News
Marsh & McLennan Companies Reports Second Quarter 2014 Results
July 29, 2014 at 7:00 AM EDT
Media Contact
Email:media@mmc.com
7% Revenue Growth; 6% RIS and 8% Consulting
Excellent Growth in Both GAAP and Adjusted Operating Income Produces Margin Expansion
GAAP EPS Increases to
President and CEO
Consolidated Results
Consolidated revenue in the second quarter of 2014 was
For the six months ended
Risk and Insurance Services
Risk and Insurance Services revenue was
Marsh's revenue in the second quarter of 2014 was
Consulting
Consulting revenue of
Mercer's revenue was
Other Items
In the second quarter, the Company had an investment loss of
Conference Call
A conference call to discuss second quarter 2014 results will be held
today at
About
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:
- our exposure to potential liabilities arising from errors and omissions claims against us;
- 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 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;
- our ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information or data, and the potential of a system or network disruption that results in regulatory penalties, remedial costs and/or the improper disclosure of confidential information or data;
-
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 in the domestic and international jurisdictions in which we
operate, including evolving sanctions against
Russia and existing trade sanctions laws relating to countries such asCuba ,Iran ,Sudan andSyria , anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and theU.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;
- 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 on our net income caused by fluctuations in foreign currency exchange rates;
- 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 results related to our cash balances and 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, Inc. Consolidated Statements of Income (In millions, except per share figures) (Unaudited) |
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Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Revenue | $ | 3,300 | $ | 3,088 | $ | 6,564 | $ | 6,214 | ||||||||||
Expense: | ||||||||||||||||||
Compensation and Benefits | 1,876 | 1,766 | 3,715 | 3,569 | ||||||||||||||
Other Operating Expenses | 777 | 745 | 1,529 | 1,461 | ||||||||||||||
Operating Expenses | 2,653 | 2,511 | 5,244 | 5,030 | ||||||||||||||
Operating Income | 647 | 577 | 1,320 | 1,184 | ||||||||||||||
Interest Income | 5 | 4 | 10 | 8 | ||||||||||||||
Interest Expense | (42 | ) | (40 | ) | (84 | ) | (84 | ) | ||||||||||
Investment (Loss) Income | (2 | ) | 23 | 11 | 44 | |||||||||||||
Income Before Income Taxes | 608 | 564 | 1,257 | 1,152 | ||||||||||||||
Income Tax Expense | 168 | 164 | 360 | 340 | ||||||||||||||
Income from Continuing Operations | 440 | 400 | 897 | 812 | ||||||||||||||
Discontinued Operations, Net of Tax | (2 | ) | (5 | ) | (3 | ) | 7 | |||||||||||
Net Income Before Non-Controlling Interests | 438 | 395 | 894 | 819 | ||||||||||||||
Less: Net Income Attributable to Non-Controlling Interests | 7 | 7 | 20 | 18 | ||||||||||||||
Net Income Attributable to the Company | $ | 431 | $ | 388 | $ | 874 | $ | 801 | ||||||||||
Basic Net Income Per Share | ||||||||||||||||||
- Continuing Operations | $ | 0.79 | $ | 0.71 | $ | 1.60 | $ | 1.45 | ||||||||||
- Net Income Attributable to the Company | $ | 0.78 | $ | 0.71 | $ | 1.59 | $ | 1.46 | ||||||||||
Diluted Net Income Per Share | ||||||||||||||||||
- Continuing Operations | $ | 0.78 | $ | 0.70 | $ | 1.58 | $ | 1.42 | ||||||||||
- Net Income Attributable to the Company | $ | 0.77 | $ | 0.69 | $ | 1.57 | $ | 1.44 | ||||||||||
Average Number of Shares Outstanding | ||||||||||||||||||
- Basic | 549 | 551 | 548 | 549 | ||||||||||||||
- Diluted | 556 | 559 | 556 | 558 | ||||||||||||||
Shares Outstanding at 6/30 | 546 | 549 | 546 | 549 | ||||||||||||||
Marsh & McLennan Companies, Inc. Supplemental Information - Revenue Analysis Three Months Ended June 30, 2014 (Millions) (Unaudited) |
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Components of Revenue Change* | ||||||||||||||||||||||
Three Months Ended June 30, |
% Change |
Currency |
Acquisitions/
Dispositions |
Underlying |
||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Risk and Insurance Services | ||||||||||||||||||||||
Marsh | $ | 1,490 | $ | 1,397 | 7 | % | (1 | )% | 4 | % | 4 | % | ||||||||||
Guy Carpenter | 295 | 285 | 3 | % | 1 | % | - | 2 | % | |||||||||||||
Subtotal | 1,785 | 1,682 | 6 | % | - | 3 | % | 4 | % | |||||||||||||
Fiduciary Interest Income | 6 | 6 | ||||||||||||||||||||
Total Risk and Insurance Services | 1,791 | 1,688 | 6 | % | - | 3 | % | 4 | % | |||||||||||||
Consulting | ||||||||||||||||||||||
Mercer | 1,071 | 1,044 | 3 | % | 1 | % | - | 2 | % | |||||||||||||
Oliver Wyman Group | 449 | 366 | 23 | % | 3 | % | 3 | % | 17 | % | ||||||||||||
Total Consulting | 1,520 | 1,410 | 8 | % | 1 | % | 1 | % | 6 | % | ||||||||||||
Corporate / Eliminations | (11 | ) | (10 | ) | ||||||||||||||||||
Total Revenue | $ | 3,300 | $ | 3,088 | 7 | % | - | 2 | % | 5 | % | |||||||||||
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change* | |||||||||||||||||||||||||
Three Months Ended June 30, |
% Change |
Currency |
Acquisitions/
Dispositions |
Underlying |
|||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Marsh: | |||||||||||||||||||||||||
EMEA | $ | 478 | $ | 455 | 5 | % | 3 | % | 1 | % | 1 | % | |||||||||||||
Asia Pacific | 194 | 184 | 6 | % | (3 | )% | - | 9 | % | ||||||||||||||||
Latin America | 102 | 88 | 16 | % | (11 | )% | 11 | % | 16 | % | |||||||||||||||
Total International | 774 | 727 | 7 | % | - | 2 | % | 5 | % | ||||||||||||||||
U.S. / Canada | 716 | 670 | 7 | % | (1 | )% | 5 | % | 3 | % | |||||||||||||||
Total Marsh | $ | 1,490 | $ | 1,397 | 7 | % | (1 | )% | 4 | % | 4 | % | |||||||||||||
Mercer: | |||||||||||||||||||||||||
Health | $ | 393 | $ | 376 | 4 | % | - | 1 | % | 4 | % | ||||||||||||||
Retirement | 345 | 338 | 2 | % | 2 | % | (1 | )% | 1 | % | |||||||||||||||
Talent | 123 | 133 | (7 | )% | (1 | )% | (1 | )% | (5 | )% | |||||||||||||||
Investments | 210 | 197 | 7 | % | (1 | )% | 1 | % | 6 | % | |||||||||||||||
Total Mercer | $ | 1,071 | $ | 1,044 | 3 | % | 1 | % | - | 2 | % | ||||||||||||||
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 Analysis Six Months Ended June 30, 2014 (Millions) (Unaudited) |
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Components of Revenue Change* | ||||||||||||||||||||||
Six Months Ended June 30, |
% Change |
Currency |
Acquisitions/
Dispositions |
Underlying |
||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Risk and Insurance Services | ||||||||||||||||||||||
Marsh | $ | 2,942 | $ | 2,785 | 6 | % | (1 | )% | 3 | % | 4 | % | ||||||||||
Guy Carpenter | 676 | 660 | 2 | % | - | 1 | % | 1 | % | |||||||||||||
Subtotal | 3,618 | 3,445 | 5 | % | (1 | )% | 3 | % | 3 | % | ||||||||||||
Fiduciary Interest Income | 12 | 14 | ||||||||||||||||||||
Total Risk and Insurance Services | 3,630 | 3,459 | 5 | % | (1 | )% | 3 | % | 3 | % | ||||||||||||
Consulting | ||||||||||||||||||||||
Mercer | 2,132 | 2,085 | 2 | % | - | - | 3 | % | ||||||||||||||
Oliver Wyman Group | 820 | 687 | 19 | % | 2 | % | 3 | % | 14 | % | ||||||||||||
Total Consulting | 2,952 | 2,772 | 6 | % | - | 1 | % | 6 | % | |||||||||||||
Corporate / Eliminations | (18 | ) | (17 | ) | ||||||||||||||||||
Total Revenue | $ | 6,564 | $ | 6,214 | 6 | % | - | 2 | % | 4 | % | |||||||||||
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change* | |||||||||||||||||||||||||
Six Months Ended June 30, |
% Change
GAAP |
Currency |
Acquisitions/
Dispositions |
Underlying |
|||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Marsh: | |||||||||||||||||||||||||
EMEA | $ | 1,095 | $ | 1,049 | 4 | % | 2 | % | 1 | % | 2 | % | |||||||||||||
Asia Pacific | 345 | 331 | 4 | % | (5 | )% | - | 9 | % | ||||||||||||||||
Latin America | 186 | 166 | 12 | % | (13 | )% | 11 | % | 14 | % | |||||||||||||||
Total International | 1,626 | 1,546 | 5 | % | (1 | )% | 2 | % | 5 | % | |||||||||||||||
U.S. / Canada | 1,316 | 1,239 | 6 | % | (1 | )% | 4 | % | 3 | % | |||||||||||||||
Total Marsh | $ | 2,942 | $ | 2,785 | 6 | % | (1 | )% | 3 | % | 4 | % | |||||||||||||
Mercer: | |||||||||||||||||||||||||
Health | $ | 781 | $ | 757 | 3 | % | - | - | 3 | % | |||||||||||||||
Retirement | 702 | 681 | 3 | % | 1 | % | - | 2 | % | ||||||||||||||||
Talent | 240 | 256 | (6 | )% | (2 | )% | (1 | )% | (3 | )% | |||||||||||||||
Investments | 409 | 391 | 5 | % | (3 | )% | 1 | % | 7 | % | |||||||||||||||
Total Mercer | $ | 2,132 | $ | 2,085 | 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 and transfers among businesses. |
* Components of revenue change may not add due to rounding. |
Non-GAAP Measures
Three
Months Ended
(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, 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 & |
Consulting |
Corporate/ Eliminations |
Total | |||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||
Operating income (loss) | $ | 448 | $ | 247 | $ | (48 | ) | $ | 647 | |||||||||
Add impact of Noteworthy Items: | ||||||||||||||||||
Restructuring charges (a) | 2 | - | 2 | 4 | ||||||||||||||
Adjustments to acquisition related accounts (b) | 4 | - | - | 4 | ||||||||||||||
Other | - | - | 1 | 1 | ||||||||||||||
Operating income adjustments | 6 | - | 3 | 9 | ||||||||||||||
Adjusted operating income (loss) | $ | 454 | $ | 247 | $ | (45 | ) | $ | 656 | |||||||||
Operating margin | 25.0 | % | 16.2 | % | N/A | 19.6 | % | |||||||||||
Adjusted operating margin | 25.4 | % | 16.2 | % | N/A | 19.8 | % | |||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||
Operating income (loss) | $ | 421 | $ | 205 | $ | (49 | ) | $ | 577 | |||||||||
Add (Deduct) impact of Noteworthy Items: | ||||||||||||||||||
Restructuring charges (a) | 3 | - | 3 | 6 | ||||||||||||||
Adjustments to acquisition related accounts (b) | 9 | - | - | 9 | ||||||||||||||
Other | (1 | ) | - | - | (1 | ) | ||||||||||||
Operating income adjustments | 11 | - | 3 | 14 | ||||||||||||||
Adjusted operating income (loss) | $ | 432 | $ | 205 | $ | (46 | ) | $ | 591 | |||||||||
Operating margin | 24.9 | % | 14.5 | % | N/A | 18.7 | % | |||||||||||
Adjusted operating margin | 25.6 | % | 14.6 | % | N/A | 19.2 | % | |||||||||||
(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. |
Non-GAAP Measures
Six
Months Ended
(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, 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 & |
Consulting |
Corporate/
Eliminations |
Total | |||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||
Operating income (loss) | $ | 941 | $ | 472 | $ | (93 | ) | $ | 1,320 | |||||||||
Add impact of Noteworthy Items: | ||||||||||||||||||
Restructuring charges (a) | 2 | - | 4 | 6 | ||||||||||||||
Adjustments to acquisition related accounts (b) | 11 | - | - | 11 | ||||||||||||||
Other | - | - | 1 | 1 | ||||||||||||||
Operating income adjustments | 13 | - | 5 | 18 | ||||||||||||||
Adjusted operating income (loss) | $ | 954 | $ | 472 | $ | (88 | ) | $ | 1,338 | |||||||||
Operating margin | 25.9 | % | 16.0 | % | N/A | 20.1 | % | |||||||||||
Adjusted operating margin | 26.3 | % | 16.0 | % | N/A | 20.4 | % | |||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||
Operating income (loss) | $ | 889 | $ | 392 | $ | (97 | ) | $ | 1,184 | |||||||||
Add (Deduct) impact of Noteworthy Items: | ||||||||||||||||||
Restructuring charges (a) | 5 | 2 | 6 | 13 | ||||||||||||||
Adjustments to acquisition related accounts (b) | 10 | - | - | 10 | ||||||||||||||
Other | (1 | ) | - | - | (1 | ) | ||||||||||||
Operating income adjustments | 14 | 2 | 6 | 22 | ||||||||||||||
Adjusted operating income (loss) | $ | 903 | $ | 394 | $ | (91 | ) | $ | 1,206 | |||||||||
Operating margin | 25.7 | % | 14.2 | % | N/A | 19.1 | % | |||||||||||
Adjusted operating margin | 26.1 | % | 14.2 | % | N/A | 19.4 | % | |||||||||||
(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. |
Non-GAAP Measures
Three
and Six Months Ended
(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; divided by MMC's average number of shares outstanding-diluted for the period. |
Reconciliation of the Impact of Non-GAAP Measures on diluted earnings per share - |
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Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | ||||||||||||||||||||||||
Amount |
Diluted |
Amount |
Diluted |
||||||||||||||||||||||
Income from continuing operations | $ | 440 | $ | 400 | |||||||||||||||||||||
Less: Non-controlling interest, net of tax | 7 | 7 | |||||||||||||||||||||||
Subtotal | $ | 433 | $ | 0.78 | $ | 393 | $ | 0.70 | |||||||||||||||||
Add (deduct): operating income (loss) adjustments |
$ | 9 | $ | 14 | |||||||||||||||||||||
Impact of income taxes | (3 | ) | (4 | ) | |||||||||||||||||||||
6 | 0.01 | 10 | 0.02 | ||||||||||||||||||||||
Adjusted income, net of tax | $ | 439 | $ | 0.79 | $ | 403 | $ | 0.72 | |||||||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Amount |
Diluted |
Amount |
Diluted |
||||||||||||||||||||||
Income from continuing operations | $ | 897 | $ | 812 | |||||||||||||||||||||
Less: Non-controlling interest, net of tax | 20 | 18 | |||||||||||||||||||||||
Subtotal | $ | 877 | $ | 1.58 | $ | 794 | $ | 1.42 | |||||||||||||||||
Add (deduct): operating income (loss) adjustments |
$ | 18 | $ | 22 | |||||||||||||||||||||
Impact of income taxes | (6 | ) | (7 | ) | |||||||||||||||||||||
12 | 0.02 | 15 | 0.03 | ||||||||||||||||||||||
Adjusted income, net of tax | $ | 889 | $ | 1.60 | $ | 809 | $ | 1.45 | |||||||||||||||||
Marsh & McLennan Companies, Inc. Supplemental Information (Millions) (Unaudited) |
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Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Depreciation and amortization expense | $ | 74 | $ | 72 | $ | 149 | $ | 142 | |||||||||||
Identified intangible amortization expense | $ | 20 | $ | 17 | $ | 42 | $ | 35 | |||||||||||
Stock option expense | $ | 3 | $ | 5 | $ | 10 | $ | 12 | |||||||||||
Capital expenditures | $ | 103 | $ | 104 | $ | 202 | $ | 192 | |||||||||||
Consolidated Balance Sheets (Millions) (Unaudited) |
||||||||||
June 30,
2014 |
December 31,
2013 |
|||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 2,005 | $ | 2,303 | ||||||
Net receivables | 3,706 | 3,310 | ||||||||
Other current assets | 703 | 687 | ||||||||
Total current assets | 6,414 | 6,300 | ||||||||
Goodwill and intangible assets | 7,871 | 7,365 | ||||||||
Fixed assets, net | 843 | 828 | ||||||||
Pension related assets | 980 | 979 | ||||||||
Deferred tax assets | 546 | 626 | ||||||||
Other assets | 934 | 882 | ||||||||
TOTAL ASSETS | $ | 17,588 | $ | 16,980 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Current liabilities: | ||||||||||
Short-term debt | $ | 333 | $ | 334 | ||||||
Accounts payable and accrued liabilities | 1,849 | 1,861 | ||||||||
Accrued compensation and employee benefits | 985 | 1,466 | ||||||||
Accrued income taxes | 209 | 148 | ||||||||
Dividends payable | 154 | - | ||||||||
Total current liabilities | 3,530 | 3,809 | ||||||||
Fiduciary liabilities | 5,237 | 4,234 | ||||||||
Less - cash and investments held in a fiduciary capacity | (5,237 | ) | (4,234 | ) | ||||||
- | - | |||||||||
Long-term debt | 3,212 | 2,621 | ||||||||
Pension, post-retirement and post-employment benefits | 1,123 | 1,150 | ||||||||
Liabilities for errors and omissions | 366 | 373 | ||||||||
Other liabilities | 1,129 | 1,052 | ||||||||
Total equity | 8,228 | 7,975 | ||||||||
TOTAL LIABILITIES AND EQUITY | $ | 17,588 | $ | 16,980 |
Source:
Marsh & McLennan Companies
Media:
Edward L.
Dandridge, +1 212-345-9751
ed.dandridge@mmc.com
or
Investors:
Keith
Walsh, +1 212-345-0057
keith.walsh@mmc.com