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Stock Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
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 2023, 2022 and 2021 are as follows:
|  | 2023 |  | 2022 |  | 2021
Risk-free interest rate |  | 4.11 | % |  | 1.88 | % |  | 0.79 | %
Expected life (in years) |  | 5.8 |  | 5.8 |  | 6.0
Expected volatility |  | 22.59 | % |  | 22.58 | % |  | 23.45 | %
Expected dividend yield |  | 1.44 | % |  | 1.41 | % |  | 1.58 | %
The assumptions used in the Monte Carlo simulation model for PSU awards granted with the TSR modifier by the Company in 2023 include:
|  | 2023
Risk-Free Interest Rate |  | 4.44 | %
Dividend Yield |  | 1.4 | %
Volatility |  | 28.0 | %
Initial TSR |  | (2.6) | %
Schedule of Status of MMC's Stock Option Awards | A summary of the status of the Company’s stock option awards at December 31, 2023 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, 2023 |  | 7,533,045 |  |  | $ | 99.18 |  |  |  |  |
Granted |  | 699,662 |  |  | $ | 164.15 |  |  |  |  |
Exercised |  | (1,537,473) |  |  | $ | 75.59 |  |  |  |  |
Forfeited |  | (99,472) |  |  | $ | 143.89 |  |  |  |  |
Balance at December 31, 2023 |  | 6,595,762 |  |  | $ | 110.90 |  |  | 5.2 years |  | $ | 514,853 |
Options vested or expected to vest at December 31, 2023 |  | 6,542,158 |  |  | $ | 110.66 |  |  | 5.2 years |  | $ | 512,214 |
Options exercisable at December 31, 2023 |  | 4,320,314 |  |  | $ | 94.59 |  |  | 4.2 years |  | $ | 407,683 |
Summary of Restricted Stock Units and Performance Stock Units | A summary of the status of the Company's RSU and PSU awards at December 31, 2023 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, 2023 | 4,182,695 |  |  | $ | 135.01 |  |  | 638,978 |  |  | $ | 133.36 |
Granted | 1,939,993 |  |  | $ | 165.05 |  |  | 178,738 |  | $ | 170.80 |
Vested | (1,998,640) |  |  | $ | 128.51 |  |  | (206,580) |  |  | $ | 127.71 |
Forfeited | (200,380) |  |  | $ | 146.22 |  |  | (19,799) |  |  | $ | 147.84 |
Non-vested balance at December 31, 2023 | 3,923,668 |  |  | $ | 152.60 |  |  | 591,337 |  | $ | 146.17 |

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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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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