10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2014 | |||
Consolidated Statements Of Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 26, 2015) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Revenue | $ 12,951 | 12,261 | 11,924 |
| Expense: | |||
| Compensation and benefits | 7,515 | 7,226 | 7,134 |
| Other operating expenses | 3,135 | 2,958 | 2,961 |
| Operating expenses | 10,650 | 10,184 | 10,095 |
| Operating income | 2,301 | 2,077 | 1,829 |
| Interest income | 21 | 18 | 24 |
| Interest expense | (165) | (167) | (181) |
| Cost of extinguishment of debt | (137) | (24) | 0 |
| Investment income | 37 | 69 | 24 |
| Income before income taxes | 2,057 | 1,973 | 1,696 |
| Income tax expense | 586 | 594 | 492 |
| Income from continuing operations | 1,471 | 1,379 | 1,204 |
| Discontinued operations, net of tax | 26 | 6 | (3) |
| Net income before non-controlling interests | 1,497 | 1,385 | 1,201 |
| Less: Net income attributable to non-controlling interests | 32 | 28 | 25 |
| Net income attributable to the Company | 1,465 | 1,357 | 1,176 |
| Basic Per Share Data: | |||
| Basic net income per share Continuing operations (in dollars per share) | 2.64 | 2.46 | 2.16 |
| Net income attributable to the Company (in dollars per share) | 2.69 | 2.47 | 2.16 |
| Diluted Per Share Data: | |||
| Continuing operations (in dollars per share) | 2.61 | 2.42 | 2.13 |
| Net income attributable to the Company (in dollars per share) | 2.65 | 2.43 | 2.13 |
| Average number of shares outstanding | |||
| Basic (in shares) | 545 | 549 | 544 |
| Diluted (in shares) | 553 | 558 | 552 |
| Shares outstanding at December 31 (in shares) | 540 | 547 | 545 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2014 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 26, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net income before non-controlling interests | $ 1,497 | 1,385 | 1,201 |
| Other comprehensive income (loss), before tax: | |||
| Foreign currency translation adjustments | (527) | (86) | 177 |
| Unrealized investment loss | 0 | 1 | (1) |
| (Loss) gain related to pension/post-retirement plans | (1,085) | 1,213 | (447) |
| Other comprehensive (loss) income, before tax | (1,612) | 1,128 | (271) |
| Income tax (credit) expense on other comprehensive loss | (386) | 442 | (152) |
| Other comprehensive (loss) income, net of tax | (1,226) | 686 | (119) |
| Comprehensive income | 271 | 2,071 | 1,082 |
| Less: Comprehensive income attributable to non-controlling interests | 32 | 28 | 25 |
| Comprehensive income attributable to the Company | 239 | 2,043 | 1,057 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2014 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 26, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Operating cash flows: | |||
| Net income before non-controlling interests | $ 1,497 | 1,385 | 1,201 |
| Adjustments to reconcile net income to cash provided by operations: | |||
| Depreciation and amortization of fixed assets and capitalized software | 302 | 286 | 277 |
| Amortization of intangible assets | 86 | 72 | 72 |
| Intangible asset impairment | 0 | 5 | 8 |
| Adjustments to acquisition related contingent consideration liability | 19 | 24 | (44) |
| Cost of early extinguishment of debt | 137 | 24 | 0 |
| Provision for deferred income taxes | 127 | 184 | 96 |
| Gain on investments | (37) | (69) | (24) |
| (Gain) Loss on disposition of assets | (38) | 1 | 23 |
| Share-based compensation expense | 93 | 129 | 177 |
| Changes in assets and liabilities: | |||
| Net receivables | (58) | (245) | (144) |
| Other current assets | (32) | (70) | (37) |
| Other assets | 25 | (75) | 44 |
| Accounts payable and accrued liabilities | 45 | 106 | (210) |
| Accrued compensation and employee benefits | 167 | (8) | 72 |
| Accrued income taxes | 43 | 43 | 44 |
| Contributions to pension and other benefit plans in excess of current year expense/credit | (152) | (432) | (117) |
| Other liabilities | (185) | 13 | (81) |
| Effect of exchange rate changes | 73 | (32) | (35) |
| Net cash provided by operations | 2,112 | 1,341 | 1,322 |
| Financing cash flows: | |||
| Purchase of treasury shares | (800) | (550) | (230) |
| Proceeds from debt | 1,393 | 547 | 248 |
| Repayments of debt | (331) | (260) | (259) |
| Payments for early extinguishment of debt | (765) | (274) | 0 |
| Shares withheld for taxes on vested units treasury shares | (64) | (79) | (97) |
| Issuance of common stock from treasury shares | 263 | 352 | 248 |
| Payments of deferred and contingent consideration for acquisitions | (55) | (9) | (30) |
| Distributions of non-controlling interests | (20) | (28) | (16) |
| Dividends paid | (582) | (533) | (497) |
| Net cash used for financing activities | (961) | (834) | (633) |
| Investing cash flows: | |||
| Capital expenditures | (368) | (401) | (320) |
| Net sales of long-term investments | 6 | 93 | 20 |
| Purchase of equity investment | (304) | 0 | 0 |
| Proceeds from sales of fixed assets | 3 | 5 | 6 |
| Dispositions | 0 | 5 | 0 |
| Acquisitions | (554) | (142) | (292) |
| Other, net | (5) | (6) | 3 |
| Net cash used for investing activities | (1,222) | (446) | (583) |
| Effect of exchange rate changes on cash and cash equivalents | (274) | (59) | 82 |
| (Decrease) increase in cash and cash equivalents | (345) | 2 | 188 |
| Cash and cash equivalents at beginning of period | 2,303 | 2,301 | |
| Cash and cash equivalents at end of period | 1,958 | 2,303 | 2,301 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
MARSH & MCLENNAN COMPANIES, INC. | ||
Ticker: MMC Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 26, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,958 | 2,303 |
| Receivables | ||
| Commissions and fees | 3,142 | 3,065 |
| Advanced premiums and claims | 50 | 61 |
| Other | 280 | 282 |
| Gross receivables | 3,472 | 3,408 |
| Less-allowance for doubtful accounts and cancellations | (95) | (98) |
| Net receivables | 3,377 | 3,310 |
| Current deferred tax assets | 521 | 482 |
| Other current assets | 199 | 205 |
| Total current assets | 6,055 | 6,300 |
| Goodwill and intangible assets | 7,933 | 7,365 |
| Fixed assets, net | 809 | 828 |
| Pension related assets | 967 | 979 |
| Deferred tax assets | 876 | 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) |
| Fiduciary liabilities, net, noncurrent | 0 | 0 |
| Long-term debt | 3,376 | 2,621 |
| Pension, postretirement and postemployment benefits | 2,244 | 1,150 |
| Liabilities for errors and omissions | 341 | 373 |
| Other liabilities | 1,041 | 1,052 |
| Commitments and contingencies | 0 | 0 |
| Equity: | ||
| Preferred stock, $1 par value, authorized 6,000,000 shares, none issued | 0 | 0 |
| 1,600,000,000 shares, issued 560,641,640 shares at December 31, 2014 and December 31, 2013 | 561 | 561 |
| Additional paid-in capital | 930 | 1,028 |
| Retained earnings | 10,335 | 9,452 |
| Accumulated other comprehensive loss | (3,847) | (2,621) |
| Non-controlling interests | 79 | 70 |
| Stockholders Equity Subtotal Before Treasury Stock | 8,058 | 8,490 |
| Less treasury shares, at cost, 20,499,596 shares at December 31, 2014 and 13,882,204 shares at December 31, 2013 | (925) | (515) |
| Total equity | 7,133 | 7,975 |
| Total liabilities and stockholders' equity | 17,840 | 16,980 |
| External Links | |
| MARSH & MCLENNAN COMPANIES, INC. (MMC) Fiscal Year 2014 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |