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): May 1, 1996
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Merrill Lynch & Co., Inc.
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(Exact Name of Registrant as Specified in its 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
March 29, 1996 for Merrill Lynch & Co., Inc. and subsidiaries ("ML & Co.").
Also filed herewith is a statement setting forth the computation of certain
ML & Co. financial ratios for the periods presented.
During the three-month period ended March 29, 1996, ML & Co. repurchased in the
open market 4.5 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) Computation of Ratios of Earnings to Fixed Charges and
Combined Fixed Charges and Preferred Stock Dividends
(99) Additional Exhibits
(i) Preliminary Unaudited Consolidated Balance Sheet for ML &
Co. as of March 29, 1996
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: May 1, 1996
3
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EXHIBIT INDEX
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Exhibit No. Description Page
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(12) Computation of Ratios of Earnings to Fixed 5
Charges and Combined Fixed Charges and Preferred
Stock Dividends
(99) Additional Exhibits
(i) Preliminary Unaudited Consolidated Balance Sheet 6
for ML & Co. as of March 29, 1996
4
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 Millions)
For the Three Months
Ended
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March 29, March 31,
1996 1995
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Pretax earnings from
continuing operations $ 671 $ 380
Add:
Fixed charges
Interest 2,756 2,781
Other(A) 39 35
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Total fixed charges 2,795 2,816
Preferred stock dividend
requirements 19 20
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Total combined fixed charges and
preferred stock dividends 2,814 2,836
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Pretax earnings before fixed charges $3,466 $3,196
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Pretax earnings before combined
fixed charges and preferred
stock dividends $3,485 $3,216
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Ratio of earnings to fixed charges 1.24 1.13
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.24 1.13
(A) Other fixed charges consist of the interest factor in rentals, amortization
of debt expense, and preferred stock dividend requirements of majority-owned
subsidiaries.
EXHIBIT 99(i)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
(Dollars in Millions, Except Per Share Amounts) MARCH 29,
ASSETS 1996
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CASH AND CASH EQUIVALENTS........................................ $ 2,633
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CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES
OR DEPOSITED WITH CLEARING ORGANIZATIONS........................ 5,099
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MARKETABLE INVESTMENT SECURITIES................................. 2,307
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TRADING ASSETS, AT FAIR VALUE
Corporate debt and preferred stock............................... 18,386
Contractual agreements........................................... 10,285
Equities and convertible debentures.............................. 13,295
Non-U.S. governments and agencies................................ 6,820
U.S. Government and agencies..................................... 7,952
Mortgages, mortgage-backed, and asset-backed..................... 2,990
Money markets.................................................... 1,465
Municipals....................................................... 876
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Total............................................................ 62,069
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RESALE AGREEMENTS................................................ 52,880
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SECURITIES BORROWED.............................................. 24,814
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RECEIVABLES
Customers (net of allowance for doubtful accounts of $41)........ 14,988
Brokers and dealers.............................................. 14,117
Interest and other............................................... 4,458
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Total............................................................ 33,563
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INVESTMENTS OF INSURANCE SUBSIDIARIES............................ 5,432
LOANS, NOTES, AND MORTGAGES (NET OF ALLOWANCE FOR
LOAN LOSSES OF $131)............................................ 2,503
OTHER INVESTMENTS................................................ 987
PROPERTY, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT
(NET OF ACCUMULATED DEPRECIATION AND AMORTIZATION
OF $2,253)...................................................... 1,602
OTHER ASSETS..................................................... 1,995
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TOTAL ASSETS..................................................... $195,884
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EXHIBIT 99(i)
(CONTINUED)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
(Dollars in Millions, Except Per Share Amounts) MARCH 29,
LIABILITIES AND STOCKHOLDERS' EQUITY 1996
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LIABILITIES
REPURCHASE AGREEMENTS.......................................... $ 61,657
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COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS............... 30,669
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TRADING LIABILITIES, AT FAIR VALUE
Contractual agreements......................................... 9,132
U.S. Government and agencies................................... 12,443
Equities and convertible debentures............................ 7,834
Non-U.S. governments and agencies.............................. 6,231
Corporate debt and preferred stock............................. 1,994
Municipals..................................................... 69
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Total ......................................................... 37,703
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CUSTOMERS...................................................... 10,599
INSURANCE...................................................... 5,232
BROKERS AND DEALERS............................................ 12,808
OTHER LIABILITIES AND ACCRUED INTEREST......................... 10,626
LONG-TERM BORROWINGS........................................... 20,226
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TOTAL LIABILITIES.............................................. 189,520
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STOCKHOLDERS' EQUITY
PREFERRED STOCKHOLDERS' EQUITY................................. 619
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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
Paid-in capital................................................ 1,322
Foreign currency translation adjustment........................ (21)
Net unrealized gains on investment securities
available-for-sale (net of applicable income tax
expense of $2)............................................... 4
Retained earnings.............................................. 6,845
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Subtotal................................................... 8,465
Less:
Treasury stock, at cost: 60,394,639 shares................... 2,224
Unallocated ESOP reversion shares, at cost:
2,895,319 shares........................................... 46
Employee stock transactions.................................. 450
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TOTAL COMMON STOCKHOLDERS' EQUITY.............................. 5,745
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TOTAL STOCKHOLDERS' EQUITY..................................... 6,364
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY..................... $195,884
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