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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): July 29, 1998
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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
June 26, 1998 for Merrill Lynch & Co., Inc. and subsidiaries ("Merrill Lynch").
Also filed herewith is a statement setting forth the computation of certain
Merrill Lynch 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 Merrill
Lynch as of June 26, 1998
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/ E. Stanley O'Neal
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E. Stanley O'Neal
Executive Vice President and
Chief Financial Officer
Date: July 29, 1998
3
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EXHIBIT INDEX
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Exhibit No. Description Page
- ----------- ----------- ----
(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 6-7
Sheet of Merrill Lynch as of June 26, 1998
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)
For the Three Months For the Six Months
Ended Ended
-------------------- --------------------
June 26, June 27, June 26, June 27,
1998 1997 1998 1997
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Pretax earnings from
continuing operations $ 907 $ 784 $ 1,781 $ 1,551
Add: Fixed charges 4,756 4,101 9,398 7,772
-------- -------- -------- --------
Pretax earnings before fixed charges $ 5,663 $ 4,885 $ 11,179 $ 9,323
Fixed charges:
Interest $ 4,664 $ 4,038 $ 9,223 $ 7,646
Other(A) 92 63 175 126
-------- -------- -------- --------
Total fixed charges $ 4,756 $ 4,101 $ 9,398 $ 7,772
======== ======== ======== ========
Preferred stock dividend
requirements $ 16 $ 15 $ 31 $ 32
-------- -------- -------- --------
Total combined fixed charges and
preferred stock dividends $ 4,772 $ 4,116 $ 9,429 $ 7,804
======== ======== ======== ========
Ratio of earnings to fixed charges 1.19 1.19 1.19 1.20
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.19 1.19 1.19 1.19
</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 Amount)
JUNE 26,
ASSETS 1998
- --------------------------------------------------------- ---------
CASH AND CASH EQUIVALENTS. . . . . . . . . . . . . . . . . $ 6,281
---------
CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES
OR DEPOSITED WITH CLEARING ORGANIZATIONS . . . . . . . . 11,933
---------
MARKETABLE INVESTMENT SECURITIES . . . . . . . . . . . . . 4,176
---------
TRADING ASSETS, AT FAIR VALUE
Corporate debt and preferred stock . . . . . . . . . . . . 32,589
Equities and convertible debentures. . . . . . . . . . . . 30,054
Contractual agreements . . . . . . . . . . . . . . . . . . 24,765
U.S. Government and agencies . . . . . . . . . . . . . . . 10,245
Non-U.S. governments and agencies. . . . . . . . . . . . . 11,409
Mortgages, mortgage-backed, and asset-backed . . . . . . . 11,196
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,281
---------
124,539
Securities received as collateral, net of securities
pledged as collateral. . . . . . . . . . . . . . . . . . 12,162
---------
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . 136,701
---------
SECURITIES PLEDGED AS COLLATERAL . . . . . . . . . . . . . 15,694
---------
RECEIVABLES UNDER RESALE AGREEMENTS. . . . . . . . . . . . 77,828
---------
RECEIVABLES UNDER SECURITIES BORROWED TRANSACTIONS . . . . 42,876
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OTHER RECEIVABLES
Customers (net of allowance for doubtful accounts of $50). 30,398
Brokers and dealers. . . . . . . . . . . . . . . . . . . . 7,114
Interest and other . . . . . . . . . . . . . . . . . . . . 8,915
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Total. . . . . . . . . . . . . . . . . . . . . . . . . . . 46,427
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INVESTMENTS OF INSURANCE SUBSIDIARIES. . . . . . . . . . . 4,590
LOANS, NOTES, AND MORTGAGES (net of allowance for
loan losses of $138) . . . . . . . . . . . . . . . . . . 7,621
OTHER INVESTMENTS. . . . . . . . . . . . . . . . . . . . . 1,970
PROPERTY, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT
(net of accumulated depreciation and amortization
of $3,146) . . . . . . . . . . . . . . . . . . . . . . . 2,295
GOODWILL (net of accumulated amortization of $234) . . . . 5,368
OTHER ASSETS . . . . . . . . . . . . . . . . . . . . . . . 1,691
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TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . $ 365,451
=========
6
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EXHIBIT 99(i)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
(Dollars in Millions, Except Per Share Amount)
LIABILITIES, PREFERRED SECURITIES ISSUED BY JUNE 26,
SUBSIDIARIES, AND STOCKHOLDERS' EQUITY 1998
- --------------------------------------------------------- ---------
LIABILITIES
PAYABLES UNDER REPURCHASE AGREEMENTS AND SECURITIES
LOANED TRANSACTIONS. . . . . . . . . . . . . . . . . . . $ 99,710
---------
COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS . . . . . 50,891
---------
TRADING LIABILITIES, AT FAIR VALUE
Contractual agreements . . . . . . . . . . . . . . . . . . 21,547
U.S. Government and agencies . . . . . . . . . . . . . . . 14,652
Equities and convertible debentures. . . . . . . . . . . . 20,641
Non-U.S. governments and agencies. . . . . . . . . . . . . 11,444
Corporate debt, preferred stock, and other . . . . . . . . 5,383
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Total. . . . . . . . . . . . . . . . . . . . . . . . . . . 73,667
---------
OBLIGATION TO RETURN SECURITIES RECEIVED AS COLLATERAL . . 27,856
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OTHER PAYABLES
Customers. . . . . . . . . . . . . . . . . . . . . . . . . 18,900
Brokers and dealers. . . . . . . . . . . . . . . . . . . . 5,540
Interest and other . . . . . . . . . . . . . . . . . . . . 20,857
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Total. . . . . . . . . . . . . . . . . . . . . . . . . . . 45,297
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LIABILITIES OF INSURANCE SUBSIDIARIES. . . . . . . . . . . 4,487
LONG-TERM BORROWINGS . . . . . . . . . . . . . . . . . . . 52,075
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TOTAL LIABILITIES. . . . . . . . . . . . . . . . . . . . . 353,983
---------
PREFERRED SECURITIES ISSUED BY SUBSIDIARIES. . . . . . . . 1,777
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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: 1,000,000,000 shares;
issued: 472,660,324 shares . . . . . . . . . . . . . . . 630
Paid-in capital. . . . . . . . . . . . . . . . . . . . . . 1,438
Accumulated other comprehensive income(net of tax) . . . . (23)
Retained earnings. . . . . . . . . . . . . . . . . . . . . 10,377
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12,422
Less: Treasury stock, at cost: 125,416,789 shares. . . . . 2,371
Employee stock transactions. . . . . . . . . . . . . 785
---------
TOTAL COMMON STOCKHOLDERS' EQUITY. . . . . . . . . . . . . 9,266
---------
TOTAL STOCKHOLDERS' EQUITY . . . . . . . . . . . . . . . . 9,691
---------
TOTAL LIABILITIES, PREFERRED SECURITIES ISSUED BY
SUBSIDIARIES, AND STOCKHOLDERS' EQUITY . . . . . . . . . $ 365,451
=========
7
