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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Marsh & Mclennan Cos. Inc | LSE:MHM | London | Ordinary Share | COM US$1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 81.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Ins Agents,brokers & Service | 22.74B | 3.76B | 7.6395 | 26.91 | 101.06B |
From May 2019 to May 2024
TIDMMHM
Marsh & McLennan Companies, Inc. (NYSE:MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, today reported financial results for the second quarter ended June 30, 2016.
Marsh & McLennan Companies President and CEO Dan Glaser said: "We delivered another strong quarter with 14% growth in adjusted EPS and margin expansion in both segments. Underlying revenue rose 3% on a consolidated basis, reflecting an increase of 2% in Risk & Insurance Services and 5% in Consulting. Adjusted operating income was up 14%, with both segments contributing double-digit growth. We continue to produce strong results as we help clients navigate global uncertainty. We expect to deliver underlying revenue growth, meaningful margin expansion and strong growth in earnings per share in 2016."
Consolidated Results
Consolidated revenue in the second quarter of 2016 was $3.4 billion, an increase of 5% compared with the second quarter of 2015. On an underlying basis, revenue increased 3%. Operating income rose 16% to $726 million. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, increased 14%, to $734 million. Net income attributable to the Company was up 13% to $472 million. Earnings per share increased 17% to $.90. Adjusted earnings per share was up 14% to $.91 compared with $.80 in last year's second quarter.
For the six months ended June 30, 2016, net income attributable to the Company increased 6% to $953 million. Earnings per share rose 9% to $1.81. Adjusted earnings per share increased 8% to $1.83 compared with $1.70 for the comparable period in 2015.
Risk & Insurance Services
Risk & Insurance Services revenue was $1.8 billion in the second quarter of 2016, an increase of 6%. Revenue grew 2% on an underlying basis. Operating income was $490 million, an increase of 15%. Adjusted operating income rose 11% to $493 million compared with $445 million in last year's second quarter. For the six months ended June 30, 2016, revenue was $3.7 billion, an increase of 5%, or 2% on an underlying basis. Operating income rose 7% to $1 billion. Adjusted operating income rose 5% to $1.0 billion, compared with $991 million last year.
Marsh's revenue in the second quarter of 2016 was $1.6 billion, an increase of 2% on an underlying basis. International operations produced underlying revenue growth of 4%: EMEA grew 3%, Asia Pacific rose 2% and Latin America increased 11%, while the U.S./Canada division was flat. Guy Carpenter's second quarter revenue was $285 million, an increase of 3% on an underlying basis.
Consulting
Consulting revenue was $1.5 billion in the second quarter, an increase of 4%. Revenue grew 5% on an underlying basis. Operating income rose 15% to $285 million. Adjusted operating income increased 18% to $288 million compared with $244 million in last year's second quarter. For the first six months of 2016, revenue was $3 billion, up 4%, or 5% on an underlying basis. Operating income rose 7% to $530 million. Adjusted operating income increased 7% to $526 million compared with $491 million in 2015.
Mercer's revenue was $1.1 billion in the second quarter, an increase of 4% on an underlying basis. Investments grew 6% on an underlying basis; Talent increased 6%; Health grew 5%; and Retirement rose 2%. Oliver Wyman Group's revenue was $460 million in the second quarter, an increase of 5% on an underlying basis.
Other Items
The Company repurchased 3.5 million shares of stock for $225 million in the second quarter. Through six months, the Company has repurchased 7.0 million shares for $425 million. In May, the Board of Directors increased the quarterly dividend 10%, to $.34 per share, effective with the third quarter payment on August 15, 2016.
Conference Call
A conference call to discuss second quarter 2016 results will be held today at 8:30 a.m. Eastern time. To participate in the teleconference, please dial +1 888 857 6931. Callers from outside the United States should dial +1 719 457 2603. The access code for both numbers is 4828587. The live audio webcast may be accessed at www.mmc.com. A replay of the webcast will be available approximately two hours after the event.
About Marsh & McLennan Companies
MARSH & McLENNAN COMPANIES (NYSE: MMC) is a global professional services firm offering clients advice and solutions in the areas of risk, strategy and people. Marsh is a leader in insurance broking and risk management; Guy Carpenter is a leader in providing risk and reinsurance intermediary services; Mercer is a leader in talent, health, retirement and investment consulting; and Oliver Wyman is a leader in management consulting. With annual revenue of $13 billion and approximately 60,000 colleagues worldwide, Marsh & McLennan Companies provides analysis, advice and transactional capabilities to clients in more than 130 countries. The Company is committed to being a responsible corporate citizen and making a positive impact in the communities in which it operates. Visit www.mmc.com for more information and follow us on LinkedIn and Twitter @MMC_Global.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "future," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements.
Factors that could materially affect our future results include, among other things:
Hot Features
Premium
-- our ability to maintain adequate safeguards to protect the security of
our information systems and confidential, personal or proprietary
information;
-- our ability to successfully recover if we experience a business
continuity problem due to cyberattack, natural disaster or otherwise;
-- our exposure to potential losses and liabilities, including
reputational impact, arising from errors and omissions, breach of
fiduciary duty and similar claims against us;
-- our ability to compete effectively and adapt to changes in the
competitive environment, including to technological and other types of
innovation;
-- the impact of potential changes in global economic, political and
market conditions on us, our clients and the industries in which we
operate, including the impact of the vote in the U.K. to exit the EU
and rising protectionist laws and business practices;
-- the impact of changes in applicable tax laws and regulations,
including of the regulations recently proposed by the U.S. Treasury
Department;
-- the effect of our global pension obligations on our financial
position, earnings and cash flows and the impact of low interest rates
on those obligations;
-- our exposure to potential civil remedies or criminal penalties if we
fail to comply with U.S. and non-U.S. laws and regulations applicable
in the jurisdictions in which we operate;
-- the financial and operational impact of complying with laws and
regulations where we operate;
-- the impact of fluctuations in foreign exchange, interest rates and
securities markets on our results;
-- the impact on our competitive position of our tax rate relative to our
competitors;
-- our ability to incentivize and retain key employees; and
-- the impact of changes in accounting rules or in our accounting
estimates or assumptions.
The factors identified above are not exhaustive. We caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made. Further information concerning Marsh & McLennan Companies and its businesses, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of our most recently filed Annual Report on Form 10-K.
Marsh
& McLennan
Companies,
Inc.
Consolidated
Statements
of Income
(In millions,
except
per share
figures)
(Unaudited)
Three Months EndedJune 30, Six Months EndedJune 30,
2016 2015 2016 2015
Revenue $ 3,376 $ 3,225 $ 6,712 $ 6,440
Expense:
Compensation 1,872 1,826 3,726 3,556
and Benefits
Other 778 770 1,527 1,520
Operating
Expenses
Operating 2,650 2,596 5,253 5,076
Expenses
Operating 726 629 1,459 1,364
Income
Interest 2 3 4 6
Income
Interest (48 ) (40 ) (94 ) (76 )
Expense
Investment 1 3 (2 ) 5
Income
(Loss)
Income Before 681 595 1,367 1,299
Income Taxes
Income Tax 201 166 397 372
Expense
Income from 480 429 970 927
Continuing
Operations
Discontinued - - - (3 )
Operations,
Net of Tax
Net Income 480 429 970 924
Before
Non-Controlling
Interests
Less: Net 8 10 17 23
Income
Attributable
to
Non-Controlling
Interests
Net $ 472 $ 419 $ 953 $ 901
Income
Attributable
to the Company
Basic Net
Income
Per Share
- Continuing $ 0.91 $ 0.78 $ 1.83 $ 1.68
Operations
- Net Income $ 0.91 $ 0.78 $ 1.83 $ 1.68
Attributable
to the Company
Diluted Net
Income
Per Share
- Continuing $ 0.90 $ 0.77 $ 1.81 $ 1.66
Operations
- Net Income $ 0.90 $ 0.77 $ 1.81 $ 1.66
Attributable
to the Company
Average Number
of Shares
Outstanding
- Basic 521 535 521 537
- Diluted 525 541 526 543
Shares 519 531 519 531
Outstanding
at 6/30
Marsh & McLennan
Companies, Inc.
Supplemental Information
- Revenue Analysis
Three Months Ended
June 30, 2016
(Millions) (Unaudited)
Components of Revenue Change*
Three Months EndedJune 30, % ChangeGAAPRevenue Currency Impact Acquisitions/DispositionsImpact UnderlyingRevenue
2016 2015
Risk and Insurance Services
Marsh $ 1,559 $ 1,470 6% (2)% 6% 2%
Guy Carpenter 285 275 3% 1 % - 3%
Subtotal 1,844 1,745 6% (2)% 5% 2%
Fiduciary Interest Income 6 5
Total Risk and Insurance 1,850 1,750 6% (2)% 5% 2%
Services
Consulting
Mercer 1,079 1,046 3% (2)% - 4%
Oliver Wyman Group 460 441 5% (1)% 1% 5%
Total Consulting 1,539 1,487 4% (2)% 1% 5%
Corporate / Eliminations (13 ) (12 )
Total Revenue $ 3,376 $ 3,225 5% (2)% 3% 3%
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change*
Three Months Ended % Change GAAP Revenue Currency Impact Acquisitions/DispositionsImpact Underlying Revenue
June 30,
2016 2015
Marsh:
EMEA $ 479 $ 439 9 % (3)% 9 % 3 %
Asia Pacific 183 176 4 % (2)% 3 % 2 %
Latin America 93 95 (1)% (12)% - 11 %
Total International 755 710 6 % (4)% 6 % 4 %
U.S. / Canada 804 760 6 % - 6 % -
Total Marsh $ 1,559 $ 1,470 6 % (2)% 6 % 2 %
Mercer:
Health $ 410 $ 391 5 % (1)% - 5 %
Retirement 314 325 (4)% (2)% (4)% 2 %
Investments 210 207 2 % (3)% - 6 %
Talent 145 123 18 % (1)% 13 % 6 %
Total Mercer $ 1,079 $ 1,046 3 % (2)% - 4 %
Notes
Underlying revenue measures the change in revenue using consistent
currency exchange rates, excluding the impact of certain items that
affect comparability such as: acquisitions, dispositions, transfers
among businesses and the deconsolidation of Marsh India.
* Components of revenue change may not add due to rounding.
Marsh & McLennan
Companies, Inc.
Supplemental Information
- Revenue Analysis
Six Months Ended
June 30, 2016
(Millions) (Unaudited)
Components of Revenue Change*
Six Months Ended % Change GAAP Revenue Currency Impact Acquisitions/DispositionsImpact Underlying Revenue
June 30,
2016 2015
Risk and Insurance Services
Marsh $ 3,047 $ 2,900 5% (3)% 6% 2%
Guy Carpenter 659 643 2% (1)% - 3%
Subtotal 3,706 3,543 5% (3)% 5% 2%
Fiduciary Interest Income 12 10
Total Risk and Insurance 3,718 3,553 5% (3)% 5% 2%
Services
Consulting
Mercer 2,118 2,083 2% (3)% 1% 4%
Oliver Wyman Group 899 825 9% (1)% 1% 9%
Total Consulting 3,017 2,908 4% (2)% 1% 5%
Corporate / Eliminations (23 ) (21 )
Total Revenue $ 6,712 $ 6,440 4% (2)% 3% 4%
Revenue Details
The following table provides more detailed revenue information for certain of the components presented above:
Components of Revenue Change*
Six Months Ended % Change GAAP Revenue Currency Impact Acquisitions/DispositionsImpact Underlying Revenue
June 30,
2016 2015
Marsh:
EMEA $ 1,049 $ 1,002 5 % (4)% 7 % 2%
Asia Pacific 329 324 2 % (3)% 2 % 2%
Latin America 164 176 (7)% (15)% - 9%
Total International 1,542 1,502 3 % (5)% 5 % 3%
U.S. / Canada 1,505 1,398 8 % (1)% 7 % 1%
Total Marsh $ 3,047 $ 2,900 5 % (3)% 6 % 2%
Mercer:
Health $ 810 $ 775 5 % (1)% - 6%
Retirement 626 656 (5)% (3)% (3)% 1%
Investments 406 412 (1)% (5)% - 3%
Talent 276 240 15 % (2)% 13 % 4%
Total Mercer $ 2,118 $ 2,083 2 % (3)% 1 % 4%
Notes
Underlying revenue measures the change in revenue using consistent
currency exchange rates, excluding the impact of certain items that
affect comparability such as: acquisitions, dispositions, transfers
among businesses and the deconsolidation of Marsh India.
* Components of revenue change may not add due to rounding.
Marsh & McLennan Companies, Inc.
Non-GAAP Measures
Three Months Ended June 30
(Millions) (Unaudited)
The Company presents below certain additional
financial measures that are "non-GAAP
measures," within the meaning of Regulation G under the Securities
Exchange Act of 1934. These measures are:adjusted operating income
(loss); adjusted operating margin;andadjusted income, net of tax.
The Company presents these non-GAAP measures to provide
investors with additional information
to analyze the Company's performance
from period to period. Management also
uses these measures to assess performance
for incentive compensation purposes and
to allocate resources in managing the Company's
businesses. However, investors
should not consider these non-GAAP measures in
isolation from, or as a substitute for,
the financial information that the Company
reports in accordance with GAAP. The
Company's non-GAAP measures reflect subjective
determinations by management, and
may differ from similarly titled non-GAAP
measures presented by other companies.
Adjusted Operating Income (Loss) and Adjusted Operating Margin
Adjusted operating income (loss) is calculated
by excluding the impact of certain
noteworthy items from the Company's GAAP operating income or loss. The
following tables identify these noteworthy
items and reconcile adjusted operating
income (loss) to GAAP operating income or loss, on a consolidated
and segment basis, for the three months ended
June 30, 2016 and 2015. The following
tables also present adjusted operating margin, which is calculated
by dividing adjusted operating income by
consolidated or segment GAAP revenue
less the net gain on the deconsolidation of Marsh's India subsidiary.
Risk & Insurance Services Consulting Corporate/Eliminations Total
Three Months Ended
June 30, 2016
Operating income (loss) $ 490 $ 285 $ (49 ) $ 726
Add (Deduct) impact of
Noteworthy Items:
Restructuring charges (a) 2 1 2 5
Adjustments to acquisition 13 2 - 15
related accounts (b)
Disposal/deconsolidation (12 ) - - (12 )
of business (c)
Operating income 3 3 2 8
adjustments
Adjusted operating $ 493 $ 288 $ (47 ) $ 734
income (loss)
Operating margin 26.6 % 18.5 % N/A 21.5 %
Adjusted operating margin 26.8 % 18.7 % N/A 21.8 %
Three Months Ended
June 30, 2015
Operating income (loss) $ 427 $ 248 $ (46 ) $ 629
Add (Deduct) impact of
Noteworthy Items:
Restructuring charges (a) 2 - 1 3
Adjustments to acquisition 16 (4 ) - 12
related accounts (b)
Other - - (1 ) (1 )
Operating income 18 (4 ) - 14
adjustments
Adjusted operating $ 445 $ 244 $ (46 ) $ 643
income (loss)
Operating margin 24.4 % 16.7 % N/A 19.5 %
Adjusted operating margin 25.4 % 16.4 % N/A 19.9 %
(a) Primarily severance for center led initiatives, future rent
under non-cancellable leases, and integration costs related to
recent acquisitions.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions.
(c) Reflects the net gain on the deconsolidation of Marsh's
India subsidiary resulting from changes in local
regulations. The amount is removed from GAAP revenue
in the calculation of adjusted operating margin.
Marsh & McLennan Companies, Inc.
Non-GAAP Measures
Six Months Ended June 30
(Millions) (Unaudited)
The Company presents below certain additional
financial measures that are "non-GAAP
measures," within the meaning of Regulation G under the Securities
Exchange Act of 1934. These measures are:adjusted operating income
(loss); adjusted operating margin;andadjusted income, net of tax.
The Company presents these non-GAAP measures to provide
investors with additional information
to analyze the Company's performance
from period to period. Management also
uses these measures to assess performance
for incentive compensation purposes and
to allocate resources in managing the Company's
businesses. However, investors
should not consider these non-GAAP measures in
isolation from, or as a substitute for,
the financial information that the Company
reports in accordance with GAAP. The
Company's non-GAAP measures reflect subjective
determinations by management, and
may differ from similarly titled non-GAAP
measures presented by other companies.
Adjusted Operating Income (Loss) and Adjusted Operating Margin
Adjusted operating income (loss) is calculated by
excluding the impact of certain noteworthy
items from the Company's GAAP operating income
or loss. The following tables identify
these noteworthy items and reconcile adjusted
operating income (loss) to GAAP operating
income or loss, on a consolidated and segment
basis, for the six months ended June 30,
2016 and 2015. The following tables also present
adjusted operating margin, which is calculated
by dividing adjusted operating income by consolidated
or segment GAAP revenue less
the net gain on the deconsolidation of Marsh's
India subsidiary and contingent proceeds
related to the disposal of Mercer's U.S. defined
contribution recordkeeping business.
Risk & Insurance Services Consulting Corporate/ Eliminations Total
Six Months Ended
June 30, 2016
Operating income (loss) $ 1,025 $ 530 $ (96 ) $ 1,459
Add (Deduct) impact of
Noteworthy Items:
Restructuring charges (a) 3 1 4 8
Adjustments to acquisition 20 1 - 21
related accounts (b)
Disposal/deconsolidation (12 ) (6 ) - (18 )
of business (c)
Operating income 11 (4 ) 4 11
adjustments
Adjusted operating $ 1,036 $ 526 $ (92 ) $ 1,470
income (loss)
Operating margin 27.6 % 17.6 % N/A 21.7 %
Adjusted operating margin 28.0 % 17.5 % N/A 22.0 %
Six Months Ended
June 30, 2015
Operating income (loss) $ 960 $ 496 $ (92 ) $ 1,364
Add (Deduct) impact of
Noteworthy Items:
Restructuring charges (a) 2 - 3 5
Adjustments to acquisition 29 (5 ) - 24
related accounts (b)
Other - - (1 ) (1 )
Operating income 31 (5 ) 2 28
adjustments
Adjusted operating $ 991 $ 491 $ (90 ) $ 1,392
income (loss)
Operating margin 27.0 % 17.1 % N/A 21.2 %
Adjusted operating margin 27.9 % 16.9 % N/A 21.6 %
(a) Primarily severance for center led initiatives,
future rent under non-cancellable
leases, and integration costs related to recent acquisitions.
(b) Primarily includes the change in fair value as measured each
quarter of contingent consideration related to acquisitions.
(c) Reflects the net gain on the deconsolidation
of Marsh's India subsidiary
and contingent proceeds related to the disposal of Mercer's U.S.
defined contribution recordkeeping business. The amounts are removed
from GAAP revenue in the calculation of adjusted operating margin.
Marsh & McLennan Companies, Inc.
Non-GAAP Measures
Three and Six Months Ended June 30
(Millions) (Unaudited)
Adjusted income, net of tax
Adjusted income, net of taxis calculated
as: the Company's GAAP income from
continuing operations, adjusted to reflect the after-tax impact of the
operating income adjustments set forth
in the preceding tables; divided
by MMC's average number of shares outstanding-diluted for the period.
Reconciliation of the Impact of Non-GAAP Measures
on diluted earnings per share -
Three Months Ended Three Months Ended
June 30, 2016 June 30, 2015
Amount DilutedEPS Amount DilutedEPS
Income from $ 480 $ 429
continuing
operations
Less: 8 10
Non-controlling
interest, net
of tax
Subtotal $ 472 $ 0.90 $ 419 $ 0.77
Operating income $ 8 $ 14
adjustments
Impact of income - (2 )
taxes
8 0.01 12 0.03
Adjusted income, $ 480 $ 0.91 $ 431 $ 0.80
net of tax
Six Months Ended June 30, 2016 Six Months Ended June 30, 2015
Amount DilutedEPS Amount DilutedEPS
Income from $ 970 $ 927
continuing
operations
Less: 17 23
Non-controlling
interest, net
of tax
Subtotal $ 953 $ 1.81 $ 904 $ 1.66
Operating income $ 11 $ 28
adjustments
Impact of income - (7 )
taxes
11 0.02 21 0.04
Adjusted income, $ 964 $ 1.83 $ 925 $ 1.70
net of tax
Marsh
&
McLennan
Companies,
Inc.
Supplemental
Information
Three
and
Six
Months
Ended
June
30
(Millions)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2016 2015 2016 2015
Consolidated
Compensation $ 1,872 $ 1,826 $ 3,726 $ 3,556
and
Benefits
Other 778 770 1,527 1,520
operating
expenses
Total $ 2,650 $ 2,596 $ 5,253 $ 5,076
Expenses
Depreciation $ 76 $ 79 $ 154 $ 156
and
amortization
expense
Identified 34 24 67 48
intangible
amortization
expense
Total $ 110 $ 103 $ 221 $ 204
Stock $ 4 $ 5 $ 15 $ 13
option
expense
Capital $ 63 $ 85 $ 114 $ 176
expenditures
Risk
and
Insurance
Services
Compensation $ 934 $ 909 $ 1,855 $ 1,771
and
Benefits
Other 426 414 838 822
operating
expenses
Total $ 1,360 $ 1,323 $ 2,693 $ 2,593
Expenses
Depreciation $ 34 $ 37 $ 70 $ 72
and
amortization
expense
Identified 29 20 57 41
intangible
amortization
expense
Total $ 63 $ 57 $ 127 $ 113
Consulting
Compensation $ 852 $ 831 $ 1,699 $ 1,614
and
Benefits
Other 402 408 788 798
operating
expenses
Total $ 1,254 $ 1,239 $ 2,487 $ 2,412
Expenses
Depreciation $ 25 $ 27 $ 50 $ 53
and
amortization
expense
Identified 5 4 10 7
intangible
amortization
expense
Total $ 30 $ 31 $ 60 $ 60
Marsh & McLennan
Companies, Inc.
Consolidated Balance
Sheets
(Millions)
(Unaudited) June 30, 2016 December 31,
2015
ASSETS
Current assets:
Cash and cash equivalents $ 974 $ 1,374
Net receivables 3,721 3,471
Other current assets 235 199
Total current assets 4,930 5,044
Goodwill and intangible 8,900 8,925
assets
Fixed assets, net 736 773
Pension related assets 1,197 1,159
Deferred tax assets 1,093 1,138
Other assets 1,220 1,177
TOTAL ASSETS $ 18,076 $ 18,216
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $ 261 $ 12
Accounts payable and 1,868 1,886
accrued liabilities
Accrued compensation and 1,015 1,656
employee benefits
Accrued income taxes 182 154
Dividends payable 178 -
Total current liabilities 3,504 3,708
Fiduciary liabilities 4,538 4,146
Less - cash and (4,538 ) (4,146 )
investments
held
in a fiduciary capacity
- -
Long-term debt 4,496 4,402
Pension, post-retirement 2,004 2,058
and
post-employment benefits
Liabilities for errors 322 318
and omissions
Other liabilities 1,045 1,128
Total equity 6,705 6,602
TOTAL LIABILITIES $ 18,076 $ 18,216
AND EQUITY
View source version on businesswire.com: http://www.businesswire.com/news/home/Eliminations/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
July 28, 2016 07:00 ET (11:00 GMT)
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