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)	2020			2019			2018			2017			2016
Revenue	$	17,224		$	16,652		$	14,950		$	14,024		$	13,211
Expense:
Compensation and benefits	10,129			9,734			8,605			8,085			7,694
Other operating expenses	4,029			4,241			3,584			3,284			3,086
Operating expenses	14,158			13,975			12,189			11,369			10,780
Operating income (a)	3,066			2,677			2,761			2,655			2,431
Other net benefits credits	257			265			215			201			233
Interest income	7			39			11			9			5
Interest expense	(515)			(524)			(290)			(237)			(189)
Cost of extinguishment of debt	—			(32)			—			—			—
Investment (loss) income	(22)			22			(12)			15			—
Acquisition related derivative contracts	—			(8)			(441)			—			—
Income before income taxes	2,793			2,439			2,244			2,643			2,480
Income tax expense (b)	747			666			574			1,133			685
Income from continuing operations	2,046			1,773			1,670			1,510			1,795
Discontinued operations, net of tax	—			—			—			2			—
Net income before non-controlling interests	2,046			1,773			1,670			1,512			1,795
Less: net income attributable to non-controlling interests	30			31			20			20			27
Net income attributable to the company	$	2,016		$	1,742		$	1,650		$	1,492		$	1,768
Basic net income per share information:


Net income attributable to the company	$	3.98		$	3.44		$	3.26		$	2.91		$	3.41
Average number of shares outstanding	506			506			506			513			519
Diluted income per share information:


Net income attributable to the company	$	3.94		$	3.41		$	3.23		$	2.87		$	3.38
Average number of shares outstanding	512			511			511			519			524
Dividends paid per share	$	1.84		$	1.74		$	1.58		$	1.43		$	1.30
Return on average equity	23		%	22		%	22		%	22		%	27		%
Year-end financial position:
Working capital	$	1,599		$	389		$	1,010		$	1,300		$	802
Total assets	$	33,049		$	31,357		$	21,578		$	20,429		$	18,190
Long-term debt	$	10,796		$	10,741		$	5,510		$	5,225		$	4,495
Total equity	$	9,260		$	7,943		$	7,584		$	7,442		$	6,272
Total shares outstanding (net of treasury shares)	508			504			504			509			514
Other information:
Number of employees	76,000			76,000			66,000			64,000			60,000
Stock price ranges—
U.S. exchanges — High	$	120.97		$	113.94		$	89.59		$	86.54		$	69.77
— Low	$	74.33		$	77.85		$	74.30		$	66.75		$	50.81

(a)Includes the impact of net restructuring costs of $89 million, $112 million, $161 million, $40 million, and $44 million in 2020, 2019, 2018, 2017 and 2016, respectively, and JLT integration, restructuring and acquisition related costs of $305 million, $485 million and $12 million in 2020, 2019 and 2018, respectively. 2020 also includes a $161 million JLT legacy E&O provision.

(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 2020 and 2019.

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