Leases (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Lease Cost and Additional Information

The following table provides additional information about the Company’s property leases:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except weighted average data)	2025		2024		2025			2024
Lease Cost:
Operating lease cost (a)	$	88	$	81	$	174		$	163
Short-term lease cost	1		2		3			3
Variable lease cost	34		28		66			54
Sublease income	(6)		(5)		(10)			(8)
Net lease cost	$	117	$	106	$	233		$	212
Other information:
Operating cash outflows from operating leases					$	199		$	183
ROU assets obtained in exchange for new operating lease liabilities					$	42		$	85
Weighted average remaining lease term – real estate					7.4 years			7.8 years

Weighted average discount rate – real estate leases					3.75		%	3.58		%

(a)Excludes ROU asset impairment charges.

Schedule of Future Minimum Lease Payments

Future minimum lease payments for the Company’s operating leases at June 30, 2025 are as follows:


(In millions)	Real Estate Leases
2025 (excludes payments through June 30, 2025)	$	200
2026	379
2027	335
2028	254
2029	212
2030	179
Subsequent years	585
Total future lease payments	2,144
Less: Imputed interest	(263)
Total	$	1,881
Current lease liabilities	$	335
Long-term lease liabilities	1,546
Total lease liabilities	$	1,881

Note: The above table excludes obligations for leases with original terms of 12 months or less which have not been recognized as a ROU asset or liability in the consolidated balance sheets.

MARSH & MCLENNAN COMPANIES, INC. 10-Q