,340 | 29,582 |
Total separate account collateral held under securities lending agreements | 10,046 | 5,257 |
Total | 39,002 | 36,107 |
Separate account collateral liabilities under securities lending agreements | 10,046 | 5,257 |
Other liabilities | 28 | 10 |
Total liabilities measured at fair value | 10,074 | 5,267 |
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 debt securities | 9 | 8 |
Bank loans | 181 | 177 |
Other investments | 16 | 9 |
Total investments | 206 | 194 |
Total | 206 | 194 |
Other liabilities | 421 | 388 |
Total liabilities measured at fair value | 421 | 388 |
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 equity securities at FVTNI | 1,560 | 1,903 |
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] | ||
Total equity securities at FVTNI | 1,560 | 1,903 |
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] | ||
Trading securities | 1,417 | 1,249 |
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities | 1,408 | 1,241 |
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities | 9 | 8 |
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 | 145 | 157 |
Fair Value, Measurements, Recurring [Member] | Equity And Fixed Income 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] | ||
Total equity method | 145 | 157 |
Fair Value, Measurements, Recurring [Member] | Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 222 | 220 |
Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 210 | 248 |
Fair Value, Measurements, Recurring [Member] | Real Assets Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 271 | 296 |
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 | 12 | 22 |
Fair Value, Measurements, Recurring [Member] | Other Types Of Investments [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 equity method | 9 | 12 |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total separate account collateral held under securities lending agreements | 4,731 | 10,209 |
Fair Value, Measurements, Recurring [Member] | Equity securities [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 separate account collateral held under securities lending agreements | 4,731 | 10,209 |
Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total separate account collateral held under securities lending agreements | 10,046 | 5,257 |
Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total separate account collateral held under securities lending agreements | 10,046 | 5,257 |
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 | 706 | 774 |
Other investments | 84 | 98 |
Total investments | 790 | 872 |
Total | 790 | 872 |
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Hedge Funds/Funds of Hedge Funds [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 222 | 220 |
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 equity method | 210 | 248 |
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Real Assets Funds [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 271 | 296 |
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 | 3 | 10 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Held-to-maturity investments | 252 | 249 |
Total debt securities | 252 | 249 |
Federal Reserve Bank Stock | 93 | 93 |
Carried interest | 569 | 528 |
Other investments | 176 | 190 |
Total investments | 1,090 | 1,060 |
Separate account assets | 1,110 | 747 |
Total | $ 2,200 | $ 1,807 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateralized loan obligations outstanding borrowings maturity year | 2030 | |
Fair Value Option [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments | $ 28 | $ 37 |
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 | $ 206 | $ 194 |
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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | $ 156 | |
Purchases, Assets | 53 | |
Transfers out of Level 3, Assets | (76) | |
Assets measured at fair value, ending balance | 133 | |
Liabilities measured at fair value, beginning balance | $ 388 | 371 |
Realized and Unrealized Gains (Losses), Liabilities | (11) | (6) |
Issuances and other Settlements, Liabilities | 22 | 32 |
Liabilities measured at fair value, ending balance | 421 | 409 |
Total Net Unrealized Gains (Losses) Included in Earnings | (11) | (6) |
Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value, beginning balance | 388 | 371 |
Realized and Unrealized Gains (Losses), Liabilities | (11) | (6) |
Issuances and other Settlements, Liabilities | 22 | 32 |
Liabilities measured at fair value, ending balance | 421 | 409 |
Total Net Unrealized Gains (Losses) Included in Earnings | (11) | (6) |
Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 194 | 156 |
Realized and Unrealized Gains (Losses),Assets | (14) | |
Purchases, Assets | 27 | 53 |
Sales and Maturities, Assets | (1) | |
Transfers out of Level 3, Assets | (76) | |
Assets measured at fair value, ending balance | 206 | 133 |
Total Net Unrealized Gains (Losses) Included in Earnings | (14) | |
Debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 8 | 4 |
Purchases, Assets | 1 | |
Transfers out of Level 3, Assets | (4) | |
Assets measured at fair value, ending balance | 9 | |
Debt securities [Member] | Trading [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 8 | 4 |
Purchases, Assets | 1 | |
Transfers out of Level 3, Assets | (4) | |
Assets measured at fair value, ending balance | 9 | |
Consolidated Variable Interest Entities [Member] | Bank Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 177 | 70 |
Realized and Unrealized Gains (Losses),Assets | (14) | |
Purchases, Assets | 18 | 53 |
Assets measured at fair value, ending balance | 181 | 123 |
Total Net Unrealized Gains (Losses) Included in Earnings | (14) | |
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 | 9 | 82 |
Purchases, Assets | 8 | |
Sales and Maturities, Assets | (1) | |
Transfers out of Level 3, Assets | (72) | |
Assets measured at fair value, ending balance | $ 16 | $ 10 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | [1] | $ 4,406 | $ 4,829 |
Long-term borrowings | 5,933 | 4,955 | |
Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 4,406 | 4,829 | |
Other assets | 21 | 68 | |
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term borrowings | 5,933 | 4,955 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 4,406 | 4,829 | |
Other assets | 21 | 68 | |
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term borrowings | $ 6,147 | $ 5,254 | |
[1] | At March 31, 2020, cash and cash equivalents, investments, other assets and other liabilities include $269 million, $3,170 million, $90 million, and $883 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2019, cash and cash equivalents, investments, other assets and other liabilities include $131 million, $3,301 million, $68 million, and $820 million, respectively, related to consolidated VIEs. |
Fair Value Disclosures - Fair_2
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | [1] | $ 4,406 | $ 4,829 |
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 | $ 430 | $ 674 | |
[1] | At March 31, 2020, cash and cash equivalents, investments, other assets and other liabilities include $269 million, $3,170 million, $90 million, and $883 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2019, cash and cash equivalents, investments, other assets and other liabilities include $131 million, $3,301 million, $68 million, and $820 million, respectively, related to consolidated VIEs. |
Fair Value Disclosures - Invest
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 567 | $ 553 |
Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 790 | $ 872 |
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] | ||
Redemption Notice Period, days | 90 days | 90 days |
Hedge Funds/Funds of Hedge Funds [Member] | Consolidated Variable Interest Entities [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 3 | $ 3 |
Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 210 | 203 |
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 | 79 | 83 |
Real Assets Funds [Member] | Consolidated Variable Interest Entities [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 66 | 72 |
Private Equity Funds Of Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 8 | 9 |
Private Equity Funds Of Funds [Member] | Consolidated Variable Interest Entities [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 15 | 23 |
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 112 | $ 120 |
Redemption Frequency (Daily) | 25.00% | 27.00% |
Redemption Frequency (Monthly) | 25.00% | 27.00% |
Redemption Frequency (Quarterly) | 16.00% | 15.00% |
Redemption Frequency (Not Redeemable) | 59.00% | 58.00% |
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 222 | $ 220 |
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 | 1 day |
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] | ||
Total Unfunded Commitments | $ 231 | $ 212 |
Equity Method Investments [Member] | Private Equity Funds [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 210 | 248 |
Equity Method Investments [Member] | Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 131 | $ 120 |
Redemption Frequency (Quarterly) | 53.00% | 57.00% |
Redemption Frequency (Not Redeemable) | 47.00% | 43.00% |
Redemption Notice Period, Not Redeemable | 60 days | 60 days |
Equity Method Investments [Member] | Real Assets Funds [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 271 | $ 296 |
Equity Method Investments [Member] | Other Types Of Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 6 | 9 |
Equity Method Investments [Member] | Other Types Of Investments [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 3 | $ 10 |
Fair Value Disclosures - Inve_2
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 567 | $ 553 |
Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 210 | 203 |
Total remaining Unfunded Commitments | 183 | 172 |
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 | 79 | 83 |
Private Equity Funds Of Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 8 | 9 |
Amount of unfunded commitments contractually obligated to fund | $ 22 | $ 22 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of Information Related to Bank Loans and Borrowings of Consolidated CLO Recorded within Investments and Borrowings of Consolidated VIEs Respectively for which Fair Value Option was Elected (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Option Quantitative Disclosures [Line Items] | ||
Aggregate principal amounts outstanding | $ 5,968 | |
CLO Bank Loans [Member] | ||
Fair Value Option Quantitative Disclosures [Line Items] | ||
Aggregate principal amounts outstanding | 220 | $ 204 |
Fair value | 204 | 204 |
Aggregate unpaid principal balance in excess of (less than) fair value | 16 | |
CLO Borrowings [Member] | ||
Fair Value Option Quantitative Disclosures [Line Items] | ||
Aggregate principal amounts outstanding | 226 | 195 |
Fair value | $ 203 | $ 195 |
Derivatives and Hedging - Addit
Derivatives and Hedging - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative maximum risk of loss | $ 17 | $ 17 |
Forward Foreign Currency Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Notional value | 2,500 | 3,400 |
Total Return Swaps [Member] | ||
Derivative [Line Items] | ||
Notional value | $ 597 | $ 644 |
Derivatives and Hedging - Summa
Derivatives and Hedging - Summary of Fair Values of Derivatives Instruments Recognized in Condensed Consolidated Statements of Financial Condition (Detail) $ in Millions | Mar. 31, 2020USD ($) |
Other Assets [Member] | |
Derivatives Fair Value [Line Items] | |
Other assets, fair value | $ 181 |
Other Liabilities [Member] | |
Derivatives Fair Value [Line Items] | |
Other liabilities, fair value | 16 |
Forward Foreign Currency Exchange Contracts [Member] | Other Assets [Member] | |
Derivatives Fair Value [Line Items] | |
Other assets, fair value | 92 |
Forward Foreign Currency Exchange Contracts [Member] | Other Liabilities [Member] | |
Derivatives Fair Value [Line Items] | |
Other liabilities, fair value | 9 |
Total Return Swaps [Member] | Other Assets [Member] | |
Derivatives Fair Value [Line Items] | |
Other assets, fair value | 89 |
Total Return Swaps [Member] | Other Liabilities [Member] | |
Derivatives Fair Value [Line Items] | |
Other liabilities, fair value | $ 7 |
Derivatives and Hedging - Sum_2
Derivatives and Hedging - Summary of Realized and Unrealized Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments Gain Loss [Line Items] | ||
Total gain (loss) from derivative instruments | $ 54 | $ (14) |
Forward Foreign Currency Exchange Contracts [Member] | General and Administration Expense [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Total gain (loss) from derivative instruments | (88) | 36 |
Total Return Swaps [Member] | Nonoperating Income (Expense) [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Total gain (loss) from derivative instruments | $ 142 | $ (50) |
Goodwill - Goodwill Activity (D
Goodwill - Goodwill Activity (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill Roll Forward | |
Beginning balance | $ 14,562 |
Goodwill adjustments related to Quellos | (3) |
Ending balance | $ 14,559 |
Goodwill - Goodwill Activity (P
Goodwill - Goodwill Activity (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill Roll Forward | ||
Excess of tax goodwill over book goodwill | $ 98 | $ 106 |
Intangible Assets - Carrying Am
Intangible Assets - Carrying Amounts of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Indefinite-lived intangible assets, Beginning balance | $ 17,578 | |
Indefinite-lived intangible assets, Ending balance | 17,578 | |
Finite-lived intangible assets, Beginning balance | 791 | |
Finite-lived intangible assets, amortization expense | (25) | $ (15) |
Finite-lived intangible assets, Ending balance | 766 | |
Intangible assets, Beginning balance | 18,369 | |
Intangible assets, Ending balance | $ 18,344 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Lease cost: | |||
Operating lease cost | [1] | $ 37 | $ 34 |
Variable lease cost | [2] | 9 | 8 |
Total lease cost | $ 46 | $ 42 | |
[1] | |||
[2] |
Leases - Schedule of Operating
Leases - Schedule of Operating Leases Included on Condensed Consolidated Statement of Financial Condition (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use (“ROU”) assets | $ 662 | $ 669 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets |
Operating lease liabilities | $ 774 | $ 776 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Information Related to Operating Leases (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 38 | $ 35 | |
Supplemental noncash information: | |||
ROU assets in exchange for operating lease liabilities in connection with the adoption of ASU 2016-02 | $ 47 | ||
Weighted-average remaining lease term | 9 years | 9 years | |
Weighted-average discount rate | 3.00% | 3.00% | |
Accounting Standards Update 2016-02 [Member] | |||
Supplemental noncash information: | |||
ROU assets in exchange for operating lease liabilities in connection with the adoption of ASU 2016-02 | $ 661 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Feb. 13, 2020 | |
Other Assets [Line Items] | |||
Tax benefit | $ (241) | ||
PennyMac [Member] | |||
Other Assets [Line Items] | |||
Ownership percentage | 20.00% | 20.00% | |
Shares | 16 | ||
Carrying value - equity method investment | $ 451 | ||
Market value of equity method investments | $ 530 | ||
PennyMac [Member] | BlackRock Foundation [Member] | |||
Other Assets [Line Items] | |||
Operating expenses related to charitable contribution | 589 | ||
Operating expenses, offset amount by noncash non operating pre-tax gain on sale of equity method investments. | 122 | ||
Tax benefit | 241 | ||
iCapital [Member] | |||
Other Assets [Line Items] | |||
Carrying value - equity method investment | 300 | ||
Nonoperating pre-tax gain | $ 240 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended |
Jan. 31, 2020 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Debt instrument, aggregate principal amount | $ 5,968,000,000 | |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Maximum amount available under facility | 4,000,000,000 | |
Amount outstanding under credit facility | 0 | |
2019 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 | 2025-03 | |
Line of credit facility, covenant terms | The 2020 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 | |
2.40% Notes due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, aggregate principal amount | $ 1,000,000,000 | $ 1,000,000,000 |
Debt instrument, interest rate | 2.40% | |
Debt instrument, maturity date | Apr. 30, 2030 | |
Debt instrument, Approximate annual interest expense | $ 24,000,000 | |
Debt instrument, payment terms | Interest of approximately $24 million per year is payable semi-annually on April 30 and October 30 of each year, commencing on April 30, 2020 | |
Debt instrument, redemption period, end date | Jan. 30, 2030 | |
Debt Instrument, redemption price, percentage of principal amount redeemed | 100.00% |
Borrowings - Carrying Value and
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings Determined Market Prices EUR/USD Foreign Exchange Rate (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Jan. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Maturity Amount | $ 5,968 | ||
Unamortized Discount and Debt Issuance Costs | (35) | ||
Carrying Value | 5,933 | $ 4,955 | |
Fair Value | 6,147 | ||
4.25% Notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 750 | ||
Carrying Value | 750 | ||
Fair Value | 770 | ||
3.375% Notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 750 | ||
Unamortized Discount and Debt Issuance Costs | (2) | ||
Carrying Value | 748 | ||
Fair Value | 774 | ||
3.50% Notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 1,000 | ||
Unamortized Discount and Debt Issuance Costs | (3) | ||
Carrying Value | 997 | ||
Fair Value | 1,058 | ||
1.25% Notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 768 | ||
Unamortized Discount and Debt Issuance Costs | (4) | ||
Carrying Value | 764 | ||
Fair Value | 767 | ||
3.20% Notes due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 700 | ||
Unamortized Discount and Debt Issuance Costs | (5) | ||
Carrying Value | 695 | ||
Fair Value | 730 | ||
3.25% Notes due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 1,000 | ||
Unamortized Discount and Debt Issuance Costs | (14) | ||
Carrying Value | 986 | ||
Fair Value | 1,050 | ||
2.40% Notes due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 1,000 | $ 1,000 | |
Unamortized Discount and Debt Issuance Costs | (7) | ||
Carrying Value | 993 | ||
Fair Value | $ 998 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Commitment And Contingencies [Line Items] | ||
Various capital commitments to fund sponsored investment products, including funds of private equity funds, real assets funds, opportunistic funds and distressed credit funds | $ 583 | |
Derivative maximum risk of loss for credit protection | 17 | $ 17 |
Amount of securities on loan subject to indemnification | 224,000 | |
Collateral for indemnified securities | 238,000 | |
Other Liabilities [Member] | ||
Commitment And Contingencies [Line Items] | ||
Contingent consideration at fair value | $ 218 |
Revenue - Summary of Investment
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue (Collectively "Base Fees") by Type (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 3,710 | $ 3,346 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 3,055 | 2,805 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Active Product [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 398 | 375 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity iShares ETFs [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 879 | 847 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Non-ETF Index [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 163 | 164 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1,440 | 1,386 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Active [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 481 | 457 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income iShares ETFs [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 259 | 220 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Non-ETF Index [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 112 | 97 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 852 | 774 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Multi-asset [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 293 | 276 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 292 | 228 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Illiquid Alternatives [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 148 | 110 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Liquid Alternatives [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 112 | 94 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Currency and Commodities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 32 | 24 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Cash Management [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 178 | 141 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Long-term [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 2,877 | 2,664 |
Investment Advisory Performance Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 41 | 26 |
Investment Advisory Performance Fees [Member] | Equity [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 2 | |
Investment Advisory Performance Fees [Member] | Fixed Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 2 | 2 |
Investment Advisory Performance Fees [Member] | Multi-asset [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1 | |
Investment Advisory Performance Fees [Member] | Alternatives [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 36 | 24 |
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Illiquid Alternatives [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 17 | 20 |
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Liquid Alternatives [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 19 | 4 |
Technology Services Revenue [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 274 | 204 |
Distribution Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 276 | 262 |
Distribution Fees [Member] | Retrocessions [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 169 | 161 |
Distribution Fees [Member] | 12b-1 Fees (US Mutual Fund Distribution Fees) [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 91 | 89 |
Distribution Fees [Member] | Other Distribution Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 16 | 12 |
Advisory and Other Revenue [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 64 | 49 |
Advisory and Other Revenue [Member] | Advisory [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 17 | 19 |
Advisory and Other Revenue [Member] | Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 47 | $ 30 |
Revenue - Summary of Investme_2
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Client Type and Investment Style (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 3,710 | $ 3,346 |
Revenue by Client Type [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 3,055 | 2,805 |
Revenue by Client Type [Member] | Retail [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 872 | 826 |
Revenue by Client Type [Member] | iShares ETFs [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1,170 | 1,091 |
Revenue by Client Type [Member] | Institutional Active [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 574 | 500 |
Revenue by Client Type [Member] | Institutional Index [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 261 | 247 |
Revenue by Client Type [Member] | Institutional [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 835 | 747 |
Revenue by Client Type [Member] | Cash Management [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 178 | 141 |
Revenue by Client Type [Member] | Long-term [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 2,877 | 2,664 |
Revenue by Investment Style [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 3,055 | 2,805 |
Revenue by Investment Style [Member] | Active [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1,427 | 1,307 |
Revenue by Investment Style [Member] | Index and iShares ETFs [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1,450 | 1,357 |
Revenue by Investment Style [Member] | Cash Management [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 178 | 141 |
Revenue by Investment Style [Member] | Long-term [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 2,877 | $ 2,664 |
Revenue - Schedule of Estimated
Revenue - Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail) - Investment Advisory, Administration Fees and Securities Lending Revenue [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation | $ 398 | $ 268 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months | |
Revenue, Remaining Performance Obligation | $ 56 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation | $ 68 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months | |
Revenue, Remaining Performance Obligation | $ 86 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | 1 year |
Revenue, Remaining Performance Obligation | $ 103 | $ 55 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | 1 year |
Revenue, Remaining Performance Obligation | $ 87 | $ 46 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation | $ 74 | $ 43 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | ||
Revenue, Remaining Performance Obligation | $ 48 |
Revenue - Schedule of Estimat_2
Revenue - Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail 1) - USD ($) $ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation | $ 398 | $ 268 |
Revenue - Schedule of Changes i
Revenue - Schedule of Changes in Deferred Carried Interest Liability (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Beginning balance | $ 483 | $ 293 |
Net increase (decrease) in unrealized allocations | 62 | 51 |
Performance fee revenue recognized | (10) | (17) |
Ending balance | $ 535 | $ 327 |
Revenue - Schedule of Estimat_3
Revenue - Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail) - Technology Services Revenue [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation | $ 227 | $ 97 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months | |
Revenue, Remaining Performance Obligation | $ 24 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation | $ 28 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months | |
Revenue, Remaining Performance Obligation | $ 103 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | 1 year |
Revenue, Remaining Performance Obligation | $ 61 | $ 22 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | 1 year |
Revenue, Remaining Performance Obligation | $ 38 | $ 14 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation | $ 16 | $ 9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | ||
Revenue, Remaining Performance Obligation | $ 9 |
Revenue - Schedule of Estimat_4
Revenue - Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail 1) - USD ($) $ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Technology Services Revenue [Member] | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation | $ 227 | $ 97 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | |
Estimated annual fixed minimum fees for currently outstanding contracts | $ 490 |
Minimum [Member] | |
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | |
Term of currently outstanding contracts | 1 year |
Maximum [Member] | |
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | |
Term of currently outstanding contracts | 5 years |
Revenue - Schedule of Changes_2
Revenue - Schedule of Changes in Technology Services Deferred Revenue Liability (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Beginning balance | $ 116 | $ 70 |
Additions | 30 | 11 |
Revenue recognized that was included in the beginning balance | (32) | (8) |
Ending balance | $ 114 | $ 73 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock and RSU Activity (Detail) - $ / shares | 1 Months Ended | 3 Months Ended |
Jan. 31, 2020 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock and RSUs, beginning of period | 2,236,452 | 2,236,452 |
Restricted Stock and RSUs, Granted | 905,542 | |
Restricted Stock and RSUs, Converted | (804,828) | |
Restricted Stock and RSUs, Forfeited | (27,549) | |
Restricted Stock and RSUs, end of period | 2,309,617 | |
Weighted-Average Grant Date Fair Value, beginning of period | $ 444.02 | $ 444.02 |
Weighted-Average Grant Date Fair Value, Granted | 533.48 | |
Weighted-Average Grant Date Fair Value, Converted | 423.92 | |
Weighted-Average Grant Date Fair Value, Forfeited | 463.19 | |
Weighted-Average Grant Date Fair Value, end of period | $ 485.87 | |
Performance-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock and RSUs, beginning of period | 742,918 | 742,918 |
Restricted Stock and RSUs, Granted | 238,478 | 238,478 |
Restricted Stock and RSUs, Additional shares granted due to attainment of performance measures | 30,600 | 30,600 |
Restricted Stock and RSUs, Converted | (311,779) | |
Restricted Stock and RSUs, end of period | 700,217 | |
Weighted-Average Grant Date Fair Value, beginning of period | $ 436.84 | $ 436.84 |
Weighted-Average Grant Date Fair Value, Granted | 533.58 | |
Weighted-Average Grant Date Fair Value, Additional Grants | 375.26 | |
Weighted-Average Grant Date Fair Value, Converted | 375.26 | |
Weighted-Average Grant Date Fair Value, end of period | $ 494.51 |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted Stock and RSU Activity (Parenthetical) (Detail) shares in Millions | Mar. 31, 2020shares |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-based compensation awards expected to vest | 2.2 |
Awards vested, not converted | 0.1 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2020 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock and RSUs, Granted | 905,542 | |
Fair value of RSUs/restricted stock granted to employees | $ 483 | |
RSUs/Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock and RSUs, Granted | 504,403 | |
Award vesting period, years | 3 years | |
Awards to employees cliff vesting | 393,161 | |
RSUs to employees that cliff vest, percentage | 100.00% | |
RSUs to employees that cliff vest, date | Jan. 31, 2023 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of outstanding RSUs | $ 1,000 | |
Stock price | $ 439.97 | |
Unrecognized stock-based compensation expense | $ 696 | |
Remaining weighted-average period | 1 year 9 months 18 days | |
Performance-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock and RSUs, Granted | 238,478 | 238,478 |
Award vesting period, years | 3 years | |
Awards to employees cliff vesting | 238,478 | |
RSUs to employees that cliff vest, percentage | 100.00% | |
RSUs to employees that cliff vest, date | Jan. 31, 2023 | |
Intrinsic value of outstanding RSUs | $ 308 | |
Stock price | $ 439.97 | |
Unrecognized stock-based compensation expense | $ 241 | |
Remaining weighted-average period | 1 year 10 months 24 days | |
Additional Restricted Stock and RSUs, Granted | 30,600 | 30,600 |
Fair value of RSUs/restricted stock granted to employees | $ 139 | |
Performance-Based Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Remaining weighted-average period | 3 years 8 months 12 days | |
Unrecognized stock-based compensation expense | $ 105 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Detail) - Performance-Based Stock Options [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Shares Under Option, Beginning of Period | shares | 1,941,145 |
Outstanding, Shares Under Option, Forfeited | shares | (25,353) |
Outstanding, Shares Under Option, End of Period | shares | 1,915,792 |
Weighted Average Exercise Price, Beginning of Period | $ / shares | $ 513.50 |
Weighted Average Exercise Price, Forfeited | $ / shares | 513.50 |
Weighted Average Exercise Price, End of Period | $ / shares | $ 513.50 |
Net Capital Requirements - Addi
Net Capital Requirements - Additional Information (Detail) $ in Billions | Mar. 31, 2020USD ($) |
Regulatory Capital Requirements [Abstract] | |
Net capital requirement in certain regulated subsidiaries | $ 2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 33,613 | $ 32,433 | |
Foreign currency translation adjustments | [1] | (239) | 68 |
Balance | 33,070 | 31,362 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (571) | (691) | |
Foreign currency translation adjustments | [1] | (239) | 68 |
Balance | $ (810) | $ (623) | |
[1] | Amounts for the three months ended March 31, 2020 and 2019 include gains from a net investment hedge of $13 million (net of tax expense of $4 million) and $11 million (net of tax expense of $3 million), respectively. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ||
Gain (loss) from net investment hedging, net of tax | $ 13 | $ 11 |
Gain (loss) from net investment hedging, tax expense | $ (4) | $ (3) |
Capital Stock - Preferred Share
Capital Stock - Preferred Shares Authorized, Issued and Outstanding (Detail) - shares | Mar. 31, 2020 | Dec. 31, 2019 |
Series A Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares authorized, $0.01 par value | 20,000,000 | 20,000,000 |
Shares issued | 0 | |
Shares outstanding | 0 | |
Series B Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares authorized, $0.01 par value | 150,000,000 | 150,000,000 |
Shares issued | 823,188 | 823,188 |
Shares outstanding | 823,188 | 823,188 |
Series C Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares authorized, $0.01 par value | 6,000,000 | 6,000,000 |
Shares issued | 0 | |
Shares outstanding | 0 | |
Series D Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares authorized, $0.01 par value | 20,000,000 | 20,000,000 |
Shares issued | 0 | |
Shares outstanding | 0 |
Capital Stock - Preferred Sha_2
Capital Stock - Preferred Shares Authorized, Issued and Outstanding (Parenthetical) (Detail) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Series A Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Series B Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, par value | 0.01 | 0.01 |
Series C Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, par value | 0.01 | 0.01 |
Series D Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stockholders Equity Note [Abstract] | ||
Common shares repurchased | 800,000 | |
Common shares repurchased, value | $ 400 | $ 1,566 |
Shares authorized to be repurchased | 5,100,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Discrete income tax benefit for vested stock awards | $ 64 | $ 23 |
Discrete income tax benefit recognized in connection with charitable contribution | $ 241 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income attributable to BlackRock | $ 806 | $ 1,053 |
Basic weighted-average shares outstanding | 155,243,279 | 158,268,034 |
Dilutive effect of nonparticipating RSUs and stock options | 1,173,447 | 1,080,397 |
Total diluted weighted-average shares outstanding | 156,416,726 | 159,348,431 |
Basic earnings per share | $ 5.19 | $ 6.65 |
Diluted earnings per share | $ 5.15 | $ 6.61 |
Earnings Per Share- Additional
Earnings Per Share- Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020shares | |
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 | 603,639 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 1 |
Segment Information - Total Rev
Segment Information - Total Revenue by Geographic Region (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 3,710 | $ 3,346 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,480 | 2,240 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,067 | 943 |
Asia-Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 163 | $ 163 |
Segment Information - Schedule
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 15,273 | $ 15,277 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 13,830 | 13,830 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,356 | 1,360 |
Asia-Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 87 | $ 87 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | |
Apr. 30, 2020 | Mar. 31, 2020 | |
Subsequent Event [Line Items] | ||
Debt instrument, aggregate principal amount | $ 5,968 | |
1.90% Notes due 2031 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument, aggregate principal amount | $ 1,250 | |
Debt instrument, interest rate | 1.90% | |
Debt instrument, maturity date | Jan. 28, 2031 | |
Debt instrument, Approximate annual interest expense | $ 24 | |
Debt instrument, payment terms | Interest of approximately $24 million per year will be payable semi-annually on January 28 and July 28 of each year, commencing July 28, 2020. | |
Debt instrument, redemption period, end date | Oct. 28, 2030 | |
Debt Instrument, redemption price, percentage of principal amount redeemed | 100.00% | |
4.25% Notes due May 2021 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument, aggregate principal amount | $ 750 | |
Debt instrument, interest rate | 4.25% |