Item 6. Selected Financial Data.

6K characters. Original on sec.gov · Markdown

Item 6. Selected Financial Data.

Marsh & McLennan Companies, Inc. and Subsidiaries

FIVE-YEAR STATISTICAL SUMMARY OF OPERATIONS



For the Years Ended December 31, (In millions, except per share figures)	2018			2017			2016			2015			2014
Revenue	$	14,950		$	14,024		$	13,211		$	12,893		$	12,951
Expense:
Compensation and Benefits	8,605			8,085			7,694			7,569			7,692
Other Operating Expenses	3,584			3,284			3,086			3,140			3,135
Operating Expenses	12,189			11,369			10,780			10,709			10,827
Operating Income (a)	2,761			2,655			2,431			2,184			2,124
Other net benefits credits (b)	215			201			233			235			177
Interest Income	11			9			5			13			21
Interest Expense	(290		)	(237		)	(189		)	(163		)	(165		)
Cost of Extinguishment of Debt	—			—			—			—			(137		)
Investment (loss) income	(12		)	15			—			38			37
Acquisition Related Derivative Contracts	(441		)	—			—			—			—
Income Before Income Taxes	2,244			2,643			2,480			2,307			2,057
Income Tax Expense (c)	574			1,133			685			671			586
Income From Continuing Operations	1,670			1,510			1,795			1,636			1,471
Discontinued Operations, Net of Tax	—			2			—			—			26
Net Income Before Non-Controlling Interests	1,670			1,512			1,795			1,636			1,497
Less: Net Income Attributable to Non-Controlling Interests	20			20			27			37			32
Net Income Attributable to the Company	$	1,650		$	1,492		$	1,768		$	1,599		$	1,465
Basic Net Income Per Share Information:
Income From Continuing Operations	$	3.26		$	2.91		$	3.41		$	3.01		$	2.64
Income From Discontinued Operations	—			—			—			—			0.05
Net Income Attributable to the Company	$	3.26		$	2.91		$	3.41		$	3.01		$	2.69
Average Number of Shares Outstanding	506			513			519			531			545
Diluted Income Per Share Information:
Income From Continuing Operations	$	3.23		$	2.87		$	3.38		$	2.98		$	2.61
Discontinued Operations, Net of Tax Per Share	—			—			—			—			0.04
Net Income Attributable to the Company	$	3.23		$	2.87		$	3.38		$	2.98		$	2.65
Average Number of Shares Outstanding	511			519			524			536			553
Dividends Paid Per Share	$	1.58		$	1.43		$	1.30		$	1.18		$	1.06
Return on Average Equity	22		%	22		%	27		%	23		%	19		%
Year-End Financial Position:
Working capital	$	1,010		$	1,300		$	802		$	1,336		$	1,856
Total assets	$	21,578		$	20,429		$	18,190		$	18,216		$	17,793
Long-term debt	$	5,510		$	5,225		$	4,495		$	4,402		$	3,368
Total equity	$	7,584		$	7,442		$	6,272		$	6,602		$	7,133
Total shares outstanding (net of treasury shares)	504			509			514			522			540
Other Information:
Number of employees	66,000			64,000			60,000			60,000			57,000
Stock price ranges—
U.S. exchanges — High	$	89.59		$	86.54		$	69.77		$	59.99		$	58.74
— Low	$	74.30		$	66.75		$	50.81		$	50.90		$	44.25


(a)	Includes the impact of net restructuring costs of $161 million, $40 million, $44 million, $28 million, and $12 million in 2018, 2017, 2016, 2015 and 2014, respectively.


(b)	Reflects the adoption of ASC 715 on January 1, 2018, which changed the presentation of net periodic pension cost and net periodic postretirement cost. The Company has restated prior years for this new presentation.


(c)	Income tax expense in 2017 includes a $460 million provisional charge related to the enactment of U.S. tax reform.

See "Management’s Discussion and Analysis of Financial Condition and Results of Operations", appearing under Part II, Item 7 of this report, for discussion of significant items affecting the results of operations in 2018, 2017 and 2016.

Previous: Item 5. Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations