MMC Stock Balance Sheets

Marsh & McLennan Companies Quarterly Balance Sheets Chart

Quarterly

Annual

Goodwill

Cash and Cash Eq

Long-Term Debt

Short-Term Debt

Marsh & McLennan Companies Quarterly Balance Sheets Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2015-12-31	2015-03-31	2014-06-30	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30

assets
current assets:
cash and cash equivalents	1,677,000,000	1,604,000,000	2,398,000,000	1,798,000,000	1,653,000,000	1,452,000,000	3,358,000,000	2,901,000,000	1,171,000,000	1,006,000,000	1,442,000,000	802,000,000	909,000,000	772,000,000	1,752,000,000	1,398,000,000	888,000,000	1,120,000,000	2,089,000,000	2,388,000,000	1,711,000,000	1,480,000,000	1,155,000,000			1,117,000,000	1,066,000,000		1,036,000,000		1,205,000,000	1,078,000,000			1,026,000,000	1,388,000,000		1,374,000,000						2,301,000,000							1,894,000,000				1,777,000,000							2,133,000,000
cash and cash equivalents held in a fiduciary capacity	11,871,000,000	11,579,000,000	11,276,000,000	11,923,000,000	11,497,000,000	11,458,000,000	10,794,000,000	11,828,000,000	11,564,000,000
receivables
commissions and fees	7,751,000,000	7,215,000,000	6,533,000,000	6,783,000,000	7,031,000,000	6,509,000,000	5,806,000,000	5,909,000,000		5,966,000,000	5,293,000,000	5,312,000,000	5,775,000,000	5,503,000,000	5,093,000,000	5,190,000,000	5,359,000,000	5,032,000,000	4,679,000,000	4,658,000,000	5,045,000,000	5,028,000,000	4,608,000,000			4,315,000,000	3,984,000,000		4,288,000,000		3,777,000,000	3,651,000,000			3,370,000,000	3,316,000,000		3,198,000,000						2,858,000,000							2,544,000,000				2,429,000,000							2,614,000,000
advanced premiums and claims	105,000,000	101,000,000	84,000,000	102,000,000	119,000,000	107,000,000	103,000,000	102,000,000		98,000,000	103,000,000	144,000,000	118,000,000	139,000,000	136,000,000	120,000,000	113,000,000	119,000,000	112,000,000	121,000,000	111,000,000	113,000,000	123,000,000			59,000,000	79,000,000		62,000,000		65,000,000	52,000,000			83,000,000	53,000,000		51,000,000						62,000,000							96,000,000				86,000,000							77,000,000
other	770,000,000	713,000,000	706,000,000	702,000,000	749,000,000	757,000,000	660,000,000	664,000,000	7,000,000	790,000,000	616,000,000	527,000,000	560,000,000	494,000,000	523,000,000	475,000,000	515,000,000	592,000,000	677,000,000	604,000,000	635,000,000	561,000,000	645,000,000			372,000,000	366,000,000		367,000,000		401,000,000	311,000,000	2,000,000		286,000,000	318,000,000	4,000,000	309,000,000		1,000,000	2,000,000	2,000,000	1,000,000	244,000,000	1,000,000				-1,000,000	1,000,000	186,000,000	3,000,000	4,000,000	5,000,000	457,000,000	3,000,000	7,000,000	2,000,000	-2,000,000	-4,000,000	2,000,000	302,000,000	1,000,000
less-allowance for credit losses	-169,000,000	-157,000,000		-165,000,000	-160,000,000	-157,000,000		-155,000,000		-154,000,000	-160,000,000	-164,000,000	-167,000,000	-173,000,000	-166,000,000	-161,000,000	-148,000,000	-146,000,000	-142,000,000	-147,000,000	-144,000,000	-144,000,000
net receivables	8,457,000,000	7,872,000,000	7,156,000,000	7,422,000,000	7,739,000,000	7,216,000,000	6,418,000,000	6,520,000,000	-1,029,000,000	6,700,000,000	5,852,000,000	5,819,000,000	6,286,000,000	5,963,000,000	5,586,000,000	5,624,000,000	5,839,000,000	5,597,000,000	5,326,000,000	5,236,000,000	5,647,000,000	5,558,000,000	5,236,000,000			4,630,000,000	4,317,000,000		4,601,000,000		4,133,000,000	3,909,000,000			3,643,000,000	3,603,000,000		3,471,000,000						3,058,000,000				122,000,000	-70,000,000	-172,000,000	3,035,000,000	-248,000,000	-425,000,000		2,855,000,000	46,000,000	-98,000,000	9,000,000	-19,000,000	-271,000,000	-203,000,000	2,874,000,000	-363,000,000
other current assets	1,329,000,000	1,406,000,000	1,287,000,000	1,143,000,000	1,133,000,000	1,173,000,000	1,178,000,000	1,030,000,000		1,407,000,000	1,005,000,000	953,000,000	974,000,000	1,053,000,000	926,000,000	855,000,000	846,000,000	832,000,000	740,000,000	688,000,000	739,000,000	711,000,000	677,000,000	30,000,000		569,000,000	551,000,000	19,000,000	538,000,000	2,000,000	224,000,000	228,000,000			215,000,000	218,000,000		199,000,000	28,000,000					194,000,000	19,000,000		151,000,000		-75,000,000	-73,000,000	347,000,000	-16,000,000	-7,000,000		299,000,000	-8,000,000		-8,000,000	-9,000,000	-34,000,000	2,000,000	447,000,000	396,000,000
total current assets	23,334,000,000	22,461,000,000	22,117,000,000	22,286,000,000	22,022,000,000	21,299,000,000	21,748,000,000	22,279,000,000		9,113,000,000	8,299,000,000	7,574,000,000	8,169,000,000	7,788,000,000	8,264,000,000	7,877,000,000	7,573,000,000	7,549,000,000	8,155,000,000	8,312,000,000	8,097,000,000	7,749,000,000	7,068,000,000			12,675,000,000	5,934,000,000		6,175,000,000		5,562,000,000	5,215,000,000			4,884,000,000	5,209,000,000		5,044,000,000						5,963,000,000							5,276,000,000				4,931,000,000							5,454,000,000
goodwill	23,919,000,000	23,538,000,000	23,306,000,000	18,235,000,000	17,516,000,000	17,314,000,000	17,231,000,000	16,655,000,000		16,300,000,000	16,251,000,000	15,576,000,000	15,963,000,000	16,254,000,000	16,317,000,000	15,648,000,000	15,775,000,000	15,458,000,000	15,517,000,000	15,034,000,000	14,797,000,000	14,412,000,000	14,671,000,000			9,739,000,000	9,599,000,000		9,177,000,000		9,089,000,000	9,100,000,000			8,369,000,000	7,975,000,000		7,889,000,000
other intangible assets	4,770,000,000	4,736,000,000	4,820,000,000	2,720,000,000	2,638,000,000	2,631,000,000	2,630,000,000	2,498,000,000		2,452,000,000	2,537,000,000	2,403,000,000	2,538,000,000	2,720,000,000	2,810,000,000	2,587,000,000	2,717,000,000	2,603,000,000	2,699,000,000	2,711,000,000	2,761,000,000	2,663,000,000	2,774,000,000			1,464,000,000	1,437,000,000		1,234,000,000		1,274,000,000	1,320,000,000			1,126,000,000	907,000,000		1,036,000,000
fixed assets	839,000,000	840,000,000	859,000,000	884,000,000	879,000,000	877,000,000	882,000,000	859,000,000		867,000,000	871,000,000	865,000,000	863,000,000	865,000,000	847,000,000	824,000,000	816,000,000	830,000,000	856,000,000	864,000,000	866,000,000	850,000,000	858,000,000			716,000,000	701,000,000		698,000,000		712,000,000	728,000,000			725,000,000	717,000,000		773,000,000						809,000,000							822,000,000				952,000,000							992,000,000
pension related assets	2,203,000,000	2,021,000,000	1,914,000,000	2,384,000,000	2,187,000,000	2,114,000,000	2,051,000,000	2,310,000,000		2,200,000,000	2,127,000,000	2,074,000,000	2,160,000,000	2,246,000,000	2,270,000,000	1,935,000,000	1,911,000,000	1,823,000,000	1,768,000,000	1,825,000,000	1,672,000,000	1,619,000,000	1,632,000,000			1,815,000,000	1,688,000,000		1,808,000,000		1,693,000,000	1,155,000,000			776,000,000	1,253,000,000		1,159,000,000						260,000,000							265,000,000				94,000,000							1,411,000,000
right of use assets	1,471,000,000	1,477,000,000	1,498,000,000	1,487,000,000	1,468,000,000	1,494,000,000	1,541,000,000	1,519,000,000		1,586,000,000	1,562,000,000	1,615,000,000	1,744,000,000	1,825,000,000	1,868,000,000	1,899,000,000	1,983,000,000	1,824,000,000	1,894,000,000	1,884,000,000	1,882,000,000	1,885,000,000	1,921,000,000			1,625,000,000
deferred tax assets	280,000,000	250,000,000	237,000,000	242,000,000	285,000,000	276,000,000	357,000,000	348,000,000		369,000,000	358,000,000	533,000,000	537,000,000	530,000,000	551,000,000	692,000,000	669,000,000	704,000,000	702,000,000	623,000,000	618,000,000	694,000,000	676,000,000			680,000,000	680,000,000		532,000,000		669,000,000	947,000,000			1,097,000,000	1,085,000,000		1,138,000,000						1,223,000,000							1,205,000,000				1,242,000,000
other assets	1,739,000,000	1,692,000,000	1,730,000,000	1,626,000,000	1,596,000,000	1,567,000,000	1,590,000,000	1,532,000,000	-108,000,000	1,471,000,000	1,449,000,000	1,383,000,000	1,466,000,000	1,460,000,000	1,461,000,000	1,520,000,000	1,509,000,000	1,482,000,000	1,458,000,000	1,428,000,000	1,476,000,000	1,519,000,000	1,757,000,000			1,423,000,000	1,539,000,000		1,535,000,000		1,430,000,000	1,225,000,000			1,213,000,000	1,212,000,000		1,177,000,000		15,000,000				772,000,000					-145,000,000	-45,000,000	919,000,000	-167,000,000	-93,000,000		945,000,000	-253,000,000	-227,000,000	-36,000,000	-67,000,000	-95,000,000	14,000,000	1,743,000,000	110,000,000
liabilities and equity
current liabilities:
short-term debt	769,000,000	1,667,000,000	519,000,000	518,000,000	1,267,000,000	1,169,000,000	1,619,000,000	1,868,000,000		2,111,000,000	268,000,000	967,000,000	1,311,000,000	1,191,000,000	17,000,000	516,000,000	516,000,000	1,015,000,000	517,000,000	1,216,000,000	1,216,000,000	2,409,000,000	1,215,000,000			1,562,000,000	314,000,000		439,000,000		262,000,000	13,000,000			312,000,000	262,000,000		12,000,000						260,000,000							8,000,000				558,000,000							260,000,000
accounts payable and accrued liabilities	3,434,000,000	3,450,000,000	3,402,000,000	3,099,000,000	3,205,000,000	3,379,000,000	3,403,000,000	3,143,000,000		3,406,000,000	3,278,000,000	2,903,000,000	3,029,000,000	3,084,000,000	3,165,000,000	2,833,000,000	2,830,000,000	2,940,000,000	3,050,000,000	2,662,000,000	2,668,000,000	2,611,000,000	2,746,000,000		29,000,000	2,244,000,000	2,234,000,000		2,246,000,000	135,000,000	2,083,000,000	2,002,000,000	52,000,000	60,000,000	1,969,000,000	1,862,000,000		1,886,000,000			47,000,000	27,000,000	53,000,000	1,721,000,000				90,000,000	148,000,000	68,000,000	1,741,000,000	-33,000,000	463,000,000	64,000,000	1,826,000,000	1,000,000	15,000,000	-18,000,000	-177,000,000	-51,000,000	125,000,000	1,670,000,000	-395,000,000
accrued compensation and employee benefits	2,372,000,000	1,798,000,000	3,620,000,000	2,785,000,000	2,086,000,000	1,539,000,000	3,346,000,000	2,632,000,000	-1,101,000,000	1,443,000,000	3,095,000,000	2,396,000,000	1,914,000,000	1,400,000,000	2,942,000,000	2,365,000,000	1,775,000,000	1,220,000,000	2,400,000,000	1,762,000,000	1,345,000,000	1,018,000,000	2,197,000,000			892,000,000	1,778,000,000		1,103,000,000		1,718,000,000	1,377,000,000			1,655,000,000	1,310,000,000		1,656,000,000						1,473,000,000					-422,000,000	-627,000,000	1,294,000,000	-269,000,000	-480,000,000		1,319,000,000	-186,000,000	-404,000,000	-629,000,000	-184,000,000	-369,000,000	-558,000,000	1,290,000,000	-245,000,000
current lease liabilities	335,000,000	327,000,000	325,000,000	313,000,000	304,000,000	310,000,000	312,000,000	303,000,000		306,000,000	310,000,000	298,000,000	314,000,000	331,000,000	332,000,000	339,000,000	342,000,000	342,000,000	342,000,000	335,000,000	332,000,000	334,000,000	342,000,000			291,000,000
accrued income taxes	619,000,000	554,000,000	376,000,000	565,000,000	505,000,000	456,000,000	321,000,000	480,000,000		356,000,000	221,000,000	432,000,000	448,000,000	308,000,000	198,000,000	333,000,000	353,000,000	368,000,000	247,000,000	318,000,000	367,000,000	256,000,000	179,000,000	120,000,000	6,000,000	256,000,000	157,000,000		216,000,000	61,000,000	199,000,000	229,000,000	45,000,000	56,000,000	146,000,000	213,000,000	35,000,000	154,000,000		61,000,000	39,000,000	53,000,000	39,000,000	110,000,000	88,000,000	49,000,000	17,000,000	12,000,000	43,000,000	-20,000,000	62,000,000	-23,000,000	-38,000,000			-96,000,000	-70,000,000	19,000,000	-66,000,000	-104,000,000	-42,000,000	96,000,000	-2,000,000
fiduciary liabilities	11,871,000,000	11,579,000,000	11,276,000,000	11,923,000,000	11,497,000,000	11,458,000,000	10,794,000,000	11,828,000,000		10,834,000,000	10,660,000,000	10,608,000,000	10,530,000,000	10,461,000,000	9,622,000,000	10,408,000,000	9,936,000,000	8,782,000,000	8,585,000,000	8,765,000,000	7,441,000,000	7,661,000,000	7,344,000,000			5,243,000,000	5,001,000,000		5,118,000,000		4,847,000,000	5,128,000,000			4,241,000,000	4,532,000,000		4,146,000,000						3,992,000,000							3,824,000,000				3,559,000,000							3,612,000,000
total current liabilities	19,400,000,000	19,775,000,000	19,518,000,000	19,604,000,000	18,864,000,000	18,660,000,000	19,795,000,000	20,605,000,000		7,914,000,000	7,172,000,000	7,292,000,000	7,016,000,000	6,587,000,000	6,654,000,000	6,659,000,000	5,816,000,000	6,123,000,000	6,556,000,000	6,530,000,000	5,928,000,000	6,859,000,000	6,679,000,000			5,739,000,000	4,924,000,000		4,216,000,000		4,262,000,000	3,814,000,000			4,082,000,000	3,825,000,000		3,708,000,000						3,564,000,000							3,105,000,000				3,703,000,000							3,493,000,000
long-term debt	18,960,000,000	18,862,000,000	19,428,000,000	12,330,000,000	12,278,000,000	12,300,000,000	11,844,000,000	11,781,000,000		10,841,000,000	11,227,000,000	10,399,000,000	10,487,000,000	10,552,000,000	10,933,000,000	10,228,000,000	10,257,000,000	10,242,000,000	10,796,000,000	11,532,000,000	11,985,000,000	11,231,000,000	10,741,000,000			11,472,000,000	5,510,000,000		5,813,000,000		5,225,000,000	5,475,000,000			4,495,000,000	4,494,000,000		4,402,000,000						2,658,000,000							3,026,000,000				3,034,000,000							3,604,000,000
pension, post-retirement and post-employment benefits	816,000,000	832,000,000	840,000,000	704,000,000	715,000,000	747,000,000	779,000,000	840,000,000		896,000,000		1,309,000,000	1,407,000,000	1,515,000,000		2,387,000,000	2,539,000,000	2,594,000,000		2,163,000,000	2,197,000,000	2,248,000,000				1,874,000,000			1,768,000,000			1,948,000,000				1,969,000,000
long-term lease liabilities	1,546,000,000	1,563,000,000	1,590,000,000	1,618,000,000	1,586,000,000	1,600,000,000	1,661,000,000	1,643,000,000		1,723,000,000	1,667,000,000	1,620,000,000	1,752,000,000	1,831,000,000	1,880,000,000	1,900,000,000	1,992,000,000	1,850,000,000	1,924,000,000	1,902,000,000	1,902,000,000	1,898,000,000	1,926,000,000			1,590,000,000
liabilities for errors and omissions	280,000,000	309,000,000		330,000,000	322,000,000	324,000,000		319,000,000		355,000,000		331,000,000	340,000,000	352,000,000		356,000,000	365,000,000	354,000,000		352,000,000	350,000,000	343,000,000				282,000,000			303,000,000			316,000,000				317,000,000								460,000,000
other liabilities	1,577,000,000	1,406,000,000	1,265,000,000	1,396,000,000	1,261,000,000	1,319,000,000	1,267,000,000	1,226,000,000	10,000,000	1,433,000,000	1,363,000,000	1,281,000,000	1,521,000,000	1,695,000,000	1,712,000,000	1,564,000,000	1,720,000,000	1,514,000,000	1,485,000,000	1,450,000,000	1,415,000,000	1,361,000,000	1,397,000,000		36,000,000	1,194,000,000	1,362,000,000	11,000,000	1,262,000,000	17,000,000	1,311,000,000	1,006,000,000	9,000,000		957,000,000	999,000,000		1,128,000,000			174,000,000	124,000,000		906,000,000	201,000,000	68,000,000	26,000,000	93,000,000	64,000,000	50,000,000	1,123,000,000	-117,000,000	44,000,000	15,000,000	1,035,000,000	63,000,000	39,000,000	-113,000,000	-18,000,000	-110,000,000	-138,000,000	1,135,000,000	-199,000,000
commitments and contingencies
equity:
preferred stock, 1 par value, authorized 6,000,000 shares, none issued
common stock	561,000,000	561,000,000	561,000,000	561,000,000	561,000,000	561,000,000	561,000,000	561,000,000		561,000,000		561,000,000	561,000,000	561,000,000		561,000,000	561,000,000	561,000,000		561,000,000	561,000,000	561,000,000				561,000,000																									561,000,000				561,000,000							561,000,000
additional paid-in capital	1,362,000,000	1,253,000,000	1,370,000,000	1,289,000,000	1,197,000,000	1,112,000,000	1,242,000,000	1,150,000,000		1,064,000,000	1,179,000,000	1,111,000,000	1,044,000,000	1,026,000,000	1,112,000,000	1,034,000,000	945,000,000	851,000,000	943,000,000	882,000,000	814,000,000	746,000,000	862,000,000			681,000,000	817,000,000		732,000,000		784,000,000	783,000,000			842,000,000	812,000,000		861,000,000						1,107,000,000							1,185,000,000				1,211,000,000							1,242,000,000
retained earnings	27,088,000,000	25,881,000,000	25,306,000,000	24,520,000,000	24,578,000,000	23,456,000,000	22,759,000,000	22,007,000,000		20,949,000,000	20,301,000,000	19,837,000,000	19,880,000,000	18,916,000,000	18,389,000,000	17,589,000,000	17,597,000,000	16,780,000,000	16,272,000,000	15,902,000,000	16,060,000,000	15,490,000,000	15,199,000,000			14,642,000,000	14,347,000,000		14,131,000,000		13,140,000,000	13,113,000,000			12,388,000,000	11,953,000,000		11,302,000,000						8,628,000,000							7,436,000,000				7,033,000,000							7,732,000,000
accumulated other comprehensive loss	-5,244,000,000	-5,896,000,000	-6,240,000,000	-4,990,000,000	-5,527,000,000	-5,509,000,000	-5,295,000,000	-5,460,000,000		-5,234,000,000	-5,314,000,000	-6,048,000,000	-5,363,000,000	-4,679,000,000	-4,575,000,000	-5,345,000,000	-5,153,000,000	-5,197,000,000	-5,110,000,000	-5,148,000,000	-5,582,000,000	-5,847,000,000				-4,590,000,000			-4,265,000,000			-4,560,000,000				-4,289,000,000															-2,300,000,000				-2,171,000,000							-351,000,000
non-controlling interests	209,000,000	203,000,000	193,000,000	194,000,000	198,000,000	200,000,000	179,000,000	180,000,000		243,000,000	229,000,000	226,000,000	224,000,000	219,000,000	213,000,000	154,000,000	156,000,000	162,000,000	156,000,000	161,000,000	166,000,000	156,000,000	150,000,000			77,000,000	73,000,000		81,000,000		83,000,000	85,000,000			80,000,000	83,000,000		89,000,000						64,000,000							47,000,000				35,000,000
less – treasury shares, at cost, 68,964,746 shares at june 30, 2025and 69,239,488 shares at december 31, 2024	-8,000,000,000
total equity	15,976,000,000	14,268,000,000	13,535,000,000	13,882,000,000	13,565,000,000	12,622,000,000	12,370,000,000	11,586,000,000		11,196,000,000	10,749,000,000	9,791,000,000	10,917,000,000	11,156,000,000	11,222,000,000	9,888,000,000	10,264,000,000	9,596,000,000	9,260,000,000	8,752,000,000	8,392,000,000	7,451,000,000	7,943,000,000			7,986,000,000	7,584,000,000	7,538,000,000	7,797,000,000	8,021,000,000	7,442,000,000	7,131,000,000	7,074,000,000	6,619,000,000	6,272,000,000	6,754,000,000	6,705,000,000	6,602,000,000	6,863,000,000	8,228,000,000	7,120,000,000	6,846,000,000	6,713,000,000	6,606,000,000	6,580,000,000	6,344,000,000	6,265,000,000	6,465,000,000	6,780,000,000	6,687,000,000	6,415,000,000					6,039,000,000	5,760,000,000	5,694,000,000
dividends payable		400,000,000		401,000,000		349,000,000		351,000,000		292,000,000		296,000,000		273,000,000		273,000,000		238,000,000		237,000,000		231,000,000				211,000,000			212,000,000			193,000,000				178,000,000
less – treasury shares, at cost, 67,958,159 shares at march 31, 2025and 69,239,488 shares at december 31, 2024		-7,734,000,000
less – allowance for credit losses			-167,000,000				-151,000,000
liability for errors and omissions			305,000,000				314,000,000				355,000,000				355,000,000				366,000,000				335,000,000				287,000,000				301,000,000				308,000,000			318,000,000													430,000,000				518,000,000							596,000,000
less – treasury shares, at cost, 69,239,488 shares at december 31, 2024 and 68,635,498 shares at december 31, 2023			-7,655,000,000
less – treasury shares, at cost, 69,608,340 shares at september 30, 2024and 68,635,498 shares at december 31, 2023				-7,692,000,000
less – treasury shares, at cost, 68,717,711 shares at june 30, 2024and 68,635,498 shares at december 31, 2023					-7,442,000,000
less – treasury shares, at cost, 67,816,273 shares at march 31, 2024and 68,635,498 shares at december 31, 2023						-7,198,000,000
less – treasury shares, at cost, 68,635,498 shares at december 31, 2023 and 65,855,914 shares at december 31, 2022							-7,076,000,000
less – treasury shares, at cost, 67,666,591 shares at september 30, 2023and 65,855,914 shares at december 31, 2022								-6,852,000,000
operating cash flows:
net income before non-controlling interests									2,299,000,000															1,377,000,000	1,071,000,000		1,670,000,000	1,511,000,000		696,000,000	1,512,000,000		1,085,000,000	578,000,000	1,795,000,000		970,000,000	1,636,000,000	495,000,000	894,000,000	1,078,000,000	819,000,000	424,000,000	1,201,000,000	938,000,000	691,000,000	354,000,000	755,000,000	620,000,000	331,000,000		665,000,000	494,000,000	252,000,000				180,000,000
adjustments to reconcile net income provided by operations:
depreciation and amortization of fixed assets and capitalized software									175,000,000															245,000,000	159,000,000		311,000,000	236,000,000		80,000,000	312,000,000		156,000,000	80,000,000	308,000,000		154,000,000	314,000,000	77,000,000	149,000,000	213,000,000	142,000,000	69,000,000	277,000,000	201,000,000	133,000,000	66,000,000	200,000,000	133,000,000	67,000,000		222,000,000	154,000,000	80,000,000		229,000,000	151,000,000	74,000,000	249,000,000	168,000,000	83,000,000		278,000,000
amortization of intangible assets									172,000,000															235,000,000	151,000,000		183,000,000	135,000,000		45,000,000	169,000,000		80,000,000	40,000,000	130,000,000		67,000,000	109,000,000	24,000,000	42,000,000	53,000,000	35,000,000	18,000,000	72,000,000	53,000,000	34,000,000	17,000,000	50,000,000	32,000,000	16,000,000		52,000,000	36,000,000	17,000,000		48,000,000	32,000,000	16,000,000	53,000,000	36,000,000	18,000,000		60,000,000
non-cash lease expense									143,000,000
adjustments and payments related to contingent consideration assets and liabilities									-23,000,000
deconsolidation of russian businesses
net gain on investments									-5,000,000
net income (gain) on disposition of assets									19,000,000
share-based compensation expense									191,000,000															184,000,000	117,000,000		193,000,000	146,000,000		50,000,000	149,000,000		75,000,000	42,000,000	109,000,000		58,000,000	88,000,000	24,000,000
changes in assets and liabilities:
benefit from taxes, net of payments and refunds									245,000,000
contributions to pension and other benefit plans in excess of current year credit									-164,000,000
operating lease liabilities									-159,000,000
net cash from operations									665,000,000															1,291,000,000	241,000,000		2,428,000,000	1,319,000,000			1,893,000,000		343,000,000		2,007,000,000		229,000,000	1,888,000,000		258,000,000	575,000,000			1,322,000,000	750,000,000	66,000,000		995,000,000	330,000,000	-376,000,000		50,000,000	272,000,000			405,000,000	-236,000,000	-450,000,000	199,000,000	-379,000,000	-463,000,000		71,000,000
financing cash flows:
purchase of treasury shares									-600,000,000																																								-235,000,000							-32,000,000	-21,000,000	-20,000,000					-1,300,000,000
net proceeds from issuance of commercial paper									308,000,000
borrowings from term-loan and credit facilities									200,000,000
proceeds from issuance of debt									589,000,000															6,459,000,000	6,459,000,000		591,000,000	592,000,000		592,000,000	987,000,000													248,000,000	248,000,000	248,000,000	248,000,000	496,000,000								398,000,000	398,000,000	397,000,000					3,000,000
repayments of debt									-8,000,000																																								-6,000,000	-2,000,000		-557,000,000	-4,000,000			-406,000,000	-404,000,000	-2,000,000	-258,000,000	-256,000,000	-253,000,000		-1,114,000,000
purchase of non-controlling interests									-139,000,000																																								-21,000,000	-13,000,000		-15,000,000	-15,000,000			-24,000,000	-24,000,000
shares withheld for taxes on vested units – treasury shares									-141,000,000																																								-86,000,000	-85,000,000
issuance of common stock from treasury shares									120,000,000															132,000,000	108,000,000		93,000,000	72,000,000		32,000,000	166,000,000		94,000,000	73,000,000	188,000,000		131,000,000	224,000,000	104,000,000	136,000,000	254,000,000	206,000,000
payments of deferred and contingent consideration for acquisitions									-185,000,000
receipts of contingent consideration for dispositions									2,000,000
distributions of non-controlling interests									-10,000,000
dividends paid									-591,000,000																																								-235,000,000	-117,000,000		-333,000,000	-221,000,000			-322,000,000	-207,000,000	-102,000,000	-308,000,000	-206,000,000	-103,000,000		-313,000,000
change in fiduciary liabilities									682,000,000
net cash from financing activities									227,000,000															4,337,000,000	5,324,000,000					294,000,000			16,000,000	697,000,000					71,000,000	9,000,000									-471,000,000	-128,000,000		-931,000,000	-265,000,000			-358,000,000	-238,000,000	260,000,000	-445,000,000	-399,000,000	-315,000,000		-2,555,000,000
investing cash flows:
capital expenditures									-185,000,000																																								-142,000,000	-67,000,000		-193,000,000	-143,000,000			-209,000,000	-143,000,000	-69,000,000	-334,000,000	-224,000,000	-122,000,000		-262,000,000
purchases of long term investments									-30,000,000
sales of long term investments									16,000,000
dispositions									-17,000,000															225,000,000	165,000,000		110,000,000	5,000,000		3,000,000								71,000,000			3,000,000	3,000,000	3,000,000		2,000,000	2,000,000		1,000,000	1,000,000	1,000,000		1,194,000,000	119,000,000	110,000,000		75,000,000	70,000,000		56,000,000	50,000,000	50,000,000		3,357,000,000
acquisitions, net of cash and cash held in a fiduciary capacity acquired									-292,000,000
net cash from investing activities									-501,000,000																																		8,000,000						-221,000,000	-168,000,000		817,000,000	-153,000,000			-114,000,000	-60,000,000	-62,000,000	-350,000,000	-235,000,000	-118,000,000		2,997,000,000
effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity									242,000,000
increase in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity									633,000,000
cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period									12,102,000,000
cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period									12,735,000,000
reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the consolidated balance sheets
balance at june 30,									2,023,000,000
total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity									12,735,000,000
less – cash and cash equivalents held in a fiduciary capacity										-10,834,000,000		-10,608,000,000	-10,530,000,000	-10,461,000,000
less – treasury shares, at cost, 65,836,882 shares at march 31, 2023and 65,855,914 shares at december 31, 2022										-6,387,000,000
less - cash and cash equivalents held in a fiduciary capacity											-10,660,000,000				-9,622,000,000
pension, postretirement and postemployment benefits											921,000,000				1,632,000,000				2,662,000,000				2,336,000,000				1,911,000,000				1,888,000,000				2,076,000,000			2,058,000,000						2,094,000,000							1,211,000,000											709,000,000
issued 560,641,640 shares at december 31, 2022 and 2021											561,000,000
less – treasury shares, at cost, 65,855,914 shares at december 31, 2022 and 57,105,619 shares at december 31, 2021											-6,207,000,000
less – treasury shares, at cost, 64,102,660 shares at september 30, 2022and 57,105,619 shares at december 31, 2021												-5,896,000,000
less – treasury shares, at cost, 61,408,596 shares at june 30, 2022and 57,105,619 shares at december 31, 2021													-5,429,000,000
less – treasury shares, at cost, 58,524,983 shares at march 31, 2022and 57,105,619 shares at december 31, 2021														-4,887,000,000
issued 560,641,640 shares at december 31, 2021 and 2020															561,000,000
less – treasury shares, at cost, 57,105,619 shares at december 31, 2021 and 52,914,550 shares at december 31, 2020															-4,478,000,000
less – cash and investments held in a fiduciary capacity																-10,408,000,000	-9,936,000,000	-8,782,000,000	-8,585,000,000	-8,765,000,000	-7,441,000,000	-7,661,000,000				-5,243,000,000			-5,118,000,000			-5,128,000,000				-4,532,000,000
less – treasury shares, at cost, 55,175,963 shares at september 30, 2021and 52,914,550 shares at december 31, 2020																-4,105,000,000
less – treasury shares, at cost, 53,676,347 shares at june 30, 2021and 52,914,550 shares at december 31, 2020																	-3,842,000,000
less – treasury shares, at cost, 51,871,847 shares at march 31, 2021and 52,914,550 shares at december 31, 2020																		-3,561,000,000
1,600,000,000 shares, issued 560,641,640 shares at december 31, 2020 and december 31, 2019																			561,000,000
less – treasury shares, at cost, 52,914,550 shares at december 31, 2020 and 57,013,097 shares at december 31, 2019																			-3,562,000,000
less – treasury shares, at cost, 53,626,539 shares at september 30, 2020 and 57,013,097 shares at december 31, 2019																				-3,606,000,000
less – treasury shares, at cost, 54,263,059 shares at june 30, 2020 and 57,013,097 shares at december 31, 2019																					-3,627,000,000
less – treasury shares, at cost, 54,694,523 shares at march 31, 2020 and 57,013,097 shares at december 31, 2019																						-3,655,000,000
less-allowance for doubtful accounts and cancellations																										-116,000,000			-116,000,000			-105,000,000				-84,000,000
acquisition related derivatives																										283,000,000	441,000,000
1,600,000,000 shares, issued 560,641,640 shares at december 31, 2019 and december 31, 2018																							561,000,000
less – treasury shares, at cost, 57,013,097 shares at december 31, 2019 and 56,804,468 shares at december 31, 2018
adjustments to reconcile net income to cash from operations:
non cash lease expense																								236,000,000	151,000,000
adjustments and payments related to contingent consideration liability																																						11,000,000
charge for early extinguishment of debt																								32,000,000	32,000,000																							72,000,000
benefit from deferred income taxes																								95,000,000	82,000,000			66,000,000		11,000,000	396,000,000		42,000,000	25,000,000	68,000,000		48,000,000	178,000,000	87,000,000	83,000,000	137,000,000	71,000,000	51,000,000	96,000,000	18,000,000	25,000,000	35,000,000	91,000,000	73,000,000	110,000,000		-40,000,000	22,000,000	100,000,000		25,000,000	16,000,000	16,000,000	56,000,000	72,000,000	41,000,000		68,000,000
gain on investments																											12,000,000	24,000,000									2,000,000												-13,000,000	-19,000,000								16,000,000
gain on disposition of assets																								36,000,000	21,000,000						10,000,000													23,000,000				1,000,000										12,000,000
change in fair value of acquisition-related derivative contracts																								8,000,000	8,000,000		441,000,000
contributions to pension and other benefit plans in excess of current year expense/credit
effect of exchange rate changes																											18,000,000								104,000,000		48,000,000	70,000,000	90,000,000	26,000,000		13,000,000	36,000,000			19,000,000			-71,000,000	-69,000,000		54,000,000	86,000,000	59,000,000		-80,000,000	-90,000,000	12,000,000	-92,000,000	-48,000,000	-23,000,000		-76,000,000
net increase in commercial paper																								325,000,000	549,000,000			75,000,000		249,000,000			100,000,000	100,000,000	50,000,000
net increase in short term borrowings																								300,000,000	300,000,000
payment of bridge loan fees
payments for early extinguishment of debt
acquisition-related derivative payments
sales (purchases) of long-term investments																								193,000,000	202,000,000
purchase of equity investment
proceeds from sales of fixed assets																								4,000,000	2,000,000		3,000,000	3,000,000		1,000,000	8,000,000		4,000,000	1,000,000	4,000,000		1,000,000	2,000,000	1,000,000	1,000,000	2,000,000	2,000,000	1,000,000	6,000,000	4,000,000	1,000,000	1,000,000	4,000,000	1,000,000	1,000,000		3,000,000	8,000,000	1,000,000
acquisitions																																																	-113,000,000	-104,000,000		-248,000,000	-198,000,000			-7,000,000	-6,000,000	-2,000,000	-114,000,000	-86,000,000	-51,000,000		-137,000,000
effect of exchange rate changes on cash and cash equivalents																								23,000,000	93,000,000					103,000,000	251,000,000		119,000,000	67,000,000						16,000,000				82,000,000	74,000,000		61,000,000		127,000,000	108,000,000		-18,000,000	-121,000,000			195,000,000	140,000,000	-19,000,000	-76,000,000	45,000,000	48,000,000		217,000,000
increase in cash and cash equivalents																								147,000,000	228,000,000						179,000,000													188,000,000								-82,000,000				128,000,000			-672,000,000				730,000,000
cash and cash equivalents at beginning of period																								1,066,000,000	1,066,000,000			1,205,000,000		1,205,000,000			1,026,000,000	1,026,000,000			1,374,000,000	1,958,000,000	1,958,000,000	2,303,000,000	2,301,000,000	2,301,000,000	2,301,000,000	2,113,000,000	2,113,000,000	2,113,000,000	2,113,000,000	1,894,000,000	1,894,000,000	1,894,000,000		1,777,000,000	1,777,000,000	1,777,000,000		1,685,000,000	1,685,000,000	1,685,000,000	2,133,000,000	2,133,000,000	2,133,000,000		2,089,000,000
cash and cash equivalents at end of period																								1,213,000,000	1,294,000,000			951,000,000		1,168,000,000			966,000,000	930,000,000			974,000,000	1,374,000,000	1,104,000,000	2,005,000,000	2,174,000,000	1,230,000,000	1,263,000,000	2,301,000,000	2,044,000,000	1,504,000,000	1,410,000,000	1,714,000,000	1,659,000,000	1,330,000,000		1,695,000,000	1,510,000,000	1,167,000,000		1,813,000,000	1,291,000,000	1,414,000,000	1,461,000,000	1,165,000,000	1,285,000,000		2,819,000,000
funds held in escrow for acquisition																										6,359,000,000
less – treasury shares, at cost, 53,623,897 shares at march 31, 2019 and 56,804,468 shares at december 31, 2018																										-3,385,000,000
1,600,000,000 shares, issued 560,641,640 shares at december 31, 2018 and december 31, 2017																											561,000,000
less – treasury shares, at cost, 56,804,468 shares at december 31, 2018 and 51,930,135 shares at december 31, 2017
for the years ended december 31,
gain on deconsolidation of entity																											11,000,000
benefit for deferred income taxes
(gain) loss on disposition of assets																																			6,000,000																						39,000,000
net sales (purchases) of long-term investments																											4,000,000						12,000,000	11,000,000																													32,000,000
cash and cash equivalents at beginning of year																											1,205,000,000				1,026,000,000				1,374,000,000
cash and cash equivalents at end of year																											1,066,000,000				1,205,000,000				1,026,000,000
change in fair value of acquisition related fx contract																												100,000,000
net purchases of long-term investments																																																										6,000,000
decrease in cash and cash equivalents																																																	-235,000,000	-564,000,000			-267,000,000				-394,000,000	-271,000,000		-968,000,000	-848,000,000
for the nine months ended september 30,																																																				2,010,000,000				2,009,000,000
balance, beginning and end of period																												561,000,000		561,000,000			561,000,000	561,000,000			561,000,000		561,000,000	561,000,000	561,000,000	561,000,000	561,000,000		561,000,000	561,000,000										561,000,000
balance, beginning of year																												784,000,000		784,000,000			842,000,000	842,000,000			861,000,000		930,000,000	1,028,000,000	1,107,000,000	1,107,000,000	1,107,000,000		1,156,000,000	1,156,000,000	1,156,000,000	1,185,000,000	1,185,000,000	1,185,000,000		1,211,000,000	1,211,000,000	1,211,000,000		1,245,000,000	1,245,000,000	1,246,000,000
change in accrued stock compensation costs																												20,000,000																					-85,000,000	-129,000,000		-25,000,000	-33,000,000			11,000,000	9,000,000
issuance of shares under stock compensation plans and employee stock purchase plans																												171,000,000		123,000,000			201,000,000	175,000,000			225,000,000		174,000,000	251,000,000	380,000,000	312,000,000	226,000,000		282,000,000	212,000,000	184,000,000	235,000,000	213,000,000	187,000,000		160,000,000	123,000,000	105,000,000		127,000,000	88,000,000	69,000,000
balance, end of period																												771,000,000		682,000,000			763,000,000	733,000,000			789,000,000		837,000,000	914,000,000	1,010,000,000	1,002,000,000	993,000,000		1,076,000,000	1,053,000,000	1,018,000,000	1,123,000,000	1,092,000,000	1,050,000,000		1,159,000,000	1,149,000,000	1,109,000,000		1,181,000,000	1,182,000,000	1,183,000,000
cumulative effect of adoption of the revenue recognition standard																												364,000,000		364,000,000
cumulative effect of adoption of other accounting standards
net income attributable to the company																												1,497,000,000		690,000,000			1,070,000,000	569,000,000			953,000,000		482,000,000	874,000,000	1,054,000,000	801,000,000	413,000,000		917,000,000	676,000,000	347,000,000	737,000,000	607,000,000	325,000,000
dividend equivalents declared –
dividends declared –																																																	-348,000,000	-229,000,000		-437,000,000	-322,000,000			-418,000,000	-312,000,000	-208,000,000
cumulative effect of adoption of the financial instruments standard
other comprehensive income, net of tax																														152,000,000			552,000,000	256,000,000						14,000,000	94,000,000
treasury shares
net income attributable to non-controlling interests																												14,000,000		6,000,000			15,000,000	9,000,000			17,000,000		13,000,000	20,000,000	24,000,000	18,000,000	11,000,000		21,000,000	15,000,000	7,000,000	18,000,000								13,000,000	9,000,000	4,000,000
distributions and other changes
1,600,000,000 shares, issued 560,641,640 shares at june 30, 2018
and december 31, 2017																													561,000,000
less – treasury shares, at cost, 55,507,129 shares at june 30, 2018
and 51,930,135 shares at december 31, 2017																													-3,443,000,000
net sales of long-term investments																														9,000,000										2,000,000	90,000,000	82,000,000	92,000,000	20,000,000	26,000,000			64,000,000	33,000,000			58,000,000	57,000,000	19,000,000		17,000,000	8,000,000		33,000,000	27,000,000
for the three months ended march 31,																																																		2,011,000,000				2,010,000,000				2,009,000,000			2,008,000,000
deconsolidation of subsidiary
1,600,000,000 shares, issued 560,641,640 shares at december 31, 2017 and december 31, 2016																															561,000,000
less – treasury shares, at cost, 51,930,135 shares at december 31, 2017 and 46,150,415 shares at december 31, 2016
net (purchases) sales of long-term investments																																			2,000,000
1,600,000,000 shares, issued 560,641,640 shares at september 30, 2017
and december 31, 2016																																561,000,000
less – treasury shares, at cost, 49,484,693 shares at september 30, 2017
and 46,150,415 shares at december 31, 2016																																-2,851,000,000
gain on deconsolidation of subsidiary
(gain) loss on investments																																																				-21,000,000	-25,000,000
loss on disposition of assets																																	9,000,000	6,000,000			3,000,000		1,000,000	2,000,000	1,000,000	5,000,000	2,000,000		13,000,000	12,000,000	12,000,000		1,000,000			-23,000,000	30,000,000	26,000,000		46,000,000
proceeds from debt																																	987,000,000	987,000,000	347,000,000		347,000,000	1,091,000,000	500,000,000	595,000,000	546,000,000	50,000,000	50,000,000
for the six months ended june 30,																																																	2,011,000,000				2,010,000,000				2,009,000,000
issuance of shares under stock compensation plans and employee stock purchase plans and related tax impact in 2016
loss on investments																																																								30,000,000	50,000,000
1,600,000,000 shares, issued 560,641,640 shares at december 31, 2016 and december 31, 2015																																			561,000,000
less – treasury shares, at cost, 46,150,415 shares at december 31, 2016 and 38,743,686 shares at december 31, 2015
cost of early extinguishment of debt
1,600,000,000 shares, issued 560,641,640 shares at september 30, 2016
and december 31, 2015																																				561,000,000
less – treasury shares, at cost, 44,118,274 shares at september 30, 2016
and 38,743,686 shares at december 31, 2015																																				-2,366,000,000
issuance of shares under stock compensation plans and employee stock purchase plans and related tax impact																																																	-6,000,000	-6,000,000
other comprehensive loss, net of tax
1,600,000,000 shares, issued 560,641,640 shares at december 31, 2015 and december 31, 2014																																						561,000,000
less – treasury shares, at cost, 38,743,686 shares at december 31, 2015 and 20,499,596 shares at december 31, 2014
intangible asset impairment																																									5,000,000			8,000,000	8,000,000
adjustments to acquisition related contingent consideration liability																																									16,000,000	10,000,000	1,000,000
distributions
other changes																																									7,000,000					3,000,000	3,000,000		-7,000,000	5,000,000		-3,000,000	-2,000,000			-7,000,000	-6,000,000
share based compensation expense																																								51,000,000
payments of contingent consideration for acquisitions
dividend equivalents declared -
stock option expense																																									15,000,000	12,000,000	7,000,000	26,000,000	23,000,000	20,000,000	11,000,000	16,000,000	12,000,000	7,000,000		14,000,000	11,000,000			8,000,000	4,000,000
purchase of subsidiary shares from non-controlling interests																																													1,000,000	1,000,000			-2,000,000							-38,000,000	-38,000,000	-36,000,000
dividend equivalents declared
accumulated other comprehensive gain
dividends and other changes
issuance of common stock																																											135,000,000	248,000,000	151,000,000	95,000,000	77,000,000	123,000,000	112,000,000	89,000,000		28,000,000	18,000,000	10,000,000		28,000,000	20,000,000	11,000,000	121,000,000	63,000,000	41,000,000		169,000,000
current deferred tax assets																																												410,000,000
goodwill and intangible assets																																												7,261,000,000							6,823,000,000				7,173,000,000							7,759,000,000
1,600,000,000 shares, issued 560,641,640 shares at december 31, 2012 and december 31, 2011																																												561,000,000
less – treasury shares, at cost, 15,133,774 shares at december 31, 2012 and 21,463,226 shares at december 31, 2011
distributions to non-controlling interests
foreign currency translation adjustments																																													152,000,000		162,000,000		235,000,000	171,000,000		-44,000,000	-360,000,000			393,000,000	304,000,000	-43,000,000
unrealized investment holding losses, net of reclassification adjustments																																																	-4,000,000	-3,000,000		-11,000,000	-10,000,000
net changes under benefit plans, net of tax																																													33,000,000	91,000,000	5,000,000	85,000,000	-9,000,000	-51,000,000		88,000,000	135,000,000	118,000,000
contingent payments for acquisitions
balance, beginning and end of year																																															561,000,000	561,000,000	561,000,000	561,000,000		561,000,000	561,000,000	561,000,000			561,000,000	561,000,000
issuance of shares for acquisitions																																																				-15,000,000	-15,000,000	192,000,000		-39,000,000	-35,000,000
dividend equivalents paid																																																	-7,000,000	-4,000,000		-12,000,000	-8,000,000			-10,000,000	-8,000,000	-3,000,000
total comprehensive income																																																722,000,000	842,000,000	448,000,000		698,000,000	259,000,000	177,000,000		479,000,000		146,000,000
cash and cash equivalents – reported as discontinued operations																																																					35,000,000
cash and cash equivalents – continuing operations																																																	1,659,000,000	1,330,000,000		1,695,000,000	1,475,000,000							1,165,000,000	1,285,000,000		2,819,000,000
net income attributable to non-controlling interests, net of discontinued operations																																																	13,000,000	6,000,000		13,000,000	10,000,000	4,000,000
income tax receivable																																																			323,000,000
less—allowance for doubtful accounts and cancellations																																																			-114,000,000				-117,000,000
current assets of discontinued operations
non-current assets of discontinued operations
liabilities of discontinued operations
less—cash and investments held in a fiduciary capacity																																																			-3,824,000,000				-3,559,000,000
stockholders’ equity:
less—treasury shares at cost, 20,132,120 at 2010 and 30,967,116 at 2009																																																			-514,000,000
goodwill impairment charge																																																								315,000,000	315,000,000		540,000,000	540,000,000	425,000,000
shares withheld for taxes on vested units																																																				-54,000,000	-43,000,000
issuance of shares under stock compensation plans and employee stock purchase plans and related tax deficiency																																																				-12,000,000	-14,000,000
net income attributable to mmc																																																				652,000,000	484,000,000	248,000,000		204,000,000	-17,000,000	176,000,000
total stockholders’ equity																																																				6,415,000,000	6,043,000,000	6,014,000,000	5,863,000,000							7,822,000,000
accrual of stock based compensation																																																						6,000,000
liabilities and stockholders’ equity
retirement and postemployment benefits																																																							1,184,000,000
less—treasury shares at cost, 30,967,116 in 2009 and 46,375,622 in 2008																																																							-806,000,000
net income																																																								217,000,000	-8,000,000		-153,000,000	-145,000,000	-210,000,000		2,390,000,000
proceeds from sales related to fixed assets																																																								7,000,000	4,000,000	1,000,000	11,000,000	2,000,000	3,000,000		6,000,000
issuance of shares under stock compensation plans and employee stock purchase plans and related tax benefits																																																								2,000,000	1,000,000	4,000,000
unrealized investment holding gains, net of reclassification adjustments
net changes under asc topic no. 960, net of tax																																																								-131,000,000
unrealized investment holding																																																									-1,000,000	-4,000,000
net changes under sfas 158, net of tax																																																									-129,000,000	13,000,000
total comprehensive income loss																																																									166,000,000
purchase of non-controlling interest																																																										-24,000,000
change in accrued compensation costs																																																										-31,000,000
(gains)/losses on investments																																																											37,000,000
(gains)/losses on disposition of assets																																																											21,000,000
accrual of stock-based compensation																																																											28,000,000	22,000,000	15,000,000		62,000,000
cash and cash equivalents — reported as discontinued operations
cash and cash equivalents — continuing operations																																																											1,461,000,000
1.
gains/losses on investments																																																												12,000,000
disposition of assets																																																												-2,000,000	-6,000,000		-1,844,000,000
less: potential minority interest associated with the putnam class b common shares
net income for diluted earnings per share																																																												65,000,000	-210,000,000
basic weighted-average common shares outstanding																																																												512,000,000	519,000,000		534,000,000
dilutive effect of potentially issuable common shares																																																												6,000,000			6,000,000
diluted weighted-average common shares outstanding																																																												518,000,000	519,000,000		540,000,000
average stock price used to calculate common stock equivalents																																																												26,940,000	26,140,000		27,620,000
gains on investments																																																													-6,000,000		-169,000,000
less: potential minority interest expense associated with putnam class b common shares
less — allowance for doubtful accounts and cancellations																																																														-119,000,000
assets of discontinued operations
regulatory settlements — current portion																																																														177,000,000
less — cash and investments held in a fiduciary capacity																																																														-3,612,000,000
regulatory settlements
less — treasury shares at cost, 40,249,598 in 2007 and 8,727,764 in 2006																																																														-1,362,000,000
adjustments to reconcile net income to net cash from operations:
less: potential minority interest associated with the putnam class b common shares*
income for diluted earnings per share																																																															1,945,000,000

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