<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 31, 1994
-----------------------------
Merrill Lynch & Co., Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-7182 13-2740599
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
World Financial Center, North Tower, New York, New York 10281-1332
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 449-1000
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(Former Name or Former Address, if Changed Since Last Report.)
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Item 5. Other Events
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Filed herewith is the Preliminary Unaudited Consolidated Balance Sheet for
Merrill Lynch & Co., Inc. and subsidiaries ("ML & Co.") as of September 30,
1994. Also filed is a statement re: the computation of ratio of earnings to
fixed charges derived from preliminary unaudited consolidated financial
information filed with the Securities and Exchange Commission on October 18,
1994. As previously reported, ML & Co. adopted, as of January 1, 1994, Financial
Accounting Standards Board Interpretation No. 39 ("Interpretation No. 39"),
"Offsetting of Amounts Related to Certain Contracts", which affects the
financial statement presentation of balances principally related to swap,
forward, and other similar contracts. At September 30, 1994, assets and
liabilities increased approximately $12.0 billion for the effect of
Interpretation No. 39.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
--------
(12) Statement re: computation of ratios
(99) Additional Exhibits
(i) Preliminary Unaudited Consolidated Balance Sheet
2
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
MERRILL LYNCH & CO., INC.
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(Registrant)
By: /s/ Joseph T. Willett
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Joseph T. Willett
Senior Vice President,
Chief Financial Officer
Date: October 31, 1994
3
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EXHIBIT INDEX
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Exhibit No. Description Page
- ----------- ----------- ----
(12) Statement re: computation of ratios 5
(99) Additional Exhibits
(i) Preliminary Unaudited Consolidated Balance Sheet 6
4
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EXHIBIT 12
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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(Dollars In Thousands)
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended Ended
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Sept. 30, Sept. 24, Sept. 30, Sept. 24,
1994 1993 1994 1993
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Pretax earnings from continuing operations. $ 389,522 $ 642,299 $1,474,392 $1,827,528
Deduct equity in undistributed net earnings
of unconsolidated subsidiaries........... (3,218) (3,598) (15,666) (12,136)
---------- ---------- ---------- ----------
Total pretax earnings from continuing
operations............................... 386,304 638,701 1,458,726 1,815,392
---------- ---------- ---------- ----------
Add: Fixed Charges (A)
Interest........................... 2,223,203 1,500,574 6,198,030 4,246,643
Amortization of debt expense....... 512 930 2,080 3,066
---------- ---------- ---------- ----------
Total interest....................... 2,223,715 1,501,504 6,200,110 4,249,709
Interest factor in rents............. 31,017 34,259 96,822 104,975
---------- ---------- ---------- ----------
Total fixed charges........................ 2,254,732 1,535,763 6,296,932 4,354,684
---------- ---------- ---------- ----------
Pretax earnings before fixed charges....... $2,641,036 $2,174,464 $7,755,658 $6,170,076
========== ========== ========== ==========
Ratio of earnings to fixed charges......... 1.17 1.42 1.23 1.42
========== ========== ========== ==========
</TABLE>
(A) There was no capitalized interest for the 1994 and 1993 periods.
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EXHIBIT 99(I)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
<TABLE>
<CAPTION>
(Dollars in Thousands, Except Per Share Amounts) SEPT. 30,
ASSETS 1994
- -------------------------------------------------------- ------------
<S> <C>
CASH AND CASH EQUIVALENTS............................... $ 2,350,480
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CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES
OR DEPOSITED WITH CLEARING ORGANIZATIONS............... 5,313,256
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MARKETABLE INVESTMENT SECURITIES........................ 2,146,744
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TRADING INVENTORIES, AT FAIR VALUE
Corporate debt, contractual agreements,
and preferred stock.................................... 25,560,618
Non-U.S. governments and agencies....................... 6,354,539
U.S. Government and agencies............................ 6,538,910
Equities and convertible debentures..................... 7,110,871
Mortgages and mortgage-backed........................... 5,716,300
Money markets........................................... 1,595,807
Municipals.............................................. 978,842
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Total................................................... 53,855,887
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RESALE AGREEMENTS....................................... 47,438,355
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SECURITIES BORROWED..................................... 20,561,976
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RECEIVABLES
Customers (net of allowance for doubtful accounts of
$47,110).............................................. 13,252,840
Brokers and dealers..................................... 9,380,993
Interest and other...................................... 2,818,136
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Total................................................... 25,451,969
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INVESTMENTS OF INSURANCE SUBSIDIARIES................... 6,029,482
LOANS, NOTES, AND MORTGAGES (NET OF ALLOWANCE FOR
LOAN LOSSES OF $201,001)............................... 1,595,448
OTHER INVESTMENTS....................................... 857,353
PROPERTY, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT
(NET OF ACCUMULATED DEPRECIATION AND AMORTIZATION
OF $1,829,552)......................................... 1,556,655
OTHER ASSETS............................................ 1,237,301
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TOTAL ASSETS............................................ $168,394,906
============
</TABLE>
6
<PAGE>
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
<TABLE>
<CAPTION>
(Dollars in Thousands, Except Per Share Amounts) SEPT. 30,
LIABILITIES AND STOCKHOLDERS' EQUITY 1994
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<S> <C>
LIABILITIES
REPURCHASE AGREEMENTS...................................... $ 56,635,531
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COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS........... 24,260,981
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COMMITMENTS FOR SECURITIES SOLD BUT NOT YET PURCHASED, AT
FAIR VALUE
U.S. Government and agencies............................... 16,220,950
Equities and convertible debentures........................ 5,135,063
Corporate debt, contractual agreements,
and preferred stock....................................... 12,930,569
Non-U.S. governments and agencies.......................... 1,485,145
Municipals................................................. 193,430
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Total...................................................... 35,965,157
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CUSTOMERS.................................................. 10,520,822
INSURANCE.................................................. 5,823,306
BROKERS AND DEALERS........................................ 6,240,925
OTHER LIABILITIES AND ACCRUED INTEREST..................... 7,395,476
LONG-TERM BORROWINGS....................................... 15,847,957
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TOTAL LIABILITIES.......................................... 162,690,155
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STOCKHOLDERS' EQUITY
PREFERRED STOCKHOLDERS' EQUITY
Preferred stock, par value $1.00 per share
(Liquidation preference $100,000 per share);
authorized: 25,000,000 shares;
issued: 3,000 shares; outstanding: 1,938 shares.......... 193,800
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COMMON STOCKHOLDERS' EQUITY
Common stock, par value $1.33 1/3 per share;
authorized: 500,000,000 shares;
issued: 236,330,162 shares.............................. 315,105
Paid-in capital............................................ 1,211,125
Foreign currency translation adjustment.................... 4,466
Net unrealized losses on investment securities
available-for-sale (net of applicable income tax
benefit of $24,751)...................................... (45,409)
Retained earnings.......................................... 5,495,685
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Subtotal............................................... 6,980,972
Less:
Treasury stock, at cost: 36,701,040 shares............... 1,203,212
Unallocated ESOP shares, at cost: 6,816,714 shares....... 107,363
Employee stock transactions.............................. 159,446
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TOTAL COMMON STOCKHOLDERS' EQUITY.......................... 5,510,951
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TOTAL STOCKHOLDERS' EQUITY................................. 5,704,751
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY................. $168,394,906
============
</TABLE>
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