BLACKROCK, INC., 10-Q filed on 11/6/2024
Quarterly Report
v3.24.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Trading Symbol BLK  
Entity Registrant Name BlackRock, Inc.  
Entity Central Index Key 0002012383  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   154,878,930
Entity Current Reporting Status Yes  
Entity File Number 001-42297  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 99-1116001  
Entity Address, Address Line One 50 Hudson Yards  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10001  
City Area Code 212  
Local Phone Number 810-5800  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Title of 12(b) Security Common Stock, $.01 par value  
Security Exchange Name NYSE  
v3.24.3
Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents [1] $ 14,037 $ 8,736
Accounts receivable 4,385 3,916
Investments [1] 10,539 9,740
Separate account assets 56,689 56,098
Separate account collateral held under securities lending agreements 6,355 4,558
Property and equipment (net of accumulated depreciation and amortization of $1,635 and $1,439 at September 30, 2024 and December 31, 2023, respectively) 1,080 1,112
Intangible assets (net of accumulated amortization of $659 and $618 at September 30, 2024 and December 31, 2023, respectively) 18,134 18,258
Goodwill 15,665 15,524
Operating lease right-of-use assets 1,434 1,421
Other assets [1] 4,498 3,848
Total assets 132,816 123,211
Liabilities    
Accrued compensation and benefits 2,074 2,393
Accounts payable and accrued liabilities 1,449 1,240
Borrowings 12,370 7,918
Separate account liabilities 56,689 56,098
Separate account collateral liabilities under securities lending agreements 6,355 4,558
Deferred income tax liabilities 3,385 3,506
Operating lease liabilities 1,809 1,784
Other liabilities [1] 5,061 4,474
Total liabilities 89,192 81,971
Commitments and contingencies (Note 14)
Temporary equity    
Redeemable noncontrolling interests 2,274 1,740
Permanent equity    
Common stock, $0.01 par value; Shares authorized: 500,000,000 at September 30, 2024 and December 31, 2023; Shares issued: 172,075,373 at September 30, 2024 and December 31, 2023; Shares outstanding: 147,953,572 and 148,500,074 at September 30, 2024 and December 31, 2023, respectively 2 2
Additional paid-in capital 19,905 19,833
Retained earnings 34,732 32,343
Accumulated other comprehensive loss (632) (840)
Treasury stock, common, at cost (24,121,801 and 23,575,299 shares held at September 30, 2024 and December 31, 2023, respectively) (12,829) (11,991)
Total BlackRock, Inc. stockholders’ equity 41,178 39,347
Nonredeemable noncontrolling interests 172 153
Total permanent equity 41,350 39,500
Total liabilities, temporary equity and permanent equity $ 132,816 $ 123,211
[1] At September 30, 2024, cash and cash equivalents, investments, other assets and other liabilities include $140 million, $5.8 billion, $82 million, and $2.2 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.3
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Property and equipment, accumulated depreciation $ 1,635 $ 1,439
Intangible assets, accumulated amortization $ 659 $ 618
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 172,075,373 172,075,373
Common stock, shares outstanding 147,953,572 148,500,074
Treasury stock, common shares 24,121,801 23,575,299
Cash and cash equivalents [1] $ 14,037 $ 8,736
Investments [1] 10,539 9,740
Other assets [1] 4,498 3,848
Other liabilities [1] 5,061 4,474
Consolidated Variable Interest Entities [Member]    
Cash and cash equivalents 140 234
Investments 5,791 5,020
Other assets 82 83
Other liabilities $ 2,191 $ 2,233
[1] At September 30, 2024, cash and cash equivalents, investments, other assets and other liabilities include $140 million, $5.8 billion, $82 million, and $2.2 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.3
Condensed Consolidated Statements of Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue        
Total revenue $ 5,197 $ 4,522 $ 14,730 $ 13,228
Expense        
Employee compensation and benefits 1,578 1,420 4,661 4,276
Distribution and servicing costs 549 526 1,606 1,549
Direct fund expense 379 354 1,075 1,013
Sub-advisory and other 34 28 98 81
Total Sales, Asset and Account Expense, Total 962 908 2,779 2,643
General and administration expense 562 518 1,625 1,506
Amortization and impairment of intangible assets 89 39 166 113
Total expense 3,191 2,885 9,231 8,538
Operating income 2,006 1,637 5,499 4,690
Nonoperating income (expense)        
Net gain (loss) on investments 177 114 510 434
Interest and dividend income 236 139 555 314
Interest expense (154) (82) (372) (210)
Total nonoperating income (expense) 259 171 693 538
Income before income taxes 2,265 1,808 6,192 5,228
Income tax expense 574 213 1,341 1,041
Net income 1,691 1,595 4,851 4,187
Net income (loss) attributable to noncontrolling interests 60 (9) 152 60
Net income attributable to BlackRock, Inc. $ 1,631 $ 1,604 $ 4,699 $ 4,127
Earnings per share attributable to BlackRock, Inc. common stockholders:        
Basic $ 11.02 $ 10.75 $ 31.67 $ 27.6
Diluted $ 10.9 $ 10.66 $ 31.37 $ 27.36
Weighted-average common shares outstanding:        
Basic 148,049,700 149,155,258 148,392,684 149,553,652
Diluted 149,608,575 150,505,143 149,795,958 150,862,023
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]        
Revenue        
Total revenue $ 4,030 $ 3,681 $ 11,683 $ 10,794
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Related Parties [Member]        
Revenue        
Total revenue 3,064 2,765 8,846 8,065
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Other Third Parties [Member]        
Revenue        
Total revenue 966 916 2,837 2,729
Investment Advisory Performance Fees [Member]        
Revenue        
Total revenue 388 70 756 243
Technology Services Revenue [Member]        
Revenue        
Total revenue 403 407 1,175 1,106
Distribution Fees [Member]        
Revenue        
Total revenue 323 321 951 959
Advisory and Other Revenue [Member]        
Revenue        
Total revenue $ 53 $ 43 $ 165 $ 126
v3.24.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 1,691 $ 1,595 $ 4,851 $ 4,187
Other comprehensive income (loss):        
Foreign currency translation adjustments 346 (221) 208 0
Comprehensive income (loss) 2,037 1,374 5,059 4,187
Less: Comprehensive income (loss) attributable to noncontrolling interests 60 (9) 152 60
Comprehensive income attributable to BlackRock, Inc. $ 1,977 $ 1,383 $ 4,907 $ 4,127
v3.24.3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Gain (loss) from net investment hedging, net of tax $ (24) $ 17 $ (6) $ 5
Gain (loss) from net investment hedging, tax (expense) benefit $ 7 $ (5) $ 2 $ (1)
v3.24.3
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Millions
Total
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Treasury Stock Common [Member]
Total BlackRock Stockholders' Equity [Member]
Nonredeemable Noncontrolling Interests [Member]
Redeemable Noncontrolling Interests / Temporary Equity [Member]
Balance at Dec. 31, 2022 $ 37,876 $ 19,774 [1] $ 29,876 $ (1,101) $ (10,805) $ 37,744 $ 132 $ 909
Net income 4,150 0 [1] 4,127 0 0 4,127 23 37
Dividends declared (2,292) 0 [1] (2,292) 0 0 (2,292) 0 0
Stock-based compensation 469 469 [1] 0 0 0 469 0 0
Issuance of common shares related to employee stock transactions 79 (554) [1] 0 0 633 79 0 0
Employee tax withholdings related to employee stock transactions (369) 0 [1] 0 0 (369) (369) 0 0
Shares repurchased (1,131) 0 [1] 0 0 (1,131) (1,131) 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders (21) 0 [1] 0 0 0 0 (21) 1,053
Net consolidations (deconsolidations) of sponsored investment funds 19 0 [1] 0 0 0 0 19 (148)
Other comprehensive income (loss) 0 0 [1] 0 0 0 0 0 0
Balance Ending at Sep. 30, 2023 38,780 19,689 [1],[2] 31,711 (1,101) (11,672) 38,627 153 1,851
Balance at Jun. 30, 2023 38,350 19,573 [2] 30,855 (880) (11,340) 38,208 142 1,546
Net income 1,607 0 [2] 1,604 0 0 1,604 3 (12)
Dividends declared (748) 0 [2] (748) 0 0 (748) 0 0
Stock-based compensation 146 146 [2] 0 0 0 146 0 0
Issuance of common shares related to employee stock transactions 32 (30) [2] 0 0 62 32 0 0
Employee tax withholdings related to employee stock transactions (15) 0 [2] 0 0 (15) (15) 0 0
Shares repurchased (379) 0 [2] 0 0 (379) (379) 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders (11) 0 [2] 0 0 0 0 (11) 403
Net consolidations (deconsolidations) of sponsored investment funds 19 0 [2] 0 0 0 0 19 (86)
Other comprehensive income (loss) (221) 0 [2] 0 (221) 0 (221) 0 0
Balance Ending at Sep. 30, 2023 38,780 19,689 [1],[2] 31,711 (1,101) (11,672) 38,627 153 1,851
Balance at Dec. 31, 2023 39,500 19,835 [3] 32,343 (840) (11,991) 39,347 153 1,740
Net income 4,683 0 [3] 4,699 0 0 4,699 (16) 168
Dividends declared (2,310) 0 [3] (2,310) 0 0 (2,310) 0 0
Stock-based compensation 511 511 [3] 0 0 0 511 0 0
Issuance of common shares related to employee stock transactions 267 (439) [3] 0 0 706 267 0 0
Employee tax withholdings related to employee stock transactions (294) 0 [3] 0 0 (294) (294) 0 0
Shares repurchased (1,250) 0 [3] 0 0 (1,250) (1,250) 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders 35 0 [3] 0 0 0 0 35 1,956
Net consolidations (deconsolidations) of sponsored investment funds 0 0 [3] 0 0 0 0 0 (1,590)
Other comprehensive income (loss) 208 0 [3] 0 208 0 208 0 0
Balance Ending at Sep. 30, 2024 41,350 19,907 [3],[4] 34,732 (632) (12,829) 41,178 172 2,274
Balance at Jun. 30, 2024 40,271 19,773 [4] 33,858 (978) (12,551) 40,102 169 1,968
Net income 1,622 0 [4] 1,631 0 0 1,631 (9) 69
Dividends declared (757) 0 [4] (757) 0 0 (757) 0 0
Stock-based compensation 156 156 [4] 0 0 0 156 0 0
Issuance of common shares related to employee stock transactions 91 (22) [4] 0 0 113 91 0 0
Employee tax withholdings related to employee stock transactions (16) 0 [4] 0 0 (16) (16) 0 0
Shares repurchased (375) 0 [4] 0 0 (375) (375) 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders 12 0 [4] 0 0 0 0 12 1,024
Net consolidations (deconsolidations) of sponsored investment funds 0 0 [4] 0 0 0 0 0 (787)
Other comprehensive income (loss) 346 0 [4] 0 346 0 346 0 0
Balance Ending at Sep. 30, 2024 $ 41,350 $ 19,907 [3],[4] $ 34,732 $ (632) $ (12,829) $ 41,178 $ 172 $ 2,274
[1] Amounts include $2 million of common stock at both September 30, 2023 and December 31, 2022.
[2] Amounts include $2 million of common stock at both September 30, 2023 and June 30, 2023.
[3] Amounts include $2 million of common stock at both September 30, 2024 and December 31, 2023.
[4] Amounts include $2 million of common stock at both September 30, 2024 and June 30, 2024.
v3.24.3
Condensed Consolidated Statements of Changes in Equity (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Additional Paid-in Capital, value of stock $ 41,350 $ 38,780 $ 41,350 $ 38,780 $ 40,271 $ 39,500 $ 38,350 $ 37,876
Dividends declared, amount per share $ 5.1 $ 5 $ 15.3 $ 15        
Common Stock [Member]                
Additional Paid-in Capital, value of stock $ 2 $ 2 $ 2 $ 2 $ 2 $ 2 $ 2 $ 2
v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 4,851 $ 4,187
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Depreciation and amortization 329 316
Impairment of intangible assets 50 0
Noncash lease expense 96 108
Stock-based compensation 511 469
Deferred income tax expense (benefit) (95) 41
Other investment (gains) (128) 0
Net (gains) losses within CIPs (325) (116)
Net (purchases) proceeds within CIPs (2,276) (1,387)
(Earnings) losses from equity method investees (119) (304)
Distributions of earnings from equity method investees 41 32
Changes in operating assets and liabilities:    
Accounts receivable (410) (607)
Investments, trading (34) 52
Other assets (561) (1,410)
Accrued compensation and benefits (297) (479)
Accounts payable and accrued liabilities 225 (67)
Other liabilities 480 1,332
Net cash provided by/(used in) operating activities 2,338 2,167
Investing activities    
Purchases of investments (586) (681)
Proceeds from sales and maturities of investments 646 270
Distributions of capital from equity method investees 344 26
Net consolidations (deconsolidations) of sponsored investment funds (98) 21
Acquisition, net of cash acquired (74) (189)
Purchases of property and equipment (165) (220)
Net cash provided by/(used in) investing activities 67 (773)
Financing activities    
Repayments of long-term borrowings (1,000) 0
Proceeds from long-term borrowings 5,474 1,238
Cash dividends paid (2,310) (2,292)
Proceeds from stock options exercised 247 51
Repurchases of common stock (1,544) (1,500)
Net proceeds from (repayments of) borrowings by CIPs (25) (38)
Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders 1,991 1,032
Other financing activities (19) 20
Net cash provided by/(used in) financing activities 2,814 (1,489)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 82 (5)
Net increase/(decrease) in cash, cash equivalents and restricted cash 5,301 (100)
Cash, cash equivalents and restricted cash, beginning of period 8,753 7,433
Cash, cash equivalents and restricted cash, end of period 14,054 7,333
Supplemental schedule of noncash investing and financing transactions:    
Issuance of common stock 439 554
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds $ (1,590) $ (129)
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 1,631 $ 1,604 $ 4,699 $ 4,127
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Business Overview
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Overview

1. Business Overview

BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm providing a broad range of investment management and technology services to institutional and retail clients worldwide.

BlackRock’s diverse platform of alpha-seeking active, index and cash management investment strategies across asset classes enables the Company to offer choice and tailor investment and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares® exchange-traded funds (“ETFs”), separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology services, including the investment and risk management technology platform, Aladdin®, Aladdin WealthTM, eFront® and Cachematrix®, as well as advisory services and solutions to a broad base of institutional and wealth management clients.
v3.24.3
Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests (“NCI”) on the condensed consolidated statements of financial condition represent the portion of consolidated sponsored investment products (“CIPs”) and a consolidated affiliate in which the Company does not have direct equity ownership. Intercompany balances and transactions have been eliminated upon consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates.

Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and footnotes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024 (“2023 Form 10-K”).

The interim financial information at September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.

Certain prior period presentations were reclassified to ensure comparability with current period classifications.

Accounting Developments

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

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

Fair Value Measurements

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

Level 1 Inputs:

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

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

Level 2 Inputs:

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

•
Level 2 assets may include debt securities, loans held within consolidated collateralized loan obligations (“CLOs”), short-term floating-rate notes, asset-backed securities, as well as over-the-counter derivatives, including interest rate swaps and foreign currency exchange contracts that have inputs to the valuations that generally can be corroborated by observable market data.

Level 3 Inputs:

Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation.

•
Level 3 assets may include direct private equity investments, including those held within CIPs, investments in CLOs, and loans held within consolidated CLOs and CIPs.
•
Level 3 liabilities may include borrowings of consolidated CLOs and contingent liabilities related to acquisitions valued based upon discounted cash flow analyses, using unobservable market data, or other valuation techniques.

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

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

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

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

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

Fair Value Assets and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including loans, held by a consolidated CLO. As the fair value of the financial assets of the consolidated CLO is more observable than the fair value of the borrowings of the consolidated CLO, the Company measures the fair value of the borrowings of the consolidated CLO equal to the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO.

Derivatives and Hedging Activities. The Company does not use derivative financial instruments for trading or speculative purposes. The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. Certain CIPs also utilize derivatives as a part of their investment strategies.

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

The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the condensed consolidated statements of financial condition. Credit risks are managed through master netting and collateral support agreements. The amounts related to the right to reclaim or the obligation to return cash collateral may not be used to offset amounts due under the derivative instruments in the normal course of settlement. Therefore, such amounts are not offset against fair value amounts recognized for derivative instruments with the same counterparty and are included in other assets and other liabilities. Changes in the fair value of the Company’s derivative financial instruments are recognized in earnings and, where applicable, are offset by the corresponding gain or loss on the related foreign-denominated or hedged assets or liabilities, on the condensed consolidated statements of income.

The Company may also use financial instruments designated as net investment hedges for accounting purposes to hedge net investments in international subsidiaries, the functional currency of which is not United States ("US") dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge at least quarterly.

Separate Account Assets and Liabilities. Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom (“UK”), and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition.

The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income.

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

In situations where the Company obtains the legal title to collateral under these securities lending arrangements, the Company records an asset on the condensed consolidated statements of financial condition in addition to an equal collateral liability for the obligation to return the collateral. Additionally, in situations where the Company obtains a first ranking priority security interest in the collateral, the Company does not have the ability to pledge or resell the collateral and therefore does not record the collateral on the condensed consolidated statements of financial condition. At September 30, 2024 and December 31, 2023, the fair value of loaned securities held by separate accounts was approximately $10.8 billion and $9.3 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $11.7 billion and $10.1 billion, respectively, of which approximately $6.4 billion as of September 30, 2024 and $4.6 billion as of December 31, 2023 was recognized on the condensed consolidated statements of financial condition. During the nine months ended September 30, 2024 and 2023, the Company had not resold or repledged any of the collateral obtained under these arrangements. The securities lending revenue earned from lending securities held by the separate accounts is included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income.

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 31. In its assessment of goodwill for impairment, the Company considers such factors as the book value and market capitalization of the Company. See Note 9, Goodwill, for further information on the Company's goodwill.

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 estimated 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 31. 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. See Note 10, Intangible Assets, for further information on the Company’s intangible assets.

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.
v3.24.3
Cash, Cash Equivalents and Restricted Cash
 9 Months Ended
Sep. 30, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Restricted Cash

3. Cash, Cash Equivalents, and Restricted Cash

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

 

 

September 30,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

Cash and cash equivalents

 

$

14,037

 

 

$

8,736

 

Restricted cash included in other assets

 

 

17

 

 

 

17

 

Total cash, cash equivalents and restricted cash

 

$

14,054

 

 

$

8,753

 
v3.24.3
Investments
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments

4. Investments

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

 

September 30,

 

 

December 31,

 

(in millions)

2024

 

 

2023

 

Debt securities:

 

 

 

 

 

Trading securities (including $1,889 and $1,829 held by CIPs at
   September 30, 2024 and December 31, 2023, respectively)

$

1,969

 

 

$

1,871

 

Held-to-maturity investments

 

566

 

 

 

617

 

Total debt securities

 

2,535

 

 

 

2,488

 

Equity securities at FVTNI (including $2,297 and $1,429 held by CIPs at
   September 30, 2024 and December 31, 2023, respectively)(1)

 

2,532

 

 

 

1,585

 

Equity method investments:

 

 

 

 

 

Equity method investments(2)

 

2,631

 

 

 

2,515

 

Investments related to deferred cash compensation plans(1)

 

171

 

 

 

241

 

Total equity method investments

 

2,802

 

 

 

2,756

 

Loans held by CIPs

 

157

 

 

 

205

 

Federal Reserve Bank stock(3)

 

93

 

 

 

92

 

Carried interest(4)

 

1,991

 

 

 

1,975

 

Other investments(5)

 

429

 

 

 

639

 

Total investments

$

10,539

 

 

$

9,740

 

 

(1)
Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans comprised of equity method investments of $171 million and $241 million at September 30, 2024 and December 31, 2023, respectively, and equity securities held at fair value recorded through net income ("FVTNI") of $12 million and $14 million at September 30, 2024 and December 31, 2023, respectively.
(2)
Equity method investments include BlackRock’s direct investments in certain BlackRock sponsored investment funds.
(3)
Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.
(4)
Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds.
(5)
Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes, and private equity, real asset, and commodity investments held by CIPs, which are measured at fair value.

Held-to-Maturity Investments

Held-to-maturity investments included certain investments in BlackRock sponsored CLOs. The amortized cost (carrying value) of these investments approximated fair value (primarily a Level 2 input). At September 30, 2024, $10 million of these investments mature in less than one year, $8 million of these investments mature between one and five years, $318 million of these investments mature between five to ten years and $230 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:

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

December 31, 2023

 

(in millions)

Cost

 

 

Carrying
Value

 

 

Cost

 

 

Carrying
Value

 

Trading debt securities:

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

1,095

 

 

$

1,120

 

 

$

1,225

 

 

$

1,218

 

Government debt

 

683

 

 

 

681

 

 

 

501

 

 

 

489

 

Asset/mortgage-backed debt

 

182

 

 

 

168

 

 

 

185

 

 

 

164

 

Total trading debt securities

$

1,960

 

 

$

1,969

 

 

$

1,911

 

 

$

1,871

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

$

2,319

 

 

$

2,532

 

 

$

1,520

 

 

$

1,585

 
v3.24.3
Consolidated Sponsored Investment Products
 9 Months Ended
Sep. 30, 2024
Statement of Financial Position [Abstract]  
Consolidated Sponsored Investment Products

5. Consolidated Sponsored Investment Products

In the normal course of business, the Company is the manager of various types of sponsored investment products, which may be considered VIEs or voting rights entities ("VREs"). The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds. In addition, the Company may from time to time own equity or debt securities or enter into derivatives or loan arrangements with the vehicles, each of which are considered variable interests. The Company’s involvement in financing the operations of the VIEs is generally limited to its economic interest in the entity. The Company’s consolidated VIEs include certain sponsored investment products in which BlackRock has an economic interest and as the investment manager, is deemed to have both the power to direct the most significant activities of the products and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these sponsored investment products. The assets of these VIEs are not available to creditors of the Company. In addition, the investors in these VIEs have no recourse to the credit of the Company.

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

 

 

September 30, 2024

 

 

December 31, 2023

 

(in millions)

 

VIEs

 

 

VREs

 

 

Total

 

 

VIEs

 

 

VREs

 

 

Total

 

Cash and cash equivalents(1)

 

$

140

 

 

$

40

 

 

$

180

 

 

$

234

 

 

$

54

 

 

$

288

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

 

1,590

 

 

 

299

 

 

 

1,889

 

 

 

1,423

 

 

 

406

 

 

 

1,829

 

Equity securities at FVTNI

 

 

1,785

 

 

 

512

 

 

 

2,297

 

 

 

1,059

 

 

 

370

 

 

 

1,429

 

Loans

 

 

153

 

 

 

4

 

 

 

157

 

 

 

195

 

 

 

10

 

 

 

205

 

Other investments

 

 

353

 

 

 

36

 

 

 

389

 

 

 

427

 

 

 

171

 

 

 

598

 

Carried interest

 

 

1,910

 

 

 

—

 

 

 

1,910

 

 

 

1,916

 

 

 

—

 

 

 

1,916

 

Total investments

 

 

5,791

 

 

 

851

 

 

 

6,642

 

 

 

5,020

 

 

 

957

 

 

 

5,977

 

Other assets

 

 

82

 

 

 

15

 

 

 

97

 

 

 

83

 

 

 

39

 

 

 

122

 

Other liabilities(2)

 

 

(2,191

)

 

 

(64

)

 

 

(2,255

)

 

 

(2,233

)

 

 

(108

)

 

 

(2,341

)

Noncontrolling interest - CIPs

 

 

(2,215

)

 

 

(168

)

 

 

(2,383

)

 

 

(1,625

)

 

 

(226

)

 

 

(1,851

)

BlackRock's net interest in CIPs

 

$

1,607

 

 

$

674

 

 

$

2,281

 

 

$

1,479

 

 

$

716

 

 

$

2,195

 

 

(1)
The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
(2)
At both September 30, 2024 and December 31, 2023, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.

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

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Nonoperating net gain (loss) on consolidated VIEs

 

$

114

 

 

$

(26

)

 

$

251

 

 

$

113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to NCI on consolidated VIEs

 

$

54

 

 

$

(8

)

 

$

139

 

 

$

65

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.24.3
Variable Interest Entities
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities

6. Variable Interest Entities

Nonconsolidated VIEs. At September 30, 2024 and December 31, 2023, the Company’s carrying value of assets and liabilities included on the condensed consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs for which it held a variable interest, but for which it was not the primary beneficiary, was as follows:

 

 

 

 

Advisory Fee

 

 

Other Net Assets

 

 

Maximum

 

(in millions)

Investments

 

Receivables

 

(Liabilities)

 

Risk of Loss(1)

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 Sponsored investment
   products

$

2,290

 

$

141

 

$

(11

)

$

2,448

 

December 31, 2023

 

 

 

 

 Sponsored investment
   products

$

2,377

 

$

116

 

$

(11

)

$

2,510

 

 

(1)
At both September 30, 2024 and December 31, 2023, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of receivables.

The net assets of sponsored investment products that are nonconsolidated VIEs approximated $44 billion and $39 billion at September 30, 2024 and December 31, 2023, respectively.
v3.24.3
Fair Value Disclosures
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures

7. Fair Value Disclosures

Fair Value Hierarchy

Assets and liabilities measured at fair value on a recurring basis

September 30, 2024
(in millions)

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Investments
Measured at
NAV(1)

 

 

Other(2)

 

 

September 30,
 2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,890

 

 

$

79

 

 

$

—

 

 

$

—

 

 

$

1,969

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

566

 

 

 

566

 

Total debt securities

 

—

 

 

 

1,890

 

 

 

79

 

 

 

—

 

 

 

566

 

 

 

2,535

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

2,532

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,532

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

335

 

 

 

122

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

457

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

607

 

 

 

—

 

 

 

607

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,104

 

 

 

—

 

 

 

1,104

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

463

 

 

 

—

 

 

 

463

 

Investments related to deferred
   cash compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

171

 

 

 

—

 

 

 

171

 

Total equity method

 

335

 

 

 

122

 

 

 

—

 

 

 

2,345

 

 

 

—

 

 

 

2,802

 

Loans held by CIPs

 

—

 

 

 

16

 

 

 

141

 

 

 

—

 

 

 

—

 

 

 

157

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

93

 

 

 

93

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,991

 

 

 

1,991

 

Other investments

 

14

 

 

 

—

 

 

 

—

 

 

 

260

 

 

 

155

 

 

 

429

 

Total investments

 

2,881

 

 

 

2,028

 

 

 

220

 

 

 

2,605

 

 

 

2,805

 

 

 

10,539

 

Other assets(3)

 

148

 

 

 

35

 

 

 

157

 

 

 

—

 

 

 

—

 

 

 

340

 

Separate account assets

 

34,676

 

 

 

21,494

 

 

 

—

 

 

 

—

 

 

 

519

 

 

 

56,689

 

Separate account collateral held under
 securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

3,790

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,790

 

Debt securities

 

—

 

 

 

2,565

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,565

 

Total separate account collateral held
   under securities lending agreements

 

3,790

 

 

 

2,565

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,355

 

Total

$

41,495

 

 

$

26,122

 

 

$

377

 

 

$

2,605

 

 

$

3,324

 

 

$

73,923

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

3,790

 

 

$

2,565

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

6,355

 

Other liabilities(4)

 

—

 

 

 

13

 

 

 

279

 

 

 

—

 

 

 

—

 

 

 

292

 

Total

$

3,790

 

 

$

2,578

 

 

$

279

 

 

$

—

 

 

$

—

 

 

$

6,647

 

 

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

December 31, 2023
(in millions)

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Investments
Measured at
NAV(1)

 

 

Other(2)

 

 

December 31,
2023

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,829

 

 

$

42

 

 

$

—

 

 

$

—

 

 

$

1,871

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

617

 

 

 

617

 

Total debt securities

 

—

 

 

 

1,829

 

 

 

42

 

 

 

—

 

 

 

617

 

 

 

2,488

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,585

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,585

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

246

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

246

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

588

 

 

 

—

 

 

 

588

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,264

 

 

 

—

 

 

 

1,264

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

417

 

 

 

—

 

 

 

417

 

Investments related to deferred cash
   compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

241

 

 

 

—

 

 

 

241

 

Total equity method

 

246

 

 

 

—

 

 

 

—

 

 

 

2,510

 

 

 

—

 

 

 

2,756

 

Loans held by CIPs

 

—

 

 

 

30

 

 

 

175

 

 

 

—

 

 

 

—

 

 

 

205

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

92

 

 

 

92

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,975

 

 

 

1,975

 

Other investments

 

15

 

 

 

—

 

 

 

—

 

 

 

467

 

 

 

157

 

 

 

639

 

Total investments

 

1,846

 

 

 

1,859

 

 

 

217

 

 

 

2,977

 

 

 

2,841

 

 

 

9,740

 

Other assets(3)

 

117

 

 

 

19

 

 

 

120

 

 

 

—

 

 

 

—

 

 

 

256

 

Separate account assets

 

34,621

 

 

 

20,810

 

 

 

—

 

 

 

—

 

 

 

667

 

 

 

56,098

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

1,686

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,686

 

Debt securities

 

—

 

 

 

2,872

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,872

 

Total separate account collateral held
   under securities lending agreements

 

1,686

 

 

 

2,872

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,558

 

Total

$

38,270

 

 

$

25,560

 

 

$

337

 

 

$

2,977

 

 

$

3,508

 

 

$

70,652

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

1,686

 

 

$

2,872

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

4,558

 

Other liabilities(4)

 

—

 

 

 

17

 

 

 

279

 

 

 

—

 

 

 

—

 

 

 

296

 

Total

$

1,686

 

 

$

2,889

 

 

$

279

 

 

$

—

 

 

$

—

 

 

$

4,854

 

 

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

Level 3 Assets. Level 3 assets predominantly include investments in nonconsolidated CLOs, loans of consolidated CIPs, and corporate minority private debt investments. Investments in CLOs and loans were valued based on single-broker nonbinding quotes or quotes from pricing services which use significant unobservable inputs. BlackRock's corporate minority private debt investments were primarily valued using the income approach by discounting the expected cash flows to a single present value. For investments utilizing a discounted cashflow valuation technique, an increase (decrease) in the discount rate or risk premium in isolation could have resulted in a significantly lower (higher) fair value measurement as of September 30, 2024 and December 31, 2023.

Level 3 Liabilities. Level 3 liabilities primarily include borrowings of a consolidated CLO, which were valued based on the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO, as well as contingent liabilities related to certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs or other valuation techniques.

Nonrecurring Fair Value Measurements. The Company assessed its intangible assets for impairment during the annual impairment assessment as of July 31, 2024 and concluded that an impairment charge was required for indefinite-lived intangible assets related to certain open-end management contracts, which reduced the carrying value of these management contracts to a fair value of $87 million as of September 30, 2024. See Note 10, Intangible Assets, for more information. The fair value of these contracts was determined using a discounted cash flow analysis. The most sensitive assumptions used to determine present value were growth expectations, revenue basis points, revenue forecast, and the discount rate applied to the cash flow forecast, which are considered Level 3 inputs in the valuation hierarchy.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2024

(in millions)

 

June 30,
 2024

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
 2024

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

82

 

 

$

(2

)

 

$

—

 

 

$

(1

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

79

 

 

$

(2

)

Loans

 

 

225

 

 

 

1

 

 

 

4

 

 

 

(87

)

 

 

—

 

 

 

2

 

 

 

(4

)

 

 

141

 

 

 

1

 

Total investments

 

 

307

 

 

 

(1

)

 

 

4

 

 

 

(88

)

 

 

—

 

 

 

2

 

 

 

(4

)

 

 

220

 

 

 

(1

)

Other assets

 

 

150

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

157

 

 

 

7

 

Total assets

 

$

457

 

 

$

6

 

 

$

4

 

 

$

(88

)

 

$

—

 

 

$

2

 

 

$

(4

)

 

$

377

 

 

$

6

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

298

 

 

$

16

 

 

$

—

 

 

$

—

 

 

$

(3

)

 

$

—

 

 

$

—

 

 

$

279

 

 

$

16

 

 

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

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2024

(in millions)

 

December 31,
2023

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
2024

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

42

 

 

$

2

 

 

$

36

 

 

$

(1

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

79

 

 

$

2

 

Loans

 

 

175

 

 

 

1

 

 

 

402

 

 

 

(441

)

 

 

—

 

 

 

11

 

 

 

(7

)

 

 

141

 

 

 

1

 

Total investments

 

 

217

 

 

 

3

 

 

 

438

 

 

 

(442

)

 

 

—

 

 

 

11

 

 

 

(7

)

 

 

220

 

 

 

3

 

Other assets

 

 

120

 

 

 

—

 

 

 

37

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

157

 

 

 

—

 

Total assets

 

$

337

 

 

$

3

 

 

$

475

 

 

$

(442

)

 

$

—

 

 

$

11

 

 

$

(7

)

 

$

377

 

 

$

3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

279

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

279

 

 

$

19

 

 

(1)
Issuances and other settlements amount includes a contingent liability in connection with the acquisition of the remaining equity interest in SpiderRock Advisors ("SRA") in May 2024 (the "SpiderRock Transaction"), partially offset by repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2023

(in millions)

 

June 30,
2023

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
2023

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

41

 

 

$

(1

)

 

$

2

 

 

$

(2

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

40

 

 

$

(1

)

Loans

 

 

266

 

 

 

(17

)

 

 

117

 

 

 

—

 

 

 

—

 

 

 

23

 

 

 

(8

)

 

 

381

 

 

 

(17

)

Total investments

 

 

307

 

 

 

(18

)

 

 

119

 

 

 

(2

)

 

 

—

 

 

 

23

 

 

 

(8

)

 

 

421

 

 

 

(18

)

Other assets

 

 

109

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

107

 

 

 

(2

)

Total assets

 

$

416

 

 

$

(20

)

 

$

119

 

 

$

(2

)

 

$

—

 

 

$

23

 

 

$

(8

)

 

$

528

 

 

$

(20

)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

254

 

 

$

3

 

 

$

—

 

 

$

—

 

 

$

44

 

 

$

—

 

 

$

—

 

 

$

295

 

 

$

3

 

 

 

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

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2023

(in millions)

 

December 31,
2022

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
2023

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

52

 

 

$

(1

)

 

$

8

 

 

$

(19

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

40

 

 

$

(1

)

Loans

 

 

248

 

 

 

6

 

 

 

129

 

 

 

(21

)

 

 

—

 

 

 

33

 

 

 

(14

)

 

 

381

 

 

 

6

 

Total investments

 

 

300

 

 

 

5

 

 

 

137

 

 

 

(40

)

 

 

—

 

 

 

33

 

 

 

(14

)

 

 

421

 

 

 

5

 

Other assets

 

 

—

 

 

 

(2

)

 

 

109

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

107

 

 

 

(2

)

Total assets

 

$

300

 

 

$

3

 

 

$

246

 

 

$

(40

)

 

$

—

 

 

$

33

 

 

$

(14

)

 

$

528

 

 

$

3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

280

 

 

$

7

 

 

$

—

 

 

$

—

 

 

$

22

 

 

$

—

 

 

$

—

 

 

$

295

 

 

$

7

 

 

 

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

Realized and Unrealized Gains (Losses) for Level 3 Assets and Liabilities. Realized and unrealized gains (losses) recorded for Level 3 assets and liabilities are reported in nonoperating income (expense) or AOCI for corporate minority private debt investments. A portion of net income (loss) related to securities held by CIPs is allocated to NCI to reflect net income (loss) not attributable to the Company.

Transfers in and/or out of Levels. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable.

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At September 30, 2024 and December 31, 2023, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

 

September 30, 2024

 

 

December 31, 2023

 

 

 

 

(in millions)

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Fair Value
Hierarchy

 

Financial Assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

14,037

 

 

$

14,037

 

 

$

8,736

 

 

$

8,736

 

 

Level 1

(2)(3)

Other assets

$

87

 

 

$

87

 

 

$

80

 

 

$

80

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

$

12,370

 

 

$

12,279

 

 

$

7,918

 

 

$

7,413

 

 

Level 2

(5)

 

(1)
See Note 4, Investments, for further information on investments not held at fair value.
(2)
Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.
(3)
At September 30, 2024 and December 31, 2023, approximately $8.2 billion and $3.4 billion, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund.
(4)
At September 30, 2024 and December 31, 2023, other assets included cash collateral of approximately $70 million and $63 million, respectively. See Note 8, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $17 million of restricted cash at both September 30, 2024 and December 31, 2023.
(5)
Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined using market prices and the EUR/USD foreign exchange rate at the end of September 2024 and December 2023, respectively. See Note 13, Borrowings, for the fair value of each of the Company’s long-term borrowings.

Investments in Certain Entities that Calculate NAV Per Share

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

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

607

 

 

$

136

 

 

Daily/Monthly (11%)
Quarterly (9%)
N/R (80%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,104

 

 

 

230

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

463

 

 

 

222

 

 

Quarterly (8%)
N/R (92%)

 

60 days

Investments related to deferred
   cash compensation plan

 

(d)

 

 

171

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

161

 

 

 

46

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

7

 

 

 

43

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

92

 

 

 

63

 

 

Quarterly (60%)
N/R (40%)

 

90 days

Total

 

 

 

$

2,605

 

 

$

740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

588

 

 

$

134

 

 

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

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,264

 

 

 

218

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

417

 

 

 

210

 

 

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

 

60 days

Investments related to deferred
   cash compensation plan

 

(d)

 

 

241

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

154

 

 

 

62

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

145

 

 

 

37

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

168

 

 

 

64

 

 

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

 

90 days

Total

 

 

 

$

2,977

 

 

$

725

 

 

 

 

 

 

 

N/R – Not Redeemable

(1)
Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value.
(a)
This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both September 30, 2024 and December 31, 2023.
(b)
This category includes private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds and may also include other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. The liquidation period for the investments in these funds is unknown at both September 30, 2024 and December 31, 2023.
(c)
This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds. The liquidation period for the investments in the funds that are not subject to redemptions is unknown at both September 30, 2024 and December 31, 2023. The total remaining unfunded commitments were $268 million and $272 million at September 30, 2024 and December 31, 2023, respectively. The Company’s portion of the total remaining unfunded commitments was $241 million and $248 million at September 30, 2024 and December 31, 2023, respectively.
(d)
This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company's ownership interest in partners' capital. The investments in hedge funds will be redeemed upon settlement of certain deferred cash compensation liabilities.
(e)
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 September 30, 2024 and December 31, 2023, the Company elected the fair value option for certain investments in CLOs of approximately $72 million and $42 million, respectively, reported within investments.

In addition, the Company elected the fair value option for bank loans and borrowings of a consolidated CLO, recorded within investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at September 30, 2024 and December 31, 2023:

 

 

September 30,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

CLO loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

170

 

 

$

203

 

Fair value

 

 

153

 

 

 

194

 

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

 

$

17

 

 

$

9

 

 

 

 

 

 

 

CLO Borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

158

 

 

$

190

 

Fair value

 

$

142

 

 

$

180

 

 

At September 30, 2024, the principal amounts outstanding of the borrowings issued by the consolidated CLO mature in 2030, and may be repaid prior to maturity at any time.

During the three and nine months ended September 30, 2024 and 2023, the net gains (losses) from the change in fair value of the bank loans and borrowings held by the consolidated CLO were not material and were recorded in net gain (loss) on the condensed consolidated statements of income. The change in fair value of the assets and liabilities included interest income and expense, respectively.
v3.24.3
Derivatives and Hedging
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging

8. Derivatives and Hedging

The Company maintains a program to enter into exchange traded futures as a macro hedging strategy to hedge market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. The Company had outstanding exchange traded futures related to this macro hedging strategy with aggregate notional values of approximately $1.8 billion at both September 30, 2024 and December 31, 2023, with expiration dates during the fourth and first quarter of 2024, respectively.

In addition, the Company enters into futures to economically hedge the exposure to market movements on certain deferred cash compensation plans. At September 30, 2024 and December 31, 2023, the Company had outstanding exchange traded futures with aggregate notional values related to its deferred cash compensation hedging program of approximately $210 million and $204 million, with expiration dates during the fourth and first quarter of 2024, respectively.

Changes in the value of the futures contracts are recognized as gains or losses within nonoperating income (expense). Variation margin payments, which represent settlements of profit/loss, are generally received or made daily, and are reflected in other assets and other liabilities on the condensed consolidated statements of financial condition. These amounts were not material as of September 30, 2024 and December 31, 2023.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At September 30, 2024 and December 31, 2023, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $3.2 billion, with expiration dates primarily in October 2024, and $3.1 billion, with expiration dates in January 2024, respectively.

At both September 30, 2024 and December 31, 2023, the Company had a derivative providing credit protection with a notional amount of approximately $17 million to a counterparty, representing the Company’s maximum risk of loss with respect to the derivative. The Company carries the derivative at fair value based on the expected discounted future cash outflows under the arrangement.

The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at September 30, 2024 and December 31, 2023:

 

Assets

 

 

Liabilities

 

(in millions)

Statement of
Financial
Condition
Classification

 

September 30, 2024

 

 

December 31, 2023

 

 

Statement of
Financial
Condition
Classification

 

September 30, 2024

 

 

December 31, 2023

 

Derivative Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign currency
   exchange contracts

Other assets

 

$

35

 

 

$

19

 

 

Other liabilities

 

$

2

 

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

September 30,

 

 

September 30,

 

 

 

Statement of Income

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(in millions)

 

Classification

 

Gains (Losses)

 

 

Gains (Losses)

 

Derivative Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange traded futures(1)

 

Net gain (loss) on investments

 

$

(69

)

 

$

72

 

 

$

(104

)

 

$

14

 

Forward foreign currency
   exchange contracts

 

General and administration expense

 

 

116

 

 

 

(66

)

 

 

120

 

 

 

29

 

Total gain (loss) from derivative
   instruments

 

 

 

$

47

 

 

$

6

 

 

$

16

 

 

$

43

 

 

(1)
Amounts for the three months ended September 30, 2024 and 2023 include $78 million of losses and $81 million of gains on futures used in a macro hedging strategy of seed investments, respectively, and $9 million of gains and $9 million of losses on futures used to economically hedge certain deferred cash compensation plans, respectively. Amounts for the nine months ended September 30, 2024 and 2023 include $127 million of losses and $6 million of gains on futures used in a macro hedging strategy of seed investments, respectively, and $23 million and $8 million of gains on futures used to economically hedge certain deferred cash compensation plans, respectively.

The Company's CIPs may utilize derivative instruments as a part of the funds' investment strategies. The change in fair value of such derivatives, which is recorded in nonoperating income (expense), was not material for the three and nine months ended September 30, 2024 and 2023.

See Note 14, Borrowings, in the 2023 Form 10-K for more information on the Company’s net investment hedge.
v3.24.3
Goodwill
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

9. Goodwill

Goodwill activity during the nine months ended September 30, 2024 was as follows:

 (in millions)

 

 

 December 31, 2023

$

15,524

 

Acquisition(1)

 

131

 

Other

 

10

 

 September 30, 2024

$

15,665

 

 

(1)
Amount represents goodwill in connection with the SpiderRock Transaction. This transaction expands on BlackRock’s minority investment in SRA made in 2021 and reinforces BlackRock’s commitment to personalized separately managed accounts.

BlackRock assessed its goodwill for impairment as of July 31, 2024 and considered such factors as the book value and the market capitalization of the Company. The impairment assessment indicated no impairment charges were required.

v3.24.3
Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

10. Intangible Assets

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

 (in millions)

Indefinite-lived

 

 

Finite-lived

 

 

Total

 

 December 31, 2023

$

17,578

 

 

$

680

 

 

$

18,258

 

Acquisition(1)

 

—

 

 

 

37

 

 

 

37

 

Amortization and impairment expense

 

(50

)

 

 

(116

)

 

 

(166

)

Other

 

—

 

 

 

5

 

 

 

5

 

 September 30, 2024

$

17,528

 

 

$

606

 

 

$

18,134

 

 

(1)
In connection with the SpiderRock Transaction, the Company acquired approximately $29 million of finite-lived customer relationships and $8 million of finite-lived technology-related intangible assets with weighted-average estimated lives of approximately eleven and five years, respectively.

The Company assessed its intangible assets for impairment as of July 31, 2024 and concluded that an impairment charge was required for indefinite-lived intangible assets related to certain acquired open-end management contracts, primarily driven by quantitative factors, such as reduced growth expectations, a decrease in revenue basis points and net client outflows. As a result, the Company recorded a noncash impairment charge of $50 million, which is included within amortization and impairment of intangible assets expense on the condensed consolidated statements of income for the three and nine months ended September 30, 2024. No impairment charges were required for any other intangible assets.

v3.24.3
Leases
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases

11. Leases

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

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

Lease cost:

 

 

 

 

 

 

 

 

 

 

 

Operating lease cost(1)

$

45

 

 

$

43

 

 

$

136

 

 

$

144

 

Variable lease cost(2)

 

16

 

 

 

15

 

 

 

43

 

 

 

35

 

Total lease cost

$

61

 

 

$

58

 

 

$

179

 

 

$

179

 

 

(1)
Amounts include short-term leases, which are immaterial for the three and nine months ended September 30, 2024 and 2023.
(2)
Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities.

Supplemental information related to operating leases is summarized below:

 

 

Nine Months Ended

 

 

 

September 30,

 

(in millions)

 

2024

 

 

2023

 

Supplemental cash flow information:

 

 

 

 

 

 

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

 

$

136

 

 

$

109

 

 

 

 

 

 

 

 

Supplemental noncash information:

 

 

 

 

 

 

ROU assets in exchange for operating lease liabilities

 

$

104

 

 

$

20

 

 

 

September 30,

 

December 31,

 

2024

 

2023

Lease term and discount rate:

 

 

 

 

 

 

 

Weighted-average remaining lease term

 

15

 

years

 

 

15

 

years

Weighted-average discount rate

 

3

 

%

 

 

3

 

%
v3.24.3
Other Assets
 9 Months Ended
Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets

12. Other Assets

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

At September 30, 2024 and December 31, 2023, the Company had $768 million and $773 million, respectively, of certain corporate minority equity method investments, recorded within other assets. BlackRock’s share of these investees’ underlying net income or loss is presented within nonoperating income (expense) beginning in the first quarter of 2024 and within advisory and other revenue in 2023. At September 30, 2024 and December 31, 2023, the Company's ownership interest in its minority investment in iCapital Network Inc. ("iCapital") was approximately 24%, and 25%, respectively, and the carrying value of the Company's interest was $660 million and $641 million, respectively. In accordance with GAAP, certain equity method investees, including iCapital, do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.

At September 30, 2024 and December 31, 2023, the Company had $596 million and $484 million, respectively, of other nonequity method corporate minority investments recorded within other assets. These investments include equity securities, generally measured at fair value or under the measurement alternative to fair value for nonmarketable securities, and corporate minority private debt investments measured at fair value. Changes in value of the equity securities are recorded in nonoperating income (expense) and changes in value of the debt securities are recorded in AOCI, net of tax. See Note 2, Significant Accounting Policies, in the notes to the consolidated financial statements contained in the 2023 Form 10-K for further information.
v3.24.3
Borrowings
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Borrowings

13. Borrowings

Short-Term Borrowings

2024 Revolving Credit Facility. The Company maintains an unsecured revolving credit facility, which is available for working capital and general corporate purposes (the “2024 Credit Facility”). In March 2024, the 2024 Credit Facility was amended to, among other things, (1) permit the acquisition of Global Infrastructure Management, LLC (“GIP” or the "GIP Transaction") and the transactions contemplated in connection with the GIP Transaction, (2) add BlackRock Funding, Inc., a Delaware corporation and a wholly owned subsidiary of BlackRock (“BlackRock Funding”), as a borrower under the existing credit agreement, (3) add BlackRock Funding as a guarantor of the payment and performance of the obligations, liabilities and indebtedness of BlackRock and certain of its other subsidiaries and (4) update the sustainability-linked pricing mechanics to allow metrics to be set following the consummation of the GIP Transaction. In May 2024, the 2024 Credit Facility was further amended to, among other things, (1) increase the aggregate commitment amount by $400 million to $5.4 billion and (2) extend the maturity date to March 2029 for lenders (other than one non-extending lender) pursuant to the Company’s option to request extensions of the maturity date available under the 2024 Credit Facility (with the commitment of the non-extending lender maturing in March 2028). The 2024 Credit Facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2024 Credit Facility to an aggregate principal amount of up to $6.4 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2024 Credit Facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at September 30, 2024. At September 30, 2024, the Company had no amount outstanding under the 2024 Credit Facility.

Commercial Paper Program. The Company can issue unsecured commercial paper notes (the “CP Notes”) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $4 billion. The commercial paper program is currently supported by the 2024 Credit Facility. At September 30, 2024, BlackRock had no CP Notes outstanding.

Subsidiary Credit Facility. In January 2024, BlackRock Investment Management (UK) Limited ("BIM UK"), a wholly owned subsidiary of the Company, entered into a revolving credit facility (the “Subsidiary Credit Facility”) in the amount of £25 million (or approximately $34 million based on the GBP/USD foreign exchange rate at September 30, 2024) with a rolling 364-day term structure. The Subsidiary Credit Facility is available for BIM UK's general corporate and working capital purposes. At September 30, 2024, there was no amount outstanding under the Subsidiary Credit Facility.

Long-Term Borrowings

March 2024 Notes. In March 2024, BlackRock Funding issued $3.0 billion in aggregate principal amount of senior unsecured and unsubordinated notes. These notes were issued as three separate series of senior debt securities including $500 million of 4.70% notes maturing on March 14, 2029 (the "2029 Notes"), $1.0 billion of 5.00% notes maturing on March 14, 2034 (the "2034 Notes") and $1.5 billion of 5.25% notes maturing on March 14, 2054 (the "2054 Notes") (collectively, the "March 2024 Notes"). Net proceeds were used to fund a portion of the cash consideration for the GIP Transaction, which closed in October 2024. Interest on the March 2024 Notes of approximately $152 million per year is payable semi-annually on March 14 and September 14 of each year, which commenced on September 14, 2024. The March 2024 Notes are fully and unconditionally guaranteed (the “March 2024 Notes Guarantee”) on a senior unsecured basis by BlackRock. The March 2024 Notes and the March 2024 Notes Guarantee rank equally in right of payment with all of BlackRock Funding and BlackRock’s other unsubordinated indebtedness, respectively. The March 2024 Notes may be redeemed prior to maturity at any time in whole or in part at the option of BlackRock Funding at the redemption prices set forth in the applicable series of March 2024 Notes.

July 2024 Notes. In July 2024, BlackRock Funding issued $2.5 billion in aggregate principal amount of senior unsecured and unsubordinated notes. These notes were issued as three separate series of senior debt securities including $800 million of 4.60% notes maturing on July 26, 2027 (the "2027 Notes"), $500 million of 4.90% notes maturing on January 8, 2035 (the "2035 Notes") and $1.2 billion of 5.35% notes maturing on January 8, 2055 (the "2055 Notes") (collectively, the "July 2024 Notes"). Net proceeds are intended to be used to fund a portion of the cash consideration for the acquisition of Preqin Holding Limited ("Preqin" or the "Preqin Transaction"), which is anticipated to close in the first quarter of 2025, subject to regulatory approvals and other customary closing conditions. The July 2024 Notes are fully and unconditionally guaranteed (the “July 2024 Notes Guarantee”) on a senior unsecured basis by BlackRock. The July 2024 Notes and the July 2024 Notes Guarantee rank equally in right of payment with all of BlackRock Funding and BlackRock’s other unsubordinated indebtedness, respectively. Interest on the 2027 Notes of approximately $37 million per year is payable semi-annually on January 26 and July 26 of each year, beginning January 26, 2025. Interest on the 2035 Notes and 2055 Notes of approximately $25 million and $64 million per year, respectively, is payable semi-annually on January 8 and July 8 of each year, beginning January 8, 2025. The July 2024 Notes may be redeemed prior to maturity at any time in whole or in part at the option of BlackRock Funding at the redemption prices set forth in the applicable series of July 2024 Notes. In addition, if the Preqin Transaction is not consummated, BlackRock Funding will be required to redeem all outstanding 2027 Notes (the “Special Mandatory Redemption”) at a Special Mandatory Redemption price equal to 101% of the aggregate principal amount of the applicable series of 2027 Notes, plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption date.

The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at September 30, 2024 included the following:

(in millions)

Maturity
Amount

 

 

Unamortized
Discount
and Debt
Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

1.25% Notes due 2025

$

781

 

 

$

—

 

 

$

781

 

 

$

772

 

3.20% Notes due 2027

 

700

 

 

 

(2

)

 

 

698

 

 

 

689

 

4.60% Notes due 2027(2)

 

800

 

 

 

(2

)

 

 

798

 

 

 

815

 

3.25% Notes due 2029

 

1,000

 

 

 

(7

)

 

 

993

 

 

 

972

 

4.70% Notes due 2029(2)

 

500

 

 

 

(3

)

 

 

497

 

 

 

514

 

2.40% Notes due 2030

 

1,000

 

 

 

(3

)

 

 

997

 

 

 

915

 

1.90% Notes due 2031

 

1,250

 

 

 

(8

)

 

 

1,242

 

 

 

1,091

 

2.10% Notes due 2032

 

1,000

 

 

 

(11

)

 

 

989

 

 

 

862

 

4.75% Notes due 2033

 

1,250

 

 

 

(18

)

 

 

1,232

 

 

 

1,285

 

5.00% Notes due 2034(2)

 

1,000

 

 

 

(7

)

 

 

993

 

 

 

1,040

 

4.90% Notes due 2035(2)

 

500

 

 

 

(5

)

 

 

495

 

 

 

515

 

5.25% Notes due 2054(2)

 

1,500

 

 

 

(32

)

 

 

1,468

 

 

 

1,549

 

5.35% Notes due 2055(2)

 

1,200

 

 

 

(13

)

 

 

1,187

 

 

 

1,260

 

Total long-term borrowings

$

12,481

 

 

$

(111

)

 

$

12,370

 

 

$

12,279

 

 

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

 

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

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

See Note 14, Borrowings, in the 2023 Form 10-K for more information regarding the Company’s borrowings.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

14. Commitments and Contingencies

Investment Commitments. At September 30, 2024, the Company had $757 million of various capital commitments to fund sponsored investment products, including CIPs. These products include private equity funds, real assets funds and opportunistic funds. This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds. Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment. These unfunded commitments are not recorded on the condensed consolidated statements of financial condition. These commitments do not include potential future commitments approved by the Company that are not yet legally binding. The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients.

Contingencies

Legal Proceedings. From time to time, BlackRock receives subpoenas or other requests for information from various US federal and state governmental and regulatory authorities and international governmental and regulatory authorities in connection with industry-wide or other investigations or proceedings. It is BlackRock’s policy to cooperate fully with such matters. BlackRock has been responding to requests from the SEC in connection with a publicly reported, industry-wide investigation of investment advisers’ compliance with record retention requirements relating to certain types of electronic communications. BlackRock is cooperating with the SEC’s investigation.

The Company, certain of its subsidiaries and employees have been named as defendants in various legal actions, including arbitrations and other litigation arising in connection with BlackRock’s activities. Additionally, BlackRock-advised investment portfolios may be subject to lawsuits, any of which potentially could harm the investment returns of the applicable portfolio or result in the Company being liable to the portfolios for any resulting damages.

Management, after consultation with legal counsel, currently does not anticipate that the aggregate liability arising out of regulatory matters or lawsuits will have a material effect on BlackRock’s results of operations, financial position, or cash flows. However, there is no assurance as to whether any such pending or threatened matters will have a material effect on BlackRock’s results of operations, financial position or cash flows in any future reporting period. Due to uncertainties surrounding the outcome of these matters, management cannot reasonably estimate the possible loss or range of loss that may arise from these matters.

Indemnifications. In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances. The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote. Consequently, no liability has been recorded on the condensed consolidated statements of financial condition.

In connection with securities lending transactions, BlackRock has agreed to indemnify certain securities lending clients against potential loss resulting from a borrower’s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower’s obligation under the securities lending agreement. The amount of securities on loan as of September 30, 2024 and subject to this type of indemnification was approximately $309 billion. In the Company’s capacity as lending agent, cash and securities totaling approximately $330 billion were held as collateral for indemnified securities on loan at September 30, 2024. The fair value of these indemnifications was not material at September 30, 2024.
v3.24.3
Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

15. Revenue

The table below presents detail of revenue for the three and nine months ended September 30, 2024 and 2023 and includes the product mix of investment advisory, administration fees and securities lending revenue, and performance fees.

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and
   securities lending revenue:

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

Active

$

553

 

 

$

510

 

 

$

1,608

 

 

$

1,516

 

ETFs

 

1,309

 

 

 

1,136

 

 

 

3,749

 

 

 

3,316

 

Non-ETF index

 

198

 

 

 

186

 

 

 

575

 

 

 

560

 

Equity subtotal

 

2,060

 

 

 

1,832

 

 

 

5,932

 

 

 

5,392

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

Active

 

493

 

 

 

479

 

 

 

1,458

 

 

 

1,429

 

ETFs

 

354

 

 

 

315

 

 

 

1,007

 

 

 

919

 

Non-ETF index

 

93

 

 

 

93

 

 

 

273

 

 

 

268

 

Fixed income subtotal

 

940

 

 

 

887

 

 

 

2,738

 

 

 

2,616

 

Multi-asset

 

325

 

 

 

308

 

 

 

952

 

 

 

904

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

Illiquid alternatives

 

235

 

 

 

231

 

 

 

716

 

 

 

638

 

Liquid alternatives

 

143

 

 

 

143

 

 

 

422

 

 

 

434

 

Currency and commodities(1)

 

63

 

 

 

46

 

 

 

167

 

 

 

141

 

Alternatives subtotal

 

441

 

 

 

420

 

 

 

1,305

 

 

 

1,213

 

Long-term

 

3,766

 

 

 

3,447

 

 

 

10,927

 

 

 

10,125

 

Cash management

 

264

 

 

 

234

 

 

 

756

 

 

 

669

 

Total investment advisory, administration fees
   and securities lending revenue

 

4,030

 

 

 

3,681

 

 

 

11,683

 

 

 

10,794

 

Investment advisory performance fees:

 

 

 

 

 

 

 

 

 

 

 

Equity

 

13

 

 

 

17

 

 

 

49

 

 

 

38

 

Fixed income

 

3

 

 

 

1

 

 

 

12

 

 

 

2

 

Multi-asset

 

1

 

 

 

5

 

 

 

14

 

 

 

23

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

Illiquid alternatives

 

7

 

 

 

24

 

 

 

200

 

 

 

124

 

Liquid alternatives

 

364

 

 

 

23

 

 

 

481

 

 

 

56

 

Alternatives subtotal

 

371

 

 

 

47

 

 

 

681

 

 

 

180

 

Total investment advisory performance fees

 

388

 

 

 

70

 

 

 

756

 

 

 

243

 

Technology services revenue

 

403

 

 

 

407

 

 

 

1,175

 

 

 

1,106

 

Distribution fees

 

323

 

 

 

321

 

 

 

951

 

 

 

959

 

Advisory and other revenue:

 

 

 

 

 

 

 

 

 

 

 

Advisory

 

11

 

 

 

21

 

 

 

35

 

 

 

66

 

Other

 

42

 

 

 

22

 

 

 

130

 

 

 

60

 

Total advisory and other revenue

 

53

 

 

 

43

 

 

 

165

 

 

 

126

 

Total revenue

$

5,197

 

 

$

4,522

 

 

$

14,730

 

 

$

13,228

 

 

(1)
Amounts include commodity ETFs and exchange-traded products.

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

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

By client type:

 

 

 

 

 

 

 

 

 

 

 

Retail

$

1,085

 

 

$

1,046

 

 

$

3,179

 

 

$

3,122

 

ETFs

 

1,726

 

 

 

1,498

 

 

 

4,928

 

 

 

4,376

 

Institutional:

 

 

 

 

 

 

 

 

 

 

 

Active

 

720

 

 

 

670

 

 

 

2,127

 

 

 

1,932

 

Index

 

235

 

 

 

233

 

 

 

693

 

 

 

695

 

Total institutional

 

955

 

 

 

903

 

 

 

2,820

 

 

 

2,627

 

Long-term

 

3,766

 

 

 

3,447

 

 

 

10,927

 

 

 

10,125

 

Cash management

 

264

 

 

 

234

 

 

 

756

 

 

 

669

 

Total

$

4,030

 

 

$

3,681

 

 

$

11,683

 

 

$

10,794

 

 

 

 

 

 

 

 

 

 

 

 

 

By investment style:

 

 

 

 

 

 

 

 

 

 

 

Active

$

1,739

 

 

$

1,662

 

 

$

5,126

 

 

$

4,903

 

Index and ETFs

 

2,027

 

 

 

1,785

 

 

 

5,801

 

 

 

5,222

 

Long-term

 

3,766

 

 

 

3,447

 

 

 

10,927

 

 

 

10,125

 

Cash management

 

264

 

 

 

234

 

 

 

756

 

 

 

669

 

Total

$

4,030

 

 

$

3,681

 

 

$

11,683

 

 

$

10,794

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30, 2024 and 2023:

September 30, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

52

 

 

$

191

 

 

$

172

 

 

$

128

 

 

$

48

 

 

$

591

 

 

September 30, 2023

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2023

 

 

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

51

 

 

$

173

 

 

$

141

 

 

$

119

 

 

$

89

 

 

$

573

 

 

(1)
Investment advisory and administration fees include management fees related to certain alternative products, which are based on contractual committed capital outstanding at September 30, 2024 and 2023. Actual management fees could be higher to the extent additional committed capital is raised. These fees are generally billed on a quarterly basis in arrears.
(2)
The Company elected the following practical expedients and therefore does not include amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.

 

Change in Deferred Carried Interest Liability

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three and nine months ended September 30, 2024 and 2023:

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

Beginning balance

$

1,886

 

 

$

1,651

 

 

$

1,783

 

 

$

1,420

 

Net increase (decrease) in unrealized allocations

 

79

 

 

 

250

 

 

 

351

 

 

 

569

 

Performance fee revenue recognized

 

(5

)

 

 

(12

)

 

 

(174

)

 

 

(100

)

Ending balance

$

1,960

 

 

$

1,889

 

 

$

1,960

 

 

$

1,889

 

 

Technology Services Revenue – Remaining Performance Obligation

The tables below present estimated technology services revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at September 30, 2024 and 2023:

September 30, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

44

 

 

$

101

 

 

$

72

 

 

$

42

 

 

$

47

 

 

$

306

 

 

September 30, 2023

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2023

 

 

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

34

 

 

$

90

 

 

$

55

 

 

$

39

 

 

$

30

 

 

$

248

 

 

(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 September 30, 2024, the estimated fixed minimum fees for the remainder of the year approximated $290 million. The term for these contracts, which are either in their initial or renewal period, ranges from one to five years.

The table below presents changes in the technology services deferred revenue liability for the three and nine months ended September 30, 2024 and 2023, which is included in other liabilities on the condensed consolidated statements of financial condition:

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

Beginning balance

$

120

 

 

$

122

 

 

$

133

 

 

$

125

 

Additions(1)

 

22

 

 

 

21

 

 

 

53

 

 

 

58

 

Revenue recognized that was included
   in the beginning balance

 

(28

)

 

 

(28

)

 

 

(72

)

 

 

(68

)

Ending balance

$

114

 

 

$

115

 

 

$

114

 

 

$

115

 

 

(1)
Amounts are net of revenue recognized.
v3.24.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

16. Stock-Based Compensation

Prior to May 15, 2024, the Company maintained the BlackRock, Inc. Second Amended and Restated 1999 Stock Award and Incentive Plan. On May 15, 2024, the Company adopted, pursuant to shareholder approval, the BlackRock, Inc. Third Amended and Restated 1999 Stock Award and Incentive Plan. Any awards granted on or after May 15, 2024 are granted pursuant to such plan.

Restricted Stock Units ("RSUs")

RSU activity for the nine months ended September 30, 2024 is summarized below.

Outstanding at

RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2023

 

1,772,639

 

 

$

757.49

 

Granted

 

864,219

 

 

$

801.96

 

Converted

 

(760,294

)

 

$

760.09

 

Forfeited

 

(74,291

)

 

$

745.32

 

September 30, 2024

 

1,802,273

 

 

$

778.21

 

 

In January 2024, the Company granted as part of the 2023 annual incentive compensation approximately 347,000 RSUs to employees that vest ratably over three years from the grant date and approximately 344,000 RSUs to employees that cliff vest 100% on January 31, 2027. In addition, during the first quarter of 2024, in connection with the GIP Transaction, the Company granted incentive retention awards of approximately 106,000 RSUs to certain employees that vest between two to five years from the grant date. The Company values RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The grant-date fair market value of RSUs granted to employees during the nine months ended September 30, 2024 was $693 million.

At September 30, 2024, the intrinsic value of outstanding RSUs was $1.7 billion, reflecting a closing stock price of $949.51.

At September 30, 2024, total unrecognized stock-based compensation expense related to unvested RSUs was $645 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.4 years.

In October 2024, in connection with the GIP Transaction, the Company granted incentive retention awards of approximately 500,000 RSUs to certain employees that cliff vest 100% on October 1, 2029.

 

Performance-Based RSUs

Performance-based RSU activity for the nine months ended September 30, 2024 is summarized below.

Outstanding at

Performance-
Based RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2023

 

456,384

 

 

$

767.69

 

Granted

 

165,631

 

 

$

798.83

 

Reduction of shares due to performance measures

 

(42,341

)

 

$

739.22

 

Converted

 

(115,631

)

 

$

739.22

 

Forfeited

 

(12,365

)

 

$

784.44

 

September 30, 2024

 

451,678

 

 

$

788.61

 

 

 

In January 2024, the Company granted 165,631 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2027. These awards are amortized over a service period of three years. The number of shares distributed at vesting could be higher or lower than the original grant based on the level of attainment of predetermined Company performance measures. In January 2024, the Company reduced the number of original shares granted in 2021 by 42,341 RSUs based on the level of attainment of Company performance measures during the performance period.

The Company values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total grant-date fair market value of performance-based RSUs granted (including impact due to performance measures) to employees during the nine months ended September 30, 2024 was $101 million.

At September 30, 2024, the intrinsic value of outstanding performance-based RSUs was $429 million, reflecting a closing stock price of $949.51.

At September 30, 2024, total unrecognized stock-based compensation expense related to unvested performance-based awards was $151 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.5 years.

In October 2024, in connection with the GIP Transaction, the Company awarded a target amount of approximately 200,000 incentive retention performance-based RSUs, subject to satisfaction of a certain post-closing event. The number of shares awarded could be higher or lower than the original target amount based on the future level of attainment of the predetermined performance measure.

 

Stock Options

Stock option activity and ending balance for the nine months ended September 30, 2024 is summarized below.

 

2017 Performance-based
Options

 

 

2023 Performance-based
Options

 

 

2023 Time-based
Options

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

Outstanding at December 31, 2023

 

1,549,080

 

 

$

513.50

 

 

 

807,695

 

 

$

673.58

 

 

 

326,391

 

 

$

673.58

 

Exercised

 

(481,740

)

 

$

513.50

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited

 

(18,036

)

 

$

513.50

 

 

 

(40,725

)

 

$

673.58

 

 

 

(26,705

)

 

$

673.58

 

Outstanding at September 30, 2024

 

1,049,304

 

 

$

513.50

 

 

 

766,970

 

 

$

673.58

 

 

 

299,686

 

 

$

673.58

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Option Type

 

Exercise Prices

 

 

Options Outstanding

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

 

Exercise Prices

 

 

Options
Exercisable

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

2017 Performance-based

 

$

513.50

 

 

 

1,049,304

 

 

 

2.2

 

 

$

458

 

 

$

513.50

 

 

 

509,416

 

 

 

2.2

 

 

$

222

 

2023 Performance-based

 

$

673.58

 

 

 

766,970

 

 

 

7.7

 

 

 

212

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

2023 Time-based

 

$

673.58

 

 

 

299,686

 

 

 

7.7

 

 

 

83

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

2,115,960

 

 

 

4.9

 

 

$

753

 

 

 

 

 

 

509,416

 

 

 

2.2

 

 

$

222

 

 

At September 30, 2024, total unrecognized stock-based compensation expense related to unvested performance-based and time-based stock options was $122 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.7 years.

Performance-Based Stock Options

In 2017, the Company awarded performance-based stock option grants to certain employees ("2017 Performance-based Options"). Vesting of 2017 Performance-based Options was contingent upon the achievement of obtaining 125% of BlackRock's grant-date stock price within five years from the grant date and the attainment of Company performance measures during the four-year performance period. Both hurdles have been achieved, and the first two tranches of the awards vested at the end of 2022 and 2023, respectively, with the final equal installment vesting at the end of 2024. Vested 2017 Performance-based Options are exercisable for up to nine years following the grant date. The awards are generally forfeited if the employee leaves the Company before the respective vesting date. The expense for each tranche is amortized over the respective requisite service period. The aggregate intrinsic value of 2017 Performance-based Options exercised during the nine months ended September 30, 2024 was $150 million.

On May 30, 2023, the Company awarded performance-based options to purchase 814,482 shares of BlackRock common stock to certain employees as long-term incentive compensation ("2023 Performance-based Options"). Vesting of 2023 Performance-based Options is contingent upon the achievement of obtaining 130% of grant-date stock price over 60 calendar days within four years from the grant date and attainment of a predetermined Company performance measure during the three-year performance period. As of September 30, 2024, the price hurdle was achieved and the Company assumes that the performance measure will be achieved. Accordingly, the awards are expected to vest in three tranches of 25%, 25% and 50% in May of 2027, 2028 and 2029, respectively. Vested 2023 Performance-based Options are exercisable for up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense for each tranche is amortized over the respective requisite service period.

Time-Based Stock Options

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

See Note 17, Stock-Based Compensation, in the 2023 Form 10-K for more information on RSUs, performance-based RSUs and stock options.
v3.24.3
Net Capital Requirements
 9 Months Ended
Sep. 30, 2024
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Net Capital Requirements

17. Net Capital Requirements

The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions. As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents. Additionally, transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers.

At September 30, 2024, the Company was required to maintain approximately $2.0 billion in net capital in certain regulated subsidiaries, including BlackRock Institutional Trust Company, N.A. (a wholly owned subsidiary of the Company, which is chartered as a national bank whose powers are limited to trust and other fiduciary activities and which is subject to regulatory capital requirements administered by the US Office of the Comptroller of the Currency), entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements.
v3.24.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

18. Accumulated Other Comprehensive Income (Loss)

The following table presents changes in AOCI for the three and nine months ended September 30, 2024 and 2023:

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 (in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

 Beginning balance

$

(978

)

 

$

(880

)

 

$

(840

)

 

$

(1,101

)

Foreign currency translation adjustments(1)

 

346

 

 

 

(221

)

 

 

208

 

 

 

—

 

 Ending balance

$

(632

)

 

$

(1,101

)

 

$

(632

)

 

$

(1,101

)

 

(1)
Amounts for the three months ended September 30, 2024 and 2023 include a loss from a net investment hedge of $24 million (net of tax benefit of $7 million) and a gain from a net investment hedge of $17 million (net of tax expense of $5 million), respectively. Amounts for the nine months ended September 30, 2024 and 2023 include a loss from a net investment hedge of $6 million (net of tax benefit of $2 million) and a gain from a net investment hedge of $5 million (net of tax expense of $1 million), respectively.
v3.24.3
Capital Stock
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Capital Stock

19. Capital Stock

Share Repurchases. During the nine months ended September 30, 2024, the Company repurchased 1.6 million common shares under the Company’s existing share repurchase program for approximately $1.2 billion. At September 30, 2024, there were approximately 4.2 million shares still authorized to be repurchased under the program. The timing and actual number of shares repurchased will depend on a variety of factors, including legal limitations, price and market conditions.
v3.24.3
Restructuring Charge
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Charge

20. Restructuring Charge

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

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

The table below presents a rollforward of the Company's restructuring liability for the three and nine months ended September 30, 2024, and 2023 which is included in other liabilities on the condensed consolidated statements of financial condition.

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

 Beginning liability

$

2

 

 

$

5

 

 

$

47

 

 

$

58

 

 Cash payments

 

(2

)

 

 

(3

)

 

 

(47

)

 

 

(56

)

 Ending liability

$

—

 

 

$

2

 

 

$

—

 

 

$

2

 
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

21. Income Taxes

Income tax expense for the nine months ended September 30, 2024 included a discrete tax benefit of $137 million recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure. In addition, for the nine months ended September 30, 2024 income tax expense included $13 million of net discrete tax benefits, including a benefit related to stock-based compensation awards that vested in 2024.

Income tax expense for the three months ended September 30, 2023 included approximately $223 million of discrete tax benefits related to the resolution of certain outstanding tax matters. Income tax expense for the nine months ended September 30, 2023 included approximately $185 million of discrete tax net benefits primarily related to the resolution of certain outstanding tax matters and $41 million of discrete tax benefits related to stock-based compensations awards that vested in 2023.
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

22. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30, 2024 and 2023 under the treasury stock method:

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions, except shares and per share data)

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income attributable to BlackRock, Inc.

$

1,631

 

 

$

1,604

 

 

$

4,699

 

 

$

4,127

 

Basic weighted-average shares outstanding

 

148,049,700

 

 

 

149,155,258

 

 

 

148,392,684

 

 

 

149,553,652

 

Dilutive effect of:

 

 

 

 

 

 

 

 

 

 

 

   Nonparticipating RSUs

 

1,008,145

 

 

 

930,202

 

 

 

915,630

 

 

 

900,643

 

   Stock options

 

550,730

 

 

 

419,683

 

 

 

487,644

 

 

 

407,728

 

Total diluted weighted-average shares outstanding

 

149,608,575

 

 

 

150,505,143

 

 

 

149,795,958

 

 

 

150,862,023

 

Basic earnings per share

$

11.02

 

 

$

10.75

 

 

$

31.67

 

 

$

27.60

 

Diluted earnings per share

$

10.90

 

 

$

10.66

 

 

$

31.37

 

 

$

27.36

 

 

There were no anti-dilutive shares and an immaterial amount of anti-dilutive shares for the three and nine months ended September 30, 2024, respectively. For the three and nine months ended September 30, 2023, 328,319 and 149,684 shares, primarily related to stock options, respectively, were excluded from the calculation of diluted EPS because to include them would have an anti-dilutive effect. Certain performance-based RSUs and options were excluded from the diluted EPS calculation because the designated contingencies were not met.
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information

23. Segment Information

The Company’s management directs BlackRock’s operations as one business, the asset management business. The Company utilizes a consolidated approach to assess performance and allocate resources. As such, the Company operates in one business segment.

The following table illustrates total revenue for the three and nine months ended September 30, 2024 and 2023 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides, or affiliated services are provided.

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

3,206

 

 

$

2,979

 

 

$

9,559

 

 

$

8,792

 

Europe

 

 

1,788

 

 

 

1,361

 

 

 

4,555

 

 

 

3,876

 

Asia-Pacific

 

 

203

 

 

 

182

 

 

 

616

 

 

 

560

 

Total revenue

 

$

5,197

 

 

$

4,522

 

 

$

14,730

 

 

$

13,228

 

 

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

The following table illustrates long-lived assets that consist of goodwill and property and equipment at September 30, 2024 and December 31, 2023 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located.

 

 

September 30,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

Long-lived Assets

 

 

 

 

 

 

Americas

 

$

15,208

 

 

$

15,017

 

Europe

 

 

1,438

 

 

 

1,521

 

Asia-Pacific

 

 

99

 

 

 

98

 

Total long-lived assets

 

$

16,745

 

 

$

16,636

 

 

Americas is primarily comprised of the US, Latin America and Canada. Europe is primarily comprised of the UK, the Netherlands, Switzerland, France, Ireland and Luxembourg. Asia-Pacific is primarily comprised of Hong Kong, Australia, Japan and Singapore.
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

24. Subsequent Events

In June 2024, BlackRock announced that it had entered into a definitive agreement to acquire Preqin, a leading independent provider of private markets data, for £2.55 billion (or approximately $3.4 billion based on the GBP/USD foreign exchange rate at September 30, 2024) in cash. The Company believes bringing together Preqin's data and research tools with the complementary workflows of Aladdin and eFront in a unified platform will create a preeminent private markets technology and data provider. The Preqin Transaction is anticipated to close in the first quarter of 2025, subject to regulatory approvals and other customary closing conditions.

In October 2024, BlackRock completed the acquisition of 100% of the issued and outstanding limited liability company interests of GIP for a total consideration of approximately $3 billion in cash and approximately 12 million shares of BlackRock common stock. At close, 6.9 million shares were issued, and the remaining deferred consideration, all in stock, will be issued subject to the satisfaction of certain post-closing events. The Company believes the combination of GIP with BlackRock’s complementary infrastructure offerings creates a broad global infrastructure franchise with differentiated origination and asset management capabilities. The initial accounting for the business combination is incomplete as a result of the timing of the acquisition. Therefore, it is impractical for the Company to provide the full disclosure of required financial information at the filing date.

As a result of the closing of the GIP Transaction, on October 1, 2024, (1) BlackRock, Inc. (formerly known as BlackRock Funding, Inc.) (“New BlackRock”) became the ultimate parent company of BlackRock Finance, Inc. (formerly known as BlackRock, Inc.) (“Old BlackRock”), GIP and their respective subsidiaries and (2) each share of common stock, $0.01 par value, of Old BlackRock issued and outstanding immediately prior to the closing of the GIP Transaction was converted automatically into one share of common stock, $0.01 par value, of New BlackRock. New BlackRock also changed its name from “BlackRock Funding, Inc.” to “BlackRock, Inc.” and Old BlackRock changed its name from “BlackRock, Inc.” to “BlackRock Finance, Inc.” In addition, New BlackRock became the publicly listed company and retained the ticker symbol “BLK”. References herein to BlackRock or the Company for any period (1) prior to the closing of the GIP Transaction on October 1, 2024 refer to Old BlackRock and (2) thereafter refer to New BlackRock.

The Company conducted a review for additional subsequent events and determined that no subsequent events had occurred that would require accrual or additional disclosures.
v3.24.3
Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests (“NCI”) on the condensed consolidated statements of financial condition represent the portion of consolidated sponsored investment products (“CIPs”) and a consolidated affiliate in which the Company does not have direct equity ownership. Intercompany balances and transactions have been eliminated upon consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates.

Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and footnotes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024 (“2023 Form 10-K”).

The interim financial information at September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.

Certain prior period presentations were reclassified to ensure comparability with current period classifications.
Accounting Developments

Accounting Developments

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

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

Fair Value Measurements

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

Level 1 Inputs:

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

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

Level 2 Inputs:

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

•
Level 2 assets may include debt securities, loans held within consolidated collateralized loan obligations (“CLOs”), short-term floating-rate notes, asset-backed securities, as well as over-the-counter derivatives, including interest rate swaps and foreign currency exchange contracts that have inputs to the valuations that generally can be corroborated by observable market data.

Level 3 Inputs:

Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation.

•
Level 3 assets may include direct private equity investments, including those held within CIPs, investments in CLOs, and loans held within consolidated CLOs and CIPs.
•
Level 3 liabilities may include borrowings of consolidated CLOs and contingent liabilities related to acquisitions valued based upon discounted cash flow analyses, using unobservable market data, or other valuation techniques.

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

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

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

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

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

Fair Value Assets and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including loans, held by a consolidated CLO. As the fair value of the financial assets of the consolidated CLO is more observable than the fair value of the borrowings of the consolidated CLO, the Company measures the fair value of the borrowings of the consolidated CLO equal to the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO.
Derivatives and Hedging Activities

Derivatives and Hedging Activities. The Company does not use derivative financial instruments for trading or speculative purposes. The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. Certain CIPs also utilize derivatives as a part of their investment strategies.

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

The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the condensed consolidated statements of financial condition. Credit risks are managed through master netting and collateral support agreements. The amounts related to the right to reclaim or the obligation to return cash collateral may not be used to offset amounts due under the derivative instruments in the normal course of settlement. Therefore, such amounts are not offset against fair value amounts recognized for derivative instruments with the same counterparty and are included in other assets and other liabilities. Changes in the fair value of the Company’s derivative financial instruments are recognized in earnings and, where applicable, are offset by the corresponding gain or loss on the related foreign-denominated or hedged assets or liabilities, on the condensed consolidated statements of income.

The Company may also use financial instruments designated as net investment hedges for accounting purposes to hedge net investments in international subsidiaries, the functional currency of which is not United States ("US") dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge at least quarterly.
Separate Account Assets and Liabilities

Separate Account Assets and Liabilities. Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom (“UK”), and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition.

The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income.
Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements

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

In situations where the Company obtains the legal title to collateral under these securities lending arrangements, the Company records an asset on the condensed consolidated statements of financial condition in addition to an equal collateral liability for the obligation to return the collateral. Additionally, in situations where the Company obtains a first ranking priority security interest in the collateral, the Company does not have the ability to pledge or resell the collateral and therefore does not record the collateral on the condensed consolidated statements of financial condition. At September 30, 2024 and December 31, 2023, the fair value of loaned securities held by separate accounts was approximately $10.8 billion and $9.3 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $11.7 billion and $10.1 billion, respectively, of which approximately $6.4 billion as of September 30, 2024 and $4.6 billion as of December 31, 2023 was recognized on the condensed consolidated statements of financial condition. During the nine months ended September 30, 2024 and 2023, the Company had not resold or repledged any of the collateral obtained under these arrangements. The securities lending revenue earned from lending securities held by the separate accounts is included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income.
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 31. In its assessment of goodwill for impairment, the Company considers such factors as the book value and market capitalization of the Company. See Note 9, Goodwill, for further information on the Company's goodwill.

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 estimated 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 31. 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. See Note 10, Intangible Assets, for further information on the Company’s intangible assets.

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.
v3.24.3
Cash, Cash Equivalents and Restricted Cash (Tables)
 9 Months Ended
Sep. 30, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

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

 

 

September 30,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

Cash and cash equivalents

 

$

14,037

 

 

$

8,736

 

Restricted cash included in other assets

 

 

17

 

 

 

17

 

Total cash, cash equivalents and restricted cash

 

$

14,054

 

 

$

8,753

 
v3.24.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Carrying Value of Total Investments

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

 

September 30,

 

 

December 31,

 

(in millions)

2024

 

 

2023

 

Debt securities:

 

 

 

 

 

Trading securities (including $1,889 and $1,829 held by CIPs at
   September 30, 2024 and December 31, 2023, respectively)

$

1,969

 

 

$

1,871

 

Held-to-maturity investments

 

566

 

 

 

617

 

Total debt securities

 

2,535

 

 

 

2,488

 

Equity securities at FVTNI (including $2,297 and $1,429 held by CIPs at
   September 30, 2024 and December 31, 2023, respectively)(1)

 

2,532

 

 

 

1,585

 

Equity method investments:

 

 

 

 

 

Equity method investments(2)

 

2,631

 

 

 

2,515

 

Investments related to deferred cash compensation plans(1)

 

171

 

 

 

241

 

Total equity method investments

 

2,802

 

 

 

2,756

 

Loans held by CIPs

 

157

 

 

 

205

 

Federal Reserve Bank stock(3)

 

93

 

 

 

92

 

Carried interest(4)

 

1,991

 

 

 

1,975

 

Other investments(5)

 

429

 

 

 

639

 

Total investments

$

10,539

 

 

$

9,740

 

 

(1)
Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans comprised of equity method investments of $171 million and $241 million at September 30, 2024 and December 31, 2023, respectively, and equity securities held at fair value recorded through net income ("FVTNI") of $12 million and $14 million at September 30, 2024 and December 31, 2023, respectively.
(2)
Equity method investments include BlackRock’s direct investments in certain BlackRock sponsored investment funds.
(3)
Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.
(4)
Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds.
(5)
Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes, and private equity, real asset, and commodity investments held by CIPs, which are measured at fair value.
Summary of Cost and Carrying Value of Equity and Trading Debt Securities

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

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

December 31, 2023

 

(in millions)

Cost

 

 

Carrying
Value

 

 

Cost

 

 

Carrying
Value

 

Trading debt securities:

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

1,095

 

 

$

1,120

 

 

$

1,225

 

 

$

1,218

 

Government debt

 

683

 

 

 

681

 

 

 

501

 

 

 

489

 

Asset/mortgage-backed debt

 

182

 

 

 

168

 

 

 

185

 

 

 

164

 

Total trading debt securities

$

1,960

 

 

$

1,969

 

 

$

1,911

 

 

$

1,871

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

$

2,319

 

 

$

2,532

 

 

$

1,520

 

 

$

1,585

 
v3.24.3
Consolidated Sponsored Investment Products (Tables)
 9 Months Ended
Sep. 30, 2024
Statement of Financial Position [Abstract]  
Consolidated VIEs And VREs Recorded in Condensed Consolidated Statements of Financial Condition

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

 

 

September 30, 2024

 

 

December 31, 2023

 

(in millions)

 

VIEs

 

 

VREs

 

 

Total

 

 

VIEs

 

 

VREs

 

 

Total

 

Cash and cash equivalents(1)

 

$

140

 

 

$

40

 

 

$

180

 

 

$

234

 

 

$

54

 

 

$

288

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

 

1,590

 

 

 

299

 

 

 

1,889

 

 

 

1,423

 

 

 

406

 

 

 

1,829

 

Equity securities at FVTNI

 

 

1,785

 

 

 

512

 

 

 

2,297

 

 

 

1,059

 

 

 

370

 

 

 

1,429

 

Loans

 

 

153

 

 

 

4

 

 

 

157

 

 

 

195

 

 

 

10

 

 

 

205

 

Other investments

 

 

353

 

 

 

36

 

 

 

389

 

 

 

427

 

 

 

171

 

 

 

598

 

Carried interest

 

 

1,910

 

 

 

—

 

 

 

1,910

 

 

 

1,916

 

 

 

—

 

 

 

1,916

 

Total investments

 

 

5,791

 

 

 

851

 

 

 

6,642

 

 

 

5,020

 

 

 

957

 

 

 

5,977

 

Other assets

 

 

82

 

 

 

15

 

 

 

97

 

 

 

83

 

 

 

39

 

 

 

122

 

Other liabilities(2)

 

 

(2,191

)

 

 

(64

)

 

 

(2,255

)

 

 

(2,233

)

 

 

(108

)

 

 

(2,341

)

Noncontrolling interest - CIPs

 

 

(2,215

)

 

 

(168

)

 

 

(2,383

)

 

 

(1,625

)

 

 

(226

)

 

 

(1,851

)

BlackRock's net interest in CIPs

 

$

1,607

 

 

$

674

 

 

$

2,281

 

 

$

1,479

 

 

$

716

 

 

$

2,195

 

 

(1)
The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
(2)
At both September 30, 2024 and December 31, 2023, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.
Schedule of Nonoperating Gains (Loss) Related to Consolidated Variable Interest Entity

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Nonoperating net gain (loss) on consolidated VIEs

 

$

114

 

 

$

(26

)

 

$

251

 

 

$

113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to NCI on consolidated VIEs

 

$

54

 

 

$

(8

)

 

$

139

 

 

$

65

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.24.3
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2024
Variable Interest Entity, Not Primary Beneficiary [Member]  
Variable Interest Entity [Line Items]  
Schedule of VIE Assets and Liabilities At September 30, 2024 and December 31, 2023, the Company’s carrying value of assets and liabilities included on the condensed consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs for which it held a variable interest, but for which it was not the primary beneficiary, was as follows:

 

 

 

 

Advisory Fee

 

 

Other Net Assets

 

 

Maximum

 

(in millions)

Investments

 

Receivables

 

(Liabilities)

 

Risk of Loss(1)

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 Sponsored investment
   products

$

2,290

 

$

141

 

$

(11

)

$

2,448

 

December 31, 2023

 

 

 

 

 Sponsored investment
   products

$

2,377

 

$

116

 

$

(11

)

$

2,510

 

 

(1)
At both September 30, 2024 and December 31, 2023, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of receivables.
v3.24.3
Fair Value Disclosures (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis

September 30, 2024
(in millions)

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Investments
Measured at
NAV(1)

 

 

Other(2)

 

 

September 30,
 2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,890

 

 

$

79

 

 

$

—

 

 

$

—

 

 

$

1,969

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

566

 

 

 

566

 

Total debt securities

 

—

 

 

 

1,890

 

 

 

79

 

 

 

—

 

 

 

566

 

 

 

2,535

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

2,532

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,532

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

335

 

 

 

122

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

457

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

607

 

 

 

—

 

 

 

607

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,104

 

 

 

—

 

 

 

1,104

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

463

 

 

 

—

 

 

 

463

 

Investments related to deferred
   cash compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

171

 

 

 

—

 

 

 

171

 

Total equity method

 

335

 

 

 

122

 

 

 

—

 

 

 

2,345

 

 

 

—

 

 

 

2,802

 

Loans held by CIPs

 

—

 

 

 

16

 

 

 

141

 

 

 

—

 

 

 

—

 

 

 

157

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

93

 

 

 

93

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,991

 

 

 

1,991

 

Other investments

 

14

 

 

 

—

 

 

 

—

 

 

 

260

 

 

 

155

 

 

 

429

 

Total investments

 

2,881

 

 

 

2,028

 

 

 

220

 

 

 

2,605

 

 

 

2,805

 

 

 

10,539

 

Other assets(3)

 

148

 

 

 

35

 

 

 

157

 

 

 

—

 

 

 

—

 

 

 

340

 

Separate account assets

 

34,676

 

 

 

21,494

 

 

 

—

 

 

 

—

 

 

 

519

 

 

 

56,689

 

Separate account collateral held under
 securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

3,790

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,790

 

Debt securities

 

—

 

 

 

2,565

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,565

 

Total separate account collateral held
   under securities lending agreements

 

3,790

 

 

 

2,565

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,355

 

Total

$

41,495

 

 

$

26,122

 

 

$

377

 

 

$

2,605

 

 

$

3,324

 

 

$

73,923

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

3,790

 

 

$

2,565

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

6,355

 

Other liabilities(4)

 

—

 

 

 

13

 

 

 

279

 

 

 

—

 

 

 

—

 

 

 

292

 

Total

$

3,790

 

 

$

2,578

 

 

$

279

 

 

$

—

 

 

$

—

 

 

$

6,647

 

 

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

December 31, 2023
(in millions)

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Investments
Measured at
NAV(1)

 

 

Other(2)

 

 

December 31,
2023

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,829

 

 

$

42

 

 

$

—

 

 

$

—

 

 

$

1,871

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

617

 

 

 

617

 

Total debt securities

 

—

 

 

 

1,829

 

 

 

42

 

 

 

—

 

 

 

617

 

 

 

2,488

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,585

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,585

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

246

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

246

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

588

 

 

 

—

 

 

 

588

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,264

 

 

 

—

 

 

 

1,264

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

417

 

 

 

—

 

 

 

417

 

Investments related to deferred cash
   compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

241

 

 

 

—

 

 

 

241

 

Total equity method

 

246

 

 

 

—

 

 

 

—

 

 

 

2,510

 

 

 

—

 

 

 

2,756

 

Loans held by CIPs

 

—

 

 

 

30

 

 

 

175

 

 

 

—

 

 

 

—

 

 

 

205

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

92

 

 

 

92

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,975

 

 

 

1,975

 

Other investments

 

15

 

 

 

—

 

 

 

—

 

 

 

467

 

 

 

157

 

 

 

639

 

Total investments

 

1,846

 

 

 

1,859

 

 

 

217

 

 

 

2,977

 

 

 

2,841

 

 

 

9,740

 

Other assets(3)

 

117

 

 

 

19

 

 

 

120

 

 

 

—

 

 

 

—

 

 

 

256

 

Separate account assets

 

34,621

 

 

 

20,810

 

 

 

—

 

 

 

—

 

 

 

667

 

 

 

56,098

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

1,686

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,686

 

Debt securities

 

—

 

 

 

2,872

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,872

 

Total separate account collateral held
   under securities lending agreements

 

1,686

 

 

 

2,872

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,558

 

Total

$

38,270

 

 

$

25,560

 

 

$

337

 

 

$

2,977

 

 

$

3,508

 

 

$

70,652

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

1,686

 

 

$

2,872

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

4,558

 

Other liabilities(4)

 

—

 

 

 

17

 

 

 

279

 

 

 

—

 

 

 

—

 

 

 

296

 

Total

$

1,686

 

 

$

2,889

 

 

$

279

 

 

$

—

 

 

$

—

 

 

$

4,854

 

 

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

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2024

(in millions)

 

June 30,
 2024

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
 2024

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

82

 

 

$

(2

)

 

$

—

 

 

$

(1

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

79

 

 

$

(2

)

Loans

 

 

225

 

 

 

1

 

 

 

4

 

 

 

(87

)

 

 

—

 

 

 

2

 

 

 

(4

)

 

 

141

 

 

 

1

 

Total investments

 

 

307

 

 

 

(1

)

 

 

4

 

 

 

(88

)

 

 

—

 

 

 

2

 

 

 

(4

)

 

 

220

 

 

 

(1

)

Other assets

 

 

150

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

157

 

 

 

7

 

Total assets

 

$

457

 

 

$

6

 

 

$

4

 

 

$

(88

)

 

$

—

 

 

$

2

 

 

$

(4

)

 

$

377

 

 

$

6

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

298

 

 

$

16

 

 

$

—

 

 

$

—

 

 

$

(3

)

 

$

—

 

 

$

—

 

 

$

279

 

 

$

16

 

 

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

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2024

(in millions)

 

December 31,
2023

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
2024

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

42

 

 

$

2

 

 

$

36

 

 

$

(1

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

79

 

 

$

2

 

Loans

 

 

175

 

 

 

1

 

 

 

402

 

 

 

(441

)

 

 

—

 

 

 

11

 

 

 

(7

)

 

 

141

 

 

 

1

 

Total investments

 

 

217

 

 

 

3

 

 

 

438

 

 

 

(442

)

 

 

—

 

 

 

11

 

 

 

(7

)

 

 

220

 

 

 

3

 

Other assets

 

 

120

 

 

 

—

 

 

 

37

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

157

 

 

 

—

 

Total assets

 

$

337

 

 

$

3

 

 

$

475

 

 

$

(442

)

 

$

—

 

 

$

11

 

 

$

(7

)

 

$

377

 

 

$

3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

279

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

279

 

 

$

19

 

 

(1)
Issuances and other settlements amount includes a contingent liability in connection with the acquisition of the remaining equity interest in SpiderRock Advisors ("SRA") in May 2024 (the "SpiderRock Transaction"), partially offset by repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2023

(in millions)

 

June 30,
2023

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
2023

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

41

 

 

$

(1

)

 

$

2

 

 

$

(2

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

40

 

 

$

(1

)

Loans

 

 

266

 

 

 

(17

)

 

 

117

 

 

 

—

 

 

 

—

 

 

 

23

 

 

 

(8

)

 

 

381

 

 

 

(17

)

Total investments

 

 

307

 

 

 

(18

)

 

 

119

 

 

 

(2

)

 

 

—

 

 

 

23

 

 

 

(8

)

 

 

421

 

 

 

(18

)

Other assets

 

 

109

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

107

 

 

 

(2

)

Total assets

 

$

416

 

 

$

(20

)

 

$

119

 

 

$

(2

)

 

$

—

 

 

$

23

 

 

$

(8

)

 

$

528

 

 

$

(20

)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

254

 

 

$

3

 

 

$

—

 

 

$

—

 

 

$

44

 

 

$

—

 

 

$

—

 

 

$

295

 

 

$

3

 

 

 

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

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2023

(in millions)

 

December 31,
2022

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

September 30,
2023

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

52

 

 

$

(1

)

 

$

8

 

 

$

(19

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

40

 

 

$

(1

)

Loans

 

 

248

 

 

 

6

 

 

 

129

 

 

 

(21

)

 

 

—

 

 

 

33

 

 

 

(14

)

 

 

381

 

 

 

6

 

Total investments

 

 

300

 

 

 

5

 

 

 

137

 

 

 

(40

)

 

 

—

 

 

 

33

 

 

 

(14

)

 

 

421

 

 

 

5

 

Other assets

 

 

—

 

 

 

(2

)

 

 

109

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

107

 

 

 

(2

)

Total assets

 

$

300

 

 

$

3

 

 

$

246

 

 

$

(40

)

 

$

—

 

 

$

33

 

 

$

(14

)

 

$

528

 

 

$

3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

280

 

 

$

7

 

 

$

—

 

 

$

—

 

 

$

22

 

 

$

—

 

 

$

—

 

 

$

295

 

 

$

7

 

 

 

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

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At September 30, 2024 and December 31, 2023, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

 

September 30, 2024

 

 

December 31, 2023

 

 

 

 

(in millions)

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Fair Value
Hierarchy

 

Financial Assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

14,037

 

 

$

14,037

 

 

$

8,736

 

 

$

8,736

 

 

Level 1

(2)(3)

Other assets

$

87

 

 

$

87

 

 

$

80

 

 

$

80

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

$

12,370

 

 

$

12,279

 

 

$

7,918

 

 

$

7,413

 

 

Level 2

(5)

 

(1)
See Note 4, Investments, for further information on investments not held at fair value.
(2)
Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.
(3)
At September 30, 2024 and December 31, 2023, approximately $8.2 billion and $3.4 billion, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund.
(4)
At September 30, 2024 and December 31, 2023, other assets included cash collateral of approximately $70 million and $63 million, respectively. See Note 8, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $17 million of restricted cash at both September 30, 2024 and December 31, 2023.
(5)
Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined using market prices and the EUR/USD foreign exchange rate at the end of September 2024 and December 2023, respectively. See Note 13, Borrowings, for the fair value of each of the Company’s long-term borrowings.
Investments in Certain Entities that Calculate Net Asset Value per Share The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent).

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

607

 

 

$

136

 

 

Daily/Monthly (11%)
Quarterly (9%)
N/R (80%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,104

 

 

 

230

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

463

 

 

 

222

 

 

Quarterly (8%)
N/R (92%)

 

60 days

Investments related to deferred
   cash compensation plan

 

(d)

 

 

171

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

161

 

 

 

46

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

7

 

 

 

43

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

92

 

 

 

63

 

 

Quarterly (60%)
N/R (40%)

 

90 days

Total

 

 

 

$

2,605

 

 

$

740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

588

 

 

$

134

 

 

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

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,264

 

 

 

218

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

417

 

 

 

210

 

 

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

 

60 days

Investments related to deferred
   cash compensation plan

 

(d)

 

 

241

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

154

 

 

 

62

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

145

 

 

 

37

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

168

 

 

 

64

 

 

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

 

90 days

Total

 

 

 

$

2,977

 

 

$

725

 

 

 

 

 

 

 

N/R – Not Redeemable

(1)
Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value.
(a)
This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both September 30, 2024 and December 31, 2023.
(b)
This category includes private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds and may also include other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. The liquidation period for the investments in these funds is unknown at both September 30, 2024 and December 31, 2023.
(c)
This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds. The liquidation period for the investments in the funds that are not subject to redemptions is unknown at both September 30, 2024 and December 31, 2023. The total remaining unfunded commitments were $268 million and $272 million at September 30, 2024 and December 31, 2023, respectively. The Company’s portion of the total remaining unfunded commitments was $241 million and $248 million at September 30, 2024 and December 31, 2023, respectively.
(d)
This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company's ownership interest in partners' capital. The investments in hedge funds will be redeemed upon settlement of certain deferred cash compensation liabilities.
(e)
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 September 30, 2024 and December 31, 2023:

 

 

September 30,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

CLO loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

170

 

 

$

203

 

Fair value

 

 

153

 

 

 

194

 

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

 

$

17

 

 

$

9

 

 

 

 

 

 

 

CLO Borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

158

 

 

$

190

 

Fair value

 

$

142

 

 

$

180

 
v3.24.3
Derivative and Hedging (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Values of Derivatives Instruments Recognized in Condensed Consolidated Statements of Financial Condition

The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at September 30, 2024 and December 31, 2023:

 

Assets

 

 

Liabilities

 

(in millions)

Statement of
Financial
Condition
Classification

 

September 30, 2024

 

 

December 31, 2023

 

 

Statement of
Financial
Condition
Classification

 

September 30, 2024

 

 

December 31, 2023

 

Derivative Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign currency
   exchange contracts

Other assets

 

$

35

 

 

$

19

 

 

Other liabilities

 

$

2

 

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

September 30,

 

 

September 30,

 

 

 

Statement of Income

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(in millions)

 

Classification

 

Gains (Losses)

 

 

Gains (Losses)

 

Derivative Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange traded futures(1)

 

Net gain (loss) on investments

 

$

(69

)

 

$

72

 

 

$

(104

)

 

$

14

 

Forward foreign currency
   exchange contracts

 

General and administration expense

 

 

116

 

 

 

(66

)

 

 

120

 

 

 

29

 

Total gain (loss) from derivative
   instruments

 

 

 

$

47

 

 

$

6

 

 

$

16

 

 

$

43

 

 

(1)
Amounts for the three months ended September 30, 2024 and 2023 include $78 million of losses and $81 million of gains on futures used in a macro hedging strategy of seed investments, respectively, and $9 million of gains and $9 million of losses on futures used to economically hedge certain deferred cash compensation plans, respectively. Amounts for the nine months ended September 30, 2024 and 2023 include $127 million of losses and $6 million of gains on futures used in a macro hedging strategy of seed investments, respectively, and $23 million and $8 million of gains on futures used to economically hedge certain deferred cash compensation plans, respectively.
v3.24.3
Goodwill (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Activity

Goodwill activity during the nine months ended September 30, 2024 was as follows:

 (in millions)

 

 

 December 31, 2023

$

15,524

 

Acquisition(1)

 

131

 

Other

 

10

 

 September 30, 2024

$

15,665

 

 

Amount represents goodwill in connection with the SpiderRock Transaction. This transaction expands on BlackRock’s minority investment in SRA made in 2021 and reinforces BlackRock’s commitment to personalized separately managed accounts.
v3.24.3
Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amounts of Identifiable Intangible Assets

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

 (in millions)

Indefinite-lived

 

 

Finite-lived

 

 

Total

 

 December 31, 2023

$

17,578

 

 

$

680

 

 

$

18,258

 

Acquisition(1)

 

—

 

 

 

37

 

 

 

37

 

Amortization and impairment expense

 

(50

)

 

 

(116

)

 

 

(166

)

Other

 

—

 

 

 

5

 

 

 

5

 

 September 30, 2024

$

17,528

 

 

$

606

 

 

$

18,134

 

 

(1)
In connection with the SpiderRock Transaction, the Company acquired approximately $29 million of finite-lived customer relationships and $8 million of finite-lived technology-related intangible assets with weighted-average estimated lives of approximately eleven and five years, respectively.
v3.24.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Components of Lease Cost

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

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

Lease cost:

 

 

 

 

 

 

 

 

 

 

 

Operating lease cost(1)

$

45

 

 

$

43

 

 

$

136

 

 

$

144

 

Variable lease cost(2)

 

16

 

 

 

15

 

 

 

43

 

 

 

35

 

Total lease cost

$

61

 

 

$

58

 

 

$

179

 

 

$

179

 

 

(1)
Amounts include short-term leases, which are immaterial for the three and nine months ended September 30, 2024 and 2023.
(2)
Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities.
Schedule of Supplemental Information Related to Operating Lease

Supplemental information related to operating leases is summarized below:

 

 

Nine Months Ended

 

 

 

September 30,

 

(in millions)

 

2024

 

 

2023

 

Supplemental cash flow information:

 

 

 

 

 

 

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

 

$

136

 

 

$

109

 

 

 

 

 

 

 

 

Supplemental noncash information:

 

 

 

 

 

 

ROU assets in exchange for operating lease liabilities

 

$

104

 

 

$

20

 

 

 

September 30,

 

December 31,

 

2024

 

2023

Lease term and discount rate:

 

 

 

 

 

 

 

Weighted-average remaining lease term

 

15

 

years

 

 

15

 

years

Weighted-average discount rate

 

3

 

%

 

 

3

 

%
v3.24.3
Borrowings (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Carrying Value and Fair Value of Long-Term Borrowings Determined Market Prices EUR/USD Foreign Exchange Rate

The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at September 30, 2024 included the following:

(in millions)

Maturity
Amount

 

 

Unamortized
Discount
and Debt
Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

1.25% Notes due 2025

$

781

 

 

$

—

 

 

$

781

 

 

$

772

 

3.20% Notes due 2027

 

700

 

 

 

(2

)

 

 

698

 

 

 

689

 

4.60% Notes due 2027(2)

 

800

 

 

 

(2

)

 

 

798

 

 

 

815

 

3.25% Notes due 2029

 

1,000

 

 

 

(7

)

 

 

993

 

 

 

972

 

4.70% Notes due 2029(2)

 

500

 

 

 

(3

)

 

 

497

 

 

 

514

 

2.40% Notes due 2030

 

1,000

 

 

 

(3

)

 

 

997

 

 

 

915

 

1.90% Notes due 2031

 

1,250

 

 

 

(8

)

 

 

1,242

 

 

 

1,091

 

2.10% Notes due 2032

 

1,000

 

 

 

(11

)

 

 

989

 

 

 

862

 

4.75% Notes due 2033

 

1,250

 

 

 

(18

)

 

 

1,232

 

 

 

1,285

 

5.00% Notes due 2034(2)

 

1,000

 

 

 

(7

)

 

 

993

 

 

 

1,040

 

4.90% Notes due 2035(2)

 

500

 

 

 

(5

)

 

 

495

 

 

 

515

 

5.25% Notes due 2054(2)

 

1,500

 

 

 

(32

)

 

 

1,468

 

 

 

1,549

 

5.35% Notes due 2055(2)

 

1,200

 

 

 

(13

)

 

 

1,187

 

 

 

1,260

 

Total long-term borrowings

$

12,481

 

 

$

(111

)

 

$

12,370

 

 

$

12,279

 

 

(1)
The unamortized discount and debt issuance costs are amortized over the term of the notes.
(2)
Issued by BlackRock Funding and guaranteed by BlackRock.
v3.24.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type

The table below presents detail of revenue for the three and nine months ended September 30, 2024 and 2023 and includes the product mix of investment advisory, administration fees and securities lending revenue, and performance fees.

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and
   securities lending revenue:

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

Active

$

553

 

 

$

510

 

 

$

1,608

 

 

$

1,516

 

ETFs

 

1,309

 

 

 

1,136

 

 

 

3,749

 

 

 

3,316

 

Non-ETF index

 

198

 

 

 

186

 

 

 

575

 

 

 

560

 

Equity subtotal

 

2,060

 

 

 

1,832

 

 

 

5,932

 

 

 

5,392

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

Active

 

493

 

 

 

479

 

 

 

1,458

 

 

 

1,429

 

ETFs

 

354

 

 

 

315

 

 

 

1,007

 

 

 

919

 

Non-ETF index

 

93

 

 

 

93

 

 

 

273

 

 

 

268

 

Fixed income subtotal

 

940

 

 

 

887

 

 

 

2,738

 

 

 

2,616

 

Multi-asset

 

325

 

 

 

308

 

 

 

952

 

 

 

904

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

Illiquid alternatives

 

235

 

 

 

231

 

 

 

716

 

 

 

638

 

Liquid alternatives

 

143

 

 

 

143

 

 

 

422

 

 

 

434

 

Currency and commodities(1)

 

63

 

 

 

46

 

 

 

167

 

 

 

141

 

Alternatives subtotal

 

441

 

 

 

420

 

 

 

1,305

 

 

 

1,213

 

Long-term

 

3,766

 

 

 

3,447

 

 

 

10,927

 

 

 

10,125

 

Cash management

 

264

 

 

 

234

 

 

 

756

 

 

 

669

 

Total investment advisory, administration fees
   and securities lending revenue

 

4,030

 

 

 

3,681

 

 

 

11,683

 

 

 

10,794

 

Investment advisory performance fees:

 

 

 

 

 

 

 

 

 

 

 

Equity

 

13

 

 

 

17

 

 

 

49

 

 

 

38

 

Fixed income

 

3

 

 

 

1

 

 

 

12

 

 

 

2

 

Multi-asset

 

1

 

 

 

5

 

 

 

14

 

 

 

23

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

Illiquid alternatives

 

7

 

 

 

24

 

 

 

200

 

 

 

124

 

Liquid alternatives

 

364

 

 

 

23

 

 

 

481

 

 

 

56

 

Alternatives subtotal

 

371

 

 

 

47

 

 

 

681

 

 

 

180

 

Total investment advisory performance fees

 

388

 

 

 

70

 

 

 

756

 

 

 

243

 

Technology services revenue

 

403

 

 

 

407

 

 

 

1,175

 

 

 

1,106

 

Distribution fees

 

323

 

 

 

321

 

 

 

951

 

 

 

959

 

Advisory and other revenue:

 

 

 

 

 

 

 

 

 

 

 

Advisory

 

11

 

 

 

21

 

 

 

35

 

 

 

66

 

Other

 

42

 

 

 

22

 

 

 

130

 

 

 

60

 

Total advisory and other revenue

 

53

 

 

 

43

 

 

 

165

 

 

 

126

 

Total revenue

$

5,197

 

 

$

4,522

 

 

$

14,730

 

 

$

13,228

 

 

(1)
Amounts include commodity ETFs and exchange-traded products.

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

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

By client type:

 

 

 

 

 

 

 

 

 

 

 

Retail

$

1,085

 

 

$

1,046

 

 

$

3,179

 

 

$

3,122

 

ETFs

 

1,726

 

 

 

1,498

 

 

 

4,928

 

 

 

4,376

 

Institutional:

 

 

 

 

 

 

 

 

 

 

 

Active

 

720

 

 

 

670

 

 

 

2,127

 

 

 

1,932

 

Index

 

235

 

 

 

233

 

 

 

693

 

 

 

695

 

Total institutional

 

955

 

 

 

903

 

 

 

2,820

 

 

 

2,627

 

Long-term

 

3,766

 

 

 

3,447

 

 

 

10,927

 

 

 

10,125

 

Cash management

 

264

 

 

 

234

 

 

 

756

 

 

 

669

 

Total

$

4,030

 

 

$

3,681

 

 

$

11,683

 

 

$

10,794

 

 

 

 

 

 

 

 

 

 

 

 

 

By investment style:

 

 

 

 

 

 

 

 

 

 

 

Active

$

1,739

 

 

$

1,662

 

 

$

5,126

 

 

$

4,903

 

Index and ETFs

 

2,027

 

 

 

1,785

 

 

 

5,801

 

 

 

5,222

 

Long-term

 

3,766

 

 

 

3,447

 

 

 

10,927

 

 

 

10,125

 

Cash management

 

264

 

 

 

234

 

 

 

756

 

 

 

669

 

Total

$

4,030

 

 

$

3,681

 

 

$

11,683

 

 

$

10,794

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations

The tables below present estimated investment advisory and administration fees expected to be recognized in the future related to the unsatisfied portion of the performance obligations at September 30, 2024 and 2023:

September 30, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

52

 

 

$

191

 

 

$

172

 

 

$

128

 

 

$

48

 

 

$

591

 

 

September 30, 2023

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2023

 

 

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

51

 

 

$

173

 

 

$

141

 

 

$

119

 

 

$

89

 

 

$

573

 

 

(1)
Investment advisory and administration fees include management fees related to certain alternative products, which are based on contractual committed capital outstanding at September 30, 2024 and 2023. Actual management fees could be higher to the extent additional committed capital is raised. These fees are generally billed on a quarterly basis in arrears.
(2)
The Company elected the following practical expedients and therefore does not include amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.
Schedule of Changes in Deferred Carried Interest Liability

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three and nine months ended September 30, 2024 and 2023:

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

Beginning balance

$

1,886

 

 

$

1,651

 

 

$

1,783

 

 

$

1,420

 

Net increase (decrease) in unrealized allocations

 

79

 

 

 

250

 

 

 

351

 

 

 

569

 

Performance fee revenue recognized

 

(5

)

 

 

(12

)

 

 

(174

)

 

 

(100

)

Ending balance

$

1,960

 

 

$

1,889

 

 

$

1,960

 

 

$

1,889

 
Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations

The tables below present estimated technology services revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at September 30, 2024 and 2023:

September 30, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

44

 

 

$

101

 

 

$

72

 

 

$

42

 

 

$

47

 

 

$

306

 

 

September 30, 2023

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2023

 

 

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

34

 

 

$

90

 

 

$

55

 

 

$

39

 

 

$

30

 

 

$

248

 

 

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

The table below presents changes in the technology services deferred revenue liability for the three and nine months ended September 30, 2024 and 2023, which is included in other liabilities on the condensed consolidated statements of financial condition:

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

Beginning balance

$

120

 

 

$

122

 

 

$

133

 

 

$

125

 

Additions(1)

 

22

 

 

 

21

 

 

 

53

 

 

 

58

 

Revenue recognized that was included
   in the beginning balance

 

(28

)

 

 

(28

)

 

 

(72

)

 

 

(68

)

Ending balance

$

114

 

 

$

115

 

 

$

114

 

 

$

115

 

 

(1)
Amounts are net of revenue recognized.
v3.24.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Restricted Stock and RSU Activity

RSU activity for the nine months ended September 30, 2024 is summarized below.

Outstanding at

RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2023

 

1,772,639

 

 

$

757.49

 

Granted

 

864,219

 

 

$

801.96

 

Converted

 

(760,294

)

 

$

760.09

 

Forfeited

 

(74,291

)

 

$

745.32

 

September 30, 2024

 

1,802,273

 

 

$

778.21

 
Stock Option Activity

Stock option activity and ending balance for the nine months ended September 30, 2024 is summarized below.

 

2017 Performance-based
Options

 

 

2023 Performance-based
Options

 

 

2023 Time-based
Options

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

Outstanding at December 31, 2023

 

1,549,080

 

 

$

513.50

 

 

 

807,695

 

 

$

673.58

 

 

 

326,391

 

 

$

673.58

 

Exercised

 

(481,740

)

 

$

513.50

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited

 

(18,036

)

 

$

513.50

 

 

 

(40,725

)

 

$

673.58

 

 

 

(26,705

)

 

$

673.58

 

Outstanding at September 30, 2024

 

1,049,304

 

 

$

513.50

 

 

 

766,970

 

 

$

673.58

 

 

 

299,686

 

 

$

673.58

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Option Type

 

Exercise Prices

 

 

Options Outstanding

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

 

Exercise Prices

 

 

Options
Exercisable

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

2017 Performance-based

 

$

513.50

 

 

 

1,049,304

 

 

 

2.2

 

 

$

458

 

 

$

513.50

 

 

 

509,416

 

 

 

2.2

 

 

$

222

 

2023 Performance-based

 

$

673.58

 

 

 

766,970

 

 

 

7.7

 

 

 

212

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

2023 Time-based

 

$

673.58

 

 

 

299,686

 

 

 

7.7

 

 

 

83

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

2,115,960

 

 

 

4.9

 

 

$

753

 

 

 

 

 

 

509,416

 

 

 

2.2

 

 

$

222

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

Performance-based RSU activity for the nine months ended September 30, 2024 is summarized below.

Outstanding at

Performance-
Based RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2023

 

456,384

 

 

$

767.69

 

Granted

 

165,631

 

 

$

798.83

 

Reduction of shares due to performance measures

 

(42,341

)

 

$

739.22

 

Converted

 

(115,631

)

 

$

739.22

 

Forfeited

 

(12,365

)

 

$

784.44

 

September 30, 2024

 

451,678

 

 

$

788.61

 

 
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Changes in AOCI

The following table presents changes in AOCI for the three and nine months ended September 30, 2024 and 2023:

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 (in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

 Beginning balance

$

(978

)

 

$

(880

)

 

$

(840

)

 

$

(1,101

)

Foreign currency translation adjustments(1)

 

346

 

 

 

(221

)

 

 

208

 

 

 

—

 

 Ending balance

$

(632

)

 

$

(1,101

)

 

$

(632

)

 

$

(1,101

)

 

(1)
Amounts for the three months ended September 30, 2024 and 2023 include a loss from a net investment hedge of $24 million (net of tax benefit of $7 million) and a gain from a net investment hedge of $17 million (net of tax expense of $5 million), respectively. Amounts for the nine months ended September 30, 2024 and 2023 include a loss from a net investment hedge of $6 million (net of tax benefit of $2 million) and a gain from a net investment hedge of $5 million (net of tax expense of $1 million), respectively.
v3.24.3
Restructuring Charge (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Rollforward of Restructuring Liability Included in Other Liabilities

The table below presents a rollforward of the Company's restructuring liability for the three and nine months ended September 30, 2024, and 2023 which is included in other liabilities on the condensed consolidated statements of financial condition.

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

 Beginning liability

$

2

 

 

$

5

 

 

$

47

 

 

$

58

 

 Cash payments

 

(2

)

 

 

(3

)

 

 

(47

)

 

 

(56

)

 Ending liability

$

—

 

 

$

2

 

 

$

—

 

 

$

2

 
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings per Share ("EPS") under Treasury Stock Method

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30, 2024 and 2023 under the treasury stock method:

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions, except shares and per share data)

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income attributable to BlackRock, Inc.

$

1,631

 

 

$

1,604

 

 

$

4,699

 

 

$

4,127

 

Basic weighted-average shares outstanding

 

148,049,700

 

 

 

149,155,258

 

 

 

148,392,684

 

 

 

149,553,652

 

Dilutive effect of:

 

 

 

 

 

 

 

 

 

 

 

   Nonparticipating RSUs

 

1,008,145

 

 

 

930,202

 

 

 

915,630

 

 

 

900,643

 

   Stock options

 

550,730

 

 

 

419,683

 

 

 

487,644

 

 

 

407,728

 

Total diluted weighted-average shares outstanding

 

149,608,575

 

 

 

150,505,143

 

 

 

149,795,958

 

 

 

150,862,023

 

Basic earnings per share

$

11.02

 

 

$

10.75

 

 

$

31.67

 

 

$

27.60

 

Diluted earnings per share

$

10.90

 

 

$

10.66

 

 

$

31.37

 

 

$

27.36

 
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Total Revenue by Geographic Region

The following table illustrates total revenue for the three and nine months ended September 30, 2024 and 2023 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides, or affiliated services are provided.

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

3,206

 

 

$

2,979

 

 

$

9,559

 

 

$

8,792

 

Europe

 

 

1,788

 

 

 

1,361

 

 

 

4,555

 

 

 

3,876

 

Asia-Pacific

 

 

203

 

 

 

182

 

 

 

616

 

 

 

560

 

Total revenue

 

$

5,197

 

 

$

4,522

 

 

$

14,730

 

 

$

13,228

 

 
Schedule of Long-Lived Assets by Geographic Region

The following table illustrates long-lived assets that consist of goodwill and property and equipment at September 30, 2024 and December 31, 2023 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located.

 

 

September 30,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

Long-lived Assets

 

 

 

 

 

 

Americas

 

$

15,208

 

 

$

15,017

 

Europe

 

 

1,438

 

 

 

1,521

 

Asia-Pacific

 

 

99

 

 

 

98

 

Total long-lived assets

 

$

16,745

 

 

$

16,636

 
v3.24.3
Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Significant Accounting Policies [Line Items]      
Fair value of loaned securities held $ 10,800 $ 9,300  
Fair value of collateral loan under these securities lending agreements 11,700 10,100  
Separate account collateral held under securities lending agreements 6,355 $ 4,558  
Fair value of securities received as collateral have been resold or repledged $ 0   $ 0
Minimum [Member]      
Significant Accounting Policies [Line Items]      
Collateral cash and securities received in exchange of value of securities lent in order to reduce counterparty risk 102.00%    
Maximum [Member]      
Significant Accounting Policies [Line Items]      
Collateral cash and securities received in exchange of value of securities lent in order to reduce counterparty risk 112.00%    
v3.24.3
Acquisition - Additional Information (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Business Acquisition [Line Items]    
Payments to acquire business $ 74 $ 189
v3.24.3
Acquisition - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Business Acquisition [Line Items]      
Goodwill $ 15,665   $ 15,524
Total consideration, net of cash acquired $ 74 $ 189  
v3.24.3
Acquisition - Schedule of Finite-Lived Intangible Assets, Remaining Amortization Expense (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Business Acquisition [Line Items]    
Total $ 606 $ 680
v3.24.3
Cash, Cash Equivalents and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents [1] $ 14,037 $ 8,736    
Restricted cash included in other assets $ 17 $ 17    
Restricted Cash, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets    
Total cash, cash equivalents and restricted cash $ 14,054 $ 8,753 $ 7,333 $ 7,433
[1] At September 30, 2024, cash and cash equivalents, investments, other assets and other liabilities include $140 million, $5.8 billion, $82 million, and $2.2 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.3
Investments - Summary of Carrying Value of Total Investments (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Trading securities (including $1,868 and $1,829 held by CIPs at June 30, 2024 and December 31, 2023, respectively) $ 1,969 $ 1,871
Held-to-maturity investments 566 617
Total debt securities 2,535 2,488
Equity securities at FVTNI (including $2,120 and $1,429 held by CIPs at June 30, 2024 and December 31, 2023, respectively) 2,532 1,585
Total equity method investments 2,802 2,756
Loans held By CIPs 157 205
Total investments [1] 10,539 9,740
Other Investments [Member]    
Schedule of Investments [Line Items]    
Total investments 429 639
Equity Method Investments [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 2,631 2,515
Deferred Cash Compensation Plans [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 171 241
Federal Reserve Bank Stock [Member]    
Schedule of Investments [Line Items]    
Total investments 93 92
Consolidated Entities [Member] | Carried Interest [Member]    
Schedule of Investments [Line Items]    
Total investments $ 1,991 $ 1,975
[1] At September 30, 2024, cash and cash equivalents, investments, other assets and other liabilities include $140 million, $5.8 billion, $82 million, and $2.2 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.3
Investments - Summary of Carrying Value of Total Investments (Detail) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Trading securities $ 1,969 $ 1,871
Equity securities at FVTNI 2,532 1,585
Total equity method investments 2,802 2,756
Investments [1] 10,539 9,740
Deferred Cash Compensation Plan Equity Method Investments [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 171 241
Deferred Cash Compensation Plan Mutual Fund Investments [Member]    
Schedule of Investments [Line Items]    
Investments 12 14
Deferred Cash Compensation Plans [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 171 241
Other Investments [Member]    
Schedule of Investments [Line Items]    
Investments 429 639
Consolidated Sponsored Investment Products [Member]    
Schedule of Investments [Line Items]    
Trading securities 1,889 1,829
Equity securities at FVTNI 2,297 1,429
Investments $ 6,642 $ 5,977
[1] At September 30, 2024, cash and cash equivalents, investments, other assets and other liabilities include $140 million, $5.8 billion, $82 million, and $2.2 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.3
Investments - Additional Information (Detail)
$ in Millions
Sep. 30, 2024
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Held-to-maturity investments, after one year through five years $ 8
Held-to-maturity investments, less than one year 10
Foreign government debt, after five years through ten years 318
Held-to-maturity investments, after ten years $ 230
v3.24.3
Investments - Summary of Cost and Carrying Value of Equity and Trading Debt Securities (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Total trading debt securities, Cost $ 1,960 $ 1,911
Total trading debt, Carrying Value 1,969 1,871
Equity securities at FVTNI, Carrying Value 2,532 1,585
Corporate Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 1,095 1,225
Total trading debt, Carrying Value 1,120 1,218
Government Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 683 501
Total trading debt, Carrying Value 681 489
Asset/Mortgage-Backed Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 182 185
Total trading debt, Carrying Value 168 164
Equity Securities [Member]    
Schedule of Investments [Line Items]    
Equity securities at FVTNI, Cost 2,319 1,520
Equity securities at FVTNI, Carrying Value $ 2,532 $ 1,585
v3.24.3
Consolidated Sponsored Investment Products - Consolidated VIEs And VREs Recorded in Consolidated Statements of Financial Condition (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents [1] $ 14,037 $ 8,736
Investments:    
Trading securities 1,969 1,871
Equity securities at FVTNI 2,532 1,585
Total investments [1] 10,539 9,740
Other assets [1] 4,498 3,848
Other liabilities [1] (5,061) (4,474)
Noncontrolling interests - CIPs (172) (153)
Consolidated Variable Interest Entities [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 140 234
Investments:    
Trading securities 1,590 1,423
Loans 153 195
Other investments 353 427
Carried interest 1,910 1,916
Total investments 5,791 5,020
Other assets 82 83
Other liabilities (2,191) (2,233)
Noncontrolling interests - CIPs (2,215) (1,625)
BlackRock's net interests in CIPs 1,607 1,479
Consolidated Voting Rights Entities [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 40 54
Investments:    
Trading securities 299 406
Loans 4 10
Other investments 36 171
Carried interest 0 0
Total investments 851 957
Other assets 15 39
Other liabilities (64) (108)
Noncontrolling interests - CIPs (168) (226)
BlackRock's net interests in CIPs 674 716
Consolidated Sponsored Investment Products [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 180 288
Investments:    
Trading securities 1,889 1,829
Equity securities at FVTNI 2,297 1,429
Loans 157 205
Other investments 389 598
Carried interest 1,910 1,916
Total investments 6,642 5,977
Other assets 97 122
Other liabilities (2,255) (2,341)
Noncontrolling interests - CIPs (2,383) (1,851)
BlackRock's net interests in CIPs 2,281 2,195
Equity Securities [Member]    
Investments:    
Equity securities at FVTNI 2,532 1,585
Equity Securities [Member] | Consolidated Variable Interest Entities [Member]    
Investments:    
Equity securities at FVTNI 1,785 1,059
Equity Securities [Member] | Consolidated Voting Rights Entities [Member]    
Investments:    
Equity securities at FVTNI 512 370
Equity Securities [Member] | Consolidated Sponsored Investment Products [Member]    
Investments:    
Equity securities at FVTNI $ 2,297 $ 1,429
[1] At September 30, 2024, cash and cash equivalents, investments, other assets and other liabilities include $140 million, $5.8 billion, $82 million, and $2.2 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.3
Consolidated Sponsored Investment Products - Schedule of Net Gain (Loss) Related to Consolidated VIEs (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Variable Interest Entity [Line Items]        
Nonoperating net gain (loss) on consolidated VIEs $ 177 $ 114 $ 510 $ 434
Net income (loss) attributable to NCI on consolidated VIEs 60 (9) 152 60
Consolidated Variable Interest Entities [Member]        
Variable Interest Entity [Line Items]        
Nonoperating net gain (loss) on consolidated VIEs 114 (26) 251 113
Net income (loss) attributable to NCI on consolidated VIEs $ 54 $ (8) $ 139 $ 65
v3.24.3
Variable Interest Entities Reflects adoption of ASU 2015-12 - Balances Relating to Variable Interest Entities in which BlackRock is Not Primary Beneficiary (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Investments [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products $ 2,290 $ 2,377
Advisory Fee Receivables [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products 141 116
Other Net Assets (Liabilities) [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products (11) (11)
Maximum Risk of Loss [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products $ 2,448 $ 2,510
v3.24.3
Variable Interest Entities Reflects adoption of ASU 2015-12 - Additional Information (Detail) - USD ($)
$ in Billions
Sep. 30, 2024
Dec. 31, 2023
Variable Interest Entity, Not Primary Beneficiary [Member] | Sponsored Investment Products [Member]    
Variable Interest Entity [Line Items]    
Net assets of investments funds $ 44 $ 39
v3.24.3
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities $ 1,969 $ 1,871
Equity securities at FVTNI 2,532 1,585
Loans held By CIPs 157 205
Separate account assets 56,689 56,098
Separate account collateral liabilities under securities lending agreements 6,355 4,558
Equity Securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 2,532 1,585
Investments Measured at NAV [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Other assets 87 80
Fair Value, Measurements, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 2,535 2,488
Total equity method 2,802 2,756
Loans held By CIPs 157 205
Federal Reserve Bank Stock 93 92
Carried interest 1,991 1,975
Other investments 429 639
Total investments 10,539 9,740
Other assets 340 256
Separate account assets 56,689 56,098
Total separate account collateral held under securities lending agreements 6,355 4,558
Total 73,923 70,652
Separate account collateral liabilities under securities lending agreements 6,355 4,558
Other liabilities 292 296
Total liabilities measured at fair value 6,647 4,854
Fair Value, Measurements, Recurring [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities   0
Held-to-maturity investments   0
Total debt securities   0
Loans held By CIPs   0
Federal Reserve Bank Stock   0
Carried interest   0
Other assets   0
Separate account assets   0
Total separate account collateral held under securities lending agreements   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 335 246
Loans held By CIPs 0 0
Federal Reserve Bank Stock 0 0
Carried interest 0 0
Other investments 14 15
Total investments 2,881 1,846
Other assets 148 117
Separate account assets 34,676 34,621
Total separate account collateral held under securities lending agreements 3,790  
Total 41,495 38,270
Separate account collateral liabilities under securities lending agreements 3,790 1,686
Other liabilities 0 0
Total liabilities measured at fair value 3,790 1,686
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 1,890 1,829
Total equity method 122 0
Loans held By CIPs 16 30
Federal Reserve Bank Stock 0 0
Carried interest 0 0
Other investments 0 0
Total investments 2,028 1,859
Other assets 35 19
Separate account assets 21,494 20,810
Total separate account collateral held under securities lending agreements 2,565 2,872
Total 26,122 25,560
Separate account collateral liabilities under securities lending agreements 2,565 2,872
Other liabilities 13 17
Total liabilities measured at fair value 2,578 2,889
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 79 42
Total equity method 0 0
Loans held By CIPs 141 175
Federal Reserve Bank Stock 0 0
Carried interest 0 0
Other investments 0 0
Total investments 220 217
Other assets 157 120
Separate account assets 0 0
Total separate account collateral held under securities lending agreements 0 0
Total 377 337
Separate account collateral liabilities under securities lending agreements 0 0
Other liabilities 279 279
Total liabilities measured at fair value 279 279
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 at FVTNI   1,585
Fair Value, Measurements, Recurring [Member] | Equity Securities/Mutual Funds [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI   0
Fair Value, Measurements, Recurring [Member] | Equity Securities/Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 2,532 1,585
Fair Value, Measurements, Recurring [Member] | Equity Securities/Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 0 0
Fair Value, Measurements, Recurring [Member] | Equity Securities/Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 0 0
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 1,969 1,871
Held-to-maturity investments 566 617
Equity securities at FVTNI 2,532  
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 0 0
Held-to-maturity investments 0 0
Total separate account collateral held under securities lending agreements   1,686
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 1,890 1,829
Held-to-maturity investments 0 0
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 79 42
Held-to-maturity investments 0 0
Fair Value, Measurements, Recurring [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 607 588
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] | 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 457  
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 335 246
Fair Value, Measurements, Recurring [Member] | Equity Fixed Income And Multi Asset Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 122 0
Fair Value, Measurements, Recurring [Member] | Equity Fixed Income And Multi Asset Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Equity And Fixed Income Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   246
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 1,104 1,264
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 463 417
Fair Value, Measurements, Recurring [Member] | Real Assets Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Real Assets Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Real Assets Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Investments Related To Deferred Cash Compensation Plans [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 171 241
Fair Value, Measurements, Recurring [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 3,790 1,686
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements   0
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 3,790 1,686
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 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 2,565 2,872
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
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 2,565 2,872
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] | Investments Measured at NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 0  
Total equity method 2,345  
Loans held By CIPs 0  
Federal Reserve Bank Stock 0  
Carried interest 0  
Other investments 260  
Total investments 2,605  
Other assets 0  
Separate account assets 0  
Total separate account collateral held under securities lending agreements 0  
Total 2,605  
Separate account collateral liabilities under securities lending agreements 0  
Other liabilities 0  
Total liabilities measured at fair value 0  
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   2,510
Other investments   467
Total investments   2,977
Total   2,977
Separate account collateral liabilities under securities lending agreements   0
Other liabilities   0
Total liabilities measured at fair value   0
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Equity Securities/Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 0  
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Debt Securities/ Fixed Income Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 0  
Held-to-maturity investments 0  
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [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 607  
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   588
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | 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] | Investments Measured at NAV [Member] | Private/ Public Equity [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 1,104  
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   1,264
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Real Assets Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 463  
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Real Assets Funds [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   417
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Investments Related To Deferred Cash Compensation Plans [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 171 241
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Equity Securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0  
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [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 0  
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 566 617
Total debt securities 566 617
Total equity method 0 0
Loans held By CIPs 0 0
Federal Reserve Bank Stock 93 92
Carried interest 1,991 1,975
Other investments 155 157
Total investments 2,805 2,841
Other assets 0 0
Separate account assets 519 667
Total separate account collateral held under securities lending agreements 0 0
Total 3,324 3,508
Separate account collateral liabilities under securities lending agreements 0 0
Other liabilities 0 0
Total liabilities measured at fair value 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Equity Securities/Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Equity Fixed Income And Multi Asset Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | 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] | Other [Member] | Investments Related To Deferred Cash Compensation Plans [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Equity Securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Debt securities [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
v3.24.3
Fair Value Disclosures - Additional Information (Detail) - USD ($)
$ in Millions
 9 Months Ended
Jul. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Reduction in the fair value of management contracts $ 87    
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   $ 72 $ 42
v3.24.3
Fair Value Disclosures - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Assets measured at fair value, beginning balance $ 457 $ 416 $ 337 $ 300
Realized and Unrealized Gains (Losses),Assets 6 (20) 3 3
Purchases, Assets 4 119 475 246
Sales and Maturities, Assets (88) (2) (442) (40)
Issuances and other Settlements, Assets 0 0 0 0
Transfers into Level 3, Assets 2 23 11 33
Transfers out of Level 3, Assets (4) (8) (7) (14)
Assets measured at fair value, ending balance 377 528 377 528
Total Net Unrealized Gains (Losses) Included in Earnings 6 (20) 3 3
Other Assets [Member]        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Assets measured at fair value, beginning balance 150 109 120 0
Assets measured at fair value, ending balance 157 107 157 107
Other Liabilities [Member]        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Liabilities measured at fair value, beginning balance 298 254 279 280
Liabilities measured at fair value, ending balance 279 295 279 295
Investments [Member]        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Assets measured at fair value, beginning balance 307 307 217 300
Realized and Unrealized Gains (Losses),Assets (1) (18) 3 5
Purchases, Assets 4 119 438 137
Sales and Maturities, Assets (88) (2) (442) (40)
Issuances and other Settlements, Assets 0 0 0 0
Transfers into Level 3, Assets 2 23 11 33
Transfers out of Level 3, Assets (4) (8) (7) (14)
Assets measured at fair value, ending balance 220 421 220 421
Total Net Unrealized Gains (Losses) Included in Earnings (1) (18) 3 5
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 82 41 42 52
Realized and Unrealized Gains (Losses),Assets (2) (1) 2 (1)
Purchases, Assets 0 2 36 8
Sales and Maturities, Assets (1) (2) (1) (19)
Issuances and other Settlements, Assets 0 0 0 0
Transfers into Level 3, Assets 0 0 0 0
Transfers out of Level 3, Assets 0 0 0 0
Assets measured at fair value, ending balance 79 40 79 40
Total Net Unrealized Gains (Losses) Included in Earnings $ (2) $ (1) $ 2 $ (1)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense)
Consolidated Variable Interest Entities [Member] | Loans [Member]        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Assets measured at fair value, beginning balance $ 225 $ 266 $ 175 $ 248
Realized and Unrealized Gains (Losses),Assets 1 (17) 1 6
Purchases, Assets 4 117 402 129
Sales and Maturities, Assets (87) 0 (441) (21)
Issuances and other Settlements, Assets 0 0 0 0
Transfers into Level 3, Assets 2 23 11 33
Transfers out of Level 3, Assets (4) (8) (7) (14)
Assets measured at fair value, ending balance 141 381 141 381
Total Net Unrealized Gains (Losses) Included in Earnings 1 (17) 1 6
Other Assets One [Member]        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Realized and Unrealized Gains (Losses),Assets 7 (2) 0 (2)
Purchases, Assets 0 0 37 109
Sales and Maturities, Assets 0 0 0 0
Issuances and other Settlements, Assets 0 0 0 0
Transfers into Level 3, Assets 0 0 0 0
Transfers out of Level 3, Assets 0 0 0 0
Total Net Unrealized Gains (Losses) Included in Earnings 7 (2) 0 (2)
Other Liabilities One [Member]        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Realized and Unrealized Gains (Losses), Liabilities 16 3 19 7
Purchases, Liabilities 0 0 0 0
Sales and Maturities, Liabilities 0 0 0 0
Issuances and other Settlements, Liabilities (3) 44 19 22
Transfers into Level 3, Liabilities 0 0 0 0
Transfers out of Level 3, Liabilities 0 0 0 0
Total Net Unrealized Gains (Losses) Included in Earnings $ 16 $ 3 $ 19 $ 7
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense)
v3.24.3
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 14,037 $ 8,736
Long-term borrowings 12,370 7,918
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 14,037 8,736
Other assets 87 80
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Long-term borrowings 12,370 7,918
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents 14,037 8,736
Other assets 87 80
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Long-term borrowings $ 12,279 $ 7,413
[1] At September 30, 2024, cash and cash equivalents, investments, other assets and other liabilities include $140 million, $5.8 billion, $82 million, and $2.2 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.3
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Parenthetical) (Detail) - USD ($)
$ / shares in Units, $ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 14,037 $ 8,736
Money market valuation per share floor $ 1  
Derivative cash collateral $ 70 63
Restricted cash included in other assets 17 17
Money Market Funds [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents $ 8,200 $ 3,400
[1] At September 30, 2024, cash and cash equivalents, investments, other assets and other liabilities include $140 million, $5.8 billion, $82 million, and $2.2 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.
v3.24.3
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Detail) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 740 $ 725
Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value 2,605 2,977
Hedge Funds/Funds of Hedge Funds/Other [Member] | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 63 $ 64
Redemption Frequency (Quarterly) 60.00% 83.00%
Redemption Frequency (Not Redeemable) 40.00% 17.00%
Hedge Funds/Funds of Hedge Funds/Other [Member] | Consolidated Variable Interest Entities [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 92 $ 168
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 43 37
Private Equity Funds [Member] | Consolidated Variable Interest Entities [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value 7 145
Real Assets Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 268 272
Real Assets Funds [Member] | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 46 62
Real Assets Funds [Member] | Consolidated Variable Interest Entities [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 161 $ 154
Other Funds [Member] | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Redemption Notice Period, days 90 days 90 days
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 $ 136 $ 134
Redemption Frequency (Daily) 11.00% 4.00%
Redemption Frequency (Monthly) 11.00% 4.00%
Redemption Frequency (Quarterly) 9.00% 8.00%
Redemption Frequency (Not Redeemable) 80.00% 88.00%
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 607 $ 588
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Redemption Notice Period, days 1 day 1 day
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Redemption Notice Period, days 90 days 90 days
Equity Method Investments [Member] | Private Equity Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 230 $ 218
Equity Method Investments [Member] | Private Equity Funds [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value 1,104 1,264
Equity Method Investments [Member] | Real Assets Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 222 $ 210
Redemption Frequency (Quarterly) 8.00% 10.00%
Redemption Frequency (Not Redeemable) 92.00% 90.00%
Redemption Notice Period, days 60 days 60 days
Equity Method Investments [Member] | Real Assets Funds [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 463 $ 417
Equity Method Investments [Member] | Investments Related To Deferred Cash Compensation Plans [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 0 0
Equity Method Investments [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 171 $ 241
Equity Method Investments [Member] | Investments Related To Deferred Cash Compensation Plans [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] | Investments Related To Deferred Cash Compensation Plans [Member] | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Redemption Notice Period, days 90 days 90 days
v3.24.3
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Parenthetical) (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 740 $ 725
Real Assets Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 268 272
Total remaining Unfunded Commitments $ 241 $ 248
v3.24.3
Fair Value Disclosures - Summary of Information Related to Bank Loans and Borrowings of Consolidated CLO Recorded within Investments and Borrowings of Consolidated VIEs Respectively for which Fair Value Option was Elected (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value Option Quantitative Disclosures [Line Items]    
Aggregate principal amount $ 12,481  
CLO Bank Loans [Member]    
Fair Value Option Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding 170 $ 203
Fair value 153 194
Aggregate unpaid principal balance in excess of (less than) fair value 17 9
CLO Borrowings [Member]    
Fair Value Option Quantitative Disclosures [Line Items]    
Aggregate principal amount 158 190
Fair value $ 142 $ 180
v3.24.3
Derivatives and Hedging - Additional Information (Detail) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Notional value $ 210 $ 204
Derivative expiration dates 2024-12 2024-03
Derivative maximum risk of loss $ 17 $ 17
Foreign Exchange Future [Member]    
Derivative [Line Items]    
Notional value $ 1,800 $ 1,800
Derivative expiration dates 2024-12 2024-03
Forward Foreign Currency Exchange Contracts [Member]    
Derivative [Line Items]    
Notional value $ 3,200 $ 3,100
Derivative expiration dates 2024-10 2024-01
Derivative expiration date one 2024-11  
v3.24.3
Derivatives and Hedging - Summary of Fair Values of Derivatives Instruments Recognized in Consolidated Statements of Financial Condition (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Other Assets [Member]    
Derivatives Fair Value [Line Items]    
Other assets, fair value $ 35 $ 19
Other Liabilities [Member]    
Derivatives Fair Value [Line Items]    
Other liabilities, fair value $ 2 $ 6
v3.24.3
Derivatives and Hedging - Summary of Realized and Unrealized Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments Gain Loss [Line Items]        
Total gain (loss) from derivative instruments $ 47 $ 6 $ 16 $ 43
Foreign Exchange Future [Member]        
Derivative Instruments Gain Loss [Line Items]        
Total gain (loss) from derivative instruments $ (69) $ 72 $ (104) $ 14
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense)
Forward Foreign Currency Exchange Contracts [Member]        
Derivative Instruments Gain Loss [Line Items]        
Total gain (loss) from derivative instruments $ 116 $ (66) $ 120 $ 29
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense General and Administrative Expense General and Administrative Expense
v3.24.3
Derivatives and Hedging - Summary of Realized and Unrealized Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivatives $ 47 $ 6 $ 16 $ 43
Seed Investment Member        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivatives (78) 81 (127) 6
Deferred cash compensation plans [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on derivatives $ 9 $ (9) $ 23 $ 8
v3.24.3
Goodwill - Goodwill Activity (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 15,524
Acquisition 131
Other 10
Ending balance $ 15,665
v3.24.3
Goodwill - Additional Information (Detail)
Jul. 31, 2024
USD ($)
Goodwill [Roll Forward]  
Impairment of goodwill $ 0
v3.24.3
Intangible Assets - Carrying Amounts of Identifiable Intangible Assets (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 31, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]          
Indefinite-lived intangible assets       $ 17,578  
Indefinite-lived intangible assets   $ 17,528   17,528  
Finite-lived intangible assets, Beginning balance       680  
Total, amortization and impairment expense   (89) $ (39) (166) $ (113)
Finite-lived intangible assets, amortization and impairment expense       (116)  
Indefinite-lived intangible assets, amortization and impairment expense $ (50)     (50)  
Finite-lived intangible assets, Ending balance   606   606  
Intangible assets, Beginning balance       18,258  
Intangible assets, Ending balance   18,134   18,134  
Indefinite-lived intangible assets, acquisition       0  
Finite-lived intangible assets, acquisition       37  
Other indefinite-lived intangible assets   0   0  
Other finite-lived intangible assets   5   5  
Other, Total   $ 5   $ 5  
v3.24.3
Intangible Assets - Carrying Amounts of Identifiable Intangible Assets (Parenthetical) (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Schedule Of Intangible Assets [Line Items]  
Finite-lived intangible assets, acquisition $ 37
Spider Rock | Customer Relationships [Member]  
Schedule Of Intangible Assets [Line Items]  
Finite-lived intangible assets, acquisition $ 29
Acquired finite-lived intangible assets weighted-average useful life 11 years
Spider Rock | Technology-Based Intangible Assets [Member]  
Schedule Of Intangible Assets [Line Items]  
Finite-lived intangible assets, acquisition $ 8
Acquired finite-lived intangible assets weighted-average useful life 5 years
v3.24.3
Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Jul. 31, 2024
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Noncash impairment charge $ 50 $ 50
Impairment charges   $ 0
v3.24.3
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Lease cost:        
Operating lease cost [1] $ 45 $ 43 $ 136 $ 144
Variable lease cost [2] 16 15 43 35
Total lease cost $ 61 $ 58 $ 179 $ 179
[1] Amounts include short-term leases, which are immaterial for the three and nine months ended September 30, 2024 and 2023.
[2] Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities.
v3.24.3
Leases - Schedule of Supplemental Information Related to Operating Leases (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Supplemental cash flow information:      
Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 136 $ 109  
Supplemental noncash information:      
ROU assets in exchange for operating lease liabilities $ 104 $ 20  
Weighted-average remaining lease term 15 years   15 years
Weighted-average discount rate 3.00%   3.00%
v3.24.3
Other Assets - Additional Information (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
iCapital [Member]    
Other Assets [Line Items]    
Carrying value - equity method investment $ 660 $ 641
Percentage of strategic minority investment 24.00% 24.00%
Other Assets [Member]    
Other Assets [Line Items]    
Carrying value - equity method investment $ 768 $ 773
Other non equity method corporate minority investments $ 596 $ 484
v3.24.3
Borrowings - Additional Information (Detail)
£ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
GBP (£)
May 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]            
Aggregate principal amount   $ 12,481,000,000        
Line of credit facility, covenant terms   The 2024 Credit Facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2024 Credit Facility to an aggregate principal amount of up to $6.4 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2024 Credit Facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1        
Borrowings   $ 12,370,000,000       $ 7,918,000,000
Fair Value   12,279,000,000       $ 7,400,000,000
Repayments of long-term borrowings   1,000,000,000 $ 0      
Commercial Paper [Member]            
Debt Instrument [Line Items]            
Maximum amount available under facility   4,000,000,000        
Amount outstanding under credit facility   0        
2024 Revolving Credit Facility [Member]            
Debt Instrument [Line Items]            
Unsecured revolving credit facility   5,400,000,000     $ 400,000,000  
Additional amount available, subject to lender credit approval   1,000,000,000        
Maximum amount available under facility   $ 6,400,000,000        
Line of credit facility, interest rate description   Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread.        
Amount outstanding under credit facility   $ 0        
Line of credit facility, covenant compliance   less than 1 to 1        
2024 Subsidiary Credit Facility [Member] | Subsidiaries [Member]            
Debt Instrument [Line Items]            
Maximum amount available under facility   $ 34,000,000   £ 25    
Amount outstanding under credit facility   0        
March 2024 Notes            
Debt Instrument [Line Items]            
Aggregate principal amount   3,000,000,000        
Debt instrument, Approximate annual interest expense   $ 152,000,000        
Debt instrument, payment terms   Interest on the March 2024 Notes of approximately $152 million per year is payable semi-annually on March 14 and September 14 of each year, which commenced on September 14, 2024.        
July 2024 Notes            
Debt Instrument [Line Items]            
Aggregate principal amount   $ 2,500,000,000        
July 2027 Notes            
Debt Instrument [Line Items]            
Debt instrument, Approximate annual interest expense   $ 37,000,000        
Debt instrument, payment terms   Interest on the 2027 Notes of approximately $37 million per year is payable semi-annually on January 26 and July 26 of each year, beginning January 26, 2025.        
July 2035 Notes            
Debt Instrument [Line Items]            
Debt instrument, Approximate annual interest expense   $ 25,000,000        
Debt instrument, payment terms   Interest on the 2035 Notes and 2055 Notes of approximately $25 million and $64 million per year, respectively, is payable semi-annually on January 8 and July 8 of each year, beginning January 8, 2025.        
July 2055 Notes            
Debt Instrument [Line Items]            
Debt instrument, Approximate annual interest expense   $ 64,000,000        
Debt instrument, payment terms   Interest on the 2035 Notes and 2055 Notes of approximately $25 million and $64 million per year, respectively, is payable semi-annually on January 8 and July 8 of each year, beginning January 8, 2025.        
Unsecured Debt Two Thousand Twenty Seven Notes [Member]            
Debt Instrument [Line Items]            
Debt Instrument, redemption price, percentage of principal amount redeemed   101.00%        
4.70% Notes due 2029 [Member]            
Debt Instrument [Line Items]            
Aggregate principal amount [1]   $ 500,000,000        
Debt instrument, interest rate   4.70%   4.70%    
Debt instrument, maturity date   Mar. 14, 2029        
Borrowings [1]   $ 497,000,000        
Fair Value [1]   514,000,000        
5.00% Notes due 2034 [Member]            
Debt Instrument [Line Items]            
Aggregate principal amount [1]   $ 1,000,000,000        
Debt instrument, interest rate   5.00%   5.00%    
Debt instrument, maturity date   Mar. 14, 2034        
Borrowings [1]   $ 993,000,000        
Fair Value [1]   1,040,000,000        
5.25% Notes due 2054 [Member]            
Debt Instrument [Line Items]            
Aggregate principal amount [1]   $ 1,500,000,000        
Debt instrument, interest rate   5.25%   5.25%    
Debt instrument, maturity date   Mar. 14, 2054        
Borrowings [1]   $ 1,468,000,000        
Fair Value [1]   1,549,000,000        
4.60% Notes due 2027 [Member]            
Debt Instrument [Line Items]            
Aggregate principal amount [1]   $ 800,000,000        
Debt instrument, interest rate   4.60%   4.60%    
Debt instrument, maturity date   Jul. 26, 2027        
Borrowings [1]   $ 798,000,000        
Fair Value [1]   815,000,000        
4.90% Notes due 2035 [Member]            
Debt Instrument [Line Items]            
Aggregate principal amount [1]   $ 500,000,000        
Debt instrument, interest rate   4.90%   4.90%    
Debt instrument, maturity date   Jan. 08, 2035        
Borrowings [1]   $ 495,000,000        
Fair Value [1]   515,000,000        
5.35% Notes due 2055 [Member]            
Debt Instrument [Line Items]            
Aggregate principal amount [1]   $ 1,200,000,000        
Debt instrument, interest rate   5.35%   5.35%    
Debt instrument, maturity date   Jan. 08, 2055        
Borrowings [1]   $ 1,187,000,000        
Fair Value [1]   $ 1,260,000,000        
3.50% Notes due 2024 [Member]            
Debt Instrument [Line Items]            
Debt instrument, interest rate 3.50%          
Repayments of long-term borrowings $ 1,000,000,000          
[1] Issued by BlackRock Funding and guaranteed by BlackRock.
v3.24.3
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings Determined Market Prices EUR/USD Foreign Exchange Rate (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Maturity Amount $ 12,481  
Unamortized Discount and Debt Issuance Costs [1] (111)  
Carrying Value 12,370 $ 7,918
Fair Value 12,279 $ 7,400
1.25% Notes due 2025 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 781  
Unamortized Discount and Debt Issuance Costs [1] 0  
Carrying Value 781  
Fair Value 772  
3.20% Notes due 2027 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 700  
Unamortized Discount and Debt Issuance Costs [1] (2)  
Carrying Value 698  
Fair Value 689  
4.60% Notes due 2027 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 800  
Unamortized Discount and Debt Issuance Costs [1],[2] (2)  
Carrying Value [2] 798  
Fair Value [2] 815  
3.25% Notes due 2029 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,000  
Unamortized Discount and Debt Issuance Costs [1] (7)  
Carrying Value 993  
Fair Value 972  
4.70% Notes due 2029 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 500  
Unamortized Discount and Debt Issuance Costs [1],[2] (3)  
Carrying Value [2] 497  
Fair Value [2] 514  
2.40% Notes due 2030 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,000  
Unamortized Discount and Debt Issuance Costs [1] (3)  
Carrying Value 997  
Fair Value 915  
1.90% Notes due 2031 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,250  
Unamortized Discount and Debt Issuance Costs [1] (8)  
Carrying Value 1,242  
Fair Value 1,091  
2.10% Notes due 2032 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,000  
Unamortized Discount and Debt Issuance Costs [1] (11)  
Carrying Value 989  
Fair Value 862  
4.75% Notes due 2033 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,250  
Unamortized Discount and Debt Issuance Costs [1] (18)  
Carrying Value 1,232  
Fair Value 1,285  
5.00% Notes due 2034 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 1,000  
Unamortized Discount and Debt Issuance Costs [1],[2] (7)  
Carrying Value [2] 993  
Fair Value [2] 1,040  
4.90% Notes due 2035 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 500  
Unamortized Discount and Debt Issuance Costs [1],[2] (5)  
Carrying Value [2] 495  
Fair Value [2] 515  
5.25% Notes due 2054 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 1,500  
Unamortized Discount and Debt Issuance Costs [1],[2] (32)  
Carrying Value [2] 1,468  
Fair Value [2] 1,549  
5.35% Notes due 2055 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 1,200  
Unamortized Discount and Debt Issuance Costs [1],[2] (13)  
Carrying Value [2] 1,187  
Fair Value [2] $ 1,260  
[1] The unamortized discount and debt issuance costs are amortized over the term of the notes.
[2] Issued by BlackRock Funding and guaranteed by BlackRock.
v3.24.3
Commitments and Contingencies - Additional Information (Detail)
 9 Months Ended
Sep. 30, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Investment commitments $ 757,000,000
Amount of securities on loan subject to indemnification 309,000,000,000
Collateral for indemnified securities 330,000,000,000
Fair value of indemnified securities $ 0
v3.24.3
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation Of Revenue [Line Items]        
Total revenue $ 5,197 $ 4,522 $ 14,730 $ 13,228
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 4,030 3,681 11,683 10,794
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Active Product [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 553 510 1,608 1,516
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity ETFs [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 1,309 1,136 3,749 3,316
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Non-ETF Index [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 198 186 575 560
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 2,060 1,832 5,932 5,392
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Active [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 493 479 1,458 1,429
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income ETFs [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 354 315 1,007 919
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Non-ETF Index [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 93 93 273 268
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 940 887 2,738 2,616
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Multi-asset [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 325 308 952 904
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 441 420 1,305 1,213
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Illiquid Alternatives [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 235 231 716 638
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Liquid Alternatives [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 143 143 422 434
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Currency and Commodities [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 63 46 167 141
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Cash Management [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 264 234 756 669
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Long-term [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 3,766 3,447 10,927 10,125
Investment Advisory Performance Fees [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 388 70 756 243
Investment Advisory Performance Fees [Member] | Equity [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 13 17 49 38
Investment Advisory Performance Fees [Member] | Fixed Income [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 3 1 12 2
Investment Advisory Performance Fees [Member] | Multi-asset [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 1 5 14 23
Investment Advisory Performance Fees [Member] | Alternatives [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 371 47 681 180
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Illiquid Alternatives [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 7 24 200 124
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Liquid Alternatives [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 364 23 481 56
Technology Services Revenue [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 403 407 1,175 1,106
Distribution Fees [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 323 321 951 959
Advisory and Other Revenue [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 53 43 165 126
Advisory and Other Revenue [Member] | Advisory [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 11 21 35 66
Advisory and Other Revenue [Member] | Other [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue $ 42 $ 22 $ 130 $ 60
v3.24.3
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Client Type and Investment Style (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation Of Revenue [Line Items]        
Total revenue $ 5,197 $ 4,522 $ 14,730 $ 13,228
Revenue by Client Type [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 4,030 3,681 11,683 10,794
Revenue by Client Type [Member] | Retail [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 1,085 1,046 3,179 3,122
Revenue by Client Type [Member] | Equity ETFs [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 1,726 1,498 4,928 4,376
Revenue by Client Type [Member] | Institutional Active [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 720 670 2,127 1,932
Revenue by Client Type [Member] | Institutional Index [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 235 233 693 695
Revenue by Client Type [Member] | Institutional [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 955 903 2,820 2,627
Revenue by Client Type [Member] | Cash Management [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 264 234 756 669
Revenue by Client Type [Member] | Long-term [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 3,766 3,447 10,927 10,125
Revenue by Investment Style [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 4,030 3,681 11,683 10,794
Revenue by Investment Style [Member] | Active [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 1,739 1,662 5,126 4,903
Revenue by Investment Style [Member] | Cash Management [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 264 234 756 669
Revenue by Investment Style [Member] | Equity Index and ETFs [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue 2,027 1,785 5,801 5,222
Revenue by Investment Style [Member] | Long-term [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenue $ 3,766 $ 3,447 $ 10,927 $ 10,125
v3.24.3
Revenue - Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail) - Investment Advisory, Administration Fees and Securities Lending Revenue [Member] - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 591 $ 573
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   3 months
Revenue, Remaining Performance Obligation   $ 51
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   1 year
Revenue, Remaining Performance Obligation   $ 173
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months  
Revenue, Remaining Performance Obligation $ 52  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 191 $ 141
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 172 $ 119
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 128 $ 89
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year  
Revenue, Remaining Performance Obligation $ 48  
v3.24.3
Revenue - Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail 1) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 591 $ 573
v3.24.3
Revenue - Schedule of Changes in Deferred Carried Interest Liability (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]        
Beginning balance $ 1,886 $ 1,651 $ 1,783 $ 1,420
Net increase (decrease) in unrealized allocations 79 250 351 569
Performance fee revenue recognized (5) (12) (174) (100)
Ending balance $ 1,960 $ 1,889 $ 1,960 $ 1,889
v3.24.3
Revenue - Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail) - Technology Services Revenue [Member] - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 306 $ 248
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   3 months
Revenue, Remaining Performance Obligation   $ 34
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   1 year
Revenue, Remaining Performance Obligation   $ 90
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 months  
Revenue, Remaining Performance Obligation $ 44  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 101 $ 55
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 72 $ 39
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 42 $ 30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year  
Revenue, Remaining Performance Obligation $ 47  
v3.24.3
Revenue - Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail 1) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Technology Services Revenue [Member]    
Schedule of Technology Services Revenue [line Items]    
Revenue, Remaining Performance Obligation $ 306 $ 248
v3.24.3
Revenue - Additional Information (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Schedule of Technology Services Revenue [line Items]  
Estimated annual fixed minimum fees for currently outstanding contracts $ 290
Minimum [Member]  
Schedule of Technology Services Revenue [line Items]  
Term of currently outstanding contracts 1 year
Maximum [Member]  
Schedule of Technology Services Revenue [line Items]  
Term of currently outstanding contracts 5 years
v3.24.3
Revenue - Schedule of Changes in Technology Services Deferred Revenue Liability (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]        
Beginning balance $ 120 $ 122 $ 133 $ 125
Additions 22 21 53 58
Revenue recognized that was included in the beginning balance (28) (28) (72) (68)
Ending balance $ 114 $ 115 $ 114 $ 115
v3.24.3
Stock-Based Compensation - Restricted Stock Units ("RSUs") Activity (Detail) - $ / shares
 1 Months Ended 9 Months Ended
Jan. 31, 2024
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period 1,772,639 1,772,639
Restricted Stock Units, Granted   864,219
Restricted Stock Units, Converted   (760,294)
Restricted Stock Units, Forfeited   (74,291)
Restricted Stock Units, end of period   1,802,273
Weighted-Average Grant Date Fair Value, beginning of period $ 757.49 $ 757.49
Weighted-Average Grant Date Fair Value, Granted   801.96
Weighted-Average Grant Date Fair Value, Converted   760.09
Weighted-Average Grant Date Fair Value, Forfeited   745.32
Weighted-Average Grant Date Fair Value, end of period   $ 778.21
Performance-Based RSUs [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period 456,384 456,384
Restricted Stock Units, Granted   165,631
Reduction of shares due to performance measures (42,341) (42,341)
Restricted Stock Units, Converted   (115,631)
Restricted Stock Units, Forfeited   (12,365)
Restricted Stock Units, end of period   451,678
Weighted-Average Grant Date Fair Value, beginning of period $ 767.69 $ 767.69
Weighted-Average Grant Date Fair Value, Granted   798.83
Weighted-Average Grant Date Fair Value, Reduction of shares due to performance measures   739.22
Weighted-Average Grant Date Fair Value, Converted   739.22
Weighted-Average Grant Date Fair Value, Forfeited   784.44
Weighted-Average Grant Date Fair Value, end of period   $ 788.61
v3.24.3
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
May 30, 2023
Oct. 31, 2024
Jan. 31, 2024
Mar. 31, 2024
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted Stock Units, Granted         864,219
Fair value of RSUs/restricted stock granted to employees         $ 693
Awards vesting         760,294
Maximum [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period, years         5 years
Minimum [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period, years         2 years
Restricted Stock Units (RSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted Stock Units, Granted     347,000    
Award vesting period, years     3 years    
Awards to employees cliff vesting     344,000    
RSUs to employees that cliff vest, percentage     100.00%    
RSUs to employees that cliff vest, date     Jan. 31, 2027    
Intrinsic value of outstanding RSUs         $ 1,700
Stock price         $ 949.51
Unrecognized stock-based compensation expense         $ 645
Remaining weighted-average period         1 year 4 months 24 days
Restricted Stock Units (RSUs) [Member] | GIP Transaction [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted Stock Units, Granted       106,000  
Restricted Stock Units (RSUs) [Member] | GIP Transaction [Member] | Subsequent Event Member          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Awards to employees cliff vesting   500,000      
RSUs to employees that cliff vest, percentage   100.00%      
RSUs to employees that cliff vest, date   Oct. 01, 2029      
Performance-Based RSUs [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted Stock Units, Granted         165,631
Award vesting period, years     3 years    
Awards to employees cliff vesting     165,631    
RSUs to employees that cliff vest, percentage     100.00%    
RSUs to employees that cliff vest, date     Jan. 31, 2027    
Share based compensation vesting option exercised period         up to nine years
Intrinsic value of outstanding RSUs         $ 429
Stock price         $ 949.51
Unrecognized stock-based compensation expense         $ 151
Remaining weighted-average period         1 year 6 months
Awards vesting         115,631
Reduction of shares due to performance measures     (42,341)   (42,341)
Fair value of RSUs/restricted stock granted to employees         $ 101
Performance-Based RSUs [Member] | GIP Transaction [Member] | Subsequent Event Member          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Awards vesting   200,000      
Performance Based Stock Options [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares awarded to purchase 814,482        
Share based compensation vesting option exercised period         up to nine years
Award vesting percentage of BlackRock's grant-date stock price 130.00%       125.00%
Award vesting period of BlackRock's grant-date stock price         5 years
Award performance measurement period         4 years
Aggregate intrinsic value of options exercised         $ 150
Performance Based Stock Options [Member] | Share-based Payment Arrangement, Tranche One [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
RSUs to employees that cliff vest, percentage 25.00%        
RSUs to employees that cliff vest, vesting date May 30, 2027        
Service year of awards         2022
Performance Based Stock Options [Member] | Share-based Payment Arrangement, Tranche Two [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
RSUs to employees that cliff vest, percentage 25.00%        
RSUs to employees that cliff vest, vesting date May 30, 2028        
Service year of awards         2023
Performance Based Stock Options [Member] | Share-based Payment Arrangement, Tranche Three [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
RSUs to employees that cliff vest, percentage 50.00%        
RSUs to employees that cliff vest, vesting date May 30, 2029        
Service year of awards         2024
Time-based stock options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares awarded to purchase 326,391        
Share based compensation vesting option exercised period up to nine years        
Remaining weighted-average period         2 years 8 months 12 days
Unrecognized stock-based compensation expense         $ 122
Time-based stock options | Share-based Payment Arrangement, Tranche One [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
RSUs to employees that cliff vest, percentage 25.00%        
RSUs to employees that cliff vest, vesting date May 30, 2027        
Time-based stock options | Share-based Payment Arrangement, Tranche Two [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
RSUs to employees that cliff vest, percentage 25.00%        
RSUs to employees that cliff vest, vesting date May 30, 2028        
Time-based stock options | Share-based Payment Arrangement, Tranche Three [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
RSUs to employees that cliff vest, percentage 50.00%        
RSUs to employees that cliff vest, vesting date May 30, 2029        
v3.24.3
Stock-Based Compensation - Stock Option Activity (Detail)
 9 Months Ended
Sep. 30, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, End of Period 2,115,960
2017 Performance-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period 1,549,080
Outstanding, Shares Under Option, Exercised (481,740)
Shares Under Option, Forfeited (18,036)
Outstanding, Shares Under Option, End of Period 1,049,304
Weighted Average Exercise Price, Beginning of Period | $ / shares $ 513.5
Weighted Average Exercise Price, Exercised | $ / shares 513.5
Weighted Average Exercise Price, Forfeited | $ / shares 513.5
Weighted Average Exercise Price, End of Period | $ / shares $ 513.5
2023 Performance-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period 807,695
Outstanding, Shares Under Option, Exercised 0
Shares Under Option, Forfeited (40,725)
Outstanding, Shares Under Option, End of Period 766,970
Weighted Average Exercise Price, Beginning of Period | $ / shares $ 673.58
Weighted Average Exercise Price, Exercised | $ / shares 0
Weighted Average Exercise Price, Forfeited | $ / shares 673.58
Weighted Average Exercise Price, End of Period | $ / shares $ 673.58
2023 Time-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period 326,391
Outstanding, Shares Under Option, Exercised 0
Shares Under Option, Forfeited (26,705)
Outstanding, Shares Under Option, End of Period 299,686
Weighted Average Exercise Price, Beginning of Period | $ / shares $ 673.58
Weighted Average Exercise Price, Exercised | $ / shares 0
Weighted Average Exercise Price, Forfeited | $ / shares 673.58
Weighted Average Exercise Price, End of Period | $ / shares $ 673.58
v3.24.3
Stock-Based Compensation - Stock Option Activity 1 (Detail) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding 2,115,960  
Options Outstanding, Weighted Average Remaining Life (years) 4 years 10 months 24 days  
Options Outstanding, Aggregate Intrinsic Value $ 753  
Options Exercisable , Options Exercisable 509,416  
Options Exercisable, Weighted Average Remaining Life (years) 2 years 2 months 12 days  
Options Exercisable, Aggregate Intrinsic Value $ 222  
2017 Performance-based Options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding, Exercise Prices $ 513.5 $ 513.5
Options Outstanding 1,049,304 1,549,080
Options Outstanding, Weighted Average Remaining Life (years) 2 years 2 months 12 days  
Options Outstanding, Aggregate Intrinsic Value $ 458  
Options Exercisable , Exercise Prices $ 513.5  
Options Exercisable , Options Exercisable 509,416  
Options Exercisable, Weighted Average Remaining Life (years) 2 years 2 months 12 days  
Options Exercisable, Aggregate Intrinsic Value $ 222  
2023 Performance-based Options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding, Exercise Prices $ 673.58  
Options Outstanding 766,970  
Options Outstanding, Weighted Average Remaining Life (years) 7 years 8 months 12 days  
Options Outstanding, Aggregate Intrinsic Value $ 212  
Options Exercisable , Exercise Prices $ 673.58  
Options Exercisable , Options Exercisable 0  
Options Exercisable, Weighted Average Remaining Life (years) 0 years  
Options Exercisable, Aggregate Intrinsic Value $ 0  
2023 Time-based Options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding, Exercise Prices $ 673.58  
Options Outstanding 299,686  
Options Outstanding, Weighted Average Remaining Life (years) 7 years 8 months 12 days  
Options Outstanding, Aggregate Intrinsic Value $ 83  
Options Exercisable , Exercise Prices $ 673.58  
Options Exercisable , Options Exercisable 0  
Options Exercisable, Weighted Average Remaining Life (years) 0 years  
Options Exercisable, Aggregate Intrinsic Value $ 0  
v3.24.3
Net Capital Requirements - Additional Information (Detail)
$ in Billions
Sep. 30, 2024
USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Net capital requirement in certain regulated subsidiaries $ 2.0
v3.24.3
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance $ 40,271 $ 38,350 $ 39,500 $ 37,876
Foreign currency translation adjustments 346 (221) 208 0
Balance Ending 41,350 38,780 41,350 38,780
Accumulated Other Comprehensive Income (Loss) [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance (978) (880) (840) (1,101)
Foreign currency translation adjustments 346 (221) 208 0
Balance Ending $ (632) $ (1,101) $ (632) $ (1,101)
v3.24.3
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract]        
Gain (loss) from net investment hedging, net of tax $ (24) $ 17 $ (6) $ 5
Gain (loss) from net investment hedging, tax (expense) benefit $ 7 $ (5) $ 2 $ (1)
v3.24.3
Capital Stock - Additional Information (Detail) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Schedule of Capitalization, Equity [Line Items]        
Common shares repurchased, value $ 375 $ 379 $ 1,250 $ 1,131
Share Repurchase Program [Member]        
Schedule of Capitalization, Equity [Line Items]        
Common shares repurchased     1.6  
Common shares repurchased, value     $ 1,200  
Shares authorized to be repurchased 4.2   4.2  
v3.24.3
Restructuring Charge - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Restructuring and Related Activities [Abstract]    
Restructuring Charge $ 61 $ 91
Restructuring charge after-tax 46 69
Severance 47 58
Accelerated vesting expense of deferred compensation awards $ 14 $ 33
v3.24.3
Restructuring Charge - Rollforward of Restructuring Liability Included in Other Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring and Related Activities [Abstract]        
Beginning liability $ 2 $ 5 $ 47 $ 58
Cash payments (2) (3) (47) (56)
Ending liability $ 0 $ 2 $ 0 $ 2
v3.24.3
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]      
Discrete income tax benefits   $ 137 $ 41
Discrete tax benefits related to resolution of outstanding tax matters $ 223 $ 13 $ 185
v3.24.3
Earnings Per Share - Computation of Basic and Diluted Earnings per Share ("EPS") under Treasury Stock Method (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share Basic And Diluted [Line Items]        
Net Income (Loss) $ 1,631 $ 1,604 $ 4,699 $ 4,127
Basic weighted-average shares outstanding 148,049,700 149,155,258 148,392,684 149,553,652
Total diluted weighted-average shares outstanding 149,608,575 150,505,143 149,795,958 150,862,023
Basic earnings per share $ 11.02 $ 10.75 $ 31.67 $ 27.6
Diluted earnings per share $ 10.9 $ 10.66 $ 31.37 $ 27.36
Restricted Stock Units (RSUs) [Member]        
Earnings Per Share Basic And Diluted [Line Items]        
Basic weighted-average shares outstanding     915,630  
Dilutive effect of 1,008,145 930,202   900,643
Employee Stock Option        
Earnings Per Share Basic And Diluted [Line Items]        
Dilutive effect of 550,730 419,683 487,644 407,728
v3.24.3
Earnings Per Share - Additional Information (Detail) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share Basic And Diluted [Line Items]        
Antidilutive securities excluded from computation of earnings per share 0   0  
Employee Stock Option        
Earnings Per Share Basic And Diluted [Line Items]        
Antidilutive securities excluded from computation of earnings per share   328,319   149,684
v3.24.3
Segment Information - Additional Information (Detail)
 9 Months Ended
Sep. 30, 2024
Segment
Segment Reporting [Abstract]  
Number of business segments 1
v3.24.3
Segment Information - Total Revenue by Geographic Region (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Revenue $ 5,197 $ 4,522 $ 14,730 $ 13,228
Americas [Member]        
Segment Reporting Information [Line Items]        
Revenue 3,206 2,979 9,559 8,792
Europe [Member]        
Segment Reporting Information [Line Items]        
Revenue 1,788 1,361 4,555 3,876
Asia-Pacific [Member]        
Segment Reporting Information [Line Items]        
Revenue $ 203 $ 182 $ 616 $ 560
v3.24.3
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Long-lived assets $ 16,745 $ 16,636
Americas [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets 15,208 15,017
Europe [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets 1,438 1,521
Asia-Pacific [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets $ 99 $ 98
v3.24.3
Subsequent Events (Additional Information) (Details)
$ / shares in Units, £ in Millions, shares in Millions, $ in Millions
 1 Months Ended
Oct. 31, 2024
USD ($)
shares
Sep. 30, 2024
USD ($)
$ / shares
Jun. 30, 2024
GBP (£)
Oct. 01, 2024
$ / shares
Dec. 31, 2023
$ / shares
Subsequent Event [Line Items]          
Common stock, par value | $ / shares   $ 0.01     $ 0.01
Global Infrastructure Management L L C [Member]          
Subsequent Event [Line Items]          
Cash paid   $ 3,400.0      
Global Infrastructure Management L L C [Member] | Subsequent Event Member          
Subsequent Event [Line Items]          
Business acquisition, percentage of equity interest acquired 100.00%        
Cash paid $ 3,000.0        
Payment for acquisition, in shares | shares 12        
Payment for acquisition, in amount $ 6.9        
Common stock, par value | $ / shares       $ 0.01  
Preqin [Member]          
Subsequent Event [Line Items]          
Cash paid | £     £ 2,550