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: 2021 | |||
Consolidated Statements Of Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 16, 2022) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Revenue | $ 19,820 | 17,224 | 16,652 |
| Expense: | |||
| Compensation and benefits | 11,425 | 10,129 | 9,734 |
| Other operating expenses | 4,083 | 4,029 | 4,241 |
| Operating expenses | 15,508 | 14,158 | 13,975 |
| Operating income | 4,312 | 3,066 | 2,677 |
| Other net benefits credits | 277 | 257 | 265 |
| Interest income | 2 | 7 | 39 |
| Interest expense | (444) | (515) | (524) |
| Cost of extinguishment of debt | 0 | 0 | (32) |
| Investment income (loss) | 61 | (22) | 22 |
| Acquisition related derivative contracts | 0 | 0 | (8) |
| Income before income taxes | 4,208 | 2,793 | 2,439 |
| Income tax expense | 1,034 | 747 | 666 |
| Net income before non-controlling interests | 3,174 | 2,046 | 1,773 |
| Less: Net income attributable to non-controlling interests | 31 | 30 | 31 |
| Net income attributable to the Company | 3,143 | 2,016 | 1,742 |
| Net income per share attributable to the Company | |||
| Basic (in dollars per share) | 6.20 | 3.98 | 3.44 |
| Diluted (in dollars per share) | 6.13 | 3.94 | 3.41 |
| Average number of shares outstanding | |||
| Basic (in shares) | 507 | 506 | 506 |
| Diluted (in shares) | 513 | 512 | 511 |
| Shares outstanding (in shares) | 504 | 508 | 504 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2021 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 16, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Net income before non-controlling interests | $ 3,174 | 2,046 | 1,773 |
| Other comprehensive income (loss), before tax: | |||
| Foreign currency translation adjustments | (389) | 559 | 148 |
| Gain (loss) related to pension and post-retirement plans | 1,229 | (784) | (702) |
| Other comprehensive income (loss), before tax | 840 | (225) | (554) |
| Income tax expense (credit) on other comprehensive loss | 305 | (170) | (146) |
| Other comprehensive income (loss), net of tax | 535 | (55) | (408) |
| Comprehensive income | 3,709 | 1,991 | 1,365 |
| Less: Comprehensive income attributable to non-controlling interests | 31 | 30 | 31 |
| Comprehensive income attributable to the Company | 3,678 | 1,961 | 1,334 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2021 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 16, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Operating cash flows: | |||
| Net income before non-controlling interests | $ 3,174 | 2,046 | 1,773 |
| Adjustments to reconcile net income to cash provided by operations: | |||
| Depreciation and amortization of fixed assets and capitalized software | 382 | 390 | 333 |
| Amortization of intangible assets | 365 | 351 | 314 |
| Non cash lease expense | 327 | 355 | 315 |
| Adjustments and payments related to contingent consideration assets and liabilities | 27 | (22) | 27 |
| Gain on consolidation of entity | (267) | 0 | 0 |
| Charge for early extinguishment of debt | 0 | 0 | 32 |
| (Benefit) provision for deferred income taxes | (63) | 40 | 84 |
| Net (gain) loss on investments | (61) | 22 | (22) |
| Net (gain) loss on disposition of assets | (33) | 24 | 56 |
| Share-based compensation expense | 348 | 290 | 252 |
| Change in fair value of acquisition-related derivative contracts | 0 | 0 | 8 |
| Changes in assets and liabilities: | |||
| Net receivables | (252) | (75) | (130) |
| Other current assets | (166) | (66) | (13) |
| Other assets | (215) | 86 | (1) |
| Accounts payable and accrued liabilities | 225 | 241 | 120 |
| Accrued compensation and employee benefits | 527 | 207 | 154 |
| Accrued income taxes | (45) | 60 | 42 |
| Contributions to pension and other benefit plans in excess of current year credit | (372) | (356) | (369) |
| Other liabilities | 2 | 108 | (172) |
| Operating lease liabilities | (349) | (351) | (327) |
| Effect of exchange rate changes | (38) | 32 | (115) |
| Net cash provided by operations | 3,516 | 3,382 | 2,361 |
| Financing cash flows: | |||
| Purchase of treasury shares | (1,159) | 0 | (485) |
| Borrowings from term-loan and credit facilities | 0 | 1,000 | 300 |
| Proceeds from issuance of debt | 743 | 737 | 6,459 |
| Repayments of debt | (1,016) | (2,515) | (1,064) |
| Payments for early extinguishment of debt | 0 | 0 | (585) |
| Purchase of non-controlling interests | 0 | (3) | (80) |
| Acquisition-related derivative payments | 0 | 0 | (337) |
| Shares withheld for taxes on vested units treasury shares | (101) | (132) | (89) |
| Issuance of common stock from treasury shares | 161 | 132 | 158 |
| Payments of deferred and contingent consideration for acquisitions | (117) | (122) | (65) |
| Receipts of contingent consideration for dispositions | 71 | 0 | 0 |
| Distributions of non-controlling interests | (36) | (34) | (16) |
| Dividends paid | (1,026) | (943) | (890) |
| Change in fiduciary liabilities | 1,183 | 955 | 1,025 |
| Net cash (used for) provided by financing activities | (1,297) | (925) | 4,331 |
| Investing cash flows: | |||
| Capital expenditures | (406) | (348) | (421) |
| Net sales (purchases) of long-term investments | 18 | 107 | 183 |
| Purchase of equity investment | (5) | 0 | (91) |
| Dispositions | 84 | 98 | 229 |
| Acquisitions, net of cash and cash held in a fiduciary capacity acquired | (859) | (647) | (4,229) |
| Other, net | 4 | (3) | (66) |
| Net cash used for investing activities | (1,164) | (793) | (4,395) |
| Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | (355) | 511 | 135 |
| Increase in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | 700 | 2,175 | 2,432 |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of year | 10,674 | 8,499 | |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of year | 11,374 | 10,674 | 8,499 |
| Cash and cash equivalents | 1,752 | 2,089 | 1,155 |
| Cash and cash equivalents held in a fiduciary capacity | 9,622 | 8,585 | 7,344 |
| Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | 11,374 | 10,674 | 8,499 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
MARSH & MCLENNAN COMPANIES, INC. | ||
Ticker: MMC Fiscal Year: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2021 10-K (Filed: Feb 16, 2022) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2021 | Dec 31, 2020 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,752 | 2,089 |
| Receivables | ||
| Commissions and fees | 5,093 | 4,679 |
| Advanced premiums and claims | 136 | 112 |
| Other | 523 | 677 |
| Gross receivables | 5,752 | 5,468 |
| Less-allowance for credit losses | (166) | (142) |
| Net receivables | 5,586 | 5,326 |
| Other current assets | 926 | 740 |
| Total current assets | 8,264 | 8,155 |
| Goodwill | 16,317 | 15,517 |
| Other intangible assets | 2,810 | 2,699 |
| Fixed assets, net | 847 | 856 |
| Pension related assets | 2,270 | 1,768 |
| Right of use assets | 1,868 | 1,894 |
| Deferred tax assets | 551 | 702 |
| Other assets | 1,461 | 1,458 |
| Total assets | 34,388 | 33,049 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Short-term debt | 17 | 517 |
| Accounts payable and accrued liabilities | 3,165 | 3,050 |
| Accrued compensation and employee benefits | 2,942 | 2,400 |
| Current lease liabilities | 332 | 342 |
| Accrued income taxes | 198 | 247 |
| Total current liabilities | 6,654 | 6,556 |
| Fiduciary liabilities | 9,622 | 8,585 |
| Less - cash and cash equivalents held in a fiduciary capacity | (9,622) | (8,585) |
| Fiduciary liabilities, net, noncurrent | 0 | 0 |
| Long-term debt | 10,933 | 10,796 |
| Pension, postretirement and postemployment benefits | 1,632 | 2,662 |
| Long-term lease liabilities | 1,880 | 1,924 |
| Liability for errors and omissions | 355 | 366 |
| Other liabilities | 1,712 | 1,485 |
| 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 | 1,112 | 943 |
| Retained earnings | 18,389 | 16,272 |
| Accumulated other comprehensive loss | (4,575) | (5,110) |
| Non-controlling interests | 213 | 156 |
| Stockholders Equity Subtotal Before Treasury Stock | 15,700 | 12,822 |
| Less treasury shares, at cost, 57,105,619 shares at December 31, 2021 and 52,914,550 shares at December 31, 2020 | (4,478) | (3,562) |
| Total equity | 11,222 | 9,260 |
| Total liabilities and stockholders' equity | 34,388 | 33,049 |
| External Links | |
| MARSH & MCLENNAN COMPANIES, INC. (MMC) Fiscal Year 2021 | |
| 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 |