Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BLK | |
Entity Registrant Name | BlackRock Inc. | |
Entity Central Index Key | 1,364,742 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 163,366,741 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 4,981 | $ 6,083 |
Accounts receivable | 2,526 | 2,237 |
Investments | 1,504 | 1,578 |
Separate account assets | 150,165 | 150,851 |
Separate account collateral held under securities lending agreements | 30,389 | 31,336 |
Property and equipment (net of accumulated depreciation of $xxx and $570 at March 31, 2016 and December 31, 2015, respectively) | 581 | 581 |
Intangible assets (net of accumulated amortization of $xxx and $745 at March 31, 2016 and December 31, 2015, respectively) | 17,347 | 17,372 |
Goodwill | 13,119 | 13,123 |
Other assets | 902 | 855 |
Total assets | 222,958 | 225,261 |
Liabilities | ||
Accrued compensation and benefits | 672 | 1,971 |
Accounts payable and accrued liabilities | 1,385 | 1,068 |
Liabilities of consolidated variable interest entities | 187 | 177 |
Borrowings | 4,968 | 4,930 |
Separate account liabilities | 150,165 | 150,851 |
Separate account collateral liabilities under securities lending agreements | 30,389 | 31,336 |
Deferred income tax liabilities | 4,937 | 4,851 |
Other liabilities | 1,269 | 1,033 |
Total liabilities | $ 193,972 | $ 196,217 |
Commitments and contingencies (Note 11) | ||
Temporary equity | ||
Redeemable noncontrolling interests | $ 517 | $ 464 |
BlackRock, Inc. stockholders’ equity | ||
Common stock, $0.01 par value; Shares authorized: 500,000,000 at March 31, 2016 and December 31, 2015; Shares issued: 171,252,185 at March 31, 2016 and December 31, 2015;Shares outstanding: xxx,xxx.xxx and 163,461,064 at March 31, 2016 and December 31, 2015, respectively | 2 | 2 |
Preferred stock (Note 15) | 0 | 0 |
Additional paid-in capital | 19,027 | 19,405 |
Retained earnings | 12,271 | 12,033 |
Accumulated other comprehensive loss | (474) | (448) |
Treasury stock, common, at cost (7,664,964 and 7,791,121 shares held at March 31, 2016 and December 31, 2015, respectively) | (2,432) | (2,489) |
Total BlackRock, Inc. stockholders’ equity | 28,394 | 28,503 |
Nonredeemable noncontrolling interests | 75 | 77 |
Total permanent equity | 28,469 | 28,580 |
Total liabilities, temporary equity and permanent equity | 222,958 | 225,261 |
Consolidated Variable Interest Entities [Member] | ||
Assets | ||
Cash and cash equivalents | 103 | 148 |
Investments | 1,256 | 1,030 |
Other assets | $ 85 | $ 67 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $ 592 | $ 570 |
Intangible assets, accumulated amortization | $ 769 | $ 745 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 171,252,185 | 171,252,185 |
Common stock, shares outstanding | 163,587,221 | 163,461,064 |
Treasury stock, common shares | 7,664,964 | 7,791,121 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue | ||
Total investment advisory, administration fees and securities lending revenue | $ 2,359 | $ 2,390 |
Investment advisory performance fees | 34 | 108 |
BlackRock Solutions and advisory | 171 | 147 |
Distribution fees | 11 | 17 |
Other revenue | 49 | 61 |
Total revenue | 2,624 | 2,723 |
Expense | ||
Employee compensation and benefits | 947 | 981 |
Distribution and servicing costs | 97 | 99 |
Amortization of deferred sales commissions | 10 | 13 |
Direct fund expense | 188 | 189 |
General and administration | 318 | 339 |
Restructuring charge | 76 | |
Amortization of intangible assets | 25 | 35 |
Total expense | 1,661 | 1,656 |
Operating income | 963 | 1,067 |
Nonoperating income (expense) | ||
Net gain (loss) on investments | (2) | 63 |
Interest and dividend income | 5 | 4 |
Interest expense | (51) | (51) |
Total nonoperating income (expense) | (48) | 16 |
Income before income taxes | 915 | 1,083 |
Income tax expense | 268 | 258 |
Net income | 647 | 825 |
Net income (loss) attributable to noncontrolling interests | (10) | 3 |
Net income attributable to BlackRock, Inc. | $ 657 | $ 822 |
Earnings per share attributable to BlackRock, Inc. common stockholders: | ||
Basic | $ 3.97 | $ 4.92 |
Diluted | 3.92 | 4.84 |
Cash dividends declared and paid per share | $ 2.29 | $ 2.18 |
Weighted-average common shares outstanding: | ||
Basic | 165,388,130 | 167,089,037 |
Diluted | 167,398,938 | 169,723,167 |
Related Parties [Member] | ||
Revenue | ||
Total investment advisory, administration fees and securities lending revenue | $ 1,617 | $ 1,681 |
Other Third Parties [Member] | ||
Revenue | ||
Total investment advisory, administration fees and securities lending revenue | $ 742 | $ 709 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 647 | $ 825 | |
Change in net unrealized gains (losses) from available-for-sale investments, net of tax: | |||
Unrealized holding gains (losses) | [1] | (2) | |
Less: reclassification adjustment included in net income | [1] | (1) | |
Net change from available-for-sale investments | (1) | ||
Benefit plans, net | 1 | (1) | |
Foreign currency translation adjustments | [2] | (26) | (165) |
Other comprehensive income (loss) | (26) | (166) | |
Comprehensive income | 621 | 659 | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (10) | 3 | |
Comprehensive income attributable to BlackRock, Inc. | $ 631 | $ 656 | |
[1] | The tax benefit (expense) was not material for the three months ended March 31, 2016. | ||
[2] | Amount for the three months ended March 31, 2016 includes losses from a net investment hedge of $23 million, net of tax of $14 million. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Statement Of Income And Comprehensive Income [Abstract] | |
Losses from net investment hedging, net of tax | $ (23) |
Losses from net investment hedging, tax | $ 14 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Additional Paid-in Capital [Member] | [1] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock Common [Member] | Total BlackRock Stockholders' Equity [Member] | Nonredeemable Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests / Temporary Equity [Member] | Retained Earnings, Appropriated |
Balance at Dec. 31, 2014 | $ 27,485 | $ 19,388 | $ 10,164 | $ (273) | $ (1,894) | $ 27,366 | $ 119 | $ 35 | $ (19) | |
Net income | 821 | 822 | 822 | (1) | 4 | |||||
Dividends paid | (389) | (389) | (389) | |||||||
Stock-based compensation | 143 | 143 | 143 | |||||||
Issuance of common shares related to employee stock transactions | 7 | (458) | 465 | 7 | ||||||
Employee tax withholdings related to employee stock transactions | (223) | (223) | (223) | |||||||
Shares repurchased | (275) | (275) | (275) | |||||||
Net tax benefit (shortfall) from stock-based compensation | 55 | 55 | 55 | |||||||
Subscriptions (redemptions/ distributions) — noncontrolling interest holders | (14) | (14) | 123 | |||||||
Net consolidations (deconsolidations) of sponsored investment funds | 18 | |||||||||
Other comprehensive income (loss) | (166) | (166) | (166) | |||||||
Balance at Mar. 31, 2015 | 27,455 | 19,128 | 10,597 | (439) | (1,927) | 27,359 | 96 | 374 | ||
Net consolidation (deconsolidation) of VIEs due to adoption of new accounting pronouncement | 11 | 19 | (8) | 194 | $ 19 | |||||
Balance at Dec. 31, 2015 | 28,580 | 19,407 | 12,033 | (448) | (2,489) | 28,503 | 77 | 464 | ||
Net income | 657 | 657 | 657 | (10) | ||||||
Dividends paid | (419) | (419) | (419) | |||||||
Stock-based compensation | 172 | 172 | 172 | |||||||
PNC preferred stock capital contribution | 172 | 172 | 172 | |||||||
Retirement of preferred stock | (172) | (172) | (172) | |||||||
Issuance of common shares related to employee stock transactions | 3 | (616) | 619 | 3 | ||||||
Employee tax withholdings related to employee stock transactions | (262) | (262) | (262) | |||||||
Shares repurchased | (300) | (300) | (300) | |||||||
Net tax benefit (shortfall) from stock-based compensation | 66 | 66 | 66 | |||||||
Subscriptions (redemptions/ distributions) — noncontrolling interest holders | (2) | (2) | 363 | |||||||
Net consolidations (deconsolidations) of sponsored investment funds | (300) | |||||||||
Other comprehensive income (loss) | (26) | (26) | (26) | |||||||
Balance at Mar. 31, 2016 | $ 28,469 | $ 19,029 | $ 12,271 | $ (474) | $ (2,432) | $ 28,394 | $ 75 | $ 517 | ||
[1] | Amounts include $2 million of common stock at both March 31, 2015 and December 31, 2014. |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Additional Paid-in Capital, value of stock | $ 28,469 | $ 28,580 | $ 27,455 | $ 27,485 |
Common Stock [Member] | ||||
Additional Paid-in Capital, value of stock | $ 2 | $ 2 | $ 2 | $ 2 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net income | $ 647 | $ 825 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Depreciation and amortization | 56 | 63 |
Amortization of deferred sales commissions | 10 | 13 |
Stock-based compensation | 172 | 143 |
Deferred income tax expense (benefit) | 98 | 87 |
Other gains | (40) | |
Net (gains) losses on nontrading investments | 3 | 19 |
Assets and liabilities of consolidated VIEs: | ||
Change in cash and cash equivalents | (46) | 15 |
Net (gains) losses within consolidated VIEs | (2) | (4) |
Net (purchases) proceeds within consolidated VIEs | (373) | 17 |
(Earnings) losses from equity method investees | (3) | (33) |
Distributions of earnings from equity method investees | 10 | 9 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (270) | (750) |
Investments, trading | (85) | (334) |
Other assets | (58) | (97) |
Accrued compensation and benefits | (1,296) | (1,188) |
Accounts payable and accrued liabilities | 326 | 654 |
Other liabilities | 246 | 92 |
Cash flows from operating activities | (565) | (509) |
Cash flows from investing activities | ||
Purchases of investments | (55) | (91) |
Proceeds from sales and maturities of investments | 133 | 143 |
Distributions of capital from equity method investees | 6 | 9 |
Net consolidations (deconsolidations) of sponsored investment funds | (8) | (3) |
Acquisitions, net of cash acquired | (88) | |
Purchases of property and equipment | (30) | (98) |
Cash flows from investing activities | 46 | (128) |
Cash flows from financing activities | ||
Cash dividends paid | (419) | (389) |
Repurchases of common stock | (562) | (498) |
Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders | 361 | 109 |
Excess tax benefit from stock-based compensation | 70 | 55 |
Other financing activities | 3 | 7 |
Cash flows from financing activities | (547) | (716) |
Effect of exchange rate changes on cash and cash equivalents | (36) | (93) |
Net increase (decrease) in cash and cash equivalents | (1,102) | (1,446) |
Cash and cash equivalents, beginning of period | 6,083 | 5,723 |
Cash and cash equivalents, end of period | 4,981 | 4,277 |
Supplemental disclosure of cash flow information: | ||
Interest | 40 | 40 |
Income taxes (net of refunds) | 107 | 133 |
Supplemental schedule of noncash investing and financing transactions: | ||
Issuance of common stock | 616 | 458 |
PNC preferred stock capital contribution | 172 | |
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | $ (300) | 204 |
Increase (decrease) in borrowings due to consolidation/deconsolidation of VIEs | $ (3,389) |
Business Overview
Business Overview | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business Overview | 1. Business Overview BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm providing a broad range of investment and risk management services to institutional and retail clients worldwide. BlackRock’s diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares ® BlackRock Solutions ® Aladdin ® At March 31, 2016, The PNC Financial Services Group, Inc. (“PNC”) held 21.1% of the Company’s voting common stock and 21.8% of the Company’s capital stock, which includes outstanding common and nonvoting preferred stock. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation . These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests on the condensed consolidated statements of financial condition represents the portion of consolidated sponsored investment funds in which the Company does not have direct equity ownership. Accounts and transactions between consolidated entities have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the Securities and Exchange Commission (“SEC”) on February 26, 2016 (“2015 Form 10-K”). The interim financial information at March 31, 2016 and for the three months ended March 31, 2016 and 2015 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. During the second quarter of 2015, the Company adopted ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis Significant Accounting Policies Certain items previously reported have been reclassified to conform to the current year presentation. Fair Value Measurements. Hierarchy of Fair Value Inputs . The Company uses a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. • Level 1 assets may include listed mutual funds, ETFs, listed equities and certain exchange-traded derivatives. Level 2 Inputs: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies. • Level 2 assets may include debt securities, bank loans, short-term floating-rate notes, asset-backed securities, securities held within consolidated hedge funds, restricted public securities valued at a discount, as well as over-the-counter derivatives, including interest and inflation rate swaps and foreign currency exchange contracts that have inputs to the valuations that generally can be corroborated by observable market data. Level 3 Inputs: Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation. • Level 3 assets may include direct private equity investments held within consolidated funds and investments in collateralized loan obligations (“CLOs”). • Level 3 liabilities include contingent liabilities related to acquisitions valued based upon discounted cash flow analysis using unobservable market data. Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Valuation Techniques. The fair values of certain Level 3 assets and liabilities were determined using various methodologies as appropriate, including third-party pricing vendors, broker quotes and market and income approaches. Such quotes and modeled prices are evaluated for reasonableness through various procedures, including due diligence reviews of third-party pricing vendors, variance analyses, consideration of the current market environment and other analytical procedures. A significant number of inputs used to value equity, debt securities and bank loans is sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price. Annually, BlackRock’s internal valuation committee or other designated groups review both the valuation methodologies, including the general assumptions and methods used to value various asset classes, and operational processes with these vendors. On a quarterly basis, meetings are held with key vendors to identify any significant changes to the vendors’ processes. In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input. Investments Measured at Net Asset Values. As a practical expedient, the Company uses NAV as the fair value for certain investments. The inputs to value these investments may include BlackRock capital accounts for its partnership interests in various alternative investments, including distressed credit hedge funds, opportunistic funds, real assets and private equity funds, which may be adjusted by using the returns of certain market indices. The various partnerships generally are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that may be used as an input to value these investments. Derivative Instruments and Hedging Activities . The Company does not use derivative financial instruments for trading or speculative purposes. The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market exposures for certain seed investments. The Company may also use derivatives within its separate account assets, which are segregated for purposes of funding individual and group pension contracts. In addition, certain consolidated sponsored investment funds may also invest in derivatives as a part of their investment strategy. Changes in the fair value of the Company’s derivative financial instruments are recognized in earnings and, where applicable, are offset by the corresponding gain or loss on the related foreign-denominated assets or liabilities or hedged investments, on the condensed consolidated statements of income. The Company may also use financial instruments designated as net investment hedges for accounting purposes to hedge net investments in international subsidiaries whose functional currency is different from the reporting currency of the parent company. The gain or loss from revaluing accounting hedges of net investments in foreign operations at the spot rate is deferred and reported within accumulated other comprehensive income on the condensed consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge on a quarterly basis. Money Market Fee Waivers . The Company is currently voluntarily waiving a portion of its management fees on certain money market funds to ensure that they maintain a minimum level of daily net investment income (the “Yield Support waivers”). During the three months ended March 31, 2016 and 2015, these waivers resulted in a reduction of management fees of approximately $12 million and $43 million, respectively. Approximately 83% and 42%, respectively, of Yield Support waivers were offset by a reduction of BlackRock’s distribution and servicing costs paid to a financial intermediary. BlackRock has provided Yield Support waivers in prior periods and may increase or decrease the level of fee waivers in future periods. Separate Account Assets and Liabilities . Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom, and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition. The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income. Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company receives legal title to the collateral with minimum values generally ranging from approximately 102% to 112% of the value of the securities lent in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales. The Company records on the condensed consolidated statements of financial condition the cash and noncash collateral received under these BlackRock Life Limited securities lending arrangements as its own asset in addition to an equal and offsetting collateral liability for the obligation to return the collateral. During the three months ended March 31, 2016 and 2015, the Company had not resold or repledged any of the collateral received under these arrangements. At March 31, 2016 and December 31, 2015, the fair value of loaned securities held by separate accounts was approximately $28.4 billion and $28.8 billion, respectively, and the fair value of the collateral held under these securities lending agreements was approximately $30.4 billion and $31.3 billion, respectively. Recent Accounting Pronouncements Adopted in the Three Months Ended March 31, 2016 Accounting for Measurement-Period Adjustments . In September 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). Under ASU 2015-16, an acquirer must recognize, upon determination, adjustments to the original amounts recorded for a business acquisition that are identified during the one-year period following the acquisition date. Previously, prior period information was required to be restated. The Company adopted ASU 2015-16 prospectively on January 1, 2016 and will apply the ASU to any adjustments related to business acquisitions. Transition to Equity Method Accounting . In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively to an investment that subsequently qualifies for such accounting as a result of obtaining significant influence. The Company adopted ASU 2016-07 prospectively on January 1, 2016. Recent Accounting Pronouncements Not Yet Adopted Revenue from Contracts with Customers. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The Company is currently evaluating the impact of adopting ASU 2014-09, which is effective for the Company on January 1, 2018. Recognition and Measurement of Financial Instruments . In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 amends guidance on the classification and measurement of financial instruments, including significant revisions in accounting related to the classification and measurement of investments in equity securities and presentation of certain fair value changes for financial liabilities when the fair value option is elected. ASU 2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. The Company is currently evaluating the impact of adopting ASU 2016-01, which is effective for the Company on January 1, 2018. Leases . In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize assets and liabilities arising from most operating leases on the statement of financial position. The Company is currently evaluating the impact of adopting ASU 2016-02, which is effective for the Company on January 1, 2019. Principal-Versus-Agent Guidance . In March 2016, the FASB issued ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) (“ASU 2016-08”). ASU 2016-08 amends the principal-versus-agent implementation guidance in ASU 2014-09, which will impact whether an entity reports revenue on a gross or net basis. The Company is currently evaluating the impact of adopting ASU 2016-08, which is effective for the Company in conjunction with the adoption of ASU 2014-09. Accounting for Share-Based Payments . In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The Company is currently evaluating the impact of adopting ASU 2016-09, which is effective for the Company on January 1, 2017. Identifying Performance Obligations and Licensing . In April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing (“ASU 2016-10”). ASU 2016-10 clarifies aspects of ASU 2014-09 pertaining to the identification of performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The Company is currently evaluating the impact of adopting ASU 2016-10, which is effective for the Company in conjunction with the adoption of ASU 2014-09. Narrow-Scope Improvements and Practical Expedients . In May 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”). ASU 2016-12 clarifies aspects of ASU 2014-09, including clarification of noncash consideration, and provides a practical expedient for reflecting contract modifications at transition. The Company is currently evaluating the impact of adopting ASU 2016-12, which is effective for the Company in conjunction with the adoption of ASU 2014-09. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 3. Investments A summary of the carrying value of total investments is as follows: (in millions) March 31, 2016 December 31, 2015 Available-for-sale investments $ 77 $ 44 Held-to-maturity investments 33 108 Trading investments: Consolidated sponsored investment funds 636 700 Other equity and debt securities 30 20 Deferred compensation plan mutual funds 56 65 Total trading investments 722 785 Other investments: Equity method investments 545 513 Deferred compensation plan equity method investments 14 14 Cost method investments (1) 95 95 Carried interest 18 19 Total other investments 672 641 Total investments $ 1,504 $ 1,578 (1) Amounts primarily include Federal Reserve Bank (“FRB”) Stock. Available-for-Sale Investments A summary of the cost and carrying value of investments classified as available-for-sale investments is as follows: (in millions) Gross Unrealized Carrying Cost Gains Losses Value March 31, 2016 $ 80 $ 1 $ (4 ) $ 77 December 31, 2015 $ 45 $ 2 $ (3 ) $ 44 At March 31, 2016 and December 31, 2015 available-for-sale investments included investments in CLOs and seed investments in BlackRock sponsored mutual funds. Held-to-Maturity Investments The carrying value of held-to-maturity investments was $33 million and $108 million at March 31, 2016 and December 31, 2015, respectively. Held-to-maturity investments included foreign government debt held primarily for regulatory purposes and investments in CLOs. The amortized cost (carrying value) of these investments approximated fair value. At March 31, 2016, $12 million of these investments mature after five years through ten years and $21 million mature after ten years. Trading Investments A summary of the cost and carrying value of trading investments is as follows: (in millions) March 31, 2016 December 31, 2015 Cost Carrying Value Cost Carrying Value Trading investments: Deferred compensation plan mutual funds $ 41 $ 56 $ 48 $ 65 Equity securities/multi-asset mutual funds 353 330 294 279 Debt securities/fixed income mutual funds: Corporate debt 149 146 194 190 Government debt 140 145 202 202 Asset/mortgage backed debt 47 45 49 49 Total trading investments $ 730 $ 722 $ 787 $ 785 At March 31, 2016, trading investments included $331 million of debt securities and $305 million of equity securities held by consolidated sponsored investment funds accounted for as voting rights entities (“VREs”), $56 million of certain deferred compensation plan mutual fund investments and $30 million of other equity and debt securities. At December 31, 2015, trading investments included $437 million of debt securities and $263 million of equity securities held by consolidated sponsored investment funds accounted for as VREs, $65 million of certain deferred compensation plan mutual fund investments and $20 million of other equity and debt securities. Other Investments A summary of the carrying value of other investments is as follows: (in millions) March 31, 2016 December 31, 2015 Other investments: Equity method investments $ 545 $ 513 Deferred compensation plan equity method investments 14 14 Cost method investments: Federal Reserve Bank stock 93 93 Other 2 2 Total cost method investments 95 95 Carried interest (1) 18 19 Total other investments $ 672 $ 641 (1) Carried interest of VREs. Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds. In addition, the Company accounts for its interest in PennyMac Financial Services, Inc. (“PennyMac”) as an equity method investment. At March 31, 2016 and December 31, 2015 the Company’s investment in PennyMac was excluded from the balances in the table above and included in other assets on the condensed consolidated statements of financial condition. The carrying value and fair value of the Company’s interest (approximately 20% or 16 million shares and units) was approximately $223 million and $181 million, respectively, at March 31, 2016 and approximately $222 million and $239 million, respectively, at December 31, 2015. The fair value of the Company’s interest reflected the PennyMac stock price at March 31, 2016 and December 31, 2015, respectively (a Level 1 input). The Company performed an other-than-temporary impairment analysis as of March 31, 2016 and determined the decline in fair value below the carrying value was temporary. Cost method investments include nonmarketable securities, primarily FRB stock, which is held for regulatory purposes and is restricted from sale. At March 31, 2016 and December 31, 2015, there were no indicators of impairment on these investments. Carried interest represents allocations to BlackRock’s general partner capital accounts from certain funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds. |
Consolidated Voting Rights Enti
Consolidated Voting Rights Entities | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Consolidated Voting Rights Entities | 4. Consolidated Voting Rights Entities The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds. The investments owned by these consolidated VREs are classified as trading investments. The following table presents the balances related to these consolidated VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these funds: (in millions) March 31, 2016 December 31, 2015 Cash and cash equivalents $ 84 $ 100 Trading investments 636 700 Other assets 23 18 Other liabilities (68 ) (77 ) Noncontrolling interests (131 ) (125 ) BlackRock’s net interests in consolidated VREs $ 544 $ 616 BlackRock’s total exposure to consolidated VREs represents the value of its economic ownership interest in these sponsored investment funds. Valuation changes associated with investments held at fair value by these consolidated VREs are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to noncontrolling interests for the portion not attributable to BlackRock. The Company cannot readily access cash and cash equivalents held by consolidated VREs to use in its operating activities. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities In the normal course of business, the Company is the manager of various types of sponsored investment vehicles, which may be considered variable interest entities (“VIEs”) Consolidated VIEs. The Company’s consolidated VIEs as of March 31, 2016 and December 31, 2015 include certain sponsored investment funds in which BlackRock has an investment and as the investment manager is deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these sponsored investment funds. The assets of these VIEs are not available to creditors of the Company. In addition, the investors in these VIEs have no recourse to the credit of the Company. Consolidated VIE assets and liabilities are presented after intercompany eliminations at March 31, 2016 and December 31, 2015 in the following table: (in millions) March 31, 2016 December 2015 Assets of consolidated VIEs: Cash and cash equivalents $ 103 $ 148 Investments 1,256 1,030 Other assets 85 67 Total investments and other assets 1,341 1,097 Liabilities of consolidated VIEs (187 ) (177 ) Noncontrolling interests of consolidated VIEs (461 ) (416 ) BlackRock's net interests in consolidated VIEs $ 796 $ 652 The Company recorded a $2 million and a $4 million nonoperating net gain during the three months ended March 31, 2016 and 2015, respectively, related to consolidated VIEs. The net loss attributable to noncontrolling interest related to consolidated VIEs for the three months ended March 31, 2016 was $6 million. There was no net income attributable to noncontrolling interest related to consolidated VIEs during the three months ended March 31, 2015. Non-consolidated VIEs . At March 31, 2016 and December 31, 2015, the Company’s carrying value of assets and liabilities included on the condensed consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs for which it held a variable interest, but for which it was not the PB, was as follows: (in millions) At March 31, 2016 Investments Advisory Fee Receivables Other Net Assets (Liabilities) Maximum Risk of (1) Sponsored investment products $ 88 $ 7 $ (6 ) $ 112 At December 31, 2015 Sponsored investment products $ 64 $ 3 $ (7 ) $ 84 (1) At both March 31, 2016 and December 31, 2015, BlackRock’s maximum risk of loss associated with these VIEs primarily related to collecting advisory fee receivables and BlackRock’s investments. The net assets of sponsored investment products that are nonconsolidated VIEs approximated $3 billion at both March 31, 2016 and December 31, 2015. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 6. Fair Value Disclosures Fair Value Hierarchy Assets and liabilities measured at fair value on a recurring basis and other assets not held at fair value March 31, 2016 (in millions) Quoted Prices in Active Markets Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (1) Other Not Held at Fair Value (2) March 31, 2016 Assets: Investments Available-for-sale: $ 29 $ 25 $ 23 $ — $ — $ 77 Held-to-maturity securities — — — — 33 33 Trading: Deferred compensation plan mutual funds 56 — — — — 56 Equity securities/Multi-asset mutual funds 330 — — — — 330 Debt securities / fixed income mutual funds 2 330 4 — — 336 Total trading 388 330 4 — — 722 Other investments: Equity method: Equity and fixed income mutual funds 111 — — 30 — 141 Other — — — 394 10 404 Total equity method 111 — — 424 10 545 Deferred compensation plan equity method investments — — — 14 — 14 Cost method investments — — — — 95 95 Carried interest — — — — 18 18 Total investments 528 355 27 438 156 1,504 Separate account assets 108,322 40,634 — — 1,209 150,165 Separate account collateral held under securities lending agreements: Equity securities 17,657 — — — — 17,657 Debt securities — 12,732 — — — 12,732 Total separate account collateral held under securities lending agreements 17,657 12,732 — — — 30,389 Investments of consolidated VIEs: Private / public equity (3) 7 2 192 130 — 331 Equity securities 470 — — — — 470 Debt securities — 334 — — — 334 Other — — — 45 — 45 Carried interest — — — — 76 76 Total investments of consolidated VIEs 477 336 192 175 76 1,256 Total $ 126,984 $ 54,057 $ 219 $ 613 $ 1,441 $ 183,314 Liabilities: Separate account collateral liabilities under securities lending agreements $ 17,657 $ 12,732 $ — $ — $ — $ 30,389 Other liabilities (4) — 6 49 — — 55 Total $ 17,657 $ 12,738 $ 49 $ — $ — $ 30,444 (1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) Amounts are comprised of investments held at cost or amortized cost, carried interest and certain equity method investments, which include sponsored investment funds and other assets, which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value. (3) Level 3 amounts primarily include direct investments in private equity companies held by private equity funds. (4) Amounts include a derivative (see Note 7, Derivatives and Hedging Commitments and Contingencies Assets and liabilities measured at fair value on a recurring basis and other assets not held at fair value December 31, 2015 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (1) Other Assets Not Held at Fair Value (2) December 31, 2015 Assets: Investments Available-for-sale $ 19 $ 2 $ 23 $ — $ — $ 44 Held-to-maturity securities — — — — 108 108 Trading: Deferred compensation plan mutual funds 65 — — — — 65 Equity/Multi-asset mutual funds 278 — — — — 278 Debt securities / fixed income mutual funds 2 438 2 — — 442 Total trading 345 438 2 — — 785 Other investments: Equity method: Equity and fixed income mutual funds 73 — — 30 — 103 Other — — — 400 10 410 Total equity method 73 — — 430 10 513 Deferred compensation plan equity method investments — — — 14 — 14 Cost method investments — — — — 95 95 Carried interest — — — — 19 19 Total investments 437 440 25 444 232 1,578 Separate account assets 109,761 40,152 — — 938 150,851 Separate account collateral held under securities lending agreements: Equity securities 26,062 — — — — 26,062 Debt securities — 5,274 — — — 5,274 Total separate account collateral held under securities lending agreements 26,062 5,274 — — — 31,336 Investments of consolidated VIEs: Private / public equity (3) 6 4 196 145 — 351 Equity securities 298 — — — — 298 Debt securities — 242 — — — 242 Other — — — 58 — 58 Carried interest — — — — 81 81 Total investments of consolidated VIEs 304 246 196 203 81 1,030 Total $ 136,564 $ 46,112 $ 221 $ 647 $ 1,251 $ 184,795 Liabilities: Separate account collateral liabilities under securities lending agreements $ 26,062 $ 5,274 $ — $ — $ — $ 31,336 Other liabilities (4) — 6 48 — — 54 Total $ 26,062 $ 5,280 $ 48 $ — $ — $ 31,390 (1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) Amounts are comprised of investments held at cost or amortized cost, carried interest and certain equity method investments, which include sponsored investment funds and other assets, which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value. (3) Level 3 amounts include direct investments in private equity companies held by private equity funds. (4) Amounts include a derivative (see Note 7, Derivatives and Hedging Commitments and Contingencies Level 3 Assets. Level 3 investments of consolidated VIEs of $192 million and $196 million at March 31, 2016 and December 31, 2015, respectively, related to direct investments in private equity companies held by consolidated private equity funds. Direct investments in private equity companies may be valued using the market approach or the income approach, or a combination thereof, and were valued based on an assessment of each underlying investment, incorporating evaluation of additional significant third-party financing, changes in valuations of comparable peer companies, the business environment of the companies, market indices, assumptions relating to appropriate risk adjustments for nonperformance and legal restrictions on disposition, among other factors. The fair value derived from the methods used is evaluated and weighted, as appropriate, considering the reasonableness of the range of values indicated. Under the market approach, fair value may be determined by reference to multiples of market-comparable companies or transactions, including earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. Under the income approach, fair value may be determined by discounting the expected cash flows to a single present value amount using current expectations about those future amounts. Unobservable inputs used in a discounted cash flow model may include projections of operating performance generally covering a five-year period and a terminal value of the private equity direct investment. For investments utilizing the discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, risk premium or discount for lack of marketability in isolation could result in a significantly lower (higher) fair value measurement. For investments utilizing the market-comparable valuation technique, a significant increase (decrease) in the EBITDA multiple in isolation could result in a significantly higher (lower) fair value measurement. Level 3 assets may include bank loans, investments in CLOs, and bonds valued based on single-broker nonbinding quotes and direct private equity investments valued using the market approach or the income approach as described above. Level 3 Liabilities. Level 3 other liabilities primarily include recorded contingent liabilities related to certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2016 (in millions) December 31, 2015 Realized and Unrealized Gains (Losses) in Earnings and OCI Purchases Sales and Maturities Issuances and other settlements Transfers into Level 3 Transfers out of Level 3 March 31, 2016 Total Net Unrealized Gains (Losses) Included in Earnings (1) Assets: Investments: Available-for-sale securities (2) $ 23 $ — $ 23 $ — $ — $ — $ (23 ) $ 23 Trading 2 — 4 — — — (2 ) 4 Total investments 25 — 27 — — — (25 ) 27 Assets of consolidated VIEs - Private equity 196 2 — (6 ) — — — 192 $ 2 Total Level 3 assets $ 221 $ 2 $ 27 $ (6 ) $ — $ — $ (25 ) $ 219 Liabilities: Other liabilities (3) $ 48 $ (1 ) $ — $ — $ — $ — $ — $ 49 ( 1 ) Earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date. ( 2 ) Amounts include investments in CLOs. (3) Other liabilities amount includes contingent liabilities in connection with certain acquisitions. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2015 (in millions) December 31, 2014 Realized and Unrealized Gains (Losses) in Earnings and OCI Purchases Sales and Maturities Issuances and other settlements (1) Transfers into Level 3 Transfers out of Level 3 March 31, 2015 Total Net Unrealized Gains (Losses) Included in Earnings (3) Assets: Investments Consolidated sponsored investment funds: Private equity $ 80 $ — $ — $ — $ (80 ) $ — $ — $ — Assets of consolidated VIEs: Bank loans 302 — — — (302 ) — — — Bonds 18 — — — (18 ) — — — Private equity — (1 ) 70 — 80 — — 149 $ (1 ) Total Level 3 assets of consolidated VIEs 320 (1 ) 70 — (240 ) — — 149 Total Level 3 assets $ 400 $ (1 ) $ 70 $ — $ (320 ) $ — $ — $ 149 Liabilities: Borrowings of consolidated VIEs $ 3,389 $ — $ — $ — $ (3,389 ) $ — $ — $ — Other liabilities (2) 39 2 — — 14 — — 51 Total Level 3 liabilities $ 3,428 $ 2 $ — $ — $ (3,375 ) $ — $ — $ 51 (1) Amounts primarily included the consolidation (deconsolidation) of VIEs due to the adoption of ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis, Significant Accounting Policies, (2 ) Other liabilities amount includes contingent liabilities related to certain acquisitions. (3 ) Earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date. Realized and Unrealized Gains (Losses) for Level 3 Assets and Liabilities. Realized and unrealized gains (losses) recorded for Level 3 assets and liabilities are reported in nonoperating income (expense) on the condensed consolidated statements of income. A portion of net income (loss) for consolidated sponsored investment funds are allocated to noncontrolling interests to reflect net income (loss) not attributable to the Company. Transfers in and/or out of Levels. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable, or when the carrying value of certain equity method investments no longer represents fair value as determined under valuation methodologies. Disclosures of Fair Value for Financial Instruments Not Held at Fair Value . At March 31, 2016 and December 31, 2015, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below: March 31, 2016 December 31, 2015 (in millions) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Fair Value Hierarchy Financial Assets: Cash and cash equivalents $ 4,981 $ 4,981 $ 6,083 $ 6,083 Level 1 (1),(2) Accounts receivable 2,526 2,526 2,237 2,237 Level 1 (3) Cash and cash equivalents of consolidated VIEs 103 103 148 148 Level 1 (1),(2) Financial Liabilities: Accounts payable and accrued liabilities 1,385 1,385 1,068 1,068 Level 1 (3) Long-term borrowings 4,968 5,354 4,930 5,223 Level 2 (4) (1) Cash and cash equivalents are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities. (2) At March 31, 2016 and December 31, 2015, approximately $116 million and $132 million, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. In addition, at March 31, 2016 and December 31, 2015, approximately $12 million and $68 million, respectively, of money market funds were recorded within cash and cash equivalents of consolidated VIEs. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund. (3) The carrying amounts of accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short-term nature. (4) Long-term borrowings are recorded at amortized cost net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is estimated using market prices at the end of March 2016 and December 2015, respectively. See Note 10, Borrowings Investments in Certain Entities that Calculate Net Asset Value Per Share. As a practical expedient to value certain investments that do not have a readily determinable fair value and have attributes of an investment company, the Company uses NAV as the fair value. The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent). March 31, 2016 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 218 $ 29 Daily/Monthly (22%) Quarterly (53%) N/R (25%) 1 – 90 days Private equity funds (b) 83 65 N/R N/R Real assets funds (c) 93 43 Quarterly (25%) N/R (75%) 60 days Other (d) 44 5 Daily/Monthly (69%) N/R (31%) 3-5 days Consolidated VIEs: Private equity funds of funds (e) 130 17 N/R N/R Hedge fund (a) 45 — Quarterly 90 days Total $ 613 $ 159 December 31, 2015 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 217 $ 30 Daily/Monthly (22%) Quarterly (52%) N/R (26%) 30 – 90 days Private equity funds (b) 89 67 N/R N/R Real assets funds (c) 94 31 Quarterly (25%) N/R (75%) 60 days Other (d) 44 5 Daily/Monthly (68%) N/R (32%) 3-5 days Consolidated VIEs: Private equity funds of funds (e) 145 19 N/R N/R Hedge fund (a) 58 — Quarterly 90 days Total $ 647 $ 152 N/R – not redeemable (1) Comprised of equity method investments, which include investments in investment companies, which account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value. ( a ) This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, distressed credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. It was estimated that the investments in the funds that are not subject to redemption will be liquidated over a weighted-average period of approximately one year at both March 31, 2016 and December 31, 2015. (b ) This category includes several private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds as well as other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. It was estimated that the investments in these funds will be liquidated over a weighted-average period of approximately four years at both March 31, 2016 and December 31, 2015. (c ) This category includes several real assets funds that invest directly in real estate, real estate related assets and infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. A majority of the Company’s investments are not subject to redemption or are not currently redeemable and are normally returned through distributions as a result of the liquidation of the underlying assets of the funds. It is estimated that the investments in these funds not subject to redemptions will be liquidated over a weighted-average period of approximately six years at both March 31, 2016 and December 31, 2015, respectively. (d ) This category primarily includes a multi-asset fund that is redeemable. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in partners’ capital. (e ) |
Derivatives and Hedging
Derivatives and Hedging | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | 7. Derivatives and Hedging The Company maintains a program to enter into swaps to hedge against market price and interest rate exposures with respect to certain seed investments in sponsored investment products. At March 31, 2016, the Company had outstanding total return swaps and interest rate swaps with aggregate notional values of approximately $419 million and $46 million, respectively. At December 31, 2015, the Company had outstanding total return swaps and interest rate swaps with aggregate notional values of approximately $360 million and $46 million, respectively. Gains (losses) on total return swaps and interest rate swaps are recorded in nonoperating income (expense) and were not material to the condensed consolidated statements of income for the three months ended March 31, 2016 and 2015. The Company has entered into a derivative providing credit protection to a counterparty of approximately $17 million, representing the Company’s maximum risk of loss with respect to the provision of credit protection. The Company carries the derivative at fair value based on the expected discounted future cash flows under the arrangement. The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At March 31, 2016 and December 31, 2015, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $111 million and $169 million, respectively. Gains (losses) on forward foreign currency exchange contracts are recorded in other general and administration expense and were not material to the condensed consolidated statements of income for the three months ended March 31, 2016 and 2015. The Company consolidates certain sponsored investment funds, which may utilize derivative instruments as a part of the funds’ investment strategies. The change in fair value of such derivatives, which is recorded in nonoperating income (expense) was not material for the three months ended March 31, 2016 and 2015. The fair value of the outstanding derivatives mentioned above were not material to the condensed consolidated statements of financial condition at March 31, 2016 and December 31, 2015. See Note 12, Borrowings |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 8. Goodwill Goodwill activity during the three months ended March 31, 2016 was as follows: (in millions) December 31, 2015 $ 13,123 Goodwill adjustment related to Quellos (1) (4 ) March 31, 2016 $ 13,119 (1) The decrease in goodwill during the three months ended March 31, 2016 primarily resulted from a decline related to tax benefits realized from tax-deductible goodwill in excess of book goodwill from the acquisition of the fund-of-funds business of Quellos Group, LLC in October 2007 (the “Quellos Transaction”). Goodwill related to the Quellos Transaction will continue to be reduced in future periods by the amount of tax benefits realized from tax-deductible goodwill in excess of book goodwill from the Quellos Transaction. The balance of the Quellos tax-deductible goodwill in excess of book goodwill was approximately $223 million and $231 million at March 31, 2016 and December 31, 2015, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 9. Intangible Assets The carrying amounts of identifiable intangible assets are summarized as follows: (in millions) Indefinite-lived intangible Finite-lived intangible assets Total intangible assets December 31, 2015 $ 17,108 $ 264 $ 17,372 Amortization expense - (25 ) (25 ) March 31, 2016 $ 17,108 $ 239 $ 17,347 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | 10. Borrowings Short-Term Borrowings 2016 Revolving Credit Facility. The Company’s credit facility has an aggregate commitment amount of $4.0 billion and was further amended in April 2016 to extend the maturity date to March 2021 (the “2016 credit facility”). The 2016 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $5.0 billion. Interest on borrowings outstanding accrues at a rate based on the applicable London Interbank Offered Rate plus a spread. The 2016 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at March 31, 2016. The 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities. At March 31, 2016, the Company had no amount outstanding under the 2016 credit facility. Commercial Paper Program. The Company can issue unsecured commercial paper notes (the “CP Notes”) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $4.0 billion. The commercial paper program is currently supported by the 2016 credit facility. At March 31, 2016, BlackRock had no CP Notes outstanding. Long-Term Borrowings The carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at March 31, 2016 included the following: (in millions) Maturity Amount Unamortized Discount and Debt Issuance Costs Carrying Value Fair Value 6.25% Notes due 2017 $ 700 $ (1 ) $ 699 $ 752 5.00% Notes due 2019 1,000 (3 ) 997 1,117 4.25% Notes due 2021 750 (5 ) 745 830 3.375% Notes due 2022 750 (6 ) 744 796 3.50% Notes due 2024 1,000 (8 ) 992 1,059 1.25% Notes due 2025 798 (7 ) 791 800 Total Long-term Borrowings $ 4,998 $ (30 ) $ 4,968 $ 5,354 Long-term borrowings at December 31, 2015 had a carrying value of $4.9 billion and a fair value of $5.2 billion determined using market prices at the end of December 2015. See Note 12, Borrowings |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Investment Commitments. At March 31, 2016, the Company had $191 million of various capital commitments to fund sponsored investment funds, including consolidated VIEs. These funds include private equity funds, real assets funds and opportunistic funds. This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds. In addition to the capital commitments of $191 million, the Company had approximately $27 million of contingent commitments for certain funds which have investment periods that have expired. Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment. These unfunded commitments are not recorded on the condensed consolidated statements of financial condition. These commitments do not include potential future commitments approved by the Company that are not yet legally binding. The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients. Contingencies Contingent Payments. The Company acts as the portfolio manager in a series of derivative transactions and has a maximum potential exposure of $17 million between the Company and counterparty. See Note 7, , for further discussion. Contingent Payments Related to Business Acquisitions . In connection with certain acquisitions, BlackRock is required to make contingent payments, subject to the acquired businesses achieving specified performance targets over a certain period subsequent to the applicable acquisition date. The fair value of the remaining aggregate contingent payments at March 31, 2016 is not significant to the condensed consolidated statement of financial condition and is included in other liabilities. Legal Proceedings. From time to time, BlackRock receives subpoenas or other requests for information from various U.S. federal, state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings. It is BlackRock’s policy to cooperate fully with such inquiries. The Company and certain of its subsidiaries have been named as defendants in various legal actions, including arbitrations and other litigation arising in connection with BlackRock’s activities. Additionally, BlackRock advised investment portfolios may be subject to lawsuits, any of which potentially could harm the investment returns of the applicable portfolio or result in the Company being liable to the portfolios for any resulting damages. On May 27, 2014, certain purported investors in the BlackRock Global Allocation Fund, Inc. and the BlackRock Equity Dividend Fund (collectively, the “Funds”) filed a consolidated complaint (the “Consolidated Complaint”) in the U.S. District Court for the District of New Jersey against BlackRock Advisors, LLC, BlackRock Investment Management, LLC and BlackRock International Limited (collectively, the “Defendants”) under the caption In re BlackRock Mutual Funds Advisory Fee Litigation Between November 12, 2015 and November 16, 2015, BlackRock, Inc., BlackRock Realty Advisors, Inc. (“BRA”) and the BlackRock Granite Property Fund, Inc. (“Granite Fund”), along with certain other Granite Fund-related entities (collectively, the “BlackRock Parties”) were named as defendants in thirteen separate lawsuits filed in the Superior Court of the State of California for the County of Alameda arising out of the June 16, 2015 collapse of a balcony at the Library Gardens apartment complex in Berkeley, California (the “Property”). The Property is indirectly owned by the Granite Fund, which is managed by BRA. The plaintiffs also named as defendants in the lawsuits Greystar, which is the property manager of the Property, and certain other entities, including the developer of the Property, building contractors and building materials suppliers. The plaintiffs allege, among other things, that the BlackRock Parties were negligent in their ownership, control and maintenance of the Property’s balcony, and seek monetary, including punitive, damages. Additionally, on March 16, 2016, three former tenants of the Library Gardens apartment unit that experienced the balcony collapse sued the BlackRock Parties. The former tenants, who witnessed (but were not physically injured in) the accident make allegations virtually identical to those in the previously filed actions and claim that as a result of the collapse, they suffered unspecified emotional damage. Several defendants have also filed cross-complaints alleging a variety of claims, including claims against the BlackRock Parties for contribution, negligence, and declaratory relief. BlackRock believes the claims against it are without merit and intends to vigorously defend the actions. Management, after consultation with legal counsel, currently does not anticipate that the aggregate liability arising out of regulatory matters or lawsuits will have a material effect on BlackRock’s results of operations, financial position, or cash flows. However, there is no assurance as to whether any such pending or threatened matters will have a material effect on BlackRock’s results of operations, financial position or cash flows in any future reporting period. Due to uncertainties surrounding the outcome of these matters, management cannot reasonably estimate the possible loss or range of loss that may arise from these matters. Indemnifications. In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances. The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote. Consequently, no liability has been recorded on the condensed consolidated statements of financial condition. In connection with securities lending transactions, BlackRock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower’s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower’s obligation under the securities lending agreement. At March 31, 2016, the Company indemnified certain of its clients for their securities lending loan balances of approximately $174.8 billion. The Company held as agent, cash and securities totaling $183.9 billion as collateral for indemnified securities on loan at March 31, 2016. The fair value of these indemnifications was not material at March 31, 2016. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 12. Stock-Based Compensation Restricted Stock and RSUs. Restricted stock and restricted stock units (“RSUs”) activity for the three months ended March 31, 2016 is summarized below: Outstanding at Restricted Stock and RSUs Weighted- Average Grant Date Fair Value December 31, 2015 3,067,737 $ 308.42 Granted 1,348,706 $ 296.46 Converted (1,351,464 ) $ 281.15 Forfeited (8,232 ) $ 296.81 March 31, 2016 (1) 3,056,747 $ 315.23 (1) At March 31, 2016, approximately 2.8 million awards are expected to vest and 0.2 million awards have vested but have not been converted. During the three months ended March 31, 2016, the Company granted 1,030,964 RSUs to employees as part of 2015 annual incentive compensation that vest ratably over three years from the date of grant and 303,587 RSUs to employees that cliff vest 100% on January 31, 2019. The Company values RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total fair value of RSUs granted to employees during the three months ended March 31, 2016 was $400 million at time of grant. At March 31, 2016, the intrinsic value of outstanding RSUs was $1.0 billion reflecting a closing stock price of $340.57. At March 31, 2016, total unrecognized stock-based compensation expense related to unvested RSUs was $564 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.6 years. Market Performance-based RSUs. Market Performance-based RSUs activity for the three months ended March 31, 2016 is summarized below: Outstanding at Market Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2015 1,378,177 $ 137.07 Converted (548,227 ) $ 115.03 March 31, 2016 (1) 829,950 $ 151.63 (1) At March 31, 2016, the intrinsic value of outstanding market performance-based RSUs was $283 million reflecting a closing stock price of $340.57. See Note 14, Stock-Based Compensation, At March 31, 2016, total unrecognized stock-based compensation expense related to unvested market performance-based awards was $37 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.2 years. Performance-Based RSUs. Performance-based RSU activity for the three months ended March 31, 2016 is summarized below: Outstanding at Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2015 255,868 $ 343.86 Granted 375,242 $ 296.97 March 31, 2016 631,110 $ 315.98 During the three months ended March 31, 2016, the Company granted 375,242 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2019. These awards are amortized over a service period of three years. The number of shares distributed at vesting could be higher or lower than the original grant based on the level of attainment of predetermined Company performance measures. At March 31, 2016, total unrecognized stock-based compensation expense related to unvested performance-based awards was $153 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.4 years. The Company values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total grant-date fair market value of performance-based RSUs expected to vest was $111 million. At March 31, 2016, the intrinsic value of outstanding performance-based RSUs was $215 million reflecting a closing stock price of $340.57. Long-Term Incentive Plans Funded by PNC. Under a share surrender agreement, PNC committed to provide up to 4 million shares of BlackRock stock, held by PNC, to fund certain BlackRock long-term incentive plans (“LTIP”). The current share surrender agreement commits PNC to provide BlackRock series C nonvoting participating preferred stock to fund the remaining committed shares. As of March 31, 2016, 3.2 million shares had been surrendered by PNC. At March 31, 2016, the remaining shares committed by PNC of 0.8 million were available to fund certain future long-term incentive awards. Stock Options. Stock option activity for the three months ended March 31, 2016 is summarized below: Outstanding at Shares under option Weighted average exercise price December 31, 2015 154,094 $ 167.76 Exercised (4,000 ) $ 167.76 March 31, 2016 150,094 $ 167.76 The aggregate intrinsic value of options exercised during the three months ended March 31, 2016 was $0.6 million. At March 31, 2016, all options were vested . The remaining average life of stock options outstanding at March 31, 2016 is approximately one year. |
Net Capital Requirements
Net Capital Requirements | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Net Capital Requirements | 13. Net Capital Requirements The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions. As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents. Additionally, transfers of cash between international jurisdictions, including repatriation to the United States, may have adverse tax consequences that could discourage such transfers. Capital Requirements . At March 31, 2016, the Company was required to maintain approximately $1.1 billion in net capital in certain regulated subsidiaries, including BlackRock Institutional Trust Company, N.A. (a wholly owned subsidiary of the Company that is chartered as a national bank whose powers are limited to trust activities and which is subject to regulatory capital requirements administered by the Office of the Comptroller of the Currency), entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the United Kingdom, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss) The following tables present changes in AOCI by component for the three months ended March 31, 2016 and 2015: (in millions) Unrealized (losses) on available-for-sale investments (1),(2) Benefit plans Foreign currency translation adjustments (3) Total For the Three Months Ended March 31, 2016 December 31, 2015 $ (1 ) $ 5 $ (452 ) $ (448 ) Other comprehensive income (loss) before reclassifications (2 ) 1 (26 ) (27 ) Amount reclassified from AOCI (4) 1 — — 1 Net other comprehensive income (loss) for the three months ended March 31, 2016 (1 ) 1 (26 ) (26 ) March 31, 2016 $ (2 ) $ 6 $ (478 ) $ (474 ) (1) All amounts are net of tax. (2) The tax benefit (expense) was not material for the three months ended March 31, 2016. (3 ) Amount for the three months ended March 31, 2016 includes losses from a net investment hedge of $23 million, net of taxes of $14 million. (4) (in millions) Unrealized (losses) on available-for-sale investments (1) Benefit Foreign currency translation adjustments Total For the Three Months Ended March 31, 2015 December 31, 2014 $ 2 $ 4 $ (279 ) $ (273 ) Other comprehensive income (loss) before reclassifications — (1 ) (165 ) (166 ) Amount reclassified from AOCI — — — — Net other comprehensive income (loss) for the three months ended March 31, 2015 — (1 ) (165 ) (166 ) March 31, 2015 $ 2 $ 3 $ (444 ) $ (439 ) (1) All amounts are net of tax. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Capital Stock | 15. Capital Stock Nonvoting Participating Preferred Stock . The Company’s preferred shares authorized, issued and outstanding consisted of the following: March 31, 2016 December 31, 2015 Series A Shares authorized, $0.01 par value 20,000,000 20,000,000 Shares issued and outstanding — — Series B Shares authorized, $0.01 par value 150,000,000 150,000,000 Shares issued and outstanding (1) 823,188 823,188 Series C Shares authorized, $0.01 par value 6,000,000 6,000,000 Shares issued and outstanding (1) 763,660 1,311,887 Series D Shares authorized, $0.01 par value 20,000,000 20,000,000 Shares issued and outstanding — — (1) Shares held by PNC. Share Repurchases. The Company repurchased 1.0 million common shares in open-market transactions under the share repurchase program for approximately $300 million during the three months ended March 31, 2016. At March 31, 2016, there were 5.3 million shares still authorized to be repurchased. PNC Capital Contribution. During the three months ended March 31, 2016, PNC surrendered to BlackRock 548,227 shares of BlackRock Series C Preferred to fund certain LTIP awards. |
Restructuring Charge
Restructuring Charge | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charge | 16. Restructuring Charge A restructuring charge of $76 million ($53 million after-tax), comprised of $44 million of severance and $32 million of expense related to the accelerated amortization of previously granted deferred compensation awards, was recorded in the three months ended March 31, 2016 in connection with a project to streamline and simplify the organization. The following table presents a rollforward of the Company’s restructuring liability, which is included within other liabilities on the Company’s condensed consolidated statements of financial condition: (in millions) Three Months Ended March 31, 2016 Liability as of December 31, 2015 $ — Additions (1) 76 Cash payments (1 ) Accelerated amortization expense of equity-based awards (28 ) Liability as of March 31, 2016 $ 47 (1) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes The first quarter 2016 income tax expense included a $4 million net noncash benefit, primarily related to the revaluation of certain deferred income tax liabilities, including the effect of tax legislation enacted in Japan and domestic state and local tax changes. The first quarter 2015 income tax expense benefited from $69 million of nonrecurring items, primarily due to the realization of losses from changes in the Company’s organizational tax structure and the resolution of certain outstanding tax matters. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 18. Earnings Per Share Due to the similarities in terms between BlackRock nonvoting participating preferred stock and the Company’s common stock, the Company considers its participating preferred stock to be a common stock equivalent for purposes of earnings per share (“EPS”) calculations. As such, the Company has included the outstanding nonvoting participating preferred stock in the calculation of average basic and diluted shares outstanding. The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2016 and 2015 under the treasury stock method: Three Months Ended March 31, (in millions, except shares and per share data) 2016 2015 Net income attributable to BlackRock $ 657 $ 822 Basic weighted-average shares outstanding 165,388,130 167,089,037 Dilutive effect of nonparticipating RSUs and stock options 2,010,808 2,634,130 Total diluted weighted-average shares outstanding 167,398,938 169,723,167 Basic earnings per share $ 3.97 $ 4.92 Diluted earnings per share $ 3.92 $ 4.84 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 19. Segment Information The Company’s management directs BlackRock’s operations as one business, the asset management business. The Company utilizes a consolidated approach to assess performance and allocate resources. As such, the Company operates in one business segment. The following table illustrates investment advisory, administration fees, securities lending revenue and performance fees by product type, BlackRock Solutions Three Months Ended March 31, (in millions) 2016 2015 Equity $ 1,184 $ 1,306 Fixed income 623 575 Multi-asset 287 312 Alternatives 196 232 Cash management 103 73 Total investment advisory, administration fees, securities lending revenue and performance fees 2,393 2,498 BlackRock Solutions and advisory 171 147 Distribution fees 11 17 Other revenue 49 61 Total revenue $ 2,624 $ 2,723 The following table illustrates total revenue for the three months ended March 31, 2016 and 2015 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides. (in millions) Three Months Ended March 31, Revenue 2016 2015 Americas $ 1,768 $ 1,851 Europe 723 743 Asia-Pacific 133 129 Total revenue $ 2,624 $ 2,723 The following table illustrates long-lived assets that consist of goodwill and property and equipment at March 31, 2016 and December 31, 2015 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located. (in millions) March 31, December 31, Long-lived Assets 2016 2015 Americas $ 13,425 $ 13,422 Europe 182 186 Asia-Pacific 93 96 Total long-lived assets $ 13,700 $ 13,704 Americas primarily is comprised of the United States and Canada, while Europe primarily is comprised of the United Kingdom and Luxembourg. Asia-Pacific primarily is comprised of Hong Kong, Australia, Japan and Singapore. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events In April 2016, the Company completed a transaction with BofA® Global Capital Management transferring investment management responsibilities of approximately $80 billion of cash assets under management to the Company. The combined platform will provide clients with broader access to high quality, global liquidity investment solutions. On May 3, 2016, the Company announced that it had entered into an agreement to sell its UK Defined Contribution Administration and Platform business to Aegon N.V. (“Aegon”). The Company will retain its role as the primary investment manager for the clients who will transfer to Aegon in connection with the transaction. The transaction is subject to customary closing conditions and a Part VII transfer of the underlying assets and liabilities to Aegon subject to regulatory and court approval. These transactions are not expected to be material to the Company’s condensed consolidated statements of financial condition or results of operations. In addition to the subsequent events included in the notes to the condensed consolidated financial statements, the Company conducted a review for additional subsequent events and determined that no additional subsequent events had occurred that would require accrual or additional disclosures. |
Significant Accounting Polici30
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation . These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests on the condensed consolidated statements of financial condition represents the portion of consolidated sponsored investment funds in which the Company does not have direct equity ownership. Accounts and transactions between consolidated entities have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the Securities and Exchange Commission (“SEC”) on February 26, 2016 (“2015 Form 10-K”). The interim financial information at March 31, 2016 and for the three months ended March 31, 2016 and 2015 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. During the second quarter of 2015, the Company adopted ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis Significant Accounting Policies Certain items previously reported have been reclassified to conform to the current year presentation. |
Fair Value Measurements | Fair Value Measurements. Hierarchy of Fair Value Inputs . The Company uses a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. • Level 1 assets may include listed mutual funds, ETFs, listed equities and certain exchange-traded derivatives. Level 2 Inputs: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies. • Level 2 assets may include debt securities, bank loans, short-term floating-rate notes, asset-backed securities, securities held within consolidated hedge funds, restricted public securities valued at a discount, as well as over-the-counter derivatives, including interest and inflation rate swaps and foreign currency exchange contracts that have inputs to the valuations that generally can be corroborated by observable market data. Level 3 Inputs: Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation. • Level 3 assets may include direct private equity investments held within consolidated funds and investments in collateralized loan obligations (“CLOs”). • Level 3 liabilities include contingent liabilities related to acquisitions valued based upon discounted cash flow analysis using unobservable market data. Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Valuation Techniques. The fair values of certain Level 3 assets and liabilities were determined using various methodologies as appropriate, including third-party pricing vendors, broker quotes and market and income approaches. Such quotes and modeled prices are evaluated for reasonableness through various procedures, including due diligence reviews of third-party pricing vendors, variance analyses, consideration of the current market environment and other analytical procedures. A significant number of inputs used to value equity, debt securities and bank loans is sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price. Annually, BlackRock’s internal valuation committee or other designated groups review both the valuation methodologies, including the general assumptions and methods used to value various asset classes, and operational processes with these vendors. On a quarterly basis, meetings are held with key vendors to identify any significant changes to the vendors’ processes. In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input. Investments Measured at Net Asset Values. As a practical expedient, the Company uses NAV as the fair value for certain investments. The inputs to value these investments may include BlackRock capital accounts for its partnership interests in various alternative investments, including distressed credit hedge funds, opportunistic funds, real assets and private equity funds, which may be adjusted by using the returns of certain market indices. The various partnerships generally are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that may be used as an input to value these investments. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities . The Company does not use derivative financial instruments for trading or speculative purposes. The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market exposures for certain seed investments. The Company may also use derivatives within its separate account assets, which are segregated for purposes of funding individual and group pension contracts. In addition, certain consolidated sponsored investment funds may also invest in derivatives as a part of their investment strategy. Changes in the fair value of the Company’s derivative financial instruments are recognized in earnings and, where applicable, are offset by the corresponding gain or loss on the related foreign-denominated assets or liabilities or hedged investments, on the condensed consolidated statements of income. The Company may also use financial instruments designated as net investment hedges for accounting purposes to hedge net investments in international subsidiaries whose functional currency is different from the reporting currency of the parent company. The gain or loss from revaluing accounting hedges of net investments in foreign operations at the spot rate is deferred and reported within accumulated other comprehensive income on the condensed consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge on a quarterly basis. |
Money Market Fee Waivers | Money Market Fee Waivers . The Company is currently voluntarily waiving a portion of its management fees on certain money market funds to ensure that they maintain a minimum level of daily net investment income (the “Yield Support waivers”). During the three months ended March 31, 2016 and 2015, these waivers resulted in a reduction of management fees of approximately $12 million and $43 million, respectively. Approximately 83% and 42%, respectively, of Yield Support waivers were offset by a reduction of BlackRock’s distribution and servicing costs paid to a financial intermediary. BlackRock has provided Yield Support waivers in prior periods and may increase or decrease the level of fee waivers in future periods. |
Separate Account Assets and Liabilities | Separate Account Assets and Liabilities . Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom, and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition. The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income. |
Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements | Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company receives legal title to the collateral with minimum values generally ranging from approximately 102% to 112% of the value of the securities lent in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales. The Company records on the condensed consolidated statements of financial condition the cash and noncash collateral received under these BlackRock Life Limited securities lending arrangements as its own asset in addition to an equal and offsetting collateral liability for the obligation to return the collateral. During the three months ended March 31, 2016 and 2015, the Company had not resold or repledged any of the collateral received under these arrangements. At March 31, 2016 and December 31, 2015, the fair value of loaned securities held by separate accounts was approximately $28.4 billion and $28.8 billion, respectively, and the fair value of the collateral held under these securities lending agreements was approximately $30.4 billion and $31.3 billion, respectively. |
Recent Accounting Pronouncements Adopted in the Three Months Ended March 31, 2016 | Recent Accounting Pronouncements Adopted in the Three Months Ended March 31, 2016 Accounting for Measurement-Period Adjustments . In September 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). Under ASU 2015-16, an acquirer must recognize, upon determination, adjustments to the original amounts recorded for a business acquisition that are identified during the one-year period following the acquisition date. Previously, prior period information was required to be restated. The Company adopted ASU 2015-16 prospectively on January 1, 2016 and will apply the ASU to any adjustments related to business acquisitions. Transition to Equity Method Accounting . In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). ASU 2016-07 eliminates the requirement to apply the equity method of accounting retrospectively to an investment that subsequently qualifies for such accounting as a result of obtaining significant influence. The Company adopted ASU 2016-07 prospectively on January 1, 2016. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted Revenue from Contracts with Customers. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The Company is currently evaluating the impact of adopting ASU 2014-09, which is effective for the Company on January 1, 2018. Recognition and Measurement of Financial Instruments . In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 amends guidance on the classification and measurement of financial instruments, including significant revisions in accounting related to the classification and measurement of investments in equity securities and presentation of certain fair value changes for financial liabilities when the fair value option is elected. ASU 2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. The Company is currently evaluating the impact of adopting ASU 2016-01, which is effective for the Company on January 1, 2018. Leases . In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize assets and liabilities arising from most operating leases on the statement of financial position. The Company is currently evaluating the impact of adopting ASU 2016-02, which is effective for the Company on January 1, 2019. Principal-Versus-Agent Guidance . In March 2016, the FASB issued ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) (“ASU 2016-08”). ASU 2016-08 amends the principal-versus-agent implementation guidance in ASU 2014-09, which will impact whether an entity reports revenue on a gross or net basis. The Company is currently evaluating the impact of adopting ASU 2016-08, which is effective for the Company in conjunction with the adoption of ASU 2014-09. Accounting for Share-Based Payments . In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 simplifies accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The Company is currently evaluating the impact of adopting ASU 2016-09, which is effective for the Company on January 1, 2017. Identifying Performance Obligations and Licensing . In April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing (“ASU 2016-10”). ASU 2016-10 clarifies aspects of ASU 2014-09 pertaining to the identification of performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The Company is currently evaluating the impact of adopting ASU 2016-10, which is effective for the Company in conjunction with the adoption of ASU 2014-09. Narrow-Scope Improvements and Practical Expedients . In May 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”). ASU 2016-12 clarifies aspects of ASU 2014-09, including clarification of noncash consideration, and provides a practical expedient for reflecting contract modifications at transition. The Company is currently evaluating the impact of adopting ASU 2016-12, which is effective for the Company in conjunction with the adoption of ASU 2014-09. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Carrying Value of Total Investments | A summary of the carrying value of total investments is as follows: (in millions) March 31, 2016 December 31, 2015 Available-for-sale investments $ 77 $ 44 Held-to-maturity investments 33 108 Trading investments: Consolidated sponsored investment funds 636 700 Other equity and debt securities 30 20 Deferred compensation plan mutual funds 56 65 Total trading investments 722 785 Other investments: Equity method investments 545 513 Deferred compensation plan equity method investments 14 14 Cost method investments (1) 95 95 Carried interest 18 19 Total other investments 672 641 Total investments $ 1,504 $ 1,578 (1) Amounts primarily include Federal Reserve Bank (“FRB”) Stock. |
Summary of Cost and Carrying Value of Investments Classified as Available-for-Sale Investments | A summary of the cost and carrying value of investments classified as available-for-sale investments is as follows: (in millions) Gross Unrealized Carrying Cost Gains Losses Value March 31, 2016 $ 80 $ 1 $ (4 ) $ 77 December 31, 2015 $ 45 $ 2 $ (3 ) $ 44 |
Summary of Cost and Carrying Value of Trading Investments | A summary of the cost and carrying value of trading investments is as follows: (in millions) March 31, 2016 December 31, 2015 Cost Carrying Value Cost Carrying Value Trading investments: Deferred compensation plan mutual funds $ 41 $ 56 $ 48 $ 65 Equity securities/multi-asset mutual funds 353 330 294 279 Debt securities/fixed income mutual funds: Corporate debt 149 146 194 190 Government debt 140 145 202 202 Asset/mortgage backed debt 47 45 49 49 Total trading investments $ 730 $ 722 $ 787 $ 785 |
Summary of Carrying Value of Other Investments | A summary of the carrying value of other investments is as follows: (in millions) March 31, 2016 December 31, 2015 Other investments: Equity method investments $ 545 $ 513 Deferred compensation plan equity method investments 14 14 Cost method investments: Federal Reserve Bank stock 93 93 Other 2 2 Total cost method investments 95 95 Carried interest (1) 18 19 Total other investments $ 672 $ 641 (1) Carried interest of VREs. |
Consolidated Voting Rights En32
Consolidated Voting Rights Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Consolidated VREs Included in Condensed Consolidated Statements of Financial Condition | The following table presents the balances related to these consolidated VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these funds: (in millions) March 31, 2016 December 31, 2015 Cash and cash equivalents $ 84 $ 100 Trading investments 636 700 Other assets 23 18 Other liabilities (68 ) (77 ) Noncontrolling interests (131 ) (125 ) BlackRock’s net interests in consolidated VREs $ 544 $ 616 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Consolidated Variable Interest Entities [Member] | |
Schedule of VIE Assets and Liabilities | Consolidated VIE assets and liabilities are presented after intercompany eliminations at March 31, 2016 and December 31, 2015 in the following table: (in millions) March 31, 2016 December 2015 Assets of consolidated VIEs: Cash and cash equivalents $ 103 $ 148 Investments 1,256 1,030 Other assets 85 67 Total investments and other assets 1,341 1,097 Liabilities of consolidated VIEs (187 ) (177 ) Noncontrolling interests of consolidated VIEs (461 ) (416 ) BlackRock's net interests in consolidated VIEs $ 796 $ 652 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |
Schedule of VIE Assets and Liabilities | At March 31, 2016 and December 31, 2015, the Company’s carrying value of assets and liabilities included on the condensed consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs for which it held a variable interest, but for which it was not the PB, was as follows: (in millions) At March 31, 2016 Investments Advisory Fee Receivables Other Net Assets (Liabilities) Maximum Risk of (1) Sponsored investment products $ 88 $ 7 $ (6 ) $ 112 At December 31, 2015 Sponsored investment products $ 64 $ 3 $ (7 ) $ 84 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis and other assets not held at fair value March 31, 2016 (in millions) Quoted Prices in Active Markets Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (1) Other Not Held at Fair Value (2) March 31, 2016 Assets: Investments Available-for-sale: $ 29 $ 25 $ 23 $ — $ — $ 77 Held-to-maturity securities — — — — 33 33 Trading: Deferred compensation plan mutual funds 56 — — — — 56 Equity securities/Multi-asset mutual funds 330 — — — — 330 Debt securities / fixed income mutual funds 2 330 4 — — 336 Total trading 388 330 4 — — 722 Other investments: Equity method: Equity and fixed income mutual funds 111 — — 30 — 141 Other — — — 394 10 404 Total equity method 111 — — 424 10 545 Deferred compensation plan equity method investments — — — 14 — 14 Cost method investments — — — — 95 95 Carried interest — — — — 18 18 Total investments 528 355 27 438 156 1,504 Separate account assets 108,322 40,634 — — 1,209 150,165 Separate account collateral held under securities lending agreements: Equity securities 17,657 — — — — 17,657 Debt securities — 12,732 — — — 12,732 Total separate account collateral held under securities lending agreements 17,657 12,732 — — — 30,389 Investments of consolidated VIEs: Private / public equity (3) 7 2 192 130 — 331 Equity securities 470 — — — — 470 Debt securities — 334 — — — 334 Other — — — 45 — 45 Carried interest — — — — 76 76 Total investments of consolidated VIEs 477 336 192 175 76 1,256 Total $ 126,984 $ 54,057 $ 219 $ 613 $ 1,441 $ 183,314 Liabilities: Separate account collateral liabilities under securities lending agreements $ 17,657 $ 12,732 $ — $ — $ — $ 30,389 Other liabilities (4) — 6 49 — — 55 Total $ 17,657 $ 12,738 $ 49 $ — $ — $ 30,444 (1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) Amounts are comprised of investments held at cost or amortized cost, carried interest and certain equity method investments, which include sponsored investment funds and other assets, which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value. (3) Level 3 amounts primarily include direct investments in private equity companies held by private equity funds. (4) Amounts include a derivative (see Note 7, Derivatives and Hedging Commitments and Contingencies Assets and liabilities measured at fair value on a recurring basis and other assets not held at fair value December 31, 2015 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (1) Other Assets Not Held at Fair Value (2) December 31, 2015 Assets: Investments Available-for-sale $ 19 $ 2 $ 23 $ — $ — $ 44 Held-to-maturity securities — — — — 108 108 Trading: Deferred compensation plan mutual funds 65 — — — — 65 Equity/Multi-asset mutual funds 278 — — — — 278 Debt securities / fixed income mutual funds 2 438 2 — — 442 Total trading 345 438 2 — — 785 Other investments: Equity method: Equity and fixed income mutual funds 73 — — 30 — 103 Other — — — 400 10 410 Total equity method 73 — — 430 10 513 Deferred compensation plan equity method investments — — — 14 — 14 Cost method investments — — — — 95 95 Carried interest — — — — 19 19 Total investments 437 440 25 444 232 1,578 Separate account assets 109,761 40,152 — — 938 150,851 Separate account collateral held under securities lending agreements: Equity securities 26,062 — — — — 26,062 Debt securities — 5,274 — — — 5,274 Total separate account collateral held under securities lending agreements 26,062 5,274 — — — 31,336 Investments of consolidated VIEs: Private / public equity (3) 6 4 196 145 — 351 Equity securities 298 — — — — 298 Debt securities — 242 — — — 242 Other — — — 58 — 58 Carried interest — — — — 81 81 Total investments of consolidated VIEs 304 246 196 203 81 1,030 Total $ 136,564 $ 46,112 $ 221 $ 647 $ 1,251 $ 184,795 Liabilities: Separate account collateral liabilities under securities lending agreements $ 26,062 $ 5,274 $ — $ — $ — $ 31,336 Other liabilities (4) — 6 48 — — 54 Total $ 26,062 $ 5,280 $ 48 $ — $ — $ 31,390 (1) Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. (2) Amounts are comprised of investments held at cost or amortized cost, carried interest and certain equity method investments, which include sponsored investment funds and other assets, which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value. (3) Level 3 amounts include direct investments in private equity companies held by private equity funds. (4) Amounts include a derivative (see Note 7, Derivatives and Hedging Commitments and Contingencies |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis | Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2016 (in millions) December 31, 2015 Realized and Unrealized Gains (Losses) in Earnings and OCI Purchases Sales and Maturities Issuances and other settlements Transfers into Level 3 Transfers out of Level 3 March 31, 2016 Total Net Unrealized Gains (Losses) Included in Earnings (1) Assets: Investments: Available-for-sale securities (2) $ 23 $ — $ 23 $ — $ — $ — $ (23 ) $ 23 Trading 2 — 4 — — — (2 ) 4 Total investments 25 — 27 — — — (25 ) 27 Assets of consolidated VIEs - Private equity 196 2 — (6 ) — — — 192 $ 2 Total Level 3 assets $ 221 $ 2 $ 27 $ (6 ) $ — $ — $ (25 ) $ 219 Liabilities: Other liabilities (3) $ 48 $ (1 ) $ — $ — $ — $ — $ — $ 49 ( 1 ) Earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date. ( 2 ) Amounts include investments in CLOs. (3) Other liabilities amount includes contingent liabilities in connection with certain acquisitions. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2015 (in millions) December 31, 2014 Realized and Unrealized Gains (Losses) in Earnings and OCI Purchases Sales and Maturities Issuances and other settlements (1) Transfers into Level 3 Transfers out of Level 3 March 31, 2015 Total Net Unrealized Gains (Losses) Included in Earnings (3) Assets: Investments Consolidated sponsored investment funds: Private equity $ 80 $ — $ — $ — $ (80 ) $ — $ — $ — Assets of consolidated VIEs: Bank loans 302 — — — (302 ) — — — Bonds 18 — — — (18 ) — — — Private equity — (1 ) 70 — 80 — — 149 $ (1 ) Total Level 3 assets of consolidated VIEs 320 (1 ) 70 — (240 ) — — 149 Total Level 3 assets $ 400 $ (1 ) $ 70 $ — $ (320 ) $ — $ — $ 149 Liabilities: Borrowings of consolidated VIEs $ 3,389 $ — $ — $ — $ (3,389 ) $ — $ — $ — Other liabilities (2) 39 2 — — 14 — — 51 Total Level 3 liabilities $ 3,428 $ 2 $ — $ — $ (3,375 ) $ — $ — $ 51 (1) Amounts primarily included the consolidation (deconsolidation) of VIEs due to the adoption of ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis, Significant Accounting Policies, (2 ) Other liabilities amount includes contingent liabilities related to certain acquisitions. (3 ) Earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date. |
Fair Value of Financial Assets and Financial Liabilities | Disclosures of Fair Value for Financial Instruments Not Held at Fair Value . At March 31, 2016 and December 31, 2015, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below: March 31, 2016 December 31, 2015 (in millions) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Fair Value Hierarchy Financial Assets: Cash and cash equivalents $ 4,981 $ 4,981 $ 6,083 $ 6,083 Level 1 (1),(2) Accounts receivable 2,526 2,526 2,237 2,237 Level 1 (3) Cash and cash equivalents of consolidated VIEs 103 103 148 148 Level 1 (1),(2) Financial Liabilities: Accounts payable and accrued liabilities 1,385 1,385 1,068 1,068 Level 1 (3) Long-term borrowings 4,968 5,354 4,930 5,223 Level 2 (4) (1) Cash and cash equivalents are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities. (2) At March 31, 2016 and December 31, 2015, approximately $116 million and $132 million, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. In addition, at March 31, 2016 and December 31, 2015, approximately $12 million and $68 million, respectively, of money market funds were recorded within cash and cash equivalents of consolidated VIEs. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund. (3) The carrying amounts of accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short-term nature. (4) Long-term borrowings are recorded at amortized cost net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is estimated using market prices at the end of March 2016 and December 2015, respectively. See Note 10, Borrowings |
Investments in Certain Entities that Calculate Net Asset Value per Share | The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent). March 31, 2016 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 218 $ 29 Daily/Monthly (22%) Quarterly (53%) N/R (25%) 1 – 90 days Private equity funds (b) 83 65 N/R N/R Real assets funds (c) 93 43 Quarterly (25%) N/R (75%) 60 days Other (d) 44 5 Daily/Monthly (69%) N/R (31%) 3-5 days Consolidated VIEs: Private equity funds of funds (e) 130 17 N/R N/R Hedge fund (a) 45 — Quarterly 90 days Total $ 613 $ 159 December 31, 2015 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 217 $ 30 Daily/Monthly (22%) Quarterly (52%) N/R (26%) 30 – 90 days Private equity funds (b) 89 67 N/R N/R Real assets funds (c) 94 31 Quarterly (25%) N/R (75%) 60 days Other (d) 44 5 Daily/Monthly (68%) N/R (32%) 3-5 days Consolidated VIEs: Private equity funds of funds (e) 145 19 N/R N/R Hedge fund (a) 58 — Quarterly 90 days Total $ 647 $ 152 N/R – not redeemable (1) Comprised of equity method investments, which include investments in investment companies, which account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value. ( a ) This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, distressed credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. It was estimated that the investments in the funds that are not subject to redemption will be liquidated over a weighted-average period of approximately one year at both March 31, 2016 and December 31, 2015. (b ) This category includes several private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds as well as other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. It was estimated that the investments in these funds will be liquidated over a weighted-average period of approximately four years at both March 31, 2016 and December 31, 2015. (c ) This category includes several real assets funds that invest directly in real estate, real estate related assets and infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. A majority of the Company’s investments are not subject to redemption or are not currently redeemable and are normally returned through distributions as a result of the liquidation of the underlying assets of the funds. It is estimated that the investments in these funds not subject to redemptions will be liquidated over a weighted-average period of approximately six years at both March 31, 2016 and December 31, 2015, respectively. (d ) This category primarily includes a multi-asset fund that is redeemable. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in partners’ capital. (e ) |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill Activity | Goodwill activity during the three months ended March 31, 2016 was as follows: (in millions) December 31, 2015 $ 13,123 Goodwill adjustment related to Quellos (1) (4 ) March 31, 2016 $ 13,119 (1) The decrease in goodwill during the three months ended March 31, 2016 primarily resulted from a decline related to tax benefits realized from tax-deductible goodwill in excess of book goodwill from the acquisition of the fund-of-funds business of Quellos Group, LLC in October 2007 (the “Quellos Transaction”). Goodwill related to the Quellos Transaction will continue to be reduced in future periods by the amount of tax benefits realized from tax-deductible goodwill in excess of book goodwill from the Quellos Transaction. The balance of the Quellos tax-deductible goodwill in excess of book goodwill was approximately $223 million and $231 million at March 31, 2016 and December 31, 2015, respectively. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Amounts of Identifiable Intangible Assets | The carrying amounts of identifiable intangible assets are summarized as follows: (in millions) Indefinite-lived intangible Finite-lived intangible assets Total intangible assets December 31, 2015 $ 17,108 $ 264 $ 17,372 Amortization expense - (25 ) (25 ) March 31, 2016 $ 17,108 $ 239 $ 17,347 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Carrying Value and Fair Value of Long-Term Borrowings | The carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at March 31, 2016 included the following: (in millions) Maturity Amount Unamortized Discount and Debt Issuance Costs Carrying Value Fair Value 6.25% Notes due 2017 $ 700 $ (1 ) $ 699 $ 752 5.00% Notes due 2019 1,000 (3 ) 997 1,117 4.25% Notes due 2021 750 (5 ) 745 830 3.375% Notes due 2022 750 (6 ) 744 796 3.50% Notes due 2024 1,000 (8 ) 992 1,059 1.25% Notes due 2025 798 (7 ) 791 800 Total Long-term Borrowings $ 4,998 $ (30 ) $ 4,968 $ 5,354 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Restricted Stock and RSU Activity | Restricted Stock and RSUs. Restricted stock and restricted stock units (“RSUs”) activity for the three months ended March 31, 2016 is summarized below: Outstanding at Restricted Stock and RSUs Weighted- Average Grant Date Fair Value December 31, 2015 3,067,737 $ 308.42 Granted 1,348,706 $ 296.46 Converted (1,351,464 ) $ 281.15 Forfeited (8,232 ) $ 296.81 March 31, 2016 (1) 3,056,747 $ 315.23 (1) At March 31, 2016, approximately 2.8 million awards are expected to vest and 0.2 million awards have vested but have not been converted. |
Stock Option Activity | Stock Options. Stock option activity for the three months ended March 31, 2016 is summarized below: Outstanding at Shares under option Weighted average exercise price December 31, 2015 154,094 $ 167.76 Exercised (4,000 ) $ 167.76 March 31, 2016 150,094 $ 167.76 The aggregate intrinsic value of options exercised during the three months ended March 31, 2016 was $0.6 million. At March 31, 2016, all options were vested . |
Market Performance-based RSUs [Member] | |
Restricted Stock and RSU Activity | Market Performance-based RSUs activity for the three months ended March 31, 2016 is summarized below: Outstanding at Market Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2015 1,378,177 $ 137.07 Converted (548,227 ) $ 115.03 March 31, 2016 (1) 829,950 $ 151.63 |
Performance-Based RSUs [Member] | |
Restricted Stock and RSU Activity | Performance-based RSU activity for the three months ended March 31, 2016 is summarized below: Outstanding at Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2015 255,868 $ 343.86 Granted 375,242 $ 296.97 March 31, 2016 631,110 $ 315.98 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | The following tables present changes in AOCI by component for the three months ended March 31, 2016 and 2015: (in millions) Unrealized (losses) on available-for-sale investments (1),(2) Benefit plans Foreign currency translation adjustments (3) Total For the Three Months Ended March 31, 2016 December 31, 2015 $ (1 ) $ 5 $ (452 ) $ (448 ) Other comprehensive income (loss) before reclassifications (2 ) 1 (26 ) (27 ) Amount reclassified from AOCI (4) 1 — — 1 Net other comprehensive income (loss) for the three months ended March 31, 2016 (1 ) 1 (26 ) (26 ) March 31, 2016 $ (2 ) $ 6 $ (478 ) $ (474 ) (1) All amounts are net of tax. (2) The tax benefit (expense) was not material for the three months ended March 31, 2016. (3 ) Amount for the three months ended March 31, 2016 includes losses from a net investment hedge of $23 million, net of taxes of $14 million. (4) (in millions) Unrealized (losses) on available-for-sale investments (1) Benefit Foreign currency translation adjustments Total For the Three Months Ended March 31, 2015 December 31, 2014 $ 2 $ 4 $ (279 ) $ (273 ) Other comprehensive income (loss) before reclassifications — (1 ) (165 ) (166 ) Amount reclassified from AOCI — — — — Net other comprehensive income (loss) for the three months ended March 31, 2015 — (1 ) (165 ) (166 ) March 31, 2015 $ 2 $ 3 $ (444 ) $ (439 ) (1) All amounts are net of tax. |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Preferred Shares Authorized, Issued and Outstanding | Nonvoting Participating Preferred Stock . The Company’s preferred shares authorized, issued and outstanding consisted of the following: March 31, 2016 December 31, 2015 Series A Shares authorized, $0.01 par value 20,000,000 20,000,000 Shares issued and outstanding — — Series B Shares authorized, $0.01 par value 150,000,000 150,000,000 Shares issued and outstanding (1) 823,188 823,188 Series C Shares authorized, $0.01 par value 6,000,000 6,000,000 Shares issued and outstanding (1) 763,660 1,311,887 Series D Shares authorized, $0.01 par value 20,000,000 20,000,000 Shares issued and outstanding — — (1) Shares held by PNC. |
Restructuring Charge (Tables)
Restructuring Charge (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Rollforward of Restructuring Liability | The following table presents a rollforward of the Company’s restructuring liability, which is included within other liabilities on the Company’s condensed consolidated statements of financial condition: (in millions) Three Months Ended March 31, 2016 Liability as of December 31, 2015 $ — Additions (1) 76 Cash payments (1 ) Accelerated amortization expense of equity-based awards (28 ) Liability as of March 31, 2016 $ 47 (1) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS under Treasury Stock Method | The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2016 and 2015 under the treasury stock method: Three Months Ended March 31, (in millions, except shares and per share data) 2016 2015 Net income attributable to BlackRock $ 657 $ 822 Basic weighted-average shares outstanding 165,388,130 167,089,037 Dilutive effect of nonparticipating RSUs and stock options 2,010,808 2,634,130 Total diluted weighted-average shares outstanding 167,398,938 169,723,167 Basic earnings per share $ 3.97 $ 4.92 Diluted earnings per share $ 3.92 $ 4.84 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Investment Advisory, Administration Fees, Securities Lending Revenue and Performance Fees, BlackRock Solutions and Advisory Revenue, Distribution Fees and Other Revenue | The following table illustrates investment advisory, administration fees, securities lending revenue and performance fees by product type, BlackRock Solutions Three Months Ended March 31, (in millions) 2016 2015 Equity $ 1,184 $ 1,306 Fixed income 623 575 Multi-asset 287 312 Alternatives 196 232 Cash management 103 73 Total investment advisory, administration fees, securities lending revenue and performance fees 2,393 2,498 BlackRock Solutions and advisory 171 147 Distribution fees 11 17 Other revenue 49 61 Total revenue $ 2,624 $ 2,723 |
Total Revenue by Geographic Region | The following table illustrates total revenue for the three months ended March 31, 2016 and 2015 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides. (in millions) Three Months Ended March 31, Revenue 2016 2015 Americas $ 1,768 $ 1,851 Europe 723 743 Asia-Pacific 133 129 Total revenue $ 2,624 $ 2,723 |
Schedule of Long-Lived Assets by Geographic Region | The following table illustrates long-lived assets that consist of goodwill and property and equipment at March 31, 2016 and December 31, 2015 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located. (in millions) March 31, December 31, Long-lived Assets 2016 2015 Americas $ 13,425 $ 13,422 Europe 182 186 Asia-Pacific 93 96 Total long-lived assets $ 13,700 $ 13,704 |
Business Overview - Additional
Business Overview - Additional Information (Detail) - PNC [Member] | Mar. 31, 2016 |
Related Party Transaction [Line Items] | |
Percentage of common stock of parent owned | 21.10% |
Percentage of capital stock of parent owned | 21.80% |
Significant Accounting Polici45
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | |||
Reduction of management fees | $ 12 | $ 43 | |
Percentage of Yield Support waivers offset | 83.00% | 42.00% | |
Fair value of loaned securities | $ 28,400 | $ 28,800 | |
Fair value of collateral held for loan securities | $ 30,389 | $ 31,336 | |
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Collateral cash and securities received in exchange of value of securities lent in order to reduce counterparty risk | 102.00% | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Collateral cash and securities received in exchange of value of securities lent in order to reduce counterparty risk | 112.00% |
Investments - Summary of Carryi
Investments - Summary of Carrying Value of Total Investments (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Available-for-sale investments | $ 77 | $ 44 |
Held-to-maturity investments | 33 | 108 |
Total trading investments | 722 | 785 |
Total Other Investments, Carrying Value | 672 | 641 |
Total investments | 1,504 | 1,578 |
Consolidated Sponsored Investment Funds [Member] | ||
Investment [Line Items] | ||
Total trading investments | 636 | 700 |
Other Equity and Debt Securities [Member] | ||
Investment [Line Items] | ||
Total trading investments | 30 | 20 |
Deferred Compensation Plan Fund [Member] | ||
Investment [Line Items] | ||
Total trading investments | 56 | 65 |
Total Other Investments, Carrying Value | 14 | 14 |
Carried Interest [Member] | Consolidated Voting Rights Entities [Member] | ||
Investment [Line Items] | ||
Total Other Investments, Carrying Value | 18 | 19 |
Equity Method Investments [Member] | ||
Investment [Line Items] | ||
Total Other Investments, Carrying Value | 545 | 513 |
Cost Method Investments [Member] | ||
Investment [Line Items] | ||
Total Other Investments, Carrying Value | $ 95 | $ 95 |
Investments - Summary of Cost a
Investments - Summary of Cost and Carrying Value of Investments Classified as Available-for-Sale Investments (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Investments Debt And Equity Securities [Abstract] | ||
Available-for-sale investments, Cost | $ 80 | $ 45 |
Available-for-sale investments, Gross Unrealized Gains | 1 | 2 |
Available-for-sale investments, Gross Unrealized Losses | (4) | (3) |
Available-for-sale investments, Carrying Value | $ 77 | $ 44 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Investment [Line Items] | ||
Held-to-maturity investments | $ 33 | $ 108 |
Foreign government debt, after five years through ten years | 12 | |
Foreign government debt, after ten years | $ 21 | |
Maturity period of investments | 10 years | |
Total trading investments | $ 722 | $ 785 |
PennyMac [Member] | ||
Investment [Line Items] | ||
Ownership percentage | 20.00% | 20.00% |
Shares and units | 16 | 16 |
Carrying value - equity method investment | $ 223 | $ 222 |
Fair value of equity method investments | 181 | 239 |
Consolidated Sponsored Investment Funds [Member] | ||
Investment [Line Items] | ||
Total trading investments | 636 | 700 |
Deferred Compensation Plan Fund [Member] | ||
Investment [Line Items] | ||
Total trading investments | 56 | 65 |
Equity and Debt Securities Held in Separate Investment Accounts [Member] | ||
Investment [Line Items] | ||
Total trading investments | 30 | 20 |
Consolidated Voting Rights Entities [Member] | Consolidated Sponsored Investment Funds [Member] | ||
Investment [Line Items] | ||
Trading securities, debt | 331 | 437 |
Trading securities, equity | $ 305 | $ 263 |
Minimum [Member] | ||
Investment [Line Items] | ||
Maturity period of investments | 5 years | |
Maximum [Member] | ||
Investment [Line Items] | ||
Maturity period of investments | 10 years |
Investments - Summary of Cost49
Investments - Summary of Cost and Carrying Value of Trading Investments (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Trading investments, Cost | $ 730 | $ 787 |
Trading investments, Carrying Value | 722 | 785 |
Deferred Compensation Plan Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Trading investments, Cost | 41 | 48 |
Trading investments, Carrying Value | 56 | 65 |
Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Trading investments, Cost | 353 | 294 |
Trading investments, Carrying Value | 330 | 279 |
Corporate Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Trading investments, Cost | 149 | 194 |
Trading investments, Carrying Value | 146 | 190 |
Government Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Trading investments, Cost | 140 | 202 |
Trading investments, Carrying Value | 145 | 202 |
Asset/Mortgage Backed Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Trading investments, Cost | 47 | 49 |
Trading investments, Carrying Value | $ 45 | $ 49 |
Investments - Summary of Carr50
Investments - Summary of Carrying Value of Other Investments (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | $ 672 | $ 641 |
Deferred Compensation Plan Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | 14 | 14 |
Federal Reserve Bank Stock [Member] | ||
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | 93 | 93 |
Other [Member] | ||
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | 2 | 2 |
Carried Interest [Member] | Consolidated Voting Rights Entities [Member] | ||
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | 18 | 19 |
Equity Method Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | 545 | 513 |
Cost Method Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Total Other Investments, Carrying Value | $ 95 | $ 95 |
Consolidated VREs Recorded in C
Consolidated VREs Recorded in Condensed Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Consolidated Sponsored Investment Funds [Line Items] | ||||
Cash and cash equivalents | $ 4,981 | $ 6,083 | $ 4,277 | $ 5,723 |
Trading investments | 722 | 785 | ||
Other assets | 902 | 855 | ||
Other liabilities | (1,269) | (1,033) | ||
Noncontrolling interests | (75) | (77) | ||
Consolidated Voting Rights Entities [Member] | ||||
Consolidated Sponsored Investment Funds [Line Items] | ||||
Cash and cash equivalents | 84 | 100 | ||
Trading investments | 636 | 700 | ||
Other assets | 23 | 18 | ||
Other liabilities | (68) | (77) | ||
Noncontrolling interests | (131) | (125) | ||
BlackRock’s net interests in consolidated VREs | $ 544 | $ 616 |
Variable Interest Entities Refl
Variable Interest Entities Reflects adoption of ASU 2015-12 - Schedule of VIE Assets and Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 4,981 | $ 6,083 | $ 4,277 | $ 5,723 |
Investments | 1,504 | 1,578 | ||
Other assets | 902 | 855 | ||
Liabilities of consolidated VIEs | (193,972) | (196,217) | ||
Noncontrolling interests of consolidated VIEs | (75) | (77) | ||
Consolidated Variable Interest Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 103 | 148 | ||
Investments | 1,256 | 1,030 | ||
Other assets | 85 | 67 | ||
Total investments and other assets | 1,341 | 1,097 | ||
Liabilities of consolidated VIEs | (187) | (177) | ||
Noncontrolling interests of consolidated VIEs | (461) | (416) | ||
BlackRock's net interests in consolidated VIEs | $ 796 | $ 652 |
Variable Interest Entities Re53
Variable Interest Entities Reflects adoption of ASU 2015-12 - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |||
Nonoperating gain (loss) | $ (2,000,000) | $ 63,000,000 | |
Net income (loss) attributable to noncontrolling interests | (10,000,000) | 3,000,000 | |
Consolidated Variable Interest Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Nonoperating gain (loss) | 2,000,000 | 4,000,000 | |
Net income (loss) attributable to noncontrolling interests | (6,000,000) | $ 0 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Sponsored Investment Products [Member] | |||
Variable Interest Entity [Line Items] | |||
Net assets of investments funds | $ 3,000,000,000 | $ 3,000,000,000 |
Variable Interest Entities Re54
Variable Interest Entities Reflects adoption of ASU 2015-12 - Balances Relating to Variable Interest Entities in which BlackRock is Not Primary Beneficiary (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | $ 88,000,000 | $ 64,000,000 |
Advisory Fee Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | 7,000,000 | 3,000,000 |
Other Net Assets (Liabilities) [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | (6,000,000) | (7,000,000) |
Maximum Risk of Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | $ 112,000,000 | $ 84,000,000 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | $ 77 | $ 44 |
Total trading investments | 722 | 785 |
Separate account assets | 150,165 | 150,851 |
Fair value of collateral held for loan securities | 30,389 | 31,336 |
Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 330 | 279 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 77 | 44 |
Held-to-maturity securities | 33 | 108 |
Total trading investments | 722 | 785 |
Deferred compensation plan equity method investments | 14 | 14 |
Cost method investments | 95 | 95 |
Carried interest | 18 | 19 |
Total investments | 1,504 | 1,578 |
Separate account assets | 150,165 | 150,851 |
Fair value of collateral held for loan securities | 30,389 | 31,336 |
Total investments of consolidated VIEs | 1,256 | 1,030 |
Total | 183,314 | 184,795 |
Separate account collateral liabilities under securities lending agreements | 30,389 | 31,336 |
Other liabilities | 55 | 54 |
Total liabilities measured at fair value | 30,444 | 31,390 |
Fair Value, Measurements, Recurring [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 545 | 513 |
Fair Value, Measurements, Recurring [Member] | Equity Securities/Multi-asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 330 | 278 |
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 336 | 442 |
Fair Value, Measurements, Recurring [Member] | Equity And Fixed Income Mutual Funds | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 141 | 103 |
Fair Value, Measurements, Recurring [Member] | Other Types Of Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 45 | 58 |
Fair Value, Measurements, Recurring [Member] | Other Types Of Investments | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 404 | 410 |
Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 331 | 351 |
Fair Value, Measurements, Recurring [Member] | Deferred Compensation Plan Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 56 | 65 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 29 | 19 |
Held-to-maturity securities | 0 | 0 |
Total trading investments | 388 | 345 |
Deferred compensation plan equity method investments | 0 | 0 |
Cost method investments | 0 | 0 |
Carried interest | 0 | 0 |
Total investments | 528 | 437 |
Separate account assets | 108,322 | 109,761 |
Fair value of collateral held for loan securities | 17,657 | 26,062 |
Total investments of consolidated VIEs | 477 | 304 |
Total | 126,984 | 136,564 |
Separate account collateral liabilities under securities lending agreements | 17,657 | 26,062 |
Other liabilities | 0 | 0 |
Total liabilities measured at fair value | 17,657 | 26,062 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 111 | 73 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities/Multi-asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 330 | 278 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 2 | 2 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity And Fixed Income Mutual Funds | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 111 | 73 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Types Of Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Types Of Investments | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 7 | 6 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Deferred Compensation Plan Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 56 | 65 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 25 | 2 |
Held-to-maturity securities | 0 | 0 |
Total trading investments | 330 | 438 |
Deferred compensation plan equity method investments | 0 | 0 |
Cost method investments | 0 | 0 |
Carried interest | 0 | 0 |
Total investments | 355 | 440 |
Separate account assets | 40,634 | 40,152 |
Fair value of collateral held for loan securities | 12,732 | 5,274 |
Total investments of consolidated VIEs | 336 | 246 |
Total | 54,057 | 46,112 |
Separate account collateral liabilities under securities lending agreements | 12,732 | 5,274 |
Other liabilities | 6 | 6 |
Total liabilities measured at fair value | 12,738 | 5,280 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities/Multi-asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 330 | 438 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity And Fixed Income Mutual Funds | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Types Of Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Types Of Investments | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 2 | 4 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Deferred Compensation Plan Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 23 | 23 |
Held-to-maturity securities | 0 | 0 |
Total trading investments | 4 | 2 |
Deferred compensation plan equity method investments | 0 | 0 |
Cost method investments | 0 | 0 |
Carried interest | 0 | 0 |
Total investments | 27 | 25 |
Separate account assets | 0 | 0 |
Fair value of collateral held for loan securities | 0 | 0 |
Total investments of consolidated VIEs | 192 | 196 |
Total | 219 | 221 |
Separate account collateral liabilities under securities lending agreements | 0 | 0 |
Other liabilities | 49 | 48 |
Total liabilities measured at fair value | 49 | 48 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities/Multi-asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 4 | 2 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity And Fixed Income Mutual Funds | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Types Of Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Types Of Investments | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 192 | 196 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Deferred Compensation Plan Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 17,657 | 26,062 |
Total investments of consolidated VIEs | 470 | 298 |
Fair Value, Measurements, Recurring [Member] | Equity Securities/Multi-Asset Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 17,657 | 26,062 |
Total investments of consolidated VIEs | 470 | 298 |
Fair Value, Measurements, Recurring [Member] | Equity Securities/Multi-Asset Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 0 | 0 |
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Equity Securities/Multi-Asset Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 0 | 0 |
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 12,732 | 5,274 |
Total investments of consolidated VIEs | 334 | 242 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 0 | 0 |
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 12,732 | 5,274 |
Total investments of consolidated VIEs | 334 | 242 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 0 | 0 |
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Carried Interest [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 76 | 81 |
Fair Value, Measurements, Recurring [Member] | Carried Interest [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Carried Interest [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Carried Interest [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Investments Measured At NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Total trading investments | 0 | 0 |
Deferred compensation plan equity method investments | 14 | 14 |
Cost method investments | 0 | 0 |
Carried interest | 0 | 0 |
Total investments | 438 | 444 |
Separate account assets | 0 | 0 |
Fair value of collateral held for loan securities | 0 | 0 |
Total investments of consolidated VIEs | 175 | 203 |
Total | 613 | 647 |
Separate account collateral liabilities under securities lending agreements | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Investments Measured At NAV [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 424 | 430 |
Fair Value, Measurements, Recurring [Member] | Investments Measured At NAV [Member] | Equity Securities/Multi-asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Investments Measured At NAV [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Investments Measured At NAV [Member] | Equity And Fixed Income Mutual Funds | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 30 | 30 |
Fair Value, Measurements, Recurring [Member] | Investments Measured At NAV [Member] | Other Types Of Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 45 | 58 |
Fair Value, Measurements, Recurring [Member] | Investments Measured At NAV [Member] | Other Types Of Investments | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 394 | 400 |
Fair Value, Measurements, Recurring [Member] | Investments Measured At NAV [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 130 | 145 |
Fair Value, Measurements, Recurring [Member] | Investments Measured At NAV [Member] | Deferred Compensation Plan Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Investments Measured At NAV [Member] | Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 0 | 0 |
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Investments Measured At NAV [Member] | Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 0 | 0 |
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Investments Measured At NAV [Member] | Carried Interest [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 0 | 0 |
Held-to-maturity securities | 33 | 108 |
Total trading investments | 0 | 0 |
Deferred compensation plan equity method investments | 0 | 0 |
Cost method investments | 95 | 95 |
Carried interest | 18 | 19 |
Total investments | 156 | 232 |
Separate account assets | 1,209 | 938 |
Fair value of collateral held for loan securities | 0 | 0 |
Total investments of consolidated VIEs | 76 | 81 |
Total | 1,441 | 1,251 |
Separate account collateral liabilities under securities lending agreements | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 10 | 10 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Equity Securities/Multi-asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Equity And Fixed Income Mutual Funds | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Other Types Of Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Other Types Of Investments | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 10 | 10 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Deferred Compensation Plan Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total trading investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 0 | 0 |
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of collateral held for loan securities | 0 | 0 |
Total investments of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Assets Not Held at Fair Value [Member] | Carried Interest [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | $ 76 | $ 81 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Operating performance projections covering period | 5 years | |
Significant Unobservable Inputs (Level 3) [Member] | Private/ Public Equity [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments | $ 192 | $ 196 |
Fair Value Disclosures - Change
Fair Value Disclosures - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | $ 221 | $ 400 |
Realized and Unrealized Gains (Losses) in Earnings and OCI | 2 | (1) |
Purchases | 27 | 70 |
Sales and Maturities | (6) | 0 |
Issuances and other settlements | 0 | (320) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (25) | 0 |
Assets measured at fair value, ending balance | 219 | 149 |
Total Net Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Liabilities measured at fair value, beginning balance | 3,428 | |
Realized and Unrealized Gains (Losses) in Earnings and OCI | 2 | |
Purchases | 0 | |
Sales and Maturities | 0 | |
Issuances and other settlements | (3,375) | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Liabilities measured at fair value, ending balance | 51 | |
Total Net Unrealized Gains (Losses) Included in Earnings | 0 | |
Available-for-sale Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 23 | |
Realized and Unrealized Gains (Losses) in Earnings and OCI | 0 | |
Purchases | 23 | |
Sales and Maturities | 0 | |
Issuances and other settlements | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | (23) | |
Assets measured at fair value, ending balance | 23 | |
Total Net Unrealized Gains (Losses) Included in Earnings | 0 | |
Consolidated Variable Interest Entities [Member] | Borrowings | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value, beginning balance | 3,389 | |
Realized and Unrealized Gains (Losses) in Earnings and OCI | 0 | |
Purchases | 0 | |
Sales and Maturities | 0 | |
Issuances and other settlements | (3,389) | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Liabilities measured at fair value, ending balance | 0 | |
Total Net Unrealized Gains (Losses) Included in Earnings | 0 | |
Consolidated Variable Interest Entities [Member] | Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value, beginning balance | 48 | 39 |
Realized and Unrealized Gains (Losses) in Earnings and OCI | (1) | 2 |
Purchases | 0 | 0 |
Sales and Maturities | 0 | 0 |
Issuances and other settlements | 0 | 14 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Liabilities measured at fair value, ending balance | 49 | 51 |
Total Net Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Consolidated Variable Interest Entities [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 0 | |
Realized and Unrealized Gains (Losses) in Earnings and OCI | (1) | |
Purchases | 70 | |
Sales and Maturities | 0 | |
Issuances and other settlements | 80 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Assets measured at fair value, ending balance | 149 | |
Total Net Unrealized Gains (Losses) Included in Earnings | (1) | |
Consolidated Variable Interest Entities [Member] | Bank Loans and Other Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 302 | |
Realized and Unrealized Gains (Losses) in Earnings and OCI | 0 | |
Purchases | 0 | |
Sales and Maturities | 0 | |
Issuances and other settlements | (302) | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Assets measured at fair value, ending balance | 0 | |
Total Net Unrealized Gains (Losses) Included in Earnings | 0 | |
Consolidated Variable Interest Entities [Member] | Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 18 | |
Realized and Unrealized Gains (Losses) in Earnings and OCI | 0 | |
Purchases | 0 | |
Sales and Maturities | 0 | |
Issuances and other settlements | (18) | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Assets measured at fair value, ending balance | 0 | |
Total Net Unrealized Gains (Losses) Included in Earnings | 0 | |
Trading Account Assets | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 2 | |
Realized and Unrealized Gains (Losses) in Earnings and OCI | 0 | |
Purchases | 4 | |
Sales and Maturities | 0 | |
Issuances and other settlements | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | (2) | |
Assets measured at fair value, ending balance | 4 | |
Total Net Unrealized Gains (Losses) Included in Earnings | 0 | |
Investments Of Consolidated Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 25 | |
Realized and Unrealized Gains (Losses) in Earnings and OCI | 0 | |
Purchases | 27 | |
Sales and Maturities | 0 | |
Issuances and other settlements | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | (25) | |
Assets measured at fair value, ending balance | 27 | |
Total Net Unrealized Gains (Losses) Included in Earnings | 0 | |
Assets of Consolidated VIEs, [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 320 | |
Realized and Unrealized Gains (Losses) in Earnings and OCI | (1) | |
Purchases | 70 | |
Sales and Maturities | 0 | |
Issuances and other settlements | (240) | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Assets measured at fair value, ending balance | 149 | |
Total Net Unrealized Gains (Losses) Included in Earnings | 0 | |
Assets of Consolidated VIEs, [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 80 | |
Realized and Unrealized Gains (Losses) in Earnings and OCI | 0 | |
Purchases | 0 | |
Sales and Maturities | 0 | |
Issuances and other settlements | (80) | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Assets measured at fair value, ending balance | 0 | |
Total Net Unrealized Gains (Losses) Included in Earnings | $ 0 | |
Assets of Consolidated VIEs, [Member] | Consolidated Variable Interest Entities [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value, beginning balance | 196 | |
Realized and Unrealized Gains (Losses) in Earnings and OCI | 2 | |
Purchases | 0 | |
Sales and Maturities | (6) | |
Issuances and other settlements | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Assets measured at fair value, ending balance | 192 | |
Total Net Unrealized Gains (Losses) Included in Earnings | $ 2 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 4,981 | $ 6,083 | $ 4,277 | $ 5,723 |
Long-term borrowings | 4,968 | 4,930 | ||
Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 4,981 | 6,083 | ||
Accounts receivable | 2,526 | 2,237 | ||
Accounts payable and accrued liabilities | 1,385 | 1,068 | ||
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term borrowings | 4,968 | 4,930 | ||
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 4,981 | 6,083 | ||
Accounts receivable | 2,526 | 2,237 | ||
Accounts payable and accrued liabilities | 1,385 | 1,068 | ||
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term borrowings | 5,354 | 5,223 | ||
Consolidated Variable Interest Entities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 103 | 148 | ||
Consolidated Variable Interest Entities [Member] | Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 103 | 148 | ||
Consolidated Variable Interest Entities [Member] | Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 103 | $ 148 |
Fair Value Disclosures - Fair59
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 4,981 | $ 6,083 | $ 4,277 | $ 5,723 |
Money market valuation floor | $ 1 | |||
Money Market Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 116 | 132 | ||
Consolidated Variable Interest Entities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 103 | 148 | ||
Consolidated Variable Interest Entities [Member] | Money Market Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 12 | $ 68 |
Fair Value Disclosures - Invest
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 613 | $ 647 |
Total Unfunded Commitments | 159 | 152 |
Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 218 | 217 |
Total Unfunded Commitments | $ 29 | $ 30 |
Redemption Frequency (Daily) | 22.00% | 22.00% |
Redemption Frequency (Monthly) | 22.00% | 22.00% |
Redemption Frequency (Quarterly) | 53.00% | 52.00% |
Redemption Frequency (Not Redeemable) | 25.00% | 26.00% |
Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period, days | 1 day | 30 days |
Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period, days | 90 days | 90 days |
Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 45 | $ 58 |
Total Unfunded Commitments | $ 0 | $ 0 |
Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | Consolidated Variable Interest Entities [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period, days | 90 days | 90 days |
Equity Method, Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 83 | $ 89 |
Total Unfunded Commitments | 65 | 67 |
Equity Method, Private Equity Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 130 | 145 |
Total Unfunded Commitments | 17 | 19 |
Equity Method, Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 93 | 94 |
Total Unfunded Commitments | $ 43 | $ 31 |
Redemption Frequency (Quarterly) | 25.00% | 25.00% |
Redemption Frequency (Not Redeemable) | 75.00% | 75.00% |
Redemption Notice Period, Not Redeemable | 60 days | 60 days |
Equity Method, Other Types Of Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 44 | $ 44 |
Total Unfunded Commitments | $ 5 | $ 5 |
Redemption Frequency (Daily) | 69.00% | 68.00% |
Redemption Frequency (Monthly) | 69.00% | 68.00% |
Redemption Frequency (Not Redeemable) | 31.00% | 32.00% |
Equity Method, Other Types Of Investments [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period, days | 3 days | 3 days |
Equity Method, Other Types Of Investments [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption Notice Period, days | 5 days | 5 days |
Fair Value Disclosures - Inve61
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 159 | $ 152 |
Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Liquidation period, years | 1 year | 1 year |
Total Unfunded Commitments | $ 29 | $ 30 |
Equity Method, Hedge Funds/Funds of Hedge Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 0 | $ 0 |
Equity Method, Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Liquidation period, years | 4 years | 4 years |
Total Unfunded Commitments | $ 65 | $ 67 |
Equity Method, Private Equity Funds [Member] | Assets of Consolidated VIEs, [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Liquidation period, years | 5 years | |
Total Unfunded Commitments | $ 19 | |
Amount of unfunded commitments contractually obligated to fund | 31 | |
Equity Method, Private Equity Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Liquidation period, years | 5 years | |
Total Unfunded Commitments | $ 17 | 19 |
Amount of unfunded commitments contractually obligated to fund | 31 | |
Equity Method, Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 43 | $ 31 |
Redemption period | 6 years | 6 years |
Derivatives and Hedging - Addit
Derivatives and Hedging - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative maximum risk of loss for credit protection | $ 17 | |
Total Return Swaps [Member] | ||
Derivative [Line Items] | ||
Notional value | 419 | $ 360 |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Notional value | 46 | 46 |
Forward Foreign Currency Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Notional value | $ 111 | $ 169 |
Goodwill - Goodwill Activity (D
Goodwill - Goodwill Activity (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill Roll Forward | |
Beginning balance | $ 13,123 |
Goodwill adjustment related to Quellos | (4) |
Ending balance | $ 13,119 |
Goodwill - Goodwill Activity (P
Goodwill - Goodwill Activity (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Goodwill Roll Forward | ||
Excess of tax goodwill over book goodwill | $ 223 | $ 231 |
Intangible Assets - Carrying Am
Intangible Assets - Carrying Amounts of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Indefinite-lived intangible assets, Beginning balance | $ 17,108 | |
Indefinite-lived intangible assets, Ending balance | 17,108 | |
Finite-lived intangible assets, Beginning balance | 264 | |
Finite-lived intangible assets, amortization expense | (25) | $ (35) |
Finite-lived intangible assets, Ending balance | 239 | |
Intangible assets, Beginning balance | 17,372 | |
Intangible assets, Ending balance | $ 17,347 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Borrowings | $ 4,968,000,000 | $ 4,930,000,000 |
Fair Value | 5,354,000,000 | $ 5,200,000,000 |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Maximum amount available under facility | 4,000,000,000 | |
Amount outstanding under credit facility | 0 | |
2016 Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured revolving credit facility | 4,000,000,000 | |
Additional amount available, subject to lender credit approval | 1,000,000,000 | |
Maximum amount available under facility | 5,000,000,000 | |
Amount outstanding under credit facility | $ 0 | |
Extended debt instrument maturity date | 2021-03 | |
Line of credit facility, covenant terms | The 2016 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1 | |
Line of credit facility, covenant compliance | satisfied with a ratio of less than 1 to 1 |
Borrowings - Carrying Value and
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Maturity Amount | $ 4,998 | |
Unamortized Discount and Debt Issuance Costs | (30) | |
Carrying Value | 4,968 | $ 4,930 |
Fair Value | 5,354 | $ 5,200 |
6.25% Notes due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 700 | |
Unamortized Discount and Debt Issuance Costs | (1) | |
Carrying Value | 699 | |
Fair Value | 752 | |
5.00% Notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 1,000 | |
Unamortized Discount and Debt Issuance Costs | (3) | |
Carrying Value | 997 | |
Fair Value | 1,117 | |
4.25% Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 750 | |
Unamortized Discount and Debt Issuance Costs | (5) | |
Carrying Value | 745 | |
Fair Value | 830 | |
3.375% Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 750 | |
Unamortized Discount and Debt Issuance Costs | (6) | |
Carrying Value | 744 | |
Fair Value | 796 | |
3.50% Notes due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 1,000 | |
Unamortized Discount and Debt Issuance Costs | (8) | |
Carrying Value | 992 | |
Fair Value | 1,059 | |
1.25% Notes due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Amount | 798 | |
Unamortized Discount and Debt Issuance Costs | (7) | |
Carrying Value | 791 | |
Fair Value | $ 800 |
Borrowings - Carrying Value a68
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
6.25% Notes due 2017 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings interest rate | 6.25% |
Debt instrument maturity date | 2,017 |
5.00% Notes due 2019 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings interest rate | 5.00% |
Debt instrument maturity date | 2,019 |
4.25% Notes due 2021 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings interest rate | 4.25% |
Debt instrument maturity date | 2,021 |
3.375% Notes due 2022 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings interest rate | 3.375% |
Debt instrument maturity date | 2,022 |
3.50% Notes due 2024 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings interest rate | 3.50% |
Debt instrument maturity date | 2,024 |
1.25% Notes due 2025 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings interest rate | 1.25% |
Debt instrument maturity date | 2,025 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Mar. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Various capital commitments to fund sponsored investment funds, including funds of private equity funds, real estate funds, infrastructure funds, opportunistic funds and distressed credit funds | $ 191 |
Contingent commitments | 27 |
Derivative maximum risk of loss for credit protection | 17 |
Securities lending loan balances indemnified | 174,800 |
Collateral for indemnified securities | $ 183,900 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock and RSU Activity (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock and RSUs, beginning of period | shares | 3,067,737 |
Restricted Stock and RSUs, Granted | shares | 1,348,706 |
Restricted Stock and RSUs, Converted | shares | (1,351,464) |
Restricted Stock and RSUs, Forfeited | shares | (8,232) |
Restricted Stock and RSUs, end of period | shares | 3,056,747 |
Weighted-Average Grant Date Fair Value, beginning of period | $ / shares | $ 308.42 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 296.46 |
Weighted-Average Grant Date Fair Value, Converted | $ / shares | 281.15 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 296.81 |
Weighted-Average Grant Date Fair Value, end of period | $ / shares | $ 315.23 |
Market Performance-based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock and RSUs, beginning of period | shares | 1,378,177 |
Restricted Stock and RSUs, Converted | shares | (548,227) |
Restricted Stock and RSUs, end of period | shares | 829,950 |
Weighted-Average Grant Date Fair Value, beginning of period | $ / shares | $ 137.07 |
Weighted-Average Grant Date Fair Value, Converted | $ / shares | 115.03 |
Weighted-Average Grant Date Fair Value, end of period | $ / shares | $ 151.63 |
Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock and RSUs, beginning of period | shares | 255,868 |
Restricted Stock and RSUs, Granted | shares | 375,242 |
Restricted Stock and RSUs, end of period | shares | 631,110 |
Weighted-Average Grant Date Fair Value, beginning of period | $ / shares | $ 343.86 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 296.97 |
Weighted-Average Grant Date Fair Value, end of period | $ / shares | $ 315.98 |
Stock-Based Compensation - Re71
Stock-Based Compensation - Restricted Stock and RSU Activity (Parenthetical) (Detail) shares in Millions | 3 Months Ended | ||
Mar. 31, 2016Trancheshares | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation awards expected to vest | 2.8 | ||
Awards vested, not converted | 0.2 | ||
Market Performance-based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation awards expected to vest | 0.8 | ||
Share price appreciation targets | 15.00% | 25.00% | 35.00% |
Restricted stock units vesting period, years | 6 years | 6 years | 6 years |
Number of tranches | Tranche | 3 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 1,348,706 | ||
Aggregate intrinsic value of options exercised | $ 0.6 | ||
Remaining average life of stock options | 1 year | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 1,030,964 | ||
Restricted stock units vesting period, years | 3 years | ||
Awards to employees cliff vesting | 303,587 | ||
RSUs to employees that cliff vest, percentage | 100.00% | ||
RSUs to employees that cliff vest, date | Jan. 31, 2019 | ||
Fair value of RSUs/restricted stock granted to employees | $ 400 | ||
Intrinsic value of outstanding RSUs | $ 1,000 | ||
Stock price | $ 340.57 | ||
Unrecognized stock-based compensation expense | $ 564 | ||
Remaining weighted-average period | 1 year 7 months 6 days | ||
Market Performance-based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units vesting period, years | 6 years | 6 years | 6 years |
Intrinsic value of outstanding RSUs | $ 283 | ||
Stock price | $ 340.57 | ||
Unrecognized stock-based compensation expense | $ 37 | ||
Remaining weighted-average period | 1 year 2 months 12 days | ||
Performance-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 375,242 | ||
Restricted stock units vesting period, years | 3 years | ||
Awards to employees cliff vesting | 375,242 | ||
RSUs to employees that cliff vest, percentage | 100.00% | ||
RSUs to employees that cliff vest, date | Jan. 31, 2019 | ||
Intrinsic value of outstanding RSUs | $ 215 | ||
Stock price | $ 340.57 | ||
Unrecognized stock-based compensation expense | $ 153 | ||
Remaining weighted-average period | 2 years 4 months 24 days | ||
Grant-date fair market value expected to vest | $ 111 | ||
Long-Term Incentive Plans Funded by PNC [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of additional shares surrendered | 3,200,000 | ||
Remaining shares committed by PNC for long-term incentive awards | 800,000 | ||
Long-Term Incentive Plans Funded by PNC [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares committed to fund long-term incentive plans | 4,000,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding, Shares under option, beginning of period | shares | 154,094 |
Exercised, Shares under option | shares | (4,000) |
Outstanding, Shares under option, end of period | shares | 150,094 |
Weighted average exercise price, beginning of period | $ / shares | $ 167.76 |
Exercised, Weighted average exercise price | $ / shares | 167.76 |
Weighted average exercise price, end of period | $ / shares | $ 167.76 |
Net Capital Requirements - Addi
Net Capital Requirements - Additional Information (Detail) $ in Billions | Mar. 31, 2016USD ($) |
Regulatory Capital Requirements [Abstract] | |
Net capital requirement in certain regulated subsidiaries | $ 1.1 |
Accumulated Other Comprehensi75
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 28,580 | $ 27,485 |
Other comprehensive income (loss) | (26) | (166) |
Balance | 28,469 | 27,455 |
Unrealized Gains (Losses) on Available-for-Sale Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (1) | 2 |
Other comprehensive income (loss) before reclassifications | (2) | |
Amount reclassified from AOCI | 1 | |
Other comprehensive income (loss) | (1) | |
Balance | (2) | 2 |
Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 5 | 4 |
Other comprehensive income (loss) before reclassifications | 1 | (1) |
Other comprehensive income (loss) | 1 | (1) |
Balance | 6 | 3 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (452) | (279) |
Other comprehensive income (loss) before reclassifications | (26) | (165) |
Other comprehensive income (loss) | (26) | (165) |
Balance | (478) | (444) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (448) | (273) |
Other comprehensive income (loss) before reclassifications | (27) | (166) |
Amount reclassified from AOCI | 1 | |
Other comprehensive income (loss) | (26) | (166) |
Balance | $ (474) | $ (439) |
Accumulated Other Comprehensi76
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | |
Losses from net investment hedging, net of tax | $ (23) |
Losses from net investment hedging, tax | $ 14 |
Capital Stock - Preferred Share
Capital Stock - Preferred Shares Authorized, Issued and Outstanding (Detail) - shares | Mar. 31, 2016 | Dec. 31, 2015 |
Series A Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares authorized, $0.01 par value | 20,000,000 | 20,000,000 |
Shares issued | 0 | 0 |
Shares outstanding | 0 | 0 |
Series B Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares authorized, $0.01 par value | 150,000,000 | 150,000,000 |
Shares issued | 823,188 | 823,188 |
Shares outstanding | 823,188 | 823,188 |
Series C Non-voting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares authorized, $0.01 par value | 6,000,000 | 6,000,000 |
Shares issued | 763,660 | 1,311,887 |
Shares outstanding | 763,660 | 1,311,887 |
Series D Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares authorized, $0.01 par value | 20,000,000 | 20,000,000 |
Shares issued | 0 | 0 |
Shares outstanding | 0 | 0 |
Capital Stock - Preferred Sha78
Capital Stock - Preferred Shares Authorized, Issued and Outstanding (Parenthetical) (Detail) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Series A Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Series B Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, par value | 0.01 | 0.01 |
Series C Non-voting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, par value | 0.01 | 0.01 |
Series D Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule Of Capitalization Equity [Line Items] | ||
Common shares repurchased | 1,000,000 | |
Common shares repurchased, value | $ 300 | $ 275 |
Shares authorized to be repurchased | 5,300,000 | |
Series C Non-voting Participating Preferred Stock [Member] | PNC [Member] | ||
Schedule Of Capitalization Equity [Line Items] | ||
Surrender of share of series non- voting preferred stock | 548,227 |
Restructuring Charge - Addition
Restructuring Charge - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Pre-tax restructuring charge | $ 76 |
After-tax restructuring charge | 53 |
Employee Severance [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Pre-tax restructuring charge | 44 |
Accelerated Amortization of Deferred Compensation Awards [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Pre-tax restructuring charge | $ 32 |
Restructuring Charge - Rollforw
Restructuring Charge - Rollforward of Restructuring Liability (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Restructuring And Related Activities [Abstract] | |
Additions | $ 76 |
Cash payments | (1) |
Accelerated amortization expense of equity-based awards | (28) |
Restructuring liability, ending balance | $ 47 |
Restructuring Charge - Rollfo82
Restructuring Charge - Rollforward of Restructuring Liability (Parenthetical) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charge | $ 76 |
Employee Severance [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charge | 44 |
Accelerated Amortization of Deferred Compensation Awards [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring charge | $ 32 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax expense (benefit) associated with the revaluation of deferred income tax liabilities as a result of tax changes | $ (4) | |
Nonrecurring tax benefits | $ 69 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted EPS under Treasury Stock Method (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income attributable to BlackRock | $ 657 | $ 822 |
Basic weighted-average shares outstanding | 165,388,130 | 167,089,037 |
Dilutive effect of nonparticipating RSUs and stock options | 2,010,808 | 2,634,130 |
Total diluted weighted-average shares outstanding | 167,398,938 | 169,723,167 |
Basic earnings per share | $ 3.97 | $ 4.92 |
Diluted earnings per share | $ 3.92 | $ 4.84 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 1 |
Segment Information - Schedule
Segment Information - Schedule of Investment Advisory, Administration Fees, Securities Lending Revenue and Performance Fees, BlackRock Solutions and Advisory Revenue, Distribution Fees and Other Revenue (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Total investment advisory, administration fees, securities lending revenue and performance fees | $ 2,393 | $ 2,498 |
BlackRock Solutions and advisory | 171 | 147 |
Distribution fees | 11 | 17 |
Other revenue | 49 | 61 |
Total revenue | 2,624 | 2,723 |
Equity [Member] | ||
Segment Reporting Information [Line Items] | ||
Total investment advisory, administration fees, securities lending revenue and performance fees | 1,184 | 1,306 |
Fixed Income [Member] | ||
Segment Reporting Information [Line Items] | ||
Total investment advisory, administration fees, securities lending revenue and performance fees | 623 | 575 |
Multi-asset [Member] | ||
Segment Reporting Information [Line Items] | ||
Total investment advisory, administration fees, securities lending revenue and performance fees | 287 | 312 |
Alternatives [Member] | ||
Segment Reporting Information [Line Items] | ||
Total investment advisory, administration fees, securities lending revenue and performance fees | 196 | 232 |
Cash Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total investment advisory, administration fees, securities lending revenue and performance fees | $ 103 | $ 73 |
Segment Information - Total Rev
Segment Information - Total Revenue by Geographic Region (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 2,624 | $ 2,723 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,768 | 1,851 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 723 | 743 |
Asia-Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 133 | $ 129 |
Segment Information - Schedul88
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 13,700 | $ 13,704 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 13,425 | 13,422 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 182 | 186 |
Asia-Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 93 | $ 96 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ in Billions | May. 03, 2016 | Apr. 30, 2016 |
Subsequent Event [Line Items] | ||
Assets under management | $ 80 | |
Asset management transaction completion date | 2016-04 | |
Aegon N.V. [Member] | ||
Subsequent Event [Line Items] | ||
Business sale, agreement date | May 3, 2016 |