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 3, 2000
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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)
4 World Financial Center, New York, New York 10080
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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 31, 2000 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 March 31, 2000
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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/ Thomas H. Patrick
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Thomas H. Patrick
Executive Vice President and
Chief Financial Officer
Date: May 3, 2000
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EXHIBIT INDEX
Exhibit No. Description Page
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(12) Computation of Ratios of Earnings to Fixed Charges
and Combined Fixed Charges and Preferred Stock Dividends 5
(99) Additional Exhibits
(i) Preliminary Unaudited Consolidated Balance Sheet
of Merrill Lynch as of March 31, 2000 6-7
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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 31, MARCH 26,
2000 1999
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Pre-tax earnings from continuing operations $ 1,575 $ 996
Add: Fixed charges (excluding capitalized
interest and preferred security dividend
requirements of subsidiaries) (a) 3,839 3,351
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Pre-tax earnings before fixed charges 5,414 4,347
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Fixed charges:
Interest (a) 3,773 3,291
Other (b) 118 110
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Total fixed charges 3,891 3,401
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Preferred stock dividend requirements 14 14
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Total combined fixed charges
and preferred stock dividends $ 3,905 $ 3,415
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Ratio of earnings to fixed charges 1.39 1.28
Ratio of earnings to combined fixed charges
and preferred stock dividends 1.39 1.27
(a) Prior period amounts have been restated to conform to current period
presentation.
(b) Other fixed charges consist of the interest factor in rentals, amortization
of debt issuance costs, preferred security dividend requirements of
subsidiaries, and capitalized interest.
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EXHIBIT 99(i)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
MARCH 31,
(dollars in millions) 2000
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ASSETS
CASH AND CASH EQUIVALENTS....................................................... $ 9,738
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CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES
OR DEPOSITED WITH CLEARING ORGANIZATIONS...................................... 6,077
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RECEIVABLES UNDER RESALE AGREEMENTS AND SECURITIES BORROWED TRANSACTIONS........ 117,147
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MARKETABLE INVESTMENT SECURITIES................................................ 13,030
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TRADING ASSETS, AT FAIR VALUE
Equities and convertible debentures............................................. 27,011
Corporate debt and preferred stock.............................................. 22,075
Contractual agreements.......................................................... 21,614
U.S. Government and agencies.................................................... 14,323
Non-U.S. governments and agencies............................................... 10,309
Mortgages, mortgage-backed, and asset-backed.................................... 7,554
Municipals and money markets.................................................... 2,815
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105,701
Securities received as collateral, net of securities pledged as collateral...... 12,364
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Total........................................................................... 118,065
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SECURITIES PLEDGED AS COLLATERAL................................................ 9,031
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OTHER RECEIVABLES
Customers (net of allowance for doubtful accounts of $63)....................... 45,902
Brokers and dealers............................................................. 8,740
Interest and other.............................................................. 7,673
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Total........................................................................... 62,315
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INVESTMENTS OF INSURANCE SUBSIDIARIES........................................... 4,087
LOANS, NOTES, AND MORTGAGES (net of allowance for loan losses of $170).......... 11,308
OTHER INVESTMENTS............................................................... 3,363
EQUIPMENT AND FACILITIES
(net of accumulated depreciation and amortization of $4,223).................. 3,152
GOODWILL (net of accumulated amortization of $591).............................. 4,845
OTHER ASSETS.................................................................... 1,786
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TOTAL ASSETS.................................................................... $363,944
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EXHIBIT 99(i)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
MARCH 31,
(dollars in millions, except per share amount) 2000
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LIABILITIES
PAYABLES UNDER REPURCHASE AGREEMENTS AND SECURITIES
LOANED TRANSACTIONS.......................................................... $ 84,995
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COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS.............................. 28,782
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DEMAND AND TIME DEPOSITS...................................................... 18,323
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TRADING LIABILITIES, AT FAIR VALUE
Contractual agreements........................................................ 26,521
Equities and convertible debentures........................................... 22,404
U.S. Government and agencies.................................................. 13,968
Non-U.S. governments and agencies............................................. 8,066
Corporate debt, preferred stock, and other.................................... 4,384
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Total......................................................................... 75,343
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OBLIGATION TO RETURN SECURITIES RECEIVED AS COLLATERAL........................ 21,395
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OTHER PAYABLES
Customers..................................................................... 25,161
Brokers and dealers........................................................... 12,632
Interest and other............................................................ 19,206
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Total......................................................................... 56,999
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LIABILITIES OF INSURANCE SUBSIDIARIES......................................... 4,038
LONG-TERM BORROWINGS.......................................................... 56,877
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TOTAL LIABILITIES............................................................. 346,752
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PREFERRED SECURITIES ISSUED BY SUBSIDIARIES................................... 2,725
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STOCKHOLDERS' EQUITY
PREFERRED STOCKHOLDERS' EQUITY................................................ 425
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COMMON STOCKHOLDERS' EQUITY
Shares exchangeable into common stock......................................... 44
Common stock, par value $1.33 1/3 per share;
authorized: 1,000,000,000 shares;
issued: 472,716,448 shares................. ................................ 630
Paid-in capital............................................................... 2,814
Accumulated other comprehensive loss (net of tax)............................. (388)
Retained earnings............................................................. 13,591
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16,691
Less: Treasury stock, at cost: 90,755,904 shares............................. 1,526
Employee stock transactions............................................. 1,123
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TOTAL COMMON STOCKHOLDERS' EQUITY............................................. 14,042
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TOTAL STOCKHOLDERS' EQUITY.................................................... 14,467
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TOTAL LIABILITIES, PREFERRED SECURITIES ISSUED BY
SUBSIDIARIES, AND STOCKHOLDERS' EQUITY...................................... $363,944
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