Underlying Revenue Growth of 3% for the
Quarter and Year
Fourth Quarter GAAP EPS Rises 18% to $.84
and Adjusted EPS Up 25% to $.89
Full-Year GAAP EPS Increases 13% to $3.38
and Adjusted EPS Rises 12% to $3.42
Double-Digit Operating Income Growth
Produces Strong Margin Expansion in 2016
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 EndedDecember
31, Twelve Months EndedDecember 31,
2016 2015
2016
2015
Revenue $ 3,364
$ 3,338
$ 13,211 $ 12,893
Expense: Compensation and Benefits
1,918 1,900
7,461 7,334 Other Operating Expenses
813 844
3,086 3,140
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 (Loss) 2 (1 )
—
38
Income Before Income Taxes 588 551
2,480 2,307
Income Tax Expense 147 171
685 671
Income from Continuing
Operations 441 380
1,795 1,636
Discontinued
Operations, Net of Tax
—
1
— —
Net Income Before
Non-Controlling Interests 441 381
1,795 1,636
Less: Net Income Attributable to
Non-ControllingInterests
5 6
27 37
Net Income
Attributable to the Company $ 436 $ 375
$ 1,768 $ 1,599
Basic Net
Income Per Share
- Continuing Operations
$ 0.85 $ 0.72
$ 3.41
$ 3.01
- Net Income Attributable to the
Company
$ 0.85 $ 0.72
$ 3.41
$ 3.01
Diluted Net Income Per Share
- Continuing Operations
$ 0.84 $ 0.71
$ 3.38
$ 2.98
- Net Income Attributable to the
Company $ 0.84 $ 0.71
$
3.38 $ 2.98
Average Number of Shares
Outstanding - Basic 515 522
519 531
- Diluted 521 527
524 536
Shares Outstanding at
12/31 514 522
514 522
Marsh & McLennan Companies,
Inc.
Supplemental Information - Revenue
Analysis
Three Months Ended December 31,
2016
(Millions) (Unaudited)
Components of Revenue
Change* Three Months EndedDecember 31,
% Change GAAP
Revenue
Currency Impact
Acquisitions/
Dispositions Impact
Underlying Revenue
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 Income
6 5 Total Risk
and Insurance Services
1,793 1,732 4%
(2)%
1% 5%
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 / Eliminations (11 ) (10 )
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 EndedDecember 31,
% Change
GAAP Revenue
Currency Impact
Acquisitions/
Dispositions Impact
Underlying Revenue
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
EndedDecember 31,
% Change GAAP
Revenue
Currency Impact
Acquisitions/
Dispositions Impact
Underlying Revenue
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 Income
26 21 Total Risk and Insurance Services
7,143 6,869 4% (2)% 3% 3%
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 /
Eliminations (44 ) (40 )
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 EndedDecember 31,
% Change
GAAP Revenue
Currency Impact
Acquisitions/
Dispositions Impact
Underlying Revenue
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
reconcile adjusted 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 present adjusted operating margin. For the three months
ended December 31, 2016 and 2015, adjusted operating margin is
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
margin is calculated by dividing adjusted operating income by
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/
Eliminations
Total Three Months Ended December 31,
2016 Operating income (loss) $ 413
$ 265 $ (45 ) $
633 Add impact of Noteworthy Items: Restructuring
charges (a)
1 33 1 35 Adjustments to
acquisition related accounts (b)
5 1 —
6 Deconsolidation of business (c)
1 — —
1 Other
1 — —
1 Operating income adjustments 8
34 1 43 Adjusted
operating income (loss) $ 421 $
299 $ (44 ) $ 676
Operating margin 23.0 % 16.8
% N/A 18.8 % Adjusted
operating margin 23.5 % 18.9 %
N/A 20.1 % Three Months Ended
December 31, 2015 Operating income (loss) $ 354 $
294 $ (54 ) $ 594 Add (Deduct) impact of Noteworthy
Items: Restructuring charges (a) 5 8 7 20 Adjustments to
acquisition related accounts (b) 5 — — 5 Disposal of business (c) —
(37 ) — (37 )
Operating income adjustments 10
(29 ) 7 (12 )
Adjusted operating income (loss)
$ 364 $ 265 $ (47 ) $ 582
Operating
margin 20.4 % 18.2 % N/A 17.8 %
Adjusted operating
margin 21.1 % 16.7 % N/A 17.6 % (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/
Eliminations
Total Twelve Months Ended December 31, 2016
Operating income (loss) $ 1,753
$ 1,103 $ (192 ) $
2,664 Add (Deduct) impact of Noteworthy Items:
Restructuring charges (a)
3 34 7 44
Adjustments to acquisition related accounts (b)
12 3
— 15 Disposal/deconsolidation of business (c)
(11 ) (6 ) — (17 )
Other
2 — — 2
Operating income adjustments 6
31 7 44 Adjusted
operating income (loss) $ 1,759 $
1,134 $ (185 ) $
2,708 Operating margin 24.5 %
18.1 % N/A 20.2 %
Adjusted operating margin 24.7 % 18.6
% N/A 20.5 % Twelve Months
Ended December 31, 2015 Operating income (loss) $ 1,539
$ 1,075 $ (195 ) $ 2,419 Add (Deduct) impact
of Noteworthy Items: Restructuring charges (a) 8 8 12 28
Adjustments to acquisition related accounts (b) 56 (5 ) — 51
Disposal of business (c) — (37 ) — (37 ) Other — — (1
) (1 )
Operating income adjustments 64 (34 ) 11
41
Adjusted operating income (loss) $ 1,603
$ 1,041 $ (184 ) $ 2,460
Operating
margin 22.4 % 17.7 % N/A 18.8 %
Adjusted operating
margin 23.3 % 17.3 % N/A 19.1 % (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
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 tables.
Adjusted EPS is 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
reconcile adjusted income, net of tax to GAAP income from
continuing operations and adjusted EPS to 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 interest, net of tax
5 6
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 operations
$ 1,795
$ 1,636 Less: Non-controlling interest, net of tax
27
37 Subtotal
$ 1,768 $
3.38 $ 1,599 $ 2.98 Operating income adjustments
$
44 $ 41 Impact of income taxes
(21 ) (5 )
23 0.04 36 0.07 Adjusted income,
net of tax
$ 1,791 $ 3.42
$ 1,635 $ 3.05
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 and Benefits
$ 1,918
$ 1,900
$ 7,461 $ 7,334 Other operating expenses
813 844
3,086 3,140 Total Expenses
$
2,731 $ 2,744
$ 10,547 $ 10,474
Depreciation and amortization expense
$ 77 $ 81
$ 308 $ 314 Identified intangible amortization
expense
31 30
130 109 Total
$ 108 $ 111
$ 438 $ 423 Stock option expense
$
3 $ 2
$ 21 $ 20 Capital expenditures
$
79 $ 76
$ 253 $ 325
Risk and
Insurance Services Compensation and Benefits
$
953 $ 932
$ 3,732 $ 3,629 Other operating
expenses
427 446
1,658 1,701 Total Expenses
$
1,380 $ 1,378
$ 5,390 $ 5,330
Depreciation and amortization expense
$ 34 $ 38
$ 139 $ 145 Identified intangible amortization
expense
26 25
109 94 Total
$ 60 $ 63
$ 248 $ 239
Consulting Compensation and
Benefits
$ 879 $ 879
$ 3,385 $ 3,354
Other operating expenses
438 443
1,624 1,635 Total
Expenses
$ 1,317 $ 1,322
$ 5,009 $
4,989 Depreciation and amortization expense
$
25 $ 26
$ 100 $ 106 Identified intangible
amortization expense
5 5
21 15 Total
$
30 $ 31
$ 121 $ 121
Marsh & McLennan Companies,
Inc.
Consolidated Balance Sheets
(Millions) (Unaudited)
December 31,
2016
December 31,
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 accrued liabilities
1,969 1,886 Accrued compensation and employee benefits
1,655 1,656 Accrued income taxes
146 154
Total current liabilities 4,082 3,708
Fiduciary liabilities
4,241 4,146 Less - cash and
investments held in a fiduciary capacity
(4,241 )
(4,146 )
— — Long-term debt
4,495 4,402 Pension,
post-retirement and post-employment benefits
2,076 2,058
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
View source
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