BLACKROCK INC., 10-K filed on 2/24/2023
Annual Report
v3.22.4
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2022
Jan. 31, 2023
Jun. 30, 2022
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2022    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Entity Registrant Name BlackRock, Inc.    
Entity Central Index Key 0001364742    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   150,236,373  
Entity Public Float     $ 91
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 810-5300    
Document Annual Report true    
Document Transition Report false    
Entity Interactive Data Current Yes    
Auditor Name Deloitte & Touche LLP    
Auditor Firm ID 34    
Auditor Location New York, New York    
Documents Incorporated by Reference

The following documents are incorporated by reference herein:

Portions of the definitive Proxy Statement of BlackRock, Inc. to be filed pursuant to Regulation 14A of the general rules and regulations under the Securities Exchange Act of 1934, as amended, for the 2023 annual meeting of stockholders (“Proxy Statement”) are incorporated by reference into Part III of this Form 10-K.

   
Common Stock, $.01 Par Value [Member]      
Document Information [Line Items]      
Trading Symbol BLK    
Title of 12(b) Security Common Stock, $.01 par value    
Security Exchange Name NYSE    
1.250% Notes due 2025 [Member]      
Document Information [Line Items]      
Trading Symbol BLK25    
Title of 12(b) Security 1.250% Notes due 2025    
Security Exchange Name NYSE    
v3.22.4
Consolidated Statements of Financial Condition - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Assets    
Cash and cash equivalents [1] $ 7,416 $ 9,323
Accounts receivable 3,264 3,789
Investments [1] 7,466 7,262
Separate account assets 54,066 86,226
Separate account collateral held under securities lending agreements 5,765 7,081
Property and equipment (net of accumulated depreciation and amortization of $1,390 and $1256 at December 31, 2022 and 2021, respectively) 1,031 762
Intangible assets (net of accumulated amortization of $483 and $399 at December 31, 2022 and 2021, respectively) 18,302 18,453
Goodwill 15,341 15,351
Operating lease right-of-use assets 1,516 1,621
Other assets [1] 3,461 2,780
Total assets 117,628 152,648
Liabilities    
Accrued compensation and benefits 2,272 2,951
Accounts payable and accrued liabilities 1,294 1,397
Borrowings 6,654 7,446
Separate account liabilities 54,066 86,226
Separate account collateral liabilities under securities lending agreements 5,765 7,081
Deferred income tax liabilities 3,381 2,758
Operating lease liabilities 1,835 1,872
Other liabilities [1] 3,576 4,024
Total liabilities 78,843 113,755
Commitments and contingencies (Note 16)
Temporary equity    
Redeemable noncontrolling interests 909 1,087
Permanent equity    
Common stock, $0.01 par value; Shares authorized: 500,000,000 at December 31, 2022 and 2021; Shares issued: 172,075,373 at December 31, 2022 and 2021; Shares outstanding: 149,756,492 and 151,684,491 at December 31, 2022 and 2021, respectively 2 2
Additional paid-in capital 19,772 19,640
Retained earnings 29,876 27,688
Accumulated other comprehensive loss (1,101) (550)
Treasury stock, common, at cost (22,318,881 and 20,390,882 shares held at December 31, 2022 and 2021, respectively) (10,805) (9,087)
Total BlackRock, Inc. stockholders’ equity 37,744 37,693
Nonredeemable noncontrolling interests 132 113
Total permanent equity 37,876 37,806
Total liabilities, temporary equity and permanent equity $ 117,628 $ 152,648
[1] At December 31, 2022, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $3.9 billion, $68 million and $1.9 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $4.0 billion, $50 million and $1.9 billion, respectively, related to consolidated VIEs.
v3.22.4
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Property and equipment, accumulated depreciation $ 1,390 $ 1,256
Intangible assets, accumulated amortization $ 483 $ 399
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 149,756,492 151,684,491
Treasury stock, common shares 22,318,881 20,390,882
Cash and cash equivalents [1] $ 7,416 $ 9,323
Investments [1] 7,466 7,262
Other assets [1] 3,461 2,780
Other liabilities [1] 3,576 4,024
Consolidated Variable Interest Entities [Member]    
Cash and cash equivalents 234 251
Investments 3,874 3,968
Other assets 68 50
Other liabilities $ 1,876 $ 1,919
[1] At December 31, 2022, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $3.9 billion, $68 million and $1.9 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $4.0 billion, $50 million and $1.9 billion, respectively, related to consolidated VIEs.
v3.22.4
Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue      
Total revenue $ 17,873 $ 19,374 $ 16,205
Expense      
Employee compensation and benefits 5,681 6,043 5,041
Distribution and servicing costs 2,179 2,200 1,835
Direct fund expense 1,226 1,313 1,063
General and administration expense 2,160 2,221 2,465
Restructuring Charges 91 0 0
Amortization of intangible assets 151 147 106
Total expense 11,488 11,924 10,510
Operating income 6,385 7,450 5,695
Nonoperating income (expense)      
Net gain (loss) on investments (35) 841 972
Interest and dividend income 152 87 62
Interest expense (212) (205) (205)
Total nonoperating income (expense) (95) 723 829
Income before income taxes 6,290 8,173 6,524
Income tax expense 1,296 1,968 1,238
Net income 4,994 6,205 5,286
Net income (loss) attributable to noncontrolling interests (184) 304 354
Net income attributable to BlackRock, Inc. $ 5,178 $ 5,901 $ 4,932
Earnings per share attributable to BlackRock, Inc. common stockholders:      
Basic $ 34.31 $ 38.76 $ 32.13
Diluted $ 33.97 $ 38.22 $ 31.85
Weighted-average common shares outstanding:      
Basic 150,921,161 152,236,047 153,489,422
Diluted 152,440,471 154,404,357 154,840,582
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]      
Revenue      
Total revenue $ 14,451 $ 15,260 $ 12,639
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Related Parties [Member]      
Revenue      
Total revenue 10,848 11,474 9,079
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Other Third Parties [Member]      
Revenue      
Total revenue 3,603 3,786 3,560
Investment Advisory Performance Fees [Member]      
Revenue      
Total revenue 514 1,143 1,104
Technology Services Revenue [Member]      
Revenue      
Total revenue 1,364 1,281 1,139
Distribution Fees [Member]      
Revenue      
Total revenue 1,381 1,521 1,131
Advisory and Other Revenue [Member]      
Revenue      
Total revenue $ 163 $ 169 $ 192
v3.22.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net income $ 4,994 $ 6,205 $ 5,286
Other comprehensive income (loss):      
Foreign currency translation adjustments [1] (551) (213) 234
Other comprehensive income (loss) (551) (213) 234
Comprehensive income 4,443 5,992 5,520
Less: Comprehensive income (loss) attributable to noncontrolling interests (184) 304 354
Comprehensive income attributable to BlackRock, Inc. $ 4,627 $ 5,688 $ 5,166
[1] Amount for 2022 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million). Amount for 2021 includes a gain from a net investment hedge of $46 million (net of tax expense of $14 million). Amount for 2020 includes a loss from a net investment hedge of $54 million (net of tax benefit of $17 million).
v3.22.4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Gain (loss) from net investment hedging, net of tax $ 37 $ 46 $ (54)
Gain (loss) from net investment hedging, tax (expense) benefit $ (12) $ (14) $ 17
v3.22.4
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, 2019 $ 33,613 $ 19,188 [1] $ 21,662 $ (571) $ (6,732) $ 33,547 $ 66 $ 1,316
Net income 4,931 0 4,932 0 0 4,932 (1) 355
Dividends declared (2,260) 0 (2,260) 0 0 (2,260) 0 0
Stock-based compensation 622 622 [1] 0 0 0 622 0 0
Issuance of common shares related to employee stock transactions 17 (515) [1] 0 0 532 17 0 0
Employee tax withholdings related to employee stock transactions (297) 0 [1] 0 0 (297) (297) 0 0
Shares repurchased (1,512) 0 [1] 0 0 (1,512) (1,512) 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders (14) 0 [1] 0 0 0 0 (14) 2,065
Net consolidations (deconsolidations) of sponsored investment funds 0 0 [1] 0 0 0 0 0 (1,414)
Other comprehensive income (loss) 234 0 [1] 0 234 0 234 0 0
Balance at Dec. 31, 2020 35,334 19,295 [1] 24,334 (337) (8,009) 35,283 51 2,322
Net income 5,899 0 [1] 5,901 0 0 5,901 (2) 306
Dividends declared (2,547) 0 [1] (2,547) 0 0 (2,547) 0 0
Stock-based compensation 734 734 [1] 0 0 0 734 0 0
Issuance of common shares related to employee stock transactions 20 (387) [1] 0 0 407 20 0 0
Employee tax withholdings related to employee stock transactions (285) 0 [1] 0 0 (285) (285) 0 0
Shares repurchased (1,200) 0 [1] 0 0 (1,200) (1,200) 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders 67 0 [1] 0 0 0 0 67 1,408
Net consolidations (deconsolidations) of sponsored investment funds (3) 0 [1] 0 0 0 0 (3) (2,949)
Other comprehensive income (loss) (213) 0 [1] 0 (213) 0 (213) 0 0
Balance at Dec. 31, 2021 37,806 19,642 [1] 27,688 (550) (9,087) 37,693 113 1,087
Net income 5,184 0 [1] 5,178 0 0 5,178 6 (190)
Dividends declared (2,990) 0 [1] (2,990) 0 0 (2,990) 0 0
Stock-based compensation 708 708 [1] 0 0 0 708 0 0
Issuance of common shares related to employee stock transactions 38 (576) [1] 0 0 614 38 0 0
Employee tax withholdings related to employee stock transactions (457) 0 [1] 0 0 (457) (457) 0 0
Shares repurchased (1,875) 0 [1] 0 0 (1,875) (1,875) 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders 4 0 [1] 0 0 0 0 4 614
Net consolidations (deconsolidations) of sponsored investment funds 9 0 [1] 0 0 0 0 9 (602)
Other comprehensive income (loss) (551) 0 [1] 0 (551) 0 (551) 0 0
Balance at Dec. 31, 2022 $ 37,876 $ 19,774 [1] $ 29,876 $ (1,101) $ (10,805) $ 37,744 $ 132 $ 909
[1] Amounts include $2 million of common stock at December 31, 2022, 2021, 2020 and 2019.
v3.22.4
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Additional Paid-in Capital, value of stock $ 37,876 $ 37,806 $ 35,334 $ 33,613
Common Stock [Member]        
Additional Paid-in Capital, value of stock $ 2 $ 2 $ 2 $ 2
Dividends declared, amount per share $ 19.52 $ 16.52 $ 14.52  
v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income $ 4,994 $ 6,205 $ 5,286
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:      
Depreciation and amortization 418 415 358
Noncash lease expense 165 144 118
Stock-based compensation 708 734 622
Deferred income tax expense (benefit) 602 (865) (157)
Charitable Contribution 0 0 589
Gain related to the Charitable Contribution 0 0 (122)
Contingent consideration fair value adjustments 3 34 23
Other investment gains (268) (165) (244)
Net (gains) losses within CIPs 400 (302) (501)
Net (purchases) proceeds within CIPs (1,190) (1,683) (2,282)
(Earnings) losses from equity method investees (29) (315) (148)
Distributions of earnings from equity method investees 50 84 32
Changes in operating assets and liabilities:      
Accounts receivable 416 (322) (313)
Investments, trading 196 323 160
Other assets (166) (172) (60)
Accrued compensation and benefits (711) 412 487
Accounts payable and accrued liabilities (151) 342 (115)
Other liabilities (481) 75 10
Net cash provided by/(used in) operating activities 4,956 4,944 3,743
Investing activities      
Purchases of investments (824) (910) (359)
Proceeds from sales and maturities of investments 242 429 187
Distributions of capital from equity method investees 70 95 183
Net consolidations (deconsolidations) of sponsored investment funds (85) (104) (71)
Acquisitions, net of cash acquired 0 (1,106) 0
Purchases of property and equipment (533) (341) (194)
Net cash provided by/(used in) investing activities (1,130) (1,937) (254)
Financing activities      
Proceeds from long-term borrowings 0 991 2,245
Repayments of long-term borrowings (750) (750) 0
Cash dividends paid (2,990) (2,547) (2,260)
Proceeds from stock options exercised 11 0 0
Repurchases of common stock (2,332) (1,485) (1,809)
Net proceeds from (repayments of) borrowings by CIPs (26) 32 51
Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders 618 1,475 2,051
Other financing activities 27 (3) (34)
Net cash provided by/(used in) financing activities (5,442) (2,287) 244
Effect of exchange rate changes on cash, cash equivalents and restricted cash (291) (61) 102
Net increase/(decrease) in cash, cash equivalents and restricted cash (1,907) 659 3,835
Cash, cash equivalents and restricted cash, beginning of year 9,340 8,681 4,846
Cash, cash equivalents and restricted cash, end of year 7,433 9,340 8,681
Supplemental disclosure of cash flow information:      
Interest 177 189 183
Income taxes (net of refunds) 1,067 2,720 1,308
Supplemental schedule of noncash investing and financing transactions:      
Issuance of common stock 576 387 515
Charitable Contribution of an investment 0 0 (589)
Increase/(decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds $ (593) $ (2,952) $ (1,414)
v3.22.4
Business Overview
 12 Months Ended
Dec. 31, 2022
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 outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares® 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 Wealth, eFront and Cachematrix, as well as advisory services and solutions to a broad base of institutional and wealth management clients.
v3.22.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

These 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 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 prior period presentations and disclosures, while not required to be recast, may be reclassified to ensure comparability with current period classifications.

Cash and Cash Equivalents. Cash and cash equivalents primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less. Cash and cash equivalent balances that are legally restricted from use by the Company are recorded in other assets on the consolidated statements of financial condition. Cash balances maintained by consolidated VIEs and voting rights entities (“VREs”) are not considered legally restricted and are included in cash and cash equivalents on the consolidated statements of financial condition.

Investments

Investments in Debt Securities. The Company classifies debt investments as held-to-maturity or trading based on the Company’s intent and ability to hold the debt security to maturity or its intent to sell the security.

Held-to-maturity securities are purchased with the positive intent and ability to be held to maturity and are recorded at amortized cost on the consolidated statements of financial condition.

Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the consolidated statements of financial condition with changes in fair value recorded in nonoperating income (expense) on the consolidated statements of income. Trading securities include certain investments in collateralized loan obligations (“CLOs”) for which the fair value option is elected in order to reduce operational complexity of bifurcating embedded derivatives.

Investments in Equity Securities. Equity securities are generally carried at fair value on the consolidated statements of financial condition with changes in the fair value recorded through net income (“FVTNI”) within nonoperating income (expense). For nonmarketable equity securities, the Company generally elects to apply the practicality exception to fair value measurement, under which such securities will be measured at cost, less impairment, plus or minus observable price changes for identical or similar securities of the same issuer with such changes recorded through net income within nonoperating income (expense). Dividends received are recorded as dividend income within nonoperating income (expense).

Equity Method. The Company applies the equity method of accounting for equity investments where the Company does not consolidate the investee, but can exert significant influence over the financial and operating policies of the investee. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees is based on the facts and circumstances surrounding each individual investment. Factors considered in these evaluations may include the type of investment, the legal structure of the investee, the terms of BlackRock's contractual agreements, including investor voting or other rights, any influence BlackRock may have on the governing board of the investee, the legal rights of other investors in the entity pursuant to the entity’s operating documents and the relationship between BlackRock and other investors in the entity. The Company’s share of the investee’s underlying net income or loss is recorded as net gain (loss) on investments within nonoperating income (expense) and as other revenue for certain strategic minority investments since such investees are considered to be an extension of the Company’s core business. The Company’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the consolidated statement of financial condition. Distributions received reduce the Company’s carrying value of the investee and the cost basis if deemed to be a return of capital. The Company classifies distributions in the consolidated statements of cash flows as either distributions of earnings (operating) or distributions of capital (investing) based on the nature of the distribution.

Impairments of Investments. Management periodically assesses equity method, nonmarketable investments, and held-to-maturity investments for impairment. If impairment exists, an impairment charge would be recorded for the excess of the carrying amount of the investment over its estimated fair value in the consolidated statements of income.

For equity method investments and nonmarketable investments, impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, that may indicate the fair value of the investment is less than its carrying value. For held-to-maturity investments, impairment is evaluated using market values, where available, or the expected future cash flows of the investment.

For the Company’s investments in CLOs, the Company reviews cash flow estimates over the life of each CLO investment. On a quarterly basis, if the present value of the estimated future cash flows is lower than the carrying value of the investment and there is an adverse change in estimated cash flows, an impairment is considered to be other-than-temporary.

Consolidation. The Company performs an analysis for investment products to determine if the product is a VIE or a VRE. Factors considered in this analysis include the entity’s legal organization, the entity’s capital structure, the rights of equity investment holders and the Company’s contractual involvement with, and economic interest in, the entity and any related party or de facto agent implications of the Company’s involvement with the entity. Entities that are determined to be VIEs are consolidated if the Company is the primary beneficiary (“PB”) of the entity. VREs are typically consolidated if the Company holds the majority voting interest. Upon the occurrence of certain events (such as contributions and redemptions, either by the Company, or third parties, or amendments to an entity’s governing documents), management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE or a VRE. Additionally, management continually reconsiders whether the Company is deemed to be a VIE’s PB that consolidates such entity.

Consolidation of Variable Interest Entities. Certain investment products for which a controlling financial interest is achieved through arrangements that do not involve or are not directly linked to voting interests are deemed consolidated VIEs. BlackRock reviews factors, including whether or not (1) the entity has equity at risk that is sufficient to permit the entity to finance its activities without additional subordinated support from other parties and (2) the equity holders at risk have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact the entity’s economic performance, to determine if the investment product is a VIE.

The PB of a VIE is defined as the variable interest holder that has a controlling financial interest in the VIE. A controlling financial interest is defined as (1) the power to direct the activities of the VIE that most significantly impact its economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that potentially could be significant to the VIE. The Company generally consolidates VIEs in which it holds an economic interest of 10% or greater and deconsolidates such VIEs once economic interest falls below 10%.

Consolidation of Voting Rights Entities. BlackRock is required to consolidate an investee to the extent that BlackRock can exert control over the financial and operating policies of the investee, which generally exists if there is a greater than 50% voting equity interest.

Retention of Specialized Investment Company Accounting Principles. Upon consolidation of sponsored investment products, the Company retains the specialized investment company accounting principles of the underlying funds. All of the underlying investments held by such CIPs are carried at fair value with corresponding changes in the investments’ fair values reflected in net income within nonoperating income (expense). When the Company no longer controls these funds due to reduced ownership percentage or other reasons, the funds are deconsolidated and accounted for as an equity method investment or equity securities FVTNI.

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 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 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 (collectively “base fees”) and securities lending revenue on the consolidated statements of income.

Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company receives collateral by obtaining either (1) legal title or (2) first ranking priority security interest. The minimum collateral values generally range from approximately 102% to 112% of the value of the securities lent in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales.

In situations where the Company receives the legal title to collateral under these securities lending arrangements, the Company records an asset on the 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 consolidated statements of financial condition.

At December 31, 2022 and 2021, the fair value of loaned securities held by separate accounts was approximately $10.2 billion and $13.2 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $11.0 billion and $14.1 billion, respectively, of which approximately $5.8 billion as of 2022 and $7.1 billion as of 2021 was recognized on the consolidated statements of financial condition. During 2022 and 2021, the Company had not resold or repledged any of the collateral received under these arrangements. The securities lending revenue earned from lending securities held by the separate accounts is included in base fees and securities lending revenue on the consolidated statements of income.

Property and Equipment. Property and equipment are recorded at cost less accumulated depreciation. Depreciation is generally determined by cost less any estimated residual value using the straight-line method over the estimated useful lives of the various classes of property and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life or the remaining lease term.

The Company capitalizes certain costs incurred in connection with developing or obtaining software within property and equipment. Capitalized software costs are amortized, beginning when the software product is ready for its intended use, over the estimated useful life of the software of approximately three years.

Goodwill and Intangible Assets. Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. The Company has determined that it has one reporting unit for goodwill impairment testing purposes, the consolidated BlackRock single operating segment, which is consistent with internal management reporting and management's oversight of operations. The Company performs an impairment assessment of its goodwill at least annually, as of July 31st. In its assessment of goodwill for impairment, the Company considers such factors as the book value and market capitalization of the Company.

Intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets acquired in a business acquisition. The value of contracts to manage assets in proprietary open-end funds and collective trust funds and certain other commingled products without a specified termination date is generally classified as indefinite-lived intangible assets. In addition, trade names/trademarks are considered indefinite-lived intangible assets when they are expected to generate cash flows indefinitely.

Indefinite-lived intangible assets and goodwill are not amortized. Finite-lived investor/customer relationships, technology-related assets, and management contracts, which relate to acquired separate accounts and funds, that are expected to contribute to the future cash flows of the Company for a specified period of time, are amortized over their useful lives. On a quarterly basis, the Company considers whether the indefinite-lived and finite-lived classifications are still appropriate.

The Company performs assessments to determine if any intangible assets are potentially impaired at least annually, as of July 31st. The carrying value of finite-lived assets and their remaining useful lives are reviewed to determine if circumstances exist which may indicate a potential impairment or revisions to the amortization period.

In evaluating whether it is more likely than not that the fair value of indefinite-lived intangibles is less than its carrying value, BlackRock assesses various significant quantitative factors, including assets under management (“AUM”), revenue basis points, projected AUM growth rates, operating margins, tax rates and discount rates. If an indefinite-lived intangible is determined to be more likely than not impaired, then the fair value of the asset is compared with its carrying value and any excess of the carrying value over the fair value would be recognized as an expense in the period in which the impairment occurs.

For finite-lived intangible assets, if potential impairment circumstances are considered to exist, the Company will perform a recoverability test using an undiscounted cash flow analysis. If the carrying value of the asset is determined not to be recoverable based on the undiscounted cash flow test, the difference between the carrying value of the asset and its current fair value would be recognized as an expense in the period in which the impairment occurs.

Consolidated Affiliate. During the second quarter of 2021, the Company formed a majority-controlled asset management company in China - BlackRock CCB Wealth Management Company Ltd. (“WMC”). WMC is 50.1% owned by the Company. The Company consolidates WMC, which it deems to be a VRE, because it exerts control over the financial and operating policies of the entity, based on the Company’s 50.1% ownership and voting rights.

Noncontrolling Interests. NCI consist of third-party investments in the Company’s CIPs (“NCI – CIPs”) and the WMC. The Company reports NCI in stockholders’ equity, separate from the parent’s equity, on the consolidated statements of financial condition. NCI that are redeemable at the option of the holders are classified as temporary equity at estimated redemption value and nonredeemable NCI are classified as a component of permanent equity in the consolidated statements of financial condition. In addition, the Company reports net income (loss) attributable to redeemable and nonredeemable NCI holders in net income (loss) attributable to NCI in the consolidated statements of income.

Treasury Stock. The Company records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the average cost method.

Revenue Recognition. Revenue is recognized upon transfer of control of promised services to customers in an amount to which the Company expects to be entitled in exchange for those services. The Company enters into contracts that can include multiple services, which are accounted for separately if they are determined to be distinct. Consideration for the Company’s services is generally in the form of variable consideration because the amount of fees is subject to market conditions that are outside of the Company’s influence. The Company includes variable consideration in revenue when it is no longer probable of significant reversal, i.e. when the associated uncertainty is resolved. For some contracts with customers, the Company has discretion to involve a third party in providing services to the customer. Generally, the Company is deemed to be the principal in these arrangements because the Company controls the promised services before they are transferred to customers, and accordingly presents the revenue gross of related costs.

Investment Advisory, Administration Fees and Securities Lending Revenue. Investment advisory and administration fees are recognized as the services are performed over time because the customer is receiving and consuming the benefits as they are provided by the Company. Fees are primarily based on agreed-upon percentages of AUM and recognized for services provided during the period, which are distinct from services provided in other periods. Such fees are affected by changes in AUM, including market appreciation or depreciation, foreign exchange translation and net inflows or outflows. Investment advisory and administration fees for investment funds are shown net of fee waivers. In addition, the Company may contract with third parties to provide sub-advisory services on its behalf. The Company presents the investment advisory fees and associated costs to such third-party advisors on a gross basis where it is deemed to be the principal and on a net basis where it is deemed to be the agent. Management judgment involved in making these assessments is focused on ascertaining whether the Company is primarily responsible for fulfilling the promised service.

The Company also earns revenue by lending securities on behalf of clients, primarily to highly rated banks and broker-dealers. The securities loaned are collateralized by either cash or securities, generally ranging from 102% to 112% of the value of the loaned securities. Securities lending fees are based on (1) a percentage of the notional value of the loaned securities and (2) a spread between the interest earned on the reinvested cash collateral and the amount rebated to the borrower. Revenue is recognized over time as services are performed. Generally, the securities lending fees are shared between the Company and the funds or other third-party accounts managed by the Company from which the securities are borrowed. For 2022, 2021 and 2020, securities lending revenue earned by the Company totaled $599 million, $555 million and $652 million, respectively, and is recorded in investment advisory, administration and securities lending revenue on the consolidated statements of income. Investment advisory, administration fees and securities lending revenue are reported together as the fees for these services often are agreed upon with clients as a bundled fee.

Money Market Fee Waivers. The Company may voluntarily waive a portion of its management fees on certain money market funds to ensure that they maintain a targeted level of daily net investment income (the “Yield Support waivers”). During 2022, 2021 and 2020, these waivers resulted in a reduction of management fees of approximately $72 million, $500 million, and $35 million respectively, which was partially offset by a reduction of BlackRock’s distribution and servicing costs paid to financial intermediaries. The Company may increase or decrease the level of Yield Support waivers in future periods.

Investment Advisory Performance Fees / Carried Interest. The Company receives investment advisory performance fees, including incentive allocations (carried interest) from certain actively managed investment funds and certain separately managed accounts. These performance fees are dependent upon exceeding specified relative or absolute investment return thresholds, which vary by product or account, and include monthly, quarterly, annual or longer measurement periods.

Performance fees, including carried interest, are recognized when it is determined that they are no longer probable of significant reversal (such as upon the sale of a fund’s investment or when the investment performance exceeds a contractual threshold at the end of a specified measurement period). Given the unique nature of each fee arrangement, contracts with customers are evaluated on an individual basis to determine the timing of revenue recognition. Significant judgment is involved in making such determination. Performance fees typically arise from investment management services that began in prior reporting periods. Consequently, a portion of the fees the Company recognizes may be partially related to the services performed in prior periods that meet the recognition criteria in the current period. At each reporting date, the Company considers various factors in estimating performance fees to be recognized, including carried interest.

The Company is allocated carried interest from certain alternative investment products upon exceeding performance thresholds. The Company may be required to reverse/return all, or part, of such carried interest allocations/distributions depending upon future performance of these funds. Carried interest subject to such clawback provisions is recorded in investments or cash and cash equivalents to the extent that it is distributed, on its consolidated statements of financial condition.

The Company records a liability for deferred carried interest to the extent it receives cash or capital allocations related to carried interest prior to meeting the revenue recognition criteria. A portion of the deferred carried interest may also be paid to certain employees. The ultimate timing of the recognition of performance fee revenue and related compensation expense, if any, is unknown.

Technology services revenue. The Company offers investment management technology systems, risk management services, wealth management and digital distribution tools, all on a fee basis. Clients include banks, insurance companies, official institutions, pension funds, asset managers, retail distributors and other investors. Fees earned for technology services are primarily recorded as services are performed over time and are generally determined using the value of positions on the Aladdin platform, or on a fixed-rate basis. Revenue derived from the sale of software licenses is recognized upon the granting of access rights.

Distribution Fees. The Company earns distribution and service fees related to distributing investment products and shareholder support services for investment portfolios. Distribution fees are passed-through to third-party distributors, which perform various fund distribution services and shareholder servicing of certain funds on the Company’s behalf, and are recognized as distribution and servicing costs. The Company presents distribution fees and related distribution and servicing costs incurred on a gross basis.

Distribution fees primarily consist of ongoing distribution fees, shareholder servicing fees and upfront sales commissions for serving as the principal underwriter and/or distributor for certain managed mutual funds. The service of distribution is satisfied at the point in time when an investor makes an investment in a share class of the managed mutual funds. Fees are generally considered variable consideration because they are based on the value of AUM and are uncertain on trade date. Accordingly, the Company recognizes distribution fees when the amounts become known and the portion recognized in the current period may relate to distribution services performed in prior periods. Upfront sales commissions are recognized on a trade date basis. Shareholder servicing fees are based on AUM and recognized in revenue as the services are performed.

Advisory and other revenue. Advisory and other revenue primarily includes fees earned for advisory services, fees earned for transition management services primarily comprised of commissions recognized in connection with buying and selling securities on behalf of customers, and equity method investment earnings related to certain strategic minority investments.

Advisory services fees are determined using fixed-rate fees and are recognized over time as the related services are completed.

Commissions related to transition management services are recorded on a trade-date basis as transactions occur.

Stock-based Compensation. The Company recognizes compensation cost for equity classified awards based on the grant-date fair value of the award. The compensation cost is recognized over the period during which an employee is required to provide service (usually the vesting period) in exchange for the stock-based award.

The Company measures the grant-date fair value of restricted stock units (“RSUs”) using the Company’s stock price on the date of grant. Stock-based awards may have performance, market and/or service conditions. For employee stock options and awards with market conditions, the Company uses pricing models. Compensation cost for awards containing performance conditions is recognized if it is probable that the conditions will be achieved. The probability of achievement is assessed on a quarterly basis. If a stock-based award is modified after the grant-date, incremental compensation cost is recognized for an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Awards under the Company’s stock-based compensation plans vest over various periods. Compensation cost is recorded by the Company on a straight-line basis over the requisite service period for each separate vesting portion of the award as if the award is, in-substance, multiple awards and is adjusted for actual forfeitures as they occur.

The Company amortizes the grant-date fair value of stock-based compensation awards made to retirement-eligible employees over the requisite service period. Upon notification of retirement, the Company accelerates the unamortized portion of the award over the contractually required retirement notification period.

The Company recognizes all excess tax benefits and deficiencies in income tax expense on the consolidated statements of income, which results in volatility of income tax expense as a result of fluctuations in the Company’s stock price. Accordingly, the Company recorded a discrete income tax benefit of $87 million, $43 million and $36 million during 2022, 2021 and 2020, respectively, for vested RSUs where the grant date stock price was lower than the vesting date stock price.

Distribution and Servicing Costs. Distribution and servicing costs include payments to third parties, primarily associated with distribution and servicing of client investments in certain BlackRock products. Distribution and servicing costs are expensed as incurred.

Direct Fund Expense. Direct fund expense, which is expensed as incurred, primarily consists of third-party nonadvisory expense incurred by BlackRock related to certain investment products for the use of certain index trademarks, reference data for certain indices, custodial services, fund administration, fund accounting, transfer agent services, shareholder reporting services, audit and tax services as well as other fund-related expense directly attributable to the nonadvisory operations of the fund.

Leases. The Company determines if a contract is a lease or contains a lease at inception. The Company accounts for its office facility leases as operating leases, which may include escalation clauses that are based on an index or market rate. The Company accounts for lease and non-lease components, including common areas maintenance charges, as a single component for its leases. The Company elected the short-term lease exception for leases with an initial term of 12 months or less. Consequently, such leases are not recorded on the consolidated statements of financial condition. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised or not.

The Company recognizes operating right-of-use (“ROU”) assets and operating lease liabilities on the consolidated statements of financial condition based on the present value of future lease payments over the lease term at the commencement date discounted using an incremental borrowing rate (“IBR”). The IBR for individual leases is estimated considering the Company’s or a subsidiary’s credit rating using various financial metrics, such as revenue, operating margin and revenue growth, and, as appropriate, performing market analysis of yields on publicly traded bonds (secured or unsecured) with similar terms of comparable companies in a similar economic environment. ROU assets are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable. Fixed lease payments made over the lease term are recorded as lease expense on a straight-line basis. Variable lease payments based on usage, changes in an index or market rate are expensed as incurred.

Foreign Exchange. Foreign currency transactions are recorded at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities that are denominated in foreign currencies are subsequently remeasured into the functional currencies of the Company's subsidiaries at the rates prevailing at each balance sheet date. Gains and losses arising on remeasurement are included in general and administration expense on the consolidated statements of income. Revenue and expenses are translated at average exchange rates during the period. Gains or losses resulting from translating foreign currency financial statements into United States ("US") dollars are included in accumulated other comprehensive income (loss) (“AOCI”), a separate component of stockholders’ equity, on the consolidated statements of financial condition.

Income Taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using currently enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized on the consolidated statements of income in the period that includes the enactment date.

Management periodically assesses the recoverability of its deferred income tax assets based upon expected future earnings, taxable income in prior carryback years, future deductibility of the asset, changes in applicable tax laws and other factors. If management determines that it is not more likely than not that the deferred tax asset will be fully recoverable in the future, a valuation allowance will be established for the difference between the asset balance and the amount expected to be recoverable in the future. This allowance will result in additional income tax expense. Further, the Company records its income taxes receivable and payable based upon its estimated income tax position.

Earnings per Share (“EPS”). Basic EPS is calculated by dividing net income applicable to common shareholders by the weighted-average number of shares outstanding during the period. Diluted EPS includes the determinants of basic EPS and common stock equivalents outstanding during the period. Diluted EPS is computed using the treasury stock method.

Business Segments. 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.

Fair Value Measurements

Hierarchy of Fair Value Inputs. The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 Inputs:

Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date.

•
Level 1 assets may include listed mutual funds, ETFs, listed equities and certain exchange-traded derivatives.

Level 2 Inputs:

Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies.

•
Level 2 assets may include debt securities, bank loans held within consolidated 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 held within consolidated funds, investments in CLOs and bank 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.

Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Valuation Approaches. The fair values of certain Level 3 assets and liabilities were determined using various valuation approaches as appropriate, including third-party pricing vendors, broker quotes and market and income approaches.

A significant number of inputs used to value equity, debt securities, investments in CLOs and bank loans is sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price.

In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input.

Investments Measured at Net Asset Values. As a practical expedient, the Company uses net asset value (“NAV”) as the fair value for certain investments. The inputs to value these investments may include the Company’s capital accounts for its partnership interests in various alternative investments, including hedge funds, real assets and private equity funds, which may be adjusted by using the returns of certain market indices. The various partnerships generally are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that could be used as an input to value these investments.

Fair Value Assets and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including bank loans, held by a consolidated CLO. As the fair value of the financial assets of the consolidated CLO is more observable than the fair value of the borrowings of the consolidated CLO, the Company measures the fair value of the borrowings of the consolidated CLO 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 exposures for certain seed investments. However, certain CIPs also utilize derivatives as a part of their investment strategy.

The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the 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 assets or liabilities or hedged investments, on the consolidated statements of income.

The Company may also use financial instruments designated as net investment hedges for accounting purposes to hedge net investments in international subsidiaries whose functional currency is not US dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within AOCI on the consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge at least quarterly.

v3.22.4
Acquisition
 12 Months Ended
Dec. 31, 2022
Business Combinations [Abstract]  
Acquisition

3. Acquisition

Aperio Group, LLC

On February 1, 2021, the Company acquired 100% of the equity interests of Aperio Group, LLC (the “Aperio Transaction” or “Aperio”), a pioneer in customizing tax-optimized index equity separately managed accounts (“SMAs”) for approximately $1.1 billion in cash, using existing cash resources. The acquisition of Aperio increased BlackRock’s SMA assets under management and expanded the breadth of the Company’s capabilities via tax-managed strategies across factors, broad market indexing, and investor environmental, social, and governance preferences across all asset classes.

The purchase price for the Aperio Transaction was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from the transaction. A summary of the fair values of the assets acquired and liabilities assumed in this acquisition is as follows:

(in millions)

 

Fair Value

 

Accounts receivable

 

$

16

 

Finite-lived intangible assets:

 

 

 

Customer relationships

 

 

270

 

Other

 

 

17

 

Goodwill

 

 

776

 

Deferred income tax liabilities

 

 

(16

)

Other liabilities assumed

 

 

(12

)

Total consideration, net of cash acquired

 

$

1,051

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

1,055

 

Cash acquired

 

 

(4

)

Total consideration, net of cash acquired

 

$

1,051

 
v3.22.4
Cash, Cash Equivalents and Restricted Cash
 12 Months Ended
Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Restricted Cash

4. Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents reported within the consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the consolidated statements of cash flows.

 

 

December 31,

 

 

December 31,

 

(in millions)

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

7,416

 

 

$

9,323

 

Restricted cash included in other assets

 

 

17

 

 

 

17

 

Total cash, cash equivalents and restricted cash

 

$

7,433

 

 

$

9,340

 
v3.22.4
Investments
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments

5. Investments

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

(in millions)

 

December 31,
 2022

 

 

December 31,
 2021

 

Debt securities:

 

 

 

 

 

 

Trading securities (including $1,279 and $1,140 trading debt securities of
   CIPs at December 31, 2022 and December 31, 2021, respectively)

 

$

1,331

 

 

$

1,186

 

Held-to-maturity investments

 

 

544

 

 

 

430

 

Total debt securities

 

 

1,875

 

 

 

1,616

 

Equity securities at FVTNI (including $1,089 and $1,485 equity securities at FVTNI
   of CIPs at December 31, 2022 and December 31, 2021, respectively)

 

 

1,211

 

 

 

1,738

 

Equity method investments(1)

 

 

1,895

 

 

 

1,694

 

Bank loans held by CIPs

 

 

354

 

 

 

284

 

Federal Reserve Bank stock(2)

 

 

91

 

 

 

96

 

Carried interest(3)

 

 

1,550

 

 

 

1,555

 

Other investments(4)

 

 

490

 

 

 

279

 

Total investments

 

$

7,466

 

 

$

7,262

 

 

(1)
Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds.
(2)
Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.
(3)
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.
(4)
Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes and private equity and real asset investments held by CIPs 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 December 31, 2022, $36 million of these investments mature between one year to five years, $236 million of these investments mature between five to ten years and $272 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:

 

 

December 31, 2022

 

 

December 31, 2021

 

(in millions)

 

Cost

 

 

Carrying
Value

 

 

Cost

 

 

Carrying
Value

 

Trading debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

$

823

 

 

$

795

 

 

$

703

 

 

$

701

 

Government debt

 

 

420

 

 

 

400

 

 

 

365

 

 

 

363

 

Asset/mortgage-backed debt

 

 

154

 

 

 

136

 

 

 

126

 

 

 

122

 

Total trading debt securities

 

$

1,397

 

 

$

1,331

 

 

$

1,194

 

 

$

1,186

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

$

1,216

 

 

$

1,211

 

 

$

1,451

 

 

$

1,738

 
v3.22.4
Consolidated Sponsored Investment Products
 12 Months Ended
Dec. 31, 2022
Statement of Financial Position [Abstract]  
Consolidated Sponsored Investment Products

6. Consolidated Sponsored Investment Products

The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds.

In the normal course of business, the Company is the manager of various types of sponsored investment vehicles, which may be considered VIEs. 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 investments in the entity. The Company’s consolidated VIEs include certain sponsored investment products in which BlackRock has an investment and as the investment manager, is deemed to have both the power to direct the most significant activities of the products and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these sponsored investment products. The assets of these VIEs are not available to creditors of the Company. In addition, the investors in these VIEs have no recourse to the credit of the Company.

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

 

 

 

December 31, 2022

 

 

December 31, 2021

 

(in millions)

 

VIEs

 

 

VREs

 

 

Total

 

 

VIEs

 

 

VREs

 

 

Total

 

Cash and cash equivalents(1)

 

$

234

 

 

$

31

 

 

$

265

 

 

$

251

 

 

$

57

 

 

$

308

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

 

949

 

 

 

330

 

 

 

1,279

 

 

 

870

 

 

 

270

 

 

 

1,140

 

Equity securities at FVTNI

 

 

821

 

 

 

268

 

 

 

1,089

 

 

 

1,100

 

 

 

385

 

 

 

1,485

 

Bank loans

 

 

234

 

 

 

120

 

 

 

354

 

 

 

284

 

 

 

—

 

 

 

284

 

Other investments

 

 

373

 

 

 

77

 

 

 

450

 

 

 

210

 

 

 

—

 

 

 

210

 

Carried interest

 

 

1,497

 

 

 

—

 

 

 

1,497

 

 

 

1,504

 

 

 

—

 

 

 

1,504

 

Total investments

 

 

3,874

 

 

 

795

 

 

 

4,669

 

 

 

3,968

 

 

 

655

 

 

 

4,623

 

Other assets

 

 

68

 

 

 

29

 

 

 

97

 

 

 

50

 

 

 

32

 

 

 

82

 

Other liabilities(2)

 

 

(1,876

)

 

 

(48

)

 

 

(1,924

)

 

 

(1,919

)

 

 

(82

)

 

 

(2,001

)

Noncontrolling interests - CIPs

 

 

(857

)

 

 

(125

)

 

 

(982

)

 

 

(1,046

)

 

 

(79

)

 

 

(1,125

)

BlackRock's net interest in CIPs

 

$

1,443

 

 

$

682

 

 

$

2,125

 

 

$

1,304

 

 

$

583

 

 

$

1,887

 

 

(1)
The Company cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
(2)
At both December 31, 2022 and 2021, 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 ownership interest in these CIPs. Valuation changes associated with investments 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:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Nonoperating net gain (loss) on consolidated VIEs

 

$

(311

)

 

$

296

 

 

$

477

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to NCI on consolidated VIEs

 

$

(161

)

 

$

289

 

 

$

348

 
v3.22.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities

7. Variable Interest Entities

Nonconsolidated VIEs. At December 31, 2022 and 2021, the Company’s carrying value of assets and liabilities included on the consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs for which it held a variable interest, but for which it was not the PB, was as follows:

(in millions)

 

Investments

 

 

Advisory
Fee
Receivables

 

 

Other Net
Assets
(Liabilities)

 

 

Maximum
Risk of Loss(1)

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

1,060

 

 

$

95

 

 

$

(12

)

 

$

1,172

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

882

 

 

$

62

 

 

$

(12

)

 

$

961

 

 

(1)
At both December 31, 2022 and 2021, 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 $19 billion and $20 billion at December 31, 2022 and 2021, respectively.
v3.22.4
Fair Value Disclosures
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Disclosures

8. Fair Value Disclosures

Fair Value Hierarchy

Assets and liabilities measured at fair value on a recurring basis

December 31, 2022
(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,
2022

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,279

 

 

$

52

 

 

$

—

 

 

$

—

 

 

$

1,331

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

544

 

 

 

544

 

Total debt securities

 

—

 

 

 

1,279

 

 

 

52

 

 

 

—

 

 

 

544

 

 

 

1,875

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,211

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,211

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset mutual funds

 

181

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

181

 

Hedge funds/funds of hedge funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

525

 

 

 

—

 

 

 

525

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

885

 

 

 

—

 

 

 

885

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

304

 

 

 

—

 

 

 

304

 

Total equity method

 

181

 

 

 

—

 

 

 

—

 

 

 

1,714

 

 

 

—

 

 

 

1,895

 

Bank loans

 

—

 

 

 

106

 

 

 

248

 

 

 

—

 

 

 

—

 

 

 

354

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

91

 

 

 

91

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,550

 

 

 

1,550

 

Other investments

 

28

 

 

 

—

 

 

 

—

 

 

 

316

 

 

 

146

 

 

 

490

 

Total investments

 

1,420

 

 

 

1,385

 

 

 

300

 

 

 

2,030

 

 

 

2,331

 

 

 

7,466

 

Other assets(3)

 

145

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

146

 

Separate account assets

 

34,823

 

 

 

18,544

 

 

 

—

 

 

 

—

 

 

 

699

 

 

 

54,066

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

2,163

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,163

 

Debt securities

 

—

 

 

 

3,602

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,602

 

Total separate account collateral held under
   securities lending agreements

 

2,163

 

 

 

3,602

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,765

 

Total

$

38,551

 

 

$

23,532

 

 

$

300

 

 

$

2,030

 

 

$

3,030

 

 

$

67,443

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral liabilities under
   securities lending agreements

$

2,163

 

 

$

3,602

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5,765

 

Other liabilities(4)

 

—

 

 

 

31

 

 

 

280

 

 

 

—

 

 

 

—

 

 

 

311

 

Total

$

2,163

 

 

$

3,633

 

 

$

280

 

 

$

—

 

 

$

—

 

 

$

6,076

 

 

(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, carried interest and certain equity method investments, which include sponsored investment funds and other assets, which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.
(3)
Level 1 amount includes a minority investment in a publicly traded company. Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information)
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 9, 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 (see Note 16, Commitments and Contingencies, for more information).

 

 

December 31, 2021
(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,
2021

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,169

 

 

$

17

 

 

$

—

 

 

$

—

 

 

$

1,186

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

430

 

 

 

430

 

Total debt securities

 

—

 

 

 

1,169

 

 

 

17

 

 

 

—

 

 

 

430

 

 

 

1,616

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,738

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,738

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity and fixed income mutual funds

 

245

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

245

 

Hedge funds/funds of hedge funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

369

 

 

 

—

 

 

 

369

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

846

 

 

 

—

 

 

 

846

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

234

 

 

 

—

 

 

 

234

 

Total equity method

 

245

 

 

 

—

 

 

 

—

 

 

 

1,449

 

 

 

—

 

 

 

1,694

 

Bank loans

 

—

 

 

 

14

 

 

 

270

 

 

 

—

 

 

 

—

 

 

 

284

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

96

 

 

 

96

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,555

 

 

 

1,555

 

Other investments(3)

 

—

 

 

 

—

 

 

 

5

 

 

 

96

 

 

 

178

 

 

 

279

 

Total investments

 

1,983

 

 

 

1,183

 

 

 

292

 

 

 

1,545

 

 

 

2,259

 

 

 

7,262

 

Other assets(4)

 

195

 

 

 

39

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

234

 

Separate account assets

 

54,675

 

 

 

30,786

 

 

 

—

 

 

 

—

 

 

 

765

 

 

 

86,226

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

3,717

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,717

 

Debt securities

 

—

 

 

 

3,364

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,364

 

Total separate account collateral held under
   securities lending agreements

 

3,717

 

 

 

3,364

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,081

 

Total

$

60,570

 

 

$

35,372

 

 

$

292

 

 

$

1,545

 

 

$

3,024

 

 

$

100,803

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral liabilities under
   securities lending agreements

$

3,717

 

 

$

3,364

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7,081

 

Other liabilities(5)

 

—

 

 

 

26

 

 

 

342

 

 

 

—

 

 

 

—

 

 

 

368

 

Total

$

3,717

 

 

$

3,390

 

 

$

342

 

 

$

—

 

 

$

—

 

 

$

7,449

 

 

(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, carried interest and certain equity method investments, which include sponsored investment funds and other assets, which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.
(3)
Level 3 amount includes direct investments in private equity companies held by consolidated private equity funds.
(4)
Level 1 amount includes a minority investment in a publicly traded company. Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information)
(5)
Level 2 amount primarily includes fair value of derivatives (See Note 9, 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 (see Note 16, Commitments and Contingencies, for more information).

Level 3 Assets. Level 3 assets predominantly include investments in CLOs and bank loans of consolidated CIPs, which were valued based on single-broker nonbinding quotes or quotes from pricing services which use significant unobservable inputs.

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.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 2022

(in millions)

December 31,
2021

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances
and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

December 31,
2022

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading

$

17

 

 

$

(5

)

 

$

36

 

 

$

(18

)

 

$

—

 

 

$

26

 

 

$

(4

)

 

$

52

 

 

$

(5

)

Total debt securities

 

17

 

 

 

(5

)

 

 

36

 

 

 

(18

)

 

 

—

 

 

 

26

 

 

 

(4

)

 

 

52

 

 

 

(5

)

Private equity

 

5

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3

)

 

 

—

 

 

 

—

 

Bank loans

 

270

 

 

 

(6

)

 

 

59

 

 

 

(61

)

 

 

—

 

 

 

9

 

 

 

(23

)

 

 

248

 

 

 

(6

)

Total investments

$

292

 

 

$

(13

)

 

$

95

 

 

$

(79

)

 

$

—

 

 

$

35

 

 

$

(30

)

 

$

300

 

 

$

(11

)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

$

342

 

 

$

3

 

 

$

—

 

 

$

—

 

 

$

(59

)

 

$

—

 

 

$

—

 

 

$

280

 

 

$

3

 

 

(1)
Amounts include proceeds from borrowings of a consolidated CLO and contingent liability payments related to a prior acquisitions.
(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 2021

(in millions)

December 31,
2020

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances
and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

December 31,
2021

 

 

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

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading

$

11

 

 

$

2

 

 

$

43

 

 

$

(22

)

 

$

—

 

 

$

—

 

 

$

(17

)

 

$

17

 

 

$

2

 

 

Total debt securities

 

11

 

 

 

2

 

 

 

43

 

 

 

(22

)

 

 

—

 

 

 

—

 

 

 

(17

)

 

 

17

 

 

 

2

 

 

Private equity

 

9

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5

)

 

 

5

 

 

 

1

 

 

Bank loans

 

232

 

 

 

—

 

 

 

46

 

 

 

(5

)

 

 

—

 

 

 

15

 

 

 

(18

)

 

 

270

 

 

 

—

 

 

Total investments

$

252

 

 

$

3

 

 

$

89

 

 

$

(27

)

 

$

—

 

 

$

15

 

 

$

(40

)

 

$

292

 

 

$

3

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

$

272

 

 

$

(34

)

 

$

—

 

 

$

—

 

 

$

36

 

 

$

—

 

 

$

—

 

 

$

342

 

 

$

(34

)

 

 

 

(1)
Amounts primarily include net proceeds from 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) on the consolidated statements of income. 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 December 31, 2022 and 2021, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below.

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

 

(in millions)

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Fair Value
Hierarchy

 

Financial Assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

7,416

 

 

$

7,416

 

 

$

9,323

 

 

$

9,323

 

 

Level 1

(2)(3)

Other assets

 

 

86

 

 

 

86

 

 

 

22

 

 

 

22

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

 

$

6,654

 

 

$

5,949

 

 

$

7,446

 

 

$

7,735

 

 

Level 2

(5)

 

(1)
See Note 5, 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 December 31, 2022 and 2021, approximately $2.2 billion and $2.4 billion, respectively, of money market funds were recorded within cash and cash equivalents on the 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)
Other assets include cash collateral held with certain derivative counterparties and restricted cash.
(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 December 2022 and 2021, respectively. See Note 15, 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).

December 31, 2022

(in millions)

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge funds/other

(a)

 

$

525

 

 

$

149

 

 

Daily/Monthly (23%)
Quarterly (13%)
N/R (64%)

 

1 – 90 days

Private equity funds

(b)

 

 

885

 

 

 

174

 

 

N/R

 

N/R

Real assets funds

(c)

 

 

304

 

 

 

304

 

 

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

 

60 days

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated sponsored investment products:

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

(c)

 

 

116

 

 

 

94

 

 

N/R

 

N/R

Private equity funds

(d)

 

 

183

 

 

 

37

 

 

N/R

 

N/R

Other funds

 

 

 

17

 

 

 

31

 

 

Quarterly

 

90 days

Total

 

 

$

2,030

 

 

$

789

 

 

 

 

 

December 31, 2021

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge funds/other

 

(a)

 

$

369

 

 

$

141

 

 

Daily/Monthly (20%)
Quarterly (20%)
N/R (60%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

846

 

 

 

153

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

234

 

 

 

245

 

 

Quarterly (20%)
N/R (80%)

 

60 days

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated sponsored investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

90

 

 

 

101

 

 

N/R

 

N/R

Other funds

 

 

 

 

6

 

 

 

25

 

 

N/R

 

N/R

Total

 

 

 

$

1,545

 

 

$

665

 

 

 

 

 

 

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, distressed credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both December 31, 2022 and 2021.
(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 December 31, 2022 and 2021.
(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 December 31, 2022 and 2021. The total remaining unfunded commitments were $398 million and $346 million at December 31, 2022 and 2021, respectively. The Company’s portion of the total remaining unfunded commitments was $364 million and $298 million at December 31, 2022 and 2021, 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.

Fair Value Option

At December 31, 2022 and 2021, the Company elected the fair value option for certain investments in CLOs of approximately $52 million and $47 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 December 31, 2022 and 2021:

 

 

December 31,

 

 

December 31,

 

(in millions)

 

2022

 

 

2021

 

CLO Bank loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

238

 

 

$

281

 

Fair value

 

 

234

 

 

 

284

 

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

 

$

4

 

 

$

(3

)

 

 

 

 

 

 

 

CLO Borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

245

 

 

$

275

 

Fair value

 

$

245

 

 

$

278

 

At December 31, 2022, the principal amounts outstanding of the borrowings issued by the CLOs mature in 2030.

During the year ended December 31, 2022 and 2021, 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 consolidated statements of income. The change in fair value of the assets and liabilities included interest income and expense, respectively.

v3.22.4
Derivatives and Hedging
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging

9. Derivatives and Hedging

Prior to December 31, 2022, the Company maintained a program to enter into total return swaps to hedge market price and interest rate exposures with respect to certain seed investments in sponsored investment products. The Company did not have any outstanding total return swaps at December 31, 2022. At December 31, 2021, the Company had outstanding total return swaps with aggregate notional values of approximately $720 million.

During the fourth quarter of 2022, the Company implemented 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. At December 31, 2022, the Company had outstanding exchange traded futures with aggregate notional values of approximately $1.5 billion and with maturity dates during the first quarter of 2023. Changes in the value of the futures contracts are recognized as gains or losses within nonoperating income (expense). Variation margin payments, which represents settlements of profit/loss, are generally received or made daily depending upon whether gains or losses are incurred, and are reflected in other assets and other liabilities on the consolidated statements of financial condition. These amounts were not material as of December 31, 2022.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At December 31, 2022 and 2021, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $2.2 billion and $1.8 billion, respectively and with expiration dates in January 2023 and January 2022, respectively.

At both December 31, 2022 and 2021, 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 consolidated statements of financial condition at December 31, 2022:

 

Assets

 

 

Liabilities

 

 

Statement of
Financial Condition

 

December 31,

 

 

December 31,

 

 

Statement of
Financial Condition

 

December 31,

 

 

December 31,

 

(in millions)

Classification

 

2022

 

 

2021

 

 

Classification

 

2022

 

 

2021

 

Derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return swaps

Other assets

 

$

—

 

 

$

5

 

 

Other liabilities

 

$

—

 

 

$

14

 

Forward foreign currency
  exchange contracts

Other assets

 

 

1

 

 

 

34

 

 

Other liabilities

 

 

19

 

 

 

—

 

Total

 

 

$

1

 

 

$

39

 

 

 

 

$

19

 

 

$

14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

Gains (Losses)

 

(in millions)

 

Statement of Income Classification

 

2022

 

 

2021

 

 

2020

 

Derivative Instruments

 

 

 

 

 

 

 

 

 

 

 

Total return swaps

 

Nonoperating income (expense)

 

$

83

 

 

$

(99

)

 

$

(93

)

Exchange traded futures

 

Nonoperating income (expense)

 

 

36

 

 

 

—

 

 

 

—

 

Forward foreign currency exchange contracts

 

General and administration expense

 

 

(222

)

 

 

(29

)

 

 

47

 

Total gain (loss) from derivative instruments

 

$

(103

)

 

$

(128

)

 

$

(46

)

The Company consolidates certain sponsored investment funds, which may utilize derivative instruments as a part of the funds’ investment strategies. The change in fair value of such derivatives, which is recorded in nonoperating income (expense), was not material for 2022, 2021 and 2020.

See Note 15, Borrowings, for more information on the Company’s net investment hedge.
v3.22.4
Property and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

10. Property and Equipment

Property and equipment consists of the following:

 

 

Estimated Useful

 

December 31,

 

(in millions)

 

Life-In Years

 

2022

 

 

2021

 

Property and equipment:

 

 

 

 

 

 

 

 

Land

 

N/A

 

$

6

 

 

$

6

 

Building

 

39

 

 

33

 

 

 

33

 

Building improvements

 

15

 

 

31

 

 

 

31

 

Leasehold improvements

 

1-15

 

 

613

 

 

 

614

 

Equipment and computer software

 

3

 

 

1,033

 

 

 

914

 

Other transportation equipment

 

10

 

 

192

 

 

 

191

 

Furniture and fixtures

 

7

 

 

96

 

 

 

70

 

Construction in progress

 

N/A

 

 

417

 

 

 

159

 

Total

 

 

 

 

2,421

 

 

 

2,018

 

Less: accumulated depreciation and amortization

 

 

 

 

1,390

 

 

 

1,256

 

Property and equipment, net

 

 

 

$

1,031

 

 

$

762

 

 

 

N/A – Not Applicable

Qualifying software costs of approximately $91 million, $87 million and $95 million have been capitalized within equipment and computer software during 2022, 2021 and 2020, respectively, and are being amortized over an estimated useful life of three years.

Depreciation and amortization expense was $251 million, $249 million and $232 million for 2022, 2021 and 2020, respectively.
v3.22.4
Goodwill
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

11. Goodwill

Goodwill activity during 2022 and 2021 was as follows:

 

(in millions)

 

2022

 

 

2021

 

Beginning of year balance

 

$

15,351

 

 

$

14,551

 

Acquisitions(1)

 

 

—

 

 

 

810

 

Other(2)

 

 

(10

)

 

 

(10

)

End of year balance

 

$

15,341

 

 

$

15,351

 

 

(1)
In 2021, the $810 million increase in goodwill resulted primarily from the Aperio Transaction. See Note 3, Acquisition, for information on the Aperio Transaction.
(2)
Amounts primarily resulted from a decline related to tax benefits realized from tax-deductible goodwill in excess of book goodwill from the acquisition of the fund-of-funds business of Quellos Group, LLC in October 2007 (the “Quellos Transaction”). Goodwill related to the Quellos Transaction will continue to be reduced in future periods by the amount of tax benefits realized from tax-deductible goodwill in excess of book goodwill from the Quellos Transaction. The balance of the Quellos Transaction's tax-deductible goodwill in excess of book goodwill was approximately $11 million and $43 million at December 31, 2022 and 2021, respectively.

BlackRock assessed its goodwill for impairment as of July 31, 2022, 2021 and 2020 and considered such factors as the book value and the market capitalization of the Company. The impairment assessment indicated no impairment charges were required. The Company continues to monitor its book value per share compared with closing prices of its common stock for potential indicators of impairment. At December 31, 2022, the Company’s common stock closed at a market price of $708.63, which exceeded its book value of $252.04 per share.
v3.22.4
Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

12. Intangible Assets

Intangible assets at December 31, 2022 and 2021 consisted of the following:

 

(in millions)

 

Remaining
Weighted-
Average
Estimated
Useful Life

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

At December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

N/A

 

$

16,169

 

 

$

—

 

 

$

16,169

 

Trade names/trademarks

 

N/A

 

 

1,403

 

 

 

—

 

 

 

1,403

 

License

 

N/A

 

 

6

 

 

 

—

 

 

 

6

 

Total indefinite-lived intangible assets

 

 

 

 

17,578

 

 

 

—

 

 

 

17,578

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

2.9

 

 

177

 

 

 

130

 

 

 

47

 

Investor/customer relationships

 

7.0

 

 

746

 

 

 

254

 

 

 

492

 

Technology-related

 

4.6

 

 

261

 

 

 

81

 

 

 

180

 

Trade names/trademarks

 

2.6

 

 

23

 

 

 

18

 

 

 

5

 

Total finite-lived intangible assets

 

6.1

 

 

1,207

 

 

 

483

 

 

 

724

 

Total intangible assets

 

 

 

$

18,785

 

 

$

483

 

 

$

18,302

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

N/A

 

$

16,169

 

 

$

—

 

 

$

16,169

 

Trade names/trademarks

 

N/A

 

 

1,403

 

 

 

—

 

 

 

1,403

 

License

 

N/A

 

 

6

 

 

 

—

 

 

 

6

 

Total indefinite-lived intangible assets

 

 

 

 

17,578

 

 

 

—

 

 

 

17,578

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

3.5

 

 

244

 

 

 

169

 

 

 

75

 

Investor/customer relationships

 

8.0

 

 

746

 

 

 

169

 

 

 

577

 

Technology-related

 

4.1

 

 

261

 

 

 

49

 

 

 

212

 

Trade names/trademarks

 

3.0

 

 

23

 

 

 

12

 

 

 

11

 

Total finite-lived intangible assets

 

6.6

 

 

1,274

 

 

 

399

 

 

 

875

 

Total intangible assets

 

 

 

$

18,852

 

 

$

399

 

 

$

18,453

 

 

N/A – Not Applicable

The impairment tests performed for intangible assets as of July 31, 2022, 2021 and 2020 indicated no impairment charges were required.

Estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows:

(in millions)

 

 

 

Year

 

Amount

 

2023

 

$

142

 

2024

 

 

131

 

2025

 

 

123

 

2026

 

 

116

 

2027

 

 

89

 

In connection with the Aperio Transaction, which closed on February 1, 2021, the Company acquired $270 million of finite-lived customer relationships, $9 million of finite-lived trade name and $8 million of finite-lived technology-related intangible assets, with weighted-average estimated lives of approximately 10 years, five years and three years, respectively. See Note 3, Acquisition, for more information.
v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases

13. Leases

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

(in millions)

 

2022

 

 

2021

 

 

2020

 

Lease cost:

 

 

 

 

 

 

 

 

 

Operating lease cost(1)

 

$

216

 

 

$

184

 

 

$

147

 

Variable lease cost(2)

 

 

39

 

 

 

44

 

 

 

40

 

Total lease cost

 

$

255

 

 

$

228

 

 

$

187

 

 

(1)
Amounts include short-term leases, which are immaterial for 2022, 2021 and 2020.
(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 ROU assets and operating lease liabilities.

Supplemental information related to operating leases is summarized below:

(in millions)

2022

 

 

2021

 

 

2020

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

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

$

162

 

 

$

75

 

 

$

154

 

 

 

 

 

 

 

 

 

 

Supplemental noncash information:

 

 

 

 

 

 

 

 

ROU assets in exchange for operating lease liabilities

$

115

 

 

$

1,165

 

 

$

93

 

 

 

 

 

 

 

 

 

 

December 31, 2022

December 31, 2021

Lease term and discount rate:

 

 

 

 

 

 

Weighted-average remaining lease term

 

16

 

years

 

16

 

years

Weighted-average discount rate

 

3

 

%

 

3

 

%

 

(in millions)

 

 

 

Maturity of operating lease liabilities at December 31, 2022

 

Amount

 

2023

 

$

142

 

2024

 

 

173

 

2025

 

 

156

 

2026

 

 

145

 

2027

 

 

140

 

Thereafter

 

 

1,503

 

Total lease payments

 

$

2,259

 

Less: imputed interest

 

 

(424

)

Present value of lease liabilities

 

$

1,835

 
v3.22.4
Other Assets
 12 Months Ended
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets

14. Other Assets

At December 31, 2022 and 2021, the Company had $809 million and $583 million of equity method investments, respectively, recorded within other assets on the consolidated statements of financial condition, since such investees are considered to be an extension of BlackRock’s core business. BlackRock’s share of these investees’ underlying net income or loss is based upon the most currently available information and is recorded within advisory and other revenue. In 2022, the Company recorded a nonoperating, noncash, pre-tax gain of approximately $267 million in connection with the dilution of its ownership interest to approximately 25% in its strategic minority investment in iCapital Network, Inc. ("iCapital"). In 2021, the Company recorded a nonoperating, noncash, pre-tax gain in connection with the dilution of its ownership interests in iCapital of approximately $119 million. At December 31, 2022 and 2021, the carrying value of the Company's interest in iCapital was approximately $669 million and $409 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 December 31, 2022 and 2021, the Company had $375 million and $268 million, respectively, of other nonequity method corporate minority investments recorded within other assets on the consolidated statements of financial condition, which included investments in equity securities, generally measured at fair value or under the measurement alternative to fair value for nonmarketable securities. Changes in value of these securities are recorded in nonoperating income (expense) on the consolidated statements of income. See Note 2, Significant Accounting Policies, for further information.
v3.22.4
Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Borrowings

15. Borrowings

Short-Term Borrowings

2022 Revolving Credit Facility. The Company maintains an unsecured revolving credit facility which is available for working capital and general corporate purposes (the “2022 credit facility”). In March 2022, the 2022 credit facility was amended to, among other things, (1) increase the aggregate commitment amount by $300 million to $4.7 billion, (2) extend the maturity date to March 2027, (3) change the rate for borrowings denominated in US dollars from a rate based on the London Interbank Offered Rate (“LIBOR”) to a rate based on the secured overnight financing rate (“SOFR”) subject to certain adjustments and (4) modify certain specified targets for the sustainability-linked pricing mechanics. The 2022 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 2022 credit facility to an aggregate principal amount of up to $5.7 billion. The 2022 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 December 31, 2022. At December 31, 2022, the Company had no amount outstanding under the 2022 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 2022 credit facility. At December 31, 2022, BlackRock had no CP Notes outstanding.

Long-Term Borrowings

The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at December 31, 2022 included the following:

(in millions)

Maturity Amount

 

 

Unamortized
Discount and Debt Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

3.50% Notes due 2024

$

1,000

 

 

$

(1

)

 

$

999

 

 

$

983

 

1.25% Notes due 2025

 

747

 

 

 

(2

)

 

 

745

 

 

 

715

 

3.20% Notes due 2027

 

700

 

 

 

(3

)

 

 

697

 

 

 

662

 

3.25% Notes due 2029

 

1,000

 

 

 

(8

)

 

 

992

 

 

 

926

 

2.40% Notes due 2030

 

1,000

 

 

 

(6

)

 

 

994

 

 

 

852

 

1.90% Notes due 2031

 

1,250

 

 

 

(9

)

 

 

1,241

 

 

 

1,008

 

2.10% Notes due 2032

 

1,000

 

 

 

(14

)

 

 

986

 

 

 

803

 

Total long-term borrowings

$

6,697

 

 

$

(43

)

 

$

6,654

 

 

$

5,949

 
(1)
The unamortized discount and debt issuance costs are being amortized over the term of the notes.

Long-term borrowings at December 31, 2021 had a carrying value of $7.4 billion and a fair value of $7.7 billion determined using market prices at the end of December 2021.

2032 Notes. In December 2021, the Company issued $1 billion in aggregate principal amount of 2.10% senior unsecured and unsubordinated notes maturing on February 25, 2032 (the “2032 Notes”). The net proceeds of the 2032 Notes were used for general corporate purposes, which included the repayment of the $750 million 3.375% Notes in June 2022. Interest of approximately $21 million per year is payable semi-annually on February 25 and August 25 of each year, which commenced on February 25, 2022. The 2032 Notes may be redeemed prior to November 25, 2031 in whole or in part at any time, at the option of the Company, at a “make-whole” redemption price or at 100% of the principal amount of the 2032 Notes thereafter.

2031 Notes. In April 2020, the Company issued $1.25 billion in aggregate principal amount of 1.90% senior unsecured and unsubordinated notes maturing on January 28, 2031 (the “2031 Notes”). The net proceeds of the 2031 Notes were used for general corporate purposes. Interest of approximately $24 million per year is payable semi-annually on January 28 and July 28 of each year, which commenced on July 28, 2020. The 2031 Notes may be redeemed prior to October 28, 2030 in whole or in part at any time, at the option of the Company, at a “make-whole” redemption price or at 100% of the principal amount of the 2031 Notes thereafter.

2030 Notes. In January 2020, the Company issued $1 billion in aggregate principal amount of 2.40% senior unsecured and unsubordinated notes maturing on April 30, 2030 (the “2030 Notes”). The net proceeds of the 2030 Notes were used for general corporate purposes. Interest of approximately $24 million per year is payable semi-annually on April 30 and October 30 of each year, which commenced on April 30, 2020. The 2030 Notes may be redeemed prior to January 30, 2030 in whole or in part at any time, at the option of the Company, at a “make-whole” redemption price or at 100% of the principal amount of the 2030 Notes thereafter.

2029 Notes. In April 2019, the Company issued $1 billion in aggregate principal amount of 3.25% senior unsecured and unsubordinated notes maturing on April 30, 2029 (the “2029 Notes”). The net proceeds of the 2029 Notes were used for general corporate purposes, which included a portion of the purchase price of the eFront Transaction, repayment of a portion of the $1 billion 5.00% notes in December 2019 and repayment of borrowings under its commercial paper program. Interest is payable semi-annually on April 30 and October 30 of each year, which commenced on October 30, 2019, and is approximately $33 million per year. The 2029 Notes may be redeemed prior to January 30, 2029 in whole or in part at any time, at the option of the Company, at a “make-whole” redemption price or at par thereafter.

2027 Notes. In March 2017, the Company issued $700 million in aggregate principal amount of 3.20% senior unsecured and unsubordinated notes maturing on March 15, 2027 (the “2027 Notes”). The net proceeds of the 2027 Notes were used to fully repay $700 million in aggregate principal amount outstanding of 6.25% notes in April 2017 prior to their maturity in September 2017. Interest is payable semi-annually on March 15 and September 15 of each year, and is approximately $22 million per year. The 2027 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.

2025 Notes. In May 2015, the Company issued €700 million of 1.25% senior unsecured notes maturing on May 6, 2025 (the “2025 Notes”). The notes are listed on the New York Stock Exchange. The net proceeds of the 2025 Notes were used for general corporate purposes, including refinancing of outstanding indebtedness. Interest of approximately $11 million per year based on current exchange rates is payable annually on May 6 of each year. The 2025 Notes may be redeemed in whole or in part prior to maturity at any time at the option of the Company at a “make-whole” redemption price.

Upon conversion to US dollars the Company designated the €700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations. A gain of $37 million (net of tax expense of $12 million), gain of $46 million (net of tax expense of $14 million), and a loss of $54 million (net of tax benefit of $17 million) were recognized in other comprehensive income for 2022, 2021 and 2020, respectively. No hedge ineffectiveness was recognized during 2022, 2021 and 2020.

2024 Notes. In March 2014, the Company issued $1 billion in aggregate principal amount of 3.50% senior unsecured and unsubordinated notes maturing on March 18, 2024 (the “2024 Notes”). The net proceeds of the 2024 Notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014. Interest is payable semi-annually in arrears on March 18 and September 18 of each year, or approximately $35 million per year. The 2024 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.

2022 Notes. In May 2012, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations. These notes were issued as two separate series of senior debt securities, including $750 million of 1.375% notes, which were repaid in June 2015 at maturity, and $750 million of 3.375% notes, which were repaid in June 2022 at maturity (the “2022 Notes”). Net proceeds were used to fund the repurchase of BlackRock’s common stock and Series B Preferred from Barclays and affiliates and for general corporate purposes. Interest on the 2022 Notes of approximately $25 million per year was payable semi-annually on June 1 and December 1 of each year.
v3.22.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

16. Commitments and Contingencies

Investment Commitments. At December 31, 2022, the Company had $884 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 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 is currently 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 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 December 31, 2022 and subject to this type of indemnification was approximately $253 billion. In the Company’s capacity as lending agent, cash and securities totaling approximately $268 billion were held as collateral for indemnified securities on loan at December 31, 2022. The fair value of these indemnifications was not material at December 31, 2022.
v3.22.4
Revenue
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue

17. Revenue

The table below presents detail of revenue for 2022, 2021 and 2020 and includes the product mix of investment advisory, administration fees and securities lending revenue and performance fees.

(in millions)

2022

 

 

2021

 

 

2020

 

Investment advisory, administration fees and securities lending revenue:

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Active

$

2,147

 

 

$

2,571

 

 

$

1,737

 

ETFs

 

4,345

 

 

 

4,658

 

 

 

3,499

 

Non-ETF Index

 

711

 

 

 

771

 

 

 

664

 

Equity subtotal

 

7,203

 

 

 

8,000

 

 

 

5,900

 

Fixed income:

 

 

 

 

 

 

 

 

Active

 

1,977

 

 

 

2,191

 

 

 

1,957

 

ETFs

 

1,122

 

 

 

1,201

 

 

 

1,119

 

Non-ETF Index

 

396

 

 

 

471

 

 

 

463

 

Fixed income subtotal

 

3,495

 

 

 

3,863

 

 

 

3,539

 

Multi-asset

 

1,299

 

 

 

1,414

 

 

 

1,163

 

Alternatives:

 

 

 

 

 

 

 

 

Illiquid alternatives

 

741

 

 

 

668

 

 

 

577

 

Liquid alternatives

 

633

 

 

 

629

 

 

 

502

 

Currency and commodities(1)

 

216

 

 

 

216

 

 

 

168

 

Alternatives subtotal

 

1,590

 

 

 

1,513

 

 

 

1,247

 

Long-term

 

13,587

 

 

 

14,790

 

 

 

11,849

 

Cash management

 

864

 

 

 

470

 

 

 

790

 

Total investment advisory, administration fees and securities lending revenue

 

14,451

 

 

 

15,260

 

 

 

12,639

 

Investment advisory performance fees:

 

 

 

 

 

 

 

 

Equity

 

49

 

 

 

153

 

 

 

91

 

Fixed income

 

25

 

 

 

48

 

 

 

35

 

Multi-asset

 

25

 

 

 

32

 

 

 

35

 

Alternatives:

 

 

 

 

 

 

 

 

Illiquid alternatives

 

296

 

 

 

208

 

 

 

83

 

Liquid alternatives

 

119

 

 

 

702

 

 

 

860

 

Alternatives subtotal

 

415

 

 

 

910

 

 

 

943

 

Total performance fees

 

514

 

 

 

1,143

 

 

 

1,104

 

Technology services revenue

 

1,364

 

 

 

1,281

 

 

 

1,139

 

Distribution fees:

 

 

 

 

 

 

 

 

Retrocessions

 

1,026

 

 

 

1,098

 

 

 

736

 

12b-1 fees (US mutual fund distribution fees)

 

312

 

 

 

358

 

 

 

337

 

Other

 

43

 

 

 

65

 

 

 

58

 

Total distribution fees

 

1,381

 

 

 

1,521

 

 

 

1,131

 

Advisory and other revenue:

 

 

 

 

 

 

 

 

Advisory

 

56

 

 

 

68

 

 

 

68

 

Other

 

107

 

 

 

101

 

 

 

124

 

Total advisory and other revenue

 

163

 

 

 

169

 

 

 

192

 

Total revenue

$

17,873

 

 

$

19,374

 

 

$

16,205

 

 

(1)
Amounts include commodity ETFs.

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

(in millions)

2022

 

 

2021

 

 

2020

 

By client type:

 

 

 

 

 

 

 

 

Retail

$

4,442

 

 

$

4,957

 

 

$

3,651

 

ETFs

 

5,671

 

 

 

6,074

 

 

 

4,788

 

Institutional:

 

 

 

 

 

 

 

 

Active

 

2,535

 

 

 

2,675

 

 

 

2,342

 

Index

 

939

 

 

 

1,084

 

 

 

1,068

 

Total institutional

 

3,474

 

 

 

3,759

 

 

 

3,410

 

Long-term

 

13,587

 

 

 

14,790

 

 

 

11,849

 

Cash management

 

864

 

 

 

470

 

 

 

790

 

Total

$

14,451

 

 

$

15,260

 

 

$

12,639

 

 

 

 

 

 

 

 

 

 

By investment style:

 

 

 

 

 

 

 

 

Active

$

6,789

 

 

$

7,455

 

 

$

5,914

 

Index and ETFs

 

6,798

 

 

 

7,335

 

 

 

5,935

 

Long-term

 

13,587

 

 

 

14,790

 

 

 

11,849

 

Cash management

 

864

 

 

 

470

 

 

 

790

 

Total

$

14,451

 

 

$

15,260

 

 

$

12,639

 

 

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 December 31, 2022 and 2021:

December 31, 2022

(in millions)

2023

 

 

2024

 

 

2025

 

 

Thereafter

 

 

Total

 

Investment advisory and administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

157

 

 

$

111

 

 

$

78

 

 

$

102

 

 

$

448

 

December 31, 2021

(in millions)

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

Investment advisory and administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

161

 

 

$

147

 

 

$

86

 

 

$

77

 

 

$

471

 

 

(1)
Investment advisory and administration fees include management fees related to certain alternative products, which are based on contractual committed capital outstanding at December 31, 2022 and 2021. 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 consolidated statements of financial condition, for the year ended December 31, 2022 and 2021:

(in millions)

2022

 

 

2021

 

Beginning balance

$

1,508

 

 

$

584

 

Net increase (decrease) in unrealized allocations

 

175

 

 

 

1,083

 

Performance fee revenue recognized

 

(263

)

 

 

(159

)

Ending balance

$

1,420

 

 

$

1,508

 

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 December 31, 2022 and 2021:

December 31, 2022

(in millions)

2023

 

 

2024

 

 

2025

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

112

 

 

$

51

 

 

$

35

 

 

$

40

 

 

$

238

 

December 31, 2021

(in millions)

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

115

 

 

$

55

 

 

$

33

 

 

$

36

 

 

$

239

 

 

(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 December 31, 2022, the estimated annual fixed minimum fees for 2023 for outstanding contracts approximated $895 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 year ended December 31, 2022 and 2021, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)

2022

 

 

2021

 

Beginning balance

$

122

 

 

$

123

 

Additions(1)

 

99

 

 

 

94

 

Revenue recognized that was included in the beginning balance

 

(96

)

 

 

(95

)

Ending balance

$

125

 

 

$

122

 

 

(1)
Amounts are net of revenue recognized.
v3.22.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

18. Stock-Based Compensation

The components of stock-based compensation expense are as follows:

(in millions)

2022

 

 

2021

 

 

2020

 

Stock-based compensation:

 

 

 

 

 

 

 

 

Restricted stock and RSUs

$

686

 

 

$

709

 

 

$

593

 

Stock options

 

22

 

 

 

25

 

 

 

29

 

Total stock-based compensation(1)

$

708

 

 

$

734

 

 

$

622

 
(1)
Amount for 2022 includes $33 million of accelerated amortization expenses related to previously granted stock-based compensation awards recognized as part of the restructuring charge disclosed in Note 24, Restructuring Charge.

Stock Award and Incentive Plan. Pursuant to the BlackRock, Inc. Second Amended and Restated 1999 Stock Award and Incentive Plan (the “Award Plan”), options to purchase shares of the Company’s common stock at an exercise price not less than the market value of BlackRock’s common stock on the date of grant in the form of stock options, restricted stock or RSUs may be granted to employees and nonemployee directors. A maximum of 41,500,000 shares of common stock were authorized for issuance under the Award Plan. Of this amount, 4,264,917 shares remain available for future awards at December 31, 2022. Upon exercise of employee stock options, the issuance of restricted stock or the vesting of RSUs, the Company issues shares out of treasury to the extent available.

Restricted Stock and RSUs. Pursuant to the Award Plan, restricted stock grants and RSUs may be granted to certain employees. Substantially all restricted stock and RSUs vest over periods ranging from one to three years and are expensed using the straight-line method over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. Restricted stock and RSUs are not considered participating securities for purposes of calculating EPS as the dividend equivalents are subject to forfeiture prior to vesting of the award.

Restricted stock and RSU activity for 2022 is summarized below.

Outstanding at

Restricted
Stock and
RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2021

 

2,183,017

 

 

$

586.45

 

Granted

 

813,619

 

 

$

813.39

 

Converted

 

(912,052

)

 

$

505.59

 

Forfeited

 

(75,377

)

 

$

703.32

 

December 31, 2022

 

2,009,207

 

 

$

710.67

 

The Company values restricted stock and RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total fair market value of RSUs/restricted stock granted to employees during 2022, 2021 and 2020 was $662 million, $664 million and $517 million, respectively. The total grant-date fair market value of RSUs/restricted stock converted to common stock during 2022, 2021 and 2020 was $461 million, $391 million and $421 million, respectively.

RSUs/restricted stock granted in connection with annual incentive compensation under the Award Plan primarily related to the following:

 

2022

 

 

2021

 

 

2020

 

Awards granted that vest ratably over three years from the date of grant

 

498,633

 

 

 

470,253

 

 

 

504,403

 

Awards granted that vest with varying vesting periods

 

117,169

 

 

 

168,504

 

 

 

71,531

 

Awards granted that cliff vest 100% on:

 

 

 

 

 

 

 

 

January 31, 2023

 

—

 

 

 

—

 

 

 

393,161

 

January 31, 2024

 

—

 

 

 

247,621

 

 

 

—

 

January 31, 2025

 

197,817

 

 

 

—

 

 

 

—

 

 

 

813,619

 

 

 

886,378

 

 

 

969,095

 

At December 31, 2022, the intrinsic value of outstanding RSUs was $1.4 billion, reflecting a closing stock price of $708.63.

At December 31, 2022, total unrecognized stock-based compensation expense related to unvested RSUs was $453 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 0.9 years.

In January 2023, the Company granted under the Award Plan:

•
342,706 RSUs or shares of restricted stock to employees as part of annual incentive compensation that vest ratably over three years from the date of grant;
•
259,465 RSUs or shares of restricted stock to employees that cliff vest 100% on January 31, 2026; and
•
5,493 RSUs or shares of restricted stock to employees with various vesting schedules.

Performance-Based RSUs. Pursuant to the Award Plan, performance-based RSUs may be granted to certain employees. Each performance-based award consists of a “base” number of RSUs granted to the employee. The number of shares that an employee ultimately receives at vesting will be equal to the base number of performance-based RSUs granted, multiplied by a predetermined percentage determined in accordance with the level of attainment of Company performance measures during the performance period and could be higher or lower than the original RSU grant. Performance-based RSUs are not considered participating securities as the dividend equivalents are subject to forfeiture prior to vesting of the award.

In the first quarter of 2022, 2021 and 2020, the Company granted 143,846, 162,029 and 238,478, respectively, performance-based RSUs to certain employees that cliff vest 100% on January 31, 2025, 2024 and 2023, respectively. These awards are amortized over a service period of three years. In January 2022, the Company granted 111,991 additional RSUs based on the attainment of Company performance measures during the performance period.

Performance-based RSU activity for 2022 is summarized below.

Outstanding at

Performance-
Based RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2021

 

668,805

 

 

$

533.48

 

Granted

 

143,846

 

 

$

820.28

 

Additional shares granted due to attainment of performance measures

 

111,991

 

 

$

410.32

 

Converted

 

(385,134

)

 

$

410.32

 

Forfeited

 

(8,454

)

 

$

662.34

 

December 31, 2022

 

531,054

 

 

$

672.47

 

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 to employees during 2022, 2021 and 2020 was $164 million, $122 million and $139 million, respectively.

At December 31, 2022, the intrinsic value of outstanding performance-based RSUs was $376 million reflecting a closing stock price of $708.63.

At December 31, 2022, total unrecognized stock-based compensation expense related to unvested performance-based awards was $70 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 0.9 years.

In January 2023, the Company granted 169,938 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2026. 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.

Performance-based Stock Options. Pursuant to the Award Plan, performance-based stock options may be granted to certain employees. Vesting of the performance-based stock options is 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 tranche of the awards vested at the end of 2022 with two subsequent equal installments vesting at the end of 2023 and 2024, respectively. 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. Stock option activity for 2022 is summarized below.

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Weighted Average Remaining Contractual Life (Years)

 

 

Aggregate Intrinsic Value (in millions)

 

Outstanding at December 31, 2021

 

1,817,923

 

 

$

513.50

 

 

 

 

 

 

 

Exercised

 

(21,635

)

 

$

513.50

 

 

 

 

 

 

 

Forfeited

 

(60,390

)

 

$

513.50

 

 

 

 

 

 

 

Outstanding at December 31, 2022(1)

 

1,735,898

 

 

$

513.50

 

 

 

3.9

 

 

$

339

 

Exercisable at December 31, 2022

 

594,655

 

 

$

513.50

 

 

 

3.9

 

 

$

116

 
(1)
At December 31, 2022, approximately 1.1 million options were expected to vest.

The options have a strike price of $513.50, which was the closing price of the shares on the grant date. The grant-date fair value of the awards issued in 2017 was $208 million and was estimated using a Monte Carlo simulation with an embedded lattice model using the assumptions included in the following table:

Grant Year

Expected Term (Years)

 

 

Expected Stock Volatility

 

 

Expected Dividend Yield

 

 

Risk-Free Interest Rate

 

 

2017

 

6.56

 

 

 

22.23

%

 

 

2.16

%

 

 

2.33

%

 

The expected term was derived using a Monte Carlo simulation with the embedded lattice model and represents the period of time that options granted are expected to be outstanding. The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date. The dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date. The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at date of grant.

At December 31, 2022, total unrecognized stock-based compensation expense related to unvested performance-based stock options was $20 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.4 years. The total fair value of options vested during 2022 was $59 million. The aggregate intrinsic value of options exercised during 2022 was $4 million.

Employee Stock Purchase Plan (“ESPP”). The ESPP allows eligible employees to purchase the Company’s common stock at 95% of the fair market value on the last day of each three-month offering period; therefore, the Company does not record compensation expense related to employees purchasing shares under the ESPP.
v3.22.4
Deferred Cash Compensation and Employee Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Deferred Cash Compensation and Employee Benefit Plans

19. Deferred Cash Compensation and Employee Benefit Plans

Deferred Cash Compensation Plans

The components of deferred cash compensation expense are as follows:

 

(in millions)

2022

 

 

2021

 

 

2020

 

Deferred cash compensation expense:

 

 

 

 

 

 

 

 

IPDCP

$

228

 

 

$

304

 

 

$

185

 

VDCP

 

(18

)

 

 

12

 

 

 

7

 

Other(1)

 

14

 

 

 

74

 

 

 

16

 

Total deferred cash compensation expense

$

224

 

 

$

390

 

 

$

208

 

 

(1)
Amounts primarily relate to deferred cash compensation in connection with certain acquisitions.

Investment Professional Deferred Compensation Program (“IPDCP”). The Company adopted IPDCP for the purpose of providing deferred compensation and retention incentives to certain employees. For this plan, the final value of the deferred amount to be distributed in cash upon vesting is associated with investment returns of certain investment funds. In January 2022, 2021 and 2020, the Company granted approximately $257 million, $321 million, and $137 million of deferred compensation that will fluctuate with investment returns and will vest ratably over three years from the date of grant. The liabilities for this plan were $358 million and $377 million at December 31, 2022 and 2021, respectively, and are reflected in the consolidated statements of financial condition as accrued compensation and benefits. In January 2023, the Company granted approximately $90 million of additional deferred compensation that will fluctuate with investment returns and will vest ratably over three years from the date of grant.

Voluntary Deferred Compensation Plan. The Company adopted a Voluntary Deferred Compensation Plan (“VDCP”) that allows eligible employees in the US to elect to defer between 1% and 100% of their annual cash incentive compensation. The participants must specify a deferral period of up to 10 years from the year of deferral and additionally elect to receive distributions in the form of a lump sum or in up to 10 annual installments. VDCP deferred cash compensation expense includes the mark-to-market impact of investment returns. The liability balance of $108 million and $101 million at December 31, 2022 and 2021, respectively, is reflected on the consolidated statements of financial condition as accrued compensation and benefits.

Other Deferred Cash Plans. The liabilities related to other deferred cash plans granted in connection with certain acquisitions were approximately $71 million and $99 million at December 31, 2022 and 2021, respectively.

In 2019, the Company adopted a carried interest retention incentive program referred to as the BlackRock Leadership Retention Carry Plan, pursuant to which senior-level employees (but not including the Chief Executive Officer), as may be determined by the Company from time to time, will be eligible to receive a portion of the cash payments, based on their percentage points, in the total carried interest distributions paid to the Company from participating carry funds. Cash payments, if any, with respect to these percentage points will be made over time following the recipient’s termination of employment due to qualified retirement, death or disability, subject to his or her execution of a release of claims and continued compliance with his or her restrictive covenant obligations following termination. There was no material impact to the consolidated financial statements.

Defined Contribution Plans

The Company has several defined contribution plans primarily in the US and UK.

Certain of the Company’s US employees participate in a defined contribution plan. Employee contributions of up to 8% of eligible compensation, as defined by the plan and subject to Internal Revenue Code limitations, are matched by the Company at 50% up to a maximum of $5,000 annually. In addition, the Company makes an annual retirement contribution to eligible participants equal to 3-5% of eligible compensation. The Company’s contribution expense related to this plan was $83 million in 2022, $101 million in 2021, and $93 million in 2020.

Certain UK wholly owned subsidiaries of the Company contribute to defined contribution plans for their employees. The contributions range between 6% and 15% of each employee’s eligible compensation. The Company’s contribution expense related to these plans was $60 million in 2022, $57 million in 2021, and $45 million in 2020.

In addition, the contribution expense related to defined contribution plans in other regions was $41 million in 2022, $36 million in 2021 and $34 million in 2020.

Defined Benefit Plans. The Company has several defined benefit pension plans with plan assets of approximately $29 million and $35 million at December 31, 2022 and 2021, respectively. The underfunded obligations at December 31, 2022 and 2021 were not material. Benefit payments for the next five years and in aggregate for the five years thereafter are not expected to be material.
v3.22.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions

20. Related Party Transactions

Determination of Related Parties

PNC Financial Services Group, Inc. ("PNC"). The Company considered PNC, along with its affiliates, to be a related party based on its level of capital stock ownership prior to the secondary offering in May 2020 by PNC of shares of the Company’s stock. See Note 23, Capital Stock, for more information on PNC secondary offering. At December 31, 2022, PNC did not own any of the Company’s capital stock and is no longer considered a related party.

Registered Investment Companies and Equity Method Investments. The Company considers the registered investment companies that it manages, which include mutual funds and exchange-traded funds, to be related parties as a result of the Company’s advisory relationship. In addition, equity method investments are considered related parties, due to the Company’s influence over the financial and operating policies of the investee.

 

Revenue from Related Parties

Revenue for services provided by the Company to these and other related parties are as follows:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Investment advisory, administration fees and securities lending revenue(1)

 

$

10,848

 

 

$

11,474

 

 

$

9,079

 

Investment advisory performance fees(1)

 

 

244

 

 

 

555

 

 

 

301

 

Technology services revenue

 

 

—

 

 

 

—

 

 

 

4

 

Advisory and other revenue(2)

 

 

(31

)

 

 

(16

)

 

 

19

 

Total revenue from related parties

 

$

11,061

 

 

$

12,013

 

 

$

9,403

 

 

(1)
Amounts primarily include revenue from registered investment companies/and equity method investees.
(2)
Amounts primarily include the Company’s share of the investee’s underlying net income or (loss) from equity method investees.

The Company provides investment advisory and administration services to its open- and closed-end funds and other commingled or pooled funds and separate accounts in which related parties invest.

Receivables and Payables with Related Parties. Due from related parties, which is included within other assets on the consolidated statements of financial condition was $396 million and $162 million at December 31, 2022 and 2021, respectively, and primarily represented receivables from certain investment products managed by BlackRock. Accounts receivable at December 31, 2022 and 2021 included $1.0 billion and $1.3 billion, respectively, related to receivables from BlackRock mutual funds and ETFs, for investment advisory and administration services.

Due to related parties, which is included within other liabilities on the consolidated statements of financial condition, was $15 million and $17 million at December 31, 2022 and 2021, respectively, and primarily represented payables to certain investment products managed by BlackRock.
v3.22.4
Net Capital Requirements
 12 Months Ended
Dec. 31, 2022
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Net Capital Requirements

21. 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.

Banking Regulatory Requirements. BlackRock Institutional Trust Company, N.A. ("BTC"), a wholly owned subsidiary of the Company, 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. Federal banking regulators would be required to take certain actions and permitted to take other actions in the event of BTC’s failure to meet minimum capital requirements that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements.

Quantitative measures established by regulators to ensure capital adequacy require BTC to maintain a minimum Common Equity Tier 1 capital and Tier 1 leverage ratio, as well as Tier 1 and total risk-based capital ratios. Based on BTC’s calculations as of December 31, 2022 and 2021, it exceeded the applicable capital adequacy requirements.

 

 

Actual

 

 

For Capital
Adequacy
Purposes

 

 

To Be Well
Capitalized
Under Prompt
Corrective Action
Provisions

 

(in millions)

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk weighted assets)

 

$

691

 

 

 

126.1

%

 

$

44

 

 

 

8.0

%

 

$

55

 

 

 

10.0

%

Common Equity Tier 1 capital (to risk weighted assets)

 

$

684

 

 

 

124.8

%

 

$

25

 

 

 

4.5

%

 

$

36

 

 

 

6.5

%

Tier 1 capital (to risk weighted assets)

 

$

684

 

 

 

124.8

%

 

$

33

 

 

 

6.0

%

 

$

44

 

 

 

8.0

%

Tier 1 capital (to average assets)

 

$

684

 

 

 

62.8

%

 

$

44

 

 

 

4.0

%

 

$

54

 

 

 

5.0

%

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk weighted assets)

 

$

816

 

 

 

119.8

%

 

$

55

 

 

 

8.0

%

 

$

68

 

 

 

10.0

%

Common Equity Tier 1 capital (to risk weighted assets)

 

$

808

 

 

 

118.5

%

 

$

31

 

 

 

4.5

%

 

$

44

 

 

 

6.5

%

Tier 1 capital (to risk weighted assets)

 

$

808

 

 

 

118.5

%

 

$

41

 

 

 

6.0

%

 

$

55

 

 

 

8.0

%

Tier 1 capital (to average assets)

 

$

808

 

 

 

64.3

%

 

$

50

 

 

 

4.0

%

 

$

63

 

 

 

5.0

%

 

Broker-dealers. BlackRock Investments, LLC and BlackRock Execution Services are registered broker-dealers and wholly owned subsidiaries of BlackRock that are subject to the Uniform Net Capital requirements under the Securities Exchange Act of 1934, which requires maintenance of certain minimum net capital levels.

Capital Requirements. At December 31, 2022 and 2021, the Company was required to maintain approximately $2.2 billion and $2.3 billion, respectively, in net capital in certain regulated subsidiaries, including BTC, 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.

v3.22.4
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

22. Accumulated Other Comprehensive Income (Loss)

The following table presents changes in AOCI for 2022, 2021 and 2020:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Beginning balance

 

$

(550

)

 

$

(337

)

 

$

(571

)

Foreign currency translation adjustments(1)

 

 

(551

)

 

 

(213

)

 

 

234

 

Ending balance

 

$

(1,101

)

 

$

(550

)

 

$

(337

)

 

(1)
Amount for 2022 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million). Amount for 2021 includes a gain from a net investment hedge of $46 million (net of tax expense of $14 million). Amount for 2020 includes a loss from a net investment hedge of $54 million (net of tax benefit of $17 million).
v3.22.4
Capital Stock
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Capital Stock

23. Capital Stock

May 2020 PNC Secondary Offering and Share Repurchase. On May 15, 2020, a subsidiary of PNC completed the secondary offering of 31,628,573 shares of the Company’s common stock at a price of $420 per share, which included 823,188 shares of common stock issued upon the conversion of the Company’s Series B Convertible Participating Preferred Stock and 2,875,325 shares of common stock under the fully exercised underwriters’ option to purchase additional shares. Also on May 15, 2020, PNC completed the sale of 2,650,857 shares to the Company at a price of $414.96 per share. The shares repurchased by the Company were in addition to the share repurchase authorization under the Company’s existing share repurchase program. The secondary offering and the Company’s share repurchase resulted in PNC’s exit of its entire ownership position in the Company.

Elimination of Preferred Stock. As a result of PNC’s exit of its entire ownership position in the Company, on October 6, 2020, the Company filed a Certificate of Elimination to its Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) with the Secretary of State for the state of Delaware eliminating each of the Company’s Series A, B and C Convertible Participating Preferred Stock and Series D Participating Preferred Stock (collectively, the “Preferred Stock”). As of October 6, 2020 (the date of filing the Certificate of Elimination), there were no outstanding shares of the Preferred Stock.

Cash Dividends for Common and Preferred Shares / RSUs. During 2022, 2021 and 2020, the Company paid cash dividends of $19.52 per share (or $3.0 billion), $16.52 per share (or $2.5 billion) and $14.52 per share (or $2.3 billion), respectively.

Share Repurchases. During 2022, the Company repurchased 2.7 million common shares under the Company’s existing share repurchase program for approximately $1.9 billion. At December 31, 2022, there were approximately 0.9 million shares still authorized to be repurchased under the program.

The Company’s common and preferred shares issued and outstanding and related activity consist of the following:

 

 

Shares Issued

 

 

Shares Outstanding

 

 

 

Common
Shares

 

 

Treasury
Common
Shares

 

 

Series B
Preferred

 

 

Common
Shares

 

 

Series B
Preferred

 

December 31, 2019

 

 

171,252,185

 

 

 

(16,876,405

)

 

 

823,188

 

 

 

154,375,780

 

 

 

823,188

 

Shares repurchased

 

 

—

 

 

 

(3,445,554

)

 

 

—

 

 

 

(3,445,554

)

 

 

—

 

Net issuance of common shares related
   to employee stock transactions

 

 

—

 

 

 

779,471

 

 

 

—

 

 

 

779,471

 

 

 

—

 

Exchange of preferred shares
   series B for common shares

 

 

823,188

 

 

 

—

 

 

 

(823,188

)

 

 

823,188

 

 

 

(823,188

)

December 31, 2020

 

 

172,075,373

 

 

 

(19,542,488

)

 

 

—

 

 

 

152,532,885

 

 

 

—

 

Shares repurchased

 

 

—

 

 

 

(1,421,994

)

 

 

—

 

 

 

(1,421,994

)

 

 

—

 

Net issuance of common shares related
   to employee stock transactions

 

 

—

 

 

 

573,600

 

 

 

—

 

 

 

573,600

 

 

 

—

 

December 31, 2021

 

 

172,075,373

 

 

 

(20,390,882

)

 

 

—

 

 

 

151,684,491

 

 

 

—

 

Shares repurchased

 

 

—

 

 

 

(2,710,821

)

 

 

—

 

 

 

(2,710,821

)

 

 

—

 

Net issuance of common shares related
   to employee stock transactions

 

 

—

 

 

 

782,822

 

 

 

—

 

 

 

782,822

 

 

 

—

 

December 31, 2022

 

 

172,075,373

 

 

 

(22,318,881

)

 

 

—

 

 

 

149,756,492

 

 

 

—

 
v3.22.4
Restructuring Charge
 12 Months Ended
Dec. 31, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Charge

24. Restructuring Charge

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 the fourth quarter of 2022 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 year ended December 31, 2022, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)

 

 

 

Liabilities as of December 31, 2021

 

$

—

 

Additions

 

 

91

 

Accelerated amortization expense of equity-based awards

 

 

(33

)

Liabilities as of December 31, 2022

 

$

58

 
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

25. Income Taxes

The components of income tax expense for 2022, 2021 and 2020, are as follows:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Current income tax expense:

 

 

 

 

 

 

 

 

 

Federal

 

$

255

 

 

$

2,031

 

 

$

720

 

State and local

 

 

(9

)

 

 

226

 

 

 

86

 

Foreign

 

 

448

 

 

 

576

 

 

 

589

 

Total net current income tax expense

 

 

694

 

 

 

2,833

 

 

 

1,395

 

Deferred income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Federal

 

 

562

 

 

 

(935

)

 

 

(66

)

State and local

 

 

64

 

 

 

(150

)

 

 

6

 

Foreign

 

 

(24

)

 

 

220

 

 

 

(97

)

Total net deferred income tax expense (benefit)

 

 

602

 

 

 

(865

)

 

 

(157

)

Total income tax expense

 

$

1,296

 

 

$

1,968

 

 

$

1,238

 

Income tax expense has been based on the following components of income before taxes, less net income (loss) attributable to NCI:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Domestic

 

$

4,604

 

 

$

5,030

 

 

$

3,805

 

Foreign

 

 

1,870

 

 

 

2,839

 

 

 

2,365

 

Total

 

$

6,474

 

 

$

7,869

 

 

$

6,170

 

The foreign income before taxes includes countries that have statutory tax rates that are different than the US federal statutory tax rate of 21%, such as the UK, Canada, Switzerland and Germany.

A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 21% for 2022, 2021 and 2020 is as follows:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Statutory income tax expense

 

$

1,360

 

 

 

21

%

 

$

1,653

 

 

 

21

%

 

$

1,296

 

 

 

21

%

Increase (decrease) in income taxes resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and local taxes (net of federal benefit)

 

 

115

 

 

 

2

 

 

 

121

 

 

 

2

 

 

 

81

 

 

 

1

 

Impact of federal, foreign, state, and local tax rate
   changes on deferred taxes

 

 

(25

)

 

 

—

 

 

 

125

 

 

 

2

 

 

 

78

 

 

 

1

 

Stock-based compensation awards

 

 

(87

)

 

 

(1

)

 

 

(43

)

 

 

(1

)

 

 

(36

)

 

 

—

 

Resolution of outstanding tax matters

 

 

(143

)

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Charitable Contribution

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(128

)

 

 

(2

)

Effect of foreign tax rates

 

 

23

 

 

 

—

 

 

 

32

 

 

 

—

 

 

 

(100

)

 

 

(2

)

Other

 

 

53

 

 

 

—

 

 

 

80

 

 

 

1

 

 

 

47

 

 

 

1

 

Income tax expense

 

$

1,296

 

 

 

20

%

 

$

1,968

 

 

 

25

%

 

$

1,238

 

 

 

20

%

Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements. These temporary differences result in taxable or deductible amounts in future years.

The components of deferred income tax assets and liabilities are shown below:

 

 

December 31,

 

(in millions)

 

2022

 

 

2021

 

Deferred income tax assets:

 

 

 

 

 

 

Compensation and benefits

 

$

568

 

 

$

649

 

Loss carryforwards

 

 

100

 

 

 

88

 

Capitalized costs

 

 

103

 

 

 

764

 

Other

 

 

903

 

 

 

898

 

Gross deferred tax assets

 

 

1,674

 

 

 

2,399

 

Less: deferred tax valuation allowances

 

 

(39

)

 

 

(30

)

Deferred tax assets net of valuation allowances

 

 

1,635

 

 

 

2,369

 

Deferred income tax liabilities:

 

 

 

 

 

 

Goodwill and acquired indefinite-lived intangibles

 

 

4,244

 

 

 

4,245

 

Acquired finite-lived intangibles

 

 

114

 

 

 

144

 

Unrealized investment gains

 

 

72

 

 

 

71

 

Other

 

 

349

 

 

 

422

 

Gross deferred tax liabilities

 

 

4,779

 

 

 

4,882

 

Net deferred tax (liabilities)

 

$

(3,144

)

 

$

(2,513

)

 

Deferred income tax assets and liabilities are recorded net when related to the same tax jurisdiction. At December 31, 2022, the Company recorded on the consolidated statement of financial condition deferred income tax assets, within other assets, and deferred income tax liabilities of $237 million and $3.4 billion, respectively. At December 31, 2021, the Company recorded on the consolidated statement of financial condition deferred income tax assets, within other assets, and deferred income tax liabilities of $245 million and $2.8 billion, respectively.

Income tax expense for 2022 reflected $235 million of net discrete tax benefits primarily related to stock-based compensation awards that vested in 2022 and the resolution of certain outstanding tax matters, and $35 million of net noncash tax benefits related to the revaluation of certain deferred income tax liabilities. Income tax expense for 2021 included a $126 million noncash net expense related to the revaluation of certain deferred tax assets and liabilities as a result of legislation enacted in the UK increasing its corporate tax rate and state and local income tax change. Income tax expense for 2021 also included a $43 million discrete tax benefits related to stock-based compensation awards.

At December 31, 2022 and 2021, the Company had available state net operating loss carryforwards of $2.5 billion and $1.2 billion, respectively, which will begin to expire in 2024. At December 31, 2022 and 2021, the Company had foreign net operating loss carryforwards of $179 million and $142 million, respectively, of which $6 million will begin to expire in 2023.

At December 31, 2022 and 2021, the Company had $39 million and $30 million of valuation allowances for deferred income tax assets, respectively, recorded on the consolidated statements of financial condition.

Goodwill recorded in connection with the Quellos Transaction has been reduced during the period by the amount of tax benefit realized from tax-deductible goodwill. See Note 11, Goodwill, for further discussion.

Current income taxes are recorded net on the consolidated statements of financial condition when related to the same tax jurisdiction. At December 31, 2022, the Company had current income taxes receivable and payable of $354 million and $92 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively. At December 31, 2021, the Company had current income taxes receivable and payable of $218 million and $190 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively.

The following tabular reconciliation presents the total amounts of gross unrecognized tax benefits:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Balance at January 1

 

$

1,022

 

 

$

940

 

 

$

900

 

Additions for tax positions of prior years

 

 

13

 

 

 

18

 

 

 

31

 

Reductions for tax positions of prior years

 

 

(75

)

 

 

(4

)

 

 

(8

)

Additions based on tax positions related to current year

 

 

55

 

 

 

69

 

 

 

60

 

Lapse of statute of limitations

 

 

—

 

 

 

—

 

 

 

(3

)

Settlements

 

 

(103

)

 

 

(1

)

 

 

(40

)

Balance at December 31

 

$

912

 

 

$

1,022

 

 

$

940

 

Included in the balance of unrecognized tax benefits at December 31, 2022, 2021 and 2020, respectively, are $497 million, $616 million and $565 million of tax benefits that, if recognized, would affect the effective tax rate.

The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. Related to the unrecognized tax benefits noted above, the Company accrued interest and penalties of $(40) million during 2022 and in total, as of December 31, 2022, had recognized a liability for interest and penalties of $160 million. The Company accrued interest and penalties of $36 million during 2021 and in total, as of December 31, 2021, had recognized a liability for interest and penalties of $200 million. The Company accrued interest and penalties of $31 million during 2020 and in total, as of December 31, 2020, had recognized a liability for interest and penalties of $164 million.

BlackRock is subject to US federal income tax, state and local income tax, and foreign income tax in multiple jurisdictions. Tax years after 2011 remain open to US federal income tax examination.

In June 2014, the Internal Revenue Service commenced its examination of BlackRock’s 2010 through 2012 tax years of which 2010 and 2011 examination is closed. During 2019, 2020, and 2021, the Internal Revenue Service commenced its examination of BlackRock’s 2013 through 2015 tax years, 2017 through 2018 tax years and 2019 tax year, respectively.

The Company is currently under audit in several state and local jurisdictions. The significant state and local income tax examinations are in New York State for tax years 2012 through 2014, in which the examination was concluded in January 2023, and New York City for tax years 2012 through 2014. The conclusion of New York State income tax examination for tax years 2012 – 2014 did not have a material impact to the consolidated financial statements. No open state and local income tax audits cover years earlier than 2012.

Upon conclusion of its examination, Her Majesty’s Revenue and Customs (“HMRC”) issued a closure notice during 2017 for various UK BlackRock subsidiaries for tax years 2009 and years after. At that time, the Company decided to pursue litigation for the tax matters included on such notice. During 2020, the Company received a favorable decision from the First Tier Tribunal (“FTT”), however, HMRC appealed to the Upper Tribunal (“UT”) and the UT ruled in HMRC’s favor, overturning the FTT’s decision in July 2022. BlackRock appealed UT’s decision to the UK Court of Appeal (“CoA”) and is waiting for an appeal hearing date. BlackRock does not expect the ultimate resolution to result in a material impact to the consolidated financial statements.

From time to time, BlackRock may receive or be subject to tax authorities’ assessments and challenges related to income taxes. BlackRock does not currently expect the ultimate resolution of any other existing matters to be material to the consolidated financial statements.

At December 31, 2022, it is reasonably possible the total amounts of unrecognized tax benefits will change within the next twelve months due to completion of tax authorities’ exams or the expiration of statues of limitations. Management estimates that the existing liability for uncertain tax positions could decrease by approximately $200 million to $370 million within the next twelve months.

v3.22.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

26. Earnings Per Share

The following table sets forth the computation of basic and diluted EPS for 2022, 2021 and 2020:

(in millions, except shares and per share data)

 

2022

 

 

2021

 

 

2020

 

Net income attributable to BlackRock, Inc.

 

$

5,178

 

 

$

5,901

 

 

$

4,932

 

Basic weighted-average shares outstanding

 

 

150,921,161

 

 

 

152,236,047

 

 

 

153,489,422

 

Dilutive effect of:

 

 

 

 

 

 

 

 

 

Nonparticipating RSUs

 

 

1,119,829

 

 

 

1,507,859

 

 

 

1,275,733

 

Stock options

 

 

399,481

 

 

 

660,451

 

 

 

75,427

 

Total diluted weighted-average shares outstanding

 

 

152,440,471

 

 

 

154,404,357

 

 

 

154,840,582

 

Basic earnings per share

 

$

34.31

 

 

$

38.76

 

 

$

32.13

 

Diluted earnings per share

 

$

33.97

 

 

$

38.22

 

 

$

31.85

 

The amount of anti-dilutive RSUs and stock options were immaterial for 2022, 2021 and 2020. Certain performance-based RSUs were excluded from diluted EPS calculation because the designated contingency was not met during 2022, 2021 and 2020, respectively.
v3.22.4
Segment Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Information

27. 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 2022, 2021 and 2020 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.

(in millions)

2022

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

 

Americas

$

11,931

 

 

$

12,399

 

 

$

10,593

 

Europe

 

5,164

 

 

 

6,105

 

 

 

4,940

 

Asia-Pacific

 

778

 

 

 

870

 

 

 

672

 

Total revenue

$

17,873

 

 

$

19,374

 

 

$

16,205

 

See Note 17, 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 December 31, 2022 and 2021 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located.

(in millions)

2022

 

 

2021

 

Long-lived Assets

 

 

 

 

 

Americas

$

14,945

 

 

$

14,675

 

Europe

 

1,329

 

 

 

1,341

 

Asia-Pacific

 

98

 

 

 

97

 

Total long-lived assets

$

16,372

 

 

$

16,113

 

Americas is primarily comprised of the US, Latin America and Canada, while Europe is primarily comprised of the UK, the Netherlands, France, Luxembourg and Switzerland. Asia-Pacific is primarily comprised of Hong Kong, Australia, Japan and Singapore.
v3.22.4
Subsequent Events
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

28. Subsequent Events

In January 2023, the Company announced that the Board of Directors authorized the repurchase of an additional seven million shares under the Company’s existing share repurchase program for a total of up to approximately 7.9 million shares of BlackRock common stock.

On January 25, 2023, the Company announced that the Board of Directors approved BlackRock’s quarterly dividend of $5.00 per share to be paid on March 23, 2023 to stockholders of record at the close of business on March 7, 2023.

The Company conducted a review for additional subsequent events and determined that no subsequent events had occurred that would require accrual or additional disclosures.
v3.22.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

These 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 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 prior period presentations and disclosures, while not required to be recast, may be reclassified to ensure comparability with current period classifications.
Cash and Cash Equivalents

Cash and Cash Equivalents. Cash and cash equivalents primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less. Cash and cash equivalent balances that are legally restricted from use by the Company are recorded in other assets on the consolidated statements of financial condition. Cash balances maintained by consolidated VIEs and voting rights entities (“VREs”) are not considered legally restricted and are included in cash and cash equivalents on the consolidated statements of financial condition.
Investments

Investments

Investments in Debt Securities. The Company classifies debt investments as held-to-maturity or trading based on the Company’s intent and ability to hold the debt security to maturity or its intent to sell the security.

Held-to-maturity securities are purchased with the positive intent and ability to be held to maturity and are recorded at amortized cost on the consolidated statements of financial condition.

Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the consolidated statements of financial condition with changes in fair value recorded in nonoperating income (expense) on the consolidated statements of income. Trading securities include certain investments in collateralized loan obligations (“CLOs”) for which the fair value option is elected in order to reduce operational complexity of bifurcating embedded derivatives.

Investments in Equity Securities. Equity securities are generally carried at fair value on the consolidated statements of financial condition with changes in the fair value recorded through net income (“FVTNI”) within nonoperating income (expense). For nonmarketable equity securities, the Company generally elects to apply the practicality exception to fair value measurement, under which such securities will be measured at cost, less impairment, plus or minus observable price changes for identical or similar securities of the same issuer with such changes recorded through net income within nonoperating income (expense). Dividends received are recorded as dividend income within nonoperating income (expense).

Equity Method. The Company applies the equity method of accounting for equity investments where the Company does not consolidate the investee, but can exert significant influence over the financial and operating policies of the investee. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees is based on the facts and circumstances surrounding each individual investment. Factors considered in these evaluations may include the type of investment, the legal structure of the investee, the terms of BlackRock's contractual agreements, including investor voting or other rights, any influence BlackRock may have on the governing board of the investee, the legal rights of other investors in the entity pursuant to the entity’s operating documents and the relationship between BlackRock and other investors in the entity. The Company’s share of the investee’s underlying net income or loss is recorded as net gain (loss) on investments within nonoperating income (expense) and as other revenue for certain strategic minority investments since such investees are considered to be an extension of the Company’s core business. The Company’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the consolidated statement of financial condition. Distributions received reduce the Company’s carrying value of the investee and the cost basis if deemed to be a return of capital. The Company classifies distributions in the consolidated statements of cash flows as either distributions of earnings (operating) or distributions of capital (investing) based on the nature of the distribution.

Impairments of Investments. Management periodically assesses equity method, nonmarketable investments, and held-to-maturity investments for impairment. If impairment exists, an impairment charge would be recorded for the excess of the carrying amount of the investment over its estimated fair value in the consolidated statements of income.

For equity method investments and nonmarketable investments, impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, that may indicate the fair value of the investment is less than its carrying value. For held-to-maturity investments, impairment is evaluated using market values, where available, or the expected future cash flows of the investment.

For the Company’s investments in CLOs, the Company reviews cash flow estimates over the life of each CLO investment. On a quarterly basis, if the present value of the estimated future cash flows is lower than the carrying value of the investment and there is an adverse change in estimated cash flows, an impairment is considered to be other-than-temporary.
Consolidation

Consolidation. The Company performs an analysis for investment products to determine if the product is a VIE or a VRE. Factors considered in this analysis include the entity’s legal organization, the entity’s capital structure, the rights of equity investment holders and the Company’s contractual involvement with, and economic interest in, the entity and any related party or de facto agent implications of the Company’s involvement with the entity. Entities that are determined to be VIEs are consolidated if the Company is the primary beneficiary (“PB”) of the entity. VREs are typically consolidated if the Company holds the majority voting interest. Upon the occurrence of certain events (such as contributions and redemptions, either by the Company, or third parties, or amendments to an entity’s governing documents), management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE or a VRE. Additionally, management continually reconsiders whether the Company is deemed to be a VIE’s PB that consolidates such entity.

Consolidation of Variable Interest Entities. Certain investment products for which a controlling financial interest is achieved through arrangements that do not involve or are not directly linked to voting interests are deemed consolidated VIEs. BlackRock reviews factors, including whether or not (1) the entity has equity at risk that is sufficient to permit the entity to finance its activities without additional subordinated support from other parties and (2) the equity holders at risk have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact the entity’s economic performance, to determine if the investment product is a VIE.

The PB of a VIE is defined as the variable interest holder that has a controlling financial interest in the VIE. A controlling financial interest is defined as (1) the power to direct the activities of the VIE that most significantly impact its economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that potentially could be significant to the VIE. The Company generally consolidates VIEs in which it holds an economic interest of 10% or greater and deconsolidates such VIEs once economic interest falls below 10%.

Consolidation of Voting Rights Entities. BlackRock is required to consolidate an investee to the extent that BlackRock can exert control over the financial and operating policies of the investee, which generally exists if there is a greater than 50% voting equity interest.

Retention of Specialized Investment Company Accounting Principles. Upon consolidation of sponsored investment products, the Company retains the specialized investment company accounting principles of the underlying funds. All of the underlying investments held by such CIPs are carried at fair value with corresponding changes in the investments’ fair values reflected in net income within nonoperating income (expense). When the Company no longer controls these funds due to reduced ownership percentage or other reasons, the funds are deconsolidated and accounted for as an equity method investment or equity securities FVTNI.

Consolidated Affiliate. During the second quarter of 2021, the Company formed a majority-controlled asset management company in China - BlackRock CCB Wealth Management Company Ltd. (“WMC”). WMC is 50.1% owned by the Company. The Company consolidates WMC, which it deems to be a VRE, because it exerts control over the financial and operating policies of the entity, based on the Company’s 50.1% ownership and voting rights.
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 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 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 (collectively “base fees”) and securities lending revenue on the consolidated statements of income.

Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements

Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company receives collateral by obtaining either (1) legal title or (2) first ranking priority security interest. The minimum collateral values generally range from approximately 102% to 112% of the value of the securities lent in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales.

In situations where the Company receives the legal title to collateral under these securities lending arrangements, the Company records an asset on the 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 consolidated statements of financial condition.

At December 31, 2022 and 2021, the fair value of loaned securities held by separate accounts was approximately $10.2 billion and $13.2 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $11.0 billion and $14.1 billion, respectively, of which approximately $5.8 billion as of 2022 and $7.1 billion as of 2021 was recognized on the consolidated statements of financial condition. During 2022 and 2021, the Company had not resold or repledged any of the collateral received under these arrangements. The securities lending revenue earned from lending securities held by the separate accounts is included in base fees and securities lending revenue on the consolidated statements of income.
Property and Equipment

Property and Equipment. Property and equipment are recorded at cost less accumulated depreciation. Depreciation is generally determined by cost less any estimated residual value using the straight-line method over the estimated useful lives of the various classes of property and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life or the remaining lease term.

The Company capitalizes certain costs incurred in connection with developing or obtaining software within property and equipment. Capitalized software costs are amortized, beginning when the software product is ready for its intended use, over the estimated useful life of the software of approximately three years.

Goodwill and Intangible Assets

Goodwill and Intangible Assets. Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. The Company has determined that it has one reporting unit for goodwill impairment testing purposes, the consolidated BlackRock single operating segment, which is consistent with internal management reporting and management's oversight of operations. The Company performs an impairment assessment of its goodwill at least annually, as of July 31st. In its assessment of goodwill for impairment, the Company considers such factors as the book value and market capitalization of the Company.

Intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets acquired in a business acquisition. The value of contracts to manage assets in proprietary open-end funds and collective trust funds and certain other commingled products without a specified termination date is generally classified as indefinite-lived intangible assets. In addition, trade names/trademarks are considered indefinite-lived intangible assets when they are expected to generate cash flows indefinitely.

Indefinite-lived intangible assets and goodwill are not amortized. Finite-lived investor/customer relationships, technology-related assets, and management contracts, which relate to acquired separate accounts and funds, that are expected to contribute to the future cash flows of the Company for a specified period of time, are amortized over their useful lives. On a quarterly basis, the Company considers whether the indefinite-lived and finite-lived classifications are still appropriate.

The Company performs assessments to determine if any intangible assets are potentially impaired at least annually, as of July 31st. The carrying value of finite-lived assets and their remaining useful lives are reviewed to determine if circumstances exist which may indicate a potential impairment or revisions to the amortization period.

In evaluating whether it is more likely than not that the fair value of indefinite-lived intangibles is less than its carrying value, BlackRock assesses various significant quantitative factors, including assets under management (“AUM”), revenue basis points, projected AUM growth rates, operating margins, tax rates and discount rates. If an indefinite-lived intangible is determined to be more likely than not impaired, then the fair value of the asset is compared with its carrying value and any excess of the carrying value over the fair value would be recognized as an expense in the period in which the impairment occurs.

For finite-lived intangible assets, if potential impairment circumstances are considered to exist, the Company will perform a recoverability test using an undiscounted cash flow analysis. If the carrying value of the asset is determined not to be recoverable based on the undiscounted cash flow test, the difference between the carrying value of the asset and its current fair value would be recognized as an expense in the period in which the impairment occurs.

Noncontrolling Interests

Noncontrolling Interests. NCI consist of third-party investments in the Company’s CIPs (“NCI – CIPs”) and the WMC. The Company reports NCI in stockholders’ equity, separate from the parent’s equity, on the consolidated statements of financial condition. NCI that are redeemable at the option of the holders are classified as temporary equity at estimated redemption value and nonredeemable NCI are classified as a component of permanent equity in the consolidated statements of financial condition. In addition, the Company reports net income (loss) attributable to redeemable and nonredeemable NCI holders in net income (loss) attributable to NCI in the consolidated statements of income.

Treasury Stock

Treasury Stock. The Company records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the average cost method.

Revenue Recognition

Revenue Recognition. Revenue is recognized upon transfer of control of promised services to customers in an amount to which the Company expects to be entitled in exchange for those services. The Company enters into contracts that can include multiple services, which are accounted for separately if they are determined to be distinct. Consideration for the Company’s services is generally in the form of variable consideration because the amount of fees is subject to market conditions that are outside of the Company’s influence. The Company includes variable consideration in revenue when it is no longer probable of significant reversal, i.e. when the associated uncertainty is resolved. For some contracts with customers, the Company has discretion to involve a third party in providing services to the customer. Generally, the Company is deemed to be the principal in these arrangements because the Company controls the promised services before they are transferred to customers, and accordingly presents the revenue gross of related costs.

Investment Advisory, Administration Fees and Securities Lending Revenue. Investment advisory and administration fees are recognized as the services are performed over time because the customer is receiving and consuming the benefits as they are provided by the Company. Fees are primarily based on agreed-upon percentages of AUM and recognized for services provided during the period, which are distinct from services provided in other periods. Such fees are affected by changes in AUM, including market appreciation or depreciation, foreign exchange translation and net inflows or outflows. Investment advisory and administration fees for investment funds are shown net of fee waivers. In addition, the Company may contract with third parties to provide sub-advisory services on its behalf. The Company presents the investment advisory fees and associated costs to such third-party advisors on a gross basis where it is deemed to be the principal and on a net basis where it is deemed to be the agent. Management judgment involved in making these assessments is focused on ascertaining whether the Company is primarily responsible for fulfilling the promised service.

The Company also earns revenue by lending securities on behalf of clients, primarily to highly rated banks and broker-dealers. The securities loaned are collateralized by either cash or securities, generally ranging from 102% to 112% of the value of the loaned securities. Securities lending fees are based on (1) a percentage of the notional value of the loaned securities and (2) a spread between the interest earned on the reinvested cash collateral and the amount rebated to the borrower. Revenue is recognized over time as services are performed. Generally, the securities lending fees are shared between the Company and the funds or other third-party accounts managed by the Company from which the securities are borrowed. For 2022, 2021 and 2020, securities lending revenue earned by the Company totaled $599 million, $555 million and $652 million, respectively, and is recorded in investment advisory, administration and securities lending revenue on the consolidated statements of income. Investment advisory, administration fees and securities lending revenue are reported together as the fees for these services often are agreed upon with clients as a bundled fee.

Money Market Fee Waivers. The Company may voluntarily waive a portion of its management fees on certain money market funds to ensure that they maintain a targeted level of daily net investment income (the “Yield Support waivers”). During 2022, 2021 and 2020, these waivers resulted in a reduction of management fees of approximately $72 million, $500 million, and $35 million respectively, which was partially offset by a reduction of BlackRock’s distribution and servicing costs paid to financial intermediaries. The Company may increase or decrease the level of Yield Support waivers in future periods.

Investment Advisory Performance Fees / Carried Interest. The Company receives investment advisory performance fees, including incentive allocations (carried interest) from certain actively managed investment funds and certain separately managed accounts. These performance fees are dependent upon exceeding specified relative or absolute investment return thresholds, which vary by product or account, and include monthly, quarterly, annual or longer measurement periods.

Performance fees, including carried interest, are recognized when it is determined that they are no longer probable of significant reversal (such as upon the sale of a fund’s investment or when the investment performance exceeds a contractual threshold at the end of a specified measurement period). Given the unique nature of each fee arrangement, contracts with customers are evaluated on an individual basis to determine the timing of revenue recognition. Significant judgment is involved in making such determination. Performance fees typically arise from investment management services that began in prior reporting periods. Consequently, a portion of the fees the Company recognizes may be partially related to the services performed in prior periods that meet the recognition criteria in the current period. At each reporting date, the Company considers various factors in estimating performance fees to be recognized, including carried interest.

The Company is allocated carried interest from certain alternative investment products upon exceeding performance thresholds. The Company may be required to reverse/return all, or part, of such carried interest allocations/distributions depending upon future performance of these funds. Carried interest subject to such clawback provisions is recorded in investments or cash and cash equivalents to the extent that it is distributed, on its consolidated statements of financial condition.

The Company records a liability for deferred carried interest to the extent it receives cash or capital allocations related to carried interest prior to meeting the revenue recognition criteria. A portion of the deferred carried interest may also be paid to certain employees. The ultimate timing of the recognition of performance fee revenue and related compensation expense, if any, is unknown.

Technology services revenue. The Company offers investment management technology systems, risk management services, wealth management and digital distribution tools, all on a fee basis. Clients include banks, insurance companies, official institutions, pension funds, asset managers, retail distributors and other investors. Fees earned for technology services are primarily recorded as services are performed over time and are generally determined using the value of positions on the Aladdin platform, or on a fixed-rate basis. Revenue derived from the sale of software licenses is recognized upon the granting of access rights.

Distribution Fees. The Company earns distribution and service fees related to distributing investment products and shareholder support services for investment portfolios. Distribution fees are passed-through to third-party distributors, which perform various fund distribution services and shareholder servicing of certain funds on the Company’s behalf, and are recognized as distribution and servicing costs. The Company presents distribution fees and related distribution and servicing costs incurred on a gross basis.

Distribution fees primarily consist of ongoing distribution fees, shareholder servicing fees and upfront sales commissions for serving as the principal underwriter and/or distributor for certain managed mutual funds. The service of distribution is satisfied at the point in time when an investor makes an investment in a share class of the managed mutual funds. Fees are generally considered variable consideration because they are based on the value of AUM and are uncertain on trade date. Accordingly, the Company recognizes distribution fees when the amounts become known and the portion recognized in the current period may relate to distribution services performed in prior periods. Upfront sales commissions are recognized on a trade date basis. Shareholder servicing fees are based on AUM and recognized in revenue as the services are performed.

Advisory and other revenue. Advisory and other revenue primarily includes fees earned for advisory services, fees earned for transition management services primarily comprised of commissions recognized in connection with buying and selling securities on behalf of customers, and equity method investment earnings related to certain strategic minority investments.

Advisory services fees are determined using fixed-rate fees and are recognized over time as the related services are completed.

Commissions related to transition management services are recorded on a trade-date basis as transactions occur.
Stock-based Compensation

Stock-based Compensation. The Company recognizes compensation cost for equity classified awards based on the grant-date fair value of the award. The compensation cost is recognized over the period during which an employee is required to provide service (usually the vesting period) in exchange for the stock-based award.

The Company measures the grant-date fair value of restricted stock units (“RSUs”) using the Company’s stock price on the date of grant. Stock-based awards may have performance, market and/or service conditions. For employee stock options and awards with market conditions, the Company uses pricing models. Compensation cost for awards containing performance conditions is recognized if it is probable that the conditions will be achieved. The probability of achievement is assessed on a quarterly basis. If a stock-based award is modified after the grant-date, incremental compensation cost is recognized for an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Awards under the Company’s stock-based compensation plans vest over various periods. Compensation cost is recorded by the Company on a straight-line basis over the requisite service period for each separate vesting portion of the award as if the award is, in-substance, multiple awards and is adjusted for actual forfeitures as they occur.

The Company amortizes the grant-date fair value of stock-based compensation awards made to retirement-eligible employees over the requisite service period. Upon notification of retirement, the Company accelerates the unamortized portion of the award over the contractually required retirement notification period.

The Company recognizes all excess tax benefits and deficiencies in income tax expense on the consolidated statements of income, which results in volatility of income tax expense as a result of fluctuations in the Company’s stock price. Accordingly, the Company recorded a discrete income tax benefit of $87 million, $43 million and $36 million during 2022, 2021 and 2020, respectively, for vested RSUs where the grant date stock price was lower than the vesting date stock price.
Distribution and Servicing Costs

Distribution and Servicing Costs. Distribution and servicing costs include payments to third parties, primarily associated with distribution and servicing of client investments in certain BlackRock products. Distribution and servicing costs are expensed as incurred.
Direct Fund Expenses

Direct Fund Expense. Direct fund expense, which is expensed as incurred, primarily consists of third-party nonadvisory expense incurred by BlackRock related to certain investment products for the use of certain index trademarks, reference data for certain indices, custodial services, fund administration, fund accounting, transfer agent services, shareholder reporting services, audit and tax services as well as other fund-related expense directly attributable to the nonadvisory operations of the fund.
Leases

Leases. The Company determines if a contract is a lease or contains a lease at inception. The Company accounts for its office facility leases as operating leases, which may include escalation clauses that are based on an index or market rate. The Company accounts for lease and non-lease components, including common areas maintenance charges, as a single component for its leases. The Company elected the short-term lease exception for leases with an initial term of 12 months or less. Consequently, such leases are not recorded on the consolidated statements of financial condition. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised or not.

The Company recognizes operating right-of-use (“ROU”) assets and operating lease liabilities on the consolidated statements of financial condition based on the present value of future lease payments over the lease term at the commencement date discounted using an incremental borrowing rate (“IBR”). The IBR for individual leases is estimated considering the Company’s or a subsidiary’s credit rating using various financial metrics, such as revenue, operating margin and revenue growth, and, as appropriate, performing market analysis of yields on publicly traded bonds (secured or unsecured) with similar terms of comparable companies in a similar economic environment. ROU assets are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable. Fixed lease payments made over the lease term are recorded as lease expense on a straight-line basis. Variable lease payments based on usage, changes in an index or market rate are expensed as incurred.
Foreign Exchange

Foreign Exchange. Foreign currency transactions are recorded at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities that are denominated in foreign currencies are subsequently remeasured into the functional currencies of the Company's subsidiaries at the rates prevailing at each balance sheet date. Gains and losses arising on remeasurement are included in general and administration expense on the consolidated statements of income. Revenue and expenses are translated at average exchange rates during the period. Gains or losses resulting from translating foreign currency financial statements into United States ("US") dollars are included in accumulated other comprehensive income (loss) (“AOCI”), a separate component of stockholders’ equity, on the consolidated statements of financial condition.
Income Taxes

Income Taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using currently enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized on the consolidated statements of income in the period that includes the enactment date.

Management periodically assesses the recoverability of its deferred income tax assets based upon expected future earnings, taxable income in prior carryback years, future deductibility of the asset, changes in applicable tax laws and other factors. If management determines that it is not more likely than not that the deferred tax asset will be fully recoverable in the future, a valuation allowance will be established for the difference between the asset balance and the amount expected to be recoverable in the future. This allowance will result in additional income tax expense. Further, the Company records its income taxes receivable and payable based upon its estimated income tax position.
Earnings per Share ("EPS")

Earnings per Share (“EPS”). Basic EPS is calculated by dividing net income applicable to common shareholders by the weighted-average number of shares outstanding during the period. Diluted EPS includes the determinants of basic EPS and common stock equivalents outstanding during the period. Diluted EPS is computed using the treasury stock method.
Business Segments

Business Segments. 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.
Fair Value Measurements

Fair Value Measurements

Hierarchy of Fair Value Inputs. The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 Inputs:

Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date.

•
Level 1 assets may include listed mutual funds, ETFs, listed equities and certain exchange-traded derivatives.

Level 2 Inputs:

Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies.

•
Level 2 assets may include debt securities, bank loans held within consolidated 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 held within consolidated funds, investments in CLOs and bank 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.

Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Valuation Approaches. The fair values of certain Level 3 assets and liabilities were determined using various valuation approaches as appropriate, including third-party pricing vendors, broker quotes and market and income approaches.

A significant number of inputs used to value equity, debt securities, investments in CLOs and bank loans is sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price.

In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input.

Investments Measured at Net Asset Values. As a practical expedient, the Company uses net asset value (“NAV”) as the fair value for certain investments. The inputs to value these investments may include the Company’s capital accounts for its partnership interests in various alternative investments, including hedge funds, real assets and private equity funds, which may be adjusted by using the returns of certain market indices. The various partnerships generally are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that could be used as an input to value these investments.

Fair Value Assets and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including bank loans, held by a consolidated CLO. As the fair value of the financial assets of the consolidated CLO is more observable than the fair value of the borrowings of the consolidated CLO, the Company measures the fair value of the borrowings of the consolidated CLO 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 exposures for certain seed investments. However, certain CIPs also utilize derivatives as a part of their investment strategy.

The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the 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 assets or liabilities or hedged investments, on the consolidated statements of income.

The Company may also use financial instruments designated as net investment hedges for accounting purposes to hedge net investments in international subsidiaries whose functional currency is not US dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within AOCI on the consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge at least quarterly.

v3.22.4
Acquisition (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combinations [Abstract]  
Summary of Fair Values of Assets Acquired and Liabilities Assumed A summary of the fair values of the assets acquired and liabilities assumed in this acquisition is as follows:

(in millions)

 

Fair Value

 

Accounts receivable

 

$

16

 

Finite-lived intangible assets:

 

 

 

Customer relationships

 

 

270

 

Other

 

 

17

 

Goodwill

 

 

776

 

Deferred income tax liabilities

 

 

(16

)

Other liabilities assumed

 

 

(12

)

Total consideration, net of cash acquired

 

$

1,051

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

1,055

 

Cash acquired

 

 

(4

)

Total consideration, net of cash acquired

 

$

1,051

 
v3.22.4
Cash, Cash Equivalents and Restricted Cash (Tables)
 12 Months Ended
Dec. 31, 2022
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 consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the consolidated statements of cash flows.

 

 

December 31,

 

 

December 31,

 

(in millions)

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

7,416

 

 

$

9,323

 

Restricted cash included in other assets

 

 

17

 

 

 

17

 

Total cash, cash equivalents and restricted cash

 

$

7,433

 

 

$

9,340

 
v3.22.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Summary of Carrying Value of Total Investments

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

(in millions)

 

December 31,
 2022

 

 

December 31,
 2021

 

Debt securities:

 

 

 

 

 

 

Trading securities (including $1,279 and $1,140 trading debt securities of
   CIPs at December 31, 2022 and December 31, 2021, respectively)

 

$

1,331

 

 

$

1,186

 

Held-to-maturity investments

 

 

544

 

 

 

430

 

Total debt securities

 

 

1,875

 

 

 

1,616

 

Equity securities at FVTNI (including $1,089 and $1,485 equity securities at FVTNI
   of CIPs at December 31, 2022 and December 31, 2021, respectively)

 

 

1,211

 

 

 

1,738

 

Equity method investments(1)

 

 

1,895

 

 

 

1,694

 

Bank loans held by CIPs

 

 

354

 

 

 

284

 

Federal Reserve Bank stock(2)

 

 

91

 

 

 

96

 

Carried interest(3)

 

 

1,550

 

 

 

1,555

 

Other investments(4)

 

 

490

 

 

 

279

 

Total investments

 

$

7,466

 

 

$

7,262

 

 

(1)
Equity method investments primarily include BlackRock’s direct investments in certain BlackRock sponsored investment funds.
(2)
Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.
(3)
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.
(4)
Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes and private equity and real asset investments held by CIPs 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:

 

 

December 31, 2022

 

 

December 31, 2021

 

(in millions)

 

Cost

 

 

Carrying
Value

 

 

Cost

 

 

Carrying
Value

 

Trading debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

$

823

 

 

$

795

 

 

$

703

 

 

$

701

 

Government debt

 

 

420

 

 

 

400

 

 

 

365

 

 

 

363

 

Asset/mortgage-backed debt

 

 

154

 

 

 

136

 

 

 

126

 

 

 

122

 

Total trading debt securities

 

$

1,397

 

 

$

1,331

 

 

$

1,194

 

 

$

1,186

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

$

1,216

 

 

$

1,211

 

 

$

1,451

 

 

$

1,738

 
v3.22.4
Consolidated Sponsored Investment Products (Tables)
 12 Months Ended
Dec. 31, 2022
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 consolidated statements of financial condition, including BlackRock’s net interest in these products:

 

 

 

December 31, 2022

 

 

December 31, 2021

 

(in millions)

 

VIEs

 

 

VREs

 

 

Total

 

 

VIEs

 

 

VREs

 

 

Total

 

Cash and cash equivalents(1)

 

$

234

 

 

$

31

 

 

$

265

 

 

$

251

 

 

$

57

 

 

$

308

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

 

949

 

 

 

330

 

 

 

1,279

 

 

 

870

 

 

 

270

 

 

 

1,140

 

Equity securities at FVTNI

 

 

821

 

 

 

268

 

 

 

1,089

 

 

 

1,100

 

 

 

385

 

 

 

1,485

 

Bank loans

 

 

234

 

 

 

120

 

 

 

354

 

 

 

284

 

 

 

—

 

 

 

284

 

Other investments

 

 

373

 

 

 

77

 

 

 

450

 

 

 

210

 

 

 

—

 

 

 

210

 

Carried interest

 

 

1,497

 

 

 

—

 

 

 

1,497

 

 

 

1,504

 

 

 

—

 

 

 

1,504

 

Total investments

 

 

3,874

 

 

 

795

 

 

 

4,669

 

 

 

3,968

 

 

 

655

 

 

 

4,623

 

Other assets

 

 

68

 

 

 

29

 

 

 

97

 

 

 

50

 

 

 

32

 

 

 

82

 

Other liabilities(2)

 

 

(1,876

)

 

 

(48

)

 

 

(1,924

)

 

 

(1,919

)

 

 

(82

)

 

 

(2,001

)

Noncontrolling interests - CIPs

 

 

(857

)

 

 

(125

)

 

 

(982

)

 

 

(1,046

)

 

 

(79

)

 

 

(1,125

)

BlackRock's net interest in CIPs

 

$

1,443

 

 

$

682

 

 

$

2,125

 

 

$

1,304

 

 

$

583

 

 

$

1,887

 

 

(1)
The Company cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
(2)
At both December 31, 2022 and 2021, 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:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Nonoperating net gain (loss) on consolidated VIEs

 

$

(311

)

 

$

296

 

 

$

477

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to NCI on consolidated VIEs

 

$

(161

)

 

$

289

 

 

$

348

 
v3.22.4
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2022
Variable Interest Entity, Not Primary Beneficiary [Member]  
Variable Interest Entity [Line Items]  
Schedule of VIE Assets and Liabilities At December 31, 2022 and 2021, the Company’s carrying value of assets and liabilities included on the consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs for which it held a variable interest, but for which it was not the PB, was as follows:

(in millions)

 

Investments

 

 

Advisory
Fee
Receivables

 

 

Other Net
Assets
(Liabilities)

 

 

Maximum
Risk of Loss(1)

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

1,060

 

 

$

95

 

 

$

(12

)

 

$

1,172

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

882

 

 

$

62

 

 

$

(12

)

 

$

961

 

 

(1)
At both December 31, 2022 and 2021, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of advisory fee receivables.
v3.22.4
Fair Value Disclosures (Tables)
 12 Months Ended
Dec. 31, 2022
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

December 31, 2022
(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,
2022

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,279

 

 

$

52

 

 

$

—

 

 

$

—

 

 

$

1,331

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

544

 

 

 

544

 

Total debt securities

 

—

 

 

 

1,279

 

 

 

52

 

 

 

—

 

 

 

544

 

 

 

1,875

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,211

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,211

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset mutual funds

 

181

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

181

 

Hedge funds/funds of hedge funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

525

 

 

 

—

 

 

 

525

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

885

 

 

 

—

 

 

 

885

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

304

 

 

 

—

 

 

 

304

 

Total equity method

 

181

 

 

 

—

 

 

 

—

 

 

 

1,714

 

 

 

—

 

 

 

1,895

 

Bank loans

 

—

 

 

 

106

 

 

 

248

 

 

 

—

 

 

 

—

 

 

 

354

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

91

 

 

 

91

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,550

 

 

 

1,550

 

Other investments

 

28

 

 

 

—

 

 

 

—

 

 

 

316

 

 

 

146

 

 

 

490

 

Total investments

 

1,420

 

 

 

1,385

 

 

 

300

 

 

 

2,030

 

 

 

2,331

 

 

 

7,466

 

Other assets(3)

 

145

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

146

 

Separate account assets

 

34,823

 

 

 

18,544

 

 

 

—

 

 

 

—

 

 

 

699

 

 

 

54,066

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

2,163

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,163

 

Debt securities

 

—

 

 

 

3,602

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,602

 

Total separate account collateral held under
   securities lending agreements

 

2,163

 

 

 

3,602

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,765

 

Total

$

38,551

 

 

$

23,532

 

 

$

300

 

 

$

2,030

 

 

$

3,030

 

 

$

67,443

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral liabilities under
   securities lending agreements

$

2,163

 

 

$

3,602

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5,765

 

Other liabilities(4)

 

—

 

 

 

31

 

 

 

280

 

 

 

—

 

 

 

—

 

 

 

311

 

Total

$

2,163

 

 

$

3,633

 

 

$

280

 

 

$

—

 

 

$

—

 

 

$

6,076

 

 

(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, carried interest and certain equity method investments, which include sponsored investment funds and other assets, which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.
(3)
Level 1 amount includes a minority investment in a publicly traded company. Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information)
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 9, 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 (see Note 16, Commitments and Contingencies, for more information).

 

 

December 31, 2021
(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,
2021

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,169

 

 

$

17

 

 

$

—

 

 

$

—

 

 

$

1,186

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

430

 

 

 

430

 

Total debt securities

 

—

 

 

 

1,169

 

 

 

17

 

 

 

—

 

 

 

430

 

 

 

1,616

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,738

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,738

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity and fixed income mutual funds

 

245

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

245

 

Hedge funds/funds of hedge funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

369

 

 

 

—

 

 

 

369

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

846

 

 

 

—

 

 

 

846

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

234

 

 

 

—

 

 

 

234

 

Total equity method

 

245

 

 

 

—

 

 

 

—

 

 

 

1,449

 

 

 

—

 

 

 

1,694

 

Bank loans

 

—

 

 

 

14

 

 

 

270

 

 

 

—

 

 

 

—

 

 

 

284

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

96

 

 

 

96

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,555

 

 

 

1,555

 

Other investments(3)

 

—

 

 

 

—

 

 

 

5

 

 

 

96

 

 

 

178

 

 

 

279

 

Total investments

 

1,983

 

 

 

1,183

 

 

 

292

 

 

 

1,545

 

 

 

2,259

 

 

 

7,262

 

Other assets(4)

 

195

 

 

 

39

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

234

 

Separate account assets

 

54,675

 

 

 

30,786

 

 

 

—

 

 

 

—

 

 

 

765

 

 

 

86,226

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

3,717

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,717

 

Debt securities

 

—

 

 

 

3,364

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,364

 

Total separate account collateral held under
   securities lending agreements

 

3,717

 

 

 

3,364

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,081

 

Total

$

60,570

 

 

$

35,372

 

 

$

292

 

 

$

1,545

 

 

$

3,024

 

 

$

100,803

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral liabilities under
   securities lending agreements

$

3,717

 

 

$

3,364

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7,081

 

Other liabilities(5)

 

—

 

 

 

26

 

 

 

342

 

 

 

—

 

 

 

—

 

 

 

368

 

Total

$

3,717

 

 

$

3,390

 

 

$

342

 

 

$

—

 

 

$

—

 

 

$

7,449

 

 

(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, carried interest and certain equity method investments, which include sponsored investment funds and other assets, which are not accounted for under a fair value measure. In accordance with GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.
(3)
Level 3 amount includes direct investments in private equity companies held by consolidated private equity funds.
(4)
Level 1 amount includes a minority investment in a publicly traded company. Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information)
(5)
Level 2 amount primarily includes fair value of derivatives (See Note 9, 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 (see Note 16, Commitments and Contingencies, for more information).
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 2022

(in millions)

December 31,
2021

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances
and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

December 31,
2022

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading

$

17

 

 

$

(5

)

 

$

36

 

 

$

(18

)

 

$

—

 

 

$

26

 

 

$

(4

)

 

$

52

 

 

$

(5

)

Total debt securities

 

17

 

 

 

(5

)

 

 

36

 

 

 

(18

)

 

 

—

 

 

 

26

 

 

 

(4

)

 

 

52

 

 

 

(5

)

Private equity

 

5

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3

)

 

 

—

 

 

 

—

 

Bank loans

 

270

 

 

 

(6

)

 

 

59

 

 

 

(61

)

 

 

—

 

 

 

9

 

 

 

(23

)

 

 

248

 

 

 

(6

)

Total investments

$

292

 

 

$

(13

)

 

$

95

 

 

$

(79

)

 

$

—

 

 

$

35

 

 

$

(30

)

 

$

300

 

 

$

(11

)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

$

342

 

 

$

3

 

 

$

—

 

 

$

—

 

 

$

(59

)

 

$

—

 

 

$

—

 

 

$

280

 

 

$

3

 

 

(1)
Amounts include proceeds from borrowings of a consolidated CLO and contingent liability payments related to a prior acquisitions.
(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 2021

(in millions)

December 31,
2020

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances
and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

December 31,
2021

 

 

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

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading

$

11

 

 

$

2

 

 

$

43

 

 

$

(22

)

 

$

—

 

 

$

—

 

 

$

(17

)

 

$

17

 

 

$

2

 

 

Total debt securities

 

11

 

 

 

2

 

 

 

43

 

 

 

(22

)

 

 

—

 

 

 

—

 

 

 

(17

)

 

 

17

 

 

 

2

 

 

Private equity

 

9

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5

)

 

 

5

 

 

 

1

 

 

Bank loans

 

232

 

 

 

—

 

 

 

46

 

 

 

(5

)

 

 

—

 

 

 

15

 

 

 

(18

)

 

 

270

 

 

 

—

 

 

Total investments

$

252

 

 

$

3

 

 

$

89

 

 

$

(27

)

 

$

—

 

 

$

15

 

 

$

(40

)

 

$

292

 

 

$

3

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

$

272

 

 

$

(34

)

 

$

—

 

 

$

—

 

 

$

36

 

 

$

—

 

 

$

—

 

 

$

342

 

 

$

(34

)

 

 

 

(1)
Amounts primarily include net proceeds from 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 December 31, 2022 and 2021, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below.

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

 

(in millions)

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Fair Value
Hierarchy

 

Financial Assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

7,416

 

 

$

7,416

 

 

$

9,323

 

 

$

9,323

 

 

Level 1

(2)(3)

Other assets

 

 

86

 

 

 

86

 

 

 

22

 

 

 

22

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

 

$

6,654

 

 

$

5,949

 

 

$

7,446

 

 

$

7,735

 

 

Level 2

(5)

 

(1)
See Note 5, 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 December 31, 2022 and 2021, approximately $2.2 billion and $2.4 billion, respectively, of money market funds were recorded within cash and cash equivalents on the 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)
Other assets include cash collateral held with certain derivative counterparties and restricted cash.
(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 December 2022 and 2021, respectively. See Note 15, 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).

December 31, 2022

(in millions)

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge funds/other

(a)

 

$

525

 

 

$

149

 

 

Daily/Monthly (23%)
Quarterly (13%)
N/R (64%)

 

1 – 90 days

Private equity funds

(b)

 

 

885

 

 

 

174

 

 

N/R

 

N/R

Real assets funds

(c)

 

 

304

 

 

 

304

 

 

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

 

60 days

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated sponsored investment products:

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

(c)

 

 

116

 

 

 

94

 

 

N/R

 

N/R

Private equity funds

(d)

 

 

183

 

 

 

37

 

 

N/R

 

N/R

Other funds

 

 

 

17

 

 

 

31

 

 

Quarterly

 

90 days

Total

 

 

$

2,030

 

 

$

789

 

 

 

 

 

December 31, 2021

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge funds/other

 

(a)

 

$

369

 

 

$

141

 

 

Daily/Monthly (20%)
Quarterly (20%)
N/R (60%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

846

 

 

 

153

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

234

 

 

 

245

 

 

Quarterly (20%)
N/R (80%)

 

60 days

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated sponsored investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

90

 

 

 

101

 

 

N/R

 

N/R

Other funds

 

 

 

 

6

 

 

 

25

 

 

N/R

 

N/R

Total

 

 

 

$

1,545

 

 

$

665

 

 

 

 

 

 

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, distressed credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both December 31, 2022 and 2021.
(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 December 31, 2022 and 2021.
(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 December 31, 2022 and 2021. The total remaining unfunded commitments were $398 million and $346 million at December 31, 2022 and 2021, respectively. The Company’s portion of the total remaining unfunded commitments was $364 million and $298 million at December 31, 2022 and 2021, 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.
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 December 31, 2022 and 2021:

 

 

December 31,

 

 

December 31,

 

(in millions)

 

2022

 

 

2021

 

CLO Bank loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

238

 

 

$

281

 

Fair value

 

 

234

 

 

 

284

 

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

 

$

4

 

 

$

(3

)

 

 

 

 

 

 

 

CLO Borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

245

 

 

$

275

 

Fair value

 

$

245

 

 

$

278

 
v3.22.4
Derivative and Hedging (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Values of Derivatives Instruments Recognized in Consolidated Statements of Financial Condition

The following table presents the fair values of derivative instruments recognized in the consolidated statements of financial condition at December 31, 2022:

 

Assets

 

 

Liabilities

 

 

Statement of
Financial Condition

 

December 31,

 

 

December 31,

 

 

Statement of
Financial Condition

 

December 31,

 

 

December 31,

 

(in millions)

Classification

 

2022

 

 

2021

 

 

Classification

 

2022

 

 

2021

 

Derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return swaps

Other assets

 

$

—

 

 

$

5

 

 

Other liabilities

 

$

—

 

 

$

14

 

Forward foreign currency
  exchange contracts

Other assets

 

 

1

 

 

 

34

 

 

Other liabilities

 

 

19

 

 

 

—

 

Total

 

 

$

1

 

 

$

39

 

 

 

 

$

19

 

 

$

14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

 

 

 

Gains (Losses)

 

(in millions)

 

Statement of Income Classification

 

2022

 

 

2021

 

 

2020

 

Derivative Instruments

 

 

 

 

 

 

 

 

 

 

 

Total return swaps

 

Nonoperating income (expense)

 

$

83

 

 

$

(99

)

 

$

(93

)

Exchange traded futures

 

Nonoperating income (expense)

 

 

36

 

 

 

—

 

 

 

—

 

Forward foreign currency exchange contracts

 

General and administration expense

 

 

(222

)

 

 

(29

)

 

 

47

 

Total gain (loss) from derivative instruments

 

$

(103

)

 

$

(128

)

 

$

(46

)
v3.22.4
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment consists of the following:

 

 

Estimated Useful

 

December 31,

 

(in millions)

 

Life-In Years

 

2022

 

 

2021

 

Property and equipment:

 

 

 

 

 

 

 

 

Land

 

N/A

 

$

6

 

 

$

6

 

Building

 

39

 

 

33

 

 

 

33

 

Building improvements

 

15

 

 

31

 

 

 

31

 

Leasehold improvements

 

1-15

 

 

613

 

 

 

614

 

Equipment and computer software

 

3

 

 

1,033

 

 

 

914

 

Other transportation equipment

 

10

 

 

192

 

 

 

191

 

Furniture and fixtures

 

7

 

 

96

 

 

 

70

 

Construction in progress

 

N/A

 

 

417

 

 

 

159

 

Total

 

 

 

 

2,421

 

 

 

2,018

 

Less: accumulated depreciation and amortization

 

 

 

 

1,390

 

 

 

1,256

 

Property and equipment, net

 

 

 

$

1,031

 

 

$

762

 
v3.22.4
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Activity

Goodwill activity during 2022 and 2021 was as follows:

 

(in millions)

 

2022

 

 

2021

 

Beginning of year balance

 

$

15,351

 

 

$

14,551

 

Acquisitions(1)

 

 

—

 

 

 

810

 

Other(2)

 

 

(10

)

 

 

(10

)

End of year balance

 

$

15,341

 

 

$

15,351

 

 

(1)
In 2021, the $810 million increase in goodwill resulted primarily from the Aperio Transaction. See Note 3, Acquisition, for information on the Aperio Transaction.
(2)
Amounts primarily resulted from a decline related to tax benefits realized from tax-deductible goodwill in excess of book goodwill from the acquisition of the fund-of-funds business of Quellos Group, LLC in October 2007 (the “Quellos Transaction”). Goodwill related to the Quellos Transaction will continue to be reduced in future periods by the amount of tax benefits realized from tax-deductible goodwill in excess of book goodwill from the Quellos Transaction. The balance of the Quellos Transaction's tax-deductible goodwill in excess of book goodwill was approximately $11 million and $43 million at December 31, 2022 and 2021, respectively.
v3.22.4
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Intangible assets at December 31, 2022 and 2021 consisted of the following:

 

(in millions)

 

Remaining
Weighted-
Average
Estimated
Useful Life

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

At December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

N/A

 

$

16,169

 

 

$

—

 

 

$

16,169

 

Trade names/trademarks

 

N/A

 

 

1,403

 

 

 

—

 

 

 

1,403

 

License

 

N/A

 

 

6

 

 

 

—

 

 

 

6

 

Total indefinite-lived intangible assets

 

 

 

 

17,578

 

 

 

—

 

 

 

17,578

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

2.9

 

 

177

 

 

 

130

 

 

 

47

 

Investor/customer relationships

 

7.0

 

 

746

 

 

 

254

 

 

 

492

 

Technology-related

 

4.6

 

 

261

 

 

 

81

 

 

 

180

 

Trade names/trademarks

 

2.6

 

 

23

 

 

 

18

 

 

 

5

 

Total finite-lived intangible assets

 

6.1

 

 

1,207

 

 

 

483

 

 

 

724

 

Total intangible assets

 

 

 

$

18,785

 

 

$

483

 

 

$

18,302

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

N/A

 

$

16,169

 

 

$

—

 

 

$

16,169

 

Trade names/trademarks

 

N/A

 

 

1,403

 

 

 

—

 

 

 

1,403

 

License

 

N/A

 

 

6

 

 

 

—

 

 

 

6

 

Total indefinite-lived intangible assets

 

 

 

 

17,578

 

 

 

—

 

 

 

17,578

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

3.5

 

 

244

 

 

 

169

 

 

 

75

 

Investor/customer relationships

 

8.0

 

 

746

 

 

 

169

 

 

 

577

 

Technology-related

 

4.1

 

 

261

 

 

 

49

 

 

 

212

 

Trade names/trademarks

 

3.0

 

 

23

 

 

 

12

 

 

 

11

 

Total finite-lived intangible assets

 

6.6

 

 

1,274

 

 

 

399

 

 

 

875

 

Total intangible assets

 

 

 

$

18,852

 

 

$

399

 

 

$

18,453

 

 

N/A – Not Applicable

Estimated Amortization Expense for Finite-Lived Intangible Assets

Estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows:

(in millions)

 

 

 

Year

 

Amount

 

2023

 

$

142

 

2024

 

 

131

 

2025

 

 

123

 

2026

 

 

116

 

2027

 

 

89

 
v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Components of Lease Cost

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

(in millions)

 

2022

 

 

2021

 

 

2020

 

Lease cost:

 

 

 

 

 

 

 

 

 

Operating lease cost(1)

 

$

216

 

 

$

184

 

 

$

147

 

Variable lease cost(2)

 

 

39

 

 

 

44

 

 

 

40

 

Total lease cost

 

$

255

 

 

$

228

 

 

$

187

 

 

(1)
Amounts include short-term leases, which are immaterial for 2022, 2021 and 2020.
(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 ROU assets and operating lease liabilities.
Schedule of Supplemental Information Related to Operating Lease Supplemental information related to operating leases is summarized below:

(in millions)

2022

 

 

2021

 

 

2020

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

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

$

162

 

 

$

75

 

 

$

154

 

 

 

 

 

 

 

 

 

 

Supplemental noncash information:

 

 

 

 

 

 

 

 

ROU assets in exchange for operating lease liabilities

$

115

 

 

$

1,165

 

 

$

93

 

 

 

 

 

 

 

 

 

 

December 31, 2022

December 31, 2021

Lease term and discount rate:

 

 

 

 

 

 

Weighted-average remaining lease term

 

16

 

years

 

16

 

years

Weighted-average discount rate

 

3

 

%

 

3

 

%
Schedule of Maturities of Operating Lease Liabilities

(in millions)

 

 

 

Maturity of operating lease liabilities at December 31, 2022

 

Amount

 

2023

 

$

142

 

2024

 

 

173

 

2025

 

 

156

 

2026

 

 

145

 

2027

 

 

140

 

Thereafter

 

 

1,503

 

Total lease payments

 

$

2,259

 

Less: imputed interest

 

 

(424

)

Present value of lease liabilities

 

$

1,835

 
v3.22.4
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2022
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 December 31, 2022 included the following:

(in millions)

Maturity Amount

 

 

Unamortized
Discount and Debt Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

3.50% Notes due 2024

$

1,000

 

 

$

(1

)

 

$

999

 

 

$

983

 

1.25% Notes due 2025

 

747

 

 

 

(2

)

 

 

745

 

 

 

715

 

3.20% Notes due 2027

 

700

 

 

 

(3

)

 

 

697

 

 

 

662

 

3.25% Notes due 2029

 

1,000

 

 

 

(8

)

 

 

992

 

 

 

926

 

2.40% Notes due 2030

 

1,000

 

 

 

(6

)

 

 

994

 

 

 

852

 

1.90% Notes due 2031

 

1,250

 

 

 

(9

)

 

 

1,241

 

 

 

1,008

 

2.10% Notes due 2032

 

1,000

 

 

 

(14

)

 

 

986

 

 

 

803

 

Total long-term borrowings

$

6,697

 

 

$

(43

)

 

$

6,654

 

 

$

5,949

 
(1)
The unamortized discount and debt issuance costs are being amortized over the term of the notes.
v3.22.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2022
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 2022, 2021 and 2020 and includes the product mix of investment advisory, administration fees and securities lending revenue and performance fees.

(in millions)

2022

 

 

2021

 

 

2020

 

Investment advisory, administration fees and securities lending revenue:

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Active

$

2,147

 

 

$

2,571

 

 

$

1,737

 

ETFs

 

4,345

 

 

 

4,658

 

 

 

3,499

 

Non-ETF Index

 

711

 

 

 

771

 

 

 

664

 

Equity subtotal

 

7,203

 

 

 

8,000

 

 

 

5,900

 

Fixed income:

 

 

 

 

 

 

 

 

Active

 

1,977

 

 

 

2,191

 

 

 

1,957

 

ETFs

 

1,122

 

 

 

1,201

 

 

 

1,119

 

Non-ETF Index

 

396

 

 

 

471

 

 

 

463

 

Fixed income subtotal

 

3,495

 

 

 

3,863

 

 

 

3,539

 

Multi-asset

 

1,299

 

 

 

1,414

 

 

 

1,163

 

Alternatives:

 

 

 

 

 

 

 

 

Illiquid alternatives

 

741

 

 

 

668

 

 

 

577

 

Liquid alternatives

 

633

 

 

 

629

 

 

 

502

 

Currency and commodities(1)

 

216

 

 

 

216

 

 

 

168

 

Alternatives subtotal

 

1,590

 

 

 

1,513

 

 

 

1,247

 

Long-term

 

13,587

 

 

 

14,790

 

 

 

11,849

 

Cash management

 

864

 

 

 

470

 

 

 

790

 

Total investment advisory, administration fees and securities lending revenue

 

14,451

 

 

 

15,260

 

 

 

12,639

 

Investment advisory performance fees:

 

 

 

 

 

 

 

 

Equity

 

49

 

 

 

153

 

 

 

91

 

Fixed income

 

25

 

 

 

48

 

 

 

35

 

Multi-asset

 

25

 

 

 

32

 

 

 

35

 

Alternatives:

 

 

 

 

 

 

 

 

Illiquid alternatives

 

296

 

 

 

208

 

 

 

83

 

Liquid alternatives

 

119

 

 

 

702

 

 

 

860

 

Alternatives subtotal

 

415

 

 

 

910

 

 

 

943

 

Total performance fees

 

514

 

 

 

1,143

 

 

 

1,104

 

Technology services revenue

 

1,364

 

 

 

1,281

 

 

 

1,139

 

Distribution fees:

 

 

 

 

 

 

 

 

Retrocessions

 

1,026

 

 

 

1,098

 

 

 

736

 

12b-1 fees (US mutual fund distribution fees)

 

312

 

 

 

358

 

 

 

337

 

Other

 

43

 

 

 

65

 

 

 

58

 

Total distribution fees

 

1,381

 

 

 

1,521

 

 

 

1,131

 

Advisory and other revenue:

 

 

 

 

 

 

 

 

Advisory

 

56

 

 

 

68

 

 

 

68

 

Other

 

107

 

 

 

101

 

 

 

124

 

Total advisory and other revenue

 

163

 

 

 

169

 

 

 

192

 

Total revenue

$

17,873

 

 

$

19,374

 

 

$

16,205

 

 

(1)
Amounts include commodity ETFs.

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

(in millions)

2022

 

 

2021

 

 

2020

 

By client type:

 

 

 

 

 

 

 

 

Retail

$

4,442

 

 

$

4,957

 

 

$

3,651

 

ETFs

 

5,671

 

 

 

6,074

 

 

 

4,788

 

Institutional:

 

 

 

 

 

 

 

 

Active

 

2,535

 

 

 

2,675

 

 

 

2,342

 

Index

 

939

 

 

 

1,084

 

 

 

1,068

 

Total institutional

 

3,474

 

 

 

3,759

 

 

 

3,410

 

Long-term

 

13,587

 

 

 

14,790

 

 

 

11,849

 

Cash management

 

864

 

 

 

470

 

 

 

790

 

Total

$

14,451

 

 

$

15,260

 

 

$

12,639

 

 

 

 

 

 

 

 

 

 

By investment style:

 

 

 

 

 

 

 

 

Active

$

6,789

 

 

$

7,455

 

 

$

5,914

 

Index and ETFs

 

6,798

 

 

 

7,335

 

 

 

5,935

 

Long-term

 

13,587

 

 

 

14,790

 

 

 

11,849

 

Cash management

 

864

 

 

 

470

 

 

 

790

 

Total

$

14,451

 

 

$

15,260

 

 

$

12,639

 

 
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 December 31, 2022 and 2021:

December 31, 2022

(in millions)

2023

 

 

2024

 

 

2025

 

 

Thereafter

 

 

Total

 

Investment advisory and administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

157

 

 

$

111

 

 

$

78

 

 

$

102

 

 

$

448

 

December 31, 2021

(in millions)

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

Investment advisory and administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

161

 

 

$

147

 

 

$

86

 

 

$

77

 

 

$

471

 

 

(1)
Investment advisory and administration fees include management fees related to certain alternative products, which are based on contractual committed capital outstanding at December 31, 2022 and 2021. 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 consolidated statements of financial condition, for the year ended December 31, 2022 and 2021:

(in millions)

2022

 

 

2021

 

Beginning balance

$

1,508

 

 

$

584

 

Net increase (decrease) in unrealized allocations

 

175

 

 

 

1,083

 

Performance fee revenue recognized

 

(263

)

 

 

(159

)

Ending balance

$

1,420

 

 

$

1,508

 
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 December 31, 2022 and 2021:

December 31, 2022

(in millions)

2023

 

 

2024

 

 

2025

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

112

 

 

$

51

 

 

$

35

 

 

$

40

 

 

$

238

 

December 31, 2021

(in millions)

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

115

 

 

$

55

 

 

$

33

 

 

$

36

 

 

$

239

 

 

(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 year ended December 31, 2022 and 2021, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)

2022

 

 

2021

 

Beginning balance

$

122

 

 

$

123

 

Additions(1)

 

99

 

 

 

94

 

Revenue recognized that was included in the beginning balance

 

(96

)

 

 

(95

)

Ending balance

$

125

 

 

$

122

 

 

(1)
Amounts are net of revenue recognized.
v3.22.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Components of Stock-Based Compensation Expense

The components of stock-based compensation expense are as follows:

(in millions)

2022

 

 

2021

 

 

2020

 

Stock-based compensation:

 

 

 

 

 

 

 

 

Restricted stock and RSUs

$

686

 

 

$

709

 

 

$

593

 

Stock options

 

22

 

 

 

25

 

 

 

29

 

Total stock-based compensation(1)

$

708

 

 

$

734

 

 

$

622

 
(1)
Amount for 2022 includes $33 million of accelerated amortization expenses related to previously granted stock-based compensation awards recognized as part of the restructuring charge disclosed in Note 24, Restructuring Charge.
Restricted Stock and RSU Activity

Restricted stock and RSU activity for 2022 is summarized below.

Outstanding at

Restricted
Stock and
RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2021

 

2,183,017

 

 

$

586.45

 

Granted

 

813,619

 

 

$

813.39

 

Converted

 

(912,052

)

 

$

505.59

 

Forfeited

 

(75,377

)

 

$

703.32

 

December 31, 2022

 

2,009,207

 

 

$

710.67

 
Summary of RSUs/Restricted Stock Granted in Connection with Annual Incentive Compensation under Award Plan

RSUs/restricted stock granted in connection with annual incentive compensation under the Award Plan primarily related to the following:

 

2022

 

 

2021

 

 

2020

 

Awards granted that vest ratably over three years from the date of grant

 

498,633

 

 

 

470,253

 

 

 

504,403

 

Awards granted that vest with varying vesting periods

 

117,169

 

 

 

168,504

 

 

 

71,531

 

Awards granted that cliff vest 100% on:

 

 

 

 

 

 

 

 

January 31, 2023

 

—

 

 

 

—

 

 

 

393,161

 

January 31, 2024

 

—

 

 

 

247,621

 

 

 

—

 

January 31, 2025

 

197,817

 

 

 

—

 

 

 

—

 

 

 

813,619

 

 

 

886,378

 

 

 

969,095

 
Schedule of Fair Value of Market Performance-Based Award at Grant Date The grant-date fair value of the awards issued in 2017 was $208 million and was estimated using a Monte Carlo simulation with an embedded lattice model using the assumptions included in the following table:

Grant Year

Expected Term (Years)

 

 

Expected Stock Volatility

 

 

Expected Dividend Yield

 

 

Risk-Free Interest Rate

 

 

2017

 

6.56

 

 

 

22.23

%

 

 

2.16

%

 

 

2.33

%

 
Performance-Based RSUs [Member]  
Restricted Stock and RSU Activity

Performance-based RSU activity for 2022 is summarized below.

Outstanding at

Performance-
Based RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2021

 

668,805

 

 

$

533.48

 

Granted

 

143,846

 

 

$

820.28

 

Additional shares granted due to attainment of performance measures

 

111,991

 

 

$

410.32

 

Converted

 

(385,134

)

 

$

410.32

 

Forfeited

 

(8,454

)

 

$

662.34

 

December 31, 2022

 

531,054

 

 

$

672.47

 
Performance-Based Stock Options [Member]  
Stock Option Activity Stock option activity for 2022 is summarized below.

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Weighted Average Remaining Contractual Life (Years)

 

 

Aggregate Intrinsic Value (in millions)

 

Outstanding at December 31, 2021

 

1,817,923

 

 

$

513.50

 

 

 

 

 

 

 

Exercised

 

(21,635

)

 

$

513.50

 

 

 

 

 

 

 

Forfeited

 

(60,390

)

 

$

513.50

 

 

 

 

 

 

 

Outstanding at December 31, 2022(1)

 

1,735,898

 

 

$

513.50

 

 

 

3.9

 

 

$

339

 

Exercisable at December 31, 2022

 

594,655

 

 

$

513.50

 

 

 

3.9

 

 

$

116

 
(1)
At December 31, 2022, approximately 1.1 million options were expected to vest.
v3.22.4
Deferred Cash Compensation and Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Components of Deferred Cash Compensation Expense

The components of deferred cash compensation expense are as follows:

 

(in millions)

2022

 

 

2021

 

 

2020

 

Deferred cash compensation expense:

 

 

 

 

 

 

 

 

IPDCP

$

228

 

 

$

304

 

 

$

185

 

VDCP

 

(18

)

 

 

12

 

 

 

7

 

Other(1)

 

14

 

 

 

74

 

 

 

16

 

Total deferred cash compensation expense

$

224

 

 

$

390

 

 

$

208

 

 

(1)
Amounts primarily relate to deferred cash compensation in connection with certain acquisitions.
v3.22.4
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Revenue for Services Provided to Related Parties

Revenue from Related Parties

Revenue for services provided by the Company to these and other related parties are as follows:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Investment advisory, administration fees and securities lending revenue(1)

 

$

10,848

 

 

$

11,474

 

 

$

9,079

 

Investment advisory performance fees(1)

 

 

244

 

 

 

555

 

 

 

301

 

Technology services revenue

 

 

—

 

 

 

—

 

 

 

4

 

Advisory and other revenue(2)

 

 

(31

)

 

 

(16

)

 

 

19

 

Total revenue from related parties

 

$

11,061

 

 

$

12,013

 

 

$

9,403

 

 

(1)
Amounts primarily include revenue from registered investment companies/and equity method investees.
(2)
Amounts primarily include the Company’s share of the investee’s underlying net income or (loss) from equity method investees.
v3.22.4
Net Capital Requirements (Tables)
 12 Months Ended
Dec. 31, 2022
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Summary of Capital Adequacy Requirements

 

 

Actual

 

 

For Capital
Adequacy
Purposes

 

 

To Be Well
Capitalized
Under Prompt
Corrective Action
Provisions

 

(in millions)

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk weighted assets)

 

$

691

 

 

 

126.1

%

 

$

44

 

 

 

8.0

%

 

$

55

 

 

 

10.0

%

Common Equity Tier 1 capital (to risk weighted assets)

 

$

684

 

 

 

124.8

%

 

$

25

 

 

 

4.5

%

 

$

36

 

 

 

6.5

%

Tier 1 capital (to risk weighted assets)

 

$

684

 

 

 

124.8

%

 

$

33

 

 

 

6.0

%

 

$

44

 

 

 

8.0

%

Tier 1 capital (to average assets)

 

$

684

 

 

 

62.8

%

 

$

44

 

 

 

4.0

%

 

$

54

 

 

 

5.0

%

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk weighted assets)

 

$

816

 

 

 

119.8

%

 

$

55

 

 

 

8.0

%

 

$

68

 

 

 

10.0

%

Common Equity Tier 1 capital (to risk weighted assets)

 

$

808

 

 

 

118.5

%

 

$

31

 

 

 

4.5

%

 

$

44

 

 

 

6.5

%

Tier 1 capital (to risk weighted assets)

 

$

808

 

 

 

118.5

%

 

$

41

 

 

 

6.0

%

 

$

55

 

 

 

8.0

%

Tier 1 capital (to average assets)

 

$

808

 

 

 

64.3

%

 

$

50

 

 

 

4.0

%

 

$

63

 

 

 

5.0

%
v3.22.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Changes in AOCI

The following table presents changes in AOCI for 2022, 2021 and 2020:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Beginning balance

 

$

(550

)

 

$

(337

)

 

$

(571

)

Foreign currency translation adjustments(1)

 

 

(551

)

 

 

(213

)

 

 

234

 

Ending balance

 

$

(1,101

)

 

$

(550

)

 

$

(337

)

 

Amount for 2022 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million). Amount for 2021 includes a gain from a net investment hedge of $46 million (net of tax expense of $14 million). Amount for 2020 includes a loss from a net investment hedge of $54 million (net of tax benefit of $17 million).
v3.22.4
Capital Stock (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Common and Preferred Shares Authorized, Issued and Outstanding and Related Activity

The Company’s common and preferred shares issued and outstanding and related activity consist of the following:

 

 

Shares Issued

 

 

Shares Outstanding

 

 

 

Common
Shares

 

 

Treasury
Common
Shares

 

 

Series B
Preferred

 

 

Common
Shares

 

 

Series B
Preferred

 

December 31, 2019

 

 

171,252,185

 

 

 

(16,876,405

)

 

 

823,188

 

 

 

154,375,780

 

 

 

823,188

 

Shares repurchased

 

 

—

 

 

 

(3,445,554

)

 

 

—

 

 

 

(3,445,554

)

 

 

—

 

Net issuance of common shares related
   to employee stock transactions

 

 

—

 

 

 

779,471

 

 

 

—

 

 

 

779,471

 

 

 

—

 

Exchange of preferred shares
   series B for common shares

 

 

823,188

 

 

 

—

 

 

 

(823,188

)

 

 

823,188

 

 

 

(823,188

)

December 31, 2020

 

 

172,075,373

 

 

 

(19,542,488

)

 

 

—

 

 

 

152,532,885

 

 

 

—

 

Shares repurchased

 

 

—

 

 

 

(1,421,994

)

 

 

—

 

 

 

(1,421,994

)

 

 

—

 

Net issuance of common shares related
   to employee stock transactions

 

 

—

 

 

 

573,600

 

 

 

—

 

 

 

573,600

 

 

 

—

 

December 31, 2021

 

 

172,075,373

 

 

 

(20,390,882

)

 

 

—

 

 

 

151,684,491

 

 

 

—

 

Shares repurchased

 

 

—

 

 

 

(2,710,821

)

 

 

—

 

 

 

(2,710,821

)

 

 

—

 

Net issuance of common shares related
   to employee stock transactions

 

 

—

 

 

 

782,822

 

 

 

—

 

 

 

782,822

 

 

 

—

 

December 31, 2022

 

 

172,075,373

 

 

 

(22,318,881

)

 

 

—

 

 

 

149,756,492

 

 

 

—

 
v3.22.4
Restructuring Charge (Tables)
 12 Months Ended
Dec. 31, 2022
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 year ended December 31, 2022, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)

 

 

 

Liabilities as of December 31, 2021

 

$

—

 

Additions

 

 

91

 

Accelerated amortization expense of equity-based awards

 

 

(33

)

Liabilities as of December 31, 2022

 

$

58

 
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense

The components of income tax expense for 2022, 2021 and 2020, are as follows:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Current income tax expense:

 

 

 

 

 

 

 

 

 

Federal

 

$

255

 

 

$

2,031

 

 

$

720

 

State and local

 

 

(9

)

 

 

226

 

 

 

86

 

Foreign

 

 

448

 

 

 

576

 

 

 

589

 

Total net current income tax expense

 

 

694

 

 

 

2,833

 

 

 

1,395

 

Deferred income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Federal

 

 

562

 

 

 

(935

)

 

 

(66

)

State and local

 

 

64

 

 

 

(150

)

 

 

6

 

Foreign

 

 

(24

)

 

 

220

 

 

 

(97

)

Total net deferred income tax expense (benefit)

 

 

602

 

 

 

(865

)

 

 

(157

)

Total income tax expense

 

$

1,296

 

 

$

1,968

 

 

$

1,238

 
Components of Income before Taxes, Less Net Income (Loss) Attributable to Noncontrolling Interests

Income tax expense has been based on the following components of income before taxes, less net income (loss) attributable to NCI:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Domestic

 

$

4,604

 

 

$

5,030

 

 

$

3,805

 

Foreign

 

 

1,870

 

 

 

2,839

 

 

 

2,365

 

Total

 

$

6,474

 

 

$

7,869

 

 

$

6,170

 
Reconciliation of Income Tax Expense with Expected Federal Income Tax Expense

A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 21% for 2022, 2021 and 2020 is as follows:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Statutory income tax expense

 

$

1,360

 

 

 

21

%

 

$

1,653

 

 

 

21

%

 

$

1,296

 

 

 

21

%

Increase (decrease) in income taxes resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and local taxes (net of federal benefit)

 

 

115

 

 

 

2

 

 

 

121

 

 

 

2

 

 

 

81

 

 

 

1

 

Impact of federal, foreign, state, and local tax rate
   changes on deferred taxes

 

 

(25

)

 

 

—

 

 

 

125

 

 

 

2

 

 

 

78

 

 

 

1

 

Stock-based compensation awards

 

 

(87

)

 

 

(1

)

 

 

(43

)

 

 

(1

)

 

 

(36

)

 

 

—

 

Resolution of outstanding tax matters

 

 

(143

)

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Charitable Contribution

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(128

)

 

 

(2

)

Effect of foreign tax rates

 

 

23

 

 

 

—

 

 

 

32

 

 

 

—

 

 

 

(100

)

 

 

(2

)

Other

 

 

53

 

 

 

—

 

 

 

80

 

 

 

1

 

 

 

47

 

 

 

1

 

Income tax expense

 

$

1,296

 

 

 

20

%

 

$

1,968

 

 

 

25

%

 

$

1,238

 

 

 

20

%
Components of Deferred Income Tax Assets and Liabilities

The components of deferred income tax assets and liabilities are shown below:

 

 

December 31,

 

(in millions)

 

2022

 

 

2021

 

Deferred income tax assets:

 

 

 

 

 

 

Compensation and benefits

 

$

568

 

 

$

649

 

Loss carryforwards

 

 

100

 

 

 

88

 

Capitalized costs

 

 

103

 

 

 

764

 

Other

 

 

903

 

 

 

898

 

Gross deferred tax assets

 

 

1,674

 

 

 

2,399

 

Less: deferred tax valuation allowances

 

 

(39

)

 

 

(30

)

Deferred tax assets net of valuation allowances

 

 

1,635

 

 

 

2,369

 

Deferred income tax liabilities:

 

 

 

 

 

 

Goodwill and acquired indefinite-lived intangibles

 

 

4,244

 

 

 

4,245

 

Acquired finite-lived intangibles

 

 

114

 

 

 

144

 

Unrealized investment gains

 

 

72

 

 

 

71

 

Other

 

 

349

 

 

 

422

 

Gross deferred tax liabilities

 

 

4,779

 

 

 

4,882

 

Net deferred tax (liabilities)

 

$

(3,144

)

 

$

(2,513

)

 
Reconciliation of Gross Unrecognized Tax Benefits

The following tabular reconciliation presents the total amounts of gross unrecognized tax benefits:

(in millions)

 

2022

 

 

2021

 

 

2020

 

Balance at January 1

 

$

1,022

 

 

$

940

 

 

$

900

 

Additions for tax positions of prior years

 

 

13

 

 

 

18

 

 

 

31

 

Reductions for tax positions of prior years

 

 

(75

)

 

 

(4

)

 

 

(8

)

Additions based on tax positions related to current year

 

 

55

 

 

 

69

 

 

 

60

 

Lapse of statute of limitations

 

 

—

 

 

 

—

 

 

 

(3

)

Settlements

 

 

(103

)

 

 

(1

)

 

 

(40

)

Balance at December 31

 

$

912

 

 

$

1,022

 

 

$

940

 
v3.22.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Computation of Basic and Diluted EPS under Treasury Stock Method

The following table sets forth the computation of basic and diluted EPS for 2022, 2021 and 2020:

(in millions, except shares and per share data)

 

2022

 

 

2021

 

 

2020

 

Net income attributable to BlackRock, Inc.

 

$

5,178

 

 

$

5,901

 

 

$

4,932

 

Basic weighted-average shares outstanding

 

 

150,921,161

 

 

 

152,236,047

 

 

 

153,489,422

 

Dilutive effect of:

 

 

 

 

 

 

 

 

 

Nonparticipating RSUs

 

 

1,119,829

 

 

 

1,507,859

 

 

 

1,275,733

 

Stock options

 

 

399,481

 

 

 

660,451

 

 

 

75,427

 

Total diluted weighted-average shares outstanding

 

 

152,440,471

 

 

 

154,404,357

 

 

 

154,840,582

 

Basic earnings per share

 

$

34.31

 

 

$

38.76

 

 

$

32.13

 

Diluted earnings per share

 

$

33.97

 

 

$

38.22

 

 

$

31.85

 
v3.22.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Total Revenue by Geographic Region

The following table illustrates total revenue for 2022, 2021 and 2020 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.

(in millions)

2022

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

 

Americas

$

11,931

 

 

$

12,399

 

 

$

10,593

 

Europe

 

5,164

 

 

 

6,105

 

 

 

4,940

 

Asia-Pacific

 

778

 

 

 

870

 

 

 

672

 

Total revenue

$

17,873

 

 

$

19,374

 

 

$

16,205

 
Schedule of Long-Lived Assets by Geographic Region

The following table illustrates long-lived assets that consist of goodwill and property and equipment at December 31, 2022 and 2021 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located.

(in millions)

2022

 

 

2021

 

Long-lived Assets

 

 

 

 

 

Americas

$

14,945

 

 

$

14,675

 

Europe

 

1,329

 

 

 

1,341

 

Asia-Pacific

 

98

 

 

 

97

 

Total long-lived assets

$

16,372

 

 

$

16,113

 
v3.22.4
Significant Accounting Policies - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Segment
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Jun. 30, 2021
Oct. 06, 2020
shares
Significant Accounting Policies [Line Items]          
Fair value of loaned securities held $ 10,200 $ 13,200      
Fair value of collateral loan under these securities lending agreements 11,000 14,100      
Separate account collateral held under securities lending agreements 5,765 7,081      
Fair value of securities received as collateral have been resold or repledged 0 0      
Securities lending revenue earned 599 555 $ 652    
Reduction of management fees $ 72 500 35    
Preferred stock shares outstanding | shares         0
Number of business segments | Segment 1        
Restricted Stock Units (RSUs) [Member]          
Significant Accounting Policies [Line Items]          
Discrete income tax benefit for vested stock awards $ 87 $ 43 $ 36    
Equipment and Computer Software [Member]          
Significant Accounting Policies [Line Items]          
Estimated useful life 3 years        
Minimum [Member]          
Significant Accounting Policies [Line Items]          
VIE, economic interest percentage 10.00%        
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%        
Maximum [Member] | WMC [Member]          
Significant Accounting Policies [Line Items]          
Ownership percentage       50.10%  
v3.22.4
Acquisition - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Business Acquisition [Line Items]        
Payments to acquire business   $ 0 $ 1,106 $ 0
Aperio [Member]        
Business Acquisition [Line Items]        
Business acquisition, percentage of equity interest acquired 100.00%      
Payments to acquire business $ 1,051      
v3.22.4
Acquisition - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Business Acquisition [Line Items]        
Goodwill   $ 15,341 $ 15,351 $ 14,551
Total consideration, net of cash acquired   $ 0 $ 1,106 $ 0
Aperio [Member]        
Business Acquisition [Line Items]        
Accounts receivable $ 16      
Goodwill 776      
Deferred income tax liabilities (16)      
Other liabilities assumed (12)      
Total consideration, net of cash acquired 1,051      
Cash paid 1,055      
Cash acquired (4)      
Total consideration, net of cash acquired 1,051      
Aperio [Member] | Other [Member]        
Business Acquisition [Line Items]        
Finite-lived intangible assets 17      
Aperio [Member] | Customer Relationships [Member]        
Business Acquisition [Line Items]        
Finite-lived intangible assets $ 270      
v3.22.4
Cash, Cash Equivalents and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents [1] $ 7,416 $ 9,323    
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 $ 7,433 $ 9,340 $ 8,681 $ 4,846
[1] At December 31, 2022, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $3.9 billion, $68 million and $1.9 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $4.0 billion, $50 million and $1.9 billion, respectively, related to consolidated VIEs.
v3.22.4
Investments - Summary of Carrying Value of Total Investments (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]    
Trading securities (including $1,344 and $1,140 trading debt securities of CIPs at December 31, 2022 and December 31, 2021, respectively) Held-to-maturity investments $ 1,331 $ 1,186
Held-to-maturity investments 544 430
Total debt securities 1,875 1,616
Equity securities at FVTNI (including $1,117 and $1,485 equity securities at FVTNI of CIPs at December 31, 2022 and December 31, 2021, respectively) 1,211 1,738
Total investments [1] 7,466 7,262
Other Investments [Member]    
Schedule of Investments [Line Items]    
Total investments 490 279
Equity Method Investments [Member]    
Schedule of Investments [Line Items]    
Total investments 1,895 1,694
Bank loans Held by CIPs    
Schedule of Investments [Line Items]    
Total investments 354 284
Federal Reserve Bank Stock [Member]    
Schedule of Investments [Line Items]    
Total investments 91 96
Consolidated Entities [Member] | Carried Interest [Member]    
Schedule of Investments [Line Items]    
Total investments $ 1,550 $ 1,555
[1] At December 31, 2022, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $3.9 billion, $68 million and $1.9 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $4.0 billion, $50 million and $1.9 billion, respectively, related to consolidated VIEs.
v3.22.4
Investments - Summary of Carrying Value of Total Investments (Detail) (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]    
Trading securities $ 1,331 $ 1,186
Equity securities/mutual funds 1,211 1,738
Consolidated Sponsored Investment Products [Member]    
Schedule of Investments [Line Items]    
Trading securities 1,279 1,140
Equity securities/mutual funds $ 1,089 $ 1,485
v3.22.4
Investments - Additional Information (Detail)
$ in Millions
Dec. 31, 2022
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Held-to-maturity investments, after one year through five years $ 36
Foreign government debt, after five years through ten years 236
Held-to-maturity investments, after ten years $ 272
v3.22.4
Investments - Summary of Cost and Carrying Value of Equity and Trading Debt Securities (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]    
Total trading debt securities, Cost $ 1,397 $ 1,194
Trading securities 1,331 1,186
Equity securities/mutual funds 1,211 1,738
Corporate Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 823 703
Trading securities 795 701
Government Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 420 365
Trading securities 400 363
Asset/Mortgage-Backed Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 154 126
Trading securities 136 122
Equity Securities/Mutual Funds [Member]    
Schedule of Investments [Line Items]    
Equity securities at FVTNI, Cost 1,216 1,451
Equity securities/mutual funds $ 1,211 $ 1,738
v3.22.4
Consolidated Sponsored Investment Products - Consolidated VIEs And VREs Recorded in Consolidated Statements of Financial Condition (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents [1] $ 7,416 $ 9,323
Investments:    
Trading securities 1,331 1,186
Equity securities/mutual funds 1,211 1,738
Total investments [1] 7,466 7,262
Other assets [1] 3,461 2,780
Other liabilities [1] (3,576) (4,024)
Noncontrolling interests - CIPs (132) (113)
Consolidated Variable Interest Entities [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 234 251
Investments:    
Trading securities 949 870
Bank loans 234 284
Other investments 373 210
Carried interest 1,497 1,504
Total investments 3,874 3,968
Other assets 68 50
Other liabilities (1,876) (1,919)
Noncontrolling interests - CIPs (857) (1,046)
BlackRock's net interest in CIPs 1,443 1,304
Consolidated Voting Rights Entities [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 31 57
Investments:    
Trading securities 330 270
Bank loans 120 0
Other investments 77 0
Carried interest 0 0
Total investments 795 655
Other assets 29 32
Other liabilities (48) (82)
Noncontrolling interests - CIPs (125) (79)
BlackRock's net interest in CIPs 682 583
Consolidated Sponsored Investment Products [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 265 308
Investments:    
Trading securities 1,279 1,140
Equity securities/mutual funds 1,089 1,485
Bank loans 354 284
Other investments 450 210
Carried interest 1,497 1,504
Total investments 4,669 4,623
Other assets 97 82
Other liabilities (1,924) (2,001)
Noncontrolling interests - CIPs (982) (1,125)
BlackRock's net interest in CIPs 2,125 1,887
Equity securities [Member]    
Investments:    
Equity securities/mutual funds 1,211 1,738
Equity securities [Member] | Consolidated Variable Interest Entities [Member]    
Investments:    
Equity securities/mutual funds 821 1,100
Equity securities [Member] | Consolidated Voting Rights Entities [Member]    
Investments:    
Equity securities/mutual funds 268 385
Equity securities [Member] | Consolidated Sponsored Investment Products [Member]    
Investments:    
Equity securities/mutual funds $ 1,089 $ 1,485
[1] At December 31, 2022, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $3.9 billion, $68 million and $1.9 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $4.0 billion, $50 million and $1.9 billion, respectively, related to consolidated VIEs.
v3.22.4
Consolidated Sponsored Investment Products - Schedule of Net Gain (Loss) Related to Consolidated VIEs (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Variable Interest Entity [Line Items]      
Nonoperating net gain (loss) on consolidated VIEs $ (35) $ 841 $ 972
Net income (loss) attributable to NCI on consolidated VIEs (184) 304 354
Consolidated Variable Interest Entities [Member]      
Variable Interest Entity [Line Items]      
Nonoperating net gain (loss) on consolidated VIEs (311) 296 477
Net income (loss) attributable to NCI on consolidated VIEs $ (161) $ 289 $ 348
v3.22.4
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 ($)
Dec. 31, 2022
Dec. 31, 2021
Investments [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products $ 1,060,000,000 $ 882,000,000
Advisory Fee Receivables [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products 95,000,000 62,000,000
Other Net Assets (Liabilities) [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products (12,000,000) (12,000,000)
Maximum Risk of Loss [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products $ 1,172,000,000 $ 961,000,000
v3.22.4
Variable Interest Entities Reflects adoption of ASU 2015-12 - Additional Information (Detail) - USD ($)
$ in Billions
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity, Not Primary Beneficiary [Member] | Sponsored Investment Products [Member]    
Variable Interest Entity [Line Items]    
Net assets of investments funds $ 19 $ 20
v3.22.4
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities $ 1,331 $ 1,186
Equity securities/mutual funds 1,211 1,738
Separate account assets 54,066 86,226
Separate account collateral liabilities under securities lending agreements 5,765 7,081
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 86 22
Equity securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities/mutual funds 1,211 1,738
Fair Value, Measurements, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Held-to-maturity investments 544 430
Total debt securities 1,875 1,616
Total equity method 1,895 1,694
Bank loans 354 284
Federal Reserve Bank Stock 91 96
Carried interest 1,550 1,555
Other investments 490 279
Total investments 7,466 7,262
Other assets 146 234
Separate account assets 54,066 86,226
Total separate account collateral held under securities lending agreements 5,765 7,081
Total 67,443 100,803
Separate account collateral liabilities under securities lending agreements 5,765 7,081
Other liabilities 311 368
Total liabilities measured at fair value 6,076 7,449
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 0
Held-to-maturity investments 0 0
Total debt securities 0 0
Equity securities/mutual funds 0 0
Bank loans 0 0
Federal Reserve Bank Stock 0 0
Carried interest 0 0
Other assets 0 0
Separate account assets 0 0
Total separate account collateral held under securities lending agreements 0 0
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] | 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 181 245
Bank loans 0 0
Federal Reserve Bank Stock 0 0
Carried interest 0 0
Other investments 28 0
Total investments 1,420 1,983
Other assets 145 195
Separate account assets 34,823 54,675
Total separate account collateral held under securities lending agreements 2,163 3,717
Total 38,551 60,570
Separate account collateral liabilities under securities lending agreements 2,163 3,717
Other liabilities 0 0
Total liabilities measured at fair value 2,163 3,717
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 1,279 1,169
Equity securities/mutual funds 0 0
Total equity method 0 0
Bank loans 106 14
Federal Reserve Bank Stock 0 0
Carried interest 0 0
Other investments 0 0
Total investments 1,385 1,183
Other assets 1 39
Separate account assets 18,544 30,786
Total separate account collateral held under securities lending agreements 3,602 3,364
Total 23,532 35,372
Separate account collateral liabilities under securities lending agreements 3,602 3,364
Other liabilities 31 26
Total liabilities measured at fair value 3,633 3,390
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 52 17
Equity securities/mutual funds 0 0
Total equity method 0 0
Bank loans 248 270
Federal Reserve Bank Stock 0 0
Carried interest 0 0
Other investments 0 5
Total investments 300 292
Other assets 0 0
Separate account assets 0 0
Total separate account collateral held under securities lending agreements 0 0
Total 300 292
Separate account collateral liabilities under securities lending agreements 0 0
Other liabilities 280 342
Total liabilities measured at fair value 280 342
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 1,331 1,186
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
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 1,279 1,169
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 52 17
Held-to-maturity investments 0 0
Fair Value, Measurements, Recurring [Member] | Equity Securities/Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities/mutual funds 1,211 1,738
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]    
Equity securities/mutual funds 1,211 1,738
Fair Value, Measurements, Recurring [Member] | Equity And Fixed Income Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   245
Fair Value, Measurements, Recurring [Member] | Equity And Fixed Income Mutual Funds [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   0
Fair Value, Measurements, Recurring [Member] | Equity And 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]    
Total equity method   245
Fair Value, Measurements, Recurring [Member] | Equity And 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]    
Total equity method   0
Fair Value, Measurements, Recurring [Member] | Equity And Fixed Income 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
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 181  
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  
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 181  
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  
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  
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 525 369
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/ Public Equity [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 885 846
Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [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/ Public Equity [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/ Public Equity [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 304 234
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 Measured at NAV [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 1,714 1,449
Other investments 316 96
Total investments 2,030 1,545
Total 2,030 1,545
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 525 369
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Private/ Public Equity [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 885 846
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 304 234
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 544 430
Total debt securities 544 430
Equity securities/mutual funds 0 0
Total equity method 0 0
Bank loans 0 0
Federal Reserve Bank Stock 91 96
Carried interest 1,550 1,555
Other investments 146 178
Total investments 2,331 2,259
Other assets 0 0
Separate account assets 699 765
Total separate account collateral held under securities lending agreements 0 0
Total 3,030 3,024
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 And Fixed Income Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   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  
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/ Public Equity [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] | 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 2,163 3,717
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 2,163 3,717
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 0
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Other [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 [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 3,602 3,364
Fair Value, Measurements, Recurring [Member] | Debt 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] | Debt securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 3,602 3,364
Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | Other [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
v3.22.4
Fair Value Disclosures - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
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 $ 52 $ 47
v3.22.4
Fair Value Disclosures - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Other Liabilities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liabilities measured at fair value, beginning balance $ 342 $ 272
Realized and Unrealized Gains (Losses), Liabilities $ 3 $ (34)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense)
Purchases, Liabilities $ 0 $ 0
Sales and Maturities, Liabilities 0 0
Issuances and Other Settlements, Liabilities (59) 36
Transfers into Level 3, Liabilities 0 0
Transfers out of Level 3, Liabilities 0 0
Liabilities measured at fair value, ending balance 280 342
Total Net Unrealized Gains (Losses) Included in Earnings $ 3 $ (34)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense)
Investments [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance $ 292 $ 252
Realized and Unrealized Gains (Losses),Assets (13) 3
Purchases, Assets 95 89
Sales and Maturities, Assets (79) (27)
Issuances and Other Settlements, Assets 0 0
Transfers into Level 3, Assets 35 15
Transfers out of Level 3, Assets (30) (40)
Assets measured at fair value, ending balance 300 292
Total Net Unrealized Gains (Losses) Included in Earnings (11) 3
Debt securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 17 11
Realized and Unrealized Gains (Losses),Assets (5) 2
Purchases, Assets 36 43
Sales and Maturities, Assets (18) (22)
Issuances and Other Settlements, Assets 0 0
Transfers into Level 3, Assets 26 0
Transfers out of Level 3, Assets (4) (17)
Assets measured at fair value, ending balance 52 17
Total Net Unrealized Gains (Losses) Included in Earnings (5) 2
Debt securities [Member] | Trading [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 17 11
Realized and Unrealized Gains (Losses),Assets $ (5) $ 2
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense)
Purchases, Assets $ 36 $ 43
Sales and Maturities, Assets (18) (22)
Issuances and Other Settlements, Assets 0 0
Transfers into Level 3, Assets 26 0
Transfers out of Level 3, Assets (4) (17)
Assets measured at fair value, ending balance 52 17
Total Net Unrealized Gains (Losses) Included in Earnings $ (5) $ 2
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) 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 $ 270 $ 232
Realized and Unrealized Gains (Losses),Assets (6) 0
Purchases, Assets 59 46
Sales and Maturities, Assets (61) (5)
Issuances and Other Settlements, Assets 0 0
Transfers into Level 3, Assets 9 15
Transfers out of Level 3, Assets (23) (18)
Assets measured at fair value, ending balance 248 270
Total Net Unrealized Gains (Losses) Included in Earnings (6) 0
Consolidated Variable Interest Entities [Member] | Private/ Public Equity [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 5 9
Realized and Unrealized Gains (Losses),Assets (2) 1
Purchases, Assets 0 0
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 (3) (5)
Assets measured at fair value, ending balance 0 5
Total Net Unrealized Gains (Losses) Included in Earnings $ 0 $ 1
v3.22.4
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 7,416 $ 9,323
Long-term borrowings 6,654 7,446
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 7,416 9,323
Other assets 86 22
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Long-term borrowings 6,654 7,446
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 7,416 9,323
Other assets 86 22
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Long-term borrowings $ 5,949 $ 7,735
[1] At December 31, 2022, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $3.9 billion, $68 million and $1.9 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $4.0 billion, $50 million and $1.9 billion, respectively, related to consolidated VIEs.
v3.22.4
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Parenthetical) (Detail) - USD ($)
$ / shares in Units, $ in Millions
Dec. 31, 2022
Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 7,416 $ 9,323
Money market valuation per share floor $ 1.00  
Money Market Funds [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents $ 2,200 $ 2,400
[1] At December 31, 2022, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $3.9 billion, $68 million and $1.9 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $4.0 billion, $50 million and $1.9 billion, respectively, related to consolidated VIEs.
v3.22.4
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 789 $ 665
Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value 2,030 1,545
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 37  
Real Assets Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 398 346
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 94 101
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 116 90
Other Funds [Member] | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 31 25
Redemption Notice Period, days 90 days  
Other 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 $ 17 6
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 183  
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 $ 149 $ 141
Redemption Frequency (Daily) 23.00% 20.00%
Redemption Frequency (Monthly) 23.00% 20.00%
Redemption Frequency (Quarterly) 13.00% 20.00%
Redemption Frequency (Not Redeemable) 64.00% 60.00%
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 $ 525 $ 369
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 $ 174 $ 153
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 885 846
Equity Method Investments [Member] | Real Assets Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 304 $ 245
Redemption Frequency (Quarterly) 17.00% 20.00%
Redemption Frequency (Not Redeemable) 83.00% 80.00%
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 $ 304 $ 234
v3.22.4
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 789 $ 665
Real Assets Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 398 346
Total remaining Unfunded Commitments $ 364 $ 298
v3.22.4
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
Dec. 31, 2022
Dec. 31, 2021
Fair Value Option Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding $ 6,697  
CLO Bank Loans [Member]    
Fair Value Option Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding 238 $ 281
Fair value 234 284
Aggregate unpaid principal balance in excess of (less than) fair value 4 (3)
CLO Borrowings [Member]    
Fair Value Option Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding 245 275
Fair value $ 245 $ 278
v3.22.4
Derivatives and Hedging - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Derivative maximum risk of loss $ 17,000,000 $ 17,000,000
Other Liabilities [Member]    
Derivative [Line Items]    
Other liabilities, fair value 19,000,000 14,000,000
Forward Foreign Currency Exchange Contracts [Member]    
Derivative [Line Items]    
Notional value $ 2,200,000,000 $ 1,800,000,000
Derivative Expiration Dates 2023-01 2022-01
Forward Foreign Currency Exchange Contracts [Member] | Other Liabilities [Member]    
Derivative [Line Items]    
Other liabilities, fair value $ 19,000,000 $ 0
Exchange Traded Futures [Member]    
Derivative [Line Items]    
Notional value 1,500,000,000  
Exchange Traded Futures [Member] | Other Assets [Member]    
Derivative [Line Items]    
Notional value 0  
Exchange Traded Futures [Member] | Other Liabilities [Member]    
Derivative [Line Items]    
Notional value 0  
Total Return Swaps [Member]    
Derivative [Line Items]    
Notional value $ 0 $ 720,000,000
v3.22.4
Derivatives and Hedging - Summary of Fair Values of Derivatives Instruments Recognized in Consolidated Statements of Financial Condition (Detail) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Other Assets [Member]    
Derivatives Fair Value [Line Items]    
Other assets, fair value $ 1,000,000 $ 39,000,000
Other Liabilities [Member]    
Derivatives Fair Value [Line Items]    
Other liabilities, fair value 19,000,000 14,000,000
Forward Foreign Currency Exchange Contracts [Member] | Other Assets [Member]    
Derivatives Fair Value [Line Items]    
Other assets, fair value 1,000,000 34,000,000
Forward Foreign Currency Exchange Contracts [Member] | Other Liabilities [Member]    
Derivatives Fair Value [Line Items]    
Other liabilities, fair value 19,000,000 0
Total Return Swaps [Member] | Other Assets [Member]    
Derivatives Fair Value [Line Items]    
Other assets, fair value 0 5,000,000
Total Return Swaps [Member] | Other Liabilities [Member]    
Derivatives Fair Value [Line Items]    
Other liabilities, fair value $ 0 $ 14,000,000
v3.22.4
Derivatives and Hedging - Summary of Realized and Unrealized Gains (Losses) Recognized in Consolidated Statements of Income on Derivative Instruments (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments Gain Loss [Line Items]      
Total gain (loss) from derivative instruments $ (103,000,000) $ (128,000,000) $ (46,000,000)
Forward Foreign Currency Exchange Contracts [Member]      
Derivative Instruments Gain Loss [Line Items]      
Total gain (loss) from derivative instruments $ (222,000,000) $ (29,000,000) $ 47,000,000
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense General and Administrative Expense
Exchange Traded Futures [Member]      
Derivative Instruments Gain Loss [Line Items]      
Total gain (loss) from derivative instruments $ 36,000,000 $ 0 $ 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense)
Total Return Swaps [Member]      
Derivative Instruments Gain Loss [Line Items]      
Total gain (loss) from derivative instruments $ 83,000,000 $ (99,000,000) $ (93,000,000)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense)
v3.22.4
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,421 $ 2,018
Less: accumulated depreciation and amortization 1,390 1,256
Property and equipment, net 1,031 762
Land [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 6 6
Building [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 33 33
Estimated useful life-in years 39 years  
Building Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 31 31
Estimated useful life-in years 15 years  
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 613 614
Leasehold Improvements [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated useful life-in years 1 year  
Leasehold Improvements [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated useful life-in years 15 years  
Equipment and Computer Software [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,033 914
Estimated useful life-in years 3 years  
Other Transportation Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 192 191
Estimated useful life-in years 10 years  
Furniture and Fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 96 70
Estimated useful life-in years 7 years  
Construction in progress [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 417 $ 159
v3.22.4
Property and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]      
Depreciation and amortization expense $ 251 $ 249 $ 232
Equipment and Computer Software [Member]      
Property, Plant and Equipment [Line Items]      
Qualifying software costs $ 91 $ 87 $ 95
Estimated useful life 3 years    
v3.22.4
Goodwill - Goodwill Activity (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Roll Forward]    
Beginning of year balance $ 15,351 $ 14,551
Acquisitions 0 810
Other (10) (10)
End of year balance $ 15,341 $ 15,351
v3.22.4
Goodwill - Goodwill Activity (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Line Items]    
Excess of tax goodwill over book goodwill $ 11 $ 43
Acquisitions $ 0 810
Aperio [Member]    
Goodwill [Line Items]    
Acquisitions   $ 810
v3.22.4
Goodwill - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Goodwill [Roll Forward]      
Impairment of goodwill $ 0 $ 0 $ 0
Closing market price of common stock $ 708.63    
Book value per share $ 252.04    
v3.22.4
Intangible Assets - Intangible Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Total intangible assets - Gross Carrying Amount $ 18,785 $ 18,852
Total intangible assets - Net Carrying Amount $ 18,302 $ 18,453
v3.22.4
Intangible Assets - Finite-lived Intangible Assets (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life 6 years 1 month 6 days 6 years 7 months 6 days
Finite-lived intangible assets - Gross Carrying Amount $ 1,207 $ 1,274
Finite-lived intangible assets - Accumulated Amortization 483 399
Total $ 724 $ 875
Management Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life 2 years 10 months 24 days 3 years 6 months
Finite-lived intangible assets - Gross Carrying Amount $ 177 $ 244
Finite-lived intangible assets - Accumulated Amortization 130 169
Total $ 47 $ 75
Investor/Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life 7 years 8 years
Finite-lived intangible assets - Gross Carrying Amount $ 746 $ 746
Finite-lived intangible assets - Accumulated Amortization 254 169
Total $ 492 $ 577
Technology-Related [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life 4 years 7 months 6 days 4 years 1 month 6 days
Finite-lived intangible assets - Gross Carrying Amount $ 261 $ 261
Finite-lived intangible assets - Accumulated Amortization 81 49
Total $ 180 $ 212
Trade Names / Trademarks [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life 2 years 7 months 6 days 3 years
Finite-lived intangible assets - Gross Carrying Amount $ 23 $ 23
Finite-lived intangible assets - Accumulated Amortization 18 12
Total $ 5 $ 11
v3.22.4
Intangible Assets - Indefinite-lived Intangible Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 17,578 $ 17,578
Management Contracts [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 16,169 16,169
Trade Names / Trademarks [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 1,403 1,403
License [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 6 $ 6
v3.22.4
Intangible Assets - Additional Information (Detail) - USD ($)
Jul. 31, 2022
Jul. 31, 2021
Feb. 01, 2021
Jul. 31, 2020
Schedule Of Intangible Assets [Line Items]        
Impairment of intangible assets $ 0 $ 0   $ 0
Aperio Transaction [Member] | Customer Relationships [Member]        
Schedule Of Intangible Assets [Line Items]        
Finite-lived intangible assets, acquired     $ 270,000,000  
Acquired finite-lived intangible assets weighted-average useful life     10 years  
Aperio Transaction [Member] | Trade Names [Member]        
Schedule Of Intangible Assets [Line Items]        
Finite-lived intangible assets, acquired     $ 9,000,000  
Acquired finite-lived intangible assets weighted-average useful life     5 years  
Aperio Transaction [Member] | Technology-Related [Member]        
Schedule Of Intangible Assets [Line Items]        
Finite-lived intangible assets, acquired     $ 8,000,000  
Acquired finite-lived intangible assets weighted-average useful life     3 years  
v3.22.4
Intangible Assets - Estimated Amortization Expense for Finite-Lived Intangible Assets (Detail)
$ in Millions
Dec. 31, 2022
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
2023 $ 142
2024 131
2025 123
2026 116
2027 $ 89
v3.22.4
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Lease cost:      
Operating lease cost [1] $ 216 $ 184 $ 147
Variable lease cost [2] 39 44 40
Total lease cost $ 255 $ 228 $ 187
[1] Amounts include short-term leases, which are immaterial for 2022, 2021 and 2020.
[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 ROU assets and operating lease liabilities.
v3.22.4
Leases - Schedule of Supplemental Information Related to Operating Leases (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Supplemental cash flow information:      
Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 162 $ 75 $ 154
Supplemental noncash information:      
ROU assets in exchange for operating lease liabilities in connection with the adoption of ASU 2016-02, "Leases" $ 115 $ 1,165 $ 93
Weighted-average remaining lease term 16 years 16 years  
Weighted-average discount rate 3.00% 3.00%  
v3.22.4
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
2023 $ 142  
2024 173  
2025 156  
2026 145  
2027 140  
Thereafter 1,503  
Total lease payments 2,259  
Less: imputed interest (424)  
Present value of lease liabilities $ 1,835 $ 1,872
v3.22.4
Other Assets - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
iCapital [Member]    
Other Assets [Line Items]    
Carrying value - equity method investment $ 669 $ 409
Nonoperating pre-tax gain $ 267 119
Percentage of strategic minority investment 25.00%  
Other Assets [Member]    
Other Assets [Line Items]    
Carrying value - equity method investment $ 809 583
Other non equity method corporate minority investments $ 375 $ 268
v3.22.4
Borrowings - Additional Information (Detail)
€ in Millions
 1 Months Ended 12 Months Ended
May 06, 2015
EUR (€)
Apr. 30, 2020
USD ($)
Jan. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Apr. 30, 2019
USD ($)
Apr. 30, 2017
USD ($)
Mar. 31, 2017
USD ($)
Mar. 31, 2014
USD ($)
May 31, 2012
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2022
EUR (€)
Debt Instrument [Line Items]                          
Borrowings                   $ 6,654,000,000 $ 7,446,000,000    
Fair Value                   5,949,000,000 7,700,000,000    
Debt instrument, aggregate principal amount                   6,697,000,000      
Repayments of long-term debt                   750,000,000 750,000,000 $ 0  
Gain (loss) from net investment hedging, net of tax                   37,000,000 46,000,000 (54,000,000)  
Gain (loss) from net investment hedging, tax expense (benefit)                   12,000,000 14,000,000 (17,000,000)  
Other Comprehensive Income [Member]                          
Debt Instrument [Line Items]                          
Amount of ineffectiveness on net investment hedges                   $ 0 0 $ 0  
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]                          
Debt Instrument [Line Items]                          
Debt offering designated as net investment hedge to offset its currency exposure | €                         € 700
Unsecured Debt 2027 Notes [Member]                          
Debt Instrument [Line Items]                          
Debt instrument, aggregate principal amount             $ 700,000,000            
Debt instrument, interest rate             3.20%            
Debt instrument, maturity date                   Mar. 15, 2027      
Debt instrument, Approximate annual interest expense             $ 22,000,000            
Debt instrument, payment terms                   Interest is payable semi-annually on March 15 and September 15 of each year      
Unsecured Debt 2024 Notes [Member]                          
Debt Instrument [Line Items]                          
Debt instrument, aggregate principal amount               $ 1,000,000,000          
Debt instrument, interest rate               3.50%          
Debt instrument, maturity date               Mar. 18, 2024          
Debt instrument, Approximate annual interest expense                   $ 35,000,000      
Debt instrument, payment terms                   Interest is payable semi-annually in arrears on March 18 and September 18 of each year      
Unsecured Unsubordinated Notes [Member]                          
Debt Instrument [Line Items]                          
Debt instrument, aggregate principal amount                 $ 1,500,000,000        
Unsecured Debt 2015 Notes [Member]                          
Debt Instrument [Line Items]                          
Debt instrument, aggregate principal amount                 $ 750,000,000        
Debt instrument, interest rate                 1.375%        
Unsecured Debt 2022 Notes [Member]                          
Debt Instrument [Line Items]                          
Debt instrument, aggregate principal amount                 $ 750,000,000        
Debt instrument, interest rate                 3.375%        
Debt instrument, Approximate annual interest expense                 $ 25,000,000        
Debt instrument, payment terms                   Interest on the 2022 Notes of approximately $25 million per year was payable semi-annually on June 1 and December 1 of each year      
Commercial Paper [Member]                          
Debt Instrument [Line Items]                          
Maximum amount available under facility                   $ 4,000,000,000      
Amount outstanding under credit facility                   0      
2022 Revolving Credit Facility [Member]                          
Debt Instrument [Line Items]                          
Unsecured revolving credit facility                   $ 4,700,000,000 300,000,000    
Extended debt instrument maturity date                   2027-03      
Additional amount available, subject to lender credit approval                   $ 1,000,000,000.0      
Maximum amount available under facility                   $ 5,700,000,000      
Line of credit facility, covenant terms                   The 2022 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 2022 credit facility to an aggregate principal amount of up to $5.7 billion. The 2022 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1      
Line of credit facility, covenant compliance                   satisfied with a ratio of less than 1 to 1      
Amount outstanding under credit facility                   $ 0      
1.90% Notes due 2031 [Member]                          
Debt Instrument [Line Items]                          
Borrowings                   1,241,000,000      
Fair Value                   1,008,000,000      
Debt instrument, aggregate principal amount   $ 1,250,000,000               $ 1,250,000,000      
Debt instrument, interest rate   1.90%                      
Debt instrument, maturity date                   Jan. 28, 2031      
Debt instrument, Approximate annual interest expense   $ 24,000,000                      
Debt instrument, payment terms                   Interest of approximately $24 million per year is payable semi-annually on January 28 and July 28 of each year, which commenced on July 28, 2020.      
Debt instrument, redemption period, end date                   Oct. 28, 2030      
Debt Instrument, redemption price, percentage of principal amount redeemed                   100.00%      
2.10% Notes due 2032 [Member]                          
Debt Instrument [Line Items]                          
Borrowings                   $ 986,000,000      
Fair Value                   803,000,000      
Debt instrument, aggregate principal amount                   $ 1,000,000,000 $ 1,000,000,000    
Debt instrument, interest rate                     2.10%    
Debt instrument, maturity date                   Feb. 25, 2032      
Debt instrument, Approximate annual interest expense                   $ 21,000,000      
Debt instrument, payment terms                   Interest of approximately $21 million per year is payable semi-annually on February 25 and August 25 of each year, which commenced on February 25, 2022.      
Debt instrument, redemption period, end date                   Nov. 25, 2031      
Debt Instrument, redemption price, percentage of principal amount redeemed                   100.00%      
3.375% Notes due June 2022 [Member]                          
Debt Instrument [Line Items]                          
Debt instrument, aggregate principal amount                     $ 750,000,000    
Debt instrument, interest rate                     3.375%    
2.40% Notes due 2030 [Member]                          
Debt Instrument [Line Items]                          
Borrowings                   $ 994,000,000      
Fair Value                   852,000,000      
Debt instrument, aggregate principal amount     $ 1,000,000,000             $ 1,000,000,000      
Debt instrument, interest rate     2.40%                    
Debt instrument, maturity date                   Apr. 30, 2030      
Debt instrument, Approximate annual interest expense     $ 24,000,000                    
Debt instrument, payment terms                   Interest of approximately $24 million per year is payable semi-annually on April 30 and October 30 of each year, which commenced on April 30, 2020.      
Debt instrument, redemption period, end date                   Jan. 30, 2030      
Debt Instrument, redemption price, percentage of principal amount redeemed                   100.00%      
3.25% Notes due 2029 [Member]                          
Debt Instrument [Line Items]                          
Borrowings                   $ 992,000,000      
Fair Value                   926,000,000      
Debt instrument, aggregate principal amount         $ 1,000,000,000         $ 1,000,000,000      
Debt instrument, interest rate         3.25%                
Debt instrument, maturity date                   Apr. 30, 2029      
Debt instrument, Approximate annual interest expense         $ 33,000,000                
Debt instrument, payment terms                   Interest is payable semi-annually on April 30 and October 30 of each year, which commenced on October 30, 2019      
Debt instrument, redemption period, end date                   Jan. 30, 2029      
5.00% Notes due 2019 [Member]                          
Debt Instrument [Line Items]                          
Debt instrument, interest rate       5.00%                  
Repayments of long-term debt       $ 1,000,000,000                  
6.25% Notes due 2017 [Member]                          
Debt Instrument [Line Items]                          
Debt instrument, interest rate           6.25%              
Repayments of long-term debt           $ 700,000,000              
Long-term debt, maturity date           2017-09              
2025 Notes [Member]                          
Debt Instrument [Line Items]                          
Borrowings                   $ 745,000,000      
Fair Value                   715,000,000      
Debt instrument, aggregate principal amount € 700                 747,000,000      
Debt instrument, interest rate 1.25%                        
Debt instrument, maturity date May 06, 2025                        
Debt instrument, Approximate annual interest expense                   $ 11,000,000      
Debt instrument, payment terms                   annually on May 6 of each year      
v3.22.4
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings Determined Market Prices EUR/USD Foreign Exchange Rate (Detail)
€ in Millions, $ in Millions
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Apr. 30, 2020
USD ($)
Jan. 31, 2020
USD ($)
Apr. 30, 2019
USD ($)
May 06, 2015
EUR (€)
Debt Instrument [Line Items]            
Maturity Amount $ 6,697          
Unamortized Discount and Debt Issuance Costs (43)          
Carrying Value 6,654 $ 7,446        
Fair Value 5,949 7,700        
3.50% Notes due 2024 [Member]            
Debt Instrument [Line Items]            
Maturity Amount 1,000          
Unamortized Discount and Debt Issuance Costs (1)          
Carrying Value 999          
Fair Value 983          
1.25% Notes due 2025 [Member]            
Debt Instrument [Line Items]            
Maturity Amount 747         € 700
Unamortized Discount and Debt Issuance Costs (2)          
Carrying Value 745          
Fair Value 715          
3.20% Notes due 2027 [Member]            
Debt Instrument [Line Items]            
Maturity Amount 700          
Unamortized Discount and Debt Issuance Costs (3)          
Carrying Value 697          
Fair Value 662          
3.25% Notes due 2029 [Member]            
Debt Instrument [Line Items]            
Maturity Amount 1,000       $ 1,000  
Unamortized Discount and Debt Issuance Costs (8)          
Carrying Value 992          
Fair Value 926          
2.40% Notes due 2030 [Member]            
Debt Instrument [Line Items]            
Maturity Amount 1,000     $ 1,000    
Unamortized Discount and Debt Issuance Costs (6)          
Carrying Value 994          
Fair Value 852          
1.90% Notes due 2031 [Member]            
Debt Instrument [Line Items]            
Maturity Amount 1,250   $ 1,250      
Unamortized Discount and Debt Issuance Costs (9)          
Carrying Value 1,241          
Fair Value 1,008          
2.10% Notes due 2032 [Member]            
Debt Instrument [Line Items]            
Maturity Amount 1,000 $ 1,000        
Unamortized Discount and Debt Issuance Costs (14)          
Carrying Value 986          
Fair Value $ 803          
v3.22.4
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
Dec. 31, 2022
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Investment commitments $ 884
Amount of securities on loan subject to indemnification 253,000
Collateral for indemnified securities $ 268,000
v3.22.4
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation Of Revenue [Line Items]      
Total revenue $ 17,873 $ 19,374 $ 16,205
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 14,451 15,260 12,639
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Active Product [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 2,147 2,571 1,737
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 4,345 4,658 3,499
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Non-ETF Index [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 711 771 664
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 7,203 8,000 5,900
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Active [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,977 2,191 1,957
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,122 1,201 1,119
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Non-ETF Index [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 396 471 463
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 3,495 3,863 3,539
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Multi-asset [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,299 1,414 1,163
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,590 1,513 1,247
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Illiquid Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 741 668 577
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Liquid Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 119 702 860
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Currency and Commodities [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 216 216 168
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Cash Management [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 864 470 790
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Long-term [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 13,587 14,790 11,849
Investment Advisory Performance Fees [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 514 1,143 1,104
Investment Advisory Performance Fees [Member] | Equity [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 49 153 91
Investment Advisory Performance Fees [Member] | Fixed Income [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 25 48 35
Investment Advisory Performance Fees [Member] | Multi-asset [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 25 32 35
Investment Advisory Performance Fees [Member] | Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 415 910 943
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Illiquid Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 296 208 83
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Liquid Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 633 629 502
Technology Services Revenue [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,364 1,281 1,139
Distribution Fees [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,381 1,521 1,131
Distribution Fees [Member] | Retrocessions [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,026 1,098 736
Distribution Fees [Member] | 12b-1 Fees (US Mutual Fund Distribution Fees) [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 312 358 337
Distribution Fees [Member] | Other Distribution Fees [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 43 65 58
Advisory and Other Revenue [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 163 169 192
Advisory and Other Revenue [Member] | Advisory [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 56 68 68
Advisory and Other Revenue [Member] | Other [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue $ 107 $ 101 $ 124
v3.22.4
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Client Type and Investment Style (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation Of Revenue [Line Items]      
Total revenue $ 17,873 $ 19,374 $ 16,205
Revenue by Client Type [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 14,451 15,260 12,639
Revenue by Client Type [Member] | Retail [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 4,442 4,957 3,651
Revenue by Client Type [Member] | Equity ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 5,671 6,074 4,788
Revenue by Client Type [Member] | Institutional Active [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 2,535 2,675 2,342
Revenue by Client Type [Member] | Institutional Index [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 939 1,084 1,068
Revenue by Client Type [Member] | Institutional [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 3,474 3,759 3,410
Revenue by Client Type [Member] | Cash Management [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 864 470 790
Revenue by Client Type [Member] | Long-term [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 13,587 14,790 11,849
Revenue by Investment Style [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 14,451 15,260 12,639
Revenue by Investment Style [Member] | Active [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 6,789 7,455 5,914
Revenue by Investment Style [Member] | Cash Management [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 864 470 790
Revenue by Investment Style [Member] | Equity Index and ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 6,798 7,335 5,935
Revenue by Investment Style [Member] | Long-term [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue $ 13,587 $ 14,790 $ 11,849
v3.22.4
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
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 448 $ 471
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   1 year
Revenue, Remaining Performance Obligation   $ 161
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 157 $ 147
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 1 year
Revenue, Remaining Performance Obligation $ 111 $ 86
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
Revenue, Remaining Performance Obligation $ 78 $ 77
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  
Revenue, Remaining Performance Obligation $ 102  
v3.22.4
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
Dec. 31, 2022
Dec. 31, 2021
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 $ 448 $ 471
v3.22.4
Revenue - Schedule of Changes in Deferred Carried Interest Liability (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]    
Beginning balance $ 1,508 $ 584
Net increase (decrease) in unrealized allocations 175 1,083
Performance fee revenue recognized (263) (159)
Ending balance $ 1,420 $ 1,508
v3.22.4
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
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 238 $ 239
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   1 year
Revenue, Remaining Performance Obligation   $ 115
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 112 $ 55
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 1 year
Revenue, Remaining Performance Obligation $ 51 $ 33
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
Revenue, Remaining Performance Obligation $ 35 $ 36
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  
Revenue, Remaining Performance Obligation $ 40  
v3.22.4
Revenue - Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail 1) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Technology Services Revenue [Member]    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 238 $ 239
v3.22.4
Revenue - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2022
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 $ 895
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
v3.22.4
Revenue - Schedule of Changes in Technology Services Deferred Revenue Liability (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]    
Beginning balance $ 122 $ 123
Additions 99 94
Revenue recognized that was included in the beginning balance (96) (95)
Ending balance $ 125 $ 122
v3.22.4
Stock-Based Compensation - Components of Stock-Based Compensation Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]      
Restricted stock and RSUs $ 686 $ 709 $ 593
Stock options 22 25 29
Total stock-based compensation $ 708 $ 734 $ 622
v3.22.4
Stock-Based Compensation - Components of Stock-Based Compensation Expense (Parenthetical) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Share-Based Payment Arrangement [Abstract]  
Restructuring Charge Related To Accelerated Amortization Of Previously Granted Stock-based Compensation Awards $ 33
v3.22.4
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2023
Jan. 31, 2022
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Common stock shares authorized for issuance under Award Plan           41,500,000      
Number of shares remaining for future awards           4,264,917      
Fair value of RSUs/restricted stock granted to employees           $ 662 $ 664 $ 517  
Fair market value of RSUs/restricted stock converted to common stock           $ 461 $ 391 $ 421  
Restricted Stock and RSUs, Granted           813,619      
Employee stock purchase plan, purchase price percentage           95.00%      
Restricted Stock Units (RSUs) [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Restricted Stock and RSUs, Granted           117,169 168,504 71,531  
Intrinsic value of outstanding RSUs           $ 1,400      
Stock price           $ 708.63      
Unrecognized stock-based compensation expense           $ 453      
Remaining weighted-average period           10 months 24 days      
RSUs/Restricted Stock [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Award vesting period, years           3 years 3 years 3 years  
Restricted Stock and RSUs, Granted           498,633 470,253 504,403  
RSUs to employees that cliff vest, percentage           100.00% 100.00% 100.00%  
RSUs to employees that cliff vest, date           Jan. 31, 2025 Jan. 31, 2024 Jan. 31, 2023  
RSUs/Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Awards to employees cliff vesting           0 0 393,161  
RSUs/Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Awards to employees cliff vesting           0 247,621 0  
RSUs/Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Three [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Awards to employees cliff vesting           197,817 0 0  
RSUs/Restricted Stock [Member] | Subsequent Event [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Award vesting period, years 3 years                
Restricted Stock and RSUs, Granted 342,706                
Awards to employees cliff vesting 259,465                
RSUs to employees that cliff vest, percentage 100.00%                
RSUs to employees that cliff vest, date Jan. 31, 2026                
Restricted Stock and RSUs, Granted with various vesting schedules 5,493                
Performance-Based RSUs [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Award vesting period, years     3 years 3 years 3 years        
Restricted Stock and RSUs, Granted           143,846      
Intrinsic value of outstanding RSUs           $ 376      
Stock price           $ 708.63      
Unrecognized stock-based compensation expense           $ 70      
Remaining weighted-average period           10 months 24 days      
Awards to employees cliff vesting     143,846 162,029 238,478        
RSUs to employees that cliff vest, percentage     100.00% 100.00% 100.00%        
RSUs to employees that cliff vest, date     Jan. 31, 2025 Jan. 31, 2024 Jan. 31, 2023        
Additional Restricted Stock and RSUs, Granted   111,991       111,991      
Fair value of RSUs/restricted stock granted to employees           $ 164 $ 122 $ 139  
Performance-Based RSUs [Member] | Subsequent Event [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Award vesting period, years 3 years                
Awards to employees cliff vesting 169,938                
RSUs to employees that cliff vest, percentage 100.00%                
RSUs to employees that cliff vest, date Jan. 31, 2026                
Performance-Based Stock Options [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Remaining weighted-average period           1 year 4 months 24 days      
Award vesting percentage of BlackRock's grant-date stock price           125.00%      
Award vesting period of BlackRock's grant-date stock price           5 years      
Award performance measurement period           4 years      
Strike price           $ 513.50 [1] $ 513.50    
Grant-date fair value of awards issued                 $ 208
Unrecognized stock-based compensation expense           $ 20      
Fair value of options vested           59      
Aggregate intrinsic value of options exercised           $ 4      
Minimum [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Award vesting period, years           1 year      
Maximum [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Award vesting period, years           3 years      
Maximum [Member] | Performance-Based Stock Options [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Award vesting period, years           9 years      
[1] At December 31, 2022, approximately 1.1 million options were expected to vest.
v3.22.4
Stock-Based Compensation - Restricted Stock and RSU Activity (Detail) - $ / shares
 1 Months Ended 12 Months Ended
Jan. 31, 2022
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock and RSUs, beginning of period 2,183,017 2,183,017
Restricted Stock and RSUs, Granted   813,619
Restricted Stock and RSUs, Converted   (912,052)
Restricted Stock and RSUs, Forfeited   (75,377)
Restricted Stock and RSUs, end of period   2,009,207
Weighted-Average Grant Date Fair Value, beginning of period $ 586.45 $ 586.45
Weighted-Average Grant Date Fair Value, Granted   813.39
Weighted-Average Grant Date Fair Value, Converted   505.59
Weighted-Average Grant Date Fair Value, Forfeited   703.32
Weighted-Average Grant Date Fair Value, end of period   $ 710.67
Performance-Based RSUs [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock and RSUs, beginning of period 668,805 668,805
Restricted Stock and RSUs, Granted   143,846
Restricted Stock and RSUs, Additional shares granted due to attainment of performance measures 111,991 111,991
Restricted Stock and RSUs, Converted   (385,134)
Restricted Stock and RSUs, Forfeited   (8,454)
Restricted Stock and RSUs, end of period   531,054
Weighted-Average Grant Date Fair Value, beginning of period $ 533.48 $ 533.48
Weighted-Average Grant Date Fair Value, Granted   820.28
Weighted-Average Grant Date Fair Value, Additional Grants   410.32
Weighted-Average Grant Date Fair Value, Converted   410.32
Weighted-Average Grant Date Fair Value, Forfeited   662.34
Weighted-Average Grant Date Fair Value, end of period   $ 672.47
v3.22.4
Stock-Based Compensation - Summary of RSUs/Restricted Stock Granted in Connection with Annual Incentive Compensation under Award Plan (Detail) - shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted Stock and RSUs, Granted 813,619    
RSUs/Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted Stock and RSUs, Granted 498,633 470,253 504,403
RSUs/Restricted Stock [Member] | January 31, 2023 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards to employees cliff vesting 0 0 393,161
RSUs/Restricted Stock [Member] | January 31, 2024 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards to employees cliff vesting 0 247,621 0
RSUs/Restricted Stock [Member] | January 31, 2025 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards to employees cliff vesting 197,817 0 0
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted Stock and RSUs, Granted 117,169 168,504 71,531
Annual RSUs Granted [Member] | RSUs/Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted Stock and RSUs, Granted 813,619 886,378 969,095
v3.22.4
Stock-Based Compensation - Summary of RSUs/Restricted Stock Granted in Connection with Annual Incentive Compensation under Award Plan (Parenthetical) (Detail) - RSUs/Restricted Stock [Member]
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted stock units vesting period, years 3 years 3 years 3 years
RSUs to employees that cliff vest, date Jan. 31, 2025 Jan. 31, 2024 Jan. 31, 2023
RSUs to employees that cliff vest, percentage 100.00% 100.00% 100.00%
v3.22.4
Stock-Based Compensation - Stock Option Activity (Detail) - Performance-Based Stock Options [Member]
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period | shares 1,817,923
Outstanding, Shares Under Option, Exercised | shares (21,635)
Outstanding, Shares Under Option, Forfeited | shares (60,390)
Outstanding, Shares Under Option, End of Period | shares 1,735,898 [1]
Exercisable at December 31, 2022, Shares Under Option | shares 594,655
Weighted Average Exercise Price, Beginning of Period | $ / shares $ 513.50
Weighted Average Exercise Price, Exercised | $ / shares 513.50
Weighted Average Exercise Price, Forfeited | $ / shares 513.50
Weighted Average Exercise Price, End of Period | $ / shares 513.50 [1]
Exercisable at December 31, 2022, Weighted Average Exercise Price | $ / shares $ 513.50
Outstanding, Shares Under Option, Weighted Average Remaining Contractual Life 3 years 10 months 24 days [1]
Exercisable at December 31, 2022, Weighted Average Remaining Contractual Life 3 years 10 months 24 days
Outstanding, Shares Under Option, Aggregate Intrinsic Value | $ $ 339 [1]
Exercisable at December 31, 2022, Aggregate Intrinsic Value | $ $ 116
[1] At December 31, 2022, approximately 1.1 million options were expected to vest.
v3.22.4
Stock-Based Compensation - Stock Option Activity (Parenthetical) (Details)
shares in Millions
Dec. 31, 2022
shares
Performance Based Stock Options [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Outstanding, Shares Under Option, Expected to Vest 1.1
v3.22.4
Stock-Based Compensation - Schedule of Fair Value of Market Performance-Based Award at Grant Date (Detail) - Performance-Based Stock Options [Member]
 12 Months Ended
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected Term (Years) 6 years 6 months 21 days
Expected Stock Volatility 22.23%
Expected Dividend Yield 2.16%
Risk-Free Interest Rate 2.33%
v3.22.4
Deferred Cash Compensation Plans and Employee Benefit Plans - Components of Deferred Cash Compensation Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Deferred Compensation [Line Items]      
Deferred cash compensation expense $ 224 $ 390 $ 208
Investment Professional Deferred Compensation Program [Member]      
Deferred Compensation [Line Items]      
Deferred cash compensation expense 228 304 185
Voluntary Deferred Compensation Plan [Member]      
Deferred Compensation [Line Items]      
Deferred cash compensation expense (18) 12 7
Deferred Compensation Plan Other [Member]      
Deferred Compensation [Line Items]      
Deferred cash compensation expense $ 14 $ 74 $ 16
v3.22.4
Deferred Cash Compensation and Employee Benefit Plans - Additional Information (Detail)
 1 Months Ended 12 Months Ended
Jan. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Installment
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Deferred Compensation Plans [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Other deferred compensation plan liability   $ 358,000,000 $ 377,000,000  
Deferred compensation granted   257,000,000 321,000,000 $ 137,000,000
Liabilities related to other deferred cash plans   $ 71,000,000 99,000,000  
Deferred Compensation Plans [Member] | Voluntary Deferred Compensation Plan [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Deferred compensation plan, annual percentage of incentive compensation deferred, minimum   1.00%    
Deferred compensation plan, annual percentage of incentive compensation deferred, maximum   100.00%    
Deferred compensation plan, deferral period, years   up to 10 years    
Deferred compensation plan, number of annual installments | Installment   10    
Deferred compensation plan liability   $ 108,000,000 101,000,000  
Deferred Compensation Plans [Member] | Subsequent Event [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Additional deferred compensation granted $ 90,000,000      
Deferred compensation, vesting period 3 years      
Defined Contribution Plans [Member] | U.S. Plan [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Defined contribution plan, employee contribution, percentage of employee compensation, maximum   8.00%    
Defined Contribution plan, employer matching contribution percentage of employee contribution   50.00%    
Defined contribution plan, employer matching annual contribution, percentage of eligible compensation, minimum   3.00%    
Defined contribution plan, employer matching annual contribution, percentage of eligible compensation, maximum   5.00%    
Defined contribution plan, employer matching contribution, maximum amount   $ 5,000    
Defined contribution plan expense   $ 83,000,000 101,000,000 93,000,000
Defined Contribution Plans [Member] | U.K. Plan [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Defined contribution plan, employee contribution, percentage of employee compensation, maximum   15.00%    
Defined contribution plan, employer matching annual contribution, percentage of eligible compensation, minimum   6.00%    
Defined contribution plan expense   $ 60,000,000 57,000,000 45,000,000
Defined Contribution Plans [Member] | Other Regions [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Defined contribution plan expense   41,000,000 36,000,000 $ 34,000,000
Defined Benefit Plans [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Deferred compensation plan assets   $ 29,000,000 $ 35,000,000  
v3.22.4
Related Party Transactions - Revenue for Services Provided to Related Parties (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Related Party Transaction [Line Items]      
Revenues from related parties $ 11,061 $ 12,013 $ 9,403
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]      
Related Party Transaction [Line Items]      
Revenues from related parties 10,848 11,474 9,079
Investment Advisory Performance Fees [Member]      
Related Party Transaction [Line Items]      
Revenues from related parties 244 555 301
Technology Services Revenue [Member]      
Related Party Transaction [Line Items]      
Revenues from related parties 0 0 4
Advisory and Other Revenue [Member]      
Related Party Transaction [Line Items]      
Revenues from related parties $ (31) $ (16) $ 19
v3.22.4
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Related Party Transaction [Line Items]    
Due from related parties $ 396 $ 162
Due to related parties 15 17
BlackRock Mutual Funds and iShares ETFs [Member]    
Related Party Transaction [Line Items]    
Accounts receivable from related parties $ 1,000 $ 1,300
v3.22.4
Net Capital Requirements - Summary of Capital Adequacy Requirements (Detail)
$ in Millions
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]    
Total capital (to risk weighted assets), Actual, Amount $ 691 $ 816
Total capital (to risk weighted assets), Actual, Ratio 1.261 1.198
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Amount $ 44 $ 55
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio 0.080 0.080
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 55 $ 68
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 0.100 0.100
Tier 1 capital (to risk weighted assets), Actual, Amount $ 684 $ 808
Tier 1 capital (to risk weighted assets), Actual, Ratio 1.248 1.185
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Amount $ 33 $ 41
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio 0.060 0.060
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 44 $ 55
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 0.080 0.080
Tier 1 capital (to average assets), Actual, Amount $ 684 $ 808
Tier 1 capital (to average assets), Actual, Ratio 0.628 0.643
Tier 1 capital (to average assets), For Capital Adequacy Purposes, Amount $ 44 $ 50
Tier 1 capital (to average assets), For Capital Adequacy Purposes, Ratio 0.040 0.040
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 54 $ 63
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 0.050 0.050
Common Equity Tier 1 capital (to risk weighted assets), Actual, Amount $ 684 $ 808
Common Equity Tier 1 capital (to risk weighted assets), Actual, Ratio 124.80% 118.50%
Common Equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Amount $ 25 $ 31
Common Equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio 4.50% 4.50%
Common Equity Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 36 $ 44
Common Equity Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 6.50% 6.50%
v3.22.4
Net Capital Requirements - Additional Information (Detail) - USD ($)
$ in Billions
Dec. 31, 2022
Dec. 31, 2021
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]    
Net capital requirement in certain regulated subsidiaries $ 2.2 $ 2.3
v3.22.4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance $ 37,806 $ 35,334 $ 33,613
Foreign currency translation adjustments [1] (551) (213) 234
Balance 37,876 37,806 35,334
Accumulated Other Comprehensive Income (Loss) [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance (550) (337) (571)
Foreign currency translation adjustments [2] (551) (213) 234
Balance $ (1,101) $ (550) $ (337)
[1] Amount for 2022 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million). Amount for 2021 includes a gain from a net investment hedge of $46 million (net of tax expense of $14 million). Amount for 2020 includes a loss from a net investment hedge of $54 million (net of tax benefit of $17 million).
[2] Amount for 2022 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million). Amount for 2021 includes a gain from a net investment hedge of $46 million (net of tax expense of $14 million). Amount for 2020 includes a loss from a net investment hedge of $54 million (net of tax benefit of $17 million).
v3.22.4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract]      
Gain (loss) from net investment hedging, net of tax $ 37 $ 46 $ (54)
Gain (loss) from net investment hedging, tax (expense) benefit $ (12) $ (14) $ 17
v3.22.4
Capital Stock - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
May 15, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Oct. 06, 2020
Schedule of Capitalization, Equity [Line Items]          
Preferred stock shares outstanding         0
Dividends, cash per common or preferred share   $ 19.52 $ 16.52 $ 14.52  
Aggregate dividends   $ 2,990 $ 2,547 $ 2,260  
Common shares repurchased, value   $ 1,875 $ 1,200 $ 1,512  
Share Repurchase Program [Member]          
Schedule of Capitalization, Equity [Line Items]          
Common shares repurchased   2,700,000      
Common shares repurchased, value   $ 1,900      
Shares authorized to be repurchased   900,000      
PNC [Member]          
Schedule of Capitalization, Equity [Line Items]          
Common shares repurchased 2,650,857        
Common shares repurchased price per share $ 414.96        
PNC [Member] | Common Stock [Member]          
Schedule of Capitalization, Equity [Line Items]          
Shares issued upon conversion 823,188        
PNC [Member] | Secondary Public Offering [Member] | Common Stock [Member]          
Schedule of Capitalization, Equity [Line Items]          
Shares issued 31,628,573        
Shares issued, price per share $ 420        
PNC [Member] | Over Allotment Option [Member] | Common Stock [Member]          
Schedule of Capitalization, Equity [Line Items]          
Shares issued to purchase additional shares 2,875,325        
v3.22.4
Capital Stock - Common and Preferred Shares Issued and Outstanding and Related Activity (Detail) - shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Common Stock [Member]      
Schedule of Capitalization, Equity [Line Items]      
Shares, beginning balance 172,075,373 172,075,373 171,252,185
Shares repurchased 0 0 0
Net issuance of common shares related to employee stock transactions 0 0 0
Exchange of preferred shares series B for common shares     823,188
Shares, ending balance 172,075,373 172,075,373 172,075,373
Common Stock [Member] | Shares Outstanding [Member]      
Schedule of Capitalization, Equity [Line Items]      
Shares, beginning balance 151,684,491 152,532,885 154,375,780
Shares repurchased (2,710,821) (1,421,994) (3,445,554)
Net issuance of common shares related to employee stock transactions 782,822 573,600 779,471
Exchange of preferred shares series B for common shares     823,188
Shares, ending balance 149,756,492 151,684,491 152,532,885
Treasury Stock Common [Member]      
Schedule of Capitalization, Equity [Line Items]      
Shares, beginning balance (20,390,882) (19,542,488) (16,876,405)
Shares repurchased (2,710,821) (1,421,994) (3,445,554)
Net issuance of common shares related to employee stock transactions 782,822 573,600 779,471
Exchange of preferred shares series B for common shares     0
Shares, ending balance (22,318,881) (20,390,882) (19,542,488)
Series B Nonvoting Participating Preferred Stock [Member]      
Schedule of Capitalization, Equity [Line Items]      
Shares, beginning balance 0 0 823,188
Shares repurchased 0 0 0
Net issuance of common shares related to employee stock transactions 0 0 0
Exchange of preferred shares series B for common shares     (823,188)
Shares, ending balance 0 0 0
Series B Nonvoting Participating Preferred Stock [Member] | Shares Outstanding [Member]      
Schedule of Capitalization, Equity [Line Items]      
Shares, beginning balance 0 0 823,188
Shares repurchased 0 0 0
Net issuance of common shares related to employee stock transactions 0 0 0
Exchange of preferred shares series B for common shares     (823,188)
Shares, ending balance 0 0 0
v3.22.4
Restructuring Charge - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Restructuring and Related Activities [Abstract]        
Restructuring charge $ 91 $ 91 $ 0 $ 0
Restructuring charge aftre-tax 69      
Severance 58      
Accelerated amortization of previously granted stock-based compensation awards $ 33 $ (33)    
v3.22.4
Restructuring Charge - Rollforward of Restructuring Liability Included in Other Liabilities (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Restructuring and Related Activities [Abstract]        
Liabilities as of December 31, 2021   $ 0    
Additions $ 91 91 $ 0 $ 0
Accelerated amortization of previously granted equity compensation awards 33 (33)    
Liabilities as of December 31, 2022 $ 58 $ 58 $ 0  
v3.22.4
Income Taxes - Components of Income Tax Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Current income tax expense: Federal $ 255 $ 2,031 $ 720
Current income tax expense: State and local (9) 226 86
Current income tax expense: Foreign 448 576 589
Total net current income tax expense 694 2,833 1,395
Deferred income tax expense (benefit): Federal 562 (935) (66)
Deferred income tax expense (benefit): State and local 64 (150) 6
Deferred income tax expense (benefit): Foreign (24) 220 (97)
Total net deferred income tax expense (benefit) 602 (865) (157)
Total income tax expense $ 1,296 $ 1,968 $ 1,238
v3.22.4
Income Taxes - Components of Income before Taxes, Less Net Income (Loss) Attributable to Noncontrolling Interests (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Components Of Income Before Tax Less Noncontrolling Interest [Line Items]      
Income tax expense based on components of income before taxes, net income (loss) attributable to non-controlling interests $ 6,474 $ 7,869 $ 6,170
Domestic [Member]      
Components Of Income Before Tax Less Noncontrolling Interest [Line Items]      
Income tax expense based on components of income before taxes, net income (loss) attributable to non-controlling interests 4,604 5,030 3,805
Foreign [Member]      
Components Of Income Before Tax Less Noncontrolling Interest [Line Items]      
Income tax expense based on components of income before taxes, net income (loss) attributable to non-controlling interests $ 1,870 $ 2,839 $ 2,365
v3.22.4
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Taxes Disclosure [Line Items]      
Federal statutory tax rate 21.00% 21.00% 21.00%
Deferred tax asset $ 1,635 $ 2,369  
Deferred income tax liabilities 3,381 2,758  
Discrete income tax expense (benefit) for vested stock awards 235 43  
Income tax expense (benefit) net noncash associated with revaluation of deferred income tax assets and liabilities (35) 126  
Deferred tax assets, valuation allowance 39 30  
Income taxes receivable 354 218  
Income taxes payable 92 190  
Unrecognized tax benefits that would affect effective tax rate if recognized 497 616 $ 565
Interest and penalties accrued during period 40 36 31
Liability for interest and penalties 160 200 $ 164
Minimum [Member]      
Income Taxes Disclosure [Line Items]      
Liability for uncertain tax positions 200    
Maximum [Member]      
Income Taxes Disclosure [Line Items]      
Liability for uncertain tax positions 370    
Related to the Same Tax Jurisdiction [Member]      
Income Taxes Disclosure [Line Items]      
Deferred tax asset 237 245  
Deferred income tax liabilities 3,400 2,800  
State and Local Jurisdiction [Member]      
Income Taxes Disclosure [Line Items]      
Net operating loss carryforwards $ 2,500 1,200  
Net operating loss carryforwards, maturity year 2024    
Foreign [Member]      
Income Taxes Disclosure [Line Items]      
Net operating loss carryforwards $ 179 $ 142  
Net operating loss carryforwards, maturity year 2023    
Foreign net loss carry forwards, subject to expiration $ 6    
v3.22.4
Income Taxes - Reconciliation of Income Tax Expense with Expected Federal Income Tax Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Statutory income tax expense, amount $ 1,360 $ 1,653 $ 1,296
State and local taxes (net of federal benefit), amount 115 121 81
Impact of federal, foreign, state, and local tax rate changes on deferred taxes, amount (25) 125 78
Stock-based compensation awards, amount (87) (43) (36)
Resolution of outstanding tax matters (143) 0 0
Charitable Contribution, amount 0 0 (128)
Effect of foreign tax rates, amount 23 32 (100)
Other, amount 53 80 47
Total income tax expense $ 1,296 $ 1,968 $ 1,238
Statutory income tax expense, rate 21.00% 21.00% 21.00%
State and local taxes (net of federal benefit), rate 2.00% 2.00% 1.00%
Impact of federal, foreign, state, and local tax rate changes on deferred taxes, rate 0.00% 2.00% 1.00%
Stock-based compensation awards, rate (1.00%) (1.00%) 0.00%
Resolution of outstanding tax matters, rate (2.00%) 0.00% 0.00%
Charitable Contribution, rate 0.00% 0.00% (2.00%)
Effect of foreign tax rates, rate 0.00% 0.00% (2.00%)
Other, rate 0.00% 1.00% 1.00%
Effective income tax rate 20.00% 25.00% 20.00%
v3.22.4
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Components of Deferred Tax Assets and Liabilities [Abstract]    
Deferred tax assets: Compensation and benefits $ 568 $ 649
Deferred tax assets: Loss carryforwards 100 88
Deferred tax assets: Capitalized costs 103 764
Deferred tax assets: Other 903 898
Gross deferred tax assets 1,674 2,399
Less: deferred tax valuation allowances (39) (30)
Deferred tax assets net of valuation allowances 1,635 2,369
Deferred tax liabilities: Goodwill and acquired indefinite-lived intangibles 4,244 4,245
Deferred tax liabilities: Acquired finite-lived intangibles 114 144
Unrealized investment gains 72 71
Deferred tax liabilities: Other 349 422
Gross deferred tax liabilities 4,779 4,882
Net deferred tax (liabilities) $ (3,144) $ (2,513)
v3.22.4
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Unrecognized tax benefits, beginning balance $ 1,022 $ 940 $ 900
Additions for tax positions of prior years 13 18 31
Reductions for tax positions of prior years (75) (4) (8)
Additions based on tax positions related to current year 55 69 60
Lapse of statute of limitations 0 0 (3)
Settlements (103) (1) (40)
Unrecognized tax benefits, ending balance $ 912 $ 1,022 $ 940
v3.22.4
Earnings Per Share - Computation of Basic and Diluted EPS under Treasury Stock Method (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Earnings Per Share Basic And Diluted [Line Items]      
Net income attributable to BlackRock, Inc. $ 5,178 $ 5,901 $ 4,932
Basic weighted-average shares outstanding 150,921,161 152,236,047 153,489,422
Total diluted weighted-average shares outstanding 152,440,471 154,404,357 154,840,582
Basic earnings per share $ 34.31 $ 38.76 $ 32.13
Diluted earnings per share $ 33.97 $ 38.22 $ 31.85
Restricted Stock Units (RSUs) [Member]      
Earnings Per Share Basic And Diluted [Line Items]      
Dilutive effect of 1,119,829 1,507,859 1,275,733
Stock Options [Member]      
Earnings Per Share Basic And Diluted [Line Items]      
Dilutive effect of 399,481 660,451 75,427
v3.22.4
Segment Information - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2022
Segment
Segment Reporting [Abstract]  
Number of business segments 1
v3.22.4
Segment Information - Total Revenue by Geographic Region (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information [Line Items]      
Revenue $ 17,873 $ 19,374 $ 16,205
Americas [Member]      
Segment Reporting Information [Line Items]      
Revenue 11,931 12,399 10,593
Europe [Member]      
Segment Reporting Information [Line Items]      
Revenue 5,164 6,105 4,940
Asia-Pacific [Member]      
Segment Reporting Information [Line Items]      
Revenue $ 778 $ 870 $ 672
v3.22.4
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]    
Long-lived assets $ 16,372 $ 16,113
Americas [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets 14,945 14,675
Europe [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets 1,329 1,341
Asia-Pacific [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets $ 98 $ 97
v3.22.4
Subsequent Events - Additional Information (Detail) - $ / shares
shares in Millions
 1 Months Ended 12 Months Ended
Jan. 25, 2023
Jan. 31, 2023
Dec. 31, 2022
Share Repurchase Program [Member]      
Subsequent Event [Line Items]      
Common shares repurchased     2.7
Subsequent Event [Member]      
Subsequent Event [Line Items]      
Dividend declared date Jan. 25, 2023    
Quarterly dividend payable, per share $ 5.00    
Dividend payable date Mar. 23, 2023    
Dividend payable, record date Mar. 07, 2023    
Subsequent Event [Member] | Share Repurchase Program [Member]      
Subsequent Event [Line Items]      
Common shares repurchased   7.0  
Subsequent Event [Member] | Share Repurchase Program [Member] | Maximum [Member]      
Subsequent Event [Line Items]      
Common shares repurchased   7.9