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Stock Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of 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 2022, 2021 and 2020 are as follows:
| 2022 |  | 2021 |  | 2020
Risk-free interest rate | 1.88 | % |  | 0.79 | % |  | 1.44 | %
Expected life (in years) | 5.8 |  | 6.0 |  | 6.0
Expected volatility | 22.58 | % |  | 23.45 | % |  | 20.33 | %
Expected dividend yield | 1.41 | % |  | 1.58 | % |  | 1.53 | %
The assumptions used in the Monte Carlo simulation model for PSU awards granted with the TSR modifier by the Company in 2022 include:
| 2022
Risk-Free Interest Rate | 1.75 | %
Dividend Yield | 1.4 | %
Volatility | 25.0 | %
Initial TSR | (12.8) | %
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, 2022 and changes during the year then ended are presented below:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value ($000)
Balance at January 1, 2022 | 7,217,125 |  |  | $ | 90.17 |  |  |  |  |
Granted | 1,026,615 |  |  | $ | 151.37 |  |  |  |  |
Exercised | (648,016) |  |  | $ | 77.37 |  |  |  |  |
Forfeited | (62,679) |  |  | $ | 141.68 |  |  |  |  |
Balance as of December 31, 2022 | 7,533,045 |  |  | $ | 99.18 |  |  | 5.9 years |  | $ | 494,391 |
Options vested or expected to vest at December 31, 2022 | 7,458,604 |  |  | $ | 98.96 |  |  | 6.1 years |  | $ | 491,121 |
Options exercisable at December 31, 2022 | 4,634,039 |  |  | $ | 82.46 |  |  | 4.7 years |  | $ | 381,622 |
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, 2022 and changes during the period then ended are 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, 2022 | 5,548,462 |  | $ | 110.86 |  |  | 662,190 |  | $ | 114.35 |
Granted | 2,048,576 |  | $ | 152.34 |  |  | 212,875 | $ | 151.00 |
Vested | (3,173,780) |  | $ | 104.56 |  |  | (208,730) |  | $ | 91.12 |
Forfeited | (240,563) |  | $ | 127.32 |  |  | (27,357) |  | $ | 132.57 |
Non-vested balance at December 31, 2022 | 4,182,695 |  | $ | 135.01 |  |  | 638,978 | $ | 133.36 |

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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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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