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: 2020 | |||
Consolidated Statements Of Income | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 17, 2021) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Revenue | $ 17,224 | 16,652 | 14,950 |
| Expense: | |||
| Compensation and benefits | 10,129 | 9,734 | 8,605 |
| Other operating expenses | 4,029 | 4,241 | 3,584 |
| Operating expenses | 14,158 | 13,975 | 12,189 |
| Operating income | 3,066 | 2,677 | 2,761 |
| Other net benefits credits | 257 | 265 | 215 |
| Interest income | 7 | 39 | 11 |
| Interest expense | (515) | (524) | (290) |
| Cost of extinguishment of debt | 0 | (32) | 0 |
| Investment (loss) income | (22) | 22 | (12) |
| Acquisition related derivative contracts | 0 | (8) | (441) |
| Income before income taxes | 2,793 | 2,439 | 2,244 |
| Income tax expense | 747 | 666 | 574 |
| Net income before non-controlling interests | 2,046 | 1,773 | 1,670 |
| Less: Net income attributable to non-controlling interests | 30 | 31 | 20 |
| Net income attributable to the Company | 2,016 | 1,742 | 1,650 |
| Net income per share attributable to the Company | |||
| Basic (in dollars per share) | 3.98 | 3.44 | 3.26 |
| Diluted (in dollars per share) | 3.94 | 3.41 | 3.23 |
| Average number of shares outstanding | |||
| Basic (in shares) | 506 | 506 | 506 |
| Diluted (in shares) | 512 | 511 | 511 |
| Shares outstanding (in shares) | 508 | 504 | 504 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2020 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 17, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Net income before non-controlling interests | $ 2,046 | 1,773 | 1,670 |
| Other comprehensive income (loss), before tax: | |||
| Foreign currency translation adjustments | 559 | 148 | (529) |
| Loss related to pension and post-retirement plans | (784) | (702) | (91) |
| Other comprehensive loss, before tax | (225) | (554) | (620) |
| Income tax credit on other comprehensive loss | (170) | (146) | (30) |
| Other comprehensive loss, net of tax | (55) | (408) | (590) |
| Comprehensive income | 1,991 | 1,365 | 1,080 |
| Less: Comprehensive income attributable to non-controlling interests | 30 | 31 | 20 |
| Comprehensive income attributable to the Company | 1,961 | 1,334 | 1,060 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2020 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 17, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Operating cash flows: | |||
| Net income before non-controlling interests | $ 2,046 | 1,773 | 1,670 |
| Adjustments to reconcile net income to cash provided by operations: | |||
| Depreciation and amortization of fixed assets and capitalized software | 390 | 333 | 311 |
| Amortization of intangible assets | 351 | 314 | 183 |
| Non cash lease expense | 355 | 315 | 0 |
| Adjustments and payments related to contingent consideration liability | (22) | 27 | (4) |
| Loss on deconsolidation of entity | 0 | 0 | 11 |
| Charge for early extinguishment of debt | 0 | 32 | 0 |
| Provision (benefit) for deferred income taxes | 40 | 84 | (39) |
| Loss (gain) on investments | 22 | (22) | 12 |
| Loss (gain) on disposition of assets | 24 | 56 | (48) |
| Share-based compensation expense | 290 | 252 | 193 |
| Change in fair value of acquisition-related derivative contracts | 0 | 8 | 441 |
| Changes in assets and liabilities: | |||
| Net receivables | (75) | (130) | (78) |
| Other current assets | (66) | (13) | 26 |
| Other assets | 86 | (1) | (37) |
| Accounts payable and accrued liabilities | 241 | 120 | 23 |
| Accrued compensation and employee benefits | 207 | 154 | 68 |
| Accrued income taxes | 60 | 42 | (40) |
| Contributions to pension and other benefit plans and current year credit | (356) | (369) | (291) |
| Other liabilities | 108 | (172) | 9 |
| Operating lease liabilities | (351) | (327) | 0 |
| Effect of exchange rate changes | 32 | (115) | 18 |
| Net cash provided by operations | 3,382 | 2,361 | 2,428 |
| Financing cash flows: | |||
| Purchase of treasury shares | 0 | (485) | (675) |
| Net increase in short term borrowings | 1,000 | 300 | 0 |
| Proceeds from issuance of debt | 737 | 6,459 | 591 |
| Repayments of debt | (2,515) | (1,064) | (263) |
| Payment of bridge loan fees | 0 | 0 | (35) |
| Payments for early extinguishment of debt | 0 | (585) | 0 |
| Purchase of non-controlling interests | (3) | (80) | 0 |
| Acquisition-related derivative payments | 0 | (337) | 0 |
| Shares withheld for taxes on vested units treasury shares | (132) | (89) | (67) |
| Issuance of common stock from treasury shares | 132 | 158 | 93 |
| Payments of deferred and contingent consideration for acquisitions | (122) | (65) | (117) |
| Distributions of non-controlling interests | (34) | (16) | (30) |
| Dividends paid | (943) | (890) | (807) |
| Net cash (used for) provided by financing activities | (1,880) | 3,306 | (1,310) |
| Investing cash flows: | |||
| Capital expenditures | (348) | (421) | (314) |
| Net sales (purchases) of long-term investments | 107 | 183 | 4 |
| Purchase of equity investment | 0 | (91) | 0 |
| Proceeds from sales of fixed assets | 6 | 10 | 3 |
| Dispositions | 98 | 229 | 110 |
| Acquisitions | (668) | (5,505) | (884) |
| Other, net | (9) | (76) | (8) |
| Net cash used for investing activities | (814) | (5,671) | (1,089) |
| Effect of exchange rate changes on cash and cash equivalents | 246 | 93 | (168) |
| Increase (decrease) in cash and cash equivalents | 934 | 89 | (139) |
| Cash and cash equivalents at beginning of year | 1,155 | 1,066 | |
| Cash and cash equivalents at end of year | 2,089 | 1,155 | 1,066 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
MARSH & MCLENNAN COMPANIES, INC. | ||
Ticker: MMC Fiscal Year: 2020 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2020 10-K (Filed: Feb 17, 2021) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2020 | Dec 31, 2019 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 2,089 | 1,155 |
| Receivables | ||
| Commissions and fees | 4,679 | 4,608 |
| Advanced premiums and claims | 112 | 123 |
| Other | 677 | 645 |
| Gross receivables | 5,468 | 5,376 |
| Less-allowance for credit losses | (142) | (140) |
| Net receivables | 5,326 | 5,236 |
| Other current assets | 740 | 677 |
| Total current assets | 8,155 | 7,068 |
| Goodwill | 15,517 | 14,671 |
| Other intangible assets | 2,699 | 2,774 |
| Fixed assets, net | 856 | 858 |
| Pension related assets | 1,768 | 1,632 |
| Right of use assets | 1,894 | 1,921 |
| Deferred tax assets | 702 | 676 |
| Other assets | 1,458 | 1,757 |
| Total assets | 33,049 | 31,357 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Short-term debt | 517 | 1,215 |
| Accounts payable and accrued liabilities | 3,050 | 2,746 |
| Accrued compensation and employee benefits | 2,400 | 2,197 |
| Current lease liabilities | 342 | 342 |
| Accrued income taxes | 247 | 179 |
| Total current liabilities | 6,556 | 6,679 |
| Fiduciary liabilities | 8,585 | 7,344 |
| Less cash and investments held in a fiduciary capacity | (8,585) | (7,344) |
| Fiduciary liabilities, net, noncurrent | 0 | 0 |
| Long-term debt | 10,796 | 10,741 |
| Pension, postretirement and postemployment benefits | 2,662 | 2,336 |
| Long-term lease liabilities | 1,924 | 1,926 |
| Liability for errors and omissions | 366 | 335 |
| Other liabilities | 1,485 | 1,397 |
| 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, 2020 and December 31, 2019 | 561 | 561 |
| Additional paid-in capital | 943 | 862 |
| Retained earnings | 16,272 | 15,199 |
| Accumulated other comprehensive loss | (5,110) | (5,055) |
| Non-controlling interests | 156 | 150 |
| Stockholders Equity Subtotal Before Treasury Stock | 12,822 | 11,717 |
| Less treasury shares, at cost, 52,914,550 shares at December 31, 2020 and 57,013,097 shares at December 31, 2019 | (3,562) | (3,774) |
| Total equity | 9,260 | 7,943 |
| Total liabilities and stockholders' equity | 33,049 | 31,357 |
| External Links | |
| MARSH & MCLENNAN COMPANIES, INC. (MMC) Fiscal Year 2020 | |
| 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 |