Date of report (Date of earliest event reported) | July 28, 2016 |
Marsh & McLennan Companies, Inc. |
(Exact Name of Registrant as Specified in its Charter) |
Delaware | 1-5998 | 36-2668272 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1166 Avenue of the Americas, New York, NY | 10036 |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code | (212) 345-5000 |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
MARSH & McLENNAN COMPANIES, INC. | ||
By: | /s/ Carey Roberts | |
Name: | Carey Roberts | |
Title: | Deputy General Counsel, Chief Compliance Officer & Corporate Secretary | |
99.1 | Press release issued by Marsh & McLennan Companies, Inc. on July 28, 2016. |
• | our ability to maintain adequate safeguards to protect the security of our information systems and confidential, personal or proprietary information; |
• | our ability to successfully recover if we experience a business continuity problem due to cyberattack, natural disaster or otherwise; |
• | our exposure to potential losses and liabilities, including reputational impact, arising from errors and omissions, breach of fiduciary duty and similar claims against us; |
• | our ability to compete effectively and adapt to changes in the competitive environment, including to technological and other types of innovation; |
• | the impact of potential changes in global economic, political and market conditions on us, our clients and the industries in which we operate, including the impact of the vote in the U.K. to exit the EU and rising protectionist laws and business practices; |
• | the impact of changes in applicable tax laws and regulations, including of the regulations recently proposed by the U.S. Treasury Department; |
• | the effect of our global pension obligations on our financial position, earnings and cash flows and the impact of low interest rates on those obligations; |
• | our exposure to potential civil remedies or criminal penalties if we fail to comply with U.S. and non-U.S. laws and regulations applicable in the jurisdictions in which we operate; |
• | the financial and operational impact of complying with laws and regulations where we operate; |
• | the impact of fluctuations in foreign exchange, interest rates and securities markets on our results; |
• | the impact on our competitive position of our tax rate relative to our competitors; |
• | our ability to incentivize and retain key employees; and |
• | the impact of changes in accounting rules or in our accounting estimates or assumptions. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenue | $ | 3,376 | $ | 3,225 | $ | 6,712 | $ | 6,440 | ||||||||
Expense: | ||||||||||||||||
Compensation and Benefits | 1,872 | 1,826 | 3,726 | 3,556 | ||||||||||||
Other Operating Expenses | 778 | 770 | 1,527 | 1,520 | ||||||||||||
Operating Expenses | 2,650 | 2,596 | 5,253 | 5,076 | ||||||||||||
Operating Income | 726 | 629 | 1,459 | 1,364 | ||||||||||||
Interest Income | 2 | 3 | 4 | 6 | ||||||||||||
Interest Expense | (48 | ) | (40 | ) | (94 | ) | (76 | ) | ||||||||
Investment Income (Loss) | 1 | 3 | (2 | ) | 5 | |||||||||||
Income Before Income Taxes | 681 | 595 | 1,367 | 1,299 | ||||||||||||
Income Tax Expense | 201 | 166 | 397 | 372 | ||||||||||||
Income from Continuing Operations | 480 | 429 | 970 | 927 | ||||||||||||
Discontinued Operations, Net of Tax | — | — | — | (3 | ) | |||||||||||
Net Income Before Non-Controlling Interests | 480 | 429 | 970 | 924 | ||||||||||||
Less: Net Income Attributable to Non-Controlling Interests | 8 | 10 | 17 | 23 | ||||||||||||
Net Income Attributable to the Company | $ | 472 | $ | 419 | $ | 953 | $ | 901 | ||||||||
Basic Net Income Per Share | ||||||||||||||||
- Continuing Operations | $ | 0.91 | $ | 0.78 | $ | 1.83 | $ | 1.68 | ||||||||
- Net Income Attributable to the Company | $ | 0.91 | $ | 0.78 | $ | 1.83 | $ | 1.68 | ||||||||
Diluted Net Income Per Share | ||||||||||||||||
- Continuing Operations | $ | 0.90 | $ | 0.77 | $ | 1.81 | $ | 1.66 | ||||||||
- Net Income Attributable to the Company | $ | 0.90 | $ | 0.77 | $ | 1.81 | $ | 1.66 | ||||||||
Average Number of Shares Outstanding | ||||||||||||||||
- Basic | 521 | 535 | 521 | 537 | ||||||||||||
- Diluted | 525 | 541 | 526 | 543 | ||||||||||||
Shares Outstanding at 6/30 | 519 | 531 | 519 | 531 | ||||||||||||
Components of Revenue Change* | ||||||||||||||||||||
Three Months Ended June 30, | % Change GAAP Revenue | Currency Impact | Acquisitions/ Dispositions Impact | Underlying Revenue | ||||||||||||||||
2016 | 2015 | |||||||||||||||||||
Risk and Insurance Services | ||||||||||||||||||||
Marsh | $ | 1,559 | $ | 1,470 | 6 | % | (2 | )% | 6 | % | 2 | % | ||||||||
Guy Carpenter | 285 | 275 | 3 | % | 1 | % | — | 3 | % | |||||||||||
Subtotal | 1,844 | 1,745 | 6 | % | (2 | )% | 5 | % | 2 | % | ||||||||||
Fiduciary Interest Income | 6 | 5 | ||||||||||||||||||
Total Risk and Insurance Services | 1,850 | 1,750 | 6 | % | (2 | )% | 5 | % | 2 | % | ||||||||||
Consulting | ||||||||||||||||||||
Mercer | 1,079 | 1,046 | 3 | % | (2 | )% | — | 4 | % | |||||||||||
Oliver Wyman Group | 460 | 441 | 5 | % | (1 | )% | 1 | % | 5 | % | ||||||||||
Total Consulting | 1,539 | 1,487 | 4 | % | (2 | )% | 1 | % | 5 | % | ||||||||||
Corporate / Eliminations | (13 | ) | (12 | ) | ||||||||||||||||
Total Revenue | $ | 3,376 | $ | 3,225 | 5 | % | (2 | )% | 3 | % | 3 | % | ||||||||
Components of Revenue Change* | ||||||||||||||||||||
Three Months Ended June 30, | % Change GAAP Revenue | Currency Impact | Acquisitions/ Dispositions Impact | Underlying Revenue | ||||||||||||||||
2016 | 2015 | |||||||||||||||||||
Marsh: | ||||||||||||||||||||
EMEA | $ | 479 | $ | 439 | 9 | % | (3 | )% | 9 | % | 3 | % | ||||||||
Asia Pacific | 183 | 176 | 4 | % | (2 | )% | 3 | % | 2 | % | ||||||||||
Latin America | 93 | 95 | (1 | )% | (12 | )% | — | 11 | % | |||||||||||
Total International | 755 | 710 | 6 | % | (4 | )% | 6 | % | 4 | % | ||||||||||
U.S. / Canada | 804 | 760 | 6 | % | — | 6 | % | — | ||||||||||||
Total Marsh | $ | 1,559 | $ | 1,470 | 6 | % | (2 | )% | 6 | % | 2 | % | ||||||||
Mercer: | ||||||||||||||||||||
Health | $ | 410 | $ | 391 | 5 | % | (1 | )% | — | 5 | % | |||||||||
Retirement | 314 | 325 | (4 | )% | (2 | )% | (4 | )% | 2 | % | ||||||||||
Investments | 210 | 207 | 2 | % | (3 | )% | — | 6 | % | |||||||||||
Talent | 145 | 123 | 18 | % | (1 | )% | 13 | % | 6 | % | ||||||||||
Total Mercer | $ | 1,079 | $ | 1,046 | 3 | % | (2 | )% | — | 4 | % | |||||||||
Notes |
Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items that affect comparability such as: acquisitions, dispositions, transfers among businesses and the deconsolidation of Marsh India. |
* Components of revenue change may not add due to rounding. |
Components of Revenue Change* | ||||||||||||||||||||
Six Months Ended June 30, | % Change GAAP Revenue | Currency Impact | Acquisitions/ Dispositions Impact | Underlying Revenue | ||||||||||||||||
2016 | 2015 | |||||||||||||||||||
Risk and Insurance Services | ||||||||||||||||||||
Marsh | $ | 3,047 | $ | 2,900 | 5 | % | (3 | )% | 6 | % | 2 | % | ||||||||
Guy Carpenter | 659 | 643 | 2 | % | (1 | )% | — | 3 | % | |||||||||||
Subtotal | 3,706 | 3,543 | 5 | % | (3 | )% | 5 | % | 2 | % | ||||||||||
Fiduciary Interest Income | 12 | 10 | ||||||||||||||||||
Total Risk and Insurance Services | 3,718 | 3,553 | 5 | % | (3 | )% | 5 | % | 2 | % | ||||||||||
Consulting | ||||||||||||||||||||
Mercer | 2,118 | 2,083 | 2 | % | (3 | )% | 1 | % | 4 | % | ||||||||||
Oliver Wyman Group | 899 | 825 | 9 | % | (1 | )% | 1 | % | 9 | % | ||||||||||
Total Consulting | 3,017 | 2,908 | 4 | % | (2 | )% | 1 | % | 5 | % | ||||||||||
Corporate / Eliminations | (23 | ) | (21 | ) | ||||||||||||||||
Total Revenue | $ | 6,712 | $ | 6,440 | 4 | % | (2 | )% | 3 | % | 4 | % | ||||||||
Components of Revenue Change* | ||||||||||||||||||||
Six Months Ended June 30, | % Change GAAP Revenue | Currency Impact | Acquisitions/ Dispositions Impact | Underlying Revenue | ||||||||||||||||
2016 | 2015 | |||||||||||||||||||
Marsh: | ||||||||||||||||||||
EMEA | $ | 1,049 | $ | 1,002 | 5 | % | (4 | )% | 7 | % | 2 | % | ||||||||
Asia Pacific | 329 | 324 | 2 | % | (3 | )% | 2 | % | 2 | % | ||||||||||
Latin America | 164 | 176 | (7 | )% | (15 | )% | — | 9 | % | |||||||||||
Total International | 1,542 | 1,502 | 3 | % | (5 | )% | 5 | % | 3 | % | ||||||||||
U.S. / Canada | 1,505 | 1,398 | 8 | % | (1 | )% | 7 | % | 1 | % | ||||||||||
Total Marsh | $ | 3,047 | $ | 2,900 | 5 | % | (3 | )% | 6 | % | 2 | % | ||||||||
Mercer: | ||||||||||||||||||||
Health | $ | 810 | $ | 775 | 5 | % | (1 | )% | — | 6 | % | |||||||||
Retirement | 626 | 656 | (5 | )% | (3 | )% | (3 | )% | 1 | % | ||||||||||
Investments | 406 | 412 | (1 | )% | (5 | )% | — | 3 | % | |||||||||||
Talent | 276 | 240 | 15 | % | (2 | )% | 13 | % | 4 | % | ||||||||||
Total Mercer | $ | 2,118 | $ | 2,083 | 2 | % | (3 | )% | 1 | % | 4 | % | ||||||||
Notes |
Underlying revenue measures the change in revenue using consistent currency exchange rates, excluding the impact of certain items that affect comparability such as: acquisitions, dispositions, transfers among businesses and the deconsolidation of Marsh India. |
* Components of revenue change may not add due to rounding. |
The Company presents below certain additional financial measures that are "non-GAAP measures," within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating income (loss); adjusted operating margin; and adjusted income, net of tax. |
The Company presents these non-GAAP measures to provide investors with additional information to analyze the Company's performance from period to period. Management also uses these measures to assess performance for incentive compensation purposes and to allocate resources in managing the Company's businesses. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures reflect subjective determinations by management, and may differ from similarly titled non-GAAP measures presented by other companies. |
Adjusted Operating Income (Loss) and Adjusted Operating Margin |
Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income or loss. The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income or loss, on a consolidated and segment basis, for the three months ended June 30, 2016 and 2015. The following tables also present adjusted operating margin, which is calculated by dividing adjusted operating income by consolidated or segment GAAP revenue less the net gain on the deconsolidation of Marsh's India subsidiary. |
Risk & Insurance Services | Consulting | Corporate/ Eliminations | Total | |||||||||||||
Three Months Ended June 30, 2016 | ||||||||||||||||
Operating income (loss) | $ | 490 | $ | 285 | $ | (49 | ) | $ | 726 | |||||||
Add (Deduct) impact of Noteworthy Items: | ||||||||||||||||
Restructuring charges (a) | 2 | 1 | 2 | 5 | ||||||||||||
Adjustments to acquisition related accounts (b) | 13 | 2 | — | 15 | ||||||||||||
Disposal/deconsolidation of business (c) | (12 | ) | — | — | (12 | ) | ||||||||||
Operating income adjustments | 3 | 3 | 2 | 8 | ||||||||||||
Adjusted operating income (loss) | $ | 493 | $ | 288 | $ | (47 | ) | $ | 734 | |||||||
Operating margin | 26.6 | % | 18.5 | % | N/A | 21.5 | % | |||||||||
Adjusted operating margin | 26.8 | % | 18.7 | % | N/A | 21.8 | % | |||||||||
Three Months Ended June 30, 2015 | ||||||||||||||||
Operating income (loss) | $ | 427 | $ | 248 | $ | (46 | ) | $ | 629 | |||||||
Add (Deduct) impact of Noteworthy Items: | ||||||||||||||||
Restructuring charges (a) | 2 | — | 1 | 3 | ||||||||||||
Adjustments to acquisition related accounts (b) | 16 | (4 | ) | — | 12 | |||||||||||
Other | — | — | (1 | ) | (1 | ) | ||||||||||
Operating income adjustments | 18 | (4 | ) | — | 14 | |||||||||||
Adjusted operating income (loss) | $ | 445 | $ | 244 | $ | (46 | ) | $ | 643 | |||||||
Operating margin | 24.4 | % | 16.7 | % | N/A | 19.5 | % | |||||||||
Adjusted operating margin | 25.4 | % | 16.4 | % | N/A | 19.9 | % |
(a) Primarily severance for center led initiatives, future rent under non-cancellable leases, and integration costs related to recent acquisitions. |
(b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions. |
(c) Reflects the net gain on the deconsolidation of Marsh's India subsidiary resulting from changes in local regulations. The amount is removed from GAAP revenue in the calculation of adjusted operating margin. |
The Company presents below certain additional financial measures that are "non-GAAP measures," within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating income (loss); adjusted operating margin; and adjusted income, net of tax. |
The Company presents these non-GAAP measures to provide investors with additional information to analyze the Company's performance from period to period. Management also uses these measures to assess performance for incentive compensation purposes and to allocate resources in managing the Company's businesses. However, investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports in accordance with GAAP. The Company's non-GAAP measures reflect subjective determinations by management, and may differ from similarly titled non-GAAP measures presented by other companies. |
Adjusted Operating Income (Loss) and Adjusted Operating Margin |
Adjusted operating income (loss) is calculated by excluding the impact of certain noteworthy items from the Company's GAAP operating income or loss. The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income or loss, on a consolidated and segment basis, for the six months ended June 30, 2016 and 2015. The following tables also present adjusted operating margin, which is calculated by dividing adjusted operating income by consolidated or segment GAAP revenue less the net gain on the deconsolidation of Marsh's India subsidiary and contingent proceeds related to the disposal of Mercer's U.S. defined contribution recordkeeping business. |
Risk & Insurance Services | Consulting | Corporate/ Eliminations | Total | |||||||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||
Operating income (loss) | $ | 1,025 | $ | 530 | $ | (96 | ) | $ | 1,459 | |||||||
Add (Deduct) impact of Noteworthy Items: | ||||||||||||||||
Restructuring charges (a) | 3 | 1 | 4 | 8 | ||||||||||||
Adjustments to acquisition related accounts (b) | 20 | 1 | — | 21 | ||||||||||||
Disposal/deconsolidation of business (c) | (12 | ) | (6 | ) | — | (18 | ) | |||||||||
Operating income adjustments | 11 | (4 | ) | 4 | 11 | |||||||||||
Adjusted operating income (loss) | $ | 1,036 | $ | 526 | $ | (92 | ) | $ | 1,470 | |||||||
Operating margin | 27.6 | % | 17.6 | % | N/A | 21.7 | % | |||||||||
Adjusted operating margin | 28.0 | % | 17.5 | % | N/A | 22.0 | % | |||||||||
Six Months Ended June 30, 2015 | ||||||||||||||||
Operating income (loss) | $ | 960 | $ | 496 | $ | (92 | ) | $ | 1,364 | |||||||
Add (Deduct) impact of Noteworthy Items: | ||||||||||||||||
Restructuring charges (a) | 2 | — | 3 | 5 | ||||||||||||
Adjustments to acquisition related accounts (b) | 29 | (5 | ) | — | 24 | |||||||||||
Other | — | — | (1 | ) | (1 | ) | ||||||||||
Operating income adjustments | 31 | (5 | ) | 2 | 28 | |||||||||||
Adjusted operating income (loss) | $ | 991 | $ | 491 | $ | (90 | ) | $ | 1,392 | |||||||
Operating margin | 27.0 | % | 17.1 | % | N/A | 21.2 | % | |||||||||
Adjusted operating margin | 27.9 | % | 16.9 | % | N/A | 21.6 | % |
(a) Primarily severance for center led initiatives, future rent under non-cancellable leases, and integration costs related to recent acquisitions. |
(b) Primarily includes the change in fair value as measured each quarter of contingent consideration related to acquisitions. |
(c) Reflects the net gain on the deconsolidation of Marsh's India subsidiary and contingent proceeds related to the disposal of Mercer's U.S. defined contribution recordkeeping business. The amounts are removed from GAAP revenue in the calculation of adjusted operating margin. |
Adjusted income, net of tax |
Adjusted income, net of tax is calculated as: the Company's GAAP income from continuing operations, adjusted to reflect the after-tax impact of the operating income adjustments set forth in the preceding tables; divided by MMC's average number of shares outstanding-diluted for the period. |
Reconciliation of the Impact of Non-GAAP Measures on diluted earnings per share - |
Three Months Ended June 30, 2016 | Three Months Ended June 30, 2015 | |||||||||||||||||||||||
Amount | Diluted EPS | Amount | Diluted EPS | |||||||||||||||||||||
Income from continuing operations | $ | 480 | $ | 429 | ||||||||||||||||||||
Less: Non-controlling interest, net of tax | 8 | 10 | ||||||||||||||||||||||
Subtotal | $ | 472 | $ | 0.90 | $ | 419 | $ | 0.77 | ||||||||||||||||
Operating income adjustments | $ | 8 | $ | 14 | ||||||||||||||||||||
Impact of income taxes | — | (2 | ) | |||||||||||||||||||||
8 | 0.01 | 12 | 0.03 | |||||||||||||||||||||
Adjusted income, net of tax | $ | 480 | $ | 0.91 | $ | 431 | $ | 0.80 | ||||||||||||||||
Six Months Ended June 30, 2016 | Six Months Ended June 30, 2015 | |||||||||||||||||||||||
Amount | Diluted EPS | Amount | Diluted EPS | |||||||||||||||||||||
Income from continuing operations | $ | 970 | $ | 927 | ||||||||||||||||||||
Less: Non-controlling interest, net of tax | 17 | 23 | ||||||||||||||||||||||
Subtotal | $ | 953 | $ | 1.81 | $ | 904 | $ | 1.66 | ||||||||||||||||
Operating income adjustments | $ | 11 | $ | 28 | ||||||||||||||||||||
Impact of income taxes | — | (7 | ) | |||||||||||||||||||||
11 | 0.02 | 21 | 0.04 | |||||||||||||||||||||
Adjusted income, net of tax | $ | 964 | $ | 1.83 | $ | 925 | $ | 1.70 | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||
Consolidated | ||||||||||||||||||
Compensation and Benefits | $ | 1,872 | $ | 1,826 | $ | 3,726 | $ | 3,556 | ||||||||||
Other operating expenses | 778 | 770 | 1,527 | 1,520 | ||||||||||||||
Total Expenses | $ | 2,650 | $ | 2,596 | $ | 5,253 | $ | 5,076 | ||||||||||
Depreciation and amortization expense | $ | 76 | $ | 79 | $ | 154 | $ | 156 | ||||||||||
Identified intangible amortization expense | 34 | 24 | 67 | 48 | ||||||||||||||
Total | $ | 110 | $ | 103 | $ | 221 | $ | 204 | ||||||||||
Stock option expense | $ | 4 | $ | 5 | $ | 15 | $ | 13 | ||||||||||
Capital expenditures | $ | 63 | $ | 85 | $ | 114 | $ | 176 | ||||||||||
Risk and Insurance Services | ||||||||||||||||||
Compensation and Benefits | $ | 934 | $ | 909 | $ | 1,855 | $ | 1,771 | ||||||||||
Other operating expenses | 426 | 414 | 838 | 822 | ||||||||||||||
Total Expenses | $ | 1,360 | $ | 1,323 | $ | 2,693 | $ | 2,593 | ||||||||||
Depreciation and amortization expense | $ | 34 | $ | 37 | $ | 70 | $ | 72 | ||||||||||
Identified intangible amortization expense | 29 | 20 | 57 | 41 | ||||||||||||||
Total | $ | 63 | $ | 57 | $ | 127 | $ | 113 | ||||||||||
Consulting | ||||||||||||||||||
Compensation and Benefits | $ | 852 | $ | 831 | $ | 1,699 | $ | 1,614 | ||||||||||
Other operating expenses | 402 | 408 | 788 | 798 | ||||||||||||||
Total Expenses | $ | 1,254 | $ | 1,239 | $ | 2,487 | $ | 2,412 | ||||||||||
Depreciation and amortization expense | $ | 25 | $ | 27 | $ | 50 | $ | 53 | ||||||||||
Identified intangible amortization expense | 5 | 4 | 10 | 7 | ||||||||||||||
Total | $ | 30 | $ | 31 | $ | 60 | $ | 60 | ||||||||||
(Unaudited) June 30, 2016 | December 31, 2015 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 974 | $ | 1,374 | ||||
Net receivables | 3,721 | 3,471 | ||||||
Other current assets | 235 | 199 | ||||||
Total current assets | 4,930 | 5,044 | ||||||
Goodwill and intangible assets | 8,900 | 8,925 | ||||||
Fixed assets, net | 736 | 773 | ||||||
Pension related assets | 1,197 | 1,159 | ||||||
Deferred tax assets | 1,093 | 1,138 | ||||||
Other assets | 1,220 | 1,177 | ||||||
TOTAL ASSETS | $ | 18,076 | $ | 18,216 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 261 | $ | 12 | ||||
Accounts payable and accrued liabilities | 1,868 | 1,886 | ||||||
Accrued compensation and employee benefits | 1,015 | 1,656 | ||||||
Accrued income taxes | 182 | 154 | ||||||
Dividends payable | 178 | — | ||||||
Total current liabilities | 3,504 | 3,708 | ||||||
Fiduciary liabilities | 4,538 | 4,146 | ||||||
Less - cash and investments held in a fiduciary capacity | (4,538 | ) | (4,146 | ) | ||||
— | — | |||||||
Long-term debt | 4,496 | 4,402 | ||||||
Pension, post-retirement and post-employment benefits | 2,004 | 2,058 | ||||||
Liabilities for errors and omissions | 322 | 318 | ||||||
Other liabilities | 1,045 | 1,128 | ||||||
Total equity | 6,705 | 6,602 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 18,076 | $ | 18,216 |