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Revenue (Tables) | 12 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table disaggregates various components of the Company's revenue:
For the Years Ended December 31, |  |
(In millions) |  | 2023 |  | 2022 |  | 2021
Marsh: |  |  |  |  |  |
EMEA (a) (b) (f) |  | $ | 3,262 |  |  | $ | 2,997 |  |  | $ | 3,236 |
Asia Pacific (a) |  | 1,295 |  |  | 1,215 |  |  | 1,172 |
Latin America |  | 559 |  |  | 502 |  |  | 453 |
Total International |  | 5,116 |  |  | 4,714 |  |  | 4,861 |
U.S./Canada |  | 6,262 |  |  | 5,791 |  |  | 5,342 |
Total Marsh |  | 11,378 |  |  | 10,505 |  |  | 10,203 |
Guy Carpenter (c) |  | 2,258 |  |  | 2,020 |  |  | 1,867 |
Subtotal |  | 13,636 |  |  | 12,525 |  |  | 12,070 |
Fiduciary interest income |  | 453 |  |  | 120 |  |  | 15 |
Total Risk and Insurance Services |  | $ | 14,089 |  |  | $ | 12,645 |  |  | $ | 12,085 |
Mercer: |  |  |  |  |  |
Wealth (d) |  | $ | 2,507 |  |  | $ | 2,366 |  |  | $ | 2,509 |
Health (e) |  | 2,061 |  |  | 2,017 |  |  | 1,855 |
Career |  | 1,019 |  |  | 962 |  |  | 890 |
Total Mercer |  | 5,587 |  |  | 5,345 |  |  | 5,254 |
Oliver Wyman Group (b) |  | 3,122 |  |  | 2,794 |  |  | 2,535 |
Total Consulting |  | $ | 8,709 |  |  | $ | 8,139 |  |  | $ | 7,789 |
(a)In the first quarter of 2023, the Company began reporting the Marsh India operations in EMEA. Prior years' results for India have been reclassified from Asia Pacific to EMEA for comparative purposes. Revenue in 2021 also included a gain on consolidation of Marsh India of $267 million. (b)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. (c)Revenue in 2023 includes a gain from a legal settlement with a competitor of $58 million, excluding legal fees. (d)Revenue in 2023 includes the loss on sale of an individual financial advisory business in Canada of $17 million. (e)Revenue in 2022 includes a net gain from the sale of the Mercer U.S. affinity business of $112 million. (f)Revenue in 2021 includes a net gain on the disposition of businesses of approximately $50 million.
Schedule of Contract Assets and Liabilities | The following table provides contract assets and contract liabilities information from contracts with customers:
December 31, (In millions) |  | 2023 |  | 2022 |  | 2021
Contract assets |  | $ | 357 |  |  | $ | 335 |  |  | $ | 290 |
Contract liabilities |  | $ | 869 |  |  | $ | 837 |  |  | $ | 776 |
Details of the change in Contract Assets and Contract Liabilities for 2023 and 2022 are as follows:
For the Years Ended December 31, |  |
(In millions) |  | 2023 |  | 2022
Contract Assets |  |  |  |
Balance at January 1, |  | $ | 335 |  |  | $ | 290 |
Additions |  | 825 |  |  | 661 |
Transfers to accounts receivable (a) |  | (805) |  |  | (614) |
Effect of foreign exchange rate changes |  | 2 |  |  | (2) |
Balance at December 31, |  | $ | 357 |  |  | $ | 335 |
Contract Liabilities |  |  |  |
Balance at January 1, |  | $ | 837 |  |  | $ | 776 |
Cash received for performance obligations not yet fulfilled |  | 822 |  |  | 726 |
Revenue recognized |  | (799) |  |  | (640) |
Effect of foreign exchange rate changes |  | 9 |  |  | (25) |
Balance at December 31, |  | $ | 869 |  |  | $ | 837 |
(a) Amounts transferred to accounts receivable as the rights to bill and collect became unconditional.

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