Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2018

Consolidated Variable Interest Entities [Member]

Variable Interest Entity [Line Items]

Consolidated VIE assets and liabilities are presented after intercompany eliminations in the following table:

	March 31,			December 31,
(in millions)	2018			2017
Assets of consolidated VIEs:
Cash and cash equivalents	$	103		$	144
Investments:
Trading debt securities		769			475
Equity securities at FVTNI		295			440
Other investments		300			312
Carried interest		273			266
Other assets		113			66
Total investments and other assets		1,750			1,559
Liabilities of consolidated VIEs		(425	)		(369	)
Noncontrolling interests		(518	)		(375	)
BlackRock's net interests in consolidated VIEs	$	910		$	959

Schedule of Net Gain (Loss) Related to Consolidated VIEs

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

	Three Months Ended
	March 31,
(in millions)	2018		2017

Nonoperating net gain (loss) on consolidated VIEs	$	2	$	33

Net income (loss) attributable to NCI on consolidated VIEs	$	5	$	8

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Schedule of VIE Assets and Liabilities

At March 31, 2018 and December 31, 2017, 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 PB, was as follows:

(in millions)
At March 31, 2018	Investments		Advisory Fee Receivables		Other Net Assets (Liabilities)			Maximum Risk of Loss⁽¹⁾
Sponsored investment products	$	342	$	30	$	(7	)	$	389
At December 31, 2017
Sponsored investment products	$	263	$	15	$	(7	)	$	295

⁽¹⁾	At both March 31, 2018 and December 31, 2017, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of advisory fee receivables.

- 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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