MARSH & MCLENNAN COMPANIES INC

For the period ended Sep 30, 2024. Filed Oct 17, 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.

Sep 30, 2024 · Filed Oct 17, 2024

MRSH$206.94+1.3%Stored close · as of Nov 10, 2026

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Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30,
(In millions)	2024	2023
Operating cash flows:
Net income before non-controlling interests	$3,316	$3,037
Adjustments to reconcile net income provided by operations:
Depreciation and amortization of fixed assets and capitalized software	276	270
Amortization of intangible assets	269	257
Non-cash lease expense	206	215
Adjustments and payments related to contingent consideration assets and liabilities	(69)	(19)
Net gain on investments	—	(6)
Net (gain) loss on disposition of assets	(18)	18
Share-based compensation expense	283	273
Changes in assets and liabilities:
Net receivables	(821)	(670)
Other assets	(45)	(98)
Accrued compensation and employee benefits	(582)	(458)
Provision for taxes, net of payments and refunds	233	242
Contributions to pension and other benefit plans in excess of current year credit	(262)	(246)
Other liabilities	(211)	(103)
Operating lease liabilities	(229)	(237)
Net cash provided by operations	2,346	2,475
Financing cash flows:
Purchase of treasury shares	(900)	(900)
Issuance of commercial paper with maturity greater than 90 days	—	146
Repayment of commercial paper with maturity greater than 90 days	—	(146)
Proceeds from issuance of debt	988	2,170
Repayments of debt	(1,613)	(12)
Payment of bridge loan commitment fees	(23)	—
Purchase of non-controlling interests	(5)	(139)
Shares withheld for taxes on vested units – treasury shares	(177)	(145)
Issuance of common stock from treasury shares	221	165
Payments of deferred and contingent consideration for acquisitions	(91)	(187)
Receipts of deferred and contingent consideration for dispositions	3	2
Distributions of non-controlling interests	(29)	(18)
Dividends paid	(1,110)	(944)
Change in fiduciary liabilities	916	1,223
Net cash (used for) provided by financing activities	(1,820)	1,215
Investing cash flows:
Capital expenditures	(240)	(296)
Purchases of long term investments	(18)	(44)
Sales of long term investments	17	18
Dispositions	106	(18)
Acquisitions, net of cash and cash held in a fiduciary capacity acquired	(1,042)	(619)
Other, net	1	16
Net cash used for investing activities	(1,176)	(943)
Effect of exchange rate changes on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	219	(120)
(Decrease)/increase in cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	(431)	2,627
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	$13,721	$14,729

Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity to the Consolidated Balance Sheets
Balance at September 30,	2024	2023
(In millions)
Cash and cash equivalents	$1,798	$2,901
Cash and cash equivalents held in a fiduciary capacity	11,923	11,828
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity	$13,721	$14,729

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.