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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________________________ 
FORM 10-Q
_____________________________________________ 
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2021
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
____________________________________________ 
Marsh & McLennan Companies, Inc.
mmc-20210930_g1.jpg
1166 Avenue of the Americas
New York, New York 10036
(212) 345-5000
_____________________________________________ 
Commission file number 1-5998
State of Incorporation: Delaware
I.R.S. Employer Identification No. 36-2668272
_____________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of exchange on which registered
Common Stock, par value $1.00 per shareMMCNew York Stock Exchange
Chicago Stock Exchange
London Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-Accelerated Filer
(Do not check if a smaller reporting company)
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes     No  ý
As of October 15, 2021, there were outstanding 504,895,367 shares of common stock, par value $1.00 per share, of the registrant.



INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would."
Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. Factors that could materially affect our future results include, among other things:
the increasing prevalence of ransomware, supply chain and other forms of cyber attacks, and their potential to disrupt our operations and result in the disclosure of confidential client or company information;
the impact from lawsuits or investigations arising from errors and omissions, breaches of fiduciary duty or other claims against us in our capacity as a broker or investment advisor;
increased regulatory activity and scrutiny by regulatory or law enforcement authorities;
the financial and operational impact of complying with laws and regulations where we operate and the risks of noncompliance with such laws by us or third-party providers, including anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti-Bribery Act and cybersecurity and data privacy regulations such as the E.U.’s General Data Protection Regulation;
the impact of COVID-19, including emerging vaccine mandates, on our business operations, results of operations, cash flows and financial position;
our ability to compete effectively and adapt to changes in the competitive environment, including to respond to technological change, disintermediation, digital disruption and other types of innovation;
our ability to manage risks associated with our investment management and related services business, particularly in the context of uncertain equity markets, including our ability to execute timely trades in light of increased trading volume and to manage potential conflicts of interest;
our ability to attract and retain industry leading talent;
the impact of changes in tax laws, guidance and interpretations, or disagreements with tax authorities; and
the regulatory, contractual and reputational risks that arise based on insurance placement activities and insurer revenue streams.
The factors identified above are not exhaustive. Marsh & McLennan Companies, Inc. and its subsidiaries (the "Company" or "Marsh McLennan") operate in a dynamic business environment in which new risks emerge frequently. Accordingly, we caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made.
Further information concerning Marsh McLennan and its businesses, including information about factors that could materially affect our results of operations and financial condition, is contained in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section of this Quarterly Report on Form 10-Q and our most recently filed Annual Report on Form 10-K.
2


TABLE OF CONTENTS
 

3


PART I.    FINANCIAL INFORMATION
Item 1.Financial Statements.
MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions, except per share data)2021202020212020
Revenue$4,583 $3,968 $14,683 $12,808 
Expense:
Compensation and benefits2,853 2,495 8,520 7,479 
Other operating expenses990 933 2,837 2,834 
Operating expenses3,843 3,428 11,357 10,313 
Operating income740 540 3,326 2,495 
Other net benefit credits69 60 211 187 
Interest income1 1 2 5 
Interest expense(107)(128)(335)(387)
Investment income (loss) 13 (14)43 (47)
Income before income taxes716 459 3,247 2,253 
Income tax expense174 139 880 586 
Net income before non-controlling interests542 320 2,367 1,667 
Less: Net income attributable to non-controlling interests5 4 27 25 
Net income attributable to the Company$537 $316 $2,340 $1,642 
Net income per share attributable to the Company:
Basic$1.06 $0.62 $4.61 $3.25 
Diluted$1.05 $0.62 $4.56 $3.21 
Average number of shares outstanding:
Basic506 507 508 506 
Diluted513 512 513 511 
Shares outstanding at September 30,505 507 505 507 
The accompanying notes are an integral part of these unaudited consolidated statements.
4


MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)
2021202020212020
Net income before non-controlling interests$542 $320 $2,367 $1,667 
Other comprehensive (loss) income, before tax:
Foreign currency translation (loss) gain adjustments(346)500 (413)(200)
Gain (loss) related to pension/post-retirement plans204 (73)234 136 
Other comprehensive (loss) income, before tax(142)427 (179)(64)
Income tax expense (benefit) on other comprehensive income50 (7)56 29 
Other comprehensive (loss) income, net of tax(192)434 (235)(93)
Comprehensive income 350 754 2,132 1,574 
Less: comprehensive income attributable to non-controlling interest5 4 27 25 
Comprehensive income attributable to the Company$345 $750 $2,105 $1,549 
The accompanying notes are an integral part of these unaudited consolidated statements.
5


MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)(Unaudited)
September 30,
2021
December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents$1,398 $2,089 
Receivables
Commissions and fees5,190 4,679 
Advanced premiums and claims120 112 
Other475 677 
5,785 5,468 
Less-allowance for credit losses(161)(142)
Net receivables5,624 5,326 
Other current assets855 740 
Total current assets7,877 8,155 
Goodwill15,648 15,517 
Other intangible assets2,587 2,699 
Fixed assets (net of accumulated depreciation and amortization of $2,327 at September 30, 2021 and $2,159 at December 31, 2020)
824 856 
Pension related assets1,935 1,768 
Right of use assets1,899 1,894 
Deferred tax assets692 702 
Other assets1,520 1,458 
 $32,982 $33,049 
 The accompanying notes are an integral part of these unaudited consolidated statements.
6


MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Continued)
(In millions, except share data)(Unaudited)
September 30,
2021
December 31,
2020
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt$516 $517 
Accounts payable and accrued liabilities2,833 3,050 
Accrued compensation and employee benefits2,365 2,400 
Current lease liabilities339 342 
Accrued income taxes333 247 
Dividends payable273  
Total current liabilities6,659 6,556 
Fiduciary liabilities10,408 8,585 
Less – cash and investments held in a fiduciary capacity(10,408)(8,585)
  
Long-term debt10,228 10,796 
Pension, post-retirement and post-employment benefits2,387 2,662 
Long-term lease liabilities1,900 1,924 
Liabilities for errors and omissions356 366 
Other liabilities1,564 1,485 
Commitments and contingencies  
Equity:
Preferred stock, $1 par value, authorized 6,000,000 shares, none issued
  
Common stock, $1 par value, authorized 1,600,000,000 shares, issued 560,641,640 shares at September 30, 2021 and December 31, 2020
561 561 
Additional paid-in capital1,034 943 
Retained earnings17,589 16,272 
Accumulated other comprehensive loss(5,345)(5,110)
Non-controlling interests154 156 
13,993 12,822 
Less – treasury shares, at cost, 55,175,963 shares at September 30, 2021
and 52,914,550 shares at December 31, 2020
(4,105)(3,562)
Total equity9,888 9,260 
 $32,982 $33,049 
The accompanying notes are an integral part of these unaudited consolidated statements.
7


MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES                        
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
For the Nine Months Ended September 30,
(In millions)
20212020
Operating cash flows:
Net income before non-controlling interests$2,367 $1,667 
Adjustments to reconcile net income used for operations:
Depreciation and amortization of fixed assets and capitalized software291 282 
Amortization of intangible assets278 265 
Non cash lease expense241 241 
Adjustments and payments related to contingent consideration assets and liabilities(16)(14)
Provision for deferred income taxes7 6 
Net (gain) loss on investments(43)47 
Net (gain) loss on disposition of assets(37)9 
Share-based compensation expense263 219 
Changes in assets and liabilities:
Net receivables(336)77 
Other current assets(114)(14)
Other assets(115)69 
Accounts payable and accrued liabilities(66)(144)
Accrued compensation and employee benefits(53)(431)
Accrued income taxes 92 150 
Contributions to pension and other benefit plans in excess of current year credit(282)(240)
Other liabilities(96)74 
Operating lease liabilities(262)(254)
Effect of exchange rate changes(45)(10)
Net cash provided by operations2,074 1,999 
Financing cash flows:
Purchase of treasury shares(734) 
Borrowings from term-loan and credit facilities 1,000 
Proceeds from issuance of debt 737 
Repayments of debt(512)(1,011)
Purchase of non-controlling interests (3)
Shares withheld for taxes on vested units – treasury shares(99)(131)
Issuance of common stock from treasury shares115 98 
Payments of deferred and contingent consideration for acquisitions(110)(125)
Receipts of contingent consideration for dispositions71  
Distributions of non-controlling interests(27)(26)
Dividends paid(750)(702)
Net cash used for financing activities(2,046)(163)
Investing cash flows:
Capital expenditures(268)(278)
Net sale of long term investments2 102 
Dispositions84 93 
Acquisitions(401)(559)
Other, net(6)(4)
Net cash used for investing activities(589)(646)
Effect of exchange rate changes on cash and cash equivalents(130)43 
(Decrease) increase in cash and cash equivalents (691)1,233 
Cash and cash equivalents at beginning of period2,089 1,155 
Cash and cash equivalents at end of period$1,398 $2,388 
The accompanying notes are an integral part of these unaudited consolidated statements.
8


MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions, except per share data)
2021202020212020
COMMON STOCK
Balance, beginning and end of period$561 $561 $561 $561 
ADDITIONAL PAID-IN CAPITAL
Balance, beginning of period$945 $814 $943 $862 
Change in accrued stock compensation costs89 69 41 6 
Issuance of shares under stock compensation plans and employee stock purchase plans (1)50 15 
Other   (1)
Balance, end of period$1,034 $882 $1,034 $882 
RETAINED EARNINGS
Balance, beginning of period$17,597 $16,060 $16,272 $15,199 
Net income attributable to the Company537 316 2,340 1,642 
Dividend equivalents declared(2)(3)(8)(9)
Dividends declared (543)(471)(1,015)(930)
Balance, end of period$17,589 $15,902 $17,589 $15,902 
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Balance, beginning of period$(5,153)$(5,582)$(5,110)$(5,055)
Other comprehensive (loss) income, net of tax(192)434 (235)(93)
Balance, end of period$(5,345)$(5,148)$(5,345)$(5,148)
TREASURY SHARES
Balance, beginning of period$(3,842)$(3,627)$(3,562)$(3,774)
Issuance of shares under stock compensation plans and employee stock purchase plans37 21 191 168 
Purchase of treasury shares(300) (734) 
Balance, end of period$(4,105)$(3,606)$(4,105)$(3,606)
NON-CONTROLLING INTERESTS
Balance, beginning of period$156 $166 $156 $150 
Net income attributable to non-controlling interests5 4 27 25 
Net non-controlling interests disposed   (1)
Distributions and other changes(7)(9)(29)(13)
Balance, end of period$154 $161 $154 $161 
TOTAL EQUITY$9,888 $8,752 $9,888 $8,752 
Dividends declared per share$1.07 $0.93 $2.00 $1.84 
The accompanying notes are an integral part of these unaudited consolidated statements.
9


MARSH & McLENNAN COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.     Nature of Operations
Marsh & McLennan Companies, Inc. (the "Company" or "Marsh McLennan"), a global professional services firm, is organized based on the different services that it offers. Under this structure, the Company’s two business segments are Risk and Insurance Services and Consulting.
The Risk and Insurance Services segment ("RIS") provides risk management solutions, services, advice and insurance broking, reinsurance broking and insurance program management services for businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Company conducts business in this segment through Marsh and Guy Carpenter. Marsh advises individual and commercial clients of all sizes on insurance broking and innovative risk management solutions. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities.
The Company conducts business in its Consulting segment through Mercer and Oliver Wyman Group. Mercer provides consulting expertise, advice, services and solutions in the areas of health, wealth and career consulting services and products. Oliver Wyman Group provides specialized management and economic and brand consulting services.
Business Update Related To COVID-19
The World Health Organization declared COVID-19 a pandemic in March 2020. The pandemic has impacted businesses globally including virtually every geography in which the Company operates. Governments continue to ease restrictions or fully reopen their economies, as the various vaccines are effective in mitigating the effects of the virus. Our businesses have been resilient throughout the pandemic and demand for our advice and services remains strong as the global economic conditions improve.
Although the vast majority of colleagues continue to work in a remote environment, the Company has provided guidelines on a gradual and phased return to the office depending on the level of virus containment and local health and safety regulations in each geography. The safety and well-being of our colleagues is paramount and the Company expects to continue to service clients effectively in the current remote environment and as colleagues gradually return to the office.
The Company had strong revenue growth through the first nine months of 2021 and benefited from the continued recovery of the global economy. However, uncertainty remains in the economic outlook and the ultimate extent of COVID-19 impact to the Company will depend on future developments that it is unable to predict, including new "waves" of infection from emerging variants of the virus, potential renewed restrictions and mandates by various governments or agencies, and the distribution and uptake of vaccines.
2.     Principles of Consolidation and Other Matters
The Company prepared the consolidated financial statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission. For interim filings, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. The Company believes that the information and disclosures presented are adequate to make such information and disclosures not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Form 10-K").
The financial information contained herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the Company’s consolidated financial statements as of and for the nine months ended September 30, 2021 and 2020.




10


Estimates: The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies. The estimates are based on historical experience and on various other assumptions that the Company believes are reasonable. Such matters include:
the allowance for current expected credit losses on receivables
estimates of revenue
impairment assessments and charges
recoverability of long-lived assets
liabilities for errors and omissions
deferred tax assets, uncertain tax positions and income tax expense
share-based and incentive compensation expense
useful lives assigned to long-lived assets, and depreciation and amortization
fair value estimates of contingent consideration receivable or payable related to acquisitions or dispositions
The Company believes these estimates are reasonable based on information currently available at the time they are made. The Company also considered any COVID-19 potential impacts to its customer base in various industries and geographies. Insurance exposures subject to variable factors are subject to mid-term and end of term adjustments, as well as policy audits, which may reduce premiums and corresponding commissions. Estimates were updated based on internal and industry specific economic data. The ultimate extent to which COVID-19 will directly or indirectly impact the Company’s businesses, results of operations and financial condition will depend on numerous evolving factors and future developments that it is not able to predict. Actual results may differ from these estimates.
Cash and Cash Equivalents
Cash and cash equivalents primarily consist of certificates of deposit and time deposits, with original maturities of three months or less, and money market funds. The estimated fair value of the Company's cash and cash equivalents approximates their carrying value. The Company is required to maintain operating funds primarily related to regulatory requirements outside of the United States or as collateral under captive insurance arrangements. At September 30, 2021, the Company maintained $306 million compared to $270 million at December 31, 2020 related to these regulatory requirements.
Allowance for Credit Losses on Accounts Receivable
The Company’s policy for providing an allowance for credit losses on its accounts receivable is based on a combination of factors, including historical write-offs, aging of balances, and other qualitative and quantitative analyses. The charge related to expected credit losses was immaterial to the consolidated statement of income for the three and nine months ended September 30, 2021 and 2020.
Investments
The caption "Investment income (loss)" in the consolidated statements of income comprises realized and unrealized gains and losses from investments recognized in earnings. It includes, when applicable, other than temporary declines in the value of securities, mark-to-market increases or decreases in equity investments with readily determinable fair values and equity method gains or losses on the Company's investments in private equity funds.
The Company holds investments in certain private equity funds that are accounted for in accordance with the equity method of accounting using a consistently applied three-month lag period adjusted for any known significant changes from the lag period to the reporting date of the Company. The underlying private equity funds follow investment company accounting, where investments within the fund are carried at fair value. Investment gains or losses for the Company's proportionate share of the change in fair value of the funds are recorded in earnings. Investments accounted for using the equity method of accounting are included in "other assets" in the consolidated balance sheets.
The Company recorded net investment income of $13 million and $43 million for the three and nine months ended September 30, 2021 compared to net investment losses of $14 million and $47 million for the same periods last
11


year. The income in 2021 is primarily driven by gains in the Company's private equity investments compared to losses for the same periods in prior year. The net investment loss reported in the third quarter of 2020 is primarily
due to the mark-to-market change related to the Company's investment in Alexander Forbes ("AF"). The net
investment loss for the nine months ended September 30, 2020 also includes a loss of $23 million from the sale of
shares of AF during the second quarter of 2020, as well as losses related to its private equity fund investments.
Income Taxes
The Company's effective tax rate in the third quarter of 2021 was 24.2% compared with 30.3% in the third quarter of 2020. The effective tax rates for the nine months ended September 30, 2021 and 2020 were 27.1% and 26.0%, respectively.
The rate in the third quarter of 2021 reflects tax benefits from planning implemented in the period that postponed the utilization of current-year losses in the U.K. to a future year when the tax rate will be 25%, additional tax benefits related to share-based compensation offset by changes to uncertain tax positions, deferred tax and other tax adjustments. The rate in the nine months ended September 30, 2021 reflects the charge recorded in the second quarter of approximately $100 million to re-measure the Company’s U.K. deferred tax assets and liabilities upon the enactment of legislation on June 10, 2021, commonly referred to as the "Finance Act 2021". The legislation increased the U.K. corporate income tax rate from 19% to 25% effective April 1, 2023. This is the most significant discrete item in the year-to-date period, increasing the Company’s effective tax rate by 3.1% for the nine months ended September 30, 2021.
The rate in the third quarter and nine months ended September 30, 2020 reflects costs of re-measuring the Company’s U.K. deferred tax assets and liabilities upon the enactment of legislation that cancelled a scheduled 2% reduction in the U.K. corporate income tax rate, partially offset by tax benefits for the implementation of a new international funding structure to facilitate global staffing and contracting.
The tax rates in both periods reflect the impact of discrete tax items such as excess tax benefits related to share-based compensation, enacted tax legislation, changes in uncertain tax positions, deferred tax adjustments and nontaxable adjustments to contingent acquisition consideration.
The Company's tax rate reflects its income, statutory tax rates, and tax planning in the various jurisdictions in which it operates. Significant judgment is required in determining the annual effective tax rate and in evaluating uncertain tax positions.
Losses in one jurisdiction, generally, cannot offset earnings in another, and within certain jurisdictions profits and losses may not offset between entities. Consequently, losses in certain jurisdictions may require valuation allowances affecting the effective tax rate, depending on estimates of the realizability of associated deferred tax assets. The tax rate is also sensitive to changes in unrecognized tax benefits, including the impact of settled tax audits and expired statutes of limitation.
Changes in tax laws or tax rulings may have a significant impact on our effective tax rate. The Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in tax returns. The Company's gross unrecognized tax benefits was $101 million at September 30, 2021 and $98 million at December 31, 2020. It is reasonably possible that the total amount of unrecognized tax benefits will decrease between zero and approximately $33 million within the next twelve months due to settlements of audits and expirations of statutes of limitation.
Integration and Restructuring Charges
Severance and related costs are recognized based on amounts due under established severance plans or estimates of one-time benefits that will be provided. Typically, severance benefits are recognized when the impacted colleagues are notified of their expected termination and such termination is expected to occur within the legally required notification period. These costs are included in compensation and benefits in the consolidated statements of income.
Costs for real estate consolidation are recognized based on the type of cost, and the expected future use of the facility. For locations where the Company does not expect to sub-lease the property, the amortization of any right-of-use asset is accelerated from the decision date to the cease use date. For locations where the Company expects to sub-lease the properties subsequent to its vacating the property, the right-of-use asset is reviewed for potential impairment at the earlier of the cease use date or the date a sub-lease is signed. To determine the amount of impairment, the fair value of the right-of-use asset is determined based on the present value of the estimated net cash flows related to the property. Contractual costs outside of the right-of-use asset are recognized based on the net present value of expected future cash outflows for which the Company will not receive any benefit. Such
12


amounts are based on estimates of future sub-lease income to be received and future contractual costs to be incurred. These costs are included in other operating expenses in the consolidated statements of income.
Other costs related to integration and restructuring, such as moving, legal or consulting costs are recognized as incurred. These costs are included in other operating expenses in the consolidated statements of income.
3.     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. The entity applies the following steps to achieve that principle: 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. 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.
The Company's revenue recognition guidance is provided in more detail in Note 2 of the consolidated financial statements and the notes included in Form 10-K for the year ended December 31, 2020.
The following schedule disaggregates components of the Company's revenue:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)2021202020212020
Marsh:
EMEA$600 $536 $2,233 $1,887 
Asia Pacific281 254 902 790 
Latin America105 93 298 283 
Total International986 883 3,433 2,960 
U.S./Canada1,366 1,126 3,894 3,271 
Total Marsh2,352 2,009 7,327 6,231 
Guy Carpenter314 274 1,697 1,534 
 Subtotal2,666 2,283 9,024 7,765 
Fiduciary interest income4 8 12 40 
Total Risk and Insurance Services$2,670 $2,291 $9,036 $7,805 
Mercer:
Wealth$613 $566 $1,861 $1,719 
Health449 430 1,398 1,348 
Career253 220 618 549 
Total Mercer1,315 1,216 3,877 3,616 
Oliver Wyman Group610 480 1,813 1,458 
Total Consulting$1,925 $1,696 $5,690 $5,074 
The Company recognizes commission revenue from arrangements for a significant portion of its brokerage arrangements at a point in time on the effective date of the underlying policy. Commission revenue is estimated using historical information about the risks to be covered over the policy period, some of which are dependent on variable factors such as number of employees covered, covered payroll, airline passenger miles flown, shipped tonnage of marine cargo and others.
The following schedule provides contract assets and contract liabilities information from contracts with customers:
(In millions)September 30, 2021December 31, 2020
Contract assets$307 $236 
Contract liabilities$738 $676 
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
13


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. 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 in the first nine months of 2021 and 2020 that was included in the contract liability balance at the beginning of each of those years was $511 million and $420 million, respectively.
The amount of revenue recognized in the first nine months of 2021 and 2020 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 $68 million and $84 million, respectively.
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. The revenue expected to be recognized in future periods during the non-cancellable term of existing contracts greater than one year that is related to performance obligations that are unsatisfied or partially satisfied at the end of the reporting period is approximately $54 million for Marsh, $204 million for Mercer and $4 million for Oliver Wyman Group. The Company expects revenue in 2022, 2023, 2024, 2025 and 2026 and beyond of $143 million, $66 million, $31 million, $14 million and $8 million, respectively, related to these performance obligations.
4.     Fiduciary Assets and Liabilities
In its capacity as an insurance broker or agent, the Company collects premiums from insureds and, after deducting its commissions, remits the premiums to the respective insurance underwriters. The Company also collects claims or refunds from underwriters on behalf of insureds. Un-remitted insurance premiums and claims proceeds are held by the Company in a fiduciary capacity. Risk and Insurance Services revenue includes interest on fiduciary funds ("fiduciary interest income") of $4 million and $12 million for the three and nine month periods ended September 30, 2021, respectively, and $8 million and $40 million for the three and nine month periods ended September 30, 2020, respectively. The decrease in 2021 compared to 2020 reflects the impact of lower interest rates partially offset by a higher level of average invested funds. Since fiduciary assets are not available for corporate use, they are shown in the consolidated balance sheets as an offset to fiduciary liabilities.
Net uncollected premiums and claims and the related payables amounted to $12.7 billion at September 30, 2021 and $11.2 billion at December 31, 2020. The Company is not a principal to the contracts under which the right to receive premiums or the right to receive reimbursement of insured losses arises. Accordingly, net uncollected premiums and claims and the related payables are not assets and liabilities of the Company and are not included in the accompanying consolidated balance sheets.
In certain instances, the Company advances premiums, refunds or claims to insurance underwriters or insureds prior to collection. These advances are made from corporate funds and are reflected in the accompanying consolidated balance sheets as receivables.
5.    Per Share Data
Basic net income per share attributable to the Company is calculated by dividing the after-tax income attributable to the Company by the weighted average number of outstanding shares of the Company’s common stock.
Diluted net income per share attributable to the Company is calculated by dividing the after-tax income attributable to the Company by the weighted average number of outstanding shares of the Company’s common stock, which have been adjusted for the dilutive effect of potentially issuable common shares.
Basic and Diluted EPS CalculationThree Months Ended
September 30,
Nine Months Ended
September 30,
(In millions, except per share data)2021202020212020
Net income before non-controlling interests$542 $320 $2,367 $1,667 
Less: Net income attributable to non-controlling interests5 4 27 25 
Net income attributable to the Company$537 $316 $2,340 $1,642 
Basic weighted average common shares outstanding506 507 508 506 
Dilutive effect of potentially issuable common shares7 5 5 5 
Diluted weighted average common shares outstanding513 512 513 511 
Average stock price used to calculate common stock equivalents$151.22 $114.64 $133.41 $107.64 
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6.    Supplemental Disclosures to the Consolidated Statements of Cash Flows
The following schedule provides additional information concerning acquisitions, interest and income taxes paid for the nine month periods ended September 30, 2021 and 2020.
(In millions)20212020
Assets acquired, excluding cash$601 $795 
Liabilities assumed(59)(73)
Contingent/deferred purchase consideration(141)(163)
Net cash outflow for current year acquisitions$401 $559 
(In millions)20212020
Interest paid$407 $437 
Income taxes paid, net of refunds$686 $414 
The classification of contingent consideration in the statement of cash flows is dependent upon whether the payment was part of the initial liability established on the acquisition date (financing) or an adjustment to the acquisition date liability (operating).
The following amounts are included in the consolidated statements of cash flows as a financing activity. The Company paid deferred and contingent consideration of $110 million for the nine months ended September 30, 2021. This consisted of deferred purchase consideration related to prior years' acquisitions of $84 million and contingent purchase consideration of $26 million. Cash flows from financing activities also reflect the receipt of contingent consideration of $71 million related to prior year dispositions. For the nine months ended September 30, 2020, the Company paid deferred and contingent consideration of $125 million, consisting of deferred purchase consideration related to prior years' acquisitions of $60 million and contingent consideration of $65 million.
The following amounts are included in the operating section of the consolidated statements of cash flows. For the nine months ended September 30, 2021, the Company recorded an expense for adjustments to contingent consideration liabilities of $35 million and made contingent consideration payments of $46 million. In addition, the Company recorded income of $24 million, primarily related to the settlement of contingent consideration receivables and received cash of $19 million related to prior year dispositions. For the nine months ended September 30, 2020, the Company recorded an expense for adjustments to contingent consideration liabilities of $22 million and made contingent consideration payments of $36 million.
The Company had non-cash issuances of common stock under its share-based payment plan of $225 million and $217 million for the nine months ended September 30, 2021 and 2020, respectively. The Company recorded stock-based compensation expense for equity awards related to restricted stock units, performance stock units and stock options of $263 million and $219 million for the nine months ended September 30, 2021 and 2020, respectively.
7.    Other Comprehensive Income (Loss)
The changes, net of tax, in the balances of each component of Accumulated Other Comprehensive Income ("AOCI") for the three and nine months ended September 30, 2021 and 2020, including amounts reclassified out of AOCI, are as follows:
(In millions)
Pension/Post-Retirement Plans Gains (Losses)
Foreign Currency Translation Gains (Losses)
Total Gains (Losses)
Balance as of July 1, 2021$(4,102)$(1,051)$(5,153)
Other comprehensive income (loss) before reclassifications115 (