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Stock Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [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 2020, 2019 and 2018 are as follows:
| 2020 |  | 2019 |  | 2018
Risk-free interest rate | 1.44 | % |  | 2.51 | % |  | 2.73 | %
Expected life (in years) | 6.0 |  | 6.0 |  | 6.0
Expected volatility | 20.33 | % |  | 20.93 | % |  | 23.23 | %
Expected dividend yield | 1.53 | % |  | 1.82 | % |  | 1.81 | %
The assumptions used in the Monte Carlo simulation model for PSU's granted with the TSR modifier by the Company in 2020 include:
| 2020
Risk-Free Interest Rate | 1.39 | %
Dividend Yield | 1.8 | %
Volatility | 16.0 | %
Initial TSR | 7.9 | %
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, 2020 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, 2020 | 8,859,128 |  |  | $ | 64.69 |  |  |  |  |
Granted | 1,326,790 |  |  | $ | 118.87 |  |  |  |  |
Exercised | (2,348,898) |  |  | $ | 44.72 |  |  |  |  |
Forfeited | (67,125) |  |  | $ | 96.09 |  |  |  |  |
Balance at December 31, 2020 | 7,769,895 |  |  | $ | 79.71 |  |  | 6.5 years |  | $ | 285,520 |
Options vested or expected to vest at December 31, 2020 | 7,645,454 |  |  | $ | 79.45 |  |  | 6.5 years |  | $ | 282,844 |
Options exercisable at December 31, 2020 | 4,299,859 |  |  | $ | 64.71 |  |  | 5.2 years |  | $ | 220,402 |
Summary of restricted stock units and performance stock units | A summary of the status of the Company's RSU and PSU awards as of December 31, 2020 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, 2020 | 5,957,737 |  | $ | 87.80 |  |  | 650,547 |  | $ | 82.75 |
Granted | 2,156,602 |  | $ | 118.20 |  |  | 235,432 | $ | 127.71 |
Vested | (2,291,265) |  | $ | 82.96 |  |  | (210,950) |  | $ | 73.20 |
Forfeited | (309,393) |  | $ | 96.28 |  |  | (18,347) |  | $ | 97.02 |
Non-vested balance at December 31, 2020 | 5,513,681 |  | $ | 101.22 |  |  | 656,682 | $ | 101.54 |

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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=120381028&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=120381028&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=120381028&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=120381028&loc=d3e5070-113901 + Details
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