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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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, 1995
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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 are (i) the Preliminary Unaudited Consolidated Balance Sheet as
of June 30, 1995 for Merrill Lynch & Co., Inc. and subsidiaries ("ML & Co.") and
(ii) a statement setting forth the computation of ratios of earnings to fixed
charges and combined fixed charges and preferred stock dividends derived from
the preliminary unaudited consolidated information filed with the Securities and
Exchange Commission on July 18, 1995.
During the three-month period ended June 30, 1995, ML & Co. repurchased in the
open market 3.6 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 of ML &
Co. as of June 30, 1995
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, 1995
3
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EXHIBIT INDEX
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Exhibit No. Description Page
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(12) Statement re: computation of ratios 5
(99) Additional exhibits
(i) Preliminary Unaudited Consolidated 6
Balance Sheet of ML & Co. as of
June 30, 1995
4
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EXHIBIT 12
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars In Thousands)
<TABLE>
<CAPTION>
For the Three Months For the Six Months
Ended Ended
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June 30, July 1, June 30, July 1,
1995 1994 1995 1994
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<S> <C> <C> <C> <C>
Pretax earnings from continuing operations... $ 464,300 $ 432,662 $ 843,092 $1,084,870
Deduct equity in undistributed net earnings
of unconsolidated subsidiaries............. - (9,400) - (12,448)
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Total pretax earnings from continuing
operations................................. 464,300 423,262 843,092 1,072,422
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Add:
Fixed Charges
Interest (A)................................ 3,031,992 2,075,400 5,813,001 3,974,827
Other (B)................................... 33,636 34,645 68,816 70,740
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Total fixed charges......................... 3,065,628 2,110,045 5,881,817 4,045,567
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Preferred stock dividend requirements....... 19,562 2,644 39,428 5,000
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Total combined fixed charges and
preferred stock dividends................... 3,085,190 2,112,689 5,921,245 4,050,567
---------- ---------- ---------- ----------
Pretax earnings before fixed charges ........ $3,529,928 $2,533,307 $6,724,909 $5,117,989
========== ========== ========== ==========
Pretax earnings before combined fixed
charges and preferred stock dividends ...... $3,549,490 $2,535,951 $6,764,337 $5,122,989
========== ========== ========== ==========
Ratio of earnings to fixed charges .......... 1.15 1.20 1.14 1.27
========== ========== ========== ==========
Ratio of earnings to combined fixed charges
and preferred stock dividends .............. 1.15 1.20 1.14 1.26
========== ========== ========== ==========
</TABLE>
(A) There was no capitalized interest for the 1995 and 1994 periods.
(B) Other fixed charges consist of the interest factor in rentals, amortization
of debt expense, and preferred stock dividend requirements of majority-
owned subsidiaries.
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EXHIBIT 99(i)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
(Dollars in Thousands, Except Per Share Amounts) JUNE 30,
ASSETS 1995
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<S> <C>
CASH AND CASH EQUIVALENTS............................... $ 3,327,658
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CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES
OR DEPOSITED WITH CLEARING ORGANIZATIONS............... 6,158,072
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MARKETABLE INVESTMENT SECURITIES........................ 2,486,560
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TRADING ASSETS, AT FAIR VALUE
Corporate debt and preferred stock...................... 15,008,898
Contractual agreements.................................. 13,257,433
U.S. Government and agencies............................ 5,822,573
Non-U.S. governments and agencies....................... 10,270,239
Equities and convertible debentures..................... 5,639,587
Mortgages and mortgage-backed........................... 4,536,167
Municipals.............................................. 1,129,075
Money markets........................................... 1,101,246
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Total................................................... 56,765,218
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RESALE AGREEMENTS....................................... 45,301,994
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SECURITIES BORROWED..................................... 21,752,624
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RECEIVABLES
Customers (net of allowance for doubtful accounts of
$47,922)............................................... 13,420,179
Brokers and dealers..................................... 9,745,775
Interest and other...................................... 4,445,044
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Total................................................... 27,610,998
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INVESTMENTS OF INSURANCE SUBSIDIARIES................... 5,780,049
LOANS, NOTES, AND MORTGAGES (NET OF ALLOWANCE FOR
LOAN LOSSES OF $173,694)............................... 1,868,958
OTHER INVESTMENTS....................................... 966,627
PROPERTY, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT
(NET OF ACCUMULATED DEPRECIATION AND AMORTIZATION
OF $2,031,859)......................................... 1,575,984
OTHER ASSETS............................................ 1,257,791
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TOTAL ASSETS............................................ $174,852,533
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</TABLE>
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MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
(Dollars in Thousands, Except Per Share Amounts) JUNE 30,
LIABILITIES AND STOCKHOLDERS' EQUITY 1995
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<S> <C>
LIABILITIES
REPURCHASE AGREEMENTS............................... $ 52,491,110
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COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS.... 29,397,404
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TRADING LIABILITIES, AT FAIR VALUE
U.S. Government and agencies........................ 8,902,382
Contractual agreements.............................. 12,718,056
Non-U.S. governments and agencies................... 7,820,197
Equities and convertible debentures................. 4,310,127
Corporate debt and preferred stock.................. 2,168,189
Municipals.......................................... 147,475
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Total............................................... 36,066,426
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CUSTOMERS........................................... 11,521,207
INSURANCE........................................... 5,571,440
BROKERS AND DEALERS................................. 9,418,677
OTHER LIABILITIES AND ACCRUED INTEREST.............. 8,799,437
LONG-TERM BORROWINGS................................ 15,703,594
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TOTAL LIABILITIES................................... 168,969,295
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STOCKHOLDERS' EQUITY
PREFERRED STOCKHOLDERS' EQUITY...................... 618,800
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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..................................... 1,218,576
Foreign currency translation adjustment............. 17,680
Net unrealized losses on investment securities
available-for-sale (net of applicable income tax
benefit of $6,695)................................ (11,928)
Retained earnings................................... 6,003,846
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Subtotal.......................................... 7,543,279
Less:
Treasury stock, at cost: 56,061,348 shares........ 1,968,076
Unallocated ESOP reversion shares, at cost:
4,809,014 shares................................ 75,782
Employee stock transactions....................... 234,983
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TOTAL COMMON STOCKHOLDERS' EQUITY................... 5,264,438
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TOTAL STOCKHOLDERS' EQUITY.......................... 5,883,238
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY.......... $174,852,533
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</TABLE>
