Revenue (Tables)

12 Months Ended

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.