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: 2022 | |||
Consolidated Statements Of Income | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 13, 2023) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Revenue | $ 20,720 | 19,820 | 17,224 |
| Expense: | |||
| Compensation and benefits | 12,071 | 11,425 | 10,129 |
| Other operating expenses | 4,369 | 4,083 | 4,029 |
| Operating expenses | 16,440 | 15,508 | 14,158 |
| Operating income | 4,280 | 4,312 | 3,066 |
| Other net benefits credits | 235 | 277 | 257 |
| Interest income | 15 | 2 | 7 |
| Interest expense | (469) | (444) | (515) |
| Investment income (loss) | 21 | 61 | (22) |
| Income before income taxes | 4,082 | 4,208 | 2,793 |
| Income tax expense | 995 | 1,034 | 747 |
| Net income before non-controlling interests | 3,087 | 3,174 | 2,046 |
| Less: Net income attributable to non-controlling interests | 37 | 31 | 30 |
| Net income attributable to the Company | 3,050 | 3,143 | 2,016 |
| Net income per share attributable to the Company | |||
| Basic (in dollars per share) | 6.11 | 6.20 | 3.98 |
| Diluted (in dollars per share) | 6.04 | 6.13 | 3.94 |
| Average number of shares outstanding | |||
| Basic (in shares) | 499 | 507 | 506 |
| Diluted (in shares) | 505 | 513 | 512 |
| Shares outstanding (in shares) | 495 | 504 | 508 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2022 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 13, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Net income before non-controlling interests | $ 3,087 | 3,174 | 2,046 |
| Other comprehensive (loss) income, before tax: | |||
| Foreign currency translation adjustments | (1,198) | (389) | 559 |
| Gain (loss) related to pension and post-retirement plans | 641 | 1,229 | (784) |
| Other comprehensive (loss) income, before tax | (557) | 840 | (225) |
| Income tax expense (credit) on other comprehensive loss | 182 | 305 | (170) |
| Other comprehensive (loss) income, net of tax | (739) | 535 | (55) |
| Comprehensive income | 2,348 | 3,709 | 1,991 |
| Less: Comprehensive income attributable to non-controlling interests | 37 | 31 | 30 |
| Comprehensive income attributable to the Company | 2,311 | 3,678 | 1,961 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
MARSH & MCLENNAN COMPANIES, INC. | |||
Ticker: MMC Fiscal Year: 2022 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 13, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Operating cash flows: | |||
| Net income before non-controlling interests | $ 3,087 | 3,174 | 2,046 |
| Adjustments to reconcile net income to cash provided by operations: | |||
| Depreciation and amortization of fixed assets and capitalized software | 381 | 382 | 390 |
| Amortization of intangible assets | 338 | 365 | 351 |
| Non-cash lease expense | 404 | 327 | 355 |
| Adjustments and payments related to contingent consideration assets and liabilities | 11 | 27 | (22) |
| Deconsolidation of Russian businesses | 39 | 0 | 0 |
| Gain on consolidation of entity | (2) | (267) | 0 |
| Net (gain) loss on investments | (21) | (61) | 22 |
| Net (gain) loss on disposition of assets | (127) | (33) | 24 |
| Share-based compensation expense | 367 | 348 | 290 |
| Changes in assets and liabilities: | |||
| Net receivables | (492) | (570) | 412 |
| Other assets | (122) | (354) | 255 |
| Accrued compensation and employee benefits | 171 | 574 | 171 |
| Provision for taxes, net of payments and refunds | (54) | (33) | 63 |
| Contributions to pension and other benefit plans in excess of current year credit | (385) | (372) | (356) |
| Other liabilities | 193 | 358 | (268) |
| Operating lease liabilities | (323) | (349) | (351) |
| Net cash provided by operations | 3,465 | 3,516 | 3,382 |
| Financing cash flows: | |||
| Purchase of treasury shares | (1,950) | (1,159) | 0 |
| Borrowings from term-loan and credit facilities | 0 | 0 | 1,000 |
| Proceeds from issuance of debt | 984 | 743 | 737 |
| Repayments of debt | (365) | (1,016) | (2,515) |
| Net purchase of non-controlling interests | (7) | 0 | (3) |
| Shares withheld for taxes on vested units treasury shares | (198) | (101) | (132) |
| Issuance of common stock from treasury shares | 126 | 161 | 132 |
| Payments of deferred and contingent consideration for acquisitions | (158) | (117) | (122) |
| Receipts of contingent consideration for dispositions | 3 | 71 | 0 |
| Distributions of non-controlling interests | (27) | (36) | (34) |
| Dividends paid | (1,138) | (1,026) | (943) |
| Change in fiduciary liabilities | 1,684 | 1,183 | 955 |
| Net cash used for financing activities | (1,046) | (1,297) | (925) |
| Investing cash flows: | |||
| Capital expenditures | (470) | (406) | (348) |
| Purchases of long term investments | (22) | (28) | (23) |
| Sales of long term investments | 86 | 41 | 130 |
| Dispositions | 119 | 84 | 98 |
| Acquisitions, net of cash and cash held in a fiduciary capacity acquired | (572) | (859) | (647) |
| Other, net | 9 | 4 | (3) |
| Net cash used for investing activities | (850) | (1,164) | (793) |
| Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | (841) | (355) | 511 |
| Increase in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | 728 | 700 | 2,175 |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of year | 11,374 | 10,674 | |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of year | 12,102 | 11,374 | 10,674 |
| Cash and cash equivalents | 1,442 | 1,752 | 2,089 |
| Cash and cash equivalents held in a fiduciary capacity | 10,660 | 9,622 | 8,585 |
| Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | 12,102 | 11,374 | 10,674 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
MARSH & MCLENNAN COMPANIES, INC. | ||
Ticker: MMC Fiscal Year: 2022 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2022 10-K (Filed: Feb 13, 2023) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2022 | Dec 31, 2021 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,442 | 1,752 |
| Receivables | ||
| Commissions and fees | 5,293 | 5,093 |
| Advanced premiums and claims | 103 | 136 |
| Other | 616 | 523 |
| Gross receivables | 6,012 | 5,752 |
| Less-allowance for credit losses | (160) | (166) |
| Net receivables | 5,852 | 5,586 |
| Other current assets | 1,005 | 926 |
| Total current assets | 8,299 | 8,264 |
| Goodwill | 16,251 | 16,317 |
| Other intangible assets | 2,537 | 2,810 |
| Fixed assets, net | 871 | 847 |
| Pension related assets | 2,127 | 2,270 |
| Right of use assets | 1,562 | 1,868 |
| Deferred tax assets | 358 | 551 |
| Other assets | 1,449 | 1,461 |
| Total assets | 33,454 | 34,388 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Short-term debt | 268 | 17 |
| Accounts payable and accrued liabilities | 3,278 | 3,165 |
| Accrued compensation and employee benefits | 3,095 | 2,942 |
| Current lease liabilities | 310 | 332 |
| Accrued income taxes | 221 | 198 |
| Total current liabilities | 7,172 | 6,654 |
| Fiduciary liabilities | 10,660 | 9,622 |
| Less - cash and cash equivalents held in a fiduciary capacity | (10,660) | (9,622) |
| Fiduciary liabilities, net | 0 | 0 |
| Long-term debt | 11,227 | 10,933 |
| Pension, postretirement and postemployment benefits | 921 | 1,632 |
| Long-term lease liabilities | 1,667 | 1,880 |
| Liability for errors and omissions | 355 | 355 |
| Other liabilities | 1,363 | 1,712 |
| 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, 2022 and December 31, 2021 | 561 | 561 |
| Additional paid-in capital | 1,179 | 1,112 |
| Retained earnings | 20,301 | 18,389 |
| Accumulated other comprehensive loss | (5,314) | (4,575) |
| Non-controlling interests | 229 | 213 |
| Stockholders Equity Subtotal Before Treasury Stock | 16,956 | 15,700 |
| Less treasury shares, at cost, 65,855,914 shares at December 31, 2022 and 57,105,619 shares at December 31, 2021 | (6,207) | (4,478) |
| Total equity | 10,749 | 11,222 |
| Total liabilities and stockholders' equity | 33,454 | 34,388 |
| External Links | |
| MARSH & MCLENNAN COMPANIES, INC. (MMC) Fiscal Year 2022 | |
| 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 |