Item 6. Selected Financial Data.

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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)	2019			2018			2017			2016			2015
Revenue	$	16,652		$	14,950		$	14,024		$	13,211		$	12,893
Expense:
Compensation and Benefits	9,734			8,605			8,085			7,694			7,569
Other Operating Expenses	4,241			3,584			3,284			3,086			3,140
Operating Expenses	13,975			12,189			11,369			10,780			10,709
Operating Income (a)	2,677			2,761			2,655			2,431			2,184
Other net benefits credits	265			215			201			233			235
Interest Income	39			11			9			5			13
Interest Expense	(524		)	(290		)	(237		)	(189		)	(163		)
Cost of Extinguishment of Debt	(32		)	—			—			—			—
Investment income (loss)	22			(12		)	15			—			38
Acquisition Related Derivative Contracts	(8		)	(441		)	—			—			—
Income Before Income Taxes	2,439			2,244			2,643			2,480			2,307
Income Tax Expense (b)	666			574			1,133			685			671
Income From Continuing Operations	1,773			1,670			1,510			1,795			1,636
Discontinued Operations, Net of Tax	—			—			2			—			—
Net Income Before Non-Controlling Interests	1,773			1,670			1,512			1,795			1,636
Less: Net Income Attributable to Non-Controlling Interests	31			20			20			27			37
Net Income Attributable to the Company	$	1,742		$	1,650		$	1,492		$	1,768		$	1,599
Basic Net Income Per Share Information:
Income From Continuing Operations	$	3.44		$	3.26		$	2.91		$	3.41		$	3.01
Income From Discontinued Operations	—			—			—			—			—
Net Income Attributable to the Company	$	3.44		$	3.26		$	2.91		$	3.41		$	3.01
Average Number of Shares Outstanding	506			506			513			519			531
Diluted Income Per Share Information:
Income From Continuing Operations	$	3.41		$	3.23		$	2.87		$	3.38		$	2.98
Discontinued Operations, Net of Tax Per Share	—			—			—			—			—
Net Income Attributable to the Company	$	3.41		$	3.23		$	2.87		$	3.38		$	2.98
Average Number of Shares Outstanding	511			511			519			524			536
Dividends Paid Per Share	$	1.74		$	1.58		$	1.43		$	1.30		$	1.18
Return on Average Equity	22		%	22		%	22		%	27		%	23		%
Year-End Financial Position:
Working capital	$	389		$	1,010		$	1,300		$	802		$	1,336
Total assets	$	31,357		$	21,578		$	20,429		$	18,190		$	18,216
Long-term debt	$	10,741		$	5,510		$	5,225		$	4,495		$	4,402
Total equity	$	7,943		$	7,584		$	7,442		$	6,272		$	6,602
Total shares outstanding (net of treasury shares)	504			504			509			514			522
Other Information:
Number of employees	76,000			66,000			64,000			60,000			60,000
Stock price ranges—
U.S. exchanges — High	$	113.94		$	89.59		$	86.54		$	69.77		$	59.99
— Low	$	77.85		$	74.30		$	66.75		$	50.81		$	50.90


(a)	Includes the impact of net restructuring costs of $112 million, $161 million, $40 million, $44 million, and $28 million in 2019, 2018, 2017, 2016 and 2015, respectively, and JLT integration, restructuring and acquisition related costs of $485 million in 2019 and $12 million in 2018.


(b)	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 2019 and 2018.

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