EXHIBIT 99.2
AMENDED ITEM 6. SELECTED FINANCIAL/DATA OF MMC'S ANNUAL REPORT ON 10-K FOR THE YEAR ENDED DECEMBER 31, 2004
For the Years Ended December 31, (In millions except per share figures) | 2004 | 2003 | 2002 | 2001 | 2000 | Compound Growth Rate 1999-2004 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue: | |||||||||||||
Service Revenue | $ 11,959 | $ 11,444 | $ 10,321 | $ 9,968 | $ 10,187 | 6 | % | ||||||
Investment Income (Loss) | 200 | 100 | 67 | (142 | ) | 76 | |||||||
Total Revenue | 12,159 | 11,544 | 10,388 | 9,826 | 10,263 | 6 | % | ||||||
Expenses: | |||||||||||||
Compensation and Benefits | 6,714 | 5,926 | 5,199 | 4,877 | 4,941 | 8 | % | ||||||
Other Operating Expenses | 3,828 | 3,112 | 2,915 | 3,186 | 3,143 | 4 | % | ||||||
Regulatory and Other Settlements | 969 | 10 | -- | -- | -- | ||||||||
Total Expenses | 11,511 | 9,048 | 8,114 | 8,063 | 8,084 | 8 | % | ||||||
Operating Income | 648 | (b) | 2,496 | 2,274 | 1,763 | (a) | 2,179 | (15 | )% | ||||
Interest Income | 21 | 24 | 19 | 23 | 23 | ||||||||
Interest Expense | (219 | ) | (185 | ) | (160 | ) | (196 | ) | (247 | ) | |||
Income Before Income Taxes and Minority Interest | 450 | 2,335 | 2,133 | 1,590 | 1,955 | (19 | )% | ||||||
Income Taxes | 259 | 770 | 747 | 599 | 753 | ||||||||
Minority Interest, Net of Tax | 15 | 25 | 21 | 17 | 21 | ||||||||
Net Income | $ 176 | $ 1,540 | $ 1,365 | $ 974 | $ 1,181 | (25 | )% | ||||||
Basic Net Income Per Share Information: | |||||||||||||
Net Income Per Share | $ .33 | $ 2.89 | $ 2.52 | $ 1.77 | $ 2.18 | (25 | )% | ||||||
Average Number of Shares Outstanding | 526 | 533 | 541 | 550 | 543 | ||||||||
Diluted Net Income Per Share Information: | |||||||||||||
Net Income Per Share | $ .33 | $ 2.81 | $ 2.45 | $ 1.70 | $ 2.05 | (24 | )% | ||||||
Average Number of Shares Outstanding | 535 | 548 | 557 | 572 | 569 | ||||||||
Dividends Paid Per Share | $ 1.30 | $ 1.18 | $ 1.09 | $ 1.03 | $ .95 | 9 | % | ||||||
Return on Average Stockholders' Equity | 3 | % | 29 | % | 27 | % | 19 | % | 25 | % | |||
Year-end Financial Position: | |||||||||||||
Working capital | $ 152 | $ 189 | $ (199 | ) | $ (622 | ) | $ (855 | ) | |||||
Total assets | $ 18,337 | $ 15,053 | $ 13,855 | $ 13,769 | $ 14,144 | ||||||||
Long-term debt | $ 4,691 | $ 2,910 | $ 2,891 | $ 2,334 | $ 2,347 | ||||||||
Stockholders' equity | $ 5,056 | $ 5,451 | $ 5,018 | $ 5,173 | $ 5,228 | ||||||||
Total shares outstanding (excluding | |||||||||||||
treasury shares) | 527 | 527 | 538 | 548 | 552 | ||||||||
Other Information: | |||||||||||||
Number of employees | 63,900 | 60,400 | 59,400 | 57,800 | 57,000 | ||||||||
Stock price ranges | |||||||||||||
U.S. exchanges- High | $ 49.69 | $ 54.97 | $ 57.30 | $ 59.03 | $ 67.85 | ||||||||
- Low | $ 22.75 | $ 38.27 | $ 34.61 | $ 39.70 | $ 35.25 | ||||||||
(a) Includes charges related to September 11 and restructuring costs of $396 million.
(b) Includes restructuring costs of $337 million.
See Management's Discussion and Analysis of Financial Condition and Results of Operations for discussion of significant items affecting the results of operations in 2004 and 2003.