Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2019

Schedule For Allocation of Acquisition Costs

The following table presents the preliminary allocation of purchase consideration to the assets acquired and liabilities assumed during 2019 based on the estimated fair values for JLT and other acquisitions as of their respective acquisition dates:



Acquisitions through September 30, 2019
(In millions)	JLT			Other		Total Acquisitions
Cash	$	5,568		$	291	$	5,859
Estimated fair value of deferred/contingent consideration	—			66		66
Total consideration	$	5,568		$	357	$	5,925
Allocation of purchase price:
Cash and cash equivalents	$	353		$	6	$	359
Accounts receivable, net	714			5		719
Other current assets	143			—		143
Fixed assets, net	89			2		91
Other intangible assets	1,613			143		1,756
Goodwill	4,761			201		4,962
Right of use assets	382			—		382
Deferred tax assets	65			—		65
Other assets	493			8		501
Total assets acquired	8,613			365		8,978
Current liabilities	689			5		694
Fiduciary liabilities	1,275			—		1,275
Less - fiduciary assets	(1,275		)	—		(1,275		)
Long-term debt	1,044			—		1,044
Long-term lease liability	389			—		389
Pension, post-retirement and post-employment liabilities	248			—		248
Liabilities for errors and omissions	31			—		31
Other liabilities	349			3		352
Total liabilities assumed	2,750			8		2,758
Non controlling interests	295			—		295
Net assets acquired	$	5,568		$	357	$	5,925

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The following chart provides information about intangible assets acquired during 2019:



Intangible assets through September 30, 2019 (In millions)	JLT		Other		Total		JLT Weighted Average Amortization Period	Other Weighted Average Amortization Period
Client relationships	$	1,511	$	136	$	1,647	13 years	12 years
Other	102		7		109		4 years	3 years
	$	1,613	$	143	$	1,756

Pro-Forma Information

The following unaudited pro-forma financial data gives effect to the acquisitions made by the Company during 2019 and 2018. In accordance with accounting guidance related to pro-forma disclosures, the information presented for current year acquisitions is as if they occurred on January 1, 2018 and reflects acquisitions made in 2018 as if they occurred on January 1, 2017. The unaudited pro-forma information adjusts for the effects of amortization of acquired intangibles and additional interest expense related to the issuance of debt related to the JLT Transaction. The unaudited pro-forma financial data is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved if such acquisitions had occurred on the dates indicated, nor is it necessarily indicative of future consolidated results.



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share figures)	2019		2018		2019		2018
Revenue	$	3,967	$	3,940	$	12,830	$	12,842
Net income attributable to the Company	$	306	$	181	$	1,445	$	804
Basic net income per share attributable to the Company	$	0.61	$	0.36	$	2.85	$	1.59
Diluted net income per share attributable to the Company	$	0.60	$	0.36	$	2.83	$	1.57