2023 Q2 Form 10-Q Financial Statement

#000006270923000036 Filed on April 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $5.876B $5.924B
YoY Change 9.24% 6.76%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.337B $3.207B
YoY Change 10.86% 3.45%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $178.0M $84.00M
YoY Change 5.95% -5.62%
% of Gross Profit
Operating Expenses $4.354B $4.198B
YoY Change 8.44% 2.29%
Operating Profit $1.457B $1.726B
YoY Change 6.82% 19.45%
Interest Expense -$133.0M $136.0M
YoY Change -216.67% 23.64%
% of Operating Profit -9.13% 7.88%
Other Income/Expense, Net $60.00M $58.00M
YoY Change 1.69% -6.45%
Pretax Income $1.384B $1.664B
YoY Change 5.49% 16.85%
Income Tax $337.0M $412.0M
% Of Pretax Income 24.35% 24.76%
Net Earnings $1.035B $1.235B
YoY Change 7.03% 15.31%
Net Earnings / Revenue 17.61% 20.85%
Basic Earnings Per Share $2.09 $2.50
Diluted Earnings Per Share $2.07 $2.47
COMMON SHARES
Basic Shares Outstanding 494.7M shares 494.6M shares
Diluted Shares Outstanding 499.0M shares 500.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.74B $1.006B
YoY Change 1300.99% 30.31%
Cash & Equivalents $12.74B $1.006B
Short-Term Investments
Other Short-Term Assets $703.0M $1.407B
YoY Change -27.82% 33.62%
Inventory
Prepaid Expenses
Receivables $7.364B $7.066B
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.80B $9.113B
YoY Change 154.65% 17.01%
LONG-TERM ASSETS
Property, Plant & Equipment $2.439B $867.0M
YoY Change 182.62% 0.23%
Goodwill $16.62B $16.30B
YoY Change 4.12% 0.28%
Intangibles
YoY Change
Long-Term Investments $249.0M $214.0M
YoY Change 6.87% -4.46%
Other Assets $3.947B $1.471B
YoY Change 169.24% 0.75%
Total Long-Term Assets $25.76B $25.25B
YoY Change 1.95% -2.53%
TOTAL ASSETS
Total Short-Term Assets $20.80B $9.113B
Total Long-Term Assets $25.76B $25.25B
Total Assets $46.57B $34.36B
YoY Change 39.25% 1.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.137B $3.406B
YoY Change 3.57% 10.44%
Accrued Expenses $2.330B $1.749B
YoY Change 4.58% 1.04%
Deferred Revenue
YoY Change
Short-Term Debt $508.0M $844.0M
YoY Change -46.19% 2.3%
Long-Term Debt Due $1.867B $1.267B
YoY Change 408.72% 246.17%
Total Short-Term Liabilities $19.81B $7.914B
YoY Change 182.4% 20.15%
LONG-TERM LIABILITIES
Long-Term Debt $10.25B $10.84B
YoY Change -2.29% 2.74%
Other Long-Term Liabilities $4.367B $1.433B
YoY Change 187.11% -15.46%
Total Long-Term Liabilities $14.61B $12.27B
YoY Change 21.7% 0.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.81B $7.914B
Total Long-Term Liabilities $14.61B $12.27B
Total Liabilities $34.61B $20.19B
YoY Change 81.9% 7.19%
SHAREHOLDERS EQUITY
Retained Earnings $21.98B $20.95B
YoY Change 10.56% 10.75%
Common Stock $1.635B $1.625B
YoY Change 1.87% 2.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.96B $10.95B
YoY Change
Total Liabilities & Shareholders Equity $46.57B $34.36B
YoY Change 39.25% 1.99%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $1.035B $1.235B
YoY Change 7.03% 15.31%
Depreciation, Depletion And Amortization $178.0M $84.00M
YoY Change 5.95% -5.62%
Cash From Operating Activities $1.484B -$819.0M
YoY Change 15.76% 16.67%
INVESTING ACTIVITIES
Capital Expenditures $98.00M $84.00M
YoY Change -186.73% -31.15%
Acquisitions
YoY Change
Other Investing Activities -$35.00M -$3.000M
YoY Change -350.0% -400.0%
Cash From Investing Activities -$133.0M -$368.0M
YoY Change 34.34% 131.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $4.000M
YoY Change 0.0%
Cash From Financing Activities -546.0M $773.0M
YoY Change 52.94% -9.59%
NET CHANGE
Cash From Operating Activities 1.484B -$819.0M
Cash From Investing Activities -133.0M -$368.0M
Cash From Financing Activities -546.0M $773.0M
Net Change In Cash 805.0M -$262.0M
YoY Change -2.54% 84.51%
FREE CASH FLOW
Cash From Operating Activities $1.484B -$819.0M
Capital Expenditures $98.00M $84.00M
Free Cash Flow $1.386B -$903.0M
YoY Change -0.65% 9.59%

Facts In Submission

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Nature of Operations <div style="margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Marsh &amp; McLennan Companies, Inc., and its consolidated subsidiaries (the "Company"), a global professional services firm, is organized based on the different services that it offers. Under this structure, the Company’s two business segments are Risk and Insurance Services and Consulting.</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Risk and Insurance Services segment ("RIS") includes risk management activities (risk advice, risk transfer, and risk control and mitigation solutions) as well as insurance and reinsurance broking and services for businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Company conducts business in this segment through Marsh and Guy Carpenter. Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and identify and capitalize on emerging opportunities.</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Consulting segment includes health, wealth and career solutions and products, and specialized management, strategic, economic and brand consulting services. The Company conducts business in this segment through Mercer and Oliver Wyman Group. Mercer delivers advice and technology-driven solutions that help organizations redefine the future of work, shape retirement and investment outcomes, and advance health and well-being for a changing workforce. Oliver Wyman Group serves as critical strategic, economic and brand advisor to private sector and governmental clients.</span></div>
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CY2023Q1 us-gaap Business Acquisition Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax Per Share Diluted
BusinessAcquisitionProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTaxPerShareDiluted
2.47
CY2022Q1 us-gaap Business Acquisition Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax Per Share Diluted
BusinessAcquisitionProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTaxPerShareDiluted
2.13
CY2022Q4 us-gaap Goodwill
Goodwill
16251000000 usd
CY2021Q4 us-gaap Goodwill
Goodwill
16317000000 usd
CY2023Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
11000000 usd
CY2022Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
17000000 usd
CY2023Q1 us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
38000000 usd
CY2022Q1 us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
-80000000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
16300000000 usd
CY2022Q1 us-gaap Goodwill
Goodwill
16254000000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4330000000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1878000000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2452000000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4353000000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1816000000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2537000000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
85000000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
91000000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
241000000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
301000000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
268000000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
250000000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
249000000 usd
CY2023Q1 mmc Finite Lived Intangible Asset Expected Amortizationafter Year Four
FiniteLivedIntangibleAssetExpectedAmortizationafterYearFour
1143000000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2452000000 usd
CY2023Q1 us-gaap Equity Method Investments
EquityMethodInvestments
214000000 usd
CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
215000000 usd
CY2023Q1 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
-1000000 usd
CY2022Q1 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
9000000 usd
CY2023Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
43000000 usd
CY2022Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
42000000 usd
CY2023Q1 mmc Net Investment Hedge Threshold Percentageofthe Equity Balance
NetInvestmentHedgeThresholdPercentageoftheEquityBalance
0.80
CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
25000000 usd
CY2023Q1 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
8000000 usd
CY2022Q1 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1000000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
80000000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
90000000 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1000000 usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1000000 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
37000000 usd
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
34000000 usd
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
4000000 usd
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
5000000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
114000000 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
120000000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
94000000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
99000000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
76000000 usd
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
51000000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
274000000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
338000000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
308000000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
287000000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
250000000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
180000000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
667000000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2304000000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
275000000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2029000000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
306000000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1723000000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2029000000 usd
CY2023Q1 mmc Lessee Operating Lease Lease Not Yet Commenced Amount
LesseeOperatingLeaseLeaseNotYetCommencedAmount
59000000 usd
CY2023Q1 us-gaap Long Term Debt Current
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1267000000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
268000000 usd
CY2023Q1 us-gaap Debt Current
DebtCurrent
2111000000 usd
CY2022Q4 us-gaap Debt Current
DebtCurrent
268000000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
12108000000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
11495000000 usd
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1267000000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
268000000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10841000000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
11227000000 usd
CY2023Q1 us-gaap Commercial Paper
CommercialPaper
594000000 usd
CY2023Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0519
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
53000000 usd
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
30000000 usd
CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
300000000 usd
CY2022Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
3200000 shares
CY2022Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
500000000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
1800000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
1800000 shares
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.59
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.59
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5924000000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1726000000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5549000000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1445000000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5924000000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5549000000 usd

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