<PAGE>
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): February 25, 1997
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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
(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
December 27, 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.
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 of ML & Co.
as of December 27, 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: February 25, 1997
3
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EXHIBIT INDEX
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Exhibit No. Description Page
- ----------- ----------- ----
(12) Computation of Ratios of Earnings to Fixed Charges and 5
Combined Fixed Charges and Preferred Stock Dividends
(99) Additional Exhibits
(i) Preliminary Unaudited Consolidated Balance Sheet
of ML & Co. as of December 27, 1996 6
4
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<TABLE>
<CAPTION>
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)
YEAR ENDED LAST FRIDAY IN DECEMBER
------------------------------------------------------
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
(52 Weeks) (52 Weeks) (52 Weeks) (53 weeks) (52 weeks)
<S> <C> <C> <C> <C>
Pretax earnings from
continuing operations $ 2,566 $ 1,811 $ 1,730 $ 2,425 $ 1,621
Deduct equity in undistributed
net earnings of unconsolidated
subsidiaries - - (19) (13) (13)
------- ------- ------- ------- -------
Total pretax earnings from
continuing operations 2,566 1,811 1,711 2,412 1,608
------- ------- ------- ------- -------
Add:
Fixed charges
Interest 11,886 11,238 8,586 6,009 4,823
Other(A) 173 144 138 152 152
------- ------- ------- ------- -------
Total fixed charges 12,059 11,382 8,724 6,161 4,975
Preferred stock dividend
requirements 73 77 22 9 11
------- ------- ------- ------- -------
Total combined fixed charges and
preferred stock dividends 12,132 11,459 8,746 6,170 4,986
------- ------- ------- ------- -------
Pretax earnings before fixed charges $14,625 $13,193 $10,435 $ 8,573 $ 6,583
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Pretax earnings before combined
fixed charges and preferred
stock dividends $14,698 $13,270 $10,457 $ 8,582 $ 6,594
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Ratio of earnings to fixed charges 1.21 1.16 1.20 1.39 1.32
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.21 1.16 1.20 1.39 1.32
</TABLE>
A. Other fixed charges consist of the interest factor in rentals,
amortization of debt expense, and preferred stock dividend
requirements of majority-owned subsidiaries.
5
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EXHIBIT 99(I)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
(Dollars in Millions, Except Per Share Amounts) DEC. 27,
ASSETS 1996
- ---------------------------------------------------------- --------
CASH AND CASH EQUIVALENTS . . . . . . . . . . . . . . . . $ 3,375
--------
CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES
OR DEPOSITED WITH CLEARING ORGANIZATIONS . . . . . . . . 5,628
--------
MARKETABLE INVESTMENT SECURITIES . . . . . . . . . . . . . 2,180
--------
TRADING ASSETS, AT FAIR VALUE
Corporate debt and preferred stock . . . . . . . . . . . . 24,270
Contractual agreements . . . . . . . . . . . . . . . . . . 13,465
Equities and convertible debentures . . . . . . . . . . . 13,153
U.S. Government and agencies . . . . . . . . . . . . . . . 9,304
Non- U.S. governments and agencies . . . . . . . . . . . . 7,758
Mortgages, mortgage-backed, and asset-backed . . . . . . . 5,189
Money markets . . . . . . . . . . . . . . . . . . . . . . 1,209
Municipals . . . . . . . . . . . . . . . . . . . . . . . . 1,176
--------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . 75,524
--------
RESALE AGREEMENTS . . . . . . . . . . . . . . . . . . . . 58,402
--------
SECURITIES BORROWED . . . . . . . . . . . . . . . . . . . 24,692
--------
RECEIVABLES
Customers (net of allowance for doubtful accounts of $39) 18,309
Brokers and dealers . . . . . . . . . . . . . . . . . . . 6,205
Interest and other . . . . . . . . . . . . . . . . . . . . 5,280
--------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . 29,794
--------
INVESTMENTS OF INSURANCE SUBSIDIARIES . . . . . . . . . . 5,107
LOANS, NOTES, AND MORTGAGES (NET OF ALLOWANCE FOR
LOAN LOSSES OF $117) . . . . . . . . . . . . . . . . . . 3,334
OTHER INVESTMENTS . . . . . . . . . . . . . . . . . . . . 1,125
PROPERTY, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT
(NET OF ACCUMULATED DEPRECIATION AND AMORTIZATION
OF $2,523) . . . . . . . . . . . . . . . . . . . . . . . 1,670
OTHER ASSETS . . . . . . . . . . . . . . . . . . . . . . . 2,185
--------
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . $213,016
--------
--------
6
<PAGE>
Exhibit 99(I)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
(Dollars in Millions, Except Per Share Amounts)
LIABILITIES, PREFERRED SECURITIES ISSUED BY DEC. 27,
SUBSIDIARIES, AND STOCKHOLDERS' EQUITY 1996
- -------------------------------------------------------- ---------
LIABILITIES
REPURCHASE AGREEMENTS . . . . . . . . . . . . . . . . . $ 62,669
--------
COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS . . . . 39,333
--------
TRADING LIABILITIES, AT FAIR VALUE
U.S. Government and agencies . . . . . . . . . . . . . . 13,965
Contractual agreements . . . . . . . . . . . . . . . . . 11,221
Equities and convertible debentures . . . . . . . . . . 8,332
Non-U.S. governments and agencies . . . . . . . . . . . 7,135
Corporate debt and preferred stock . . . . . . . . . . . 2,762
Municipals . . . . . . . . . . . . . . . . . . . . . . . 130
--------
Total . . . . . . . . . . . . . . . . . . . . . . . . . 43,545
--------
CUSTOMERS . . . . . . . . . . . . . . . . . . . . . . . 11,758
INSURANCE . . . . . . . . . . . . . . . . . . . . . . . 5,010
BROKERS AND DEALERS . . . . . . . . . . . . . . . . . . 3,407
OTHER LIABILITIES AND ACCRUED INTEREST . . . . . . . . . 13,973
LONG-TERM BORROWINGS . . . . . . . . . . . . . . . . . . 26,102
--------
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . 205,797
--------
PREFERRED SECURITIES ISSUED BY SUBSIDIARIES . . . . . . 327
--------
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 . . . . . . . . . . . . . . . . . . . . 1,304
Foreign currency translation adjustment . . . . . . . . 10
Net unrealized gains on investment securities
available-for-sale (net of applicable income tax
expense of $5) . . . . . . . . . . . . . . . . . . . 9
Retained earnings . . . . . . . . . . . . . . . . . . . 7,868
--------
Subtotal . . . . . . . . . . . . . . . . . . . . . 9,506
Less:
Treasury stock, at cost: 70,705,598 shares . . . . . 2,895
Unallocated ESOP reversion shares, at cost:
1,538,778 shares . . . . . . . . . . . . . . . . 24
Employee stock transactions . . . . . . . . . . . . . 314
--------
TOTAL COMMON STOCKHOLDERS' EQUITY . . . . . . . . . . . 6,273
--------
TOTAL STOCKHOLDERS' EQUITY . . . . . . . . . . . . . . . 6,892
--------
TOTAL LIABILITIES, PREFERRED SECURITIES ISSUED BY
SUBSIDIARIES, AND STOCKHOLDERS' EQUITY . . . . . . . . $213,016
--------
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7
