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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): May 2, 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
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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
Filed herewith is the Preliminary Unaudited Consolidated Balance Sheet as of
March 28, 1997 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
(c) EXHIBITS
(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 28, 1997
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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 2, 1997
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EXHIBIT INDEX
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 6
ML & Co. as of March 28, 1997
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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 Millions)
For the Three Months
Ended
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March 28, March 29,
1997 1996
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Pretax earnings from
continuing operations $ 766 $ 671
Add: Fixed charges 3,672 2,795
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Pretax earnings before fixed charges $4,438 $3,466
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Fixed charges:
Interest $3,608 $2,756
Other (A) 64 39
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Total fixed charges $3,672 $2,795
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Preferred stock dividend
requirements $ 17 $ 19
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Total combined fixed charges and
preferred stock dividends $3,689 $2,814
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Ratio of earnings to fixed charges 1.21 1.24
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.20 1.23
(A) 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
(Dollars in Millions, Except Per Share Amounts) MARCH 28,
ASSETS 1997
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CASH AND CASH EQUIVALENTS............................... $ 4,154
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CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES
OR DEPOSITED WITH CLEARING ORGANIZATIONS............... 7,483
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MARKETABLE INVESTMENT SECURITIES........................ 2,488
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TRADING ASSETS, AT FAIR VALUE
Corporate debt and preferred stock...................... 30,123
Contractual agreements.................................. 15,009
Equities and convertible debentures..................... 17,572
U.S. Government and agencies............................ 10,374
Non- U.S. governments and agencies...................... 10,401
Mortgages, mortgage-backed, and asset-backed............ 6,663
Money markets........................................... 1,633
Municipals.............................................. 1,254
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Total................................................... 93,029
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RESALE AGREEMENTS....................................... 61,149
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SECURITIES BORROWED..................................... 30,717
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RECEIVABLES
Customers (net of allowance for doubtful accounts of $41). 20,766
Brokers and dealers....................................... 8,139
Interest and other........................................ 5,840
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Total..................................................... 34,745
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INVESTMENTS OF INSURANCE SUBSIDIARIES..................... 5,035
LOANS, NOTES, AND MORTGAGES (NET OF ALLOWANCE FOR
LOAN LOSSES OF $117)..................................... 3,639
OTHER INVESTMENTS......................................... 1,315
PROPERTY, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT
(NET OF ACCUMULATED DEPRECIATION AND AMORTIZATION
OF $2,609)............................................... 1,706
OTHER ASSETS.............................................. 2,143
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TOTAL ASSETS.............................................. $247,603
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6
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MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
(Dollars in Millions, Except Per Share Amounts)
LIABILITIES, PREFERRED SECURITIES ISSUED BY MARCH 28,
SUBSIDIARIES, AND STOCKHOLDERS' EQUITY 1997
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LIABILITIES
REPURCHASE AGREEMENTS................................... $ 70,886
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COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS........ 49,824
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TRADING LIABILITIES, AT FAIR VALUE
U.S. Government and agencies............................ 14,586
Contractual agreements.................................. 11,348
Equities and convertible debentures..................... 14,011
Non-U.S. governments and agencies....................... 8,088
Corporate debt and preferred stock...................... 2,652
Municipals.............................................. 98
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Total................................................... 50,783
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CUSTOMERS............................................... 13,456
INSURANCE............................................... 4,919
BROKERS AND DEALERS..................................... 5,554
OTHER LIABILITIES AND ACCRUED INTEREST.................. 14,942
LONG-TERM BORROWINGS.................................... 29,687
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TOTAL LIABILITIES....................................... 240,051
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PREFERRED SECURITIES ISSUED BY SUBSIDIARIES............. 627
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STOCKHOLDERS' EQUITY
PREFERRED STOCKHOLDERS' EQUITY.......................... 425
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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......................................... 1,381
Foreign currency translation adjustment................. 8
Net unrealized gains on investment securities
available-for-sale (net of applicable income tax
expense of $7)...................................... 13
Retained earnings....................................... 8,272
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Subtotal.......................................... 9,989
Less:
Treasury stock, at cost: 70,401,920 shares.......... 2,956
Unallocated ESOP reversion shares, at cost:
467,575 shares.................................... 7
Employee stock transactions......................... 526
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TOTAL COMMON STOCKHOLDERS' EQUITY....................... 6,500
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TOTAL STOCKHOLDERS' EQUITY.............................. 6,925
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TOTAL LIABILITIES, PREFERRED SECURITIES ISSUED BY
SUBSIDIARIES, AND STOCKHOLDERS' EQUITY................ $247,603
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