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: 2018 | |||
Consolidated Statements Of Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 21, 2019) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Revenue | $ 14,950 | 14,024 | 13,211 |
| Expense: | |||
| Compensation and benefits | 8,605 | 8,085 | 7,694 |
| Other operating expenses | 3,584 | 3,284 | 3,086 |
| Operating expenses | 12,189 | 11,369 | 10,780 |
| Operating income | 2,761 | 2,655 | 2,431 |
| Other net benefits credits | 215 | 201 | 233 |
| Interest income | 11 | 9 | 5 |
| Interest expense | (290) | (237) | (189) |
| Investment (loss) income | (12) | 15 | |
| Acquisition related derivative contracts | (441) | 0 | 0 |
| Income before income taxes | 2,244 | 2,643 | 2,480 |
| Income tax expense | 574 | 1,133 | 685 |
| Income from continuing operations | 1,670 | 1,510 | 1,795 |
| Discontinued operations, net of tax | 0 | 2 | 0 |
| Net income before non-controlling interests | 1,670 | 1,512 | 1,795 |
| Less: Net income attributable to non-controlling interests | 20 | 20 | 27 |
| Net income attributable to the Company | 1,650 | 1,492 | 1,768 |
| Basic Per Share Data: | |||
| Basic net income per share Continuing operations (in dollars per share) | 3.26 | 2.91 | 3.41 |
| Net income attributable to the Company (in dollars per share) | 3.26 | 2.91 | 3.41 |
| Diluted Per Share Data: | |||
| Diluted net income per share - Continuing operations (in dollars per share) | 3.23 | 2.87 | 3.38 |
| Net income attributable to the Company (in dollars per share) | 3.23 | 2.87 | 3.38 |
| Average number of shares outstanding | |||
| Basic (in shares) | 506 | 513 | 519 |
| Diluted (in shares) | 511 | 519 | 524 |
| Shares outstanding at December 31 (in shares) | 504 | 509 | 514 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2018 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 21, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net income before non-controlling interests | $ 1,670 | 1,512 | 1,795 |
| Other comprehensive (loss) income, before tax: | |||
| Foreign currency translation adjustments | (529) | 717 | (742) |
| Unrealized investment (loss) income | 0 | (7) | 21 |
| (Loss) gain related to pension/post-retirement plans | (91) | 408 | (119) |
| Other comprehensive (loss) income, before tax | (620) | 1,118 | (840) |
| Income tax (credit) expense on other comprehensive (loss) income | (30) | 68 | 33 |
| Other comprehensive (loss) income, net of tax | (590) | 1,050 | (873) |
| Comprehensive income | 1,080 | 2,562 | 922 |
| Less: Comprehensive income attributable to non-controlling interests | 20 | 20 | 27 |
| Comprehensive income attributable to the Company | 1,060 | 2,542 | 895 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2018 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 21, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Operating cash flows: | |||
| Net income before non-controlling interests | $ 1,670 | 1,512 | 1,795 |
| Adjustments to reconcile net income to cash provided by operations: | |||
| Depreciation and amortization of fixed assets and capitalized software | 311 | 312 | 308 |
| Amortization of intangible assets | 183 | 169 | 130 |
| Adjustments and payments related to contingent consideration liability | (4) | (24) | (33) |
| Loss (gain) on deconsolidation of entity | 11 | 0 | (11) |
| (Benefit) Provision for deferred income taxes | (39) | 396 | 68 |
| Loss (Gain) on investments | 12 | (15) | 0 |
| (Gain) Loss on disposition of assets | (48) | 10 | 6 |
| Share-based compensation expense | 193 | 149 | 109 |
| Change in fair value of acquisition-related derivative contracts | 441 | 0 | 0 |
| Changes in assets and liabilities: | |||
| Net receivables | (78) | (454) | (154) |
| Other current assets | 26 | (3) | (9) |
| Other assets | (37) | (199) | 34 |
| Accounts payable and accrued liabilities | 23 | 87 | 55 |
| Accrued compensation and employee benefits | 68 | 63 | 2 |
| Accrued income taxes | (40) | 37 | (21) |
| Contributions to pension and other benefit plans in excess of current year expense/credit | (291) | (457) | (279) |
| Other liabilities | 9 | 406 | (97) |
| Effect of exchange rate changes | 18 | (96) | 104 |
| Net cash provided by operations | 2,428 | 1,893 | 2,007 |
| Financing cash flows: | |||
| Purchase of treasury shares | (675) | (900) | (800) |
| Net increase in commercial paper | 0 | 0 | 50 |
| Proceeds from issuance of debt | 591 | 987 | 347 |
| Repayments of debt | (263) | (315) | (12) |
| Payment of bridge loan fees | (35) | 0 | 0 |
| Shares withheld for taxes on vested units treasury shares | (67) | (49) | (39) |
| Issuance of common stock from treasury shares | 93 | 166 | 188 |
| Payments of deferred and contingent consideration for acquisitions | (117) | (136) | (98) |
| Distributions of non-controlling interests | (30) | (22) | (21) |
| Dividends paid | (807) | (740) | (682) |
| Net cash used for financing activities | (1,310) | (1,009) | (1,067) |
| Investing cash flows: | |||
| Capital expenditures | (314) | (302) | (253) |
| Net sales (purchases) of long-term investments | 4 | (13) | 2 |
| Proceeds from sales of fixed assets | 3 | 8 | 4 |
| Dispositions | 110 | 0 | 0 |
| Acquisitions | (884) | (655) | (813) |
| Other, net | (8) | 6 | 4 |
| Net cash used for investing activities | (1,089) | (956) | (1,056) |
| Effect of exchange rate changes on cash and cash equivalents | (168) | 251 | (232) |
| (Decrease) Increase in cash and cash equivalents | (139) | 179 | (348) |
| Cash and cash equivalents at beginning of year | 1,205 | 1,026 | |
| Cash and cash equivalents at end of year | 1,066 | 1,205 | 1,026 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
MARSH & MCLENNAN COMPANIES, INC. | ||
Ticker: MMC Fiscal Year: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 21, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,066 | 1,205 |
| Receivables | ||
| Commissions and fees | 3,984 | 3,777 |
| Advanced premiums and claims | 79 | 65 |
| Other | 366 | 401 |
| Gross receivables | 4,429 | 4,243 |
| Less-allowance for doubtful accounts and cancellations | (112) | (110) |
| Net receivables | 4,317 | 4,133 |
| Other current assets | 551 | 224 |
| Total current assets | 5,934 | 5,562 |
| Goodwill | 9,599 | 9,089 |
| Other intangible assets | 1,437 | 1,274 |
| Fixed assets, net | 701 | 712 |
| Pension related assets | 1,688 | 1,693 |
| Deferred tax assets | 680 | 669 |
| Other assets | 1,539 | 1,430 |
| Total assets | 21,578 | 20,429 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Short-term debt | 314 | 262 |
| Accounts payable and accrued liabilities | 2,234 | 2,083 |
| Accrued compensation and employee benefits | 1,778 | 1,718 |
| Acquisition related derivatives | 441 | 0 |
| Accrued income taxes | 157 | 199 |
| Total current liabilities | 4,924 | 4,262 |
| Fiduciary liabilities | 5,001 | 4,847 |
| Less cash and investments held in a fiduciary capacity | (5,001) | (4,847) |
| Fiduciary liabilities, net, noncurrent | 0 | 0 |
| Long-term debt | 5,510 | 5,225 |
| Pension, postretirement and postemployment benefits | 1,911 | 1,888 |
| Liability for errors and omissions | 287 | 301 |
| Other liabilities | 1,362 | 1,311 |
| Commitments and contingencies | 0 | 0 |
| Equity: | ||
| Preferred stock, $1 par value, authorized 6,000,000 shares, none issued | 0 | 0 |
| Common stock, $1 par value, authorized 1,600,000,000 shares, issued 560,641,640 shares at December 31, 2018 and December 31, 2017 | 561 | 561 |
| Additional paid-in capital | 817 | 784 |
| Retained earnings | 14,347 | 13,140 |
| Accumulated other comprehensive loss | (4,647) | (4,043) |
| Non-controlling interests | 73 | 83 |
| Stockholders Equity Subtotal Before Treasury Stock | 11,151 | 10,525 |
| Less treasury shares, at cost, 56,804,468 shares at December 31, 2018 and 51,930,135 shares at December 31, 2017 | (3,567) | (3,083) |
| Total equity | 7,584 | 7,442 |
| Total liabilities and stockholders' equity | 21,578 | 20,429 |
| External Links | |
| MARSH & MCLENNAN COMPANIES, INC. (MMC) Fiscal Year 2018 | |
| 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 |