Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2015

Consolidated Variable Interest Entities [Member]

Consolidated VIE assets and liabilities are presented after intercompany eliminations at December 31, 2015 and 2014 in the following table:

(in millions)	December 31, 2015			December 31, 2014
Assets of consolidated VIEs:
Cash and cash equivalents	$	148		$	278
Investments		1,030			3,320
Other assets		67			32
Total investments and other assets		1,097			3,352
Liabilities of consolidated VIEs:
Borrowings		—			(3,389	)
Other liabilities		(177	)		(245	)
Appropriated retained earnings		—			19
Noncontrolling interests of consolidated VIEs		(416	)		(15	)
BlackRock's net interests in consolidated VIEs	$	652		$	—

Variable Interest Entity, Not Primary Beneficiary [Member]

Schedule of VIE Assets and Liabilities

At December 31, 2015 and 2014, the Company’s carrying value of assets and liabilities included on the consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs for which it held a variable interest, but for which it was not the PB, was as follows:

(in millions) At December 31, 2015	Investments		Advisory Fee Receivables		Other Net Assets (Liabilities)			Maximum Risk of Loss⁽¹⁾
Sponsored investment products	$	64	$	3	$	(7	)	$	84
At December 31, 2014
CDOs/CLOs	$	—	$	2	$	(5	)	$	19
Other sponsored investment funds:
Collective trusts		—		191		—			191
Other		57		177		(3	)		234
Total	$	57	$	370	$	(8	)	$	444

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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