MARSH & MCLENNAN COMPANIES INC
For the period ended Mar 31, 2024. Filed Apr 18, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 18, 2024
MRSH$206.94+1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Three Months Ended March 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Operating cash flows: | ||
| Net income before non-controlling interests | $1,424 | $1,252 |
| Adjustments to reconcile net income provided by operations: | ||
| Depreciation and amortization of fixed assets and capitalized software | 99 | 84 |
| Amortization of intangible assets | 90 | 85 |
| Non-cash lease expense | 67 | 73 |
| Adjustments and payments related to contingent consideration assets and liabilities | (8) | 8 |
| Net gain on investments | (1) | (2) |
| Net (gain) loss on disposition of assets | (19) | 21 |
| Share-based compensation expense | 103 | 99 |
| Changes in assets and liabilities: | ||
| Net receivables | (742) | (775) |
| Other assets | (70) | (163) |
| Accrued compensation and employee benefits | (1,779) | (1,670) |
| Provision for taxes, net of payments and refunds | 209 | 189 |
| Contributions to pension and other benefit plans in excess of current year credit | (88) | (75) |
| Other liabilities | 11 | 134 |
| Operating lease liabilities | (77) | (79) |
| Net cash used by operations | (781) | (819) |
| Financing cash flows: | ||
| Purchase of treasury shares | (300) | (300) |
| Net proceeds from issuance of commercial paper | 50 | 594 |
| Borrowings from term-loan and credit facilities | — | 250 |
| Proceeds from issuance of debt | 989 | 589 |
| Repayments of debt | (1,004) | (4) |
| Shares withheld for taxes on vested units – treasury shares | (169) | (136) |
| Issuance of common stock from treasury shares | 113 | 42 |
| Payments of deferred and contingent consideration for acquisitions | (15) | (13) |
| Receipts of contingent consideration for dispositions | — | 2 |
| Distributions of non-controlling interests | (4) | (3) |
| Dividends paid | (354) | (296) |
| Change in fiduciary liabilities | 829 | 48 |
| Net cash provided by financing activities | 135 | 773 |
| Investing cash flows: | ||
| Capital expenditures | (87) | (84) |
| Purchases of long term investments | (10) | (4) |
| Sales of long term investments | 4 | — |
| Dispositions | 26 | (20) |
| Acquisitions, net of cash and cash held in a fiduciary capacity acquired | (301) | (263) |
| Other, net | — | 3 |
| Net cash used for investing activities | (368) | (368) |
| Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | (228) | 152 |
| Decrease in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | (1,242) | (262) |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at beginning of period | 14,152 | 12,102 |
| Cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity at end of period | $12,910 | $11,840 |
| Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets | ||
|---|---|---|
| Balance at March 31, | 2024 | 2023 |
| (In millions) | ||
| Cash and cash equivalents | $1,452 | $1,006 |
| Cash and cash equivalents held in a fiduciary capacity | 11,458 | 10,834 |
| Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $12,910 | $11,840 |
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