REG-Marsh & McLennan Marsh & McLennan Companies Reports Fourth Quarter and Full-Year 2015 Results <Origin Href="QuoteRef">MMC.N</Origin> - Part 2

Marsh & McLennan CompaniesAnnouncement

01/04/2016 14:15

- Part 2: For the preceding part double click  ID:nBw1wWbgta 

                                          $    374            $    0.71                                  $     264               $     0.48  
 Operating income adjustments                      $    (12  )                                                $     17                                                    
 Adjustment for cost of extinguishment of debt     -                                                          137                                                         
 Impact of income taxes                            10                                                         (55         )                                               
                                                                       (2        )         -                                          99                      0.18        
 Adjusted income, net of tax                                           $    372            $    0.71                                  $     363               $     0.66  
                                                                                                                                                                          
 
 
                                                  Twelve Months Ended December 31,                            Twelve Months Ended December 31,                             
                                                  2015                                                        
2014                                                        
                                                  Amount                                    Diluted           Amount                                           Diluted     
                                                                                            EPS                                                                EPS         
 Income from continuing operations                                    $    1,636                                                      $     1,471                          
 Less: Non-controlling interest, net of tax                           37                                                              32                                   
 Subtotal                                                             $    1,599            $    2.98                                 $     1,439              $     2.61  
 Operating income adjustments                     $    41                                                     $     48                                                     
 Adjustment for cost of extinguishment of debt    -                                                           137                                                          
 Impact of income taxes                           (5        )                                                 (66         )                                                
                                                                      36                    0.07                                      119                      0.21        
 Adjusted income, net of tax                                          $    1,635            $    3.05                                 $     1,558              $     2.82  
                                                                                                                                                                           
 
 
                                                                                                                        
 Marsh & McLennan Companies, Inc.                                                                                       
 
Supplemental Information                                                                                              
 
(Millions) (Unaudited)                                                                                                
                                                                                                                        
                                               Three Months Ended                   Twelve Months                       
                                               December 31,                         Ended December 31,                  
                                               2015                2014             2015                    2014        
 Depreciation and amortization expense         $    81             $    77          $     314               $     302   
 Identified intangible amortization expense    $    30             $    22          $     109               $     86    
 Stock option expense                          $    2              $    3           $     20                $     17    
 Capital expenditures                          $    76             $    83          $     325               $     368   
                                                                                                                        
 
 
                                                                                                           
 Marsh & McLennan Companies, Inc.                                                                          
 
Consolidated Balance Sheets                                                                              
 
(Millions) (Unaudited)                                                                                   
                                                                                                           
                                                             December 31,            December 31,          
                                                             2015                    2014*                 
 ASSETS                                                                                                    
                                                                                                           
 Current assets:                                                                                           
 Cash and cash equivalents                                   $      1,374            $      1,958          
 Net receivables                                             3,471                   3,377                 
 Other current assets                                        199                     198                   
 Total current assets                                        5,044                   5,533                 
                                                                                                           
 Goodwill and intangible assets                              8,925                   7,933                 
 Fixed assets, net                                           773                     809                   
 Pension related assets                                      1,159                   967                   
 Deferred tax assets                                         1,138                   1,358                 
 Other assets                                                1,177                   1,193                 
 TOTAL ASSETS                                                $      18,216           $      17,793         
                                                                                                           
 LIABILITIES AND EQUITY                                                                                    
                                                                                                           
 Current liabilities:                                                                                      
 Short-term debt                                             $      12               $      11             
 Accounts payable and accrued liabilities                    1,886                   1,883                 
 Accrued compensation and employee benefits                  1,656                   1,633                 
 Accrued income taxes                                        154                     150                   
 Total current liabilities                                   3,708                   3,677                 
                                                                                                           
 Fiduciary liabilities                                       4,146                   4,552                 
 Less - cash and investments held in a fiduciary capacity    (4,146         )        (4,552         )      
                                                             -                       -                     
 Long-term debt                                              4,402                   3,368                 
 Pension, post-retirement and post-employment benefits       2,058                   2,244                 
 Liabilities for errors and omissions                        318                     341                   
 Other liabilities                                           1,128                   1,030                 
                                                                                                           
 Total equity                                                6,602                   7,133                 
 TOTAL LIABILITIES AND EQUITY                                $      18,216           $      17,793         
                                                                                                           
 
 
 * Amended to reflect the adoption in 2015 of new Financial Accounting Standards Board guidance related to the presentation of deferred taxes and debt issuance costs.  
 
 
Marsh & McLennan Companies
Media:
Edward L. Dandridge, +1 212 345 9751
ed.dandridge@mmc.com
or
Investor:
Keith Walsh, +1 212 345 0057
keith.walsh@mmc.com 
 
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Marsh & McLennan Companies, Inc. 

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