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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Selected Information and Details for MMC's Operating Segments | Selected information about the Company’s segments and geographic areas of operation are as follows:
For the Years Ended December 31, (In millions) |  | Revenue |  | Operating Income (Loss) |  | Total Assets |  | Depreciation and Amortization |  | Capital Expenditures
2023 – |  |  |  |  |  |  |  |  |  |
Risk and Insurance Services |  | $ | 14,089 |  | (a) | $ | 3,945 |  |  | $ | 34,449 |  | (c) | $ | 487 |  |  | $ | 242 |
Consulting |  | 8,709 |  | (b) | 1,666 |  |  | 11,461 |  | (d) | 152 |  |  | 105 |
Total Segments |  | 22,798 |  |  | 5,611 |  |  | 45,910 |  |  | 639 |  |  | 347 |
Corporate/Eliminations |  | (62) |  |  | (329) |  |  | 2,120 |  | (e) | 74 |  |  | 69 |
Total Consolidated |  | $ | 22,736 |  |  | $ | 5,282 |  |  | $ | 48,030 |  |  | $ | 713 |  |  | $ | 416 |
2022 – |  |  |  |  |  |  |  |  |  |
Risk and Insurance Services |  | $ | 12,645 |  | (a) | $ | 3,089 |  |  | $ | 33,022 |  | (c) | $ | 469 |  |  | $ | 283 |
Consulting |  | 8,139 |  | (b) | 1,553 |  |  | 10,446 |  | (d) | 158 |  |  | 109 |
Total Segments |  | 20,784 |  |  | 4,642 |  |  | 43,468 |  |  | 627 |  |  | 392 |
Corporate/Eliminations |  | (64) |  |  | (362) |  |  | 646 |  | (e) | 92 |  |  | 78 |
Total Consolidated |  | $ | 20,720 |  |  | $ | 4,280 |  |  | $ | 44,114 |  |  | $ | 719 |  |  | $ | 470 |
2021 – |  |  |  |  |  |  |  |  |  |
Risk and Insurance Services |  | $ | 12,085 |  | (a) | $ | 3,080 |  |  | $ | 31,233 |  | (c) | $ | 505 |  |  | $ | 214 |
Consulting |  | 7,789 |  | (b) | 1,504 |  |  | 10,731 |  | (d) | 171 |  |  | 109 |
Total Segments |  | 19,874 |  |  | 4,584 |  |  | 41,964 |  |  | 676 |  |  | 323 |
Corporate/Eliminations |  | (54) |  |  | (272) |  |  | 2,046 |  | (e) | 71 |  |  | 83 |
Total Consolidated |  | $ | 19,820 |  |  | $ | 4,312 |  |  | $ | 44,010 |  |  | $ | 747 |  |  | $ | 406 |
(a)Includes inter-segment revenue of $6 million in 2023, and $5 million in 2022 and 2021, interest income on fiduciary funds of $453 million, $120 million and $15 million in 2023, 2022 and 2021, respectively, and equity method income of $18 million, $12 million and $31 million in 2023, 2022 and 2021, respectively. Revenue in 2023 includes a gain from a legal settlement with a competitor of $58 million, excluding legal fees. Revenue in 2022 includes the loss on deconsolidation of the Russian businesses of $27 million. Revenue in 2021 includes the gain on the consolidation of Marsh India of $267 million and a net gain on disposition of business of approximately $50 million. (b)Includes inter-segment revenue of $56 million, $59 million and $49 million in 2023, 2022 and 2021, respectively, and equity method income of $1 million in 2022. Revenue in 2023 includes the loss on sale of an individual financial advisory business in Canada of $17 million. Revenue in 2022 includes a net gain on the sale of the Mercer U.S. affinity business of $112 million, partially offset by the loss on deconsolidation of the Russian businesses of $12 million. (c)Includes equity method investments of $57 million, $50 million and $53 million at December 31, 2023, 2022 and 2021, respectively. (d)Includes equity method investments of $6 million at December 31, 2023 and 2022, and $5 million at December 31, 2021. (e)Corporate assets primarily include insuran ce recoverables, pension related assets, the owned portion of the Company headquarters building and intercompany eliminations.
Schedule of Details of Operating Segment Revenue | Details of operating segment revenue are as follows:
For the Years Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Risk and Insurance Services |  |  |  |  |  |
Marsh |  | $ | 11,657 |  |  | $ | 10,585 |  |  | $ | 10,214 |
Guy Carpenter |  | 2,432 |  |  | 2,060 |  |  | 1,871 |
Total Risk and Insurance Services |  | 14,089 |  |  | 12,645 |  |  | 12,085 |
Consulting |  |  |  |  |  |
Mercer |  | 5,587 |  |  | 5,345 |  |  | 5,254 |
Oliver Wyman Group |  | 3,122 |  |  | 2,794 |  |  | 2,535 |
Total Consulting |  | 8,709 |  |  | 8,139 |  |  | 7,789 |
Total Segments |  | 22,798 |  |  | 20,784 |  |  | 19,874 |
Corporate/Eliminations |  | (62) |  |  | (64) |  |  | (54) |
Total |  | $ | 22,736 |  |  | $ | 20,720 |  |  | $ | 19,820 |
Schedule of Information by Geographic Area | Information by geographic area is as follows:
For the Years Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Revenue |  |  |  |  |  |
United States (a) |  | $ | 10,924 |  |  | $ | 10,215 |  |  | $ | 9,343 |
United Kingdom (b) |  | 3,555 |  |  | 3,114 |  |  | 3,130 |
Other (c) |  | 8,319 |  |  | 7,455 |  |  | 7,401 |
|  | 22,798 |  |  | 20,784 |  |  | 19,874 |
Corporate/Eliminations |  | (62) |  |  | (64) |  |  | (54) |
Total |  | $ | 22,736 |  |  | $ | 20,720 |  |  | $ | 19,820 |
(a)Revenue in 2022 includes a net gain from the sale of the Mercer U.S. affinity business of $112 million. (b)Revenue in 2023 includes a gain from a legal settlement with a competitor of $58 million, excluding legal fees. Revenue in 2021 includes net gain on disposition of businesses of approximately $50 million. (c)Revenue in 2023 includes the loss on sale of an individual financial advisory business in Canada of $17 million. Revenue in 2022 includes the loss on deconsolidation of the Company's Russian businesses at Marsh and Oliver Wyman Group of $27 million and $12 million, respectively. Revenue in 2021 includes the gain on the consolidation of Marsh India of $267 million.
For the Years Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Fixed Assets, Net |  |  |  |  |  |
United States |  | $ | 468 |  |  | $ | 473 |  |  | $ | 484 |
United Kingdom |  | 168 |  |  | 166 |  |  | 116 |
Other |  | 246 |  |  | 232 |  |  | 247 |
Total |  | $ | 882 |  |  | $ | 871 |  |  | $ | 847 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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