TIDMMHM
Marsh & McLennan Companies, Inc. (NYSE: MMC), a global
professional services firm offering clients advice and solutions in
risk, strategy and people, today reported financial results for the
fourth quarter and year ended December 31, 2016.
Dan Glaser, President and CEO, said: "Marsh & McLennan
Companies had a strong finish to the year. In the fourth quarter,
we produced underlying revenue growth of 3% on a consolidated
basis, including 5% growth in Risk & Insurance Services and 2%
in Consulting. We also delivered double-digit growth in both GAAP
and adjusted EPS with margin expansion in both segments.
"For the year, our results were excellent. We generated
underlying revenue growth of 3% and significant margin improvement.
GAAP and adjusted EPS each rose by double digits.
"In addition to our strong operating performance, we had another
active year of acquisitions while delivering on our commitments to
shareholders to grow dividends by double digits and reduce our
share count through meaningful share repurchase." concluded Mr.
Glaser.
Consolidated Results
Consolidated revenue in the fourth quarter of 2016 was $3.4
billion, an increase of 1% compared with the fourth quarter of
2015, or 3% on an underlying basis. Operating income rose 6% to
$633 million. Adjusted operating income, which excludes noteworthy
items as presented in the attached supplemental schedules,
increased 16% to $676 million. Net income attributable to the
Company was up 16% to $436 million. Earnings per share increased
18% to $.84. Adjusted earnings per share rose 25% to $.89 compared
with $.71 in the prior fourth quarter.
For the year 2016, revenue was $13.2 billion, an increase of 2%
compared with 2015, or 3% on an underlying basis. Net income
attributable to the Company was up 11% to $1.8 billion, and
earnings per share rose 13% to $3.38. Adjusted earnings per share
increased 12% to $3.42 compared with $3.05 in 2015.
Risk & Insurance Services
Risk & Insurance Services revenue was $1.8 billion in the
fourth quarter of 2016, an increase of 4%, or 5% on an underlying
basis. Operating income was $413 million, an increase of 17%.
Adjusted operating income rose 15% to $421 million compared with
$364 million in the prior fourth quarter. For the year 2016,
revenue was $7.1 billion, an increase of 4%, or 3% on an underlying
basis. Operating income rose 14% to $1.8 billion. Adjusted
operating income rose 10% to $1.8 billion, compared with $1.6
billion in 2015.
Marsh's revenue in the fourth quarter of 2016 was $1.6 billion,
an increase of 5% on an underlying basis. The U.S./Canada division
produced underlying revenue growth of 4%, while the International
division rose 5%: EMEA increased 5%, Asia Pacific was up 4% and
Latin America increased 7%. Guy Carpenter's fourth quarter revenue
was $222 million, up 3% on an underlying basis.
Consulting
Consulting revenue was $1.6 billion in the fourth quarter of
2016, a decrease of 2%. Revenue rose 2% on an underlying basis.
Operating income was $265 million. Adjusted operating income
increased 13% to $299 million compared with $265 million in the
prior fourth quarter. For the year 2016, revenue was $6.1 billion,
up 1%, or 3% on an underlying basis with both Mercer and Oliver
Wyman delivering underlying growth of 3% for the year. Operating
income was $1.1 billion. Adjusted operating income increased 9% to
$1.1 billion compared with $1 billion in 2015.
Mercer's revenue was $1.1 billion in the fourth quarter, an
increase of 1% on an underlying basis. Investments grew 10% on an
underlying basis; Talent increased 3%; Health decreased 1%; and
Retirement was down 3%. Oliver Wyman Group's revenue was $486
million in the fourth quarter, an increase of 4% on an underlying
basis.
Other Items
The Company had investment income of $2 million in the fourth
quarter of 2016, compared with a loss of $1 million in the fourth
quarter of 2015. For the year, investment income was less than $1
million compared with $38 million in 2015.
The Company repurchased 2.6 million shares of stock for $175
million in the fourth quarter. For the year, 12.7 million shares
were repurchased for $800 million.
In January 2017, the Company issued $500 million of 2.75% senior
notes due 2022 and $500 million of 4.35% senior notes due 2047. The
Company intends to use the net proceeds for general corporate
purposes, including a $250 million debt maturity in April 2017.
Acquisitions completed in the fourth quarter included Marsh's
acquisition of U.K.-based insurance broker Bluefin Insurance Group
Ltd., and Mercer's acquisition of Thomsons Online Benefits, a
global SAS company. Earlier this week Marsh closed its previously
announced acquisition of J. Smith Lanier, one of the largest
privately held insurance brokers in the U.S.
Conference Call
A conference call to discuss fourth quarter 2016 results will be
held today at 8:30 a.m. Eastern time. To participate in the
teleconference, please dial +1 800 274 0251. Callers from outside
the United States should dial +1 719 457 2086. The access code for
both numbers is 4109434. The live audio webcast may be accessed at
www.mmc.com. A replay of the webcast will be available
approximately two hours after the call.
About Marsh & McLennan Companies
MARSH & McLENNAN COMPANIES (NYSE: MMC) is a global
professional services firm offering clients advice and solutions in
the areas of risk, strategy and people. Marsh is a leader in
insurance broking and risk management; Guy Carpenter is a leader in
providing risk and reinsurance intermediary services; Mercer is a
leader in talent, health, retirement and investment consulting; and
Oliver Wyman is a leader in management consulting. With annual
revenue of more than $13 billion and approximately 60,000
colleagues worldwide, Marsh & McLennan Companies provides
analysis, advice and transactional capabilities to clients in more
than 130 countries. The Company is committed to being a responsible
corporate citizen and making a positive impact in the communities
in which it operates. Visit www.mmc.com for more information and
follow us on LinkedIn and Twitter @MMC_Global.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," as
defined in the Private Securities Litigation Reform Act of 1995.
These statements, which express management's current views
concerning future events or results, use words like "anticipate,"
"assume," "believe," "continue," "estimate," "expect," "future,"
"intend," "plan," "project" and similar terms, and future or
conditional tense verbs like "could," "may," "might," "should,"
"will" and "would." Forward-looking statements are subject to
inherent risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in our
forward-looking statements.
Factors that could materially affect our future results include,
among other things:
-- our organization's ability to maintain adequate safeguards to protect
the security of our information systems and confidential,
personal or
proprietary information, particularly given the volume of third
party
vendors we use;
-- our ability to successfully recover if we experience a business
continuity problem due to cyberattack, natural disaster or
otherwise;
-- our exposure to potential liabilities, including reputational impact,
arising from errors and omissions, breach of fiduciary duty
and
similar claims against us;
-- our ability to compete effectively and adapt to changes in the
competitive environment, including to respond to pricing
pressures and
technological and other types of innovation;
-- the impact of macroeconomic conditions, political events and market
conditions on us, our clients and the industries in which we
operate,
including the effects of the vote in the U.K. to exit the E.U.
and the
potential for more protectionist laws and business
practices;
-- the financial and operational impact of complying with laws and
regulations where we operate, including the E.U.'s General
Data
Protection Regulation;
-- our exposure to potential civil remedies or criminal penalties if we
fail to comply with applicable U.S. and non-U.S. laws and
regulations;
-- our ability to incentivize and retain key employees;
-- the effect of our global pension obligations on our financial
position, earnings and cash flows and the impact of low interest
rates
on those obligations;
-- the impact on our competitive position of our tax rate relative to our
competitors;
-- the impact of fluctuations in foreign exchange, interest rates and
securities markets on our results; and
-- the impact of changes in accounting rules or in our accounting
estimates or assumptions.
The factors identified above are not exhaustive. We caution
readers not to place undue reliance on any forward-looking
statements, which are based only on information currently available
to us and speak only as of the dates on which they are made. The
Company undertakes no obligation to update or revise any
forward-looking statement to reflect events or circumstances
arising after the date on which it is made. Further information
concerning Marsh & McLennan Companies and its businesses,
including information about factors that could materially affect
our results of operations and financial condition, is contained in
the Company's filings with the Securities and Exchange Commission,
including the "Risk Factors" section and the "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" section of our most recently filed Annual Report on
Form 10-K.
Marsh & McLennan
Companies, Inc.
Consolidated
Statements
of Income
(In millions,
except
per share figures)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2016 2015 2016 2015
Revenue $ 3,364 $ 3,338 $ 13,211 $ 12,893
Expense:
Compensation 1,918 1,900 7,461 7,334
and Benefits
Other Operating 813 844 3,086 3,140
Expenses
Operating Expenses 2,731 2,744 10,547 10,474
Operating Income 633 594 2,664 2,419
Interest Income 1 4 5 13
Interest Expense (48 ) (46 ) (189 ) (163 )
Investment Income 2 (1 ) - 38
(Loss)
Income Before 588 551 2,480 2,307
Income Taxes
Income Tax Expense 147 171 685 671
Income from 441 380 1,795 1,636
Continuing
Operations
Discontinued - 1 - -
Operations,
Net of Tax
Net Income Before 441 381 1,795 1,636
Non-Controlling
Interests
Less: Net Income 5 6 27 37
Attributable
to
Non-ControllingInterests
Net $ 436 $ 375 $ 1,768 $ 1,599
Income Attributable
to the Company
Basic Net Income
Per Share
- Continuing $ 0.85 $ 0.72 $ 3.41 $ 3.01
Operations
- Net Income $ 0.85 $ 0.72 $ 3.41 $ 3.01
Attributable
to the Company
Diluted Net Income
Per Share
- Continuing $ 0.84 $ 0.71 $ 3.38 $ 2.98
Operations
- Net Income $ 0.84 $ 0.71 $ 3.38 $ 2.98
Attributable
to the Company
Average Number
of Shares
Outstanding
- Basic 515 522 519 531
- Diluted 521 527 524 536
Shares Outstanding 514 522 514 522
at 12/31
Marsh & McLennan
Companies, Inc.
Supplemental
Information
- Revenue Analysis
Three Months Ended
December 31, 2016
(Millions) (Unaudited)
Components of Revenue Change*
Three Months Ended % Change GAAP Revenue Currency Impact Acquisitions/ Underlying Revenue
December 31, Dispositions Impact
2016 2015
Risk and Insurance
Services
Marsh $ 1,565 $ 1,510 4% (2)% 1% 5%
Guy Carpenter 222 217 3% (1)% - 3%
Subtotal 1,787 1,727 3% (2)% 1% 4%
Fiduciary Interest 6 5
Income
Total Risk and 1,793 1,732 4% (2)% 1% 5%
Insurance
Services
Consulting
Mercer 1,096 1,140 (4)% (2)% (2)% 1%
Oliver Wyman Group 486 476 2% (2)% - 4%
Total Consulting 1,582 1,616 (2)% (2)% (2)% 2%
Corporate (11 ) (10 )
/ Eliminations
Total Revenue $ 3,364 $ 3,338 1% (2)% - 3%
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
Components of Revenue Change*
Three Months Ended % Change Currency Impact Acquisitions/ Underlying Revenue
December 31, GAAP Revenue Dispositions Impact
2016 2015
Marsh:
EMEA $ 481 $ 468 3% (5)% 3% 5%
Asia Pacific 153 156 (1)% 3% (8)% 4%
Latin America 122 118 3% (4)% - 7%
Total International 756 742 2% (3)% - 5%
U.S. / Canada 809 768 5% - 1% 4%
Total Marsh $ 1,565 $ 1,510 4% (2)% 1% 5%
Mercer:
Health $ 381 $ 389 (2)% (1)% - (1)%
Retirement 297 372 (20)% (4)% (14)% (3)%
Investments 219 204 8% (3)% - 10%
Talent 199 175 14% (1)% 12% 3%
Total Mercer $ 1,096 $ 1,140 (4)% (2)% (2)% 1%
Notes
Underlying revenue measures the change in revenue using consistent
currency exchange rates, excluding the impact
of certain items that affect comparability such as: acquisitions,
dispositions, transfers among businesses and
the deconsolidation of Marsh India. The impact of the gain
from the disposal of Mercer's U.S. defined contribution
recordkeeping business in 2015 is included in acquisitions/dispositions
in Mercer's Retirement business.
* Components of revenue change may not add due to rounding.
Marsh & McLennan
Companies, Inc.
Supplemental
Information
- Revenue Analysis
Twelve Months Ended
December 31, 2016
(Millions) (Unaudited)
Components of Revenue Change*
Twelve Months Ended % Change GAAP Revenue Currency Impact Acquisitions/ Underlying Revenue
December 31, Dispositions Impact
2016 2015
Risk and Insurance
Services
Marsh $ 5,976 $ 5,727 4% (2)% 4% 3%
Guy Carpenter 1,141 1,121 2% - - 2%
Subtotal 7,117 6,848 4% (2)% 3% 3%
Fiduciary Interest 26 21
Income
Total Risk and 7,143 6,869 4% (2)% 3% 3%
Insurance
Services
Consulting
Mercer 4,323 4,313 - (2)% - 3%
Oliver Wyman Group 1,789 1,751 2% (2)% - 3%
Total Consulting 6,112 6,064 1% (2)% - 3%
Corporate (44 ) (40 )
/ Eliminations
Total Revenue $ 13,211 $ 12,893 2% (2)% 2% 3%
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
Components of Revenue Change*
Twelve Months Ended % Change Currency Impact Acquisitions/ Underlying Revenue
December 31, GAAP Revenue Dispositions Impact
2016 2015
Marsh:
EMEA $ 1,924 $ 1,848 4% (4)% 6% 2%
Asia Pacific 635 636 - - (3)% 3%
Latin America 374 380 (2)% (10)% - 8%
Total International 2,933 2,864 2% (4)% 4% 3%
U.S. / Canada 3,043 2,863 6% - 4% 2%
Total Marsh $ 5,976 $ 5,727 4% (2)% 4% 3%
Mercer:
Health $ 1,588 $ 1,558 2% (1)% - 3%
Retirement 1,215 1,345 (10)% (3)% (6)% -
Investments 838 818 2% (3)% - 6%
Talent 682 592 15% (2)% 12% 5%
Total Mercer $ 4,323 $ 4,313 - (2)% - 3%
Notes
Underlying revenue measures the change in revenue using consistent
currency exchange rates, excluding the impact
of certain items that affect comparability such as: acquisitions,
dispositions, transfers among businesses and
the deconsolidation of Marsh India. The impact of the gain
from the disposal of Mercer's U.S. defined contribution
recordkeeping business in 2015 is included in acquisitions/dispositions
in Mercer's Retirement business.
* Components of revenue change may not add due to rounding.
Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended December 31
(Millions) (Unaudited)
Overview
The Company reports its financial results in accordance
with accounting principles generally
accepted in the United States (referred to
in this release as "GAAP" or "reported"
results). The Company also refers to and presents
below certain additional non-GAAP financial
measures, within the meaning of Regulation
G under the Securities Exchange Act
of 1934. These measures are: adjusted operating
income (loss), adjusted operating margin,
adjusted income, net of tax and adjusted earnings
per share (EPS). The Company has
included reconciliations of these non-GAAP financial
measures to the most directly comparable
financial measure calculated in accordance
with GAAP in the following tables.
The Company believes these non-GAAP financial measures
provide useful supplemental information that
enables investors to better compare the Company's
performance across periods. Management also
uses these measures internally to assess the operating
performance of its businesses, to assess
performance for employee compensation purposes
and to decide how to allocate resources.
However, investors should not consider these non-GAAP
measures in isolation from, or as a substitute
for, the financial information that the Company
reports in accordance with GAAP. The
Company's non-GAAP measures include adjustments that
reflect how management views our businesses,
and may differ from similarly titled non-GAAP
measures presented by other companies.
Adjusted Operating Income (Loss) and Adjusted Operating Margin
Adjusted operating income (loss)is calculated by excluding
the impact of certain noteworthy items
from the Company's GAAP operating income or
loss. The following tables identify these
noteworthy items and reconcileadjusted operating
income (loss)to GAAP operating income or loss,
on a consolidated and segment basis, for
the three months and twelve months ended
December 31, 2016 and 2015. The following tables
also presentadjusted operating margin. For
the three months ended December 31, 2016 and
2015,adjusted operating marginis calculated
by dividing adjusted operating income by consolidated
or segment GAAP revenue less the
gain from the disposal of Mercer's U.S. defined
contribution recordkeeping business.
For the twelve months ended December 31, 2016 and
2015,adjusted operating marginis calculated
by dividingadjusted operatingincomeby consolidated
or segment GAAP revenue less the net
gain on the deconsolidation of Marsh's India subsidiary
and the gain and contingent proceeds
related to the disposal of Mercer's U.S. defined
contribution recordkeeping business.
Risk & Insurance Services Consulting Corporate/ Total
Eliminations
Three Months Ended
December 31, 2016
Operating income $ 413 $ 265 $ (45 ) $ 633
(loss)
Add impact of
Noteworthy
Items:
Restructuring 1 33 1 35
charges (a)
Adjustments to 5 1 - 6
acquisition
related accounts (b)
Deconsolidation of 1 - - 1
business (c)
Other 1 - - 1
Operating income 8 34 1 43
adjustments
Adjusted operating $ 421 $ 299 $ (44 ) $ 676
income (loss)
Operating margin 23.0 % 16.8 % N/A 18.8 %
Adjusted operating 23.5 % 18.9 % N/A 20.1 %
margin
Three Months Ended
December 31, 2015
Operating income $ 354 $ 294 $ (54 ) $ 594
(loss)
Add (Deduct)
impact of
Noteworthy Items:
Restructuring 5 8 7 20
charges (a)
Adjustments to 5 - - 5
acquisition
related accounts (b)
Disposal of business - (37 ) - (37 )
(c)
Operating income 10 (29 ) 7 (12 )
adjustments
Adjusted operating $ 364 $ 265 $ (47 ) $ 582
income (loss)
Operating margin 20.4 % 18.2 % N/A 17.8 %
Adjusted operating 21.1 % 16.7 % N/A 17.6 %
margin
(a) Primarily severance related to the reorganization of certain
Mercer businesses and for center led initiatives,
future rent under non-cancellable leases and integration
costs related to recent acquisitions.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions.
(c) In 2016, relates to a net gain on the
deconsolidation of Marsh's India
subsidiary. In 2015, relates to the gain
from the disposal of Mercer's
U.S. defined contribution recordkeeping
business. The amounts are removed
from GAAP revenue in the calculation of adjusted operating margin.
Marsh & McLennan
Companies, Inc.
Reconciliation
of Non-GAAP
Measures
Twelve Months Ended
December 31
(Millions)
(Unaudited)
Adjusted Operating
Income (Loss) and
Adjusted Operating
Margin (cont'd)
Risk & Insurance Services Consulting Corporate/ Total
Eliminations
Twelve Months Ended
December 31, 2016
Operating income $ 1,753 $ 1,103 $ (192 ) $ 2,664
(loss)
Add (Deduct)
impact of
Noteworthy Items:
Restructuring 3 34 7 44
charges (a)
Adjustments to 12 3 - 15
acquisition
related accounts
(b)
Disposal/deconsolidation (11 ) (6 ) - (17 )
of business (c)
Other 2 - - 2
Operating income 6 31 7 44
adjustments
Adjusted operating $ 1,759 $ 1,134 $ (185 ) $ 2,708
income (loss)
Operating margin 24.5 % 18.1 % N/A 20.2 %
Adjusted operating 24.7 % 18.6 % N/A 20.5 %
margin
Twelve Months Ended
December 31, 2015
Operating income $ 1,539 $ 1,075 $ (195 ) $ 2,419
(loss)
Add (Deduct)
impact of
Noteworthy Items:
Restructuring 8 8 12 28
charges (a)
Adjustments to 56 (5 ) - 51
acquisition
related accounts
(b)
Disposal of - (37 ) - (37 )
business
(c)
Other - - (1 ) (1 )
Operating income 64 (34 ) 11 41
adjustments
Adjusted operating $ 1,603 $ 1,041 $ (184 ) $ 2,460
income (loss)
Operating margin 22.4 % 17.7 % N/A 18.8 %
Adjusted operating 23.3 % 17.3 % N/A 19.1 %
margin
(a) Primarily severance related to the reorganization of certain
Mercer businesses and for center led initiatives,
future rent under non-cancellable leases and integration
costs related to recent acquisitions.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions.
(c) For 2016, relates to a net gain on the deconsolidation of
Marsh's India subsidiary and contingent proceeds received
in connection with the disposal of Mercer's U.S. defined
contribution recordkeeping business. For 2015,
reflects proceeds received in connection with the disposal
of Mercer's U.S. defined contribution recordkeeping
business. The amounts are removed from GAAP revenue
in the calculation of adjusted operating margin.
Marsh & McLennan Companies, Inc.
Non-GAAP Measures
Three and Twelve Months Ended December 31
(Millions) (Unaudited)
Adjusted income, net of tax
Adjusted income, net of taxis calculated
as the Company's GAAP income from
continuing operations, adjusted to reflect the after-tax impact of the
operating income adjustments set forth
in the preceding tables.Adjusted
EPSis calculated by dividing the Company's adjusted income, net of
tax, by MMC's average number of shares
outstanding-diluted for the relevant
period. The following tables reconcileadjusted income, net of taxto
GAAP income from continuing operations andadjusted EPSto GAAP EPS for
the three months and twelve months ended December 31, 2016 and 2015.
Reconciliation of the Impact of Non-GAAP Measures
on diluted earnings per share -
Three Months Ended December 31, 2016 Three Months Ended December 31,2015
Amount Diluted EPS Amount DilutedEPS
Income from continuing operations $ 441 $ 380
Less: Non-controlling 5 6
interest, net of tax
Subtotal $ 436 $ 0.84 $ 374 $ 0.71
Operating income adjustments $ 43 $ (12 )
Impact of income taxes (14 ) 10
29 0.05 (2 ) -
Adjusted income, net of tax $ 465 $ 0.89 $ 372 $ 0.71
Twelve Months Ended December 31, 2016 Twelve Months Ended December 31,2015
Amount Diluted EPS Amount DilutedEPS
Income from continuing $ 1,795 $ 1,636
operations
Less: Non-controlling 27 37
interest, net of tax
Subtotal $ 1,768 $ 3.38 $ 1,599 $ 2.98
Operating income $ 44 $ 41
adjustments
Impact of income taxes (21 ) (5 )
23 0.04 36 0.07
Adjusted income, $ 1,791 $ 3.42 $ 1,635 $ 3.05
net of tax
Marsh
& McLennan
Companies,
Inc.
Supplemental
Information
Three and
Twelve
Months
Ended December
31
(Millions)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2016 2015 2016 2015
Consolidated
Compensation $ 1,918 $ 1,900 $ 7,461 $ 7,334
and Benefits
Other 813 844 3,086 3,140
operating
expenses
Total $ 2,731 $ 2,744 $ 10,547 $ 10,474
Expenses
Depreciation $ 77 $ 81 $ 308 $ 314
and
amortization
expense
Identified 31 30 130 109
intangible
amortization
expense
Total $ 108 $ 111 $ 438 $ 423
Stock option $ 3 $ 2 $ 21 $ 20
expense
Capital $ 79 $ 76 $ 253 $ 325
expenditures
Risk
and Insurance
Services
Compensation $ 953 $ 932 $ 3,732 $ 3,629
and Benefits
Other 427 446 1,658 1,701
operating
expenses
Total $ 1,380 $ 1,378 $ 5,390 $ 5,330
Expenses
Depreciation $ 34 $ 38 $ 139 $ 145
and
amortization
expense
Identified 26 25 109 94
intangible
amortization
expense
Total $ 60 $ 63 $ 248 $ 239
Consulting
Compensation $ 879 $ 879 $ 3,385 $ 3,354
and Benefits
Other 438 443 1,624 1,635
operating
expenses
Total $ 1,317 $ 1,322 $ 5,009 $ 4,989
Expenses
Depreciation $ 25 $ 26 $ 100 $ 106
and
amortization
expense
Identified 5 5 21 15
intangible
amortization
expense
Total $ 30 $ 31 $ 121 $ 121
Marsh & McLennan Companies, Inc.
Consolidated Balance Sheets
(Millions) (Unaudited)
December 31, December 31,
2016 2015
ASSETS
Current assets:
Cash and cash equivalents $ 1,026 $ 1,374
Net receivables 3,643 3,471
Other current assets 215 199
Total current assets 4,884 5,044
Goodwill and intangible assets 9,495 8,925
Fixed assets, net 725 773
Pension related assets 776 1,159
Deferred tax assets 1,097 1,138
Other assets 1,213 1,177
TOTAL ASSETS $ 18,190 $ 18,216
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $ 312 $ 12
Accounts payable and 1,969 1,886
accrued liabilities
Accrued compensation and 1,655 1,656
employee benefits
Accrued income taxes 146 154
Total current liabilities 4,082 3,708
Fiduciary liabilities 4,241 4,146
Less - cash and investments held (4,241 ) (4,146 )
in a fiduciary capacity
- -
Long-term debt 4,495 4,402
Pension, post-retirement and 2,076 2,058
post-employment benefits
Liabilities for errors and omissions 308 318
Other liabilities 957 1,128
Total equity 6,272 6,602
TOTAL LIABILITIES AND EQUITY $ 18,190 $ 18,216
Media:Marsh & McLennan CompaniesLaura Schooler, +1
212-345-0370laura.schooler@mmc.comorInvestors:Marsh & McLennan
CompaniesKeith Walsh, +1 212-345-0057keith.walsh@mmc.com
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