Marsh & McLennan Companies, Inc. (NYSE: MMC), a global
professional services firm providing advice and solutions in risk,
strategy and human capital, today reported financial results for
the second quarter, ended June 30, 2012.
Brian Duperreault, President and CEO, said: “Our outstanding
second quarter results successfully built on our strong first
quarter. We produced revenue growth in each of our Operating
Companies as well as excellent growth in operating income in both
Risk and Insurance Services and Consulting, with meaningful margin
improvement.
“Marsh continued its strong performance, including underlying
revenue growth across all geographies and excellent new business
development. Guy Carpenter produced impressive results, continuing
its long-term trend of underlying revenue growth driven by
international operations.
“Our Consulting segment produced underlying revenue growth, with
a strong increase in profitability. Both Mercer and Oliver Wyman
contributed to the segment's double-digit growth in earnings and
improved margins.
"Our operating results in the second quarter demonstrate that we
continue to track favorably against our long-term performance
goals,” concluded Mr. Duperreault.
Consolidated Results
Consolidated revenue in the second quarter of 2012 was $3
billion, an increase of 3%, or 5% on an underlying basis from the
second quarter of 2011. Underlying revenue measures the change in
revenue using consistent currency exchange rates, excluding the
impact of items such as acquisitions, dispositions and transfers
among businesses. Operating income rose 11% to $518 million.
Adjusted operating income, which excludes noteworthy items as
presented in the attached supplemental schedules, rose 13% to $523
million in the second quarter.
Income from continuing operations in the second quarter of 2012
was $339 million, or $.60 per share, compared with $286 million, or
$.50 per share, in the second quarter of 2011. Adjusted earnings
per share in the quarter was $.61, an increase of 22% from $.50 in
the second quarter of 2011. Net income was $329 million, compared
with $282 million in the second quarter of 2011.
For the six months ended June 30, 2012, income from continuing
operations was $693 million, or $1.23 per share, compared with $605
million, or $1.06 per share, in 2011. Adjusted earnings per share
for the six months increased 17% to $1.24, compared with $1.06 last
year.
Risk and Insurance Services
Risk and Insurance Services segment revenue in the second
quarter of 2012 was $1.7 billion, an increase of 5%, or 6% on an
underlying basis. Operating income increased 12% to $401 million,
compared with $356 million in last year's second quarter. Adjusted
operating income in the second quarter increased 14% to $402
million from $352 million. For the first six months of 2012,
segment revenue was $3.4 billion, an increase of 6% from the prior
year period, and 7% growth on an underlying basis. Operating income
increased 11% to $818 million, compared with $739 million in 2011.
Adjusted operating income rose 11% to $818 million, compared with
$735 million last year.
Marsh's revenue in the second quarter of 2012 increased 4% to
$1.4 billion, or 6% on an underlying basis. International
operations reported underlying revenue growth of 7% in the second
quarter, reflecting growth of 14% in Latin America, 10% in Asia
Pacific, and 5% in EMEA. In the United States/Canada division,
underlying revenue grew 4%. Guy Carpenter's second quarter revenue
was $275 million, an increase of 7%, or 10% on an underlying
basis.
Consulting
Consulting segment revenue in the second quarter of 2012 was
$1.3 billion, an increase of 2%, or 4% on an underlying basis.
Operating income increased 13% to $172 million, compared with $152
million in the prior year period. Adjusted operating income rose
14% to $176 million, compared with $154 million. For the six months
of 2012, segment revenue increased 3% to $2.7 billion, or 4% on an
underlying basis. Operating income increased 18% to $331 million,
compared with $280 million in 2011. Adjusted operating income rose
18% to $338 million, compared with $285 million last year.
Mercer's revenue in the second quarter of 2012 was $960 million,
an increase of 2% on a reported basis, and 3% underlying.
Retirement, with revenue of $267 million, rose 1% on an underlying
basis; Health & Benefits, with revenue of $255 million, was up
6%; Talent, Rewards & Communications, with revenue of $132
million, was up 1%; Outsourcing, with revenue of $178 million,
increased 1%; and Investments, with revenue of $128 million, rose
7%. Oliver Wyman's revenue increased 2% to $381 million in the
second quarter of 2012, or 8% on an underlying basis.
Other Items
Investment income, including mark-to-market gains in private
equity investments, was $4 million in the second quarter of 2012,
compared with an investment loss of $6 million in 2011. At the end
of the second quarter of 2012, cash and cash equivalents was $1.5
billion.
In the second quarter of 2012, the Company repurchased 3.1
million shares of its common stock for $100 million. The Company
has $453 million remaining under the share repurchase program
authorized by the Board of Directors. In addition, the Company
increased its quarterly dividend 5% to $.23 per share, effective
with the third quarter payment on August 15, 2012.
Conference Call
A conference call to discuss second quarter 2012 results will be
held today at 8:30 a.m. Eastern Time. To participate in the
teleconference, please dial +1 888 455 2271. Callers from outside
the United States should dial +1 719 325 2384. The access code for
both numbers is 4389734. The live audio webcast may be accessed at
www.mmc.com. A replay of the webcast
will be available approximately two hours after the event.
About Marsh & McLennan Companies
MARSH & McLENNAN COMPANIES (NYSE: MMC) is a global team of
professional services companies offering clients advice and
solutions in the areas of risk, strategy and human capital.
Marsh is a global leader in insurance
broking and risk management; Guy
Carpenter is a global leader in providing risk and
reinsurance intermediary services; Mercer is a global leader in human resource
consulting and related services; and Oliver
Wyman is a global leader in management consulting. Marsh
& McLennan Companies' 53,000 colleagues worldwide provide
analysis, advice and transactional capabilities to clients in more
than 100 countries. The Company prides itself on being a
responsible corporate citizen and making a positive impact in the
communities in which it operates. Visit www.mmc.com for more information.
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.” For example, we may use forward-looking
statements when addressing topics such as: the outcome of
contingencies; the expected impact of acquisitions and
dispositions; pension obligations; market and industry conditions;
the impact of foreign currency exchange rates; our effective tax
rates; the impact of competition; changes in our business
strategies and methods of generating revenue; the development and
performance of our services and products; changes in the
composition or level of our revenues; our cost structure, dividend
policy, cash flow and liquidity; future actions by regulators; and
the impact of changes in accounting rules.
Forward-looking statements are subject to inherent risks and
uncertainties. Factors that could cause actual results to differ
materially from those expressed or implied in our forward-looking
statements include, among other things:
- our exposure to potential liabilities
arising from errors and omissions claims against us, particularly
in our Marsh and Mercer businesses in the U.S. and the U.K.;
- our ability to make strategic
acquisitions and dispositions and to integrate, and realize
expected synergies, savings or strategic benefits from the
businesses we acquire;
- changes in the funded status of our
global defined benefit pension plans and the impact of any
increased pension funding resulting from those changes;
- the impact of any regional, national or
global political, economic, regulatory or market conditions on our
results of operations and financial condition, including the
European debt crisis and market perceptions concerning the
stability of the Euro;
- the impact of changes in interest rates
and deterioration of counterparty credit quality on our results
related to our cash balances and investment portfolios, including
corporate and fiduciary funds;
- the impact on our net income caused by
fluctuations in foreign currency exchange rates;
- the impact on our net income or cash
flows and our effective tax rate in a particular period caused by
settled tax audits and expired statutes of limitation;
- the extent to which we retain existing
clients and attract new business, and our ability to incentivize
and retain key employees;
- our exposure to potential criminal
sanctions or civil remedies if we fail to comply with foreign and
U.S. laws and regulations that are applicable to our international
operations, including import and export requirements,
anti-corruption laws such as the U.S. Foreign Corrupt Practices Act
and the UK Bribery Act 2010, local laws prohibiting corrupt
payments to government officials, as well as various trade
sanctions laws;
- the impact of competition, including
with respect to our geographic reach, the sophistication and
quality of our services, our pricing relative to competitors, our
customers' option to self-insure or utilize internal resources
instead of consultants, and our corporate tax rates relative to our
competitors;
- the potential impact of rating agency
actions on our cost of financing and ability to borrow, as well as
on our operating costs and competitive position;
- our ability to successfully recover
should we experience a disaster or other business continuity
problem;
- our ability to maintain adequate
physical, technical and administrative safeguards to protect the
security of our data;
- changes in applicable tax or accounting
requirements; and
- potential income statement effects from
the application of FASB's ASC Topic No. 740 (“Income Taxes”)
regarding accounting treatment of uncertain tax benefits and
valuation allowances, including the effect of any subsequent
adjustments to the estimates we use in applying this accounting
standard.
The factors identified above are not exhaustive. Marsh &
McLennan Companies and its subsidiaries operate in a dynamic
business environment in which new risks may emerge frequently.
Accordingly, we caution readers not to place undue reliance on the
above forward-looking statements, which 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 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 EndedJune
30,
Six Months EndedJune 30,
2012 2011
2012
2011
Revenue $ 3,026 $ 2,928
$ 6,077 $ 5,812
Expense:
Compensation and Benefits
1,776 1,728
3,572 3,449
Other Operating Expenses
732 735
1,460
1,426
Total Expense 2,508 2,463
5,032 4,875
Operating Income
518 465
1,045 937
Interest Income 6 5
12 12
Interest Expense (45 ) (49 )
(91 ) (100 )
Investment Income (Loss) 4
(6 )
24 13
Income Before Income
Taxes 483 415
990 862
Income Tax Expense
144 129
297 257
Income
from Continuing Operations 339 286
693 605
Discontinued Operations, Net of Tax (2 ) 3
(2 ) 15
Net Income Before
Non-Controlling Interest $ 337 $ 289
$
691 $ 620
Less: Net Income Attributable to
Non-Controlling Interest 8 7
15
13
Net Income Attributable to the Company
$ 329 $ 282
$ 676
$ 607
Basic Net Income Per Share - Continuing
Operations $ 0.61 $ 0.51
$
1.24 $ 1.08
- Net Income Attributable to
the Company $ 0.60 $ 0.51
$
1.24 $ 1.10
Diluted Net Income Per
Share - Continuing Operations $ 0.60
$ 0.50
$ 1.23 $ 1.06
-
Net Income Attributable to the Company $ 0.59
$ 0.50
$ 1.22 $ 1.09
Average Number of Shares Outstanding
- Basic
545 547
544 545
-
Diluted 553 555
552 554
Shares Outstanding at 6/30 544 541
544 541
Marsh & McLennan
Companies, Inc. Supplemental Information - Revenue
Analysis
Three Months Ended
(Millions) (Unaudited)
Components of Revenue Change*
Three Months EndedJune
30,
%
ChangeGAAPRevenue
CurrencyImpact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2012 2011
Risk and Insurance Services Marsh
$ 1,413 $
1,353 4 % (3 )% 2 % 6 % Guy Carpenter
275
257 7 % (2 )% (1 )% 10 % Subtotal
1,688
1,610
5 % (3 )% 2 % 6 % Fiduciary Interest Income
10
10
Total Risk and InsuranceServices
1,698
1,620
5 % (3 )% 2 % 6 %
Consulting Mercer
960 945
2
%
(3 )% 2 % 3 % Oliver Wyman Group
381
374 2 % (4 )% (3 )% 8 % Total Consulting
1,341
1,319 2 % (3 )% 1 % 4 %
Corporate /
Eliminations
(13
)
(11 )
Total Revenue
$
3,026
$ 2,928 3 % (3 )% 1 % 5 % Revenue
Details The following table provides more detailed revenue
information for certain of the components presented above:
Components of Revenue Change*
Three Months EndedJune
30,
%
ChangeGAAPRevenue
CurrencyImpact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2012
2011
Marsh: EMEA
$ 455 $ 445 2 % (7 )% 4 % 5 % Asia Pacific
181
169 6 % (3 )% — 10 % Latin America
87
83 5 % (9 )% — 14 % Total International
723 697 4 %
(6 )% 3 % 7 % U.S. / Canada
690 656
5 %
(1
)%
2 % 4 % Total Marsh
$ 1,413 $ 1,353 4 %
(3 )% 2 % 6 %
Mercer: Retirement
$ 267 $ 271
(2 )% (4 )% 1 % 1 % Health and Benefits
255 241 6 % (3 )% 3
% 6 % Talent, Rewards & Communications
132 127 4 % (3 )%
7 %
1
%
Outsourcing
178 188 (5 )% (2 )%
(3
)%
1 % Investments
128 118 9 % (4
)% 6 % 7 % Total Mercer
$ 960 $ 945 2 %
(3
)%
2 % 3 %
Notes
Underlying revenue measures the change in
revenue using consistent currency exchange rates, excluding the
impact of certainitems such as: acquisitions,
dispositions and transfers among businesses.
* Components of revenue change may not add
due to rounding.
Marsh & McLennan Companies,
Inc.
Supplemental Information - Revenue
Analysis
Six Months Ended
(Millions) (Unaudited)
Components of Revenue Change*
Six Months EndedJune 30,
% ChangeGAAP
CurrencyImpact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2012
2011
Risk and Insurance Services Marsh
$
2,792
$
2,635
6 % (2 )% 2 % 6 % Guy Carpenter
632
597
6 % (1 )% (1 )% 8 % Subtotal
3,424
3,232
6 % (2 )% 2 % 7 % Fiduciary Interest Income
21
22
Total Risk and InsuranceServices
3,445
3,254
6 % (2 )% 2 % 7 %
Consulting Mercer
1,917
1,867
3 % (2 )% 1 % 3 % Oliver Wyman Group
737
713
3 % (2 )% (2 )% 7 % Total Consulting
2,654
2,580
3 % (2 )% 1 % 4 %
Corporate / Eliminations
(22
)
(22
)
Total Revenue
$
6,077
$
5,812
5 % (2 )% 1 % 6 %
Revenue Details
The following table provides more detailed revenue information for
certain of the components presented above:
Components of Revenue Change*
Six Months EndedJune 30,
% ChangeGAAP
CurrencyImpact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2012
2011
Marsh: EMEA
$
1,032
$
996
4 % (5 )% 4 % 5 % Asia Pacific
323
294
10 % (1 )% 1 % 10 % Latin America
161
144
12 % (4 )% — 16 % Total International
1,516
1,434
6 % (4 )% 3 % 7 % U.S. / Canada
1,276
1,201
6 % — 2 % 5 % Total Marsh
$
2,792
$
2,635
6 % (2 )% 2 % 6 %
Mercer: Retirement
545 552 (1 )% (3 )% 1 % — Health and Benefits
508
478
6 % (2 )% 2 % 6 % Talent, Rewards & Communications
257
244
5 % (2 )% 5 % 2 % Outsourcing
355
364
(3 )% (1 )% (4 )% 2 % Investments
252
229
10 % (2 )% 5 % 7 % Total Mercer
$
1,917
$
1,867
3 % (2 )% 1 % 3 %
Notes
Underlying revenue measures the change in
revenue, using consistent currency exchange rates, excluding the
impact of certainitems such as: acquisitions, dispositions, and
transfers among businesses.
* Components of revenue change may not add
due to rounding.
Marsh & McLennan Companies,
Inc.Non-GAAP MeasuresThree Months Ended June
30(Millions) (Unaudited)
The Company presents below certain additional financial measures
that are "non-GAAP measures," within the meaning of Regulation G
under the Securities Exchange Act of 1934. These measures are:
adjusted operating income (loss); adjusted operating margin; and
adjusted income, net of tax.
The Company presents these non-GAAP measures to provide
investors with additional information to analyze the Company's
performance from period to period. Management also uses these
measures to assess performance for incentive compensation purposes
and to allocate resources in managing the Company's businesses.
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 reflect subjective determinations by management,
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 reconcile adjusted operating income (loss) to
GAAP operating income or (loss), on a consolidated and segment
basis, for the three months ended June 30, 2012 and 2011. The
following tables also present adjusted operating margin, which is
calculated by dividing adjusted operating income by consolidated or
segment GAAP revenue.
Risk
&InsuranceServices
Consulting
Corporate/Eliminations
Total Three Months Ended June 30,
2012 Operating income (loss) $ 401
$ 172 $ (55 ) $
518 Add (deduct) impact of noteworthy items:
Restructuring charges (a)
1 4 2 7 Other
(c)
— — (2 ) (2
) Operating income adjustments 1
4 — 5 Adjusted
operating income (loss) $ 402 $
176 $ (55 ) $ 523
Operating margin 23.6 % 12.8
% N/A 17.1 % Adjusted operating
margin 23.7 % 13.1 % N/A
17.3 % Three Months Ended June 30, 2011
Operating income (loss) $ 356 $ 152 $ (43 ) $
465 Add (deduct) impact of noteworthy items: Restructuring
charges (a) (2 ) 2 1 1 Settlement, legal and regulatory (b) (2 ) —
— (2 ) Other (c) — — (2 ) (2 )
Operating income
adjustments (4 ) 2 (1 ) (3 )
Adjusted operating
income (loss) $ 352 $ 154 $ (44 ) $ 462
Operating margin 22.0 % 11.5 % N/A 15.9 %
Adjusted
operating margin 21.7 % 11.7 % N/A 15.8
%
(a) Includes severance from restructuring
activities and related charges, costs for future rent and other
real estate costs, and feesand consulting costs related to recent
acquisitions and cost reduction activities.
(b) Reflects settlements of and legal fees
arising out of regulatory actions relating to market service
agreements and other issuesincluding indemnification of former
employees for legal fees.
(c) Includes credits for payments received
related to the Corporate Advisory and Restructuring businesses
divested in 2008.
Marsh & McLennan Companies,
Inc.Non-GAAP MeasuresSix Months Ended June
30(Millions) (Unaudited)
The Company presents below certain additional financial measures
that are “non-GAAP measures,” within the meaning of Regulation G
under the Securities Exchange Act of 1934. These measures are:
adjusted operating income (loss); adjusted operating margin; and
adjusted income, net of tax.
The Company presents these non-GAAP measures to provide
investors with additional information to analyze the Company's
performance from period to period. Management also uses these
measures to assess performance for incentive compensation purposes
and to allocate resources in managing the Company's businesses.
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 reflect subjective determinations by management,
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 reconcile adjusted operating income (loss) to
GAAP operating income or (loss), on a consolidated and segment
basis, for the six months ended June 30, 2012 and 2011. The
following tables also present adjusted operating margin, which is
calculated by dividing adjusted operating income by consolidated or
segment GAAP revenue.
Risk
&InsuranceServices
Consulting
Corporate/Eliminations
Total Six Months Ended June 30,
2012 Operating income (loss) $ 818
$ 331 $ (104 ) $
1,045 Add (deduct) impact of noteworthy items:
Restructuring charges (a)
— 7 4 11
Other (c)
—
—
(3 ) (3 )
Operating income adjustments —
7 1 8
Adjusted operating income (loss) $ 818
$ 338 $ (103 )
$ 1,053 Operating margin
23.7 % 12.5 % N/A
17.2 % Adjusted operating margin
23.7 % 12.7 %
N/A 17.3 % Six Months
Ended June 30, 2011 Operating income (loss) $ 739
$ 280 $ (82 ) $ 937 Add (deduct) impact of noteworthy
items: Restructuring charges (a) (2 ) 5 2 5 Settlement, legal and
regulatory (b) (2 ) —
—
(2 ) Other (c) — — (5 )
(5 )
Operating income adjustments (4 ) 5
(3 ) (2 )
Adjusted operating income
(loss) $ 735 $ 285 $ (85 ) $ 935
Operating margin 22.7 % 10.9 % N/A
16.1 %
Adjusted operating margin 22.6 %
11.1 % N/A 16.1 %
(a) Includes severance from
restructuring activities and related charges, costs for future rent
and other real estate costs, and feesand consulting costs related
to recent acquisitions and cost reduction activities.
(b) Reflects settlements of and
legal fees arising out of the regulatory actions relating to market
service agreements and otherissues including indemnification of
former employees for legal fees.
(c) Includes credits for
payments received related to the Corporate Advisory and
Restructuring businesses divested in 2008.
Marsh & McLennan Companies,
Inc.Non-GAAP MeasuresThree and Six Months Ended June
30(Millions) (Unaudited)
Adjusted income, net of tax
Adjusted income, net of tax is 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 table. The related adjusted diluted earnings per
share as calculated under the two-class method, reflects reductions
for the portion of each item attributable to non-controlling
interests and participating securities so that the calculation is
based only on the amounts attributable to common shareholders.
Reconciliation of the Impact of
Non-GAAP Measures on diluted earnings per share - Three and Six
Months Ended June 30,2012 and 2011:
Amount
Diluted EPS Three Months Ended June 30, 2012 Income
from continuing operations
$ 339 Less:
Non-controlling interest, net of tax
8 Amount attributable
to participating securities
— Subtotal
$
331 $ 0.60 Add operating income adjustments
$ 5 Deduct impact of income taxes
(1
) 4 0.01 Adjusted income, net of
tax
$ 335 $ 0.61
Amount Diluted EPS Six Months Ended June 30,
2012 Income from continuing operations
$ 693
Less: Non-controlling interest, net of tax
15 Amount
attributable to participating securities
1 Subtotal
$ 677 $ 1.23 Add operating income
adjustments
$ 8 Deduct impact of income taxes
(2 ) 6 0.01 Adjusted
income, net of tax
$ 683 $ 1.24
Amount Diluted EPS Three Months Ended June 30,
2011 Income from continuing operations $ 286 Less:
Non-controlling interest, net of tax 7 Amount attributable to
participating securities 2 Subtotal $ 277 $ 0.50 (Deduct)
operating income adjustments $ (3 ) Add impact of income taxes
3 — — Adjusted income, net of tax $ 277
$ 0.50
Amount Diluted EPS Six Months Ended
June 30, 2011 Income from continuing operations $ 605 Less:
Non-controlling interest, net of tax 13 Amount attributable to
participating securities 5 Subtotal $ 587 $ 1.06 (Deduct)
operating income adjustments $ (2 ) Add impact of income taxes
3 1
—
Adjusted income, net of tax $ 588 $ 1.06
Marsh &
McLennan Companies, Inc. Supplemental Information
(Millions) (Unaudited)
Three Months EndedJune
30,
Six Months EndedJune 30,
2012 2011
2012
2011 Depreciation and amortization expense
$
84 $ 82
$ 167 $ 165 Stock option expense
$ 9 $ 5
$ 20 $ 12 Contingent
acquisition consideration expense (income)
$ 2 $ —
$ 3 $ (6 ) Capital expenditures
$ 98 $
75
$ 149 $ 142
Marsh & McLennan
Companies, Inc. Consolidated Balance Sheets
(Millions) (Unaudited)
June 30,2012
December 31,2011
ASSETS Current assets: Cash and cash equivalents
$ 1,504 $ 2,113 Net receivables
3,102 2,906
Other current assets
589 629
Total current
assets 5,195 5,648 Goodwill and intangible assets
7,086 6,963 Fixed assets, net
800 804 Pension related
assets
140 39 Deferred tax assets
1,153 1,205 Other
assets
828 795
TOTAL ASSETS $
15,202 $ 15,454
LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Short-term
debt
$ 259 $ 260 Accounts payable and accrued
liabilities
1,758 2,016 Accrued compensation and employee
benefits
916 1,400 Accrued income taxes
111 63
Dividends payable
126 —
Total current
liabilities 3,170 3,739 Fiduciary liabilities
4,449 4,082 Less - cash and investments held in a fiduciary
capacity
(4,449 ) (4,082 ) — — Long-term debt
2,663 2,668 Pension, post-retirement and post-employment
benefits
1,574 1,655 Liabilities for errors and omissions
466 468 Other liabilities
985 984
Total
equity 6,344 5,940
TOTAL
LIABILITIES AND EQUITY $ 15,202 $ 15,454
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