10-Q 1 blk-10q_20220331.htm 10-Q blk-10q_20220331.htm
false Q1 0001364742 --12-31 false P4Y http://fasb.org/us-gaap/2021-01-31#OtherAssets http://fasb.org/us-gaap/2021-01-31#OtherAssets 0.20 0.20 0.13 0.18 0.67 0.82 P1D P90D 0.20 0.20 0.20 0.20 0.60 0.80 P1D P90D P16Y P16Y P9M P1Y P1Y P1Y P9M P1Y P1Y P1Y P9M P1Y P1Y P1Y P9M P1Y P1Y P1Y 0001364742 2022-01-01 2022-03-31 xbrli:shares 0001364742 2022-04-30 0001364742 blk:CommonStockPointZeroOneParValueMember 2022-01-01 2022-03-31 0001364742 blk:OnePointTwoFiveZeroPercentNotesDueTwoThousandTwentyFiveMember 2022-01-01 2022-03-31 iso4217:USD 0001364742 2022-03-31 0001364742 2021-12-31 iso4217:USD xbrli:shares 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-03-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2021-12-31 0001364742 srt:AffiliatedEntityMember us-gaap:InvestmentAdviceMember 2022-01-01 2022-03-31 0001364742 srt:AffiliatedEntityMember us-gaap:InvestmentAdviceMember 2021-01-01 2021-03-31 0001364742 blk:NonaffiliatedEntitiesMember us-gaap:InvestmentAdviceMember 2022-01-01 2022-03-31 0001364742 blk:NonaffiliatedEntitiesMember us-gaap:InvestmentAdviceMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentPerformanceMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentPerformanceMember 2021-01-01 2021-03-31 0001364742 us-gaap:TechnologyServiceMember 2022-01-01 2022-03-31 0001364742 us-gaap:TechnologyServiceMember 2021-01-01 2021-03-31 0001364742 us-gaap:DistributionAndShareholderServiceMember 2022-01-01 2022-03-31 0001364742 us-gaap:DistributionAndShareholderServiceMember 2021-01-01 2021-03-31 0001364742 us-gaap:ServiceOtherMember 2022-01-01 2022-03-31 0001364742 us-gaap:ServiceOtherMember 2021-01-01 2021-03-31 0001364742 2021-01-01 2021-03-31 0001364742 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-12-31 0001364742 us-gaap:RetainedEarningsUnappropriatedMember 2021-12-31 0001364742 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001364742 us-gaap:TreasuryStockMember 2021-12-31 0001364742 us-gaap:ParentMember 2021-12-31 0001364742 us-gaap:NoncontrollingInterestMember 2021-12-31 0001364742 blk:RedeemableNoncontrollingInterestsMember 2021-12-31 0001364742 us-gaap:RetainedEarningsUnappropriatedMember 2022-01-01 2022-03-31 0001364742 us-gaap:ParentMember 2022-01-01 2022-03-31 0001364742 blk:RedeemableNoncontrollingInterestsMember 2022-01-01 2022-03-31 0001364742 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2022-01-01 2022-03-31 0001364742 us-gaap:TreasuryStockMember 2022-01-01 2022-03-31 0001364742 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-03-31 0001364742 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-03-31 0001364742 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2022-03-31 0001364742 us-gaap:RetainedEarningsUnappropriatedMember 2022-03-31 0001364742 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-03-31 0001364742 us-gaap:TreasuryStockMember 2022-03-31 0001364742 us-gaap:ParentMember 2022-03-31 0001364742 us-gaap:NoncontrollingInterestMember 2022-03-31 0001364742 blk:RedeemableNoncontrollingInterestsMember 2022-03-31 0001364742 us-gaap:CommonStockMember 2022-03-31 0001364742 us-gaap:CommonStockMember 2021-12-31 0001364742 us-gaap:CommonStockMember 2022-01-01 2022-03-31 0001364742 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-12-31 0001364742 us-gaap:RetainedEarningsUnappropriatedMember 2020-12-31 0001364742 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001364742 us-gaap:TreasuryStockMember 2020-12-31 0001364742 us-gaap:ParentMember 2020-12-31 0001364742 us-gaap:NoncontrollingInterestMember 2020-12-31 0001364742 2020-12-31 0001364742 blk:RedeemableNoncontrollingInterestsMember 2020-12-31 0001364742 us-gaap:RetainedEarningsUnappropriatedMember 2021-01-01 2021-03-31 0001364742 us-gaap:ParentMember 2021-01-01 2021-03-31 0001364742 blk:RedeemableNoncontrollingInterestsMember 2021-01-01 2021-03-31 0001364742 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0001364742 us-gaap:TreasuryStockMember 2021-01-01 2021-03-31 0001364742 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-03-31 0001364742 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0001364742 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-03-31 0001364742 us-gaap:RetainedEarningsUnappropriatedMember 2021-03-31 0001364742 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001364742 us-gaap:TreasuryStockMember 2021-03-31 0001364742 us-gaap:ParentMember 2021-03-31 0001364742 us-gaap:NoncontrollingInterestMember 2021-03-31 0001364742 2021-03-31 0001364742 blk:RedeemableNoncontrollingInterestsMember 2021-03-31 0001364742 us-gaap:CommonStockMember 2021-03-31 0001364742 us-gaap:CommonStockMember 2020-12-31 0001364742 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0001364742 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2022-01-01 2022-03-31 0001364742 blk:PerformanceBasedRestrictedStockUnitsMember 2022-01-01 2022-03-31 xbrli:pure 0001364742 srt:MinimumMember 2022-03-31 0001364742 srt:MaximumMember 2022-03-31 0001364742 blk:AperioGroupLimitedLiabilityCompanyMember 2021-02-01 0001364742 blk:AperioGroupLimitedLiabilityCompanyMember 2021-02-01 2021-02-01 0001364742 us-gaap:CustomerRelationshipsMember blk:AperioGroupLimitedLiabilityCompanyMember 2021-02-01 0001364742 us-gaap:OtherIntangibleAssetsMember blk:AperioGroupLimitedLiabilityCompanyMember 2021-02-01 0001364742 us-gaap:EquityMethodInvestmentsMember 2022-03-31 0001364742 us-gaap:EquityMethodInvestmentsMember 2021-12-31 0001364742 blk:BankLoansMember 2022-03-31 0001364742 blk:BankLoansMember 2021-12-31 0001364742 blk:FederalReserveBankStockMember 2022-03-31 0001364742 blk:FederalReserveBankStockMember 2021-12-31 0001364742 blk:CarriedInterestMember us-gaap:ConsolidatedEntitiesMember 2022-03-31 0001364742 blk:CarriedInterestMember us-gaap:ConsolidatedEntitiesMember 2021-12-31 0001364742 us-gaap:OtherInvestmentsMember 2022-03-31 0001364742 us-gaap:OtherInvestmentsMember 2021-12-31 0001364742 blk:ConsolidatedSponsoredInvestmentProductsMember 2022-03-31 0001364742 blk:ConsolidatedSponsoredInvestmentProductsMember 2021-12-31 0001364742 us-gaap:CorporateDebtSecuritiesMember 2022-03-31 0001364742 us-gaap:DomesticCorporateDebtSecuritiesMember 2022-03-31 0001364742 us-gaap:AssetBackedSecuritiesMember 2022-03-31 0001364742 us-gaap:EquitySecuritiesMember 2022-03-31 0001364742 us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0001364742 us-gaap:DomesticCorporateDebtSecuritiesMember 2021-12-31 0001364742 us-gaap:AssetBackedSecuritiesMember 2021-12-31 0001364742 us-gaap:EquitySecuritiesMember 2021-12-31 0001364742 blk:ConsolidatedVotingRightsEntitiesMember 2022-03-31 0001364742 blk:ConsolidatedVotingRightsEntitiesMember 2021-12-31 0001364742 us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-03-31 0001364742 us-gaap:EquitySecuritiesMember blk:ConsolidatedVotingRightsEntitiesMember 2022-03-31 0001364742 us-gaap:EquitySecuritiesMember blk:ConsolidatedSponsoredInvestmentProductsMember 2022-03-31 0001364742 us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2021-12-31 0001364742 us-gaap:EquitySecuritiesMember blk:ConsolidatedVotingRightsEntitiesMember 2021-12-31 0001364742 us-gaap:EquitySecuritiesMember blk:ConsolidatedSponsoredInvestmentProductsMember 2021-12-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-01-01 2022-03-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2021-01-01 2021-03-31 0001364742 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember us-gaap:InvestmentsMember 2022-03-31 0001364742 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember blk:AdvisoryFeeReceivablesMember 2022-03-31 0001364742 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember blk:OtherNetAssetsLiabilitiesMember 2022-03-31 0001364742 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember blk:MaximumRiskOfLossMember 2022-03-31 0001364742 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember us-gaap:InvestmentsMember 2021-12-31 0001364742 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember blk:AdvisoryFeeReceivablesMember 2021-12-31 0001364742 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember blk:OtherNetAssetsLiabilitiesMember 2021-12-31 0001364742 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember blk:MaximumRiskOfLossMember 2021-12-31 0001364742 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember blk:SponsoredInvestmentProductsMember 2022-03-31 0001364742 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember blk:SponsoredInvestmentProductsMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeFundsMember us-gaap:FairValueInputsLevel2Member 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeFundsMember us-gaap:FairValueInputsLevel3Member 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeFundsMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember blk:EquityMutualFundInvestmentsMember us-gaap:FairValueInputsLevel1Member 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember blk:EquityMutualFundInvestmentsMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember blk:EquityAndFixedIncomeMutualFundsMember us-gaap:FairValueInputsLevel1Member 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember blk:EquityAndFixedIncomeMutualFundsMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:HedgeFundsEquityMember blk:InvestmentInNAVMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:HedgeFundsEquityMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:PrivateEquityFundsMember blk:InvestmentInNAVMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PrivateEquityFundsMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:RealEstateFundsMember blk:InvestmentInNAVMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateFundsMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember blk:InvestmentInNAVMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel1Member 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2022-03-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:FixedIncomeFundsMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:FixedIncomeFundsMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeFundsMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member blk:EquityMutualFundInvestmentsMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember blk:EquityMutualFundInvestmentsMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member blk:EquityAndFixedIncomeMutualFundsMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember blk:EquityAndFixedIncomeMutualFundsMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:HedgeFundsEquityMember blk:InvestmentInNAVMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:HedgeFundsEquityMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:PrivateEquityFundsMember blk:InvestmentInNAVMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PrivateEquityFundsMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:RealEstateFundsMember blk:InvestmentInNAVMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:RealEstateFundsMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EstimateOfFairValueFairValueDisclosureMember blk:InvestmentInNAVMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquitySecuritiesMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:DebtSecuritiesMember 2021-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtSecuritiesMember 2021-12-31 0001364742 us-gaap:FairValueInputsLevel3Member us-gaap:PrivateEquityFundsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-03-31 0001364742 us-gaap:FairValueInputsLevel3Member us-gaap:PrivateEquityFundsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2021-12-31 0001364742 us-gaap:DebtSecuritiesMember blk:TradingSecuritiesAssetsMember 2021-12-31 0001364742 us-gaap:DebtSecuritiesMember 2021-12-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:PrivateEquityFundsMember 2021-12-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CollateralizedLoanObligationsMember 2021-12-31 0001364742 us-gaap:InvestmentsMember 2021-12-31 0001364742 us-gaap:DebtSecuritiesMember blk:TradingSecuritiesAssetsMember 2022-01-01 2022-03-31 0001364742 us-gaap:DebtSecuritiesMember 2022-01-01 2022-03-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CollateralizedLoanObligationsMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentsMember 2022-01-01 2022-03-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:PrivateEquityFundsMember 2022-01-01 2022-03-31 0001364742 us-gaap:DebtSecuritiesMember blk:TradingSecuritiesAssetsMember 2022-03-31 0001364742 us-gaap:DebtSecuritiesMember 2022-03-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:PrivateEquityFundsMember 2022-03-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CollateralizedLoanObligationsMember 2022-03-31 0001364742 us-gaap:InvestmentsMember 2022-03-31 0001364742 us-gaap:OtherLiabilitiesMember 2021-12-31 0001364742 us-gaap:OtherLiabilitiesMember 2022-01-01 2022-03-31 0001364742 us-gaap:OtherLiabilitiesMember 2022-03-31 0001364742 us-gaap:DebtSecuritiesMember blk:TradingSecuritiesAssetsMember 2020-12-31 0001364742 us-gaap:DebtSecuritiesMember 2020-12-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:PrivateEquityFundsMember 2020-12-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CollateralizedLoanObligationsMember 2020-12-31 0001364742 us-gaap:InvestmentsMember 2020-12-31 0001364742 us-gaap:DebtSecuritiesMember blk:TradingSecuritiesAssetsMember 2021-01-01 2021-03-31 0001364742 us-gaap:DebtSecuritiesMember 2021-01-01 2021-03-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CollateralizedLoanObligationsMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentsMember 2021-01-01 2021-03-31 0001364742 us-gaap:DebtSecuritiesMember blk:TradingSecuritiesAssetsMember 2021-03-31 0001364742 us-gaap:DebtSecuritiesMember 2021-03-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:PrivateEquityFundsMember 2021-03-31 0001364742 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:CollateralizedLoanObligationsMember 2021-03-31 0001364742 us-gaap:InvestmentsMember 2021-03-31 0001364742 us-gaap:OtherLiabilitiesMember 2020-12-31 0001364742 us-gaap:OtherLiabilitiesMember 2021-01-01 2021-03-31 0001364742 us-gaap:OtherLiabilitiesMember 2021-03-31 0001364742 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2022-03-31 0001364742 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2022-03-31 0001364742 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001364742 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001364742 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2022-03-31 0001364742 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2022-03-31 0001364742 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001364742 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001364742 us-gaap:MoneyMarketFundsMember 2022-03-31 0001364742 us-gaap:MoneyMarketFundsMember 2021-12-31 0001364742 us-gaap:HedgeFundsEquityMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2022-03-31 0001364742 us-gaap:PrivateEquityFundsMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2022-03-31 0001364742 us-gaap:RealEstateFundsMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2022-03-31 0001364742 us-gaap:RealEstateFundsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2022-03-31 0001364742 blk:OtherFundsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2022-03-31 0001364742 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2022-03-31 0001364742 us-gaap:HedgeFundsEquityMember us-gaap:EquityMethodInvestmentsMember 2022-03-31 0001364742 us-gaap:PrivateEquityFundsMember us-gaap:EquityMethodInvestmentsMember 2022-03-31 0001364742 us-gaap:RealEstateFundsMember us-gaap:EquityMethodInvestmentsMember 2022-03-31 0001364742 us-gaap:RealEstateFundsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-03-31 0001364742 blk:OtherFundsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2022-03-31 0001364742 us-gaap:HedgeFundsEquityMember srt:MinimumMember us-gaap:EquityMethodInvestmentsMember 2022-01-01 2022-03-31 0001364742 us-gaap:HedgeFundsEquityMember srt:MaximumMember us-gaap:EquityMethodInvestmentsMember 2022-01-01 2022-03-31 0001364742 us-gaap:RealEstateFundsMember us-gaap:EquityMethodInvestmentsMember 2022-01-01 2022-03-31 0001364742 us-gaap:HedgeFundsEquityMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2021-12-31 0001364742 us-gaap:PrivateEquityFundsMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2021-12-31 0001364742 us-gaap:RealEstateFundsMember us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2021-12-31 0001364742 us-gaap:RealEstateFundsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2021-12-31 0001364742 blk:OtherFundsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2021-12-31 0001364742 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2021-12-31 0001364742 us-gaap:HedgeFundsEquityMember us-gaap:EquityMethodInvestmentsMember 2021-12-31 0001364742 us-gaap:PrivateEquityFundsMember us-gaap:EquityMethodInvestmentsMember 2021-12-31 0001364742 us-gaap:RealEstateFundsMember us-gaap:EquityMethodInvestmentsMember 2021-12-31 0001364742 us-gaap:RealEstateFundsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2021-12-31 0001364742 blk:OtherFundsMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2021-12-31 0001364742 us-gaap:HedgeFundsEquityMember srt:MinimumMember us-gaap:EquityMethodInvestmentsMember 2021-01-01 2021-12-31 0001364742 us-gaap:HedgeFundsEquityMember srt:MaximumMember us-gaap:EquityMethodInvestmentsMember 2021-01-01 2021-12-31 0001364742 us-gaap:RealEstateFundsMember us-gaap:EquityMethodInvestmentsMember 2021-01-01 2021-12-31 0001364742 us-gaap:RealEstateFundsMember 2022-03-31 0001364742 us-gaap:RealEstateFundsMember 2021-12-31 0001364742 us-gaap:FairValueOptionOtherEligibleItemsMember 2022-03-31 0001364742 us-gaap:FairValueOptionOtherEligibleItemsMember 2021-12-31 0001364742 us-gaap:CollateralizedLoanObligationsMember 2022-03-31 0001364742 us-gaap:CollateralizedLoanObligationsMember 2021-12-31 0001364742 us-gaap:BorrowingsMember 2022-03-31 0001364742 us-gaap:BorrowingsMember 2021-12-31 0001364742 us-gaap:TotalReturnSwapMember 2022-03-31 0001364742 us-gaap:TotalReturnSwapMember 2021-12-31 0001364742 us-gaap:ForeignExchangeForwardMember 2022-03-31 0001364742 us-gaap:ForeignExchangeForwardMember 2021-12-31 0001364742 us-gaap:ForeignExchangeForwardMember 2022-01-01 2022-03-31 0001364742 us-gaap:ForeignExchangeForwardMember 2021-01-01 2021-12-31 0001364742 us-gaap:TotalReturnSwapMember us-gaap:OtherAssetsMember 2022-03-31 0001364742 us-gaap:ForeignExchangeForwardMember us-gaap:OtherAssetsMember 2022-03-31 0001364742 us-gaap:OtherAssetsMember 2022-03-31 0001364742 us-gaap:TotalReturnSwapMember us-gaap:OtherAssetsMember 2021-12-31 0001364742 us-gaap:ForeignExchangeForwardMember us-gaap:OtherAssetsMember 2021-12-31 0001364742 us-gaap:OtherAssetsMember 2021-12-31 0001364742 us-gaap:TotalReturnSwapMember us-gaap:OtherLiabilitiesMember 2022-03-31 0001364742 us-gaap:ForeignExchangeForwardMember us-gaap:OtherLiabilitiesMember 2022-03-31 0001364742 us-gaap:TotalReturnSwapMember us-gaap:OtherLiabilitiesMember 2021-12-31 0001364742 us-gaap:TotalReturnSwapMember us-gaap:NonoperatingIncomeExpenseMember 2022-01-01 2022-03-31 0001364742 us-gaap:TotalReturnSwapMember us-gaap:NonoperatingIncomeExpenseMember 2021-01-01 2021-12-31 0001364742 us-gaap:ForeignExchangeForwardMember us-gaap:GeneralAndAdministrativeExpenseMember 2022-01-01 2022-03-31 0001364742 us-gaap:ForeignExchangeForwardMember us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-12-31 0001364742 2021-01-01 2021-12-31 0001364742 blk:TwoThousandTwentyTwoRevolvingCreditFacilitiesMember 2021-12-31 0001364742 blk:TwoThousandTwentyTwoRevolvingCreditFacilitiesMember 2022-03-31 0001364742 blk:TwoThousandTwentyTwoRevolvingCreditFacilitiesMember 2022-01-01 2022-03-31 0001364742 us-gaap:CommercialPaperMember 2022-03-31 0001364742 blk:ThreePointThreeSevenFivePercentNotesDueTwoThousandTwentyTwoMember 2022-03-31 0001364742 blk:ThreePointFiveZeroPercentNotesDueTwoThousandTwentyFourMember 2022-03-31 0001364742 blk:OnePointTwoFivePercentNotesDueTwoThousandTwentyFiveMember 2022-03-31 0001364742 blk:ThreePointTwoZeroPercentNotesDueTwoThousandTwentySevenMember 2022-03-31 0001364742 blk:ThreePointTwoFivePercentNotesDueTwoThousandTwentyNineMember 2022-03-31 0001364742 blk:TwoPointFourZeroPercentNotesDueTwoThousandThirtyMember 2022-03-31 0001364742 blk:OnePointNineZeroPercentNotesDueTwoThousandThirtyOneMember 2022-03-31 0001364742 blk:TwoPointOneZeroPercentNotesDueTwoThousandThirtyTwoMember 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:EquityActiveProductMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:EquityActiveProductMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:EquityETFsMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:EquityETFsMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:EquityNonETFIndexMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:EquityNonETFIndexMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:EquityProductMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:EquityProductMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:FixedIncomeActiveProductsMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:FixedIncomeActiveProductsMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:FixedIncomeETFsMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:FixedIncomeETFsMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:FixedIncomeNonETFIndexMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:FixedIncomeNonETFIndexMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:FixedIncomeMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:FixedIncomeMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:MultiAssetMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:MultiAssetMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:IlliquidAlternativesMember blk:AlternativeInvestmentsProductsMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:IlliquidAlternativesMember blk:AlternativeInvestmentsProductsMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:LiquidAlternativesMember blk:AlternativeInvestmentsProductsMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:LiquidAlternativesMember blk:AlternativeInvestmentsProductsMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:AlternativesCurrencyAndCommoditiesMember blk:AlternativeInvestmentsProductsMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:AlternativesCurrencyAndCommoditiesMember blk:AlternativeInvestmentsProductsMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:AlternativeInvestmentsProductsMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:AlternativeInvestmentsProductsMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:LongTermRevenueMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:LongTermRevenueMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:CashManagementMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember blk:CashManagementMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentPerformanceMember blk:EquityProductMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentPerformanceMember blk:EquityProductMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentPerformanceMember blk:FixedIncomeMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentPerformanceMember blk:FixedIncomeMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentPerformanceMember blk:MultiAssetMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentPerformanceMember blk:MultiAssetMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentPerformanceMember blk:IlliquidAlternativesMember blk:AlternativeInvestmentsProductsMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentPerformanceMember blk:IlliquidAlternativesMember blk:AlternativeInvestmentsProductsMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentPerformanceMember blk:LiquidAlternativesMember blk:AlternativeInvestmentsProductsMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentPerformanceMember blk:LiquidAlternativesMember blk:AlternativeInvestmentsProductsMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentPerformanceMember blk:AlternativeInvestmentsProductsMember 2022-01-01 2022-03-31 0001364742 us-gaap:InvestmentPerformanceMember blk:AlternativeInvestmentsProductsMember 2021-01-01 2021-03-31 0001364742 us-gaap:DistributionAndShareholderServiceMember blk:RetrocessionsMember 2022-01-01 2022-03-31 0001364742 us-gaap:DistributionAndShareholderServiceMember blk:RetrocessionsMember 2021-01-01 2021-03-31 0001364742 us-gaap:DistributionAndShareholderServiceMember blk:USMutualFundsDistributionFeesMember 2022-01-01 2022-03-31 0001364742 us-gaap:DistributionAndShareholderServiceMember blk:USMutualFundsDistributionFeesMember 2021-01-01 2021-03-31 0001364742 us-gaap:DistributionAndShareholderServiceMember blk:OtherDistributionFeesMember 2022-01-01 2022-03-31 0001364742 us-gaap:DistributionAndShareholderServiceMember blk:OtherDistributionFeesMember 2021-01-01 2021-03-31 0001364742 us-gaap:ServiceOtherMember blk:AdvisoryRevenueMember 2022-01-01 2022-03-31 0001364742 us-gaap:ServiceOtherMember blk:AdvisoryRevenueMember 2021-01-01 2021-03-31 0001364742 us-gaap:ServiceOtherMember blk:OtherAdvisoryRevenueMember 2022-01-01 2022-03-31 0001364742 us-gaap:ServiceOtherMember blk:OtherAdvisoryRevenueMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByClientTypeMember blk:RetailClientsMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByClientTypeMember blk:RetailClientsMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByClientTypeMember blk:EquityETFsMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByClientTypeMember blk:EquityETFsMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByClientTypeMember blk:InstitutionalActiveMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByClientTypeMember blk:InstitutionalActiveMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByClientTypeMember blk:InstitutionalIndexMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByClientTypeMember blk:InstitutionalIndexMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByClientTypeMember blk:InstitutionalMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByClientTypeMember blk:InstitutionalMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByClientTypeMember blk:LongTermRevenueMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByClientTypeMember blk:LongTermRevenueMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByClientTypeMember blk:CashManagementMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByClientTypeMember blk:CashManagementMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByClientTypeMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByClientTypeMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByInvestmentStyleMember blk:ActiveProductsMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByInvestmentStyleMember blk:ActiveProductsMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByInvestmentStyleMember blk:EquityIndexAndETFsMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByInvestmentStyleMember blk:EquityIndexAndETFsMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByInvestmentStyleMember blk:LongTermRevenueMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByInvestmentStyleMember blk:LongTermRevenueMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByInvestmentStyleMember blk:CashManagementMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByInvestmentStyleMember blk:CashManagementMember 2021-01-01 2021-03-31 0001364742 blk:RevenueByInvestmentStyleMember 2022-01-01 2022-03-31 0001364742 blk:RevenueByInvestmentStyleMember 2021-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember 2022-04-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember 2023-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember 2024-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember 2025-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember 2026-01-01 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember 2022-03-31 0001364742 us-gaap:InvestmentAdviceMember 2021-04-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember 2022-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember 2023-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember 2024-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember 2025-01-01 2021-03-31 0001364742 us-gaap:InvestmentAdviceMember 2021-03-31 0001364742 2022-04-01 us-gaap:TechnologyServiceMember 2022-03-31 0001364742 2023-01-01 us-gaap:TechnologyServiceMember 2022-03-31 0001364742 2024-01-01 us-gaap:TechnologyServiceMember 2022-03-31 0001364742 2025-01-01 us-gaap:TechnologyServiceMember 2022-03-31 0001364742 2026-01-01 us-gaap:TechnologyServiceMember 2022-03-31 0001364742 us-gaap:TechnologyServiceMember 2022-03-31 0001364742 us-gaap:TechnologyServiceMember 2021-04-01 2021-03-31 0001364742 us-gaap:TechnologyServiceMember 2022-01-01 2021-03-31 0001364742 us-gaap:TechnologyServiceMember 2023-01-01 2021-03-31 0001364742 us-gaap:TechnologyServiceMember 2024-01-01 2021-03-31 0001364742 us-gaap:TechnologyServiceMember 2025-01-01 2021-03-31 0001364742 us-gaap:TechnologyServiceMember 2021-03-31 0001364742 srt:MinimumMember 2022-01-01 2022-03-31 0001364742 srt:MaximumMember 2022-01-01 2022-03-31 0001364742 blk:RestrictedStockUnitsAndRestrictedStockMember 2022-01-01 2022-01-31 0001364742 us-gaap:RestrictedStockUnitsRSUMember 2022-03-31 0001364742 us-gaap:RestrictedStockUnitsRSUMember 2022-01-01 2022-03-31 0001364742 blk:PerformanceBasedRestrictedStockUnitsMember 2021-12-31 0001364742 blk:PerformanceBasedRestrictedStockUnitsMember 2022-03-31 0001364742 blk:PerformanceBasedRestrictedStockUnitsMember 2022-01-01 2022-01-31 0001364742 blk:PerformanceBasedStockOptionsMember 2022-03-31 0001364742 blk:PerformanceBasedStockOptionsMember 2021-12-31 0001364742 blk:PerformanceBasedStockOptionsMember 2022-01-01 2022-03-31 blk:installment 0001364742 blk:PerformanceBasedStockOptionsMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2022-01-01 2022-03-31 0001364742 blk:PerformanceBasedStockOptionsMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2022-01-01 2022-03-31 0001364742 blk:PerformanceBasedStockOptionsMember us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2022-01-01 2022-03-31 0001364742 blk:PerformanceBasedStockOptionsMember srt:MaximumMember 2022-01-01 2022-03-31 0001364742 blk:ShareRepurchaseProgramMember 2022-01-01 2022-03-31 0001364742 blk:ShareRepurchaseProgramMember 2022-03-31 0001364742 us-gaap:RestrictedStockUnitsRSUMember 2022-01-01 2022-03-31 0001364742 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-03-31 0001364742 us-gaap:EmployeeStockOptionMember 2022-01-01 2022-03-31 0001364742 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-03-31 blk:Segment 0001364742 srt:AmericasMember 2022-01-01 2022-03-31 0001364742 srt:AmericasMember 2021-01-01 2021-03-31 0001364742 srt:EuropeMember 2022-01-01 2022-03-31 0001364742 srt:EuropeMember 2021-01-01 2021-03-31 0001364742 srt:AsiaPacificMember 2022-01-01 2022-03-31 0001364742 srt:AsiaPacificMember 2021-01-01 2021-03-31 0001364742 srt:AmericasMember 2022-03-31 0001364742 srt:AmericasMember 2021-12-31 0001364742 srt:EuropeMember 2022-03-31 0001364742 srt:EuropeMember 2021-12-31 0001364742 srt:AsiaPacificMember 2022-03-31 0001364742 srt:AsiaPacificMember 2021-12-31

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934.

For the transition period from                                 to                                 .

Commission file number 001-33099

 

BlackRock, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

32-0174431

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer Identification No.)

55 East 52nd Street, New York, NY 10055

(Address of Principal Executive Offices)

(Zip Code)

(212) 810-5300

(Registrant’s Telephone Number, Including Area Code)

 

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $.01 par value

 

BLK

 

New York Stock Exchange

1.250% Notes due 2025

 

BLK25

 

New York Stock Exchange

 

 

 

 

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  

Yes

 

X

 

No

 

 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  

Yes

 

X

 

No

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

 

 

 

No

 

X

As of April 30, 2022, there were 151,503,255 shares of the registrant’s common stock outstanding.

 

 


 

 

BlackRock, Inc.

Index to Form 10-Q

PART I

FINANCIAL INFORMATION

 

 

PART II

OTHER INFORMATION

 

Item 1.

Legal Proceedings

65

 

 

 

Item 1A.

Risk Factors

66

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

67

 

 

 

Item 6.

Exhibits

68

 

 

 

 

 

 

i


 

 

PART I – FINANCIAL INFORMATION

Item 1.     Financial Statements

BlackRock, Inc.

Condensed Consolidated Statements of Financial Condition

(unaudited)

 

 

 

March 31,

 

 

December 31,

 

(in millions, except shares and per share data)

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

7,262

 

 

$

9,323

 

Accounts receivable

 

 

3,801

 

 

 

3,789

 

Investments(1)

 

 

7,615

 

 

 

7,262

 

Separate account assets

 

 

75,353

 

 

 

86,226

 

Separate account collateral held under securities lending agreements

 

 

7,083

 

 

 

7,081

 

Property and equipment (net of accumulated depreciation and amortization of $1,309 and

   $1,256 at March 31, 2022 and December 31, 2021, respectively)

 

 

851

 

 

 

762

 

Intangible assets (net of accumulated amortization of $410 and $399 at

   March 31, 2022 and December 31, 2021, respectively)

 

 

18,415

 

 

 

18,453

 

Goodwill

 

 

15,349

 

 

 

15,351

 

Operating lease right-of-use assets

 

 

1,583

 

 

 

1,621

 

Other assets(1)

 

 

6,015

 

 

 

2,780

 

Total assets

 

$

143,327

 

 

$

152,648

 

Liabilities

 

 

 

 

 

 

 

 

Accrued compensation and benefits

 

$

1,104

 

 

$

2,951

 

Accounts payable and accrued liabilities

 

 

1,451

 

 

 

1,397

 

Borrowings

 

 

7,430

 

 

 

7,446

 

Separate account liabilities

 

 

75,353

 

 

 

86,226

 

Separate account collateral liabilities under securities lending agreements

 

 

7,083

 

 

 

7,081

 

Deferred income tax liabilities

 

 

2,857

 

 

 

2,758

 

Operating lease liabilities

 

 

1,842

 

 

 

1,872

 

Other liabilities(1)

 

 

7,348

 

 

 

4,024

 

Total liabilities

 

 

104,468

 

 

 

113,755

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

Temporary equity

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

1,263

 

 

 

1,087

 

Permanent Equity

 

 

 

 

 

 

 

 

BlackRock, Inc. stockholders’ equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value;

 

 

2

 

 

 

2

 

Shares authorized: 500,000,000 at March 31, 2022 and December 31, 2021;

   Shares issued: 172,075,373 at March 31, 2022 and December 31, 2021;

   Shares outstanding: 151,725,643 and 151,684,491 at March 31, 2022 and

     December 31, 2021, respectively

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

19,302

 

 

 

19,640

 

Retained earnings

 

 

28,338

 

 

 

27,688

 

Accumulated other comprehensive loss

 

 

(675

)

 

 

(550

)

Treasury stock, common, at cost (20,349,730 and 20,390,882 shares held at March 31, 2022

   and December 31, 2021, respectively)

 

 

(9,478

)

 

 

(9,087

)

Total BlackRock, Inc. stockholders’ equity

 

 

37,489

 

 

 

37,693

 

Nonredeemable noncontrolling interests

 

 

107

 

 

 

113

 

Total permanent equity

 

 

37,596

 

 

 

37,806

 

Total liabilities, temporary equity and permanent equity

 

$

143,327

 

 

$

152,648

 

 

 

(1)

At March 31, 2022, cash and cash equivalents, investments, other assets and other liabilities include $332 million, $4,180 million, $67 million, and $2,165 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.  

 

See accompanying notes to condensed consolidated financial statements.

 

 

1


 

 

BlackRock, Inc.

Condensed Consolidated Statements of Income

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions, except shares and per share data)

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

Investment advisory, administration fees and

  securities lending revenue:

 

 

 

 

 

 

 

 

Related parties

 

$

2,883

 

 

$

2,685

 

Other third parties

 

 

950

 

 

 

907

 

Total investment advisory, administration fees and

   securities lending revenue

 

 

3,833

 

 

 

3,592

 

Investment advisory performance fees

 

 

98

 

 

 

129

 

Technology services revenue

 

 

341

 

 

 

306

 

Distribution fees

 

 

381

 

 

 

340

 

Advisory and other revenue

 

 

46

 

 

 

31

 

Total revenue

 

 

4,699

 

 

 

4,398

 

Expense

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

1,498

 

 

 

1,409

 

Distribution and servicing costs

 

 

574

 

 

 

505

 

Direct fund expense

 

 

329

 

 

 

320

 

General and administration

 

 

496

 

 

 

585

 

Amortization of intangible assets

 

 

38

 

 

 

34

 

Total expense

 

 

2,935

 

 

 

2,853

 

Operating income

 

 

1,764

 

 

 

1,545

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

 

(102

)

 

 

82

 

Interest and dividend income

 

 

18

 

 

 

19

 

Interest expense

 

 

(54

)

 

 

(55

)

Total nonoperating income (expense)

 

 

(138

)

 

 

46

 

Income before income taxes

 

 

1,626

 

 

 

1,591

 

Income tax expense

 

 

263

 

 

 

318

 

Net income

 

 

1,363

 

 

 

1,273

 

Less:

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling

   interests

 

 

(73

)

 

 

74

 

Net income attributable to BlackRock, Inc.

 

$

1,436

 

 

$

1,199

 

Earnings per share attributable to BlackRock, Inc.

   common stockholders:

 

 

 

 

 

 

 

 

Basic

 

$

9.46

 

 

$

7.86

 

Diluted

 

$

9.35

 

 

$

7.77

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

151,732,845

 

 

 

152,567,453

 

Diluted

 

 

153,530,395

 

 

 

154,301,812

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

2


 

 

BlackRock, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions)

 

2022

 

 

2021

 

Net income

 

$

1,363

 

 

$

1,273

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation adjustments(1)

 

 

(125

)

 

 

(74

)

Comprehensive income (loss)

 

 

1,238

 

 

 

1,199

 

Less: Comprehensive income (loss) attributable to

     noncontrolling interests

 

 

(73

)

 

 

74

 

Comprehensive income attributable to BlackRock, Inc.

 

$

1,311

 

 

$

1,125

 

 

(1)

Amounts for the three months ended March 31, 2022 and 2021 include gains from a net investment hedge of $13 million (net of tax expense of $4 million) and $26 million (net of tax expense of $8 million), respectively.   

See accompanying notes to condensed consolidated financial statements.

 

 

 

3


 

 

BlackRock, Inc.

Condensed Consolidated Statements of Changes in Equity

(unaudited)

 

For the Three Months Ended March 31, 2022

 

(in millions)

Additional

Paid-in

Capital(1)

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Treasury

Stock

Common

 

 

Total

BlackRock

Stockholders’

Equity

 

 

Nonredeemable

Noncontrolling

Interests

 

 

Total

Permanent

Equity

 

 

Redeemable

Noncontrolling

Interests /

Temporary

Equity

 

December 31, 2021

$

19,642

 

 

$

27,688

 

 

$

(550

)

 

$

(9,087

)

 

$

37,693

 

 

$

113

 

 

$

37,806

 

 

$

1,087

 

Net income

 

 

 

 

1,436

 

 

 

 

 

 

 

 

 

1,436

 

 

 

 

 

 

1,436

 

 

 

(73

)

Dividends declared ($4.88 per share)

 

 

 

 

(786

)

 

 

 

 

 

 

 

 

(786

)

 

 

 

 

 

(786

)

 

 

 

Stock-based compensation

 

201

 

 

 

 

 

 

 

 

 

 

 

 

201

 

 

 

 

 

 

201

 

 

 

 

Issuance of common shares related to

   employee stock transactions

 

(539

)

 

 

 

 

 

 

 

 

545

 

 

 

6

 

 

 

 

 

 

6

 

 

 

 

Employee tax withholdings related to

   employee stock transactions

 

 

 

 

 

 

 

 

 

 

(436

)

 

 

(436

)

 

 

 

 

 

(436

)

 

 

 

Shares repurchased

 

 

 

 

 

 

 

 

 

 

(500

)

 

 

(500

)

 

 

 

 

 

(500

)

 

 

 

Contributions (redemptions/distributions)

    — noncontrolling interest holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6

)

 

 

(6

)

 

 

372

 

Net consolidations (deconsolidations)

   of sponsored investment funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(123

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

(125

)

 

 

 

 

 

(125

)

 

 

 

 

 

(125

)

 

 

 

March 31, 2022

$

19,304

 

 

$

28,338

 

 

$

(675

)

 

$

(9,478

)

 

$

37,489

 

 

$

107

 

 

$

37,596

 

 

$

1,263

 

 

(1)

Amounts include $2 million of common stock at both March 31, 2022 and December 31, 2021.

  

For the Three Months Ended March 31, 2021

 

(in millions)

Additional

Paid-in

Capital(1)

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Treasury

Stock

Common

 

 

Total

BlackRock

Stockholders’

Equity

 

 

Nonredeemable

Noncontrolling

Interests

 

 

Total

Permanent

Equity

 

 

Redeemable

Noncontrolling

Interests /

Temporary

Equity

 

December 31, 2020

$

19,295

 

 

$

24,334

 

 

$

(337

)

 

$

(8,009

)

 

$

35,283

 

 

$

51

 

 

$

35,334

 

 

$

2,322

 

Net income

 

 

 

 

1,199

 

 

 

 

 

 

 

 

 

1,199

 

 

 

 

 

 

1,199

 

 

 

74

 

Dividends declared ($4.13 per share)

 

 

 

 

(661

)

 

 

 

 

 

 

 

 

(661

)

 

 

 

 

 

(661

)

 

 

 

Stock-based compensation

 

196

 

 

 

 

 

 

 

 

 

 

 

 

196

 

 

 

 

 

 

196

 

 

 

 

Issuance of common shares related to

   employee stock transactions

 

(368

)

 

 

 

 

 

 

 

 

373

 

 

 

5

 

 

 

 

 

 

5

 

 

 

 

Employee tax withholdings related to

   employee stock transactions

 

 

 

 

 

 

 

 

 

 

(268

)

 

 

(268

)

 

 

 

 

 

(268

)

 

 

 

Shares repurchased

 

 

 

 

 

 

 

 

 

 

(300

)

 

 

(300

)

 

 

 

 

 

(300

)

 

 

 

Contributions (redemptions/distributions)

    — noncontrolling interest holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

 

 

622

 

Net consolidations (deconsolidations)

   of sponsored investment funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(607

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

(74

)

 

 

 

 

 

(74

)

 

 

 

 

 

(74

)

 

 

 

March 31, 2021

$

19,123

 

 

$

24,872

 

 

$

(411

)

 

$

(8,204

)

 

$

35,380

 

 

$

49