Marsh McLennan Reports First Quarter 2022 Results

GAAP Revenue Increases 9%; Underlying Revenue Rises 10%

First Quarter GAAP EPS Rises 10% to $2.10 and Adjusted EPS Increases 16% to $2.30

Growth in GAAP Operating Income of 6% and Adjusted Operating Income of 12%

Marsh McLennan Reports First Quarter 2022 Results

Marsh & McLennan

 

Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, today reported financial results for the first quarter ended March 31, 2022.

Dan Glaser, President and CEO, said: "Marsh McLennan started 2022 with an excellent first quarter. We generated underlying revenue growth of 10%, adjusted operating income growth of 12%, and adjusted EPS growth of 16%. We are well-positioned for another solid year."

"The current war in Ukraine has reminded us that risk and uncertainty are constants, and I am proud of the work our colleagues are doing to help one another and our clients navigate the widespread challenges created by this horrific situation."

Consolidated Results

Consolidated revenue in the first quarter of 2022 was $5.5 billion, an increase of 9% compared with the first quarter of 2021. On an underlying basis, revenue increased 10%. Operating income was $1.4 billion, an increase of 6% from the prior year. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 12% to $1.6 billion.

Net income attributable to the Company was $1.1 billion, or $2.10 per diluted share, compared with $1.91 in the first quarter of 2021. Adjusted earnings per share rose 16% to $2.30 per diluted share compared with $1.99 a year ago.

Risk & Insurance Services

Risk & Insurance Services revenue was $3.5 billion in the first quarter of 2022, an increase of 10%, or 11% on an underlying basis. Operating income rose 6% to $1.1 billion, and adjusted operating income was $1.2 billion, an increase of 12% versus a year ago.

Marsh's revenue in the first quarter was $2.5 billion, an increase of 11% on an underlying basis. In U.S./Canada, underlying revenue rose 10%. International operations produced underlying revenue growth of 11%, reflecting 17% growth in Asia Pacific, 16% growth in Latin America, and 9% growth in EMEA.

Guy Carpenter's revenue in the first quarter was $999 million, an increase of 11% on an underlying basis.

Consulting

Consulting revenue was $2.0 billion in the first quarter of 2022, an increase of 7%, or 10% on an underlying basis. Operating income increased 8% to $392 million, and adjusted operating income increased 9% to $402 million.

Mercer's revenue in the first quarter was $1.3 billion, an increase of 6% on an underlying basis. Career revenue of $202 million was up 16% on an underlying basis. Health revenue of $524 million increased 9% on an underlying basis, and Wealth revenue of $617 million increased 2% on an underlying basis.

Oliver Wyman’s revenue in the first quarter was $667 million, an increase of 17% on an underlying basis.

Other Items

The Company repurchased 3.2 million shares of stock for $500 million in the first quarter.

In March, Marsh McLennan announced it would exit all of its businesses in Russia and transfer ownership of its Russian business to local management who will operate independently in the Russian market.

Conference Call

A conference call to discuss first quarter 2022 results will be held today at 8:30 a.m. Eastern time. To participate in the teleconference, please dial +1 866 437 7574. Callers from outside the United States should dial +1 409 220 9376. The access code for both numbers is 3058039. The live audio webcast may be accessed at marshmclennan.com. A replay of the webcast will be available approximately two hours after the event.

About Marsh McLennan

Marsh McLennan (NYSE: MMC) is the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s 83,000 colleagues advise clients in 130 countries. With annual revenue of approximately $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses. Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and well being for a changing workforce. Oliver Wyman serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit marshmclennan.com, follow us on LinkedIn and Twitter or subscribe to BRINK.

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would".

Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, among other things:

  • the impact of geopolitical or macroeconomic conditions on us, our clients and the countries and industries in which we operate, including from conflicts such as the war in Ukraine, capital markets volatility and inflation;
  • the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, and their potential to disrupt our operations and result in the disclosure of confidential client or company information;
  • the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claims against us in our capacity as a broker or investment advisor, including claims related to our investment business’ ability to execute timely trades in light of increased trading volume;
  • the financial and operational impact of complying with laws and regulations, including domestic and international sanctions regimes, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti Bribery Act and cybersecurity and data privacy regulations;
  • our ability to attract, retain and develop industry leading talent;
  • our ability to compete effectively and adapt to competitive pressures in each of our businesses, including from disintermediation as well as technological change, digital disruption and other types of innovation;
  • our ability to manage potential conflicts of interest that may arise across our businesses given our expanding client base, the broad scope of our work and the significant volume of our engagements;
  • the impact of changes in tax laws, guidance and interpretations, or disagreements with tax authorities; and
  • the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams.

The factors identified above are not exhaustive. Marsh McLennan and its subsidiaries (collectively, the "Company") operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made.

Further information concerning Marsh McLennan and its businesses, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section of our most recently filed Annual Report on Form 10-K.

 

Marsh & McLennan Companies, Inc.
Consolidated Statements of Income
(In millions, except per share data)
(Unaudited)

 

 

   

Three Months Ended
March 31,

 

   

 

2022

 

 

 

2021

 

Revenue

   

$

5,549

 

 

$

5,083

 

Expense:

   

 

 

 

Compensation and benefits

   

 

3,100

 

 

 

2,807

 

Other operating expenses

   

 

1,004

 

 

 

918

 

Operating expenses

   

 

4,104

 

 

 

3,725

 

Operating income

   

 

1,445

 

 

 

1,358

 

Other net benefit credits

   

 

62

 

 

 

71

 

Interest income

   

 

1

 

 

 

 

Interest expense

   

 

(110

)

 

 

(118

)

Investment income

   

 

26

 

 

 

11

 

Income before income taxes

   

 

1,424

 

 

 

1,322

 

Income tax expense

   

 

338

 

 

 

324

 

Net income before non-controlling interests

   

 

1,086

 

 

 

998

 

Less: Net income attributable to non-controlling interests

   

 

15

 

 

 

15

 

Net income attributable to the Company

   

$

1,071

 

 

$

983

 

Net income per share attributable to the Company:

   

 

 

 

- Basic

   

$

2.13

 

 

$

1.93

 

- Diluted

   

$

2.10

 

 

$

1.91

 

Average number of shares outstanding:

   

 

 

 

- Basic

   

 

503

 

 

 

509

 

- Diluted

   

 

509

 

 

 

514

 

Shares outstanding at March 31

   

 

502

 

 

 

509

 

     

Marsh & McLennan Companies, Inc.
Supplemental Information - Revenue Analysis
Three Months Ended March 31
(Millions) (Unaudited)

The Company conducts business in 130 countries. As a result, foreign exchange rate movements may impact period-to-period comparisons of revenue. Similarly, certain other items such as acquisitions and dispositions, including transfers among businesses, may impact period-to-period comparisons of revenue. Underlying revenue measures the change in revenue from one period to the next by isolating these impacts.

 

 

 

 

 

 

Components of Revenue Change*

 

 

Three Months Ended
March 31,

 

%
Change
GAAP
Revenue

 

Currency
Impact

 

Acquisitions/
Dispositions/
Other Impact

 

Underlying
Revenue

 

 

 

2022

 

 

 

2021

 

 

Risk and Insurance Services

 

 

 

 

 

 

 

 

 

 

 

 

Marsh

 

$

2,546

 

 

$

2,325

 

 

10

%

 

(2

) %

 

1

%

 

11

%

Guy Carpenter

 

 

999

 

 

 

895

 

 

12

%

 

(1

) %

 

2

%

 

11

%

Subtotal

 

 

3,545

 

 

 

3,220

 

 

10

%

 

(2

) %

 

1

%

 

11

%

Fiduciary interest income

 

 

4

 

 

 

5

 

 

 

 

 

 

 

 

 

Total Risk and Insurance Services

 

 

3,549

 

 

 

3,225

 

 

10

%

 

(2

) %

 

1

%

 

11

%

Consulting

 

 

 

 

 

 

 

 

 

 

 

 

Mercer

 

 

1,343

 

 

 

1,288

 

 

4

%

 

(2

) %

 

 

 

6

%

Oliver Wyman Group

 

 

667

 

 

 

585

 

 

14

%

 

(2

) %

 

(1

) %

 

17

%

Total Consulting

 

 

2,010

 

 

 

1,873

 

 

7

%

 

(2

) %

 

 

 

10

%

Corporate Eliminations

 

 

(10

)

 

 

(15

)

 

 

 

 

 

 

 

 

Total Revenue

 

$

5,549

 

 

$

5,083

 

 

9

%

 

(2

) %

 

1

%

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Details

The following table provides more detailed revenue information for certain of the components presented above:

 

 

 

 

 

 

Components of Revenue Change*

 

 

Three Months Ended
March 31,

 

%
Change
GAAP
Revenue

 

Currency
Impact

 

Acquisitions/
Dispositions/
Other Impact

 

Underlying
Revenue

 

 

2022

 

2021

 

Marsh:

 

 

 

 

 

 

 

 

 

 

 

 

EMEA

 

$

842

 

$

837

 

1

%

 

(4

) %

 

(4

) %

 

9

%

Asia Pacific

 

 

321

 

 

274

 

17

%

 

(4

) %

 

5

%

 

17

%

Latin America

 

 

104

 

 

90

 

15

%

 

(1

) %

 

 

 

16

%

Total International

 

 

1,267

 

 

1,201

 

6

%

 

(4

) %

 

(2

) %

 

11

%

U.S./Canada

 

 

1,279

 

 

1,124

 

14

%

 

 

 

4

%

 

10

%

Total Marsh

 

$

2,546

 

$

2,325

 

10

%

 

(2

) %

 

1

%

 

11

%

Mercer:

 

 

 

 

 

 

 

 

 

 

 

 

Wealth

 

$

617

 

$

623

 

(1

) %

 

(3

) %

 

 

 

2

%

Health

 

 

524

 

 

487

 

8

%

 

(2

) %

 

1

%

 

9

%

Career

 

 

202

 

 

178

 

13

%

 

(3

) %

 

 

 

16

%

Total Mercer

 

$

1,343

 

$

1,288

 

4

%

 

(2

) %

 

 

 

6

%

* Components of revenue change may not add due to rounding.

Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended March 31
(Millions) (Unaudited)

Overview

The Company reports its financial results in accordance with accounting principles generally accepted in the United States (referred to in this release as in accordance with "GAAP" or "reported" results). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G in accordance with the Securities Exchange Act of 1934. These measures are: adjusted operating income (loss), adjusted operating margin, adjusted income, net of tax and adjusted earnings per share (EPS). The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP in the following tables.

The Company believes these non-GAAP financial measures provide useful supplemental information that enables investors to better compare the Company’s performance across periods. Management also uses these measures internally to assess the operating performance of its businesses, to assess performance for employee compensation, and to decide how to allocate resources. 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 include adjustments that reflect how management views its businesses, 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 (loss). The following tables identify these noteworthy items and reconcile adjusted operating income (loss) to GAAP operating income (loss), on a consolidated and reportable segment basis, for the three months ended March 31, 2022 and 2021. The following tables also present adjusted operating margin. For the three months ended March 31, 2022 and 2021, adjusted operating margin is calculated by dividing the sum of adjusted operating income and identified intangible asset amortization by consolidated or segment adjusted revenue.

 

 

Risk & Insurance
Services

 

Consulting

 

Corporate/
Eliminations

 

Total

Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

1,121

 

 

$

392

 

 

$

(68

)

 

$

1,445

 

Operating margin

 

 

31.6

%

 

 

19.5

%

 

 

N/A

 

 

 

26.0

%

Add (deduct) impact of noteworthy items:

 

 

 

 

 

 

 

 

Restructuring (a)

 

 

15

 

 

 

7

 

 

 

8

 

 

 

30

 

Changes in contingent consideration (b)

 

 

10

 

 

 

 

 

 

 

 

 

10

 

JLT acquisition-related costs and other (c)

 

 

12

 

 

 

1

 

 

 

 

 

 

13

 

JLT legacy E&O provision (d)

 

 

 

 

 

(10

)

 

 

 

 

 

(10

)

Legal claims (e)

 

 

30

 

 

 

 

 

 

 

 

 

30

 

Deconsolidation of Russian businesses and other related charges (f)

 

 

40

 

 

 

12

 

 

 

 

 

 

52

 

Operating income adjustments

 

 

107

 

 

 

10

 

 

 

8

 

 

 

125

 

Adjusted operating income (loss)

 

$

1,228

 

 

$

402

 

 

$

(60

)

 

$

1,570

 

Total identified intangible amortization expense

 

$

78

 

 

$

13

 

 

$

 

 

$

91

 

Adjusted operating margin

 

 

36.5

%

 

 

20.6

%

 

 

N/A

 

 

 

29.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2021

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

1,060

 

 

$

361

 

 

$

(63

)

 

$

1,358

 

Operating margin

 

 

32.9

%

 

 

19.3

%

 

 

N/A

 

 

 

26.7

%

Add (deduct) impact of noteworthy items:

 

 

 

 

 

 

 

 

Restructuring (a)

 

 

17

 

 

 

11

 

 

 

6

 

 

 

34

 

Changes in contingent consideration (b)

 

 

6

 

 

 

(6

)

 

 

 

 

 

 

JLT acquisition-related costs (c)

 

 

11

 

 

 

1

 

 

 

 

 

 

12

 

Other

 

 

(2

)

 

 

3

 

 

 

 

 

 

1

 

Operating income adjustments

 

 

32

 

 

 

9

 

 

 

6

 

 

 

47

 

Adjusted operating income (loss)

 

$

1,092

 

 

$

370

 

 

$

(57

)

 

$

1,405

 

Total identified intangible amortization expense

 

$

86

 

 

$

14

 

 

$

 

 

$

100

 

Adjusted operating margin

 

 

36.6

%

 

 

20.5

%

 

 

N/A

 

 

 

29.6

%

(a)

Restructuring activities reflect costs related to the Company's global information technology and HR functions, JLT integration costs, Marsh (RIS) operational excellence and adjustments to restructuring liabilities for future rent under non-cancellable leases.

(b)

Primarily includes the change in fair value of contingent consideration related to acquisitions and dispositions as measured each quarter.

(c)

Includes retention costs and legal charges related to the acquisition of JLT.

(d)

Reflects recoveries under indemnities for a legacy JLT E&O matter relating to suitability of advice provided to individuals for defined benefit pension transfers in the U.K.

(e)

Settlement charges and legal costs related to strategic recruiting.

(f)

Loss on deconsolidation of Russian businesses and other related charges. The loss on deconsolidation is included in revenue and excluded from underlying revenue calculations and adjusted operating margin.

 

Marsh & McLennan Companies, Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended March 31
(In millions, except per share data)
(Unaudited)

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 in the preceding tables and the additional items listed below. Adjusted EPS is calculated by dividing the Company’s adjusted income, net of tax, by average number of shares outstanding-diluted for the relevant period. The following tables reconcile adjusted income, net of tax to GAAP income from continuing operations and adjusted EPS to GAAP EPS for the three month periods ended March 31, 2022 and 2021.

 

Three Months Ended
March 31, 2022

 

Three Months Ended
March 31, 2021

 

Amount

 

Adjusted
EPS

 

Amount

 

Adjusted
EPS

Net income before non-controlling interests, as reported

 

 

$

1,086

 

 

 

 

 

$

998

 

 

Less: Non-controlling interest, net of tax

 

 

 

15

 

 

 

 

 

 

15

 

 

Subtotal

 

 

$

1,071

 

$

2.10

 

 

 

$

983

 

$

1.91

Operating income adjustments

$

125

 

 

 

 

 

 

$

47

 

 

 

 

 

Investments adjustment (a)

 

(9

)

 

 

 

 

 

 

 

 

 

 

 

Income tax effect of adjustments (b)

 

(18

)

 

 

 

 

 

 

(9

)

 

 

 

 

 

 

 

 

98

 

 

0.20

 

 

 

 

38

 

 

0.08

Adjusted income, net of tax

 

 

$

1,169

 

$

2.30

 

 

 

$

1,021

 

$

1.99

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Represents mark-to-market gains primarily related to the Company’s investment in Alexander Forbes ("AF").

(b)

For items with an income tax impact, the tax effect was calculated using an effective tax rate based on the tax jurisdiction for each item.

 

Marsh & McLennan Companies, Inc.
Supplemental Information
Three Months Ended March 31
(Millions) (Unaudited)

 

 

Three Months Ended
March 31,

 

2022

 

2021

Consolidated

 

 

 

Compensation and benefits

$

3,100

 

$

2,807

Other operating expenses

 

1,004

 

 

918

Total expenses

$

4,104

 

$

3,725

 

 

 

 

Depreciation and amortization expense

$

89

 

$

97

Identified intangible amortization expense

 

91

 

 

100

Total

$

180

 

$

197

 

 

 

 

Stock option expense

$

5

 

$

21

 

 

 

 

Risk and Insurance Services

 

 

 

Compensation and benefits

$

1,801

 

$

1,610

Other operating expenses

 

627

 

 

555

Total expenses

$

2,428

 

$

2,165

 

 

 

 

Depreciation and amortization expense

$

43

 

$

50

Identified intangible amortization expense

 

78

 

 

86

Total

$

121

 

$

136

 

 

 

 

Consulting

 

 

 

Compensation and benefits

$

1,164

 

$

1,074

Other operating expenses

 

454

 

 

438

Total expenses

$

1,618

 

$

1,512

 

 

 

 

Depreciation and amortization expense

$

26

 

$

29

Identified intangible amortization expense

 

13

 

 

14

Total

$

39

 

$

43

 

Marsh & McLennan Companies, Inc.
Consolidated Balance Sheets
(Millions)

 

 

 

(Unaudited)
March 31,
2022

 

December 31,
2021

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

772

 

 

$

1,752

 

Net receivables

 

 

5,963

 

 

 

5,586

 

Other current assets

 

 

1,053

 

 

 

926

 

Total current assets

 

 

7,788

 

 

 

8,264

 

 

 

 

 

 

Goodwill and intangible assets

 

 

18,974

 

 

 

19,127

 

Fixed assets, net

 

 

865

 

 

 

847

 

Pension related assets

 

 

2,246

 

 

 

2,270

 

Right of use assets

 

 

1,825

 

 

 

1,868

 

Deferred tax assets

 

 

530

 

 

 

551

 

Other assets

 

 

1,460

 

 

 

1,461

 

TOTAL ASSETS

 

$

33,688

 

 

$

34,388

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Short-term debt

 

$

1,191

 

 

$

17

 

Accounts payable and accrued liabilities

 

 

3,084

 

 

 

3,165

 

Accrued compensation and employee benefits

 

 

1,400

 

 

 

2,942

 

Current lease liabilities

 

 

331

 

 

 

332

 

Accrued income taxes

 

 

308

 

 

 

198

 

Dividends payable

 

 

273

 

 

 

 

Total current liabilities

 

 

6,587

 

 

 

6,654

 

 

 

 

 

 

Fiduciary liabilities

 

 

10,461

 

 

 

9,622

 

Less - cash and cash equivalents held in a fiduciary capacity

 

 

(10,461

)

 

 

(9,622

)

 

 

 

 

 

 

 

Long-term debt

 

 

10,552

 

 

 

10,933

 

Pension, post-retirement and post-employment benefits

 

 

1,515

 

 

 

1,632

 

Long-term lease liabilities

 

 

1,831

 

 

 

1,880

 

Liabilities for errors and omissions

 

 

352

 

 

 

355

 

Other liabilities

 

 

1,695

 

 

 

1,712

 

 

 

 

 

 

Total equity

 

 

11,156

 

 

 

11,222

 

TOTAL LIABILITIES AND EQUITY

 

$

33,688

 

 

$

34,388

 

 
 

Marsh & McLennan Companies, Inc.
Consolidated Statements of Cash Flows
(Millions) (Unaudited)

 
 

 

Three Months Ended

 

March 31,

 

 

2022

 

 

 

2021

 

Operating cash flows:

 

 

 

Net income before non-controlling interests

$

1,086

 

 

$

998

 

Adjustments to reconcile net income to cash used for operations:

 

 

 

Depreciation and amortization

 

180

 

 

 

197

 

Non cash lease expense

 

77

 

 

 

79

 

Deconsolidation of Russian businesses

 

39

 

 

 

 

Share-based compensation expense

 

105

 

 

 

78

 

Net (gain) loss on investments, disposition of assets and other

 

(17

)

 

 

(9

)

 

 

 

 

Changes in assets and liabilities:

 

 

 

Accrued compensation and employee benefits

 

(1,528

)

 

 

(1,167

)

Net receivables

 

(429

)

 

 

(404

)

Other changes to assets and liabilities

 

(6

)

 

 

4

 

Contributions to pension and other benefit plans in excess of current year credit

 

(125

)

 

 

(102

)

Operating lease liabilities

 

(84

)

 

 

(82

)

Net cash used for operations

 

(702

)

 

 

(408

)

Financing cash flows:

 

 

 

Purchase of treasury shares

 

(500

)

 

 

(112

)

Net proceeds from issuance of commercial paper

 

825

 

 

 

 

Repayments of debt

 

(4

)

 

 

(4

)

Net issuance of common stock from treasury shares

 

(100

)

 

 

(58

)

Net distributions of non-controlling interests and deferred/contingent consideration

 

(20

)

 

 

(40

)

Dividends paid

 

(272

)

 

 

(237

)

Increase in fiduciary liabilities

 

926

 

 

 

190

 

Net cash provided by (used for) financing activities

 

855

 

 

 

(261

)

Investing cash flows:

 

 

 

Capital expenditures

 

(122

)

 

 

(69

)

Net (purchase) sale of long-term investments and other

 

(9

)

 

 

2

 

Dispositions

 

(4

)

 

 

 

Acquisitions

 

(24

)

 

 

 

Net cash used for investing activities

 

(159

)

 

 

(67

)

Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

 

(136

)

 

 

(36

)

Decrease in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

 

(142

)

 

 

(772

)

Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period

 

11,375

 

 

 

10,674

 

Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period

$

11,233

 

 

$

9,902

 

 
 

Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets

 

Three Months Ended March 31,

 

2022

 

 

 

2021

 

 

(In millions)

 

 

 

 

Cash and cash equivalents

$

772

 

 

$

1,120

 

 

Cash and cash equivalents held in a fiduciary capacity

 

10,461

 

 

 

8,782

 

 

Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

$

11,233

 

 

$

9,902

 

 

 Media Contact:
Erick R. Gustafson
Marsh McLennan
+1 202 263 7788
erick.gustafson@mmc.com

Investor Contact:
Sarah DeWitt
Marsh McLennan
+1 212 345 6750
sarah.dewitt@mmc.com

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