Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

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
2021 –
Risk and Insurance Services	$	12,085	(a)	$	3,080	$	21,996	(d)	$	505	$	214
Consulting	7,789		(b)	1,504		10,346		(e)	171		109
Total Segments	19,874			4,584		32,342			676		323
Corporate/Eliminations	(54)			(272)		2,046		(c)	71		83
Total Consolidated	$	19,820		$	4,312	$	34,388		$	747	$	406
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

(a)2021 includes inter-segment revenue of $5 million in both 2021 and 2020 and $8 million in 2019, interest income on fiduciary funds of $15 million, $46 million and $105 million in 2021, 2020 and 2019, respectively, and equity method income of $31 million, $27 million and $25 million in 2021, 2020 and 2019. Revenue in 2021 also includes gain on the consolidation of Marsh India of $267 million and gain on disposition of business of $50 million.

(b)Includes inter-segment revenue of $49 million, $84 million and $82 million in 2021, 2020 and 2019, respectively, and equity method income of $5 million and $16 million in 2020 and 2019, 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 $53 million, $165 million and $179 million at December 31, 2021, 2020 and 2019, respectively.

(e)Includes equity method investments of $5 million at December 31, 2021 and 2020 and $149 million at December 31, 2019, respectively.

Details of operating segment revenue

Details of operating segment revenue are as follows:


For the Years Ended December 31,
(In millions)	2021		2020		2019
Risk and Insurance Services
Marsh	$	10,214	$	8,628	$	8,085
Guy Carpenter	1,871		1,709		1,514
Total Risk and Insurance Services	12,085		10,337		9,599
Consulting
Mercer	5,254		4,928		5,021
Oliver Wyman Group	2,535		2,048		2,122
Total Consulting	7,789		6,976		7,143
Total Segments	19,874		17,313		16,742
Corporate/Eliminations	(54)		(89)		(90)
Total	$	19,820	$	17,224	$	16,652

Information by geographic area

Information by geographic area is as follows:


For the Years Ended December 31,
(In millions)	2021			2020		2019
Revenue
United States	$	9,343		$	8,168	$	7,840
United Kingdom	3,130			2,818		2,679
Continental Europe	3,219			2,881		2,837
Asia Pacific	2,617		(a)	2,093		2,001
Other	1,565			1,353		1,385
	19,874			17,313		16,742
Corporate/Eliminations	(54)			(89)		(90)
Total	$	19,820		$	17,224	$	16,652

(a)Revenue in 2021 includes gain on the consolidation of Marsh India of $267 million.


For the Years Ended December 31,
(In millions)	2021		2020		2019
Fixed Assets, Net
United States	$	484	$	492	$	462
United Kingdom	116		115		149
Continental Europe	68		74		68
Asia Pacific	96		105		101
Other	83		70		78
Total	$	847	$	856	$	858