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Stock Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Option pricing valuation model for options granted | The assumptions used in the Black-Scholes option pricing valuation model for options granted by the Company in 2018, 2017 and 2016 are as follows:
| 2018 |  | 2017 |  | 2016
Risk-free interest rate | 2.73 | % |  | 2.09 | % |  | 1.39 | %
Expected life (in years) | 6.0 |  |  | 6.0 |  |  | 6.0 |
Expected volatility | 23.23 | % |  | 23.23 | % |  | 25.55 | %
Expected dividend yield | 1.81 | % |  | 1.86 | % |  | 2.15 | %
Summary of the status of MMC's stock option awards | A summary of the status of the Company’s stock option awards as of December 31, 2018 and changes during the year then ended is presented below:
| Shares |  |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value ($000)
Balance at January 1, 2018 | 10,200,702 |  |  | $ | 47.39 |  |  |  |  |
Granted | 1,381,391 |  |  | $ | 83.05 |  |  |  |  |
Exercised | (1,452,879 | ) |  | $ | 33.92 |  |  |  |  |
Forfeited | (161,176 | ) |  | $ | 69.64 |  |  |  |  |
Balance at December 31, 2018 | 9,968,038 |  |  | $ | 53.94 |  |  | 5.8 years |  | $ | 258,062 |
Options vested or expected to vest at December 31, 2018 | 9,830,816 |  |  | 53.72 |  |  | 5.8 years |  | 256,622 |
Options exercisable at December 31, 2018 | 6,321,055 |  |  | $ | 43.78 |  |  | 4.5 years |  | $ | 224,687 |
Summary of restricted stock units and performance stock units | A summary of the status of the Company's restricted stock units and performance stock units as of December 31, 2018 and changes during the period then ended is presented below:
| Restricted Stock Units |  | Performance Stock Units
| Shares |  | Weighted Average Grant Date Fair Value |  |  | Shares |  | Weighted Average Grant Date Fair Value |
Non-vested balance at January 1, 2018 | 4,052,747 |  | $ | 66.97 |  |  | 690,601 |  | $ | 62.82 |
Granted | 2,390,859 |  | $ | 83.05 |  |  | 225,736 |  | $ | 83.05 |
Vested | (1,796,343 | ) | $ | 64.22 |  |  | (173,978 | ) | $ | 57.33 |
Forfeited | (317,032 | ) | $ | 73.81 |  |  | (43,561 | ) | $ | 69.20 |
Non-vested balance at December 31, 2018 | 4,330,231 |  | $ | 76.49 |  |  | 698,798 |  | $ | 70.33 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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