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FiNaNcial iNFoRmatioN
27 Selected Financial Data
28 Management’s Discussion and Analysis of Financial Condition and Results of Operations
71 Reports on Consolidated Financial Statements
74 Consolidated Statements of Financial Condition
75 Consolidated Statements of Income
76 Consolidated Statements of Comprehensive Income
76 Consolidated Statements of Changes in Equity
79 Consolidated Statements of Cash Flows
81 Notes to the Consolidated Financial Statements
26 26
Selected Financialdata
The selected financial data presented below has been derived in part from, and should be read in conjunction with, the consolidated financial statements of BlackRock and
“Management’s Discussion and Analysis of Financial Condition
and Results of Operations” included elsewhere in this Annual Report. Prior year data reflects certain reclassifications to con-form to the current year presentation.
Year ended december 31,
(Dollar amounts in millions, except per share data) Income statement data:
Related parties(2) Other third parties
total revenue expenses
Restructuring charges
termination of closed-end fund administration and servicing arrangements
Other operating expenses total expenses
Operating income
total non-operating income (expense) income before income taxes
income tax expense net income
less:net income (loss) attributable to non-controlling interests
net income attributable to BlackRock,inc. Per share data(3):
Basic earnings diluted earnings Book value(4)
common and preferred cash dividends
2011
$5,431 3,650 9,081
32
— 5,800 5,832 3,249 (114) 3,135 796 2,339
2 $2,337
$12.56 $12.37 $140.07
$5.50
2010(1)
$5,025 3,587 8,612
—
— 5,614 5,614 2,998 23 3,021 971 2,050
(13) $2,063
$10.67 $10.55 $136.09
$4.00
2009 2008 2007
$2,716 $3,006 $2,663 1,984 2,058 2,182 4,700 5,064 4,845
22 38 —
— — 128 3,400 3,433 3,423 3,422 3,471 3,551 1,278 1,593 1,294 (6) (577) 526 1,272 1,016 1,820 375 387 463 897 629 1,357
22 (155) 364 $875 $784 $993
$6.24 $5.86 $7.53 $6.11 $5.78 $7.37 $128.86 $92.91 $90.16
$3.12 $3.12 $2.68
december 31,
(Dollar amounts in millions) Balance sheet data:
cash and cash equivalents Goodwill and intangible assets, net total assets(5)
Less:
Separate account assets(6)
Collateral held under securities lending agreements(6) Consolidated investment vehicles(7)
Adjusted total assets Short-term borrowings convertible debentures long-term borrowings
total borrowings
total stockholders’ equity (Dollar amounts in millions) Assets under management: equity:
active institutional index iShares
Fixed income: active
institutional index iShares
Multi-asset class alternatives(8):
core
currency and commodities long-term
cash management Sub-total
advisory(9)
2011
$ 3,506 30,148 179,896
118,871 20,918 2,006 38,101 $100
— 4,690 $4,790 $25,048
$275,156 865,299 419,651
614,804 479,116 153,802 225,170
63,647 41,301 3,137,946 254,665 3,392,611
120,070
2010
$3,367 30,317 178,459
121,137 17,638 1,610 38,074 $100 67 3,192 $3,359
$26,094
$334,532 911,775 448,160
592,303 425,930 123,091 185,587
63,603 46,135 3,131,116 279,175 3,410,291
150,677
2009(1)
$4,708 30,346 178,124
119,629 19,335 282 38,878 $2,234 243 3,191 $5,668 $24,329
$348,574 806,082 381,399
595,580 357,557 102,490 142,029
66,058 36,043 2,835,812 349,277 3,185,089
161,167
2008
$2,032 11,974 19,924
2,623 — 502 16,799 $200 245 697 $1,142
$12,069
$152,216 51,076 —
477,492 3,873 — 77,516
60,954 590 823,717 338,439 1,162,156
144,995
2007
$1,656 12,073 22,561
4,670 — 805 17,086 $300 242 697
$1,239 $11,601
$291,324 71,381 —
506,265 3,942 — 98,623
70,884 887 1,043,306 313,338 1,356,644
—
total $3,512,681 $3,560,968 $3,346,256 $1,307,151 $1,356,644
(1) Significant increases in 2009 (for balance sheet data and AUM) and 2010 (for income statement data) were primarily the result of the BGI Transaction which closed on December 1, 2009.
(2) BlackRock’s related party revenue includes fees for services provided to registered investment companies that it manages, which include mutual funds and exchange traded funds, as a result of the Company’s advisory relationship. In addition, equity method investments are considered related parties due to the Company’s influence over the financial and operating policies of the investee. See Note 15 to the consolidated financial statements for more information on related parties.
(3) Participating preferred stock is considered to be a common stock equivalent for purposes of earnings per share calculations.
(4) Total BlackRock stockholders’ equity, excluding appropriated retained earnings, divided by
total common and preferred shares outstanding at December 31 of the respective year-end. (5) Includes separate account assets that are segregated funds held for purposes of funding
individual and group pension contracts and collateral held under securities lending agree-ments related to these assets that have equal and offsetting amounts recorded in liabilities and ultimately do not impact BlackRock’s stockholders’ equity or cash flows.
(6) Equal and offsetting amounts, related to separate account assets and collateral held under securities lending agreements, are recorded in liabilities.
(7) Includes assets held by consolidated variable interest entities and consolidated sponsored investments funds.
(8) Data reflects the reclassification of prior period AUM to the current period presentation.
(9) Advisory AUM represents long-term portfolio liquidation assignments.
27
ManaGeMent’SdiScuSSiOn andanalYSiSOF FinancialcOnditiOn and ReSultSOF OpeRatiOnS
Overview
BlackRock, inc. (“BlackRock” or the “company”) is the world’s largest publicly traded investment management firm. as of december 31, 2011, the company managed $3.513 trillion of assets under management (“auM”) on behalf of institutional and individual investors worldwide. the company provides
a wide array of passively and actively managed products, including various equities, fixed income, multi-asset class, alternative investment and cash management products. BlackRock offers clients diversified access to global markets
through separate accounts, collective investment trusts,
services to a broad base of clients. Financial markets advisory services include valuation of illiquid securities, dispositions and workout assignments (including long-term portfolio liqui-dation assignments), risk management and strategic planning and execution.
as of december 31, 2011, equity ownership of BlackRock was as follows:
Voting
common stock capital stock(1)
pnc 24.0% 21.0%
open-end and closed-end mutual funds, exchange traded products, hedge funds and funds of funds. in addition,
BlackRock Solutions provides market risk management,
Barclays
Other
2.2% 19.7% 73.8% 59.3%
100.0% 100.0%
financial markets advisory and enterprise investment system (1) Includes outstanding common and non-voting preferred stock.
Financial Highlights
Variance
Year ended december 31, 2011 vs. 2010 2010 vs. 2009
(Dollar amounts in millions, except per share data) GAAP basis:
total revenue total expenses Operating income Operating margin
non-operating income (expense),
less net income (loss) attributable to non-controlling interests
net income attributable to BlackRock,inc. diluted earnings per common share(e) effective tax rate
As adjusted: Operating income(a) Operating margin(a)
non-operating income (expense), less net income (loss) attributable to non-controlling interests(b)
net income attributable to BlackRock,inc.(c), (d)
diluted earnings per common share(c), (d), (e) effective tax rate
Other:
assets under management (end of period)
diluted weighted-average common
2011
$9,081 $5,832 $3,249 35.8%
($116) $2,337 $12.37 25.4%
$3,392 39.7%
($113)
$2,239 $11.85 31.7%
$3,512,681
2010
$8,612 $5,614 $2,998 34.8%
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