v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The core principle of the revenue recognition guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
To achieve this principle, the entity applies the following steps: identify the contract(s) with the customer, identify the performance obligations in the contract(s), determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the entity satisfies a performance obligation. In accordance with the accounting guidance, a performance obligation is satisfied either at a "point in time" or "over time", depending on the nature of the product or service provided, and the specific terms of the contract with customers.
Other revenue included in the consolidated statements of income that is not from contracts with customers is less than 1% of total revenue and is not presented as a separate line item.
The Company's revenue policies are provided in more detail in Note 2, Revenue, in the 2024 Form 10-K.
The following table disaggregates various components of the Company's revenue:
Three Months Ended
 June 30,		Six Months Ended
 June 30,
(In millions)2025202420252024
Marsh:
EMEA$1,006 $912 $2,065 $1,937 
Asia Pacific 409 391 744 727 
Latin America132 137 256 262 
Total International1,547 1,440 3,065 2,926 
U.S./Canada2,302 1,825 4,237 3,342 
Total Marsh3,849 3,265 7,302 6,268 
Guy Carpenter677 632 1,883 1,780 
 Subtotal4,526 3,897 9,185 8,048 
Fiduciary interest income99 125 202 247 
Total Risk and Insurance Services$4,625 $4,022 $9,387 $8,295 
Mercer:
Wealth $685 $612 $1,355 $1,284 
Health594 547 1,202 1,085 
Career219 220 437 435 
Total Mercer1,498 1,379 2,994 2,804 
Oliver Wyman Group873 837 1,691 1,626 
Total Consulting$2,371 $2,216 $4,685 $4,430 
The following table provides contract assets and contract liabilities information from contracts with customers:
(In millions)June 30, 2025December 31, 2024
Contract assets$537 $473 
Contract liabilities$965 $866 
The Company records accounts receivable when the right to consideration is unconditional, subject only to the passage of time. Contract assets primarily relate to quota share reinsurance brokerage and contingent insurer revenue. The Company does not have the right to bill and collect revenue for quota share brokerage until the underlying policies written by the ceding insurer attach to the treaty. Estimated revenue related to the achievement of volume or loss ratio metrics cannot be billed or collected until all related policy placements are completed and the contingency is resolved. Contract assets are included in other current assets in the Company's consolidated balance sheets. Contract liabilities primarily relate to the advance consideration received from customers. Contract liabilities are included in current liabilities in the Company's consolidated balance sheets.
Revenue recognized for the three and six months ended June 30, 2025 that was included in the contract liability balance at the beginning of each of those periods was $246 million and $586 million, respectively, compared to revenue recognized of $266 million and $581 million, respectively, for the corresponding periods in the prior year.
The amount of revenue recognized for the three and six months ended June 30, 2025 from performance obligations satisfied in previous periods, mainly due to variable consideration from contracts with insurers, quota share business and consulting contracts previously considered constrained was $30 million and $57 million, respectively, and $29 million and $43 million, respectively, for the corresponding periods in the prior year.
The Company applies the practical expedient and does not disclose the value of unsatisfied performance obligations for (1) contracts with original contract terms of one year or less and (2) contracts where the Company has the right to invoice for services performed.