Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
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 | 150,768,739 | |
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 | Jun. 30, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and cash equivalents | [1] | $ 6,481 | $ 9,323 |
Accounts receivable | 3,471 | 3,789 | |
Investments | [1] | 7,302 | 7,262 |
Separate account assets | 61,269 | 86,226 | |
Separate account collateral held under securities lending agreements | 7,279 | 7,081 | |
Property and equipment (net of accumulated depreciation and amortization of $x,xxx and $1,256 at June 30, 2022 and December 31, 2021, respectively) | 900 | 762 | |
Intangible assets (net of accumulated amortization of $xxx and $399 at June 30, 2022 and December 31, 2021, respectively) | 18,377 | 18,453 | |
Goodwill | 15,346 | 15,351 | |
Operating lease right-of-use assets | 1,543 | 1,621 | |
Other assets | [1] | 3,998 | 2,780 |
Total assets | 125,966 | 152,648 | |
Liabilities | |||
Accrued compensation and benefits | 1,408 | 2,951 | |
Accounts payable and accrued liabilities | 1,324 | 1,397 | |
Borrowings | 6,635 | 7,446 | |
Separate account liabilities | 61,269 | 86,226 | |
Separate account collateral liabilities under securities lending agreements | 7,279 | 7,081 | |
Deferred income tax liabilities | 2,801 | 2,758 | |
Operating lease liabilities | 1,815 | 1,872 | |
Other liabilities | [1] | 5,130 | 4,024 |
Total liabilities | 87,661 | 113,755 | |
Commitments and contingencies (Note 15) | |||
Temporary equity | |||
Redeemable noncontrolling interests | 1,103 | 1,087 | |
Permanent Equity | |||
Shares authorized: 500,000,000 at June 30, 2022 and December 31, 2021;Shares issued: 172,075,373 at June 30, 2022 and December 31, 2021;Shares outstanding: 150,966,457 and 151,684,491 at June 30, 2022 andDecember 31, 2021, respectively | 2 | 2 | |
Additional paid-in capital | 19,469 | 19,640 | |
Retained earnings | 28,678 | 27,688 | |
Accumulated other comprehensive loss | (1,091) | (550) | |
Treasury stock, common, at cost (21,108,916 and 20,390,882 shares held at June 30, 2022 and December 31, 2021, respectively) | (9,969) | (9,087) | |
Total BlackRock, Inc. stockholders’ equity | 37,089 | 37,693 | |
Nonredeemable noncontrolling interests | 113 | 113 | |
Total permanent equity | 37,202 | 37,806 | |
Total liabilities, temporary equity and permanent equity | $ 125,966 | $ 152,648 | |
[1]At June 30, 2022, cash and cash equivalents, investments, other assets and other liabilities include $274 million, $3,880 million, $62 million, and $2,059 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $3,968 million, $50 million, and $1,919 million, respectively, related to consolidated VIEs. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Property and equipment, accumulated depreciation | $ 1,344 | $ 1,256 | |
Intangible assets, accumulated amortization | $ 447 | $ 399 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, shares issued | 172,075,373 | 172,075,373 | |
Common stock, shares outstanding | 150,966,457 | 151,684,491 | |
Treasury stock, common shares | 21,108,916 | 20,390,882 | |
Cash and cash equivalents | [1] | $ 6,481 | $ 9,323 |
Investments | [1] | 7,302 | 7,262 |
Other assets | [1] | 3,998 | 2,780 |
Other liabilities | [1] | 5,130 | 4,024 |
Consolidated Variable Interest Entities [Member] | |||
Cash and cash equivalents | 274 | 251 | |
Investments | 3,880 | 3,968 | |
Other assets | 62 | 50 | |
Other liabilities | $ 2,059 | $ 1,919 | |
[1]At June 30, 2022, cash and cash equivalents, investments, other assets and other liabilities include $274 million, $3,880 million, $62 million, and $2,059 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $3,968 million, $50 million, and $1,919 million, respectively, related to consolidated VIEs. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | ||||
Total revenue | $ 4,526 | $ 4,820 | $ 9,225 | $ 9,218 |
Expense | ||||
Employee compensation and benefits | 1,414 | 1,548 | 2,912 | 2,957 |
Distribution and servicing costs | 572 | 523 | 1,146 | 1,028 |
Direct fund expense | 304 | 320 | 633 | 640 |
General and administration expense | 530 | 461 | 1,026 | 1,046 |
Amortization of intangible assets | 38 | 37 | 76 | 71 |
Total expense | 2,858 | 2,889 | 5,793 | 5,742 |
Operating income | 1,668 | 1,931 | 3,432 | 3,476 |
Nonoperating income (expense) | ||||
Net gain (loss) on investments | (314) | 314 | (416) | 396 |
Interest and dividend income | 21 | 8 | 39 | 27 |
Interest expense | (54) | (52) | (108) | (107) |
Total nonoperating income (expense) | (347) | 270 | (485) | 316 |
Income before income taxes | 1,321 | 2,201 | 2,947 | 3,792 |
Income tax expense | 358 | 654 | 621 | 972 |
Net income | 963 | 1,547 | 2,326 | 2,820 |
Net income (loss) attributable to noncontrolling interests | (114) | 169 | (187) | 243 |
Net income attributable to BlackRock, Inc. | $ 1,077 | $ 1,378 | $ 2,513 | $ 2,577 |
Earnings per share attributable to BlackRock, Inc. common stockholders: | ||||
Basic | $ 7.12 | $ 9.04 | $ 16.59 | $ 16.90 |
Diluted | $ 7.06 | $ 8.92 | $ 16.43 | $ 16.69 |
Weighted-average common shares outstanding: | ||||
Basic | 151,292,580 | 152,443,039 | 151,511,496 | 152,504,902 |
Diluted | 152,452,320 | 154,417,581 | 152,990,147 | 154,359,353 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | ||||
Revenue | ||||
Total revenue | $ 3,688 | $ 3,757 | $ 7,521 | $ 7,349 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Related Parties [Member] | ||||
Revenue | ||||
Total revenue | 2,769 | 2,829 | 5,652 | 5,514 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Other Third Parties [Member] | ||||
Revenue | ||||
Total revenue | 919 | 928 | 1,869 | 1,835 |
Investment Advisory Performance Fees [Member] | ||||
Revenue | ||||
Total revenue | 106 | 340 | 204 | 469 |
Technology Services Revenue [Member] | ||||
Revenue | ||||
Total revenue | 332 | 316 | 673 | 622 |
Distribution Fees [Member] | ||||
Revenue | ||||
Total revenue | 361 | 369 | 742 | 709 |
Advisory and Other Revenue [Member] | ||||
Revenue | ||||
Total revenue | $ 39 | $ 38 | $ 85 | $ 69 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net income | $ 963 | $ 1,547 | $ 2,326 | $ 2,820 | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | [1] | (416) | 23 | (541) | (51) |
Comprehensive income (loss) | 547 | 1,570 | 1,785 | 2,769 | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (114) | 169 | (187) | 243 | |
Comprehensive income attributable to BlackRock, Inc. | $ 661 | $ 1,401 | $ 1,972 | $ 2,526 | |
[1]Amounts for the three months ended June 30, 2022 and 2021 include a gain from a net investment hedge of $36 million (net of tax expense of $11 million) and a loss of $6 million (net of tax benefit of $2 million), respectively. Amounts for the six months ended June 30, 2022 and 2021 include a gain from a net investment hedge of $49 million (net of tax expense of $15 million) and $20 million (net of tax expense of $6 million), respectively |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Gain (loss) from net investment hedging, net of tax | $ 36 | $ (6) | $ 49 | $ 20 |
Gain (loss) from net investment hedging, tax (expense) benefit | $ (11) | $ 2 | $ (15) | $ (6) |
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, 2020 | $ 35,334 | $ 19,295 | [1] | $ 24,334 | $ (337) | $ (8,009) | $ 35,283 | $ 51 | $ 2,322 |
Net income | 2,579 | 2,577 | 2,577 | 2 | 241 | ||||
Dividends declared | (1,291) | (1,291) | (1,291) | ||||||
Stock-based compensation | 378 | 378 | [1] | 378 | |||||
Issuance of common shares related to employee stock transactions | 10 | (374) | [1] | 384 | 10 | ||||
Employee tax withholdings related to employee stock transactions | (273) | (273) | (273) | ||||||
Shares repurchased | (600) | (600) | (600) | ||||||
Contributions (redemptions/distributions) — noncontrolling interest holders | 61 | 61 | 776 | ||||||
Net consolidations (deconsolidations) of sponsored investment funds | 1 | 1 | (1,097) | ||||||
Other comprehensive income (loss) | (51) | (51) | (51) | ||||||
Balance at Jun. 30, 2021 | 36,148 | 19,299 | [1],[2] | 25,620 | (388) | (8,498) | 36,033 | 115 | 2,242 |
Balance at Mar. 31, 2021 | 35,429 | 19,123 | [2] | 24,872 | (411) | (8,204) | 35,380 | 49 | 2,411 |
Net income | 1,380 | 1,378 | 1,378 | 2 | 167 | ||||
Dividends declared | (630) | (630) | (630) | ||||||
Stock-based compensation | 182 | 182 | [2] | 182 | |||||
Issuance of common shares related to employee stock transactions | 5 | (6) | [2] | 11 | 5 | ||||
Employee tax withholdings related to employee stock transactions | (5) | (5) | (5) | ||||||
Shares repurchased | (300) | (300) | (300) | ||||||
Contributions (redemptions/distributions) — noncontrolling interest holders | 63 | 63 | 154 | ||||||
Net consolidations (deconsolidations) of sponsored investment funds | 1 | 1 | (490) | ||||||
Other comprehensive income (loss) | 23 | 23 | 23 | ||||||
Balance at Jun. 30, 2021 | 36,148 | 19,299 | [1],[2] | 25,620 | (388) | (8,498) | 36,033 | 115 | 2,242 |
Balance at Dec. 31, 2021 | 37,806 | 19,642 | [3] | 27,688 | (550) | (9,087) | 37,693 | 113 | 1,087 |
Net income | 2,511 | 2,513 | 2,513 | (2) | (185) | ||||
Dividends declared | (1,523) | (1,523) | (1,523) | ||||||
Stock-based compensation | 376 | 376 | [3] | 376 | |||||
Issuance of common shares related to employee stock transactions | 14 | (547) | [3] | 561 | 14 | ||||
Employee tax withholdings related to employee stock transactions | (443) | (443) | (443) | ||||||
Shares repurchased | (1,000) | (1,000) | (1,000) | ||||||
Contributions (redemptions/distributions) — noncontrolling interest holders | 2 | 2 | 425 | ||||||
Net consolidations (deconsolidations) of sponsored investment funds | (224) | ||||||||
Other comprehensive income (loss) | (541) | (541) | (541) | ||||||
Balance at Jun. 30, 2022 | 37,202 | 19,471 | [3],[4] | 28,678 | (1,091) | (9,969) | 37,089 | 113 | 1,103 |
Balance at Mar. 31, 2022 | 37,596 | 19,304 | [4] | 28,338 | (675) | (9,478) | 37,489 | 107 | 1,263 |
Net income | 1,075 | 1,077 | 1,077 | (2) | (112) | ||||
Dividends declared | (737) | (737) | (737) | ||||||
Stock-based compensation | 175 | 175 | [4] | 175 | |||||
Issuance of common shares related to employee stock transactions | 8 | (8) | [4] | 16 | 8 | ||||
Employee tax withholdings related to employee stock transactions | (7) | (7) | (7) | ||||||
Shares repurchased | (500) | (500) | (500) | ||||||
Contributions (redemptions/distributions) — noncontrolling interest holders | 8 | 8 | 53 | ||||||
Net consolidations (deconsolidations) of sponsored investment funds | (101) | ||||||||
Other comprehensive income (loss) | (416) | (416) | (416) | ||||||
Balance at Jun. 30, 2022 | $ 37,202 | $ 19,471 | [3],[4] | $ 28,678 | $ (1,091) | $ (9,969) | $ 37,089 | $ 113 | $ 1,103 |
[1]Amounts include $2 million of common stock at both June 30, 2021 and December 31, 2020.[2] Amounts include $2 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Additional Paid-in Capital, value of stock | $ 37,202 | $ 36,148 | $ 37,202 | $ 36,148 | $ 37,596 | $ 37,806 | $ 35,429 | $ 35,334 |
Common Stock [Member] | ||||||||
Additional Paid-in Capital, value of stock | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 |
Dividends declared, amount per share | $ 4.88 | $ 4.13 | $ 9.76 | $ 8.26 |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net income | $ 2,326 | $ 2,820 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 199 | 198 |
Noncash lease expense | 82 | 63 |
Stock-based compensation | 376 | 378 |
Deferred income tax expense (benefit) | 12 | 233 |
Net (gains) losses within CIPs | 388 | (310) |
Net (purchases) proceeds within CIPs | (590) | (759) |
(Earnings) losses from equity method investees | 57 | (107) |
Distributions of earnings from equity method investees | 32 | 25 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 216 | (264) |
Investments, trading | 115 | 62 |
Other assets | (1,224) | (1,330) |
Accrued compensation and benefits | (1,582) | (801) |
Accounts payable and accrued liabilities | (118) | 205 |
Other liabilities | 934 | 840 |
Net cash provided by/(used in) operating activities | 1,223 | 1,253 |
Investing activities | ||
Purchases of investments | (383) | (360) |
Proceeds from sales and maturities of investments | 117 | 184 |
Distributions of capital from equity method investees | 34 | 55 |
Net consolidations (deconsolidations) of sponsored investment funds | (5) | (39) |
Acquisitions, net of cash acquired | (1,097) | |
Purchases of property and equipment | (263) | (178) |
Net cash provided by/(used in) investing activities | (500) | (1,435) |
Financing activities | ||
Repayments of long-term borrowings | (750) | (750) |
Cash dividends paid | (1,523) | (1,291) |
Repurchases of common stock | (1,443) | (873) |
Net contributions (redemptions/distributions) - noncontrolling interest holders | 427 | 837 |
Other financing activities | 17 | 11 |
Net cash provided by/(used in) financing activities | (3,272) | (2,066) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (293) | |
Net increase/(decrease) in cash, cash equivalents and restricted cash | (2,842) | (2,248) |
Cash, cash equivalents and restricted cash, beginning of period | 9,340 | 8,681 |
Cash, cash equivalents and restricted cash, end of period | 6,498 | 6,433 |
Supplemental schedule of noncash investing and financing transactions: | ||
Issuance of common stock | 547 | 374 |
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | $ (224) | $ (1,096) |
Business Overview
Business Overview | 6 Months Ended |
Jun. 30, 2022 | |
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 ® |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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 represent the portion of consolidated sponsored investment products (“CIPs”) and a consolidated affiliate (collectively, “consolidated entities”) in which the Company does not have direct equity ownership. Intercompany balances and transactions have been eliminated upon consolidation. 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 footnotes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission on February 25, 2022 (“2021 Form 10-K”). The interim financial information at June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 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. 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, 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 held within consolidated CLOs. • Level 3 liabilities may include borrowings of consolidated CLOs and contingent liabilities related to acquisitions valued based upon discounted cash flow analyses using unobservable market data. Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Valuation Approaches. The fair values of certain Level 3 assets and liabilities were determined using various valuation approaches as appropriate, including third-party pricing vendors, broker quotes and market and income approaches. 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 Assets 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 equal to 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 CIPs 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. Credit risks are managed through master netting and collateral support agreements. The amounts related to the right to reclaim or the obligation to return cash collateral may not be used to offset amounts due under the derivative instruments in the normal course of settlement. Therefore, such amounts are not offset against fair value amounts recognized for derivative instruments with the same counterparty and are included in other assets and other liabilities. 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 net investment hedges at the spot rate is deferred and reported within accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. 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 (“UK”), 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 obtains either a) the legal title, or b) a first ranking priority security interest, in the collateral. The minimum collateral values generally range from approximately 102% to 112% of the value of the securities 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. In situations where the Company obtains the legal title to collateral under these securities lending arrangements, the Company records an asset on the condensed consolidated statements of financial condition in addition to an equal collateral liability for the obligation to return the collateral. Additionally, in situations where the Company obtains a first ranking priority security interest in the collateral, the Company does not have the ability to pledge or resell the collateral and therefore does not record the collateral on the condensed consolidated statements of financial condition. At June 30, 2022 and December 31, 2021, the fair value of loaned securities held by separate accounts was approximately $12.6 billion and $13.2 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $13.5 billion and $14.1 billion, respectively, of which approximately $7.3 billion as of June 30, 2022 and $7.1 billion as of December 31, 2021 was recognized on the condensed consolidated statements of financial condition. During the six months ended June 30, 2022 and 2021, the Company had not resold or repledged any of the collateral obtained under these arrangements. 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 . Money Market Fee Waivers. The Company may voluntarily waive a portion of its management fees on certain money market funds to ensure that they maintain a targeted level of daily net investment income (the “Yield Support waivers”). During the three and six months ended June 30, 2022, these waivers resulted in a reduction of management fees of approximately $0 million and $72 million, respectively, which was partially offset by a reduction of BlackRock’s distribution and servicing costs paid to financial intermediaries. During the three and six months ended June 30, 2021, these waivers resulted in a reduction of management fees of approximately $160 million and $230 million, respectively, which also was partially offset by a reduction of BlackRock’s distribution and servicing costs paid to financial intermediaries. The Company may increase or decrease the level of Yield Support waivers in future periods. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisition Aperio Group, LLC On February 1, 2021, the Company acquired 100% of the equity interests of Aperio Group, LLC (the “Aperio Transaction” or “Aperio”), a pioneer in customizing tax-optimized index equity separately managed accounts (“SMAs”) for approximately $1.1 billion in cash, using existing cash resources. The acquisition of Aperio increased BlackRock’s SMA assets under management and expanded the breadth of the Company’s capabilities via tax-managed strategies across factors, broad market indexing, and investor Environmental, Social, and Governance preferences across all asset classes. The purchase price for the Aperio Transaction was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from the transaction. A summary of the fair values of the assets acquired and liabilities assumed in this acquisition is as follows: (in millions) Fair Value Accounts receivable $ 16 Finite-lived intangible assets: Customer relationships 270 Other 17 Goodwill 776 Deferred income tax liabilities (16 ) Other liabilities assumed (12 ) Total consideration, net of cash acquired $ 1,051 Summary of consideration, net of cash acquired: Cash paid $ 1,055 Cash acquired (4 ) Total consideration, net of cash acquired $ 1,051 |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2022 | |
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. June 30, December 31, 2022 2021 (in millions) Cash and cash equivalents $ 6,481 $ 9,323 Restricted cash included in other assets 17 17 Total cash, cash equivalents and restricted cash $ 6,498 $ 9,340 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 5. Investments A summary of the carrying value of total investments is as follows: June 30, December 31, (in millions) 2022 2021 Debt securities: Trading securities (including $1,014 and $1,140 trading debt securities of CIPs at June 30, 2022 and December 31, 2021, respectively) $ 1,057 $ 1,186 Held-to-maturity investments 491 430 Total debt securities 1,548 1,616 Equity securities at FVTNI (including $1,441 and $1,485 equity securities at FVTNI of CIPs at June 30, 2022 and December 31, 2021, respectively) 1,684 1,738 Equity method investments ( 1) 1,782 1,694 Bank loans held by CIPs 279 284 Federal Reserve Bank stock ( 2) 90 96 Carried interest ( 3) 1,644 1,555 Other investments ( 4) 275 279 Total investments $ 7,302 $ 7,262 ( 1 ) Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds. ( 2 ) Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale. ( 3 ) Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds. ( 4 ) 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 held by CIPs measured at fair value. Held-to-Maturity Investments Held-to-maturity investments included certain investments in BlackRock sponsored 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 June 30, 2022, $25 million of these investments mature between one to five years, $129 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 fair value recorded through net income (“FVTNI”) is as follows: June 30, 2022 December 31, 2021 (in millions) Cost Carrying Value Cost Carrying Value Trading debt securities: Corporate debt $ 629 $ 620 $ 703 $ 701 Government debt 331 331 365 363 Asset/mortgage-backed debt 120 106 126 122 Total trading debt securities $ 1,080 $ 1,057 $ 1,194 $ 1,186 Equity securities at FVTNI: Equity securities/mutual funds $ 1,600 $ 1,684 $ 1,451 $ 1,738 Total equity securities at FVTNI $ 1,600 $ 1,684 $ 1,451 $ 1,738 |
Consolidated Sponsored Investme
Consolidated Sponsored Investment Products | 3 Months Ended |
Mar. 31, 2022 | |
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 CIPs accounted for as VIEs and VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these products: June 30, 2022 December 31, 2021 (in millions) VIEs VREs Total VIEs VREs Total Cash and cash equivalents $ 274 $ 44 $ 318 $ 251 $ 57 $ 308 Investments: Trading debt securities 684 330 1,014 870 270 1,140 Equity securities at FVTNI 1,097 344 1,441 1,100 385 1,485 Bank loans 279 — 279 284 — 284 Other investments 228 — 228 210 — 210 Carried interest 1,592 — 1,592 1,504 — 1,504 Total investments 3,880 674 4,554 3,968 655 4,623 Other assets 62 24 86 50 32 82 Other liabilities ( 1) (2,059 ) (40 ) (2,099 ) (1,919 ) (82 ) (2,001 ) Noncontrolling interests - CIPs (1,060 ) (89 ) (1,149 ) (1,046 ) (79 ) (1,125 ) BlackRock's net interests in CIPs $ 1,097 $ 613 $ 1,710 $ 1,304 $ 583 $ 1,887 (1) At both June 30, 2022 and December 31, 2021, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO. BlackRock’s total exposure to CIPs represents the value of its economic ownership interest in these CIPs. Valuation changes associated with investments held at fair value by these CIPs are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to NCI for the portion not attributable to BlackRock. The Company cannot readily access cash and cash equivalents held by CIPs to use in its operating activities. Net gain (loss) related to consolidated VIEs is presented in the following table: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Nonoperating net gain (loss) on consolidated VIEs $ (183 ) $ 190 $ (316 ) $ 273 Net income (loss) attributable to NCI on consolidated VIEs $ (108 ) $ 168 $ (183 ) $ 223 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | 7. Variable Interest Entities Nonconsolidated VIEs . At June 30, 2022 and December 31, 2021, 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 (“PB”), was as follows: (in millions) Advisory Fee Other Net Assets Maximum At June 30, 2022 Investments Receivables (Liabilities) Risk of Loss ( 1) Sponsored investment products $ 976 $ 92 $ (12 ) $ 1,084 At December 31, 2021 Sponsored investment products $ 882 $ 62 $ (12 ) $ 961 (1) At both June 30, 2022 and December 31, 2021, 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 $20 billion and $20 billion at June 30, 2022 and December 31, 2021, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 (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) June 30, 2022 Assets: Investments Debt securities: Held-to-maturity investments $ — $ — $ — $ — $ 491 $ 491 Trading securities — 1,041 16 — — 1,057 Total debt securities — 1,041 16 — 491 1,548 Equity securities at FVTNI: Equity securities/mutual funds 1,684 — — — — 1,684 Equity method: Equity and fixed income mutual funds 238 — — — — 238 Hedge funds/funds of hedge funds/other — — — 428 — 428 Private equity funds — — — 853 — 853 Real assets funds — — — 263 — 263 Total equity method 238 — — 1,544 — 1,782 Bank loans — 27 252 — — 279 Federal Reserve Bank Stock — — — — 90 90 Carried interest — — — — 1,644 1,644 Other investments (3) — 1 4 111 159 275 Total investments 1,922 1,069 272 1,655 2,384 7,302 Other assets (4) 126 33 — — — 159 Separate account assets 40,072 20,476 — — 721 61,269 Separate account collateral held under securities lending agreements: Equity securities 2,686 — — — — 2,686 Debt securities — 4,593 — — — 4,593 Total separate account collateral held under securities lending agreements 2,686 4,593 — — — 7,279 Total $ 44,806 $ 26,171 $ 272 $ 1,655 $ 3,105 $ 76,009 Liabilities: Separate account collateral liabilities under securities lending agreements $ 2,686 $ 4,593 $ — $ — $ — $ 7,279 Other liabilities (5) — 36 314 — — 350 Total $ 2,686 $ 4,629 $ 314 $ — $ — $ 7,629 (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 consolidated private equity funds. (4) Level 1 amount includes a minority investment in a publicly traded company. (5) Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging Commitments and Contingencies Assets and liabilities measured at fair value on a recurring basis December 31, 2021 (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, 2021 Assets: Investments Debt securities: Held-to-maturity investments $ — $ — $ — $ — $ 430 $ 430 Trading securities — 1,169 17 — — 1,186 Total debt securities — 1,169 17 — 430 1,616 Equity securities at FVTNI: Equity securities/mutual funds 1,738 — — — — 1,738 Equity method: Equity and fixed income mutual funds 245 — — — — 245 Hedge funds/funds of hedge funds/other — — — 369 — 369 Private equity funds — — — 846 — 846 Real assets funds — — — 234 — 234 Total equity method 245 — — 1,449 — 1,694 Bank loans — 14 270 — — 284 Federal Reserve Bank Stock — — — — 96 96 Carried interest — — — — 1,555 1,555 Other investments (3) — — 5 96 178 279 Total investments 1,983 1,183 292 1,545 2,259 7,262 Other assets (4) 195 39 — — — 234 Separate account assets 54,675 30,786 — — 765 86,226 Separate account collateral held under securities lending agreements: Equity securities 3,717 — — — — 3,717 Debt securities — 3,364 — — — 3,364 Total separate account collateral held under securities lending agreements 3,717 3,364 — — — 7,081 Total $ 60,570 $ 35,372 $ 292 $ 1,545 $ 3,024 $ 100,803 Liabilities: Separate account collateral liabilities under securities lending agreements $ 3,717 $ 3,364 $ — $ — $ — $ 7,081 Other liabilities (5) — 26 342 — — 368 Total $ 3,717 $ 3,390 $ 342 $ — $ — $ 7,449 (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 include direct investments in private equity companies held by consolidated private equity funds. (4) Level 1 amount includes a minority investment in a publicly traded company. (5) Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging 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 $272 million and $292 million at June 30, 2022 and December 31, 2021, respectively, primarily included bank loans of a consolidated CLO. Level 3 Liabilities. Level 3 liabilities primarily include 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, and contingent liabilities related to certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 30, 2022 (in millions) March 31, 2022 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements Transfers into Level 3 Transfers out of Level 3 June 30, 2022 Total Net Unrealized Gains (Losses) Included in Earnings (1) Assets: Investments: Debt securities: Trading $ 8 $ (3 ) $ 13 $ (1 ) $ — $ — $ (1 ) $ 16 $ (3 ) Total debt securities 8 (3 ) 13 (1 ) — — (1 ) 16 (3 ) Private equity 4 — — — — — — 4 — Bank loans 264 (3 ) 8 (18 ) — 4 (3 ) 252 (3 ) Total investments 276 (6 ) 21 (19 ) — 4 (4 ) 272 (6 ) Total Level 3 assets $ 276 $ (6 ) $ 21 $ (19 ) $ — $ 4 $ (4 ) $ 272 $ (6 ) Liabilities: Other liabilities $ 312 $ — $ — $ — $ 2 $ — $ — $ 314 $ — Total Level 3 liabilities $ 312 $ — $ — $ — $ 2 $ — $ — $ 314 $ — (1) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2022 (in millions) December 31, 2021 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 June 30, 2022 Total Net Unrealized Gains (Losses) Included in Earnings (2) Assets: Investments: Debt securities: Trading $ 17 $ (3 ) $ 19 $ (13 ) $ — $ — $ (4 ) $ 16 $ (3 ) Total debt securities 17 (3 ) 19 (13 ) — — (4 ) 16 (3 ) Private equity 5 — — — — — (1 ) 4 — Bank loans 270 (3 ) 16 (18 ) — 4 (17 ) 252 (3 ) Total investments 292 (6 ) 35 (31 ) — 4 (22 ) 272 (6 ) Total Level 3 assets $ 292 $ (6 ) $ 35 $ (31 ) $ — $ 4 $ (22 ) $ 272 $ (6 ) Liabilities: Other liabilities $ 342 $ (1 ) $ — $ — $ (29 ) $ — $ — $ 314 $ (1 ) Total Level 3 liabilities $ 342 $ (1 ) $ — $ — $ (29 ) $ — $ — $ 314 $ (1 ) (1) Amounts include proceeds from borrowings of a consolidated CLO and contingent liability payment related to a prior acquisition. (2) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 30, 2021 (in millions) March 31, 2021 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 June 30, 2021 Total Net Unrealized Gains (Losses) Included in Earnings (2) Assets: Investments: Debt securities: Trading $ 14 $ — $ 7 $ — $ — $ — $ — $ 21 $ — Total debt securities 14 — 7 — — — — 21 — Private equity 9 — — — — — (4 ) 5 — Bank loans 235 — 20 — — 6 — 261 — Total investments 258 — 27 — — 6 (4 ) 287 — Total Level 3 assets $ 258 $ — $ 27 $ — $ — $ 6 $ (4 ) $ 287 $ — Liabilities: Other liabilities $ 280 $ (1 ) $ — $ — $ 17 $ — $ — $ 298 $ (1 ) Total Level 3 liabilities $ 280 $ (1 ) $ — $ — $ 17 $ — $ — $ 298 $ (1 ) (1) Amounts include proceeds from borrowings of a consolidated CLO and a contingent liability, partially offset by contingent liability payment related to a prior acquisition. (2) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2021 (in millions) December 31, 2020 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 June 30, 2021 Total Net Unrealized Gains (Losses) Included in Earnings (2) Assets: Investments: Debt securities: Trading $ 11 $ — $ 12 $ — $ — $ — $ (2 ) $ 21 $ — Total debt securities 11 — 12 — — — (2 ) 21 — Private equity 9 — — — — — (4 ) 5 — Bank loans 232 — 29 — — 10 (10 ) 261 — Total investments 252 — 41 — — 10 (16 ) 287 — Total Level 3 assets $ 252 $ — $ 41 $ — $ — $ 10 $ (16 ) $ 287 $ — Liabilities: Other liabilities $ 272 $ (4 ) $ — $ — $ 22 $ — $ — $ 298 $ (4 ) Total Level 3 liabilities $ 272 $ (4 ) $ — $ — $ 22 $ — $ — $ 298 $ (4 ) (1) Amounts include proceeds from borrowings of a consolidated CLO and a contingent liability, partially offset by contingent liability payment related to prior acquisitions. (2) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. 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) related to securities held by CIPs is allocated to NCI 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 June 30, 2022 and December 31, 2021, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below: June 30, 2022 December 31, 2021 (in millions) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Fair Value Hierarchy Financial Assets (1) Cash and cash equivalents $ 6,481 $ 6,481 $ 9,323 $ 9,323 Level 1 (2) (3) Other assets $ 44 $ 44 $ 22 $ 22 Level 1 (2) (4) Financial Liabilities: Long-term borrowings $ 6,635 $ 6,102 $ 7,446 $ 7,735 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 June 30, 2022 and December 31, 2021, approximately $1.7 billion and $2.4 billion, 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. (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 and the EUR/USD foreign exchange rate at the end of June 2022 and December 2021, respectively. See Note 14, Borrowings Investments in Certain Entities that Calculate NAV 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). June 30, 2022 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds/ other (a) $ 428 $ 103 Daily/Monthly (32%) Quarterly (12%) N/R (56%) 1 – 90 days Private equity funds (b) 853 215 N/R N/R Real assets funds (c) 263 245 Quarterly (20%) N/R (80%) 60 days Consolidated sponsored investment products: Real assets funds (d) 95 91 N/R N/R Other funds (c) 16 64 N/R N/R Total $ 1,655 $ 718 December 31, 2021 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds/ other (a) $ 369 $ 141 Daily/Monthly (20%) Quarterly (20%) N/R (60%) 1 – 90 days Private equity funds (b) 846 153 N/R N/R Real assets funds (c) 234 245 Quarterly (20%) N/R (80%) 60 days Consolidated sponsored investment products: Real assets funds (d) 90 101 N/R N/R Other funds (c) 6 25 N/R N/R Total $ 1,545 $ 665 N/R – not redeemable (1) Comprised of equity method investments, which include investment companies that 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 June 30, 2022 and December 31, 2021. (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 and may also include 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 June 30, 2022 and December 31, 2021. (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 period for the investments in the funds that are not subject to redemptions is unknown at both June 30 , 20 2 2 and December 31, 20 2 1 . The total remaining unfunded commitments were $ 336 million and $ 346 million at June 30 , 2022 and December 31, 20 2 1 , respectively. The Company ’s portion of the total remaining unfunded commitments was $ 298 million and $ million at June 30 , 2022 and December 31, 20 2 1 , respectively . (d) This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. 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 Fair Value Option At June 30, 2022 and December 31, 2021, the Company elected the fair value option for certain investments in CLOs of approximately $43 million and $47 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 June 30, 2022 and December 31, 2021: June 30, December 31, (in millions) 2022 2021 CLO Bank loans: Aggregate principal amounts outstanding $ 280 $ 281 Fair value 279 284 Aggregate unpaid principal balance in excess of (less than) fair value $ 1 $ (3 ) CLO Borrowings: Aggregate principal amounts outstanding $ 293 $ 275 Fair value $ 281 $ 278 At June 30, 2022, the principal amounts outstanding of the borrowings issued by the CLOs mature in 2030. During the three and six months ended June 30, 2022 and 2021, 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 and December 31, 2021, the Company had outstanding total return swaps with aggregate notional values of approximately $651 million and $720 million, respectively The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At June 30, 2022 and December 31, 2021, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $1.7 billion and At both June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021: (in millions) Assets Liabilities Derivative instruments Statement of Financial Condition Classification June 30, 2022 December 31, 2021 Statement of Financial Condition Classification June 30, 2022 December 31, 2021 Total return swaps Other assets $ 32 $ 5 Other liabilities $ 5 $ 14 Forward foreign currency exchange contracts Other assets 1 34 Other liabilities 19 — Total $ 33 $ 39 $ 24 $ 14 The following table presents realized and unrealized gains (losses) recognized in the condensed Three Months Ended Six Months Ended June 30, June 30, (in millions) Statement of Income 2022 2021 2022 2021 Derivative Instruments Classification Gains (Losses) Gains (Losses) Total return swaps Nonoperating income (expense) $ 62 $ (50 ) $ 103 $ (84 ) Forward foreign currency exchange contracts General and administration expense (129 ) 3 (171 ) 10 Total gain (loss) from derivative instruments $ (67 ) $ (47 ) $ (68 ) $ (74 ) 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 and six months ended June 30, 2022 and 2021. See Note 15, Borrowings |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 10. Goodwill Goodwill activity during the six months ended June 30, 2022 was as follows: (in millions) December 31, 2021 $ 15,351 Other ( 1) (5 ) June 30, 2022 $ 15,346 ( 1 ) |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 $ 17,578 $ 875 $ 18,453 Amortization expense — (76 ) (76 ) June 30, 2022 $ 17,578 $ 799 $ 18,377 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | 12. Leases The following table presents components of lease cost included in general and administration expense on the condensed consolidated statements of income: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Lease cost: Operating lease cost ( 1) $ 54 $ 39 $ 105 $ 78 Variable lease cost ( 2) 11 10 22 20 Total lease cost $ 65 $ 49 $ 127 $ 98 (1) Amounts include short-term leases, which are immaterial for the three and six months ended June 30, 2022 and 2021. (2) Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities. Supplemental information related to operating leases is summarized below: Six Months Ended June 30, (in millions) 2022 2021 Supplemental cash flow information: Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 82 $ 81 Supplemental noncash information: ROU assets in exchange for operating lease liabilities $ 37 $ 28 June 30, December 31, 2022 2021 Lease term and discount rate: Weighted-average remaining lease term 16 years 16 years Weighted-average discount rate 3 % 3 % |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | 13. Other Assets At June 30, 2022 and December 31, 2021, the Company had $553 million and $583 million of equity method investments, respectively, recorded within other assets on the condensed consolidated statements of financial condition, At June 30, 2022 and December 31, 2021, the Company had $304 million and $268 million of other nonequity method corporate minority investments recorded within other assets on the consolidated statements of financial condition, which included investments in equity securities, generally measured at fair value or under the measurement alternative to fair value for nonmarketable securities. Changes in value of these securities are recorded in nonoperating income (expense) on the consolidated statements of income. See Note 2, Significant Accounting Policies |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | 14. Borrowings 2022 Revolving Credit Facility. Since 2011, the Company has maintained an unsecured revolving credit facility which is available for working capital and general corporate purposes (the “2022 credit facility”). In March 2022, the 2022 credit facility was amended to, among other things, (i) increase the aggregate commitment amount by $300 million to $4.7 billion, (ii) extend the maturity date to March 2027, (iii) change the rate for borrowings denominated in US dollars from a rate based on the London Interbank Offered Rate (“LIBOR”) to a rate based on the secured overnight financing rate (“SOFR”) subject to certain adjustments and (iv) raise and/or add certain specified targets for the sustainability-linked pricing mechanics. The 2022 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2022 credit facility to an aggregate principal amount of up to $5.7 billion. The 2022 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 June 30, 2022. At June 30, 2022, the Company had no amount outstanding under the 2022 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 billion. The commercial paper program is currently supported by the 2022 credit facility. At June 30, 2022, BlackRock had no CP Notes outstanding. Long-Term Notes The carrying value and fair value of long-term notes determined using market prices and EUR/USD foreign exchange rate at June 30, 2022 included the following: (in millions) Maturity Amount Unamortized Discount and Debt Issuance Costs (1) Carrying Value Fair Value 3.50% Notes due 2024 $ 1,000 $ (2 ) $ 998 $ 1,005 1.25% Notes due 2025 732 (2 ) 730 712 3.20% Notes due 2027 700 (3 ) 697 691 3.25% Notes due 2029 1,000 (10 ) 990 947 2.40% Notes due 2030 1,000 (6 ) 994 878 1.90% Notes due 2031 1,250 (10 ) 1,240 1,040 2.10% Notes due 2032 1,000 (14 ) 986 829 Total long-term notes $ 6,682 $ (47 ) $ 6,635 $ 6,102 (1) The unamortized discount and debt issuance costs are being amortized over the term of the notes. Long-term notes at December 31, 2021 had a carrying value of $7.4 billion and a fair value of $7.7 billion, determined using market prices and EUR/USD foreign exchange rate at December 31, 2021. In June 2022, the Company fully repaid $750 million of 3.375% notes at maturity. See Note 15, Borrowings |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Investment Commitments. At June 30, 2022, the Company had $806 million of various capital commitments to fund sponsored investment products, including CIPs. 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 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. 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 June 30, 2022 and subject to this type of indemnification was $268 billion. In the Company’s capacity as lending agent, cash and securities totaling $284 billion were held as collateral for indemnified securities on loan at June 30, 2022. The fair value of these indemnifications was not material at June 30, 2022. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 16. Revenue The table below presents detail of revenue for the three and six months ended June 30, 2022 and 2021 and includes the product mix of investment advisory, administration fees and securities lending revenue, and performance fees. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Investment advisory, administration fees and securities lending revenue: Equity: Active $ 550 $ 641 $ 1,166 $ 1,217 ETFs 1,103 1,156 2,261 2,224 Non-ETF Index 186 198 373 374 Equity subtotal 1,839 1,995 3,800 3,815 Fixed income: Active 503 545 1,037 1,070 ETFs 274 294 563 589 Non-ETF Index 102 116 220 229 Fixed income subtotal 879 955 1,820 1,888 Multi-asset 331 344 690 672 Alternatives: Illiquid alternatives 184 167 363 335 Liquid alternatives 161 150 328 297 Currency and commodities ( 1) 62 55 118 108 Alternatives subtotal 407 372 809 740 Long-term 3,456 3,666 7,119 7,115 Cash management 232 91 402 234 Total investment advisory, administration fees and securities lending revenue 3,688 3,757 7,521 7,349 Investment advisory performance fees: Equity 3 36 15 62 Fixed income 13 15 22 29 Multi-asset 7 9 12 17 Alternatives: Illiquid alternatives 65 90 102 97 Liquid alternatives 18 190 53 264 Alternatives subtotal 83 280 155 361 Total performance fees 106 340 204 469 Technology services revenue 332 316 673 622 Distribution fees: Retrocessions 269 264 548 502 12b-1 fees (US mutual fund distribution fees) 80 87 168 172 Other 12 18 26 35 Total distribution fees 361 369 742 709 Advisory and other revenue: Advisory 15 9 31 24 Other 24 29 54 45 Total advisory and other revenue 39 38 85 69 Total revenue $ 4,526 $ 4,820 $ 9,225 $ 9,218 _____________________________________________________________ (1) The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 By client type: Retail $ 1,139 $ 1,231 $ 2,363 $ 2,356 ETFs 1,436 1,505 2,937 2,922 Institutional: Active 636 657 1,311 1,307 Index 245 273 508 530 Total institutional 881 930 1,819 1,837 Long-term 3,456 3,666 7,119 7,115 Cash management 232 91 402 234 Total $ 3,688 $ 3,757 $ 7,521 $ 7,349 By investment style: Active $ 1,727 $ 1,842 $ 3,578 $ 3,581 Index and ETFs 1,729 1,824 3,541 3,534 Long-term 3,456 3,666 7,119 7,115 Cash management 232 91 402 234 Total $ 3,688 $ 3,757 $ 7,521 $ 7,349 Investment 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 June 30, 2022 and 2021: June 30, 2022 Remainder of (in millions) 2022 2023 2024 2025 Thereafter Total Investment advisory and administration fees: Alternatives ( 1)(2) $ 91 $ 169 $ 106 $ 68 $ 49 $ 483 June 30, 2021 Remainder of (in millions) 2021 2022 2023 2024 Thereafter Total Investment advisory and administration fees: Alternatives ( 1)(2) $ 86 $ 168 $ 137 $ 82 $ 51 $ 524 (1) Investment advisory and administration fees include management fees related to certain alternative products, which are based on contractual committed capital outstanding at June 30, 2022 and 2021. Actual management fees could be higher to the extent additional committed capital is raised. These fees are generally billed on a quarterly basis in arrears. (2) The Company elected the following practical expedients and therefore does not include amounts related to (1) performance obligations with an original duration of one year or less, and (2) variable consideration related to future service periods. 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 and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Beginning balance $ 1,699 $ 748 $ 1,508 $ 584 Net increase (decrease) in unrealized allocations (46 ) 461 177 627 Performance fee revenue recognized (61 ) (77 ) (93 ) (79 ) Ending balance $ 1,592 $ 1,132 $ 1,592 $ 1,132 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 June 30, 2022 and 2021: June 30, 2022 Remainder of (in millions) 2022 2023 2024 2025 Thereafter Total Technology services revenue ( 1)(2) $ 65 $ 70 $ 42 $ 27 $ 23 $ 227 June 30, 2021 Remainder of (in millions) 2021 2022 2023 2024 Thereafter Total Technology services revenue ( 1)(2) $ 67 $ 71 $ 40 $ 20 $ 14 $ 212 (1) Technology services revenue primarily includes upfront payments from customers, which the Company generally recognizes as services are performed. (2) The Company elected the following practical expedients and therefore does not include amounts related to (1) performance obligations with an original duration of one year or less, and (2) variable consideration related to future service periods. 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 June 30, 2022, the estimated fixed minimum fees for the remainder of the year approximated $425 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 and six months ended June 30, 2022 and 2021, which is included in other liabilities on the condensed consolidated statements of financial condition: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Beginning balance $ 113 $ 111 $ 122 $ 123 Additions ( 1) 27 26 49 44 Revenue recognized that was included in the beginning balance (32 ) (30 ) (63 ) (60 ) Ending balance $ 108 $ 107 $ 108 $ 107 (1) Amounts are net of revenue recognized. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
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 six months ended June 30, 2022 is summarized below. Outstanding at Restricted Stock and RSUs Weighted- Average Grant Date Fair Value December 31, 2021 2,183,017 $ 586.45 Granted 733,872 $ 830.24 Converted (840,871 ) $ 500.83 Forfeited (43,037 ) $ 703.76 June 30, 2022 2,032,981 $ 707.39 In January 2022, the Company granted 498,633 RSUs or shares of restricted stock to employees as part of 2021 annual incentive compensation that vest ratably over three years from the date of grant and 197,817 RSUs or shares of restricted stock to employees that cliff vest 100% on January 31, 2025. 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 six months ended June 30, 2022 was $609 million. At June 30, 2022, the intrinsic value of outstanding RSUs was $1.2 billion, reflecting a closing stock price of $609.04. At June 30, 2022, total unrecognized stock-based compensation expense related to unvested RSUs was $743 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.4 years. Performance-Based RSUs. Performance-based RSU activity for the six months ended June 30, 2022 is summarized below. Outstanding at Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2021 668,805 $ 533.48 Granted 143,846 $ 820.28 Additional shares due to attainment of performance measures 111,991 $ 410.32 Converted (385,134 ) $ 410.32 Forfeited (8,454 ) $ 662.34 June 30, 2022 531,054 $ 672.47 In January 2022, the Company granted 143,846 performance-based RSUs that cliff vest 100% on January 31, 2025. 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 2022, the Company granted 111,991 additional RSUs to certain employees based on the attainment of Company performance measures during the performance period. The Company values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total grant-date fair market value of performance-based RSUs granted to employees during the six months ended June 30, 2022 was $164 million. At June 30, 2022, the intrinsic value of outstanding performance-based RSUs was $323 million, reflecting a closing stock price of $609.04. At June 30, 2022, total unrecognized stock-based compensation expense related to unvested performance-based awards was $197 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.4 years. See Note 18, Stock-Based Compensation, Performance-based Stock Options. Stock option activity for the six months ended June 30, 2022 is summarized below. Outstanding at Shares Under Option Weighted Average Exercise Price December 31, 2021 1,817,923 $ 513.50 Forfeited (60,392 ) $ 513.50 June 30, 2022 1,757,531 $ 513.50 Vesting of the performance-based stock options is contingent upon the achievement of obtaining 125% of BlackRock's grant-date stock price within five years from the grant date and the attainment of Company performance measures during the four-year At June 30, 2022, total unrecognized stock-based compensation expense related to unvested performance-based stock options was $32 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.4 years. At June 30, 2022, the weighted-average remaining life of the awards is approximately 4.4 years. See Note 18, Stock-Based Compensation, |
Net Capital Requirements
Net Capital Requirements | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, the Company was required to maintain approximately $2.2 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 US Office of the Comptroller of the Currency), entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK, 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) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 19. Accumulated Other Comprehensive Income (Loss) The following table presents changes in AOCI for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Beginning balance $ (675 ) $ (411 ) $ (550 ) $ (337 ) Foreign currency translation adjustments ( 1) (416 ) 23 (541 ) (51 ) Ending balance $ (1,091 ) $ (388 ) $ (1,091 ) $ (388 ) (1) Amounts for the three months ended Amounts for the six months ended June 30, 2022 and 2021 include a gain from a net investment hedge of $49 million (net of tax expense of $15 million) and $20 million (net of tax expense of $6 million), respectively. |
Capital Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Capital Stock | 20. Capital Stock Share Repurchases . During the six months ended June 30, 2022, the Company repurchased 1.4 million common shares under the Company’s existing share repurchase program for approximately $1 billion. At June 30, 2022, there were approximately 2.2 million shares still authorized to be repurchased under the program |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 21. Income Taxes Income tax expense for the six months ended June 30, 2022 included $133 million of discrete tax benefits related to stock-based compensation awards and the resolution of certain outstanding tax matters. In addition, income tax expense for the six months ended June 30, 2022 included $18 million of net noncash tax benefits related to the revaluation of certain deferred income tax liabilities. Income tax expense for the three and six months ended June 30, 2021 included $171 million of noncash net expense related to the revaluation of certain deferred tax assets and liabilities as a result of legislation enacted in the United Kingdom increasing its corporate tax rate. Income tax expense for the six months ended June 30, 2021 also included $39 million of discrete tax benefits related to stock-based compensation awards. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 22. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and six months ended June 30, 2022 and 2021 under the treasury stock method: Three Months Ended Six Months Ended June 30, June 30, (in millions, except shares and per share data) 2022 2021 2022 2021 Net income attributable to BlackRock, Inc. $ 1,077 $ 1,378 $ 2,513 $ 2,577 Basic weighted-average shares outstanding 151,292,580 152,443,039 151,511,496 152,504,902 Dilutive effect of: Nonparticipating RSUs 835,374 1,304,463 1,032,540 1,294,242 Stock options 324,366 670,079 446,111 560,209 Total diluted weighted-average shares outstanding 152,452,320 154,417,581 152,990,147 154,359,353 Basic earnings per share $ 7.12 $ 9.04 $ 16.59 $ 16.90 Diluted earnings per share $ 7.06 $ 8.92 $ 16.43 $ 16.69 For the three and six months ended June 30, 2022, 560,841 and 492,045 RSUs, respectively, 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 and six months ended June 30, 2021. Certain performance-based RSUs were excluded from the diluted EPS calculation because the designated contingency was not met for the three and six months ended June 30, 2022 and 2021, respectively. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
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 and six months ended June 30, 2022 and 2021 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 Six Months Ended (in millions) June 30, June 30, Revenue 2022 2021 2022 2021 Americas $ 3,014 $ 3,158 $ 6,103 $ 5,968 Europe 1,307 1,440 2,703 2,827 Asia-Pacific 205 222 419 423 Total revenue $ 4,526 $ 4,820 $ 9,225 $ 9,218 See Note 16, Revenue The following table illustrates long-lived assets that consist of goodwill and property and equipment at June 30, 2022 and December 31, 2021 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) June 30, December 31, Long-lived Assets 2022 2021 Americas $ 14,828 $ 14,675 Europe 1,324 1,341 Asia-Pacific 94 97 Total long-lived assets $ 16,246 $ 16,113 Americas is primarily comprised of the United States, Latin America and Canada, while Europe is primarily comprised of the United Kingdom, the Netherlands, Switzerland, France, Ireland and Luxembourg. Asia-Pacific is primarily comprised of Hong Kong, Australia, Japan and Singapore. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events The Company conducted a review for 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) | 6 Months Ended |
Jun. 30, 2022 | |
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 represent the portion of consolidated sponsored investment products (“CIPs”) and a consolidated affiliate (collectively, “consolidated entities”) in which the Company does not have direct equity ownership. Intercompany balances and transactions have been eliminated upon consolidation. 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 footnotes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission on February 25, 2022 (“2021 Form 10-K”). The interim financial information at June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 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. |
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, 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 held within consolidated CLOs. • Level 3 liabilities may include borrowings of consolidated CLOs and contingent liabilities related to acquisitions valued based upon discounted cash flow analyses using unobservable market data. Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Valuation Approaches. The fair values of certain Level 3 assets and liabilities were determined using various valuation approaches as appropriate, including third-party pricing vendors, broker quotes and market and income approaches. 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 Assets 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 equal to 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 | 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 CIPs 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. Credit risks are managed through master netting and collateral support agreements. The amounts related to the right to reclaim or the obligation to return cash collateral may not be used to offset amounts due under the derivative instruments in the normal course of settlement. Therefore, such amounts are not offset against fair value amounts recognized for derivative instruments with the same counterparty and are included in other assets and other liabilities. 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 net investment hedges at the spot rate is deferred and reported within accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. 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 (“UK”), 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 obtains either a) the legal title, or b) a first ranking priority security interest, in the collateral. The minimum collateral values generally range from approximately 102% to 112% of the value of the securities 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. In situations where the Company obtains the legal title to collateral under these securities lending arrangements, the Company records an asset on the condensed consolidated statements of financial condition in addition to an equal collateral liability for the obligation to return the collateral. Additionally, in situations where the Company obtains a first ranking priority security interest in the collateral, the Company does not have the ability to pledge or resell the collateral and therefore does not record the collateral on the condensed consolidated statements of financial condition. At June 30, 2022 and December 31, 2021, the fair value of loaned securities held by separate accounts was approximately $12.6 billion and $13.2 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $13.5 billion and $14.1 billion, respectively, of which approximately $7.3 billion as of June 30, 2022 and $7.1 billion as of December 31, 2021 was recognized on the condensed consolidated statements of financial condition. During the six months ended June 30, 2022 and 2021, the Company had not resold or repledged any of the collateral obtained under these arrangements. 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 . |
Money Market Fee Waivers | Money Market Fee Waivers. The Company may voluntarily waive a portion of its management fees on certain money market funds to ensure that they maintain a targeted level of daily net investment income (the “Yield Support waivers”). During the three and six months ended June 30, 2022, these waivers resulted in a reduction of management fees of approximately $0 million and $72 million, respectively, which was partially offset by a reduction of BlackRock’s distribution and servicing costs paid to financial intermediaries. During the three and six months ended June 30, 2021, these waivers resulted in a reduction of management fees of approximately $160 million and $230 million, respectively, which also was partially offset by a reduction of BlackRock’s distribution and servicing costs paid to financial intermediaries. The Company may increase or decrease the level of Yield Support waivers in future periods. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | A summary of the fair values of the assets acquired and liabilities assumed in this acquisition is as follows: (in millions) Fair Value Accounts receivable $ 16 Finite-lived intangible assets: Customer relationships 270 Other 17 Goodwill 776 Deferred income tax liabilities (16 ) Other liabilities assumed (12 ) Total consideration, net of cash acquired $ 1,051 Summary of consideration, net of cash acquired: Cash paid $ 1,055 Cash acquired (4 ) Total consideration, net of cash acquired $ 1,051 |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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. June 30, December 31, 2022 2021 (in millions) Cash and cash equivalents $ 6,481 $ 9,323 Restricted cash included in other assets 17 17 Total cash, cash equivalents and restricted cash $ 6,498 $ 9,340 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, December 31, (in millions) 2022 2021 Debt securities: Trading securities (including $1,014 and $1,140 trading debt securities of CIPs at June 30, 2022 and December 31, 2021, respectively) $ 1,057 $ 1,186 Held-to-maturity investments 491 430 Total debt securities 1,548 1,616 Equity securities at FVTNI (including $1,441 and $1,485 equity securities at FVTNI of CIPs at June 30, 2022 and December 31, 2021, respectively) 1,684 1,738 Equity method investments ( 1) 1,782 1,694 Bank loans held by CIPs 279 284 Federal Reserve Bank stock ( 2) 90 96 Carried interest ( 3) 1,644 1,555 Other investments ( 4) 275 279 Total investments $ 7,302 $ 7,262 ( 1 ) Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds. ( 2 ) Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale. ( 3 ) Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds. ( 4 ) 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 held by CIPs measured at fair value. |
Summary of Cost and Carrying Value of Equity and Trading Debt Securities | A summary of the cost and carrying value of trading debt securities and equity securities at fair value recorded through net income (“FVTNI”) is as follows: June 30, 2022 December 31, 2021 (in millions) Cost Carrying Value Cost Carrying Value Trading debt securities: Corporate debt $ 629 $ 620 $ 703 $ 701 Government debt 331 331 365 363 Asset/mortgage-backed debt 120 106 126 122 Total trading debt securities $ 1,080 $ 1,057 $ 1,194 $ 1,186 Equity securities at FVTNI: Equity securities/mutual funds $ 1,600 $ 1,684 $ 1,451 $ 1,738 Total equity securities at FVTNI $ 1,600 $ 1,684 $ 1,451 $ 1,738 |
Consolidated Sponsored Invest_2
Consolidated Sponsored Investment Products (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 CIPs accounted for as VIEs and VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these products: June 30, 2022 December 31, 2021 (in millions) VIEs VREs Total VIEs VREs Total Cash and cash equivalents $ 274 $ 44 $ 318 $ 251 $ 57 $ 308 Investments: Trading debt securities 684 330 1,014 870 270 1,140 Equity securities at FVTNI 1,097 344 1,441 1,100 385 1,485 Bank loans 279 — 279 284 — 284 Other investments 228 — 228 210 — 210 Carried interest 1,592 — 1,592 1,504 — 1,504 Total investments 3,880 674 4,554 3,968 655 4,623 Other assets 62 24 86 50 32 82 Other liabilities ( 1) (2,059 ) (40 ) (2,099 ) (1,919 ) (82 ) (2,001 ) Noncontrolling interests - CIPs (1,060 ) (89 ) (1,149 ) (1,046 ) (79 ) (1,125 ) BlackRock's net interests in CIPs $ 1,097 $ 613 $ 1,710 $ 1,304 $ 583 $ 1,887 (1) At both June 30, 2022 and December 31, 2021, other liabilities of VIEs primarily include deferred carried interest liabilities and 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 Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Nonoperating net gain (loss) on consolidated VIEs $ (183 ) $ 190 $ (316 ) $ 273 Net income (loss) attributable to NCI on consolidated VIEs $ (108 ) $ 168 $ (183 ) $ 223 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of VIE Assets and Liabilities | At June 30, 2022 and December 31, 2021, 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 (“PB”), was as follows: (in millions) Advisory Fee Other Net Assets Maximum At June 30, 2022 Investments Receivables (Liabilities) Risk of Loss ( 1) Sponsored investment products $ 976 $ 92 $ (12 ) $ 1,084 At December 31, 2021 Sponsored investment products $ 882 $ 62 $ (12 ) $ 961 (1) At both June 30, 2022 and December 31, 2021, 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) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 (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) June 30, 2022 Assets: Investments Debt securities: Held-to-maturity investments $ — $ — $ — $ — $ 491 $ 491 Trading securities — 1,041 16 — — 1,057 Total debt securities — 1,041 16 — 491 1,548 Equity securities at FVTNI: Equity securities/mutual funds 1,684 — — — — 1,684 Equity method: Equity and fixed income mutual funds 238 — — — — 238 Hedge funds/funds of hedge funds/other — — — 428 — 428 Private equity funds — — — 853 — 853 Real assets funds — — — 263 — 263 Total equity method 238 — — 1,544 — 1,782 Bank loans — 27 252 — — 279 Federal Reserve Bank Stock — — — — 90 90 Carried interest — — — — 1,644 1,644 Other investments (3) — 1 4 111 159 275 Total investments 1,922 1,069 272 1,655 2,384 7,302 Other assets (4) 126 33 — — — 159 Separate account assets 40,072 20,476 — — 721 61,269 Separate account collateral held under securities lending agreements: Equity securities 2,686 — — — — 2,686 Debt securities — 4,593 — — — 4,593 Total separate account collateral held under securities lending agreements 2,686 4,593 — — — 7,279 Total $ 44,806 $ 26,171 $ 272 $ 1,655 $ 3,105 $ 76,009 Liabilities: Separate account collateral liabilities under securities lending agreements $ 2,686 $ 4,593 $ — $ — $ — $ 7,279 Other liabilities (5) — 36 314 — — 350 Total $ 2,686 $ 4,629 $ 314 $ — $ — $ 7,629 (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 consolidated private equity funds. (4) Level 1 amount includes a minority investment in a publicly traded company. (5) Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging Commitments and Contingencies Assets and liabilities measured at fair value on a recurring basis December 31, 2021 (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, 2021 Assets: Investments Debt securities: Held-to-maturity investments $ — $ — $ — $ — $ 430 $ 430 Trading securities — 1,169 17 — — 1,186 Total debt securities — 1,169 17 — 430 1,616 Equity securities at FVTNI: Equity securities/mutual funds 1,738 — — — — 1,738 Equity method: Equity and fixed income mutual funds 245 — — — — 245 Hedge funds/funds of hedge funds/other — — — 369 — 369 Private equity funds — — — 846 — 846 Real assets funds — — — 234 — 234 Total equity method 245 — — 1,449 — 1,694 Bank loans — 14 270 — — 284 Federal Reserve Bank Stock — — — — 96 96 Carried interest — — — — 1,555 1,555 Other investments (3) — — 5 96 178 279 Total investments 1,983 1,183 292 1,545 2,259 7,262 Other assets (4) 195 39 — — — 234 Separate account assets 54,675 30,786 — — 765 86,226 Separate account collateral held under securities lending agreements: Equity securities 3,717 — — — — 3,717 Debt securities — 3,364 — — — 3,364 Total separate account collateral held under securities lending agreements 3,717 3,364 — — — 7,081 Total $ 60,570 $ 35,372 $ 292 $ 1,545 $ 3,024 $ 100,803 Liabilities: Separate account collateral liabilities under securities lending agreements $ 3,717 $ 3,364 $ — $ — $ — $ 7,081 Other liabilities (5) — 26 342 — — 368 Total $ 3,717 $ 3,390 $ 342 $ — $ — $ 7,449 (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 include direct investments in private equity companies held by consolidated private equity funds. (4) Level 1 amount includes a minority investment in a publicly traded company. (5) Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging 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 June 30, 2022 (in millions) March 31, 2022 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements Transfers into Level 3 Transfers out of Level 3 June 30, 2022 Total Net Unrealized Gains (Losses) Included in Earnings (1) Assets: Investments: Debt securities: Trading $ 8 $ (3 ) $ 13 $ (1 ) $ — $ — $ (1 ) $ 16 $ (3 ) Total debt securities 8 (3 ) 13 (1 ) — — (1 ) 16 (3 ) Private equity 4 — — — — — — 4 — Bank loans 264 (3 ) 8 (18 ) — 4 (3 ) 252 (3 ) Total investments 276 (6 ) 21 (19 ) — 4 (4 ) 272 (6 ) Total Level 3 assets $ 276 $ (6 ) $ 21 $ (19 ) $ — $ 4 $ (4 ) $ 272 $ (6 ) Liabilities: Other liabilities $ 312 $ — $ — $ — $ 2 $ — $ — $ 314 $ — Total Level 3 liabilities $ 312 $ — $ — $ — $ 2 $ — $ — $ 314 $ — (1) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2022 (in millions) December 31, 2021 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 June 30, 2022 Total Net Unrealized Gains (Losses) Included in Earnings (2) Assets: Investments: Debt securities: Trading $ 17 $ (3 ) $ 19 $ (13 ) $ — $ — $ (4 ) $ 16 $ (3 ) Total debt securities 17 (3 ) 19 (13 ) — — (4 ) 16 (3 ) Private equity 5 — — — — — (1 ) 4 — Bank loans 270 (3 ) 16 (18 ) — 4 (17 ) 252 (3 ) Total investments 292 (6 ) 35 (31 ) — 4 (22 ) 272 (6 ) Total Level 3 assets $ 292 $ (6 ) $ 35 $ (31 ) $ — $ 4 $ (22 ) $ 272 $ (6 ) Liabilities: Other liabilities $ 342 $ (1 ) $ — $ — $ (29 ) $ — $ — $ 314 $ (1 ) Total Level 3 liabilities $ 342 $ (1 ) $ — $ — $ (29 ) $ — $ — $ 314 $ (1 ) (1) Amounts include proceeds from borrowings of a consolidated CLO and contingent liability payment related to a prior acquisition. (2) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 30, 2021 (in millions) March 31, 2021 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 June 30, 2021 Total Net Unrealized Gains (Losses) Included in Earnings (2) Assets: Investments: Debt securities: Trading $ 14 $ — $ 7 $ — $ — $ — $ — $ 21 $ — Total debt securities 14 — 7 — — — — 21 — Private equity 9 — — — — — (4 ) 5 — Bank loans 235 — 20 — — 6 — 261 — Total investments 258 — 27 — — 6 (4 ) 287 — Total Level 3 assets $ 258 $ — $ 27 $ — $ — $ 6 $ (4 ) $ 287 $ — Liabilities: Other liabilities $ 280 $ (1 ) $ — $ — $ 17 $ — $ — $ 298 $ (1 ) Total Level 3 liabilities $ 280 $ (1 ) $ — $ — $ 17 $ — $ — $ 298 $ (1 ) (1) Amounts include proceeds from borrowings of a consolidated CLO and a contingent liability, partially offset by contingent liability payment related to a prior acquisition. (2) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2021 (in millions) December 31, 2020 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 June 30, 2021 Total Net Unrealized Gains (Losses) Included in Earnings (2) Assets: Investments: Debt securities: Trading $ 11 $ — $ 12 $ — $ — $ — $ (2 ) $ 21 $ — Total debt securities 11 — 12 — — — (2 ) 21 — Private equity 9 — — — — — (4 ) 5 — Bank loans 232 — 29 — — 10 (10 ) 261 — Total investments 252 — 41 — — 10 (16 ) 287 — Total Level 3 assets $ 252 $ — $ 41 $ — $ — $ 10 $ (16 ) $ 287 $ — Liabilities: Other liabilities $ 272 $ (4 ) $ — $ — $ 22 $ — $ — $ 298 $ (4 ) Total Level 3 liabilities $ 272 $ (4 ) $ — $ — $ 22 $ — $ — $ 298 $ (4 ) (1) Amounts include proceeds from borrowings of a consolidated CLO and a contingent liability, partially offset by contingent liability payment related to prior acquisitions. (2) Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date. |
Fair Value of Financial Assets and Financial Liabilities | Disclosures of Fair Value for Financial Instruments Not Held at Fair Value . At June 30, 2022 and December 31, 2021, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below: June 30, 2022 December 31, 2021 (in millions) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Fair Value Hierarchy Financial Assets (1) Cash and cash equivalents $ 6,481 $ 6,481 $ 9,323 $ 9,323 Level 1 (2) (3) Other assets $ 44 $ 44 $ 22 $ 22 Level 1 (2) (4) Financial Liabilities: Long-term borrowings $ 6,635 $ 6,102 $ 7,446 $ 7,735 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 June 30, 2022 and December 31, 2021, approximately $1.7 billion and $2.4 billion, 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. (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 and the EUR/USD foreign exchange rate at the end of June 2022 and December 2021, 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). June 30, 2022 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds/ other (a) $ 428 $ 103 Daily/Monthly (32%) Quarterly (12%) N/R (56%) 1 – 90 days Private equity funds (b) 853 215 N/R N/R Real assets funds (c) 263 245 Quarterly (20%) N/R (80%) 60 days Consolidated sponsored investment products: Real assets funds (d) 95 91 N/R N/R Other funds (c) 16 64 N/R N/R Total $ 1,655 $ 718 December 31, 2021 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds/ other (a) $ 369 $ 141 Daily/Monthly (20%) Quarterly (20%) N/R (60%) 1 – 90 days Private equity funds (b) 846 153 N/R N/R Real assets funds (c) 234 245 Quarterly (20%) N/R (80%) 60 days Consolidated sponsored investment products: Real assets funds (d) 90 101 N/R N/R Other funds (c) 6 25 N/R N/R Total $ 1,545 $ 665 N/R – not redeemable (1) Comprised of equity method investments, which include investment companies that 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 June 30, 2022 and December 31, 2021. (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 and may also include 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 June 30, 2022 and December 31, 2021. (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 period for the investments in the funds that are not subject to redemptions is unknown at both June 30 , 20 2 2 and December 31, 20 2 1 . The total remaining unfunded commitments were $ 336 million and $ 346 million at June 30 , 2022 and December 31, 20 2 1 , respectively. The Company ’s portion of the total remaining unfunded commitments was $ 298 million and $ million at June 30 , 2022 and December 31, 20 2 1 , respectively . (d) This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. 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 |
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 June 30, 2022 and December 31, 2021: June 30, December 31, (in millions) 2022 2021 CLO Bank loans: Aggregate principal amounts outstanding $ 280 $ 281 Fair value 279 284 Aggregate unpaid principal balance in excess of (less than) fair value $ 1 $ (3 ) CLO Borrowings: Aggregate principal amounts outstanding $ 293 $ 275 Fair value $ 281 $ 278 |
Derivative and Hedging (Tables)
Derivative and Hedging (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 and December 31, 2021: (in millions) Assets Liabilities Derivative instruments Statement of Financial Condition Classification June 30, 2022 December 31, 2021 Statement of Financial Condition Classification June 30, 2022 December 31, 2021 Total return swaps Other assets $ 32 $ 5 Other liabilities $ 5 $ 14 Forward foreign currency exchange contracts Other assets 1 34 Other liabilities 19 — Total $ 33 $ 39 $ 24 $ 14 |
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 Three Months Ended Six Months Ended June 30, June 30, (in millions) Statement of Income 2022 2021 2022 2021 Derivative Instruments Classification Gains (Losses) Gains (Losses) Total return swaps Nonoperating income (expense) $ 62 $ (50 ) $ 103 $ (84 ) Forward foreign currency exchange contracts General and administration expense (129 ) 3 (171 ) 10 Total gain (loss) from derivative instruments $ (67 ) $ (47 ) $ (68 ) $ (74 ) |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill Activity | Goodwill activity during the six months ended June 30, 2022 was as follows: (in millions) December 31, 2021 $ 15,351 Other ( 1) (5 ) June 30, 2022 $ 15,346 ( 1 ) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The carrying amounts of identifiable intangible assets are summarized as follows: (in millions) Indefinite-lived Finite-lived Total December 31, 2021 $ 17,578 $ 875 $ 18,453 Amortization expense — (76 ) (76 ) June 30, 2022 $ 17,578 $ 799 $ 18,377 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Components of Lease Cost | The following table presents components of lease cost included in general and administration expense on the condensed consolidated statements of income: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Lease cost: Operating lease cost ( 1) $ 54 $ 39 $ 105 $ 78 Variable lease cost ( 2) 11 10 22 20 Total lease cost $ 65 $ 49 $ 127 $ 98 (1) Amounts include short-term leases, which are immaterial for the three and six months ended June 30, 2022 and 2021. (2) Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities. |
Schedule of Supplemental Information Related to Operating Lease | Supplemental information related to operating leases is summarized below: Six Months Ended June 30, (in millions) 2022 2021 Supplemental cash flow information: Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 82 $ 81 Supplemental noncash information: ROU assets in exchange for operating lease liabilities $ 37 $ 28 June 30, December 31, 2022 2021 Lease term and discount rate: Weighted-average remaining lease term 16 years 16 years Weighted-average discount rate 3 % 3 % |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Carrying Value and Fair Value of Long-Term Notes Determined Market Prices EUR/USD Foreign Exchange Rate | The carrying value and fair value of long-term notes determined using market prices and EUR/USD foreign exchange rate at June 30, 2022 included the following: (in millions) Maturity Amount Unamortized Discount and Debt Issuance Costs (1) Carrying Value Fair Value 3.50% Notes due 2024 $ 1,000 $ (2 ) $ 998 $ 1,005 1.25% Notes due 2025 732 (2 ) 730 712 3.20% Notes due 2027 700 (3 ) 697 691 3.25% Notes due 2029 1,000 (10 ) 990 947 2.40% Notes due 2030 1,000 (6 ) 994 878 1.90% Notes due 2031 1,250 (10 ) 1,240 1,040 2.10% Notes due 2032 1,000 (14 ) 986 829 Total long-term notes $ 6,682 $ (47 ) $ 6,635 $ 6,102 (1) The unamortized discount and debt issuance costs are being amortized over the term of the notes. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 and six months ended June 30, 2022 and 2021 and includes the product mix of investment advisory, administration fees and securities lending revenue, and performance fees. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Investment advisory, administration fees and securities lending revenue: Equity: Active $ 550 $ 641 $ 1,166 $ 1,217 ETFs 1,103 1,156 2,261 2,224 Non-ETF Index 186 198 373 374 Equity subtotal 1,839 1,995 3,800 3,815 Fixed income: Active 503 545 1,037 1,070 ETFs 274 294 563 589 Non-ETF Index 102 116 220 229 Fixed income subtotal 879 955 1,820 1,888 Multi-asset 331 344 690 672 Alternatives: Illiquid alternatives 184 167 363 335 Liquid alternatives 161 150 328 297 Currency and commodities ( 1) 62 55 118 108 Alternatives subtotal 407 372 809 740 Long-term 3,456 3,666 7,119 7,115 Cash management 232 91 402 234 Total investment advisory, administration fees and securities lending revenue 3,688 3,757 7,521 7,349 Investment advisory performance fees: Equity 3 36 15 62 Fixed income 13 15 22 29 Multi-asset 7 9 12 17 Alternatives: Illiquid alternatives 65 90 102 97 Liquid alternatives 18 190 53 264 Alternatives subtotal 83 280 155 361 Total performance fees 106 340 204 469 Technology services revenue 332 316 673 622 Distribution fees: Retrocessions 269 264 548 502 12b-1 fees (US mutual fund distribution fees) 80 87 168 172 Other 12 18 26 35 Total distribution fees 361 369 742 709 Advisory and other revenue: Advisory 15 9 31 24 Other 24 29 54 45 Total advisory and other revenue 39 38 85 69 Total revenue $ 4,526 $ 4,820 $ 9,225 $ 9,218 _____________________________________________________________ (1) The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 By client type: Retail $ 1,139 $ 1,231 $ 2,363 $ 2,356 ETFs 1,436 1,505 2,937 2,922 Institutional: Active 636 657 1,311 1,307 Index 245 273 508 530 Total institutional 881 930 1,819 1,837 Long-term 3,456 3,666 7,119 7,115 Cash management 232 91 402 234 Total $ 3,688 $ 3,757 $ 7,521 $ 7,349 By investment style: Active $ 1,727 $ 1,842 $ 3,578 $ 3,581 Index and ETFs 1,729 1,824 3,541 3,534 Long-term 3,456 3,666 7,119 7,115 Cash management 232 91 402 234 Total $ 3,688 $ 3,757 $ 7,521 $ 7,349 |
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 June 30, 2022 and 2021: June 30, 2022 Remainder of (in millions) 2022 2023 2024 2025 Thereafter Total Investment advisory and administration fees: Alternatives ( 1)(2) $ 91 $ 169 $ 106 $ 68 $ 49 $ 483 June 30, 2021 Remainder of (in millions) 2021 2022 2023 2024 Thereafter Total Investment advisory and administration fees: Alternatives ( 1)(2) $ 86 $ 168 $ 137 $ 82 $ 51 $ 524 (1) Investment advisory and administration fees include management fees related to certain alternative products, which are based on contractual committed capital outstanding at June 30, 2022 and 2021. Actual management fees could be higher to the extent additional committed capital is raised. These fees are generally billed on a quarterly basis in arrears. (2) The Company elected the following practical expedients and therefore does not include amounts related to (1) performance obligations with an original duration of one year or less, and (2) variable consideration related to future service periods. |
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 and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Beginning balance $ 1,699 $ 748 $ 1,508 $ 584 Net increase (decrease) in unrealized allocations (46 ) 461 177 627 Performance fee revenue recognized (61 ) (77 ) (93 ) (79 ) Ending balance $ 1,592 $ 1,132 $ 1,592 $ 1,132 |
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 June 30, 2022 and 2021: June 30, 2022 Remainder of (in millions) 2022 2023 2024 2025 Thereafter Total Technology services revenue ( 1)(2) $ 65 $ 70 $ 42 $ 27 $ 23 $ 227 June 30, 2021 Remainder of (in millions) 2021 2022 2023 2024 Thereafter Total Technology services revenue ( 1)(2) $ 67 $ 71 $ 40 $ 20 $ 14 $ 212 (1) Technology services revenue primarily includes upfront payments from customers, which the Company generally recognizes as services are performed. (2) The Company elected the following practical expedients and therefore does not include amounts related to (1) performance obligations with an original duration of one year or less, and (2) variable consideration related to future service periods. |
Schedule of Changes in Technology Services Deferred Revenue Liability | The table below presents changes in the technology services deferred revenue liability for the three and six months ended June 30, 2022 and 2021, which is included in other liabilities on the condensed consolidated statements of financial condition: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Beginning balance $ 113 $ 111 $ 122 $ 123 Additions ( 1) 27 26 49 44 Revenue recognized that was included in the beginning balance (32 ) (30 ) (63 ) (60 ) Ending balance $ 108 $ 107 $ 108 $ 107 (1) Amounts are net of revenue recognized. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Restricted Stock and RSU Activity | Restricted stock and restricted stock units (“RSUs”) activity for the six months ended June 30, 2022 is summarized below. Outstanding at Restricted Stock and RSUs Weighted- Average Grant Date Fair Value December 31, 2021 2,183,017 $ 586.45 Granted 733,872 $ 830.24 Converted (840,871 ) $ 500.83 Forfeited (43,037 ) $ 703.76 June 30, 2022 2,032,981 $ 707.39 |
Performance-Based RSUs [Member] | |
Restricted Stock and RSU Activity | Performance-based RSU activity for the six months ended June 30, 2022 is summarized below. Outstanding at Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2021 668,805 $ 533.48 Granted 143,846 $ 820.28 Additional shares due to attainment of performance measures 111,991 $ 410.32 Converted (385,134 ) $ 410.32 Forfeited (8,454 ) $ 662.34 June 30, 2022 531,054 $ 672.47 |
Performance Based Stock Options [Member] | |
Stock Option Activity | Stock option activity for the six months ended June 30, 2022 is summarized below. Outstanding at Shares Under Option Weighted Average Exercise Price December 31, 2021 1,817,923 $ 513.50 Forfeited (60,392 ) $ 513.50 June 30, 2022 1,757,531 $ 513.50 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Changes in AOCI | The following table presents changes in AOCI for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2022 2021 2022 2021 Beginning balance $ (675 ) $ (411 ) $ (550 ) $ (337 ) Foreign currency translation adjustments ( 1) (416 ) 23 (541 ) (51 ) Ending balance $ (1,091 ) $ (388 ) $ (1,091 ) $ (388 ) (1) Amounts for the three months ended Amounts for the six months ended June 30, 2022 and 2021 include a gain from a net investment hedge of $49 million (net of tax expense of $15 million) and $20 million (net of tax expense of $6 million), respectively. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share ("EPS") under Treasury Stock Method | The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and six months ended June 30, 2022 and 2021 under the treasury stock method: Three Months Ended Six Months Ended June 30, June 30, (in millions, except shares and per share data) 2022 2021 2022 2021 Net income attributable to BlackRock, Inc. $ 1,077 $ 1,378 $ 2,513 $ 2,577 Basic weighted-average shares outstanding 151,292,580 152,443,039 151,511,496 152,504,902 Dilutive effect of: Nonparticipating RSUs 835,374 1,304,463 1,032,540 1,294,242 Stock options 324,366 670,079 446,111 560,209 Total diluted weighted-average shares outstanding 152,452,320 154,417,581 152,990,147 154,359,353 Basic earnings per share $ 7.12 $ 9.04 $ 16.59 $ 16.90 Diluted earnings per share $ 7.06 $ 8.92 $ 16.43 $ 16.69 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Total Revenue by Geographic Region | The following table illustrates total revenue for the three and six months ended June 30, 2022 and 2021 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 Six Months Ended (in millions) June 30, June 30, Revenue 2022 2021 2022 2021 Americas $ 3,014 $ 3,158 $ 6,103 $ 5,968 Europe 1,307 1,440 2,703 2,827 Asia-Pacific 205 222 419 423 Total revenue $ 4,526 $ 4,820 $ 9,225 $ 9,218 |
Schedule of Long-Lived Assets by Geographic Region | The following table illustrates long-lived assets that consist of goodwill and property and equipment at June 30, 2022 and December 31, 2021 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) June 30, December 31, Long-lived Assets 2022 2021 Americas $ 14,828 $ 14,675 Europe 1,324 1,341 Asia-Pacific 94 97 Total long-lived assets $ 16,246 $ 16,113 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | |||||
Fair value of loaned securities held | $ 12,600,000,000 | $ 12,600,000,000 | $ 13,200,000,000 | ||
Fair value of collateral loan under these securities lending agreements | 13,500,000,000 | 13,500,000,000 | 14,100,000,000 | ||
Separate account collateral held under securities lending agreements | 7,279,000,000 | 7,279,000,000 | $ 7,081,000,000 | ||
Fair value of securities received as collateral have been resold or repledged | 0 | $ 0 | 0 | $ 0 | |
Reduction of management fees | $ 0 | $ 160,000,000 | $ 72,000,000 | $ 230,000,000 | |
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% | 102% | |||
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% | 112% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Feb. 01, 2021 | Jun. 30, 2021 | |
Business Acquisition [Line Items] | ||
Payments to acquire business | $ 1,097 | |
Aperio [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, percentage of equity interest acquired | 100% | |
Payments to acquire business | $ 1,051 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | 6 Months Ended | |||
Feb. 01, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 15,346 | $ 15,351 | ||
Total consideration, net of cash acquired | $ 1,097 | |||
Aperio [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 16 | |||
Goodwill | 776 | |||
Deferred income tax liabilities | (16) | |||
Other liabilities assumed | (12) | |||
Total consideration, net of cash acquired | 1,051 | |||
Cash paid | 1,055 | |||
Cash acquired | (4) | |||
Total consideration, net of cash acquired | 1,051 | |||
Aperio [Member] | Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets | 270 | |||
Aperio [Member] | Other [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets | $ 17 |
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 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |||||
Cash and cash equivalents | [1] | $ 6,481 | $ 9,323 | ||
Restricted cash included in other assets | $ 17 | $ 17 | |||
Restricted Cash, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |||
Total cash, cash equivalents and restricted cash | $ 6,498 | $ 9,340 | $ 6,433 | $ 8,681 | |
[1]At June 30, 2022, cash and cash equivalents, investments, other assets and other liabilities include $274 million, $3,880 million, $62 million, and $2,059 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $3,968 million, $50 million, and $1,919 million, respectively, related to consolidated VIEs. |
Investments - Summary of Carryi
Investments - Summary of Carrying Value of Total Investments (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | |||
Trading securities (including $1,014 and $1,140 trading debt securities of CIPs at June 30, 2022 and December 31, 2021, respectively) | $ 1,057 | $ 1,186 | |
Held-to-maturity investments | 491 | 430 | |
Total debt securities | 1,548 | 1,616 | |
Equity securities at FVTNI (including $1,441 and $1,485 equity securities at FVTNI of CIPs at June 30, 2022 and December 31, 2021, respectively) | 1,684 | 1,738 | |
Total investments | [1] | 7,302 | 7,262 |
Other Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 275 | 279 | |
Bank loans Held by CIPs | |||
Schedule of Investments [Line Items] | |||
Total investments | 279 | 284 | |
Equity Method Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 1,782 | 1,694 | |
Federal Reserve Bank Stock [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | 90 | 96 | |
Consolidated Entities [Member] | Carried Interest [Member] | |||
Schedule of Investments [Line Items] | |||
Total investments | $ 1,644 | $ 1,555 | |
[1]At June 30, 2022, cash and cash equivalents, investments, other assets and other liabilities include $274 million, $3,880 million, $62 million, and $2,059 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $3,968 million, $50 million, and $1,919 million, respectively, related to consolidated VIEs. |
Investments - Summary of Carr_2
Investments - Summary of Carrying Value of Total Investments (Detail) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Trading debt securities | $ 1,057 | $ 1,186 |
Equity securities | 1,684 | 1,738 |
Consolidated Sponsored Investment Products [Member] | ||
Schedule of Investments [Line Items] | ||
Trading debt securities | 1,014 | 1,140 |
Equity securities | $ 1,441 | $ 1,485 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Millions | Jun. 30, 2022 USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Held-to-maturity investments, after one year through five years | $ 25 |
Foreign government debt, after five years through ten years | 129 |
Held-to-maturity investments, after ten years | $ 337 |
Investments - Summary of Cost a
Investments - Summary of Cost and Carrying Value of Equity and Trading Debt Securities (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Total trading debt securities, Cost | $ 1,080 | $ 1,194 |
Equity securities at FVTNI, Cost | 1,600 | 1,451 |
Total trading debt, Carrying Value | 1,057 | 1,186 |
Equity securities at FVTNI, Carrying Value | 1,684 | 1,738 |
Corporate Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total trading debt securities, Cost | 629 | 703 |
Total trading debt, Carrying Value | 620 | 701 |
Government Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total trading debt securities, Cost | 331 | 365 |
Total trading debt, Carrying Value | 331 | 363 |
Asset/Mortgage-Backed Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total trading debt securities, Cost | 120 | 126 |
Total trading debt, Carrying Value | 106 | 122 |
Equity Securities/Mutual Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Equity securities at FVTNI, Cost | 1,600 | 1,451 |
Equity securities at FVTNI, Carrying Value | $ 1,684 | $ 1,738 |
Consolidated Sponsored Invest_3
Consolidated Sponsored Investment Products - Consolidated VIEs And VREs Recorded in Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Consolidated Sponsored Investment Funds [Line Items] | |||
Cash and cash equivalents | [1] | $ 6,481 | $ 9,323 |
Investments: | |||
Trading debt securities | 1,057 | 1,186 | |
Equity securities | 1,684 | 1,738 | |
Total investments | [1] | 7,302 | 7,262 |
Other assets | [1] | 3,998 | 2,780 |
Other liabilities | [1] | (5,130) | (4,024) |
Consolidated Variable Interest Entities [Member] | |||
Consolidated Sponsored Investment Funds [Line Items] | |||
Cash and cash equivalents | 274 | 251 | |
Investments: | |||
Trading debt securities | 684 | 870 | |
Bank loans | 279 | 284 | |
Other investments | 228 | 210 | |
Carried interest | 1,592 | 1,504 | |
Total investments | 3,880 | 3,968 | |
Other assets | 62 | 50 | |
Other liabilities | (2,059) | (1,919) | |
Noncontrolling interests - CIPs | (1,060) | (1,046) | |
BlackRock's net interests in CIPs | 1,097 | 1,304 | |
Consolidated Voting Rights Entities [Member] | |||
Consolidated Sponsored Investment Funds [Line Items] | |||
Cash and cash equivalents | 44 | 57 | |
Investments: | |||
Trading debt securities | 330 | 270 | |
Total investments | 674 | 655 | |
Other assets | 24 | 32 | |
Other liabilities | (40) | (82) | |
Noncontrolling interests - CIPs | (89) | (79) | |
BlackRock's net interests in CIPs | 613 | 583 | |
Consolidated Sponsored Investment Products [Member] | |||
Consolidated Sponsored Investment Funds [Line Items] | |||
Cash and cash equivalents | 318 | 308 | |
Investments: | |||
Trading debt securities | 1,014 | 1,140 | |
Equity securities | 1,441 | 1,485 | |
Bank loans | 279 | 284 | |
Other investments | 228 | 210 | |
Carried interest | 1,592 | 1,504 | |
Total investments | 4,554 | 4,623 | |
Other assets | 86 | 82 | |
Other liabilities | (2,099) | (2,001) | |
Noncontrolling interests - CIPs | (1,149) | (1,125) | |
BlackRock's net interests in CIPs | 1,710 | 1,887 | |
Equity securities [Member] | |||
Investments: | |||
Equity securities | 1,684 | 1,738 | |
Equity securities [Member] | Consolidated Variable Interest Entities [Member] | |||
Investments: | |||
Equity securities | 1,097 | 1,100 | |
Equity securities [Member] | Consolidated Voting Rights Entities [Member] | |||
Investments: | |||
Equity securities | 344 | 385 | |
Equity securities [Member] | Consolidated Sponsored Investment Products [Member] | |||
Investments: | |||
Equity securities | $ 1,441 | $ 1,485 | |
[1]At June 30, 2022, cash and cash equivalents, investments, other assets and other liabilities include $274 million, $3,880 million, $62 million, and $2,059 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $3,968 million, $50 million, and $1,919 million, respectively, related to consolidated VIEs. |
Consolidated Sponsored Invest_4
Consolidated Sponsored Investment Products - Schedule of Net Gain (Loss) Related to Consolidated VIEs (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Variable Interest Entity [Line Items] | ||||
Nonoperating net gain (loss) on consolidated VIEs | $ (314) | $ 314 | $ (416) | $ 396 |
Net income (loss) attributable to NCI on consolidated VIEs | (114) | 169 | (187) | 243 |
Consolidated Variable Interest Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Nonoperating net gain (loss) on consolidated VIEs | (183) | 190 | (316) | 273 |
Net income (loss) attributable to NCI on consolidated VIEs | $ (108) | $ 168 | $ (183) | $ 223 |
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 ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | $ 976,000,000 | $ 882,000,000 |
Advisory Fee Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | 92,000,000 | 62,000,000 |
Other Net Assets (Liabilities) [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | (12,000,000) | (12,000,000) |
Maximum Risk of Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | $ 1,084,000,000 | $ 961,000,000 |
Variable Interest Entities Re_2
Variable Interest Entities Reflects adoption of ASU 2015-12 - Additional Information (Detail) - USD ($) $ in Billions | Jun. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Sponsored Investment Products [Member] | ||
Variable Interest Entity [Line Items] | ||
Net assets of investments funds | $ 20 | $ 20 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities | $ 1,057 | $ 1,186 |
Equity securities/mutual funds | 1,684 | 1,738 |
Separate account assets | 61,269 | 86,226 |
Separate account collateral liabilities under securities lending agreements | 7,279 | 7,081 |
Equity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities/mutual funds | 1,684 | 1,738 |
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 | 44 | 22 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Held-to-maturity investments | 491 | 430 |
Total debt securities | 1,548 | 1,616 |
Total equity method | 1,782 | 1,694 |
Bank loans | 279 | 284 |
Federal Reserve Bank Stock | 90 | 96 |
Carried interest | 1,644 | 1,555 |
Other investments | 275 | 279 |
Total investments | 7,302 | 7,262 |
Other assets | 159 | 234 |
Separate account assets | 61,269 | 86,226 |
Total separate account collateral held under securities lending agreements | 7,279 | 7,081 |
Total | 76,009 | 100,803 |
Separate account collateral liabilities under securities lending agreements | 7,279 | 7,081 |
Other liabilities | 350 | 368 |
Total liabilities measured at fair value | 7,629 | 7,449 |
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 method | 238 | 245 |
Total investments | 1,922 | 1,983 |
Other assets | 126 | 195 |
Separate account assets | 40,072 | 54,675 |
Total separate account collateral held under securities lending agreements | 2,686 | 3,717 |
Total | 44,806 | 60,570 |
Separate account collateral liabilities under securities lending agreements | 2,686 | 3,717 |
Total liabilities measured at fair value | 2,686 | 3,717 |
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 | 1,041 | 1,169 |
Bank loans | 27 | 14 |
Other investments | 1 | |
Total investments | 1,069 | 1,183 |
Other assets | 33 | 39 |
Separate account assets | 20,476 | 30,786 |
Total separate account collateral held under securities lending agreements | 4,593 | 3,364 |
Total | 26,171 | 35,372 |
Separate account collateral liabilities under securities lending agreements | 4,593 | 3,364 |
Other liabilities | 36 | 26 |
Total liabilities measured at fair value | 4,629 | 3,390 |
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 | 16 | 17 |
Bank loans | 252 | 270 |
Other investments | 4 | 5 |
Total investments | 272 | 292 |
Total | 272 | 292 |
Other liabilities | 314 | 342 |
Total liabilities measured at fair value | 314 | 342 |
Fair Value, Measurements, Recurring [Member] | Equity Securities/Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities/mutual funds | 1,684 | 1,738 |
Fair Value, Measurements, Recurring [Member] | Equity Securities/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] | ||
Equity securities/mutual funds | 1,684 | 1,738 |
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 | 1,057 | 1,186 |
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 | 1,041 | 1,169 |
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 | 16 | 17 |
Fair Value, Measurements, Recurring [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 428 | 369 |
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 | 238 | 245 |
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 | 238 | 245 |
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 | 853 | 846 |
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 | 263 | 234 |
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 | 2,686 | 3,717 |
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 | 2,686 | 3,717 |
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 | 4,593 | 3,364 |
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 | 4,593 | 3,364 |
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 | 1,544 | 1,449 |
Other investments | 111 | 96 |
Total investments | 1,655 | 1,545 |
Total | 1,655 | 1,545 |
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 428 | 369 |
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 | 853 | 846 |
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 | 263 | 234 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Held-to-maturity investments | 491 | 430 |
Total debt securities | 491 | 430 |
Federal Reserve Bank Stock | 90 | 96 |
Carried interest | 1,644 | 1,555 |
Other investments | 159 | 178 |
Total investments | 2,384 | 2,259 |
Separate account assets | 721 | 765 |
Total | $ 3,105 | $ 3,024 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
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 | $ 43 | $ 47 |
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 | $ 272 | $ 292 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value, beginning balance | $ 276 | $ 258 | $ 292 | $ 252 |
Realized and Unrealized Gains (Losses),Assets | (6) | (6) | ||
Purchases, Assets | 21 | 27 | 35 | 41 |
Sales and Maturities, Assets | (19) | (31) | ||
Transfers into Level 3, Assets | 4 | 6 | 4 | 10 |
Transfers out of Level 3, Assets | (4) | (4) | (22) | (16) |
Assets measured at fair value, ending balance | 272 | 287 | 272 | 287 |
Total Net Unrealized Gains (Losses) Included in Earnings | (6) | (6) | ||
Liabilities measured at fair value, beginning balance | 312 | 280 | 342 | 272 |
Realized and Unrealized Gains (Losses), Liabilities | (1) | (1) | (4) | |
Issuances and other Settlements, Liabilities | 2 | 17 | (29) | 22 |
Liabilities measured at fair value, ending balance | 314 | 298 | 314 | 298 |
Total Net Unrealized Gains (Losses) Included in Earnings | (1) | (1) | (4) | |
Other Liabilities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Liabilities measured at fair value, beginning balance | 312 | 280 | 342 | 272 |
Realized and Unrealized Gains (Losses), Liabilities | (1) | (1) | (4) | |
Issuances and other Settlements, Liabilities | 2 | 17 | (29) | 22 |
Liabilities measured at fair value, ending balance | 314 | 298 | 314 | 298 |
Total Net Unrealized Gains (Losses) Included in Earnings | (1) | (1) | (4) | |
Investments [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value, beginning balance | 276 | 258 | 292 | 252 |
Realized and Unrealized Gains (Losses),Assets | (6) | (6) | ||
Purchases, Assets | 21 | 27 | 35 | 41 |
Sales and Maturities, Assets | (19) | (31) | ||
Transfers into Level 3, Assets | 4 | 6 | 4 | 10 |
Transfers out of Level 3, Assets | (4) | (4) | (22) | (16) |
Assets measured at fair value, ending balance | 272 | 287 | 272 | 287 |
Total Net Unrealized Gains (Losses) Included in Earnings | (6) | (6) | ||
Debt securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value, beginning balance | 8 | 14 | 17 | 11 |
Realized and Unrealized Gains (Losses),Assets | (3) | (3) | ||
Purchases, Assets | 13 | 7 | 19 | 12 |
Sales and Maturities, Assets | (1) | (13) | ||
Transfers out of Level 3, Assets | (1) | (4) | (2) | |
Assets measured at fair value, ending balance | 16 | 21 | 16 | 21 |
Total Net Unrealized Gains (Losses) Included in Earnings | (3) | (3) | ||
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 | 14 | 17 | 11 |
Realized and Unrealized Gains (Losses),Assets | (3) | (3) | ||
Purchases, Assets | 13 | 7 | 19 | 12 |
Sales and Maturities, Assets | (1) | (13) | ||
Transfers out of Level 3, Assets | (1) | (4) | (2) | |
Assets measured at fair value, ending balance | 16 | 21 | 16 | 21 |
Total Net Unrealized Gains (Losses) Included in Earnings | (3) | (3) | ||
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 | 264 | 235 | 270 | 232 |
Realized and Unrealized Gains (Losses),Assets | (3) | (3) | ||
Purchases, Assets | 8 | 20 | 16 | 29 |
Sales and Maturities, Assets | (18) | (18) | ||
Transfers into Level 3, Assets | 4 | 6 | 4 | 10 |
Transfers out of Level 3, Assets | (3) | (17) | (10) | |
Assets measured at fair value, ending balance | 252 | 261 | 252 | 261 |
Total Net Unrealized Gains (Losses) Included in Earnings | (3) | (3) | ||
Consolidated Variable Interest Entities [Member] | Private/ Public Equity [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value, beginning balance | 4 | 9 | 5 | 9 |
Transfers out of Level 3, Assets | (4) | (1) | (4) | |
Assets measured at fair value, ending balance | $ 4 | $ 5 | $ 4 | $ 5 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | [1] | $ 6,481 | $ 9,323 |
Long-term borrowings | 6,635 | 7,446 | |
Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 6,481 | 9,323 | |
Other assets | 44 | 22 | |
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term borrowings | 6,635 | 7,446 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 6,481 | 9,323 | |
Other assets | 44 | 22 | |
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term borrowings | $ 6,102 | $ 7,735 | |
[1]At June 30, 2022, cash and cash equivalents, investments, other assets and other liabilities include $274 million, $3,880 million, $62 million, and $2,059 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $3,968 million, $50 million, and $1,919 million, respectively, related to consolidated VIEs. |
Fair Value Disclosures - Fair_2
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | [1] | $ 6,481 | $ 9,323 |
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 | $ 1,700 | $ 2,400 | |
[1]At June 30, 2022, cash and cash equivalents, investments, other assets and other liabilities include $274 million, $3,880 million, $62 million, and $2,059 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $3,968 million, $50 million, and $1,919 million, respectively, related to consolidated VIEs. |
Fair Value Disclosures - Invest
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 718 | $ 665 |
Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 1,655 | 1,545 |
Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 336 | 346 |
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 | 91 | 101 |
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 | 95 | 90 |
Other Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 64 | 25 |
Other 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 | 16 | 6 |
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 103 | $ 141 |
Redemption Frequency (Daily) | 32% | 20% |
Redemption Frequency (Monthly) | 32% | 20% |
Redemption Frequency (Quarterly) | 12% | 20% |
Redemption Frequency (Not Redeemable) | 56% | 60% |
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 428 | $ 369 |
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [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/Other [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 | $ 215 | $ 153 |
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 | 853 | 846 |
Equity Method Investments [Member] | Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 245 | $ 245 |
Redemption Frequency (Quarterly) | 20% | 20% |
Redemption Frequency (Not Redeemable) | 80% | 80% |
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 | $ 263 | $ 234 |
Fair Value Disclosures - Inve_2
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 718 | $ 665 |
Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 336 | 346 |
Total remaining Unfunded Commitments | $ 298 | $ 298 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Option Quantitative Disclosures [Line Items] | ||
Aggregate principal amounts outstanding | $ 6,682 | |
CLO Bank Loans [Member] | ||
Fair Value Option Quantitative Disclosures [Line Items] | ||
Aggregate principal amounts outstanding | 280 | $ 281 |
Fair value | 279 | 284 |
Aggregate unpaid principal balance in excess of (less than) fair value | 1 | (3) |
CLO Borrowings [Member] | ||
Fair Value Option Quantitative Disclosures [Line Items] | ||
Aggregate principal amounts outstanding | 293 | 275 |
Fair value | $ 281 | $ 278 |
Derivatives and Hedging - Addit
Derivatives and Hedging - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Derivative maximum risk of loss | $ 17 | $ 17 |
Forward Foreign Currency Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Notional value | $ 1,700 | $ 1,800 |
Derivative Expiration Dates | 2022-07 | 2022-01 |
Total Return Swaps [Member] | ||
Derivative [Line Items] | ||
Notional value | $ 651 | $ 720 |
Derivatives and Hedging - Summa
Derivatives and Hedging - Summary of Fair Values of Derivatives Instruments Recognized in Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other assets, fair value | $ 33 | $ 39 |
Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other liabilities, fair value | 24 | 14 |
Forward Foreign Currency Exchange Contracts [Member] | Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other assets, fair value | 1 | 34 |
Forward Foreign Currency Exchange Contracts [Member] | Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other liabilities, fair value | 19 | |
Total Return Swaps [Member] | Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other assets, fair value | 32 | 5 |
Total Return Swaps [Member] | Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other liabilities, fair value | $ 5 | $ 14 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Total gain (loss) from derivative instruments | $ (67) | $ (47) | $ (68) | $ (74) |
Forward Foreign Currency Exchange Contracts [Member] | General and Administration Expense [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Total gain (loss) from derivative instruments | (129) | 3 | (171) | 10 |
Total Return Swaps [Member] | Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Total gain (loss) from derivative instruments | $ 62 | $ (50) | $ 103 | $ (84) |
Goodwill - Goodwill Activity (D
Goodwill - Goodwill Activity (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill Roll Forward | |
Beginning balance | $ 15,351 |
Other | (5) |
Ending balance | $ 15,346 |
Goodwill - Goodwill Activity (P
Goodwill - Goodwill Activity (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill Roll Forward | ||
Excess of tax goodwill over book goodwill | $ 27 | $ 43 |
Intangible Assets - Carrying Am
Intangible Assets - Carrying Amounts of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Indefinite-lived intangible assets | $ 17,578 | |||
Indefinite-lived intangible assets | $ 17,578 | 17,578 | ||
Finite-lived intangible assets, Beginning balance | 875 | |||
Finite-lived intangible assets, amortization expense | (38) | $ (37) | (76) | $ (71) |
Finite-lived intangible assets, Ending balance | 799 | 799 | ||
Intangible assets, Beginning balance | 18,453 | |||
Intangible assets, Ending balance | $ 18,377 | $ 18,377 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Lease cost: | |||||
Operating lease cost | [1] | $ 54 | $ 39 | $ 105 | $ 78 |
Variable lease cost | [2] | 11 | 10 | 22 | 20 |
Total lease cost | $ 65 | $ 49 | $ 127 | $ 98 | |
[1] Amounts include short-term leases, which are immaterial for the three and six months ended June 30, 2022 and 2021. Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities. |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Information Related to Operating Leases (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Supplemental cash flow information: | |||
Operating cash flows from operating leases included in the measurement of operating lease liabilities | $ 82 | $ 81 | |
Supplemental noncash information: | |||
ROU assets in exchange for operating lease liabilities | $ 37 | $ 28 | |
Weighted-average remaining lease term | 16 years | 16 years | |
Weighted-average discount rate | 3% | 3% |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - Other Assets [Member] - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Other Assets [Line Items] | ||
Carrying value - equity method investment | $ 553 | $ 583 |
Other non equity method corporate minority investments | $ 304 | $ 268 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Long-term notes | $ 6,635,000,000 | $ 6,635,000,000 | $ 7,446,000,000 | |
Long-term notes, fair value | 6,102,000,000 | 6,102,000,000 | 7,700,000,000 | |
Repayments of long-term borrowings | 750,000,000 | $ 750,000,000 | ||
Commercial Paper [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum amount available under facility | 4,000,000,000 | 4,000,000,000 | ||
Amount outstanding under credit facility | 0 | 0 | ||
2022 Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured revolving credit facility | 4,700,000,000 | 4,700,000,000 | $ 300,000,000 | |
Additional amount available, subject to lender credit approval | 1,000,000,000 | |||
Maximum amount available under facility | 5,700,000,000 | 5,700,000,000 | ||
Amount outstanding under credit facility | 0 | $ 0 | ||
Extended debt instrument maturity date | 2027-03 | |||
Line of credit facility, covenant terms | The 2022 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 | |||
3.375% Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of long-term borrowings | $ 750,000,000,000 |
Borrowings - Carrying Value and
Borrowings - Carrying Value and Fair Value of Long-Term Notes Determined Market Prices EUR/USD Foreign Exchange Rate (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Maturity Amount | $ 6,682 | |
Unamortized Discount and Debt Issuance Costs | (47) | |
Carrying Value | 6,635 | $ 7,446 |
Fair Value | 6,102 | $ 7,700 |
3.50% Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 1,000 | |
Unamortized Discount and Debt Issuance Costs | (2) | |
Carrying Value | 998 | |
Fair Value | 1,005 | |
1.25% Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 732 | |
Unamortized Discount and Debt Issuance Costs | (2) | |
Carrying Value | 730 | |
Fair Value | 712 | |
3.20% Notes due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 700 | |
Unamortized Discount and Debt Issuance Costs | (3) | |
Carrying Value | 697 | |
Fair Value | 691 | |
3.25% Notes due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 1,000 | |
Unamortized Discount and Debt Issuance Costs | (10) | |
Carrying Value | 990 | |
Fair Value | 947 | |
2.40% Notes due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 1,000 | |
Unamortized Discount and Debt Issuance Costs | (6) | |
Carrying Value | 994 | |
Fair Value | 878 | |
1.90% Notes due 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 1,250 | |
Unamortized Discount and Debt Issuance Costs | (10) | |
Carrying Value | 1,240 | |
Fair Value | 1,040 | |
2.10% Notes due 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 1,000 | |
Unamortized Discount and Debt Issuance Costs | (14) | |
Carrying Value | 986 | |
Fair Value | $ 829 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Jun. 30, 2022 USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Investment commitments | $ 806 |
Amount of securities on loan subject to indemnification | 268,000 |
Collateral for indemnified securities | $ 284,000 |
Revenue - Summary of Investment
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 4,526 | $ 4,820 | $ 9,225 | $ 9,218 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3,688 | 3,757 | 7,521 | 7,349 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Active Product [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 550 | 641 | 1,166 | 1,217 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity ETFs [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,103 | 1,156 | 2,261 | 2,224 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Non-ETF Index [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 186 | 198 | 373 | 374 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,839 | 1,995 | 3,800 | 3,815 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Active [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 503 | 545 | 1,037 | 1,070 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income ETFs [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 274 | 294 | 563 | 589 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Non-ETF Index [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 102 | 116 | 220 | 229 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 879 | 955 | 1,820 | 1,888 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Multi-asset [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 331 | 344 | 690 | 672 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 407 | 372 | 809 | 740 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Illiquid Alternatives [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 184 | 167 | 363 | 335 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Liquid Alternatives [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 161 | 150 | 328 | 297 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Currency and Commodities [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 62 | 55 | 118 | 108 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Cash Management [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 232 | 91 | 402 | 234 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Long-term [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3,456 | 3,666 | 7,119 | 7,115 |
Investment Advisory Performance Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 106 | 340 | 204 | 469 |
Investment Advisory Performance Fees [Member] | Equity [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3 | 36 | 15 | 62 |
Investment Advisory Performance Fees [Member] | Fixed Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 13 | 15 | 22 | 29 |
Investment Advisory Performance Fees [Member] | Multi-asset [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 7 | 9 | 12 | 17 |
Investment Advisory Performance Fees [Member] | Alternatives [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 83 | 280 | 155 | 361 |
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Illiquid Alternatives [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 65 | 90 | 102 | 97 |
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Liquid Alternatives [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 18 | 190 | 53 | 264 |
Technology Services Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 332 | 316 | 673 | 622 |
Distribution Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 361 | 369 | 742 | 709 |
Distribution Fees [Member] | Retrocessions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 269 | 264 | 548 | 502 |
Distribution Fees [Member] | 12b-1 Fees (US Mutual Fund Distribution Fees) [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 80 | 87 | 168 | 172 |
Distribution Fees [Member] | Other Distribution Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 12 | 18 | 26 | 35 |
Advisory and Other Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 39 | 38 | 85 | 69 |
Advisory and Other Revenue [Member] | Advisory [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 15 | 9 | 31 | 24 |
Advisory and Other Revenue [Member] | Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 24 | $ 29 | $ 54 | $ 45 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 4,526 | $ 4,820 | $ 9,225 | $ 9,218 |
Revenue by Client Type [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3,688 | 3,757 | 7,521 | 7,349 |
Revenue by Client Type [Member] | Retail [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,139 | 1,231 | 2,363 | 2,356 |
Revenue by Client Type [Member] | Equity ETFs [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,436 | 1,505 | 2,937 | 2,922 |
Revenue by Client Type [Member] | Institutional Active [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 636 | 657 | 1,311 | 1,307 |
Revenue by Client Type [Member] | Institutional Index [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 245 | 273 | 508 | 530 |
Revenue by Client Type [Member] | Institutional [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 881 | 930 | 1,819 | 1,837 |
Revenue by Client Type [Member] | Cash Management [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 232 | 91 | 402 | 234 |
Revenue by Client Type [Member] | Long-term [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3,456 | 3,666 | 7,119 | 7,115 |
Revenue by Investment Style [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3,688 | 3,757 | 7,521 | 7,349 |
Revenue by Investment Style [Member] | Active [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,727 | 1,842 | 3,578 | 3,581 |
Revenue by Investment Style [Member] | Cash Management [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 232 | 91 | 402 | 234 |
Revenue by Investment Style [Member] | Equity Index and ETFs [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,729 | 1,824 | 3,541 | 3,534 |
Revenue by Investment Style [Member] | Long-term [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 3,456 | $ 3,666 | $ 7,119 | $ 7,115 |
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 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation | $ 483 | $ 524 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 months | |
Revenue, Remaining Performance Obligation | $ 86 | |
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 | |
Revenue, Remaining Performance Obligation | $ 168 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 months | |
Revenue, Remaining Performance Obligation | $ 91 | |
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 | 1 year |
Revenue, Remaining Performance Obligation | $ 169 | $ 137 |
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 | 1 year | 1 year |
Revenue, Remaining Performance Obligation | $ 106 | $ 82 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | ||
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 | $ 51 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | ||
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 | $ 49 |
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 | Jun. 30, 2022 | Jun. 30, 2021 |
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 | $ 483 | $ 524 |
Revenue - Schedule of Changes i
Revenue - Schedule of Changes in Deferred Carried Interest Liability (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | ||||
Beginning balance | $ 1,699 | $ 748 | $ 1,508 | $ 584 |
Net increase (decrease) in unrealized allocations | (46) | 461 | 177 | 627 |
Performance fee revenue recognized | (61) | (77) | (93) | (79) |
Ending balance | $ 1,592 | $ 1,132 | $ 1,592 | $ 1,132 |
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 | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation | $ 227 | $ 212 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | ||
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 | 6 months | |
Revenue, Remaining Performance Obligation | $ 67 | |
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 | |
Revenue, Remaining Performance Obligation | $ 71 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | ||
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 | 6 months | |
Revenue, Remaining Performance Obligation | $ 65 | |
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 | 1 year |
Revenue, Remaining Performance Obligation | $ 70 | $ 40 |
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 | 1 year | 1 year |
Revenue, Remaining Performance Obligation | $ 42 | $ 20 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | ||
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 | $ 27 | $ 14 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | ||
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 | $ 23 |
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 | Jun. 30, 2022 | Jun. 30, 2021 |
Technology Services Revenue [Member] | ||
Schedule of Technology Services Revenue [line Items] | ||
Revenue, Remaining Performance Obligation | $ 227 | $ 212 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Schedule of Technology Services Revenue [line Items] | |
Estimated annual fixed minimum fees for currently outstanding contracts | $ 425 |
Minimum [Member] | |
Schedule of Technology Services Revenue [line Items] | |
Term of currently outstanding contracts | 1 year |
Maximum [Member] | |
Schedule of Technology Services Revenue [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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | ||||
Beginning balance | $ 113 | $ 111 | $ 122 | $ 123 |
Additions | 27 | 26 | 49 | 44 |
Revenue recognized that was included in the beginning balance | (32) | (30) | (63) | (60) |
Ending balance | $ 108 | $ 107 | $ 108 | $ 107 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock and RSU Activity (Detail) - $ / shares | 1 Months Ended | 6 Months Ended |
Jan. 31, 2022 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock and RSUs, beginning of period | 2,183,017 | 2,183,017 |
Restricted Stock and RSUs, Granted | 733,872 | |
Restricted Stock and RSUs, Converted | (840,871) | |
Restricted Stock and RSUs, Forfeited | (43,037) | |
Restricted Stock and RSUs, end of period | 2,032,981 | |
Weighted-Average Grant Date Fair Value, beginning of period | $ 586.45 | $ 586.45 |
Weighted-Average Grant Date Fair Value, Granted | 830.24 | |
Weighted-Average Grant Date Fair Value, Converted | 500.83 | |
Weighted-Average Grant Date Fair Value, Forfeited | 703.76 | |
Weighted-Average Grant Date Fair Value, end of period | $ 707.39 | |
Performance-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock and RSUs, beginning of period | 668,805 | 668,805 |
Restricted Stock and RSUs, Granted | 143,846 | |
Restricted Stock and RSUs, Additional shares due to attainment of performance measures | 111,991 | 111,991 |
Restricted Stock and RSUs, Converted | (385,134) | |
Restricted Stock and RSUs, Forfeited | (8,454) | |
Restricted Stock and RSUs, end of period | 531,054 | |
Weighted-Average Grant Date Fair Value, beginning of period | $ 533.48 | $ 533.48 |
Weighted-Average Grant Date Fair Value, Granted | 820.28 | |
Weighted-Average Grant Date Fair Value, Additional Grants | 410.32 | |
Weighted-Average Grant Date Fair Value, Converted | 410.32 | |
Weighted-Average Grant Date Fair Value, Forfeited | 662.34 | |
Weighted-Average Grant Date Fair Value, end of period | $ 672.47 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended |
Jan. 31, 2022 shares | Jun. 30, 2022 USD ($) installment $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock and RSUs, Granted | shares | 733,872 | |
Fair value of RSUs/restricted stock granted to employees | $ 609 | |
RSUs/Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock and RSUs, Granted | shares | 498,633 | |
Award vesting period, years | 3 years | |
Awards to employees cliff vesting | shares | 197,817 | |
RSUs to employees that cliff vest, percentage | 100% | |
RSUs to employees that cliff vest, date | Jan. 31, 2025 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of outstanding RSUs | $ 1,200 | |
Stock price | $ / shares | $ 609.04 | |
Unrecognized stock-based compensation expense | $ 743 | |
Remaining weighted-average period | 1 year 4 months 24 days | |
Performance-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock and RSUs, Granted | shares | 143,846 | |
Award vesting period, years | 3 years | |
Awards to employees cliff vesting | shares | 143,846 | |
RSUs to employees that cliff vest, percentage | 100% | |
RSUs to employees that cliff vest, date | Jan. 31, 2025 | |
Intrinsic value of outstanding RSUs | $ 323 | |
Stock price | $ / shares | $ 609.04 | |
Unrecognized stock-based compensation expense | $ 197 | |
Remaining weighted-average period | 1 year 4 months 24 days | |
Restricted Stock and RSUs, Additional shares due to attainment of performance measures | shares | 111,991 | 111,991 |
Fair value of RSUs/restricted stock granted to employees | $ 164 | |
Performance Based Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Remaining weighted-average period | 1 year 4 months 24 days | |
Award vesting percentage of BlackRock's grant-date stock price | 125% | |
Award vesting period of BlackRock's grant-date stock price | 5 years | |
Award performance measurement period | 4 years | |
Award vesting, number of equal installments | installment | 3 | |
Unrecognized stock-based compensation expense | $ 32 | |
Weighted average remaining life of awards | 4 years 4 months 24 days | |
Performance Based Stock Options [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested option exercised period | 9 years | |
Performance Based Stock Options [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Service year of awards | 2022 | |
Performance Based Stock Options [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Service year of awards | 2023 | |
Performance Based Stock Options [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Service year of awards | 2024 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Detail) - Performance Based Stock Options [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Shares Under Option, Beginning of Period | shares | 1,817,923 |
Shares Under Option, Forfeited | shares | (60,392) |
Outstanding, Shares Under Option, End of Period | shares | 1,757,531 |
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 | Jun. 30, 2022 USD ($) |
Regulatory Capital Requirements [Abstract] | |
Net capital requirement in certain regulated subsidiaries | $ 2.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | $ 37,596 | $ 35,429 | $ 37,806 | $ 35,334 | |
Foreign currency translation adjustments | [1] | (416) | 23 | (541) | (51) |
Balance | 37,202 | 36,148 | 37,202 | 36,148 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (675) | (411) | (550) | (337) | |
Foreign currency translation adjustments | [2] | (416) | 23 | (541) | (51) |
Balance | $ (1,091) | $ (388) | $ (1,091) | $ (388) | |
[1]Amounts for the three months ended June 30, 2022 and 2021 include a gain from a net investment hedge of $36 million (net of tax expense of $11 million) and a loss of $6 million (net of tax benefit of $2 million), respectively. Amounts for the six months ended June 30, 2022 and 2021 include a gain from a net investment hedge of $49 million (net of tax expense of $15 million) and $20 million (net of tax expense of $6 million), respectively[2] Amounts for the three months ended Amounts for the six months ended June 30, 2022 and 2021 include a gain from a net investment hedge of $49 million (net of tax expense of $15 million) and $20 million (net of tax expense of $6 million), respectively. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ||||
Gain (loss) from net investment hedging, net of tax | $ 36 | $ (6) | $ 49 | $ 20 |
Gain (loss) from net investment hedging, tax (expense) benefit | $ (11) | $ 2 | $ (15) | $ (6) |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of Capitalization, Equity [Line Items] | ||||
Common shares repurchased, value | $ 500 | $ 300 | $ 1,000 | $ 600 |
Share Repurchase Program [Member] | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Common shares repurchased | 1,400,000 | |||
Common shares repurchased, value | $ 1,000 | |||
Shares authorized to be repurchased | 2,200,000 | 2,200,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense benefit net noncash related to revaluation of deferred tax assets and liabilities | $ 171 | $ 18 | $ 171 |
Discrete income tax expense (benefit) | $ 133 | $ 39 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings per Share ("EPS") under Treasury Stock Method (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share Basic And Diluted [Line Items] | ||||
Net income attributable to BlackRock, Inc. | $ 1,077 | $ 1,378 | $ 2,513 | $ 2,577 |
Basic weighted-average shares outstanding | 151,292,580 | 152,443,039 | 151,511,496 | 152,504,902 |
Total diluted weighted-average shares outstanding | 152,452,320 | 154,417,581 | 152,990,147 | 154,359,353 |
Basic earnings per share | $ 7.12 | $ 9.04 | $ 16.59 | $ 16.90 |
Diluted earnings per share | $ 7.06 | $ 8.92 | $ 16.43 | $ 16.69 |
Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Dilutive effect of | 835,374 | 1,304,463 | 1,032,540 | 1,294,242 |
Stock Options [Member] | ||||
Earnings Per Share Basic And Diluted [Line Items] | ||||
Dilutive effect of | 324,366 | 670,079 | 446,111 | 560,209 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Restricted Stock Units (RSUs) [Member] | ||
Earnings Per Share Basic And Diluted [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 560,841 | 492,045 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 Segment | |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 4,526 | $ 4,820 | $ 9,225 | $ 9,218 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,014 | 3,158 | 6,103 | 5,968 |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,307 | 1,440 | 2,703 | 2,827 |
Asia-Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 205 | $ 222 | $ 419 | $ 423 |
Segment Information - Schedule
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 16,246 | $ 16,113 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 14,828 | 14,675 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,324 | 1,341 |
Asia-Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 94 | $ 97 |