BLACKROCK INC., 10-Q filed on 5/7/2024
Quarterly Report
v3.24.1.u1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2024
Apr. 30, 2024
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
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   148,599,981
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 50 Hudson Yards  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10001  
City Area Code 212  
Local Phone Number 810-5800  
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, $.01 par value  
Security Exchange Name NYSE  
1.250% Notes due 2025 [Member]    
Document Information [Line Items]    
Trading Symbol BLK25  
Title of 12(b) Security 1.250% Notes due 2025  
Security Exchange Name NYSE  
v3.24.1.u1
Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents [1] $ 9,374 $ 8,736
Accounts receivable 3,961 3,916
Investments [1] 10,337 9,740
Separate account assets 55,376 56,098
Separate account collateral held under securities lending agreements 3,998 4,558
Property and equipment (net of accumulated depreciation and amortization of $1,499 and $1,439 at March 31, 2024 and December 31, 2023, respectively) 1,106 1,112
Intangible assets (net of accumulated amortization of $656 and $618 at March 31, 2024 and December 31, 2023 respectively) 18,219 18,258
Goodwill 15,522 15,524
Operating lease right-of-use assets 1,410 1,421
Other assets [1] 4,685 3,848
Total assets 123,988 123,211
Liabilities    
Accrued compensation and benefits 1,061 2,393
Accounts payable and accrued liabilities 1,445 1,240
Borrowings 9,860 7,918
Separate account liabilities 55,376 56,098
Separate account collateral liabilities under securities lending agreements 3,998 4,558
Deferred income tax liabilities 3,456 3,506
Operating lease liabilities 1,772 1,784
Other liabilities [1] 5,275 4,474
Total liabilities 82,243 81,971
Commitments and contingencies (Note 15)
Temporary equity    
Redeemable noncontrolling interests 1,850 1,740
Permanent equity    
Shares authorized: 500,000,000 at March 31, 2024 and December 31, 2023; Shares issued: 172,075,373 at March 31, 2024 and December 31, 2023; Shares outstanding: 148,759,510 and 148,500,074 at March 31, 2024 and December 31, 2023, respectively 2 2
Additional paid-in capital 19,617 19,833
Retained earnings 33,121 32,343
Accumulated other comprehensive loss (933) (840)
Treasury stock, common, at cost (23,315,863 and 23,575,299 shares held at March 31, 2024 and December 31, 2023, respectively) (12,082) (11,991)
Total BlackRock, Inc. stockholders’ equity 39,725 39,347
Nonredeemable noncontrolling interests 170 153
Total permanent equity 39,895 39,500
Total liabilities, temporary equity and permanent equity $ 123,988 $ 123,211
[1] At March 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $277 million, $5.3 billion, $82 million, and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.1.u1
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Property and equipment, accumulated depreciation $ 1,499 $ 1,439
Intangible assets, accumulated amortization $ 656 $ 618
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 172,075,373 172,075,373
Common stock, shares outstanding 148,759,510 148,500,074
Treasury Stock, Shares 23,315,863 23,575,299
Cash and cash equivalents [1] $ 9,374 $ 8,736
Investments [1] 10,337 9,740
Other assets [1] 4,685 3,848
Other liabilities [1] 5,275 4,474
Consolidated Variable Interest Entities [Member]    
Cash and cash equivalents 277 234
Investments 5,291 5,020
Other assets 82 83
Other liabilities $ 2,114 $ 2,233
[1] At March 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $277 million, $5.3 billion, $82 million, and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.1.u1
Condensed Consolidated Statements of Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue    
Total revenue $ 4,728 $ 4,243
Expense    
Employee compensation and benefits 1,580 1,427
Total sales, asset and account expense 888 846
Distribution and servicing costs 518 505
Direct fund expense 338 315
Sub-advisory and other 32 26
General and administration expense 529 495
Amortization of intangible assets 38 37
Total expense 3,035 2,805
Operating income 1,693 1,438
Nonoperating income (expense)    
Net gain (loss) on investments 171 89
Interest and dividend income 141 86
Interest expense (92) (59)
Total nonoperating income (expense) 220 116
Income before income taxes 1,913 1,554
Income tax expense 290 385
Net income 1,623 1,169
Net income (loss) attributable to noncontrolling interests 50 12
Net income attributable to BlackRock, Inc. $ 1,573 $ 1,157
Earnings per share attributable to BlackRock, Inc. common stockholders:    
Basic $ 10.58 $ 7.72
Diluted $ 10.48 $ 7.64
Weighted-average common shares outstanding:    
Basic 148,689,172 149,909,343
Diluted 150,125,182 151,349,829
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]    
Revenue    
Total revenue $ 3,778 $ 3,502
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Related Parties [Member]    
Revenue    
Total revenue 2,847 2,611
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Other Third Parties [Member]    
Revenue    
Total revenue 931 891
Investment Advisory Performance Fees [Member]    
Revenue    
Total revenue 204 55
Technology Services Revenue [Member]    
Revenue    
Total revenue 377 340
Distribution Fees [Member]    
Revenue    
Total revenue 310 319
Advisory and Other Revenue [Member]    
Revenue    
Total revenue $ 59 $ 27
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement Of Income And Comprehensive Income [Abstract]    
Net income $ 1,623 $ 1,169
Other comprehensive income (loss):    
Foreign currency translation adjustments (93) 126 [1]
Comprehensive income (loss) 1,530 1,295
Less: Comprehensive income (loss) attributable to noncontrolling interests 50 12
Comprehensive income attributable to BlackRock, Inc. $ 1,480 $ 1,283
[1] Amount for the three months ended March 31, 2024 includes a gain from a net investment hedge of $13 million (net of tax expense of $4 million). Amount for the three months ended March 31, 2023 includes a loss from a net investment hedge of $10 million (net of tax benefit of $3 million).
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement Of Income And Comprehensive Income [Abstract]    
Gain (loss) from net investment hedging, net of tax $ 13 $ (10)
Gain (loss) from net investment hedging, tax (expense) benefit $ (4) $ 3
v3.24.1.u1
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, 2022 $ 37,876 $ 19,774 [1] $ 29,876 $ (1,101) $ (10,805) $ 37,744 $ 132 $ 909
Net income 1,152 0 [1] 1,157 0 0 1,157 (5) 17
Dividends declared (796) 0 [1] (796) 0 0 (796) 0 0
Stock-based compensation 165 165 [1] 0 0 0 165 0 0
Issuance of common shares related to employee stock transactions 37 (510) [1] 0 0 547 37 0 0
Employee tax withholdings related to employee stock transactions (346) 0 [1] 0 0 (346) (346) 0 0
Shares repurchased (375) 0 [1] 0 0 (375) (375) 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders (9) 0 [1] 0 0 0 0 (9) 314
Net consolidations (deconsolidations) of sponsored investment funds   0 [1] 0 0 0 0 0 (5)
Other comprehensive income (loss) 126 0 [1] 0 126 0 126 0 0
Balance at Mar. 31, 2023 37,830 19,429 [1] 30,237 (975) (10,979) 37,712 118 1,235
Balance at Dec. 31, 2023 39,500 19,835 [2] 32,343 (840) (11,991) 39,347 153 1,740
Net income 1,566 1,573 1,573 (7) 57
Dividends declared (795) (795) (795)
Stock-based compensation 176 176 176
Issuance of common shares related to employee stock transactions 151 (392) 543 151
Employee tax withholdings related to employee stock transactions (259) (259) (259)
Shares repurchased (375) (375) (375)
Subscriptions (redemptions/distributions) — noncontrolling interest holders 24 24 406
Net consolidations (deconsolidations) of sponsored investment funds (353)
Other comprehensive income (loss) (93) (93) (93)
Balance at Mar. 31, 2024 $ 39,895 $ 19,619 $ 33,121 $ (933) $ (12,082) $ 39,725 $ 170 $ 1,850
[1] Amounts include $2 million of common stock at both March 31, 2023 and December 31, 2022.
[2] Amounts include $2 million of common stock at both March 31, 2024 and December 31, 2023.
v3.24.1.u1
Condensed Consolidated Statements of Changes in Equity (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Additional Paid-in Capital, value of stock $ 39,895 $ 37,830 $ 39,500 $ 37,876
Common Stock [Member]        
Additional Paid-in Capital, value of stock $ 2 $ 2 $ 2 $ 2
Dividends declared, amount per share $ 5.1 $ 5    
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 1,623 $ 1,169
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Depreciation and amortization 111 106
Noncash lease expense 32 43
Stock-based compensation 176 165
Deferred income tax expense (benefit) (41) 53
Other investment gains (24) 0
Net (gains) losses within CIPs (104) (88)
Net (purchases) proceeds within CIPs (989) (477)
(Earnings) losses from equity method investees (48) (40)
Distributions of earnings from equity method investees 8 8
Changes in operating assets and liabilities:    
Accounts receivable (73) (270)
Investments, trading (9) 2
Other assets (796) (696)
Accrued compensation and benefits (1,339) (1,243)
Accounts payable and accrued liabilities 196 (91)
Other liabilities 869 965
Net cash provided by/(used in) operating activities (408) (394)
Investing activities    
Purchases of investments (324) (318)
Proceeds from sales and maturities of investments 210 142
Distributions of capital from equity method investees 162 8
Net consolidations (deconsolidations) of sponsored investment funds (6) 27
Purchases of property and equipment (64) (81)
Net cash provided by/(used in) investing activities (22) (222)
Financing activities    
Repayments of long-term borrowings (1,000) 0
Proceeds from long-term borrowings 2,979 0
Cash dividends paid (795) (796)
Proceeds from stock options exercised 144 27
Repurchases of common stock (634) (721)
Net proceeds from (repayments of) borrowings by CIPs (14) (19)
Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders 430 305
Other financing activities (15) 10
Net cash provided by/(used in) financing activities 1,095 (1,194)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (27) 38
Net increase/(decrease) in cash, cash equivalents and restricted cash 638 (1,772)
Cash, cash equivalents and restricted cash, beginning of period 8,753 7,433
Cash, cash equivalents and restricted cash, end of period 9,391 5,661
Supplemental schedule of noncash investing and financing transactions:    
Issuance of common stock 392 510
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds $ (353) $ (5)
v3.24.1.u1
Business Overview
 3 Months Ended
Mar. 31, 2024
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 management 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 offer choice and tailor investment 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® and BlackRock exchange-traded funds (“ETFs”), separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology services, including the investment and risk management technology platform, Aladdin®, Aladdin WealthTM, eFront® and Cachematrix®, as well as advisory services and solutions to a broad base of institutional and wealth management clients.
v3.24.1.u1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
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 represent the portion of consolidated sponsored investment products (“CIPs”) and a consolidated affiliate (collectively, “consolidated entities”) in which the Company does not have direct equity ownership. Intercompany balances and transactions have been eliminated upon consolidation.

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 footnotes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission ("SEC") on February 23, 2024 (“2023 Form 10-K”).

The interim financial information at March 31, 2024 and for the three months ended March 31, 2024 and 2023 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 were reclassified to ensure comparability with current period classifications.

Accounting Developments

Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires incremental disclosures about reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker ("CODM") and (2) included in the reported measure of segment profit or loss. The new standard also requires companies to disclose the title and position of the individual (or the name of the committee) identified as the CODM, allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources, and is applicable to companies with a single reportable segment. The requirements are effective for annual reporting periods beginning on January 1, 2024, and are required to be applied retrospectively. Early adoption is permitted. The Company does not expect the additional disclosure requirements under ASU 2023-07 to have a material impact on the consolidated financial statements.

Income Tax Disclosure Requirements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances interim and annual income tax disclosures. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The additional disclosure requirements under ASU 2023-09 are required to be applied prospectively and are effective for the Company on January 1, 2025. The Company does not expect the additional disclosure requirements under ASU 2023-09 to have a material impact on the consolidated financial statements.

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, commodities 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, loans held within consolidated collateralized loan obligations (“CLOs”), short-term floating-rate notes, asset-backed securities, as well as over-the-counter derivatives, including interest 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, including those held within CIPs, investments in CLOs, and loans held within consolidated CLOs and CIPs.
•
Level 3 liabilities may include borrowings of consolidated CLOs and contingent liabilities related to acquisitions valued based upon discounted cash flow analyses using unobservable market data, or other valuation techniques.

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, and loans held within CLOs and CIPs are 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 Value. 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 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 Assets and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including 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 equal to 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 price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. Certain CIPs also utilize derivatives as a part of their investment strategies.

In addition, the Company uses derivatives and makes investments to economically hedge market valuation changes on certain deferred cash compensation plans, for which the final value of the deferred amount distributed to employees in cash upon vesting is determined based on the returns of specified investment funds. The Company recognizes compensation expense for the appreciation (depreciation) of the deferred cash compensation liability in proportion to the vested amount of the award during a respective period, while the gain (loss) to economically hedge these plans is immediately recognized in nonoperating income (expense). See Note 4, Investments, and Note 8, Derivatives and Hedging, for further information on the Company’s investments and derivatives, respectively, used to economically hedge these deferred cash compensation plans.

The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the condensed consolidated statements of financial condition. Credit risks are managed through master netting and collateral support agreements. The amounts related to the right to reclaim or the obligation to return cash collateral may not be used to offset amounts due under the derivative instruments in the normal course of settlement. Therefore, such amounts are not offset against fair value amounts recognized for derivative instruments with the same counterparty and are included in other assets and other liabilities. 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 or hedged assets or liabilities, 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, the functional currency of which is not United States ("US") dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge at least quarterly.

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 (“UK”), 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 obtains either (1) the legal title, or (2) a first ranking priority security interest, in the collateral. The minimum collateral values generally range from approximately 102% to 112% of the value of the securities 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.

In situations where the Company obtains the legal title to collateral under these securities lending arrangements, the Company records an asset on the condensed consolidated statements of financial condition in addition to an equal collateral liability for the obligation to return the collateral. Additionally, in situations where the Company obtains a first ranking priority security interest in the collateral, the Company does not have the ability to pledge or resell the collateral and therefore does not record the collateral on the condensed consolidated statements of financial condition. At March 31, 2024 and December 31, 2023, the fair value of loaned securities held by separate accounts was approximately $8.3 billion and $9.3 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $9.0 billion and $10.1 billion, respectively, of which approximately $4.0 billion as of March 31, 2024 and $4.6 billion as of December 31, 2023 was recognized on the condensed consolidated statements of financial condition. During the three months ended March 31, 2024 and 2023, the Company had not resold or repledged any of the collateral obtained under these arrangements. 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.
v3.24.1.u1
Cash, Cash Equivalents and Restricted Cash
 3 Months Ended
Mar. 31, 2024
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Restricted Cash

3. 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.

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

Cash and cash equivalents

 

$

9,374

 

 

$

8,736

 

Restricted cash included in other assets

 

 

17

 

 

 

17

 

Total cash, cash equivalents and restricted cash

 

$

9,391

 

 

$

8,753

 

 
v3.24.1.u1
Investments
 3 Months Ended
Mar. 31, 2024
Investments Debt And Equity Securities [Abstract]  
Investments

4. Investments

A summary of the carrying value of total investments is as follows:

 

March 31,

 

 

December 31,

 

(in millions)

2024

 

 

2023

 

Debt securities:

 

 

 

 

 

Trading securities (including $1,635 and $1,829 held by CIPs at
   March 31, 2024 and December 31, 2023, respectively)

$

1,683

 

 

$

1,871

 

Held-to-maturity investments

 

611

 

 

 

617

 

Total debt securities

 

2,294

 

 

 

2,488

 

Equity securities at FVTNI (including $1,939 and $1,429 held by CIPs at
   March 31, 2024 and December 31, 2023, respectively)(1)

 

2,096

 

 

 

1,585

 

Equity method investments:

 

 

 

 

 

Equity method investments(2)

 

2,476

 

 

 

2,515

 

Investments related to deferred cash compensation plans(1)

 

188

 

 

 

241

 

Total equity method investments

 

2,664

 

 

 

2,756

 

Loans held by CIPs

 

559

 

 

 

205

 

Federal Reserve Bank stock(3)

 

92

 

 

 

92

 

Carried interest(4)

 

1,864

 

 

 

1,975

 

Other investments(1)(5)

 

768

 

 

 

639

 

Total investments

$

10,337

 

 

$

9,740

 

 

(1)
Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans of $188 million, $12 million and $10 million included within equity method investments, equity securities at fair value recorded through net income ("FVTNI") and other investments, respectively, as of March 31, 2024. Amounts as of December 31, 2023 were $241 million, $14 million, and $9 million, respectively.
(2)
Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds.
(3)
Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.
(4)
Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds.
(5)
Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes, a loan held at amortized cost, and private equity, real asset, and commodity investments held by CIPs, which are measured at fair value.

Held-to-Maturity Investments

Held-to-maturity investments included certain investments in BlackRock sponsored CLOs. The amortized cost (carrying value) of these investments approximated fair value (primarily a Level 2 input). At March 31, 2024, $10 million of these investments mature in less than one year, $320 million of these investments mature between five to ten years and $281 million of these investments mature after ten years.

Trading Debt Securities and Equity Securities at FVTNI

A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows:

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

December 31, 2023

 

(in millions)

Cost

 

 

Carrying
Value

 

 

Cost

 

 

Carrying
Value

 

Trading debt securities:

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

947

 

 

$

940

 

 

$

1,225

 

 

$

1,218

 

Government debt

 

566

 

 

 

556

 

 

 

501

 

 

 

489

 

Asset/mortgage-backed debt

 

210

 

 

 

187

 

 

 

185

 

 

 

164

 

Total trading debt securities

$

1,723

 

 

$

1,683

 

 

$

1,911

 

 

$

1,871

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

$

1,994

 

 

$

2,096

 

 

$

1,520

 

 

$

1,585

 
v3.24.1.u1
Consolidated Sponsored Investment Products
 3 Months Ended
Mar. 31, 2024
Statement Of Financial Position [Abstract]  
Consolidated Sponsored Investment Products

5. Consolidated Sponsored Investment Products

In the normal course of business, the Company is the manager of various types of sponsored investment products, which may be considered VIE or voting rights entities ("VREs"). The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds. In addition, the Company may from time to time own equity or debt securities or enter into derivatives or loan arrangements 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 economic interest in the entity. The Company’s consolidated VIEs include certain sponsored investment products in which BlackRock has an economic interest 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.

The following table presents the balances related to these CIPs accounted for as VIEs and VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these products:

 

 

March 31, 2024

 

 

December 31, 2023

 

(in millions)

 

VIEs

 

 

VREs

 

 

Total

 

 

VIEs

 

 

VREs

 

 

Total

 

Cash and cash equivalents(1)

 

$

277

 

 

$

105

 

 

$

382

 

 

$

234

 

 

$

54

 

 

$

288

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

 

1,175

 

 

 

460

 

 

 

1,635

 

 

 

1,423

 

 

 

406

 

 

 

1,829

 

Equity securities at FVTNI

 

 

1,349

 

 

 

590

 

 

 

1,939

 

 

 

1,059

 

 

 

370

 

 

 

1,429

 

Loans

 

 

545

 

 

 

14

 

 

 

559

 

 

 

195

 

 

 

10

 

 

 

205

 

Other investments

 

 

432

 

 

 

151

 

 

 

583

 

 

 

427

 

 

 

171

 

 

 

598

 

Carried interest

 

 

1,790

 

 

 

—

 

 

 

1,790

 

 

 

1,916

 

 

 

—

 

 

 

1,916

 

Total investments

 

 

5,291

 

 

 

1,215

 

 

 

6,506

 

 

 

5,020

 

 

 

957

 

 

 

5,977

 

Other assets

 

 

82

 

 

 

35

 

 

 

117

 

 

 

83

 

 

 

39

 

 

 

122

 

Other liabilities(2)

 

 

(2,114

)

 

 

(150

)

 

 

(2,264

)

 

 

(2,233

)

 

 

(108

)

 

 

(2,341

)

Noncontrolling interest - CIPs

 

 

(1,641

)

 

 

(313

)

 

 

(1,954

)

 

 

(1,625

)

 

 

(226

)

 

 

(1,851

)

BlackRock's net interest in CIPs

 

$

1,895

 

 

$

892

 

 

$

2,787

 

 

$

1,479

 

 

$

716

 

 

$

2,195

 

 

(1)
The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
(2)
At both March 31, 2024 and December 31, 2023, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.

BlackRock’s total exposure to CIPs represents the value of its economic interest in these CIPs. Valuation changes associated with financial instruments held at fair value by these CIPs are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to NCI for the portion not attributable to BlackRock.

Net gain (loss) related to consolidated VIEs is presented in the following table:

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

(in millions)

 

2024

 

 

2023

 

 

Nonoperating net gain (loss) on consolidated VIEs

 

$

71

 

 

$

59

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to NCI on consolidated VIEs

 

$

39

 

 

$

12

 

 

 

 

 

 

 

 

 

 
v3.24.1.u1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2024
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Variable Interest Entities

6. Variable Interest Entities

Nonconsolidated VIEs. At March 31, 2024 and December 31, 2023, 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 primary beneficiary, was as follows:

 

 

 

 

Advisory Fee

 

 

Other Net Assets

 

 

Maximum

 

(in millions)

Investments

 

Receivables

 

(Liabilities)

 

Risk of Loss(1)

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 Sponsored investment
   products

$

2,427

 

$

114

 

$

(11

)

$

2,558

 

December 31, 2023

 

 

 

 

 Sponsored investment
   products

$

2,377

 

$

116

 

$

(11

)

$

2,510

 

 

(1)
At both March 31, 2024 and December 31, 2023, 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 $42 billion and $39 billion at March 31, 2024 and December 31, 2023, respectively.
v3.24.1.u1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures

7. Fair Value Disclosures

Fair Value Hierarchy

Assets and liabilities measured at fair value on a recurring basis

March 31, 2024
(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)

 

 

March 31,
 2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,635

 

 

$

48

 

 

$

—

 

 

$

—

 

 

$

1,683

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

611

 

 

 

611

 

Total debt securities

 

—

 

 

 

1,635

 

 

 

48

 

 

 

—

 

 

 

611

 

 

 

2,294

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

2,096

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,096

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

235

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

235

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

623

 

 

 

—

 

 

 

623

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,186

 

 

 

—

 

 

 

1,186

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

432

 

 

 

—

 

 

 

432

 

Investments related to deferred
   cash compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

188

 

 

 

—

 

 

 

188

 

Total equity method

 

235

 

 

 

—

 

 

 

—

 

 

 

2,429

 

 

 

—

 

 

 

2,664

 

Loans

 

—

 

 

 

34

 

 

 

525

 

 

 

—

 

 

 

—

 

 

 

559

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

92

 

 

 

92

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,864

 

 

 

1,864

 

Other investments

 

17

 

 

 

—

 

 

 

—

 

 

 

455

 

 

 

296

 

 

 

768

 

Total investments

 

2,348

 

 

 

1,669

 

 

 

573

 

 

 

2,884

 

 

 

2,863

 

 

 

10,337

 

Other assets(3)

 

136

 

 

 

3

 

 

 

138

 

 

 

—

 

 

 

—

 

 

 

277

 

Separate account assets

 

34,791

 

 

 

20,066

 

 

 

—

 

 

 

—

 

 

 

519

 

 

 

55,376

 

Separate account collateral held under
 securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

1,566

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,566

 

Debt securities

 

—

 

 

 

2,432

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,432

 

Total separate account collateral held
   under securities lending agreements

 

1,566

 

 

 

2,432

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,998

 

Total

$

38,841

 

 

$

24,170

 

 

$

711

 

 

$

2,884

 

 

$

3,382

 

 

$

69,988

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

1,566

 

 

$

2,432

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

3,998

 

Other liabilities(4)

 

—

 

 

 

24

 

 

 

258

 

 

 

—

 

 

 

—

 

 

 

282

 

Total

$

1,566

 

 

$

2,456

 

 

$

258

 

 

$

—

 

 

$

—

 

 

$

4,280

 

 

(1)
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2)
Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.
(3)
Level 1 amount includes a minority investment in a publicly traded company. Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 8, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets, and contingent liabilities related to certain acquisitions.

 

December 31, 2023
(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,
2023

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,829

 

 

$

42

 

 

$

—

 

 

$

—

 

 

$

1,871

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

617

 

 

 

617

 

Total debt securities

 

—

 

 

 

1,829

 

 

 

42

 

 

 

—

 

 

 

617

 

 

 

2,488

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,585

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,585

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

246

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

246

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

588

 

 

 

—

 

 

 

588

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,264

 

 

 

—

 

 

 

1,264

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

417

 

 

 

—

 

 

 

417

 

Investments related to deferred cash
   compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

241

 

 

 

—

 

 

 

241

 

Total equity method

 

246

 

 

 

—

 

 

 

—

 

 

 

2,510

 

 

 

—

 

 

 

2,756

 

Loans

 

—

 

 

 

30

 

 

 

175

 

 

 

—

 

 

 

—

 

 

 

205

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

92

 

 

 

92

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,975

 

 

 

1,975

 

Other investments

 

15

 

 

 

—

 

 

 

—

 

 

 

467

 

 

 

157

 

 

 

639

 

Total investments

 

1,846

 

 

 

1,859

 

 

 

217

 

 

 

2,977

 

 

 

2,841

 

 

 

9,740

 

Other assets(3)

 

117

 

 

 

19

 

 

 

120

 

 

 

—

 

 

 

—

 

 

 

256

 

Separate account assets

 

34,621

 

 

 

20,810

 

 

 

—

 

 

 

—

 

 

 

667

 

 

 

56,098

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

1,686

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,686

 

Debt securities

 

—

 

 

 

2,872

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,872

 

Total separate account collateral held
   under securities lending agreements

 

1,686

 

 

 

2,872

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,558

 

Total

$

38,270

 

 

$

25,560

 

 

$

337

 

 

$

2,977

 

 

$

3,508

 

 

$

70,652

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

1,686

 

 

$

2,872

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

4,558

 

Other liabilities(4)

 

—

 

 

 

17

 

 

 

279

 

 

 

—

 

 

 

—

 

 

 

296

 

Total

$

1,686

 

 

$

2,889

 

 

$

279

 

 

$

—

 

 

$

—

 

 

$

4,854

 

 

(1)
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2)
Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.
(3)
Level 1 amount includes a minority investment in a publicly traded company. Level 3 amount includes a corporate minority private debt investment with changes in fair value recorded in AOCI, net of tax.
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 8, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets, and a contingent liability related to certain acquisitions.

Level 3 Assets. Level 3 assets predominantly include investments in CLOs, loans of consolidated CIPs, and corporate minority private debt investments. Investments in CLOs and loans were valued based on single-broker nonbinding quotes or quotes from pricing services which use significant unobservable inputs. BlackRock's corporate minority private debt investments were valued using the income approach by discounting the expected cash flows to a single present value. For investments utilizing a discounted cashflow valuation technique, an increase (decrease) in the discount rate or risk premium in isolation could have resulted in a significantly lower (higher) fair value measurement as of March 31, 2024 and December 31, 2023.

Level 3 Liabilities. Level 3 liabilities primarily include borrowings of a consolidated CLO, 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, as well as contingent liabilities related to certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs, or other valuation techniques.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2024

(in millions)

 

December 31,
 2023

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

March 31,
 2024

 

 

Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading

 

$

42

 

 

$

(1

)

 

$

7

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

48

 

 

$

(1

)

Total debt securities

 

 

42

 

 

 

(1

)

 

 

7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

48

 

 

 

(1

)

Loans

 

 

175

 

 

 

2

 

 

 

365

 

 

 

(17

)

 

 

—

 

 

 

3

 

 

 

(3

)

 

 

525

 

 

 

2

 

Total investments

 

 

217

 

 

 

1

 

 

 

372

 

 

 

(17

)

 

 

—

 

 

 

3

 

 

 

(3

)

 

 

573

 

 

 

1

 

Other assets

 

 

120

 

 

 

(7

)

 

 

25

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

138

 

 

 

(7

)

Total assets

 

$

337

 

 

$

(6

)

 

$

397

 

 

$

(17

)

 

$

—

 

 

$

3

 

 

$

(3

)

 

$

711

 

 

$

(6

)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

279

 

 

$

6

 

 

$

—

 

 

$

—

 

 

$

(15

)

 

$

—

 

 

$

—

 

 

$

258

 

 

$

6

 

 

(1)
Amounts include repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2023

(in millions)

 

December 31,
2022

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

March 31,
2023

 

 

Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading

 

$

52

 

 

$

1

 

 

$

2

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

55

 

 

$

1

 

Total debt securities

 

 

52

 

 

 

1

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

55

 

 

 

1

 

Loans

 

 

248

 

 

 

6

 

 

 

12

 

 

 

(20

)

 

 

—

 

 

 

5

 

 

 

(4

)

 

 

247

 

 

 

6

 

Total investments

 

$

300

 

 

$

7

 

 

$

14

 

 

$

(20

)

 

$

—

 

 

$

5

 

 

$

(4

)

 

$

302

 

 

$

7

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

280

 

 

$

4

 

 

$

—

 

 

$

—

 

 

$

(19

)

 

$

—

 

 

$

—

 

 

$

257

 

 

$

4

 

 

 

(1)
Amounts include repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Realized and Unrealized Gains (Losses) for Level 3 Assets and Liabilities. Realized and unrealized gains (losses) recorded for Level 3 assets and liabilities are reported in nonoperating income (expense) or AOCI for corporate minority private debt investments. A portion of net income (loss) related to securities held by CIPs is allocated to NCI 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.

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At March 31, 2024 and December 31, 2023, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

 

March 31, 2024

 

 

December 31, 2023

 

 

 

 

(in millions)

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Fair Value
Hierarchy

 

Financial Assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

9,374

 

 

$

9,374

 

 

$

8,736

 

 

$

8,736

 

 

Level 1

(2)(3)

Other assets

$

90

 

 

$

90

 

 

$

80

 

 

$

80

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

$

9,860

 

 

$

9,330

 

 

$

7,918

 

 

$

7,413

 

 

Level 2

(5)

 

(1)
See Note 4, Investments, for further information on investments not held at fair value.
(2)
Cash and cash equivalents are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.
(3)
At March 31, 2024 and December 31, 2023, approximately $4.3 billion and $3.4 billion, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund.
(4)
At March 31, 2024 and December 31, 2023, other assets included cash collateral of approximately $73 million and $63 million, respectively. See Note 8, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $17 million of restricted cash at both March 31, 2024 and December 31, 2023.
(5)
Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined using market prices and the EUR/USD foreign exchange rate at the end of March 2024 and December 2023, respectively. See Note 13, Borrowings, for the fair value of each of the Company’s long-term borrowings.

Investments in Certain Entities that Calculate NAV Per Share

As a practical expedient to value certain investments that do not have a readily determinable fair value and have attributes of an investment company, the Company uses NAV as the fair value. The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent).

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

623

 

 

$

129

 

 

Daily/Monthly (11%)
Quarterly (7%)
N/R (82%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,186

 

 

 

236

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

432

 

 

 

237

 

 

Quarterly (9%)
N/R (91%)

 

60 days

Investments related to deferred
   cash compensation plan

 

(e)

 

 

188

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

158

 

 

 

58

 

 

N/R

 

N/R

Private equity funds

 

(d)

 

 

126

 

 

 

19

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

171

 

 

 

43

 

 

Quarterly (83%)
N/R (17%)

 

90 days

Total

 

 

 

$

2,884

 

 

$

722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

588

 

 

$

134

 

 

Daily/Monthly (4%)
Quarterly (8%)
N/R (88%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,264

 

 

 

218

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

417

 

 

 

210

 

 

Quarterly (10%)
N/R (90%)

 

60 days

Investments related to deferred
   cash compensation plan

 

(e)

 

 

241

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

154

 

 

 

62

 

 

N/R

 

N/R

Private equity funds

 

(d)

 

 

145

 

 

 

37

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

168

 

 

 

64

 

 

Quarterly (83%)
N/R (17%)

 

90 days

Total

 

 

 

$

2,977

 

 

$

725

 

 

 

 

 

 

 

N/R – Not Redeemable

(1)
Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value.
(a)
This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both March 31, 2024 and December 31, 2023.
(b)
This category includes 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 and may also include 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 March 31, 2024 and December 31, 2023.
(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 period for the investments in the funds that are not subject to redemptions is unknown at both March 31, 2024 and December 31, 2023. The total remaining unfunded commitments were $295 million and $272 million at March 31, 2024 and December 31, 2023, respectively. The Company’s portion of the total remaining unfunded commitments was $268 million and $248 million at March 31, 2024 and December 31, 2023, respectively.
(d)
This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. 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.
(e)
This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The investments in hedge funds will be redeemed upon settlement of certain deferred cash compensation liabilities.

Fair Value Option

At March 31, 2024 and December 31, 2023, the Company elected the fair value option for certain investments in CLOs of approximately $41 million and $42 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 other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at March 31, 2024 and December 31, 2023:

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

CLO loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

195

 

 

$

203

 

Fair value

 

 

183

 

 

 

194

 

Aggregate unpaid principal balance in excess of (less than) fair value

 

$

12

 

 

$

9

 

 

 

 

 

 

 

CLO Borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

180

 

 

$

190

 

Fair value

 

$

169

 

 

$

180

 

 

At March 31, 2024, the principal amounts outstanding of the borrowings issued by the CLOs mature in 2030, and may be repaid prior to maturity at any time.

During the three months ended March 31, 2024 and 2023, 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 the condensed consolidated statements of income. The change in fair value of the assets and liabilities included interest income and expense, respectively.
v3.24.1.u1
Derivatives and Hedging
 3 Months Ended
Mar. 31, 2024
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging

8. Derivatives and Hedging

The Company maintains a program to enter into exchange traded futures as a macro hedging strategy to hedge market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. The Company had outstanding exchange traded futures related to this macro hedging strategy with aggregate notional values of approximately $1.8 billion at both March 31, 2024 and December 31, 2023, with expiration dates during the second and first quarter of 2024, respectively.

In addition, the Company enters into futures to economically hedge the exposure to market movements on certain deferred cash compensation plans. At March 31, 2024 and December 31, 2023, the Company had outstanding exchange traded futures with aggregate notional values related to its deferred cash compensation hedging program of approximately $205 million and $204 million, with expiration dates during the second and first quarter of 2024, respectively.

Changes in the value of the futures contracts are recognized as gains or losses within nonoperating income (expense). Variation margin payments, which represent settlements of profit/loss, are generally received or made daily, and are reflected in other assets and other liabilities on the condensed consolidated statements of financial condition. These amounts were not material as of March 31, 2024 and December 31, 2023.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At March 31, 2024 and December 31, 2023, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $2.7 billion and $3.1 billion, and with expiration dates in April 2024 and January 2024, respectively.

At both March 31, 2024 and December 31, 2023, the Company had a derivative providing credit protection with a notional amount of approximately $17 million to a counterparty, representing the Company’s maximum risk of loss with respect to the derivative. The Company carries the derivative at fair value based on the expected discounted future cash outflows under the arrangement.

The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at March 31, 2024 and December 31, 2023:

 

Assets

 

 

Liabilities

 

(in millions)

Statement of
Financial
Condition
Classification

 

March 31, 2024

 

 

December 31, 2023

 

 

Statement of
Financial
Condition
Classification

 

March 31, 2024

 

 

December 31, 2023

 

Derivative Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign currency
   exchange contracts

Other assets

 

$

3

 

 

$

19

 

 

Other liabilities

 

$

13

 

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table presents realized and unrealized gains (losses) recognized in the condensed consolidated statements of income on derivative instruments:

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

Statement of Income

 

2024

 

 

2023

 

(in millions)

 

Classification

 

Gains (Losses)

 

Derivative Instruments

 

 

 

 

 

 

 

 

Exchange traded futures(1)

 

Net gain (loss) on investments

 

$

(32

)

 

$

(45

)

Forward foreign currency
   exchange contracts

 

General and administration expense

 

 

(5

)

 

 

40

 

Total gain (loss) from derivative
   instruments

 

 

 

$

(37

)

 

$

(5

)

 

(1)
Amounts include $43 million and $54 million of losses on futures used in a macro hedging strategy of seed investments for the three months ended March 31, 2024 and 2023, respectively. In addition, amounts include $11 million and $9 million of gains on futures used to economically hedge certain deferred cash compensation plans for the three months ended March 31, 2024 and 2023, respectively.

The Company's CIPs may utilize derivative instruments as a part of the funds’ investment strategies. The change in fair value of such derivatives, which is recorded in nonoperating income (expense), was not material for the three months ended March 31, 2024 and 2023.

See Note 14, Borrowings, in the 2023 Form 10-K for more information on the Company’s net investment hedge.
v3.24.1.u1
Goodwill
 3 Months Ended
Mar. 31, 2024
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill

9. Goodwill

Goodwill activity during the three months ended March 31, 2024 was as follows:

 (in millions)

 

 

 December 31, 2023

$

15,524

 

Other

 

(2

)

 March 31, 2024

$

15,522

 
v3.24.1.u1
Intangible Assets
 3 Months Ended
Mar. 31, 2024
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets

10. Intangible Assets

The carrying amounts of identifiable intangible assets are summarized as follows:

 (in millions)

Indefinite-lived

 

 

Finite-lived

 

 

Total

 

 December 31, 2023

$

17,578

 

 

$

680

 

 

$

18,258

 

Amortization expense

 

—

 

 

 

(38

)

 

 

(38

)

Other

 

—

 

 

 

(1

)

 

 

(1

)

 March 31, 2024

$

17,578

 

 

$

641

 

 

$

18,219

 
v3.24.1.u1
Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases

11. Leases

The following table presents components of lease cost included in general and administration expense on the condensed consolidated statements of income:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2024

 

 

2023

 

Lease cost:

 

 

 

 

 

Operating lease cost(1)

$

45

 

 

$

55

 

Variable lease cost(2)

 

14

 

 

 

11

 

Total lease cost

$

59

 

 

$

66

 

 

(1)
Amounts include short-term leases, which are immaterial for the three months ended March 31, 2024 and 2023.
(2)
Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities.

Supplemental information related to operating leases is summarized below:

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions)

 

2024

 

 

2023

 

Supplemental cash flow information:

 

 

 

 

 

 

Operating cash flows from operating leases included in the measurement
   of operating lease liabilities

 

$

44

 

 

$

42

 

 

 

 

 

 

 

 

Supplemental noncash information:

 

 

 

 

 

 

ROU assets in exchange for operating lease liabilities

 

$

27

 

 

$

11

 

 

 

March 31,

 

December 31,

 

2024

 

2023

Lease term and discount rate:

 

 

 

 

 

 

 

Weighted-average remaining lease term

 

15

 

years

 

 

15

 

years

Weighted-average discount rate

 

3

 

%

 

 

3

 

%
v3.24.1.u1
Other Assets
 3 Months Ended
Mar. 31, 2024
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Other Assets

12. Other Assets

The Company records certain corporate minority investments, which exclude seed and co-investments in the Company's sponsored investment products, within other assets on the condensed consolidated statements of financial condition.

At March 31, 2024 and December 31, 2023, the Company had $780 million and $773 million, respectively, of certain corporate minority equity method investments, recorded within other assets. BlackRock’s share of these investees’ underlying net income or loss is presented within nonoperating income (expense) beginning in the first quarter of 2024 and within advisory and other revenue in the first quarter of 2023. At March 31, 2024 and December 31, 2023, the Company's ownership interest in its minority investment in iCapital Network Inc. ("iCapital") was approximately 25%, and the carrying value of the Company's interest was $642 million and $641 million, respectively. In accordance with GAAP, certain equity method investees, including iCapital, do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.

At March 31, 2024 and December 31, 2023, the Company had $529 million and $484 million, respectively, of other nonequity method corporate minority investments recorded within other assets. These investments include equity securities, generally measured at fair value or under the measurement alternative to fair value for nonmarketable securities, and corporate minority private debt investments measured at fair value. Changes in value of the equity securities are recorded in nonoperating income (expense) and changes in value of the debt securities are recorded in AOCI, net of tax. See Note 2, Significant Accounting Policies, in the notes to the consolidated financial statements contained in the 2023 Form 10-K for further information.
v3.24.1.u1
Borrowings
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Borrowings

13. Borrowings

Short-Term Borrowings

2024 Revolving Credit Facility. The Company maintains an unsecured revolving credit facility with a March 2028 maturity date, which is available for working capital and general corporate purposes (the “2024 credit facility”). In March 2024, the 2024 credit facility was amended to, among other things, (1) permit the proposed acquisition of Global Infrastructure Management, LLC (referred to herein as Global Infrastructure Partners (“GIP”) or the "GIP Transaction") and the transactions contemplated in connection with the GIP Transaction, (2) add BlackRock Funding, Inc., a Delaware corporation and currently a wholly owned subsidiary of BlackRock (“BlackRock Funding”), as a borrower under the existing credit agreement, (3) add BlackRock Funding as a guarantor of the payment and performance of the obligations, liabilities and indebtedness of BlackRock and certain of its other subsidiaries and (4) update the sustainability-linked pricing mechanics to allow metrics to be set following the consummation of the GIP Transaction. The 2024 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2024 credit facility from $5 billion as of March 31, 2024, to an aggregate principal amount of up to $6 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2024 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at March 31, 2024. At March 31, 2024, the Company had no amount outstanding under the 2024 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 billion. The commercial paper program is currently supported by the 2024 credit facility. At March 31, 2024, BlackRock had no CP Notes outstanding.

Subsidiary Credit Facility. In January 2024, BlackRock Investment Management (UK) Limited ("BIM UK"), a wholly owned subsidiary of the Company, entered into a revolving credit facility (the “Subsidiary Credit Facility”) in the amount of £25 million (or approximately $32 million based on the GBP/USD foreign exchange rate at March 31, 2024) with a rolling 364-day term structure. The Subsidiary Credit Facility is available for BIM UK's general corporate and working capital purposes. At March 31, 2024, there was no amount outstanding under the Subsidiary Credit Facility.

Long-Term Borrowings

2024 Notes. In March 2024, BlackRock Funding issued $3.0 billion in aggregate principal amount of senior unsecured and unsubordinated notes. These notes were issued as three separate series of senior debt securities including $500 million of 4.70% notes maturing on March 14, 2029 (the "2029 Notes"), $1.0 billion of 5.00% notes maturing on March 14, 2034 (the "2034 Notes") and $1.5 billion of 5.25% notes maturing on March 14, 2054 (the "2054 Notes") (collectively, the "2024 Notes"). Net proceeds are intended to be used to fund a portion of the cash consideration for the GIP Transaction, which is expected to close in third quarter of 2024. Interest on the 2024 Notes of approximately $152 million per year is payable semi-annually on March 14 and September 14 of each year, beginning September 14, 2024. The 2024 Notes are fully and unconditionally guaranteed (the “Guarantee”) on a senior unsecured basis by BlackRock. The 2024 Notes and the Guarantee rank equally in right of payment with all of BlackRock Funding and BlackRock’s other unsubordinated indebtedness, respectively. The 2024 Notes may be redeemed prior to maturity at any time in whole or in part at the option of BlackRock Funding at the redemption prices set forth in the applicable series of 2024 Notes. In addition, if the GIP Transaction is not consummated, BlackRock Funding will be required to redeem all outstanding 2029 Notes and 2034 Notes (the “Special Mandatory Redemption”) at a Special Mandatory Redemption price equal to 101% of the aggregate principal amount of the applicable series of 2024 Notes, plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption date. Upon completion of a Special Mandatory Redemption, either (a) BlackRock may assume the obligations of BlackRock Funding under the 2054 Notes or (b) BlackRock Funding may merge with and into BlackRock as a result of which transaction the separate legal existence of BlackRock Funding would cease, and, in either case, BlackRock Funding will be released under the indenture governing the 2054 Notes and BlackRock will be released from the note guarantees, but will instead become the primary (and sole) obligor under the 2054 Notes and the related indenture provisions. In the event of a Special Mandatory Redemption, the proceeds of the 2054 Notes will be used for general corporate purposes, which may include repayment of outstanding indebtedness.

The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at March 31, 2024 included the following:

(in millions)

Maturity
Amount

 

 

Unamortized
Discount
and Debt
Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

1.25% Notes due 2025

$

756

 

 

$

(1

)

 

$

755

 

 

$

738

 

3.20% Notes due 2027

 

700

 

 

 

(2

)

 

 

698

 

 

 

671

 

3.25% Notes due 2029

 

1,000

 

 

 

(7

)

 

 

993

 

 

 

935

 

4.70% Notes due 2029(2)

 

500

 

 

 

(4

)

 

 

496

 

 

 

500

 

2.40% Notes due 2030

 

1,000

 

 

 

(4

)

 

 

996

 

 

 

876

 

1.90% Notes due 2031

 

1,250

 

 

 

(8

)

 

 

1,242

 

 

 

1,039

 

2.10% Notes due 2032

 

1,000

 

 

 

(12

)

 

 

988

 

 

 

819

 

4.75% Notes due 2033

 

1,250

 

 

 

(18

)

 

 

1,232

 

 

 

1,239

 

5.00% Notes due 2034(2)

 

1,000

 

 

 

(8

)

 

 

992

 

 

 

1,004

 

5.25% Notes due 2054(2)

 

1,500

 

 

 

(32

)

 

 

1,468

 

 

 

1,509

 

Total long-term borrowings

$

9,956

 

 

$

(96

)

 

$

9,860

 

 

$

9,330

 

 

(1)
The unamortized discount and debt issuance costs are being amortized over the term of the notes.
(2)
Issued by BlackRock Funding and guaranteed by BlackRock.

Long-term borrowings at December 31, 2023 had a carrying value of $7.9 billion and a fair value of $7.4 billion, determined using market prices at the end of December 31, 2023.

In March 2024, the Company fully repaid $1.0 billion of 3.50% Notes at maturity.

See Note 14, Borrowings, in the 2023 Form 10-K for more information regarding the Company’s borrowings.
v3.24.1.u1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

14. Commitments and Contingencies

Investment Commitments. At March 31, 2024, the Company had $781 million of various capital commitments to fund sponsored investment products, including CIPs. These products 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.

Contingencies

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. BlackRock has been responding to requests from the SEC in connection with a publicly reported, industry-wide investigation of investment advisers’ compliance with record retention requirements relating to certain types of electronic communications. BlackRock is cooperating with the SEC’s investigation.

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.

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 agreed to indemnify 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. The amount of securities on loan as of March 31, 2024 and subject to this type of indemnification was approximately $270 billion. In the Company’s capacity as lending agent, cash and securities totaling approximately $289 billion were held as collateral for indemnified securities on loan at March 31, 2024. The fair value of these indemnifications was not material at March 31, 2024.
v3.24.1.u1
Revenue
 3 Months Ended
Mar. 31, 2024
Revenue From Contract With Customer [Abstract]  
Revenue

15. Revenue

The table below presents detail of revenue for the three months ended March 31, 2024 and 2023 and includes the product mix of investment advisory, administration fees and securities lending revenue, and performance fees.

 

Three Months Ended

 

 

March 31,

 

(in millions)

2024

 

 

2023

 

Revenue

 

 

 

 

 

Investment advisory, administration fees and
   securities lending revenue:

 

 

 

 

 

Equity:

 

 

 

 

 

Active

$

516

 

 

$

500

 

ETFs

 

1,190

 

 

 

1,078

 

Non-ETF index

 

187

 

 

 

177

 

Equity subtotal

 

1,893

 

 

 

1,755

 

Fixed income:

 

 

 

 

 

Active

 

484

 

 

 

468

 

ETFs

 

327

 

 

 

295

 

Non-ETF index

 

92

 

 

 

87

 

Fixed income subtotal

 

903

 

 

 

850

 

Multi-asset

 

314

 

 

 

296

 

Alternatives:

 

 

 

 

 

Illiquid alternatives

 

240

 

 

 

201

 

Liquid alternatives

 

138

 

 

 

145

 

Currency and commodities(1)

 

45

 

 

 

46

 

Alternatives subtotal

 

423

 

 

 

392

 

Long-term

 

3,533

 

 

 

3,293

 

Cash management

 

245

 

 

 

209

 

Total investment advisory, administration fees
   and securities lending revenue

 

3,778

 

 

 

3,502

 

Investment advisory performance fees:

 

 

 

 

 

Equity

 

8

 

 

 

6

 

Fixed income

 

4

 

 

 

1

 

Multi-asset

 

2

 

 

 

15

 

Alternatives:

 

 

 

 

 

Illiquid alternatives

 

125

 

 

 

21

 

Liquid alternatives

 

65

 

 

 

12

 

Alternatives subtotal

 

190

 

 

 

33

 

Total investment advisory performance fees

 

204

 

 

 

55

 

Technology services revenue

 

377

 

 

 

340

 

Distribution fees

 

310

 

 

 

319

 

Advisory and other revenue:

 

 

 

 

 

Advisory

 

13

 

 

 

14

 

Other

 

46

 

 

 

13

 

Total advisory and other revenue

 

59

 

 

 

27

 

Total revenue

$

4,728

 

 

$

4,243

 

 

(1)
Amounts include commodity ETFs.

 

The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2024

 

 

2023

 

By client type:

 

 

 

 

 

Retail

$

1,041

 

 

$

1,032

 

ETFs

 

1,567

 

 

 

1,418

 

Institutional:

 

 

 

 

 

Active

 

697

 

 

 

622

 

Index

 

228

 

 

 

221

 

Total institutional

 

925

 

 

 

843

 

Long-term

 

3,533

 

 

 

3,293

 

Cash management

 

245

 

 

 

209

 

Total

$

3,778

 

 

$

3,502

 

 

 

 

 

 

 

By investment style:

 

 

 

 

 

Active

$

1,681

 

 

$

1,606

 

Index and ETFs

 

1,852

 

 

 

1,687

 

Long-term

 

3,533

 

 

 

3,293

 

Cash management

 

245

 

 

 

209

 

Total

$

3,778

 

 

$

3,502

 

 

 

 

 

 

 

 

Investment 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 March 31, 2024 and 2023:

March 31, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

152

 

 

$

180

 

 

$

159

 

 

$

119

 

 

$

49

 

 

$

659

 

 

March 31, 2023

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2023

 

 

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

123

 

 

$

120

 

 

$

87

 

 

$

67

 

 

$

49

 

 

$

446

 

 

(1)
Investment advisory and administration fees include management fees related to certain alternative products, which are based on contractual committed capital outstanding at March 31, 2024 and 2023. Actual management fees could be higher to the extent additional committed capital is raised. These fees are generally billed on a quarterly basis in arrears.
(2)
The Company elected the following practical expedients and therefore does not include amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.

 

Change in Deferred Carried Interest Liability

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three months ended March 31, 2024 and 2023:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2024

 

 

2023

 

Beginning balance

$

1,783

 

 

$

1,420

 

Net increase (decrease) in unrealized allocations

 

142

 

 

 

54

 

Performance fee revenue recognized

 

(111

)

 

 

(16

)

Ending balance

$

1,814

 

 

$

1,458

 

 

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 March 31, 2024 and 2023:

March 31, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

104

 

 

$

76

 

 

$

59

 

 

$

33

 

 

$

31

 

 

$

303

 

 

March 31, 2023

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2023

 

 

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

87

 

 

$

56

 

 

$

37

 

 

$

26

 

 

$

18

 

 

$

224

 

 

(1)
Technology services revenue primarily includes upfront payments from customers, which the Company generally recognizes as services are performed.
(2)
The Company elected the following practical expedients and therefore does not include amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.

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 March 31, 2024, the estimated fixed minimum fees for the remainder of the year approximated $830 million. 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 for the three months ended March 31, 2024 and 2023, which is included in other liabilities on the condensed consolidated statements of financial condition:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2024

 

 

2023

 

Beginning balance

$

133

 

 

$

125

 

Additions(1)

 

25

 

 

 

21

 

Revenue recognized that was included
   in the beginning balance

 

(28

)

 

 

(26

)

Ending balance

$

130

 

 

$

120

 

 

(1)
Amounts are net of revenue recognized.
v3.24.1.u1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

16. Stock-Based Compensation

Restricted Stock Units (“RSUs”)

RSU activity for the three months ended March 31, 2024 is summarized below.

Outstanding at

RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2023

 

1,772,639

 

 

$

757.49

 

Granted

 

813,233

 

 

$

802.17

 

Converted

 

(679,259

)

 

$

760.44

 

Forfeited

 

(15,646

)

 

$

783.74

 

March 31, 2024

 

1,890,967

 

 

$

775.42

 

 

In January 2024, pursuant to the BlackRock, Inc. Second Amended and Restated 1999 Stock Award and Incentive Plan (the “Award Plan”), the Company granted as part of the 2023 annual incentive compensation approximately 347,000 RSUs to employees that vest ratably over three years from the grant date and approximately 344,000 RSUs to employees that cliff vest 100% on January 31, 2027. In addition, during the three months ended March 31, 2024, in connection with the GIP Transaction, the Company granted incentive retention awards of approximately 106,000 RSUs to certain employees that vest between two to five years from the grant date. The Company values RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The grant-date fair market value of RSUs granted to employees during the three months ended March 31, 2024 was $652 million.

At March 31, 2024, the intrinsic value of outstanding RSUs was $1.6 billion, reflecting a closing stock price of $833.70.

At March 31, 2024, total unrecognized stock-based compensation expense related to unvested RSUs was $817 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.9 years.

Performance-Based RSUs.

Performance-based RSU activity for the three months ended March 31, 2024 is summarized below.

Outstanding at

Performance-
Based RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2023

 

456,384

 

 

$

767.69

 

Granted

 

165,631

 

 

$

798.83

 

Reduction of shares due to performance measures

 

(42,341

)

 

$

739.22

 

Converted

 

(115,631

)

 

$

739.22

 

March 31, 2024

 

464,043

 

 

$

788.49

 

 

In January 2024, pursuant to the Award Plan, the Company granted 165,631 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2027. 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 2024, the Company reduced the number of original shares granted in 2021 by 42,341 RSUs based on the level of attainment of Company performance measures during the performance period.

The Company values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total grant-date fair market value of performance-based RSUs granted (including impact due to performance measures) to employees during the three months ended March 31, 2024 was $101 million.

At March 31, 2024, the intrinsic value of outstanding performance-based RSUs was $387 million, reflecting a closing stock price of $833.70.

At March 31, 2024, total unrecognized stock-based compensation expense related to unvested performance-based awards was $186 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.9 years.

Stock Options

Stock option activity and ending balance for the three months ended March 31, 2024 is summarized below.

 

2017 Performance-based
Options

 

 

2023 Performance-based
Options

 

 

2023 Time-based
Options

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

Outstanding at December 31, 2023

 

1,549,080

 

 

$

513.50

 

 

 

807,695

 

 

$

673.58

 

 

 

326,391

 

 

$

673.58

 

Exercised

 

(279,828

)

 

$

513.50

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited

 

—

 

 

$

—

 

 

 

(40,725

)

 

$

673.58

 

 

 

—

 

 

$

—

 

Outstanding at March 31, 2024

 

1,269,252

 

 

$

513.50

 

 

 

766,970

 

 

$

673.58

 

 

 

326,391

 

 

$

673.58

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Option Type

 

Exercise Prices

 

 

Options Outstanding(1)

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

 

Exercise Prices

 

 

Options
Exercisable

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

2017 Performance-based

 

$

513.50

 

 

 

1,269,252

 

 

 

2.7

 

 

$

406

 

 

$

513.50

 

 

 

711,328

 

 

 

2.7

 

 

$

228

 

2023 Performance-based

 

$

673.58

 

 

 

766,970

 

 

 

8.2

 

 

 

123

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

2023 Time-based

 

$

673.58

 

 

 

326,391

 

 

 

8.2

 

 

 

52

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

2,362,613

 

 

 

5.2

 

 

$

581

 

 

 

 

 

 

711,328

 

 

 

2.7

 

 

$

228

 

 

(1)
At March 31, 2024, 0.6 million 2017 performance-based options, 0.8 million 2023 performance-based options and 0.3 million 2023 time-based options were expected to vest.

At March 31, 2024, total unrecognized stock-based compensation expense related to unvested performance-based stock options was $141 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 3.2 years.

Performance-Based Stock Options

In 2017, pursuant to the Award Plan, the Company awarded performance-based stock option grants to certain employees ("2017 Performance-based Options"). Vesting of 2017 Performance-based Options was contingent upon the achievement of obtaining 125% of BlackRock's grant-date stock price within five years from the grant date and the attainment of Company performance measures during the four-year performance period. Both hurdles have been achieved, and the first two tranches of the awards vested at the end of 2022 and 2023, respectively, with the final equal installment vesting at the end of 2024. Vested options are exercisable for up to nine years following the grant date. The awards are generally forfeited if the employee leaves the Company before the respective vesting date. The expense for each tranche is amortized over the respective requisite service period. The aggregate intrinsic value of 2017 Performance-based Options exercised during the three months ended March 31, 2024 was $82 million.

On May 30, 2023, pursuant to the Award Plan, the Company awarded performance-based options to purchase 814,482 shares of BlackRock common stock to certain employees as long-term incentive compensation ("2023 Performance-based Options"). Vesting of 2023 Performance-based Options is contingent upon the achievement of obtaining 130% of grant-date stock price over 60 calendar days within four years from the grant date and attainment of Company performance measures during the three-year performance period. If both hurdles are achieved, the award will vest in three tranches of 25%, 25% and 50% in May of 2027, 2028 and 2029, respectively. Vested options are exercisable for up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense for each tranche is amortized over the respective requisite service period.

Time-Based Stock Options

On May 30, 2023, pursuant to the Award Plan, the Company awarded time-based stock options to purchase 326,391 shares of BlackRock common stock to certain employees as long-term incentive compensation ("2023 Time-based Options"). These awards will vest in three tranches of 25%, 25% and 50% in May 2027, 2028 and 2029, respectively. Vested options can be exercised up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date.

See Note 17, Stock-Based Compensation, in the 2023 Form 10-K for more information on RSUs, performance-based RSUs and stock options.
v3.24.1.u1
Net Capital Requirements
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024, 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, which 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 US Office of the Comptroller of the Currency), entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

18. Accumulated Other Comprehensive Income (Loss)

The following table presents changes in AOCI for the three months ended March 31, 2024 and 2023:

 

Three Months Ended

 

 

 

March 31,

 

 

 (in millions)

2024

 

 

2023

 

 

 Beginning balance

$

(840

)

 

$

(1,101

)

 

Foreign currency translation adjustments(1)

 

(93

)

 

 

126

 

 

 Ending balance

$

(933

)

 

$

(975

)

 

 

(1)
Amount for the three months ended March 31, 2024 includes a gain from a net investment hedge of $13 million (net of tax expense of $4 million). Amount for the three months ended March 31, 2023 includes a loss from a net investment hedge of $10 million (net of tax benefit of $3 million).
v3.24.1.u1
Capital Stock
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Capital Stock

19. Capital Stock

Share Repurchases. During the three months ended March 31, 2024, the Company repurchased 0.5 million common shares under the Company’s existing share repurchase program for approximately $375 million. At March 31, 2024, there were approximately 5.3 million shares still authorized to be repurchased under the program. The timing and actual number of shares repurchased will depend on a variety of factors, including legal limitations, price and market conditions.
v3.24.1.u1
Restructuring Charge
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Charge

20. Restructuring Charge

In the fourth quarter of 2023, a restructuring charge of $61 million ($46 million after-tax), comprised of $47 million of severance and $14 million of compensation expense for accelerated vesting of previously granted deferred compensation awards, was recorded in connection with initiatives to reorganize specific platforms, primarily Aladdin and illiquid alternative investments.

In the fourth quarter of 2022, a restructuring charge of $91 million ($69 million after-tax), comprised of $58 million of severance and $33 million of expense related to the accelerated amortization of previously granted stock-based compensation awards, was recorded in connection with an initiative to modify the size and shape of the workforce to align more closely with strategic priorities.

The table below presents a rollforward of the Company's restructuring liability for the three months ended March 31, 2024, and 2023, which is included in other liabilities on the condensed consolidated statements of financial condition:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2024

 

 

2023

 

 Beginning liability

$

47

 

 

$

58

 

 Cash payments

 

(33

)

 

 

(34

)

 Ending liability

$

14

 

 

$

24

 
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

21. Income Taxes

Income tax expense for the three months ended March 31, 2024 included a discrete tax benefit of $137 million recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure. In addition, for the three months ended March 31, 2024 income tax expense included $28 million of discrete tax benefits, including a benefit related to stock-based compensation awards that vested in the first quarter.

Income tax expense for the three months ended March 31, 2023 included $38 million of discrete tax benefits related to stock-based compensation awards that vested in the first quarter of 2023, offset by a $38 million discrete tax expense related to the resolution of certain outstanding tax matters.
v3.24.1.u1
Earnings Per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

22. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three months ended March 31, 2024 and 2023 under the treasury stock method:

 

Three Months Ended

 

 

March 31,

 

(in millions, except shares and per share data)

2024

 

 

2023

 

Net income attributable to BlackRock, Inc.

$

1,573

 

 

$

1,157

 

Basic weighted-average shares outstanding

 

148,689,172

 

 

 

149,909,343

 

Dilutive effect of:

 

 

 

 

 

   Nonparticipating RSUs

 

944,335

 

 

 

1,007,476

 

   Stock options

 

491,675

 

 

 

433,010

 

Total diluted weighted-average shares outstanding

 

150,125,182

 

 

 

151,349,829

 

Basic earnings per share

$

10.58

 

 

$

7.72

 

Diluted earnings per share

$

10.48

 

 

$

7.64

 

 

For the three months ended March 31, 2024 and 2023, 338,300 shares primarily related to stock options and 394,076 RSUs, respectively, were excluded from the calculation of diluted EPS because to include them would have an anti-dilutive effect. Certain performance-based RSUs and options were excluded from diluted EPS calculation because the designated contingencies were not met for the three months ended March 31, 2024 and 2023, respectively.

v3.24.1.u1
Segment Information
 3 Months Ended
Mar. 31, 2024
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 months ended March 31, 2024 and 2023 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

 

 

 

March 31,

 

(in millions)

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

Americas

 

$

3,138

 

 

$

2,831

 

Europe

 

 

1,403

 

 

 

1,224

 

Asia-Pacific

 

 

187

 

 

 

188

 

Total revenue

 

$

4,728

 

 

$

4,243

 

 

See Note 15, Revenue, for further information on the Company’s sources of revenue.

The following table illustrates long-lived assets that consist of goodwill and property and equipment at March 31, 2024 and December 31, 2023 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located.

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

Long-lived Assets

 

 

 

 

 

 

Americas

 

$

15,012

 

 

$

15,017

 

Europe

 

 

1,520

 

 

 

1,521

 

Asia-Pacific

 

 

96

 

 

 

98

 

Total long-lived assets

 

$

16,628

 

 

$

16,636

 

 

Americas is primarily comprised of the US, Latin America and Canada. Europe is primarily comprised of the UK, the Netherlands, Switzerland, France, Ireland and Luxembourg. Asia-Pacific is primarily comprised of Hong Kong, Australia, Japan and Singapore.
v3.24.1.u1
Subsequent Events
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events

24. Subsequent Events

In January 2024, BlackRock announced that it had entered into a definitive agreement to acquire 100% of the business and assets of GIP, a leading independent infrastructure fund manager, for $3 billion in cash and approximately 12 million shares of BlackRock common stock. Approximately 30% of the total consideration, all in stock, will be deferred and will be issued subject to the satisfaction of certain post-closing events. The Company believes the combination of GIP with BlackRock’s complementary infrastructure offerings will create a broad global infrastructure franchise with differentiated origination and asset management capabilities. The GIP Transaction is expected to close in the third quarter of 2024 subject to regulatory approvals and other customary closing conditions.

 

In May 2024, BlackRock completed the acquisition of the remaining equity interest in SpiderRock Advisors (“SRA”), a leading provider of customized option overlay strategies in the US wealth market. This transaction expands on BlackRock’s minority investment in SRA made in 2021 and reinforces BlackRock’s commitment to personalized separately managed accounts. The financial impact of the transaction is not material to BlackRock's condensed consolidated financial statements.

 

The Company conducted a review for additional subsequent events and determined that no subsequent events had occurred that would require accrual or additional disclosures.
v3.24.1.u1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
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 represent the portion of consolidated sponsored investment products (“CIPs”) and a consolidated affiliate (collectively, “consolidated entities”) in which the Company does not have direct equity ownership. Intercompany balances and transactions have been eliminated upon consolidation.

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 footnotes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission ("SEC") on February 23, 2024 (“2023 Form 10-K”).

The interim financial information at March 31, 2024 and for the three months ended March 31, 2024 and 2023 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 were reclassified to ensure comparability with current period classifications.
Accounting Developments

Accounting Developments

Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires incremental disclosures about reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker ("CODM") and (2) included in the reported measure of segment profit or loss. The new standard also requires companies to disclose the title and position of the individual (or the name of the committee) identified as the CODM, allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources, and is applicable to companies with a single reportable segment. The requirements are effective for annual reporting periods beginning on January 1, 2024, and are required to be applied retrospectively. Early adoption is permitted. The Company does not expect the additional disclosure requirements under ASU 2023-07 to have a material impact on the consolidated financial statements.

Income Tax Disclosure Requirements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances interim and annual income tax disclosures. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The additional disclosure requirements under ASU 2023-09 are required to be applied prospectively and are effective for the Company on January 1, 2025. The Company does not expect the additional disclosure requirements under ASU 2023-09 to have a material impact on the consolidated financial statements.
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, commodities 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, loans held within consolidated collateralized loan obligations (“CLOs”), short-term floating-rate notes, asset-backed securities, as well as over-the-counter derivatives, including interest 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, including those held within CIPs, investments in CLOs, and loans held within consolidated CLOs and CIPs.
•
Level 3 liabilities may include borrowings of consolidated CLOs and contingent liabilities related to acquisitions valued based upon discounted cash flow analyses using unobservable market data, or other valuation techniques.

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, and loans held within CLOs and CIPs are 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 Value. 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 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 Assets and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including 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 equal to 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

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 price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. Certain CIPs also utilize derivatives as a part of their investment strategies.

In addition, the Company uses derivatives and makes investments to economically hedge market valuation changes on certain deferred cash compensation plans, for which the final value of the deferred amount distributed to employees in cash upon vesting is determined based on the returns of specified investment funds. The Company recognizes compensation expense for the appreciation (depreciation) of the deferred cash compensation liability in proportion to the vested amount of the award during a respective period, while the gain (loss) to economically hedge these plans is immediately recognized in nonoperating income (expense). See Note 4, Investments, and Note 8, Derivatives and Hedging, for further information on the Company’s investments and derivatives, respectively, used to economically hedge these deferred cash compensation plans.

The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the condensed consolidated statements of financial condition. Credit risks are managed through master netting and collateral support agreements. The amounts related to the right to reclaim or the obligation to return cash collateral may not be used to offset amounts due under the derivative instruments in the normal course of settlement. Therefore, such amounts are not offset against fair value amounts recognized for derivative instruments with the same counterparty and are included in other assets and other liabilities. 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 or hedged assets or liabilities, 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, the functional currency of which is not United States ("US") dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge at least quarterly.

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 (“UK”), 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 obtains either (1) the legal title, or (2) a first ranking priority security interest, in the collateral. The minimum collateral values generally range from approximately 102% to 112% of the value of the securities 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.

In situations where the Company obtains the legal title to collateral under these securities lending arrangements, the Company records an asset on the condensed consolidated statements of financial condition in addition to an equal collateral liability for the obligation to return the collateral. Additionally, in situations where the Company obtains a first ranking priority security interest in the collateral, the Company does not have the ability to pledge or resell the collateral and therefore does not record the collateral on the condensed consolidated statements of financial condition. At March 31, 2024 and December 31, 2023, the fair value of loaned securities held by separate accounts was approximately $8.3 billion and $9.3 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $9.0 billion and $10.1 billion, respectively, of which approximately $4.0 billion as of March 31, 2024 and $4.6 billion as of December 31, 2023 was recognized on the condensed consolidated statements of financial condition. During the three months ended March 31, 2024 and 2023, the Company had not resold or repledged any of the collateral obtained under these arrangements. 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.
v3.24.1.u1
Cash, Cash Equivalents and Restricted Cash (Tables)
 3 Months Ended
Mar. 31, 2024
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.

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

Cash and cash equivalents

 

$

9,374

 

 

$

8,736

 

Restricted cash included in other assets

 

 

17

 

 

 

17

 

Total cash, cash equivalents and restricted cash

 

$

9,391

 

 

$

8,753

 

 
v3.24.1.u1
Investments (Tables)
 3 Months Ended
Mar. 31, 2024
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:

 

March 31,

 

 

December 31,

 

(in millions)

2024

 

 

2023

 

Debt securities:

 

 

 

 

 

Trading securities (including $1,635 and $1,829 held by CIPs at
   March 31, 2024 and December 31, 2023, respectively)

$

1,683

 

 

$

1,871

 

Held-to-maturity investments

 

611

 

 

 

617

 

Total debt securities

 

2,294

 

 

 

2,488

 

Equity securities at FVTNI (including $1,939 and $1,429 held by CIPs at
   March 31, 2024 and December 31, 2023, respectively)(1)

 

2,096

 

 

 

1,585

 

Equity method investments:

 

 

 

 

 

Equity method investments(2)

 

2,476

 

 

 

2,515

 

Investments related to deferred cash compensation plans(1)

 

188

 

 

 

241

 

Total equity method investments

 

2,664

 

 

 

2,756

 

Loans held by CIPs

 

559

 

 

 

205

 

Federal Reserve Bank stock(3)

 

92

 

 

 

92

 

Carried interest(4)

 

1,864

 

 

 

1,975

 

Other investments(1)(5)

 

768

 

 

 

639

 

Total investments

$

10,337

 

 

$

9,740

 

 

(1)
Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans of $188 million, $12 million and $10 million included within equity method investments, equity securities at fair value recorded through net income ("FVTNI") and other investments, respectively, as of March 31, 2024. Amounts as of December 31, 2023 were $241 million, $14 million, and $9 million, respectively.
(2)
Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds.
(3)
Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.
(4)
Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds.
Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes, a loan held at amortized cost, and private equity, real asset, and commodity investments held by CIPs, which are measured at fair value.
Summary of Cost and Carrying Value of Equity and Trading Debt Securities

A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows:

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

December 31, 2023

 

(in millions)

Cost

 

 

Carrying
Value

 

 

Cost

 

 

Carrying
Value

 

Trading debt securities:

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

947

 

 

$

940

 

 

$

1,225

 

 

$

1,218

 

Government debt

 

566

 

 

 

556

 

 

 

501

 

 

 

489

 

Asset/mortgage-backed debt

 

210

 

 

 

187

 

 

 

185

 

 

 

164

 

Total trading debt securities

$

1,723

 

 

$

1,683

 

 

$

1,911

 

 

$

1,871

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

$

1,994

 

 

$

2,096

 

 

$

1,520

 

 

$

1,585

 
v3.24.1.u1
Consolidated Sponsored Investment Products (Tables)
 3 Months Ended
Mar. 31, 2024
Statement Of Financial Position [Abstract]  
Consolidated VIEs And VREs Recorded in Condensed Consolidated Statements of Financial Condition

The following table presents the balances related to these CIPs accounted for as VIEs and VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these products:

 

 

March 31, 2024

 

 

December 31, 2023

 

(in millions)

 

VIEs

 

 

VREs

 

 

Total

 

 

VIEs

 

 

VREs

 

 

Total

 

Cash and cash equivalents(1)

 

$

277

 

 

$

105

 

 

$

382

 

 

$

234

 

 

$

54

 

 

$

288

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

 

1,175

 

 

 

460

 

 

 

1,635

 

 

 

1,423

 

 

 

406

 

 

 

1,829

 

Equity securities at FVTNI

 

 

1,349

 

 

 

590

 

 

 

1,939

 

 

 

1,059

 

 

 

370

 

 

 

1,429

 

Loans

 

 

545

 

 

 

14

 

 

 

559

 

 

 

195

 

 

 

10

 

 

 

205

 

Other investments

 

 

432

 

 

 

151

 

 

 

583

 

 

 

427

 

 

 

171

 

 

 

598

 

Carried interest

 

 

1,790

 

 

 

—

 

 

 

1,790

 

 

 

1,916

 

 

 

—

 

 

 

1,916

 

Total investments

 

 

5,291

 

 

 

1,215

 

 

 

6,506

 

 

 

5,020

 

 

 

957

 

 

 

5,977

 

Other assets

 

 

82

 

 

 

35

 

 

 

117

 

 

 

83

 

 

 

39

 

 

 

122

 

Other liabilities(2)

 

 

(2,114

)

 

 

(150

)

 

 

(2,264

)

 

 

(2,233

)

 

 

(108

)

 

 

(2,341

)

Noncontrolling interest - CIPs

 

 

(1,641

)

 

 

(313

)

 

 

(1,954

)

 

 

(1,625

)

 

 

(226

)

 

 

(1,851

)

BlackRock's net interest in CIPs

 

$

1,895

 

 

$

892

 

 

$

2,787

 

 

$

1,479

 

 

$

716

 

 

$

2,195

 

 

(1)
The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
(2)
At both March 31, 2024 and December 31, 2023, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.
Schedule of Nonoperating Gains (Loss) Related to Consolidated Variable Interest Entity

Net gain (loss) related to consolidated VIEs is presented in the following table:

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

(in millions)

 

2024

 

 

2023

 

 

Nonoperating net gain (loss) on consolidated VIEs

 

$

71

 

 

$

59

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to NCI on consolidated VIEs

 

$

39

 

 

$

12

 

 

 

 

 

 

 

 

 

 
v3.24.1.u1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2024
Variable Interest Entity, Not Primary Beneficiary [Member]  
Variable Interest Entity [Line Items]  
Schedule of VIE Assets and Liabilities At March 31, 2024 and December 31, 2023, 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 primary beneficiary, was as follows:

 

 

 

 

Advisory Fee

 

 

Other Net Assets

 

 

Maximum

 

(in millions)

Investments

 

Receivables

 

(Liabilities)

 

Risk of Loss(1)

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 Sponsored investment
   products

$

2,427

 

$

114

 

$

(11

)

$

2,558

 

December 31, 2023

 

 

 

 

 Sponsored investment
   products

$

2,377

 

$

116

 

$

(11

)

$

2,510

 

 

(1)
At both March 31, 2024 and December 31, 2023, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of advisory fee receivables.
v3.24.1.u1
Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2024
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

March 31, 2024
(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)

 

 

March 31,
 2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,635

 

 

$

48

 

 

$

—

 

 

$

—

 

 

$

1,683

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

611

 

 

 

611

 

Total debt securities

 

—

 

 

 

1,635

 

 

 

48

 

 

 

—

 

 

 

611

 

 

 

2,294

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

2,096

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,096

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

235

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

235

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

623

 

 

 

—

 

 

 

623

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,186

 

 

 

—

 

 

 

1,186

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

432

 

 

 

—

 

 

 

432

 

Investments related to deferred
   cash compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

188

 

 

 

—

 

 

 

188

 

Total equity method

 

235

 

 

 

—

 

 

 

—

 

 

 

2,429

 

 

 

—

 

 

 

2,664

 

Loans

 

—

 

 

 

34

 

 

 

525

 

 

 

—

 

 

 

—

 

 

 

559

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

92

 

 

 

92

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,864

 

 

 

1,864

 

Other investments

 

17

 

 

 

—

 

 

 

—

 

 

 

455

 

 

 

296

 

 

 

768

 

Total investments

 

2,348

 

 

 

1,669

 

 

 

573

 

 

 

2,884

 

 

 

2,863

 

 

 

10,337

 

Other assets(3)

 

136

 

 

 

3

 

 

 

138

 

 

 

—

 

 

 

—

 

 

 

277

 

Separate account assets

 

34,791

 

 

 

20,066

 

 

 

—

 

 

 

—

 

 

 

519

 

 

 

55,376

 

Separate account collateral held under
 securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

1,566

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,566

 

Debt securities

 

—

 

 

 

2,432

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,432

 

Total separate account collateral held
   under securities lending agreements

 

1,566

 

 

 

2,432

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,998

 

Total

$

38,841

 

 

$

24,170

 

 

$

711

 

 

$

2,884

 

 

$

3,382

 

 

$

69,988

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

1,566

 

 

$

2,432

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

3,998

 

Other liabilities(4)

 

—

 

 

 

24

 

 

 

258

 

 

 

—

 

 

 

—

 

 

 

282

 

Total

$

1,566

 

 

$

2,456

 

 

$

258

 

 

$

—

 

 

$

—

 

 

$

4,280

 

 

(1)
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2)
Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.
(3)
Level 1 amount includes a minority investment in a publicly traded company. Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 8, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets, and contingent liabilities related to certain acquisitions.

 

December 31, 2023
(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,
2023

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,829

 

 

$

42

 

 

$

—

 

 

$

—

 

 

$

1,871

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

617

 

 

 

617

 

Total debt securities

 

—

 

 

 

1,829

 

 

 

42

 

 

 

—

 

 

 

617

 

 

 

2,488

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,585

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,585

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

246

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

246

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

588

 

 

 

—

 

 

 

588

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,264

 

 

 

—

 

 

 

1,264

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

417

 

 

 

—

 

 

 

417

 

Investments related to deferred cash
   compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

241

 

 

 

—

 

 

 

241

 

Total equity method

 

246

 

 

 

—

 

 

 

—

 

 

 

2,510

 

 

 

—

 

 

 

2,756

 

Loans

 

—

 

 

 

30

 

 

 

175

 

 

 

—

 

 

 

—

 

 

 

205

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

92

 

 

 

92

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,975

 

 

 

1,975

 

Other investments

 

15

 

 

 

—

 

 

 

—

 

 

 

467

 

 

 

157

 

 

 

639

 

Total investments

 

1,846

 

 

 

1,859

 

 

 

217

 

 

 

2,977

 

 

 

2,841

 

 

 

9,740

 

Other assets(3)

 

117

 

 

 

19

 

 

 

120

 

 

 

—

 

 

 

—

 

 

 

256

 

Separate account assets

 

34,621

 

 

 

20,810

 

 

 

—

 

 

 

—

 

 

 

667

 

 

 

56,098

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

1,686

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,686

 

Debt securities

 

—

 

 

 

2,872

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,872

 

Total separate account collateral held
   under securities lending agreements

 

1,686

 

 

 

2,872

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,558

 

Total

$

38,270

 

 

$

25,560

 

 

$

337

 

 

$

2,977

 

 

$

3,508

 

 

$

70,652

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

1,686

 

 

$

2,872

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

4,558

 

Other liabilities(4)

 

—

 

 

 

17

 

 

 

279

 

 

 

—

 

 

 

—

 

 

 

296

 

Total

$

1,686

 

 

$

2,889

 

 

$

279

 

 

$

—

 

 

$

—

 

 

$

4,854

 

 

(1)
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2)
Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.
(3)
Level 1 amount includes a minority investment in a publicly traded company. Level 3 amount includes a corporate minority private debt investment with changes in fair value recorded in AOCI, net of tax.
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 8, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets, and a contingent liability related to certain acquisitions.
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2024

(in millions)

 

December 31,
 2023

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

March 31,
 2024

 

 

Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading

 

$

42

 

 

$

(1

)

 

$

7

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

48

 

 

$

(1

)

Total debt securities

 

 

42

 

 

 

(1

)

 

 

7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

48

 

 

 

(1

)

Loans

 

 

175

 

 

 

2

 

 

 

365

 

 

 

(17

)

 

 

—

 

 

 

3

 

 

 

(3

)

 

 

525

 

 

 

2

 

Total investments

 

 

217

 

 

 

1

 

 

 

372

 

 

 

(17

)

 

 

—

 

 

 

3

 

 

 

(3

)

 

 

573

 

 

 

1

 

Other assets

 

 

120

 

 

 

(7

)

 

 

25

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

138

 

 

 

(7

)

Total assets

 

$

337

 

 

$

(6

)

 

$

397

 

 

$

(17

)

 

$

—

 

 

$

3

 

 

$

(3

)

 

$

711

 

 

$

(6

)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

279

 

 

$

6

 

 

$

—

 

 

$

—

 

 

$

(15

)

 

$

—

 

 

$

—

 

 

$

258

 

 

$

6

 

 

(1)
Amounts include repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2023

(in millions)

 

December 31,
2022

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

March 31,
2023

 

 

Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading

 

$

52

 

 

$

1

 

 

$

2

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

55

 

 

$

1

 

Total debt securities

 

 

52

 

 

 

1

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

55

 

 

 

1

 

Loans

 

 

248

 

 

 

6

 

 

 

12

 

 

 

(20

)

 

 

—

 

 

 

5

 

 

 

(4

)

 

 

247

 

 

 

6

 

Total investments

 

$

300

 

 

$

7

 

 

$

14

 

 

$

(20

)

 

$

—

 

 

$

5

 

 

$

(4

)

 

$

302

 

 

$

7

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

280

 

 

$

4

 

 

$

—

 

 

$

—

 

 

$

(19

)

 

$

—

 

 

$

—

 

 

$

257

 

 

$

4

 

 

 

(1)
Amounts include repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.
Fair Value of Financial Assets and Financial Liabilities

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At March 31, 2024 and December 31, 2023, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

 

March 31, 2024

 

 

December 31, 2023

 

 

 

 

(in millions)

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Fair Value
Hierarchy

 

Financial Assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

9,374

 

 

$

9,374

 

 

$

8,736

 

 

$

8,736

 

 

Level 1

(2)(3)

Other assets

$

90

 

 

$

90

 

 

$

80

 

 

$

80

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

$

9,860

 

 

$

9,330

 

 

$

7,918

 

 

$

7,413

 

 

Level 2

(5)

 

(1)
See Note 4, Investments, for further information on investments not held at fair value.
(2)
Cash and cash equivalents are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.
(3)
At March 31, 2024 and December 31, 2023, approximately $4.3 billion and $3.4 billion, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund.
(4)
At March 31, 2024 and December 31, 2023, other assets included cash collateral of approximately $73 million and $63 million, respectively. See Note 8, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $17 million of restricted cash at both March 31, 2024 and December 31, 2023.
(5)
Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined using market prices and the EUR/USD foreign exchange rate at the end of March 2024 and December 2023, respectively. See Note 13, Borrowings, for the fair value of each of the Company’s long-term borrowings.
Investments in Certain Entities that Calculate Net Asset Value per Share The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent).

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

623

 

 

$

129

 

 

Daily/Monthly (11%)
Quarterly (7%)
N/R (82%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,186

 

 

 

236

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

432

 

 

 

237

 

 

Quarterly (9%)
N/R (91%)

 

60 days

Investments related to deferred
   cash compensation plan

 

(e)

 

 

188

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

158

 

 

 

58

 

 

N/R

 

N/R

Private equity funds

 

(d)

 

 

126

 

 

 

19

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

171

 

 

 

43

 

 

Quarterly (83%)
N/R (17%)

 

90 days

Total

 

 

 

$

2,884

 

 

$

722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

588

 

 

$

134

 

 

Daily/Monthly (4%)
Quarterly (8%)
N/R (88%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,264

 

 

 

218

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

417

 

 

 

210

 

 

Quarterly (10%)
N/R (90%)

 

60 days

Investments related to deferred
   cash compensation plan

 

(e)

 

 

241

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

154

 

 

 

62

 

 

N/R

 

N/R

Private equity funds

 

(d)

 

 

145

 

 

 

37

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

168

 

 

 

64

 

 

Quarterly (83%)
N/R (17%)

 

90 days

Total

 

 

 

$

2,977

 

 

$

725

 

 

 

 

 

 

 

N/R – Not Redeemable

(1)
Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value.
(a)
This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both March 31, 2024 and December 31, 2023.
(b)
This category includes 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 and may also include 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 March 31, 2024 and December 31, 2023.
(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 period for the investments in the funds that are not subject to redemptions is unknown at both March 31, 2024 and December 31, 2023. The total remaining unfunded commitments were $295 million and $272 million at March 31, 2024 and December 31, 2023, respectively. The Company’s portion of the total remaining unfunded commitments was $268 million and $248 million at March 31, 2024 and December 31, 2023, respectively.
(d)
This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. 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.
(e)
This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The investments in hedge funds will be redeemed upon settlement of certain deferred cash compensation liabilities.
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 other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at March 31, 2024 and December 31, 2023:

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

CLO loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

195

 

 

$

203

 

Fair value

 

 

183

 

 

 

194

 

Aggregate unpaid principal balance in excess of (less than) fair value

 

$

12

 

 

$

9

 

 

 

 

 

 

 

CLO Borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

180

 

 

$

190

 

Fair value

 

$

169

 

 

$

180

 
v3.24.1.u1
Derivative and Hedging (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Summary of Fair Values of Derivatives Instruments Recognized in Condensed Consolidated Statements of Financial Condition

The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at March 31, 2024 and December 31, 2023:

 

Assets

 

 

Liabilities

 

(in millions)

Statement of
Financial
Condition
Classification

 

March 31, 2024

 

 

December 31, 2023

 

 

Statement of
Financial
Condition
Classification

 

March 31, 2024

 

 

December 31, 2023

 

Derivative Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign currency
   exchange contracts

Other assets

 

$

3

 

 

$

19

 

 

Other liabilities

 

$

13

 

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary of Realized and Unrealized Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments

The following table presents realized and unrealized gains (losses) recognized in the condensed consolidated statements of income on derivative instruments:

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

Statement of Income

 

2024

 

 

2023

 

(in millions)

 

Classification

 

Gains (Losses)

 

Derivative Instruments

 

 

 

 

 

 

 

 

Exchange traded futures(1)

 

Net gain (loss) on investments

 

$

(32

)

 

$

(45

)

Forward foreign currency
   exchange contracts

 

General and administration expense

 

 

(5

)

 

 

40

 

Total gain (loss) from derivative
   instruments

 

 

 

$

(37

)

 

$

(5

)

 

(1)
Amounts include $43 million and $54 million of losses on futures used in a macro hedging strategy of seed investments for the three months ended March 31, 2024 and 2023, respectively. In addition, amounts include $11 million and $9 million of gains on futures used to economically hedge certain deferred cash compensation plans for the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
Goodwill (Tables)
 3 Months Ended
Mar. 31, 2024
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill Activity

Goodwill activity during the three months ended March 31, 2024 was as follows:

 (in millions)

 

 

 December 31, 2023

$

15,524

 

Other

 

(2

)

 March 31, 2024

$

15,522

 
v3.24.1.u1
Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2023

$

17,578

 

 

$

680

 

 

$

18,258

 

Amortization expense

 

—

 

 

 

(38

)

 

 

(38

)

Other

 

—

 

 

 

(1

)

 

 

(1

)

 March 31, 2024

$

17,578

 

 

$

641

 

 

$

18,219

 
v3.24.1.u1
Leases (Tables)
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Components of Lease Cost

The following table presents components of lease cost included in general and administration expense on the condensed consolidated statements of income:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2024

 

 

2023

 

Lease cost:

 

 

 

 

 

Operating lease cost(1)

$

45

 

 

$

55

 

Variable lease cost(2)

 

14

 

 

 

11

 

Total lease cost

$

59

 

 

$

66

 

 

(1)
Amounts include short-term leases, which are immaterial for the three months ended March 31, 2024 and 2023.
(2)
Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities.
Schedule of Supplemental Information Related to Operating Lease

Supplemental information related to operating leases is summarized below:

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions)

 

2024

 

 

2023

 

Supplemental cash flow information:

 

 

 

 

 

 

Operating cash flows from operating leases included in the measurement
   of operating lease liabilities

 

$

44

 

 

$

42

 

 

 

 

 

 

 

 

Supplemental noncash information:

 

 

 

 

 

 

ROU assets in exchange for operating lease liabilities

 

$

27

 

 

$

11

 

 

 

March 31,

 

December 31,

 

2024

 

2023

Lease term and discount rate:

 

 

 

 

 

 

 

Weighted-average remaining lease term

 

15

 

years

 

 

15

 

years

Weighted-average discount rate

 

3

 

%

 

 

3

 

%
v3.24.1.u1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 included the following:

(in millions)

Maturity
Amount

 

 

Unamortized
Discount
and Debt
Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

1.25% Notes due 2025

$

756

 

 

$

(1

)

 

$

755

 

 

$

738

 

3.20% Notes due 2027

 

700

 

 

 

(2

)

 

 

698

 

 

 

671

 

3.25% Notes due 2029

 

1,000

 

 

 

(7

)

 

 

993

 

 

 

935

 

4.70% Notes due 2029(2)

 

500

 

 

 

(4

)

 

 

496

 

 

 

500

 

2.40% Notes due 2030

 

1,000

 

 

 

(4

)

 

 

996

 

 

 

876

 

1.90% Notes due 2031

 

1,250

 

 

 

(8

)

 

 

1,242

 

 

 

1,039

 

2.10% Notes due 2032

 

1,000

 

 

 

(12

)

 

 

988

 

 

 

819

 

4.75% Notes due 2033

 

1,250

 

 

 

(18

)

 

 

1,232

 

 

 

1,239

 

5.00% Notes due 2034(2)

 

1,000

 

 

 

(8

)

 

 

992

 

 

 

1,004

 

5.25% Notes due 2054(2)

 

1,500

 

 

 

(32

)

 

 

1,468

 

 

 

1,509

 

Total long-term borrowings

$

9,956

 

 

$

(96

)

 

$

9,860

 

 

$

9,330

 

 

(1)
The unamortized discount and debt issuance costs are being amortized over the term of the notes.
(2)
Issued by BlackRock Funding and guaranteed by BlackRock.
v3.24.1.u1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2024
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 months ended March 31, 2024 and 2023 and includes the product mix of investment advisory, administration fees and securities lending revenue, and performance fees.

 

Three Months Ended

 

 

March 31,

 

(in millions)

2024

 

 

2023

 

Revenue

 

 

 

 

 

Investment advisory, administration fees and
   securities lending revenue:

 

 

 

 

 

Equity:

 

 

 

 

 

Active

$

516

 

 

$

500

 

ETFs

 

1,190

 

 

 

1,078

 

Non-ETF index

 

187

 

 

 

177

 

Equity subtotal

 

1,893

 

 

 

1,755

 

Fixed income:

 

 

 

 

 

Active

 

484

 

 

 

468

 

ETFs

 

327

 

 

 

295

 

Non-ETF index

 

92

 

 

 

87

 

Fixed income subtotal

 

903

 

 

 

850

 

Multi-asset

 

314

 

 

 

296

 

Alternatives:

 

 

 

 

 

Illiquid alternatives

 

240

 

 

 

201

 

Liquid alternatives

 

138

 

 

 

145

 

Currency and commodities(1)

 

45

 

 

 

46

 

Alternatives subtotal

 

423

 

 

 

392

 

Long-term

 

3,533

 

 

 

3,293

 

Cash management

 

245

 

 

 

209

 

Total investment advisory, administration fees
   and securities lending revenue

 

3,778

 

 

 

3,502

 

Investment advisory performance fees:

 

 

 

 

 

Equity

 

8

 

 

 

6

 

Fixed income

 

4

 

 

 

1

 

Multi-asset

 

2

 

 

 

15

 

Alternatives:

 

 

 

 

 

Illiquid alternatives

 

125

 

 

 

21

 

Liquid alternatives

 

65

 

 

 

12

 

Alternatives subtotal

 

190

 

 

 

33

 

Total investment advisory performance fees

 

204

 

 

 

55

 

Technology services revenue

 

377

 

 

 

340

 

Distribution fees

 

310

 

 

 

319

 

Advisory and other revenue:

 

 

 

 

 

Advisory

 

13

 

 

 

14

 

Other

 

46

 

 

 

13

 

Total advisory and other revenue

 

59

 

 

 

27

 

Total revenue

$

4,728

 

 

$

4,243

 

 

(1)
Amounts include commodity ETFs.

 

The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2024

 

 

2023

 

By client type:

 

 

 

 

 

Retail

$

1,041

 

 

$

1,032

 

ETFs

 

1,567

 

 

 

1,418

 

Institutional:

 

 

 

 

 

Active

 

697

 

 

 

622

 

Index

 

228

 

 

 

221

 

Total institutional

 

925

 

 

 

843

 

Long-term

 

3,533

 

 

 

3,293

 

Cash management

 

245

 

 

 

209

 

Total

$

3,778

 

 

$

3,502

 

 

 

 

 

 

 

By investment style:

 

 

 

 

 

Active

$

1,681

 

 

$

1,606

 

Index and ETFs

 

1,852

 

 

 

1,687

 

Long-term

 

3,533

 

 

 

3,293

 

Cash management

 

245

 

 

 

209

 

Total

$

3,778

 

 

$

3,502

 

 

 

 

 

 

 
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 March 31, 2024 and 2023:

March 31, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

152

 

 

$

180

 

 

$

159

 

 

$

119

 

 

$

49

 

 

$

659

 

 

March 31, 2023

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2023

 

 

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

123

 

 

$

120

 

 

$

87

 

 

$

67

 

 

$

49

 

 

$

446

 

 

(1)
Investment advisory and administration fees include management fees related to certain alternative products, which are based on contractual committed capital outstanding at March 31, 2024 and 2023. Actual management fees could be higher to the extent additional committed capital is raised. These fees are generally billed on a quarterly basis in arrears.
(2)
The Company elected the following practical expedients and therefore does not include amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.
Schedule of Changes in Deferred Carried Interest Liability

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three months ended March 31, 2024 and 2023:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2024

 

 

2023

 

Beginning balance

$

1,783

 

 

$

1,420

 

Net increase (decrease) in unrealized allocations

 

142

 

 

 

54

 

Performance fee revenue recognized

 

(111

)

 

 

(16

)

Ending balance

$

1,814

 

 

$

1,458

 
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 March 31, 2024 and 2023:

March 31, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

104

 

 

$

76

 

 

$

59

 

 

$

33

 

 

$

31

 

 

$

303

 

 

March 31, 2023

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2023

 

 

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

87

 

 

$

56

 

 

$

37

 

 

$

26

 

 

$

18

 

 

$

224

 

 

(1)
Technology services revenue primarily includes upfront payments from customers, which the Company generally recognizes as services are performed.
(2)
The Company elected the following practical expedients and therefore does not include amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.
Schedule of Changes in Technology Services Deferred Revenue Liability

The table below presents changes in the technology services deferred revenue liability for the three months ended March 31, 2024 and 2023, which is included in other liabilities on the condensed consolidated statements of financial condition:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2024

 

 

2023

 

Beginning balance

$

133

 

 

$

125

 

Additions(1)

 

25

 

 

 

21

 

Revenue recognized that was included
   in the beginning balance

 

(28

)

 

 

(26

)

Ending balance

$

130

 

 

$

120

 

 

(1)
Amounts are net of revenue recognized.
v3.24.1.u1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Stock Option Activity

Stock option activity and ending balance for the three months ended March 31, 2024 is summarized below.

 

2017 Performance-based
Options

 

 

2023 Performance-based
Options

 

 

2023 Time-based
Options

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

Outstanding at December 31, 2023

 

1,549,080

 

 

$

513.50

 

 

 

807,695

 

 

$

673.58

 

 

 

326,391

 

 

$

673.58

 

Exercised

 

(279,828

)

 

$

513.50

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited

 

—

 

 

$

—

 

 

 

(40,725

)

 

$

673.58

 

 

 

—

 

 

$

—

 

Outstanding at March 31, 2024

 

1,269,252

 

 

$

513.50

 

 

 

766,970

 

 

$

673.58

 

 

 

326,391

 

 

$

673.58

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Option Type

 

Exercise Prices

 

 

Options Outstanding(1)

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

 

Exercise Prices

 

 

Options
Exercisable

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

2017 Performance-based

 

$

513.50

 

 

 

1,269,252

 

 

 

2.7

 

 

$

406

 

 

$

513.50

 

 

 

711,328

 

 

 

2.7

 

 

$

228

 

2023 Performance-based

 

$

673.58

 

 

 

766,970

 

 

 

8.2

 

 

 

123

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

2023 Time-based

 

$

673.58

 

 

 

326,391

 

 

 

8.2

 

 

 

52

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

2,362,613

 

 

 

5.2

 

 

$

581

 

 

 

 

 

 

711,328

 

 

 

2.7

 

 

$

228

 

 

(1)
At March 31, 2024, 0.6 million 2017 performance-based options, 0.8 million 2023 performance-based options and 0.3 million 2023 time-based options were expected to vest.

At March 31, 2024, total unrecognized stock-based compensation expense related to unvested performance-based stock options was $141 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 3.2 years.
Restricted Stock Units (RSUs) [Member]  
RSU Activity

RSU activity for the three months ended March 31, 2024 is summarized below.

Outstanding at

RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2023

 

1,772,639

 

 

$

757.49

 

Granted

 

813,233

 

 

$

802.17

 

Converted

 

(679,259

)

 

$

760.44

 

Forfeited

 

(15,646

)

 

$

783.74

 

March 31, 2024

 

1,890,967

 

 

$

775.42

 
Performance-Based RSUs [Member]  
RSU Activity

Performance-based RSU activity for the three months ended March 31, 2024 is summarized below.

Outstanding at

Performance-
Based RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2023

 

456,384

 

 

$

767.69

 

Granted

 

165,631

 

 

$

798.83

 

Reduction of shares due to performance measures

 

(42,341

)

 

$

739.22

 

Converted

 

(115,631

)

 

$

739.22

 

March 31, 2024

 

464,043

 

 

$

788.49

 
Performance Based Stock Options [Member]  
Schedule of Fair Value of Market Performance-Based Award at Grant Date

Performance-Based Stock Options

In 2017, pursuant to the Award Plan, the Company awarded performance-based stock option grants to certain employees ("2017 Performance-based Options"). Vesting of 2017 Performance-based Options was contingent upon the achievement of obtaining 125% of BlackRock's grant-date stock price within five years from the grant date and the attainment of Company performance measures during the four-year performance period. Both hurdles have been achieved, and the first two tranches of the awards vested at the end of 2022 and 2023, respectively, with the final equal installment vesting at the end of 2024. Vested options are exercisable for up to nine years following the grant date. The awards are generally forfeited if the employee leaves the Company before the respective vesting date. The expense for each tranche is amortized over the respective requisite service period. The aggregate intrinsic value of 2017 Performance-based Options exercised during the three months ended March 31, 2024 was $82 million.

On May 30, 2023, pursuant to the Award Plan, the Company awarded performance-based options to purchase 814,482 shares of BlackRock common stock to certain employees as long-term incentive compensation ("2023 Performance-based Options"). Vesting of 2023 Performance-based Options is contingent upon the achievement of obtaining 130% of grant-date stock price over 60 calendar days within four years from the grant date and attainment of Company performance measures during the three-year performance period. If both hurdles are achieved, the award will vest in three tranches of 25%, 25% and 50% in May of 2027, 2028 and 2029, respectively. Vested options are exercisable for up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense for each tranche is amortized over the respective requisite service period.
Time Based Stock Options  
Schedule of Fair Value of Market Performance-Based Award at Grant Date

Time-Based Stock Options

On May 30, 2023, pursuant to the Award Plan, the Company awarded time-based stock options to purchase 326,391 shares of BlackRock common stock to certain employees as long-term incentive compensation ("2023 Time-based Options"). These awards will vest in three tranches of 25%, 25% and 50% in May 2027, 2028 and 2029, respectively. Vested options can be exercised up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date.

See Note 17, Stock-Based Compensation, in the 2023 Form 10-K for more information on RSUs, performance-based RSUs and stock options.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Changes in AOCI

The following table presents changes in AOCI for the three months ended March 31, 2024 and 2023:

 

Three Months Ended

 

 

 

March 31,

 

 

 (in millions)

2024

 

 

2023

 

 

 Beginning balance

$

(840

)

 

$

(1,101

)

 

Foreign currency translation adjustments(1)

 

(93

)

 

 

126

 

 

 Ending balance

$

(933

)

 

$

(975

)

 

 

(1)
Amount for the three months ended March 31, 2024 includes a gain from a net investment hedge of $13 million (net of tax expense of $4 million). Amount for the three months ended March 31, 2023 includes a loss from a net investment hedge of $10 million (net of tax benefit of $3 million).
v3.24.1.u1
Restructuring Charge (Tables)
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Rollforward of Restructuring Liability Included in Other Liabilities

The table below presents a rollforward of the Company's restructuring liability for the three months ended March 31, 2024, and 2023, which is included in other liabilities on the condensed consolidated statements of financial condition:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2024

 

 

2023

 

 Beginning liability

$

47

 

 

$

58

 

 Cash payments

 

(33

)

 

 

(34

)

 Ending liability

$

14

 

 

$

24

 
v3.24.1.u1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings per Share ("EPS") under Treasury Stock Method

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three months ended March 31, 2024 and 2023 under the treasury stock method:

 

Three Months Ended

 

 

March 31,

 

(in millions, except shares and per share data)

2024

 

 

2023

 

Net income attributable to BlackRock, Inc.

$

1,573

 

 

$

1,157

 

Basic weighted-average shares outstanding

 

148,689,172

 

 

 

149,909,343

 

Dilutive effect of:

 

 

 

 

 

   Nonparticipating RSUs

 

944,335

 

 

 

1,007,476

 

   Stock options

 

491,675

 

 

 

433,010

 

Total diluted weighted-average shares outstanding

 

150,125,182

 

 

 

151,349,829

 

Basic earnings per share

$

10.58

 

 

$

7.72

 

Diluted earnings per share

$

10.48

 

 

$

7.64

 

 
v3.24.1.u1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Total Revenue by Geographic Region

The following table illustrates total revenue for the three months ended March 31, 2024 and 2023 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

 

 

 

March 31,

 

(in millions)

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

Americas

 

$

3,138

 

 

$

2,831

 

Europe

 

 

1,403

 

 

 

1,224

 

Asia-Pacific

 

 

187

 

 

 

188

 

Total revenue

 

$

4,728

 

 

$

4,243

 
Schedule of Long-Lived Assets by Geographic Region

The following table illustrates long-lived assets that consist of goodwill and property and equipment at March 31, 2024 and December 31, 2023 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located.

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

Long-lived Assets

 

 

 

 

 

 

Americas

 

$

15,012

 

 

$

15,017

 

Europe

 

 

1,520

 

 

 

1,521

 

Asia-Pacific

 

 

96

 

 

 

98

 

Total long-lived assets

 

$

16,628

 

 

$

16,636

 
v3.24.1.u1
Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Significant Accounting Policies [Line Items]      
Fair value of loaned securities held $ 8,300 $ 9,300  
Fair value of collateral loan under these securities lending agreements 9,000 10,100  
Separate account collateral held under securities lending agreements 3,998 $ 4,558  
Fair value of securities received as collateral have been resold or repledged $ 0   $ 0
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%    
v3.24.1.u1
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]    
Goodwill $ 15,522 $ 15,524
v3.24.1.u1
Cash, Cash Equivalents and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents [1] $ 9,374 $ 8,736    
Restricted cash included in other assets $ 17 $ 17    
Restricted Cash, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets    
Total cash, cash equivalents and restricted cash $ 9,391 $ 8,753 $ 5,661 $ 7,433
[1] At March 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $277 million, $5.3 billion, $82 million, and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.1.u1
Investments - Summary of Carrying Value of Total Investments (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Trading securities (including $1,635 and $1,829 held by CIPs at March 31, 2024 and December 31, 2023, respectively) $ 1,683 $ 1,871
Held-to-maturity investments 611 617
Total debt securities 2,294 2,488
Equity securities at FVTNI (including $1,939 and $1,429 held by CIPs at March 31, 2024 and December 31, 2023, respectively) 2,096 1,585
Total equity method investments 2,664 2,756
Loans held by CIPs 559 205
Total investments [1] 10,337 9,740
Other Investments [Member]    
Schedule of Investments [Line Items]    
Total investments 768 639
Equity Method Investments [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 2,476 2,515
Deferred Cash Compensation Plans [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 188 241
Deferred Cash Compensation Plans [Member] | Other Investments [Member]    
Schedule of Investments [Line Items]    
Total investments 10 9
Federal Reserve Bank Stock [Member]    
Schedule of Investments [Line Items]    
Total investments 92 92
Consolidated Entities [Member] | Carried Interest [Member]    
Schedule of Investments [Line Items]    
Total investments $ 1,864 $ 1,975
[1] At March 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $277 million, $5.3 billion, $82 million, and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.1.u1
Investments - Summary of Carrying Value of Total Investments (Detail) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Trading securities $ 1,683 $ 1,871
Total equity securities at FVTNI 2,096 1,585
Total equity method investments 2,664 2,756
Investments [1] 10,337 9,740
Deferred Cash Compensation Plan Member    
Schedule of Investments [Line Items]    
Total equity method investments 188 241
Deferred Cash Compensation Plan Mutual Fund Investments [Member]    
Schedule of Investments [Line Items]    
Investments 12 14
Deferred Cash Compensation Plans [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 188 241
Other Investments [Member]    
Schedule of Investments [Line Items]    
Investments 768 639
Other Investments [Member] | Deferred Cash Compensation Plans [Member]    
Schedule of Investments [Line Items]    
Investments 10 9
Consolidated Sponsored Investment Products [Member]    
Schedule of Investments [Line Items]    
Trading securities 1,635 1,829
Total equity securities at FVTNI 1,939 1,429
Investments $ 6,506 $ 5,977
[1] At March 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $277 million, $5.3 billion, $82 million, and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.1.u1
Investments - Additional Information (Detail)
$ in Millions
Mar. 31, 2024
USD ($)
Investments Debt And Equity Securities [Abstract]  
Held-to-maturity investments, less than one year $ 10
Foreign government debt, after five years through ten years 320
Held-to-maturity investments, after ten years $ 281
v3.24.1.u1
Investments - Summary of Cost and Carrying Value of Equity and Trading Debt Securities (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Total trading debt securities, Cost $ 1,723 $ 1,911
Total trading debt, Carrying Value 1,683 1,871
Equity securities at FVTNI, Carrying Value 2,096 1,585
Corporate Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 947 1,225
Total trading debt, Carrying Value 940 1,218
Government Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 566 501
Total trading debt, Carrying Value 556 489
Asset/Mortgage-Backed Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 210 185
Total trading debt, Carrying Value 187 164
Equity Securities Member    
Schedule of Investments [Line Items]    
Equity securities at FVTNI, Cost 1,994 1,520
Equity securities at FVTNI, Carrying Value $ 2,096 $ 1,585
v3.24.1.u1
Consolidated Sponsored Investment Products - Consolidated VIEs And VREs Recorded in Consolidated Statements of Financial Condition (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents [1] $ 9,374 $ 8,736
Investments:    
Trading securities 1,683 1,871
Equity securities at FVTNI 2,096 1,585
Total investments [1] 10,337 9,740
Other assets [1] 4,685 3,848
Other liabilities [1] (5,275) (4,474)
Noncontrolling interests - CIPs (170) (153)
Consolidated Variable Interest Entities [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 277 234
Investments:    
Trading securities 1,175 1,423
Loans 545 195
Other investments 432 427
Carried interest 1,790 1,916
Total investments 5,291 5,020
Other assets 82 83
Other liabilities (2,114) (2,233)
Noncontrolling interests - CIPs (1,641) (1,625)
BlackRock's net interests in CIPs 1,895 1,479
Consolidated Voting Rights Entities [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 105 54
Investments:    
Trading securities 460 406
Loans 14 10
Other investments 151 171
Carried interest 0 0
Total investments 1,215 957
Other assets 35 39
Other liabilities (150) (108)
Noncontrolling interests - CIPs (313) (226)
BlackRock's net interests in CIPs 892 716
Consolidated Sponsored Investment Products [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 382 288
Investments:    
Trading securities 1,635 1,829
Equity securities at FVTNI 1,939 1,429
Loans 559 205
Other investments 583 598
Carried interest 1,790 1,916
Total investments 6,506 5,977
Other assets 117 122
Other liabilities (2,264) (2,341)
Noncontrolling interests - CIPs (1,954) (1,851)
BlackRock's net interests in CIPs 2,787 2,195
Equity Securities Member    
Investments:    
Equity securities at FVTNI 2,096 1,585
Equity Securities Member | Consolidated Variable Interest Entities [Member]    
Investments:    
Equity securities at FVTNI 1,349 1,059
Equity Securities Member | Consolidated Voting Rights Entities [Member]    
Investments:    
Equity securities at FVTNI 590 370
Equity Securities Member | Consolidated Sponsored Investment Products [Member]    
Investments:    
Equity securities at FVTNI $ 1,939 $ 1,429
[1] At March 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $277 million, $5.3 billion, $82 million, and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.1.u1
Consolidated Sponsored Investment Products - Schedule of Net Gain (Loss) Related to Consolidated VIEs (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Variable Interest Entity [Line Items]    
Nonoperating net gain (loss) on consolidated VIEs $ 171 $ 89
Net income (loss) attributable to NCI on consolidated VIEs 50 12
Consolidated Variable Interest Entities [Member]    
Variable Interest Entity [Line Items]    
Nonoperating net gain (loss) on consolidated VIEs 71 59
Net income (loss) attributable to NCI on consolidated VIEs $ 39 $ 12
v3.24.1.u1
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 ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Investments [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products $ 2,427 $ 2,377
Advisory Fee Receivables [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products 114 116
Other Net Assets (Liabilities) [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products (11) (11)
Maximum Risk of Loss [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products $ 2,558 $ 2,510
v3.24.1.u1
Variable Interest Entities Reflects adoption of ASU 2015-12 - Additional Information (Detail) - USD ($)
$ in Billions
Mar. 31, 2024
Dec. 31, 2023
Variable Interest Entity, Not Primary Beneficiary [Member] | Sponsored Investment Products [Member]    
Variable Interest Entity [Line Items]    
Net assets of investments funds $ 42 $ 39
v3.24.1.u1
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities $ 1,683 $ 1,871
Total equity securities at FVTNI 2,096 1,585
Loans 559 205
Separate account assets 55,376 56,098
Separate account collateral liabilities under securities lending agreements 3,998 4,558
Equity Securities Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity securities at FVTNI 2,096 1,585
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 90 80
Fair Value, Measurements, Recurring Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Held-to-maturity investments   617
Total debt securities   2,488
Total equity method 2,664 2,756
Loans 559 205
Federal Reserve Bank Stock 92 92
Carried interest 1,864 1,975
Other investments   639
Total investments 10,337 9,740
Other assets 277 256
Separate account assets 55,376 56,098
Total separate account collateral held under securities lending agreements 3,998 4,558
Total 69,988 70,652
Separate account collateral liabilities under securities lending agreements 3,998 4,558
Other liabilities 282 296
Total liabilities measured at fair value 4,280 4,854
Fair Value, Measurements, Recurring Member | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities   0
Held-to-maturity investments   0
Total debt securities 0 0
Total equity method 2,429  
Loans 0
Federal Reserve Bank Stock 0
Carried interest   0
Other investments 455  
Total investments 2,884  
Other assets 0 0
Separate account assets 0 0
Total separate account collateral held under securities lending agreements 0 0
Total 2,884  
Separate account collateral liabilities under securities lending agreements 0
Other liabilities 0 0
Total liabilities measured at fair value 0 0
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 debt securities 0 0
Total equity method 235 246
Loans 0 0
Federal Reserve Bank Stock 0 0
Carried interest   0
Other investments 17 15
Total investments 2,348 1,846
Other assets 136 117
Separate account assets 34,791 34,621
Total separate account collateral held under securities lending agreements 1,566  
Total 38,841 38,270
Separate account collateral liabilities under securities lending agreements 1,566 1,686
Other liabilities 0 0
Total liabilities measured at fair value 1,566 1,686
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 1,635 1,829
Total equity method 0 0
Loans 34 30
Federal Reserve Bank Stock 0 0
Carried interest   0
Other investments 0 0
Total investments 1,669 1,859
Other assets 3 19
Separate account assets 20,066 20,810
Total separate account collateral held under securities lending agreements 2,432 2,872
Total 24,170 25,560
Separate account collateral liabilities under securities lending agreements 2,432 2,872
Other liabilities 24 17
Total liabilities measured at fair value 2,456 2,889
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 48 42
Total equity method 0 0
Loans 525 175
Federal Reserve Bank Stock 0
Carried interest   0
Other investments 0
Total investments 573 217
Other assets 138 120
Separate account assets 0 0
Total separate account collateral held under securities lending agreements 0 0
Total 711 337
Separate account collateral liabilities under securities lending agreements 0 0
Other liabilities 258 279
Total liabilities measured at fair value 258 279
Fair Value, Measurements, Recurring Member | Equity Securities/Mutual Funds Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity securities at FVTNI   1,585
Fair Value, Measurements, Recurring Member | Equity Securities/Mutual Funds Member | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity securities at FVTNI 0 0
Fair Value, Measurements, Recurring Member | Equity Securities/Mutual Funds Member | Quoted Prices in Active Markets for Identical Assets (Level 1) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity securities at FVTNI 2,096 1,585
Fair Value, Measurements, Recurring Member | Equity Securities/Mutual Funds Member | Significant Other Observable Inputs (Level 2) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity securities at FVTNI 0 0
Fair Value, Measurements, Recurring Member | Equity Securities/Mutual Funds Member | Significant Unobservable Inputs (Level 3) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity securities at FVTNI 0 0
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 1,683 1,871
Held-to-maturity investments 611  
Total debt securities 2,294  
Total equity securities at FVTNI 2,096  
Other investments 768  
Fair Value, Measurements, Recurring Member | Debt Securities/ Fixed Income Mutual Funds Member | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 0  
Held-to-maturity investments 0  
Fair Value, Measurements, Recurring Member | Debt Securities/ Fixed Income Mutual Funds Member | Quoted Prices in Active Markets for Identical Assets (Level 1) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 0 0
Held-to-maturity investments 0 0
Total separate account collateral held under securities lending agreements   1,686
Fair Value, Measurements, Recurring Member | Debt Securities/ Fixed Income Mutual Funds Member | Significant Other Observable Inputs (Level 2) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 1,635 1,829
Held-to-maturity investments 0 0
Fair Value, Measurements, Recurring Member | Debt Securities/ Fixed Income Mutual Funds Member | Significant Unobservable Inputs (Level 3) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 48 42
Held-to-maturity investments 0
Fair Value, Measurements, Recurring Member | Equity, Fixed Income And Multi-Asset Mutual Funds Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 235 246
Fair Value, Measurements, Recurring Member | Equity, Fixed Income And Multi-Asset Mutual Funds Member | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Equity, Fixed Income And Multi-Asset Mutual Funds Member | Quoted Prices in Active Markets for Identical Assets (Level 1) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 235 246
Fair Value, Measurements, Recurring Member | Equity, Fixed Income And Multi-Asset Mutual Funds Member | Significant Other Observable Inputs (Level 2) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Equity, Fixed Income And Multi-Asset Mutual Funds Member | Significant Unobservable Inputs (Level 3) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Hedge Funds/Funds of Hedge Funds/Other Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 623 588
Fair Value, Measurements, Recurring Member | Hedge Funds/Funds of Hedge Funds/Other Member | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 623  
Fair Value, Measurements, Recurring Member | Hedge Funds/Funds of Hedge Funds/Other 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 method 0 0
Fair Value, Measurements, Recurring Member | Hedge Funds/Funds of Hedge Funds/Other Member | Significant Other Observable Inputs (Level 2) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Hedge Funds/Funds of Hedge Funds/Other Member | Significant Unobservable Inputs (Level 3) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Private Equity Funds Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 1,186 1,264
Fair Value, Measurements, Recurring Member | Private Equity Funds Member | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 1,186  
Fair Value, Measurements, Recurring Member | Private Equity Funds Member | Quoted Prices in Active Markets for Identical Assets (Level 1) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Private Equity Funds Member | Significant Other Observable Inputs (Level 2) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Private Equity Funds Member | Significant Unobservable Inputs (Level 3) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
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 432 417
Fair Value, Measurements, Recurring 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 432  
Fair Value, Measurements, Recurring Member | Real Assets Funds Member | Quoted Prices in Active Markets for Identical Assets (Level 1) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Real Assets Funds Member | Significant Other Observable Inputs (Level 2) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Real Assets Funds Member | Significant Unobservable Inputs (Level 3) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Investments Related To Deferred Cash Compensation Plans Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 188 241
Fair Value, Measurements, Recurring Member | Investments Related To Deferred Cash Compensation Plans Member | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 188  
Fair Value, Measurements, Recurring Member | Investments Related To Deferred Cash Compensation Plans 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 method 0 0
Fair Value, Measurements, Recurring Member | Investments Related To Deferred Cash Compensation Plans Member | Significant Other Observable Inputs (Level 2) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Investments Related To Deferred Cash Compensation Plans Member | Significant Unobservable Inputs (Level 3) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Equity Securities Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 1,566 1,686
Fair Value, Measurements, Recurring Member | Equity Securities Member | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
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 separate account collateral held under securities lending agreements 1,566 1,686
Fair Value, Measurements, Recurring Member | Equity Securities Member | Significant Other Observable Inputs (Level 2) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring Member | Equity Securities Member | Significant Unobservable Inputs (Level 3) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0  
Fair Value, Measurements, Recurring Member | Debt Securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 2,432 2,872
Fair Value, Measurements, Recurring Member | Debt Securities | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring Member | Debt Securities | 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 separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring Member | Debt Securities | Significant Other Observable Inputs (Level 2) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 2,432 2,872
Fair Value, Measurements, Recurring Member | Debt Securities | Significant Unobservable Inputs (Level 3) Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring Member | Investments Measured at NAV Member | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   2,510
Other investments   467
Total investments   2,977
Total   2,977
Fair Value, Measurements, Recurring Member | Investments Measured at NAV Member | Hedge Funds/Funds of Hedge Funds/Other Member | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   588
Fair Value, Measurements, Recurring Member | Investments Measured at NAV Member | Private Equity Funds Member | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   1,264
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   417
Fair Value, Measurements, Recurring Member | Investments Measured at NAV Member | Investments Related To Deferred Cash Compensation Plans Member | Investment in NAV Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   241
Fair Value, Measurements, Recurring Member | Other Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 0 0
Held-to-maturity investments 611 617
Total debt securities 611 617
Total equity method 0
Loans 0
Federal Reserve Bank Stock 92 92
Carried interest 1,864 1,975
Other investments 296 157
Total investments 2,863 2,841
Other assets 0 0
Separate account assets 519 667
Total separate account collateral held under securities lending agreements 0 0
Total 3,382 3,508
Separate account collateral liabilities under securities lending agreements 0 0
Other liabilities 0 0
Total liabilities measured at fair value 0 0
Fair Value, Measurements, Recurring Member | Other Member | Equity Securities/Mutual Funds Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity securities at FVTNI 0 0
Fair Value, Measurements, Recurring Member | Other Member | Equity, Fixed Income And Multi-Asset Mutual Funds Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Other Member | Hedge Funds/Funds of Hedge Funds/Other Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Other Member | Private Equity Funds Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Other Member | Real Assets Funds Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Other Member | Investments Related To Deferred Cash Compensation Plans Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring Member | Other Member | Equity Securities Member    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring Member | Other Member | Debt Securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements $ 0 $ 0
v3.24.1.u1
Fair Value Disclosures - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance $ 337  
Assets measured at fair value, beginning balance 205  
Realized and Unrealized Gains (Losses),Assets (6)  
Purchases, Assets 397  
Sales and Maturities, Assets (17)  
Issuances and other Settlements, Assets 0  
Transfers into Level 3, Assets 3  
Transfers out of Level 3, Assets (3)  
Assets measured at fair value, ending balance 711  
Assets measured at fair value, ending balance 559  
Total Net Unrealized Gains (Losses) Included in Earnings (6)  
Other Liabilities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 120  
Liabilities measured at fair value, beginning balance 279 $ 280
Realized and Unrealized Gains (Losses), Liabilities $ 6 4
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income Expense  
Purchases, Liabilities $ 0 0
Sales and Maturities, Liabilities 0 0
Issuances and Other Settlements, Liabilities (15) (19)
Transfers into Level 3, Liabilities 0 0
Transfers out of Level 3, Liabilities 0 0
Liabilities measured at fair value, ending balance 258 257
Total Net Unrealized Gains (Losses) Included in Earnings 6 $ 4
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]   Nonoperating Income Expense
Other Assets [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Realized and Unrealized Gains (Losses),Assets (7)  
Purchases, Assets 25  
Sales and Maturities, Assets 0  
Issuances and other Settlements, Assets 0  
Transfers into Level 3, Assets  
Transfers out of Level 3, Assets  
Assets measured at fair value, ending balance 138  
Total Net Unrealized Gains (Losses) Included in Earnings (7)  
Investments [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 217 $ 300
Realized and Unrealized Gains (Losses),Assets 1 7
Purchases, Assets 372 14
Sales and Maturities, Assets (17) (20)
Issuances and other Settlements, Assets 0 0
Transfers into Level 3, Assets 3 5
Transfers out of Level 3, Assets (3) (4)
Assets measured at fair value, ending balance 573 302
Total Net Unrealized Gains (Losses) Included in Earnings 1 7
Debt Securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 42 52
Realized and Unrealized Gains (Losses),Assets (1) 1
Purchases, Assets 7 2
Sales and Maturities, Assets 0 0
Issuances and other Settlements, Assets 0 0
Transfers into Level 3, Assets 0 0
Transfers out of Level 3, Assets 0 0
Assets measured at fair value, ending balance 48 55
Total Net Unrealized Gains (Losses) Included in Earnings (1) 1
Debt Securities | Trading [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 42 52
Realized and Unrealized Gains (Losses),Assets (1) 1
Purchases, Assets 7 2
Sales and Maturities, Assets 0 0
Issuances and other Settlements, Assets 0 0
Transfers into Level 3, Assets 0 0
Transfers out of Level 3, Assets 0 0
Assets measured at fair value, ending balance 48 55
Total Net Unrealized Gains (Losses) Included in Earnings $ (1) $ 1
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]   Nonoperating Income Expense
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income Expense  
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 $ 175 $ 248
Realized and Unrealized Gains (Losses),Assets 2 6
Purchases, Assets 365 12
Sales and Maturities, Assets (17) (20)
Issuances and other Settlements, Assets 0 0
Transfers into Level 3, Assets 3 5
Transfers out of Level 3, Assets (3) (4)
Assets measured at fair value, ending balance 525 247
Total Net Unrealized Gains (Losses) Included in Earnings $ 2 $ 6
v3.24.1.u1
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 9,374 $ 8,736
Long-term borrowings 9,860 7,918
Carrying Amount [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents 9,374  
Other assets 90  
Long-term borrowings 9,860  
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   8,736
Other assets   80
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) Member    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Long-term borrowings   7,918
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 9,374 8,736
Other assets 90 80
Long-term borrowings $ 9,330  
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) Member    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Long-term borrowings   $ 7,413
[1] At March 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $277 million, $5.3 billion, $82 million, and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.1.u1
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Parenthetical) (Detail) - USD ($)
$ / shares in Units, $ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 9,374 $ 8,736
Money market valuation per share floor $ 1  
Cash collateral $ 73 63
Restricted cash 17 17
Money Market Funds [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents $ 4,300 $ 3,400
[1] At March 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $277 million, $5.3 billion, $82 million, and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.1.u1
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 722 $ 725
Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 2,884 2,977
Hedge Funds/Funds of Hedge Funds/Other [Member] | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments   $ 64
Redemption Frequency (Quarterly) 83.00% 83.00%
Redemption Frequency (Not Redeemable) 17.00% 17.00%
Hedge Funds/Funds of Hedge Funds/Other [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   $ 168
Hedge Funds/Funds of Hedge Funds/Other Member | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 43  
Hedge Funds/Funds of Hedge Funds/Other 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 171  
Private Equity Funds Member | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 19 37
Private Equity 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 126  
Real Assets Funds Member    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 295 272
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 58 62
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 $ 158 $ 154
Other 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
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   $ 145
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 129 $ 134
Redemption Frequency (Daily) 11.00% 4.00%
Redemption Frequency (Monthly) 11.00% 4.00%
Redemption Frequency (Quarterly) 7.00% 8.00%
Redemption Frequency (Not Redeemable) 82.00% 88.00%
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 623 $ 588
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [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/Other [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 $ 236 $ 218
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 1,186 1,264
Equity Method Investments [Member] | Real Assets Funds Member    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 237 $ 210
Redemption Frequency (Quarterly) 9.00% 10.00%
Redemption Frequency (Not Redeemable) 91.00% 90.00%
Redemption Notice Period, days 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 $ 432 $ 417
Equity Method Investments [Member] | Deferred Cash Compensation Plan 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] | Deferred Cash Compensation Plan 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] | Investments Related To Deferred Cash Compensation Plans Member    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 0 $ 0
Equity Method Investments [Member] | Investments Related To Deferred Cash Compensation Plans Member | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 188 $ 241
v3.24.1.u1
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 722 $ 725
Real Assets Funds Member    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 295 272
Total remaining Unfunded Commitments $ 268 $ 248
v3.24.1.u1
Fair Value Disclosures - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
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 $ 41 $ 42
v3.24.1.u1
Fair Value Disclosures - Summary of Information Related to Bank Loans and Borrowings of Consolidated CLO Recorded within Investments and Other Liabilities (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value Option Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding $ 9,956  
CLO Loans [Member]    
Fair Value Option Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding 195 $ 203
Fair value 183 194
Aggregate unpaid principal balance in excess of (less than) fair value 12 9
CLO Borrowings [Member]    
Fair Value Option Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding 180 190
Fair value $ 169 $ 180
v3.24.1.u1
Derivatives and Hedging - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2023
Derivative [Line Items]      
Notional value $ 205 $ 204 $ 204
Derivative Expiration Dates 2024-06 2024-03  
Derivative maximum risk of loss $ 17 $ 17 17
Foreign Exchange Future [Member]      
Derivative [Line Items]      
Notional value $ 1,800 $ 1,800 1,800
Derivative Expiration Dates 2024-06 2024-03  
Forward Foreign Currency Exchange Contracts [Member]      
Derivative [Line Items]      
Notional value $ 2,700 $ 3,100 $ 3,100
Derivative Expiration Dates 2024-04   2024-01
v3.24.1.u1
Derivatives and Hedging - Summary of Fair Values of Derivatives Instruments Recognized in Consolidated Statements of Financial Condition (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Other Assets [Member]    
Derivatives Fair Value [Line Items]    
Other assets, fair value $ 3 $ 19
Other Liabilities [Member]    
Derivatives Fair Value [Line Items]    
Other liabilities, fair value $ 13 $ 6
v3.24.1.u1
Derivatives and Hedging - Summary of Realized and Unrealized Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments Gain Loss [Line Items]    
Total gain (loss) from derivative instruments $ (37) $ (5)
Deferred Cash Compensation Plans [Member]    
Derivative Instruments Gain Loss [Line Items]    
Total gain (loss) from derivative instruments 11 9
Forward Foreign Currency Exchange Contracts [Member]    
Derivative Instruments Gain Loss [Line Items]    
Total gain (loss) from derivative instruments $ (5) $ 40
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] General And Administrative Expense General And Administrative Expense
Foreign Exchange Future [Member]    
Derivative Instruments Gain Loss [Line Items]    
Total gain (loss) from derivative instruments $ (32) $ (45)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Gain Loss On Investments Gain Loss On Investments
v3.24.1.u1
Derivatives and Hedging - Summary of Realized and Unrealized Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments Gain Loss [Line Items]    
Gain (loss) on derivatives $ (37) $ (5)
Seed Investment [Member]    
Derivative Instruments Gain Loss [Line Items]    
Gain (loss) on derivatives 43 54
Deferred Cash Compensation Plans [Member]    
Derivative Instruments Gain Loss [Line Items]    
Gain (loss) on derivatives $ 11 $ 9
v3.24.1.u1
Goodwill - Goodwill Activity (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Goodwill Roll Forward  
Beginning balance $ 15,524
Other (2)
Ending balance $ 15,522
v3.24.1.u1
Intangible Assets - Carrying Amounts of Identifiable Intangible Assets (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]    
Indefinite-lived intangible assets $ 17,578  
Indefinite-lived intangible assets, amortization expense 0  
Other indefinite-lived intangible assets 0  
Indefinite-lived intangible assets 17,578  
Finite-lived intangible assets, Beginning balance 680  
Finite-lived intangible assets, amortization expense (38) $ (37)
Other finite-lived intangible assets (1)  
Finite-lived intangible assets, Ending balance 641  
Intangible assets, Beginning balance 18,258  
Intangible assets, Ending balance 18,219  
Other, Total $ (1)  
v3.24.1.u1
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Lease cost:    
Operating lease cost [1] $ 45 $ 55
Variable lease cost [2] 14 11
Total lease cost $ 59 $ 66
[1] Amounts include short-term leases, which are immaterial for the three months ended March 31, 2024 and 2023.
[2] Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities.
v3.24.1.u1
Leases - Schedule of Supplemental Information Related to Operating Leases (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Supplemental cash flow information:      
Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 44 $ 42  
Supplemental noncash information:      
ROU assets in exchange for operating lease liabilities $ 27 $ 11  
Weighted-average remaining lease term 15 years   15 years
Weighted-average discount rate 3.00%   3.00%
v3.24.1.u1
Other Assets - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
iCapital [Member]    
Other Assets [Line Items]    
Carrying value - equity method investment $ 642 $ 641
Percentage of strategic minority investment 25.00%  
Other Assets [Member]    
Other Assets [Line Items]    
Carrying value - equity method investment $ 780 773
Other non equity method corporate minority investments $ 529 $ 484
v3.24.1.u1
Borrowings - Additional Information (Detail)
£ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2024
GBP (£)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Aggregate principal amounts outstanding $ 9,956,000,000      
Borrowings 9,860,000,000     $ 7,918,000,000
Fair Value 9,330,000,000     $ 7,400,000,000
Repayments of long-term borrowings 1,000,000,000 $ 0    
Commercial Paper [Member]        
Debt Instrument [Line Items]        
Maximum amount available under facility 4,000,000,000      
Amount outstanding under credit facility 0      
2024 Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Unsecured revolving credit facility 5,000,000,000      
Additional amount available, subject to lender credit approval 1,000,000,000      
Maximum amount available under facility $ 6,000,000,000      
Line of credit facility, interest rate description Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread.      
Amount outstanding under credit facility $ 0      
Credit facility maturity date Mar. 31, 2028      
Line of credit facility, covenant terms The 2024 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2024 credit facility from $5 billion as of March 31, 2024, to an aggregate principal amount of up to $6 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2024 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 less than 1 to 1      
2024 Subsidiary Credit Facility [Member] | Subsidiaries [Member]        
Debt Instrument [Line Items]        
Maximum amount available under facility $ 32,000,000   £ 25  
Amount outstanding under credit facility 0      
2024 Notes [Member]        
Debt Instrument [Line Items]        
Aggregate principal amounts outstanding 3,000,000,000      
Debt instrument, Approximate annual interest expense $ 152,000,000      
Debt instrument, payment terms Interest on the 2024 Notes of approximately $152 million per year is payable semi-annually on March 14 and September 14 of each year, beginning September 14, 2024.      
2029 and 2034 Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, redemption price, percentage of principal amount redeemed 101.00%      
4.70% Notes due 2029 [Member]        
Debt Instrument [Line Items]        
Aggregate principal amounts outstanding $ 500,000,000      
Debt instrument, interest rate 4.70%   4.70%  
Debt Instrument, Maturity Date Mar. 14, 2029      
Borrowings $ 496,000,000      
Fair Value 500,000,000      
5.00% Notes due 2034 [Member]        
Debt Instrument [Line Items]        
Aggregate principal amounts outstanding $ 1,000,000,000      
Debt instrument, interest rate 5.00%   5.00%  
Debt Instrument, Maturity Date Mar. 14, 2034      
Borrowings $ 992,000,000      
Fair Value 1,004,000,000      
5.25% Notes due 2054 [Member]        
Debt Instrument [Line Items]        
Aggregate principal amounts outstanding $ 1,500,000,000      
Debt instrument, interest rate 5.25%   5.25%  
Debt Instrument, Maturity Date Mar. 14, 2054      
Borrowings $ 1,468,000,000      
Fair Value $ 1,509,000,000      
3.50% Notes due 2024 [Member]        
Debt Instrument [Line Items]        
Debt instrument, interest rate 3.50%   3.50%  
Repayments of long-term borrowings $ 1,000,000,000      
v3.24.1.u1
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings Determined Market Prices EUR/USD Foreign Exchange Rate (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Maturity Amount $ 9,956  
Unamortized Discount and Debt Issuance Costs (96)  
Carrying Value 9,860 $ 7,918
Fair Value 9,330 $ 7,400
1.25% Notes due 2025 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 756  
Unamortized Discount and Debt Issuance Costs (1)  
Carrying Value 755  
Fair Value 738  
3.20% Notes due 2027 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 700  
Unamortized Discount and Debt Issuance Costs (2)  
Carrying Value 698  
Fair Value 671  
3.25% Notes due 2029 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,000  
Unamortized Discount and Debt Issuance Costs (7)  
Carrying Value 993  
Fair Value 935  
4.70% Notes due 2029 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 500  
Unamortized Discount and Debt Issuance Costs (4)  
Carrying Value 496  
Fair Value 500  
2.40% Notes due 2030 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,000  
Unamortized Discount and Debt Issuance Costs (4)  
Carrying Value 996  
Fair Value 876  
1.90% Notes due 2031 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,250  
Unamortized Discount and Debt Issuance Costs (8)  
Carrying Value 1,242  
Fair Value 1,039  
2.10% Notes due 2032 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,000  
Unamortized Discount and Debt Issuance Costs (12)  
Carrying Value 988  
Fair Value 819  
4.75% Notes due 2033 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,250  
Unamortized Discount and Debt Issuance Costs (18)  
Carrying Value 1,232  
Fair Value 1,239  
5.00% Notes due 2034 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,000  
Unamortized Discount and Debt Issuance Costs (8)  
Carrying Value 992  
Fair Value 1,004  
5.25% Notes due 2054 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,500  
Unamortized Discount and Debt Issuance Costs (32)  
Carrying Value 1,468  
Fair Value $ 1,509  
v3.24.1.u1
Commitments and Contingencies - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2024
USD ($)
Commitments And Contingencies Disclosure [Abstract]  
Investment commitments $ 781,000,000
Amount of securities on loan subject to indemnification 270,000,000,000
Collateral for indemnified securities 289,000,000,000
Fair value of indemnified securities $ 0
v3.24.1.u1
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation Of Revenue [Line Items]    
Total revenue $ 4,728 $ 4,243
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 3,778 3,502
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Active Product [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 516 500
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity ETFs [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 1,190 1,078
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Non-ETF Index [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 187 177
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 1,893 1,755
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Active [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 484 468
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income ETFs [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 327 295
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Non-ETF Index [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 92 87
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 903 850
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Multi-asset [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 314 296
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 190 33
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Illiquid Alternatives [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 240 201
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Liquid Alternatives [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 138 145
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Currency and Commodities [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 45 46
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Cash Management [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 245 209
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Long-term [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 3,533 3,293
Investment Advisory Performance Fees [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 204 55
Investment Advisory Performance Fees [Member] | Equity [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 8 6
Investment Advisory Performance Fees [Member] | Fixed Income [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 4 1
Investment Advisory Performance Fees [Member] | Multi-asset [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 2 15
Investment Advisory Performance Fees [Member] | Alternatives [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 423 392
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Illiquid Alternatives [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 125 21
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Liquid Alternatives [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 65 12
Technology Services Revenue [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 377 340
Distribution Fees [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 310 319
Advisory and Other Revenue [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 59 27
Advisory and Other Revenue [Member] | Advisory [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 13 14
Advisory and Other Revenue [Member] | Other [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue $ 46 $ 13
v3.24.1.u1
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Client Type and Investment Style (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation Of Revenue [Line Items]    
Total revenue $ 4,728 $ 4,243
Revenue by Client Type [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 3,778 3,502
Revenue by Client Type [Member] | Retail [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 1,041 1,032
Revenue by Client Type [Member] | Equity ETFs [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 1,567 1,418
Revenue by Client Type [Member] | Institutional Active [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 697 622
Revenue by Client Type [Member] | Institutional Index [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 228 221
Revenue by Client Type [Member] | Institutional [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 925 843
Revenue by Client Type [Member] | Cash Management [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 245 209
Revenue by Client Type [Member] | Long-term [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 3,533 3,293
Revenue by Investment Style [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 3,778 3,502
Revenue by Investment Style [Member] | Active [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 1,681 1,606
Revenue by Investment Style [Member] | Cash Management [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 245 209
Revenue by Investment Style [Member] | Equity Index and ETFs [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 1,852 1,687
Revenue by Investment Style [Member] | Long-term [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue $ 3,533 $ 3,293
v3.24.1.u1
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
Mar. 31, 2024
Mar. 31, 2023
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 659 $ 446
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   9 months
Revenue, Remaining Performance Obligation   $ 123
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01    
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   $ 120
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 9 months  
Revenue, Remaining Performance Obligation $ 152  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01    
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 $ 180 $ 87
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01    
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 $ 159 $ 67
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01    
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 $ 119 $ 49
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01    
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 $ 49  
v3.24.1.u1
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
Mar. 31, 2024
Mar. 31, 2023
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 $ 659 $ 446
v3.24.1.u1
Revenue - Schedule of Changes in Deferred Carried Interest Liability (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue From Contract With Customer [Abstract]    
Beginning balance $ 1,783 $ 1,420
Net increase (decrease) in unrealized allocations 142 54
Performance fee revenue recognized (111) (16)
Ending balance $ 1,814 $ 1,458
v3.24.1.u1
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
Mar. 31, 2024
Mar. 31, 2023
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 303 $ 224
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01    
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   9 months
Revenue, Remaining Performance Obligation   $ 87
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01    
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   $ 56
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01    
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 9 months  
Revenue, Remaining Performance Obligation $ 104  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01    
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 $ 76 $ 37
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01    
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 $ 59 $ 26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01    
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 $ 33 $ 18
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01    
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 $ 31  
v3.24.1.u1
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
Mar. 31, 2024
Mar. 31, 2023
Technology Services Revenue [Member]    
Schedule of Technology Services Revenue [line Items]    
Revenue, Remaining Performance Obligation $ 303 $ 224
v3.24.1.u1
Revenue - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
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 $ 830
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
v3.24.1.u1
Revenue - Schedule of Changes in Technology Services Deferred Revenue Liability (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue From Contract With Customer [Abstract]    
Beginning balance $ 133 $ 125
Additions 25 21
Revenue recognized that was included in the beginning balance (28) (26)
Ending balance $ 130 $ 120
v3.24.1.u1
Stock-Based Compensation - RSU Activity (Detail) - $ / shares
 1 Months Ended 3 Months Ended
Jan. 31, 2024
Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
RSUs, beginning of period 1,772,639 1,772,639
RSUs, Granted   813,233
RSUs, Converted   (679,259)
RSUs, Forfeited   (15,646)
RSUs, end of period   1,890,967
Weighted-Average Grant Date Fair Value, beginning of period $ 757.49 $ 757.49
Weighted-Average Grant Date Fair Value, Granted   802.17
Weighted-Average Grant Date Fair Value, Converted   760.44
Weighted-Average Grant Date Fair Value, Forfeited or Reduction of shares   783.74
Weighted-Average Grant Date Fair Value, end of period   $ 775.42
Performance-Based RSUs [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
RSUs, beginning of period 456,384 456,384
RSUs, Granted   165,631
Reduction of shares due to performance measures 42,341 (42,341)
RSUs, Converted   (115,631)
RSUs, end of period   464,043
Weighted-Average Grant Date Fair Value, beginning of period $ 767.69 $ 767.69
Weighted-Average Grant Date Fair Value, Granted   798.83
Weighted-Average Grant Date Fair Value, Converted   739.22
Weighted-Average Grant Date Fair Value, Forfeited or Reduction of shares   739.22
Weighted-Average Grant Date Fair Value, end of period   $ 788.49
v3.24.1.u1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
May 30, 2023
Jan. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs, Granted     813,233  
Fair value of RSUs granted to employees     $ 652  
Maximum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period, years     5 years  
Minimum [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period, years     2 years  
Restricted Stock Units (RSUs) [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs, Granted   347,000    
Award vesting period, years   3 years    
Awards to employees cliff vesting   344,000    
RSUs to employees that cliff vest, percentage   100.00%    
RSUs to employees that cliff vest, date   Jan. 31, 2027    
Intrinsic value of outstanding RSUs     $ 1,600  
Stock price     $ 833.7  
Remaining weighted-average period     1 year 10 months 24 days  
Unrecognized stock-based compensation expense     $ 817  
Restricted Stock Units (RSUs) [Member] | GIP Transaction [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs, Granted     106,000  
Performance-Based RSUs [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs, Granted     165,631  
Award vesting period, years   3 years    
Awards to employees cliff vesting   165,631    
RSUs to employees that cliff vest, percentage   100.00%    
RSUs to employees that cliff vest, date   Jan. 31, 2027    
Intrinsic value of outstanding RSUs     $ 387  
Stock price     $ 833.7  
Unrecognized stock-based compensation expense     $ 186  
Remaining weighted-average period     1 year 10 months 24 days  
Reduction of shares due to performance measures   (42,341) 42,341  
Fair value of RSUs/restricted stock granted to employees     $ 101  
Share based compensation vesting option exercised period     up to nine years  
Performance Based Stock Options [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Remaining weighted-average period     3 years 2 months 12 days  
Award vesting percentage of BlackRock's grant-date stock price 130.00%   125.00%  
Award vesting period of BlackRock's grant-date stock price 4 years   5 years  
Award performance measurement period     4 years  
Aggregate intrinsic value of options exercised     $ 82  
Number of shares awarded to purchase 814,482      
Award vesting period of BlackRock's performance period 3 years      
Share based compensation vesting option exercised period up to nine years      
Performance Based Stock Options [Member] | Share-based Payment Arrangement, Tranche One [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs to employees that cliff vest, percentage 25.00%      
RSUs to employees that cliff vest, vesting date May 30, 2027      
Service year of awards     2022  
Performance Based Stock Options [Member] | Share-based Payment Arrangement, Tranche Two [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs to employees that cliff vest, percentage 25.00%      
RSUs to employees that cliff vest, vesting date May 30, 2028      
Service year of awards     2023  
Performance Based Stock Options [Member] | Share-based Payment Arrangement, Tranche Three [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs to employees that cliff vest, percentage 50.00%      
RSUs to employees that cliff vest, vesting date May 30, 2029      
Service year of awards     2024  
2023 Performance-based Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Strike price     $ 673.58 $ 673.58
Time Based Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized stock-based compensation expense     $ 141  
Number of shares awarded to purchase 326,391      
Share based compensation vesting option exercised period up to nine years      
Time Based Stock Options | Share-based Payment Arrangement, Tranche One [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs to employees that cliff vest, percentage 25.00%      
RSUs to employees that cliff vest, vesting date May 30, 2027      
Time Based Stock Options | Share-based Payment Arrangement, Tranche Two [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs to employees that cliff vest, percentage 25.00%      
RSUs to employees that cliff vest, vesting date May 30, 2028      
Time Based Stock Options | Share-based Payment Arrangement, Tranche Three [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs to employees that cliff vest, percentage 50.00%      
RSUs to employees that cliff vest, vesting date May 30, 2029      
v3.24.1.u1
Stock-Based Compensation - Stock Option Activity (Detail)
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, End of Period 2,362,613
2017 Performance-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period 1,549,080
Outstanding, Shares Under Option, Exercised (279,828)
Outstanding, Shares Under Option, Forfeited 0
Outstanding, Shares Under Option, End of Period 1,269,252
Weighted Average Exercise Price, Beginning of Period | $ / shares $ 513.5
Weighted Average Exercise Price, Exercised | $ / shares 513.5
Weighted Average Exercise Price, Forfeited | $ / shares 0
Weighted Average Exercise Price, End of Period | $ / shares $ 513.5
2023 Performance-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period 807,695
Outstanding, Shares Under Option, Exercised 0
Outstanding, Shares Under Option, Forfeited (40,725)
Outstanding, Shares Under Option, End of Period 766,970
Weighted Average Exercise Price, Beginning of Period | $ / shares $ 673.58
Weighted Average Exercise Price, Exercised | $ / shares 0
Weighted Average Exercise Price, Forfeited | $ / shares 673.58
Weighted Average Exercise Price, End of Period | $ / shares $ 673.58
2023 Time-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period 326,391
Outstanding, Shares Under Option, Exercised 0
Outstanding, Shares Under Option, Forfeited 0
Outstanding, Shares Under Option, End of Period 326,391
Weighted Average Exercise Price, Beginning of Period | $ / shares $ 673.58
Weighted Average Exercise Price, Exercised | $ / shares 0
Weighted Average Exercise Price, Forfeited | $ / shares 0
Weighted Average Exercise Price, End of Period | $ / shares $ 673.58
v3.24.1.u1
Stock-Based Compensation - Stock Option Activity 1 (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options Outstanding 2,362,613  
Outstanding, Shares Under Option, Weighted Average Remaining Contractual Life 5 years 2 months 12 days  
Options Outstanding, Aggregate Intrinsic Value $ 581  
Options Exercisable 711,328  
Options Exercisable, Weighted Average Remaining Life (years) 2 years 8 months 12 days  
Options Exercisable, Aggregate Intrinsic Value $ 228  
2017 Performance-based Options    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options Outstanding, Exercise Prices $ 513.5 $ 513.5
Options Outstanding 1,269,252 1,549,080
Outstanding, Shares Under Option, Weighted Average Remaining Contractual Life 2 years 8 months 12 days  
Options Outstanding, Aggregate Intrinsic Value $ 406  
Options Exercisable, Exercise Prices $ 513.5  
Options Exercisable 711,328  
Options Exercisable, Weighted Average Remaining Life (years) 2 years 8 months 12 days  
Options Exercisable, Aggregate Intrinsic Value $ 228  
2023 Performance-based Options    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options Outstanding, Exercise Prices $ 673.58 $ 673.58
Options Outstanding 766,970 807,695
Outstanding, Shares Under Option, Weighted Average Remaining Contractual Life 8 years 2 months 12 days  
Options Outstanding, Aggregate Intrinsic Value $ 123  
Options Exercisable, Exercise Prices $ 673.58  
Options Exercisable 0  
Options Exercisable, Weighted Average Remaining Life (years) 0 years  
Options Exercisable, Aggregate Intrinsic Value $ 0  
2023 Time-based Options    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options Outstanding, Exercise Prices $ 673.58 $ 673.58
Options Outstanding 326,391 326,391
Outstanding, Shares Under Option, Weighted Average Remaining Contractual Life 8 years 2 months 12 days  
Options Outstanding, Aggregate Intrinsic Value $ 52  
Options Exercisable, Exercise Prices $ 673.58  
Options Exercisable 0  
Options Exercisable, Weighted Average Remaining Life (years) 0 years  
Options Exercisable, Aggregate Intrinsic Value $ 0  
v3.24.1.u1
Stock-Based Compensation - Stock Option Activity (Parenthetical) (Details)
shares in Millions
Mar. 31, 2024
shares
2017 Performance-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Expected to Vest 0.6
2023 Performance-based  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Expected to Vest 0.8
2023 Time-based  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Expected to Vest 0.3
v3.24.1.u1
Net Capital Requirements - Additional Information (Detail)
$ in Billions
Mar. 31, 2024
USD ($)
Regulatory Capital Requirements [Abstract]  
Net capital requirement in certain regulated subsidiaries $ 1.8
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance $ 39,500 $ 37,876
Foreign currency translation adjustments (93) 126 [1]
Balance 39,895 37,830
Accumulated Other Comprehensive Income (Loss) [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance (840) (1,101)
Foreign currency translation adjustments (93) 126
Balance $ (933) $ (975)
[1] Amount for the three months ended March 31, 2024 includes a gain from a net investment hedge of $13 million (net of tax expense of $4 million). Amount for the three months ended March 31, 2023 includes a loss from a net investment hedge of $10 million (net of tax benefit of $3 million).
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract]    
Gain (loss) from net investment hedging, net of tax $ 13 $ (10)
Gain (loss) from net investment hedging, tax (expense) benefit $ (4) $ 3
v3.24.1.u1
Capital Stock - Additional Information (Detail) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Schedule of Capitalization, Equity [Line Items]    
Common shares repurchased, value $ 375 $ 375
Share Repurchase Program [Member]    
Schedule of Capitalization, Equity [Line Items]    
Common shares repurchased 0.5  
Common shares repurchased, value $ 375  
Shares authorized to be repurchased 5.3  
v3.24.1.u1
Restructuring Charge - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Restructuring and Related Activities [Abstract]    
Restructuring charge $ 61 $ 91
Restructuring charge after-tax 46 69
Severance 47 58
Accelerated vesting expense of deferred compensation awards $ 14  
Accelerated amortization of previously granted stock-based compensation awards   $ 33
v3.24.1.u1
Restructuring Charge - Rollforward of Restructuring Liability Included in Other Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Restructuring and Related Activities [Abstract]    
Beginning liability $ 47 $ 58
Cash payments (33) (34)
Ending liability $ 14 $ 24
v3.24.1.u1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Discrete tax benefits related to resolution of outstanding tax matters $ 28 $ 38
Discrete income tax benefits $ 137 $ 38
v3.24.1.u1
Earnings Per Share - Computation of Basic and Diluted Earnings per Share ("EPS") under Treasury Stock Method (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share Basic And Diluted [Line Items]    
Net income attributable to BlackRock, Inc. $ 1,573 $ 1,157
Basic weighted-average shares outstanding 148,689,172 149,909,343
Total diluted weighted-average shares outstanding 150,125,182 151,349,829
Basic earnings per share $ 10.58 $ 7.72
Diluted earnings per share $ 10.48 $ 7.64
Restricted Stock Units (RSUs) [Member]    
Earnings Per Share Basic And Diluted [Line Items]    
Dilutive effect of 944,335 1,007,476
Stock Options [Member]    
Earnings Per Share Basic And Diluted [Line Items]    
Dilutive effect of 491,675 433,010
v3.24.1.u1
Earnings Per Share - Additional Information (Detail) - shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Restricted Stock Units (RSUs) [Member]    
Earnings Per Share Basic And Diluted [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share 338,300 394,076
v3.24.1.u1
Segment Information - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2024
Segment
Segment Reporting [Abstract]  
Number of business segments 1
v3.24.1.u1
Segment Information - Total Revenue by Geographic Region (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Revenue $ 4,728 $ 4,243
Americas [Member]    
Segment Reporting Information [Line Items]    
Revenue 3,138 2,831
Europe [Member]    
Segment Reporting Information [Line Items]    
Revenue 1,403 1,224
Asia-Pacific [Member]    
Segment Reporting Information [Line Items]    
Revenue $ 187 $ 188
v3.24.1.u1
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Long-lived assets $ 16,628 $ 16,636
Americas [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets 15,012 15,017
Europe [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets 1,520 1,521
Asia-Pacific [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets $ 96 $ 98
v3.24.1.u1
Subsequent Events - Additional Information (Detail) - Global Infrastructure Management, LLC [Member]
shares in Millions, $ in Billions
 1 Months Ended
Jan. 31, 2024
USD ($)
shares
Subsequent Event [Line Items]  
Business acquisition, percentage of equity interest acquired 100.00%
Payment of acquisition | $ $ 3
Common shares repurchased | shares 12
Percentage of total consideration 30.00%