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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company is organized based on the types of services provided. Under this structure, the Company’s segments are: ▪Risk and Insurance Services, comprising insurance services (Marsh) and reinsurance services (Guy Carpenter); and ▪Consulting, comprising Mercer and Oliver Wyman Group. The accounting policies of the segments are the same as those used for the consolidated financial statements described in Note 1, Summary of Significant Accounting Policies. Segment performance is evaluated based on segment operating income, which includes directly related expenses, and charges or credits related to restructuring but not the Company’s corporate-level expenses. Revenues are attributed to geographic areas on the basis of where the services are performed. 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. 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 |
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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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