<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------------------
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 23, 1998
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Merrill Lynch & Co., Inc.
- --------------------------------------------------------------------------------
(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.)
<PAGE>
Item 5. Other Events
Filed herewith is the Preliminary Unaudited Consolidated Balance Sheet as of
December 26, 1997 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.
Merrill Lynch repurchased 13.7 million shares of its common stock during 1997
and 37.2 million shares during 1996.
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 of Merrill
Lynch as of December 26, 1997
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 23, 1998
3
<PAGE>
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 6
of Merrill Lynch as of December 26, 1997
4
<PAGE>
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)
<TABLE>
<CAPTION>
Year Ended Last Friday in December
-------------------------------------------------------------
1997 1996 1995 1994 1993
---------- ---------- ---------- ---------- ----------
(52 Weeks) (52 Weeks) (52 Weeks) (52 Weeks) (53 Weeks)
<S> <C> <C> <C> <C> <C>
Pretax earnings from
continuing operations $ 3,050 $ 2,566 $ 1,811 $ 1,711 $ 2,412
Add: Fixed charges (excluding
capitalized interest) 16,292 12,059 11,382 8,724 6,161
------- ------- ------- ------- -------
Pretax earnings before fixed charges $19,342 $14,625 $13,193 $10,435 $ 8,573
======= ======= ======= ======= =======
Fixed charges:
Interest $16,043 $11,886 $11,238 $ 8,586 $ 6,009
Other(A) 250 173 144 138 152
------- ------- ------- ------- -------
Total fixed charges 16,293 12,059 11,382 8,724 6,161
Preferred stock dividend
requirements 61 73 77 22 9
------- ------- ------- ------- -------
Total combined fixed charges and
preferred stock dividends $16,354 $12,132 $11,459 $ 8,746 $ 6,170
======= ======= ======= ======= =======
Ratio of earnings to fixed charges 1.19 1.21 1.16 1.20 1.39
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.18 1.21 1.15 1.19 1.39
</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
<PAGE>
EXHIBIT 99(i)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
(Dollars in Millions, Except Per Share Amounts)
DEC. 26,
ASSETS 1997
- ------------------------------------------------------------ --------
CASH AND CASH EQUIVALENTS.................................. $ 5,032
--------
CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES
OR DEPOSITED WITH CLEARING ORGANIZATIONS.................. 12,384
--------
MARKETABLE INVESTMENT SECURITIES........................... 3,309
--------
TRADING ASSETS, AT FAIR VALUE
Corporate debt and preferred stock......................... 32,501
Equities and convertible debentures........................ 23,617
Contractual agreements..................................... 21,205
U.S. Government and agencies............................... 9,832
Non-U.S. governments and agencies.......................... 9,755
Mortgages, mortgage-backed, and asset-backed............... 7,312
Other...................................................... 2,556
--------
Total...................................................... 106,778
--------
RECEIVABLES UNDER RESALE AGREEMENTS........................ 70,262
--------
RECEIVABLES UNDER SECURITIES BORROWED TRANSACTIONS......... 35,366
--------
OTHER RECEIVABLES
Customers (net of allowance for doubtful accounts of $50).. 26,529
Brokers and dealers........................................ 5,100
Interest and other......................................... 8,114
--------
Total...................................................... 39,743
--------
INVESTMENTS OF INSURANCE SUBSIDIARIES...................... 4,833
LOANS, NOTES, AND MORTGAGES (net of allowance for
loan losses of $130)...................................... 4,310
OTHER INVESTMENTS.......................................... 1,826
PROPERTY, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT
(net of accumulated depreciation and amortization
of $2,910)................................................ 2,074
GOODWILL (net of accumulated amortization of $131)......... 5,455
OTHER ASSETS............................................... 1,447
--------
TOTAL ASSETS............................................... $292,819
========
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. 26,
SUBSIDIARIES, AND STOCKHOLDERS' EQUITY 1997
- ------------------------------------------------------ ---------
LIABILITIES
PAYABLES UNDER REPURCHASE AGREEMENTS AND SECURITIES
LOANED TRANSACTIONS................................. $ 77,875
--------
COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS..... 44,850
--------
TRADING LIABILITIES, AT FAIR VALUE
Contractual agreements............................... 20,632
U.S. Government and agencies......................... 18,182
Equities and convertible debentures.................. 15,724
Non-U.S. governments and agencies.................... 9,720
Corporate debt, preferred stock, and other........... 5,818
--------
Total................................................ 70,076
--------
OTHER PAYABLES
Customers............................................ 16,519
Brokers and dealers.................................. 4,112
Interest and other................................... 22,625
--------
Total................................................ 43,256
--------
LIABILITIES OF INSURANCE SUBSIDIARIES................ 4,716
LONG-TERM BORROWINGS................................. 43,090
--------
TOTAL LIABILITIES.................................... 283,863
--------
PREFERRED SECURITIES ISSUED BY SUBSIDIARIES.......... 627
--------
STOCKHOLDERS' EQUITY
PREFERRED STOCKHOLDERS' EQUITY....................... 425
--------
COMMON STOCKHOLDERS' EQUITY
Common stock (par value $1.33 1/3 per share;
authorized: 500,000,000 shares;
issued: 472,660,324 shares)........................ 630
Paid-in capital...................................... 1,065
Accumulated other comprehensive income (net of tax).. (34)
Retained earnings.................................... 9,485
--------
11,146
Less:
Treasury stock, at cost (137,578,035 shares)... 2,804
Employee stock transactions.................... 438
--------
TOTAL COMMON STOCKHOLDERS' EQUITY.................... 7,904
--------
TOTAL STOCKHOLDERS' EQUITY........................... 8,329
--------
TOTAL LIABILITIES, PREFERRED SECURITIES ISSUED BY
SUBSIDIARIES, AND STOCKHOLDERS' EQUITY............. $292,819
========
7
