Delaware | 36-2668272 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Name of each exchange on which registered | |
Common Stock, par value $1.00 per share | New York Stock Exchange | |
Chicago Stock Exchange | ||
London Stock Exchange |
Large Accelerated Filer x | Accelerated Filer ¨ | |
Non-Accelerated Filer ¨ (Do not check if a smaller reporting company) | Smaller Reporting Company ¨ |
▪ | our exposure to potential liabilities arising from errors and omissions claims against us, particularly in our Marsh and Mercer businesses; |
▪ | our ability to make strategic acquisitions and dispositions and to integrate, and realize expected synergies, savings or strategic benefits from the businesses we acquire; |
▪ | changes in the funded status of our global defined benefit pension plans and the impact of any increased pension funding resulting from those changes; |
▪ | the impact of any regional, national or global political, economic, regulatory or market conditions on our results of operations and financial condition; |
▪ | the impact on our net income caused by fluctuations in foreign currency exchange rates; |
▪ | the impact on our net income or cash flows and our effective tax rate in a particular period caused by settled tax audits and expired statutes of limitation; |
▪ | the extent to which we retain existing clients and attract new business, and our ability to incentivize and retain key employees; |
▪ | our exposure to potential criminal sanctions or civil remedies if we fail to comply with foreign and U.S. laws and regulations that are applicable to our international operations, including import and export requirements, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the UK Bribery Act 2010, local laws prohibiting corrupt payments to government officials, as well as various trade sanctions laws; |
▪ | the impact of competition, including with respect to pricing; |
▪ | the potential impact of rating agency actions on our cost of financing and ability to borrow, as well as on our operating costs and competitive position; |
▪ | our ability to successfully recover should we experience a disaster or other business continuity problem; |
▪ | changes in applicable tax or accounting requirements; and |
▪ | potential income statement effects from the application of FASB's ASC Topic No. 740 (“Income Taxes”) regarding accounting treatment of uncertain tax benefits and valuation allowances, including the effect of any subsequent adjustments to the estimates we use in applying this accounting standard. |
Information Concerning Forward-Looking Statements | i | ||
PART I | |||
Item 1 — | Business | 1 | |
Item 1A — | Risk Factors | 12 | |
Item 1B — | Unresolved Staff Comments | 23 | |
Item 2 — | Properties | 23 | |
Item 3 — | Legal Proceedings | 23 | |
PART II | |||
Item 5 — | Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 24 | |
Item 6 — | Selected Financial Data | 25 | |
Item 7 — | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 26 | |
Item 7A — | Quantitative and Qualitative Disclosures About Market Risk | 47 | |
Item 8 — | Financial Statements and Supplementary Data | 49 | |
Item 9 — | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 98 | |
Item 9A — | Controls and Procedures | 99 | |
Item 9B — | Other Information | 101 | |
PART III | |||
Item 10 — | Directors, Executive Officers and Corporate Governance | 102 | |
Item 11 — | Executive Compensation | 102 | |
Item 12 — | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 102 | |
Item 13 — | Certain Relationships and Related Transactions, and Director Independence | 102 | |
Item 14 — | Principal Accounting Fees and Services | 102 | |
PART IV | |||
Item 15 — | Exhibits and Financial Statement Schedules | 103 | |
Signatures |
• | Risk and Insurance Services includes risk management activities (risk advice, risk transfer and risk control and mitigation solutions) as well as insurance and reinsurance broking and services. We conduct business in this segment through Marsh and Guy Carpenter. |
• | Consulting includes human resource consulting and related outsourcing and investment services, and specialized management and economic consulting services. We conduct business in this segment through Mercer and Oliver Wyman Group. |
• | Marsh Business Analytics: Applies analytics to risk and business management to help foster a better understanding of issues, substantiate decision making, support the implementation of innovative solutions and strategies, and reduce costs. |
• | Property Risk Consulting: Delivers a range of value-added property risk engineering and loss control identification, assessment, and mitigation consulting solutions spanning the lifecycle of a property and its operation, from planning, design, construction, maintenance, and renovation to disposal. |
• | Financial Advisory, Claims, Litigation Support: Provides forensic accounting, casualty and liability claim consulting and management, claim accounting preparation, complex claim consulting, mass tort consulting, valuation, investigative services, construction delay and dispute consulting, and capital projects expertise and innovative solutions using proprietary processes and technology. |
• | Workforce Strategies: Uses a Continuous Risk Improvement (CRI) process to create lasting improvement and support efforts to reduce workers' compensation loss costs; increase the quality, safety, and efficiency of operations; improve productivity and profitability; reinforce behaviors needed to support business objectives; and develop and implement sustainable safety and health management systems. |
• | Strategic Risk Consulting: Supply and value chain, crisis management, and enterprise risk and resiliency services to help preserve, protect, and defend critical business assets, processes, and reputation; evaluate compliance with regulatory requirements; and meet stakeholder corporate governance expectations. |
Risk & Specialty Practices | Industry Practices | |
Aviation & Aerospace | Agriculture | |
Captive Solutions | Automotive | |
Casualty | Chemicals | |
Claims | Communications, Media and Technology | |
Energy | Construction | |
Environmental | Education | |
Financial and Professional (FINPRO) | Financial Institutions | |
Marsh Risk Consulting (MRC) | Fisheries | |
Marine | Forestry & Integrated Wood Products | |
Political Risk / Trade Credit | Healthcare | |
Private Equity and Mergers & Acquisitions (PEMA) | Hospitality & Gaming | |
Product Recall | Infrastructure | |
Property | Life Sciences | |
Surety | Manufacturing | |
Mining, Metals & Minerals | ||
Power & Utilities | ||
Project Risk | ||
Public Entities | ||
Real Estate | ||
Retail / Wholesale | ||
Sports, Entertainment & Events | ||
Transportation |
• | Automotive; |
• | Aviation, Aerospace and Defense; |
• | Communications, Media and Technology; |
• | Energy; |
• | Financial services, including corporate and institutional banking, insurance, wealth and asset management, public policy, and retail and business banking; |
• | Industrial products and services; |
• | Health and life sciences; |
• | Retail and consumer products; and |
• | Surface transportation. |
• | Actuarial. Oliver Wyman offers actuarial consulting services to public and private enterprises, self-insured group organizations, insurance companies, government entities, insurance regulatory agencies and other organizations. |
• | Business and Organization Transformation. Oliver Wyman advises organizations undergoing or anticipating profound change or facing strategic discontinuities or risks by providing guidance on leading the institution, structuring its operations, improving its performance, and building its organizational capabilities. |
• | CEO Effectiveness. Oliver Wyman serves as trusted advisors to CEOs around the world - helping them maximize their impact and succeed in their role as the leaders of large, complex enterprises. Oliver Wyman works with CEOs to develop a compelling strategic direction, align the right players on strategy implementation, build strong senior teams, design appropriate governance structures, lead successful transitions at the top, and engage effectively with their boards. |
• | Corporate Finance & Restructuring. Oliver Wyman provides an array of capabilities to support investment decision making by private equity funds, hedge funds, sovereign wealth funds, investment banks, commercial banks, arrangers, strategic investors, and insurers. |
• | Risk Management. Oliver Wyman works with CFOs and other senior finance and risk management executives of corporations and financial institutions. Oliver Wyman provides a range of services that provide effective, customized solutions to the challenges presented by the evolving roles, needs and priorities of these individuals and organizations. |
• | Leadership Development. The Leadership Development business provides customized solutions for clients to develop leadership capability across all levels of their organization in order to accelerate the development of leadership as a source of strategic advantage. These customized solutions blend a range of learning methodologies including leadership and employee engagement programs, action learning, coaching, e-learning, and online applications. |
• | Marketing and Sales. Oliver Wyman advises leading firms in the areas of offer/pricing optimization; product/service portfolio management; product innovation; marketing spend optimization; value-based customer management; and sales and distribution model transformation. |
• | Operations and Technology. Oliver Wyman offers market-leading IT organization design, IT economics management, Lean Six Sigma principles and methodologies, and sourcing expertise to clients across a broad range of industries. |
• | Strategy. Oliver Wyman is a leading provider of corporate strategy advice and solutions in the areas of growth strategy and corporate portfolio; non-organic growth and M&A; performance improvement; business design and innovation; corporate center and shared services; and strategic planning. |
• | Guidelines for Corporate Governance; |
• | Code of Conduct, The Greater Good; |
• | Procedures for Reporting Complaints and Concerns Regarding Accounting Matters; and |
• | the charters of the Audit Committee, Compensation Committee, Compliance and Risk Committee, Corporate Responsibility Committee and Directors and Governance Committee of the Company’s Board of Directors. |
• | economic and political conditions in foreign countries, including the recent European debt crisis; |
• | unexpected increases in taxes or changes in U.S. or foreign tax laws; |
• | withholding or other taxes that foreign governments may impose on the payment of dividends or other remittances to us from our non-U.S. subsidiaries; |
• | potential transfer pricing-related tax exposures that may result from the allocation of U.S.-based costs that benefit our non-U.S. businesses; |
• | potential conflicts of interest that may arise as we expand the scope of our businesses and our client base; |
• | international hostilities, terrorist activities, natural disasters and infrastructure disruptions; |
• | local investment or other financial restrictions that foreign governments may impose; |
• | potential costs and difficulties in complying, or monitoring compliance, with rules relating to trade sanctions administered by the U.S. Office of Foreign Assets Control, the requirements of the U.S. Foreign Corrupt Practices Act, or other U.S. laws and regulations applicable to business operations abroad; |
• | limitations that foreign governments may impose on the conversion of currency or the payment of dividends or other remittances to us from our non-U.S. subsidiaries; |
• | the length of payment cycles and potential difficulties in collecting accounts receivable, particularly in light of the increasing number of insolvencies in the current economic environment and the numerous bankruptcy laws to which they are subject; |
• | engaging and relying on third parties to perform services on behalf of the Company; |
• | potential difficulties in monitoring employees in geographically dispersed locations; and |
• | potential costs and difficulties in complying with a wide variety of foreign laws and regulations (including tax systems) administered by foreign government agencies, some of which may conflict with U.S. or other sources of law. |
• | the intense competition for talent in all of our businesses; |
• | the general mobility of professionals in our businesses; and |
• | the difficulties we may face in offering compensation of a type and amount (including equity-based compensation) sufficient to attract, motivate and retain valuable employees. |
• | our ability to transition consultants promptly from completed projects to new assignments, and to engage newly hired consultants quickly in revenue-generating activities; |
• | our ability to continually secure new business engagements, particularly because a portion of our work is project-based rather than recurring in nature; |
• | our ability to forecast demand for our services and thereby maintain appropriate headcount in each of our geographies and workforces; |
• | our ability to manage attrition; |
• | unanticipated changes in the scope of client engagements; |
• | the potential for conflicts of interest that might require us to decline client engagements that we otherwise would have accepted; |
• | our need to devote time and resources to sales, training, professional development and |
• | the potential disruptive impact of acquisitions and dispositions; and |
• | general economic conditions. |
• | clients’ perception of our ability to add value through our services; |
• | market demand for the services we provide; |
• | our ability to develop new services and the introduction of new services by competitors; |
• | the pricing policies of our competitors; |
• | changes in the extent to which our clients develop in-house or other capabilities to perform the services that they might otherwise purchase from us; and |
• | general economic conditions. |
• | the significance of client engagements commenced and completed during a quarter; |
• | the unpredictability of the timing and amount of success fees; |
• | the possibility that clients may decide to delay or terminate a current or anticipated project as a result of factors unrelated to our work product or progress; |
• | fluctuations in consultant hiring and utilization rates and clients’ ability to terminate engagements without penalty; |
• | seasonality at Mercer due to the impact of regulatory deadlines and other timing factors to which our clients are subject; |
• | the success of our strategic acquisitions, alliances or investments; |
• | macroeconomic factors such as changes in foreign exchange rates, interest rates and global securities markets, particularly in the case of Mercer, where fees in certain business lines are derived from the value of assets under management (or administration) and declines in global securities markets could result in a decline in revenue and profitability of these business lines; and |
• | general economic conditions, since results of operations in our Consulting businesses are directly affected by the levels of business activity of our clients, which in turn are affected by the level of economic activity in the industries and markets that they serve. |
2011 Stock Price Range | 2010 Stock Price Range | |||||||||||||||
High | Low | High | Low | |||||||||||||
First Quarter | $ | 31.08 | $ | 26.72 | $ | 24.84 | $ | 21.17 | ||||||||
Second Quarter | $ | 31.40 | $ | 28.71 | $ | 25.47 | $ | 20.21 | ||||||||
Third Quarter | $ | 31.57 | $ | 25.89 | $ | 24.72 | $ | 22.13 | ||||||||
Fourth Quarter | $ | 32.00 | $ | 25.29 | $ | 27.50 | $ | 23.40 | ||||||||
Full Year | $ | 32.00 | $ | 25.29 | $ | 27.50 | $ | 20.21 |
Period | (a) Total Number of Shares (or Units) Purchased | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||
Oct 1-31, 2011 | __ | __ | __ | $ | 553,488,567 | |||||
Nov 1-30, 2011 | __ | __ | __ | $ | 553,488,567 | |||||
Dec 1-31, 2011 | __ | __ | __ | $ | 553,488,567 | |||||
Total Q4 2011 | __ | __ | __ | $ | 553,488,567 |
For the Years Ended December 31, (In millions, except per share figures) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Revenue | $ | 11,526 | $ | 10,550 | $ | 9,831 | $ | 10,730 | $ | 10,370 | ||||||||||
Expense: | ||||||||||||||||||||
Compensation and Benefits | 6,969 | 6,465 | 6,182 | 6,830 | 6,609 | |||||||||||||||
Other Operating Expenses | 2,919 | 3,146 | 2,871 | 3,221 | 3,004 | |||||||||||||||
Total Expense | 9,888 | 9,611 | 9,053 | 10,051 | 9,613 | |||||||||||||||
Operating Income (a) | 1,638 | 939 | 778 | 679 | 757 | |||||||||||||||
Interest Income | 28 | 20 | 17 | 47 | 95 | |||||||||||||||
Interest Expense | (199 | ) | (233 | ) | (241 | ) | (220 | ) | (266 | ) | ||||||||||
Cost of Extinguishment of Debt | (72 | ) | — | — | — | — | ||||||||||||||
Investment Income (Loss) | 9 | 43 | (2 | ) | (12 | ) | 173 | |||||||||||||
Income Before Income Taxes | 1,404 | 769 | 552 | 494 | 759 | |||||||||||||||
Income Taxes | 422 | 204 | 21 | 113 | 257 | |||||||||||||||
Income From Continuing Operations | 982 | 565 | 531 | 381 | 502 | |||||||||||||||
Discontinued Operations, Net of Tax | 33 | 306 | (290 | ) | (443 | ) | 1,987 | |||||||||||||
Net Income (Loss) | 1,015 | 871 | 241 | (62 | ) | 2,489 | ||||||||||||||
Less: Net Income Attributable to Non-Controlling Interests | 22 | 16 | 14 | 11 | 14 | |||||||||||||||
Net Income (Loss) Attributable to the Company | $ | 993 | $ | 855 | $ | 227 | $ | (73 | ) | $ | 2,475 | |||||||||
Basic Income (Loss) Per Share Information: | ||||||||||||||||||||
Income From Continuing Operations | $ | 1.76 | $ | 1.01 | $ | 0.97 | $ | 0.70 | $ | 0.88 | ||||||||||
Discontinued Operations | $ | 0.06 | $ | 0.55 | $ | (0.54 | ) | $ | (0.83 | ) | $ | 3.61 | ||||||||
Net Income (Loss) Attributable to the Company | $ | 1.82 | $ | 1.56 | $ | 0.43 | $ | (0.13 | ) | $ | 4.49 | |||||||||
Average Number of Shares Outstanding | 542 | 540 | 522 | 514 | 539 | |||||||||||||||
Diluted Income (Loss) Per Share Information: | ||||||||||||||||||||
Income From Continuing Operations | $ | 1.73 | $ | 1.00 | $ | 0.96 | $ | 0.70 | $ | 0.88 | ||||||||||
Income (Loss) From Discontinued Operations | $ | 0.06 | $ | 0.55 | $ | (0.54 | ) | $ | (0.84 | ) | $ | 3.57 | ||||||||
Net Income (Loss) Attributable to the Company | $ | 1.79 | $ | 1.55 | $ | 0.42 | $ | (0.14 | ) | $ | 4.45 | |||||||||
Average Number of Shares Outstanding | 551 | 544 | 524 | 515 | 542 | |||||||||||||||
Dividends Paid Per Share | $ | 0.86 | $ | 0.81 | $ | 0.80 | $ | 0.80 | $ | 0.76 | ||||||||||
Return on Average Stockholders’ Equity | 16 | % | 14 | % | 4 | % | N/A | 36 | % | |||||||||||
Year-end Financial Position: | ||||||||||||||||||||
Working capital | $ | 1,909 | $ | 2,171 | $ | 1,216 | $ | 1,391 | $ | 1,834 | ||||||||||
Total assets | $ | 15,454 | $ | 15,310 | $ | 15,337 | $ | 15,206 | $ | 17,359 | ||||||||||
Long-term debt | $ | 2,668 | $ | 3,026 | $ | 3,034 | $ | 3,194 | $ | 3,604 | ||||||||||
Stockholders’ equity | $ | 5,940 | $ | 6,415 | $ | 5,863 | $ | 5,760 | $ | 7,853 | ||||||||||
Total shares outstanding (net of treasury shares) | 539 | 541 | 530 | 514 | 520 | |||||||||||||||
Other Information: | ||||||||||||||||||||
Number of employees | 52,000 | 51,000 | 49,000 | 50,100 | 51,300 | |||||||||||||||
Stock price ranges— | ||||||||||||||||||||
U.S. exchanges — High | $ | 32.00 | $ | 27.50 | $ | 25.46 | $ | 36.82 | $ | 33.90 | ||||||||||
— Low | $ | 25.29 | $ | 20.21 | $ | 17.18 | $ | 20.96 | $ | 23.12 |
(a) | Includes the impact of net restructuring costs of $51 million, $141 million, $243 million, $328 million and $98 million in 2011, 2010, 2009, 2008 and 2007, respectively. |
• | Risk and Insurance Services includes risk management activities (risk advice, risk transfer and risk control and mitigation solutions) as well as insurance and reinsurance broking and services. We conduct business in this segment through Marsh and Guy Carpenter. |
• | Consulting includes human resource consulting and related outsourcing and investment services, and specialized management and economic consulting services. We conduct business in this segment through Mercer and Oliver Wyman Group. |
For the Years Ended December 31, (In millions, except per share figures) | 2011 | 2010 | 2009 | ||||||||
Revenue | $ | 11,526 | $ | 10,550 | $ | 9,831 | |||||
Expense | |||||||||||
Compensation and benefits | 6,969 | 6,465 | 6,182 | ||||||||
Other operating expenses | 2,919 | 3,146 | 2,871 | ||||||||
Operating expenses | 9,888 | 9,611 | 9,053 | ||||||||
Operating Income | $ | 1,638 | $ | 939 | $ | 778 | |||||
Income from Continuing Operations | $ | 982 | $ | 565 | $ | 531 | |||||
Discontinued Operations, net of tax | 33 | 306 | (290 | ) | |||||||
Net Income | $ | 1,015 | $ | 871 | $ | 241 | |||||
Net Income Attributable to the Company | $ | 993 | $ | 855 | $ | 227 | |||||
Net Income from Continuing Operations Per Share: | |||||||||||
Basic | $ | 1.76 | $ | 1.01 | $ | 0.97 | |||||
Diluted | $ | 1.73 | $ | 1.00 | $ | 0.96 | |||||
Net Income Per Share Attributable to the Company: | |||||||||||
Basic | $ | 1.82 | $ | 1.56 | $ | 0.43 | |||||
Diluted | $ | 1.79 | $ | 1.55 | $ | 0.42 | |||||
Average number of shares outstanding: | |||||||||||
Basic | 542 | 540 | 522 | ||||||||
Diluted | 551 | 544 | 524 | ||||||||
Shares outstanding at December 31, | 539 | 541 | 530 |
Year Ended December 31, | Components of Revenue Change* | ||||||||||||||||||
(In millions, except percentage figures) | 2011 | 2010 | % Change Revenue | Currency Impact | Acquisitions/ Dispositions Impact | Underlying Revenue | |||||||||||||
Risk and Insurance Services | |||||||||||||||||||
Marsh | $ | 5,213 | $ | 4,744 | 10 | % | 2 | % | 4 | % | 4 | % | |||||||
Guy Carpenter | 1,041 | 975 | 7 | % | 1 | % | 1 | % | 5 | % | |||||||||
Subtotal | 6,254 | 5,719 | 9 | % | 2 | % | 3 | % | 5 | % | |||||||||
Fiduciary Interest Income | 47 | 45 | |||||||||||||||||
Total Risk and Insurance Services | 6,301 | 5,764 | 9 | % | 2 | % | 3 | % | 5 | % | |||||||||
Consulting | |||||||||||||||||||
Mercer | 3,782 | 3,478 | 9 | % | 3 | % | 2 | % | 4 | % | |||||||||
Oliver Wyman Group | 1,483 | 1,357 | 9 | % | 2 | % | — | 7 | % | ||||||||||
Total Consulting | 5,265 | 4,835 | 9 | % | 3 | % | 1 | % | 5 | % | |||||||||
Corporate and Other/Eliminations | (40 | ) | (49 | ) | |||||||||||||||
Total Revenue | $ | 11,526 | $ | 10,550 | 9 | % | 2 | % | 2 | % | 5 | % |
* | Components of revenue change may not add due to rounding. |
Year Ended December 31, | Components of Revenue Change* | ||||||||||||||||||
(In millions, except percentage figures) | 2011 | 2010 | % Change Revenue | Currency Impact | Acquisitions/ Dispositions Impact | Underlying Revenue | |||||||||||||
Marsh: | |||||||||||||||||||
EMEA | $ | 1,796 | $ | 1,674 | 7 | % | 2 | % | 2 | % | 4 | % | |||||||
Asia Pacific | 612 | 503 | 22 | % | 8 | % | 4 | % | 9 | % | |||||||||
Latin America | 334 | 298 | 12 | % | (1 | )% | — | 14 | % | ||||||||||
Total International | 2,742 | 2,475 | 11 | % | 3 | % | 2 | % | 6 | % | |||||||||
U.S. / Canada | 2,471 | 2,269 | 9 | % | — | 6 | % | 3 | % | ||||||||||
Total Marsh | $ | 5,213 | $ | 4,744 | 10 | % | 2 | % | 4 | % | 4 | % | |||||||
Mercer: | |||||||||||||||||||
Retirement | $ | 1,071 | $ | 1,053 | 2 | % | 3 | % | — | (1 | )% | ||||||||
Health and Benefits | 940 | 900 | 4 | % | 2 | % | (3 | )% | 6 | % | |||||||||
Talent, Rewards & Communications | 576 | 488 | 18 | % | 3 | % | 5 | % | 11 | % | |||||||||
Total Mercer Consulting | 2,587 | 2,441 | 6 | % | 2 | % | — | 4 | % | ||||||||||
Outsourcing | 733 | 671 | 9 | % | 5 | % | 5 | % | — | ||||||||||
Investments | 462 | 366 | 26 | % | 6 | % | 9 | % | 11 | % | |||||||||
Total Mercer | $ | 3,782 | $ | 3,478 | 9 | % | 3 | % | 2 | % | 4 | % |
* | Components of revenue change may not add due to rounding. |
Year Ended December 31, | Components of Revenue Change* | ||||||||||||||||||
(In millions, except percentage figures) | 2010 | 2009 | % Change Revenue | Currency Impact | Acquisitions/ Dispositions Impact | Underlying Revenue | |||||||||||||
Risk and Insurance Services | |||||||||||||||||||
Marsh | $ | 4,744 | $ | 4,319 | 10 | % | 1 | % | 6 | % | 2 | % | |||||||
Guy Carpenter | 975 | 911 | 7 | % | 1 | % | 4 | % | 2 | % | |||||||||
Subtotal | 5,719 | 5,230 | 9 | % | 1 | % | 6 | % | 2 | % | |||||||||
Fiduciary Interest Income | 45 | 54 | |||||||||||||||||
Total Risk and Insurance Services | 5,764 | 5,284 | 9 | % | 1 | % | 6 | % | 2 | % | |||||||||
Consulting | |||||||||||||||||||
Mercer | 3,478 | 3,327 | 5 | % | 2 | % | 1 | % | 2 | % | |||||||||
Oliver Wyman Group | 1,357 | 1,282 | 6 | % | (1 | )% | — | 7 | % | ||||||||||
Total Consulting | 4,835 | 4,609 | 5 | % | 1 | % | — | 3 | % | ||||||||||
Corporate and Other /Eliminations | (49 | ) | (62 | ) | |||||||||||||||
Total Revenue | $ | 10,550 | $ | 9,831 | 7 | % | 1 | % | 3 | % | 3 | % |
* | Components of revenue change may not add due to rounding. |
Year Ended December 31, | Components of Revenue Change* | |||||||||||||||||||
(In millions, except percentage figures) | 2010 | 2009 | % Change Revenue | Currency Impact | Acquisitions/ Dispositions Impact | Underlying Revenue | ||||||||||||||
Marsh: | ||||||||||||||||||||
EMEA | $ | 1,674 | $ | 1,555 | 8 | % | — | 5 | % | 3 | % | |||||||||
Asia Pacific | 503 | 419 | 20 | % | 8 | % | 5 | % | 7 | % | ||||||||||
Latin America | 298 | 267 | 11 | % | 4 | % | — | 8 | % | |||||||||||
Total International | 2,475 | 2,241 | 10 | % | 2 | % | 5 | % | 4 | % | ||||||||||
U.S. / Canada | 2,269 | 2,078 | 9 | % | 1 | % | 7 | % | 1 | % | ||||||||||
Total Marsh | $ | 4,744 | $ | 4,319 | 10 | % | 1 | % | 6 | % | 2 | % | ||||||||
Mercer: | ||||||||||||||||||||
Retirement | $ | 1,053 | $ | 1,091 | (4 | )% | 1 | % | — | (4 | )% | |||||||||
Health and Benefits | 900 | 857 | 5 | % | — | — | 5 | % | ||||||||||||
Talent, Rewards & Communications | 488 | 456 | 7 | % | 1 | % | 4 | % | 2 | % | ||||||||||
Total Mercer Consulting | 2,441 | 2,404 | 2 | % | 1 | % | 1 | % | — | |||||||||||
Outsourcing | 671 | 620 | 8 | % | 4 | % | 1 | % | 3 | % | ||||||||||
Investments | 366 | 303 | 21 | % | 4 | % | — | 16 | % | |||||||||||
Total Mercer | $ | 3,478 | $ | 3,327 | 5 | % | 2 | % | 1 | % | 2 | % |
* | Components of revenue change may not add due to rounding. |
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Revenue | $ | 6,301 | $ | 5,764 | $ | 5,284 | |||||
Compensation and Benefits | 3,482 | 3,261 | 3,023 | ||||||||
Other Operating Expenses | 1,590 | 1,531 | 1,465 | ||||||||
Expense | 5,072 | 4,792 | 4,488 | ||||||||
Operating Income | $ | 1,229 | $ | 972 | $ | 796 | |||||
Operating Income Margin | 19.5 | % | 16.9 | % | 15.1 | % |
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Revenue | $ | 5,265 | $ | 4,835 | $ | 4,609 | |||||
Compensation and Benefits | 3,233 | 2,974 | 2,917 | ||||||||
Other Operating Expenses | 1,444 | 1,732 | 1,287 | ||||||||
Expense | 4,677 | 4,706 | 4,204 | ||||||||
Operating Income | $ | 588 | $ | 129 | $ | 405 | |||||
Operating Income Margin | 11.2 | % | 2.7 | % | 8.8 | % |
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Corporate and Other: | |||||||||||
Corporate Advisory and Restructuring Operating Income | $ | 9 | $ | 10 | $ | (3 | ) | ||||
Corporate Expense | (188 | ) | (172 | ) | (420 | ) | |||||
Total Corporate and Other | $ | (179 | ) | $ | (162 | ) | $ | (423 | ) |
For the Years Ended December 31, (In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Kroll Operations | |||||||||||
Revenue | $ | — | $ | 381 | $ | 699 | |||||
Expense (a) | — | 345 | 958 | ||||||||
Net operating income | — | 36 | (259 | ) | |||||||
Income tax | — | 16 | 24 | ||||||||
Income from Kroll operations, net of tax | — | 20 | (283 | ) | |||||||
Other discontinued operations, net of tax | (17 | ) | (7 | ) | — | ||||||
Income (loss) from discontinued operations, net of tax | (17 | ) | 13 | (283 | ) | ||||||
Disposals of discontinued operations (b) | 25 | 58 | 8 | ||||||||
Income tax (credit) expense (c) | (25 | ) | (235 | ) | 15 | ||||||
Disposals of discontinued operations, net of tax | 50 | 293 | (7 | ) | |||||||
Discontinued operations, net of tax | $ | 33 | $ | 306 | $ | (290 | ) | ||||
Discontinued operations, net of tax per share | |||||||||||
—Basic | $ | 0.06 | $ | 0.55 | $ | (0.54 | ) | ||||
—Diluted | $ | 0.06 | $ | 0.55 | $ | (0.54 | ) |
(a) | Includes goodwill impairment charges of $315 million for 2009. |
(b) | Includes gain on sale of Kroll and the gain on the sale of KLS in 2010 and a loss on the sale of KGS in 2009. |
(c) | The income tax credit related to the disposal of discontinued operations for 2010 primarily represents the recognition of tax benefits related to the sale of Kroll, partly offset by a tax provision of $36 million related to the sale of KGS. |
Payment due by Period | |||||||||||||||||||
Contractual Obligations (In millions of dollars) | Total | Within 1 Year | 1-3 Years | 4-5 Years | After 5 Years | ||||||||||||||
Current portion of long-term debt | $ | 259 | $ | 259 | $ | — | $ | — | $ | — | |||||||||
Long-term debt | 2,673 | — | 590 | 501 | 1,582 | ||||||||||||||
Interest on long-term debt | 1,245 | 167 | 300 | 230 | 548 | ||||||||||||||
Net operating leases | 2,383 | 363 | 596 | 433 | 991 | ||||||||||||||
Service agreements | 349 | 101 | 106 | 80 | 62 | ||||||||||||||
Other long-term obligations | 201 | 77 | 123 | 1 | — | ||||||||||||||
Total | $ | 7,110 | $ | 967 | $ | 1,715 | $ | 1,245 | $ | 3,183 |
0.5 Percentage Point Increase | 0.5 Percentage Point Decrease | ||||||||||||||
(In millions of dollars) | U.S. | U.K. | U.S. | U.K. | |||||||||||
Assumed Rate of Return on Plan Assets | $ | (18 | ) | $ | (31 | ) | $ | 18 | $ | 31 | |||||
Discount Rate | $ | (34 | ) | $ | (31 | ) | $ | 35 | $ | 31 |
(In millions of dollars) | December 31, 2011 | ||
Cash and cash equivalents invested in money market funds, certificates of deposit and time deposits | $ | 2,113 | |
Fiduciary cash and investments | $ | 4,082 |
For the Years Ended December 31, | ||||||||||||
(In millions, except per share figures) | 2011 | 2010 | 2009 | |||||||||
Revenue | $ | 11,526 | $ | 10,550 | $ | 9,831 | ||||||
Expense: | ||||||||||||
Compensation and benefits | 6,969 | 6,465 | 6,182 | |||||||||
Other operating expenses | 2,919 | 3,146 | 2,871 | |||||||||
Operating expenses | 9,888 | 9,611 | 9,053 | |||||||||
Operating income | 1,638 | 939 | 778 | |||||||||
Interest income | 28 | 20 | 17 | |||||||||
Interest expense | (199 | ) | (233 | ) | (241 | ) | ||||||
Cost of extinguishment of debt | (72 | ) | — | — | ||||||||
Investment income (loss) | 9 | 43 | (2 | ) | ||||||||
Income before income taxes | 1,404 | 769 | 552 | |||||||||
Income tax expense | 422 | 204 | 21 | |||||||||
Income from continuing operations | 982 | 565 | 531 | |||||||||
Discontinued operations, net of tax | 33 | 306 | (290 | ) | ||||||||
Net income before non-controlling interests | 1,015 | 871 | 241 | |||||||||
Less: Net income attributable to non-controlling interests | 22 | 16 | 14 | |||||||||
Net income attributable to the Company | $ | 993 | $ | 855 | $ | 227 | ||||||
Basic net income per share – Continuing operations | $ | 1.76 | $ | 1.01 | $ | 0.97 | ||||||
– Net income attributable to the Company | $ | 1.82 | $ | 1.56 | $ | 0.43 | ||||||
Diluted net income per share – Continuing operations | $ | 1.73 | $ | 1.00 | $ | 0.96 | ||||||
–Net income attributable to the Company | $ | 1.79 | $ | 1.55 | $ | 0.42 | ||||||
Average number of shares outstanding – Basic | 542 | 540 | 522 | |||||||||
– Diluted | 551 | 544 | 524 | |||||||||
Shares outstanding at December 31, | 539 | 541 | 530 |
December 31, | |||||||
(In millions of dollars) | 2011 | 2010 | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 2,113 | $ | 1,894 | |||
Receivables | |||||||
Commissions and fees | 2,676 | 2,544 | |||||
Advanced premiums and claims | 86 | 96 | |||||
Income tax receivable | 33 | 323 | |||||
Other | 216 | 186 | |||||
3,011 | 3,149 | ||||||
Less-allowance for doubtful accounts and cancellations | (105 | ) | (114 | ) | |||
Net receivables | 2,906 | 3,035 | |||||
Current deferred tax assets | 376 | 177 | |||||
Other current assets | 253 | 170 | |||||
Total current assets | 5,648 | 5,276 | |||||
Goodwill and intangible assets | 6,963 | 6,823 | |||||
Fixed assets, net | 804 | 822 | |||||
Pension related assets | 39 | 265 | |||||
Deferred tax assets | 1,205 | 1,205 | |||||
Other assets | 795 | 919 | |||||
$ | 15,454 | $ | 15,310 | ||||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Short-term debt | $ | 260 | $ | 8 | |||
Accounts payable and accrued liabilities | 2,016 | 1,741 | |||||
Accrued compensation and employee benefits | 1,400 | 1,294 | |||||
Accrued income taxes | 63 | 62 | |||||
Total current liabilities | 3,739 | 3,105 | |||||
Fiduciary liabilities | 4,082 | 3,824 | |||||
Less – cash and investments held in a fiduciary capacity | (4,082 | ) | (3,824 | ) | |||
— | — | ||||||
Long-term debt | 2,668 | 3,026 | |||||
Pension, postretirement and postemployment benefits | 1,655 | 1,211 | |||||
Liabilities for errors and omissions | 468 | 430 | |||||
Other liabilities | 984 | 1,123 | |||||
Commitments and contingencies | — | — | |||||
Equity: | |||||||
Preferred stock, $1 par value, authorized 6,000,000 shares, none issued | — | — | |||||
Common stock, $1 par value, authorized | |||||||
1,600,000,000 shares, issued 560,641,640 shares at December 31, 2011 and December 31, 2010 | 561 | 561 | |||||
Additional paid-in capital | 1,156 | 1,185 | |||||
Retained earnings | 7,949 | 7,436 | |||||
Accumulated other comprehensive loss | (3,188 | ) | (2,300 | ) | |||
Non-controlling interests | 57 | 47 | |||||
6,535 | 6,929 | ||||||
Less – treasury shares, at cost, 21,463,226 shares at December 31, 2011 and 20,132,120 shares at December 31, 2010 | (595 | ) | (514 | ) | |||
Total equity | 5,940 | 6,415 | |||||
$ | 15,454 | $ | 15,310 |
For the Years Ended December 31, | |||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Operating cash flows: | |||||||||||
Net income before non-controlling interests | $ | 1,015 | $ | 871 | $ | 241 | |||||
Adjustments to reconcile net income to cash provided by operations: | |||||||||||
Goodwill impairment charge | — | — | 315 | ||||||||
Depreciation and amortization of fixed assets and capitalized software | 267 | 291 | 307 | ||||||||
Amortization of intangible assets | 65 | 66 | 58 | ||||||||
Charge for early extinguishment of debt | 72 | — | — | ||||||||
Provision for deferred income taxes | 178 | 16 | 42 | ||||||||
(Gain) loss on investments | (8 | ) | (40 | ) | 8 | ||||||
Loss (gain) on disposition of assets | 35 | (17 | ) | 56 | |||||||
Stock option expense | 21 | 18 | 11 | ||||||||
Changes in assets and liabilities: | |||||||||||
Net receivables | 143 | (216 | ) | (81 | ) | ||||||
Other current assets | (225 | ) | 51 | (28 | ) | ||||||
Other assets | (94 | ) | (216 | ) | 118 | ||||||
Accounts payable and accrued liabilities | 108 | (55 | ) | 124 | |||||||
Accrued compensation and employee benefits | 107 | (13 | ) | 92 | |||||||
Accrued income taxes | 1 | 32 | (95 | ) | |||||||
Other liabilities | 32 | (145 | ) | (487 | ) | ||||||
Effect of exchange rate changes | (12 | ) | 79 | (41 | ) | ||||||
Net cash provided by operations | 1,705 | 722 | 640 | ||||||||
Financing cash flows: | |||||||||||
Purchase of treasury shares | (361 | ) | (86 | ) | — | ||||||
Proceeds from issuance of debt | 496 | — | 398 | ||||||||
Repayments of debt | (11 | ) | (559 | ) | (408 | ) | |||||
Payments for early extinguishment of debt | (672 | ) | — | — | |||||||
Purchase of non-controlling interests | (21 | ) | (15 | ) | (24 | ) | |||||
Shares withheld for taxes on vested units – treasury shares | (93 | ) | (59 | ) | (33 | ) | |||||
Issuance of common stock | 162 | 41 | 34 | ||||||||
Contingent payments for acquisitions | (16 | ) | — | — | |||||||
Distributions to non-controlling interests | (11 | ) | — | — | |||||||
Dividends paid | (480 | ) | (452 | ) | (431 | ) | |||||
Net cash used for financing activities | (1,007 | ) | (1,130 | ) | (464 | ) | |||||
Investing cash flows: | |||||||||||
Capital expenditures | (280 | ) | (271 | ) | (305 | ) | |||||
Net sales of long-term investments | 62 | 91 | 53 | ||||||||
Proceeds from sales of fixed assets | 3 | 6 | 7 | ||||||||
Dispositions | — | 1,202 | 75 | ||||||||
Acquisitions | (237 | ) | (492 | ) | (73 | ) | |||||
Other, net | (5 | ) | (1 | ) | 7 | ||||||
Net cash (used for) provided by investing activities | (457 | ) | 535 | (236 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (22 | ) | (10 | ) | 152 | ||||||
Increase in cash and cash equivalents | 219 | 117 | 92 | ||||||||
Cash and cash equivalents at beginning of period | 1,894 | 1,777 | 1,685 | ||||||||
Cash and cash equivalents at end of period | $ | 2,113 | $ | 1,894 | $ | 1,777 | |||||
Cash and cash equivalents—reported as discontinued operations | — | — | 70 | ||||||||
Cash and cash equivalents—continuing operations | $ | 2,113 | $ | 1,894 | $ | 1,707 |
For the Years Ended December 31, | |||||||||||
(In millions, except per share figures) | 2011 | 2010 | 2009 | ||||||||
COMMON STOCK | |||||||||||
Balance, beginning and end of year | $ | 561 | $ | 561 | $ | 561 | |||||
ADDITIONAL PAID-IN CAPITAL | |||||||||||
Balance, beginning of year | $ | 1,185 | $ | 1,211 | $ | 1,245 | |||||
Change in accrued stock compensation costs | (13 | ) | 6 | 54 | |||||||
Issuance of shares under stock compensation plans and employee stock purchase plans and related tax impact | (14 | ) | (17 | ) | 2 | ||||||
Purchase of subsidiary shares from non-controlling interests | (2 | ) | — | (38 | ) | ||||||
Issuance of shares for acquisitions | — | (15 | ) | (52 | ) | ||||||
Balance, end of period | $ | 1,156 | $ | 1,185 | $ | 1,211 | |||||
RETAINED EARNINGS | |||||||||||
Balance, beginning of year | $ | 7,436 | $ | 7,033 | $ | 7,237 | |||||
Net income attributable to the Company (a) | 993 | 855 | 227 | ||||||||
Dividend equivalents paid | (14 | ) | (15 | ) | (14 | ) | |||||
Dividends declared – (per share amounts: $0.86 in 2011, $0.81 in 2010 and $0.80 in 2009) | (466 | ) | (437 | ) | (417 | ) | |||||
Balance, end of period | $ | 7,949 | $ | 7,436 | $ | 7,033 | |||||
ACCUMULATED OTHER COMPREHENSIVE GAIN (LOSS) | |||||||||||
Balance, beginning of year | $ | (2,300 | ) | $ | (2,171 | ) | $ | (2,098 | ) | ||
Foreign currency translation adjustments (b) | (104 | ) | (27 | ) | 346 | ||||||
Unrealized investment holding losses, net of reclassification adjustments (c) | (5 | ) | (12 | ) | (2 | ) | |||||
Net changes under benefit plans, net of tax (d) | (779 | ) | (90 | ) | (417 | ) | |||||
Balance, end of period | $ | (3,188 | ) | $ | (2,300 | ) | $ | (2,171 | ) | ||
TREASURY SHARES | |||||||||||
Balance, beginning of year | $ | (514 | ) | $ | (806 | ) | $ | (1,223 | ) | ||
Issuance of shares under stock compensation plans and employee stock purchase plans | 280 | 180 | 136 | ||||||||
Issuance of shares for acquisitions | — | 198 | 281 | ||||||||
Purchase of treasury shares | (361 | ) | (86 | ) | — | ||||||
Balance, end of period | $ | (595 | ) | $ | (514 | ) | $ | (806 | ) | ||
NON-CONTROLLING INTERESTS | |||||||||||
Balance, beginning of year | $ | 47 | $ | 35 | $ | 38 | |||||
Net income attributable to non-controlling interests (e) | 22 | 16 | 14 | ||||||||
Purchase of subsidiary shares from non-controlling interests | (5 | ) | — | (8 | ) | ||||||
Other changes | (7 | ) | (4 | ) | (9 | ) | |||||
Balance, end of period | $ | 57 | $ | 47 | $ | 35 | |||||
TOTAL EQUITY | $ | 5,940 | $ | 6,415 | $ | 5,863 | |||||
TOTAL COMPREHENSIVE INCOME (a+b+c+d+e) | $ | 127 | $ | 742 | $ | 168 |
December 31, | ||||||||
(In millions of dollars) | 2011 | 2010 | ||||||
Furniture and equipment | $ | 1,101 | $ | 1,079 | ||||
Land and buildings | 405 | 402 | ||||||
Leasehold and building improvements | 767 | 752 | ||||||
2,273 | 2,233 | |||||||
Less-accumulated depreciation and amortization | (1,469 | ) | (1,411 | ) | ||||
$ | 804 | $ | 822 |
Basic EPS Calculation Continuing Operations | |||||||||||
(In millions, except per share figures) | 2011 | 2010 | 2009 | ||||||||
Net income from continuing operations | $ | 982 | $ | 565 | $ | 531 | |||||
Less: Net income attributable to non-controlling interests | 22 | 16 | 14 | ||||||||
Net income from continuing operations attributable to the Company | 960 | 549 | 517 | ||||||||
Less: Portion attributable to participating securities | 6 | 6 | 12 | ||||||||
Net income attributable to common shares for basic earnings per share | $ | 954 | $ | 543 | $ | 505 | |||||
Basic weighted average common shares outstanding | 542 | 540 | 522 |
Basic EPS Calculation Net Income | |||||||||||
(In millions, except per share figures) | 2011 | 2010 | 2009 | ||||||||
Net income attributable to the Company | $ | 993 | $ | 855 | $ | 227 | |||||
Less: Portion attributable to participating securities | 6 | 11 | 4 | ||||||||
Net income attributable to common shares for basic earnings per share | $ | 987 | $ | 844 | $ | 223 | |||||
Basic weighted average common shares outstanding | 542 | 540 | 522 |
Diluted EPS Calculation Continuing Operations | |||||||||||
(In millions, except per share figures) | 2011 | 2010 | 2009 | ||||||||
Net income from continuing operations | $ | 982 | $ | 565 | $ | 531 | |||||
Less: Net income attributable to non-controlling interests | 22 | 16 | 14 | ||||||||
Net income from continuing operations attributable to the Company | 960 | 549 | 517 | ||||||||
Less: Portion attributable to participating securities | 6 | 6 | 12 | ||||||||
Net income attributable to common shares for diluted earnings per share | $ | 954 | $ | 543 | $ | 505 | |||||
Basic weighted average common shares outstanding | 542 | 540 | 522 | ||||||||
Dilutive effect of potentially issuable common shares | 9 | 4 | 2 | ||||||||
Diluted weighted average common shares outstanding | 551 | 544 | 524 | ||||||||
Average stock price used to calculate common stock equivalents | $ | 29.40 | $ | 23.76 | $ | 21.44 |
Diluted EPS Calculation Net Income | |||||||||||
(In millions, except per share figures) | 2011 | 2010 | 2009 | ||||||||
Net income attributable to the Company | $ | 993 | $ | 855 | $ | 227 | |||||
Less: Portion attributable to participating securities | 6 | 11 | 4 | ||||||||
Net income attributable to common shares for diluted earnings per share | $ | 987 | $ | 844 | $ | 223 | |||||
Basic weighted average common shares outstanding | 542 | 540 | 522 | ||||||||
Dilutive effect of potentially issuable common shares | 9 | 4 | 2 | ||||||||
Diluted weighted average common shares outstanding | 551 | 544 | 524 | ||||||||
Average stock price used to calculate common stock equivalents | $ | 29.40 | $ | 23.76 | $ | 21.44 |
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Assets acquired, excluding cash | $ | 214 | $ | 867 | $ | 420 | |||||
Liabilities assumed | (21 | ) | (176 | ) | (24 | ) | |||||
Shares issued (7.6 million and 10.7 million shares in 2010 and 2009, respectively) | — | (183 | ) | (229 | ) | ||||||
Contingent/deferred purchase consideration | (33 | ) | (81 | ) | (100 | ) | |||||
Net cash outflow for current year acquisitions | 160 | 427 | 67 | ||||||||
Purchase of other intangibles | 4 | 3 | — | ||||||||
Contingent payments from prior years' acquisitions | — | 2 | 6 | ||||||||
Deferred purchase consideration from prior years' acquisitions | 11 | 60 | — | ||||||||
Subtotal | $ | 175 | $ | 492 | $ | 73 | |||||
Cash paid into escrow for future acquisition | 62 | — | — | ||||||||
Net cash outflow for acquisitions | $ | 237 | $ | 492 | $ | 73 |
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Interest paid | $ | 188 | $ | 232 | $ | 230 | |||||
Income taxes paid, net of refunds | $ | 37 | $ | 39 | $ | 219 |
For the Year Ended December 31, | |||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Net cash provided by (used for) operations | $ | 11 | $ | (6 | ) | $ | 50 | ||||
Net cash used for investing activities | $ | — | $ | (14 | ) | $ | (42 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | $ | — | $ | (2 | ) | $ | 5 |
For the Year Ended December 31, | |||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Balance at beginning of year | $ | 114 | $ | 107 | $ | 93 | |||||
Provision charged to operations | 11 | 20 | 23 | ||||||||
Accounts written-off, net of recoveries | (21 | ) | (26 | ) | (14 | ) | |||||
Effect of exchange rate changes and other | 1 | 13 | 5 | ||||||||
Balance at end of year | $ | 105 | $ | 114 | $ | 107 |
For the Year Ended December 31, | |||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Foreign currency translation adjustments, net of income tax expense (credit) ($4, $(7) and $54 in 2011, 2010 and 2009, respectively) | $ | (104 | ) | $ | (27 | ) | $ | 346 | |||
Unrealized investment holding losses, net of income tax credit ($4, $2 and $2 in 2011, 2010, and 2009, respectively) | (4 | ) | (7 | ) | (1 | ) | |||||
Less: Reclassification adjustment for realized (gains) included in net income, net of income tax expense of $0, $3 and $1 in 2011, 2010 and 2009, respectively | (1 | ) | (5 | ) | (1 | ) | |||||
(Losses) gains related to pension/retiree plans, net of income tax credits ($335, $56 and $172 in 2011, 2010 and 2009, respectively) | (779 | ) | (90 | ) | (417 | ) | |||||
Other comprehensive (loss) income | (888 | ) | (129 | ) | (73 | ) | |||||
Net income before non-controlling interests | 1,015 | 871 | 241 | ||||||||
Comprehensive income before non-controlling interests | 127 | 742 | 168 | ||||||||
Less: Comprehensive income attributable to non-controlling interests | (22 | ) | (16 | ) | (14 | ) | |||||
Comprehensive income attributable to the Company | $ | 105 | $ | 726 | $ | 154 |
As of December 31, | |||||||
(In millions of dollars) | 2011 | 2010 | |||||
Foreign currency translation adjustments (net of deferred tax liability of $14 and $10 in 2011 and 2010, respectively) | $ | (42 | ) | $ | 62 | ||
Net unrealized investment gains (net of deferred tax liability of $1 and $5 in 2011 and 2010, respectively) | 6 | 11 | |||||
Net charges related to pension / retiree plans (net of deferred tax asset of $1,508 and $1,173 in 2011 and 2010, respectively) | (3,152 | ) | (2,373 | ) | |||
$ | (3,188 | ) | $ | (2,300 | ) |
Cash | $ | 164 | |
Deferred/Contingent consideration | 33 | ||
Total Consideration | $ | 197 | |
Allocation of purchase price: | |||
Cash and cash equivalents | $ | 4 | |
Accounts receivable, net | 8 | ||
Other current assets | — | ||
Property, plant, and equipment | 3 | ||
Other assets | 1 | ||
Intangible assets | 80 | ||
Goodwill | 122 | ||
Total assets acquired | 218 | ||
Current liabilities | 14 | ||
Other liabilities | 7 | ||
Total liabilities assumed | 21 | ||
Net assets acquired | $ | 197 |
Year Ended December 31, | ||||||||||
(In millions, except per share data) | 2011 | 2010 | 2009 | |||||||
Revenue | $ | 11,563 | $ | 10,839 | $ | 10,436 | ||||
Income from continuing operations | $ | 985 | $ | 580 | $ | 572 | ||||
Net income attributable to the Company | $ | 996 | $ | 870 | $ | 268 | ||||
Basic net income per share: | ||||||||||
– Continuing operations | $ | 1.77 | $ | 1.03 | $ | 1.02 | ||||
– Net income attributable to the Company | $ | 1.83 | $ | 1.59 | $ | 0.49 | ||||
Diluted net income per share: | ||||||||||
– Continuing operations | $ | 1.74 | $ | 1.02 | $ | 1.01 | ||||
– Net income attributable to the Company | $ | 1.80 | $ | 1.57 | $ | 0.49 |
For the Year Ended December 31, | |||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Kroll Operations | |||||||||||
Revenue | $ | — | $ | 381 | $ | 699 | |||||
Expense (a) | — | 345 | 958 | ||||||||
Net operating income | — | 36 | (259 | ) | |||||||
Income tax | — | 16 | 24 | ||||||||
Income from Kroll operations, net of tax | — | 20 | (283 | ) | |||||||
Other discontinued operations, net of tax | (17 | ) | (7 | ) | — | ||||||
Income (loss) from discontinued operations, net of tax | (17 | ) | 13 | (283 | ) | ||||||
Disposals of discontinued operations (b) | 25 | 58 | 8 | ||||||||
Income tax (credit) expense (c) | (25 | ) | (235 | ) | 15 | ||||||
Disposals of discontinued operations, net of tax | 50 | 293 | (7 | ) | |||||||
Discontinued operations, net of tax | $ | 33 | $ | 306 | $ | (290 | ) | ||||
Discontinued operations, net of tax per share | |||||||||||
– Basic | $ | 0.06 | $ | 0.55 | $ | (0.54 | ) | ||||
– Diluted | $ | 0.06 | $ | 0.55 | $ | (0.54 | ) |
(a) | Includes goodwill impairment charge of $315 million in 2009. |
(b) | Includes gain on sale of Kroll and the gain on the sale of KLS in 2010 and a loss on the sale of Kroll Government Services in 2009. |
(c) | Includes the provision /(credit) for income taxes relating to the recognition of tax benefits recorded in connection with the sale of Kroll as well as a tax provision of $36 million on the sale of KLS in 2010. |
(In millions of dollars) | 2011 | 2010 | |||||
Balance as of January 1, as reported(a) | $ | 6,420 | $ | 5,990 | |||
Goodwill acquired | 124 | 502 | |||||
Other adjustments(b) | 18 | (72 | ) | ||||
Balance at December 31, | $ | 6,562 | $ | 6,420 |
(a) | Amounts in 2010 exclude goodwill and accumulated impairment losses related to Kroll, which were reclassified to discontinued operations. |
(b) | Primarily purchase accounting adjustments and foreign exchange. |
2011 | 2010 | ||||||||||||||||||||||
December 31, (In millions of dollars) | Gross Cost | Accumulated Amortization | Net Carrying Amount | Gross Cost | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||
Amortized intangibles | $ | 666 | $ | 265 | $ | 401 | $ | 615 | $ | 212 | $ | 403 |
For the Years Ending December 31, | |||
(In millions of dollars) | Estimated Expense | ||
2012 | $ | 64 | |
2013 | 59 | ||
2014 | 55 | ||
2015 | 53 | ||
2016 | 40 | ||
Subsequent years | 130 | ||
$ | 401 |
For the Years Ended December 31, | |||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Income before income taxes: | |||||||||||
U.S. | $ | 121 | $ | (296 | ) | $ | (438 | ) | |||
Other | 1,283 | 1,065 | 990 | ||||||||
$ | 1,404 | $ | 769 | $ | 552 | ||||||
The expense (benefit) for income taxes is comprised of: | |||||||||||
Income taxes: | |||||||||||
Current– | |||||||||||
U.S. Federal | $ | 7 | $ | (90 | ) | $ | (308 | ) | |||
Other national governments | 289 | 249 | 264 | ||||||||
U.S. state and local | 24 | 21 | 15 | ||||||||
320 | 180 | (29 | ) | ||||||||
Deferred– | |||||||||||
U.S. Federal | 5 | (28 | ) | 16 | |||||||
Other national governments | 90 | 50 | 39 | ||||||||
U.S. state and local | 7 | 2 | (5 | ) | |||||||
102 | 24 | 50 | |||||||||
Total income taxes | $ | 422 | $ | 204 | $ | 21 |
December 31, | |||||||
(In millions of dollars) | 2011 | 2010 | |||||
Deferred tax assets: | |||||||
Accrued expenses not currently deductible | $ | 559 | $ | 524 | |||
Differences related to non-U.S. operations (a) | 188 | 310 | |||||
Accrued retirement & postretirement benefits—non-U.S. operations | 164 | 45 | |||||
Accrued retirement benefits U.S. | 507 | 344 | |||||
Net operating losses (b) | 129 | 190 | |||||
Income currently recognized for tax | 62 | 57 | |||||
Foreign tax credit carryforwards | 169 | 129 | |||||
Other | 114 | 181 | |||||
$ | 1,892 | $ | 1,780 |
Deferred tax liabilities: | |||||||
Unrealized investment holding gains | $ | 3 | $ | 6 | |||
Differences related to non-U.S. operations | 99 | 174 | |||||
Depreciation and amortization | 233 | 203 | |||||
Other | 9 | 15 | |||||
$ | 344 | $ | 398 |
(a) | Net of valuation allowances of $3 million in 2011 and 2010. |
(b) | Net of valuation allowances of $46 million and $47 million in 2011 and 2010, respectively. |
December 31, | |||||||
(In millions of dollars) | 2011 | 2010 | |||||
Balance sheet classifications: | |||||||
Current assets | $ | 376 | $ | 177 | |||
Other assets | $ | 1,205 | $ | 1,205 | |||
Current liabilities | $ | (12 | ) | $ | — | ||
Other liabilities | $ | (21 | ) | $ | — |
For the Years Ended December 31, | 2011 | 2010 | 2009 | |||||
% | % | % | ||||||
U.S. Federal statutory rate | 35.0 | 35.0 | 35.0 | |||||
U.S. state and local income taxes—net of U.S. Federal income tax benefit | 1.6 | 1.9 | 1.3 | |||||
Differences related to non-U.S. operations | (6.5 | ) | (9.5 | ) | (15.9 | ) | ||
Change in Unrecognized Tax Benefits | (0.1 | ) | (0.2 | ) | (16.8 | ) | ||
Other | 0.1 | (0.7 | ) | 0.2 | ||||
Effective tax rate | 30.1 | 26.5 | 3.8 |
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Balance at January 1 | $ | 199 | $ | 206 | $ | 293 | |||||
Additions, based on tax positions related to current year | 7 | 7 | 8 | ||||||||
Additions for tax positions of prior years | 39 | 10 | 28 | ||||||||
Reductions for tax positions of prior years | (91 | ) | (6 | ) | (4 | ) | |||||
Reductions due to reclassification of tax indemnifications on sale of Kroll | — | (3 | ) | — | |||||||
Settlements | (6 | ) | (4 | ) | (4 | ) | |||||
Lapses in statutes of limitation | (5 | ) | (11 | ) | (115 | ) | |||||
Balance at December 31 | $ | 143 | $ | 199 | $ | 206 |
Pension Benefits | Postretirement Benefits | ||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||
Weighted average assumptions: | |||||||||||
Discount rate (for expense) | 5.59 | % | 6.00 | % | 5.81 | % | 6.27 | % | |||
Expected return on plan assets | 8.19 | % | 8.18 | % | — | % | — | % | |||
Rate of compensation increase (for expense) | 4.08 | % | 4.16 | % | — | % | — | % | |||
Discount rate (for benefit obligation) | 4.91 | % | 5.59 | % | 5.05 | % | 5.84 | % | |||
Rate of compensation increase (for benefit obligation) | 3.09 | % | 4.09 | % | — | % | — | % |
Combined U.S. and significant non-U.S. Plans | Pension | Postretirement | |||||||||||||||||||||
For the Years Ended December 31, | Benefits | Benefits | |||||||||||||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | 2011 | 2010 | 2009 | |||||||||||||||||
Service cost | $ | 226 | $ | 197 | $ | 188 | $ | 5 | $ | 4 | $ | 5 | |||||||||||
Interest cost | 609 | 578 | 551 | 13 | 14 | 17 | |||||||||||||||||
Expected return on plan assets | (887 | ) | (815 | ) | (788 | ) | — | — | — | ||||||||||||||
Amortization of prior service credit | (19 | ) | (21 | ) | (49 | ) | (13 | ) | (13 | ) | (13 | ) | |||||||||||
Recognized actuarial loss (credit) | 215 | 144 | 70 | (4 | ) | — | 1 | ||||||||||||||||
Net periodic benefit cost | $ | 144 | $ | 83 | $ | (28 | ) | $ | 1 | $ | 5 | $ | 10 |
December 31, | U.S. Pension Benefits | U.S. Postretirement Benefits | |||||||||||||
(In millions of dollars) | 2011 | 2010 | 2011 | 2010 | |||||||||||
Change in benefit obligation: | |||||||||||||||
Benefit obligation at beginning of year | $ | 4,041 | $ | 3,629 | $ | 180 | $ | 163 | |||||||
Service cost | 83 | 76 | 3 | 3 | |||||||||||
Interest cost | 231 | 227 | 8 | 10 | |||||||||||
Actuarial (gain) loss | 352 | 270 | (20 | ) | 12 | ||||||||||
Medicare Part D subsidy | — | — | 4 | 3 | |||||||||||
Benefits paid | (174 | ) | (161 | ) | (13 | ) | (11 | ) | |||||||
Benefit obligation at end of year | $ | 4,533 | $ | 4,041 | $ | 162 | $ | 180 | |||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 3,444 | $ | 2,959 | $ | — | $ | — | |||||||
Actual return on plan assets | 199 | 425 | — | — | |||||||||||
Employer contributions | 24 | 221 | 9 | 8 | |||||||||||
Medicare Part D subsidy | — | — | 4 | 3 | |||||||||||
Benefits paid | (174 | ) | (161 | ) | (13 | ) | (11 | ) | |||||||
Fair value of plan assets at end of year | $ | 3,493 | $ | 3,444 | $ | — | $ | — | |||||||
Funded status | $ | (1,040 | ) | $ | (597 | ) | $ | (162 | ) | $ | (180 | ) | |||
Net liability recognized | $ | (1,040 | ) | $ | (597 | ) | $ | (162 | ) | $ | (180 | ) | |||
Amounts recognized in the consolidated balance sheets: | |||||||||||||||
Current liabilities | $ | (124 | ) | $ | (23 | ) | $ | (9 | ) | $ | (11 | ) | |||
Noncurrent liabilities | (916 | ) | (574 | ) | (153 | ) | (169 | ) | |||||||
$ | (1,040 | ) | $ | (597 | ) | $ | (162 | ) | $ | (180 | ) | ||||
Amounts not yet recognized in net periodic cost and included in accumulated other comprehensive income: | |||||||||||||||
Unrecognized prior service credit | $ | 39 | $ | 55 | $ | 13 | $ | 26 | |||||||
Unrecognized net actuarial (loss) gain | (1,695 | ) | (1,327 | ) | 12 | (4 | ) | ||||||||
Total amounts included in accumulated other comprehensive income | $ | (1,656 | ) | $ | (1,272 | ) | $ | 25 | $ | 22 | |||||
Cumulative employer contributions in excess of net periodic cost | 616 | 675 | (187 | ) | (202 | ) | |||||||||
Net amount recognized in consolidated balance sheet | $ | (1,040 | ) | $ | (597 | ) | $ | (162 | ) | $ | (180 | ) | |||
Accumulated benefit obligation at December 31 | $ | 4,467 | $ | 3,929 | $ | — | $ | — |
December 31, | U.S. Pension Benefits | U.S. Postretirement Benefits | |||||||||||||
(In millions of dollars) | 2011 | 2010 | 2011 | 2010 | |||||||||||
Reconciliation of unrecognized prior service credit: | |||||||||||||||
Amount disclosed as of prior year-end | $ | 55 | $ | 73 | $ | 26 | $ | 39 | |||||||
Recognized as component of net periodic benefit credit | (16 | ) | (18 | ) | (13 | ) | (13 | ) | |||||||
Amount at end of year | $ | 39 | $ | 55 | $ | 13 | $ | 26 |
December 31, | U.S. Pension Benefits | U.S. Postretirement Benefits | |||||||||||||
(In millions of dollars) | 2011 | 2010 | 2011 | 2010 | |||||||||||
Reconciliation of unrecognized net actuarial gain (loss): | |||||||||||||||
Amount disclosed as of prior year-end | $ | (1,327 | ) | $ | (1,258 | ) | $ | (4 | ) | $ | 9 | ||||
Recognized as component of net periodic benefit cost | 100 | 71 | (4 | ) | — | ||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||
Liability experience | (352 | ) | (269 | ) | 20 | (13 | ) | ||||||||
Asset experience | (116 | ) | 129 | — | — | ||||||||||
Total gain (loss) recognized as change in plan assets and benefit obligations | (468 | ) | (140 | ) | 20 | (13 | ) | ||||||||
Amount at end of year | $ | (1,695 | ) | $ | (1,327 | ) | $ | 12 | $ | (4 | ) |
For the Years Ended December 31, | U.S. Pension Benefits | U.S. Postretirement Benefits | |||||||||||||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | 2011 | 2010 | 2009 | |||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ | 467 | $ | 148 | $ | 42 | $ | (9 | ) | $ | 26 | $ | (7 | ) |
U.S. Pension Benefits | U.S. Postretirement Benefits | ||||||
(In millions of dollars) | 2012 | 2012 | |||||
Prior service credit | $ | (16 | ) | $ | (12 | ) | |
Net actuarial loss (gain) | 146 | (1 | ) | ||||
Projected cost (credit) | $ | 130 | $ | (13 | ) |
U.S. Pension Benefits | U.S. Postretirement Benefits | ||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||
Weighted average assumptions: | |||||||||||
Discount rate (for expense) | 5.90 | % | 6.35 | % | 5.95 | % | 6.30 | % | |||
Expected return on plan assets | 8.75 | % | 8.75 | % | — | — | |||||
Rate of compensation increase (for expense) | 3.90 | % | 3.90 | % | — | — | |||||
Discount rate (for benefit obligation) | 5.15 | % | 5.90 | % | 5.10 | % | 6.00 | % | |||
Rate of compensation increase (for benefit obligation) | 2.00 | % | 3.90 | % | — | — |
U.S. Plans only | Pension | Postretirement | |||||||||||||||||||||
For the Years Ended December 31, | Benefits | Benefits | |||||||||||||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | 2011 | 2010 | 2009 | |||||||||||||||||
Service cost | $ | 83 | $ | 76 | $ | 76 | $ | 3 | $ | 3 | $ | 4 | |||||||||||
Interest cost | 231 | 227 | 219 | 8 | 10 | 12 | |||||||||||||||||
Expected return on plan assets | (315 | ) | (295 | ) | (293 | ) | — | — | — | ||||||||||||||
Amortization of prior service credit | (16 | ) | (18 | ) | (47 | ) | (13 | ) | (13 | ) | (13 | ) | |||||||||||
Recognized actuarial loss (credit) | 100 | 71 | 52 | (4 | ) | — | 1 | ||||||||||||||||
Net periodic benefit cost (credit) | $ | 83 | $ | 61 | $ | 7 | $ | (6 | ) | $ | — | $ | 4 |
(In millions of dollars) | 1 Percentage Point Increase | 1 Percentage Point Decrease | |||||
Effect on total of service and interest cost components | $ | — | $ | (1 | ) | ||
Effect on postretirement benefit obligation | $ | 1 | $ | (16 | ) |
December 31, | Non-U.S. Pension Benefits | Non-U.S. Postretirement Benefits | |||||||||||||
(In millions of dollars) | 2011 | 2010 | 2011 | 2010 | |||||||||||
Change in benefit obligation: | |||||||||||||||
Benefit obligation at beginning of year | $ | 6,802 | $ | 6,354 | $ | 83 | $ | 70 | |||||||
Service cost | 143 | 121 | 2 | 1 | |||||||||||
Interest cost | 378 | 351 | 5 | 4 | |||||||||||
Employee contributions | 14 | 16 | — | — | |||||||||||
Actuarial loss | 575 | 430 | 5 | 11 | |||||||||||
Plan amendments | (3 | ) | — | — | — | ||||||||||
Effect of settlement | (7 | ) | (17 | ) | — | — | |||||||||
Effect of curtailment | (1 | ) | (2 | ) | — | — | |||||||||
Special termination benefits | — | 1 | — | — | |||||||||||
Benefits paid | (266 | ) | (244 | ) | (4 | ) | (3 | ) | |||||||
Foreign currency changes | 66 | (208 | ) | — | — | ||||||||||
Newly disclosed plans | 16 | — | — | — | |||||||||||
Benefit obligation at end of year | $ | 7,717 | $ | 6,802 | $ | 91 | $ | 83 | |||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 6,741 | $ | 6,183 | $ | — | $ | — | |||||||
Actual return on plan assets | 311 | 765 | — | — | |||||||||||
Effect of settlement | (6 | ) | (17 | ) | — | — | |||||||||
Company contributions | 320 | 237 | 4 | 3 | |||||||||||
Employee contributions | 14 | 16 | — | — | |||||||||||
Benefits paid | (266 | ) | (244 | ) | (4 | ) | (3 | ) | |||||||
Foreign currency changes | 82 | (202 | ) | — | — | ||||||||||
Newly disclosed plans | 12 | — | — | — | |||||||||||
Other | (2 | ) | 3 | — | — | ||||||||||
Fair value of plan assets at end of year | $ | 7,206 | $ | 6,741 | $ | — | $ | — | |||||||
Funded status | $ | (511 | ) | $ | (61 | ) | $ | (91 | ) | $ | (83 | ) | |||
Net liability recognized | $ | (511 | ) | $ | (61 | ) | $ | (91 | ) | $ | (83 | ) | |||
Amounts recognized in the consolidated balance sheets: | |||||||||||||||
Non-current assets | $ | 39 | $ | 265 | $ | — | $ | — | |||||||
Current liabilities | (106 | ) | (8 | ) | (4 | ) | (4 | ) | |||||||
Non-current liabilities | (444 | ) | (318 | ) | (87 | ) | (79 | ) | |||||||
$ | (511 | ) | $ | (61 | ) | $ | (91 | ) | $ | (83 | ) | ||||
Amounts not yet recognized in net periodic cost and included in accumulated other comprehensive income: | |||||||||||||||
Unrecognized prior service credit | $ | 23 | $ | 23 | $ | 1 | $ | 1 | |||||||
Unrecognized net actuarial loss | (3,038 | ) | (2,305 | ) | (19 | ) | (14 | ) | |||||||
Total amounts included in AOCI | $ | (3,015 | ) | $ | (2,282 | ) | $ | (18 | ) | $ | (13 | ) | |||
Cumulative employer contributions in excess of net periodic cost | 2,504 | 2,221 | (73 | ) | (70 | ) | |||||||||
Net amount recognized in consolidated balance sheet | $ | (511 | ) | $ | (61 | ) | $ | (91 | ) | $ | (83 | ) | |||
Accumulated benefit obligation at December 31 | $ | 7,246 | $ | 6,313 | $ | — | $ | — |
December 31, | Non-U.S. Pension Benefits | Non-U.S. Postretirement Benefits | |||||||||||||
(In millions of dollars) | 2011 | 2010 | 2011 | 2010 | |||||||||||
Reconciliation of prior service credit (cost): | |||||||||||||||
Amount disclosed as of prior year-end | $ | 23 | $ | 24 | $ | 1 | $ | 1 | |||||||
Recognized as component of net periodic benefit credit | 3 | (2 | ) | — | — | ||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||
Plan amendments | (3 | ) | — | — | — | ||||||||||
Exchange rate adjustments | — | 1 | — | — | |||||||||||
Amount at end of year | $ | 23 | $ | 23 | $ | 1 | $ | 1 |
December 31, | Non-U.S. Pension Benefits | Non-U.S. Postretirement Benefits | |||||||||||||
(In millions of dollars) | 2011 | 2010 | 2011 | 2010 | |||||||||||
Reconciliation of net actuarial loss: | |||||||||||||||
Amount disclosed as of prior year-end | $ | (2,305 | ) | $ | (2,268 | ) | $ | (14 | ) | $ | (4 | ) | |||
Recognized as component of net periodic benefit cost | 115 | 73 | — | — | |||||||||||
Effect of settlement | — | 5 | — | — | |||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||
Liability experience | (575 | ) | (430 | ) | (5 | ) | (10 | ) | |||||||
Asset experience | (261 | ) | 244 | — | — | ||||||||||
Effect of curtailment | (1 | ) | 2 | — | — | ||||||||||
Total amount recognized as change in plan assets and benefit obligations | (837 | ) | (184 | ) | (5 | ) | (10 | ) | |||||||
Exchange rate adjustments | (11 | ) | 69 | — | — | ||||||||||
Amount at end of year | $ | (3,038 | ) | $ | (2,305 | ) | $ | (19 | ) | $ | (14 | ) |
For the Years Ended December 31, | Non-U.S. Pension Benefits | Non-U.S. Postretirement Benefits | |||||||||||||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | 2011 | 2010 | 2009 | |||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss | $ | 792 | $ | 66 | $ | 519 | $ | 12 | $ | 15 | $ | 3 |
Non-U.S. Pension Benefits | Non-U.S. Postretirement Benefits | ||||||
(In millions of dollars) | 2012 | 2012 | |||||
Prior service credit | $ | 3 | $ | — | |||
Net actuarial loss | (116 | ) | (1 | ) | |||
Projected cost | $ | (113 | ) | $ | (1 | ) |
December 31, | Non-U.S. Pension Benefits | Non-U.S. Postretirement Benefits | |||||||||
(In millions of dollars) | 2011 | 2010 | 2011 | 2010 | |||||||
Weighted average assumptions: | |||||||||||
Discount rate (for expense) | 5.41 | % | 5.80 | % | 5.51 | % | 6.20 | % | |||
Expected return on plan assets | 7.91 | % | 7.90 | % | — | % | — | % | |||
Rate of compensation increase (for expense) | 4.19 | % | 4.30 | % | — | % | — | % | |||
Discount rate (for benefit obligation) | 4.77 | % | 5.40 | % | 4.95 | % | 5.50 | % | |||
Rate of compensation increase (for benefit obligation) | 3.73 | % | 4.20 | % | — | % | — | % |
For the Years Ended December 31, | Non-U.S. Pension Benefits | Non-U.S. Postretirement Benefits | |||||||||||||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | 2011 | 2010 | 2009 | |||||||||||||||||
Service cost | $ | 143 | $ | 121 | $ | 112 | $ | 2 | $ | 1 | $ | 1 | |||||||||||
Interest cost | 378 | 351 | 332 | 5 | 4 | 5 | |||||||||||||||||
Expected return on plan assets | (572 | ) | (520 | ) | (495 | ) | — | — | — | ||||||||||||||
Amortization of prior service cost | (3 | ) | (3 | ) | (2 | ) | — | — | — | ||||||||||||||
Recognized actuarial loss | 115 | 73 | 18 | — | — | — | |||||||||||||||||
Net periodic benefit cost (credit) | 61 | 22 | (35 | ) | 7 | 5 | 6 | ||||||||||||||||
Settlement (credit)/loss | — | 5 | 1 | — | — | — | |||||||||||||||||
Curtailment (credit)/loss | — | — | — | — | — | — | |||||||||||||||||
Special termination benefits | — | 1 | — | — | — | — | |||||||||||||||||
Total cost (credit) | $ | 61 | $ | 28 | $ | (34 | ) | $ | 7 | $ | 5 | $ | 6 |
(In millions of dollars) | 1 Percentage Point Increase | 1 Percentage Point Decrease | |||||
Effect on total of service and interest cost components | $ | 1 | $ | — | |||
Effect on postretirement benefit obligation | $ | 10 | $ | (8 | ) |
December 31, | Pension Benefits | Postretirement Benefits | |||||||||||||
(In millions of dollars) | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||
2012 | $ | 197 | $ | 247 | $ | 11 | $ | 4 | |||||||
2013 | $ | 207 | $ | 253 | $ | 12 | $ | 4 | |||||||
2014 | $ | 218 | $ | 267 | $ | 12 | $ | 4 | |||||||
2015 | $ | 230 | $ | 283 | $ | 12 | $ | 4 | |||||||
2016 | $ | 242 | $ | 301 | $ | 12 | $ | 4 | |||||||
2017-2021 | $ | 1,395 | $ | 1,786 | $ | 61 | $ | 25 |
Fair Value Measurements at December 31, 2011 | |||||||||||||||
Assets (In millions of dollars) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||
Common/Collective trusts | $ | 10 | $ | 4,837 | $ | — | $ | 4,847 | |||||||
Corporate obligations | — | 1,792 | 1 | 1,793 | |||||||||||
Corporate stocks | 1,716 | 15 | 8 | 1,739 | |||||||||||
Private equity/Partnerships | — | 1 | 779 | 780 | |||||||||||
Government securities | 10 | 368 | — | 378 | |||||||||||
Real estate | 14 | 4 | 319 | 337 | |||||||||||
Short-term investment funds | 288 | 42 | — | 330 | |||||||||||
Company common stock | 253 | — | — | 253 | |||||||||||
Other investments | 1 | 34 | 202 | 237 | |||||||||||
Insurance group annuity contracts | — | — | 20 | 20 | |||||||||||
Swaps | — | 5 | — | 5 | |||||||||||
Total investments | $ | 2,292 | $ | 7,098 | $ | 1,329 | $ | 10,719 |
Fair Value Measurements at December 31, 2010 | ||||||||||||||||
Assets (In millions of dollars) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Common/Collective trusts | $ | — | $ | 4,471 | $ | — | $ | 4,471 | ||||||||
Corporate obligations | — | 1,103 | 8 | 1,111 | ||||||||||||
Corporate stocks | 1,939 | 1 | 1 | 1,941 | ||||||||||||
Private equity/Partnerships | — | 1 | 746 | 747 | ||||||||||||
Government securities | — | 547 | — | 547 | ||||||||||||
Real estate | 3 | 5 | 293 | 301 | ||||||||||||
Short-term investment funds | 561 | 49 | — | 610 | ||||||||||||
Company common stock | 219 | — | — | 219 | ||||||||||||
Other investments | 3 | 8 | 177 | 188 | ||||||||||||
Insurance group annuity contracts | — | — | 20 | 20 | ||||||||||||
Swaps | — | 9 | — | 9 | ||||||||||||
Total investments | $ | 2,725 | $ | 6,194 | $ | 1,245 | $ | 10,164 |
Assets (In millions) | Fair Value, January 1, 2011 | Purchases | Sales | Unrealized Gain/ (Loss) | Realized Gain/ (Loss) | Exchange Rate Impact | Transfers in/(out) and Other | Fair Value, December 31, 2011 | |||||||||||||||||||||||
Private equity/Partnerships | $ | 746 | $ | 119 | $ | (80 | ) | $ | (83 | ) | $ | 70 | $ | 7 | $ | — | $ | 779 | |||||||||||||
Real estate | 293 | — | — | 22 | (1 | ) | 5 | — | 319 | ||||||||||||||||||||||
Other investments | 177 | 32 | (13 | ) | 6 | 2 | (2 | ) | — | 202 | |||||||||||||||||||||
Insurance group annuity contracts | 20 | 151 | (150 | ) | 8 | (9 | ) | — | — | 20 | |||||||||||||||||||||
Corporate stocks | 1 | 8 | — | (1 | ) | — | — | — | 8 | ||||||||||||||||||||||
Corporate obligations | 8 | 1 | (8 | ) | 2 | (1 | ) | — | (1 | ) | 1 | ||||||||||||||||||||
Total assets | $ | 1,245 | $ | 311 | $ | (251 | ) | $ | (46 | ) | $ | 61 | $ | 10 | $ | (1 | ) | $ | 1,329 |
Assets (In millions) | Fair Value, January 1, 2010 | Purchases | Sales | Unrealized Gain/ (Loss) | Realized Gain/ (Loss) | Exchange Rate Impact | Transfers in/(out) and Other | Fair Value, December 31, 2010 | |||||||||||||||||||||||
Private equity/Partnerships | $ | 637 | $ | 138 | $ | (54 | ) | $ | 15 | $ | 22 | $ | (12 | ) | $ | — | $ | 746 | |||||||||||||
Real estate | 269 | — | — | 34 | — | (10 | ) | — | 293 | ||||||||||||||||||||||
Other investments | 180 | 19 | (16 | ) | 3 | 1 | (14 | ) | 4 | 177 | |||||||||||||||||||||
Insurance group annuity contracts | 17 | 141 | (140 | ) | 2 | — | — | — | 20 | ||||||||||||||||||||||
Corporate stocks | 11 | 1 | (4 | ) | (3 | ) | 1 | — | (5 | ) | 1 | ||||||||||||||||||||
Corporate obligations | 5 | 2 | (2 | ) | 3 | (1 | ) | — | 1 | 8 | |||||||||||||||||||||
Government securities | 3 | — | (3 | ) | — | — | — | — | — | ||||||||||||||||||||||
Total assets | $ | 1,122 | $ | 301 | $ | (219 | ) | $ | 54 | $ | 23 | $ | (36 | ) | $ | — | $ | 1,245 |
2011 | 2010 | 2009 | |||
Risk-free interest rate | 2.28%-2.90% | 3.15%-3.20% | 2.16%-2.68% | ||
Expected life (in years) | 6.75 | 6.75 | 6.75 | ||
Expected volatility | 25.4%-25.8% | 26.3%-27.6% | 33.5%-36.4% | ||
Expected dividend yield | 2.75%-2.86% | 3.26%-3.52% | 4.15%-4.20% |
2009 | ||
Risk-free interest rate | 0.42%-2.40% | |
Expected life (in years) | 5.6-7.7 | |
Expected volatility | 35.6% | |
Expected dividend yield | 3.62% |
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value ($000) | ||||||||
Balance at January 1, 2011 | 43,386,136 | $ | 29.33 | ||||||||
Granted | 2,827,655 | $ | 30.60 | ||||||||
Exercised | 4,255,079 | $ | 26.26 | ||||||||
Canceled or exchanged | — | — | |||||||||
Forfeited | 294,840 | $ | 25.46 | ||||||||
Expired | 2,768,763 | $ | 37.12 | ||||||||
Balance at December 31, 2011 | 38,895,109 | $ | 29.21 | 4.6 years | 155,159 | ||||||
Options vested or expected to vest at December 31, 2011 | 38,030,022 | $ | 29.38 | 4.8 years | 221,216 | ||||||
Options exercisable at December 31, 2011 | 12,913,460 | $ | 31.47 | 3.0 years | 58,228 |
Restricted Stock Units | Performance Units | ||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||
Non-vested balance at January 1, 2011 | 18,749,101 | $ | 22.91 | — | $ | — | |||||
Granted | 5,549,028 | $ | 30.46 | 390,771 | $ | 30.60 | |||||
Vested | 8,465,116 | $ | 23.16 | 2,809 | $ | 30.60 | |||||
Forfeited | 774,585 | $ | 25.12 | 19,616 | $ | 30.60 | |||||
Non-vested balance at December 31, 2011 | 15,058,428 | $ | 25.43 | 368,346 | $ | 30.60 |
Shares | Weighted Average Grant Date Fair Value | |||||
Non-vested balance at January 1, 2011 | 73,900 | $ | 41.41 | |||
Granted | — | $ | — | |||
Vested | 22,200 | $ | 28.74 | |||
Forfeited | — | $ | — | |||
Non-vested balance at December 31, 2011 | 51,700 | $ | 46.86 |
(In millions of dollars) | Identical Assets (Level 1) | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||||
12/31/11 | 12/31/10 | 12/31/11 | 12/31/10 | 12/31/11 | 12/31/10 | 12/31/11 | 12/31/10 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Financial instruments owned: | |||||||||||||||||||||||||||||||
Exchange traded equity securities (a) | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | |||||||||||||||
Mutual funds(a) | 134 | 137 | — | — | — | — | 134 | 137 | |||||||||||||||||||||||
Money market funds(b) | 226 | 8 | — | — | — | — | 226 | 8 | |||||||||||||||||||||||
Interest rate swap derivatives(c) | — | — | 7 | — | — | — | 7 | — | |||||||||||||||||||||||
Total assets measured at fair value | $ | 360 | $ | 146 | $ | 7 | $ | — | $ | — | $ | — | $ | 367 | $ | 146 | |||||||||||||||
Fiduciary Assets: | |||||||||||||||||||||||||||||||
State and local obligations (including non-U.S. locales) | $ | — | $ | — | $ | 13 | $ | 68 | $ | — | $ | — | $ | 13 | $ | 68 | |||||||||||||||
Other sovereign government obligations and supranational agencies | — | — | 47 | 185 | — | — | 47 | 185 | |||||||||||||||||||||||
Corporate and other debt | — | — | 2 | 30 | — | — | 2 | 30 | |||||||||||||||||||||||
Money market funds | 186 | 152 | — | — | — | — | 186 | 152 | |||||||||||||||||||||||
Total fiduciary assets measured at fair value | $ | 186 | $ | 152 | $ | 62 | $ | 283 | $ | — | $ | — | $ | 248 | $ | 435 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Contingent consideration liability(d) | $ | — | $ | — | $ | — | $ | — | $ | 110 | $ | 106 | $ | 110 | $ | 106 | |||||||||||||||
Senior Notes due 2014(e) | $ | — | $ | — | $ | 257 | $ | — | $ | — | $ | — | $ | 257 | $ | — | |||||||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 257 | $ | — | $ | 110 | $ | 106 | $ | 367 | $ | 106 |
Fair Value, Beginning of Period | Additions | Payments | Revaluation Impact | Fair Value, End of Period | ||||||||||||
Contingent consideration | $ | 106 | 14 | (13 | ) | 3 | $ | 110 |
For the Years Ended December 31, | Gross Rental Commitments | Rentals from Subleases | Net Rental Commitments | ||||||||
(In millions of dollars) | |||||||||||
2012 | $ | 412 | $ | 49 | $ | 363 | |||||
2013 | $ | 368 | $ | 45 | $ | 323 | |||||
2014 | $ | 316 | $ | 43 | $ | 273 | |||||
2015 | $ | 275 | $ | 39 | $ | 236 | |||||
2016 | $ | 236 | $ | 39 | $ | 197 | |||||
Subsequent years | $ | 1,133 | $ | 142 | $ | 991 |
For the Years Ended December 31, | Future Minimum Commitments | ||
(In millions of dollars) | |||
2012 | $ | 101 | |
2013 | 59 | ||
2014 | 47 | ||
Subsequent years | 142 | ||
$ | 349 |
December 31, | |||||||
(In millions of dollars) | 2011 | 2010 | |||||
Short-term: | |||||||
Current portion of long-term debt | $ | 260 | $ | 8 | |||
Long-term: | |||||||
Senior notes – 6.25% due 2012 (5.1% effective interest rate) | $ | 250 | $ | 253 | |||
Senior notes – 4.850% due 2013 | 251 | 250 | |||||
Senior notes – 5.875% due 2033 | 296 | 296 | |||||
Senior notes – 5.375% due 2014 | 326 | 648 | |||||
Senior notes – 5.75% due 2015 | 479 | 747 | |||||
Senior notes – 9.25% due 2019 | 398 | 398 | |||||
Senior notes – 4.80% due 2021 | 496 | — | |||||
Mortgage – 5.70% due 2035 | 431 | 439 | |||||
Other | 1 | 3 | |||||
2,928 | 3,034 | ||||||
Less current portion | 260 | 8 | |||||
$ | 2,668 | $ | 3,026 |
Income statement classification (In millions of dollars) | Gain on Swaps | Loss on Notes | Net Income Effect | ||||||||
Other Operating Expenses | $ | 7 | $ | (7 | ) | $ | — |
December 31, 2011 | December 31, 2010 | ||||||||||||||
(In millions of dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
Cash and cash equivalents | $ | 2,113 | $ | 2,113 | $ | 1,894 | $ | 1,894 | |||||||
Long-term investments | $ | 58 | $ | 58 | $ | 68 | $ | 64 | |||||||
Short-term debt | $ | 260 | $ | 261 | $ | 8 | $ | 8 | |||||||
Long-term debt | $ | 2,668 | $ | 2,958 | $ | 3,026 | $ | 3,234 |
(In millions of dollars) | Liability at 1/1/10 | Amounts Accrued | Cash Paid | Liability at 12/31/10 | Amounts Accrued | Cash Paid | Other (a) | Liability at 12/31/11 | |||||||||||||||||||||||
Severance | $ | 77 | $ | 79 | $ | (116 | ) | $ | 40 | $ | 29 | $ | (40 | ) | $ | (2 | ) | $ | 27 | ||||||||||||
Future rent under non-cancelable leases and other costs | 182 | 62 | (73 | ) | 171 | 22 | (42 | ) | 3 | 154 | |||||||||||||||||||||
Total | $ | 259 | $ | 141 | $ | (189 | ) | $ | 211 | $ | 51 | $ | (82 | ) | $ | 1 | $ | 181 |
▪ | Risk and Insurance Services, comprising insurance services (Marsh) and reinsurance services (Guy Carpenter); and |
▪ | Consulting, comprising Mercer and Oliver Wyman Group |
For the Year Ended December 31, (In millions of dollars) | Revenue | Operating Income (Loss) | Total Assets | Depreciation and Amortization | Capital Expenditures | ||||||||||||||
2011 – | |||||||||||||||||||
Risk and Insurance Services | $ | 6,301 | (a) | $ | 1,229 | $ | 9,202 | $ | 191 | $ | 146 | ||||||||
Consulting | 5,265 | (b) | 588 | 4,720 | 110 | 91 | |||||||||||||
Total Operating Segments | 11,566 | 1,817 | 13,922 | 301 | 237 | ||||||||||||||
Corporate / Eliminations | (40 | ) | (c) | (179 | ) | (c) | 1,532 | (d) | 31 | 43 | |||||||||
Total Consolidated | $ | 11,526 | $ | 1,638 | $ | 15,454 | $ | 332 | $ | 280 | |||||||||
2010 – | |||||||||||||||||||
Risk and Insurance Services | $ | 5,764 | (a) | $ | 972 | $ | 9,418 | $ | 177 | $ | 144 | ||||||||
Consulting | 4,835 | (b) | 129 | 4,437 | 113 | 80 | |||||||||||||
Total Operating Segments | 10,599 | 1,101 | 13,855 | 290 | 224 | ||||||||||||||
Corporate / Eliminations | (49 | ) | (c) | (162 | ) | (c) | 1,455 | (d) | 29 | 34 | |||||||||
Total Consolidated | $ | 10,550 | $ | 939 | $ | 15,310 | $ | 319 | $ | 258 | |||||||||
2009 – | |||||||||||||||||||
Risk and Insurance Services | $ | 5,284 | (a) | $ | 796 | $ | 8,320 | $ | 153 | $ | 147 | ||||||||
Consulting | 4,609 | (b) | 405 | 4,244 | 114 | 78 | |||||||||||||
Total Operating Segments | 9,893 | $ | 1,201 | 12,564 | 267 | 225 | |||||||||||||
Corporate / Eliminations | (62 | ) | (c) | (423 | ) | (c) | 2,773 | (d) | 28 | 36 | |||||||||
Total Consolidated | $ | 9,831 | $ | 778 | $ | 15,337 | $ | 295 | $ | 261 |
(a) | Includes inter-segment revenue of $4 million, $7 million and $18 million in 2011, 2010 and 2009 respectively, interest income on fiduciary funds of $47 million, $45 million and $54 million in 2011, 2010, and 2009, respectively, and equity method income of $14 million, $12 million and $13 million in 2011, 2010, and 2009, respectively. |
(b) | Includes inter-segment revenue of $36 million, $43 million and $45 million in 2011, 2010 and 2009, respectively, and interest income on fiduciary funds of $4 million in 2011, 2010, and 2009. |
(c) | Includes results of corporate advisory and restructuring business. |
(d) | Corporate assets primarily include insurance recoverables, pension related assets, the owned portion of the Company headquarters building and intercompany eliminations. Also includes assets of discontinued operations and the corporate advisory and restructuring business of $1.6 billion in 2009. |
For the Years Ended December 31, | |||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Risk and Insurance Services | |||||||||||
Marsh | $ | 5,253 | $ | 4,781 | $ | 4,363 | |||||
Guy Carpenter | 1,048 | 983 | 921 | ||||||||
Total Risk and Insurance Services | 6,301 | 5,764 | 5,284 | ||||||||
Consulting | |||||||||||
Mercer | 3,782 | 3,478 | 3,327 | ||||||||
Oliver Wyman Group | 1,483 | 1,357 | 1,282 | ||||||||
Total Consulting | 5,265 | 4,835 | 4,609 | ||||||||
Total Operating Segments | 11,566 | 10,599 | 9,893 | ||||||||
Corporate/ Eliminations | (40 | ) | (49 | ) | (62 | ) | |||||
Total | $ | 11,526 | $ | 10,550 | $ | 9,831 |
For the Years Ended December 31, | |||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Revenue | |||||||||||
United States | $ | 5,131 | $ | 4,708 | $ | 4,436 | |||||
United Kingdom | 1,922 | 1,720 | 1,708 | ||||||||
Continental Europe | 1,906 | 1,809 | 1,798 | ||||||||
Asia Pacific | 1,287 | 1,067 | 862 | ||||||||
Other | 1,320 | 1,295 | 1,089 | ||||||||
11,566 | 10,599 | 9,893 | |||||||||
Corporate/Eliminations | (40 | ) | (49 | ) | (62 | ) | |||||
$ | 11,526 | $ | 10,550 | $ | 9,831 |
For the Years Ended December 31, | |||||||||||
(In millions of dollars) | 2011 | 2010 | 2009 | ||||||||
Fixed Assets, Net | |||||||||||
United States | $ | 505 | $ | 511 | $ | 515 | |||||
United Kingdom | 133 | 132 | 147 | ||||||||
Continental Europe | 65 | 69 | 74 | ||||||||
Asia Pacific | 37 | 43 | 41 | ||||||||
Other | 64 | 67 | 73 | ||||||||
$ | 804 | $ | 822 | $ | 850 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(In millions of dollars, except per share figures) | |||||||||||||||
2011: | |||||||||||||||
Revenue | $ | 2,884 | $ | 2,928 | $ | 2,806 | $ | 2,908 | |||||||
Operating income | $ | 472 | $ | 465 | $ | 310 | $ | 391 | |||||||
Income from continuing operations | $ | 319 | $ | 286 | $ | 133 | $ | 244 | |||||||
Income from discontinued operations | $ | 12 | $ | 3 | $ | 2 | $ | 16 | |||||||
Net income attributable to the Company | $ | 325 | $ | 282 | $ | 130 | $ | 256 | |||||||
Basic Per Share Data: | |||||||||||||||
Income from continuing operations | $ | 0.57 | $ | 0.51 | $ | 0.24 | $ | 0.44 | |||||||
Income from discontinued operations | $ | 0.02 | $ | — | $ | — | $ | 0.03 | |||||||
Net income attributable to the Company | $ | 0.59 | $ | 0.51 | $ | 0.24 | $ | 0.47 | |||||||
Diluted Per Share Data: | |||||||||||||||
Income from continuing operations | $ | 0.56 | $ | 0.50 | $ | 0.23 | $ | 0.44 | |||||||
Income from discontinued operations | $ | 0.02 | $ | — | $ | 0.01 | $ | 0.02 | |||||||
Net income attributable to the Company | $ | 0.58 | $ | 0.50 | $ | 0.24 | $ | 0.46 | |||||||
Dividends Paid Per Share | $ | 0.21 | $ | 0.21 | $ | 0.22 | $ | 0.22 | |||||||
2010: | |||||||||||||||
Revenue | $ | 2,635 | $ | 2,606 | $ | 2,524 | $ | 2,785 | |||||||
Operating income (loss) (a) | $ | 425 | $ | (50 | ) | $ | 239 | $ | 325 | ||||||
Income (loss) from continuing operations | $ | 274 | $ | (29 | ) | $ | 128 | $ | 192 | ||||||
(Loss) income from discontinued operations | $ | (22 | ) | $ | 271 | $ | 43 | $ | 14 | ||||||
Net income attributable to the Company | $ | 248 | $ | 236 | $ | 168 | $ | 203 | |||||||
Basic Per Share Data: | |||||||||||||||
Income (loss) from continuing operations | $ | 0.50 | $ | (0.06 | ) | $ | 0.23 | $ | 0.35 | ||||||
(Loss) income from discontinued operations | $ | (0.04 | ) | $ | 0.49 | $ | 0.07 | $ | 0.02 | ||||||
Net income attributable to the Company | $ | 0.46 | $ | 0.43 | $ | 0.30 | $ | 0.37 | |||||||
Diluted Per Share Data: | |||||||||||||||
Income (loss) from continuing operations | $ | 0.49 | $ | (0.06 | ) | $ | 0.22 | $ | 0.34 | ||||||
(Loss) income from discontinued operations | $ | (0.04 | ) | $ | 0.49 | $ | 0.08 | $ | 0.03 | ||||||
Net income attributable to the Company | $ | 0.45 | $ | 0.43 | $ | 0.30 | $ | 0.37 | |||||||
Dividends Paid Per Share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.21 |
(a) | Management’s Annual Report on Internal Control Over Financial Reporting |
(b) | Attestation Report of the Registered Public Accounting Firm. |
(c) | Changes in Internal Control Over Financial Reporting |
(1) | Consolidated Financial Statements: |
(2) | All required Financial Statement Schedules are included in the Consolidated Financial Statements or the Notes to Consolidated Financial Statements. |
(3) | The following exhibits are filed as a part of this report: |
(2.1) | Stock Purchase Agreement, dated as of June 6, 2010, by and between Marsh & McLennan Companies, Inc. and Altegrity, Inc. (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010) |
(3.1) | Restated Certificate of Incorporation of Marsh & McLennan Companies, Inc. (incorporated by reference to the Company’s Current Report on Form 8-K dated July 17, 2008) |
(3.2) | Amended and Restated By-Laws of Marsh & McLennan Companies, Inc. (incorporated by reference to the Company’s Current Report on Form 8-K dated September 17, 2009) |
(4.1) | Indenture dated as of June 14, 1999 between Marsh & McLennan Companies and State Street Bank and Trust Company, as trustee (incorporated by reference to the Company’s Registration Statement on Form S-3, Registration No. 333-108566) |
(4.2) | First Supplemental Indenture dated as of June 14, 1999 between Marsh & McLennan Companies and State Street Bank and Trust Company, as trustee (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 1999) |
(4.3) | Second Supplemental Indenture dated as of February 19, 2003 between Marsh & McLennan Companies and U.S. Bank National Association (as successor to State Street Bank and Trust Company), as trustee (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2003) |
Ö | As permitted by Item 601(b)(4)(iii)(A) of Regulation S-K, the company has not filed with this Form 10-K certain instruments defining the rights of holders of long-term debt of the company and its subsidiaries because the total amount authorized under any of such instruments does not exceed 10% of the total assets of the company and its subsidiaries on a consolidated basis. The company agrees to furnish a copy of any such agreement to the Commission upon request. |
(4.4) | Third Supplemental Indenture dated as of July 30, 2003 between Marsh & McLennan Companies and U.S. National Bank Association (as successor to State Street Bank and Trust Company), as trustee (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2003) |
(4.5) | Indenture dated as of March 19, 2002 between Marsh & McLennan Companies and State Street Bank and Trust Company, as trustee (incorporated by reference to the Company’s Registration Statement on Form S-4, Registration No. 333-87510) |
(4.6) | Indenture, dated as of July 14, 2004, between Marsh & McLennan Companies and The Bank of New York, as trustee (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004) |
(4.7) | First Supplemental Indenture, dated as of July 14, 2004, between Marsh & McLennan Companies and The Bank of New York, as trustee (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004) |
(4.8) | Second Supplemental Indenture, dated as of September 16, 2005, between Marsh & McLennan Companies and The Bank of New York, as trustee (incorporated by reference to the Company’s Current Report on Form 8-K dated September 13, 2005) |
(4.9) | Indenture, dated as of March 23, 2009, between Marsh & McLennan Companies and The Bank of New York (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009) |
(4.10) | First Supplemental Indenture, dated as of March 23, 2009, between Marsh & McLennan Companies and The Bank of New York (incorporated by reference to the Company’s Current Report on Form 8-K dated March 18, 2009) |
(4.11) | Indenture, dated as of July 15, 2011, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011) |
(4.12) | First Supplemental Indenture, dated as of July 15, 2011, between Marsh & McLennan Companies, Inc. and The Bank of New York Mellon, as trustee (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011) |
(10.1) | Agreement between the Attorney General of the State of New York and the Superintendent of Insurance of the State of New York, and Marsh & McLennan Companies, Inc., Marsh Inc. and their subsidiaries and affiliates dated January 30, 2005 (incorporated by reference to the Company’s Current Report on Form 8-K dated January 31, 2005) |
(10.2) | Amendment No. 1, effective as of January 30, 2005, to Agreement between the Attorney General of the State of New York and the Superintendent of Insurance of the State of New York, and Marsh & McLennan Companies, Inc., Marsh Inc. and their subsidiaries and affiliates dated January 30, 2005 (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005) |
(10.3) | Amendment No. 2, dated September 27, 2005, to Agreement between the Attorney General of the State of New York and the Superintendent of Insurance of the State of New York, and Marsh & McLennan Companies, Inc., Marsh Inc. and their subsidiaries and affiliates, dated January 30, 2005 (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2005) |
* | Management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. |
(10.4) | Amendment No. 3, dated August 17, 2006, to the Agreement, dated January 30, 2005, as amended, among Marsh & McLennan Companies, Inc., Marsh Inc. and their subsidiaries and affiliates, the Attorney General of the State of New York and the Superintendent of Insurance of the State of New York (incorporated by reference to the Company’s Current Report on Form 8-K dated August 17, 2006) |
(10.5) | Amendment No. 4, signed August 6, 2007, to the Agreement, dated January 30, 2005, as amended, among Marsh & McLennan Companies, Inc., Marsh Inc. and their subsidiaries and affiliates, the Attorney General of the State of New York and the Superintendent of Insurance of the State of New York (incorporated by reference to the Company’s Current Report on Form 8-K dated August 6, 2007) |
(10.6) | Amendment No. 5, dated May 16, 2008, to the Agreement, dated January 30, 2005, as amended, among Marsh & McLennan Companies, Inc., Marsh Inc. and their subsidiaries and affiliates, the Attorney General of the State of New York and the Superintendent of Insurance of the State of New York (incorporated by reference to the Company’s Current Report on Form 8-K dated June 3, 2008) |
(10.7) | Amended and Restated Agreement, effective February 11, 2010, to the Agreement, dated January 30, 2005, as amended, among Marsh & McLennan Companies, Inc., Marsh Inc. and their subsidiaries and affiliates, the Attorney General of the State of New York and the Superintendent of Insurance of the State of New York (incorporated by reference to the Company’s Current Report on Form 8-K dated February 11, 2010) |
(10.8) | *Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 1999) |
(10.9) | *Amendments to Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2005) |
(10.10) | *Form of Awards under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2004) |
(10.11) | *Additional Forms of Awards under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005) |
(10.12) | *Form of Restricted Stock Award under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan (incorporated by reference to the Company’s Current Report on Form 8-K dated May 18, 2005) |
(10.13) | *Form of Restricted Stock Unit Award, dated as of February 21, 2011, under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011) |
(10.14) | *Stock Option and Restricted Stock Unit Award to Brian Duperreault under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008) |
* | Management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. |
(10.15) | *Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2001) |
(10.16) | *Form of Awards under the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2004) |
(10.17) | *Additional Forms of Awards under the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005) |
(10.18) | *Form of Long-term Incentive Award under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2006) |
(10.19) | *Form of 2007 Long-term Incentive Award under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007) |
(10.20) | *Form of 2008 Long-term Incentive Award under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008) |
(10.21) | *Form of 2009 Long-term Incentive Award under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2009) |
(10.22) | *Form of 2010 Long-term Incentive Award under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010) |
(10.23) | *Form of 2011 Long-term Incentive Award under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011) |
(10.24) | *Form of 2011 Long-term Incentive Award dated as of June 1, 2011 under the Marsh & McLennan Companies, Inc. 2011 Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011) |
* | Management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. |
(10.25) | *Form of Deferred Stock Unit Award under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2007) |
(10.26) | *Form of Deferred Stock Unit Award, dated as of January 1, 2009, under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008) |
(10.27) | *Form of Deferred Stock Unit Award, dated as of February 23, 2009, under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2009) |
(10.28) | *Form of Deferred Stock Unit Award, dated as of May 3, 2010, under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010) |
(10.29) | *Form of Deferred Stock Unit Award, dated as of April 20, 2011, under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011) |
(10.30) | *Form of Deferred Stock Unit Award, dated as of February 1, 2012, under the Marsh & McLennan Companies, Inc. 2011 Incentive and Stock Award Plan |
(10.31) | *Marsh & McLennan Companies, Inc. 2011 Incentive and Stock Award Plan (incorporated by reference to the Company’s Registration Statement on Form S-8 dated August 5, 2011) |
(10.32) | *Amendments to Certain Marsh & McLennan Companies Equity-Based Awards Due to U.S. Tax Law Changes Affecting Equity-Based Awards granted under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan and the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan, effective January 1, 2009 (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008) |
(10.33) | *Amendments to Performance Based Restricted Stock Unit Awards Due to U.S. Tax Law Changes Affecting Awards granted under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan, dated June 5, 2009 (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009) |
(10.34) | *Section 409A Amendment Document, effective as of January 1, 2009 (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008) |
(10.35) | *Marsh & McLennan Companies Supplemental Savings & Investment Plan (formerly the Marsh & McLennan Companies Stock Investment Supplemental Plan), Amendment and Restatement effective January 1, 2009 (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008) |
* | Management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. |
(10.36) | *First Amendment to the Marsh & McLennan Companies Supplemental Savings & Investment Plan, effective January 1, 2009 (incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 2010) |
(10.37) | *Second Amendment to the Marsh & McLennan Companies Supplemental Savings & Investment Plan, effective December 31, 2010 (incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 2010) |
(10.38) | *Marsh & McLennan Companies, Inc. Special Severance Pay Plan (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 1996) |
(10.39) | *Marsh & McLennan Companies Benefit Equalization Plan and Marsh & McLennan Companies Supplemental Retirement Plan, as Amended and Restated effective January 1, 2009 (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008) |
(10.40) | *First Amendment to the Marsh & McLennan Companies Benefit Equalization Plan and Marsh & McLennan Companies Supplemental Retirement Plan, effective January 1, 2009 (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2010) |
(10.41) | *Marsh & McLennan Companies, Inc. Senior Executive Severance Pay Plan (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the Quarter ended March 31, 2008) |
(10.42) | *Amendment to the Marsh & McLennan Companies, Inc. Senior Executive Severance Pay Plan, effective December 31, 2009 (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009) |
(10.43) | *Marsh & McLennan Companies Senior Management Incentive Compensation Plan (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 1994) |
(10.44) | *Marsh & McLennan Companies, Inc. Directors Stock Compensation Plan-May 1, 2009 Restatement (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009) |
(10.45) | *Description of compensation arrangements for non-executive directors of Marsh & McLennan Companies, Inc. effective June 1, 2009 (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009) |
(10.46) | *Description of compensation arrangements for non-executive directors of Marsh & McLennan Companies, Inc. effective June 1, 2012 |
(10.47) | *Employment Agreement, dated as of November 21, 2007, by and between Marsh & McLennan Companies, Inc. and Peter J. Beshar (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the Quarter ended March 31, 2009) |
(10.48) | *Letter Agreement, effective as of March 31, 2010, between Marsh & McLennan Companies, Inc. and Peter J. Beshar (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010) |
(10.49) | *Employment Agreement, dated as of December 19, 2005, between Marsh & McLennan Companies, Inc. and M. Michele Burns (incorporated by reference to the Company’s Current Report on Form 8-K dated December 16, 2005) |
* | Management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. |
(10.50) | *Amendment No. 1, dated as of September 25, 2006, to Employment Agreement, dated December 19, 2005, between Marsh & McLennan Companies, Inc. and M. Michele Burns (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2006) |
(10.51) | *Amendment No. 2, dated as of December 12, 2008, to Employment Agreement, dated December 19, 2005, between Marsh & McLennan Companies, Inc. and M. Michele Burns (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008) |
(10.52) | *Letter Agreement, effective as of March 31, 2010, between Marsh & McLennan Companies, Inc. and M. Michele Burns (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010) |
(10.53) | *Employment Letter, effective as of October 3, 2011, between Marsh & McLennan Companies, Inc. and M. Michele Burns (incorporated by reference to the Company’s Current Report on Form 8-K dated October 3, 2007) |
(10.54) | *Employment Agreement, dated as of December 10, 2007, by and between Marsh & McLennan Companies, Inc. and Daniel S. Glaser (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2009) |
(10.55) | *Letter Agreement, effective as of December 10, 2010, between Marsh & McLennan Companies, Inc. and Daniel S. Glaser (incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 2010) |
(10.56) | *Letter Agreement, effective as of April 20, 2011, between Marsh & McLennan Companies, Inc. and Daniel S. Glaser |
(10.57) | *Employment Agreement, dated as of January 29, 2008, between Marsh & McLennan Companies, Inc. and Brian Duperreault (incorporated by reference to the Company’s Current Report on Form 8-K dated January 29, 2008) |
(10.58) | *Employment Letter, effective as of September 17, 2009 and January 30, 2011, between Marsh & McLennan Companies, Inc. and Brian Duperreault (incorporated by reference to the Company’s Current Report on Form 8-K dated September 16, 2009) |
(10.59) | *Letter Agreement, dated August 18, 2008, between Marsh & McLennan Companies, Inc. and Vanessa A. Wittman (incorporated by reference to the Company’s Current Report on Form 8-K dated August 18, 2008) |
(10.60) | *Employment Agreement, effective as of March 1, 2007, by and between Marsh & McLennan Companies, Inc. and David A. Nadler (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011) |
(10.61) | *Amendment, effective as of December 31, 2008, to Employment Agreement, dated March 1, 2007, between Marsh & McLennan Companies, Inc. and David A. Nadler (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011) |
(10.62) | *Letter Agreement, effective as of February 28, 2010, between Marsh & McLennan Companies, Inc. and David A. Nadler (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011) |
* | Management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K. |
(12) | Statement Re: Computation of Ratio of Earnings to Fixed Charges |
(14) | Code of Ethics for Chief Executive and Senior Financial Officers (incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2002) |
(21) | List of Subsidiaries of Marsh & McLennan Companies (as of 2/17/2011) |
(23) | Consent of Independent Registered Public Accounting Firm |
(24) | Power of Attorney (included on signature page) |
(31.1) | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer |
(31.2) | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer |
(32) | Section 1350 Certifications |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
101.DEF | XBRL Taxonomy Extension Definition Linkbase |
101.LAB | XBRL Taxonomy Extension Label Linkbase |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
MARSH & McLENNAN COMPANIES, INC. | ||||
Dated: | February 28, 2012 | By | /S/ BRIAN DUPERREAULT | |
Brian Duperreault President and Chief Executive Officer |
Name | Title | Date | ||
/S/ BRIAN DUPERREAULT Brian Duperreault | Director, President & Chief Executive Officer | February 28, 2012 | ||
/S/ VANESSA A. WITTMAN Vanessa A. Wittman | Executive Vice President & Chief Financial Officer | February 28, 2012 | ||
/S/ ROBERT J. RAPPORT Robert J. Rapport | Senior Vice President & Controller (Chief Accounting Officer) | February 28, 2012 | ||
/S/ ZACHARY W. CARTER Zachary W. Carter | Director | February 28, 2012 | ||
/S/ OSCAR FANJUL Oscar Fanjul | Director | February 28, 2012 | ||
/S/ H. EDWARD HANWAY H. Edward Hanway | Director | February 28, 2012 | ||
/S/ LORD LANG OF MONKTON Lord Lang of Monkton | Director | February 28, 2012 | ||
/S/ ELAINE LA ROCHE Elaine La Roche* | Director | February 28, 2012 | ||
/S/ STEVEN A. MILLS Steven A. Mills | Director | February 28, 2012 |
Name | Title | Date | ||
/S/ BRUCE P. NOLOP Bruce P. Nolop | Director | February 28, 2012 | ||
/S/ MARC D. OKEN Marc D. Oken | Director | February 28, 2012 | ||
/S/ MORTON O. SCHAPIRO Morton O. Schapiro | Director | February 28, 2012 | ||
/S/ ADELE SIMMONS Adele Simmons | Director | February 28, 2012 | ||
/S/ LLOYD YATES Lloyd Yates | Director | February 28, 2012 | ||
/S/ R. DAVID YOST R. David Yost* | Director | February 28, 2012 |
I. BACKGROUND................................................................................................. | ...................3 |
II. AWARDS........................................................................................................... | ...................3 |
A. General......................................................................................................... | ...................3 |
1. Rights of Award Holders............................................................................ | ...................3 |
2. Restrictive Covenants Agreement............................................................. | ...................3 |
B. Stock Units.................................................................................................... | ...................3 |
1. General...................................................................................................... | ...................3 |
2. Vesting....................................................................................................... | ...................4 |
3. Dividend Equivalents................................................................................. | ...................4 |
4. Delivery of Shares..................................................................................... | ...................4 |
C. Satisfaction of Tax Obligations...................................................................... | ...................4 |
1. Recommendation...................................................................................... | ...................4 |
2. U.S. Employees......................................................................................... | ...................4 |
3. Non- U.S. Employees................................................................................ | ...................5 |
III. EMPLOYMENT EVENTS.................................................................................. | ...................5 |
A. Death............................................................................................................. | ...................5 |
B. Permanent Disability..................................................................................... | ...................5 |
C. Termination by the Company Other Than for Cause.................................... | ...................5 |
D. All Other Terminations................................................................................... | ...................6 |
E. Condition to Vesting of Award....................................................................... | ...................6 |
F. Determination of Pro Rata Vesting upon Termination of Employment.......... | ...................6 |
G. Section 409A of the Code............................................................................. | ...................6 |
IV. CHANGE IN CONTROL PROVISIONS............................................................. | ...................8 |
V. DEFINITIONS.................................................................................................... | ...................8 |
VI. ADDITIONAL PROVISIONS............................................................................. | .................10 |
VII. QUESTIONS AND ADDITIONAL INFORMATION.......................................... | .................11 |
I. | BACKGROUND |
II. | AWARDS |
A. | General. |
1. | Rights of Award Holders. Unless and until the vesting conditions of an Award have been satisfied and shares of Common Stock have been delivered to you in accordance with the Award Documentation, you have only the rights of a general unsecured creditor. Unless and until shares of Common Stock have been delivered to you, you have none of the attributes of ownership to such shares (e.g., units cannot be used as payment for stock option exercises; units may not be transferred or assigned; units have no voting rights). |
2. | Restrictive Covenants Agreement. A Restrictive Covenants Agreement in a form determined by Marsh & McLennan Companies (“Restrictive Covenants Agreement”) must be in place in order to accept your Award and you must execute or reaffirm, as determined by Marsh & McLennan Companies, in its sole discretion, the Restrictive Covenants Agreement in order for your Award to vest as provided in Section III. Failure to timely execute or reaffirm and comply with the Restrictive Covenants Agreement by the date specified in the Grant Documentation will result in forfeiture of all of your rights, title and interest in and to the Award. |
B. | Stock Units. |
1. | General. A deferred stock unit (“DSU” or “Stock Unit”) represents an unfunded and unsecured promise to deliver (or cause to be delivered) to you, subject to the Award Documentation, one share of Common Stock. |
2. | Vesting. Subject to your continued employment, [Vesting Percentage] of the Stock Units will vest on [Vesting Date (s)]. If your employment terminates before your Award is scheduled to fully vest, your right to unvested Stock Units will be determined in accordance with Section III below. |
3. | Dividend Equivalents. Dividend equivalents equal to the dividend payment (if any) that would have been made in respect of one share of Common Stock for each outstanding Stock Unit covered by the Award will accrue in U.S. dollars on each dividend record date that occurs on or after the grant date of the Award while the Award is outstanding. Accrued dividend equivalents will vest when the corresponding Stock Units covered by the Award in respect of which such dividend equivalents were accrued vest. Such vested dividend equivalents will be delivered after the shares of Common Stock in respect of such vested Stock Units are delivered and within the time period provided in Section II.B.4, subject to the satisfaction of any applicable tax obligations, as described in Section II.C. Dividend equivalents will be accrued only with respect to Stock Units that are outstanding on a dividend record date and will not be paid on Stock Units that do not vest or are forfeited. |
4. | Delivery of Shares. Shares of Common Stock in respect of the Stock Units covered by the Award shall be distributed to you as soon as practicable after vesting, and in no event later than 60 days after vesting. The delivery of shares of Common Stock in respect of the Stock Units is conditioned on the satisfaction of any applicable tax obligations, as described in Section II.C. Any shares of Common Stock and/or cash or other property that may be deliverable to you following your death shall be delivered to the person or persons to whom your rights pass by will or the law of descent and distribution, and such delivery shall completely discharge the Company’s obligations under the Award. |
C. | Satisfaction of Tax Obligations. |
1. | Recommendation. It is recommended that you consult with your personal tax advisor for more detailed information regarding the tax treatment of the Award. |
2. | U.S. Employees. |
a. | Applicable employment taxes are required by law to be withheld when a Stock Unit vests. Applicable income taxes are required by law to be withheld when shares of Common Stock in respect of Stock Units are delivered to you. A sufficient number of whole shares of Common Stock will be retained by Marsh & McLennan Companies to satisfy the tax-withholding obligation. |
3. | Non-U.S. Employees. |
a. | Stock Units. In most countries, the value of a Stock Unit is generally not taxable on the grant date. If the value of the Stock Unit is not taxable on the grant date, it will, in most countries, be taxed at a later time, for example, upon delivery of shares of Common Stock in respect of the Stock Unit, and/or the subsequent sale of the shares of Common Stock. |
b. | Withholding. Marsh & McLennan Companies and/or your local employer shall have the power and the right to deduct and withhold from your Award and other compensation, or require you to remit to Marsh & McLennan Companies and to your local employer, an amount sufficient to satisfy any taxes that Marsh & McLennan Companies considers are payable under the laws of any country, state, province, city or other jurisdiction, including but not limited to income taxes, capital gain taxes, transfer taxes, social security contributions, and National Insurance Contributions with respect to the Award, including any and all associated tax events derived therefrom. If applicable, Marsh & McLennan Companies and/or your local employer may retain and sell a sufficient number of shares of Common Stock distributable in respect of the Award for this purpose. |
III. | EMPLOYMENT EVENTS |
A. | Death. |
1. | In the event your employment is terminated because of your death, the Stock Units will vest at such termination of employment and will be distributed as described in Section II.B.4. |
B. | Permanent Disability. |
1. | Upon the occurrence of your Permanent Disability, the Stock Units will vest and will be distributed as described in Section II.B.4, provided that you satisfy the condition to vesting described in Section III.E. |
C. | Termination by the Company Other Than for Cause. |
1. | In the event your employment is terminated by the Company other than for Cause, the Stock Units will vest at such termination of employment on a pro rata basis as described in Section III.F and will be distributed as described in Section II.B.4, provided that you satisfy the condition to vesting described in Section III.E. |
2. | Sale of Business Unit. For the avoidance of doubt, in the event of a sale or similar transaction involving the business unit for which you work (“Employing Company”) as a result of which the Employing Company ceases to be a subsidiary or affiliate of |
D. | All Other Terminations. |
E. | Condition to Vesting of Award. |
F. | Determination of Pro Rata Vesting upon Termination of Employment. |
A | = the number of Stock Units covered by the Award; |
B | = the number of days in the period beginning on the grant date of the Award and ending on the employment termination date; |
C | = the number of days in the period beginning on the grant date of the Award and ending on the date the Award is scheduled to fully vest; and |
D | = the number of Stock Units that has previously vested. |
G. | Section 409A of the Code. |
1. | Notwithstanding any other provision herein, your Award may be subject to additional restrictions to ensure compliance with the requirements of Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and regulations thereunder (regarding nonqualified deferred compensation) (“Section 409A of the Code”). The |
2. | Notwithstanding any provision herein, if any portion of your Award is determined to be nonqualified deferred compensation subject to Section 409A of the Code, any references to “termination of employment,” or “when you are no longer employed” in these Terms and Conditions shall have the following meaning: |
3. | Notwithstanding any provision herein, if at the time of the termination of your employment you are a “specified employee” (as defined in Section 409A of the Code) no portion of your Award that is determined to be nonqualified deferred compensation subject to Section 409A of the Code shall be distributed until the first day of the seventh month after the termination of employment and any such distributions to which you would otherwise be entitled during the first six months following your termination of employment will be accumulated and paid without interest on the first day of the seventh month after the termination of employment. The provisions of this subparagraph will only apply if and to the extent required to |
IV. | CHANGE IN CONTROL PROVISIONS |
V. | DEFINITIONS |
A. | “Cause” shall mean: |
1. | willful failure to substantially perform the duties consistent with your position which is not remedied within 30 days after receipt of written notice from the Company specifying such failure; |
2. | willful violation of any written company policies including but not limited to, the Company’s code of business conduct & ethics; |
3. | commission at any time of any act or omission that results in a conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude; |
4. | unlawful use (including being under the influence) or possession of illegal drugs; |
5. | any gross negligence or willful misconduct resulting in a material loss to the Company, or material damage to the reputation of the Company; or |
6. | any violation of any statutory or common law duty of loyalty to the Company, including the commission at any time of any act of fraud, embezzlement, or material breach of fiduciary duty against the Company. |
B. | “Company” shall mean Marsh & McLennan Companies or any of its subsidiaries or affiliates. |
C. | “Good Reason” shall mean any of the following without your written consent: |
1. | a material reduction in your base salary; |
2. | a material reduction in your annual incentive opportunity (including a material adverse change in the method of calculating your annual incentive); |
3. | a material diminution of your duties, responsibilities or authority; or |
4. | a relocation of more than 50 miles from your office location in effect immediately prior to the Change in Control; |
D. | “Permanent Disability” will be deemed to occur when it is determined (by Marsh & McLennan Companies’ disability carrier for the primary long-term disability plan or program applicable to you because of your employment with the Company) that you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. |
E. | Additional Definitions. |
Award...................................................................................................... | ...................3 |
Award Documentation............................................................................. | ...................3 |
Change in Control................................................................................... | ...................8 |
Committee............................................................................................... | ...................7 |
Common Stock........................................................................................ | ...................3 |
Country-Specific Notices......................................................................... | ...................3 |
DSU......................................................................................................... | ...................3 |
Employing Company............................................................................... | ...................5 |
Grant Documentation.............................................................................. | ...................3 |
Marsh & McLennan Companies.............................................................. | ...................3 |
Plan......................................................................................................... | ...................3 |
Restrictive Covenants Agreement .......................................................... | ...................3 |
Section 409A of the Code........................................................................ | ...................6 |
Stock Unit ............................................................................................... | ...................3 |
Terms and Conditions.............................................................................. | ...................3 |
VI. | ADDITIONAL PROVISIONS |
A. | Additional Provisions—General |
1. | Administrative Rules. The Award shall be subject to such additional administrative regulations as the Committee may, from time to time, adopt. All decisions of the Committee upon any questions arising under the Award Documentation shall be conclusive and binding. The Committee may delegate to any other individual or entity the authority to perform any or all of the functions of the Committee under the Award, and references to the Committee shall be deemed to include any such delegate. |
2. | Amendment. The Committee may, in its sole discretion, amend the terms of the Award; provided, however, that if the Committee concludes, in its sole discretion, that such amendment is likely to materially impair your rights with respect to the Award, such amendment shall not be implemented with respect to your Award without your consent, except to the extent that any such action is made to cause the Award to comply with applicable law, stock market or exchange rules and regulations, or accounting or tax rules and regulations, or is otherwise made in accordance with Section VI.A.4. |
3. | Limitations. Payment of your Award is not secured by trust, insurance contract or other funding medium, and you do not have any interest in any fund or specific asset of the Company by reason of the Award. Your right to payment of your Award is the same as the right of an unsecured general creditor of the Company. |
4. | Cancellation or Clawback of Awards. Marsh & McLennan Companies may, to the extent permitted by applicable law and stock exchange rules or by any applicable Marsh & McLennan Companies policy or arrangement or as specified in an Award Agreement, cancel, reduce or require reimbursement of any Awards granted to you. |
B. | Additional Provisions—Outside the United States |
1. | Changes to Delivery. In the event that Marsh & McLennan Companies considers that due to legal, regulatory or tax issues the normal delivery of an Award to a participant outside the United States would not be appropriate, then Marsh & McLennan Companies may, in its sole discretion, determine how the value of the Award will be delivered. Without limitation, this may include making any payments due under the Award in cash instead of shares of Common Stock in an amount equivalent to the value of the Award on the date of vesting after payment of applicable taxes and fees. If the value of an Award is to be delivered in cash instead of shares of Common Stock, Marsh & McLennan Companies may sell any shares of |
2. | Amendment and Modification. The Committee may modify the terms of any Award under the Plan granted to you if you are, at the time of grant or during the term of the Award, resident or primarily employed outside of the United States in any manner deemed by the Committee to be necessary or appropriate in order for such Award to conform to laws, regulations, and customs of the country in which you are then resident or primarily employed, or so that the value and other benefits of the Award to you, as affected by non-U.S. tax laws and other restrictions applicable as a result of your residence or employment outside of the United States, shall be comparable to the value of such an Award to an individual who is resident or primarily employed in the United States. |
VII. | QUESTIONS AND ADDITIONAL INFORMATION |
1. | Your title will be Group President and Chief Operating Officer of Marsh & McLennan Companies. This position currently reports to the Chief Executive Officer of Marsh & McLennan Companies. |
2. | References to “Marsh” within the 2010 Letter Agreement shall be deemed references to Marsh & McLennan Companies. |
3. | The reference to the “2000 Senior Executive Incentive and Stock Award Plan” within the 2010 Letter Agreement shall be deemed a reference to the 2011 Incentive and Stock Award Plan and references to the “Senior Executive Severance Plan” within the 2010 Letter Agreement shall be deemed a reference to the Senior Executive Severance Plan in effect at the time of your termination. |
Years Ended December 31, | |||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Earnings | |||||||||||||||||||
Income before income taxes | $ | 1,404 | $ | 769 | $ | 552 | $ | 494 | $ | 759 | |||||||||
Interest expense | 199 | 233 | 241 | 220 | 266 | ||||||||||||||
Portion of rents representative of the interest factor | 143 | 140 | 132 | 145 | 162 | ||||||||||||||
$ | 1,746 | $ | 1,142 | $ | 925 | $ | 859 | $ | 1,187 | ||||||||||
Fixed Charges | |||||||||||||||||||
Interest expense | $ | 199 | $ | 233 | $ | 241 | $ | 220 | $ | 266 | |||||||||
Portion of rents representative of the interest factor | 143 | 140 | 132 | 145 | 162 | ||||||||||||||
$ | 342 | $ | 373 | $ | 373 | $ | 365 | $ | 428 | ||||||||||
Ratio of Earnings to Fixed Charges | 5.1 | 3.1 | 2.5 | 2.4 | 2.8 |
Company Name | Country | |
1 | A. Constantinidi & CIA. S.C. | Uruguay |
2 | A.C.N. 000 951 146 Pty Limited | Australia |
3 | A.C.N. 001 572 961 Pty Limited | Australia |
4 | A.C.N. 076 935 683 Pty Limited | Australia |
5 | A.C.N. 102 322 574 Pty Limited | Australia |
6 | Academee Limited | United Kingdom |
7 | Academee Pte Limited | Singapore |
8 | Access Equity Enhanced Fund GP, LLC | Delaware |
9 | Admiral Holdings Limited | United Kingdom |
10 | Advantage Premium Finance Company | Texas |
11 | AFCO Premium Acceptance Inc. | California |
12 | AFCO Premium Credit LLC | Delaware |
13 | Affinity Financial, Incorporated | Iowa |
14 | Aldgate Investments Limited | Bermuda |
15 | Alexander Forbes Compensation Technologies Administration (Pty) Limited | South Africa |
16 | Alexander Forbes iConnect (Pty) Limited | South Africa |
17 | Alexander Forbes Insurance Management Services Namibia (Pty) Limited | Namibia |
18 | Alexander Forbes Risk Services (Botswana) (Pty) Limited | Botswana |
19 | All Asia Sedgwick Insurance Brokers Corporation | Philippines |
20 | APRIMAN, Inc. (for dissolution) | California |
21 | Assivalo Comercial E Representacoes Ltda. | Brazil |
22 | Assur Conseils Marsh S.A. | Senegal |
23 | Assurance Capital Corporation | Virginia |
24 | Assurance Services Corporation | Virginia |
25 | Australian World Underwriters Pty Ltd. | Australia |
26 | Bain Clarkson Reinsurance Pty Ltd. | Australia |
27 | BM 2011 Limited (in liquidation) | United Kingdom |
28 | BMAR 2011 Limited (in liquidation) | United Kingdom |
29 | Bostonian Solutions Property & Casualty, LLC | Massachusetts |
30 | Bowring (Bermuda) Investments Ltd. | Bermuda |
31 | Bowring Marine Limited | United Kingdom |
32 | Bowring Marsh (Bermuda) Ltd. | Bermuda |
33 | Bowring Marsh (Dublin) Limited | Ireland |
34 | Bowring Marsh Asia Pte. Ltd. | Singapore |
35 | Bowring Marsh Corretora de Resseguros Ltda. | Brazil |
36 | Bowring Marsh Limited | United Kingdom |
37 | Buro Riethmann AG | Switzerland |
38 | C.T. Bowring Limited | United Kingdom |
39 | Capatho AB | Sweden |
40 | Chas. G. Haake & Sons, Inc. | Missouri |
41 | Chronos Insurance Brokers Pty Limited | Australia |
42 | Claims and Recovery Management (Australia) Pty Limited | Australia |
43 | Collins Capital Advisors, LLC | Minnesota |
44 | Collins Capital Holdings, LLC | Minnesota |
45 | Compañias DeLima S.A. | Colombia |
46 | Confidentia Life Insurance Agency Ltd. | Israel |
47 | Confidentia Marine Insurance Agency (1983) Ltd. | Israel |
48 | Constantinidi Marsh SA | Uruguay |
49 | Consultores 2020 C.A. | Venezuela |
50 | Consultores de Proteccion y Riesgos Ltda. | Colombia |
51 | CRG (Singapore) Pte Ltd | Singapore |
52 | CS STARS LLC | Delaware |
53 | Cullen Egan Dell Limited | New Zealand |
54 | DeLima Marsh S.A. - Los Corredores de Seguros S.A. | Colombia |
55 | Deutsche Post Assekuranz Vermittlungs GmbH | Germany |
56 | DVA - Deutsche Verkehrs-Assekuranz-Vermittlungs GmbH | Germany |
57 | EnBW Versicherungs Vermittlung GmbH | Germany |
58 | Encompass Insurance Agency Pty Ltd. | Australia |
59 | Encon Group Inc./Groupe Encon Inc. | Canada |
60 | English Pension Trustees Limited | United Kingdom |
61 | Epsilon (US) Insurance Company | New York |
62 | Epsilon Insurance Company, Ltd. | Cayman Islands |
63 | Exmoor Management Company Limited | Bermuda |
64 | Faulkner & Flynn, Inc. | Virginia |
65 | Gem Insurance Company Limited | Bermuda |
66 | Generale de Courtage d'Assurances S.A.R.L. | Togo |
67 | Gerenciadora de Riesgos S.A. | Argentina |
68 | GHC Financial Institutions Insurance Services Limited | United Kingdom |
69 | Gibbs Treaty Limited | United Kingdom |
70 | Global Premium Finance Company | Virginia |
71 | Guian S.A. | France |
72 | Guy Carpenter & Cia (Mexico) S.A. de C.V. | Mexico |
73 | Guy Carpenter & Cia., S.A. | Spain |
74 | Guy Carpenter & Co. Labuan Ltd. | Malaysia |
75 | Guy Carpenter & Company (Pty) Limited | South Africa |
76 | Guy Carpenter & Company AB | Sweden |
77 | Guy Carpenter & Company B.V. | Netherlands |
78 | Guy Carpenter & Company Corredores de Reaseguros Limitada | Chile |
79 | Guy Carpenter & Company GmbH | Germany |
80 | Guy Carpenter & Company Limited | United Kingdom |
81 | Guy Carpenter & Company Limited | Ireland |
82 | Guy Carpenter & Company Limited | New Zealand |
83 | Guy Carpenter & Company Peru Corredores de Reaseguros S.A. | Peru |
84 | Guy Carpenter & Company Private Limited | Singapore |
85 | Guy Carpenter & Company Pty. Limited | Australia |
86 | Guy Carpenter & Company S.A. (Uruguay) | Uruguay |
87 | Guy Carpenter & Company S.r.l. | Italy |
88 | Guy Carpenter & Company Venezuela, C.A. (in liquidation) | Venezuela |
89 | Guy Carpenter & Company, Limited | Hong Kong |
90 | Guy Carpenter & Company, LLC | Delaware |
91 | Guy Carpenter & Company, Ltd./Guy Carpenter & Compagnie, Ltee | Canada |
92 | Guy Carpenter & Company, Ltda. | Brazil |
93 | Guy Carpenter & Company, S.A. | Belgium |
94 | Guy Carpenter & Company, S.A. | Argentina |
95 | Guy Carpenter & Company, S.A.S. | France |
96 | Guy Carpenter Bermuda Ltd. | Bermuda |
97 | Guy Carpenter Broking, Inc. | Delaware |
98 | Guy Carpenter Colombia Corredores de Reaseguros Ltda. | Colombia |
99 | Guy Carpenter Insurance Brokers (Beijing) Co. Ltd. | China |
100 | Guy Carpenter Japan, Inc. | Japan |
101 | Guy Carpenter Mexico Intermediario de Reaseguro, S.A. de C.V. | Mexico |
102 | Guy Carpenter Reinsurance Brokers Philippines, Inc. | Philippines |
103 | Hansen International Limited | Delaware |
104 | HAPIP GP 2009, LLC | Delaware |
105 | HAPIP GP, LLC | Delaware |
106 | Houstoun, Woodard, Eason, Gentle, Tomforde and Anderson, Inc. | Texas |
107 | HSBC Insurance Brokers (Singapore) Pte Ltd. | Singapore |
108 | HSBC Insurance Brokers International (Abu Dhabi) LLC | United Arab Emirates |
109 | IA/BCH Strategic Alliance, L.L.C. | Texas |
110 | IAS Barbados, Ltd. | Barbados |
111 | Industrial Risks Protection Consultants | Nigeria |
112 | Insbrokers Ltda. | Uruguay |
113 | INSIA a.s. | Czech Republic |
114 | InSolutions Limited | United Kingdom |
115 | Insurance Brokers of Nigeria Limited | Nigeria |
116 | Interlink Securities Corp. | California |
117 | Invercol Limited | Bermuda |
118 | Irish Pensions Trust Limited | Ireland |
119 | J&H Benefits Plus, Inc. | Philippines |
120 | J&H Marsh & McLennan Limited | Hong Kong |
121 | Japan Affinity Marketing, Inc. | Japan |
122 | John B. Collins Associates (UK) Limited (in liquidation) | United Kingdom |
123 | Johnson & Higgins (Bermuda) Limited | Bermuda |
124 | Johnson & Higgins Holdings Limited (in liquidation) | United Kingdom |
125 | Johnson & Higgins Limited | United Kingdom |
126 | Kessler & Co Inc. | Switzerland |
127 | Kessler & Co Inc. | Liechtenstein |
128 | Kessler Consulting Inc. | Switzerland |
129 | Kessler Prevoyance Inc. | Switzerland |
130 | Law and Business Economics Limited | United Kingdom |
131 | Lippincott & Margulies, Inc. | New York |
132 | Lynch Insurance Brokers Limited | Barbados |
133 | M&M Vehicle, L.P. | Delaware |
134 | M.A.S. 2010 Limited (in liquidation) | United Kingdom |
135 | M.S. 2010 Limited (in liquidation) | United Kingdom |
136 | Macquarie J.V. | Australia |
137 | Mangrove Insurance Solutions PCC Limited | Isle of Man |
138 | Mangrove Insurance Solutions, PCC | District Of Columbia |
139 | Marsh & McLennan (PNG) Limited | Papua New Guinea |
140 | Marsh & McLennan Agencies AS | Norway |
141 | Marsh & McLennan Agencies Ltd. | Hong Kong |
142 | Marsh & McLennan Agency AB | Sweden |
143 | Marsh & McLennan Agency LLC | Delaware |
144 | Marsh & McLennan Argentina SA Corredores de Reaseguros | Argentina |
145 | Marsh & McLennan C&I GP, Inc. | Delaware |
146 | Marsh & McLennan Companies France S.A. | France |
147 | Marsh & McLennan Companies UK Limited | United Kingdom |
148 | Marsh & McLennan Companies, Inc. | Delaware |
149 | Marsh & McLennan Deutschland GmbH | Germany |
150 | Marsh & McLennan Global Broking (Bermuda) Limited | Bermuda |
151 | Marsh & McLennan GP I, Inc. | Delaware |
152 | Marsh & McLennan GP II, Inc. | Delaware |
153 | Marsh & McLennan Holdings, Inc. | Delaware |
154 | Marsh & McLennan Insurance Services Limited | Hong Kong |
155 | Marsh & McLennan Management Services (Bermuda) Limited | Bermuda |
156 | Marsh & McLennan Risk Capital Holdings, Ltd. | Delaware |
157 | Marsh & McLennan Servicios, S.A. De C.V. | Mexico |
158 | Marsh & McLennan Shared Services Canada Limited/Services partagés Marsh & McLennan Canada limitée | Canada |
159 | Marsh & McLennan Shared Services Corporation | Delaware |
160 | Marsh & McLennan Sweden AB | Sweden |
161 | Marsh & McLennan Tech GP II, Inc. | Delaware |
162 | Marsh & McLennan, Incorporated (for dissolution) | Virgin Islands |
163 | Marsh (Bahrain) Company SPC | Bahrain |
164 | Marsh (Beijing) Insurance Brokers Co. Ltd. | China |
165 | Marsh (Beijing) Risk Consulting Co. Ltd. | China |
166 | Marsh (Hong Kong) Limited | Hong Kong |
167 | Marsh (Insurance Brokers) LLP | Kazakhstan |
168 | Marsh (Insurance Services) Limited | United Kingdom |
169 | Marsh (Isle of Man) Limited | Isle of Man |
170 | Marsh (Middle East) Limited | United Kingdom |
171 | Marsh (Namibia) (Pty) Limited | Namibia |
172 | Marsh (Proprietary) Limited | Botswana |
173 | Marsh (Pty) Limited | South Africa |
174 | Marsh (QLD) Pty Ltd. | Australia |
175 | Marsh (Risk Consulting) LLP | Kazakhstan |
176 | Marsh (Singapore) Pte Ltd | Singapore |
177 | Marsh - Insurance Brokers ZAO | Russian Federation |
178 | Marsh A/S | Denmark |
179 | Marsh AB | Sweden |
180 | Marsh Africa (Pty) Limited | South Africa |
181 | Marsh AG | Switzerland |
182 | Marsh Argentina S.R.L. | Argentina |
183 | Marsh AS | Norway |
184 | Marsh Associates (Pty) Ltd | South Africa |
185 | Marsh Austria G.m.b.H. | Austria |
186 | Marsh Aviation Insurance Broking Pty Ltd (In Liquidation) | Australia |
187 | Marsh B.V. | Netherlands |
188 | Marsh Brockman y Schuh Agente de Seguros y de Fianzas, S.A. de C.V. | Mexico |
189 | Marsh Broker de Asigurare-Reasigurare S.R.L. | Romania |
190 | Marsh Broker Japan, Inc. | Japan |
191 | Marsh Brokers (Hong Kong) Limited | Hong Kong |
192 | Marsh Brokers Limited | United Kingdom |
193 | Marsh Canada Limited/Marsh Canada Limitee | Canada |
194 | Marsh Commercial Insurance Agencies Pty Ltd. | Australia |
195 | Marsh Corporate Services (Barbados) Limited | Barbados |
196 | Marsh Corporate Services Isle of Man Ltd | Isle of Man |
197 | Marsh Corporate Services Limited | United Kingdom |
198 | Marsh Corporate Services Malta Limited | Malta |
199 | Marsh Corretora de Seguros Ltda. | Brazil |
200 | Marsh d.o.o. Beograd | Serbia, Republic of |
201 | Marsh d.o.o. za posredovanje u osiguranju | Croatia |
202 | Marsh Egypt LLC | Egypt |
203 | Marsh Employee Benefits Limited | Ireland |
204 | Marsh Employee Benefits Zimbabwe (Private) Ltd | Zimbabwe |
205 | Marsh EOOD | Bulgaria |
206 | Marsh Eurofinance B.V. | Netherlands |
207 | Marsh Europe S.A. | Belgium |
208 | Marsh Executive Benefits International Ltd. | Bermuda |
209 | Marsh Executive Benefits, Inc. | New York |
210 | Marsh For Insurance Services | Egypt |
211 | Marsh Global Markets Colombia Ltda Corredor de Reaseguro | Colombia |
212 | Marsh Global Placement S.A.C. Corredores de Reaseguros | Peru |
213 | Marsh GmbH | Germany |
214 | Marsh GSC Administracao e Corretagem de Seguros Ltda. | Brazil |
215 | Marsh Holding AB | Sweden |
216 | Marsh Holdings (Pty) Limited | South Africa |
217 | Marsh Holdings B.V. | Netherlands |
218 | Marsh IAS Management Services (Bermuda) Ltd. | Bermuda |
219 | Marsh Inc. | Delaware |
220 | Marsh India Insurance Brokers Private Limited | India |
221 | Marsh INSCO LLC | United Arab Emirates |
222 | Marsh Insurance & Investments Corp. | Delaware |
223 | Marsh Insurance and Reinsurance Brokers LLC | Azerbaijan |
224 | Marsh Insurance Brokers | United Kingdom |
225 | Marsh Insurance Brokers (Macau) Limited | Macao |
226 | Marsh Insurance Brokers (Malaysia) Sdn Bhd | Malaysia |
227 | Marsh Insurance Brokers (Private) Limited | Zimbabwe |
228 | Marsh Insurance Brokers Limited | Cyprus |
229 | Marsh Insurance Consulting Saudi Arabia | Saudi Arabia |
230 | Marsh Insurance Services Limited | New Zealand |
231 | Marsh Intermediaries, Inc. (for dissolution) | New York |
232 | Marsh International Broking Holdings Limited | United Kingdom |
233 | Marsh International Holdings II, Inc. | Delaware |
234 | Marsh International Holdings, Inc. | Delaware |
235 | Marsh Investment B.V. | Netherlands |
236 | Marsh Investment Services Limited | United Kingdom |
237 | Marsh Ireland Holdings Limited | Ireland |
238 | Marsh Israel (1999) Ltd. | Israel |
239 | Marsh Israel (Holdings) Ltd. | Israel |
240 | Marsh Israel Consultants Ltd. | Israel |
241 | Marsh Israel Insurance Agency Ltd. | Israel |
242 | Marsh Israel International Brokers Ltd. | Israel |
243 | Marsh Japan, Inc. | Japan |
244 | Marsh Kft. | Hungary |
245 | Marsh Kindlustusmaakler AS | Estonia |
246 | Marsh Korea, Inc. | Korea, Republic of |
247 | Marsh Life & Pension Oy | Finland |
248 | Marsh Limited | Fiji |
249 | Marsh Limited | New Zealand |
250 | Marsh Limited | United Kingdom |
251 | Marsh LLC | Ukraine |
252 | Marsh LLC Insurance Brokers | Greece |
253 | Marsh Ltd. | Wisconsin |
254 | Marsh Management Services (Barbados) Limited | Barbados |
255 | Marsh Management Services (British Virgin Islands) Ltd | Virgin Islands, British |
256 | Marsh Management Services (Cayman) Ltd. | Cayman Islands |
257 | Marsh Management Services (Dubai) Limited | United Arab Emirates |
258 | Marsh Management Services (Dublin) Limited | Ireland |
259 | Marsh Management Services (Gibraltar) Limited (in liquidation) | Gibraltar |
260 | Marsh Management Services (Labuan) Limited | Malaysia |
261 | Marsh Management Services (USVI) Ltd. | Virgin Islands |
262 | Marsh Management Services Guernsey Limited | Guernsey |
263 | Marsh Management Services Inc. | New York |
264 | Marsh Management Services Isle of Man Limited | Isle of Man |
265 | Marsh Management Services Jersey Limited | Jersey |
266 | Marsh Management Services Luxembourg SA | Luxembourg |
267 | Marsh Management Services Malta Limited | Malta |
268 | Marsh Management Services Singapore Pte. Ltd. | Singapore |
269 | Marsh Management Services Sweden AB | Sweden |
270 | Marsh Marine & Energy AB | Sweden |
271 | Marsh Mercer Holdings (Australia) Pty Ltd | Australia |
272 | Marsh Micronesia, Inc. | Guam |
273 | Marsh Oman LLC | Oman |
274 | Marsh Oy | Finland |
275 | Marsh PB Co., Ltd. | Thailand |
276 | Marsh Peru S.A. Corredores de Seguros | Peru |
277 | Marsh Philippines, Inc. | Philippines |
278 | Marsh Placement Services Hong Kong Ltd. | Hong Kong |
279 | Marsh Privat, A.I.E. | Spain |
280 | Marsh Private Client Life Insurance Services | California |
281 | Marsh Pty. Ltd. | Australia |
282 | Marsh Qatar LLC | Qatar |
283 | Marsh Resolutions Pty Limited | Australia |
284 | Marsh Risk Consulting B.V. | Netherlands |
285 | Marsh Risk Consulting Limitada | Chile |
286 | Marsh Risk Consulting Services S.r.L. | Italy |
287 | Marsh Risk Consulting, S.L. | Spain |
288 | Marsh Risk Management Private Ltd. | India |
289 | Marsh S.A. | Belgium |
290 | Marsh S.A. | France |
291 | Marsh S.A. Corredores De Seguros | Chile |
292 | Marsh S.p.A. | Italy |
293 | Marsh s.r.o. | Czech Republic |
294 | Marsh s.r.o. | Slovakia |
295 | Marsh SA | Luxembourg |
296 | Marsh SA (Argentina) | Argentina |
297 | Marsh Saldana Inc. | Puerto Rico |
298 | Marsh Saudi Arabia Insurance & Reinsurance Brokers | Saudi Arabia |
299 | Marsh Secretarial Services Limited | United Kingdom |
300 | Marsh Services Limited | United Kingdom |
301 | Marsh Services Spolka z.o.o. | Poland |
302 | Marsh SIA | Latvia |
303 | Marsh Sigorta ve Reasurans Brokerligi A.S. | Turkey |
304 | Marsh Spolka z.o.o. | Poland |
305 | Marsh Szolgaltato Kft. | Hungary |
306 | Marsh Takaful Brokers (Malaysia) Sdn Bhd | Malaysia |
307 | Marsh Treasury Services (Dublin) Limited | Ireland |
308 | Marsh Treasury Services Limited | United Kingdom |
309 | Marsh Tunisia S.A.R.L. | Tunisia |
310 | Marsh UK Limited | United Kingdom |
311 | Marsh USA (India) Inc. | Delaware |
312 | Marsh USA Borrower LLC | Delaware |
313 | Marsh USA Inc. | Delaware |
314 | Marsh Venezuela C.A. Sociedad de Corretaje de Seguros | Venezuela |
315 | Marsh Vietnam Insurance Broking Company Ltd | Vietnam |
316 | Marsh, Lda. | Portugal |
317 | Marsh, S.A. Mediadores de Seguros | Spain |
318 | Matthiessen Assurans AB | Sweden |
319 | Matthiessen Reinsurance Ltd AB | Sweden |
320 | Mearbridge LLC | Delaware |
321 | Mercer (Argentina) S.A. | Argentina |
322 | Mercer (Australia) Pty Ltd | Australia |
323 | Mercer (Austria) GmbH | Austria |
324 | Mercer (Belgium) SA-NV | Belgium |
325 | Mercer (Canada) Limited/Mercer (Canada) Limitee | Canada |
326 | Mercer (Colombia) Ltda. | Colombia |
327 | Mercer (Czech) a.s. | Czech Republic |
328 | Mercer (Danmark) A/S | Denmark |
329 | Mercer (Finland) OY | Finland |
330 | Mercer (France) SAS | France |
331 | Mercer (Hong Kong) Limited | Hong Kong |
332 | Mercer (Hungary) Kft. | Hungary |
333 | Mercer (Ireland) Limited | Ireland |
334 | Mercer (Malaysia) Sdn. Bhd. | Malaysia |
335 | Mercer (N.Z.) Limited | New Zealand |
336 | Mercer (Nederland) B.V. | Netherlands |
337 | Mercer (Norge) AS | Norway |
338 | Mercer (Polska) Sp.z o.o. | Poland |
339 | Mercer (Portugal) Lda | Portugal |
340 | Mercer (Puerto Rico), Inc. | Puerto Rico |
341 | Mercer (Singapore) Pte. Ltd. | Singapore |
342 | Mercer (Sweden) AB | Sweden |
343 | Mercer (Switzerland) SA | Switzerland |
344 | Mercer (Taiwan) Ltd. | Taiwan |
345 | Mercer (Thailand) Ltd. | Thailand |
346 | Mercer (US) Inc. | Delaware |
347 | Mercer Agencia de Seguros Ltda. | Colombia |
348 | Mercer Asesores de Seguros S.A. | Argentina |
349 | Mercer Broking Ltd. | Taiwan |
350 | Mercer Certificering B.V. | Netherlands |
351 | Mercer Consultation (Quebec) Ltee. | Canada |
352 | Mercer Consulting (Australia) Pty Ltd | Australia |
353 | Mercer Consulting (Chile) Ltda. | Chile |
354 | Mercer Consulting (China) Ltd. | China |
355 | Mercer Consulting (France) SAS | France |
356 | Mercer Consulting (India) Private Ltd. | India |
357 | Mercer Consulting B.V. | Netherlands |
358 | Mercer Consulting Holdings Sdn. Bhd. | Malaysia |
359 | Mercer Consulting Limited | United Kingdom |
360 | Mercer Consulting Middle East Limited | United Arab Emirates |
361 | Mercer Consulting S.L. | Spain |
362 | Mercer Consulting Venezuela, C.A. | Venezuela |
363 | Mercer Corredores de Seguros Ltda. | Chile |
364 | Mercer Corretora de Seguros Ltda | Brazil |
365 | Mercer Danismanlik Anonim Sirketi | Turkey |
366 | Mercer Deutschland GmbH | Germany |
367 | Mercer Employee Benefits - Mediacao de Seguros, Lda. | Portugal |
368 | Mercer Employee Benefits Limited | United Kingdom |
369 | Mercer Employee Benefits OY | Finland |
370 | Mercer Financial Advice (Australia) Pty Ltd | Australia |
371 | Mercer Financial Services Limited | Ireland |
372 | Mercer Financial Services Middle East Limited | United Arab Emirates |
373 | Mercer Global Investments Canada Limited | Canada |
374 | Mercer Global Investments Europe Limited | Ireland |
375 | Mercer Global Investments Management Limited | Ireland |
376 | Mercer Health & Benefits Administration LLC | Delaware |
377 | Mercer Health & Benefits LLC | Delaware |
378 | Mercer Holdings, Inc. | Philippines |
379 | Mercer Holdings, Inc. | Delaware |
380 | Mercer HR Consulting Borrower LLC | Delaware |
381 | Mercer HR Services, LLC | Delaware |
382 | Mercer Human Resource Consulting (NZ) Limited | New Zealand |
383 | Mercer Human Resource Consulting Ltda | Brazil |
384 | Mercer Human Resource Consulting S.A. de C.V. | Mexico |
385 | Mercer Inc. | Delaware |
386 | Mercer India Private Limited | India |
387 | Mercer Investment Consulting Limited | Ireland |
388 | Mercer Investment Consulting Limited | Hong Kong |
389 | Mercer Investment Consulting, Inc. | Kentucky |
390 | Mercer Investment Management, Inc. | Delaware |
391 | Mercer Investment Nominees (NZ) Limited | New Zealand |
392 | Mercer Investments (Australia) Limited | Australia |
393 | Mercer Investments (Korea) Co., Ltd. | Korea, Republic of |
394 | Mercer Ireland Holdings Limited | Ireland |
395 | Mercer Italia Srl | Italy |
396 | Mercer Japan Ltd | Japan |
397 | Mercer Korea Co. Ltd. | Korea, Republic of |
398 | Mercer Limited | United Kingdom |
399 | Mercer LLC | Delaware |
400 | Mercer Management Consulting Holding GmbH | Germany |
401 | Mercer Master Trustees Limited | Ireland |
402 | Mercer Mauritius Ltd. | Mauritius |
403 | Mercer MC Consulting Borrower LLC | Delaware |
404 | Mercer ME Benefits Valuation Services LLC | Delaware |
405 | Mercer Outsourcing (Australia) Pty Ltd | Australia |
406 | Mercer Pensionsraadgivning A/S | Denmark |
407 | Mercer Philippines, Inc. | Philippines |
408 | Mercer PS Benefits Valuation Services LLC | Delaware |
409 | Mercer Sigorta Brokerligi Anonim Sirketi | Turkey |
410 | Mercer Superannuation (Australia) Limited | Australia |
411 | Mercer Treuhand GmbH | Germany |
412 | Mercer Trust Company | New Hampshire |
413 | Mercer Trustees Limited | Ireland |
414 | Mercer Trustees Limited | United Kingdom |
415 | Mercer Wealth Solutions Limited | New Zealand |
416 | Mercer Zainal Consulting Sdn Bhd | Malaysia |
417 | Mercer, Agente de Seguros, S.A. de C.V. | Mexico |
418 | Mercury Insurance Services Pty Ltd | Australia |
419 | MM Risk Services Pty Ltd (In Liquidation) | Australia |
420 | MMA Mid-Atlantic Employee LLC | Delaware |
421 | MMC 28 State Street Holdings Inc. | Delaware |
422 | MMC Borrower LLC | Delaware |
423 | MMC Capital, Inc. | Delaware |
424 | MMC GP III, Inc. | Delaware |
425 | MMC International Limited | United Kingdom |
426 | MMC International Treasury Centre Limited | United Kingdom |
427 | MMC Realty, Inc. | New York |
428 | MMC Securities (Europe) Limited | United Kingdom |
429 | MMC Securities Corp. | Delaware |
430 | MMC UK Group Limited | United Kingdom |
431 | MMC UK Pension Fund Trustee Limited | United Kingdom |
432 | MMOW Limited | United Kingdom |
433 | MMRC LLC | Delaware |
434 | MMSC Holdings, Inc. | Delaware |
435 | MOW Holding LLC | Delaware |
436 | MRC Marsh Risk Consulting GmbH | Germany |
437 | Muir Beddal (Zimbabwe) Limited | Zimbabwe |
438 | National Economic Research Associates, Inc. | California |
439 | National Economic Research Associates, Inc. | Delaware |
440 | NERA Australia Pty. Ltd. | Australia |
441 | NERA do Brasil Ltda. | Brazil |
442 | NERA Economic Consulting GmbH | Germany |
443 | NERA Economic Consulting Limited | New Zealand |
444 | NERA S.R.L. | Italy |
445 | NERA SAS | France |
446 | NERA UK Limited | United Kingdom |
447 | Neuburger Noble Lowndes GmbH | Germany |
448 | NIA Securities, LLC | New Jersey |
449 | Normandy Reinsurance Company Limited | Bermuda |
450 | Nui Marsh (PNG) Limited | Papua New Guinea |
451 | O.R.C. Canada Inc. | Canada |
452 | Oliver Wyman (Bermuda) Limited | Bermuda |
453 | Oliver Wyman AB | Sweden |
454 | Oliver Wyman Actuarial Consulting, Inc. | Delaware |
455 | Oliver Wyman AG | Switzerland |
456 | Oliver Wyman B.V. | Netherlands |
457 | Oliver Wyman Consulting GmbH | Germany |
458 | Oliver Wyman Consulting Limited (in liquidation) | United Kingdom |
459 | Oliver Wyman Consultoria em Estrategia de Negocios Ltda. | Brazil |
460 | Oliver Wyman Corporate Risk Consulting, Inc. | Delaware |
461 | Oliver Wyman Delta Limited (in liquidation) | United Kingdom |
462 | Oliver Wyman Delta SAS | France |
463 | Oliver Wyman FZ-LLC | United Arab Emirates |
464 | Oliver Wyman Germany GmbH | Germany |
465 | Oliver Wyman GmbH | Germany |
466 | Oliver Wyman Group KK | Japan |
467 | Oliver Wyman Leadership Development Limited (in liquidation) | United Kingdom |
468 | Oliver Wyman Limited | United Kingdom |
469 | Oliver Wyman LLC | Delaware |
470 | Oliver Wyman LLC | Russian Federation |
471 | Oliver Wyman Ltd. | Korea, Republic of |
472 | Oliver Wyman Pte. Ltd. | Singapore |
473 | Oliver Wyman Pty. Ltd. | Australia |
474 | Oliver Wyman S.L. | Spain |
475 | Oliver Wyman S.r.l. | Italy |
476 | Oliver Wyman Servicios, S. de R.L. de C.V. | Mexico |
477 | Oliver Wyman SNC | France |
478 | Oliver Wyman, Inc. | Delaware |
479 | Oliver Wyman, S. de R.L. de C.V. | Mexico |
480 | Oliver, Wyman Corporate Risk Consulting Limited/Oliver, Wyman Consultation en risques des entreprises limitee | Canada |
481 | Oliver, Wyman Limited/Oliver, Wyman limitee | Canada |
482 | Omega Indemnity (Bermuda) Limited | Bermuda |
483 | Organizacion Brockman y Schuh S.A. de C.V. | Mexico |
484 | Organization Resources Counselors Limited | United Kingdom |
485 | Pallas Marsh Corretagem de Seguros Ltda. | Brazil |
486 | Pension Trustees Limited | United Kingdom |
487 | Pensionsservice Benefit Network Sverige AB | Sweden |
488 | PFT Limited | United Kingdom |
489 | PI Indemnity Company, Limited | Ireland |
490 | Potomac Insurance Managers, Inc. | Delaware |
491 | Prentis Donegan & Partners (Holdings) Limited (in liquidation) | United Kingdom |
492 | Prentis Donegan & Partners Limited (in liquidation) | United Kingdom |
493 | PT Marsh Indonesia | Indonesia |
494 | PT Mercer Indonesia | Indonesia |
495 | PT Quantum Computing Services | Indonesia |
496 | PT Quantum Investments | Indonesia |
497 | PT Quantum Support Services | Indonesia |
498 | R R B Beratungsgesellschaft fuer Altersversorgung mbh | Germany |
499 | R. Mees & Zoonen Assuradeuren B.V. | Netherlands |
500 | R. Mees & Zoonen Holdings B.V. | Netherlands |
501 | Rattner Mackenzie Limited (in liquidation) | United Kingdom |
502 | Reclaim Consulting Services Limited (in liquidation) | United Kingdom |
503 | Resource Benefit Associates | Nigeria |
504 | Rivers Group Limited | United Kingdom |
505 | Rockefeller Risk Advisors, Inc. (for dissolution) | New York |
506 | Rutherfoord Financial Services, Inc. | Virginia |
507 | Rutherfoord International, Inc. | Virginia |
508 | SAFCAR-Marsh | Mali |
509 | SCIB (Bermuda) Limited | Bermuda |
510 | Seabury & Smith Borrower LLC | Delaware |
511 | Seabury & Smith, Inc. | Delaware |
512 | Second Opinion Insurance Services | California |
513 | SEDFEMA Insurance Brokers, Inc. | Philippines |
514 | Sedgwick (Bermuda) Limited | Bermuda |
515 | Sedgwick (Deutschland) GmbH | Germany |
516 | Sedgwick (Holdings) Pty. Limited | Australia |
517 | Sedgwick Consulting Group Limited | United Kingdom |
518 | Sedgwick Dineen Group Limited | Ireland |
519 | Sedgwick Far East Limited (in liquidation) | United Kingdom |
520 | Sedgwick Financial Services Limited | United Kingdom |
521 | Sedgwick Forbes Middle East Limited | Jersey |
522 | Sedgwick Group (Australia) Pty. Limited | Australia |
523 | Sedgwick Group (Bermuda) Limited | Bermuda |
524 | Sedgwick Group (Zimbabwe) Limited | Zimbabwe |
525 | Sedgwick Group Limited | United Kingdom |
526 | Sedgwick Holdings (Private) Limited | Zimbabwe |
527 | Sedgwick Hung Kai Insurance & Risk Management Consultants Limited | Hong Kong |
528 | Sedgwick Internationaal B.V. | Netherlands |
529 | Sedgwick Limited | United Kingdom |
530 | Sedgwick Management Services (Barbados) Limited | Barbados |
531 | Sedgwick Management Services (Bermuda) Limited | Bermuda |
532 | Sedgwick Management Services (London) Limited (in liquidation) | United Kingdom |
533 | Sedgwick Management Services (Singapore) Pte Limited | Singapore |
534 | Sedgwick Noble Lowndes (UK) Limited | United Kingdom |
535 | Sedgwick Noble Lowndes Group Limited | United Kingdom |
536 | Sedgwick Noble Lowndes Limited | United Kingdom |
537 | Sedgwick Noble Lowndes Limited | Hong Kong |
538 | Sedgwick OS Limited (in liquidation) | United Kingdom |
539 | Sedgwick Overseas Investments Limited | United Kingdom |
540 | Sedgwick Pte Ltd | Singapore |
541 | Sedgwick Re Asia Pacific (Consultants) Private Limited | Singapore |
542 | Sedgwick Re Asia Pacific Pty Limited | Australia |
543 | Sedgwick Trustees Limited | United Kingdom |
544 | Sedgwick UK Risk Services Limited | United Kingdom |
545 | Sedgwick Ulster Pension Trustees Limited | United Kingdom |
546 | Sedgwick, Inc. (for dissolution) | New York |
547 | Settlement Trustees Limited | United Kingdom |
548 | Shanghai Mercer Insurance Broking Company | China |
549 | SICAR Marsh S.A.R.L. | Burkina Faso |
550 | Societe d'Assurances et de Participations Guian S.A. | France |
551 | Southern Marine & Aviation Underwriters, Inc. | Louisiana |
552 | Southern Marine & Aviation, Inc. | Louisiana |
553 | Sudzucker Versicherungs-Vermittlungs GmbH | Germany |
554 | T.M.G. 2010 Limited (in liquidation) | United Kingdom |
555 | The Bostonian Group Insurance Agency, Inc. | Massachusetts |
556 | The Carpenter Management Corporation | Delaware |
557 | The Schinnerer Group, Inc. | Delaware |
558 | Tobelan S.A. | Uruguay |
559 | Tower Hill Limited | United Kingdom |
560 | Tower Place Developments (West) Limited | United Kingdom |
561 | Tower Place Developments Limited | United Kingdom |
562 | U.T.E. AMG | Spain |
563 | U.T.E. Marsh - Aon Gil y Carvajal (in liquidation) | Spain |
564 | U.T.E. Marsh - Caja Castilla La Mancha Junta de Comunidades | Spain |
565 | U.T.E. Marsh - CCM Brokers | Spain |
566 | U.T.E. Marsh - CCM JCCM | Spain |
567 | U.T.E. Marsh - CCM SESCAM | Spain |
568 | U.T.E. Marsh - Disbrok Diputacion de Badajoz | Spain |
569 | U.T.E. Marsh - Disbrok Junta 2006 | Spain |
570 | U.T.E. Marsh - Efir Gestion | Spain |
571 | U.T.E. Marsh - Salvado Reus | Spain |
572 | U.T.E. Marsh - Salvado Vila-Seca 2010 | Spain |
573 | U.T.E. Marsh - Verssa | Spain |
574 | U.T.E. Marsh - Zihurko (in liquidation) | Spain |
575 | UABDB Marsh Lietuva | Lithuania |
576 | Ulster Insurance Services Limited (in liquidation) | United Kingdom |
577 | Uniservice Insurance Company Limited | Bermuda |
578 | Unison Management (Bermuda) Ltd. (for dissolution) | Bermuda |
579 | Victor O. Schinnerer & Co. (Bermuda), Ltd. | Bermuda |
580 | Victor O. Schinnerer & Company Limited | United Kingdom |
581 | Victor O. Schinnerer & Company, Inc. | Delaware |
582 | Victoria Hall Company Limited | Bermuda |
583 | William M. Mercer (Canada) Limited/William M. Mercer (Canada) Limitee | Canada |
584 | William M. Mercer AB | Sweden |
585 | William M. Mercer Comercio, Consultoria e Servicos Ltda. | Brazil |
586 | Yokogawa Organization Resources Counselors Corporations | Japan |
Date: | February 28, 2012 | /s/ Brian Duperreault | |
Brian Duperreault | |||
President and Chief Executive Officer |
Date: | February 28, 2012 | /s/ Vanessa A. Wittman | |
Vanessa A. Wittman | |||
Executive Vice President & Chief Financial Officer |
1. | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and |
2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Marsh & McLennan Companies, Inc. |
Date: | February 28, 2012 | /s/ Brian Duperreault | |
Brian Duperreault | |||
President and Chief Executive Officer |
Date: | February 28, 2012 | /s/ Vanessa A. Wittman | |
Vanessa A. Wittman | |||
Executive Vice President & Chief Financial Officer |
Integration and Restructuring Costs (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Restructuring Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Activities |
(a) Primarily foreign exchange. |
Acquisitions (Allocation Of Acquisition Costs) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
---|---|---|---|
Deferred/Contingent consideration | $ 33 | $ 81 | $ 100 |
Total Consideration | 197 | ||
Cash and cash equivalents | 4 | ||
Accounts receivable, net | 8 | ||
Other current assets | 0 | ||
Property, plant, and equipment | 3 | ||
Other assets | 1 | ||
Intangible assets | 80 | ||
Goodwill | 122 | ||
Total assets acquired | 218 | ||
Current liabilities | 14 | ||
Other liabilities | 7 | ||
Total liabilities assumed | 21 | 176 | 24 |
Net assets acquired | 197 | ||
Current Year Acquisitions [Member]
|
|||
Cash | 164 | ||
Deferred/Contingent consideration | 33 | ||
Total Consideration | $ 197 |
Supplemental Disclosures (Schedule of Supplemental Cash Flow Disclosures) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Supplemental Cash Flow Information [Abstract] | |||
Assets acquired, excluding cash | $ 214 | $ 867 | $ 420 |
Liabilities assumed | (21) | (176) | (24) |
Shares issued (7.6 million and 10.7 million shares in 2010 and 2009, respectively) | 0 | (183) | (229) |
Contingent/deferred purchase consideration | (33) | (81) | (100) |
Net cash outflow for current year acquisitions | 160 | 427 | 67 |
Purchase of other intangibles | 4 | 3 | 0 |
Contingent payments from prior years' acquisitions | 0 | 2 | 6 |
Deferred purchase consideration from prior years' acquisitions | 11 | 60 | 0 |
Subtotal | 175 | 492 | 73 |
Cash paid into escrow for future acquisition | 62 | 0 | 0 |
Net cash outflow for acquisitions | 237 | 492 | 73 |
Interest paid | 188 | 232 | 230 |
Income taxes paid, net of refunds | $ 37 | $ 39 | $ 219 |
Shares issued | 0 | 7.6 | 10.7 |
Retirement Benefits (Effects of One Percentage Point Change in Assumed Health Care Cost Trend Rates) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2011
|
|
U.S. Plans [Member]
|
|
Effect on total of service and interest cost components 1 Percentage Point Increase | $ 0 |
Effect on total of service and interest cost components 1 Percentage Point Decrease | (1) |
Effect on postretirement benefit obligation 1 Percentage Point Increase | 1 |
Effect on postretirement benefit obligation 1 Percentage Point Decrease | (16) |
Non-U.S. Plans [Member]
|
|
Effect on total of service and interest cost components 1 Percentage Point Increase | 1 |
Effect on total of service and interest cost components 1 Percentage Point Decrease | 0 |
Effect on postretirement benefit obligation 1 Percentage Point Increase | 10 |
Effect on postretirement benefit obligation 1 Percentage Point Decrease | $ (8) |
Acquisitions (Pro-Forma Information) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
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Acquisitions [Abstract] | |||
Revenue | $ 11,563 | $ 10,839 | $ 10,436 |
Income from continuing operations | 985 | 580 | 572 |
Net income attributable to the Company | $ 996 | $ 870 | $ 268 |
Basic net income per share - Continuing operations | $ 1.77 | $ 1.03 | $ 1.02 |
Basic net income per share - Net income attributable to the Company | $ 1.83 | $ 1.59 | $ 0.49 |
Diluted net income per share - Continuing operations | $ 1.74 | $ 1.02 | $ 1.01 |
Diluted net income per share - Net income attributable to the Company | $ 1.80 | $ 1.57 | $ 0.49 |
Summary of Significant Accounting Policies (Diluted EPS Calculation for Net Income) (Details) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Net income attributable to the Company | $ 993 | $ 855 | $ 227 |
Basic weighted average common shares outstanding | 542 | 540 | 522 |
Dilutive weighted average common shares outstanding | 551 | 544 | 524 |
Net Income [Member]
|
|||
Net income attributable to the Company | 993 | 855 | 227 |
Less: Portion attributable to participating securities | 6 | 11 | 4 |
Income attributable to common shares | $ 987 | $ 844 | $ 223 |
Basic weighted average common shares outstanding | 542 | 540 | 522 |
Dilutive effect of potentially issuable common shares | 9 | 4 | 2 |
Dilutive weighted average common shares outstanding | 551 | 544 | 524 |
Average stock price used to calculate common stock equivalents | $ 29.40 | $ 23.76 | $ 21.44 |
Retirement Benefits (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of estimated future benefit payaments for its pension and postretirement benefits |
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Summary of the U.S. and non-U.S. plans investments measured at fair value on a recurring basis |
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Summary of changes in the fair value of the plans' Level 3 assets |
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Combined US & Significant Non-US Plans [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of weighted average actuarial assumptions utilized defined benefit plans |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of net periodic benefit cost for U.S. defined benefit and other postretirement benefit plans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of weighted average actuarial assumptions utilized defined benefit plans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of net periodic benefit cost for U.S. defined benefit and other postretirement benefit plans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of MMC's defined benefit plans and postretirement plans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of unrecognized net actuarial gain (loss) |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of total recognized in net periodic benefit cost and other comprehensive income (loss) |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of change in assumed health care cost trend rates |
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Schedule of estimated amounts that will be amortized from accumulated other comprehensive in the next fiscal year |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. Plans [Member]
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of weighted average actuarial assumptions utilized defined benefit plans |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of net periodic benefit cost for U.S. defined benefit and other postretirement benefit plans |
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Schedule of unrecognized net actuarial gain (loss) |
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Schedule of defined benefit plans disclosures and unrecognized net actuarial gain (loss) [Table Text Block] |
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Schedule of total recognized in net periodic benefit cost and other comprehensive income (loss) |
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Schedule of change in assumed health care cost trend rates |
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Schedule of estimated amounts that will be amortized from accumulated other comprehensive in the next fiscal year |
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Stock Benefit Plans (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
Restricted Stock [Member]
|
Dec. 31, 2011
Restricted Stock [Member]
Shares granted prior to 2004 [Member]
|
Dec. 31, 2011
Restricted Stock [Member]
Shares granted during 2004 [Member]
|
Dec. 31, 2011
Restricted Stock [Member]
Shares granted during 2005 [Member]
|
Dec. 31, 2011
Restricted Stock [Member]
Certain grants in 2005 [Member]
|
Dec. 31, 2011
Restricted Stock Units And Performance Stock Units [Member]
Shares granted prior to 2004 [Member]
|
Dec. 31, 2010
Restricted Stock Units (RSUs) [Member]
|
Dec. 31, 2009
Restricted Stock Units (RSUs) [Member]
|
Dec. 31, 2006
Restricted Stock Units (RSUs) [Member]
|
Dec. 31, 2011
Deferred Stock Units [Member]
|
Dec. 31, 2010
Deferred Stock Units [Member]
|
Dec. 31, 2009
Deferred Stock Units [Member]
|
Dec. 31, 2011
Stock Options [Member]
|
Mar. 16, 2005
Stock Options [Member]
|
Dec. 31, 2011
Executive Plan 2000 [Member]
|
Mar. 31, 2007
Employee Stock Purchase Plan 1999 [Member]
|
Dec. 31, 2011
Employee Stock Purchase Plan 1999 [Member]
|
May 31, 2007
International Plan [Member]
|
Dec. 31, 2011
International Plan [Member]
|
|
Awards made over the life of the plan | 23,200,000 | |||||||||||||||||||||
Stock options vesting percentage | 25.00% | 25.00% | ||||||||||||||||||||
Stock appreciation percentage above exercise price | 15.00% | |||||||||||||||||||||
Weighted-average grant-date fair value | $ 6.67 | $ 4.85 | $ 4.63 | $ 22.81 | $ 19.33 | |||||||||||||||||
Total intrinsic value of options exercised | $ 23.6 | $ 0.5 | $ 0 | |||||||||||||||||||
Unrecognized compensation cost related to option awards | 191.0 | 21.0 | ||||||||||||||||||||
Weighted-average period over which that cost is expected to be recognized, years | 1.6 | |||||||||||||||||||||
Cash received from the exercise of stock options | 111.7 | 1.5 | 0 | |||||||||||||||||||
Performance-based restricted stock unit payable range minimum | 0.00% | |||||||||||||||||||||
Performance-based restricted stock unit payable range maximum | 200.00% | |||||||||||||||||||||
Total fair value of deferred stock units | 249.0 | 170.7 | 87.9 | |||||||||||||||||||
Vesting period, years | 10 years | 5 years | 7 years | 3 years | 3 years | |||||||||||||||||
Total fair value of restricted stock | $ 0.6 | |||||||||||||||||||||
Stock option price percent | 95.00% | |||||||||||||||||||||
Reduction in the shares available | 10,000,000 | |||||||||||||||||||||
Issuance of common stock common stock approved by the Board of Directors | 35,600,000 | 12,000,000 | ||||||||||||||||||||
Shares due to shareholder action | 4,000,000 | |||||||||||||||||||||
Increase in number of shares available for issuance approved by Board of Directors | 5,000,000 | |||||||||||||||||||||
Shares purchased by employees | 1,000,337 | 133,662 | ||||||||||||||||||||
Shares available for issuance under the plan | 5,035,737 | 3,197,034 |
Long-term Commitments (Operating Lease Agreements) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
---|---|
Long-Term Commitments [Abstract] | |
2012, Gross Rental Commitments | $ 412 |
2013, Gross Rental Commitments | 368 |
2014, Gross Rental Commitments | 316 |
2015, Gross Rental Commitments | 275 |
2016, Gross Rental Commitments | 236 |
Subsequent years, Gross Rental Commitments | 1,133 |
2012, Rentals from Subleases | 49 |
2013, Rentals from Subleases | 45 |
2014, Rentals from Subleases | 43 |
2015, Rentals from Subleases | 39 |
2016, Rentals from Subleases | 39 |
Subsequent years, Rentals from Subleases | 142 |
2012, Net Rental Commitments | 363 |
2013, Net Rental Commitments | 323 |
2014, Net Rental Commitments | 273 |
2015, Net Rental Commitments | 236 |
2016, Net Rental Commitments | 197 |
Subsequesnt years, Net Rental Commitments | $ 991 |
Discontinued Operations (Income Statement Data) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Revenue | $ 0 | $ 381 | $ 699 | |||||||||
Expense | 0 | [1] | 345 | [1] | 958 | [1] | ||||||
Net operating income | 0 | 36 | (259) | |||||||||
Income Tax | 0 | 16 | 24 | |||||||||
Income from Kroll operations, net of tax | 0 | 20 | (283) | |||||||||
Other discontinued operations, net of tax | (17) | (7) | 0 | |||||||||
Income (loss) from discontinued operations, net of tax | (17) | 13 | (283) | |||||||||
Disposals of discontinued operations | 25 | [2] | 58 | [2] | 8 | [2] | ||||||
Income tax (credit) expense | (25) | [3] | (235) | [3] | 15 | [3] | ||||||
Disposals of discontinued operations, net of tax | 50 | 293 | (7) | |||||||||
Discontinued operations, net of tax | 33 | 306 | (290) | |||||||||
Discontinued operations, net of tax per basic share | $ 0.06 | $ 0.55 | $ (0.54) | |||||||||
Discontinued operations, net of tax per diluted share | $ 0.06 | $ 0.55 | $ (0.54) | |||||||||
Goodwill Impairment Charge From Discontinued Operations | $ 315 | |||||||||||
|
Retirement Benefits (Schedule of Estimated Future Benefit Payments for Pension and Postretirement Benefits) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
---|---|
U.S. Pension Benefits [Member]
|
|
2012 | $ 197 |
2013 | 207 |
2014 | 218 |
2015 | 230 |
2016 | 242 |
2017-2021 | 1,395 |
Non- U.S Pension Benefits [Member]
|
|
2012 | 247 |
2013 | 253 |
2014 | 267 |
2015 | 283 |
2016 | 301 |
2017-2021 | 1,786 |
U.S. Postretirement Benefits [Member]
|
|
2012 | 11 |
2013 | 12 |
2014 | 12 |
2015 | 12 |
2016 | 12 |
2017-2021 | 61 |
Non- U.S Postretirement Benefits [Member]
|
|
2012 | 4 |
2013 | 4 |
2014 | 4 |
2015 | 4 |
2016 | 4 |
2017-2021 | $ 25 |
Stock Benefit Plans (Binomial Option Pricing Valuation Model For Options) (Details)
|
12 Months Ended |
---|---|
Dec. 31, 2009
|
|
Expected dividend yield | 3.62% |
Binomial Option Pricing [Member]
|
|
Risk-free interest rate, Range Minimum | 0.42% |
Risk-free interest rate, Range Maximum | 2.40% |
Expected life (in years), Range Minimum | 5.6 |
Expected life (in years), Range Maximum | 7.7 |
Expected volatility | 35.60% |
Expected dividend yield | 3.62% |
Fair Value Measurements (Changes In Fair Value Of Level 3 Liabilities Representing Acquisition Related Contingent Consideration) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2011
Contingent Consideration [Member]
|
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Fair Value, Beginning of Period | $ 110 | [1] | $ 106 | [1] | $ 106 | [1] | ||
Additions | 14 | [1] | ||||||
Payments | (13) | [1] | ||||||
Revaluation Impact | 3 | [1] | ||||||
Fair Value, End of Period | $ 110 | [1] | $ 106 | [1] | $ 110 | [1] | ||
|
Retirement Benefits (Summary of the U.S. and Non-U.S. Plan Investments Measured At Fair Value on a Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Common/collective trusts | $ 4,847 | $ 4,471 |
Corporate obligations | 1,793 | 1,111 |
Corporate stocks | 1,739 | 1,941 |
Private equity/Partnerships | 780 | 747 |
Government securities | 378 | 547 |
Real estate | 337 | 301 |
Short-term investment funds | 330 | 610 |
Company common stock | 253 | 219 |
Other investments | 237 | 188 |
Insurance group annuity contracts | 20 | 20 |
Swaps | 5 | 9 |
Total investments | 10,719 | 10,164 |
Identical Assets (Level 1) [Member]
|
||
Common/collective trusts | 10 | 0 |
Corporate obligations | 0 | 0 |
Corporate stocks | 1,716 | 1,939 |
Private equity/Partnerships | 0 | 0 |
Government securities | 10 | 0 |
Real estate | 14 | 3 |
Short-term investment funds | 288 | 561 |
Company common stock | 253 | 219 |
Other investments | 1 | 3 |
Insurance group annuity contracts | 0 | 0 |
Swaps | 0 | 0 |
Total investments | 2,292 | 2,725 |
Observable Inputs (Level 2) [Member]
|
||
Common/collective trusts | 4,837 | 4,471 |
Corporate obligations | 1,792 | 1,103 |
Corporate stocks | 15 | 1 |
Private equity/Partnerships | 1 | 1 |
Government securities | 368 | 547 |
Real estate | 4 | 5 |
Short-term investment funds | 42 | 49 |
Company common stock | 0 | 0 |
Other investments | 34 | 8 |
Insurance group annuity contracts | 0 | 0 |
Swaps | 5 | 9 |
Total investments | 7,098 | 6,194 |
Unobservable Inputs (Level 3) [Member]
|
||
Common/collective trusts | 0 | 0 |
Corporate obligations | 1 | 8 |
Corporate stocks | 8 | 1 |
Private equity/Partnerships | 779 | 746 |
Government securities | 0 | 0 |
Real estate | 319 | 293 |
Short-term investment funds | 0 | 0 |
Company common stock | 0 | 0 |
Other investments | 202 | 177 |
Insurance group annuity contracts | 20 | 20 |
Swaps | 0 | 0 |
Total investments | $ 1,329 | $ 1,245 |
Retirement Benefits (Schedules Providing Information Concerning MMC's Defined Benefit Pension Plans and Postretirement Benefit Plans) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Employer/Company contributions | $ 100 | ||
Noncurrent assets | 39 | 265 | |
Noncurrent liabilities | (1,655) | (1,211) | |
Total amounts included in accumulated other comprehensive income | 3,152 | 2,373 | |
U.S. Pension Benefits [Member]
|
|||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 4,041 | 3,629 | |
Service cost | 83 | 76 | 76 |
Interest cost | 231 | 227 | 219 |
Employer/Company contributions | 24 | 221 | |
Actuarial (gain) loss | 352 | 270 | |
Medicare Part D subsidy | 0 | 0 | |
Benefits paid | (174) | (161) | |
Benefit obligation at end of year | 4,533 | 4,041 | 3,629 |
Fair value of plan assets at beginning of year | 3,444 | 2,959 | |
Actual return on plan assets | 199 | 425 | |
Fair value of plan assets at end of year | 3,493 | 3,444 | 2,959 |
Funded status | (1,040) | (597) | |
Current liabilities | (124) | (23) | |
Noncurrent liabilities | (916) | (574) | |
Unrecognized prior service credit | 39 | 55 | 73 |
Unrecognized net actuarial (loss) gain | (1,695) | (1,327) | (1,258) |
Total amounts included in accumulated other comprehensive income | (1,656) | (1,272) | |
Cumulative employer contributions in excess of net periodic cost | 616 | 675 | |
Net (liability) asset recognized | (1,040) | (597) | |
Accumulated benefit obligation at December 31 | 4,467 | 3,929 | |
U.S. Postretirement Benefits [Member]
|
|||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 180 | 163 | |
Service cost | 3 | 3 | 4 |
Interest cost | 8 | 10 | 12 |
Employer/Company contributions | 9 | 8 | |
Actuarial (gain) loss | (20) | 12 | |
Medicare Part D subsidy | 4 | 3 | |
Benefits paid | (13) | (11) | |
Benefit obligation at end of year | 162 | 180 | 163 |
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status | (162) | (180) | |
Current liabilities | (9) | (11) | |
Noncurrent liabilities | (153) | (169) | |
Unrecognized prior service credit | 13 | 26 | 39 |
Unrecognized net actuarial (loss) gain | 12 | (4) | 9 |
Total amounts included in accumulated other comprehensive income | 25 | 22 | |
Cumulative employer contributions in excess of net periodic cost | (187) | (202) | |
Net (liability) asset recognized | (162) | (180) | |
Accumulated benefit obligation at December 31 | 0 | 0 | |
Non- U.S Pension Benefits [Member]
|
|||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 6,802 | 6,354 | |
Service cost | 143 | 121 | 112 |
Interest cost | 378 | 351 | 332 |
Employee contributions | 14 | 16 | |
Employer/Company contributions | 320 | 237 | |
Actuarial (gain) loss | 575 | 430 | |
Plan Amendments | (3) | 0 | |
Effect of Settlement | (7) | (17) | |
Effect of curtailment | (1) | (2) | |
Special termination benefits | 0 | 1 | 0 |
Benefits paid | (266) | (244) | |
Foreign Currency Charges | 66 | (208) | |
Defined Benefit Plan Newly Disclosed Plans Obligation | 16 | 0 | |
Other | (2) | 3 | |
Benefit obligation at end of year | 7,717 | 6,802 | 6,354 |
Fair value of plan assets at beginning of year | 6,741 | 6,183 | |
Actual return on plan assets | 311 | 765 | |
Effect of settlement | (6) | (17) | |
Foreign currency changes | 82 | (202) | |
Defined Benefit Plan Newly Disclosed Plans | 12 | 0 | |
Fair value of plan assets at end of year | 7,206 | 6,741 | 6,183 |
Funded status | (511) | (61) | |
Noncurrent assets | 39 | 265 | |
Current liabilities | (106) | (8) | |
Noncurrent liabilities | (444) | (318) | |
Unrecognized prior service credit | 23 | 23 | 24 |
Unrecognized net actuarial (loss) gain | (3,038) | (2,305) | (2,268) |
Total amounts included in accumulated other comprehensive income | (3,015) | (2,282) | |
Cumulative employer contributions in excess of net periodic cost | 2,504 | 2,221 | |
Net (liability) asset recognized | (511) | (61) | |
Accumulated benefit obligation at December 31 | 7,246 | 6,313 | |
Non- U.S Postretirement Benefits [Member]
|
|||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 83 | 70 | |
Service cost | 2 | 1 | 1 |
Interest cost | 5 | 4 | 5 |
Employee contributions | 0 | 0 | |
Employer/Company contributions | 4 | 3 | |
Actuarial (gain) loss | 5 | 11 | |
Plan Amendments | 0 | 0 | |
Effect of Settlement | 0 | 0 | |
Effect of curtailment | 0 | 0 | |
Special termination benefits | 0 | 0 | 0 |
Benefits paid | (4) | (3) | |
Foreign Currency Charges | 0 | 0 | |
Defined Benefit Plan Newly Disclosed Plans Obligation | 0 | 0 | |
Other | 0 | 0 | |
Benefit obligation at end of year | 91 | 83 | 70 |
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Effect of settlement | 0 | 0 | |
Foreign currency changes | 0 | 0 | |
Defined Benefit Plan Newly Disclosed Plans | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status | (91) | (83) | |
Noncurrent assets | 0 | 0 | |
Current liabilities | (4) | (4) | |
Noncurrent liabilities | (87) | (79) | |
Unrecognized prior service credit | 1 | 1 | 1 |
Unrecognized net actuarial (loss) gain | (19) | (14) | (4) |
Total amounts included in accumulated other comprehensive income | (18) | (13) | |
Cumulative employer contributions in excess of net periodic cost | (73) | (70) | |
Net (liability) asset recognized | (91) | (83) | |
Accumulated benefit obligation at December 31 | $ 0 | $ 0 |
Summary of Significant Accounting Policies (Policies)
|
12 Months Ended |
---|---|
Dec. 31, 2011
|
|
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: Marsh & McLennan Companies, Inc. (“the Company”), a global professional services firm, is organized based on the different services that it offers. Under this organizational structure, the Company’s two segments are Risk and Insurance Services and Consulting. The Risk and Insurance Services segment provides risk management and insurance broking, reinsurance broking and insurance program management 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. The Consulting segment provides advice and services to the managements of organizations in the area of human resource consulting, comprising retirement and investments, health and benefits, outsourcing and talent; and strategy and risk management consulting, comprising management, economic and brand consulting. The Company conducts business in this segment through Mercer and Oliver Wyman Group. Acquisitions impacting the Risk and Insurance Services and Consulting segments are discussed in Note 4 to the Consolidated Financial Statements. On August 3, 2010, the Company completed the sale of Kroll, the Company’s former Risk Consulting & Technology segment, to Altegrity, Inc. (“Altegrity”) for cash consideration of $1.13 billion. In the first quarter of 2010, Kroll completed the sale of Kroll Laboratory Specialists (“KLS”). The gain on the sale of Kroll and related tax benefits and the after-tax loss on the sale of KLS, along with Kroll’s, and KLS’s 2010 comparative results of operations are included in discontinued operations in 2010. With the sale of Kroll in August 2010, along with previous divestiture transactions between 2008 and 2010, the Company has divested its entire Risk Consulting & Technology segment. The run-off of the Company’s involvement in the Corporate Advisory and Restructuring business (“CARG”), previously part of Risk Consulting & Technology, in which the Company has “continuing involvement” as defined in SEC Staff Accounting Bulletin Topic 5e, is now managed by the Company’s corporate departments. Consequently, the financial results of the CARG businesses are included in “Corporate” for segment reporting purposes. |
Principles of Consolidation | Principles of Consolidation: The accompanying consolidated financial statements include all wholly-owned and majority-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. |
Fiduciary Assets And Liabilities | Fiduciary Assets and Liabilities: In its capacity as an insurance broker or agent, the Company collects premiums from insureds and, after deducting its commissions, remits the premiums to the respective insurance underwriters. The Company also collects claims or refunds from underwriters on behalf of insureds. Unremitted insurance premiums and claims proceeds are held by the Company in a fiduciary capacity. Risk and Insurance Services revenue includes interest on fiduciary funds of $47 million, $45 million and $54 million in 2011, 2010 and 2009, respectively. The Consulting segment recorded fiduciary interest income of $4 million in each of 2011 , 2010 and 2009. Since fiduciary assets are not available for corporate use, they are shown in the consolidated balance sheets as an offset to fiduciary liabilities. Fiduciary assets include approximately $62 million and $283 million of fixed income securities classified as available for sale at December 31, 2011 and 2010, respectively. Unrealized gains or losses from available for sale securities are recorded in other comprehensive income until the securities are disposed of, mature or are recognized as an other than temporary impairment. Unrealized gains, net of tax, on these securities were $2 million and $5 million at December 31, 2011 and 2010, respectively. Net uncollected premiums and claims and the related payables amounted to $9 billion and $9.1 billion at December 31, 2011 and 2010, respectively. The Company is not a principal to the contracts under which the right to receive premiums or the right to receive reimbursement of insured losses arises. Net uncollected premiums and claims and the related payables are, therefore, not assets and liabilities of the Company and are not included in the accompanying consolidated balance sheets. In certain instances, the Company advances premiums, refunds or claims to insurance underwriters or insureds prior to collection. These advances are made from corporate funds and are reflected in the accompanying consolidated balance sheets as receivables. |
Revenue | Revenue: Risk and Insurance Services revenue includes insurance commissions, fees for services rendered and interest income on certain fiduciary funds. Insurance commissions and fees for risk transfer services generally are recorded as of the effective date of the applicable policies or, in certain cases (primarily in the Company's reinsurance broking operations), as of the effective date or billing date, whichever is later. Commissions are net of policy cancellation reserves, which are estimated based on historic and current data on cancellations. Fees for non-risk transfer services provided to clients are recognized over the period in which the services are provided, using a proportional performance model. Fees resulting from achievement of certain performance thresholds are recorded when such levels are attained and such fees are not subject to forfeiture. As part of the sale of MMC Capital in 2005, the Company retained the right to receive certain performance fees related to the Trident II and Trident III private equity partnerships. The Company has deferred the recognition of such performance fee revenue of $74 million at December 31, 2011. This revenue is based on the investment performance over the life of each private equity fund, and future declines in fund performance from current levels may result in the forfeiture of such revenue. The Company recognizes performance fee revenue when such fees are no longer subject to forfeiture, which for the $74 million noted above, may take a number of years to resolve. Consulting revenue includes fees paid by clients for advice and services and commissions from insurance companies for the placement of individual and group contracts. Fee revenue for engagements where remuneration is based on time plus out-of-pocket expenses is recognized based on the amount of time consulting professionals expend on the engagement. For fixed fee engagements, revenue is recognized using a proportional performance model. Revenue from insurance commissions not subject to a fee arrangement is recorded over the effective period of the applicable policies. Revenues for asset based fees are recognized on an accrual basis by applying the daily/monthly rate as contractually agreed with the client to the net asset value. On a limited number of engagements, performance fees may also be earned for achieving certain pre-determined performance criteria. Such fees are recognized when the performance criteria have been achieved and agreed to by the client. Expenses incurred by professional staff in the generation of revenue are billed to the client and included in revenue. |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents primarily consist of certificates of deposit and time deposits, with original maturities of three months or less, and money market funds. |
Fixed Assets | Fixed Assets: Fixed assets are stated at cost less accumulated depreciation and amortization. Expenditures for improvements are capitalized. Upon sale or retirement, the cost and related accumulated depreciation and amortization are removed from the accounts and any gain or loss is reflected in income. Expenditures for maintenance and repairs are charged to operations as incurred. Depreciation of buildings, building improvements, furniture, and equipment is provided on a straight-line basis over the estimated useful lives of these assets. Leasehold improvements are amortized on a straight-line basis over the periods covered by the applicable leases or the estimated useful life of the improvement, whichever is less. The Company periodically reviews long-lived assets for impairment whenever events or changes indicate that the carrying value of assets may not be recoverable. |
Investment Securities | Investment Securities: The Company holds investments primarily in private companies and certain private equity funds. Certain investments, primarily investments in private equity funds, are accounted for under the equity method using a consistently applied three-month lag period adjusted for any known significant changes from the lag period to the reporting date of the Company. The underlying private equity funds follow investment company accounting, where securities within the fund are carried at net asset value. The Company records its proportionate share of the change in fair value of the funds in earnings which amounted to gains/(losses) of $10 million, $32 million and $(6) million in 2011, 2010 and 2009, respectively. Securities recorded using the equity method are included in other assets in the consolidated balance sheets. The Company has an investment in Trident II limited partnership, a private equity investment fund. At December 31, 2011, the Company’s investment in Trident II was approximately $78 million, reflected in other assets in the consolidated balance sheet. The Company’s maximum exposure to loss is equal to its investment plus any calls on its remaining capital commitment of $67 million. Since this fund is closed to new investments, none of the remaining capital commitment is expected to be called. Gains or losses recognized in earnings from the investment securities described above are included in investment income (loss) in the consolidated statements of income. Costs related to management of the Company’s investments, including incentive compensation partially derived from investment income and (loss), are recorded in operating expenses. |
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets: Goodwill represents acquisition costs in excess of the fair value of net assets acquired. Goodwill is reviewed at least annually for impairment. The Company performs an annual impairment test for each of its reporting units during the third quarter of each year. When a step 1 test is performed, fair values of the reporting units are estimated using either a market approach or a discounted cash flow model. Carrying values for the reporting units are based on balances at the prior quarter end and include directly identified assets and liabilities as well as an allocation of those assets and liabilities not recorded at the reporting unit level. As discussed in Note 6, during 2011 the Company adopted new accounting guidance that allows companies to assess qualitative factors to determine if a step 1 assessment is necessary. Other intangible assets that are not deemed to have an indefinite life are amortized over their estimated lives and reviewed for impairment upon the occurrence of certain triggering events in accordance with applicable accounting literature. The Company had no indefinite lived identified intangible assets at December 31, 2011 or 2010. |
Capitalized Software Costs | Capitalized Software Costs: The Company capitalizes certain costs to develop, purchase or modify software for the internal use of the Company. These costs are amortized on a straight-line basis over periods ranging from three to ten years. Costs incurred during the preliminary project stage and post implementation stage, are expensed as incurred. Costs incurred during the application development stage are capitalized. Costs related to updates and enhancements are only capitalized if they will result in additional functionality. Capitalized computer software costs of $244 million and $215 million, net of accumulated amortization of $619 million and $572 million at December 31, 2011 and 2010, respectively, are included in Other assets in the consolidated balance sheets. |
Legal and Other Loss Contingencies | Legal and Other Loss Contingencies: The Company and its subsidiaries are subject to numerous claims, lawsuits and proceedings including claims for errors and omissions. GAAP requires that a liability be recorded when a loss is both probable and reasonably estimable. Significant management judgement is required to apply this guidance. The Company utilizes case level reviews by inside and outside counsel, an internal actuarial analysis and other analysis to estimate potential losses. The liability is reviewed quarterly and adjusted as developments warrant. In many cases, the Company has not recorded a liability, other than for legal fees to defend the claim, because we are unable, at the present time, to make a determination that a loss is both probable and reasonably estimable. Given the unpredictability of E&O claims and of litigation that could flow from them, it is possible that an adverse outcome in a particular matter could have a material adverse effect on the Company’s businesses, results of operations, financial condition or cash flow in a given quarterly or annual period. In addition, to the extent that insurance coverage is available, significant management judgment is required to determine the amount of recoveries that are probable of collection under the Company’s various insurance programs. The legal and other contingent liabilities described above are not discounted. |
Income Taxes | Income Taxes: The Company's tax rate reflects its income, statutory tax rates and tax planning in the various jurisdictions in which it operates. Significant judgment is required in determining the annual tax rate and in evaluating uncertain tax positions and the ability to realize deferred tax assets. The Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two-step process. The first step involves recognition. The Company determines whether it is more likely than not that a tax position will be sustained upon tax examination, including resolution of any related appeals or litigation, based on only the technical merits of the position. The technical merits of a tax position derive from both statutory and judicial authority (legislation and statutes, legislative intent, regulations, rulings, and case law) and their applicability to the facts and circumstances of the tax position. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate resolution with a taxing authority. Uncertain tax positions are evaluated based upon the facts and circumstances that exist at each reporting period. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustments may result, for example, upon resolution of an issue with the taxing authorities, or expiration of a statute of limitations barring an assessment for an issue. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Tax law requires items be included in the Company's tax returns at different times than the items are reflected in the financial statements. As a result, the annual tax expense reflected in the consolidated statements of income is different than that reported in the tax returns. Some of these differences are permanent, such as expenses that are not deductible in the returns, and some differences are temporary and reverse over time, such as depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in tax returns in future years for which benefit has already been recorded in the financial statements. Valuation allowances are established for deferred tax assets when it is estimated that future taxable income will be insufficient to use a deduction or credit in that jurisdiction. Deferred tax liabilities generally represent tax expense recognized in the financial statements for which payment has been deferred, or expense for which a deduction has been taken already in the tax return but the expense has not yet been recognized in the financial statements. |
Derivative Instruments | Derivative Instruments: All derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income and are recognized in the income statement when the hedged item affects earnings. Changes in the fair value attributable to the ineffective portion of cash flow hedges are recognized in earnings. |
Concentrations Of Credit Risk | Concentrations of Credit Risk: Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, commissions and fees receivable and insurance recoverables. The Company maintains a policy providing for the diversification of cash and cash equivalent investments and places its investments in a large number of high quality financial institutions to limit the amount of credit risk exposure. Concentrations of credit risk with respect to receivables are generally limited due to the large number of clients and markets in which the Company does business, as well as the dispersion across many geographic areas. |
Per Share Data | Per Share Data: Under the accounting guidance which applies to the calculation of earnings per share (“EPS”) for share-based payment awards with rights to dividends or dividend equivalents, unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and should be included in the computation of basic and dilutive EPS using the two-class method. Basic net income per share attributable to the Company and income from continuing operations per share are calculated by dividing the respective after-tax income attributable to common shares by the weighted average number of outstanding shares of the Company’s common stock. Diluted net income per share attributable to the Company and income from continuing operations per share are calculated by dividing the respective after-tax income attributable to common shares by the weighted average number of outstanding shares of the Company’s common stock, which have been adjusted for the dilutive effect of potentially issuable common shares (excluding those that are considered participating securities). The diluted earnings per share calculation reflects the more dilutive effect of either (a) the two-class method that assumes that the participating securities have not been exercised or (b) the treasury stock method. |
Estimates | Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may vary from those estimates. |
New Accounting Pronouncements | New Accounting Pronouncements: In June 2011, the FASB issued guidance related to the presentation of Comprehensive Income. The new guidance gives an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. The guidance eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. The guidance does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. On December 23, 2011, the FASB issued an update that indefinitely defers the provision in this guidance related to the presentation of reclassification adjustments. This new guidance is effective for fiscal and interim periods within those years beginning after December 15, 2011. Other than enhanced disclosure, adoption of this guidance will not have a material affect on the Company’s financial statements. In December 2009, the FASB issued new guidance related to the Consolidation of Variable Interest Entities (“VIE”). The new guidance focuses on “controlling financial interests” and requires companies to perform qualitative analysis to determine whether they must consolidate a VIE by assessing whether the variable interests give them controlling financial interests in the VIE. This guidance is effective for transfers occurring on or after November 15, 2009. Provisions must be applied in annual reporting periods beginning after November 15, 2009 and interim periods within that annual period. The adoption of the guidance did not have a material impact on the Company’s financial statements. Also, effective January 1, 2010, the Company adopted new guidance that indefinitely defers the above changes relating to the Company’s interests in entities that have all the attributes of an investment company or for which it is industry practice to apply measurement principles for financial reporting that are consistent with those applied by an investment company. As a result, the guidance discussed in the preceding paragraph did not apply to certain investment management trusts managed by Mercer. Mercer manages approximately $15 billion of assets in trusts or funds for which Mercer’s management or trustee fee is considered a variable interest. Mercer is not the primary beneficiary of these trusts or funds. Mercer’s only variable interest in any of these trusts or funds is its unpaid fees, if any. Mercer’s maximum exposure to loss of its interests is, therefore, limited to collection of its fees. In January 2011, the Company adopted guidance issued by the FASB on revenue recognition regarding multiple-deliverable revenue arrangements. The adoption of this new guidance did not have a material impact on the Company’s financial statements. In January 2011, the Company adopted guidance issued by the FASB which establishes a revenue recognition model for contingent consideration that is payable upon the achievement of an uncertain future event, referred to as a milestone. The scope of this guidance is limited to research or development arrangements and requires an entity to record the milestone payment in its entirety in the period received if the milestone meets all the necessary criteria to be considered substantive. However, entities would not be precluded from making an accounting policy election to apply another appropriate accounting policy that results in the deferral of some portion of the arrangement consideration. The adoption of this new guidance did not have a material impact on the Company’s financial statements. In May 2010, the FASB issued guidance for foreign currency issues and Venezuela’s highly inflationary status. The guidance states that Venezuela’s economy should be considered highly inflationary as of January 1, 2010 and therefore a U.S. dollar reporting entity must remeasure the financial statements of its Venezuelan subsidiaries as if the subsidiaries’ functional reporting currency were the entity’s reporting currency (i.e., the U.S. dollar). Any changes related to the conversion of non-U.S. dollar denominated balance sheet accounts must be recognized in earnings. The adoption of the guidance did not have a material impact on the Company’s financial statements. |
Reclassification | Reclassifications: Certain reclassifications have been made to prior year amounts to conform with current year presentation, in particular with regard to separate disclosure of current deferred income tax assets on the consolidated balance sheets. |
Supplemental Disclosures (Schedule of Analysis for Doubtful Accounts) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of year | $ 114 | $ 107 | $ 93 |
Provision charged to operations | 11 | 20 | 23 |
Accounts written-off, net of recoveries | (21) | (26) | (14) |
Effect of exchange rate changes and other | 1 | 13 | 5 |
Balance at end of year | $ 105 | $ 114 | $ 107 |
Summary of Significant Accounting Policies (Components of Fixed Assets) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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---|---|---|---|
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 2,273 | $ 2,233 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,469) | (1,411) | |
Property, Plant and Equipment, Net | 804 | 822 | 850 |
Furniture and Fixtures [Member]
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Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 1,101 | 1,079 | |
Land and Building [Member]
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|||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 405 | 402 | |
Leasehold Improvements [Member]
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Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 767 | $ 752 |
Retirement Benefits (Schedule of Estimated Amounts That Will Be Amortized from Accumulated Other Comprehensive in the Next Fiscal Year) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2012
U.S. Pension Benefits [Member]
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Dec. 31, 2011
Non- U.S Pension Benefits [Member]
|
Dec. 31, 2011
Non- U.S Postretirement Benefits [Member]
|
Dec. 31, 2012
U.S. Postretirement Benefits [Member]
|
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Prior service credit | $ (16) | $ 3 | $ 0 | $ (12) |
Net actuarial loss | 146 | (116) | (1) | (1) |
Projected cost (credit) | $ 130 | $ (113) | $ (1) | $ (13) |
Integration and Restructuring Costs (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended |
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Dec. 31, 2011
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Restructuring Costs [Abstract] | |
Restructuring actions costs | $ 51 |
Debt (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Debt |
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Gain Or Loss On The Hedged Item And Offsetting Gain Or Loss On Interest Rate Swaps |
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Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income Loss) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Other Comprehensive Income (Loss) [Abstract] | ||
Foreign currency translation adjustments (net of deferred tax liability of $14 and $10 in 2011 and 2010, respectively) | $ (42) | $ 62 |
Net unrealized investment gains (net of deferred tax liability of $1 and $5 in 2011 and 2010, respectively) | 6 | 11 |
Net charges related to pension / retiree plans (net of deferred tax asset of $1,508 and $1,173 in 2011 and 2010, respectively) | (3,152) | (2,373) |
Accumulated other comprehensive income (loss) | (3,188) | (2,300) |
Foreign currency translation adjustments, tax expense | 14 | 10 |
Net unrealized investment gains, Tax portion | 1 | 5 |
Net charges related to pension / retiree plans, Tax portion | $ 1,508 | $ 1,173 |
Retirement Benefits (Narrative) (Details) (USD $)
Share data in Millions, unless otherwise specified |
12 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
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Dec. 31, 2009
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Dec. 31, 2012
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Dec. 31, 2010
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Dec. 31, 2011
Non Medicare Eligible [Member]
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Dec. 31, 2011
Medicare Eligible [Member]
|
Dec. 31, 2011
U.S. Pension Benefits [Member]
|
Dec. 31, 2010
U.S. Pension Benefits [Member]
|
Dec. 31, 2011
Non- U.S Pension Benefits [Member]
|
Dec. 31, 2010
Non- U.S Pension Benefits [Member]
|
Dec. 31, 2011
U.S. Postretirement Benefits [Member]
|
Dec. 31, 2010
U.S. Postretirement Benefits [Member]
|
Dec. 31, 2011
Non- U.S Postretirement Benefits [Member]
|
Dec. 31, 2010
Non- U.S Postretirement Benefits [Member]
|
Dec. 31, 2011
U.S. Plans [Member]
|
Dec. 31, 2011
U.K. Plan [Member]
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Dec. 31, 2011
Non-U.S. Plans [Member]
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Dec. 31, 2010
Non-U.S. Plans [Member]
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Target asset allocation U.S. Plan, equities, prior period | 58.00% | |||||||||||||||||
Target asset allocation U.S. Plan, fixed income, prior period | 42.00% | |||||||||||||||||
Target asset allocation percentage for non-U.S. plan assets | 82.00% | |||||||||||||||||
Actual asset allocation percentage of equity | 58.00% | 53.00% | ||||||||||||||||
Actual asset allocation percentage of fixed income | 42.00% | 47.00% | ||||||||||||||||
Common Stock Shares Held By Defined Benefit Plan | 8 | |||||||||||||||||
Target asset allocation non-U.S. Plan, equities | 58.00% | |||||||||||||||||
Target asset allocation non-U.S. Plan, fixed income | 42.00% | |||||||||||||||||
Shares of common stock represnting percentage of plan assets | 7.00% | |||||||||||||||||
Defined benefit plan target allocation percentage of assets equity alternative investments range, minimum | 53.00% | 55.00% | ||||||||||||||||
Defined benefit plan target allocation percentage of assets equity alternative investments range, maximum | 63.00% | 61.00% | ||||||||||||||||
Defined benefit plan target allocation percentage of assets fixed income securities range, minimum | 37.00% | 39.00% | ||||||||||||||||
Defined benefit plan target allocation percentage of assets fixed income securities range, maximum | 47.00% | 45.00% | ||||||||||||||||
The projected benefit obligation with accumulated benefit obligations | $ 4,500,000,000 | $ 4,000,000,000 | $ 1,400,000,000 | $ 1,200,000,000 | ||||||||||||||
Accumulated benefit obligation | 4,500,000,000 | 3,900,000,000 | 1,300,000,000 | 1,100,000,000 | ||||||||||||||
Aggregate fair value of plan assets | 3,500,000,000 | 3,400,000,000 | 1,000,000,000 | 900,000,000 | ||||||||||||||
The projected benefit obligation | 4,500,000,000 | 4,000,000,000 | 7,600,000,000 | 1,300,000,000 | ||||||||||||||
Fair value of plan assets with projected benefit obligation | 3,500,000,000 | 3,400,000,000 | 7,000,000,000 | 1,000,000,000 | ||||||||||||||
Defined benefit plan, health care cost trend rate assumed for next fiscal year | 8.00% | 8.10% | ||||||||||||||||
Assumed health care cost trend rate | 6.70% | 4.50% | 4.50% | 5.00% | ||||||||||||||
Ultimate assumed health care cost trend rate | 4.90% | |||||||||||||||||
Defined Benefit Plan, Contributions by Employer | 100,000,000 | 24,000,000 | 221,000,000 | 320,000,000 | 237,000,000 | 9,000,000 | 8,000,000 | 4,000,000 | 3,000,000 | |||||||||
Expected fund in U.S. non qualified plan | 24,000,000 | |||||||||||||||||
Limited partnership interest in private equity fund | 169,000,000 | |||||||||||||||||
Expected fund in non U.S. pension plans | 395,000,000 | |||||||||||||||||
ESOP invested in MMC common stock | 366,000,000 | 334,000,000 | ||||||||||||||||
The cost of defined contribution plans | $ 48,000,000 | $ 52,000,000 |
Goodwill And Other Intangibles (Estimated Future Aggregate Amortization Expense) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2011
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Goodwill And Other Intangibles [Abstract] | |
2012 | $ 64 |
2013 | 59 |
2014 | 55 |
2015 | 53 |
2016 | 40 |
Subsequent years | 130 |
Total | $ 401 |
Supplemental Disclosures (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Dec. 31, 2011
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Dec. 31, 2010
|
Dec. 31, 2009
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Aug. 03, 2010
Kroll Divestiture [Member]
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Dec. 31, 2010
Kroll Divestiture [Member]
|
Dec. 31, 2010
KLS [Member]
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Dec. 31, 2009
KGS [Member]
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Supplemental Disclosures [Line Items] | |||||||
Non-cash issuance of common stock | $ 197 | $ 182 | $ 123 | ||||
Stock-based compensation expense, equity awards | 165 | 174 | 193 | ||||
Cash from disposal, disposition, and/or sale transaction | $ 1,130 | $ 1,130 | $ 110 | $ 75 |
Supplemental Disclosures
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Dec. 31, 2011
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Disclosures | Supplemental Disclosures The following schedule provides additional information concerning acquisitions, interest and income taxes paid
The Company had non-cash issuances of common stock under its share-based payment plan of $197 million, $182 million and $123 million at December 31, 2011, 2010 and 2009, respectively. The Company recorded stock-based compensation expense related to equity awards of $165 million, $174 million and $193 million for the years ended December 31, 2011, 2010 and 2009, respectively. The consolidated statement of cash flows includes the cash flow impact of discontinued operations in each cash flow category. The cash flow impact of discontinued operations from the operating, financing and investing cash flow categories is as follows:
The information above excludes the cash flow impacts of actual disposal transactions related to discontinued operations because the Company believes these transactions to be cash flows attributable to the parent company, arising from its decision to dispose of the discontinued operation. In 2010, the Company’s cash flow reflects cash provided by investing activities of $1.13 billion from the disposal of Kroll and $110 million related to the disposition of KLS and in 2009, $75 million primarily from the disposal of Kroll Government Services (“KGS”). An analysis of the allowance for doubtful accounts is as follows:
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Income Taxes (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Dec. 31, 2008
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Investments in foreign subsidiaries | $ 4,100 | |||
Effective tax rate | 30.10% | 26.50% | 3.80% | |
Valuation allowances | 1 | 4 | ||
Valuation allowances, beginning balance | 7 | 1 | ||
Net Operating Loss Carryforwards | 78.00% | |||
Domestic deferred tax assets | 240 | |||
Unrecognized tax benefits that would impact effective tax rate | 102 | 123 | ||
Accured interest and penalties | 17 | 35 | ||
Putnam and issues included in consolidated mmc tax returns | 143 | 199 | 206 | 293 |
Unrecognized tax benefits minimum | 0 | |||
Unrecognized tax benefits maximum | 80 | |||
Putnam and Kroll [Member]
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Putnam and issues included in consolidated mmc tax returns | 14 | 75 | 80 | |
State and Local Jurisdiction [Member]
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Potential tax benefit from net operating loss carryforwards | 93 | |||
Non US [Member]
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Potential tax benefit from net operating loss carryforwards | $ 82 |