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: 2019 | |||
Consolidated Statements Of Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 20, 2020) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Revenue | $ 16,652 | 14,950 | 14,024 |
| Expense: | |||
| Compensation and benefits | 9,734 | 8,605 | 8,085 |
| Other operating expenses | 4,241 | 3,584 | 3,284 |
| Operating expenses | 13,975 | 12,189 | 11,369 |
| Operating income | 2,677 | 2,761 | 2,655 |
| Other net benefits credits | 265 | 215 | 201 |
| Interest income | 39 | 11 | 9 |
| Interest expense | (524) | (290) | (237) |
| Cost of extinguishment of debt | (32) | 0 | 0 |
| Investment income (loss) | 22 | (12) | 15 |
| Acquisition related derivative contracts | (8) | (441) | 0 |
| Income before income taxes | 2,439 | 2,244 | 2,643 |
| Income tax expense | 666 | 574 | 1,133 |
| Income from continuing operations | 1,773 | 1,670 | 1,510 |
| Discontinued operations, net of tax | 0 | 0 | 2 |
| Net income before non-controlling interests | 1,773 | 1,670 | 1,512 |
| Less: Net income attributable to non-controlling interests | 31 | 20 | 20 |
| Net income attributable to the Company | 1,742 | 1,650 | 1,492 |
| Basic net income per share | |||
| Continuing operations (in dollars per share) | 3.44 | 3.26 | 2.91 |
| Net income attributable to the Company (in dollars per share) | 3.44 | 3.26 | 2.91 |
| Diluted net income per share | |||
| Continuing operations (in dollars per share) | 3.41 | 3.23 | 2.87 |
| Net income attributable to the Company (in dollars per share) | 3.41 | 3.23 | 2.87 |
| Average number of shares outstanding | |||
| Basic (in shares) | 506 | 506 | 513 |
| Diluted (in shares) | 511 | 511 | 519 |
| Shares outstanding (in shares) | 504 | 504 | 509 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2019 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 20, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Net income before non-controlling interests | $ 1,773 | 1,670 | 1,512 |
| Other comprehensive (loss) income, before tax: | |||
| Foreign currency translation adjustments | 148 | (529) | 717 |
| Unrealized investment (loss) income | 0 | 0 | (7) |
| (Loss) gain related to pension/post-retirement plans | (702) | (91) | 408 |
| Other comprehensive (loss) income, before tax | (554) | (620) | 1,118 |
| Income tax (credit) expense on other comprehensive (loss) income | (146) | (30) | 68 |
| Other comprehensive (loss) income, net of tax | (408) | (590) | 1,050 |
| Comprehensive income | 1,365 | 1,080 | 2,562 |
| Less: Comprehensive income attributable to non-controlling interests | 31 | 20 | 20 |
| Comprehensive income attributable to the Company | 1,334 | 1,060 | 2,542 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2019 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 20, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Operating cash flows: | |||
| Net income before non-controlling interests | $ 1,773 | 1,670 | 1,512 |
| Adjustments to reconcile net income to cash provided by operations: | |||
| Depreciation and amortization of fixed assets and capitalized software | 333 | 311 | 312 |
| Amortization of intangible assets | 314 | 183 | 169 |
| Non cash lease expense | 315 | 0 | 0 |
| Adjustments and payments related to contingent consideration liability | 27 | (4) | (24) |
| Loss on deconsolidation of entity | 0 | 11 | 0 |
| Charge for early extinguishment of debt | 32 | 0 | 0 |
| Provision (Benefit) for deferred income taxes | 84 | (39) | 396 |
| (Gain) loss on investments | (22) | 12 | (15) |
| Loss (gain) on disposition of assets | 56 | (48) | 10 |
| Share-based compensation expense | 252 | 193 | 149 |
| Change in fair value of acquisition-related derivative contracts | 8 | 441 | 0 |
| Changes in assets and liabilities: | |||
| Net receivables | (130) | (78) | (454) |
| Other current assets | (13) | 26 | (3) |
| Other assets | (1) | (37) | (199) |
| Accounts payable and accrued liabilities | 120 | 23 | 87 |
| Accrued compensation and employee benefits | 154 | 68 | 63 |
| Accrued income taxes | 42 | (40) | 37 |
| Contributions to pension and other benefit plans in excess of current year expense/credit | (369) | (291) | (457) |
| Other liabilities | (172) | 9 | 406 |
| Operating lease liabilities | (327) | 0 | 0 |
| Effect of exchange rate changes | (115) | 18 | (96) |
| Net cash provided by operations | 2,361 | 2,428 | 1,893 |
| Financing cash flows: | |||
| Purchase of treasury shares | (485) | (675) | (900) |
| Net increase in short term borrowings | 300 | 0 | 0 |
| Proceeds from issuance of debt | 6,459 | 591 | 987 |
| Repayments of debt | (1,064) | (263) | (315) |
| Payment of bridge loan fees | 0 | (35) | 0 |
| Payments for early extinguishment of debt | (585) | 0 | 0 |
| Purchase of non-controlling interests | (80) | 0 | 0 |
| Acquisition-related derivative payments | (337) | 0 | 0 |
| Shares withheld for taxes on vested units treasury shares | (89) | (67) | (49) |
| Issuance of common stock from treasury shares | 158 | 93 | 166 |
| Payments of deferred and contingent consideration for acquisitions | (65) | (117) | (136) |
| Distributions of non-controlling interests | (16) | (30) | (22) |
| Dividends paid | (890) | (807) | (740) |
| Net cash provided by (used for) financing activities | 3,306 | (1,310) | (1,009) |
| Investing cash flows: | |||
| Capital expenditures | (421) | (314) | (302) |
| Net sales (purchases) of long-term investments | 183 | 4 | (13) |
| Purchase of equity investment | (91) | 0 | 0 |
| Proceeds from sales of fixed assets | 10 | 3 | 8 |
| Dispositions | 229 | 110 | 0 |
| Acquisitions | (5,505) | (884) | (655) |
| Other, net | (76) | (8) | 6 |
| Net cash used for investing activities | (5,671) | (1,089) | (956) |
| Effect of exchange rate changes on cash and cash equivalents | 93 | (168) | 251 |
| increase (Decrease) in cash and cash equivalents | 89 | (139) | 179 |
| Cash and cash equivalents at beginning of year | 1,066 | 1,205 | |
| Cash and cash equivalents at end of year | 1,155 | 1,066 | 1,205 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
MARSH & MCLENNAN COMPANIES, INC. | ||
Ticker: MMC Fiscal Year: 2019 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2019 10-K (Filed: Feb 20, 2020) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2019 | Dec 31, 2018 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,155 | 1,066 |
| Receivables | ||
| Commissions and fees | 4,608 | 3,984 |
| Advanced premiums and claims | 123 | 79 |
| Other | 645 | 366 |
| Gross receivables | 5,376 | 4,429 |
| Less-allowance for doubtful accounts and cancellations | (140) | (112) |
| Net receivables | 5,236 | 4,317 |
| Other current assets | 677 | 551 |
| Total current assets | 7,068 | 5,934 |
| Goodwill | 14,671 | 9,599 |
| Other intangible assets | 2,774 | 1,437 |
| Fixed assets, net | 858 | 701 |
| Pension related assets | 1,632 | 1,688 |
| Right of use assets | 1,921 | |
| Deferred tax assets | 676 | 680 |
| Other assets | 1,757 | 1,539 |
| Total assets | 31,357 | 21,578 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Short-term debt | 1,215 | 314 |
| Accounts payable and accrued liabilities | 2,746 | 2,234 |
| Accrued compensation and employee benefits | 2,197 | 1,778 |
| Acquisition related derivatives | 0 | 441 |
| Current lease liabilities | 342 | |
| Accrued income taxes | 179 | 157 |
| Total current liabilities | 6,679 | 4,924 |
| Fiduciary liabilities | 7,344 | 5,001 |
| Less cash and investments held in a fiduciary capacity | (7,344) | (5,001) |
| Fiduciary liabilities, net, noncurrent | 0 | 0 |
| Long-term debt | 10,741 | 5,510 |
| Pension, postretirement and postemployment benefits | 2,336 | 1,911 |
| Long-term lease liabilities | 1,926 | |
| Liability for errors and omissions | 335 | 287 |
| Other liabilities | 1,397 | 1,362 |
| 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 | 862 | 817 |
| Retained earnings | 15,199 | 14,347 |
| Accumulated other comprehensive loss | (5,055) | (4,647) |
| Non-controlling interests | 150 | 73 |
| Stockholders Equity Subtotal Before Treasury Stock | 11,717 | 11,151 |
| Less treasury shares, at cost, 57,013,097 shares at December 31, 2019 and 56,804,468 shares at December 31, 2018 | (3,774) | (3,567) |
| Total equity | 7,943 | 7,584 |
| Total liabilities and stockholders' equity | 31,357 | 21,578 |
| External Links | |
| MARSH & MCLENNAN COMPANIES, INC. (MMC) Fiscal Year 2019 | |
| 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 |