Leases (Tables)

12 Months Ended

Dec. 31, 2019

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

(in millions)	2019
Lease cost ⁽¹⁾:
Operating lease cost ⁽²⁾	$	141
Variable lease cost ⁽³⁾		39
Total lease cost	$	180

(1)	Rent expense and certain office equipment expense under lease agreements amounted to $135 million and $132 million in 2018 and 2017, respectively.

(2)	Amount includes short-term leases, which are immaterial for 2019.

(3)	Amount includes operating lease payments, which may be adjusted based on usage, changes in an index or market rate.

Schedule of Operating Leases Included on Consolidated Statement of Financial Condition

The following table presents operating leases included on the consolidated statement of financial condition:

(in millions)	Statement of Financial Condition Classification	December 31, 2019
Statement of Financial Condition information:
Operating lease ROU assets	Other assets	$	669
Operating lease liabilities	Other liabilities	$	776

Schedule of Supplemental Information Related to Operating Lease

Supplemental information related to operating leases is summarized below:

(in millions)	December 31, 2019
Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	142

Supplemental noncash information:
ROU assets in exchange for operating lease liabilities in connection with the adoption of ASU 2016-02	$	661
ROU assets in exchange for operating lease liabilities	$	117


	December 31, 2019
Lease term and discount rate:
Weighted-average remaining lease term		9	years
Weighted-average discount rate		3	%

Schedule of Maturity of Operating Lease Liabilities

(in millions)
Maturity of operating lease liabilities at December 31, 2019	Amount⁽¹⁾
2020	$	152
2021		147
2022		142
2023		91
2024		58
Thereafter		294
Total lease payments	$	884
Less: imputed interest		108
Present value of lease liabilities	$	776

(1)	Amount excludes $1.5 billion of legally binding minimum lease payments for leases signed but not yet commenced.

Future Minimum Commitments under Operating Leases

The table below summarizes BlackRock’s future minimum commitments under the operating leases at December 31, 2018, reflecting accounting guidance prior to the adoption of the new lease accounting standard:

(in millions)
Operating lease commitments at December 31, 2018	Amount
2019	$	145
2020		139
2021		130
2022		121
2023		106
Thereafter		1,516
Total	$	2,157