| Schedule of Disaggregation of Revenue |
The following table disaggregates various components of the Company's revenue: | | | | | | | | | | | | | | | | | | | | | | For the Years Ended December 31, | | | | (In millions) | | 2025 | | 2024 | | 2023 | | Marsh Risk: | | | | | | | | EMEA | | $ | 3,812 | | | $ | 3,530 | | | $ | 3,262 | | | Asia Pacific | | 1,460 | | | 1,414 | | | 1,295 | | | Latin America | | 571 | | | 575 | | | 559 | | | Total International | | 5,843 | | | 5,519 | | | 5,116 | | | U.S./Canada | | 8,523 | | | 7,017 | | | 6,262 | | | Total Marsh Risk | | 14,366 | | | 12,536 | | | 11,378 | | | Guy Carpenter | | 2,496 | | | 2,362 | | | 2,258 | | | Subtotal | | 16,862 | | | 14,898 | | | 13,636 | | | Fiduciary interest income | | 403 | | | 497 | | | 453 | | | Total Risk and Insurance Services | | $ | 17,265 | | | $ | 15,395 | | | $ | 14,089 | | | | | | | | | | Mercer: | | | | | | | | Wealth (a) | | $ | 2,819 | | | $ | 2,584 | | | $ | 2,507 | | | Health (a) | | 2,284 | | | 2,100 | | | 2,061 | | | Career | | 1,087 | | | 1,059 | | | 1,019 | | | Total Mercer | | 6,190 | | | 5,743 | | | 5,587 | | | Marsh Management Consulting (b) | | 3,604 | | | 3,390 | | | 3,122 | | | Total Consulting | | $ | 9,794 | | | $ | 9,133 | | | $ | 8,709 | | | Total Segments | | $ | 27,059 | | | $ | 24,528 | | | $ | 22,798 | | | Corporate/Eliminations | | (78) | | | (70) | | | (62) | | | Total | | $ | 26,981 | | | $ | 24,458 | | | $ | 22,736 | |
(a)Revenue in 2024 includes a net gain of $35 million from the sale of the U.K. pension administration and U.S.health and benefits administration businesses, that comprised of a $70 million gain in Wealth, offset by a $35 million loss in Health. (b)Revenue in 2024 includes a gain of $20 million from the sale of a business in Marsh Management Consulting. |
| Schedule of Contract Assets and Liabilities |
The following table provides contract assets and contract liabilities information from contracts with customers: | | | | | | | | | | | | | | | | | | | | | December 31, (In millions) | | 2025 | | 2024 | | 2023 | | Contract assets | | $ | 540 | | | $ | 473 | | | $ | 357 | | | Contract liabilities | | $ | 927 | | | $ | 866 | | | $ | 869 | |
Details of the change in Contract Assets and Contract Liabilities for 2025 and 2024 are as follows: | | | | | | | | | | | | | | | | For the Years Ended December 31, | | | | (In millions) | | 2025 | | 2024 | | Contract Assets | | | | | Balance at January 1, | | $ | 473 | | | $ | 357 | | | Additions (a) | | 1,046 | | | 963 | | | Transfers to accounts receivable (b) | | (984) | | | (844) | | | Effect of foreign exchange rate changes | | 5 | | | (3) | | Balance at December 31, | | $ | 540 | | | $ | 473 | | | | | | | | Contract Liabilities | | | | | Balance at January 1, | | $ | 866 | | | $ | 869 | | | Cash received for performance obligations not yet fulfilled | | 884 | | | 847 | | | Revenue recognized | | (846) | | | (835) | | | Effect of foreign exchange rate changes | | 23 | | | (15) | | Balance at December 31, | | $ | 927 | | | $ | 866 | |
(a)Includes $69 million from the acquisition of McGriff in 2024. (b)Amounts transferred to accounts receivable as the rights to bill and collect became unconditional. |