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Stock Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
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 2021, 2020 and 2019 are as follows:
| 2021 |  | 2020 |  | 2019
Risk-free interest rate | 0.79 | % |  | 1.44 | % |  | 2.51 | %
Expected life (in years) | 6.0 |  | 6.0 |  | 6.0
Expected volatility | 23.45 | % |  | 20.33 | % |  | 20.93 | %
Expected dividend yield | 1.58 | % |  | 1.53 | % |  | 1.82 | %
The assumptions used in the Monte Carlo simulation model for PSU's granted with the TSR modifier by the Company in 2021 include:
| 2021
Risk-Free Interest Rate | 0.20 | %
Dividend Yield | 1.7 | %
Volatility | 25.0 | %
Initial TSR | 2.6 | %
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, 2021 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, 2021 | 7,769,895 |  |  | $ | 79.71 |  |  |  |  |
Granted | 1,324,618 |  |  | $ | 117.53 |  |  |  |  |
Exercised | (1,676,783) |  |  | $ | 61.42 |  |  |  |  |
Forfeited | (200,605) |  |  | $ | 105.98 |  |  |  |  |
Balance at December 31, 2021 | 7,217,125 |  |  | $ | 90.17 |  |  | 6.4 years |  | $ | 601,999 |
Options vested or expected to vest at December 31, 2021 | 7,128,248 |  |  | $ | 89.98 |  |  | 6.5 years |  | $ | 595,954 |
Options exercisable at December 31, 2021 | 3,988,943 |  |  | $ | 75.19 |  |  | 5.1 years |  | $ | 392,470 |
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, 2021 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, 2021 | 5,513,681 |  | $ | 101.22 |  |  | 656,682 |  | $ | 101.54 |
Granted | 2,469,062 |  | $ | 120.19 |  |  | 250,813 | $ | 122.77 |
Vested | (2,125,113) |  | $ | 97.26 |  |  | (197,216) |  | $ | 83.05 |
Forfeited | (309,168) |  | $ | 106.91 |  |  | (48,089) |  | $ | 111.76 |
Non-vested balance at December 31, 2021 | 5,548,462 |  | $ | 110.86 |  |  | 662,190 | $ | 114.35 |

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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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