Marsh & McLennan Companies, Inc.

MRSH

MRSHMarsh & McLennan Companies, Inc. US flag

New York Stock Exchange

163.84

USD

+3.72

- -

78.94BMarket Cap

Income Statement (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Sales/Revenue/Turnover	11,526	11,924	12,261	12,951	12,893	13,211	14,024	14,950	16,652	17,224	19,820	20,720	22,736	24,458	26,981
+ Sales & Services Revenue	11,526	11,924	12,261	12,951	12,893	13,211	14,024	14,950	16,652	17,224	19,820	20,720	22,736	24,458	26,981
- Cost of Revenue	6,969	7,134	7,226	7,515	7,334	7,694	8,085	8,605	9,734	10,129	11,425	12,071	13,099	13,996	15,577
+ Cost of Goods & Services	6,969	7,134	7,226	7,515	7,334	7,694	8,085	8,605	9,734	10,129	11,425	12,071	13,099	13,996	15,577
Gross Profit	4,557	4,790	5,035	5,436	5,559	5,517	5,939	6,345	6,918	7,095	8,395	8,649	9,637	10,462	11,404
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	2,919	2,961	2,958	3,135	3,140	3,086	3,284	3,584	4,241	4,029	4,083	4,369	4,355	4,645	5,181
+ Selling, General & Admin	6,969	7,134	7,226	7,515	7,334	7,694	8,085	8,605	9,734	- -	- -	- -	- -	- -	- -
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	-4,050	-4,173	-4,268	-4,380	-4,194	-4,608	-4,801	-5,021	-5,493	4,029	4,083	4,369	4,355	4,645	5,181
Operating Income (Loss)	1,638	1,829	2,077	2,301	2,419	2,431	2,655	2,761	2,677	3,066	4,312	4,280	5,282	5,817	6,223
- Non-Operating (Income) Loss	234	133	104	244	112	-49	12	517	238	273	104	198	256	337	684
+ Interest Expense, Net	171	157	149	144	150	184	228	279	485	508	442	454	500	617	912
+ Interest Expense	199	181	167	165	163	189	237	290	524	515	444	469	578	700	960
- Interest Income	28	24	18	21	13	5	9	11	39	7	2	15	78	83	48
+ Other Non-Op (Income) Loss	63	-24	-45	100	-38	-233	-216	238	-247	-235	-338	-256	-244	-280	-228
Pretax Income	1,404	1,696	1,973	2,057	2,307	2,480	2,643	2,244	2,439	2,793	4,208	4,082	5,026	5,480	5,539
- Income Tax Expense (Benefit)	422	492	594	586	671	685	1,133	574	666	747	1,034	995	1,224	1,363	1,305
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	982	1,204	1,379	1,471	1,636	1,795	1,510	1,670	1,773	2,046	3,174	3,087	3,802	4,117	4,234
- Net Extraordinary Losses (Gains)	11	53	50	38	74	54	38	40	62	60	62	74	92	114	148
+ Discontinued Operations	33	-3	6	26	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-22	56	44	12	74	54	36	40	62	60	62	74	92	114	148
Income (Loss) Incl. MI	971	1,151	1,329	1,433	1,562	1,741	1,472	1,630	1,711	1,986	3,112	3,013	3,710	4,003	4,086
- Minority Interest	-22	-25	-28	-32	-37	-27	-20	-20	-31	-30	-31	-37	-46	-57	-74
Net Income, GAAP	993	1,176	1,357	1,465	1,599	1,768	1,492	1,650	1,742	2,016	3,143	3,050	3,756	4,060	4,160
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	993	1,176	1,357	1,465	1,599	1,768	1,492	1,650	1,742	2,016	3,143	3,050	3,756	4,060	4,160
EBIT	1,638	1,829	2,077	2,301	2,419	2,431	2,655	2,761	2,677	3,066	4,312	4,280	5,282	5,817	6,223
EBITDA	1,970	2,178	2,435	2,689	2,842	2,869	3,136	3,255	3,324	3,807	5,059	4,999	5,995	6,563	7,133
EBITDA Margin (%)	17.09	18.27	19.86	20.76	22.04	21.72	22.36	21.77	19.96	22.1	25.52	24.13	26.37	26.83	26.44
EBITA	1,638	1,829	2,077	2,301	2,419	2,431	2,655	2,761	2,677	3,066	4,312	4,280	5,282	5,817	6,223
Gross Margin (%)	39.54	40.17	41.07	41.97	43.12	41.76	42.35	42.44	41.54	41.19	42.36	41.74	42.39	42.78	42.27
Operating Margin (%)	14.21	15.34	16.94	17.77	18.76	18.4	18.93	18.47	16.08	17.8	21.76	20.66	23.23	23.78	23.06
Profit Margin (%)	8.62	9.86	11.07	11.31	12.4	13.38	10.64	11.04	10.46	11.7	15.86	14.72	16.52	16.6	15.42
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.89	0.91	0.97	1.07	1.19	1.31	1.44	1.59	1.76	1.86	2.02	2.28	2.63	3.08	3.46
Depreciation Expense	332	349	358	388	423	438	481	494	647	741	747	719	713	746	910
Basic Weighted Avg Shares	542	544	549	545	531	519	513	506	506	506	507	499	494	492	491
Basic EPS, GAAP	1.83	2.16	2.47	2.69	3.01	3.41	2.91	3.26	3.44	3.98	6.2	6.11	7.6	8.25	8.47
Basic EPS from Cont Ops	1.81	2.21	2.51	2.7	3.08	3.46	2.94	3.3	3.5	4.04	6.26	6.19	7.7	8.37	8.62
Diluted Weighted Avg Shares	551	552	558	553	536	524	519	511	511	512	513	505	499	496	494
Diluted EPS, GAAP	1.8	2.13	2.43	2.65	2.98	3.37	2.87	3.23	3.41	3.94	6.13	6.04	7.53	8.19	8.42
Diluted EPS from Cont Ops	1.78	2.18	2.47	2.66	3.05	3.43	2.91	3.27	3.47	4	6.19	6.11	7.62	8.3	8.57

Balance Sheet (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Current Assets	5,648	5,963	6,300	5,533	5,044	4,884	5,562	5,934	7,068	8,155	8,264	18,959	21,748	22,117	23,200
+ Cash, Cash Equivalents & STI	2,113	2,301	2,303	1,958	1,374	1,026	1,205	1,066	1,155	2,089	1,752	1,442	3,358	2,398	2,687
+ Cash & Cash Equivalents	2,113	2,301	2,303	1,958	1,374	1,026	1,205	1,066	1,155	2,089	1,752	1,442	3,358	2,398	2,687
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	2,906	3,058	3,310	3,377	3,471	3,643	4,133	4,317	5,236	5,326	5,586	5,852	6,418	7,156	7,670
+ Accounts Receivable, Net	2,676	2,858	3,065	3,142	3,198	3,370	3,777	3,984	4,608	4,679	5,093	5,293	5,806	6,533	7,015
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	230	200	245	235	273	273	356	333	628	647	493	559	612	623	655
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	629	604	687	198	199	215	224	551	677	740	926	11,665	11,972	12,563	12,843
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	9,806	10,325	10,680	12,260	13,172	13,306	14,867	15,644	24,289	24,894	26,124	25,155	26,282	34,364	35,510
+ Property, Plant & Equip, Net	804	809	828	809	773	725	712	701	2,779	2,750	2,715	2,433	2,423	2,357	2,289
+ Property, Plant & Equip	2,273	2,391	2,425	2,448	2,394	2,408	2,538	2,543	4,780	4,909	4,304	3,964	3,985	3,895	3,958
- Accumulated Depreciation	1,469	1,582	1,597	1,639	1,621	1,683	1,826	1,842	2,001	2,159	1,589	1,531	1,562	1,538	1,669
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	9,002	9,516	9,852	11,451	12,399	12,581	14,155	14,943	21,510	22,144	23,409	22,722	23,859	32,007	33,221
+ Total Intangible Assets	6,963	7,261	7,365	7,933	8,925	9,495	10,363	11,036	17,445	18,216	19,127	18,788	19,861	28,126	29,083
+ Goodwill	6,562	6,792	6,893	7,241	7,889	8,369	9,089	9,599	14,671	15,517	16,317	16,251	17,231	23,306	24,337
+ Other Intangible Assets	401	469	472	692	1,036	1,126	1,274	1,437	2,774	2,699	2,810	2,537	2,630	4,820	4,746
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	2,039	2,255	2,487	3,518	3,474	3,086	3,792	3,907	4,065	3,928	4,282	3,934	3,998	3,881	4,138
Total Assets	15,454	16,288	16,980	17,793	18,216	18,190	20,429	21,578	31,357	33,049	34,388	44,114	48,030	56,481	58,710
+ Payables & Accruals	2,079	1,831	2,009	2,033	2,040	2,115	2,282	2,391	2,925	3,297	3,363	3,499	3,724	3,778	4,025
+ Accounts Payable	2,016	1,721	1,861	1,883	1,886	1,969	2,083	2,234	2,746	3,050	3,165	3,278	3,403	3,402	3,652
+ Accrued Taxes	63	110	148	150	154	146	199	157	179	247	198	221	321	376	373
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	260	260	334	11	12	312	262	314	1,557	859	349	578	1,931	844	1,600
+ ST Borrowings	260	260	334	11	12	312	262	314	1,215	517	17	268	1,619	519	1,267
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	342	342	332	310	312	325	333
+ Other ST Liabilities	1,400	1,473	1,466	1,633	1,656	1,655	1,718	2,219	2,197	2,400	2,942	13,755	14,140	14,896	15,435
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	1,400	1,473	1,466	1,633	1,656	1,655	1,718	2,219	2,197	2,400	2,942	13,755	14,140	14,896	15,435
Total Current Liabilities	3,739	3,564	3,809	3,677	3,708	4,082	4,262	4,924	6,679	6,556	6,654	17,832	19,795	19,518	21,060
+ LT Debt	2,668	2,658	2,621	3,368	4,402	4,495	5,225	5,510	12,667	12,720	12,813	12,894	13,505	21,018	19,849
+ LT Borrowings	2,668	2,658	2,621	3,368	4,402	4,495	5,225	5,510	10,741	10,796	10,933	11,227	11,844	19,428	18,320
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	1,926	1,924	1,880	1,667	1,661	1,590	1,529
+ Other LT Liabilities	3,107	3,460	2,575	3,615	3,504	3,341	3,500	3,560	4,068	4,513	3,699	2,639	2,360	2,410	2,486
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	1,655	2,094	1,150	2,244	2,058	2,076	1,888	1,911	2,336	2,662	1,632	921	779	840	786
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	1,452	1,366	1,425	1,371	1,446	1,265	1,612	1,649	1,732	1,851	2,067	1,718	1,581	1,570	1,700
Total Noncurrent Liabilities	5,775	6,118	5,196	6,983	7,906	7,836	8,725	9,070	16,735	17,233	16,512	15,533	15,865	23,428	22,335
Total Liabilities	9,514	9,682	9,005	10,660	11,614	11,918	12,987	13,994	23,414	23,789	23,166	33,365	35,660	42,946	43,395
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	1,717	1,668	1,589	1,491	1,422	1,403	1,345	1,378	1,423	1,504	1,673	1,740	1,803	1,931	2,108
+ Common Stock	561	561	561	561	561	561	561	561	561	561	561	561	561	561	561
+ Additional Paid in Capital	1,156	1,107	1,028	930	861	842	784	817	862	943	1,112	1,179	1,242	1,370	1,547
- Treasury Stock	595	447	515	925	1,991	2,506	3,083	3,567	3,774	3,562	4,478	6,207	7,076	7,655	9,346
+ Retained Earnings	7,949	8,628	9,452	10,335	11,302	12,388	13,140	14,347	15,199	16,272	18,389	20,301	22,759	25,306	27,767
+ Other Equity	-3,188	-3,307	-2,621	-3,847	-4,220	-5,093	-4,043	-4,647	-5,055	-5,110	-4,575	-5,314	-5,295	-6,240	-5,429
Equity Before Minority Interest	5,883	6,542	7,905	7,054	6,513	6,192	7,359	7,511	7,793	9,104	11,009	10,520	12,191	13,342	15,100
+ Minority/Non Controlling Interest	57	64	70	79	89	80	83	73	150	156	213	229	179	193	215
Total Equity	5,940	6,606	7,975	7,133	6,602	6,272	7,442	7,584	7,943	9,260	11,222	10,749	12,370	13,535	15,315
Total Liabilities & Equity	15,454	16,288	16,980	17,793	18,216	18,190	20,429	21,578	31,357	33,049	34,388	44,114	48,030	56,481	58,710
Shares Outstanding	539	546	547	540	522	514	509	504	504	508	504	495	492	491	485
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	2,268	2,266	2,212	1,977	1,973	1,915	1,862
Net Debt	815	617	652	1,421	3,040	3,781	4,282	4,758	10,801	9,224	9,198	10,053	10,105	17,549	16,900
Net Debt to Equity	13.72	9.34	8.18	19.92	46.05	60.28	57.54	62.74	135.98	99.61	81.96	93.52	81.69	129.66	110.35
Tangible Common Equity Ratio	-12.05	-7.26	6.34	-8.11	-25	-37.07	-29.02	-32.75	-68.3	-60.38	-51.8	-31.74	-26.59	-51.46	-46.47
Current Ratio	1.51	1.67	1.65	1.5	1.36	1.2	1.31	1.21	1.06	1.24	1.24	1.06	1.1	1.13	1.1
Cash Conversion Cycle	-15.73	-10.9	-2.31	-3.46	-4.05	-0.71	1.54	3.18	0.8	-6.03	-9.3	-5.93	-3.99	3.34	8.99

Cash Flow Statement (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

+ Net Income	1,015	1,201	1,385	1,497	1,636	1,795	1,512	1,670	1,773	2,046	3,174	3,087	3,802	4,117	4,234
+ Depreciation & Amortization	332	349	358	388	423	438	481	494	647	741	747	719	713	746	910
+ Non-Cash Items	286	201	266	374	296	243	420	584	637	741	341	671	651	514	666
+ Stock-Based Compensation	21	177	129	93	88	109	149	193	252	290	348	367	363	368	394
+ Deferred Income Taxes	178	96	184	127	178	68	396	-39	84	40	-63	- -	- -	- -	- -
+ Asset Impairment Charge	- -	8	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	87	-80	-52	154	30	66	-125	430	301	411	56	304	288	146	272
+ Chg in Non-Cash Work Cap	72	-429	-668	-140	-467	-469	-520	-320	-696	-146	-746	-1,012	-908	-1,075	-518
+ (Inc) Dec in Accts Receiv	143	-144	-245	-58	-52	-154	-454	-78	-130	-75	-570	-492	-467	-467	-128
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	216	-94	141	245	-117	36	187	51	316	508	574	171	195	92	242
+ Inc (Dec) in Other	-287	-191	-564	-327	-298	-351	-253	-293	-882	-579	-750	-691	-636	-700	-632
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1,705	1,322	1,341	2,119	1,888	2,007	1,893	2,428	2,361	3,382	3,516	3,465	4,258	4,302	5,292
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	3	6	5	3	2	4	8	3	10	6	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	3	6	5	3	2	4	8	3	10	6	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-292	-79	-277	-601	-1,225	-651	-783	-649	-416	- -	-998	-1,824	-951	-636	-1,762
+ Increase in Capital Stock	162	248	352	263	224	188	166	93	158	132	161	126	199	264	250
+ Decrease in Capital Stock	-454	-327	-629	-864	-1,449	-839	-949	-742	-574	-132	-1,159	-1,950	-1,150	-900	-2,012
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13	64	-19	-53	74
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	41	86	38	55	100
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-28	-22	-57	-108	-26
+ Net Cash From Acq & Div	-237	-292	-137	-858	-881	-813	-655	-774	-4,091	-549	-775	-453	-993	-8,453	-630
+ Cash from Divestitures	- -	- -	5	- -	71	- -	- -	110	229	98	84	119	- -	89	22
+ Cash for Acq of Subs	-237	-292	-142	-858	-952	-813	-655	-884	-4,320	-647	-859	-572	-993	-8,542	-652
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-223	-297	-314	-367	-386	-247	-309	-318	-314	-250	-402	-461	-405	-315	-289
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-457	-583	-446	-1,222	-1,265	-1,056	-956	-1,089	-4,395	-793	-1,164	-850	-1,417	-8,821	-845
+ Dividends Paid	-480	-497	-533	-582	-632	-682	-740	-807	-890	-943	-1,026	-1,138	-1,298	-1,513	-1,699
+ Net Cash From Debt	-187	-11	287	1,055	1,030	385	672	328	5,995	222	-273	619	1,903	6,553	-519
+ Cash From Debt	496	248	547	1,386	1,091	397	987	591	7,059	2,737	743	984	2,315	8,170	- -
+ Repayments of Debt	-683	-259	-260	-331	-61	-12	-315	-263	-1,064	-2,515	-1,016	-365	-412	-1,617	-519
+ Other Financing Activities	-48	-46	-311	-840	-79	-119	-158	-182	-358	-204	1,000	1,297	-773	51	-654
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-1,007	-633	-834	-968	-906	-1,067	-1,009	-1,310	4,331	-925	-1,297	-1,046	-1,119	4,455	-4,634
Effect of Foreign Exchange Rates	-22	82	-59	-274	-301	-232	251	-168	135	511	-355	-841	328	-414	673
Net Changes in Cash	241	106	61	-71	-283	-116	-72	29	2,297	1,664	1,055	1,569	1,722	-64	-187
EBITDA	1,970	2,178	2,435	2,689	2,842	2,869	3,136	3,255	3,324	3,807	5,059	4,999	5,995	6,563	7,133
EBITDA Margin (%)	17.09	18.27	19.86	20.76	22.04	21.72	22.36	21.77	19.96	22.1	25.52	24.13	26.37	26.83	26.44
Free Cash Flow	1,705	1,322	1,341	2,119	1,888	2,007	1,893	2,428	2,361	3,382	3,516	3,465	4,258	4,302	5,292
Net Cash Paid for Acquisitions	237	292	137	858	881	813	655	774	4,091	549	775	453	993	8,453	630
Free Cash Flow to Firm	1,844	1,450	1,458	2,237	2,004	2,144	2,028	2,644	2,742	3,759	3,851	3,820	4,695	4,828	6,026
Free Cash Flow to Equity	1,521	1,317	1,633	3,177	2,920	2,396	2,573	2,759	8,366	3,610	3,243	4,084	6,161	10,855	4,773
Free Cash Flow per Basic Share	3.15	2.43	2.44	3.89	3.56	3.87	3.69	4.8	4.67	6.68	6.93	6.94	8.62	8.74	10.78
Price/Free Cash Flow	10.22	14.39	20.12	14.94	15.74	17.65	22.31	16.78	24.11	17.71	25.36	24.12	22.2	24.49	17.32
Cash Flow to Net Income	1.72	1.12	0.99	1.45	1.18	1.14	1.27	1.47	1.36	1.68	1.12	1.14	1.13	1.06	1.27
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -