10-K
Annual Report
Marsh & McLennan Companies, Inc.
MRSH
NYSE
CIK: 62709
File #: 1-5998
Balance Sheet
67 line items · 2 periods
XBRL
| Item | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
ASSETS | ||
Current assets: | ||
Cash and cash equivalents | 2,687,000,000 | 2,398,000,000 |
Cash and cash equivalents held in a fiduciary capacity | 11,473,000,000 | 11,276,000,000 |
Receivables | ||
Commissions and fees | 7,015,000,000 | 6,533,000,000 |
Advanced premiums and claims | 67,000,000 | 84,000,000 |
Other | 750,000,000 | 706,000,000 |
Gross receivables | 7,832,000,000 | 7,323,000,000 |
Less – allowance for credit losses | 162,000,000 | 167,000,000 |
Net receivables | 7,670,000,000 | 7,156,000,000 |
Other current assets | 1,370,000,000 | 1,287,000,000 |
Total current assets | 23,200,000,000 | 22,117,000,000 |
Goodwill | 24,337,000,000 | 23,306,000,000 |
Current Fiscal Period Acquisitions | 562,000,000 | — |
Risk and Insurance Services | 19,500,000,000 | — |
Consulting | 4,800,000,000 | — |
Other intangible assets | 4,746,000,000 | 4,820,000,000 |
Fixed assets, net | 829,000,000 | 859,000,000 |
U.S. | 469,000,000 | 494,000,000 |
United Kingdom | 136,000,000 | 150,000,000 |
Other | 224,000,000 | 215,000,000 |
Pension related assets | 2,140,000,000 | 1,914,000,000 |
Non-U.S. - Pension Benefits | 2,140,000,000 | 1,913,000,000 |
Non-U.S. - Post-retirement Benefits | 0 | 0 |
Right of use assets | 1,460,000,000 | 1,498,000,000 |
Deferred tax assets | 212,000,000 | 237,000,000 |
Other assets | 1,786,000,000 | 1,730,000,000 |
Total assets | 58,710,000,000 | 56,481,000,000 |
LIABILITIES AND EQUITY | ||
Current liabilities: | ||
Short-term debt | 1,267,000,000 | 519,000,000 |
Accounts payable and accrued liabilities | 3,652,000,000 | 3,402,000,000 |
Accrued compensation and employee benefits | 3,962,000,000 | 3,620,000,000 |
Current lease liabilities | 333,000,000 | 325,000,000 |
Accrued income taxes | 373,000,000 | 376,000,000 |
Fiduciary liabilities | 11,473,000,000 | 11,276,000,000 |
Total current liabilities | 21,060,000,000 | 19,518,000,000 |
Long-term debt | 18,320,000,000 | 19,428,000,000 |
Pension, post-retirement and post-employment benefits | 786,000,000 | 840,000,000 |
U.S. - Pension Benefits | 437,000,000 | 495,000,000 |
U.S. - Post-retirement Benefits | 14,000,000 | 14,000,000 |
Non-U.S. - Pension Benefits | 248,000,000 | 244,000,000 |
Non-U.S. - Post-retirement Benefits | 45,000,000 | 43,000,000 |
Long-term lease liabilities | 1,529,000,000 | 1,590,000,000 |
Liability for errors and omissions | 288,000,000 | 305,000,000 |
Other liabilities | 1,412,000,000 | 1,265,000,000 |
Commitments and contingencies | 0 | 0 |
Equity: | ||
Preferred stock, $1 par value, authorized 6,000,000 shares, none issued | 0 | 0 |
Common stock, $1 par value, authorized 1,600,000,000 shares, issued 560,641,640 shares at December 31, 2025 and 2024 | 561,000,000 | 561,000,000 |
Additional paid-in capital | 1,547,000,000 | 1,370,000,000 |
Retained earnings | 27,767,000,000 | 25,306,000,000 |
Accumulated other comprehensive loss | (5,429,000,000) | (6,240,000,000) |
Non-controlling interests | 215,000,000 | 193,000,000 |
Stockholders equity subtotal before treasury stock | 24,661,000,000 | 21,190,000,000 |
Less – treasury shares, at cost, 75,783,063 shares at December 31, 2025 and 69,239,488 shares at December 31, 2024 | 9,346,000,000 | 7,655,000,000 |
Total equity | 15,315,000,000 | 13,535,000,000 |
Company common stock | 561,000,000 | 561,000,000 |
ADDITIONAL PAID-IN CAPITAL | 1,547,000,000 | 1,370,000,000 |
RETAINED EARNINGS | 27,767,000,000 | 25,306,000,000 |
Total | (5,429,000,000) | (6,240,000,000) |
TREASURY SHARES | (9,346,000,000) | (7,655,000,000) |
NON-CONTROLLING INTERESTS | 215,000,000 | 193,000,000 |
Pension/Post-Retirement Plans Gains (Losses) | (3,707,000,000) | (3,408,000,000) |
Foreign currency translation adjustments | (1,722,000,000) | (2,832,000,000) |
Total liabilities and stockholders' equity | 58,710,000,000 | 56,481,000,000 |