10-Q 1 blk-20240331.htm 10-Q 10-Q
--12-31Q10001364742falsehttp://fasb.org/us-gaap/2023#OtherAssetshttp://fasb.org/us-gaap/2023#OtherAssetshttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpense2024-062024-032024-062024-03http://fasb.org/us-gaap/2023#GainLossOnInvestmentshttp://fasb.org/us-gaap/2023#GainLossOnInvestmentshttp://fasb.org/us-gaap/2023#GeneralAndAdministrativeExpensehttp://fasb.org/us-gaap/2023#GeneralAndAdministrativeExpense2028-03-31911119111191111911111P2Y0 years0 years2027-05-302028-05-302029-05-302027-05-302028-05-302029-05-300001364742us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:EquitySecuritiesMemberblk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:BorrowingsMember2023-12-310001364742us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMember2024-03-310001364742blk:IcapitalMember2024-03-310001364742blk:EquityMutualFundInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-3100013647422026-01-01us-gaap:InvestmentAdviceMember2023-03-310001364742us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742blk:FourPointSevenFivePercentNotesDueTwoThousandThirtyThreeMember2024-03-310001364742us-gaap:EstimateOfFairValueFairValueDisclosureMemberblk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMemberblk:HedgeFundsEquityOtherMember2023-12-310001364742us-gaap:ServiceOtherMember2023-01-012023-03-310001364742us-gaap:ForeignExchangeForwardMember2024-03-310001364742us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310001364742us-gaap:TreasuryStockCommonMember2024-03-310001364742blk:GlobalInfrastructureManagementLLCMember2024-01-310001364742us-gaap:RestrictedStockUnitsRSUMemberblk:GipTransactionMember2024-01-012024-03-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2024-03-310001364742srt:MaximumMemberblk:DeferredCashCompensationPlanEquityMethodInvestmentsMemberus-gaap:EquityMethodInvestmentsMember2023-01-012023-12-310001364742us-gaap:InvestmentAdviceMemberblk:FixedIncomeMember2024-01-012024-03-310001364742us-gaap:InvestmentAdviceMemberblk:EquityNonETFIndexMember2023-01-012023-03-310001364742blk:PerformanceBasedRestrictedStockUnitsMember2023-12-310001364742us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2024-03-310001364742us-gaap:InvestmentsMember2024-01-012024-03-310001364742us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742blk:InstitutionalMemberblk:RevenueByClientTypeMember2024-01-012024-03-310001364742us-gaap:FixedIncomeFundsMemberblk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742blk:TwoThousandTwentyFourRevolvingCreditFacilitiesMember2024-03-310001364742us-gaap:RealEstateFundsMemberus-gaap:EquityMethodInvestmentsMember2023-01-012023-12-3100013647422023-12-310001364742blk:DeferredCashCompensationPlansMember2024-03-310001364742us-gaap:CorporateDebtSecuritiesMember2024-03-310001364742srt:EuropeMember2024-03-310001364742blk:PerformanceBasedStockOptionsMember2024-01-012024-03-310001364742blk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMember2024-03-310001364742us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2024-03-310001364742blk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742srt:AsiaPacificMember2023-01-012023-03-310001364742us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-03-310001364742us-gaap:HedgeFundsEquityMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001364742blk:FourPointSevenZeroPercentNotesDueTwoThousandTwentyNineMember2024-01-012024-03-310001364742blk:CarriedInterestMemberus-gaap:ConsolidatedEntitiesMember2023-12-310001364742us-gaap:RetainedEarningsUnappropriatedMember2024-03-310001364742us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2024-03-310001364742us-gaap:ParentMember2022-12-310001364742us-gaap:OtherLiabilitiesMember2023-03-310001364742us-gaap:EquitySecuritiesMemberblk:ConsolidatedVotingRightsEntitiesMember2024-03-310001364742us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:EquitySecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310001364742us-gaap:ForeignExchangeForwardMember2023-12-310001364742blk:OnePointNineZeroPercentNotesDueTwoThousandThirtyOneMember2024-03-310001364742blk:EquityFixedIncomeAndMultiAssetMutualFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-3100013647422022-10-012022-12-310001364742us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2024-03-310001364742blk:AlternativeInvestmentsProductsMemberus-gaap:InvestmentPerformanceMember2024-01-012024-03-310001364742srt:AmericasMember2023-12-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2023-12-310001364742us-gaap:CollateralizedLoanObligationsMember2023-12-310001364742blk:GlobalInfrastructureManagementLLCMember2024-01-012024-01-310001364742us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001364742us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2023-12-310001364742blk:RedeemableNoncontrollingInterestsMember2024-03-3100013647422025-01-01us-gaap:TechnologyServiceMember2023-03-310001364742us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberblk:AdvisoryFeeReceivablesMember2023-12-310001364742us-gaap:CollateralizedLoanObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310001364742us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:InvestmentsMember2023-12-310001364742blk:OnePointTwoFivePercentNotesDueTwoThousandTwentyFiveMember2024-03-310001364742us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001364742us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2024-03-310001364742us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001364742us-gaap:TechnologyServiceMember2023-01-012023-03-310001364742us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberblk:HedgeFundsEquityOtherMember2024-03-310001364742us-gaap:CommonStockMember2024-03-310001364742us-gaap:FairValueOptionOtherEligibleItemsMember2024-03-3100013647422024-04-01us-gaap:TechnologyServiceMember2024-03-310001364742blk:DeferredCashCompensationPlansMember2023-12-310001364742blk:RevenueByClientTypeMember2023-01-012023-03-310001364742us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:OtherInvestmentsMember2023-12-310001364742blk:CashManagementMemberblk:RevenueByInvestmentStyleMember2023-01-012023-03-310001364742us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-03-310001364742srt:AsiaPacificMember2023-12-310001364742blk:InstitutionalActiveMemberblk:RevenueByClientTypeMember2023-01-012023-03-310001364742blk:EquityMutualFundInvestmentsMemberblk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742blk:RevenueByClientTypeMemberblk:InstitutionalIndexMember2023-01-012023-03-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001364742us-gaap:ShareBasedCompensationAwardTrancheThreeMemberblk:TimeBasedStockOptionsMember2023-05-302023-05-300001364742blk:ShareRepurchaseProgramMember2024-01-012024-03-3100013647422026-01-01us-gaap:InvestmentAdviceMember2024-03-310001364742blk:AlternativeInvestmentsProductsMemberus-gaap:InvestmentPerformanceMember2023-01-012023-03-310001364742blk:RedeemableNoncontrollingInterestsMember2023-01-012023-03-310001364742blk:TimeBasedStockOptionsMember2024-01-012024-03-310001364742us-gaap:InvestmentAdviceMemberblk:LongTermRevenueMember2024-01-012024-03-310001364742us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-01-310001364742us-gaap:RetainedEarningsUnappropriatedMember2023-12-310001364742us-gaap:NoncontrollingInterestMember2023-03-310001364742blk:EquityFixedIncomeAndMultiAssetMutualFundsMemberblk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742blk:EquityMutualFundInvestmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742blk:EquityFixedIncomeAndMultiAssetMutualFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2023-12-310001364742blk:EquityMutualFundInvestmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:OtherInvestmentsMemberblk:DeferredCashCompensationPlansMember2024-03-310001364742blk:FivePercentNotesDueTwoThousandThirtyFourMember2024-01-012024-03-310001364742blk:PerformanceBasedRestrictedStockUnitsMember2024-01-012024-01-310001364742us-gaap:InvestmentAdviceMemberblk:NonaffiliatedEntitiesMember2023-01-012023-03-310001364742us-gaap:InvestmentPerformanceMember2023-01-012023-03-3100013647422023-10-012023-12-310001364742us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2024-03-310001364742blk:TwoThousandTwentyThreeTimeBasedStockOptionsMember2023-12-310001364742blk:EquityMutualFundInvestmentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:InvestmentAdviceMemberblk:EquityNonETFIndexMember2024-01-012024-03-310001364742us-gaap:ForeignExchangeFutureMember2024-03-310001364742blk:RevenueByInvestmentStyleMember2024-01-012024-03-310001364742blk:EquityProductMemberus-gaap:InvestmentPerformanceMember2024-01-012024-03-310001364742us-gaap:CollateralizedLoanObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310001364742blk:CashManagementMemberus-gaap:InvestmentAdviceMember2024-01-012024-03-310001364742blk:AlternativeInvestmentsProductsMemberus-gaap:InvestmentAdviceMember2024-01-012024-03-310001364742blk:TwoThousandTwentyThreePerformanceBasedStockOptionsMember2024-03-310001364742us-gaap:InvestmentAdviceMember2023-03-310001364742blk:TradingSecuritiesAssetsMemberus-gaap:DebtSecuritiesMember2023-03-310001364742us-gaap:MoneyMarketFundsMember2024-03-310001364742us-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742blk:DeferredCashCompensationPlanMutualFundInvestmentsMember2023-12-310001364742blk:SeedInvestmentMember2023-01-012023-03-310001364742us-gaap:ServiceOtherMemberblk:AdvisoryRevenueMember2024-01-012024-03-310001364742us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RealEstateFundsMember2023-12-310001364742us-gaap:InvestmentPerformanceMemberblk:FixedIncomeMember2024-01-012024-03-310001364742srt:MinimumMember2024-01-012024-03-310001364742us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:CommonStockMember2024-01-012024-03-310001364742us-gaap:InvestmentAdviceMembersrt:AffiliatedEntityMember2023-01-012023-03-310001364742us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001364742blk:CashManagementMemberblk:RevenueByClientTypeMember2024-01-012024-03-310001364742blk:InvestmentsRelatedToDeferredCashCompensationPlansMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001364742us-gaap:EmployeeStockOptionMember2024-01-012024-03-310001364742us-gaap:InvestmentAdviceMember2023-04-012023-03-310001364742blk:RedeemableNoncontrollingInterestsMember2024-01-012024-03-310001364742us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberblk:HedgeFundsEquityOtherMember2024-03-310001364742blk:RevenueByClientTypeMemberblk:EquityETFsMember2024-01-012024-03-310001364742us-gaap:CommonStockMember2023-03-310001364742srt:MaximumMember2024-03-310001364742us-gaap:InvestmentAdviceMember2024-03-310001364742us-gaap:ShareBasedCompensationAwardTrancheThreeMemberblk:PerformanceBasedStockOptionsMember2023-05-302023-05-300001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberblk:PrivateEquityFundsOfFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-3100013647422025-01-01us-gaap:InvestmentAdviceMember2024-03-310001364742blk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2024-03-310001364742us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-01-012024-03-310001364742us-gaap:TreasuryStockCommonMember2023-12-310001364742blk:RedeemableNoncontrollingInterestsMember2022-12-310001364742us-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:CollateralizedLoanObligationsMember2024-03-310001364742us-gaap:CommonStockMember2022-12-310001364742blk:EquityFixedIncomeAndMultiAssetMutualFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2024-03-310001364742blk:RevenueByInvestmentStyleMemberblk:ActiveProductsMember2024-01-012024-03-310001364742us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001364742us-gaap:ForeignExchangeFutureMember2024-01-012024-03-310001364742us-gaap:ForeignExchangeForwardMember2023-01-012023-03-310001364742us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2024-03-310001364742us-gaap:HedgeFundsEquityMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001364742blk:OtherAdvisoryRevenueMemberus-gaap:ServiceOtherMember2023-01-012023-03-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-03-310001364742us-gaap:EquitySecuritiesMemberblk:ConsolidatedSponsoredInvestmentProductsMember2023-12-3100013647422024-01-01us-gaap:InvestmentAdviceMember2023-03-310001364742us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberblk:HedgeFundsEquityOtherMember2023-12-310001364742us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMember2024-03-310001364742blk:RevenueByClientTypeMemberblk:RetailClientsMember2023-01-012023-03-310001364742us-gaap:DebtSecuritiesMember2022-12-310001364742us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberblk:OtherFundsMember2023-01-012023-12-3100013647422024-03-310001364742blk:DeferredCashCompensationPlanMutualFundInvestmentsMember2024-03-310001364742us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742blk:EquityProductMemberus-gaap:InvestmentAdviceMember2023-01-012023-03-310001364742blk:RevenueByInvestmentStyleMemberblk:EquityIndexAndETFsMember2024-01-012024-03-3100013647422028-01-01us-gaap:TechnologyServiceMember2024-03-310001364742us-gaap:ForeignExchangeFutureMember2023-01-012023-03-310001364742srt:AsiaPacificMember2024-01-012024-03-310001364742blk:TradingSecuritiesAssetsMemberus-gaap:DebtSecuritiesMember2024-01-012024-03-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001364742blk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2024-03-310001364742us-gaap:ParentMember2024-01-012024-03-310001364742us-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMember2023-12-310001364742blk:FixedIncomeActiveProductsMemberus-gaap:InvestmentAdviceMember2023-01-012023-03-310001364742us-gaap:RetainedEarningsUnappropriatedMember2024-01-012024-03-310001364742us-gaap:ShareBasedCompensationAwardTrancheTwoMemberblk:TimeBasedStockOptionsMember2023-05-302023-05-300001364742us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RealEstateFundsMember2024-03-310001364742us-gaap:ShareBasedCompensationAwardTrancheTwoMemberblk:PerformanceBasedStockOptionsMember2023-05-302023-05-300001364742us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-3100013647422023-03-310001364742us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2024-03-310001364742us-gaap:DebtSecuritiesMember2023-03-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:HedgeFundsEquityMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001364742blk:TimeBasedStockOptionsMember2023-05-302023-05-300001364742us-gaap:CollateralizedLoanObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001364742blk:TwoPointFourZeroPercentNotesDueTwoThousandThirtyMember2024-03-310001364742us-gaap:EquitySecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001364742us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2023-12-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMember2023-12-310001364742blk:CashManagementMemberus-gaap:InvestmentAdviceMember2023-01-012023-03-310001364742blk:AlternativeInvestmentsProductsMemberblk:IlliquidAlternativesMemberus-gaap:InvestmentPerformanceMember2023-01-012023-03-310001364742blk:TwoThousandTwentyThreePerformanceBasedStockOptionsMember2024-01-012024-03-310001364742us-gaap:TechnologyServiceMember2023-03-310001364742us-gaap:CorporateDebtSecuritiesMember2023-12-310001364742us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberblk:OtherFundsMember2024-01-012024-03-310001364742blk:ConsolidatedVotingRightsEntitiesMember2023-12-310001364742us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2024-03-310001364742us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberblk:SponsoredInvestmentProductsMember2024-03-310001364742us-gaap:BorrowingsMember2024-03-310001364742us-gaap:CommonStockMember2023-12-310001364742blk:UnsecuredDebtTwoThousandTwentyFourNotesMember2024-01-012024-03-3100013647422024-01-01us-gaap:TechnologyServiceMember2023-03-310001364742us-gaap:OtherLiabilitiesMember2023-12-310001364742us-gaap:DebtSecuritiesMember2023-12-310001364742us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:InvestmentsMember2023-12-310001364742us-gaap:ShareBasedCompensationAwardTrancheOneMemberblk:TimeBasedStockOptionsMember2023-05-302023-05-300001364742us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310001364742us-gaap:EstimateOfFairValueFairValueDisclosureMemberblk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMember2023-12-310001364742srt:EuropeMember2023-12-310001364742us-gaap:OtherLiabilitiesMember2024-03-310001364742us-gaap:EquitySecuritiesMember2024-03-310001364742blk:TradingSecuritiesAssetsMemberus-gaap:DebtSecuritiesMember2022-12-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMember2024-03-310001364742us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2023-12-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberblk:HedgeFundsEquityOtherMember2023-12-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberblk:HedgeFundsEquityOtherMember2024-03-310001364742us-gaap:InvestmentsMember2022-12-310001364742us-gaap:InvestmentsMember2023-03-310001364742blk:AlternativeInvestmentsProductsMemberus-gaap:InvestmentAdviceMemberblk:LiquidAlternativesMember2024-01-012024-03-310001364742us-gaap:HedgeFundsEquityMembersrt:MinimumMemberus-gaap:EquityMethodInvestmentsMember2024-01-012024-03-310001364742blk:CarriedInterestMemberus-gaap:ConsolidatedEntitiesMember2024-03-310001364742us-gaap:EstimateOfFairValueFairValueDisclosureMemberblk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:TechnologyServiceMember2027-01-012024-03-3100013647422023-01-012023-03-310001364742blk:AlternativeInvestmentsProductsMemberus-gaap:InvestmentAdviceMember2023-01-012023-03-310001364742us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2023-12-310001364742blk:RevenueByInvestmentStyleMemberblk:LongTermRevenueMember2023-01-012023-03-310001364742us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2023-12-310001364742us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-12-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:HedgeFundsEquityMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001364742us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMember2024-03-310001364742us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberblk:HedgeFundsEquityOtherMember2024-03-310001364742us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2023-12-310001364742blk:RevenueByClientTypeMemberblk:LongTermRevenueMember2023-01-012023-03-310001364742blk:ThreePointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2024-01-012024-03-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RealEstateFundsMember2024-03-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742blk:MaximumRiskOfLossMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-12-310001364742us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMember2024-03-310001364742us-gaap:OtherAssetsMember2023-12-310001364742blk:RevenueByClientTypeMemberblk:LongTermRevenueMember2024-01-012024-03-310001364742blk:MultiAssetMemberus-gaap:InvestmentPerformanceMember2023-01-012023-03-310001364742us-gaap:EquitySecuritiesMemberblk:ConsolidatedSponsoredInvestmentProductsMember2024-03-310001364742blk:RedeemableNoncontrollingInterestsMember2023-03-310001364742us-gaap:OtherLiabilitiesMember2024-01-012024-03-310001364742us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-3100013647422024-04-300001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RealEstateFundsMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001364742us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberblk:MaximumRiskOfLossMember2024-03-310001364742us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310001364742blk:TradingSecuritiesAssetsMemberus-gaap:DebtSecuritiesMember2024-03-310001364742us-gaap:ServiceOtherMemberblk:AdvisoryRevenueMember2023-01-012023-03-310001364742us-gaap:FairValueOptionOtherEligibleItemsMember2023-12-310001364742us-gaap:TreasuryStockCommonMember2023-03-310001364742us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001364742us-gaap:RealEstateFundsMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001364742us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-03-310001364742blk:EquityMutualFundInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2024-03-3100013647422028-01-01us-gaap:InvestmentAdviceMember2024-03-310001364742us-gaap:EmployeeStockOptionMember2023-01-012023-03-310001364742blk:DeferredCashCompensationPlansMember2023-01-012023-03-310001364742blk:EquityFixedIncomeAndMultiAssetMutualFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742blk:TwoThousandTwentyThreeTimeBasedStockOptionsMember2024-01-012024-03-310001364742us-gaap:InvestmentPerformanceMember2024-01-012024-03-310001364742srt:AmericasMember2024-03-310001364742us-gaap:InvestmentAdviceMemberblk:EquityETFsMember2023-01-012023-03-310001364742blk:TwoThousandTwnentyThreeTimeBasedStockOptionsMember2024-03-310001364742us-gaap:InvestmentsMember2023-01-012023-03-310001364742us-gaap:PrivateEquityFundsMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001364742us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-12-310001364742blk:UnsecuredDebtTwoThousandTwentyFourNotesMember2024-03-310001364742blk:CashManagementMemberblk:RevenueByInvestmentStyleMember2024-01-012024-03-310001364742us-gaap:TreasuryStockCommonMember2024-01-012024-03-310001364742blk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMemberblk:HedgeFundsEquityOtherMember2024-03-310001364742blk:TwoPointOneZeroPercentNotesDueTwoThousandThirtyTwoMember2024-03-310001364742blk:EquityProductMemberus-gaap:InvestmentPerformanceMember2023-01-012023-03-310001364742us-gaap:FairValueInputsLevel1Memberblk:EquityFixedIncomeAndMultiAssetMutualFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742blk:FivePointTwoFivePercentNotesDueTwoThousandFiftyFourMember2024-03-310001364742us-gaap:ParentMember2023-12-310001364742srt:MaximumMemberus-gaap:HedgeFundsEquityMemberus-gaap:EquityMethodInvestmentsMember2024-01-012024-03-310001364742us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2023-12-310001364742blk:DeferredCashCompensationPlanEquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:EquityMethodInvestmentsMember2024-01-012024-03-310001364742blk:AlternativeInvestmentsProductsMemberblk:LiquidAlternativesMemberus-gaap:InvestmentPerformanceMember2024-01-012024-03-310001364742blk:TwoThousandSeventeenPerformanceBasedStockOptionsMember2023-12-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2023-12-310001364742blk:AlternativesCurrencyAndCommoditiesMemberblk:AlternativeInvestmentsProductsMemberus-gaap:InvestmentAdviceMember2024-01-012024-03-310001364742blk:RevenueByInvestmentStyleMemberblk:LongTermRevenueMember2024-01-012024-03-310001364742us-gaap:MoneyMarketFundsMember2023-12-310001364742blk:MultiAssetMemberus-gaap:InvestmentPerformanceMember2024-01-012024-03-310001364742us-gaap:DistributionAndShareholderServiceMember2024-01-012024-03-310001364742us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310001364742us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMember2023-12-310001364742us-gaap:ParentMember2023-01-012023-03-310001364742blk:TradingSecuritiesAssetsMemberus-gaap:DebtSecuritiesMember2023-01-012023-03-310001364742blk:AlternativeInvestmentsProductsMemberus-gaap:InvestmentAdviceMemberblk:IlliquidAlternativesMember2023-01-012023-03-310001364742srt:MaximumMemberblk:DeferredCashCompensationPlanEquityMethodInvestmentsMemberus-gaap:EquityMethodInvestmentsMember2024-01-012024-03-310001364742srt:AmericasMember2023-01-012023-03-310001364742blk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:RestrictedStockUnitsRSUMember2024-03-310001364742blk:UsAndForeignGovernmentDebtSecuritiesMember2023-12-310001364742blk:DeferredCashCompensationPlansMember2024-01-012024-03-310001364742blk:RevenueByClientTypeMemberblk:EquityETFsMember2023-01-012023-03-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:RealEstateFundsMember2023-12-310001364742us-gaap:TechnologyServiceMember2023-04-012023-03-310001364742us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-03-310001364742blk:TwoThousandTwentyFourRevolvingCreditFacilitiesMember2024-01-012024-03-310001364742blk:UnsecuredDebtTwoThousandTwentyNineAndTwoThousandThirtyFourNotesMember2024-01-012024-03-310001364742blk:AlternativeInvestmentsProductsMemberblk:LiquidAlternativesMemberus-gaap:InvestmentPerformanceMember2023-01-012023-03-310001364742us-gaap:NoncontrollingInterestMember2022-12-310001364742us-gaap:NoncontrollingInterestMember2023-12-310001364742us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberblk:HedgeFundsEquityOtherMember2024-03-310001364742us-gaap:ForeignExchangeForwardMemberus-gaap:OtherLiabilitiesMember2024-03-310001364742us-gaap:ShareBasedCompensationAwardTrancheTwoMemberblk:PerformanceBasedStockOptionsMember2024-01-012024-03-310001364742us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742blk:EquityMutualFundInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2023-12-310001364742blk:RevenueByInvestmentStyleMemberblk:ActiveProductsMember2023-01-012023-03-310001364742us-gaap:DistributionAndShareholderServiceMember2023-01-012023-03-310001364742us-gaap:ShareBasedCompensationAwardTrancheOneMemberblk:PerformanceBasedStockOptionsMember2024-01-012024-03-310001364742us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2023-12-310001364742blk:TimeBasedStockOptionsMember2024-03-310001364742us-gaap:FairValueMeasurementsRecurringMemberblk:HedgeFundsEquityOtherMember2023-12-310001364742us-gaap:DebtSecuritiesMember2024-03-310001364742us-gaap:ShareBasedCompensationAwardTrancheOneMemberblk:PerformanceBasedStockOptionsMember2023-05-302023-05-300001364742us-gaap:InvestmentAdviceMemberblk:FixedIncomeNonETFIndexMember2023-01-012023-03-310001364742srt:SubsidiariesMemberblk:TwoThousandTwentyFourSubsidiaryCreditFacilityMember2024-03-310001364742us-gaap:PrivateEquityFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001364742us-gaap:HedgeFundsEquityMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001364742blk:InstitutionalMemberblk:RevenueByClientTypeMember2023-01-012023-03-310001364742us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:InvestmentsMember2024-03-310001364742us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2024-03-310001364742us-gaap:OtherInvestmentsMemberblk:DeferredCashCompensationPlansMember2023-12-310001364742blk:EquityMutualFundInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:RetainedEarningsUnappropriatedMember2022-12-310001364742blk:FivePercentNotesDueTwoThousandThirtyFourMember2024-03-310001364742blk:DeferredCashCompensationPlanEquityMethodInvestmentsMember2024-03-310001364742us-gaap:OtherAssetsMemberus-gaap:ForeignExchangeForwardMember2024-03-3100013647422024-01-012024-03-310001364742blk:EquityFixedIncomeAndMultiAssetMutualFundsMemberblk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742blk:FederalReserveBankStockMember2023-12-310001364742us-gaap:InvestmentPerformanceMemberblk:FixedIncomeMember2023-01-012023-03-310001364742us-gaap:InvestmentAdviceMember2023-01-012023-03-310001364742blk:InvestmentInNAVMemberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742blk:FederalReserveBankStockMember2024-03-310001364742blk:TwoThousandTwentyThreeTimeBasedStockOptionsMember2024-03-310001364742blk:EquityFixedIncomeAndMultiAssetMutualFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:FairValueMeasurementsRecurringMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2023-12-310001364742us-gaap:CollateralizedLoanObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310001364742blk:DeferredCashCompensationPlanEquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:EquityMethodInvestmentsMember2023-01-012023-12-310001364742us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742srt:AsiaPacificMember2024-03-310001364742us-gaap:RetainedEarningsUnappropriatedMember2023-01-012023-03-310001364742us-gaap:ParentMember2023-03-310001364742blk:InstitutionalActiveMemberblk:RevenueByClientTypeMember2024-01-012024-03-310001364742us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001364742blk:ConsolidatedVotingRightsEntitiesMember2024-03-310001364742blk:SeedInvestmentMember2024-01-012024-03-310001364742blk:EquityProductMemberus-gaap:InvestmentAdviceMember2024-01-012024-03-310001364742blk:FourPointSevenZeroPercentNotesDueTwoThousandTwentyNineMember2024-03-3100013647422025-01-01us-gaap:TechnologyServiceMember2024-03-310001364742srt:EuropeMember2023-01-012023-03-310001364742us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMember2023-12-310001364742us-gaap:InvestmentAdviceMember2027-01-012024-03-310001364742blk:FivePointTwoFivePercentNotesDueTwoThousandFiftyFourMember2024-01-012024-03-310001364742us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-3100013647422025-01-01us-gaap:InvestmentAdviceMember2023-03-310001364742us-gaap:InvestmentsMember2024-03-310001364742us-gaap:NoncontrollingInterestMember2024-03-310001364742blk:OtherAdvisoryRevenueMemberus-gaap:ServiceOtherMember2024-01-012024-03-310001364742blk:ThreePointTwoFivePercentNotesDueTwoThousandTwentyNineMember2024-03-310001364742us-gaap:EquitySecuritiesMemberus-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742blk:EquityFixedIncomeAndMultiAssetMutualFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:OtherAssetsMember2024-01-012024-03-310001364742us-gaap:OtherLiabilitiesMember2022-12-310001364742us-gaap:ForeignExchangeForwardMember2024-01-012024-03-310001364742blk:ConsolidatedSponsoredInvestmentProductsMember2024-03-310001364742blk:RevenueByInvestmentStyleMemberblk:EquityIndexAndETFsMember2023-01-012023-03-310001364742blk:IcapitalMember2023-12-310001364742blk:RevenueByClientTypeMemberblk:InstitutionalIndexMember2024-01-012024-03-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001364742us-gaap:PrivateEquityFundsMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310001364742us-gaap:OtherAssetsMember2024-03-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EquityMethodInvestmentsMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2024-03-310001364742blk:FixedIncomeActiveProductsMemberus-gaap:InvestmentAdviceMember2024-01-012024-03-310001364742blk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DebtSecuritiesMember2023-12-310001364742us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-12-310001364742us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-03-3100013647422026-01-01us-gaap:TechnologyServiceMember2024-03-310001364742blk:AlternativesCurrencyAndCommoditiesMemberblk:AlternativeInvestmentsProductsMemberus-gaap:InvestmentAdviceMember2023-01-012023-03-310001364742us-gaap:ForeignExchangeFutureMember2023-10-012023-12-310001364742us-gaap:TechnologyServiceMember2027-01-012023-03-310001364742blk:RevenueByInvestmentStyleMember2023-01-012023-03-310001364742blk:RevenueByClientTypeMember2024-01-012024-03-310001364742blk:AlternativeInvestmentsProductsMemberblk:IlliquidAlternativesMemberus-gaap:InvestmentPerformanceMember2024-01-012024-03-310001364742us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742blk:ThreePointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2024-03-310001364742us-gaap:InvestmentAdviceMembersrt:AffiliatedEntityMember2024-01-012024-03-310001364742us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742blk:TwoThousandSeventeenPerformanceBasedStockOptionsMember2024-03-310001364742us-gaap:ForeignExchangeForwardMember2023-01-012023-12-310001364742us-gaap:CommonStockMember2023-01-012023-03-310001364742blk:EquityMutualFundInvestmentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:HedgeFundsEquityMembersrt:MinimumMemberus-gaap:EquityMethodInvestmentsMember2023-01-012023-12-310001364742us-gaap:RealEstateFundsMemberus-gaap:EquityMethodInvestmentsMember2023-12-310001364742us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberblk:OtherNetAssetsLiabilitiesMember2024-03-310001364742us-gaap:EquitySecuritiesMemberblk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:InvestmentAdviceMember2024-01-012024-03-310001364742us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberblk:HedgeFundsEquityOtherMember2024-03-310001364742blk:ConsolidatedSponsoredInvestmentProductsMember2023-12-310001364742us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2023-12-310001364742us-gaap:EquityMethodInvestmentsMember2023-12-310001364742us-gaap:FairValueMeasurementsRecurringMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2024-03-310001364742blk:OnePointTwoFiveZeroPercentNotesDueTwoThousandTwentyFiveMember2024-01-012024-03-310001364742blk:RedeemableNoncontrollingInterestsMember2023-12-310001364742blk:ThreePointTwoZeroPercentNotesDueTwoThousandTwentySevenMember2024-03-310001364742us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001364742us-gaap:FairValueInputsLevel1Memberblk:EquityFixedIncomeAndMultiAssetMutualFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742blk:FixedIncomeETFsMemberus-gaap:InvestmentAdviceMember2023-01-012023-03-310001364742us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberblk:SponsoredInvestmentProductsMember2023-12-310001364742us-gaap:DebtSecuritiesMember2024-01-012024-03-310001364742us-gaap:PrivateEquityFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001364742blk:AlternativeInvestmentsProductsMemberus-gaap:InvestmentAdviceMemberblk:LiquidAlternativesMember2023-01-012023-03-310001364742us-gaap:OtherLiabilitiesMember2023-01-012023-03-310001364742srt:AmericasMember2024-01-012024-03-310001364742us-gaap:HedgeFundsEquityMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310001364742us-gaap:ParentMember2024-03-310001364742us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberblk:HedgeFundsEquityOtherMember2023-12-310001364742us-gaap:InvestmentAdviceMemberblk:EquityETFsMember2024-01-012024-03-310001364742blk:MultiAssetMemberus-gaap:InvestmentAdviceMember2023-01-012023-03-310001364742blk:EquityFixedIncomeAndMultiAssetMutualFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberblk:AdvisoryFeeReceivablesMember2024-03-310001364742blk:ShareRepurchaseProgramMember2024-03-310001364742blk:EquityMutualFundInvestmentsMemberblk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742blk:FixedIncomeETFsMemberus-gaap:InvestmentAdviceMember2024-01-012024-03-310001364742us-gaap:CommercialPaperMember2024-03-310001364742us-gaap:RetainedEarningsUnappropriatedMember2023-03-310001364742us-gaap:ForeignExchangeForwardMemberus-gaap:OtherLiabilitiesMember2023-12-310001364742us-gaap:InvestmentAdviceMemberblk:EquityActiveProductMember2023-01-012023-03-310001364742blk:EquityFixedIncomeAndMultiAssetMutualFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:OtherInvestmentsMember2024-03-310001364742blk:TradingSecuritiesAssetsMemberus-gaap:DebtSecuritiesMember2023-12-310001364742blk:UsAndForeignGovernmentDebtSecuritiesMember2024-03-310001364742us-gaap:AssetBackedSecuritiesMember2023-12-310001364742blk:CashManagementMemberblk:RevenueByClientTypeMember2023-01-012023-03-310001364742us-gaap:AssetBackedSecuritiesMember2024-03-310001364742us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001364742us-gaap:RealEstateFundsMember2024-03-310001364742us-gaap:InvestmentAdviceMemberblk:NonaffiliatedEntitiesMember2024-01-012024-03-310001364742us-gaap:EquitySecuritiesMember2023-12-310001364742us-gaap:TreasuryStockCommonMember2022-12-310001364742us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RealEstateFundsMember2023-12-310001364742us-gaap:EstimateOfFairValueFairValueDisclosureMemberblk:InvestmentInNAVMemberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742us-gaap:ServiceOtherMember2024-01-012024-03-310001364742us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001364742us-gaap:InvestmentAdviceMemberblk:LongTermRevenueMember2023-01-012023-03-310001364742blk:RevenueByClientTypeMemberblk:RetailClientsMember2024-01-012024-03-310001364742blk:PerformanceBasedStockOptionsMember2023-05-302023-05-300001364742us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberblk:HedgeFundsEquityOtherMember2023-12-310001364742blk:PerformanceBasedRestrictedStockUnitsMember2024-01-012024-03-310001364742us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-01-012024-03-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2024-03-310001364742us-gaap:NoncontrollingInterestMember2023-01-012023-03-310001364742us-gaap:RealEstateFundsMemberus-gaap:EquityMethodInvestmentsMember2024-01-012024-03-310001364742us-gaap:ShareBasedCompensationAwardTrancheThreeMemberblk:PerformanceBasedStockOptionsMember2024-01-012024-03-3100013647422022-12-310001364742us-gaap:TechnologyServiceMember2024-01-012024-03-310001364742srt:MaximumMember2024-01-012024-03-310001364742us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-01-012023-03-310001364742blk:AlternativeInvestmentsProductsMemberus-gaap:InvestmentAdviceMemberblk:IlliquidAlternativesMember2024-01-012024-03-310001364742blk:TwoThousandTwnentyThreePerformanceBasedStockOptionsMember2024-03-310001364742blk:PerformanceBasedRestrictedStockUnitsMember2024-03-310001364742srt:EuropeMember2024-01-012024-03-310001364742blk:DeferredCashCompensationPlanEquityMethodInvestmentsMember2023-12-310001364742blk:TwoThousandSeventeenPerformanceBasedStockOptionsMember2024-01-012024-03-310001364742us-gaap:CollateralizedLoanObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001364742us-gaap:TechnologyServiceMember2024-03-310001364742srt:MinimumMember2024-03-310001364742us-gaap:RealEstateFundsMember2023-12-310001364742us-gaap:FairValueMeasurementsRecurringMemberblk:HedgeFundsEquityOtherMember2024-03-310001364742us-gaap:InvestmentAdviceMemberblk:FixedIncomeMember2023-01-012023-03-310001364742us-gaap:EstimateOfFairValueFairValueDisclosureMemberblk:InvestmentInNAVMemberus-gaap:FairValueMeasurementsRecurringMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2023-12-310001364742us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberblk:OtherNetAssetsLiabilitiesMember2023-12-310001364742us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001364742srt:MaximumMemberus-gaap:HedgeFundsEquityMemberus-gaap:EquityMethodInvestmentsMember2023-01-012023-12-310001364742us-gaap:CollateralizedLoanObligationsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-012024-03-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310001364742us-gaap:InvestmentAdviceMember2027-01-012023-03-310001364742us-gaap:EquitySecuritiesMemberblk:ConsolidatedVotingRightsEntitiesMember2023-12-3100013647422026-01-01us-gaap:TechnologyServiceMember2023-03-310001364742us-gaap:DebtSecuritiesMember2023-01-012023-03-310001364742blk:MultiAssetMemberus-gaap:InvestmentAdviceMember2024-01-012024-03-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:HedgeFundsEquityMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-3100013647422024-04-01us-gaap:InvestmentAdviceMember2024-03-310001364742us-gaap:ForeignExchangeFutureMember2023-12-310001364742us-gaap:EquityMethodInvestmentsMember2024-03-310001364742us-gaap:InvestmentAdviceMemberblk:FixedIncomeNonETFIndexMember2024-01-012024-03-310001364742us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RealEstateFundsMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001364742us-gaap:EquityMethodInvestmentsMemberblk:InvestmentsRelatedToDeferredCashCompensationPlansMember2023-12-310001364742blk:CommonStockPointZeroOneParValueMember2024-01-012024-03-310001364742us-gaap:TreasuryStockCommonMember2023-01-012023-03-310001364742blk:TwoThousandTwentyThreePerformanceBasedStockOptionsMember2023-12-310001364742us-gaap:InvestmentAdviceMemberblk:EquityActiveProductMember2024-01-012024-03-310001364742us-gaap:OtherAssetsMemberus-gaap:ForeignExchangeForwardMember2023-12-310001364742us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001364742blk:EquityMutualFundInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-31xbrli:purexbrli:sharesiso4217:USDxbrli:sharesiso4217:GBPblk:Segmentiso4217:USD

 

 

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, 2024

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

img178392973_0.jpg 

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.)

50 Hudson Yards, New York, NY 10001

(Address of Principal Executive Offices) (Zip Code)

(212) 810-5800

(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, 2024, there were 148,599,981 shares of the registrant’s common stock outstanding.

 


 

BlackRock, Inc.

Index to Form 10-Q

PART I

FINANCIAL INFORMATION

Page

 

 

 

Item 1.

Financial Statements (unaudited)

 

 

 

 

Condensed Consolidated Statements of Financial Condition

1

 

 

 

Condensed Consolidated Statements of Income

2

 

 

 

Condensed Consolidated Statements of Comprehensive Income

3

 

 

 

Condensed Consolidated Statements of Changes in Equity

4

 

 

 

Condensed Consolidated Statements of Cash Flows

5

 

 

 

Notes to Condensed Consolidated Financial Statements

6

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

60

 

 

 

Item 4.

Controls and Procedures

61

 

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

62

 

 

 

Item 1A.

Risk Factors

63

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

 

 

 

Item 6.

Exhibits

65

 

 

 

 

Signatures

66

 

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)

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

9,374

 

 

$

8,736

 

Accounts receivable

 

 

3,961

 

 

 

3,916

 

Investments(1)

 

 

10,337

 

 

 

9,740

 

Separate account assets

 

 

55,376

 

 

 

56,098

 

Separate account collateral held under securities lending agreements

 

 

3,998

 

 

 

4,558

 

Property and equipment (net of accumulated depreciation and amortization of $1,499 and
   $
1,439 at March 31, 2024 and December 31, 2023, respectively)

 

 

1,106

 

 

 

1,112

 

Intangible assets (net of accumulated amortization of $656 and $618 at
   March 31, 2024 and December 31, 2023, respectively)

 

 

18,219

 

 

 

18,258

 

Goodwill

 

 

15,522

 

 

 

15,524

 

Operating lease right-of-use assets

 

 

1,410

 

 

 

1,421

 

Other assets(1)

 

 

4,685

 

 

 

3,848

 

Total assets

 

$

123,988

 

 

$

123,211

 

Liabilities

 

 

 

 

 

 

Accrued compensation and benefits

 

$

1,061

 

 

$

2,393

 

Accounts payable and accrued liabilities

 

 

1,445

 

 

 

1,240

 

Borrowings

 

 

9,860

 

 

 

7,918

 

Separate account liabilities

 

 

55,376

 

 

 

56,098

 

Separate account collateral liabilities under securities lending agreements

 

 

3,998

 

 

 

4,558

 

Deferred income tax liabilities

 

 

3,456

 

 

 

3,506

 

Operating lease liabilities

 

 

1,772

 

 

 

1,784

 

Other liabilities(1)

 

 

5,275

 

 

 

4,474

 

Total liabilities

 

 

82,243

 

 

 

81,971

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

Temporary equity

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

1,850

 

 

 

1,740

 

Permanent equity

 

 

 

 

 

 

BlackRock, Inc. stockholders’ equity

 

 

 

 

 

 

Common stock, $0.01 par value;

 

 

2

 

 

 

2

 

Shares authorized: 500,000,000 at March 31, 2024 and December 31, 2023;
   Shares issued:
172,075,373 at March 31, 2024 and December 31, 2023;
   Shares outstanding:
148,759,510 and 148,500,074 at March 31, 2024 and
      December 31, 2023, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

19,617

 

 

 

19,833

 

Retained earnings

 

 

33,121

 

 

 

32,343

 

Accumulated other comprehensive loss

 

 

(933

)

 

 

(840

)

Treasury stock, common, at cost (23,315,863 and 23,575,299 shares held at March 31, 2024
   and December 31, 2023, respectively)

 

 

(12,082

)

 

 

(11,991

)

Total BlackRock, Inc. stockholders’ equity

 

 

39,725

 

 

 

39,347

 

Nonredeemable noncontrolling interests

 

 

170

 

 

 

153

 

Total permanent equity

 

 

39,895

 

 

 

39,500

 

Total liabilities, temporary equity and permanent equity

 

$

123,988

 

 

$

123,211

 

 

(1)
At March 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $277 million, $5.3 billion, $82 million, and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, 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 per share data)

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

Investment advisory, administration fees
  and securities lending revenue:

 

 

 

 

 

 

Related parties

 

$

2,847

 

 

$

2,611

 

Other third parties

 

 

931

 

 

 

891

 

Total investment advisory, administration fees
   and securities lending revenue

 

 

3,778

 

 

 

3,502

 

Investment advisory performance fees

 

 

204

 

 

 

55

 

Technology services revenue

 

 

377

 

 

 

340

 

Distribution fees

 

 

310

 

 

 

319

 

Advisory and other revenue

 

 

59

 

 

 

27

 

Total revenue

 

 

4,728

 

 

 

4,243

 

Expense

 

 

 

 

 

 

Employee compensation and benefits

 

 

1,580

 

 

 

1,427

 

Sales, asset and account expense:

 

 

 

 

 

 

Distribution and servicing costs

 

 

518

 

 

 

505

 

Direct fund expense

 

 

338

 

 

 

315

 

Sub-advisory and other

 

 

32

 

 

 

26

 

Total sales, asset and account expense

 

 

888

 

 

 

846

 

General and administration expense

 

 

529

 

 

 

495

 

Amortization of intangible assets

 

 

38

 

 

 

37

 

Total expense

 

 

3,035

 

 

 

2,805

 

Operating income

 

 

1,693

 

 

 

1,438

 

Nonoperating income (expense)

 

 

 

 

 

 

Net gain (loss) on investments

 

 

171

 

 

 

89

 

Interest and dividend income

 

 

141

 

 

 

86

 

Interest expense

 

 

(92

)

 

 

(59

)

Total nonoperating income (expense)

 

 

220

 

 

 

116

 

Income before income taxes

 

 

1,913

 

 

 

1,554

 

Income tax expense

 

 

290

 

 

 

385

 

Net income

 

 

1,623

 

 

 

1,169

 

Less:

 

 

 

 

 

 

Net income (loss) attributable to
   noncontrolling interests

 

 

50

 

 

 

12

 

Net income attributable to BlackRock, Inc.

 

$

1,573

 

 

$

1,157

 

Earnings per share attributable to BlackRock, Inc.
   common stockholders:

 

 

 

 

 

 

Basic

 

$

10.58

 

 

$

7.72

 

Diluted

 

$

10.48

 

 

$

7.64

 

Weighted-average common shares
   outstanding:

 

 

 

 

 

 

Basic

 

 

148.7

 

 

 

149.9

 

Diluted

 

 

150.1

 

 

 

151.3

 

 

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)

 

2024

 

 

2023

 

Net income

 

$

1,623

 

 

$

1,169

 

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation adjustments(1)

 

 

(93

)

 

 

126

 

Comprehensive income (loss)

 

 

1,530

 

 

 

1,295

 

Less: Comprehensive income (loss) attributable to
     noncontrolling interests

 

 

50

 

 

 

12

 

Comprehensive income attributable to
     BlackRock, Inc.

 

$

1,480

 

 

$

1,283

 

 

(1)
Amount for the three months ended March 31, 2024 includes a gain from a net investment hedge of $13 million (net of tax expense of $4 million). Amount for the three months ended March 31, 2023 includes a loss from a net investment hedge of $10 million (net of tax benefit of $3 million).

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, 2024

(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, 2023

$

19,835

 

 

$

32,343

 

 

$

(840

)

 

$

(11,991

)

 

$

39,347

 

 

$

153

 

 

$

39,500

 

 

$

1,740

 

Net income

 

 

 

 

1,573

 

 

 

 

 

 

 

 

 

1,573

 

 

 

(7

)

 

 

1,566

 

 

 

57

 

Dividends declared ($5.10 per share)

 

 

 

 

(795

)

 

 

 

 

 

 

 

 

(795

)

 

 

 

 

 

(795

)

 

 

 

Stock-based compensation

 

176

 

 

 

 

 

 

 

 

 

 

 

 

176

 

 

 

 

 

 

176

 

 

 

 

Issuance of common shares related to
   employee stock transactions

 

(392

)

 

 

 

 

 

 

 

 

543

 

 

 

151

 

 

 

 

 

 

151

 

 

 

 

Employee tax withholdings related to
   employee stock transactions

 

 

 

 

 

 

 

 

 

 

(259

)

 

 

(259

)

 

 

 

 

 

(259

)

 

 

 

Shares repurchased

 

 

 

 

 

 

 

 

 

 

(375

)

 

 

(375

)

 

 

 

 

 

(375

)

 

 

 

Subscriptions (redemptions/distributions)
    — noncontrolling interest holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

 

 

24

 

 

 

406

 

Net consolidations (deconsolidations)
   of sponsored investment funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(353

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

(93

)

 

 

 

 

 

(93

)

 

 

 

 

 

(93

)

 

 

 

March 31, 2024

$

19,619

 

 

$

33,121

 

 

$

(933

)

 

$

(12,082

)

 

$

39,725

 

 

$

170

 

 

$

39,895

 

 

$

1,850

 

 

(1)
Amounts include $2 million of common stock at both March 31, 2024 and December 31, 2023.

For the Three Months Ended March 31, 2023

(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, 2022

$

19,774

 

 

$

29,876

 

 

$

(1,101

)

 

$

(10,805

)

 

$

37,744

 

 

$

132

 

 

$

37,876

 

 

$

909

 

Net income

 

 

 

 

1,157

 

 

 

 

 

 

 

 

 

1,157

 

 

 

(5

)

 

 

1,152

 

 

 

17

 

Dividends declared ($5.00 per share)

 

 

 

 

(796

)

 

 

 

 

 

 

 

 

(796

)

 

 

 

 

 

(796

)

 

 

 

Stock-based compensation

 

165

 

 

 

 

 

 

 

 

 

 

 

 

165

 

 

 

 

 

 

165

 

 

 

 

Issuance of common shares related to
   employee stock transactions

 

(510

)

 

 

 

 

 

 

 

 

547

 

 

 

37

 

 

 

 

 

 

37

 

 

 

 

Employee tax withholdings related to
   employee stock transactions

 

 

 

 

 

 

 

 

 

 

(346

)

 

 

(346

)

 

 

 

 

 

(346

)

 

 

 

Shares repurchased

 

 

 

 

 

 

 

 

 

 

(375

)

 

 

(375

)

 

 

 

 

 

(375

)

 

 

 

Subscriptions (redemptions/distributions)
    — noncontrolling interest holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9

)

 

 

(9

)

 

 

314

 

Net consolidations (deconsolidations)
   of sponsored investment funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

126

 

 

 

 

 

 

126

 

 

 

 

 

 

126

 

 

 

 

March 31, 2023

$

19,429

 

 

$

30,237

 

 

$

(975

)

 

$

(10,979

)

 

$

37,712

 

 

$

118

 

 

$

37,830

 

 

$

1,235

 

 

(1)
Amounts include $2 million of common stock at both March 31, 2023 and December 31, 2022.

See accompanying notes to condensed consolidated financial statements.

 

4


 

BlackRock, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions)

 

2024

 

 

2023

 

Operating activities

 

 

 

 

 

 

Net income

 

$

1,623

 

 

$

1,169

 

Adjustments to reconcile net income to net cash provided by/(used in) operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

111

 

 

 

106

 

Noncash lease expense

 

 

32

 

 

 

43

 

Stock-based compensation

 

 

176

 

 

 

165

 

Deferred income tax expense (benefit)

 

 

(41

)

 

 

53

 

Other investment gains

 

 

(24

)

 

 

 

Net (gains) losses within CIPs

 

 

(104

)

 

 

(88

)

Net (purchases) proceeds within CIPs

 

 

(989

)

 

 

(477

)

(Earnings) losses from equity method investees

 

 

(48

)

 

 

(40

)

Distributions of earnings from equity method investees

 

 

8

 

 

 

8

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(73

)

 

 

(270

)

Investments, trading

 

 

(9

)

 

 

2

 

Other assets

 

 

(796

)

 

 

(696

)

Accrued compensation and benefits

 

 

(1,339

)

 

 

(1,243

)

Accounts payable and accrued liabilities

 

 

196

 

 

 

(91

)

Other liabilities

 

 

869

 

 

 

965

 

Net cash provided by/(used in) operating activities

 

 

(408

)

 

 

(394

)

Investing activities

 

 

 

 

 

 

Purchases of investments

 

 

(324

)

 

 

(318

)

Proceeds from sales and maturities of investments

 

 

210

 

 

 

142

 

Distributions of capital from equity method investees

 

 

162

 

 

 

8

 

Net consolidations (deconsolidations) of sponsored investment funds

 

 

(6

)

 

 

27

 

Purchases of property and equipment

 

 

(64

)

 

 

(81

)

Net cash provided by/(used in) investing activities

 

 

(22

)

 

 

(222

)

Financing activities

 

 

 

 

 

 

Repayments of long-term borrowings

 

 

(1,000

)

 

 

 

Proceeds from long-term borrowings

 

 

2,979

 

 

 

 

Cash dividends paid

 

 

(795

)

 

 

(796

)

Proceeds from stock options exercised

 

 

144

 

 

 

27

 

Repurchases of common stock

 

 

(634

)

 

 

(721

)