-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K3oPYdkXQsMd/sZAZT3LSZ9E1f6DRF+1rAhRZiwiEqoRyUFLB91Spj+QS7HrUItQ sYCpfidfDyLQaVH8tOcFEQ== 0001193125-09-170830.txt : 20090810 0001193125-09-170830.hdr.sgml : 20090810 20090810171045 ACCESSION NUMBER: 0001193125-09-170830 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 19 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090810 DATE AS OF CHANGE: 20090810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARSH & MCLENNAN COMPANIES, INC. CENTRAL INDEX KEY: 0000062709 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE AGENTS BROKERS & SERVICES [6411] IRS NUMBER: 362668272 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-05998 FILM NUMBER: 091000864 BUSINESS ADDRESS: STREET 1: 1166 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2123455000 MAIL ADDRESS: STREET 1: 1166 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: MARSH & MCLENNAN COMPANIES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MARLENNAN CORP DATE OF NAME CHANGE: 19760505 10-Q/A 1 d10qa.htm AMENDMENT NO. 1 TO FORM 10-Q Amendment No. 1 to Form 10-Q

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q/A

Amendment No. 1

 

 

Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2009

 

 

Marsh & McLennan Companies, Inc.

1166 Avenue of the Americas

New York, New York 10036

(212) 345-5000

 

 

Commission file number 1-5998

State of Incorporation: Delaware

I.R.S. Employer Identification No. 36-2668272

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large Accelerated Filer  x  

Accelerated Filer  ¨  

  Non-Accelerated Filer  ¨   Smaller Reporting Company  ¨
    (Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

As of July 31, 2009, there were outstanding 523,825,031 shares of common stock, par value $1.00 per share, of the registrant.

 

 

 


Explanatory Note

Amendment No. 1 to Form 10-Q for the quarterly period ended June 30, 2009, is filed solely to provide Exhibit 101 in accordance with Rule 405(a)(2) of Regulation S-T.

No other changes have been made to the Form 10-Q. This Form 10-Q/A speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the Form 10-Q.

Pursuant to Rule 406T of Regulation S-T, the interactive data filed on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

Item 6. Exhibits

See Exhibit Index.

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date: August 10, 2009  

/s/ Vanessa A. Wittman

  Vanessa A. Wittman
  Executive Vice President & Chief Financial Officer
Date: August 10, 2009  

/s/ Robert J. Rapport

  Robert J. Rapport
  Senior Vice President & Controller
  (Chief Accounting Officer)


EXHIBIT INDEX

 

Exhibit No.

  

Description of Exhibit

10.1*    Marsh & McLennan Companies, Inc. Directors’ Stock Compensation Plan - May 31, 2009 Restatement
10.2*    Description of compensation arrangements for non-executive directors of MMC effective June 1, 2009
10.3*    Employment Agreement, dated as of March 20, 2008, by and between Marsh & McLennan Companies, Inc. and Simon V. Freakley
10.4*    General Release, dated December 15, 2008, between Marsh & McLennan Companies, Inc. and Simon V. Freakley
10.5*    General Release, dated December 11, 2008, between Marsh & McLennan Companies, Inc. and Matthew B. Bartley
10.6*    General Release, dated May 8, 2008, between Marsh & McLennan Companies, Inc. and David H. Spiller
12.1*    Statement Re: Computation of Ratio of Earnings to Fixed Charges
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
32.1*    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

 

* Previously filed.
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Among other things, the NYAG Lawsuit and the citation alleged that Marsh&#8217;s use of market service agreements with various insurance companies entailed fraudulent business practices, bid-rigging, illegal restraint of trade and other statutory violations.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">Following the filing of the NYAG Lawsuit, various state regulators and attorneys general initiated investigations relating to the conduct alleged in the NYAG Lawsuit. Over the past year, MMC and Marsh entered into settlements with attorneys general or state regulators in ten states. 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The plaintiffs in the securities claims described below have asserted damages in the billions of dollars.</font></p> <p style="MARGIN-TOP: 0px; FONT-SIZE: 12px; MARGIN-BOTTOM: 0px"> &#160;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tbody> <tr> <td valign="top" align="left" width="3%"><font face="ARIAL" size= "2">&#8226;</font></td> <td valign="top" width="1%"><font size="1">&#160;</font></td> <td valign="top" align="left"> <p align="left"><font face="ARIAL" size="2">A purported securities class action against MMC, Marsh and certain of their former officers is pending in the U.S. District Court for the Southern District of New York. Plaintiffs make factual allegations similar to those asserted in the NYAG Lawsuit, including that MMC artificially inflated its share price by making misrepresentations and omissions relating to Marsh&#8217;s market service agreements and business practices. Plaintiffs also allege that MMC failed to disclose alleged anti-competitive and illegal practices at Marsh, such as &#8220;bid-rigging&#8221; and soliciting fictitious quotes. Plaintiffs allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Section&#160;11 of the Securities Act of 1933 and seek unspecified damages. 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The complaint alleges, among other things, that in light of the alleged misconduct described in the NYAG Lawsuit, the defendants knew or should have known that the investment of the plan&#8217;s assets in MMC stock was imprudent, that certain defendants failed to provide plan participants with complete and accurate information about MMC stock, that certain defendants responsible for selecting, removing and monitoring other fiduciaries did not comply with ERISA, and that MMC knowingly participated in other defendants&#8217; breaches of fiduciary duties. The complaint seeks, among other things, unspecified compensatory damages, injunctive relief and attorneys&#8217; fees and costs. 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Fiduciary Assets and Liabilities</u></b></font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">In its capacity as an insurance broker or agent, MMC collects premiums from insureds and, after deducting its commissions, remits the premiums to the respective insurance underwriters. MMC also collects claims or refunds from underwriters on behalf of insureds. Unremitted insurance premiums and claims proceeds are held by MMC in a fiduciary capacity. Interest income on these fiduciary funds, included in risk and insurance services revenue, amounted to $28 million and $76 million for six-month periods ended June&#160;30, 2009 and 2008, respectively. The consulting segment recorded fiduciary interest income of $2 million and $6 million for the comparable periods in 2009 and 2008, respectively. 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No authoritative reference available. false 42 3 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true -394000000 -394 false false 2 false true -968000000 -968 false false No definition available. No authoritative reference available. true 43 3 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false true false false 1 false true 1685000000 1685 false false 2 false true 2133000000 2133 false false No definition available. No authoritative reference available. false 44 3 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false false true false 1 true true 1291000000 1291 false false 2 true true 1165000000 1165 false false No definition available. No authoritative reference available. false false 2 40 false Millions UnKnown UnKnown false true XML 11 R9.xml IDEA: Entity Information 1.0.0.3 false Entity Information (USD $) false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDperShareItemType Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 false 2 $ false false Shares Standard http://www.xbrl.org/2003/instance shares 0 false 3 $ false false Shares Standard http://www.xbrl.org/2003/instance shares 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 2 0 dei_EntityTextBlock dei false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 3 1 dei_TradingSymbol dei false na duration normalizedstring No definition available. false false false false false false false false false 1 false false 0 0 MMC MMC false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 4 1 dei_EntityRegistrantName dei false na duration normalizedstring No definition available. false false false false false false false false false 1 false false 0 0 MARSH & MCLENNAN COMPANIES, INC. MARSH & MCLENNAN COMPANIES, INC. false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 5 1 dei_EntityCentralIndexKey dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 0000062709 0000062709 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 6 1 dei_CurrentFiscalYearEndDate dei false na duration monthday No definition available. false false false false false false false false false 1 false false 0 0 --12-31 --12-31 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 7 1 dei_EntityWellKnownSeasonedIssuer dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 Yes Yes false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 8 1 dei_EntityCurrentReportingStatus dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 Yes Yes false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 9 1 dei_EntityVoluntaryFilers dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 No No false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 10 1 dei_EntityFilerCategory dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 Large Accelerated Filer Large Accelerated Filer false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 11 1 dei_EntityCommonStockSharesOutstanding dei false na instant shares No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false true 523825031 523825031 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 12 1 dei_EntityPublicFloat dei false credit instant monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 true true 13534370893 13534370893 false false No definition available. No authoritative reference available. false false 3 11 false NoRounding NoRounding UnKnown false true XML 12 R6.xml IDEA: Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) 1.0.0.3 true Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (USD $) false 1 $ true false false false Retained Earnings us-gaap_StatementEquityComponentsAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_RetainedEarningsMember us-gaap_StatementEquityComponentsAxis explicitMember USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDperShareItemType Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 false 2 $ false false Shares Standard http://www.xbrl.org/2003/instance shares 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDperShareItemType Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 5 3 us-gaap_CommonStockDividendsPerShareDeclared us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true 0.60 0.60 true false 2 true true 0.60 0.60 false false No definition available. No authoritative reference available. false 5 3 us-gaap_CommonStockDividendsPerShareDeclared us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true 0.60 0.60 true false 2 true true 0.60 0.60 false false No definition available. No authoritative reference available. false false 2 2 false UnKnown UnKnown Hundreds false true XML 13 R5.xml IDEA: Statement Of Shareholders Equity And Other Comprehensive Income 1.0.0.3 true Statement Of Shareholders Equity And Other Comprehensive Income (USD $) In Millions false 1 $ true false false false Common Stock us-gaap_StatementEquityComponentsAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_CommonStockMember us-gaap_StatementEquityComponentsAxis explicitMember USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 false 2 $ true false false false Additional Paid-In Capital us-gaap_StatementEquityComponentsAxis xbrldi http://xbrl.org/2006/xbrldi mmc_AdditionalPaidInCapitalCommonStockMember us-gaap_StatementEquityComponentsAxis explicitMember USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 false 3 $ true false false false Retained Earnings us-gaap_StatementEquityComponentsAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_RetainedEarningsMember us-gaap_StatementEquityComponentsAxis explicitMember USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDperShareItemType Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 false 4 $ true false false false Accumulated Other Comprehensive Loss us-gaap_StatementEquityComponentsAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_AccumulatedOtherComprehensiveIncomeMember us-gaap_StatementEquityComponentsAxis explicitMember USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 false 5 $ true false false false Treasury Shares us-gaap_StatementEquityComponentsAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_TreasuryStockMember us-gaap_StatementEquityComponentsAxis explicitMember USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 false 6 $ true false false false Non-Controlling Interests us-gaap_StatementEquityComponentsAxis xbrldi http://xbrl.org/2006/xbrldi us-gaap_NoncontrollingInterestMember us-gaap_StatementEquityComponentsAxis explicitMember USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 false 7 $ false false Shares Standard http://www.xbrl.org/2003/instance shares 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDperShareItemType Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 5 3 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false true false false true false false 1 true true 561000000 561 true false 2 true true 1242000000 1242 true false 3 true true 7732000000 7732 true false 4 true true -351000000 -351 true false 5 true true -1362000000 -1362 true false 6 true true 33000000 33 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 6 3 us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false true 11000000 11 true false 3 false false 0 0 true false 4 false false 0 0 true false 5 false false 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 7 3 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false true -145000000 -145 true false 4 false false 0 0 true false 5 false false 0 0 true false 6 false true 5000000 5 true false 7 false true -140000000 -140 false false No definition available. No authoritative reference available. false 8 3 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false false 0 0 true false 4 false true 109000000 109 true false 5 false false 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 9 3 us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false true -15000000 -15 true false 3 false false 0 0 true false 4 false false 0 0 true false 5 false true 74000000 74 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 10 3 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false false 0 0 true false 4 false true 0 0 true false 5 false false 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 11 3 us-gaap_DividendsCash us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false true -6000000 -6 true false 4 false false 0 0 true false 5 false false 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 12 3 us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false false 0 0 true false 4 false true -10000000 -10 true false 5 false false 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 13 3 us-gaap_DividendsCommonStock us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false true -308000000 -308 true false 4 false false 0 0 true false 5 false false 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 14 3 us-gaap_MinorityInterestDecreaseFromRedemptions us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false true 0 0 true false 3 false false 0 0 true false 4 false false 0 0 true false 5 false false 0 0 true false 6 false true 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 15 3 us-gaap_StockIssuedDuringPeriodValueAcquisitions us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false true 0 0 true false 3 false false 0 0 true false 4 false false 0 0 true false 5 false true 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 16 3 us-gaap_StockholdersEquityOther us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false false 0 0 true false 4 false false 0 0 true false 5 false false 0 0 true false 6 false true -7000000 -7 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 17 3 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false true false false false true false 1 false true 561000000 561 true false 2 false true 1238000000 1238 true false 3 false true 7273000000 7273 true false 4 false true -252000000 -252 true false 5 false true -1288000000 -1288 true false 6 false true 31000000 31 true false 7 false true 7563000000 7563 false false No definition available. No authoritative reference available. false 5 3 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false true false false true false false 1 false true 561000000 561 true false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false 5 false false 0 0 false false 6 false false 0 0 false false 7 false false 0 0 false false No definition available. No authoritative reference available. false 17 3 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false true false false false true false 1 false true 561000000 561 true false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false 5 false false 0 0 false false 6 false false 0 0 false false 7 false false 0 0 false false No definition available. No authoritative reference available. false 5 3 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false true false false true false false 1 false true 561000000 561 true false 2 false true 1245000000 1245 true false 3 false true 7237000000 7237 true false 4 false true -2098000000 -2098 true false 5 false true -1223000000 -1223 true false 6 false true 38000000 38 true false 7 false true 5760000000 5760 false false No definition available. No authoritative reference available. false 6 3 us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false true 9000000 9 true false 3 false false 0 0 true false 4 false false 0 0 true false 5 false false 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 7 3 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false true -17000000 -17 true false 4 false false 0 0 true false 5 false false 0 0 true false 6 false true 9000000 9 true false 7 false true -8000000 -8 false false No definition available. No authoritative reference available. false 8 3 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false false 0 0 true false 4 false true 304000000 304 true false 5 false false 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 9 3 us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false true 1000000 1 true false 3 false false 0 0 true false 4 false false 0 0 true false 5 false true 88000000 88 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 10 3 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false false 0 0 true false 4 false true -1000000 -1 true false 5 false false 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 11 3 us-gaap_DividendsCash us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false true -8000000 -8 true false 4 false false 0 0 true false 5 false false 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 12 3 us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false false 0 0 true false 4 false true -129000000 -129 true false 5 false false 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 13 3 us-gaap_DividendsCommonStock us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false true -312000000 -312 true false 4 false false 0 0 true false 5 false false 0 0 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 14 3 us-gaap_MinorityInterestDecreaseFromRedemptions us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false true -38000000 -38 true false 3 false false 0 0 true false 4 false false 0 0 true false 5 false false 0 0 true false 6 false true -8000000 -8 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 15 3 us-gaap_StockIssuedDuringPeriodValueAcquisitions us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false true -35000000 -35 true false 3 false false 0 0 true false 4 false false 0 0 true false 5 false true 143000000 143 true false 6 false false 0 0 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 16 3 us-gaap_StockholdersEquityOther us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 true false 2 false false 0 0 true false 3 false false 0 0 true false 4 false false 0 0 true false 5 false false 0 0 true false 6 false true -6000000 -6 true false 7 false false 0 0 false false No definition available. No authoritative reference available. false 17 3 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false true false false false true false 1 false true 561000000 561 true false 2 false true 1182000000 1182 true false 3 false true 6900000000 6900 true false 4 false true -1924000000 -1924 true false 5 false true -992000000 -992 true false 6 false true 33000000 33 true false 7 false true 5760000000 5760 false false No definition available. No authoritative reference available. false 5 3 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false true false false true false false 1 false true 561000000 561 true false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false 5 false false 0 0 false false 6 false false 0 0 false false 7 false false 0 0 false false No definition available. No authoritative reference available. false 17 3 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false true false false false true false 1 true true 561000000 561 true false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false 5 false false 0 0 false false 6 false false 0 0 false false 7 false false 0 0 false false No definition available. No authoritative reference available. false false 7 30 false Millions UnKnown UnKnown false true XML 14 defnref.xml IDEA: XBRL DOCUMENT No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. 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XML 15 R1.xml IDEA: Statement Of Income Alternative 1.0.0.3 false Statement Of Income Alternative (USD $) In Millions, except Per Share data false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDperShareItemType Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 false 2 $ false false Shares Standard http://www.xbrl.org/2003/instance shares 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDperShareItemType Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 false 3 $ false false Shares Standard http://www.xbrl.org/2003/instance shares 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDperShareItemType Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 false 4 $ false false Shares Standard http://www.xbrl.org/2003/instance shares 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDperShareItemType Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 5 3 us-gaap_SalesRevenueServicesNet us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 2629000000 2629 false false 2 true true 3033000000 3033 false false 3 true true 5238000000 5238 false false 4 true true 6057000000 6057 false false No definition available. No authoritative reference available. false 6 3 us-gaap_OperatingExpensesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 7 4 us-gaap_LaborAndRelatedExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 1604000000 1604 false false 2 false true 1879000000 1879 false false 3 false true 3175000000 3175 false false 4 false true 3701000000 3701 false false No definition available. No authoritative reference available. false 8 4 us-gaap_OtherCostAndExpenseOperating us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 731000000 731 false false 2 false true 859000000 859 false false 3 false true 1445000000 1445 false false 4 false true 1726000000 1726 false false No definition available. No authoritative reference available. false 9 4 us-gaap_GoodwillImpairmentLoss us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 315000000 315 false false 2 false true 115000000 115 false false 3 false true 315000000 315 false false 4 false true 540000000 540 false false No definition available. No authoritative reference available. false 10 4 us-gaap_OperatingExpenses us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 2650000000 2650 false false 2 false true 2853000000 2853 false false 3 false true 4935000000 4935 false false 4 false true 5967000000 5967 false false No definition available. No authoritative reference available. true 11 3 us-gaap_OperatingIncomeLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -21000000 -21 false false 2 false true 180000000 180 false false 3 false true 303000000 303 false false 4 false true 90000000 90 false false No definition available. No authoritative reference available. true 12 3 us-gaap_InvestmentIncomeInterest us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 4000000 4 false false 2 false true 12000000 12 false false 3 false true 10000000 10 false false 4 false true 30000000 30 false false No definition available. No authoritative reference available. false 13 3 us-gaap_InterestExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -65000000 -65 false false 2 false true -55000000 -55 false false 3 false true -121000000 -121 false false 4 false true -111000000 -111 false false No definition available. No authoritative reference available. false 14 3 us-gaap_InvestmentIncomeNonoperating us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -31000000 -31 false false 2 false true -16000000 -16 false false 3 false true -46000000 -46 false false 4 false true -8000000 -8 false false No definition available. No authoritative reference available. false 15 3 mmc_IncomeLossFromContinuingOperationsBeforeIncomeTaxes mmc false credit duration monetary No definition available. false false false false false false false false false 1 false true -113000000 -113 false false 2 false true 121000000 121 false false 3 false true 146000000 146 false false 4 false true 1000000 1 false false No definition available. No authoritative reference available. true 16 3 us-gaap_IncomeTaxExpenseBenefit us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 49000000 49 false false 2 false true 66000000 66 false false 3 false true 129000000 129 false false 4 false true 159000000 159 false false No definition available. No authoritative reference available. false 17 3 us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -162000000 -162 false false 2 false true 55000000 55 false false 3 false true 17000000 17 false false 4 false true -158000000 -158 false false No definition available. No authoritative reference available. true 18 3 us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -26000000 -26 false false 2 false true 12000000 12 false false 3 false true -25000000 -25 false false 4 false true 18000000 18 false false No definition available. No authoritative reference available. false 19 3 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -188000000 -188 false false 2 false true 67000000 67 false false 3 false true -8000000 -8 false false 4 false true -140000000 -140 false false No definition available. No authoritative reference available. true 20 3 us-gaap_NetIncomeLossAttributableToNoncontrollingInterest us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 5000000 5 false false 2 false true 2000000 2 false false 3 false true 9000000 9 false false 4 false true 5000000 5 false false No definition available. No authoritative reference available. false 21 3 us-gaap_NetIncomeLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true -193000000 -193 false false 2 true true 65000000 65 false false 3 true true -17000000 -17 false false 4 true true -145000000 -145 false false No definition available. No authoritative reference available. true 22 3 us-gaap_EarningsPerShareBasicAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 23 4 us-gaap_IncomeLossFromContinuingOperationsPerBasicShare us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true -0.31 -0.31 false false 2 true true 0.10 0.10 false false 3 true true 0.01 0.01 false false 4 true true -0.30 -0.30 false false No definition available. No authoritative reference available. false 24 4 us-gaap_EarningsPerShareBasic us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true -0.36 -0.36 false false 2 true true 0.12 0.12 false false 3 true true -0.03 -0.03 false false 4 true true -0.27 -0.27 false false No definition available. No authoritative reference available. false 25 3 us-gaap_EarningsPerShareDilutedAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 26 4 us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true -0.32 -0.32 false false 2 true true 0.10 0.10 false false 3 true true 0.01 0.01 false false 4 true true -0.32 -0.32 false false No definition available. No authoritative reference available. false 27 4 us-gaap_EarningsPerShareDiluted us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true -0.37 -0.37 false false 2 true true 0.12 0.12 false false 3 true true -0.03 -0.03 false false 4 true true -0.28 -0.28 false false No definition available. No authoritative reference available. false 28 3 us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 29 4 us-gaap_WeightedAverageNumberOfSharesOutstandingBasic us-gaap true na duration shares No definition available. false false false false false false false false false 1 false true 522000000 522 false false 2 false true 512000000 512 false false 3 false true 519000000 519 false false 4 false true 515000000 515 false false No definition available. No authoritative reference available. false 30 4 us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding us-gaap true na duration shares No definition available. false false false false false false false false false 1 false true 522000000 522 false false 2 false true 512000000 512 false false 3 false true 519000000 519 false false 4 false true 515000000 515 false false No definition available. No authoritative reference available. false 31 4 us-gaap_CommonStockSharesOutstanding us-gaap true na instant shares No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true 523000000 523 false false 4 false true 512000000 512 false false No definition available. No authoritative reference available. false 32 4 us-gaap_CommonStockDividendsPerShareDeclared us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true 0.20 0.20 false false 2 true true 0.20 0.20 false false 3 true true 0.60 0.60 false false 4 true true 0.60 0.60 false false No definition available. No authoritative reference available. false false 4 28 false Millions Millions Hundreds false true XML 16 R2.xml IDEA: Statement Of Financial Position Classified 1.0.0.3 false Statement Of Financial Position Classified (USD $) In Millions false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDperShareItemType Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 false 2 $ false false 6 4 us-gaap_AssetsCurrentAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 7 5 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 true true 1291000000 1291 false false 2 true true 1685000000 1685 false false No definition available. No authoritative reference available. false 8 5 us-gaap_ReceivablesNetCurrentAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 9 6 us-gaap_AccountsReceivableGrossCurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 2575000000 2575 false false 2 false true 2418000000 2418 false false No definition available. No authoritative reference available. false 10 6 mmc_AdvancedPremiumsAndClaimsReceivables mmc false debit instant monetary No definition available. false false false false false false false false false 1 false true 87000000 87 false false 2 false true 86000000 86 false false No definition available. No authoritative reference available. false 11 6 us-gaap_OtherReceivables us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 310000000 310 false false 2 false true 354000000 354 false false No definition available. No authoritative reference available. false 12 6 mmc_CommissionsFeesPremiumsClaimsAndOtherReceivablesGross mmc false debit instant monetary No definition available. false false false false false false false false false 1 false true 2972000000 2972 false false 2 false true 2858000000 2858 false false No definition available. No authoritative reference available. true 13 6 us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true -118000000 -118 false false 2 false true -103000000 -103 false false No definition available. No authoritative reference available. false 14 6 us-gaap_ReceivablesNetCurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 2854000000 2854 false false 2 false true 2755000000 2755 false false No definition available. No authoritative reference available. true 15 5 us-gaap_OtherAssetsCurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 345000000 345 false false 2 false true 344000000 344 false false No definition available. No authoritative reference available. false 16 5 us-gaap_AssetsCurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 4490000000 4490 false false 2 false true 4784000000 4784 false false No definition available. No authoritative reference available. true 17 4 mmc_GoodwillAndIntangibleAssetsNet mmc false debit instant monetary No definition available. false false false false false false false false false 1 false true 6983000000 6983 false false 2 false true 7163000000 7163 false false No definition available. No authoritative reference available. false 18 4 us-gaap_PropertyPlantAndEquipmentNet us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 970000000 970 false false 2 false true 969000000 969 false false No definition available. No authoritative reference available. false 19 4 us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 397000000 397 false false 2 false true 150000000 150 false false No definition available. No authoritative reference available. false 20 4 us-gaap_DeferredTaxAssetsNetNoncurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 1182000000 1182 false false 2 false true 1146000000 1146 false false No definition available. No authoritative reference available. false 21 4 us-gaap_OtherAssetsNoncurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 899000000 899 false false 2 false true 994000000 994 false false No definition available. No authoritative reference available. false 22 4 us-gaap_Assets us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 14921000000 14921 false false 2 false true 15206000000 15206 false false No definition available. No authoritative reference available. true 24 4 us-gaap_LiabilitiesCurrentAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 25 5 us-gaap_ShortTermBorrowings us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 9000000 9 false false 2 false true 408000000 408 false false No definition available. No authoritative reference available. false 26 5 us-gaap_OtherAccountsPayableAndAccruedLiabilities us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 1712000000 1712 false false 2 false true 1688000000 1688 false false No definition available. No authoritative reference available. false 27 5 us-gaap_EmployeeRelatedLiabilitiesCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 820000000 820 false false 2 false true 1224000000 1224 false false No definition available. No authoritative reference available. false 28 5 us-gaap_AccruedIncomeTaxesCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 24000000 24 false false 2 false true 66000000 66 false false No definition available. No authoritative reference available. false 29 5 us-gaap_DividendsPayableCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 105000000 105 false false 2 false true 0 0 false false No definition available. No authoritative reference available. false 30 5 us-gaap_LiabilitiesCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 2670000000 2670 false false 2 false true 3386000000 3386 false false No definition available. No authoritative reference available. true 31 4 mmc_FiduciaryLiabilities mmc false credit instant monetary No definition available. false false false false false false false false false 1 false true 3647000000 3647 false false 2 false true 3297000000 3297 false false No definition available. No authoritative reference available. false 32 4 mmc_LessCashAndInvestmentsHeldInAFiduciaryCapacity mmc false debit instant monetary No definition available. false false false false false false false false false 1 false true -3647000000 -3647 false false 2 false true -3297000000 -3297 false false No definition available. No authoritative reference available. false 33 4 mmc_FiduciaryLiabilitiesNetOfCashAndInvestmentsHeld mmc false credit instant monetary No definition available. false false false false false false false false false 1 false true 0 0 false false 2 false true 0 0 false false No definition available. No authoritative reference available. true 34 4 us-gaap_LongTermDebtAndCapitalLeaseObligations us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 3588000000 3588 false false 2 false true 3194000000 3194 false false No definition available. No authoritative reference available. false 35 4 us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 1168000000 1168 false false 2 false true 1217000000 1217 false false No definition available. No authoritative reference available. false 36 4 mmc_LiabilityForErrorsAndOmissions mmc false credit instant monetary No definition available. false false false false false false false false false 1 false true 515000000 515 false false 2 false true 512000000 512 false false No definition available. No authoritative reference available. false 37 4 us-gaap_OtherLiabilitiesNoncurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 1220000000 1220 false false 2 false true 1137000000 1137 false false No definition available. No authoritative reference available. false 38 4 us-gaap_CommitmentsAndContingencies2009 us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 - - false false 2 false false 0 0 - - false false No definition available. No authoritative reference available. false 39 4 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 40 5 us-gaap_PreferredStockValue us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 0 0 false false 2 false true 0 0 false false No definition available. No authoritative reference available. false 41 5 us-gaap_CommonStockValue us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 561000000 561 false false 2 false true 561000000 561 false false No definition available. No authoritative reference available. false 42 5 us-gaap_AdditionalPaidInCapitalCommonStock us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 1182000000 1182 false false 2 false true 1245000000 1245 false false No definition available. No authoritative reference available. false 43 5 us-gaap_RetainedEarningsAccumulatedDeficit us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 6900000000 6900 false false 2 false true 7237000000 7237 false false No definition available. No authoritative reference available. false 44 5 us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true -1924000000 -1924 false false 2 false true -2098000000 -2098 false false No definition available. No authoritative reference available. false 45 5 us-gaap_MinorityInterest us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 33000000 33 false false 2 false true 38000000 38 false false No definition available. No authoritative reference available. false 46 5 mmc_StockholdersEquitySubtotalBeforeTreasuryStock mmc false credit instant monetary No definition available. false false false false false false false false false 1 false true 6752000000 6752 false false 2 false true 6983000000 6983 false false No definition available. No authoritative reference available. true 47 5 us-gaap_TreasuryStockValue us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true -992000000 -992 false false 2 false true -1223000000 -1223 false false No definition available. No authoritative reference available. false 48 5 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 5760000000 5760 false false 2 false true 5760000000 5760 false false No definition available. No authoritative reference available. true 49 4 us-gaap_LiabilitiesAndStockholdersEquity us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 true true 14921000000 14921 false false 2 true true 15206000000 15206 false false No definition available. No authoritative reference available. true false 2 43 false Millions UnKnown UnKnown false true XML 17 FilingSummary.xml IDEA: XBRL DOCUMENT 1.0.0.3 true Sheet 11 - Statement - Statement Of Income Alternative Statement Of Income Alternative R1.xml false Sheet 12 - Statement - Statement Of Financial Position Classified Statement Of Financial Position Classified R2.xml false Sheet 13 - Statement - Statement Of Financial Position Classified (Parenthetical) Statement Of Financial Position Classified (Parenthetical) R3.xml false Sheet 14 - Statement - Statement Of Cash Flows Indirect Statement Of Cash Flows Indirect R4.xml false Sheet 15 - Statement - Statement Of Shareholders Equity And Other Comprehensive Income Statement Of Shareholders Equity And Other Comprehensive Income R5.xml false Sheet 16 - Statement - Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) R6.xml false Notes 17 - 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M````"````',` XML 19 R7.xml IDEA: Notes to Financial Statements 1.0.0.3 false Notes to Financial Statements false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDperShareItemType Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 2 0 mmc_NotesToFinancialStatementsAbstract mmc false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 us-gaap_NatureOfOperations us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2"><b><u>1. Nature of Operations</u></b></font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">Marsh&#160;&amp; McLennan Companies, Inc. (&#8220;MMC&#8221;), a global professional services firm, is organized based on the different services that it offers. Under this organizational structure, MMC&#8217;s three business segments are: Risk and Insurance Services; Consulting; and Risk Consulting&#160;&amp; Technology.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">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. MMC conducts business in this segment through Marsh and Guy Carpenter. In April 2009, Guy Carpenter completed the acquisition of John B. Collins Associates, Inc., previously the fifth-largest reinsurance intermediary in the U.S. and seventh-largest in the world. The acquisition of Collins further strengthens Guy Carpenter&#8217;s capabilities in medical professional liability, agriculture, Florida property, Program, and regional specialty lines of business.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">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. MMC conducts business in this segment through Mercer and Oliver Wyman Group.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">The Risk Consulting&#160;&amp; Technology segment provides various risk consulting and related risk mitigation services to corporate, government, institutional and individual clients, including consulting services and security services; and technology-enabled services. MMC conducts business in this segment through Kroll. During the second quarter of 2009, Kroll sold Kroll Government Services (&#8220;KGS&#8221;), which has been classified as a discontinued operation. In the fourth quarter of 2008, the principal operations within the corporate advisory and restructuring business were divested. Additionally, two small residual businesses were exited in the first quarter of 2009. Based on the terms and conditions of the divestitures, MMC determined it has &#8220;continuing involvement&#8221; in the divested businesses, as that term is used in SEC Staff Accounting Bulletin Topic 5e. Therefore, classification of the corporate advisory and restructuring businesses as discontinued operations is not appropriate and the financial results in the current and prior periods are included in operating income.</font></p> </div> 1. Nature of Operations Marsh&#160;&amp; McLennan Companies, Inc. (&#8220;MMC&#8221;), a global professional services firm, is organized based on the different false false No definition available. No authoritative reference available. false 4 1 us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2"><b><u>2. Principles of Consolidation</u></b></font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">The consolidated financial statements included herein have been prepared by MMC pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been omitted pursuant to such rules and regulations, although MMC believes that the information and disclosures presented are adequate to make such information and disclosure not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in MMC&#8217;s Annual Report on Form 10-K for the year ended December&#160;31, 2008 (the &#8220;2008 10-K&#8221;).</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">The financial information contained herein reflects all adjustments consisting only of normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of MMC&#8217;s results of operations for the three and six-month periods ended June&#160;30, 2009 and 2008. Management has evaluated subsequent events through August 7, 2009, the date financial statements were issued. Effective January&#160;1, 2009, the Company adopted retrospectively the new standards issued by the Financial Accounting Standards Board (&#8220;FASB&#8221;) affecting the calculation of earnings per share, and the presentation of non-controlling interests (previously referred to as minority interests), which are described more fully in Notes 4 and 18 to the Consolidated Financial Statements. Also, see Note 5 with respect to a correction in our Statement of Cash Flows.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size= "1">&#160;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">The caption &#8220;Investment loss&#8221; in the consolidated statements of income comprises realized and unrealized gains and losses from investments recognized in current earnings. It includes, when applicable, other than temporary declines in the value of available for sale securities and the change in value of MMC&#8217;s holdings in certain private equity funds. MMC&#8217;s investments may include direct investments in insurance or consulting companies and investments in private equity funds. Equity method losses of $34 million and $18 million are included in this line for the three month periods ended June&#160;30, 2009 and 2008, respectively. Equity method losses of $51 million and $12 million are included in this line for the six month periods ended June&#160;30, 2009 and 2008, respectively.</font></p> </div> 2. Principles of Consolidation The consolidated financial statements included herein have been prepared by MMC pursuant to the rules and regulations of false false No definition available. No authoritative reference available. false 5 1 mmc_FiduciaryAssetsAndLiabilitiesTextBlock mmc false na duration string No definition available. false false false false false false false false false 1 false false 0 0 <div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2"><b><u>3. Fiduciary Assets and Liabilities</u></b></font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">In its capacity as an insurance broker or agent, MMC collects premiums from insureds and, after deducting its commissions, remits the premiums to the respective insurance underwriters. MMC also collects claims or refunds from underwriters on behalf of insureds. Unremitted insurance premiums and claims proceeds are held by MMC in a fiduciary capacity. Interest income on these fiduciary funds, included in risk and insurance services revenue, amounted to $28 million and $76 million for six-month periods ended June&#160;30, 2009 and 2008, respectively. The consulting segment recorded fiduciary interest income of $2 million and $6 million for the comparable periods in 2009 and 2008, respectively. Since fiduciary assets are not available for corporate use, they are shown in the consolidated balance sheets as an offset to fiduciary liabilities.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">Fiduciary assets include approximately $752 million of fixed income securities classified as available for sale. Unrealized gains or losses from available for sale securities are recorded in other comprehensive income until the securities are disposed of, or mature. Unrealized gains, net of tax, at June&#160;30, 2009 were $16 million.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">Net uncollected premiums and claims and the related payables amounted to $10 billion at June&#160;30, 2009 and $8.6 billion at December&#160;31, 2008. MMC 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 MMC and are not included in the accompanying consolidated balance sheets.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">In certain instances, MMC 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.</font></p> </div> 3. Fiduciary Assets and Liabilities In its capacity as an insurance broker or agent, MMC collects premiums from insureds and, after deducting its commissions, false false No definition available. No authoritative reference available. false 6 1 us-gaap_EarningsPerShareTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2"><b><u>4. Per Share Data</u></b></font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">In June 2008, the FASB issued new guidance for &#8220;Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities.&#8221; This guidance applies to the calculation of earnings per share (&#8220;EPS&#8221;) for share-based payment awards with rights to dividends or dividend equivalents. The guidance indicates that unvested share-based payment awards that contain nonforfeitable 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. The adoption of this new guidance did not have an impact on the fiscal year 2008 for EPS from continuing operations, discontinued operations and net income because the treasury stock method was more dilutive. The impact of the adoption was a decrease in EPS of $.02, $.05, and $.07 for the fiscal year 2007, for EPS</font> <font face="ARIAL" size="2">from continuing operations, discontinued operations, and net income, respectively, and a decrease in EPS of $.02, $.01, and $.03 for the fiscal year 2006, for EPS from continuing operations, discontinued operations and net income, respectively.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">Basic net income attributable to MMC per share 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 MMC&#8217;s common stock.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">Diluted net income attributable to MMC per share 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 MMC&#8217;s common stock, which have been adjusted for the dilutive effect of potentially issuable common shares (excluding those that are considered participating securities). 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Goodwill and Other Intangibles MMC is required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if false false No definition available. No authoritative reference available. false 12 1 us-gaap_FairValueDisclosuresTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2"><b><u>10. Fair Value Measurements</u></b></font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2"><i>Fair Value Hierarchy</i></font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">MMC has categorized its assets and liabilities that are valued at fair value on a recurring basis into a three-level fair value hierarchy as defined by the FASB. 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The gains and losses described above are included in investment income (loss) in the consolidated statements of income.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size= "1">&#160;</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2"><b>Short-term and Long-term Debt</b>: The fair value of MMC&#8217;s short-term debt, which consists primarily of term debt maturing within the next year, approximates its carrying value. The estimated fair value of MMC&#8217;s long-term debt is based on discounted future cash flows using current interest rates available for debt with similar terms and remaining maturities.</font></p> </div> 14. Financial Instruments The estimated fair value of MMC&#8217;s significant financial instruments is provided below. Certain estimates and judgments were false false No definition available. No authoritative reference available. false 17 1 us-gaap_ScheduleOfStockByClassTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2"><b><u>15. Common Stock</u></b></font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">In August 2007, MMC entered into an $800 million accelerated share repurchase agreement with a financial institution counterparty. Under the terms of the agreement, MMC paid the full $800 million purchase price and took delivery from the counterparty of an initial tranche of 21,320,530 shares of MMC common stock. This number of shares was the quotient of the $800 million purchase price divided by a contractual &#8220;cap&#8221; price of $37.5225 per share. 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The guidance outlines factors to consider when determining whether there has been a significant decrease in the volume and level of activity for the asset or liability such that transactions or quoted prices may not be determinative of fair value and further analysis of the transactions or quoted prices may be necessary. However, an entity&#8217;s intention to hold the asset or liability would not be relevant in estimating fair value. Fair value is a market-based measurement, not an entity-specific measurement. The rules are effective for interim and annual periods ending after June&#160;15, 2009. 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SFAS No.&#160;165 defines subsequent events as (1)&#160;&#8216;Recognized Subsequent Events&#8217; &#8211; that provide additional evidence about conditions that existed before or at the date of the balance sheet; (2)&#160;&#8216;Nonrecognized Subsequent Events&#8217; &#8211; that provide additional evidence about conditions that did not exist at the balance sheet date, arose after the balance sheet</font> <font face="ARIAL" size="2">date but before the financial statements are issued or available to be issued. SFAS No.&#160;165 is effective for MMC for the current quarter. This standard did not have a material impact on the Company&#8217;s financial statements.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">In June 2008, the FASB issued guidance for calculating EPS using the two-class method, which was implemented by MMC effective January&#160;1, 2009 with retroactive application to prior periods. The impact of adopting the guidance is discussed in Note 4 to the consolidated financial statements.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2"><b>Future Adoption of New Accounting Pronouncements</b></font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">On December&#160;30, 2008 the FASB issued guidance for &#8220;Employers&#8217; Disclosures about Post Retirement Benefit Plan Assets&#8221;, an amendment of an earlier pronouncement titled &#8220;Employers&#8217; Disclosures about Pensions and Other Postretirement Benefits&#8221;. The guidance requires disclosures about fair value measurements of plan assets similar to those required by a pronouncement titled &#8220;Fair Value Measurements&#8221; as well as (a)&#160;how investment allocation decisions are made, (b)&#160;the major categories of plan assets, and (c)&#160;significant concentrations of risk within plan assets. The guidance is effective for fiscal years ending after December&#160;15, 2009. Comparative information for earlier periods is not required at initial adoption.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font face="ARIAL" size="2">The following statements which were recently issued by the FASB have not been integrated into the &#8216;Codification&#8217;, however, the FASB stated that they are authoritative:</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font face="ARIAL" size="2">In June 2009, the FASB issued Statement of Financial Accounting Standards No.&#160;166, &#8220;Accounting for Transfers of Financial Assets&#8221; (&#8220;SFAS No.&#160;166&#8221;), an amendment of Statement No.&#160;140 &#8220;Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities&#8221; (&#8220;SFAS No.&#160;140&#8221;) in reaction to the prevailing financial crisis and outlined two underlying reasons for the amendment:</font></p> <p style="MARGIN-TOP: 0px; FONT-SIZE: 12px; MARGIN-BOTTOM: 0px"> &#160;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tbody> <tr> <td width="4%"><font size="1">&#160;</font></td> <td valign="top" align="left" width="4%"><font face="ARIAL" size= "2">1.</font></td> <td valign="top" align="left"><font face="ARIAL" size="2">Practices developed since the issuance of SFAS No.&#160;140 that were not consistent with the original intent of SFAS No.&#160;140.</font></td> </tr> </tbody> </table> <p style="MARGIN-TOP: 0px; FONT-SIZE: 12px; MARGIN-BOTTOM: 0px"> &#160;</p> <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tbody> <tr> <td width="4%"><font size="1">&#160;</font></td> <td valign="top" align="left" width="4%"><font face="ARIAL" size= "2">2.</font></td> <td valign="top" align="left"><font face="ARIAL" size="2">Concerns of financial statement users that many assets (and related obligations) that transferors derecognized ought to continue to be reported in their statements.</font></td> </tr> </tbody> </table> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font face="ARIAL" size="2">A key provision was removal of the concept of a &#8216;qualifying special purpose entity&#8217; (&#8220;QSPE&#8221;) from SFAS No.&#160;140.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font face="ARIAL" size="2">SFAS No.&#160;166 is effective for transfers occurring on or after November&#160;15, 2009. Provisions must be applied in annual reporting periods beginning after November&#160;15, 2009 and interim periods within the annual period.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font face="ARIAL" size="2">In June 2009, the FASB issued Statement of Financial Accounting Standards No.&#160;167, &#8220;An Amendment of FASB Interpretation No.&#160;46(R) &#8220;Consolidation of Variable Interest Entities&#8221; (&#8220;FIN No.&#160;46(R)&#8221;). The FASB decided to amend FIN No.&#160;46(R) after eliminating the QSPE concept in SFAS No.&#160;166 and to address constituents&#8217; concerns that certain key FIN No.&#160;46(R) provisions and disclosure requirements do not always provide useful information timely regarding entities&#8217; involvement in variable interest entities.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font face="ARIAL" size="2">The new rule focuses on &#8216;controlling financial interests&#8217; 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. SFAS No.&#160;167 is effective for transfers occurring on or after November&#160;15, 2009. Provisions must be applied in annual reporting periods beginning after November&#160;15, 2009 and interim periods within that annual period. Earlier application is prohibited.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size= "1">&#160;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font face="ARIAL" size="2">MMC is evaluating the impact of adopting the provisions of the aforementioned new guidance.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font face="ARIAL" size="2">On June&#160;30, 2008, the FASB issued Accounting Standard Update No.&#160;2009-1-Topic 105, which incorporated Accounting Standard No.&#160;168, &#8220;The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles into the Codification.&#8221; The FASB will not issue new standards in the form of Statements, FASB Staff Positions, or Emerging Issues Task Force Abstracts. Instead it will issue Accounting Standards Updates, which will serve only to update the &#8220;Codification&#8221;, provide background information about the guidance, and provide the basis for conclusions on changes in the Codification. Codification, which was launched in July&#160;1, 2009, will become the source of authoritative U.S. GAAP recognized by the FASB to be applied to non-governmental entities. Rules and interpretive releases of the Securities and Exchange Commission (SEC) are also sources of authoritative GAAP for SEC registrants. The Codification will supersede all then-existing non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification will become non-authoritative. This Statement is effective for financial statements issued for interim and annual periods ending after September&#160;15, 2009.</font></p> </div> 18. New Accounting Pronouncements On December&#160;4, 2007, the FASB issued guidance on &#8220;Business Combinations&#8221; and false false No definition available. No authoritative reference available. false false 1 19 false UnKnown UnKnown UnKnown false true
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