Excellent Underlying Revenue Growth
Growth in GAAP and Adjusted Operating Income
Produces Strong Margin Expansion
Full-Year GAAP EPS Increases to $2.65;
Adjusted EPS Rises 14% to $2.82
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, 2014.
Dan Glaser, President and CEO said: “Marsh & McLennan
Companies generated strong results in the fourth quarter of 2014.
On a consolidated basis, the Company produced underlying revenue
growth of 6%, with the adjusted operating margin increasing 70
basis points and 16% growth in adjusted EPS to $.66.
“For the year, Marsh & McLennan Companies’ results were
excellent. On a consolidated basis, adjusted operating income grew
10%, our seventh consecutive year of double-digit growth, while the
adjusted margin increased 70 basis points to 18.1%. Marsh produced
another year of outstanding performance, with substantial
underlying revenue growth across all major geographies and record
new business development. Guy Carpenter’s results for the year were
solid, with underlying revenue growth of 2%, despite significant
industry-wide headwinds. Mercer’s strong performance included 3%
underlying revenue growth, driving the Consulting segment’s record
profitability of nearly $1 billion, and impressive margin
improvement. Oliver Wyman’s underlying revenue growth of 15%
reflected double-digit increases in each quarter this year.
“We’re proud to have delivered another year of excellent
results, with strong revenue and EPS growth and the return of
capital to shareholders through double-digit growth in dividends
and increased share repurchases,” concluded Mr. Glaser.
Consolidated Results
In the fourth quarter of 2014, consolidated revenue was $3.2
billion, an increase of 4%, or 6% on an underlying basis, compared
with the fourth quarter of 2013. Operating income rose 10% to $536
million, compared with $489 million in the prior year period.
Adjusted operating income, which excludes noteworthy items as
presented in the attached supplemental schedules, rose 9% to $553
million. Income from continuing operations, including expense
related to the early extinguishment of debt of $137 million was
$269 million, or $.48 per share. Discontinued operations, net of
tax, was $30 million, or $.06 per share, reflecting the favorable
settlement of a tax matter related to a divested operation. Net
income attributable to the Company was $294 million, or $.54 per
diluted share. Adjusted earnings per share grew 16% to $.66,
compared with $.57 last year.
For the year 2014, revenue was $13 billion, an increase of 6%,
or 5% on an underlying basis. Operating income rose 11% to $2.3
billion. Adjusted operating income, which was also $2.3 billion,
rose 10%. Income from continuing operations was $1.5 billion, or
$2.61 per share. Discontinued operations, net of tax, was $26
million, or $.04 per share, compared with $6 million, or $.01 per
share, in the prior year. Net income attributable to the Company
was $1.5 billion, or $2.65 per share. Adjusted earnings per share
for 2014 increased 14% to $2.82, compared with $2.48 in 2013.
Risk and Insurance Services
Risk and Insurance Services revenue was $1.7 billion in the
fourth quarter of 2014, an increase of 4% on both a reported and
underlying basis. Operating income increased to $339 million and
adjusted operating income increased 9% to $355 million. For the
year, revenue was $6.9 billion, an increase of 5%, or 3% underlying
revenue growth. Operating income increased to $1.5 billion and
adjusted operating income rose 6% to $1.6 billion.
Marsh's revenue in the fourth quarter of 2014 was $1.5 billion,
an increase of 4% on both a reported and underlying basis.
International operations produced underlying revenue growth of 5%,
reflecting growth of 6% in Asia Pacific; 5% in EMEA; and 3% in
Latin America. In the US/Canada division, underlying revenue rose
3%. Guy Carpenter's revenue in the fourth quarter was $212 million,
an increase of 1% from the prior year, or 3% on an underlying
basis.
Consulting
Consulting revenue of $1.6 billion in the fourth quarter
increased 5%, or 8% on an underlying basis, from the fourth quarter
of 2013. Operating income and adjusted operating income increased
13% to $250 million and $251 million, respectively. For the year,
revenue was $6.1 billion, an increase of 6% on both a reported and
underlying basis. Operating income and adjusted operating income
increased 18% to $996 million and $997 million, respectively.
Mercer's revenue was $1.1 billion in the fourth quarter, an
increase of 2%, or 5% on an underlying basis. Health, with revenue
of $380 million, grew 4% on an underlying basis; Retirement, with
revenue of $343 million, rose 5%; Investments, with revenue of $214
million, increased 12%; and Talent, with revenue of $169 million,
rose 2%. Oliver Wyman Group’s revenue was $460 million in the
fourth quarter, an increase of 12%, or 15% on an underlying
basis.
Other Items
In October 2014, the Company redeemed $230 million of 5.75%
senior notes due in September 2015 and $400 million of 9.25% senior
notes due in 2019. The Company incurred expense of $137 million
related to the early extinguishment of this debt.
The Company repurchased 3.7 million shares of its common stock
for $200 million in the fourth quarter. For the full year, 15.5
million shares of stock were repurchased for $800 million. At
December 31, 2014, cash and cash equivalents was $2 billion.
Conference Call
A conference call to discuss fourth quarter and full-year 2014
results will be held today at 8:30 a.m. Eastern time. To
participate in the teleconference, please dial +1 888 503 8177.
Callers from outside the United States should dial +1 719 325 2227.
The access code for both numbers is 2786620. 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
professional services firm offering clients advice and solutions in
the areas of risk, strategy, and people. 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 talent, health, retirement, and
investment consulting; and Oliver Wyman is a global leader in
management consulting. With annual revenue of $13 billion and
57,000 colleagues worldwide, Marsh & McLennan Companies’
provides analysis, advice, and transactional capabilities to
clients in more than 130 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.
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.” For example, we may use forward-looking
statements when addressing topics such as: the outcome of
contingencies; the expected impact of acquisitions and
dispositions; the impact of competition; pension obligations; the
impact of foreign currency exchange rates; our effective tax rates;
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:
- 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 use internal resources instead
of consultants, and our corporate tax rates relative to a number of
our competitors;
- the extent to which we retain existing
clients and attract new business, and our ability to incentivize
and retain key employees;
- the impact on expenses relating to our
global pension plans of discount rates and asset returns and of
projected salary increases, mortality rates, demographics,
inflation, and cash contributions due to changes in the funded
status of our global defined benefit pension plans;
- the impact on our net income of
fluctuations in foreign currency exchange rates, particularly in
light of the recent strengthening of the U.S. dollar against most
other currencies worldwide;
- our ability to maintain adequate
physical, technical and administrative safeguards to protect the
security of confidential or personal information or data, and the
potential of a system or network disruption that results in
regulatory penalties, remedial costs or the improper disclosure of
confidential or personal information or data;
- our exposure to potential liabilities
arising from errors and omissions claims against us;
- our exposure to potential civil
remedies or criminal penalties if we fail to comply with foreign
and U.S. laws that are applicable in the domestic and international
jurisdictions in which we operate, including evolving sanctions
against Russia and existing trade sanctions laws relating to
countries such as Cuba, Iran, Sudan and Syria, anti-corruption laws
such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery
Act 2010, local laws prohibiting corrupt payments to government
officials, as well as import and export restrictions;
- our ability to make acquisitions and
dispositions and to integrate, and realize expected synergies,
savings or benefits from, the businesses we acquire;
- our ability to successfully recover
should we experience a disaster or other business continuity
problem, such as an earthquake, hurricane, flood, terrorist attack,
pandemic, security breach, cyber attack, power loss,
telecommunications failure or other natural or man-made
disaster;
- the impact of changes in interest rates
and deterioration of counterparty credit quality on our cash
balances and the performance of our investment portfolios,
including corporate and fiduciary funds;
- 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;
- 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 any
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 EndedDecember
31,
Twelve Months EndedDecember
31,
2014 2013
2014
2013
Revenue $ 3,246 $ 3,115
$ 12,951 $ 12,261
Expense: Compensation and Benefits
1,896 1,833
7,515 7,226 Other Operating Expenses
814 793
3,135 2,958
Operating Expenses
2,710 2,626
10,650 10,184
Operating Income 536 489
2,301 2,077
Interest Income 5 5
21 18
Interest
Expense (36 ) (43 )
(165 ) (167 )
Cost of Extinguishment of Debt (137 ) (24 )
(137 ) (24 )
Investment Income —
11
37 69
Income Before Income
Taxes 368 438
2,057 1,973
Income Tax
Expense 99 131
586 594
Income from Continuing Operations 269 307
1,471 1,379
Discontinued Operations, Net of Tax
30 —
26 6
Net Income
Before Non-Controlling Interests 299 307
1,497
1,385
Less: Net Income Attributable to Non-Controlling
Interests 5 4
32 28
Net Income Attributable to the Company $ 294
$ 303
$ 1,465 $ 1,357
Basic Net Income Per Share - Continuing Operations
$ 0.49 $ 0.55
$ 2.64
$ 2.46
- Net Income Attributable to the
Company $ 0.54 $ 0.55
$
2.69 $ 2.47
Diluted Net Income Per
Share - Continuing Operations $ 0.48
$ 0.54
$ 2.61 $ 2.42
-
Net Income Attributable to the Company $ 0.54
$ 0.54
$ 2.65 $ 2.43
Average Number of Shares Outstanding - Basic
541 548
545 549
-
Diluted 548 557
553 558
Shares Outstanding at 12/31 540 547
540 547
Marsh & McLennan Companies,
Inc.Supplemental Information - Revenue AnalysisThree
Months Ended December 31, 2014(Millions) (Unaudited)
Components of Revenue
Change*
Three Months EndedDecember
31,
%
ChangeGAAPRevenue
CurrencyImpact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2014 2013
Risk and Insurance
Services Marsh
$
1,473 $ 1,418 4% (4)% 4% 4% Guy Carpenter
212
209 1% (2)% — 3% Subtotal
1,685 1,627 4% (3)% 3% 4%
Fiduciary Interest Income
6 6 Total Risk and
Insurance Services
1,691 1,633 4% (3)% 3% 4%
Consulting Mercer
1,106 1,084 2% (3)% — 5% Oliver
Wyman Group
460 408 12% (3)% 1% 15% Total
Consulting
1,566 1,492 5% (3)% — 8%
Corporate / Eliminations (11 ) (10 )
Total
Revenue $ 3,246 $ 3,115 4% (3)% 2%
6%
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
Components of Revenue
Change*
Three Months EndedDecember
31,
%
ChangeGAAPRevenue
CurrencyImpact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2014 2013
Marsh:
EMEA
$ 471 $ 466 1% (5)% 1% 5%
Asia Pacific
163 163 — (5)% — 6% Latin America
128
132 (4)% (10)% 3% 3% Total International
762
761 — (6)% 1% 5% U.S. / Canada
711 657 8% (1)%
7% 3% Total Marsh
$ 1,473 $ 1,418 4%
(4)% 4% 4%
Mercer: Health
$ 380 $ 376 1% (2)%
(1)% 4% Retirement
343 338 1% (4)% — 5% Investments
214 199 8% (6)% 1% 12% Talent
169 171
(1)% (4)% 1% 2% Total Mercer
$ 1,106 $ 1,084
2% (3)% — 5% 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 and transfers among businesses.
* Components of revenue change may not add due to rounding.
Marsh & McLennan Companies,
Inc.Supplemental Information - Revenue AnalysisTwelve
Months Ended December 31, 2014(Millions) (Unaudited)
Components of Revenue
Change*
Twelve Months EndedDecember
31,
%
ChangeGAAPRevenue
CurrencyImpact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2014 2013
Risk and Insurance
Services Marsh
$ 5,753 $ 5,438 6% (1)% 3% 4% Guy
Carpenter
1,154 1,131 2% — 1% 2% Subtotal
6,907 6,569 5% (1)% 3% 4% Fiduciary Interest Income
24 27 Total Risk and Insurance Services
6,931 6,596 5% (1)% 3% 3%
Consulting
Mercer
4,350 4,241 3% (1)% — 3% Oliver Wyman Group
1,709 1,460 17% — 2% 15% Total Consulting
6,059 5,701 6% (1)% — 6%
Corporate /
Eliminations (39 ) (36 )
Total Revenue
$ 12,951 $ 12,261 6% (1)% 2% 5%
Revenue Details
The following table provides more detailed revenue information
for certain of the components presented above:
Components of Revenue
Change* Twelve Months EndedDecember 31,
%
ChangeGAAPRevenue
CurrencyImpact
Acquisitions/DispositionsImpact
UnderlyingRevenue
2014 2013
Marsh: EMEA
$ 1,980 $ 1,902 4% — 1% 3% Asia Pacific
683
659 4% (4)% — 7% Latin America
413 392 5%
(10)% 6% 10% Total International
3,076 2,953 4% (2)% 1% 5%
U.S. / Canada
2,677 2,485 8% (1)% 6% 3% Total
Marsh
$ 5,753 $ 5,438 6% (1)% 3% 4%
Mercer: Health
$ 1,553 $ 1,511 3% (1)% — 3%
Retirement
1,375 1,344 2% — — 2% Investments
836 780
7% (3)% 1% 9% Talent
586 606 (3)% (2)% — (1)%
Total Mercer
$ 4,350 $ 4,241 3% (1)% —
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 and transfers among businesses. *
Components of revenue change may not add due to rounding.
Marsh & McLennan Companies,
Inc.
Non-GAAP Measures
Three Months Ended December 31
(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 December 31, 2014 and 2013. 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 December 31, 2014
Operating income (loss) $ 339 $
250 $ (53) $ 536 Add impact of
Noteworthy Items: Restructuring charges (a)
1 1
— 2 Adjustments to acquisition related accounts (b)
15 — — 15 Operating income
adjustments 16 1 — 17 Adjusted
operating income (loss) $ 355 $ 251
$ (53) $ 553 Operating margin
20.1% 16.0% N/A 16.5% Adjusted
operating margin 21.0% 16.1% N/A
17.0% Three Months Ended December 31, 2013
Operating income (loss) $ 310 $ 221 $ (42) $ 489 Add
(Deduct) impact of Noteworthy Items: Restructuring charges (a) 2 1
2 5 Adjustments to acquisition related accounts (b) 15 1 — 16 Other
— (1) — (1)
Operating income adjustments 17 1 2 20
Adjusted operating income (loss) $ 327 $ 222 $ (40) $ 509
Operating margin 18.9% 14.8% N/A 15.7%
Adjusted operating
margin 20.0% 14.9% N/A 16.3% (a) Primarily severance,
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.
Marsh & McLennan Companies,
Inc.
Non-GAAP Measures
Twelve Months Ended December 31
(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 twelve months ended December 31, 2014 and 2013. The
following tables also present adjusted operating margin, which is
calculated by dividing adjusted operating income by consolidated or
segment GAAP revenue.
Risk &Insurance
Services
Consulting
Corporate/Eliminations
Total Twelve Months Ended December 31, 2014
Operating income (loss) $ 1,509 $
996 $ (204) $ 2,301 Add (Deduct)
impact of Noteworthy Items: Restructuring charges (a)
5
1 6 12 Adjustments to acquisition related
accounts (b)
37 — — 37 Other
—
— (1) (1) Operating income adjustments
42 1 5 48 Adjusted operating income
(loss) $ 1,551 $ 997 $
(199) $ 2,349 Operating margin
21.8% 16.4% N/A 17.8% Adjusted
operating margin 22.4% 16.5% N/A
18.1% Twelve Months Ended December 31, 2013
Operating income (loss) $ 1,421 $ 845 $ (189) $ 2,077 Add
(Deduct) impact of Noteworthy Items: Restructuring charges (a) 7 2
13 22 Adjustments to acquisition related accounts (b) 31 1 — 32
Other (1) (1) (1) (3)
Operating income adjustments 37 2 12
51
Adjusted operating income (loss) $ 1,458 $ 847 $ (177) $
2,128
Operating margin 21.5% 14.8% N/A 16.9%
Adjusted
operating margin 22.1% 14.9% N/A 17.4% (a) Primarily
severance, 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.
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 tax is calculated as: the Company's GAAP
income from continuing operations, adjusted to reflect (i) the
after-tax impact of the operating income adjustments set forth in
the preceding table and (ii) for 2014, due to its significance, the
cost of extinguishment of debt of $137 million. The cost of
extinguishment of debt of $24 million that was incurred in 2013 was
included in the calculation for that period because it was not
considered to be significant. Adjusted Diluted EPS is calculated as
Adjusted income, net of tax, divided by MMC's average number of
shares outstanding-diluted for the relevant period.
Reconciliation of the Impact of Non-GAAP Measures on
diluted earnings per share -
Three Months Ended December 31,
2014
Three Months Ended December 31,2013
Amount
Diluted EPS
Amount
DilutedEPS
Income from continuing operations
$ 269
$ 307 Less: Non-controlling interest, net of tax
5 4 Subtotal
$ 264 $ 0.48 $ 303
$ 0.54 Operating income adjustments
$ 17 $ 20
Adjustment for cost of extinguishment of debt
137 — Impact
of income taxes
(55)
(7)
99 0.18 13 0.03 Adjusted income, net of tax
$
363 $ 0.66 $ 316 $ 0.57
Twelve Months Ended December 31,
2014
Twelve Months Ended December 31,2013
Amount
Diluted EPS
Amount
DilutedEPS
Income from continuing operations
$ 1,471
$ 1,379 Less: Non-controlling interest, net of tax
32
28 Subtotal
$ 1,439 $ 2.61 $ 1,351 $
2.42 Operating income adjustments
$ 48 $ 51
Adjustment for cost of extinguishment of debt
137 — Impact
of income taxes
(66)
(18)
119 0.21 33 0.06 Adjusted income, net of tax
$
1,558 $ 2.82 $ 1,384 $ 2.48
Marsh & McLennan Companies,
Inc.Supplemental Information(Millions) (Unaudited)
Three Months EndedDecember
31,
Twelve Months Ended December
31,
2014 2013
2014 2013 Depreciation and
amortization expense
$ 77 $ 73
$ 302 $
286 Identified intangible amortization expense
$ 22 $
19
$ 86 $ 72 Stock option expense
$ 3 $
3
$ 17 $ 18 Capital expenditures
$ 83 $
113
$ 368 $ 401
Marsh & McLennan Companies,
Inc.Consolidated Balance Sheets(Millions)
(Unaudited)
December 31,2014
December 31,2013
ASSETS Current assets: Cash and cash
equivalents
$ 1,958
$
2,303
Net receivables
3,377
3,310
Other current assets
686
687
Total current assets 6,021
6,300
Goodwill and intangible assets
7,933
7,365
Fixed assets, net
809
828
Pension related assets
967
979
Deferred tax assets
910
626
Other assets
1,200
882
TOTAL ASSETS $ 17,840
$
16,980
LIABILITIES AND EQUITY Current
liabilities: Short-term debt
$ 11
$
334
Accounts payable and accrued liabilities
1,883
1,861
Accrued compensation and employee benefits
1,633
1,466
Accrued income taxes
178
148
Total current liabilities 3,705
3,809
Fiduciary liabilities
4,552
4,234
Less - cash and investments held in a fiduciary capacity
(4,552 )
(4,234
)
—
—
Long-term debt
3,376
2,621
Pension, post-retirement and post-employment benefits
2,244
1,150
Liabilities for errors and omissions
341
373
Other liabilities
1,041
1,052
Total equity 7,133
7,975
TOTAL LIABILITIES AND EQUITY $ 17,840
$
16,980
Marsh & McLennan CompaniesMedia:Edward L.
Dandridge,
+1-212-345-9751ed.dandridge@mmc.comorInvestors:Keith Walsh,
+1-212-345-0057keith.walsh@mmc.com
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