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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 September 30, 2021

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 October 31, 2021, there were 151,917,177 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

77

 

 

 

Item 1A.

Risk Factors

78

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

79

 

 

 

Item 6.

Exhibits

80

 

 

 

 

 

 

i


 

 

PART I – FINANCIAL INFORMATION

Item 1.     Financial Statements

BlackRock, Inc.

Condensed Consolidated Statements of Financial Condition

(unaudited)

 

 

 

September 30,

 

 

December 31,

 

(in millions, except shares and per share data)

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

7,361

 

 

$

8,664

 

Accounts receivable

 

 

4,015

 

 

 

3,535

 

Investments(1)

 

 

7,101

 

 

 

6,919

 

Separate account assets

 

 

96,755

 

 

 

104,663

 

Separate account collateral held under securities lending agreements

 

 

14,106

 

 

 

16,507

 

Property and equipment (net of accumulated depreciation and amortization of $1,257 and

   $1,098 at September 30, 2021 and December 31, 2020, respectively)

 

 

703

 

 

 

681

 

Intangible assets (net of accumulated amortization of $389 and $291 at

   September 30, 2021 and December 31, 2020, respectively)

 

 

18,476

 

 

 

18,263

 

Goodwill

 

 

15,360

 

 

 

14,551

 

Operating lease right-of-use assets

 

 

1,798

 

 

 

649

 

Other assets(1)

 

 

3,961

 

 

 

2,550

 

Total assets

 

$

169,636

 

 

$

176,982

 

Liabilities

 

 

 

 

 

 

 

 

Accrued compensation and benefits

 

$

2,343

 

 

$

2,499

 

Accounts payable and accrued liabilities

 

 

1,402

 

 

 

1,028

 

Borrowings

 

 

6,474

 

 

 

7,264

 

Separate account liabilities

 

 

96,755

 

 

 

104,663

 

Separate account collateral liabilities under securities lending agreements

 

 

14,106

 

 

 

16,507

 

Deferred income tax liabilities

 

 

3,659

 

 

 

3,673

 

Operating lease liabilities

 

 

1,946

 

 

 

755

 

Other liabilities(1)

 

 

4,585

 

 

 

2,937

 

Total liabilities

 

 

131,270

 

 

 

139,326

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

Temporary equity

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

1,437

 

 

 

2,322

 

Permanent Equity

 

 

 

 

 

 

 

 

BlackRock, Inc. stockholders’ equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value;

 

 

2

 

 

 

2

 

Shares authorized: 500,000,000 at September 30, 2021 and December 31, 2020;

   Shares issued: 172,075,373 at both September 30, 2021 and December 31, 2020;

   Shares outstanding: 151,988,234 and 152,532,885 at September 30, 2021 and

     December 31, 2020, respectively

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

19,462

 

 

 

19,293

 

Retained earnings

 

 

26,672

 

 

 

24,334

 

Accumulated other comprehensive loss

 

 

(526

)

 

 

(337

)

Treasury stock, common, at cost (20,087,139 and 19,542,488 shares held at September 30, 2021

   and December 31, 2020, respectively)

 

 

(8,793

)

 

 

(8,009

)

Total BlackRock, Inc. stockholders’ equity

 

 

36,817

 

 

 

35,283

 

Nonredeemable noncontrolling interests

 

 

112

 

 

 

51

 

Total permanent equity

 

 

36,929

 

 

 

35,334

 

Total liabilities, temporary equity and permanent equity

 

$

169,636

 

 

$

176,982

 

 

 

(1)

At September 30, 2021, cash and cash equivalents, investments, other assets and other liabilities include $204 million, $4,099 million, $83 million, and $1,799 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2020, cash and cash equivalents, investments, other assets and other liabilities include $155 million, $4,253 million, $90 million, and $952 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in millions, except shares and per share data)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and

  securities lending revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Related parties

 

$

2,964

 

 

$

2,329

 

 

$

8,478

 

 

$

6,556

 

Other third parties

 

 

979

 

 

 

896

 

 

 

2,814

 

 

 

2,690

 

Total investment advisory, administration fees and

   securities lending revenue

 

 

3,943

 

 

 

3,225

 

 

 

11,292

 

 

 

9,246

 

Investment advisory performance fees

 

 

345

 

 

 

532

 

 

 

814

 

 

 

685

 

Technology services revenue

 

 

320

 

 

 

282

 

 

 

942

 

 

 

834

 

Distribution fees

 

 

401

 

 

 

288

 

 

 

1,110

 

 

 

817

 

Advisory and other revenue

 

 

41

 

 

 

42

 

 

 

110

 

 

 

145

 

Total revenue

 

 

5,050

 

 

 

4,369

 

 

 

14,268

 

 

 

11,727

 

Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

1,527

 

 

 

1,411

 

 

 

4,484

 

 

 

3,700

 

Distribution and servicing costs

 

 

585

 

 

 

456

 

 

 

1,613

 

 

 

1,330

 

Direct fund expense

 

 

354

 

 

 

257

 

 

 

994

 

 

 

780

 

General and administration expense

 

 

611

 

 

 

461

 

 

 

1,657

 

 

 

1,991

 

Amortization of intangible assets

 

 

38

 

 

 

27

 

 

 

109

 

 

 

79

 

Total expense

 

 

3,115

 

 

 

2,612

 

 

 

8,857

 

 

 

7,880

 

Operating income

 

 

1,935

 

 

 

1,757

 

 

 

5,411

 

 

 

3,847

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

 

370

 

 

 

269

 

 

 

766

 

 

 

627

 

Interest and dividend income

 

 

14

 

 

 

9

 

 

 

41

 

 

 

34

 

Interest expense

 

 

(48

)

 

 

(54

)

 

 

(155

)

 

 

(151

)

Total nonoperating income (expense)

 

 

336

 

 

 

224

 

 

 

652

 

 

 

510

 

Income before income taxes

 

 

2,271

 

 

 

1,981

 

 

 

6,063

 

 

 

4,357

 

Income tax expense

 

 

518

 

 

 

464

 

 

 

1,490

 

 

 

811

 

Net income

 

 

1,753

 

 

 

1,517

 

 

 

4,573

 

 

 

3,546

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling

   interests

 

 

72

 

 

 

153

 

 

 

315

 

 

 

162

 

Net income attributable to BlackRock, Inc.

 

$

1,681

 

 

$

1,364

 

 

$

4,258

 

 

$

3,384

 

Earnings per share attributable to BlackRock, Inc.

   common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

11.05

 

 

$

8.94

 

 

$

27.94

 

 

$

22.00

 

Diluted

 

$

10.89

 

 

$

8.87

 

 

$

27.59

 

 

$

21.84

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

152,120,927

 

 

 

152,488,073

 

 

 

152,375,504

 

 

 

153,816,544

 

Diluted

 

 

154,343,277

 

 

 

153,742,264

 

 

 

154,352,590

 

 

 

154,959,812

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

2


 

 

BlackRock, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in millions)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

1,753

 

 

$

1,517

 

 

$

4,573

 

 

$

3,546

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments(1)

 

 

(138

)

 

 

180

 

 

 

(189

)

 

 

(30

)

Comprehensive income (loss)

 

 

1,615

 

 

 

1,697

 

 

 

4,384

 

 

 

3,516

 

Less: Comprehensive income (loss) attributable to

     noncontrolling interests

 

 

72

 

 

 

153

 

 

 

315

 

 

 

162

 

Comprehensive income attributable to BlackRock, Inc.

 

$

1,543

 

 

$

1,544

 

 

$

4,069

 

 

$

3,354

 

 

(1)

Amounts for the three months ended September 30, 2021 and 2020 include a gain from a net investment hedge of $14 million (net of tax expense of $5 million) and a loss of $26 million (net of tax benefit of $8 million), respectively. Amounts for the nine months ended September 30, 2021 and 2020 include a gain from a net investment hedge of $34 million (net of tax expense of $11 million) and a loss of $27 million (net of tax benefit 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 Nine Months Ended September 30, 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(2)

 

 

Total

Permanent

Equity

 

 

Redeemable

Noncontrolling

Interests /

Temporary

Equity(2)

 

December 31, 2020

$

19,295

 

 

$

24,334

 

 

$

(337

)

 

$

(8,009

)

 

$

35,283

 

 

$

51

 

 

$

35,334

 

 

$

2,322

 

Net income

 

 

 

 

4,258

 

 

 

 

 

 

 

 

 

4,258

 

 

 

(4

)

 

 

4,254

 

 

 

319

 

Dividends declared ($12.39 per share)

 

 

 

 

(1,920

)