FINANCIAL HIGHLIGHTS
## Table 0 ##
(in millions, except per share data)
## Table 1 ##
n/a — not applicable (1) Net of net income (loss) attributable to noncontrolling interests (“NCI”) (redeemable and nonredeemable).
(2) BlackRock reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”); however, management believes evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP financial measures.
See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures, for further information on non-GAAP financial measures and for as adjusted items for 2014, 2013 and 2012.
In 2011, operating income, as adjusted, included U. K.  lease exit costs which represent costs to exit two locations in London and restructuring charges.
In 2010, operating income, as adjusted, excluded certain expenses incurred related to the integration of the acquisition of Barclays Global Investors (“BGI”).
In 2011 and 2010, the portion of compensation expense associated with certain long-term incentive plans (“LTIP”) funded, or to be funded, through share distributions to participants of BlackRock stock held by PNC has been excluded because it ultimately does not impact BlackRock’s book value.
Compensation expense associated with appreciation (depreciation) on investments related to certain BlackRock deferred compensation plans has been excluded as returns on investments set aside for these plans, which substantially offset this expense, are reported in nonoperating income (expense).
(3) Net income attributable to BlackRock, Inc. , as adjusted, and diluted earnings per common share, as adjusted exclude the after-tax impact of the items listed above and also include the effect on deferred income tax expense attributable to changes in corporate income tax rates as a result of income tax law changes and a state tax election.
(4) Percentage represents compounded annual growth rate (“CAGR”) over a five-year period (2009-2014).
ASSETS UNDER MANAGEMENT The Company’s AUM by product type for the years 2010 through 2014 is presented below.
## Table 2 ##
(1) Percentage represents CAGR over a five-year period (2009-2014).
Legal Proceedings.
From time to time, BlackRock receives subpoenas or other requests for information from various U. S.  federal, state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings.
It is BlackRock’s policy to cooperate fully with such inquiries.
The Company and certain of its subsidiaries 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.
On May 27, 2014, certain purported investors in the BlackRock Global Allocation Fund, Inc.  and the BlackRock Equity Dividend Fund (collectively, the “Funds”) filed a consolidated complaint (the “Consolidated Complaint”) in the U. S.  District Court for the District of New Jersey against BlackRock Advisors, LLC, BlackRock Investment Management, LLC and BlackRock International Limited (collectively, the “Defendants”) under the caption In re BlackRock Mutual Funds Advisory Fee Litigation.
The Consolidated Complaint, which purports to be brought derivatively on behalf of the Funds, alleges that the Defendants violated Section 36(b) of the Investment Company Act by receiving allegedly excessive investment advisory fees from the Funds.
On February 24, 2015, the same plaintiffs filed another complaint in the same court against BlackRock Investment Management, LLC and BlackRock Advisors, LLC.
The allegations and legal claims in both complaints are substantially similar, with the new complaint purporting to challenge fees received by Defendants after the plaintiffs filed their prior complaint.
Both complaints seek, among other things, to recover on behalf of the Funds all allegedly excessive advisory fees received by Defendants in the twelve month period preceding the start of each lawsuit, along with purported lost investment returns on those amounts, plus interest.
On March 25, 2015, Defendants’ motion to dismiss the Consolidated Complaint was denied.
The Defendants believe the claims in both lawsuits are without merit and intend to vigorously defend the actions.
Between November 12, 2015 and November 16, 2015, BlackRock, Inc. , BlackRock Realty Advisors, Inc.  (“BRA”) and the BlackRock Granite Property Fund, Inc.  (“Granite Fund”), along with certain other Granite Fund-related entities (collectively, the “BlackRock Parties”) were named as defendants in thirteen separate lawsuits filed in the Superior Court of the State of California for the County of Alameda arising out of the June 16, 2015 collapse of a balcony at the Library Gardens apartment complex in Berkeley, California (the “Property”).
The Property is indirectly owned by the Granite Fund, which is managed by BRA.
The plaintiffs also named as defendants in the lawsuits Greystar, which is the property manager of the Property, and certain other entities, including the developer of the Property, building contractors and building materials suppliers.
The plaintiffs allege, among other things, that the BlackRock Parties were negligent in their ownership, control and maintenance of the Property’s balcony, and seek monetary, including punitive, damages.
The Company believes the claims in the lawsuits are without merit and intends to vigorously defend the actions.
Management, after consultation with legal counsel, currently does not anticipate that the aggregate liability arising out of regulatory matters or lawsuits will have a material effect on BlackRock’s results of operations, financial position, or cash flows.
However, there is no assurance as to whether any such pending or threatened matters will have a material effect on BlackRock’s results of operations, financial position or cash flows in any future reporting period.
Due to uncertainties surrounding the outcome of these matters, management cannot reasonably estimate the possible loss or range of loss that may arise from these matters.
Indemnifications.
In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances.
The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote.
Consequently, no liability has been recorded on the consolidated statements of financial condition.
In connection with securities lending transactions, BlackRock has issued certain indemnifications to 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.
At December 31, 2015, the Company indemnified certain of its clients for their securities lending loan balances of approximately $169.3 billion.
The Company held as agent, cash and securities totaling $179.6 billion as collateral for indemnified securities on loan at December 31, 2015.
The fair value of these indemnifications was not material at December 31, 2015.14.
Stock-Based Compensation The components of stock-based compensation expense are as follows:
## Table 3 ##
Stock Award and Incentive Plan.
Pursuant to the BlackRock, Inc.  Second Amended and Restated 1999 Stock Award and Incentive Plan (the “Award Plan”), options to purchase shares of the Company’s common stock at an exercise price not less than the market value of BlackRock’s common stock on the date of grant in the form of stock options, restricted stock or RSUs may be granted to employees and nonemployee directors.
A maximum of 34,500,000 shares of common stock were authorized for issuance under the Award Plan.
Of this amount, 7,621,046 shares remain available for future awards at December 31, 2015.
Upon exercise of employee stock options, the issuance of restricted stock or the vesting of RSUs, the Company issues shares out of treasury to the extent available.
certain industry-wide or other investigations or proceedings.
It is BlackRock’s policy to cooperate fully with such inquiries.
The Company and certain of its subsidiaries 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.
On May 27, 2014, certain purported investors in the BlackRock Global Allocation Fund, Inc.  and the BlackRock Equity Dividend Fund (collectively, the “Funds”) filed a consolidated complaint (the “Consolidated Complaint”) in the U. S.  District Court for the District of New Jersey against BlackRock Advisors, LLC, BlackRock Investment Management, LLC and BlackRock International Limited (collectively, the “Defendants”) under the caption In re BlackRock Mutual Funds Advisory Fee Litigation.
The Consolidated Complaint, which purports to be brought derivatively on behalf of the Funds, alleges that the Defendants violated Section 36(b) of the Investment Company Act by receiving allegedly excessive investment advisory fees from the Funds.
On February 24, 2015, the same plaintiffs filed another complaint in the same court against BlackRock Investment Management, LLC and BlackRock Advisors, LLC.
The allegations and legal claims in both complaints are substantially similar, with the new complaint purporting to challenge fees received by Defendants after the plaintiffs filed their prior complaint.
Both complaints seek, among other things, to recover on behalf of the Funds all allegedly excessive advisory fees received by Defendants in the period beginning twelve months preceding the start of each lawsuit and ending on the date of judgment in each case, along with purported lost investment returns on those amounts, plus interest.
On March 25, 2015, Defendants’ motion to dismiss the Consolidated Complaint was denied.
The Defendants believe the claims in both lawsuits are without merit and intend to vigorously defend the actions.
Between November 12, 2015 and November 16, 2015, BlackRock, Inc. , BlackRock Realty Advisors, Inc.  (“BRA”) and BlackRock US Core Property Fund, Inc.  (formerly known as the BlackRock Granite Property Fund, Inc. ) (“Granite Fund”), along with certain other Granite Fund-related entities (collectively, the “BlackRock Parties”) were named as defendants in thirteen lawsuits filed in the Superior Court of the State of California for the County of Alameda arising out of the June 16, 2015 collapse of a balcony at the Library Gardens apartment complex in Berkeley, California (the “Property”).
The Property is indirectly owned by the Granite Fund, which is managed by BRA.
The plaintiffs also named as defendants in the lawsuits Greystar, which is the property manager of the Property, and certain other entities, including the developer of the Property, building contractors and building materials suppliers.
The plaintiffs allege, among other things, that the BlackRock Parties were negligent in their ownership, control and maintenance of the Property’s balcony, and seek monetary, including punitive, damages.
Additionally, on March 16, 2016, three former tenants of the Library Gardens apartment unit that experienced the balcony collapse sued the BlackRock Parties.
The former tenants, who witnessed (but were not physically injured in) the accident make allegations virtually identical to those in the previously filed actions and claim that, as a result of the collapse, they suffered unspecified emotional damage.
Several defendants have also filed cross-complaints alleging a variety of claims, including claims against the BlackRock Parties for contribution, negligence, and declaratory relief.
BlackRock believes the claims against the BlackRock Parties are without merit and intends to vigorously defend the actions.
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 whether any such pending or threatened matters will have a material effect on BlackRock’s results of operations, financial position or cash flows in any future reporting period.
Due to uncertainties surrounding the outcome of these matters, management cannot reasonably estimate the possible loss or range of loss that may arise from these matters.
Indemnifications.
In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances.
The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote.
Consequently, no liability has been recorded on the consolidated statements of financial condition.
In connection with securities lending transactions, BlackRock has issued certain indemnifications to 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.
At December 31, 2016, the Company indemnified certain of its clients for their securities lending loan balances of approximately $169.3 billion.
The Company held as agent, cash and securities totaling $180.1 billion as collateral for indemnified securities on loan at December 31, 2016.
The fair value of these indemnifications was not material at December 31, 2016.14.
Stock-Based Compensation The components of stock-based compensation expense are as follows:
## Table 4 ##
Stock Award and Incentive Plan.
Pursuant to the BlackRock, Inc.  Second Amended and Restated 1999 Stock Award and Incentive Plan (the “Award Plan”), options to purchase shares of the Company’s common stock at an exercise price not less than the market value of BlackRock’s common stock on the date of grant in the form of stock options, restricted stock or RSUs may be granted to employees and nonemployee directors.
A maximum of 34,500,000 shares of common stock were authorized for issuance under the Award Plan.
Of this amount, 5,918,096 shares remain
?
Operating income, as adjusted, includes non-GAAP expense adjustments.
The portion of compensation expense associated with certain long-term incentive plans (“LTIP”) funded, or to be funded, through share distributions to participants of BlackRock stock held by PNC has been excluded because it ultimately does not impact BlackRock’s book value.
In 2016, a restructuring charge primarily comprised of severance and accelerated amortization expense of previously granted deferred compensation awards has been excluded to provide an analysis of BlackRock’s ongoing operations and to ensure comparability among periods presented.
In 2015, compensation expense associated with appreciation (depreciation) on investments related to certain BlackRock deferred compensation plans has been excluded, as returns on investments set aside for these plans, which substantially offset this expense, are reported in nonoperating income (expense).  ?
Operating income used for measuring operating margin, as adjusted, is equal to operating income, as adjusted, excluding the impact of product launch costs (e. g.  closed-end fund launch costs) and related commissions.
Management believes the exclusion of such costs and related commissions is useful because these costs can fluctuate considerably and revenue associated with the expenditure of these costs will not fully impact BlackRock’s results until future periods.
Revenue used for operating margin, as adjusted, excludes distribution and servicing costs paid to related parties and other third parties.
Management believes such costs represent a benchmark for the amount of revenue passed through to external parties who distribute the Company’s products.
In addition, management believes the exclusion of such costs is useful because it creates consistency in the treatment for certain contracts for similar services, which due to the terms of the contracts, are accounted for under GAAP on a net basis within investment advisory, administration fees and securities lending revenue.
Amortization of deferred sales commissions is excluded from revenue used for operating margin measurement, as adjusted, because such costs, over time, substantially offset distribution fee revenue the Company earns.
For each of these items, BlackRock excludes from revenue used for operating margin, as adjusted, the costs related to each of these items as a proxy for such offsetting revenue.
## Table 5 ##
Management believes net income attributable to BlackRock, Inc. , as adjusted, and diluted earnings per common share, as adjusted, are useful measures of BlackRock’s profitability and financial performance.
Net income attributable to BlackRock, Inc. , as adjusted, equals net income attributable to BlackRock, Inc. , GAAP basis, adjusted for significant nonrecurring items, charges that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.
See aforementioned discussion regarding operating income, as adjusted, and operating margin, as adjusted, for information on the PNC LTIP funding obligation and the restructuring charge.
For each period presented, the non-GAAP adjustment related to the restructuring charge and PNC LTIP funding obligation was tax effected at the respective blended rates applicable to the adjustments.
The noncash deferred taxManagement believes net income attributable to BlackRock, Inc. , as adjusted, and diluted earnings per common share, as adjusted, are useful measures of BlackRock’s profitability and financial performance.
Net income attributable to BlackRock, Inc. , as adjusted, equals net income attributable to BlackRock, Inc. , GAAP basis, adjusted for significant nonrecurring items, charges that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.
See aforementioned discussion regarding operating income, as adjusted, and operating margin, as adjusted, for information on the PNC LTIP funding obligation and the restructuring charge.
For each period presented, the non-GAAP adjustment related to the restructuring charge and PNC LTIP funding obligation was tax effected at the respective blended rates applicable to the adjustments.
The noncash deferred tax revaluation benefit of $1,758 million and the other income tax matters were primarily associated with the revaluation of certain deferred tax liabilities related to intangible assets and goodwill.
These amounts have been excluded from the as adjusted results as these items will not have a cash flow impact and to ensure comparability among periods presented.
A deemed repatriation tax expense of $477 million has been excluded from the 2017 as adjusted results due to the one-time nature and to ensure comparability among periods presented.
Per share amounts reflect net income attributable to BlackRock, Inc. , as adjusted divided by diluted weighted average common shares outstanding.
(3) Nonvoting participating preferred stock is considered to be a common stock equivalent for purposes of determining basic and diluted earnings per share calculations.
years 2002, 2003, 2004, and the first two quarters of fiscal 2005.
The restatement related to tax matters.
The Company provided information to the SEC Staff relating to the facts and circumstances surrounding the restatement.
On July 28, 2006, the Company filed an amendment to its annual report on Form 10-K for the fiscal year ended May 29, 2005.
The filing amended Item 6.
Selected Financial Data and Exhibit 12, Computation of Ratios of Earnings to Fixed Charges, for fiscal year 2001, and certain restated financial information for fiscal years 1999 and 2000, all related to the application of certain of the Company’s reserves for the three years and fiscal year 1999 income tax expense.
The Company provided information to the SEC Staff relating to the facts and circumstances surrounding the amended filing.
The Company reached an agreement with the SEC Staff concerning matters associated with these amended filings.
That proposed settlement was approved by the Securities and Exchange Commission on July 17, 2007.
On July 24, 2007, the SEC filed its Complaint against the Company in the United States District Court for the District of Colorado, followed by an executed Consent, which without the Company admitting or denying the allegations of the Complaint, reflects the terms of the settlement, including payment by the Company of a civil penalty of $45 million and the Company’s agreement to be permanently enjoined from violating certain provisions of the federal securities laws.
Additionally, the Company made approximately $2 million in indemnity payments on behalf of former employees concluding separate settlements with the SEC.
The Company recorded charges of $25 million in fiscal 2004, $21.5 million in the third quarter of fiscal 2005, and $1.2 million in the first quarter of fiscal 2007 in connection with the expected settlement of these matters.
Three purported class actions were filed in United States District Court for Nebraska, Rantala v.  ConAgra Foods, Inc. , et.
al.
, Case No.805CV349, and Bright v.  ConAgra Foods, Inc. , et.
al.
, Case No.805CV348 on July 18, 2005, and Boyd v.  ConAgra Foods, Inc. , et.
al.
, Case No.805CV386 on August 8, 2005.
The lawsuits are against the Company, its directors and its employee benefits committee on behalf of participants in the Company’s employee retirement income savings plans.
The lawsuits allege violations of the Employee Retirement Income Security Act (ERISA) in connection with the events resulting in the Company’s April 2005 restatement of its financial statements and related matters.
The Company has reached a settlement with the plaintiffs in these actions subject to court approval.
The settlement includes a $4 million payment, most of which will be paid by an insurer.
The Company has also agreed to make certain prospective changes to its benefit plans as part of the settlement.2006 vs.  2005 Net Sales ($ in millions)

<table><tr><td> <i>(in millions, except per share data)</i> </td><td>2014</td><td>2013</td><td>2012</td><td>2011</td><td>2010</td><td> 5-Year CAGR<sup>-4</sup></td><td></td></tr><tr><td>Total revenue</td><td>$11,081</td><td>$10,180</td><td>$9,337</td><td>$9,081</td><td>$8,612</td><td> 19</td><td> %</td></tr><tr><td>Operating income</td><td>$4,474</td><td>$3,857</td><td>$3,524</td><td>$3,249</td><td>$2,998</td><td> 28</td><td> %</td></tr><tr><td>Operating margin</td><td>40.4%</td><td>37.9%</td><td>37.7%</td><td>35.8%</td><td>34.8%</td><td> 8</td><td> %</td></tr><tr><td>Nonoperating income (expense)<sup>(1)</sup></td><td>$-49</td><td>$97</td><td>$-36</td><td>$-116</td><td>$36</td><td> n/a</td><td> </td></tr><tr><td>Net income attributable to BlackRock, Inc.</td><td>$3,294</td><td>$2,932</td><td>$2,458</td><td>$2,337</td><td>$2,063</td><td> 30</td><td> %</td></tr><tr><td>Diluted earnings per common share</td><td>$19.25</td><td>$16.87</td><td>$13.79</td><td>$12.37</td><td>$10.55</td><td> 26</td><td> %</td></tr></table>
<table><tr><td> <i>(in millions, except per share data)</i> </td><td>2014</td><td>2013</td><td>2012</td><td>2011</td><td>2010</td><td> 5-Year CAGR<sup>-4</sup></td><td></td></tr><tr><td>As adjusted<sup>-2</sup>:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td>$4,563</td><td>$4,024</td><td>$3,574</td><td>$3,392</td><td>$3,167</td><td> 24</td><td> %</td></tr><tr><td>Operating margin<sup>-2</sup></td><td>42.9%</td><td>41.4%</td><td>40.4%</td><td>39.7%</td><td>39.3%</td><td> 2</td><td> %</td></tr><tr><td>Nonoperating income (expense)<sup>(1)</sup></td><td>$-56</td><td>$7</td><td>$-42</td><td>$-113</td><td>$25</td><td> n/a</td><td> </td></tr><tr><td>Net income attributable to BlackRock, Inc.<sup>-3</sup></td><td>$3,310</td><td>$2,882</td><td>$2,438</td><td>$2,239</td><td>$2,139</td><td> 27</td><td> %</td></tr><tr><td>Diluted earnings per common share<sup>-3</sup></td><td>$19.34</td><td>$16.58</td><td>$13.68</td><td>$11.85</td><td>$10.94</td><td> 22</td><td> %</td></tr></table>
<table><tr><td></td><td colspan="6">December 31,</td></tr><tr><td> <i>(in millions)</i> </td><td> 2014</td><td> 2013</td><td> 2012</td><td> 2011</td><td> 2010</td><td>5-Year CAGR -1</td></tr><tr><td>Equity</td><td>$2,451,111</td><td>$2,317,695</td><td>$1,845,501</td><td>$1,560,106</td><td>$1,694,467</td><td>10%</td></tr><tr><td>Fixed income</td><td>1,393,653</td><td>1,242,186</td><td>1,259,322</td><td>1,247,722</td><td>1,141,324</td><td>6%</td></tr><tr><td>Multi-asset</td><td>377,837</td><td>341,214</td><td>267,748</td><td>225,170</td><td>185,587</td><td>22%</td></tr><tr><td>Alternatives</td><td>111,240</td><td>111,114</td><td>109,795</td><td>104,948</td><td>109,738</td><td>2%</td></tr><tr><td>Long-term</td><td>4,333,841</td><td>4,012,209</td><td>3,482,366</td><td>3,137,946</td><td>3,131,116</td><td>9%</td></tr><tr><td>Cash management</td><td>296,353</td><td>275,554</td><td>263,743</td><td>254,665</td><td>279,175</td><td>-3%</td></tr><tr><td>Advisory</td><td>21,701</td><td>36,325</td><td>45,479</td><td>120,070</td><td>150,677</td><td>-33%</td></tr><tr><td>Total</td><td>$4,651,895</td><td>$4,324,088</td><td>$3,791,588</td><td>$3,512,681</td><td>$3,560,968</td><td>7%</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td>(in millions)</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Stock-based compensation:</td><td></td><td></td><td></td></tr><tr><td>Restricted stock and RSUs</td><td>$484</td><td>$421</td><td>$415</td></tr><tr><td>Long-term incentive plans to be funded by PNC</td><td>30</td><td>32</td><td>33</td></tr><tr><td>Total stock-based compensation</td><td>$514</td><td>$453</td><td>$448</td></tr></table>
<table><tr><td>(in millions)</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Stock-based compensation:</td><td></td><td></td><td></td></tr><tr><td>Restricted stock and RSUs</td><td>$493</td><td>$484</td><td>$421</td></tr><tr><td>Long-term incentive plans to be funded by PNC</td><td>28</td><td>30</td><td>32</td></tr><tr><td>Total stock-based compensation</td><td>$521</td><td>$514</td><td>$453</td></tr></table>
<table><tr><td>(in millions, except per share data)</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Net income attributable to BlackRock, Inc., GAAP basis</td><td>$4,970</td><td>$3,172</td><td>$3,345</td></tr><tr><td>Non-GAAP adjustments:</td><td></td><td></td><td></td></tr><tr><td>Restructuring charge (including $23 tax benefit)</td><td>—</td><td>53</td><td>—</td></tr><tr><td>PNC LTIP funding obligation, net of tax</td><td>11</td><td>19</td><td>22</td></tr><tr><td>The 2017 Tax Act:</td><td></td><td></td><td></td></tr><tr><td>Deferred tax revaluation (noncash)</td><td>-1,758</td><td>—</td><td>—</td></tr><tr><td>Deemed repatriation tax</td><td>477</td><td>—</td><td>—</td></tr><tr><td>Other income tax matters</td><td>16</td><td>-30</td><td>-54</td></tr><tr><td>Net income attributable to BlackRock, Inc., as adjusted</td><td>$3,716</td><td>$3,214</td><td>$3,313</td></tr><tr><td>Diluted weighted-average common shares outstanding<sup>-3</sup></td><td>164.4</td><td>166.6</td><td>169.0</td></tr><tr><td>Diluted earnings per common share, GAAP basis<sup>-3</sup></td><td>$30.23</td><td>$19.04</td><td>$19.79</td></tr><tr><td>Diluted earnings per common share, as adjusted<sup>-3</sup></td><td>$22.60</td><td>$19.29</td><td>$19.60</td></tr></table>

Question: What's the sum of Cash management of December 31, 2014, and Operating income of 2012 ?
Answer: 299877