Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | BlackRock Inc. | |
Entity Central Index Key | 0001364742 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 154,370,706 | |
Entity Current Reporting Status | Yes | |
Entity File Number | 001-33099 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 32-0174431 | |
Entity Address, Address Line One | 55 East 52nd Street | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10055 | |
City Area Code | 212 | |
Local Phone Number | 810-5300 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Common Stock, $.01 Par Value [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | BLK | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Security Exchange Name | NYSE | |
1.250% Notes due 2025 [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | BLK25 | |
Title of 12(b) Security | 1.250% Notes due 2025 | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 4,476 | $ 6,302 |
Accounts receivable | 3,026 | 2,657 |
Investments | 2,117 | 1,796 |
Separate account assets | 95,501 | 90,285 |
Separate account collateral held under securities lending agreements | 18,699 | 20,655 |
Property and equipment (net of accumulated depreciation of $876 and $750 at September 30, 2019 and December 31, 2018, respectively) | 669 | 643 |
Intangible assets (net of accumulated amortization of $313 and $244 at September 30, 2019 and December 31, 2018, respectively) | 18,407 | 17,839 |
Goodwill | 14,552 | 13,526 |
Other assets | 3,342 | 2,128 |
Total assets | 163,872 | 159,573 |
Liabilities | ||
Accrued compensation and benefits | 1,500 | 1,988 |
Accounts payable and accrued liabilities | 1,252 | 1,292 |
Borrowings | 5,932 | 4,979 |
Separate account liabilities | 95,501 | 90,285 |
Separate account collateral liabilities under securities lending agreements | 18,699 | 20,655 |
Deferred income tax liabilities | 3,792 | 3,571 |
Other liabilities | 2,876 | 1,889 |
Total liabilities | 130,268 | 126,033 |
Commitments and contingencies (Note 14) | ||
Temporary equity | ||
Redeemable noncontrolling interests | 1,137 | 1,107 |
Permanent Equity | ||
Common stock, $0.01 par value; Shares authorized: 500,000,000 at September 30, 2019 and December 31, 2018; Shares issued: 171,252,185 at September 30, 2019 and December 31, 2018; Shares outstanding: 154,349,915 and 157,553,501 at September 30, 2019 and December 31, 2018, respectively | 2 | 2 |
Preferred stock (Note 19) | 0 | 0 |
Additional paid-in capital | 19,058 | 19,168 |
Retained earnings | 20,873 | 19,282 |
Accumulated other comprehensive loss | (784) | (691) |
Treasury stock, common, at cost (16,902,270 and 13,698,684 shares held at September 30, 2019 and December 31, 2018, respectively) | (6,742) | (5,387) |
Total BlackRock, Inc. stockholders’ equity | 32,407 | 32,374 |
Nonredeemable noncontrolling interests | 60 | 59 |
Total permanent equity | 32,467 | 32,433 |
Total liabilities, temporary equity and permanent equity | 163,872 | 159,573 |
Consolidated Variable Interest Entities [Member] | ||
Assets | ||
Cash and cash equivalents | 131 | 186 |
Investments | 2,898 | 2,680 |
Other assets | 54 | 876 |
Liabilities | ||
Borrowings | 186 | 84 |
Other liabilities | 530 | 1,290 |
Permanent Equity | ||
Nonredeemable noncontrolling interests | $ 1,145 | $ 1,076 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $ 876 | $ 750 |
Intangible assets, accumulated amortization | $ 313 | $ 244 |
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 | 154,349,915 | 157,553,501 |
Treasury stock, common shares | 16,902,270 | 13,698,684 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | ||||
Total revenue | $ 3,692 | $ 3,576 | $ 10,562 | $ 10,764 |
Expense | ||||
Employee compensation and benefits | 1,111 | 1,097 | 3,258 | 3,300 |
Distribution and servicing costs | 427 | 408 | 1,247 | 1,255 |
Direct fund expense | 239 | 249 | 733 | 774 |
General and administration | 385 | 413 | 1,243 | 1,189 |
Amortization of intangible assets | 28 | 13 | 68 | 35 |
Total expense | 2,190 | 2,180 | 6,549 | 6,553 |
Operating income | 1,502 | 1,396 | 4,013 | 4,211 |
Nonoperating income (expense) | ||||
Net gain (loss) on investments | (7) | 50 | 224 | 68 |
Interest and dividend income | 19 | 29 | 68 | 63 |
Interest expense | (54) | (46) | (152) | (138) |
Total nonoperating income (expense) | (42) | 33 | 140 | (7) |
Income before income taxes | 1,460 | 1,429 | 4,153 | 4,204 |
Income tax expense | 341 | 226 | 961 | 829 |
Net income | 1,119 | 1,203 | 3,192 | 3,375 |
Net income (loss) attributable to noncontrolling interests | (13) | 17 | (3) | |
Net income attributable to BlackRock, Inc. | $ 1,119 | $ 1,216 | $ 3,175 | $ 3,378 |
Earnings per share attributable to BlackRock, Inc. common stockholders: | ||||
Basic | $ 7.21 | $ 7.59 | $ 20.31 | $ 21.01 |
Diluted | $ 7.15 | $ 7.54 | $ 20.17 | $ 20.83 |
Weighted-average common shares outstanding: | ||||
Basic | 155,280,877 | 160,141,506 | 156,290,212 | 160,786,768 |
Diluted | 156,447,387 | 161,378,217 | 157,385,956 | 162,140,879 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | ||||
Revenue | ||||
Total revenue | $ 2,980 | $ 2,883 | $ 8,688 | $ 8,774 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Related Parties [Member] | ||||
Revenue | ||||
Total revenue | 2,105 | 2,045 | 6,155 | 6,244 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Other Third Parties [Member] | ||||
Revenue | ||||
Total revenue | 875 | 838 | 2,533 | 2,530 |
Investment Advisory Performance Fees [Member] | ||||
Revenue | ||||
Total revenue | 121 | 151 | 211 | 312 |
Technology Services Revenue [Member] | ||||
Revenue | ||||
Total revenue | 259 | 200 | 700 | 582 |
Distribution Fees [Member] | ||||
Revenue | ||||
Total revenue | 270 | 279 | 799 | 884 |
Advisory and Other Revenue [Member] | ||||
Revenue | ||||
Total revenue | $ 62 | $ 63 | $ 164 | $ 212 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net income | $ 1,119 | $ 1,203 | $ 3,192 | $ 3,375 | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | [1] | (120) | (41) | (93) | (178) |
Comprehensive income (loss) | 999 | 1,162 | 3,099 | 3,197 | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (13) | 17 | (3) | ||
Comprehensive income attributable to BlackRock, Inc. | $ 999 | $ 1,175 | $ 3,082 | $ 3,200 | |
[1] | Amounts for the three months ended September 30, 2019 and 2018 include gains from a net investment hedge of $25 million (net of tax expense of $8 million) and $4 million (net of tax expense of $1 million), respectively. Amounts for the nine months ended September 30, 2019 and 2018 include gains from a net investment hedge of $28 million (net of tax expense of $9 million) and $22 million (net of tax expense of $7 million), respectively. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Gain from net investment hedging, net of tax | $ 25 | $ 4 | $ 28 | $ 22 |
Gain from net investment hedging, tax (expenses) | $ (8) | $ (1) | $ (9) | $ (7) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock Common [Member] | Total BlackRock Stockholders' Equity [Member] | Nonredeemable Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests / Temporary Equity [Member] | |
Balance at Dec. 31, 2017 | $ 31,848 | $ 19,258 | [1] | $ 16,939 | $ (432) | $ (3,967) | $ 31,798 | $ 50 | $ 416 |
Net income | 3,379 | 3,378 | 3,378 | 1 | (4) | ||||
Dividends declared | (1,471) | (1,471) | (1,471) | ||||||
Stock-based compensation | 431 | 431 | [1] | 431 | |||||
PNC preferred stock capital contribution | 58 | 58 | [1] | 58 | |||||
Retirement of preferred stock | (58) | (58) | [1] | (58) | |||||
Issuance of common shares related to employee stock transactions | 12 | (639) | [1] | 651 | 12 | ||||
Employee tax withholdings related to employee stock transactions | (420) | (420) | (420) | ||||||
Shares repurchased | (1,135) | (1,135) | (1,135) | ||||||
Subscriptions (redemptions/distributions) — noncontrolling interest holders | 4 | 4 | 742 | ||||||
Net consolidations (deconsolidations) of sponsored investment funds | (551) | ||||||||
Other comprehensive income (loss) | (178) | (178) | (178) | ||||||
Adoption of accounting guidance | 6 | (6) | |||||||
Balance at Sep. 30, 2018 | 32,470 | 19,050 | [1],[2] | 18,852 | (616) | (4,871) | 32,415 | 55 | 603 |
Balance at Jun. 30, 2018 | 32,184 | 18,955 | [2] | 18,138 | (575) | (4,388) | 32,130 | 54 | 686 |
Net income | 1,208 | 1,216 | 1,216 | (8) | (5) | ||||
Dividends declared | (502) | (502) | (502) | ||||||
Stock-based compensation | 121 | 121 | [2] | 121 | |||||
Issuance of common shares related to employee stock transactions | 6 | (26) | [2] | 32 | 6 | ||||
Employee tax withholdings related to employee stock transactions | (15) | (15) | (15) | ||||||
Shares repurchased | (500) | (500) | (500) | ||||||
Subscriptions (redemptions/distributions) — noncontrolling interest holders | 9 | 9 | 207 | ||||||
Net consolidations (deconsolidations) of sponsored investment funds | (285) | ||||||||
Other comprehensive income (loss) | (41) | (41) | (41) | ||||||
Balance at Sep. 30, 2018 | 32,470 | 19,050 | [1],[2] | 18,852 | (616) | (4,871) | 32,415 | 55 | 603 |
Balance at Dec. 31, 2018 | 32,433 | 19,170 | [3] | 19,282 | (691) | (5,387) | 32,374 | 59 | 1,107 |
Net income | 3,175 | 3,175 | 3,175 | 17 | |||||
Dividends declared | (1,584) | (1,584) | (1,584) | ||||||
Stock-based compensation | 427 | 427 | [3] | 427 | |||||
PNC preferred stock capital contribution | 60 | 60 | [3] | 60 | |||||
Retirement of preferred stock | (60) | (60) | [3] | (60) | |||||
Issuance of common shares related to employee stock transactions | 12 | (537) | [3] | 549 | 12 | ||||
Employee tax withholdings related to employee stock transactions | (238) | (238) | (238) | ||||||
Shares repurchased | (1,666) | (1,666) | (1,666) | ||||||
Subscriptions (redemptions/distributions) — noncontrolling interest holders | 1 | 1 | 906 | ||||||
Net consolidations (deconsolidations) of sponsored investment funds | (893) | ||||||||
Other comprehensive income (loss) | (93) | (93) | (93) | ||||||
Balance at Sep. 30, 2019 | 32,467 | 19,060 | [3],[4] | 20,873 | (784) | (6,742) | 32,407 | 60 | 1,137 |
Balance at Jun. 30, 2019 | 31,950 | 18,949 | [4] | 20,267 | (664) | (6,659) | 31,893 | 57 | 710 |
Net income | 1,119 | 1,119 | 1,119 | ||||||
Dividends declared | (513) | (513) | (513) | ||||||
Stock-based compensation | 133 | 133 | [4] | 133 | |||||
Issuance of common shares related to employee stock transactions | 4 | (22) | [4] | 26 | 4 | ||||
Employee tax withholdings related to employee stock transactions | (9) | (9) | (9) | ||||||
Shares repurchased | (100) | (100) | (100) | ||||||
Subscriptions (redemptions/distributions) — noncontrolling interest holders | 463 | ||||||||
Net consolidations (deconsolidations) of sponsored investment funds | 3 | 3 | (36) | ||||||
Other comprehensive income (loss) | (120) | (120) | (120) | ||||||
Balance at Sep. 30, 2019 | $ 32,467 | $ 19,060 | [3],[4] | $ 20,873 | $ (784) | $ (6,742) | $ 32,407 | $ 60 | $ 1,137 |
[1] | Amounts include $2 million of common stock at both September 30, 2018 and December 31, 2017. | ||||||||
[2] | Amounts include $2 million of common stock at both September 30, 2018 and June 30, 2018. | ||||||||
[3] | Amounts include $2 million of common stock at both September 30, 2019 and December 31, 2018. | ||||||||
[4] | Amounts include $2 million of common stock at both September 30, 2019 and June 30, 2019. |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Additional Paid-in Capital, value of stock | $ 32,467 | $ 32,470 | $ 32,467 | $ 32,470 | $ 31,950 | $ 32,433 | $ 32,184 | $ 31,848 |
Common Stock [Member] | ||||||||
Additional Paid-in Capital, value of stock | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 | $ 2 |
Dividends declared, amount per share | $ 3.30 | $ 3.13 | $ 9.90 | $ 8.89 |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities | ||
Net income | $ 3,192 | $ 3,375 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 294 | 164 |
Stock-based compensation | 427 | 431 |
Deferred income tax expense (benefit) | 45 | (187) |
Other gains | (30) | (50) |
Net (gains) losses within consolidated VIEs | (128) | 21 |
Net (purchases) proceeds within consolidated VIEs | (932) | (1,107) |
(Earnings) losses from equity method investees | (89) | (92) |
Distributions of earnings from equity method investees | 29 | 23 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (330) | (5) |
Investments, trading | (189) | 161 |
Other assets | (225) | (191) |
Accrued compensation and benefits | (525) | (594) |
Accounts payable and accrued liabilities | (61) | 164 |
Other liabilities | 150 | 439 |
Net cash provided by/(used in) operating activities | 1,628 | 2,552 |
Investing activities | ||
Purchases of investments | (572) | (259) |
Proceeds from sales and maturities of investments | 151 | 400 |
Distributions of capital from equity method investees | 80 | 18 |
Net consolidations (deconsolidations) of sponsored investment funds (VIEs/VREs) | (96) | (52) |
Acquisitions, net of cash acquired | (1,510) | (699) |
Purchases of property and equipment | (160) | (108) |
Net cash provided by/(used in) investing activities | (2,107) | (700) |
Financing activities | ||
Proceeds from long-term borrowings | 992 | |
Cash dividends paid | (1,584) | (1,471) |
Repurchases of common stock | (1,904) | (1,555) |
Net proceeds from (repayments of) borrowings by consolidated VIEs | 102 | |
Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders | 907 | 746 |
Other financing activities | 118 | (13) |
Net cash provided by/(used in) financing activities | (1,369) | (2,293) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (33) | (58) |
Net increase/(decrease) in cash, cash equivalents and restricted cash | (1,881) | (499) |
Cash, cash equivalents and restricted cash, beginning of period | 6,505 | 7,096 |
Cash, cash equivalents and restricted cash, end of period | 4,624 | 6,597 |
Supplemental disclosure of cash flow information: | ||
Interest | 123 | 123 |
Income taxes (net of refunds) | 893 | 765 |
Supplemental schedule of noncash investing and financing transactions: | ||
Issuance of common stock | 537 | 639 |
PNC preferred stock capital contribution | 60 | 58 |
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | $ (893) | $ (551) |
Business Overview
Business Overview | 9 Months Ended |
Sep. 30, 2019 | |
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 technology services to institutional and retail clients worldwide. BlackRock’s diverse platform of alpha-seeking active, index and cash management investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares ® BlackRock also offers technology services, including the investment and risk management technology platform, Aladdin ® At September 30, 2019, The PNC Financial Services Group, Inc. (“PNC”) held 22.0% of the Company’s voting common stock and 22.4% of the Company’s capital stock, which includes outstanding common and nonvoting preferred stock. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests (“NCI”) on the condensed consolidated statements of financial condition 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, 2018, which was filed with the Securities and Exchange Commission (“SEC”) on February 28, 2019 (“2018 Form 10-K”). The interim financial information at September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. Certain prior period presentations and disclosures were reclassified to ensure comparability with current period classifications. Accounting Pronouncements Adopted in the Nine Months Ended September 30, 2019 Leases . In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, , and several amendments (collectively, “ASU 2016-02”), which requires lessees to recognize assets and liabilities arising from most operating leases on the condensed consolidated statements of financial condition. The Company adopted ASU 2016-02 on its effective date of January 1, 2019 on a modified retrospective basis and elected not to apply ASU 2016-02 to the comparative periods presented. Under this transition method, any cumulative effect adjustment is recognized in the opening balance of retained earnings in the period of adoption. The Company elected the package of practical expedients to alleviate certain operational complexities related to the adoption, which among other things, allowed the Company to carry forward the existing lease classification. The Company elected to account for lease and non-lease components as a single component for its leases. The Company also elected the short-term lease practical expedient. Consequently, leases with an initial term of 12 months or less are not recorded on the condensed consolidated statement of financial condition. Upon adoption of ASU 2016-02, the Company recorded a net increase of approximately $0.7 billion in its assets and liabilities related to the right-of-use (“ROU”) asset and lease liability for its operating leases. The adoption of ASU 2016-02 did not have a material impact on the condensed consolidated statement of income or cash flows. See Note 10, Leases Fair Value Measurements Hierarchy of Fair Value Inputs. The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. • Level 1 assets may include listed mutual funds, ETFs, listed equities and certain exchange-traded derivatives. Level 2 Inputs: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies. • Level 2 assets may include debt securities, investments in collateralized loan obligations (“CLOs”), bank loans, short-term floating-rate notes, asset-backed securities, securities held within consolidated hedge funds, 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, investments in CLOs and bank loans of consolidated CLOs. • Level 3 liabilities include contingent liabilities related to acquisitions valued based upon discounted cash flow analyses using unobservable market data and borrowings of consolidated CLOs. Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Valuation Approaches. The fair values of certain Level 3 assets and liabilities were determined using various valuation approaches as appropriate, including third-party pricing vendors, broker quotes and market and income approaches. A significant number of inputs used to value equity, debt securities, investments in CLOs and bank loans is sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price. In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input. Investments Measured at Net Asset Values. As a practical expedient, the Company uses net asset value (“NAV”) as the fair value for certain investments. The inputs to value these investments may include the Company’s capital accounts for its partnership interests in various alternative investments, including hedge funds, real assets and private equity funds, which may be adjusted by using the returns of certain market indices. The various partnerships generally are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that could be used as an input to value these investments. Fair Value of Assets and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including bank loans, held by a consolidated CLO. As the fair value of the financial assets of the consolidated CLO is more observable than the fair value of the borrowings of the consolidated CLO, the Company measures the fair value of the borrowings of the consolidated CLO as the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO. Derivatives and Hedging Activities . The Company does not use derivative financial instruments for trading or speculative purposes. The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market exposures for certain seed investments. However, certain consolidated sponsored investment funds may also utilize 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 not US dollars. 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 (loss) on the condensed consolidated statements of financial condition. Amounts excluded from the effectiveness assessment are reported in the condensed consolidated statements of income using a systematic and rational method. The Company reassesses the effectiveness of its net investment hedges at least quarterly. Leases . The Company determines if a contract is a lease or contains a lease at inception. The Company accounts for its office facility leases as operating leases, which may include escalation clauses that are based on an index or market rate. The Company accounts for lease and non-lease components as a single component for its leases. The Company elected the short-term lease exception for l eases with an initial term of 12 months or less. Consequently, such leases are not recorded on the condensed consolidated statement of financial condition. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised or not, respectively. Fixed lease payments are included in ROU assets and lease liabilities within other assets and other liabilities, respectively, on the condensed consolidated statement of financial condition. Upon adoption of ASU 2016-02, for existing leases, the Company elected to determine the discount rate based on the remaining lease term as of January 1, 2019 and for lease payments based on an index or rate to apply the rate at commencement date. For new leases, the discount rates are based on the entire noncancelable lease term. 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. The securities lending revenue earned from lending securities held by the separate accounts is included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income. During the nine months ended September 30, 2019 and 2018, the Company had not resold or repledged any of the collateral received under these arrangements. At September 30, 2019 and December 31, 2018, the fair value of loaned securities held by separate accounts was approximately $17.5 billion and $18.9 billion, respectively, and the fair value of the collateral held under these securities lending agreements was approximately $18.7 billion and $20.7 billion, respectively. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisition | 3. Acquisition On May 10, 2019, the Company acquired 100% of the equity interests of eFront Holding SAS (“eFront Transaction” or “eFront”), a leading alternative investment management software and solutions provider for approximately $1.3 billion, excluding the settlement of eFront’s outstanding debt. The acquisition of eFront expands Aladdin The purchase price was funded through a combination of existing cash and issuance of commercial paper (subsequently repaid with existing cash) and long-term notes in April 2019. See Note 13, Borrowings The purchase price for the eFront Transaction was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition is non-deductible for tax purposes and is primarily attributable to anticipated synergies from the transaction. During the three months ended September 30, 2019, the amounts of goodwill, finite-lived intangible assets and deferred income tax liabilities were retrospectively adjusted to reflect new information obtained about facts that existed as of May 10, 2019, the eFront acquisition date. There was no material change to the condensed consolidated statements of income for the three and nine months ended September 30, 2019 as a result of these adjustments. A summary of the initial and revised fair values of the assets acquired and liabilities assumed in this acquisition is as follows (1) : Initial Revised Estimate of Estimate of (in millions) Fair Value Fair Value Accounts receivable $ 65 $ 65 Finite-lived intangible assets: Customer relationships (2) 452 410 Technology-related (3) 205 203 Trade name (4) 21 13 Goodwill 990 1,031 Other assets 31 31 Deferred income tax liabilities (194 ) (183 ) Other liabilities assumed (64 ) (70 ) Total consideration, net of cash acquired $ 1,506 $ 1,500 Summary of consideration, net of cash acquired: Cash paid including settlement of outstanding debt of approximately $0.2 billion $ 1,555 $ 1,555 Cash acquired (49 ) (55 ) Total consideration, net of cash acquired $ 1,506 $ 1,500 (1) At this time, the Company does not expect additional material changes to the value of the assets acquired or liabilities assumed in conjunction with the transaction with the exception of intangible assets, deferred income tax liabilities and other liabilities, which were valued using preliminary assumptions. (2) The fair value was determined based on the excess earnings method (a Level 3 input), has a weighted-average estimated useful life of approximately 10 years and is amortized using the accelerated amortization method. (3) The fair value was determined based upon a relief from royalty method (a Level 3 input), has a weighted-average estimated useful life of approximately eight years and is amortized using the accelerated amortization method. (4) The fair value was determined using a relief from royalty method (a Level 3 input), has an estimated useful life of approximately four years and is amortized using the accelerated amortization method. Finite-lived intangible assets are amortized over their estimated useful lives, which range from four to 10 years. Amortization expense related to the finite-lived intangible assets was $14 million and $24 million, respectively, for the three and nine months ended September 30, 2019. The finite-lived intangible assets had a weighted-average remaining useful life of approximately nine years with remaining amortization expense as follows: (in millions) Year Amount 2019 (excluding the nine months ended September 30, 2019) $ 14 2020 62 2021 65 2022 69 2023 71 Thereafter 321 Total $ 602 For the three and nine months ended September 30, 2019, eFront contributed $37 million and $59 million, respectively, of revenue and did not have a material impact to net income attributable to BlackRock, Inc. Consequently, the Company has not presented pro forma combined results of operations for this acquisition. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Sep. 30, 2019 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | 4. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows. September 30, December 31, (in millions) 2019 2018 Cash and cash equivalents $ 4,476 $ 6,302 Cash and cash equivalents of consolidated VIEs 131 186 Restricted cash included in other assets 17 17 Total cash, cash equivalents and restricted cash $ 4,624 $ 6,505 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 5. Investments A summary of the carrying value of total investments is as follows: September 30, December 31, (in millions) 2019 2018 Debt securities: Held-to-maturity investments $ 212 $ 188 Trading securities (debt securities of consolidated sponsored investment funds of $169 and $233 at September 30, 2019 and December 31, 2018, respectively) 210 265 Total debt securities 422 453 Equity securities at FVTNI (1) investment funds of $334 and $291 at September 30, 2019 and December 31, 2018, respectively) 543 452 Equity method investments (2) 930 781 Federal Reserve Bank stock (3) 93 92 Carried interest (4) 16 18 Other investments (5) 113 — Total investments $ 2,117 $ 1,796 (1) (2) (3) (4) (5) Significant Accounting Policies Held-to-Maturity Investments The carrying value of held-to-maturity investments was $212 million and $188 million at September 30, 2019 and December 31, 2018, respectively. Held-to-maturity investments included foreign government debt held primarily for regulatory purposes and certain investments in CLOs. The amortized cost (carrying value) of these investments approximated fair value (primarily a Level 2 input). At September 30, 2019, $68 million of these investments mature between five to Equity and Trading Debt Securities A summary of the cost and carrying value of equity and trading debt securities is as follows: September 30, 2019 December 31, 2018 (in millions) Cost Carrying Value Cost Carrying Value Trading debt securities: Corporate debt $ 125 $ 126 $ 144 $ 140 Government debt 36 35 69 67 Asset/mortgage-backed debt 47 49 67 58 Total trading debt securities $ 208 $ 210 $ 280 $ 265 Equity securities at FVTNI: Deferred compensation plan mutual funds $ 6 $ 22 $ 21 $ 34 Equity securities/multi-asset mutual funds 476 521 420 418 Total equity securities at FVTNI $ 482 $ 543 $ 441 $ 452 PennyMac In addition, the Company accounts for its interest in PennyMac Financial Services, Inc. (“PennyMac”) as an equity method investment. At September 30, 2019 and December 31, 2018, the Company’s investment in PennyMac is included in other assets on the condensed consolidated statements of financial condition. The carrying value and market value of the Company’s interest (approximately 20% or 16 million shares) were approximately $434 million and $473 million, respectively, at September 30, 2019 and approximately $397 million and $331 million, respectively, at December 31, 2018. The market value of the Company’s interest reflected the PennyMac stock price at September 30, 2019 and December 31, 2018, respectively (a Level 1 input). |
Consolidated Voting Rights Enti
Consolidated Voting Rights Entities | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Consolidated Voting Rights Entities | 6. Consolidated Voting Rights Entities The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds. The following table presents the amounts related to these consolidated VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these funds: September 30, December 31, (in millions) 2019 2018 Cash and cash equivalents $ 11 $ 59 Investments: Trading debt securities 169 233 Equity securities at FVTNI 334 291 Total investments 503 524 Other assets 7 8 Other liabilities (11 ) (53 ) NCI (52 ) (90 ) BlackRock’s net interests in consolidated VREs $ 458 $ 448 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 | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | 7. 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”). The Company may from time to time own equity or debt securities or enter into derivatives with the vehicles, each of which are considered variable interests. The Company’s involvement in financing the operations of the VIEs is generally limited to its investments in the entity. The Company consolidates entities when it is determined to be the primary beneficiary (“PB”). Consolidated VIEs. The Company’s consolidated VIEs include certain sponsored investment products in which BlackRock has an investment and as the investment manager is deemed to have both the power to direct the most significant activities of the products and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these sponsored investment products. The assets of these VIEs are not available to creditors of the Company. In addition, the investors in these VIEs have no recourse to the credit of the Company. Consolidated VIE assets and liabilities are presented after intercompany eliminations in the following table: September 30, December 31, (in millions) 2019 2018 Assets of consolidated VIEs: Cash and cash equivalents $ 131 $ 186 Investments: Trading debt securities 1,120 1,395 Equity securities at FVTNI 971 569 Bank loans 183 84 Other investments 182 263 Carried interest 442 369 Total investments 2,898 2,680 Other assets 54 876 Total assets of consolidated VIEs 3,083 3,742 Liabilities of consolidated VIEs: Borrowings (186 ) (84 ) Other liabilities (530 ) (1,290 ) NCI (1,145 ) (1,076 ) BlackRock's net interests in consolidated VIEs $ 1,222 $ 1,292 Net gain (loss) related to consolidated VIEs is presented in the following table: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Nonoperating net gain (loss) on consolidated VIEs $ (5 ) $ (9 ) $ 128 $ (21 ) Net income (loss) attributable to NCI on consolidated VIEs $ — $ (14 ) $ 17 $ (3 ) Non c onsolidated VIEs . At September 30 , 2019 and December 31, 2018 , 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 September 30, 2019 Investments Advisory Fee Receivables Other Net Assets (Liabilities) Maximum Risk (1) Sponsored investment products $ 498 $ 88 $ (10 ) $ 603 At December Sponsored investment products $ 348 $ 43 $ (6 ) $ 408 (1) At both September 30, 2019 and December 31, 2018, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of advisory fee receivables. The net assets of sponsored investment products that are nonconsolidated VIEs approximated $12 billion and $9 billion at September 30, 2019 and December 31, 2018, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 8. Fair Value Disclosures Fair Value Hierarchy Assets and liabilities measured at fair value on a recurring basis September 30, 2019 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (1) Other (2) September 30, 2019 Assets: Investments: Debt securities: Held-to-maturity securities $ — $ — $ — $ — $ 212 $ 212 Trading securities — 205 5 — — 210 Total debt securities — 205 5 — 212 422 Equity securities at FVTNI: Deferred compensation plan mutual funds 22 — — — — 22 Equity securities/Multi-asset mutual funds 521 — — — — 521 Total equity securities at FVTNI 543 — — — — 543 Equity method: Equity and fixed income mutual funds 113 — — — — 113 Hedge funds/funds of hedge funds — — — 206 — 206 Private equity funds — — — 260 — 260 Real assets funds — — — 320 — 320 Other 26 — — 5 — 31 Total equity method 139 — — 791 — 930 Federal Reserve Bank Stock — — — — 93 93 Carried interest — — — — 16 16 Other investments — — — — 113 113 Total investments 682 205 5 791 434 2,117 Investments of consolidated VIEs: Trading debt securities — 1,120 — — — 1,120 Equity securities at FVTNI 971 — — — — 971 Bank loans — 26 157 — — 183 Private equity (3) 1 — 9 27 76 113 Hedge fund — — — 3 — 3 Real assets funds — — — 66 — 66 Carried interest — — — — 442 442 Total investments of consolidated VIEs 972 1,146 166 96 518 2,898 Other assets (4) 141 — — — — 141 Separate account assets 66,395 28,446 — — 660 95,501 Separate account collateral held under securities lending agreements: Equity securities 8,577 — — — — 8,577 Debt securities — 10,122 — — — 10,122 Total separate account collateral held under securities lending agreements 8,577 10,122 — — — 18,699 Total $ 76,767 $ 39,919 $ 171 $ 887 $ 1,612 $ 119,356 Liabilities: Borrowings of consolidated VIEs (5) $ — $ — $ 186 $ — $ — $ 186 Separate account collateral liabilities under securities lending agreements 8,577 10,122 — — — 18,699 Other liabilities (6) — 10 167 — — 177 Total $ 8,577 $ 10,132 $ 353 $ — $ — $ 19,062 (1) (2) (3) (4) (5) (6) Commitments and Contingencies Assets and liabilities measured at fair value on a recurring basis December 31, 2018 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (1) Other (2) December 31, 2018 Assets: Investments: Debt securities: Held-to-maturity securities $ — $ — $ — $ — $ 188 $ 188 Trading securities — 261 4 — — 265 Total debt securities — 261 4 — 188 453 Equity securities at FVTNI: Deferred compensation plan mutual funds 34 — — — — 34 Equity securities/Multi-asset mutual funds 418 — — — — 418 Total equity securities at FVTNI 452 — — — — 452 Equity method: Equity and fixed income mutual funds 122 — — — — 122 Hedge funds/funds of hedge funds — — — 173 — 173 Private equity funds — — — 116 — 116 Real assets funds — — — 353 — 353 Other — — — 14 3 17 Total equity method 122 — — 656 3 781 Federal Reserve Bank Stock — — — — 92 92 Carried interest — — — — 18 18 Total investments 574 261 4 656 301 1,796 Investments of consolidated VIEs: Trading debt securities — 1,395 — — — 1,395 Equity securities at FVTNI 569 — — — — 569 Bank loans — 14 70 — — 84 Private equity (3) — — 82 48 75 205 Hedge fund — — — 3 — 3 Real assets funds — — — 55 — 55 Carried interest — — — — 369 369 Total investments of consolidated VIEs 569 1,409 152 106 444 2,680 Other assets (4) 122 — — — — 122 Separate account assets 63,610 25,810 — — 865 90,285 Separate account collateral held under securities lending agreements: Equity securities 15,066 — — — — 15,066 Debt securities — 5,589 — — — 5,589 Total separate account collateral held under securities lending agreements 15,066 5,589 — — — 20,655 Total $ 79,941 $ 33,069 $ 156 $ 762 $ 1,610 $ 115,538 Liabilities: Borrowings of consolidated VIEs (5) $ — $ — $ 84 $ — $ — $ 84 Separate account collateral liabilities under securities lending agreements 15,066 5,589 — — — 20,655 Other liabilities (6) — 6 287 — — 293 Total $ 15,066 $ 5,595 $ 371 $ — $ — $ 21,032 (1) (2) (3) (4) (5) (6) Commitments and Contingencies Level 3 Assets. Level 3 assets may include investments in CLOs and bank loans of consolidated CLOs which were valued based on single-broker nonbinding quotes and direct private equity investments which were valued using the market or income approach as described below. Level 3 investments of consolidated VIEs of $166 million and $152 million at September 30, 2019 and December 31, 2018, respectively, related to direct investments in private equity companies held by consolidated private equity funds. At both September 30, 2019 and December 31, 2018, Level 3 investments of consolidated VIEs also included bank loans of a consolidated CLO 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 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 a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, risk premium or discount for lack of marketability in isolation could have resulted in a significantly lower (higher) fair value measurement as of September 30, 2019. For investments utilizing the market-comparable valuation technique, a significant increase (decrease) in a valuation multiple in isolation could have resulted in a significantly higher (lower) fair value measurement as of September 30, 2019. Level 3 Liabilities. Level 3 liabilities primarily include contingent liabilities associated with certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs and borrowings of consolidated VIEs, which were valued based on the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2019 (in millions) June 30, 2019 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 September 30, 2019 Total Net Unrealized Gains (Losses) Included in Earnings (2) Assets: Investments: Debt securities: Trading $ 2 $ — $ 3 $ — $ — $ — $ — $ 5 $ — Total investments 2 — 3 — — — — 5 — Assets of consolidated VIEs: Bank loans (3) 125 — 32 — — — — 157 — Private equity 9 1 — — — — (1 ) 9 1 Total Assets of consolidated VIEs 134 1 32 — — — (1 ) 166 1 Total Level 3 assets $ 136 $ 1 $ 35 $ — $ — $ — $ (1 ) $ 171 $ 1 Liabilities: Borrowings of consolidated VIEs (3) $ 142 $ — $ — $ — $ 44 $ — $ — $ 186 $ — Other liabilities (4) 168 1 — — — — — 167 1 Total Level 3 liabilities $ 310 $ 1 $ — $ — $ 44 $ — $ — $ 353 $ 1 (1) (2) (3) (4) Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2019 (in millions) December 31, 2018 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 (2) September 30, 2019 Total Net Unrealized Gains (Losses) Included in Earnings (3) Assets: Investments: Debt securities: Trading $ 4 $ — $ 5 $ — $ — $ — $ (4 ) $ 5 $ — Total investments 4 — 5 — — — (4 ) 5 — Assets of consolidated VIEs: Bank loans (4) 70 — 87 — — — — 157 — Private equity 82 — — — — — (73 ) 9 — Total Assets of consolidated VIEs 152 — 87 — — — (73 ) 166 — Total Level 3 assets $ 156 $ — $ 92 $ — $ — $ — $ (77 ) $ 171 $ — Liabilities: Borrowings of consolidated VIEs (4) $ 84 $ — $ — $ — $ 102 $ — $ — $ 186 $ — Other liabilities (5) 287 (18 ) — — (138 ) — — 167 (18 ) Total Level 3 liabilities $ 371 $ (18 ) $ — $ — $ (36 ) $ — $ — $ 353 $ (18 ) (1) (2) (3) (4) (5) Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30 , 2018 (in millions) June 30, 2018 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements Transfers into Level 3 Transfers out of Level 3 September 30, 2018 Total Net Unrealized Gains (Losses) Included in Earnings (1) Assets: Assets of consolidated VIEs: Private equity $ 104 $ 1 $ — $ — $ — $ — $ — $ 105 $ 1 Bank loans (2) — — — — 44 — — 44 — Total Assets of consolidated VIEs $ 104 $ 1 $ — $ — $ 44 $ — $ — $ 149 $ 1 Total Level 3 assets Liabilities: Borrowings of consolidated VIEs (2) $ — $ — $ — $ — $ 44 $ — $ — $ 44 $ — Other liabilities (3) 223 (30 ) — — 6 — — 259 — Total Level 3 liabilities $ 223 $ (30 ) $ — $ — $ 50 $ — $ — $ 303 $ (30 ) (1) (2) (3) Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2018 (in millions) December 31, 2017 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 September 30, 2018 Total Net Unrealized Gains (Losses) Included in Earnings (2) Assets: Investments: Available-for-sale securities (3) $ — $ — $ 26 $ — $ — $ — $ (26 ) $ — $ — Trading — — 5 — — — (5 ) — — Total investments — — 31 — — — (31 ) — — Assets of consolidated VIEs: Private equity 116 1 — (12 ) — — — 105 1 Bank loans (4) — — — — 44 — — 44 — Total Assets of consolidated VIEs 116 1 — (12 ) 44 — — 149 1 Total Level 3 assets $ 116 $ 1 $ 31 $ (12 ) $ 44 $ — $ (31 ) $ 149 $ 1 Liabilities: Borrowings of consolidated VIEs (4) $ — $ — $ — $ — $ 44 $ — $ — $ 44 $ — Other liabilities (5) 236 (33 ) — — (10 ) — — 259 (33 ) Total Level 3 liabilities $ 236 $ (33 ) $ — $ — $ 34 $ — $ — $ 303 $ (33 ) (1) (2) (3) (4) (5) 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 is 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 September 30, 2019 and December 31, 2018, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below: September 30, 2019 December 31, 2018 (in millions) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Fair Value Hierarchy Financial Assets (1) Cash and cash equivalents $ 4,476 $ 4,476 $ 6,302 $ 6,302 Level 1 (2) (3) Cash and cash equivalents of consolidated VIEs $ 131 $ 131 $ 186 $ 186 Level 1 (2) (3) Other assets $ 61 $ 61 $ 18 $ 18 Level 1 (2) (4) Financial Liabilities: Long-term borrowings $ 5,932 $ 6,257 $ 4,979 $ 5,034 Level 2 (5) Other liabilities $ 250 $ 250 $ — $ — Level 3 (6) (1) Investments (2) (3) (4) (5) Borrowings (6) 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). September 30, 2019 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 206 $ 111 Daily/Monthly (28%) Quarterly (17%) N/R (55%) 1 – 90 days Private equity funds (b) 260 204 N/R N/R Real assets funds (c) 320 109 Quarterly (61%) N/R (39%) 60 days Other 5 10 N/R N/R Consolidated VIEs: Private equity funds of funds (d) 27 11 N/R N/R Hedge fund (a) 3 — Quarterly 90 days Real assets funds (c) 66 101 N/R N/R Total $ 887 $ 546 December 31, 2018 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 173 $ 96 Daily/Monthly (30%) Quarterly (18%) N/R (52%) 1 – 90 days Private equity funds (b) 116 83 N/R N/R Real assets funds (c) 353 93 Quarterly (68%) N/R (32%) 60 days Other 14 16 Daily (80%) N/R (20%) 5 days Consolidated VIEs: Private equity funds of funds (d) 48 18 N/R N/R Hedge fund (a) 3 — Quarterly 90 days Real assets funds (c) 55 37 N/R N/R Total $ 762 $ 343 N/R – not redeemable (1) (a) The liquidation period for the investments in the funds that are not subject to redemption is unknown at both September 30, 2019 and December 31, 2018. (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 . The liquidation period for the investments in these funds is unknown at both September 30, 2019 and December 31, 2018. (c) This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds . The liquidation periods for the investments in the funds that are not subject to redemptions is unknown at both September 30 , 201 9 and December 31, 201 8 . The total remaining unfunded commitments to real assets funds were $ million and $ million at September 30 , 201 9 and December 31, 201 8 , respectively. The Company had contractual obligations to the real assets funds of $ million at September 30 , 201 9 and $ 117 million at December 31, 201 8 . (d) This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. The fair values of the investments in the third-party funds have been estimated using capital accounts representing the Company’s ownership interest in each fund in the portfolio as well as other performance inputs. These investments are not subject to redemption or are not currently redeemable; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. The liquidation period for the underlying assets of these funds is unknown at both September 30, 2019 and December 31, 2018. The total remaining unfunded commitments to other third-party funds were $11 million and $18 million at September 30, 2019 and December 31, 2018, respectively. The Company had contractual obligations to the consolidated funds of $22 million at both September 30, 2019 and December 31, 2018. Fair Value Option . At September 30, 2019 and December 31, 2018, the Company elected the fair value option for certain investments in CLOs of approximately $33 million and $32 million, respectively, reported within investments. In addition, the Company elected the fair value option for bank loans and borrowings of a consolidated CLO, recorded within investments and borrowings of consolidated VIEs, respectively. The following table summarizes the information related to these bank loans and borrowings at September 30, 2019 and December 31, 2018: September 30, December 31, (in millions) 2019 2018 CLO Bank loans: Aggregate principal amounts outstanding $ 183 $ 84 Fair value 183 84 Aggregate unpaid principal balance in excess of (less than) fair value $ — $ — CLO Borrowings: Aggregate principal amounts outstanding $ 186 $ 84 Fair value $ 186 $ 84 At September 30, 2019, the principal amounts outstanding of the borrowings issued by the CLOs mature in 2030. During the three and nine months ended September 30, 2019 and December 31, 2018, the net gains (losses) from the change in fair value of the bank loans and borrowings held by the consolidated CLO were not material and were recorded in net gain (loss) on consolidated VIEs on the condensed consolidated statements of income. The change in fair value of the assets and liabilities included interest income and expense, respectively. |
Derivatives and Hedging
Derivatives and Hedging | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | 9. Derivatives and Hedging The Company maintains a program to enter into swaps to hedge against market price and interest rate exposures with respect to certain seed investments in sponsored investment products. At September 30, 2019 and December 31, 2018, the Company had outstanding total return swaps with aggregate notional values of approximately $533 million and $483 million, respectively. At both September 30, 2019 and December 31, 2018, the Company had a derivative providing credit protection of approximately $17 million to a counterparty, 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 outflows under the arrangement. The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At September 30, 2019 and December 31, 2018, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $2.4 billion and The fair values of the outstanding total return swaps, credit default swap and forward foreign currency exchange contracts were not material to the condensed consolidated statement of financial condition at both September 30, 2019 and December 31, 2018. The following table presents gains (losses) recognized in the condensed consolidated statements of income on derivative instruments: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Derivative Instruments Statement of Income Classification Gains (Losses) Gains (Losses) Total return swaps Nonoperating income (expense) $ 2 $ (12 ) $ (62 ) $ (5 ) Forward foreign currency exchange contracts General and administration expense (43 ) (27 ) (56 ) (90 ) Total gain (loss) from derivative instruments $ (41 ) $ (39 ) $ (118 ) $ (95 ) The Company consolidates certain sponsored investment funds, which may utilize derivative instruments as a part of the funds’ investment strategies. The change in fair value of such derivatives, which is recorded in nonoperating income (expense), was not material for the three and nine months ended September 30, 2019 and 2018. See Note 13, Borrowings |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 10. Leases The following table presents components of lease cost included in general and administration expense on the condensed consolidated statement of income: (in millions) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease cost: Operating lease cost (1) $ 36 $ 104 Variable lease cost (2) 10 28 Total lease cost $ 46 $ 132 (1) Amount includes short-term leases, which are immaterial for the three and nine months ended September 30, 2019. (2) Amount includes operating lease payments, which may be adjusted based on usage, changes in an index or market rate. (in millions) Statement of Financial Condition Classification September 30, 2019 Statement of Financial Condition information: Operating lease ROU assets Other assets $ 617 Operating lease liabilities Other liabilities $ 724 Supplemental information related to operating lease is summarized below: (in millions) Nine Months Ended September 30, 2019 Supplemental cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 105 Supplemental noncash information: ROU assets in exchange for operating lease liabilities in connection with the adoption of ASU 2016-02 $ 661 ROU assets in exchange for operating lease liabilities $ 54 Nine Months Ended September 30, 2019 Lease term and discount rate: Weighted-average remaining lease term 9 years Weighted-average discount rate 3 % (in millions) Maturity of operating lease liabilities at September 30, 2019 Amount (1) Remainder of 2019 $ 37 2020 144 2021 136 2022 124 2023 73 Thereafter 311 Total lease payments $ 825 Less: imputed interest 101 Present value of lease liabilities $ 724 (1) Amount excludes $1.3 billion of legally binding minimum lease payments for leases signed but not yet commenced. See Note 14, Commitments and Contingencies |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 11. Goodwill Goodwill activity during the nine months ended September 30, 2019 was as follows: (in millions) December 31, 2018 $ 13,526 Acquisition (1) 1,031 Goodwill adjustments related to Quellos and other (2) (5 ) September 30, 2019 $ 14,552 (1) Acquisition (2) |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 12. Intangible Assets The carrying amounts of identifiable intangible assets are summarized as follows: (in millions) Indefinite-lived Finite-lived Total December 31, 2018 $ 17,578 $ 261 $ 17,839 Amortization expense — (68 ) (68 ) Acquisitions (1) — 636 636 September 30, 2019 $ 17,578 $ 829 $ 18,407 (1) Amount primarily contains intangible assets acquired in connection with the eFront Transaction. The Company acquired $410 million of finite-lived customer relationships, $203 million of finite-lived technology-related intangible assets and $13 million of a finite-lived trade name, with weighted-average estimated lives of approximately 10 years, eight years and four years, respectively. See Note 3, Acquisition |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | 13. Borrowings Short-Term Borrowings 2019 Revolving Credit Facility. The Company’s credit facility has an aggregate commitment amount of $4.0 billion and was amended in March 2019 to extend the maturity date to March 2024 (the “2019 credit facility”). The 2019 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 2019 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 2019 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 September 30, 2019. The 2019 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities. At September 30, 2019, the Company had no amount outstanding under the 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 2019 credit facility. At September 30, 2019, BlackRock had no CP Notes outstanding. Long-Term Borrowings The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at September 30, 2019 included the following: (in millions) Maturity Amount Unamortized Discount and Debt Issuance Costs Carrying Value Fair Value 5.00% Notes due 2019 $ 1,000 $ — $ 1,000 $ 1,005 4.25% Notes due 2021 750 (1 ) 749 778 3.375% Notes due 2022 750 (2 ) 748 781 3.50% Notes due 2024 1,000 (4 ) 996 1,066 1.25% Notes due 2025 763 (5 ) 758 818 3.20% Notes due 2027 700 (5 ) 695 741 3.25% Notes due 2029 1,000 (14 ) 986 1,068 Total Long-term Borrowings $ 5,963 $ (31 ) $ 5,932 $ 6,257 2029 Notes . In April 2019, the Company issued $1.0 billion in aggregate principal amount of 3.25% senior unsecured and unsubordinated notes maturing on April 30, 2029 (the “2029 Notes”). Interest is payable semi-annually on April 30 and October 30 of each year, commencing October 30, 2019, and is approximately $33 million per year. The 2029 Notes may be redeemed prior to January 30, 2029 in whole or in part at any time, at the option of the Company, at a “make-whole” redemption price or at par thereafter. The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2029 Notes. See Note 13, Borrowings |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies Investment Commitments. At September 30, 2019, the Company had $533 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. 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. Lease Commitment. As of September 30, 2019, there were no material changes to the lease commitments as reported in the 2018 Form 10-K. At December 31, 2018, future minimum commitments under the operating leases were as follows: (in millions) Year Amount 2019 $ 145 2020 139 2021 130 2022 121 2023 106 Thereafter 1,516 Total $ 2,157 In May 2017, the Company entered into an agreement with 50 HYMC Owner LLC, for the lease of approximately 847,000 square feet of office space located at 50 Hudson Yards, New York, New York. The term of the lease is twenty years from the date that rental payments begin, expected to occur in May 2023, with the option to renew for a specified term. The lease requires annual base rental payments of approximately $51 million per year during the first five years of the lease term, increasing every five years to $58 million, $66 million and $74 million per year (or approximately $1.2 billion in base rent over its twenty-year term). Contingencies Contingent Payments Related to Business Acquisitions . In connection with certain acquisitions, BlackRock is required to make contingent payments, subject to achieving specified performance targets, which may include revenue related to acquired contracts or new capital commitments for certain products. The fair value of the remaining aggregate contingent payments at September 30, 2019 totaled $167 million and is included in other liabilities on the condensed consolidated statements of financial condition. Other Contingent Payments. The Company acts as the portfolio manager in a derivative transaction and has a maximum potential exposure of $17 million between the Company and counterparty. See Note 9, , for further discussion. Legal Proceedings. From time to time, BlackRock receives subpoenas or other requests for information from various US federal and state governmental and regulatory authorities and international governmental and regulatory authorities in connection with industry-wide or other investigations or proceedings. It is BlackRock’s policy to cooperate fully with such matters. The Company, certain of its subsidiaries and employees have been named as defendants in various legal actions, including arbitrations and other litigation arising in connection with BlackRock’s activities. Additionally, BlackRock-advised investment portfolios may be subject to lawsuits, any of which potentially could harm the investment returns of the applicable portfolio or result in the Company being liable to the portfolios for any resulting damages. On May 27, 2014, certain 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 US District Court for the District of New Jersey against BlackRock Advisors, LLC, BlackRock Investment Management, LLC and BlackRock International Limited under the caption In re BlackRock Mutual Funds Advisory Fee Litigation . In the lawsuit, which purports to be brought derivatively on behalf of the Funds, the plaintiffs allege that the defendants violated Section 36(b) of the Investment Company Act by receiving allegedly excessive investment advisory fees from the Funds. On June 13, 2018, the court granted in part and denied in part the defendants’ motion for summary judgment. On July 25, 2018, the plaintiffs served a pleading that supplemented the time period of their alleged damages to run through the date of trial. The lawsuit seeks, among other things, to recover on behalf of the Funds all allegedly excessive advisory fees received by the defendants beginning twelve months preceding the start of the lawsuit with respect to each Fund and ending on the date of judgment, along with purported lost investment returns on those amounts, plus interest. The trial on the remaining issues was completed on August 29, 2018. On February 8, 2019, the court issued an order dismissing the claims in their entirety. The plaintiffs filed a notice of appeal on March 8, 2019, which remains pending. The defendants believe the claims in this lawsuit are without merit. On June 16, 2016, iShares iShares iShares On April 5, 2017, BlackRock, Inc., BlackRock Institutional Trust Company, N.A. (“BTC”), the BlackRock, Inc. Retirement Committee and various sub-committees, and a BlackRock employee were named as defendants in a purported class action lawsuit brought in the US District Court for the Northern District of California by a former employee on behalf of all participants and beneficiaries in the BlackRock employee 401(k) Plan (the “Plan”) from April 5, 2011 to the present. The lawsuit generally alleges that the defendants breached their duties towards Plan participants in violation of the Employee Retirement Income Security Act of 1974 by, among other things, offering investment options that were overly expensive, underperformed unaffiliated peer funds, focused disproportionately on active versus passive strategies, and were unduly concentrated in investment options managed by BlackRock. On October 18, 2017, the plaintiffs filed an Amended Complaint, which, among other things, added as defendants certain current and former members of the BlackRock Retirement and Investment Committees. The Amended Complaint also included a new purported class claim on behalf of investors in certain Collective Trust Funds (“CTFs”) managed by BTC. Specifically, the plaintiffs allege that BTC, as fiduciary to the CTFs, engaged in self-dealing by, most significantly, selecting itself as the securities lending agent on terms that the plaintiffs claim were excessive. The Amended Complaint also alleged that BlackRock took undue risks in its management of securities lending cash reinvestment vehicles during the financial crisis. On August 23, 2018, the court granted permission to the plaintiffs to file a Second Amended Complaint (“SAC”) which added as defendants the BlackRock, Inc. Management Development and Compensation Committee, the Plan’s independent investment consultant and the Plan’s Administrative Committee and its members. On October 22, 2018, BlackRock filed a motion to dismiss the SAC, and on June 3, 2019, the plaintiffs filed a motion seeking to certify both the Plan and the CTF classes. On September 3, 2019, the court granted BlackRock’s motion to dismiss part of the plaintiffs’ claim seeking to recover alleged losses in the securities lending vehicles, but denied the motion to dismiss in all other respects. Plaintiffs’ motion to certify the Plan and CTF classes remains pending. The defendants believe the claims in this lawsuit are without merit. 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 September 30, 2019, the Company indemnified certain of its clients for their securities lending loan balances of approximately $211 billion. The Company held, as agent, cash and securities totaling $225 billion as collateral for indemnified securities on loan at September 30, 2019. The fair value of these indemnifications was not material at September 30, 2019. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 15. Revenue The table below presents detail of revenue for the three and nine months ended September 30, 2019 and 2018. See Note 2, Significant Accounting Policies Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Investment advisory, administration fees and securities lending revenue: Equity: Active $ 391 $ 405 $ 1,151 $ 1,269 iShares ETFs 872 885 2,589 2,722 Non-ETF Index 168 169 495 532 Equity subtotal 1,431 1,459 4,235 4,523 Fixed income: Active 496 460 1,427 1,374 iShares ETFs 251 205 705 620 Non-ETF Index 98 98 293 292 Fixed income subtotal 845 763 2,425 2,286 Multi-asset 288 298 852 889 Alternatives: Illiquid alternatives 122 89 350 249 Liquid alternatives 105 96 301 290 Currency and commodities (1) 30 24 78 75 Alternatives subtotal 257 209 729 614 Long-term 2,821 2,729 8,241 8,312 Cash management 159 154 447 462 Total base fees 2,980 2,883 8,688 8,774 Investment advisory performance fees: Equity 1 7 5 68 Fixed income — — 2 2 Multi-asset 1 1 7 15 Alternatives: Illiquid alternatives 5 20 40 22 Liquid alternatives 114 123 157 205 Alternatives subtotal 119 143 197 227 Total performance fees 121 151 211 312 Technology services revenue 259 200 700 582 Distribution fees: Retrocessions 166 168 491 541 12b-1 fees (US mutual fund distribution fees) 90 102 267 313 Other 14 9 41 30 Total distribution fees 270 279 799 884 Advisory and other revenue: Advisory 21 26 62 80 Other 41 37 102 132 Total advisory and other revenue 62 63 164 212 Total revenue $ 3,692 $ 3,576 $ 10,562 $ 10,764 _____________________________________________________________ (1) iShares The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style, respectively: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 By client type: Retail $ 862 $ 860 $ 2,534 $ 2,573 iShares ETFs 1,151 1,113 3,370 3,414 Institutional: Active 558 504 1,595 1,542 Index 250 252 742 783 Total institutional 808 756 2,337 2,325 Long-term 2,821 2,729 8,241 8,312 Cash management 159 154 447 462 Total $ 2,980 $ 2,883 $ 8,688 $ 8,774 By investment style: Active $ 1,401 $ 1,346 $ 4,073 $ 4,063 Index and iShares 1,420 1,383 4,168 4,249 Long-term 2,821 2,729 8,241 8,312 Cash management 159 154 447 462 Total $ 2,980 $ 2,883 $ 8,688 $ 8,774 I nvestment advisory and administration fees – remaining performance obligation The tables below present estimated investment advisory and administration fees expected to be recognized in the future related to the unsatisfied portion of the performance obligations at September 30, 2019 and 2018: September 30, 2019 Remainder of (in millions) 2019 2020 2021 2022 Thereafter Total Investment advisory and administration fees: Alternatives (1)(2) $ 22 $ 85 $ 71 $ 62 $ 59 $ 299 (1) (2) September 30, 2018 Remainder of (in millions) 2018 2019 2020 2021 Thereafter Total Investment advisory and administration fees: Alternatives (1)(2) $ 21 $ 74 $ 63 $ 49 $ 46 $ 253 (1) (2) Change in Deferred Carried Interest Liability The table below presents changes in the deferred carried interest liability (including the portion related to consolidated VIEs), which is included in other liabilities/other liabilities of consolidated VIEs on the condensed consolidated statements of financial condition, for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Beginning balance $ 365 $ 242 $ 293 $ 219 Net increase (decrease) in unrealized allocations 17 17 116 44 Performance fee revenue recognized — (2 ) (27 ) (6 ) Other 6 — 6 — Ending balance $ 388 $ 257 $ 388 $ 257 Technology services revenue – remaining performance obligation The tables below present estimated technology services revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at September 30, 2019 and 2018: September 30, 2019 Remainder of (in millions) 2019 2020 2021 2022 Thereafter Total Technology services revenue (1)(2) $ 36 $ 54 $ 37 $ 21 $ 12 $ 160 (1) (2) September 30, 2018 Remainder of (in millions) 2018 2019 2020 2021 Thereafter Total Technology services revenue (1)(2) $ 8 $ 27 $ 23 $ 18 $ 15 $ 91 (1) (2) In addition to amounts disclosed in the tables above, certain technology services contracts require fixed minimum fees, which are billed on a monthly or quarterly basis in arrears. The Company recognizes such revenue as services are performed. As of September 30, 2019 and 2018, the estimated fixed minimum fees for currently outstanding contracts approximated $156 million and $133 million for the remainder of each respective year. The term for these contracts, which are either in their initial or renewal period, ranges from one to five years. The table below presents changes in the technology services deferred revenue liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Beginning balance $ 100 $ 64 $ 70 $ 62 Acquisition, net of revenue recognized (1) — — 24 — Additions 8 11 31 31 Revenue recognized that was included in the beginning balance (21 ) (10 ) (38 ) (28 ) Ending balance $ 87 $ 65 $ 87 $ 65 (1) Acquisition |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 16. Stock-Based Compensation Restricted Stock and RSUs. Restricted stock and restricted stock units (“RSUs”) activity for the nine months ended September 30, 2019 is summarized below. Outstanding at Restricted Stock and RSUs Weighted- Average Grant Date Fair Value December 31, 2018 2,139,890 $ 429.19 Granted 1,205,230 $ 414.40 Converted (1,001,009 ) $ 377.41 Forfeited (60,961 ) $ 426.45 September 30, 2019 (1) 2,283,150 $ 444.15 (1) At September 30, 2019, approximately 2.1 million awards are expected to vest and 0.2 million awards have vested but have not been converted. In January 2019, the Company granted 674,206 RSUs or shares of restricted stock to employees as part of 2018 annual incentive compensation that vest ratably over three years from the date of grant and 377,291 RSUs or shares of restricted stock to employees that cliff vest 100% on January 31, 2022. The Company values restricted stock and RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total fair market value of RSUs/restricted stock granted to employees during the nine months ended September 30, 2019 was $499 million. At September 30, 2019, the intrinsic value of outstanding RSUs was $1.0 billion, reflecting a closing stock price of $445.64. At September 30, 2019, total unrecognized stock-based compensation expense related to unvested RSUs was $432 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.3 years. Performance-Based RSUs. Performance-based RSU activity for the nine months ended September 30, 2019 is summarized below. Outstanding at Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2018 845,285 $ 386.13 Granted 283,014 $ 410.32 Additional shares granted due to attainment of performance measures 2,117 $ 296.57 Converted (360,927 ) $ 296.57 Forfeited (11,024 ) $ 456.66 September 30, 2019 758,465 $ 436.50 In January 2019, the Company granted 283,014 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2022. These awards are amortized over a service period of three years. The number of shares distributed at vesting could be higher or lower than the original grant based on the level of attainment of predetermined Company performance measures. In January 2019, the Company granted 2,117 additional RSUs to certain employees based on the attainment of Company performance measures during the performance period. The Company initially values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total grant-date fair market value of performance-based RSUs granted to employees during the nine months ended September 30, 2019 was $117 million. At September 30, 2019, the intrinsic value of outstanding performance-based RSUs was $338 million, reflecting a closing stock price of $445.64. At September 30, 2019, total unrecognized stock-based compensation expense related to unvested performance-based awards was $131 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period 1.4 years. See Note 16, Stock-Based Compensation, 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, including performance-based and market performance-based RSUs. The share surrender agreement commits PNC to provide BlackRock Series C nonvoting participating preferred stock to fund the remaining committed shares. On January 31, 2019, PNC surrendered its remaining 143,458 shares to BlackRock and has completed its share delivery obligation in connection with the agreement. Performance-based Stock Options. Stock option activity for the nine months ended September 30, 2019 is summarized below. Outstanding at Shares Under Option Weighted Average Exercise Price December 31, 2018 2,106,482 $ 513.50 Forfeited (125,538 ) $ 513.50 September 30, 2019 1,980,944 $ 513.50 At September 30, 2019, total unrecognized stock-based compensation expense related to unvested performance-based stock options was $140 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 4.2 years. See Note 16, Stock-Based Compensation, |
Net Capital Requirements
Net Capital Requirements | 9 Months Ended |
Sep. 30, 2019 | |
Regulatory Capital Requirements [Abstract] | |
Net Capital Requirements | 17. Net Capital Requirements The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions. As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents. Additionally, transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers. At September 30, 2019, the Company was required to maintain approximately $1.8 billion in net capital in certain regulated subsidiaries, including BlackRock Institutional Trust Company, N.A. (a wholly owned subsidiary of the Company that is chartered as a national bank whose powers are limited to trust and other fiduciary activities and which is subject to regulatory capital requirements administered by the 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) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 18. Accumulated Other Comprehensive Income (Loss) The following table presents changes in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Beginning balance $ (664 ) $ (575 ) $ (691 ) $ (432 ) Foreign currency translation adjustments (1) (120 ) (41 ) (93 ) (178 ) Reclassification as a result of adoption of accounting guidance — — — (6 ) Ending balance $ (784 ) $ (616 ) $ (784 ) $ (616 ) (1) Amounts for the three months ended September 30, 2019 and 2018 include gains from a net investment hedge of $25 million (net of tax expense of $8 million) and $4 million (net of tax expense of $1 million), respectively. Amounts for the nine months ended September 30, 2019 and 2018 include gains from a net investment hedge of $28 million (net of tax expense of $9 million) and $22 million (net of tax expense of $7 million), respectively. |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Capital Stock | 19. Capital Stock Nonvoting Participating Preferred Stock . The Company’s preferred shares authorized, issued and outstanding consisted of the following: September 30, December 31, 2019 2018 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) — 143,458 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 . During the nine months ended September 30, 2019, the Company repurchased 4.0 million common shares under the share repurchase program for approximately $1.7 billion, including a $1.3 billion private transaction that closed on March 25, 2019. At September 30, 2019, there were 5.9 million shares still authorized to be repurchased. PNC Capital Contribution . On January 31, 2019, PNC surrendered to BlackRock its remaining 143,458 of BlackRock Series C Preferred shares and has completed its share delivery obligation in connection with its share surrender agreement. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 20. Restructuring A restructuring charge of $60 million ($47 million after-tax), comprised of $53 million of severance and $7 million of expense related to the accelerated amortization of previously granted equity compensation awards, was recorded in the fourth quarter of 2018 in connection with an initiative to modify the size and shape of the workforce. The table below presents a rollforward of the Company’s restructuring liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the nine months ended September 30, 2019: Nine Months Ended (in millions) September 30, 2019 Liability as of December 31, 2018 $ 53 Cash payments (51 ) Liability as of September 30, 2019 $ 2 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 21. Income Taxes The nine months ended September 30, 2019 income tax expense included $22 million of discrete tax benefits related to stock-based compensation awards that vested in the first quarter of 2019. The three months ended September 30, 2018 income tax expense included $90 million of discrete tax benefits, primarily related to changes in the Company’s organizational entity structure. The nine months ended September 30, 2018 income tax expense also included $58 million of discrete tax benefits related to stock-based compensation awards that vested in the first quarter of 2018. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 22. 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 and nine months ended September 30, 2019 and 2018 under the treasury stock method: Three Months Ended Nine Months Ended September 30, September 30, (in millions, except shares and per share data) 2019 2018 2019 2018 Net income attributable to BlackRock $ 1,119 $ 1,216 $ 3,175 $ 3,378 Basic weighted-average shares outstanding 155,280,877 160,141,506 156,290,212 160,786,768 Dilutive effect of nonparticipating RSUs and stock options 1,166,510 1,236,711 1,095,744 1,354,111 Total diluted weighted-average shares outstanding 156,447,387 161,378,217 157,385,956 162,140,879 Basic earnings per share $ 7.21 $ 7.59 $ 20.31 $ 21.01 Diluted earnings per share $ 7.15 $ 7.54 $ 20.17 $ 20.83 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 23. Segment Information The Company’s management directs BlackRock’s operations as one business, the asset management business. The Company utilizes a consolidated approach to assess performance and allocate resources. As such, the Company operates in one business segment. The following table illustrates total revenue for the three and nine months ended September 30, 2019 and 2018 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides or affiliated services are provided. Three Months Ended Nine Months Ended (in millions) September 30, September 30, Revenue 2019 2018 2019 2018 Americas $ 2,445 $ 2,328 $ 7,051 $ 6,989 Europe 1,080 1,083 3,018 3,258 Asia-Pacific 167 165 493 517 Total revenue $ 3,692 $ 3,576 $ 10,562 $ 10,764 See Note 15, Revenue The following table illustrates long-lived assets that consist of goodwill and property and equipment at September 30, 2019 and December 31, 2018 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) September 30, December 31, Long-lived Assets 2019 2018 Americas $ 13,797 $ 13,780 Europe 1,337 303 Asia-Pacific 87 86 Total long-lived assets $ 15,221 $ 14,169 Americas is primarily comprised of the United States, Latin America and Canada, while Europe is primarily comprised of the United Kingdom, the Netherlands and Luxembourg. Asia-Pacific is primarily comprised of Hong Kong, Australia, Japan and Singapore. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events The Company conducted a review for subsequent events and determined that no subsequent events had occurred that would require accrual or additional disclosures. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests (“NCI”) on the condensed consolidated statements of financial condition 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, 2018, which was filed with the Securities and Exchange Commission (“SEC”) on February 28, 2019 (“2018 Form 10-K”). The interim financial information at September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year. Certain prior period presentations and disclosures were reclassified to ensure comparability with current period classifications. |
Accounting Pronouncements Adopted in the Nine Months Ended September 30, 2019 | Accounting Pronouncements Adopted in the Nine Months Ended September 30, 2019 Leases . In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, , and several amendments (collectively, “ASU 2016-02”), which requires lessees to recognize assets and liabilities arising from most operating leases on the condensed consolidated statements of financial condition. The Company adopted ASU 2016-02 on its effective date of January 1, 2019 on a modified retrospective basis and elected not to apply ASU 2016-02 to the comparative periods presented. Under this transition method, any cumulative effect adjustment is recognized in the opening balance of retained earnings in the period of adoption. The Company elected the package of practical expedients to alleviate certain operational complexities related to the adoption, which among other things, allowed the Company to carry forward the existing lease classification. The Company elected to account for lease and non-lease components as a single component for its leases. The Company also elected the short-term lease practical expedient. Consequently, leases with an initial term of 12 months or less are not recorded on the condensed consolidated statement of financial condition. Upon adoption of ASU 2016-02, the Company recorded a net increase of approximately $0.7 billion in its assets and liabilities related to the right-of-use (“ROU”) asset and lease liability for its operating leases. The adoption of ASU 2016-02 did not have a material impact on the condensed consolidated statement of income or cash flows. See Note 10, Leases |
Fair Value Measurements | Fair Value Measurements Hierarchy of Fair Value Inputs. The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date. • Level 1 assets may include listed mutual funds, ETFs, listed equities and certain exchange-traded derivatives. Level 2 Inputs: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies. • Level 2 assets may include debt securities, investments in collateralized loan obligations (“CLOs”), bank loans, short-term floating-rate notes, asset-backed securities, securities held within consolidated hedge funds, 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, investments in CLOs and bank loans of consolidated CLOs. • Level 3 liabilities include contingent liabilities related to acquisitions valued based upon discounted cash flow analyses using unobservable market data and borrowings of consolidated CLOs. Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Valuation Approaches. The fair values of certain Level 3 assets and liabilities were determined using various valuation approaches as appropriate, including third-party pricing vendors, broker quotes and market and income approaches. A significant number of inputs used to value equity, debt securities, investments in CLOs and bank loans is sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price. In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input. Investments Measured at Net Asset Values. As a practical expedient, the Company uses net asset value (“NAV”) as the fair value for certain investments. The inputs to value these investments may include the Company’s capital accounts for its partnership interests in various alternative investments, including hedge funds, real assets and private equity funds, which may be adjusted by using the returns of certain market indices. The various partnerships generally are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that could be used as an input to value these investments. Fair Value of Assets and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including bank loans, held by a consolidated CLO. As the fair value of the financial assets of the consolidated CLO is more observable than the fair value of the borrowings of the consolidated CLO, the Company measures the fair value of the borrowings of the consolidated CLO as the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO. |
Derivative Instruments and Hedging Activities | Derivatives and Hedging Activities . The Company does not use derivative financial instruments for trading or speculative purposes. The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market exposures for certain seed investments. However, certain consolidated sponsored investment funds may also utilize 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 not US dollars. 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 (loss) on the condensed consolidated statements of financial condition. Amounts excluded from the effectiveness assessment are reported in the condensed consolidated statements of income using a systematic and rational method. The Company reassesses the effectiveness of its net investment hedges at least quarterly. |
Leases | Leases . The Company determines if a contract is a lease or contains a lease at inception. The Company accounts for its office facility leases as operating leases, which may include escalation clauses that are based on an index or market rate. The Company accounts for lease and non-lease components as a single component for its leases. The Company elected the short-term lease exception for l eases with an initial term of 12 months or less. Consequently, such leases are not recorded on the condensed consolidated statement of financial condition. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised or not, respectively. Fixed lease payments are included in ROU assets and lease liabilities within other assets and other liabilities, respectively, on the condensed consolidated statement of financial condition. Upon adoption of ASU 2016-02, for existing leases, the Company elected to determine the discount rate based on the remaining lease term as of January 1, 2019 and for lease payments based on an index or rate to apply the rate at commencement date. For new leases, the discount rates are based on the entire noncancelable lease term. |
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. The securities lending revenue earned from lending securities held by the separate accounts is included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income. During the nine months ended September 30, 2019 and 2018, the Company had not resold or repledged any of the collateral received under these arrangements. At September 30, 2019 and December 31, 2018, the fair value of loaned securities held by separate accounts was approximately $17.5 billion and $18.9 billion, respectively, and the fair value of the collateral held under these securities lending agreements was approximately $18.7 billion and $20.7 billion, respectively. |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Summary of Initial and Revised Fair Values of Assets Acquired and Liabilities Assumed | A summary of the initial and revised fair values of the assets acquired and liabilities assumed in this acquisition is as follows (1) : Initial Revised Estimate of Estimate of (in millions) Fair Value Fair Value Accounts receivable $ 65 $ 65 Finite-lived intangible assets: Customer relationships (2) 452 410 Technology-related (3) 205 203 Trade name (4) 21 13 Goodwill 990 1,031 Other assets 31 31 Deferred income tax liabilities (194 ) (183 ) Other liabilities assumed (64 ) (70 ) Total consideration, net of cash acquired $ 1,506 $ 1,500 Summary of consideration, net of cash acquired: Cash paid including settlement of outstanding debt of approximately $0.2 billion $ 1,555 $ 1,555 Cash acquired (49 ) (55 ) Total consideration, net of cash acquired $ 1,506 $ 1,500 (1) At this time, the Company does not expect additional material changes to the value of the assets acquired or liabilities assumed in conjunction with the transaction with the exception of intangible assets, deferred income tax liabilities and other liabilities, which were valued using preliminary assumptions. (2) The fair value was determined based on the excess earnings method (a Level 3 input), has a weighted-average estimated useful life of approximately 10 years and is amortized using the accelerated amortization method. (3) The fair value was determined based upon a relief from royalty method (a Level 3 input), has a weighted-average estimated useful life of approximately eight years and is amortized using the accelerated amortization method. (4) The fair value was determined using a relief from royalty method (a Level 3 input), has an estimated useful life of approximately four years and is amortized using the accelerated amortization method. |
Summary of Finite-Lived Intangible Assets Weighted-Average Remaining Useful Life | The finite-lived intangible assets had a weighted-average remaining useful life of approximately nine years with remaining amortization expense as follows (in millions) Year Amount 2019 (excluding the nine months ended September 30, 2019) $ 14 2020 62 2021 65 2022 69 2023 71 Thereafter 321 Total $ 602 |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows. September 30, December 31, (in millions) 2019 2018 Cash and cash equivalents $ 4,476 $ 6,302 Cash and cash equivalents of consolidated VIEs 131 186 Restricted cash included in other assets 17 17 Total cash, cash equivalents and restricted cash $ 4,624 $ 6,505 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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: September 30, December 31, (in millions) 2019 2018 Debt securities: Held-to-maturity investments $ 212 $ 188 Trading securities (debt securities of consolidated sponsored investment funds of $169 and $233 at September 30, 2019 and December 31, 2018, respectively) 210 265 Total debt securities 422 453 Equity securities at FVTNI (1) investment funds of $334 and $291 at September 30, 2019 and December 31, 2018, respectively) 543 452 Equity method investments (2) 930 781 Federal Reserve Bank stock (3) 93 92 Carried interest (4) 16 18 Other investments (5) 113 — Total investments $ 2,117 $ 1,796 (1) (2) (3) (4) (5) Significant Accounting Policies |
Summary of Cost and Carrying Value of Equity and Trading Debt Securities | A summary of the cost and carrying value of equity and trading debt securities is as follows: September 30, 2019 December 31, 2018 (in millions) Cost Carrying Value Cost Carrying Value Trading debt securities: Corporate debt $ 125 $ 126 $ 144 $ 140 Government debt 36 35 69 67 Asset/mortgage-backed debt 47 49 67 58 Total trading debt securities $ 208 $ 210 $ 280 $ 265 Equity securities at FVTNI: Deferred compensation plan mutual funds $ 6 $ 22 $ 21 $ 34 Equity securities/multi-asset mutual funds 476 521 420 418 Total equity securities at FVTNI $ 482 $ 543 $ 441 $ 452 |
Consolidated Voting Rights En_2
Consolidated Voting Rights Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Consolidated VREs Included in Condensed Consolidated Statements of Financial Condition | The following table presents the amounts related to these consolidated VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these funds: September 30, December 31, (in millions) 2019 2018 Cash and cash equivalents $ 11 $ 59 Investments: Trading debt securities 169 233 Equity securities at FVTNI 334 291 Total investments 503 524 Other assets 7 8 Other liabilities (11 ) (53 ) NCI (52 ) (90 ) BlackRock’s net interests in consolidated VREs $ 458 $ 448 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Consolidated Variable Interest Entities [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of VIE Assets and Liabilities | Consolidated VIE assets and liabilities are presented after intercompany eliminations in the following table: September 30, December 31, (in millions) 2019 2018 Assets of consolidated VIEs: Cash and cash equivalents $ 131 $ 186 Investments: Trading debt securities 1,120 1,395 Equity securities at FVTNI 971 569 Bank loans 183 84 Other investments 182 263 Carried interest 442 369 Total investments 2,898 2,680 Other assets 54 876 Total assets of consolidated VIEs 3,083 3,742 Liabilities of consolidated VIEs: Borrowings (186 ) (84 ) Other liabilities (530 ) (1,290 ) NCI (1,145 ) (1,076 ) BlackRock's net interests in consolidated VIEs $ 1,222 $ 1,292 |
Schedule of Net Gain (Loss) Related to Consolidated VIEs | Net gain (loss) related to consolidated VIEs is presented in the following table: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Nonoperating net gain (loss) on consolidated VIEs $ (5 ) $ (9 ) $ 128 $ (21 ) Net income (loss) attributable to NCI on consolidated VIEs $ — $ (14 ) $ 17 $ (3 ) |
Variable Interest Entity, Not Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of VIE Assets and Liabilities | At September 30 , 2019 and December 31, 2018 , 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 September 30, 2019 Investments Advisory Fee Receivables Other Net Assets (Liabilities) Maximum Risk (1) Sponsored investment products $ 498 $ 88 $ (10 ) $ 603 At December Sponsored investment products $ 348 $ 43 $ (6 ) $ 408 (1) At both September 30, 2019 and December 31, 2018, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of advisory fee receivables. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (1) Other (2) September 30, 2019 Assets: Investments: Debt securities: Held-to-maturity securities $ — $ — $ — $ — $ 212 $ 212 Trading securities — 205 5 — — 210 Total debt securities — 205 5 — 212 422 Equity securities at FVTNI: Deferred compensation plan mutual funds 22 — — — — 22 Equity securities/Multi-asset mutual funds 521 — — — — 521 Total equity securities at FVTNI 543 — — — — 543 Equity method: Equity and fixed income mutual funds 113 — — — — 113 Hedge funds/funds of hedge funds — — — 206 — 206 Private equity funds — — — 260 — 260 Real assets funds — — — 320 — 320 Other 26 — — 5 — 31 Total equity method 139 — — 791 — 930 Federal Reserve Bank Stock — — — — 93 93 Carried interest — — — — 16 16 Other investments — — — — 113 113 Total investments 682 205 5 791 434 2,117 Investments of consolidated VIEs: Trading debt securities — 1,120 — — — 1,120 Equity securities at FVTNI 971 — — — — 971 Bank loans — 26 157 — — 183 Private equity (3) 1 — 9 27 76 113 Hedge fund — — — 3 — 3 Real assets funds — — — 66 — 66 Carried interest — — — — 442 442 Total investments of consolidated VIEs 972 1,146 166 96 518 2,898 Other assets (4) 141 — — — — 141 Separate account assets 66,395 28,446 — — 660 95,501 Separate account collateral held under securities lending agreements: Equity securities 8,577 — — — — 8,577 Debt securities — 10,122 — — — 10,122 Total separate account collateral held under securities lending agreements 8,577 10,122 — — — 18,699 Total $ 76,767 $ 39,919 $ 171 $ 887 $ 1,612 $ 119,356 Liabilities: Borrowings of consolidated VIEs (5) $ — $ — $ 186 $ — $ — $ 186 Separate account collateral liabilities under securities lending agreements 8,577 10,122 — — — 18,699 Other liabilities (6) — 10 167 — — 177 Total $ 8,577 $ 10,132 $ 353 $ — $ — $ 19,062 (1) (2) (3) (4) (5) (6) Commitments and Contingencies Assets and liabilities measured at fair value on a recurring basis December 31, 2018 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV (1) Other (2) December 31, 2018 Assets: Investments: Debt securities: Held-to-maturity securities $ — $ — $ — $ — $ 188 $ 188 Trading securities — 261 4 — — 265 Total debt securities — 261 4 — 188 453 Equity securities at FVTNI: Deferred compensation plan mutual funds 34 — — — — 34 Equity securities/Multi-asset mutual funds 418 — — — — 418 Total equity securities at FVTNI 452 — — — — 452 Equity method: Equity and fixed income mutual funds 122 — — — — 122 Hedge funds/funds of hedge funds — — — 173 — 173 Private equity funds — — — 116 — 116 Real assets funds — — — 353 — 353 Other — — — 14 3 17 Total equity method 122 — — 656 3 781 Federal Reserve Bank Stock — — — — 92 92 Carried interest — — — — 18 18 Total investments 574 261 4 656 301 1,796 Investments of consolidated VIEs: Trading debt securities — 1,395 — — — 1,395 Equity securities at FVTNI 569 — — — — 569 Bank loans — 14 70 — — 84 Private equity (3) — — 82 48 75 205 Hedge fund — — — 3 — 3 Real assets funds — — — 55 — 55 Carried interest — — — — 369 369 Total investments of consolidated VIEs 569 1,409 152 106 444 2,680 Other assets (4) 122 — — — — 122 Separate account assets 63,610 25,810 — — 865 90,285 Separate account collateral held under securities lending agreements: Equity securities 15,066 — — — — 15,066 Debt securities — 5,589 — — — 5,589 Total separate account collateral held under securities lending agreements 15,066 5,589 — — — 20,655 Total $ 79,941 $ 33,069 $ 156 $ 762 $ 1,610 $ 115,538 Liabilities: Borrowings of consolidated VIEs (5) $ — $ — $ 84 $ — $ — $ 84 Separate account collateral liabilities under securities lending agreements 15,066 5,589 — — — 20,655 Other liabilities (6) — 6 287 — — 293 Total $ 15,066 $ 5,595 $ 371 $ — $ — $ 21,032 (1) (2) (3) (4) (5) (6) 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 September 30, 2019 (in millions) June 30, 2019 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 September 30, 2019 Total Net Unrealized Gains (Losses) Included in Earnings (2) Assets: Investments: Debt securities: Trading $ 2 $ — $ 3 $ — $ — $ — $ — $ 5 $ — Total investments 2 — 3 — — — — 5 — Assets of consolidated VIEs: Bank loans (3) 125 — 32 — — — — 157 — Private equity 9 1 — — — — (1 ) 9 1 Total Assets of consolidated VIEs 134 1 32 — — — (1 ) 166 1 Total Level 3 assets $ 136 $ 1 $ 35 $ — $ — $ — $ (1 ) $ 171 $ 1 Liabilities: Borrowings of consolidated VIEs (3) $ 142 $ — $ — $ — $ 44 $ — $ — $ 186 $ — Other liabilities (4) 168 1 — — — — — 167 1 Total Level 3 liabilities $ 310 $ 1 $ — $ — $ 44 $ — $ — $ 353 $ 1 (1) (2) (3) (4) Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2019 (in millions) December 31, 2018 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 (2) September 30, 2019 Total Net Unrealized Gains (Losses) Included in Earnings (3) Assets: Investments: Debt securities: Trading $ 4 $ — $ 5 $ — $ — $ — $ (4 ) $ 5 $ — Total investments 4 — 5 — — — (4 ) 5 — Assets of consolidated VIEs: Bank loans (4) 70 — 87 — — — — 157 — Private equity 82 — — — — — (73 ) 9 — Total Assets of consolidated VIEs 152 — 87 — — — (73 ) 166 — Total Level 3 assets $ 156 $ — $ 92 $ — $ — $ — $ (77 ) $ 171 $ — Liabilities: Borrowings of consolidated VIEs (4) $ 84 $ — $ — $ — $ 102 $ — $ — $ 186 $ — Other liabilities (5) 287 (18 ) — — (138 ) — — 167 (18 ) Total Level 3 liabilities $ 371 $ (18 ) $ — $ — $ (36 ) $ — $ — $ 353 $ (18 ) (1) (2) (3) (4) (5) Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30 , 2018 (in millions) June 30, 2018 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements Transfers into Level 3 Transfers out of Level 3 September 30, 2018 Total Net Unrealized Gains (Losses) Included in Earnings (1) Assets: Assets of consolidated VIEs: Private equity $ 104 $ 1 $ — $ — $ — $ — $ — $ 105 $ 1 Bank loans (2) — — — — 44 — — 44 — Total Assets of consolidated VIEs $ 104 $ 1 $ — $ — $ 44 $ — $ — $ 149 $ 1 Total Level 3 assets Liabilities: Borrowings of consolidated VIEs (2) $ — $ — $ — $ — $ 44 $ — $ — $ 44 $ — Other liabilities (3) 223 (30 ) — — 6 — — 259 — Total Level 3 liabilities $ 223 $ (30 ) $ — $ — $ 50 $ — $ — $ 303 $ (30 ) (1) (2) (3) Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2018 (in millions) December 31, 2017 Realized and Unrealized Gains (Losses) Purchases Sales and Maturities Issuances and other Settlements (1) Transfers into Level 3 Transfers out of Level 3 September 30, 2018 Total Net Unrealized Gains (Losses) Included in Earnings (2) Assets: Investments: Available-for-sale securities (3) $ — $ — $ 26 $ — $ — $ — $ (26 ) $ — $ — Trading — — 5 — — — (5 ) — — Total investments — — 31 — — — (31 ) — — Assets of consolidated VIEs: Private equity 116 1 — (12 ) — — — 105 1 Bank loans (4) — — — — 44 — — 44 — Total Assets of consolidated VIEs 116 1 — (12 ) 44 — — 149 1 Total Level 3 assets $ 116 $ 1 $ 31 $ (12 ) $ 44 $ — $ (31 ) $ 149 $ 1 Liabilities: Borrowings of consolidated VIEs (4) $ — $ — $ — $ — $ 44 $ — $ — $ 44 $ — Other liabilities (5) 236 (33 ) — — (10 ) — — 259 (33 ) Total Level 3 liabilities $ 236 $ (33 ) $ — $ — $ 34 $ — $ — $ 303 $ (33 ) (1) (2) (3) (4) (5) |
Fair Value of Financial Assets and Financial Liabilities | Disclosures of Fair Value for Financial Instruments Not Held at Fair Value . At September 30, 2019 and December 31, 2018, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below: September 30, 2019 December 31, 2018 (in millions) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Fair Value Hierarchy Financial Assets (1) Cash and cash equivalents $ 4,476 $ 4,476 $ 6,302 $ 6,302 Level 1 (2) (3) Cash and cash equivalents of consolidated VIEs $ 131 $ 131 $ 186 $ 186 Level 1 (2) (3) Other assets $ 61 $ 61 $ 18 $ 18 Level 1 (2) (4) Financial Liabilities: Long-term borrowings $ 5,932 $ 6,257 $ 4,979 $ 5,034 Level 2 (5) Other liabilities $ 250 $ 250 $ — $ — Level 3 (6) (1) Investments (2) (3) (4) (5) Borrowings (6) |
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). September 30, 2019 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 206 $ 111 Daily/Monthly (28%) Quarterly (17%) N/R (55%) 1 – 90 days Private equity funds (b) 260 204 N/R N/R Real assets funds (c) 320 109 Quarterly (61%) N/R (39%) 60 days Other 5 10 N/R N/R Consolidated VIEs: Private equity funds of funds (d) 27 11 N/R N/R Hedge fund (a) 3 — Quarterly 90 days Real assets funds (c) 66 101 N/R N/R Total $ 887 $ 546 December 31, 2018 (in millions) Ref Fair Value Total Unfunded Commitments Redemption Frequency Redemption Notice Period Equity method: (1) Hedge funds/funds of hedge funds (a) $ 173 $ 96 Daily/Monthly (30%) Quarterly (18%) N/R (52%) 1 – 90 days Private equity funds (b) 116 83 N/R N/R Real assets funds (c) 353 93 Quarterly (68%) N/R (32%) 60 days Other 14 16 Daily (80%) N/R (20%) 5 days Consolidated VIEs: Private equity funds of funds (d) 48 18 N/R N/R Hedge fund (a) 3 — Quarterly 90 days Real assets funds (c) 55 37 N/R N/R Total $ 762 $ 343 N/R – not redeemable (1) (a) The liquidation period for the investments in the funds that are not subject to redemption is unknown at both September 30, 2019 and December 31, 2018. (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 . The liquidation period for the investments in these funds is unknown at both September 30, 2019 and December 31, 2018. (c) This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds . The liquidation periods for the investments in the funds that are not subject to redemptions is unknown at both September 30 , 201 9 and December 31, 201 8 . The total remaining unfunded commitments to real assets funds were $ million and $ million at September 30 , 201 9 and December 31, 201 8 , respectively. The Company had contractual obligations to the real assets funds of $ million at September 30 , 201 9 and $ 117 million at December 31, 201 8 . (d) This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. The fair values of the investments in the third-party funds have been estimated using capital accounts representing the Company’s ownership interest in each fund in the portfolio as well as other performance inputs. These investments are not subject to redemption or are not currently redeemable; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. The liquidation period for the underlying assets of these funds is unknown at both September 30, 2019 and December 31, 2018. The total remaining unfunded commitments to other third-party funds were $11 million and $18 million at September 30, 2019 and December 31, 2018, respectively. The Company had contractual obligations to the consolidated funds of $22 million at both September 30, 2019 and December 31, 2018. |
Summary of Information Related to Bank Loans and Borrowings of Consolidated CLO Recorded within Investments and Borrowings of Consolidated VIEs Respectively for which Fair Value Option was Elected | In addition, the Company elected the fair value option for bank loans and borrowings of a consolidated CLO, recorded within investments and borrowings of consolidated VIEs, respectively. The following table summarizes the information related to these bank loans and borrowings at September 30, 2019 and December 31, 2018: September 30, December 31, (in millions) 2019 2018 CLO Bank loans: Aggregate principal amounts outstanding $ 183 $ 84 Fair value 183 84 Aggregate unpaid principal balance in excess of (less than) fair value $ — $ — CLO Borrowings: Aggregate principal amounts outstanding $ 186 $ 84 Fair value $ 186 $ 84 |
Derivative and Hedging (Tables)
Derivative and Hedging (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments | The following table presents gains (losses) recognized in the condensed consolidated statements of income on derivative instruments: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Derivative Instruments Statement of Income Classification Gains (Losses) Gains (Losses) Total return swaps Nonoperating income (expense) $ 2 $ (12 ) $ (62 ) $ (5 ) Forward foreign currency exchange contracts General and administration expense (43 ) (27 ) (56 ) (90 ) Total gain (loss) from derivative instruments $ (41 ) $ (39 ) $ (118 ) $ (95 ) |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Cost | The following table presents components of lease cost included in general and administration expense on the condensed consolidated statement of income: (in millions) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease cost: Operating lease cost (1) $ 36 $ 104 Variable lease cost (2) 10 28 Total lease cost $ 46 $ 132 (1) Amount includes short-term leases, which are immaterial for the three and nine months ended September 30, 2019. (2) Amount includes operating lease payments, which may be adjusted based on usage, changes in an index or market rate. |
Schedule of Financial Condition Information Related to Operating Leases | (in millions) Statement of Financial Condition Classification September 30, 2019 Statement of Financial Condition information: Operating lease ROU assets Other assets $ 617 Operating lease liabilities Other liabilities $ 724 |
Schedule of Supplemental Information Related to Operating Lease | Supplemental information related to operating lease is summarized below: (in millions) Nine Months Ended September 30, 2019 Supplemental cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 105 Supplemental noncash information: ROU assets in exchange for operating lease liabilities in connection with the adoption of ASU 2016-02 $ 661 ROU assets in exchange for operating lease liabilities $ 54 Nine Months Ended September 30, 2019 Lease term and discount rate: Weighted-average remaining lease term 9 years Weighted-average discount rate 3 % |
Schedule of Maturity of Operating Lease Liabilities | (in millions) Maturity of operating lease liabilities at September 30, 2019 Amount (1) Remainder of 2019 $ 37 2020 144 2021 136 2022 124 2023 73 Thereafter 311 Total lease payments $ 825 Less: imputed interest 101 Present value of lease liabilities $ 724 (1) Amount excludes $1.3 billion of legally binding minimum lease payments for leases signed but not yet commenced. See Note 14, Commitments and Contingencies |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill Activity | Goodwill activity during the nine months ended September 30, 2019 was as follows: (in millions) December 31, 2018 $ 13,526 Acquisition (1) 1,031 Goodwill adjustments related to Quellos and other (2) (5 ) September 30, 2019 $ 14,552 (1) Acquisition (2) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 Finite-lived Total December 31, 2018 $ 17,578 $ 261 $ 17,839 Amortization expense — (68 ) (68 ) Acquisitions (1) — 636 636 September 30, 2019 $ 17,578 $ 829 $ 18,407 (1) Amount primarily contains intangible assets acquired in connection with the eFront Transaction. The Company acquired $410 million of finite-lived customer relationships, $203 million of finite-lived technology-related intangible assets and $13 million of a finite-lived trade name, with weighted-average estimated lives of approximately 10 years, eight years and four years, respectively. See Note 3, Acquisition |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Carrying Value and Fair Value of Long-Term Borrowings Determined Market Prices EUR/USD Foreign Exchange Rate | The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at September 30, 2019 included the following: (in millions) Maturity Amount Unamortized Discount and Debt Issuance Costs Carrying Value Fair Value 5.00% Notes due 2019 $ 1,000 $ — $ 1,000 $ 1,005 4.25% Notes due 2021 750 (1 ) 749 778 3.375% Notes due 2022 750 (2 ) 748 781 3.50% Notes due 2024 1,000 (4 ) 996 1,066 1.25% Notes due 2025 763 (5 ) 758 818 3.20% Notes due 2027 700 (5 ) 695 741 3.25% Notes due 2029 1,000 (14 ) 986 1,068 Total Long-term Borrowings $ 5,963 $ (31 ) $ 5,932 $ 6,257 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Commitments under Operating Leases | At December 31, 2018, future minimum commitments under the operating leases were as follows: (in millions) Year Amount 2019 $ 145 2020 139 2021 130 2022 121 2023 106 Thereafter 1,516 Total $ 2,157 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type | The table below presents detail of revenue for the three and nine months ended September 30, 2019 and 2018. See Note 2, Significant Accounting Policies Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Investment advisory, administration fees and securities lending revenue: Equity: Active $ 391 $ 405 $ 1,151 $ 1,269 iShares ETFs 872 885 2,589 2,722 Non-ETF Index 168 169 495 532 Equity subtotal 1,431 1,459 4,235 4,523 Fixed income: Active 496 460 1,427 1,374 iShares ETFs 251 205 705 620 Non-ETF Index 98 98 293 292 Fixed income subtotal 845 763 2,425 2,286 Multi-asset 288 298 852 889 Alternatives: Illiquid alternatives 122 89 350 249 Liquid alternatives 105 96 301 290 Currency and commodities (1) 30 24 78 75 Alternatives subtotal 257 209 729 614 Long-term 2,821 2,729 8,241 8,312 Cash management 159 154 447 462 Total base fees 2,980 2,883 8,688 8,774 Investment advisory performance fees: Equity 1 7 5 68 Fixed income — — 2 2 Multi-asset 1 1 7 15 Alternatives: Illiquid alternatives 5 20 40 22 Liquid alternatives 114 123 157 205 Alternatives subtotal 119 143 197 227 Total performance fees 121 151 211 312 Technology services revenue 259 200 700 582 Distribution fees: Retrocessions 166 168 491 541 12b-1 fees (US mutual fund distribution fees) 90 102 267 313 Other 14 9 41 30 Total distribution fees 270 279 799 884 Advisory and other revenue: Advisory 21 26 62 80 Other 41 37 102 132 Total advisory and other revenue 62 63 164 212 Total revenue $ 3,692 $ 3,576 $ 10,562 $ 10,764 _____________________________________________________________ (1) iShares The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style, respectively: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 By client type: Retail $ 862 $ 860 $ 2,534 $ 2,573 iShares ETFs 1,151 1,113 3,370 3,414 Institutional: Active 558 504 1,595 1,542 Index 250 252 742 783 Total institutional 808 756 2,337 2,325 Long-term 2,821 2,729 8,241 8,312 Cash management 159 154 447 462 Total $ 2,980 $ 2,883 $ 8,688 $ 8,774 By investment style: Active $ 1,401 $ 1,346 $ 4,073 $ 4,063 Index and iShares 1,420 1,383 4,168 4,249 Long-term 2,821 2,729 8,241 8,312 Cash management 159 154 447 462 Total $ 2,980 $ 2,883 $ 8,688 $ 8,774 |
Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations | The tables below present estimated investment advisory and administration fees expected to be recognized in the future related to the unsatisfied portion of the performance obligations at September 30, 2019 and 2018: September 30, 2019 Remainder of (in millions) 2019 2020 2021 2022 Thereafter Total Investment advisory and administration fees: Alternatives (1)(2) $ 22 $ 85 $ 71 $ 62 $ 59 $ 299 (1) (2) September 30, 2018 Remainder of (in millions) 2018 2019 2020 2021 Thereafter Total Investment advisory and administration fees: Alternatives (1)(2) $ 21 $ 74 $ 63 $ 49 $ 46 $ 253 (1) (2) |
Schedule of Changes in Deferred Carried Interest Liability | The table below presents changes in the deferred carried interest liability (including the portion related to consolidated VIEs), which is included in other liabilities/other liabilities of consolidated VIEs on the condensed consolidated statements of financial condition, for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Beginning balance $ 365 $ 242 $ 293 $ 219 Net increase (decrease) in unrealized allocations 17 17 116 44 Performance fee revenue recognized — (2 ) (27 ) (6 ) Other 6 — 6 — Ending balance $ 388 $ 257 $ 388 $ 257 |
Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations | The tables below present estimated technology services revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at September 30, 2019 and 2018: September 30, 2019 Remainder of (in millions) 2019 2020 2021 2022 Thereafter Total Technology services revenue (1)(2) $ 36 $ 54 $ 37 $ 21 $ 12 $ 160 (1) (2) September 30, 2018 Remainder of (in millions) 2018 2019 2020 2021 Thereafter Total Technology services revenue (1)(2) $ 8 $ 27 $ 23 $ 18 $ 15 $ 91 (1) (2) |
Schedule of Changes in Technology Services Deferred Revenue Liability | The table below presents changes in the technology services deferred revenue liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Beginning balance $ 100 $ 64 $ 70 $ 62 Acquisition, net of revenue recognized (1) — — 24 — Additions 8 11 31 31 Revenue recognized that was included in the beginning balance (21 ) (10 ) (38 ) (28 ) Ending balance $ 87 $ 65 $ 87 $ 65 (1) Acquisition |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Restricted Stock and RSU Activity | Restricted stock and restricted stock units (“RSUs”) activity for the nine months ended September 30, 2019 is summarized below. Outstanding at Restricted Stock and RSUs Weighted- Average Grant Date Fair Value December 31, 2018 2,139,890 $ 429.19 Granted 1,205,230 $ 414.40 Converted (1,001,009 ) $ 377.41 Forfeited (60,961 ) $ 426.45 September 30, 2019 (1) 2,283,150 $ 444.15 (1) At September 30, 2019, approximately 2.1 million awards are expected to vest and 0.2 million awards have vested but have not been converted. |
Performance-Based RSUs [Member] | |
Restricted Stock and RSU Activity | Performance-based RSU activity for the nine months ended September 30, 2019 is summarized below. Outstanding at Performance- Based RSUs Weighted- Average Grant Date Fair Value December 31, 2018 845,285 $ 386.13 Granted 283,014 $ 410.32 Additional shares granted due to attainment of performance measures 2,117 $ 296.57 Converted (360,927 ) $ 296.57 Forfeited (11,024 ) $ 456.66 September 30, 2019 758,465 $ 436.50 |
Performance-Based Stock Options [Member] | |
Stock Option Activity | Stock option activity for the nine months ended September 30, 2019 is summarized below. Outstanding at Shares Under Option Weighted Average Exercise Price December 31, 2018 2,106,482 $ 513.50 Forfeited (125,538 ) $ 513.50 September 30, 2019 1,980,944 $ 513.50 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table presents changes in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2019 2018 2019 2018 Beginning balance $ (664 ) $ (575 ) $ (691 ) $ (432 ) Foreign currency translation adjustments (1) (120 ) (41 ) (93 ) (178 ) Reclassification as a result of adoption of accounting guidance — — — (6 ) Ending balance $ (784 ) $ (616 ) $ (784 ) $ (616 ) (1) Amounts for the three months ended September 30, 2019 and 2018 include gains from a net investment hedge of $25 million (net of tax expense of $8 million) and $4 million (net of tax expense of $1 million), respectively. Amounts for the nine months ended September 30, 2019 and 2018 include gains from a net investment hedge of $28 million (net of tax expense of $9 million) and $22 million (net of tax expense of $7 million), respectively. |
Capital Stock (Tables)
Capital Stock (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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: September 30, December 31, 2019 2018 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) — 143,458 Series D Shares authorized, $0.01 par value 20,000,000 20,000,000 Shares issued and outstanding — — (1) Shares held by PNC. |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Rollforward of Restructuring Liability | The table below presents a rollforward of the Company’s restructuring liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the nine months ended September 30, 2019: Nine Months Ended (in millions) September 30, 2019 Liability as of December 31, 2018 $ 53 Cash payments (51 ) Liability as of September 30, 2019 $ 2 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 and nine months ended September 30, 2019 and 2018 under the treasury stock method: Three Months Ended Nine Months Ended September 30, September 30, (in millions, except shares and per share data) 2019 2018 2019 2018 Net income attributable to BlackRock $ 1,119 $ 1,216 $ 3,175 $ 3,378 Basic weighted-average shares outstanding 155,280,877 160,141,506 156,290,212 160,786,768 Dilutive effect of nonparticipating RSUs and stock options 1,166,510 1,236,711 1,095,744 1,354,111 Total diluted weighted-average shares outstanding 156,447,387 161,378,217 157,385,956 162,140,879 Basic earnings per share $ 7.21 $ 7.59 $ 20.31 $ 21.01 Diluted earnings per share $ 7.15 $ 7.54 $ 20.17 $ 20.83 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Total Revenue by Geographic Region | The following table illustrates total revenue for the three and nine months ended September 30, 2019 and 2018 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides or affiliated services are provided. Three Months Ended Nine Months Ended (in millions) September 30, September 30, Revenue 2019 2018 2019 2018 Americas $ 2,445 $ 2,328 $ 7,051 $ 6,989 Europe 1,080 1,083 3,018 3,258 Asia-Pacific 167 165 493 517 Total revenue $ 3,692 $ 3,576 $ 10,562 $ 10,764 |
Schedule of Long-Lived Assets by Geographic Region | The following table illustrates long-lived assets that consist of goodwill and property and equipment at September 30, 2019 and December 31, 2018 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) September 30, December 31, Long-lived Assets 2019 2018 Americas $ 13,797 $ 13,780 Europe 1,337 303 Asia-Pacific 87 86 Total long-lived assets $ 15,221 $ 14,169 |
Business Overview - Additional
Business Overview - Additional Information (Detail) - PNC [Member] | Sep. 30, 2019 |
Related Party Transaction [Line Items] | |
Percentage of common stock of parent owned | 22.00% |
Percentage of capital stock of parent owned | 22.40% |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Significant Accounting Policies [Line Items] | ||
Operating lease liability | $ 724 | |
Fair value of loaned securities | 17,500 | $ 18,900 |
Fair value of collateral held for loan securities | $ 18,700 | $ 20,700 |
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% | |
Accounting Standards Update 2016-02 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Operating lease liability | $ 700 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ in Millions | May 10, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Business Acquisition [Line Items] | |||||
Amortization of intangible assets | $ 28 | $ 13 | $ 68 | $ 35 | |
Revenue | 3,692 | $ 3,576 | 10,562 | $ 10,764 | |
eFront [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, percentage of equity interest acquired | 100.00% | ||||
Business acquisition purchase price, excluding settlement of debt | $ 1,300 | ||||
Amortization of intangible assets | 14 | $ 24 | |||
Finite-lived intangible assets had a weighted-average remaining useful life | 9 years | ||||
Revenue | $ 37 | $ 59 | |||
eFront [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible asset, useful life | 4 years | ||||
eFront [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible asset, useful life | 10 years |
Acquisition - Summary of Initia
Acquisition - Summary of Initial and Revised Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | May 10, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 14,552 | $ 13,526 | ||
Total consideration, net of cash acquired | $ 1,510 | $ 699 | ||
eFront [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 65 | |||
Goodwill | 1,031 | |||
Other assets | 31 | |||
Deferred income tax liabilities | (183) | |||
Other liabilities assumed | (70) | |||
Total consideration, net of cash acquired | 1,500 | |||
Cash paid including settlement of outstanding debt of approximately $0.2 billion | 1,555 | |||
Cash acquired | (55) | |||
Total consideration, net of cash acquired | 1,500 | |||
eFront [Member] | Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets | 410 | |||
eFront [Member] | Technology-Related [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets | 203 | |||
eFront [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets | 13 | |||
eFront [Member] | Initial Estimate of Fair Value [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 65 | |||
Goodwill | 990 | |||
Other assets | 31 | |||
Deferred income tax liabilities | (194) | |||
Other liabilities assumed | (64) | |||
Total consideration, net of cash acquired | 1,506 | |||
Cash paid including settlement of outstanding debt of approximately $0.2 billion | 1,555 | |||
Cash acquired | (49) | |||
Total consideration, net of cash acquired | 1,506 | |||
eFront [Member] | Initial Estimate of Fair Value [Member] | Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets | 452 | |||
eFront [Member] | Initial Estimate of Fair Value [Member] | Technology-Related [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets | 205 | |||
eFront [Member] | Initial Estimate of Fair Value [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets | $ 21 |
Acquisition - Summary of Init_2
Acquisition - Summary of Initial and Revised Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - eFront [Member] - USD ($) $ in Billions | May 10, 2019 | Sep. 30, 2019 |
Business Acquisition [Line Items] | ||
Settlement of outstanding debt | $ 0.2 | |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets, weighed-average estimated useful life | 10 years | 10 years |
Technology-Related [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets, weighed-average estimated useful life | 8 years | 8 years |
Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets, weighed-average estimated useful life | 4 years | 4 years |
Acquisition - Summary of Finite
Acquisition - Summary of Finite-Lived Intangible Assets Weighted-Average Remaining Useful Life (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Total | $ 829 | $ 261 |
eFront [Member] | ||
Business Acquisition [Line Items] | ||
2019 (excluding the nine months ended September 30, 2019) | 14 | |
2020 | 62 | |
2021 | 65 | |
2022 | 69 | |
2023 | 71 | |
Thereafter | 321 | |
Total | $ 602 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 4,476 | $ 6,302 | ||
Restricted cash included in other assets | $ 17 | $ 17 | ||
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember | ||
Total cash, cash equivalents and restricted cash | $ 4,624 | $ 6,505 | $ 6,597 | $ 7,096 |
Consolidated Variable Interest Entities [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 131 | $ 186 |
Investments - Summary of Carryi
Investments - Summary of Carrying Value of Total Investments (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Investments [Line Items] | ||
Held-to-maturity investments | $ 212 | $ 188 |
Trading securities (debt securities of consolidated sponsored investment funds of $169 and $233 at September 30, 2019 and December 31, 2018, respectively) | 210 | 265 |
Total debt securities | 422 | 453 |
Equity securities at FVTNI(1) (equity securities of consolidated sponsored investment funds of $334 and $291 at September 30, 2019 and December 31, 2018, respectively) | 543 | 452 |
Total investments | 2,117 | 1,796 |
Other Investments [Member] | ||
Investments [Line Items] | ||
Total investments | 113 | |
Equity Method Investments [Member] | ||
Investments [Line Items] | ||
Total investments | 930 | 781 |
Federal Reserve Bank Stock [Member] | ||
Investments [Line Items] | ||
Total investments | 93 | 92 |
Consolidated Entities [Member] | Carried Interest [Member] | ||
Investments [Line Items] | ||
Total investments | $ 16 | $ 18 |
Investments - Summary of Carr_2
Investments - Summary of Carrying Value of Total Investments (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Investments [Line Items] | ||
Equity securities | $ 543 | $ 452 |
Consolidated Sponsored Investment Funds [Member] | Debt securities [Member] | ||
Investments [Line Items] | ||
Total trading investments | 169 | 233 |
Consolidated Sponsored Investment Funds [Member] | Equity securities [Member] | ||
Investments [Line Items] | ||
Equity securities | $ 334 | $ 291 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Investments [Line Items] | ||
Held-to-maturity investments | $ 212 | $ 188 |
Foreign government debt, after five years through ten years | 68 | |
Investments in CLOs, after ten years | $ 144 | |
PennyMac [Member] | ||
Investments [Line Items] | ||
Ownership percentage | 20.00% | |
Shares | 16 | |
Carrying value - equity method investment | $ 434 | 397 |
Market value of equity method investments | $ 473 | $ 331 |
Investments - Summary of Cost a
Investments - Summary of Cost and Carrying Value of Equity and Trading Debt Securities (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Total trading debt securities, Cost | $ 208 | $ 280 |
Equity securities at FVTNI, Cost | 482 | 441 |
Total trading debt, Carrying Value | 210 | 265 |
Equity securities at FVTNI, Carrying Value | 543 | 452 |
Corporate Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total trading debt securities, Cost | 125 | 144 |
Total trading debt, Carrying Value | 126 | 140 |
Government Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total trading debt securities, Cost | 36 | 69 |
Total trading debt, Carrying Value | 35 | 67 |
Asset/Mortgage-Backed Debt [Member] | ||
Schedule of Investments [Line Items] | ||
Total trading debt securities, Cost | 47 | 67 |
Total trading debt, Carrying Value | 49 | 58 |
Deferred Compensation Plan Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Equity securities at FVTNI, Cost | 6 | 21 |
Equity securities at FVTNI, Carrying Value | 22 | 34 |
Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Equity securities at FVTNI, Cost | 476 | 420 |
Equity securities at FVTNI, Carrying Value | $ 521 | $ 418 |
Consolidated VREs Recorded in C
Consolidated VREs Recorded in Condensed Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Consolidated Sponsored Investment Funds [Line Items] | ||
Cash and cash equivalents | $ 4,476 | $ 6,302 |
Investments: | ||
Equity securities | 543 | 452 |
Total investments | 2,117 | 1,796 |
Other assets | 3,342 | 2,128 |
Other liabilities | (2,876) | (1,889) |
NCI | (60) | (59) |
Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Investments: | ||
Equity securities | 521 | 418 |
Consolidated Voting Rights Entities [Member] | ||
Consolidated Sponsored Investment Funds [Line Items] | ||
Cash and cash equivalents | 11 | 59 |
Investments: | ||
Trading debt securities | 169 | 233 |
Total investments | 503 | 524 |
Other assets | 7 | 8 |
Other liabilities | (11) | (53) |
NCI | (52) | (90) |
BlackRock’s net interests in consolidated VREs | 458 | 448 |
Consolidated Voting Rights Entities [Member] | Equity Securities/Multi-Asset Mutual Funds [Member] | ||
Investments: | ||
Equity securities | $ 334 | $ 291 |
Variable Interest Entities Refl
Variable Interest Entities Reflects adoption of ASU 2015-12 - Schedule of VIE Assets and Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | $ 4,476 | $ 6,302 |
Investments: | ||
Trading debt securities | 210 | 265 |
Equity securities | 543 | 452 |
Total investments | 2,117 | 1,796 |
Other assets | 3,342 | 2,128 |
Liabilities of consolidated VIEs: | ||
Borrowings | (5,932) | (4,979) |
Other liabilities | (2,876) | (1,889) |
NCI | (60) | (59) |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | 131 | 186 |
Investments: | ||
Trading debt securities | 1,120 | 1,395 |
Equity securities | 971 | 569 |
Bank loans | 183 | 84 |
Other investments | 182 | 263 |
Carried interest | 442 | 369 |
Total investments | 2,898 | 2,680 |
Other assets | 54 | 876 |
Total assets of consolidated VIEs | 3,083 | 3,742 |
Liabilities of consolidated VIEs: | ||
Borrowings | (186) | (84) |
Other liabilities | (530) | (1,290) |
NCI | (1,145) | (1,076) |
BlackRock's net interests in consolidated VIEs | $ 1,222 | $ 1,292 |
Variable Interest Entities Re_2
Variable Interest Entities Reflects adoption of ASU 2015-12 - Schedule of Net Gain (Loss) Related to Consolidated VIEs (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Variable Interest Entity [Line Items] | ||||
Nonoperating net gain (loss) on consolidated VIEs | $ (7) | $ 50 | $ 224 | $ 68 |
Net income (loss) attributable to noncontrolling interests | (13) | 17 | (3) | |
Consolidated Variable Interest Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Nonoperating net gain (loss) on consolidated VIEs | $ (5) | (9) | 128 | (21) |
Net income (loss) attributable to noncontrolling interests | $ (14) | $ 17 | $ (3) |
Variable Interest Entities Re_3
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 ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | $ 498,000,000 | $ 348,000,000 |
Advisory Fee Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | 88,000,000 | 43,000,000 |
Other Net Assets (Liabilities) [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | (10,000,000) | (6,000,000) |
Maximum Risk of Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Sponsored investment products | $ 603,000,000 | $ 408,000,000 |
Variable Interest Entities Re_4
Variable Interest Entities Reflects adoption of ASU 2015-12 - Additional Information (Detail) - USD ($) $ in Billions | Sep. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Sponsored Investment Products [Member] | ||
Variable Interest Entity [Line Items] | ||
Net assets of investments funds | $ 12 | $ 9 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities | $ 210 | $ 265 |
Total equity securities at FVTNI | 543 | 452 |
Separate account assets | 95,501 | 90,285 |
Total separate account collateral held under securities lending agreements | 18,700 | 20,700 |
Separate account collateral liabilities under securities lending agreements | 18,699 | 20,655 |
Equity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity securities at FVTNI | 521 | 418 |
Investments Measured at NAV [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 61 | 18 |
Investments Measured at NAV [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | 250 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities | 212 | 188 |
Total debt securities | 422 | 453 |
Total equity securities at FVTNI | 543 | 452 |
Total equity method | 930 | 781 |
Federal Reserve Bank Stock | 93 | 92 |
Carried interest | 16 | 18 |
Other investments | 113 | |
Total investments | 2,117 | 1,796 |
Total investments of consolidated VIEs | 2,898 | 2,680 |
Other assets | 141 | 122 |
Separate account assets | 95,501 | 90,285 |
Total separate account collateral held under securities lending agreements | 18,699 | 20,655 |
Total | 119,356 | 115,538 |
Borrowings of consolidated VIEs | 186 | 84 |
Separate account collateral liabilities under securities lending agreements | 18,699 | 20,655 |
Other liabilities | 177 | 293 |
Total liabilities measured at fair value | 19,062 | 21,032 |
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 equity securities at FVTNI | 22 | 34 |
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 equity securities at FVTNI | 521 | 418 |
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities | 210 | 265 |
Fair Value, Measurements, Recurring [Member] | Equity And Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 113 | 122 |
Fair Value, Measurements, Recurring [Member] | Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 206 | 173 |
Total investments of consolidated VIEs | 3 | 3 |
Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 260 | 116 |
Total investments of consolidated VIEs | 113 | 205 |
Fair Value, Measurements, Recurring [Member] | Other Types Of Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 31 | 17 |
Fair Value, Measurements, Recurring [Member] | Real Assets Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 320 | 353 |
Total investments of consolidated VIEs | 66 | 55 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity securities at FVTNI | 543 | 452 |
Total equity method | 139 | 122 |
Total investments | 682 | 574 |
Total investments of consolidated VIEs | 972 | 569 |
Other assets | 141 | 122 |
Separate account assets | 66,395 | 63,610 |
Total separate account collateral held under securities lending agreements | 8,577 | 15,066 |
Total | 76,767 | 79,941 |
Separate account collateral liabilities under securities lending agreements | 8,577 | 15,066 |
Total liabilities measured at fair value | 8,577 | 15,066 |
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 equity securities at FVTNI | 22 | 34 |
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 equity securities at FVTNI | 521 | 418 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity And Fixed Income Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 113 | 122 |
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 | 1 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Types Of Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 26 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total debt securities | 205 | 261 |
Total investments | 205 | 261 |
Total investments of consolidated VIEs | 1,146 | 1,409 |
Separate account assets | 28,446 | 25,810 |
Total separate account collateral held under securities lending agreements | 10,122 | 5,589 |
Total | 39,919 | 33,069 |
Separate account collateral liabilities under securities lending agreements | 10,122 | 5,589 |
Other liabilities | 10 | 6 |
Total liabilities measured at fair value | 10,132 | 5,595 |
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] | ||
Trading securities | 205 | 261 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total debt securities | 5 | 4 |
Total investments | 5 | 4 |
Total investments of consolidated VIEs | 166 | 152 |
Total | 171 | 156 |
Borrowings of consolidated VIEs | 186 | 84 |
Other liabilities | 167 | 287 |
Total liabilities measured at fair value | 353 | 371 |
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] | ||
Trading securities | 5 | 4 |
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 | 9 | 82 |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 971 | 569 |
Total separate account collateral held under securities lending agreements | 8,577 | 15,066 |
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 971 | 569 |
Total separate account collateral held under securities lending agreements | 8,577 | 15,066 |
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 | 442 | 369 |
Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 1,120 | 1,395 |
Total separate account collateral held under securities lending agreements | 10,122 | 5,589 |
Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 1,120 | 1,395 |
Total separate account collateral held under securities lending agreements | 10,122 | 5,589 |
Fair Value, Measurements, Recurring [Member] | Bank Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 183 | 84 |
Fair Value, Measurements, Recurring [Member] | Bank Loans [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 | 26 | 14 |
Fair Value, Measurements, Recurring [Member] | Bank Loans [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 | 157 | 70 |
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 | 791 | 656 |
Total investments | 791 | 656 |
Total investments of consolidated VIEs | 96 | 106 |
Total | 887 | 762 |
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Hedge Funds/Funds of Hedge Funds [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 206 | 173 |
Total investments of consolidated VIEs | 3 | 3 |
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Private/ Public Equity [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 260 | 116 |
Total investments of consolidated VIEs | 27 | 48 |
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Other Types Of Investments [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 5 | 14 |
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Real Assets Funds [Member] | Investment in NAV [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 320 | 353 |
Total investments of consolidated VIEs | 66 | 55 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities | 212 | 188 |
Total debt securities | 212 | 188 |
Total equity method | 3 | |
Federal Reserve Bank Stock | 93 | 92 |
Carried interest | 16 | 18 |
Other investments | 113 | |
Total investments | 434 | 301 |
Total investments of consolidated VIEs | 518 | 444 |
Separate account assets | 660 | 865 |
Total | 1,612 | 1,610 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | Private/ Public Equity [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | 76 | 75 |
Fair Value, Measurements, Recurring [Member] | Other [Member] | Other Types Of Investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total equity method | 3 | |
Fair Value, Measurements, Recurring [Member] | Other [Member] | Carried Interest [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments of consolidated VIEs | $ 442 | $ 369 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateralized loan obligations outstanding borrowings maturity year | 2030 | |
Fair Value Option [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total investments | $ 33 | $ 32 |
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 | $ 166 | $ 152 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value, beginning balance | $ 136 | $ 156 | $ 116 | |
Realized and Unrealized Gains (Losses),Assets | 1 | 1 | ||
Purchases, Assets | 35 | 92 | 31 | |
Sales and Maturities, Assets | (12) | |||
Issuances and other Settlements, Assets | 44 | |||
Transfers out of Level 3, Assets | (1) | (77) | (31) | |
Assets measured at fair value, ending balance | 171 | $ 149 | 171 | 149 |
Total Net Unrealized Gains (Losses) Included in Earnings | 1 | 1 | ||
Liabilities measured at fair value, beginning balance | 310 | 223 | 371 | 236 |
Realized and Unrealized Gains (Losses), Liabilities | 1 | (30) | (18) | (33) |
Issuances and other Settlements, Liabilities | 44 | 50 | (36) | 34 |
Liabilities measured at fair value, ending balance | 353 | 303 | 353 | 303 |
Total Net Unrealized Gains (Losses) Included in Earnings | 1 | (30) | (18) | (33) |
Other Liabilities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Liabilities measured at fair value, beginning balance | 168 | 223 | 287 | 236 |
Realized and Unrealized Gains (Losses), Liabilities | 1 | (30) | (18) | (33) |
Issuances and other Settlements, Liabilities | 6 | (138) | (10) | |
Liabilities measured at fair value, ending balance | 167 | 259 | 167 | 259 |
Total Net Unrealized Gains (Losses) Included in Earnings | 1 | (18) | (33) | |
Consolidated Variable Interest Entities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value, beginning balance | 134 | 104 | 152 | 116 |
Realized and Unrealized Gains (Losses),Assets | 1 | 1 | 1 | |
Purchases, Assets | 32 | 87 | ||
Sales and Maturities, Assets | (12) | |||
Issuances and other Settlements, Assets | 44 | 44 | ||
Transfers out of Level 3, Assets | (1) | (73) | ||
Assets measured at fair value, ending balance | 166 | 149 | 166 | 149 |
Total Net Unrealized Gains (Losses) Included in Earnings | 1 | 1 | 1 | |
Consolidated Variable Interest Entities [Member] | Borrowings [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Liabilities measured at fair value, beginning balance | 142 | 84 | ||
Issuances and other Settlements, Liabilities | 44 | 44 | 102 | 44 |
Liabilities measured at fair value, ending balance | 186 | 44 | 186 | 44 |
Consolidated Variable Interest Entities [Member] | Bank Loans [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value, beginning balance | 125 | 70 | ||
Purchases, Assets | 32 | 87 | ||
Issuances and other Settlements, Assets | 44 | 44 | ||
Assets measured at fair value, ending balance | 157 | 44 | 157 | 44 |
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 | 9 | 104 | 82 | 116 |
Realized and Unrealized Gains (Losses),Assets | 1 | 1 | 1 | |
Sales and Maturities, Assets | (12) | |||
Transfers out of Level 3, Assets | (1) | (73) | ||
Assets measured at fair value, ending balance | 9 | 105 | 9 | 105 |
Total Net Unrealized Gains (Losses) Included in Earnings | 1 | $ 1 | 1 | |
Trading [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Purchases, Assets | 5 | |||
Transfers out of Level 3, Assets | (5) | |||
Trading [Member] | Debt securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value, beginning balance | 2 | 4 | ||
Purchases, Assets | 3 | 5 | ||
Transfers out of Level 3, Assets | (4) | |||
Assets measured at fair value, ending balance | 5 | 5 | ||
Investments [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value, beginning balance | 2 | 4 | ||
Purchases, Assets | 3 | 5 | 31 | |
Transfers out of Level 3, Assets | (4) | $ (31) | ||
Assets measured at fair value, ending balance | $ 5 | $ 5 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 4,476 | $ 6,302 |
Long-term borrowings | 5,932 | 4,979 |
Consolidated Variable Interest Entities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 131 | 186 |
Long-term borrowings | 186 | 84 |
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 | 4,476 | 6,302 |
Other assets | 61 | 18 |
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term borrowings | 5,932 | 4,979 |
Carrying Amount [Member] | Significant Other Observable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 250 | |
Carrying Amount [Member] | Consolidated Variable Interest Entities [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 | 131 | 186 |
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 | 4,476 | 6,302 |
Other assets | 61 | 18 |
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term borrowings | 6,257 | 5,034 |
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 250 | |
Estimated Fair Value [Member] | Consolidated Variable Interest Entities [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 | $ 131 | $ 186 |
Fair Value Disclosures - Fair_2
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 4,476 | $ 6,302 |
Money market valuation per share floor | $ 1 | |
Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 120 | 173 |
Consolidated Variable Interest Entities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 131 | 186 |
Consolidated Variable Interest Entities [Member] | Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 21 | $ 7 |
Fair Value Disclosures - Invest
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 546 | $ 343 |
Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 887 | $ 762 |
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] | ||
Redemption Notice Period, days | 90 days | 90 days |
Hedge Funds/Funds of Hedge Funds [Member] | Consolidated Variable Interest Entities [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 3 | $ 3 |
Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 210 | 130 |
Real Assets Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 101 | 37 |
Real Assets Funds [Member] | Consolidated Variable Interest Entities [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 66 | 55 |
Private Equity Funds Of Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 11 | 18 |
Private Equity Funds Of Funds [Member] | Consolidated Variable Interest Entities [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 27 | 48 |
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 111 | $ 96 |
Redemption Frequency (Daily) | 28.00% | 30.00% |
Redemption Frequency (Monthly) | 28.00% | 30.00% |
Redemption Frequency (Quarterly) | 17.00% | 18.00% |
Redemption Frequency (Not Redeemable) | 55.00% | 52.00% |
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 206 | $ 173 |
Equity Method Investments [Member] | 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 | 1 day |
Equity Method Investments [Member] | 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 Investments [Member] | Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 204 | $ 83 |
Equity Method Investments [Member] | Private Equity Funds [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 260 | 116 |
Equity Method Investments [Member] | Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 109 | $ 93 |
Redemption Frequency (Quarterly) | 61.00% | 68.00% |
Redemption Frequency (Not Redeemable) | 39.00% | 32.00% |
Redemption Notice Period, Not Redeemable | 60 days | 60 days |
Equity Method Investments [Member] | Real Assets Funds [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 320 | $ 353 |
Equity Method Investments [Member] | Other Types Of Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 10 | $ 16 |
Redemption Frequency (Daily) | 80.00% | |
Redemption Frequency (Not Redeemable) | 20.00% | |
Redemption Notice Period, days | 5 days | |
Equity Method Investments [Member] | Other Types Of Investments [Member] | Fair Value Measured at NAV per share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 5 | $ 14 |
Fair Value Disclosures - Inve_2
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | $ 546 | $ 343 |
Real Assets Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 210 | 130 |
Amount of unfunded commitments contractually obligated to fund | 173 | 117 |
Real Assets Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 101 | 37 |
Private Equity Funds Of Funds [Member] | Consolidated Variable Interest Entities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Commitments | 11 | 18 |
Amount of unfunded commitments contractually obligated to fund | $ 22 | $ 22 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of Information Related to Bank Loans and Borrowings of Consolidated CLO Recorded within Investments and Borrowings of Consolidated VIEs Respectively for which Fair Value Option was Elected (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Option Quantitative Disclosures [Line Items] | ||
Aggregate principal amounts outstanding | $ 5,963 | |
CLO Bank Loans [Member] | ||
Fair Value Option Quantitative Disclosures [Line Items] | ||
Aggregate principal amounts outstanding | 183 | $ 84 |
Fair value | 183 | 84 |
CLO Borrowings [Member] | ||
Fair Value Option Quantitative Disclosures [Line Items] | ||
Aggregate principal amounts outstanding | 186 | 84 |
Fair value | $ 186 | $ 84 |
Derivatives and Hedging - Addit
Derivatives and Hedging - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative maximum risk of loss for credit protection | $ 17 | $ 17 |
Forward Foreign Currency Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Notional value | 2,400 | 2,200 |
Total Return Swaps [Member] | ||
Derivative [Line Items] | ||
Notional value | $ 533 | $ 483 |
Derivatives and Hedging - Summa
Derivatives and Hedging - Summary of Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Total gain (loss) from derivative instruments | $ (41) | $ (39) | $ (118) | $ (95) |
Forward Foreign Currency Exchange Contracts [Member] | General and Administration Expense [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Total gain (loss) from derivative instruments | (43) | (27) | (56) | (90) |
Total Return Swaps [Member] | Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Total gain (loss) from derivative instruments | $ 2 | $ (12) | $ (62) | $ (5) |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | ||
Lease cost: | |||
Operating lease cost | [1] | $ 36 | $ 104 |
Variable lease cost | [2] | 10 | 28 |
Total lease cost | $ 46 | $ 132 | |
[1] | Amount includes short-term leases, which are immaterial for the three and nine months ended September 30, 2019. | ||
[2] | Amount includes operating lease payments, which may be adjusted based on usage, changes in an index or market rate |
Leases - Schedule of Financial
Leases - Schedule of Financial Condition Information Related to Operating Leases (Detail) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Operating lease ROU assets | $ 617 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets |
Operating lease liability | $ 724 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Information Related to Operating Leases (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Supplemental disclosure of cash flow information: | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 105 |
Supplemental noncash information: | |
ROU assets in exchange for operating lease liabilities in connection with the adoption of ASU 2016-02 | $ 54 |
Weighted-average remaining lease term | 9 years |
Weighted-average discount rate | 3.00% |
Accounting Standards Update 2016-02 [Member] | |
Supplemental noncash information: | |
ROU assets in exchange for operating lease liabilities in connection with the adoption of ASU 2016-02 | $ 661 |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Operating Lease Liabilities (Details) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Remainder of 2019 | $ 37 |
2020 | 144 |
2021 | 136 |
2022 | 124 |
2023 | 73 |
Thereafter | 311 |
Total lease payments | 825 |
Less: imputed interest | 101 |
Operating lease liability | $ 724 |
Leases - Schedule of Maturity_2
Leases - Schedule of Maturity of Operating Lease Liabilities (Parenthetical) (Details) $ in Billions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Minimum lease payments for leases signed but not yet commenced excluded | $ 1.3 |
Goodwill - Goodwill Activity (D
Goodwill - Goodwill Activity (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill Roll Forward | |
Beginning balance | $ 13,526 |
Acquisition | 1,031 |
Goodwill adjustments related to Quellos and other | (5) |
Ending balance | $ 14,552 |
Goodwill - Goodwill Activity (P
Goodwill - Goodwill Activity (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Acquisition | $ 1,031 | |
Excess of tax goodwill over book goodwill | 114 | $ 137 |
eFront [Member] | ||
Goodwill [Line Items] | ||
Acquisition | $ 1,031 |
Intangible Assets - Carrying Am
Intangible Assets - Carrying Amounts of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Indefinite-lived intangible assets, Beginning balance | $ 17,578 | ||||
Indefinite-lived intangible assets, Ending balance | $ 17,578 | 17,578 | |||
Finite-lived intangible assets, Beginning balance | 261 | ||||
Finite-lived intangible assets, amortization expense | (28) | $ (13) | (68) | $ (35) | |
Finite-lived intangible assets, acquisitions | [1] | 636 | |||
Finite-lived intangible assets, Ending balance | 829 | 829 | |||
Intangible assets, Beginning balance | 17,839 | ||||
Intangible assets, Ending balance | $ 18,407 | $ 18,407 | |||
[1] | Amount primarily contains intangible assets acquired in connection with the eFront Transaction. The Company acquired $410 million of finite-lived customer relationships, $203 million of finite-lived technology-related intangible assets and $13 million of a finite-lived trade name, with weighted-average estimated lives of approximately 10 years, eight years and four years, respectively. See Note 3, Acquisition |
Intangible Assets - Carrying _2
Intangible Assets - Carrying Amounts of Identifiable Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions | May 10, 2019 | Sep. 30, 2019 | |
Schedule Of Intangible Assets [Line Items] | |||
Finite-lived intangible assets, acquired | [1] | $ 636 | |
eFront [Member] | Customer Relationships [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Finite-lived intangible assets, acquired | $ 410 | ||
Finite-lived intangible assets, weighed-average estimated useful life | 10 years | 10 years | |
eFront [Member] | Technology-Related [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Finite-lived intangible assets, acquired | $ 203 | ||
Finite-lived intangible assets, weighed-average estimated useful life | 8 years | 8 years | |
eFront [Member] | Trade Names [Member] | |||
Schedule Of Intangible Assets [Line Items] | |||
Finite-lived intangible assets, acquired | $ 13 | ||
Finite-lived intangible assets, weighed-average estimated useful life | 4 years | 4 years | |
[1] | Amount primarily contains intangible assets acquired in connection with the eFront Transaction. The Company acquired $410 million of finite-lived customer relationships, $203 million of finite-lived technology-related intangible assets and $13 million of a finite-lived trade name, with weighted-average estimated lives of approximately 10 years, eight years and four years, respectively. See Note 3, Acquisition |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 1 Months Ended | 9 Months Ended |
Apr. 30, 2019 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | ||
Debt instrument, aggregate principal amount | $ 5,963,000,000 | |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Maximum amount available under facility | 4,000,000,000 | |
Amount outstanding under credit facility | 0 | |
2019 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 | 2024-03 | |
Line of credit facility, covenant terms | The 2019 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1 | |
Line of credit facility, covenant compliance | satisfied with a ratio of less than 1 to 1 | |
3.25% Notes due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, aggregate principal amount | $ 1,000,000,000 | $ 1,000,000,000 |
Debt instrument, interest rate | 3.25% | |
Debt instrument, maturity date | Apr. 30, 2029 | |
Debt instrument, Approximate annual interest expense | $ 33,000,000 | |
Debt instrument, payment terms | Interest is payable semi-annually on April 30 and October 30 of each year, commencing October 30, 2019 |
Borrowings - Carrying Value and
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings Determined Market Prices EUR/USD Foreign Exchange Rate (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Apr. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Maturity Amount | $ 5,963 | ||
Unamortized Discount and Debt Issuance Costs | (31) | ||
Carrying Value | 5,932 | $ 4,979 | |
Fair Value | 6,257 | ||
5.00% Notes due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 1,000 | ||
Carrying Value | 1,000 | ||
Fair Value | 1,005 | ||
4.25% Notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 750 | ||
Unamortized Discount and Debt Issuance Costs | (1) | ||
Carrying Value | 749 | ||
Fair Value | 778 | ||
3.375% Notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 750 | ||
Unamortized Discount and Debt Issuance Costs | (2) | ||
Carrying Value | 748 | ||
Fair Value | 781 | ||
3.50% Notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 1,000 | ||
Unamortized Discount and Debt Issuance Costs | (4) | ||
Carrying Value | 996 | ||
Fair Value | 1,066 | ||
1.25% Notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 763 | ||
Unamortized Discount and Debt Issuance Costs | (5) | ||
Carrying Value | 758 | ||
Fair Value | 818 | ||
3.20% Notes due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 700 | ||
Unamortized Discount and Debt Issuance Costs | (5) | ||
Carrying Value | 695 | ||
Fair Value | 741 | ||
3.25% Notes due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Amount | 1,000 | $ 1,000 | |
Unamortized Discount and Debt Issuance Costs | (14) | ||
Carrying Value | 986 | ||
Fair Value | $ 1,068 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($)ft² | Dec. 31, 2018USD ($) | |
Commitment And Contingencies [Line Items] | ||
Various capital commitments to fund sponsored investment funds, including funds of private equity funds, real assets funds, opportunistic funds and distressed credit funds | $ 533 | |
Total operating lease minimum commitments | $ 2,157 | |
Derivative maximum risk of loss for credit protection | 17 | $ 17 |
Securities lending loan balances indemnified | 211,000 | |
Collateral for indemnified securities | 225,000 | |
Other Liabilities [Member] | ||
Commitment And Contingencies [Line Items] | ||
Contingent consideration at fair value | $ 167 | |
Operating Lease [Member] | ||
Commitment And Contingencies [Line Items] | ||
Area of office space | ft² | 847,000 | |
Operating leases, term of contract | 20 years | |
Expected lease commencement date | 2023-05 | |
Annual base rental payments first five years | $ 51 | |
Annual base rental payments five to ten years | 58 | |
Annual base rental payments ten to fifteen years | 66 | |
Annual base rental payments fifteen to twenty years | 74 | |
Total operating lease minimum commitments | $ 1,200 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Commitments under Operating Leases (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2019 | $ 145 |
2020 | 139 |
2021 | 130 |
2022 | 121 |
2023 | 106 |
Thereafter | 1,516 |
Total operating lease minimum commitments | $ 2,157 |
Revenue - Summary of Details of
Revenue - Summary of Details of Revenue (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 3,692 | $ 3,576 | $ 10,562 | $ 10,764 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2,980 | 2,883 | 8,688 | 8,774 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Active Product [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 391 | 405 | 1,151 | 1,269 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity iShares ETFs [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 872 | 885 | 2,589 | 2,722 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Non-ETF Index [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 168 | 169 | 495 | 532 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,431 | 1,459 | 4,235 | 4,523 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Active [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 496 | 460 | 1,427 | 1,374 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income iShares ETFs [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 251 | 205 | 705 | 620 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Non-ETF Index [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 98 | 98 | 293 | 292 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 845 | 763 | 2,425 | 2,286 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Multi-asset [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 288 | 298 | 852 | 889 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 257 | 209 | 729 | 614 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Illiquid Alternatives [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 122 | 89 | 350 | 249 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Liquid Alternatives [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 105 | 96 | 301 | 290 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Currency and Commodities [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 30 | 24 | 78 | 75 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Cash Management [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 159 | 154 | 447 | 462 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Long-term [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2,821 | 2,729 | 8,241 | 8,312 |
Investment Advisory Performance Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 121 | 151 | 211 | 312 |
Investment Advisory Performance Fees [Member] | Equity [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1 | 7 | 5 | 68 |
Investment Advisory Performance Fees [Member] | Fixed Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2 | 2 | ||
Investment Advisory Performance Fees [Member] | Multi-asset [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1 | 1 | 7 | 15 |
Investment Advisory Performance Fees [Member] | Alternatives [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 119 | 143 | 197 | 227 |
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Illiquid Alternatives [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 5 | 20 | 40 | 22 |
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Liquid Alternatives [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 114 | 123 | 157 | 205 |
Technology Services Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 259 | 200 | 700 | 582 |
Distribution Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 270 | 279 | 799 | 884 |
Distribution Fees [Member] | Retrocessions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 166 | 168 | 491 | 541 |
Distribution Fees [Member] | 12b-1 Fees (US Mutual Fund Distribution Fees) [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 90 | 102 | 267 | 313 |
Distribution Fees [Member] | Other Distribution Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 14 | 9 | 41 | 30 |
Advisory and Other Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 62 | 63 | 164 | 212 |
Advisory and Other Revenue [Member] | Advisory [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 21 | 26 | 62 | 80 |
Advisory and Other Revenue [Member] | Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 41 | $ 37 | $ 102 | $ 132 |
Revenue - Summary of Investment
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Client Type and Investment Style (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 3,692 | $ 3,576 | $ 10,562 | $ 10,764 |
Revenue by Client Type [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2,980 | 2,883 | 8,688 | 8,774 |
Revenue by Client Type [Member] | Retail [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 862 | 860 | 2,534 | 2,573 |
Revenue by Client Type [Member] | iShares ETFs [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,151 | 1,113 | 3,370 | 3,414 |
Revenue by Client Type [Member] | Institutional Active [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 558 | 504 | 1,595 | 1,542 |
Revenue by Client Type [Member] | Institutional Index [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 250 | 252 | 742 | 783 |
Revenue by Client Type [Member] | Institutional [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 808 | 756 | 2,337 | 2,325 |
Revenue by Client Type [Member] | Cash Management [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 159 | 154 | 447 | 462 |
Revenue by Client Type [Member] | Long-term [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2,821 | 2,729 | 8,241 | 8,312 |
Revenue by Investment Style [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2,980 | 2,883 | 8,688 | 8,774 |
Revenue by Investment Style [Member] | Active [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,401 | 1,346 | 4,073 | 4,063 |
Revenue by Investment Style [Member] | Index and iShares ETFs [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,420 | 1,383 | 4,168 | 4,249 |
Revenue by Investment Style [Member] | Cash Management [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 159 | 154 | 447 | 462 |
Revenue by Investment Style [Member] | Long-term [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 2,821 | $ 2,729 | $ 8,241 | $ 8,312 |
Revenue - Schedule of Estimated
Revenue - Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail) - Investment Advisory, Administration Fees and Securities Lending Revenue [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation | $ 299 | $ 253 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-10-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months | |
Revenue, Remaining Performance Obligation | $ 21 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation | $ 74 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-10-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months | |
Revenue, Remaining Performance Obligation | $ 22 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | 1 year |
Revenue, Remaining Performance Obligation | $ 85 | $ 63 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | 1 year |
Revenue, Remaining Performance Obligation | $ 71 | $ 49 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation | $ 62 | $ 46 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | ||
Revenue, Remaining Performance Obligation | $ 59 |
Revenue - Schedule of Estimat_2
Revenue - Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail 1) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | ||
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation | $ 299 | $ 253 |
Revenue - Schedule of Changes i
Revenue - Schedule of Changes in Deferred Carried Interest Liability (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | ||||
Beginning balance | $ 365 | $ 242 | $ 293 | $ 219 |
Net increase (decrease) in unrealized allocations | 17 | 17 | 116 | 44 |
Performance fee revenue recognized | (2) | (27) | (6) | |
Other | 6 | 6 | ||
Ending balance | $ 388 | $ 257 | $ 388 | $ 257 |
Revenue - Schedule of Estimat_3
Revenue - Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail) - Technology Services Revenue [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation | $ 160 | $ 91 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-10-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months | |
Revenue, Remaining Performance Obligation | $ 8 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation | $ 27 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-10-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months | |
Revenue, Remaining Performance Obligation | $ 36 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | 1 year |
Revenue, Remaining Performance Obligation | $ 54 | $ 23 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | 1 year |
Revenue, Remaining Performance Obligation | $ 37 | $ 18 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Revenue, Remaining Performance Obligation | $ 21 | $ 15 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | ||
Revenue, Remaining Performance Obligation | $ 12 |
Revenue - Schedule of Estimat_4
Revenue - Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail 1) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Technology Services Revenue [Member] | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Revenue, Remaining Performance Obligation | $ 160 | $ 91 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Estimated annual fixed minimum fees for currently outstanding contracts | $ 156 | $ 133 |
Minimum [Member] | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Term of currently outstanding contracts | 1 year | |
Maximum [Member] | ||
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items] | ||
Term of currently outstanding contracts | 5 years |
Revenue - Schedule of Changes_2
Revenue - Schedule of Changes in Technology Services Deferred Revenue Liability (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | ||||
Beginning balance | $ 100 | $ 64 | $ 70 | $ 62 |
Acquisition, net of revenue recognized | 24 | |||
Additions | 8 | 11 | 31 | 31 |
Revenue recognized that was included in the beginning balance | (21) | (10) | (38) | (28) |
Ending balance | $ 87 | $ 65 | $ 87 | $ 65 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock and RSU Activity (Detail) - $ / shares | 1 Months Ended | 9 Months Ended |
Jan. 31, 2019 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock and RSUs, beginning of period | 2,139,890 | 2,139,890 |
Restricted Stock and RSUs, Granted | 1,205,230 | |
Restricted Stock and RSUs, Converted | (1,001,009) | |
Restricted Stock and RSUs, Forfeited | (60,961) | |
Restricted Stock and RSUs, end of period | 2,283,150 | |
Weighted-Average Grant Date Fair Value, beginning of period | $ 429.19 | $ 429.19 |
Weighted-Average Grant Date Fair Value, Granted | 414.40 | |
Weighted-Average Grant Date Fair Value, Converted | 377.41 | |
Weighted-Average Grant Date Fair Value, Forfeited | 426.45 | |
Weighted-Average Grant Date Fair Value, end of period | $ 444.15 | |
Performance-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock and RSUs, beginning of period | 845,285 | 845,285 |
Restricted Stock and RSUs, Granted | 283,014 | 283,014 |
Restricted Stock and RSUs, Additional Grants | 2,117 | 2,117 |
Restricted Stock and RSUs, Converted | (360,927) | |
Restricted Stock and RSUs, Forfeited | (11,024) | |
Restricted Stock and RSUs, end of period | 758,465 | |
Weighted-Average Grant Date Fair Value, beginning of period | $ 386.13 | $ 386.13 |
Weighted-Average Grant Date Fair Value, Granted | 410.32 | |
Weighted-Average Grant Date Fair Value, Additional Grants | 296.57 | |
Weighted-Average Grant Date Fair Value, Converted | 296.57 | |
Weighted-Average Grant Date Fair Value, Forfeited | 456.66 | |
Weighted-Average Grant Date Fair Value, end of period | $ 436.50 |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted Stock and RSU Activity (Parenthetical) (Detail) shares in Millions | Sep. 30, 2019shares |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-based compensation awards expected to vest | 2.1 |
Awards vested, not converted | 0.2 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 31, 2019 | Jan. 31, 2019 | Sep. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 1,205,230 | ||
Fair value of RSUs/restricted stock granted to employees | $ 499 | ||
RSUs/Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 674,206 | ||
Award vesting period, years | 3 years | ||
Awards to employees cliff vesting | 377,291 | ||
RSUs to employees that cliff vest, percentage | 100.00% | ||
RSUs to employees that cliff vest, date | Jan. 31, 2022 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of outstanding RSUs | $ 1,000 | ||
Stock price | $ 445.64 | ||
Unrecognized stock-based compensation expense | $ 432 | ||
Remaining weighted-average period | 1 year 3 months 18 days | ||
Performance-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock and RSUs, Granted | 283,014 | 283,014 | |
Award vesting period, years | 3 years | ||
Awards to employees cliff vesting | 283,014 | ||
RSUs to employees that cliff vest, percentage | 100.00% | ||
RSUs to employees that cliff vest, date | Jan. 31, 2022 | ||
Intrinsic value of outstanding RSUs | $ 338 | ||
Stock price | $ 445.64 | ||
Unrecognized stock-based compensation expense | $ 131 | ||
Remaining weighted-average period | 1 year 4 months 24 days | ||
Restricted Stock and RSUs, Additional Grants | 2,117 | 2,117 | |
Fair value of RSUs/restricted stock granted to employees | $ 117 | ||
Long-Term Incentive Plans Funded by PNC [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of additional shares surrendered | 143,458 | ||
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 | ||
Performance-Based Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining weighted-average period | 4 years 2 months 12 days | ||
Unrecognized stock-based compensation expense | $ 140 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Detail) - Performance-Based Stock Options [Member] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Shares Under Option, Beginning of Period | shares | 2,106,482 |
Outstanding, Shares Under Option, Forfeited | shares | (125,538) |
Outstanding, Shares Under Option, End of Period | shares | 1,980,944 |
Weighted Average Exercise Price, Beginning of Period | $ / shares | $ 513.50 |
Weighted Average Exercise Price, Forfeited | $ / shares | 513.50 |
Weighted Average Exercise Price, End of Period | $ / shares | $ 513.50 |
Net Capital Requirements - Addi
Net Capital Requirements - Additional Information (Detail) $ in Billions | Sep. 30, 2019USD ($) |
Regulatory Capital Requirements [Abstract] | |
Net capital requirement in certain regulated subsidiaries | $ 1.8 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | $ 31,950 | $ 32,184 | $ 32,433 | $ 31,848 | |
Foreign currency translation adjustments | [1] | (120) | (41) | (93) | (178) |
Balance | 32,467 | 32,470 | 32,467 | 32,470 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (664) | (575) | (691) | (432) | |
Foreign currency translation adjustments | [1] | (120) | (41) | (93) | (178) |
Reclassification as a result of adoption of accounting guidance | (6) | ||||
Balance | $ (784) | $ (616) | $ (784) | $ (616) | |
[1] | Amounts for the three months ended September 30, 2019 and 2018 include gains from a net investment hedge of $25 million (net of tax expense of $8 million) and $4 million (net of tax expense of $1 million), respectively. Amounts for the nine months ended September 30, 2019 and 2018 include gains from a net investment hedge of $28 million (net of tax expense of $9 million) and $22 million (net of tax expense of $7 million), respectively. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ||||
Gain (loss) from net investment hedging, net of tax | $ 25 | $ 4 | $ 28 | $ 22 |
Gain (loss) from net investment hedging, tax expense | $ (8) | $ (1) | $ (9) | $ (7) |
Capital Stock - Preferred Share
Capital Stock - Preferred Shares Authorized, Issued and Outstanding (Detail) - shares | Sep. 30, 2019 | Dec. 31, 2018 |
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 | |
Shares outstanding | 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 | |
Series C Nonvoting Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares authorized, $0.01 par value | 6,000,000 | 6,000,000 |
Shares issued | 143,458 | |
Shares outstanding | 143,458 | |
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 | |
Shares outstanding | 0 |
Capital Stock - Preferred Sha_2
Capital Stock - Preferred Shares Authorized, Issued and Outstanding (Parenthetical) (Detail) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
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 Nonvoting 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 | Mar. 25, 2019 | Jan. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Schedule of Capitalization, Equity [Line Items] | ||||||
Common shares repurchased | 4,000,000 | |||||
Common shares repurchased, value | $ 100 | $ 500 | $ 1,666 | $ 1,135 | ||
Shares authorized to be repurchased | 5,900,000 | 5,900,000 | ||||
Series C Nonvoting Participating Preferred Stock [Member] | PNC [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Surrender of share of series non- voting preferred stock | 143,458 | |||||
Private Transaction | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Common shares repurchased, value | $ 1,300 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) $ in Millions | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Pre-tax restructuring charge | $ 60 |
After-tax restructuring charge | 47 |
Employee Severance [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Pre-tax restructuring charge | 53 |
Accelerated Amortization of Equity Compensation Awards [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Pre-tax restructuring charge | $ 7 |
Restructuring - Rollforward of
Restructuring - Rollforward of Restructuring Liability (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Restructuring And Related Activities [Abstract] | |
Restructuring liability, beginning balance | $ 53 |
Cash payments | (51) |
Restructuring liability, ending balance | $ 2 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Discrete income tax benefit for vested stock awards | $ 22 | $ 58 | |
Tax cuts and jobs act, discrete tax benefit | $ 90 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to BlackRock | $ 1,119 | $ 1,216 | $ 3,175 | $ 3,378 |
Basic weighted-average shares outstanding | 155,280,877 | 160,141,506 | 156,290,212 | 160,786,768 |
Dilutive effect of nonparticipating RSUs and stock options | 1,166,510 | 1,236,711 | 1,095,744 | 1,354,111 |
Total diluted weighted-average shares outstanding | 156,447,387 | 161,378,217 | 157,385,956 | 162,140,879 |
Basic earnings per share | $ 7.21 | $ 7.59 | $ 20.31 | $ 21.01 |
Diluted earnings per share | $ 7.15 | $ 7.54 | $ 20.17 | $ 20.83 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 1 |
Segment Information - Total Rev
Segment Information - Total Revenue by Geographic Region (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3,692 | $ 3,576 | $ 10,562 | $ 10,764 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,445 | 2,328 | 7,051 | 6,989 |
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,080 | 1,083 | 3,018 | 3,258 |
Asia-Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 167 | $ 165 | $ 493 | $ 517 |
Segment Information - Schedule
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 15,221 | $ 14,169 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 13,797 | 13,780 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,337 | 303 |
Asia-Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 87 | $ 86 |