<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): August 2, 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 as of
July 1, 1994 for Merrill Lynch & Co., Inc. and subsidiaries ("ML & Co."). 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 July 19, 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 related to swap, forward, and other similar contracts. As of July 1,
1994, assets and liabilities increased approximately $13.5 billion for the
effect of Interpretation No. 39.
During the three-month period ended July 1, 1994, ML & Co. repurchased, in the
open market, approximately 6.3 million shares of its common stock.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
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(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: August 2, 1994
3
<PAGE>
EXHIBIT INDEX
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<TABLE>
<CAPTION>
Exhibit No. Description Page
- ----------- ----------- ----
<S> <C> <C>
(12) Statement re: computation of ratios 5
(99) Additional Exhibits
(i) Preliminary Unaudited Consolidated Balance Sheet 6
</TABLE>
4
<PAGE>
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 Six Months
Ended Ended
------------------------ ------------------------
July 1, June 25, July 1, June 25,
1994 1993 1994 1993
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Pretax earnings from continuing operations........ $ 432,662 $ 594,908 $1,084,870 $1,185,229
Deduct equity in undistributed net earnings
of unconsolidated subsidiaries................... (9,400) (7,440) (12,448) (8,538)
---------- ---------- ---------- ----------
Total pretax earnings from continuing
operations....................................... 423,262 587,468 1,072,422 1,176,691
---------- ---------- ---------- ----------
Add: Fixed Charges (A)
Interest.................................. 2,075,400 1,402,722 3,974,827 2,746,069
Amortization of debt expense.............. 771 990 1,568 2,136
---------- ---------- ---------- ----------
Total interest.............................. 2,076,171 1,403,712 3,976,395 2,748,205
Interest factor in rents.................... 32,242 33,784 65,806 70,717
---------- ---------- ---------- ----------
Total fixed charges............................... 2,108,413 1,437,496 4,042,201 2,818,922
---------- ---------- ---------- ----------
Pretax earnings before fixed charges.............. $2,531,675 $2,024,964 $5,114,623 $3,995,613
========== ========== ========== ==========
Ratio of earnings to fixed charges................ 1.20 1.41 1.27 1.42
========== ========== ========== ==========
</TABLE>
(A) There was no capitalized interest for the 1994 and 1993 periods.
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<PAGE>
EXHIBIT 99(I)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
(Dollars in Thousands, Except Per Share Amounts) JULY 1,
ASSETS 1994
- --------------------------------------------------------- ------------
<S> <C>
CASH AND CASH EQUIVALENTS............................... $ 3,310,269
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CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES
OR DEPOSITED WITH CLEARING ORGANIZATIONS............... 5,571,145
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MARKETABLE INVESTMENT SECURITIES........................ 2,089,302
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TRADING INVENTORIES, AT FAIR VALUE
Corporate debt, contractual agreements,
and preferred stock.................................... 28,478,182
Non-U.S. governments and agencies....................... 8,234,629
U.S. Government and agencies............................ 6,203,640
Equities and convertible debentures..................... 7,810,518
Mortgages and mortgage-backed........................... 5,800,325
Money markets........................................... 1,830,516
Municipals.............................................. 962,878
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Total................................................... 59,320,688
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RESALE AGREEMENTS....................................... 45,953,364
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SECURITIES BORROWED..................................... 20,215,603
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RECEIVABLES
Customers (net of allowance for doubtful accounts of
$46,350)............................................... 14,399,930
Brokers and dealers..................................... 7,168,993
Interest and other...................................... 4,227,808
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Total................................................... 25,796,731
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INVESTMENTS OF INSURANCE SUBSIDIARIES................... 6,372,764
LOANS, NOTES, AND MORTGAGES (NET OF ALLOWANCE FOR
LOAN LOSSES OF $205,556)............................... 1,739,118
OTHER INVESTMENTS....................................... 825,191
PROPERTY, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT
(NET OF ACCUMULATED DEPRECIATION AND AMORTIZATION
OF $1,764,730)......................................... 1,571,758
OTHER ASSETS............................................ 1,240,603
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TOTAL ASSETS............................................ $174,006,536
============
</TABLE>
6
<PAGE>
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
(Dollars in Thousands, Except Per Share Amounts) JULY 1,
LIABILITIES AND STOCKHOLDERS' EQUITY 1994
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<S> <C>
LIABILITIES
REPURCHASE AGREEMENTS...................................... $ 60,081,702
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COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS........... 23,081,706
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COMMITMENTS FOR SECURITIES SOLD BUT NOT YET PURCHASED, AT
FAIR VALUE
U.S. Government and agencies............................... 12,692,762
Equities and convertible debentures........................ 4,459,107
Corporate debt, contractual agreements,
and preferred stock....................................... 14,614,812
Non-U.S. governments and agencies.......................... 2,874,041
Municipals................................................. 164,669
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Total...................................................... 34,805,391
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CUSTOMERS.................................................. 13,166,159
INSURANCE.................................................. 6,077,311
BROKERS AND DEALERS........................................ 7,345,447
OTHER LIABILITIES AND ACCRUED INTEREST..................... 8,531,133
LONG-TERM BORROWINGS....................................... 15,289,293
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TOTAL LIABILITIES.......................................... 168,378,142
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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............................................ 1,209,817
Foreign currency translation adjustment.................... 2,728
Net unrealized losses on investment securities
available-for-sale (net of applicable income tax
benefit of $18,366)....................................... (34,330)
Retained earnings.......................................... 5,310,680
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Subtotal................................................. 6,804,000
Less:
Treasury stock, at cost:
33,092,703 shares....................................... 1,070,374
Unallocated ESOP shares, at cost:
7,255,040 shares........................................ 114,267
Employee stock transactions............................... 184,765
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TOTAL COMMON STOCKHOLDERS' EQUITY.......................... 5,434,594
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TOTAL STOCKHOLDERS' EQUITY................................. 5,628,394
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY................. $174,006,536
============
</TABLE>
7
