UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2016
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
EXCHANGE ACT OF 1934.
For the transition period from to .
Commission file number 001-33099
BlackRock, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
32-0174431 |
|
(State or Other Jurisdiction of Incorporation or Organization) |
|
(I.R.S. Employer Identification No.) |
55 East 52nd Street, New York, NY 10055
(Address of Principal Executive Offices)
(Zip Code)
(212) 810-5300
(Registrant’s Telephone Number, Including Area Code)
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
Yes |
|
X |
|
No |
|
|
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
|
Yes |
|
X |
|
No |
|
|
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or, a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
|
Large accelerated filer X |
Accelerated filer |
Non-accelerated filer |
|
Smaller reporting company |
(Do not check if a smaller reporting company) |
|
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
Yes |
|
|
|
No |
|
X |
As of October 31, 2016, there were 162,069,345 shares of the registrant’s common stock outstanding.
Index to Form 10-Q
PART I
FINANCIAL INFORMATION
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Page |
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Item 1. |
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1 |
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2 |
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3 |
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4 |
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6 |
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7 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
35 |
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Item 3. |
65 |
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Item 4. |
67 |
PART II
OTHER INFORMATION
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Item 1. |
68 |
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Item 2. |
69 |
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Item 6. |
70 |
i
PART I – FINANCIAL INFORMATION
Condensed Consolidated Statements of Financial Condition
(unaudited)
|
|
|
September 30, |
|
|
December 31, |
|
||
|
(in millions, except shares and per share data) |
|
2016 |
|
|
2015 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,454 |
|
|
$ |
6,083 |
|
|
Accounts receivable |
|
|
2,601 |
|
|
|
2,237 |
|
|
Investments |
|
|
1,731 |
|
|
|
1,578 |
|
|
Assets of consolidated variable interest entities: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
161 |
|
|
|
148 |
|
|
Investments |
|
|
1,411 |
|
|
|
1,030 |
|
|
Other assets |
|
|
183 |
|
|
|
67 |
|
|
Separate account assets |
|
|
153,330 |
|
|
|
150,851 |
|
|
Separate account collateral held under securities lending agreements |
|
|
29,839 |
|
|
|
31,336 |
|
|
Property and equipment (net of accumulated depreciation of $631 and $570 at September 30, 2016 and December 31, 2015, respectively) |
|
|
564 |
|
|
|
581 |
|
|
Intangible assets (net of accumulated amortization of $820 and $745 at September 30, 2016 and December 31, 2015, respectively) |
|
|
17,387 |
|
|
|
17,372 |
|
|
Goodwill |
|
|
13,124 |
|
|
|
13,123 |
|
|
Other assets |
|
|
954 |
|
|
|
855 |
|
|
Total assets |
|
$ |
226,739 |
|
|
$ |
225,261 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Accrued compensation and benefits |
|
$ |
1,481 |
|
|
$ |
1,971 |
|
|
Accounts payable and accrued liabilities |
|
|
1,354 |
|
|
|
1,068 |
|
|
Liabilities of consolidated variable interest entities |
|
|
272 |
|
|
|
177 |
|
|
Borrowings |
|
|
4,961 |
|
|
|
4,930 |
|
|
Separate account liabilities |
|
|
153,330 |
|
|
|
150,851 |
|
|
Separate account collateral liabilities under securities lending agreements |
|
|
29,839 |
|
|
|
31,336 |
|
|
Deferred income tax liabilities |
|
|
4,832 |
|
|
|
4,851 |
|
|
Other liabilities |
|
|
1,109 |
|
|
|
1,033 |
|
|
Total liabilities |
|
|
197,178 |
|
|
|
196,217 |
|
|
Commitments and contingencies (Note 11) |
|
|
|
|
|
|
|
|
|
Temporary equity |
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interests |
|
|
600 |
|
|
|
464 |
|
|
Permanent Equity |
|
|
|
|
|
|
|
|
|
BlackRock, Inc. stockholders’ equity |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value; |
|
|
2 |
|
|
|
2 |
|
|
Shares authorized: 500,000,000 at September 30, 2016 and December 31, 2015; |
|
|
|
|
|
|
|
|
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Shares issued: 171,252,185 at September 30, 2016 and December 31, 2015; |
|
|
|
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|
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Shares outstanding: 162,271,222 and 163,461,064 at September 30, 2016 and December 31, 2015, respectively |
|
|
|
|
|
|
|
|
|
Preferred stock (Note 15) |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
19,236 |
|
|
|
19,405 |
|
|
Retained earnings |
|
|
13,183 |
|
|
|
12,033 |
|
|
Accumulated other comprehensive loss |
|
|
(598 |
) |
|
|
(448 |
) |
|
Treasury stock, common, at cost (8,980,963 and 7,791,121 shares held at September 30, 2016 and December 31, 2015, respectively) |
|
|
(2,919 |
) |
|
|
(2,489 |
) |
|
Total BlackRock, Inc. stockholders’ equity |
|
|
28,904 |
|
|
|
28,503 |
|
|
Nonredeemable noncontrolling interests |
|
|
57 |
|
|
|
77 |
|
|
Total permanent equity |
|
|
28,961 |
|
|
|
28,580 |
|
|
Total liabilities, temporary equity and permanent equity |
|
$ |
226,739 |
|
|
$ |
225,261 |
|
See accompanying notes to condensed consolidated financial statements.
1
Condensed Consolidated Statements of Income
(unaudited)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
(in millions, except shares and per share data) |
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|
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|
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Investment advisory, administration fees and securities lending revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Related parties |
|
$ |
1,768 |
|
|
$ |
1,719 |
|
|
$ |
5,098 |
|
|
$ |
5,166 |
|
|
Other third parties |
|
|
778 |
|
|
|
737 |
|
|
|
2,296 |
|
|
|
2,214 |
|
|
Total investment advisory, administration fees and securities lending revenue |
|
|
2,546 |
|
|
|
2,456 |
|
|
|
7,394 |
|
|
|
7,380 |
|
|
Investment advisory performance fees |
|
|
58 |
|
|
|
208 |
|
|
|
166 |
|
|
|
452 |
|
|
BlackRock Solutions and advisory |
|
|
174 |
|
|
|
167 |
|
|
|
517 |
|
|
|
475 |
|
|
Distribution fees |
|
|
10 |
|
|
|
14 |
|
|
|
32 |
|
|
|
44 |
|
|
Other revenue |
|
|
49 |
|
|
|
65 |
|
|
|
156 |
|
|
|
187 |
|
|
Total revenue |
|
|
2,837 |
|
|
|
2,910 |
|
|
|
8,265 |
|
|
|
8,538 |
|
|
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits |
|
|
969 |
|
|
|
1,023 |
|
|
|
2,893 |
|
|
|
3,016 |
|
|
Distribution and servicing costs |
|
|
114 |
|
|
|
102 |
|
|
|
320 |
|
|
|
306 |
|
|
Amortization of deferred sales commissions |
|
|
8 |
|
|
|
12 |
|
|
|
27 |
|
|
|
37 |
|
|
Direct fund expense |
|
|
200 |
|
|
|
198 |
|
|
|
583 |
|
|
|
578 |
|
|
General and administration |
|
|
312 |
|
|
|
319 |
|
|
|
946 |
|
|
|
970 |
|
|
Restructuring charge |
|
|
— |
|
|
|
— |
|
|
|
76 |
|
|
|
— |
|
|
Amortization of intangible assets |
|
|
25 |
|
|
|
34 |
|
|
|
75 |
|
|
|
104 |
|
|
Total expense |
|
|
1,628 |
|
|
|
1,688 |
|
|
|
4,920 |
|
|
|
5,011 |
|
|
Operating income |
|
|
1,209 |
|
|
|
1,222 |
|
|
|
3,345 |
|
|
|
3,527 |
|
|
Nonoperating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on investments |
|
|
31 |
|
|
|
(10 |
) |
|
|
49 |
|
|
|
59 |
|
|
Interest and dividend income |
|
|
22 |
|
|
|
12 |
|
|
|
33 |
|
|
|
21 |
|
|
Interest expense |
|
|
(52 |
) |
|
|
(50 |
) |
|
|
(154 |
) |
|
|
(153 |
) |
|
Total nonoperating income (expense) |
|
|
1 |
|
|
|
(48 |
) |
|
|
(72 |
) |
|
|
(73 |
) |
|
Income before income taxes |
|
|
1,210 |
|
|
|
1,174 |
|
|
|
3,273 |
|
|
|
3,454 |
|
|
Income tax expense |
|
|
333 |
|
|
|
342 |
|
|
|
954 |
|
|
|
971 |
|
|
Net income |
|
|
877 |
|
|
|
832 |
|
|
|
2,319 |
|
|
|
2,483 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests |
|
|
2 |
|
|
|
(11 |
) |
|
|
(2 |
) |
|
|
(1 |
) |
|
Net income attributable to BlackRock, Inc. |
|
$ |
875 |
|
|
$ |
843 |
|
|
$ |
2,321 |
|
|
$ |
2,484 |
|
|
Earnings per share attributable to BlackRock, Inc. common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
5.33 |
|
|
$ |
5.08 |
|
|
$ |
14.09 |
|
|
$ |
14.91 |
|
|
Diluted |
|
$ |
5.26 |
|
|
$ |
5.00 |
|
|
$ |
13.92 |
|
|
$ |
14.68 |
|
|
Cash dividends declared and paid per share |
|
$ |
2.29 |
|
|
$ |
2.18 |
|
|
$ |
6.87 |
|
|
$ |
6.54 |
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
164,129,214 |
|
|
|
166,045,291 |
|
|
|
164,756,355 |
|
|
|
166,579,805 |
|
|
Diluted |
|
|
166,256,598 |
|
|
|
168,665,303 |
|
|
|
166,760,912 |
|
|
|
169,157,188 |
|
See accompanying notes to condensed consolidated financial statements.
2
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
(in millions) |
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
Net income |
|
$ |
877 |
|
|
$ |
832 |
|
|
$ |
2,319 |
|
|
$ |
2,483 |
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in net unrealized gains (losses) from available-for-sale investments, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding gains (losses)(1) |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(3 |
) |
|
Less: reclassification adjustment included in net income(1) |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
Net change from available-for-sale investments |
|
|
— |
|
|
|
(2 |
) |
|
|
1 |
|
|
|
(3 |
) |
|
Benefit plans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
Foreign currency translation adjustments(2) |
|
|
(38 |
) |
|
|
(67 |
) |
|
|
(151 |
) |
|
|
(131 |
) |
|
Other comprehensive income (loss) |
|
|
(38 |
) |
|
|
(69 |
) |
|
|
(150 |
) |
|
|
(135 |
) |
|
Comprehensive income |
|
|
839 |
|
|
|
763 |
|
|
|
2,169 |
|
|
|
2,348 |
|
|
Less: Comprehensive income (loss) attributable to noncontrolling interests |
|
|
2 |
|
|
|
(11 |
) |
|
|
(2 |
) |
|
|
(1 |
) |
|
Comprehensive income attributable to BlackRock, Inc. |
|
$ |
837 |
|
|
$ |
774 |
|
|
$ |
2,171 |
|
|
$ |
2,349 |
|
|
(1) |
The tax benefit (expense) was not material for the three and nine months ended September 30, 2015 and the nine months ended September 30, 2016. |
|
(2) |
Amounts for the three months ended September 30, 2016 and 2015 include losses from a net investment hedge of $5 million (net of a tax benefit of $4 million) and $2 million, respectively. Amounts for the nine months ended September 30, 2016 and 2015 include losses from a net investment hedge of $16 million (net of a tax benefit of $10 million) and gains of $5 million (net of tax of $4 million), respectively. |
See accompanying notes to condensed consolidated financial statements.
3
Condensed Consolidated Statements of Changes in Equity
(unaudited)
|
(in millions) |
|
Additional Paid-in Capital(1) |
|
|
Retained Earnings |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Treasury Stock Common |
|
|
Total BlackRock Stockholders’ Equity |
|
|
Nonredeemable Noncontrolling Interests |
|
|
Total Permanent Equity |
|
|
Redeemable Noncontrolling Interests / Temporary Equity |
|
||||||||
|
December 31, 2015 |
|
$ |
19,407 |
|
|
$ |
12,033 |
|
|
$ |
(448 |
) |
|
$ |
(2,489 |
) |
|
$ |
28,503 |
|
|
$ |
77 |
|
|
$ |
28,580 |
|
|
$ |
464 |
|
|
Net income |
|
|
— |
|
|
|
2,321 |
|
|
|
— |
|
|
|
— |
|
|
|
2,321 |
|
|
|
(2 |
) |
|
|
2,319 |
|
|
|
— |
|
|
Dividends paid |
|
|
— |
|
|
|
(1,171 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,171 |
) |
|
|
— |
|
|
|
(1,171 |
) |
|
|
— |
|
|
Stock-based compensation |
|
|
408 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
408 |
|
|
|
— |
|
|
|
408 |
|
|
|
— |
|
|
PNC preferred stock capital contribution |
|
|
172 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
172 |
|
|
|
— |
|
|
|
172 |
|
|
|
— |
|
|
Retirement of preferred stock |
|
|
(172 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(172 |
) |
|
|
— |
|
|
|
(172 |
) |
|
|
— |
|
|
Issuance of common shares related to employee stock transactions |
|
|
(654 |
) |
|
|
— |
|
|
|
— |
|
|
|
688 |
|
|
|
34 |
|
|
|
— |
|
|
|
34 |
|
|
|
— |
|
|
Employee tax withholdings related to employee stock transactions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(268 |
) |
|
|
(268 |
) |
|
|
— |
|
|
|
(268 |
) |
|
|
— |
|
|
Shares repurchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(850 |
) |
|
|
(850 |
) |
|
|
— |
|
|
|
(850 |
) |
|
|
— |
|
|
Net tax benefit (shortfall) from stock-based compensation |
|
|
77 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
77 |
|
|
|
— |
|
|
|
77 |
|
|
|
— |
|
|
Subscriptions (redemptions/ distributions) — noncontrolling interest holders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(18 |
) |
|
|
(18 |
) |
|
|
1,017 |
|
|
Net consolidations (deconsolidations) of sponsored investment funds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(881 |
) |
|
Other comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
(150 |
) |
|
|
— |
|
|
|
(150 |
) |
|
|
— |
|
|
|
(150 |
) |
|
|
— |
|
|
September 30, 2016 |
|
$ |
19,238 |
|
|
$ |
13,183 |
|
|
$ |
(598 |
) |
|
$ |
(2,919 |
) |
|
$ |
28,904 |
|
|
$ |
57 |
|
|
$ |
28,961 |
|
|
$ |
600 |
|
|
(1) |
Amounts include $2 million of common stock at both September 30, 2016 and December 31, 2015. |
See accompanying notes to condensed consolidated financial statements.
4
BlackRock, Inc.
Condensed Consolidated Statements of Changes in Equity
(unaudited)
|
(in millions) |
|
Additional Paid-in Capital(1) |
|
|
Retained Earnings |
|
|
Appropriated Retained Earnings |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Treasury Stock Common |
|
|
Total BlackRock Stockholders’ Equity |
|
|
Nonredeemable Noncontrolling Interests |
|
|
Total Permanent Equity |
|
|
Redeemable Noncontrolling Interests / Temporary Equity |
|
|||||||||
|
December 31, 2014 |
|
$ |
19,388 |
|
|
$ |
10,164 |
|
|
$ |
(19 |
) |
|
$ |
(273 |
) |
|
$ |
(1,894 |
) |
|
$ |
27,366 |
|
|
$ |
119 |
|
|
$ |
27,485 |
|
|
$ |
35 |
|
|
Net income |
|
|
— |
|
|
|
2,484 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,484 |
|
|
|
3 |
|
|
|
2,487 |
|
|
|
(4 |
) |
|
Net consolidation (deconsolidation) of VIEs due to adoption of new accounting pronouncement |
|
|
— |
|
|
|
— |
|
|
|
19 |
|
|
|
— |
|
|
|
— |
|
|
|
19 |
|
|
|
(8 |
) |
|
|
11 |
|
|
|
194 |
|
|
Dividends paid |
|
|
— |
|
|
|
(1,115 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,115 |
) |
|
|
— |
|
|
|
(1,115 |
) |
|
|
— |
|
|
Stock-based compensation |
|
|
397 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
397 |
|
|
|
— |
|
|
|
397 |
|
|
|
— |
|
|
Issuance of common shares related to employee stock transactions |
|
|
(542 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
629 |
|
|
|
87 |
|
|
|
— |
|
|
|
87 |
|
|
|
— |
|
|
Employee tax withholdings related to employee stock transactions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(228 |
) |
|
|
(228 |
) |
|
|
— |
|
|
|
(228 |
) |
|
|
— |
|
|
Shares repurchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(825 |
) |
|
|
(825 |
) |
|
|
— |
|
|
|
(825 |
) |
|
|
— |
|
|
Net tax benefit (shortfall) from stock-based compensation |
|
|
86 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
86 |
|
|
|
— |
|
|
|
86 |
|
|
|
— |
|
|
Subscriptions (redemptions/ distributions)- noncontrolling interest holders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21 |
) |
|
|
(21 |
) |
|
|
298 |
|
|
Net consolidations (deconsolidations) of sponsored investment funds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
(6 |
) |
|
|
(265 |
) |
|
Other comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(135 |
) |
|
|
— |
|
|
|
(135 |
) |
|
|
— |
|
|
|
(135 |
) |
|
|
— |
|
|
September 30, 2015 |
|
$ |
19,329 |
|
|
$ |
11,533 |
|
|
$ |
— |
|
|
$ |
(408 |
) |
|
$ |
(2,318 |
) |
|
$ |
28,136 |
|
|
$ |
87 |
|
|
$ |
28,223 |
|
|
$ |
258 |
|
|
(1) |
Amounts include $2 million of common stock at both September 30, 2015 and December 31, 2014. |
|
|
See accompanying notes to condensed consolidated financial statements.
5
Condensed Consolidated Statements of Cash Flows
(unaudited)
|
|
|
Nine Months Ended |
|
|||||
|
(in millions) |
|
September 30, |
|
|||||
|
|
|
2016 |
|
|
2015 |
|
||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,319 |
|
|
$ |
2,483 |
|
|
Adjustments to reconcile net income to cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
171 |
|
|
|
196 |
|
|
Amortization of deferred sales commissions |
|
|
27 |
|
|
|
37 |
|
|
Stock-based compensation |
|
|
408 |
|
|
|
397 |
|
|
Deferred income tax expense (benefit) |
|
|
(6 |
) |
|
|
(73 |
) |
|
Other gains |
|
|
— |
|
|
|
(40 |
) |
|
Net (gains) losses on nontrading investments |
|
|
— |
|
|
|
10 |
|
|
Assets and liabilities of consolidated VIEs: |
|
|
|
|
|
|
|
|
|
Change in cash and cash equivalents |
|
|
(127 |
) |
|
|
(26 |
) |
|
Net (gains) losses within consolidated VIEs |
|
|
(34 |
) |
|
|
(2 |
) |
|
Net (purchases) proceeds within consolidated VIEs |
|
|
(855 |
) |
|
|
(169 |
) |
|
(Earnings) losses from equity method investees |
|
|
(71 |
) |
|
|
(59 |
) |
|
Distributions of earnings from equity method investees |
|
|
16 |
|
|
|
32 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(336 |
) |
|
|
(461 |
) |
|
Investments, trading |
|
|
(278 |
) |
|
|
(402 |
) |
|
Other assets |
|
|
(114 |
) |
|
|
(264 |
) |
|
Accrued compensation and benefits |
|
|
(484 |
) |
|
|
(313 |
) |
|
Accounts payable and accrued liabilities |
|
|
309 |
|
|
|
287 |
|
|
Other liabilities |
|
|
17 |
|
|
|
214 |
|
|
Cash flows from operating activities |
|
|
962 |
|
|
|
1,847 |
|