Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

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 Year Ended December 31, (In millions of dollars)	Revenue			Operating Income (Loss)		Total Assets			Depreciation and Amortization		Capital Expenditures
2020 –
Risk and Insurance Services	$	10,337	(a)	$	2,346	$	20,612	(d)	$	500	$	170
Consulting	6,976		(b)	994		9,571		(e)	174		107
Total Segments	17,313			3,340		30,183			674		277
Corporate/Eliminations	(89)			(274)		2,866		(c)	67		71
Total Consolidated	$	17,224		$	3,066	$	33,049		$	741	$	348
2019 –
Risk and Insurance Services	$	9,599	(a)	$	1,833	$	26,098	(d)	$	416	$	184
Consulting	7,143		(b)	1,210		9,722		(e)	156		150
Total Segments	16,742			3,043		35,820			572		334
Corporate/Eliminations	(90)			(366)		(4,463)		(c)	75		87
Total Consolidated	$	16,652		$	2,677	$	31,357		$	647	$	421
2018 –
Risk and Insurance Services	$	8,228	(a)	$	1,864	$	15,868	(d)	$	290	$	158
Consulting	6,779		(b)	1,099		8,003		(e)	130		97
Total Segments	15,007			2,963		23,871			420		255
Corporate/Eliminations	(57)			(202)		(2,293)		(c)	74		59
Total Consolidated	$	14,950		$	2,761	$	21,578		$	494	$	314

(a)Includes inter-segment revenue of $5 million, $8 million and $6 million in 2020, 2019 and 2018, respectively, interest income on fiduciary funds of $46 million, $105 million and $65 million in 2020, 2019 and 2018, respectively, and equity method income of $27 million, $25 million and $13 million in 2020, 2019 and 2018 and $40 million related to the sale of business in 2018.

(b)Includes inter-segment revenue of $84 million, $82 million and $51 million in 2020, 2019 and 2018, respectively, interest income on fiduciary funds of $1 million, $4 million and $3 million in 2020, 2019 and 2018, respectively, and equity method income of $5 million, $16 million and $8 million in 2020, 2019 and 2018, respectively.

(c)Corporate assets primarily include insurance recoverables, pension related assets, the owned portion of the Company headquarters building and intercompany eliminations.

(d)Includes equity method investments of $165 million, $179 million and $57 million at December 31, 2020, 2019 and 2018, respectively.

(e)Includes equity method investments of $5 million, $149 million and $148 million at December 31, 2020, 2019 and 2018, respectively.

Details of operating segment revenue

Details of operating segment revenue are as follows:


For the Years Ended December 31,
(In millions of dollars)	2020		2019		2018
Risk and Insurance Services
Marsh	$	8,628	$	8,085	$	6,923
Guy Carpenter	1,709		1,514		1,305
Total Risk and Insurance Services	10,337		9,599		8,228
Consulting
Mercer	4,928		5,021		4,732
Oliver Wyman Group	2,048		2,122		2,047
Total Consulting	6,976		7,143		6,779
Total Segments	17,313		16,742		15,007
Corporate/Eliminations	(89)		(90)		(57)
Total	$	17,224	$	16,652	$	14,950

Information by geographic area

Information by geographic area is as follows:


For the Years Ended December 31,
(In millions of dollars)	2020		2019		2018
Revenue
United States	$	8,168	$	7,840	$	7,219
United Kingdom	2,818		2,679		2,243
Continental Europe	2,881		2,837		2,694
Asia Pacific	2,093		2,001		1,616
Other	1,353		1,385		1,235
	17,313		16,742		15,007
Corporate/Eliminations	(89)		(90)		(57)
Total	$	17,224	$	16,652	$	14,950


For the Years Ended December 31,
(In millions of dollars)	2020		2019		2018
Fixed Assets, Net
United States	$	492	$	462	$	403
United Kingdom	115		149		91
Continental Europe	74		68		59
Asia Pacific	105		101		74
Other	70		78		74
Total	$	856	$	858	$	701