Market Overview

Marsh & McLennan Companies Reports Second Quarter 2017 Results

Share:

Underlying Revenue Increases 3% Reflecting Growth Across All
Operating Companies

GAAP EPS Rises to $0.96 from $0.90; Adjusted EPS Increases 10% to
$1.00

Six Months GAAP EPS Grows 13% and Adjusted EPS Increases 14%

Marsh & McLennan Companies, Inc. (NYSE:MMC), a global professional
services firm offering clients advice and solutions in risk, strategy
and people, today reported financial results for the second quarter
ended June 30, 2017.

Dan Glaser, President & CEO, said: "In the second quarter, on a
consolidated basis, we generated solid underlying revenue growth of 3%
with continued earnings growth and margin expansion. Underlying revenue
increased across all four operating companies, with 2% growth in Risk &
Insurance Services and 4% in Consulting. Earnings per share increased 7%
to $0.96, while adjusted EPS rose 10% to $1.00."

"With a strong first half of 2017, we believe the Company is well
positioned to deliver underlying revenue growth, margin expansion in
both segments, and strong earnings per share growth this year,"
concluded Mr. Glaser.

Consolidated Results

Consolidated revenue in the second quarter of 2017 was $3.5 billion, an
increase of 4% compared with the second quarter of 2016. On an
underlying basis, revenue increased 3%. Operating income was $764
million, an increase of 5% from the prior year. Adjusted operating
income, which excludes noteworthy items as presented in the attached
supplemental schedules, increased 7% to $788 million. Net income
attributable to the Company was $501 million. On a per share basis, net
income per share attributable to the Company rose 7% to $0.96 from $0.90
last year. Adjusted earnings per share of $1.00 was up 10%.

For the six months ended June 30, 2017, consolidated revenue was $7.0
billion, an increase of 4%, or 3% on an underlying basis. Net income
attributable to the Company increased 12% to $1.1 billion.

Earnings per share rose 13% to $2.05. Adjusted earnings per share
increased 14% to $2.08 compared with $1.83 for the comparable period in
2016.

Risk & Insurance Services

Risk & Insurance Services revenue was $1.9 billion in the second quarter
of 2017, an increase of 4%, or 2% on an underlying basis. Operating
income was $528 million, an increase of 7%, and adjusted operating
income rose 9% to $535 million. For the six months ended June 30, 2017,
revenue was $3.9 billion, an increase of 5%, or 3% on an underlying
basis. Operating income rose 11% to $1.1 billion and adjusted operating
income rose 10% to $1.1 billion.

Marsh's revenue in the second quarter was $1.6 billion, an increase of
2% on an underlying basis. International operations produced underlying
revenue growth of 1%, reflecting flat underlying revenue in EMEA, 3%
growth in Asia Pacific, and 4% in Latin America. In US/Canada,
underlying revenue rose 2%. For the six months ended June 30, 2017,
Marsh's underlying revenue growth was 3%.

Guy Carpenter's revenue in the second quarter was $293 million, an
increase of 4% on an underlying basis for both the second quarter and
first six months.

Consulting

Consulting revenue in the second quarter was $1.6 billion, an increase
of 3%, or 4% on an underlying basis. Operating income decreased 1% to
$283 million and adjusted operating income increased 3% to $298 million.
For the first six months of 2017, revenue was $3.1 billion, an increase
of 3%, or 4% on an underlying basis. Operating income of $524 million
declined 1% and adjusted operating income increased 3% to $543 million
compared with $526 million in 2016.

Mercer's revenue was $1.1 billion in the second quarter, an increase of
3% on an underlying basis. Within Wealth, Investment Management &
Related Services increased 11%, while Defined Benefit Consulting &
Administration decreased 3%. Total Wealth revenue of $532 million
increased 1% on an underlying basis. Health revenue of $423 million was
up 3% on an underlying basis and Career revenue of $154 million
increased 5% on an underlying basis. For the six months ended June 30,
2017, Mercer's revenue was $2.2 billion, an increase of 3% on an
underlying basis.

Oliver Wyman Group's revenue was $483 million in the second quarter, an
increase of 7% on an underlying basis. For the first six months Oliver
Wyman Group's revenue increased to $932 million, up 6% on an underlying
basis.

Other Items

The effective tax rate in the second quarter of 2017 was 28.6% compared
with 29.5% in the second quarter of 2016. For the six months of 2017,
the effective tax rate was 25.9% compared with 29.0% for the same period
last year. The tax rate in 2017 includes the impact of the required
change in accounting for equity awards.

The Company repurchased 2.7 million shares of its common stock for $200
million in the second quarter. Through six months, the Company has
repurchased 5.4 million shares for $400 million. In May, the Board of
Directors increased the quarterly dividend 10%, to $0.375 per share,
effective with the third quarter dividend payable on August 15, 2017.

Conference Call

A conference call to discuss second quarter 2017 results will be held
today at 8:30 a.m. Eastern time. To participate in the teleconference,
please dial +1 888 394 8218. Callers from outside the United States
should dial +1 719 457 2086. The access code for both numbers is
3085890. The live audio webcast may be accessed at http://www.mmc.com.
A replay of the webcast will be available approximately two hours after
the event.

About Marsh & McLennan Companies

Marsh & McLennan (NYSE:MMC) is the world's leading professional
services firm in the areas of risk, strategy and people. The company's
more than 60,000 colleagues advise clients in over 130 countries. With
annual revenue over $13 billion, Marsh & McLennan helps clients navigate
an increasingly dynamic and complex environment through four
market-leading firms. Marsh
advises individual and commercial clients of all sizes on insurance
broking and innovative risk management solutions. Guy
Carpenter
develops advanced risk, reinsurance and capital strategies
that help clients grow profitably and pursue emerging opportunities. Mercer
delivers advice and technology-driven solutions that help organizations
meet the health, wealth and career needs of a changing workforce. Oliver
Wyman
serves as a critical strategic, economic and brand advisor to
private sector and governmental clients. For more information, visit mmc.com,
follow us on LinkedIn
and Twitter @mmc_global
or subscribe to BRINK.

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements," as defined in
the Private Securities Litigation Reform Act of 1995. These statements,
which express management's current views concerning future events or
results, use words like "anticipate," "assume," "believe," "continue,"
"estimate," "expect," "intend," "plan," "project" and similar terms, and
future or conditional tense verbs like "could," "may," "might,"
"should," "will" and "would." Forward-looking statements are subject to
inherent risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in our forward-looking
statements.

Factors that could materially affect our future results include, among
other things: the impact of any investigations, reviews or other
activity by regulatory or law enforcement authorities in the U.S., U.K.
and other countries, including the U.K. Financial Conduct Authority's
ongoing investigation into the aviation insurance and reinsurance
sector; the impact from lawsuits, other contingent liabilities and loss
contingencies arising from errors and omissions, breach of fiduciary
duty and other claims against us; our ability to compete effectively and
adapt to changes in the competitive environment, including to respond to
disintermediation, pricing pressures and technological and other types
of innovation; our exposure to potential civil damages, criminal
penalties or other consequences, such as reputational impact, if we fail
to comply with applicable U.S. and non-U.S. laws and regulations; our
organization's ability to maintain adequate safeguards to protect the
security of our information systems and confidential, personal or
proprietary information, particularly given the volume of third party
vendors we use; our ability to successfully recover if we experience a
business continuity problem due to cyberattack, natural disaster or
otherwise; the impact of macroeconomic conditions, political events and
market conditions on us, our clients and the industries in which we
operate; the financial and operational impact of complying with laws and
regulations where we operate, including the E.U.'s General Data
Protection Regulation; our ability to attract and retain key employees;
the effect of our global pension obligations on our financial position,
earnings and cash flows and the impact of low interest rates on those
obligations; the impact on our competitive position of our tax rate
relative to our competitors; the impact of fluctuations in foreign
exchange, interest rates and securities markets on our results; and the
impact of changes in accounting rules or in our accounting estimates or
assumptions.

The factors identified above are not exhaustive. Marsh & McLennan
Companies and its subsidiaries operate in a dynamic business environment
in which new risks emerge frequently. Accordingly, we caution readers
not to place undue reliance on any forward-looking statements, which are
based only on information currently available to us and speak only as of
the dates on which they are made. The Company undertakes no obligation
to update or revise any forward-looking statement to reflect events or
circumstances arising after the date on which it is made.

Further information concerning Marsh & McLennan Companies and its
businesses, including information about factors that could materially
affect our results of operations and financial condition, is contained
in the Company's filings with the Securities and Exchange Commission,
including the "Risk Factors" section and the "Management's Discussion
and Analysis of Financial Condition and Results of Operations" section
of our most recently filed Annual Report on Form 10-K.

       

Marsh & McLennan Companies, Inc.

Consolidated Statements of Income

(In millions, except per share figures)

(Unaudited)

 
Three Months Ended
June 30,
Six Months Ended
June 30,
2017     2016 2017     2016
Revenue $ 3,495   $ 3,376   $ 6,998   $ 6,712  
 
Expense:
Compensation and Benefits 1,935 1,872 3,880 3,726
Other Operating Expenses 796   778   1,545   1,527  
Operating Expenses 2,731   2,650   5,425   5,253  
Operating Income 764 726 1,573 1,459
Interest Income 2 2 4 4
Interest Expense (60 ) (48 ) (118 ) (94 )
Investment Income (Loss) 5   1   5   (2 )
Income Before Income Taxes 711 681 1,464 1,367
Income Tax Expense 204   201   379   397  
Net Income before Non-Controlling Interests 507 480 1,085 970
Less: Net Income Attributable to Non-Controlling Interests 6   8   15   17  
Net Income Attributable to the Company $ 501   $ 472   $ 1,070   $ 953  
Net Income Per Share Attributable to the Company:
- Basic $ 0.98   $ 0.91   $ 2.08   $ 1.83  
- Diluted $ 0.96   $ 0.90   $ 2.05   $ 1.81  
Average Number of Shares Outstanding
- Basic 514   521   514   521  
- Diluted 520   525   521   526  
Shares Outstanding at 6/30 513   519   513   519  
 
           

Marsh & McLennan Companies, Inc.

Supplemental Information - Revenue Analysis

Three Months Ended June 30, 2017

(Millions) (Unaudited)

 
Components of Revenue Change*
Three Months Ended
June 30,

% Change
GAAP
Revenue

Currency
Impact

   

Acquisitions/
Dispositions
Impact

   

Underlying
Revenue

2017     2016
Risk and Insurance Services
Marsh $ 1,614 $ 1,559 4% (1)% 4% 2%
Guy Carpenter 293   285   3% (1)% 4%
Subtotal 1,907 1,844 3% (1)% 3% 2%
Fiduciary Interest Income 9   6  
Total Risk and Insurance Services 1,916   1,850   4% (1)% 3% 2%
Consulting
Mercer 1,109 1,079 3% (2)% 2% 3%
Oliver Wyman Group 483   460   5% (2)% 7%
Total Consulting 1,592   1,539   3% (2)% 2% 4%
Corporate / Eliminations (13 ) (13 )
Total Revenue $ 3,495   $ 3,376   4% (2)% 2% 3%
 

Revenue Details

The following table provides more detailed revenue information for
certain of the components presented above:

            Components of Revenue Change*
Three Months Ended
June 30,

% Change
GAAP
Revenue

Currency
Impact

   

Acquisitions/
Dispositions
Impact

   

Underlying
Revenue

2017     2016
Marsh:
EMEA $ 497 $ 479 4% (4)% 7%
Asia Pacific 168 183 (8)% (11)% 3%
Latin America 99   93   6% (2)% 3% 4%
Total International 764 755 1% (3)% 2% 1%
U.S. / Canada 850   804   6% 5% 2%
Total Marsh $ 1,614   $ 1,559   4% (1)% 4% 2%
Mercer:
Defined Benefit Consulting & Administration $ 340 $ 371 (8)% (4)% (1)% (3)%
Investment Management & Related Services 192   153   26% (1)% 15% 11%
Total Wealth 532 524 2% (3)% 3% 1%
Health 423 410 3% (1)% 1% 3%
Career 154   145   6% (2)% 2% 5%
Total Mercer $ 1,109   $ 1,079   3% (2)% 2% 3%
 
Notes
Underlying revenue measures the change in revenue using consistent
currency exchange rates, excluding the impact of certain items that
affect comparability such as: acquisitions, dispositions, transfers
among businesses and the deconsolidation of Marsh India.
 
Effective January 1, 2017, Mercer established a Wealth business
reflecting a unified client strategy for its former Retirement and
Investment business. The 2016 information in the chart above has
been conformed to the current presentation. Please refer to the
"Supplemental Information - Mercer" schedules included in the first
quarter 2017 press release for additional information about the
Wealth business.
 
* Components of revenue change may not add due to rounding.
 
           

Marsh & McLennan Companies, Inc.

Supplemental Information - Revenue Analysis

Six Months Ended June 30, 2017

(Millions) (Unaudited)

 
Components of Revenue Change*
Six Months Ended
June 30,

% Change
GAAP
Revenue

Currency
Impact

   

Acquisitions/
Dispositions
Impact

   

Underlying
Revenue

2017     2016
Risk and Insurance Services
Marsh $ 3,210 $ 3,047 5% (1)% 4% 3%
Guy Carpenter 678   659   3% (1)% 4%
Subtotal 3,888 3,706 5% (1)% 3% 3%
Fiduciary Interest Income 17   12  
Total Risk and Insurance Services 3,905   3,718   5% (1)% 3% 3%
Consulting
Mercer 2,186 2,118 3% (2)% 2% 3%
Oliver Wyman Group 932   899   4% (2)% 6%
Total Consulting 3,118   3,017   3% (2)% 2% 4%
Corporate / Eliminations (25 ) (23 )
Total Revenue $ 6,998   $ 6,712   4% (2)% 2% 3%
 

Revenue Details

The following table provides more detailed revenue information for
certain of the components presented above:

            Components of Revenue Change*
Six Months Ended
June 30,

% Change
GAAP
Revenue

Currency
Impact

   

Acquisitions/
Dispositions
Impact

   

Underlying
Revenue

2017     2016
Marsh:
EMEA $ 1,086 $ 1,049 4% (4)% 6% 2%
Asia Pacific 320 329 (3)% (10)% 7%
Latin America 179   164   9% 4% 5%
Total International 1,585 1,542 3% (3)% 2% 3%
U.S. / Canada 1,625   1,505   8% 5% 3%
Total Marsh $ 3,210   $ 3,047   5% (1)% 4% 3%
Mercer:
Defined Benefit Consulting & Administration $ 674 $ 732 (8)% (4)% (3)% (2)%
Investment Management & Related Services 378   300   26% 15% 10%
Total Wealth 1,052 1,032 2% (3)% 3% 2%
Health 838 810 3% (1)% 2% 3%
Career 296   276   7% (1)% 3% 6%
Total Mercer $ 2,186   $ 2,118   3% (2)% 2% 3%
Notes
Underlying revenue measures the change in revenue using consistent
currency exchange rates, excluding the impact of certain items that
affect comparability such as: acquisitions, dispositions, transfers
among businesses and the deconsolidation of Marsh India.
 
Effective January 1, 2017, Mercer established a Wealth business
reflecting a unified client strategy for its former Retirement and
Investment business. The 2016 information in the chart above has
been conformed to the current presentation. Please refer to the
"Supplemental Information - Mercer" schedules included in the first
quarter 2017 press release for additional information about the
Wealth business.
 
* Components of revenue change may not add due to rounding.
 
 

Marsh & McLennan Companies, Inc.

Reconciliation of Non-GAAP Measures

Three Months Ended June 30

(Millions) (Unaudited)

 
Overview

The Company reports its financial results in accordance with
accounting principles generally accepted in the United States
(referred to in this release as "GAAP" or "reported" results). The
Company also refers to and presents below certain additional
non-GAAP financial measures, within the meaning of Regulation G
under the Securities Exchange Act of 1934. These measures are: adjusted
operating income (loss), adjusted operating margin, adjusted
income, net of tax
and adjusted earnings per share (EPS).
The Company has included reconciliations of these non-GAAP
financial measures to the most directly comparable financial
measure calculated in accordance with GAAP in the following tables.

The Company believes these non-GAAP financial measures provide
useful supplemental information that enables investors to better
compare the Company's performance across periods. Management also
uses these measures internally to assess the operating performance
of its business, to assess performance for employee compensation
purposes and to decide how to allocate resources. However, investors
should not consider these non-GAAP measures in isolation from, or as
a substitute for, the financial information that the Company reports
in accordance with GAAP. The Company's non-GAAP measures include
adjustments that reflect how management views our businesses, and
may differ from similarly titled non-GAAP measures presented by
other companies.
 
Adjusted Operating Income (Loss) and Adjusted Operating Margin
Adjusted operating income (loss) is calculated by excluding
the impact of certain noteworthy items from the Company's GAAP
operating income or loss. The following tables identify these
noteworthy items and reconcile adjusted operating income (loss)
to GAAP operating income or loss, on a consolidated and segment
basis, for the three and six months ended June 30, 2017 and 2016.
The following tables also present adjusted operating margin.
For the three and six months ended June 30, 2017 and 2016, adjusted
operating margin
is calculated by dividing adjusted operating
income by consolidated or segment GAAP revenue less the proceeds
related to the disposal of Mercer's U.S. defined contribution
recordkeeping business.
               

Risk &
Insurance
Services

Consulting

Corporate/
Eliminations

Total
Three Months Ended June 30, 2017
Operating income (loss) $ 528   $ 283   $ (47 ) $ 764  
Add impact of Noteworthy Items:
Restructuring (a) 13 2 15
Adjustments to acquisition related accounts (b) 7   2     9  
Operating income adjustments 7   15   2   24  
Adjusted operating income (loss) $ 535   $ 298   $ (45 ) $ 788  
Operating margin 27.5 % 17.8 % N/A 21.9 %
Adjusted operating margin 27.9 % 18.7 % N/A 22.5 %
Three Months Ended June 30, 2016
Operating income (loss) $ 490   $ 285   $ (49 ) $ 726  
Add (Deduct) impact of Noteworthy Items:
Restructuring 2 1 2 5
Adjustments to acquisition related accounts (b) 13 2 15
Deconsolidation of business (c) (12 )     (12 )
Operating income adjustments 3   3   2   8  
Adjusted operating income (loss) $ 493   $ 288   $ (47 ) $ 734  
Operating margin 26.6 % 18.5 % N/A 21.5 %
Adjusted operating margin 26.8 % 18.7 % N/A 21.8 %
 
(a) Primarily severance related to the Mercer business restructure.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions.
(c) Reflects the net gain on deconsolidation of Marsh's India
subsidiary. The amount is removed from GAAP revenue in the
calculation of adjusted operating margin.
 
               

Marsh & McLennan Companies, Inc.

Reconciliation of Non-GAAP Measures

Six Months Ended June 30

(Millions) (Unaudited)

 

Adjusted Operating Income (Loss) and Adjusted Operating Margin
(cont'd)

 

Risk &
Insurance
Services

Consulting

Corporate/
Eliminations

Total
Six Months Ended June 30, 2017
Operating income (loss) $ 1,141   $ 524   $ (92 ) $ 1,573  
Add (Deduct) impact of Noteworthy Items:
Restructuring (a) 4 16 4 24
Adjustments to acquisition related accounts (b) (10 ) 3     (7 )
Operating income adjustments (6 ) 19   4   17  
Adjusted operating income (loss) $ 1,135   $ 543   $ (88 ) $ 1,590  
Operating margin 29.2 % 16.8 % N/A 22.5 %
Adjusted operating margin 29.1 % 17.4 % N/A 22.7 %
Six Months Ended June 30, 2016
Operating income (loss) $ 1,025   $ 530   $ (96 ) $ 1,459  
Add (Deduct) impact of Noteworthy Items:
Restructuring 3 1 4 8
Adjustments to acquisition related accounts (b) 20 1 21
Disposal/deconsolidation of business (c) (12 ) (6 )   (18 )
Operating income adjustments 11   (4 ) 4   11  
Adjusted operating income (loss) $ 1,036   $ 526   $ (92 ) $ 1,470  
Operating margin 27.6 % 17.6 % N/A 21.7 %
Adjusted operating margin 28.0 % 17.5 % N/A 22.0 %
 
(a) Primarily severance related to the Mercer business restructure
and severance for center led initiatives, future rent under
non-cancellable leases, and integration costs related to recent
acquisitions.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions.
(c) Relates to a net gain on the deconsolidation of Marsh's India
subsidiary and contingent proceeds related to the disposal of
Mercer's U.S. defined contribution recordkeeping business. The
amounts are removed from GAAP revenue in the calculation of adjusted
operating margin.
 
 

Marsh & McLennan Companies, Inc.

Reconciliation of Non-GAAP Measures

Three and Six Months Ended June 30

(Millions) (Unaudited)

 
Adjusted Income, Net of Tax and Adjusted Earnings per Share
Adjusted income, net of tax is calculated as the
Company's GAAP income from continuing operations, adjusted to
reflect the after-tax impact of the operating income adjustments set
forth in the preceding tables. Adjusted EPS is calculated by
dividing the Company's adjusted income, net of tax, by MMC's
average number of shares outstanding-diluted for the relevant
period. The following tables reconcile adjusted income, net of tax
to GAAP income from continuing operations and adjusted EPS to
GAAP EPS for the three and six months ended June 30, 2017 and 2016.
                         
Three Months Ended
June 30, 2017
Three Months Ended
June 30, 2016
Amount

Adjusted
EPS

Amount

Adjusted
EPS

Income from continuing operations $ 507 $ 480
Less: Non-controlling interest, net of tax 6   8  
Subtotal $ 501 $ 0.96 $ 472 $ 0.90
Operating income adjustments $ 24 $ 8
Impact of income taxes (7 )  
17   0.04   8   0.01
Adjusted income, net of tax $ 518   $ 1.00   $ 480   $ 0.91
 
                         
Six Months Ended
June 30, 2017
Six Months Ended

June 30, 2016

Amount

Adjusted
EPS

Amount

Adjusted
EPS

Income from continuing operations $ 1,085 $ 970
Less: Non-controlling interest, net of tax 15   17  
Subtotal $ 1,070 $ 2.05 $ 953 $ 1.81
Operating income adjustments $ 17 $ 11
Impact of income taxes (6 )  
11   0.03   11   0.02
Adjusted income, net of tax $ 1,081   $ 2.08   $ 964   $ 1.83
 
       

Marsh & McLennan Companies, Inc.

Supplemental Information

Three and Six Months Ended June 30

(Millions) (Unaudited)

 
Three Months Ended Six Months Ended
June 30, June 30,
2017     2016 2017     2016
Consolidated
Compensation and Benefits $ 1,935 $ 1,872 $ 3,880 $ 3,726
Other operating expenses 796   778   1,545   1,527
Total Expenses $ 2,731   $ 2,650   $ 5,425   $ 5,253
 
Depreciation and amortization expense $ 76 $ 76 $ 156 $ 154
Identified intangible amortization expense 40   34   80   67
Total $ 116   $ 110   $ 236   $ 221
 
Stock option expense $ 3 $ 4 $ 17 $ 15
Capital expenditures $ 82 $ 63 $ 144 $ 114
 
Risk and Insurance Services
Compensation and Benefits $ 968 $ 934 $ 1,948 $ 1,855
Other operating expenses 420   426   816   838
Total Expenses $ 1,388   $ 1,360   $ 2,764   $ 2,693
 
Depreciation and amortization expense $ 35 $ 34 $ 70 $ 70
Identified intangible amortization expense 33   29   65   57
Total $ 68   $ 63   $ 135   $ 127
 
Consulting
Compensation and Benefits $ 883 $ 852 $ 1,758 $ 1,699
Other operating expenses 426   402   836   788
Total Expenses $ 1,309   $ 1,254   $ 2,594   $ 2,487
 
Depreciation and amortization expense $ 24 $ 25 $ 51 $ 50
Identified intangible amortization expense 7   5   15   10
Total $ 31   $ 30   $ 66   $ 60
 
       

Marsh & McLennan Companies, Inc.

Consolidated Balance Sheets

(Millions)

 
(Unaudited)
June 30,
2017

December 31,
2016

ASSETS
 
Current assets:
Cash and cash equivalents $ 966 $ 1,026
Net receivables 3,984 3,643
Other current assets 232   215  
Total current assets 5,182 4,884
 
Goodwill and intangible assets 10,054 9,495
Fixed assets, net 721 725
Pension related assets 981 776
Deferred tax assets 975 1,097
Other assets 1,529   1,213  
TOTAL ASSETS $ 19,442   $ 18,190  
 
LIABILITIES AND EQUITY
 
Current liabilities:
Short-term debt $ 162 $ 312
Accounts payable and accrued liabilities 2,027 1,969
Accrued compensation and employee benefits 1,073 1,655
Accrued income taxes 193 146
Dividends payable 194    
Total current liabilities 3,649 4,082
 
Fiduciary liabilities 5,039 4,241
Less - cash and investments held in a fiduciary capacity (5,039 ) (4,241 )
Long-term debt 5,479 4,495
Pension, post-retirement and post-employment benefits 1,986 2,076
Liabilities for errors and omissions 305 308
Other liabilities 949 957
 
Total equity 7,074   6,272  
TOTAL LIABILITIES AND EQUITY $ 19,442   $ 18,190  

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