v3.25.4

Retirement Benefits | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Retirement Benefits | Retirement Benefits The Company maintains qualified and non-qualified defined benefit pension plans for its U.S. and non-U.S. eligible employees. Combined U.S. and Non-U.S. Plans The weighted average actuarial assumptions utilized for the U.S. and significant non-U.S. defined benefit plans and post-retirement benefit plans are as follows:
|  | Pension Benefits |  | Post-retirement Benefits
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average assumptions: |  |  |  |  |  |  |  |
Discount rate (for expense) |  | 5.36 | % |  | 4.95 | % |  | 5.07 | % |  | 5.26 | %
Expected return on plan assets |  | 5.43 | % |  | 5.44 | % |  | — |  |  | — |
Rate of compensation increase (for expense) * |  | 3.22 | % |  | 3.16 | % |  | — |  |  | — |
Discount rate (for benefit obligation) |  | 5.39 | % |  | 5.36 | % |  | 5.18 | % |  | 5.07 | %
Rate of compensation increase (for benefit obligation) * |  | 3.12 | % |  | 3.22 | % |  | — |  |  | — |
(*)There are no rate of compensation increase assumptions included for the primary U.S. defined benefi t plans since all future benefit accruals were discontinued for those plans after December 31, 2016 and earned benefits are not subject to final salary level adjustments. The target asset allocation for the U.S. plans is 50% equities and equity alternatives and 50% fixed income. At December 31, 2025, the actual allocation for the U.S. plans was 50% equities and equity alternatives and 50% fixed income. The target asset allocation for the U.K. plans, which comprise approximately 78% of non-U.S. plan assets, is 7% equities and equity alternatives and 93% fixed income. At December 31, 2025, the actual allocation for the U.K. plans was 8% equities and equity alternatives and 92% fixed income. The assets of the Company's defined benefit plans are diversified and are managed in accordance with applicable laws and with the goal of maximizing the plans' asset returns within acceptable risk parameters. Asset allocation is frequently monitored to ensure the actual portfolio remains consistent with target asset allocation ranges. This includes the use of threshold-based portfolio re-balancing where appropriate. In the third quarter of 2025, the Trustee of the MMC U.K. Pension Fund (the "Fund") invested in a $2.5 billion (£1.9 billion) insurance policy that will reimburse the Fund for all future benefit payments to the retirees and beneficiaries in one of the sections of the Fund (a "buy-in"). Fund assets were used for the buy-in and it is accounted for at fair value as an investment. The transaction had no impact on the 2025 net benefit credit. The net benefit (credit) or cost of the Company's defined benefit and other post-retirement plans is measured on an actuarial basis using various methods and assumptions. The components of the net benefit (credit) or cost for the years 2025, 2024 and 2023 are as follows:
Combined U.S. and significant non-U.S. Plans |  | Pension Benefits |  | Post-retirement Benefits
For the Years Ended December 31, |  |
(In millions) |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Service cost |  | $ | 28 |  |  | $ | 23 |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 592 |  |  | 579 |  |  | 599 |  |  | 3 |  |  | 3 |  |  | 3 |
Expected return on plan assets |  | (842) |  |  | (876) |  |  | (860) |  |  | — |  |  | — |  |  | — |
Amortization of prior service |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Recognized actuarial loss (gain) |  | 42 |  |  | 31 |  |  | 22 |  |  | (1) |  |  | (6) |  |  | (3) |
Net periodic benefit (credit) cost |  | (179) |  |  | (242) |  |  | (216) |  |  | 2 |  |  | (5) |  |  | (2) |
Settlement loss |  | 11 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Net benefit (credit) cost |  | $ | (168) |  |  | $ | (240) |  |  | $ | (214) |  |  | $ | 2 |  |  | $ | (5) |  |  | $ | (2) |
The following table provides the amounts reported in the consolidated statements of income:
Combined U.S. and significant non-U.S. Plans |  | Pension Benefits |  | Post-retirement Benefits
For the Years Ended December 31, |  |
(In millions) |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Compensation and benefits expense |  | $ | 28 |  |  | $ | 23 |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other net benefit (credit) cost |  | (196) |  |  | (263) |  |  | (237) |  |  | 2 |  |  | (5) |  |  | (2) |
Net benefit (credit) cost |  | $ | (168) |  |  | $ | (240) |  |  | $ | (214) |  |  | $ | 2 |  |  | $ | (5) |  |  | $ | (2) |
Plan Assets For the U.S. plans, investment allocation decisions are made by a fiduciary committee composed of senior executives appointed by the Company’s Chief Executive Officer. For the non-U.S. plans, investment allocation decisions are made by local fiduciaries, in consultation with the Company for the larger plans. Plan assets are invested in a manner consistent with the fiduciary standards set forth in all relevant laws relating to pensions and trusts in each country. Primary investment objectives are: (1) to achieve an investment return that, in combination with current and future contributions, will provide sufficient funds to pay benefits as they become due, and (2) to minimize the risk of large losses. The investment allocations are designed to meet these objectives by broadly diversifying plan assets among numerous asset classes with differing expected returns, volatilities, and correlations. The major categories of plan assets include equity securities, equity alternative investments, and fixed income securities. For the U.S. plans, the Company uses threshold-based portfolio re-balancing to ensure the actual portfolio remains consistent with target asset allocation ranges. The category ranges for both equities and equity alternatives, and for fixed income securities are 46%-54%. For the U.K. plans, asset allocation is frequently monitored and re-balancing actions are taken as appropriate. Plan investments are exposed to stock market, interest rate, and credit risk. Concentrations of these risks are generally limited du e to diversification by investment style within each asset class, diversification by investment manager, diversification by industry sectors and issuers, and the dispersion of investments across many geographic areas. U.S. Plans The following tables provide information concerning the Company’s U.S. defined benefit pension and post-retirement benefit plans:
|  | U.S. Pension Benefits |  | U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 4,594 |  |  | $ | 4,690 |  |  | $ | 17 |  |  | $ | 20 |
Service cost |  | 1 |  |  | — |  |  | — |  |  | — |
Interest cost |  | 253 |  |  | 250 |  |  | 1 |  |  | 1 |
Employee contributions |  | — |  |  | — |  |  | 3 |  |  | 3 |
Plan combinations (a) |  | (17) |  |  | 62 |  |  | — |  |  | — |
Actuarial loss (gain) |  | 63 |  |  | (107) |  |  | 3 |  |  | 2 |
Effect of settlement |  | (4) |  |  | — |  |  | — |  |  | — |
Benefits paid |  | (309) |  |  | (301) |  |  | (8) |  |  | (9) |
Benefit obligation, December 31 |  | $ | 4,581 |  |  | $ | 4,594 |  |  | $ | 16 |  |  | $ | 17 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 4,062 |  |  | $ | 4,234 |  |  | $ | 2 |  |  | $ | 2 |
Actual return on plan assets |  | 323 |  |  | 95 |  |  | — |  |  | — |
Employer contributions |  | 38 |  |  | 34 |  |  | 5 |  |  | 5 |
Employee contributions |  | — |  |  | — |  |  | 3 |  |  | 4 |
Effect of settlement |  | (4) |  |  | — |  |  | — |  |  | — |
Benefits paid |  | (309) |  |  | (301) |  |  | (8) |  |  | (9) |
Fair value of plan assets, December 31 |  | $ | 4,110 |  |  | $ | 4,062 |  |  | $ | 2 |  |  | $ | 2 |
Net funded status, December 31 |  | $ | (471) |  |  | $ | (532) |  |  | $ | (14) |  |  | $ | (15) |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |
Current liabilities |  | $ | (34) |  |  | $ | (37) |  |  | $ | — |  |  | $ | (1) |
Non-current liabilities |  | (437) |  |  | (495) |  |  | (14) |  |  | (14) |
Net liability recognized, December 31 |  | $ | (471) |  |  | $ | (532) |  |  | $ | (14) |  |  | $ | (15) |
Amounts recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |
Prior service (cost) |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |
Net actuarial (loss) gain |  | (1,436) |  |  | (1,427) |  |  | (1) |  |  | 2 |
Total recognized accumulated other comprehensive (loss) income, December 31 |  | $ | (1,437) |  |  | $ | (1,428) |  |  | $ | (1) |  |  | $ | 2 |
Cumulative employer contributions in excess of (less than) net benefit (credit) cost |  | 966 |  |  | 896 |  |  | (13) |  |  | (17) |
Net amount recognized in consolidated balance sheets |  | $ | (471) |  |  | $ | (532) |  |  | $ | (14) |  |  | $ | (15) |
Accumulated benefit obligation, December 31 |  | $ | 4,576 |  |  | $ | 4,577 |  |  | $ | — |  |  | $ | — |
(a)Includes plans from the acquisition of McGriff in 2024.
|  | U.S. Pension Benefits |  | U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |  |
Beginning balance |  | $ | (1,427) |  |  | $ | (1,347) |  |  | $ | 2 |  |  | $ | 4 |
Recognized as component of net benefit cost (credit) |  | 24 |  |  | 21 |  |  | — |  |  | — |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |
Liability experience |  | (63) |  |  | 107 |  |  | (3) |  |  | (2) |
Asset experience |  | 30 |  |  | (208) |  |  | — |  |  | — |
Total gain recognized as change in plan assets and benefit obligations |  | (33) |  |  | (101) |  |  | (3) |  |  | (2) |
Net actuarial (loss) gain, December 31 |  | $ | (1,436) |  |  | $ | (1,427) |  |  | $ | (1) |  |  | $ | 2 |
For the Years Ended December 31, |  | U.S. Pension Benefits |  | U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Total recognized in net benefit (credit) cost and other comprehensive (income) loss |  | $ | (6) |  |  | $ | 48 |  |  | $ | (105) |  |  | $ | 4 |  |  | $ | 2 |  |  | $ | 3 |
The weighted average actuarial assumptions utilized in determining expense during the year and benefit obligation at the end of the year for the U.S. defined benefit and other U.S. post-retirement plans are as follows:
|  | U.S. Pension Benefits |  | U.S. Post-retirement Benefits
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average assumptions: |  |  |  |  |  |  |  |
Discount rate (for expense) |  | 5.76 | % |  | 5.52 | % |  | 5.52 | % |  | 5.34 | %
Expected return on plan assets |  | 6.49 | % |  | 6.49 | % |  | — |  |  | — |
Discount rate (for benefit obligation) |  | 5.61 | % |  | 5.76 | % |  | 5.10 | % |  | 5.52 | %
The a ccumulated benefit obligation and aggregate fair value of plan assets for U.S. pension plans with accumulated benefit obligations in excess of plan assets wer e $4.6 billion and $4.1 billion, respectively, at both December 31, 2025 and December 31, 2024. The projected benefit obligation and fair value of plan assets for U.S. pension plans with projected benefit obligations in excess of plan assets was $4.6 billion and $4.1 billion, respectively, at both December 31, 2025 and December 31, 2024. At December 31, 2025, the U.S. qualified plan held one million shares of the Company’s common stock which were contributed to the qualified plan by the Company in 2005. This represented approximately 4.5% of that plan's assets at December 31, 2025. The components of the net benefit (credit) cost for the U.S. defined benefit and other post-retirement benefit plans are as follows:
U.S. Plans only |  | Pension Benefits |  | Post-retirement Benefits
For the Years Ended December 31, |  |
(In millions) |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Service cost |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 253 |  |  | $ | 250 |  |  | 260 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on plan assets |  | (293) |  |  | (303) |  |  | (311) |  |  | — |  |  | — |  |  | — |
Recognized actuarial loss (gain) |  | 24 |  |  | 21 |  |  | 19 |  |  | — |  |  | (1) |  |  | (2) |
Net periodic benefit (credit) cost |  | (15) |  |  | (32) |  |  | (32) |  |  | 1 |  |  | — |  |  | (1) |
Settlement loss |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net benefit (credit) cost |  | $ | (14) |  |  | $ | (32) |  |  | $ | (32) |  |  | $ | 1 |  |  | $ | — |  |  | $ | (1) |
The assumed health care cost trend rate for Medicare eligibles and non-Medicare eligibles was approximately 8.6% in 2025, gradually declining to 4.0% in 2049. Assumed health care cost trend rates have a small effect on the amounts reported for the U.S. health care plans because the Comp any caps its share of health care trend at 5.0%. Estimated Future Contributions The Company expects to contribute approximately $34 million to its non-qualified U.S. plans in 2026. The Company’s policy for funding its tax-qualified defined benefit retirement plans is to contribute amounts at least sufficient to meet the funding requirements set forth in the U.S. and applicable foreign law. The Company made required contributions of $2 million to its U.S. qualified plans in 2025. In 2026, the Company is expected to be required to make contributions totaling $33 million to its U.S. qualified plans. Non-U.S. Plans The following tables provide information concerning the Company’s non-U.S. defined benefit pension and post-retirement benefit plans:
|  | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 6,834 |  |  | $ | 7,521 |  |  | $ | 46 |  |  | $ | 40 |
Service cost |  | 27 |  |  | 23 |  |  | — |  |  | — |
Interest cost |  | 339 |  |  | 329 |  |  | 2 |  |  | 2 |
Employee contributions |  | 3 |  |  | 3 |  |  | — |  |  | — |
Plan combination |  | 3 |  |  | — |  |  | — |  |  | — |
Actuarial (gain) loss |  | (244) |  |  | (423) |  |  | (1) |  |  | 9 |
Plan amendments |  | — |  |  | (2) |  |  | — |  |  | — |
Effect of settlement |  | (28) |  |  | (16) |  |  | — |  |  | — |
Benefits paid |  | (372) |  |  | (365) |  |  | (3) |  |  | (3) |
Foreign currency changes |  | 539 |  |  | (236) |  |  | 3 |  |  | (2) |
Benefit obligation, December 31 |  | $ | 7,101 |  |  | $ | 6,834 |  |  | $ | 47 |  |  | $ | 46 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 8,495 |  |  | $ | 9,308 |  |  | $ | — |  |  | $ | — |
Plan combination |  | 4 |  |  | — |  |  | — |  |  | — |
Actual return on plan assets |  | 180 |  |  | (259) |  |  | — |  |  | — |
Effect of settlement |  | (28) |  |  | (16) |  |  | — |  |  | — |
Employer contributions |  | 44 |  |  | 59 |  |  | 3 |  |  | 3 |
Employee contributions |  | 3 |  |  | 3 |  |  | — |  |  | — |
Benefits paid |  | (372) |  |  | (365) |  |  | (3) |  |  | (3) |
Foreign currency changes |  | 657 |  |  | (235) |  |  | — |  |  | — |
Fair value of plan assets, December 31 |  | $ | 8,983 |  |  | $ | 8,495 |  |  | $ | — |  |  | $ | — |
Net funded status, December 31 |  | $ | 1,882 |  |  | $ | 1,661 |  |  | $ | (47) |  |  | $ | (46) |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |
Non-current assets |  | $ | 2,140 |  |  | $ | 1,913 |  |  | $ | — |  |  | $ | — |
Current liabilities |  | (10) |  |  | (8) |  |  | (2) |  |  | (3) |
Non-current liabilities |  | (248) |  |  | (244) |  |  | (45) |  |  | (43) |
Net asset (liability) recognized, December 31 |  | $ | 1,882 |  |  | $ | 1,661 |  |  | $ | (47) |  |  | $ | (46) |
Amounts recognized in other comprehensive loss: |  |  |  |  |  |  |  |
Prior service (cost) credit |  | $ | (14) |  |  | $ | (14) |  |  | $ | — |  |  | $ | 1 |
Net actuarial (loss) gain |  | (3,897) |  |  | (3,519) |  |  | 3 |  |  | 3 |
Total recognized accumulated other comprehensive (loss) income, December 31 |  | $ | (3,911) |  |  | $ | (3,533) |  |  | $ | 3 |  |  | $ | 4 |
Cumulative employer contributions in excess of (less than) net benefit (credit) cost |  | 5,793 |  |  | 5,194 |  |  | (50) |  |  | (50) |
Net asset (liability) recognized in consolidated balance sheets, December 31 |  | $ | 1,882 |  |  | $ | 1,661 |  |  | $ | (47) |  |  | $ | (46) |
Accumulated benefit obligation, December 31 |  | $ | 6,995 |  |  | $ | 6,725 |  |  | $ | — |  |  | $ | — |
|  | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of prior service (cost) credit recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |  |
Beginning balance |  | $ | (14) |  |  | $ | (17) |  |  | $ | 1 |  |  | $ | 3 |
Recognized as component of net benefit (credit) cost: |  |  |  |  |  |  |  |
Amortization of prior service credit (cost) |  | 1 |  |  | 1 |  |  | (1) |  |  | (2) |
Total recognized as component of net benefit cost (credit) |  | 1 |  |  | 1 |  |  | (1) |  |  | (2) |
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |
Plan amendments |  | — |  |  | 2 |  |  | — |  |  | — |
Exchange rate adjustments |  | (1) |  |  | — |  |  | — |  |  | — |
Prior service (cost) credit, December 31 |  | $ | (14) |  |  | $ | (14) |  |  | $ | — |  |  | $ | 1 |
|  | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |  |
Beginning balance |  | $ | (3,519) |  |  | $ | (3,219) |  |  | $ | 3 |  |  | $ | 17 |
Recognized as component of net benefit cost (credit): |  |  |  |  |  |  |  |
Amortization of net gain (loss) |  | 18 |  |  | 10 |  |  | (1) |  |  | (5) |
Effect of settlement |  | 10 |  |  | 2 |  |  | — |  |  | — |
Total recognized as component of net benefit cost (credit) |  | 28 |  |  | 12 |  |  | (1) |  |  | (5) |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |
Liability experience |  | 244 |  |  | 423 |  |  | 1 |  |  | (9) |
Asset experience |  | (373) |  |  | (831) |  |  | — |  |  | — |
Total amount recognized as change in plan assets and benefit obligations |  | (129) |  |  | (408) |  |  | 1 |  |  | (9) |
Exchange rate adjustments |  | (277) |  |  | 96 |  |  | — |  |  | — |
Net actuarial (loss) gain, December 31 |  | $ | (3,897) |  |  | $ | (3,519) |  |  | $ | 3 |  |  | $ | 3 |
For the Years Ended December 31, |  | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Total recognized in net benefit (credit) cost and other comprehensive (income) loss |  | $ | 224 |  |  | $ | 89 |  |  | $ | 429 |  |  | $ | 2 |  |  | $ | 11 |  |  | $ | (9) |
The weighted average actuarial assumptions utilized in determining expense during the year and benefit obligation at the end of the year for the non-U.S. defined benefit plans are as follows:
|  | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average assumptions: |  |  |  |  |  |  |  |
Discount rate (for expense) |  | 5.09 | % |  | 4.59 | % |  | 4.90 | % |  | 5.22 | %
Expected return on plan assets |  | 4.92 | % |  | 4.96 | % |  | — |  |  | — |
Rate of compensation increase (for expense) |  | 3.22 | % |  | 3.16 | % |  | — |  |  | — |
Discount rate (for benefit obligation) |  | 5.25 | % |  | 5.09 | % |  | 5.20 | % |  | 4.90 | %
Rate of compensation increase (for benefit obligation) |  | 3.12 | % |  | 3.22 | % |  | — |  |  | — |
The a ccumulated benefit obligation and fair value of plan assets for the non-U.S. pension plans with accumulated bene fit obligations in excess of plan assets were $436 million and $222 million, respectively, at December 31, 2025 and $462 million and $248 million, respectively, at December 31, 2024. The projected benefit obligation and fair value of plan assets for non-U.S. pension plans with projected benefit obligations in excess of plan assets was $532 million and $275 million, respectively, at December 31, 2025 and $564 million and $312 million, respectively, at December 31, 2024. Components of Net Benefit (Credit) or Cost The components of the net benefit (credit) or cost for the non-U.S. defined benefit and other post-retirement benefit plans and the curtailment, settlement and termination expenses are as follows:
For the Years Ended December 31, |  | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Service cost |  | $ | 27 |  |  | $ | 23 |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 339 |  |  | 329 |  |  | 339 |  |  | 2 |  |  | 2 |  |  | 2 |
Expected return on plan assets |  | (549) |  |  | (573) |  |  | (549) |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Recognized actuarial loss |  | 18 |  |  | 10 |  |  | 3 |  |  | (1) |  |  | (5) |  |  | (1) |
Net periodic benefit (credit) cost |  | (164) |  |  | (210) |  |  | (184) |  |  | 1 |  |  | (5) |  |  | (1) |
Settlement loss |  | 10 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Net benefit (credit) cost |  | $ | (154) |  |  | $ | (208) |  |  | $ | (182) |  |  | $ | 1 |  |  | $ | (5) |  |  | $ | (1) |
The assum ed health care cost trend rate was approximately 5.43% in 2025, gradually declining to 5.11% in 2040. Assumed health care cost trend rates can have a significant effect on the amounts reported for the non-U.S. health care plans. Estimated Future Contributions The Company expects to cont ribute approximately $39 million to its non-U.S. pension plans in 2026. Funding requirements for non-U.S. plans vary by country. Contribution rates are generally based on local funding practices and requirements, which may differ significantly from measurements in accordance with U.S. GAAP. Funding amounts may be influenced by future asset performance, the level of discount rates and other variables impacting the assets and/or liabilities of the plan. Discretionary contributions may also be affected by alternative uses of the Company’s cash flows, including dividends, investments and share repurchases. In the U.K., the assumptions used to determine pension contributions are the result of legally prescribed negotiations between the Company and the plans' trustee that typically occurs every 3 years in conjunction with the actuarial valuation of the plans. Currently, this results in a lower funded status than under U.S. GAAP and may result in contributions irrespective of the U.S. GAAP funded status. The MMC U.K. Pension Fund has four segregated defined benefit sections, all in a surplus funding position at December 31, 2024. Based on that funding position, an agreement was reached with the trustee in the fourth quarter of 2025 that no deficit funding will be required to any of the defined benefit sections until 2029 at the earliest, following the completion in 2028 of the December 31, 2027 valuation. The Company’s prior agreement to support certain annual deficit contributions that may have been required by U.K. operating companies under certain circumstances, expiring on December 31, 2025, was not renewed in January 2026 due to the improved surplus funding position. Estimated Future Benefit Payments The estimated future benefit payments for the Company's pension and post-retirement benefit plans are as follows:
For the Years Ended December 31, |  | Pension Benefits |  | Post-retirement Benefits
(In millions) |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
2026 |  | $ | 331 |  |  | $ | 411 |  |  | $ | 3 |  |  | $ | 3 |
2027 |  | $ | 341 |  |  | $ | 406 |  |  | $ | 2 |  |  | $ | 3 |
2028 |  | $ | 350 |  |  | $ | 419 |  |  | $ | 2 |  |  | $ | 3 |
2029 |  | $ | 352 |  |  | $ | 437 |  |  | $ | 2 |  |  | $ | 3 |
2030 |  | $ | 353 |  |  | $ | 448 |  |  | $ | 2 |  |  | $ | 3 |
2031-2035 |  | $ | 1,732 |  |  | $ | 2,396 |  |  | $ | 6 |  |  | $ | 17 |
Defined Benefit Plans Fair Value Disclosures The U.S. and non-U.S. plan investments are classified into: •Level 1, which refers to investments valued using quoted prices from active markets for identical assets; •Level 2, which refers to investments not traded on an active market but for which observable market inputs are readily available; •Level 3, which refers to investments valued based on significant unobservable inputs; and •Investments valued using net asset value ("NAV") as a practical expedient. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 10, Fair Value Measurements, for further description of the fair value hierarchy. In 2025, the Company refined the presentation of Other Investments in the fair value tables below to reclassify certain items to Insurance group annuity contracts and Net derivative liabilities. The prior year presentation was conformed to the current presentation with no impact on the total of net investments. The following table sets forth, by level within the fair value hierarchy, a summary of the U.S. and non-U.S. plans' investments measured at fair value on a recurring basis at December 31, 2025 and 2024:
|  | Fair Value Measurements at December 31, 2025
Assets (In millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | NAV |  | Total
Common/collective trusts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,330 |  |  | $ | 3,330 |
Corporate obligations |  | — |  |  | 1,458 |  |  | — |  |  | — |  |  | 1,458 |
Corporate stocks |  | 86 |  |  | 53 |  |  | 1 |  |  | — |  |  | 140 |
Private equity/partnerships |  | — |  |  | — |  |  | — |  |  | 1,222 |  |  | 1,222 |
Government securities |  | 16 |  |  | 3,018 |  |  | — |  |  | — |  |  | 3,034 |
Real estate |  | — |  |  | — |  |  | — |  |  | 57 |  |  | 57 |
Short-term investment funds |  | 774 |  |  | — |  |  | — |  |  | — |  |  | 774 |
Company common stock |  | 186 |  |  | — |  |  | — |  |  | — |  |  | 186 |
Insurance group annuity contracts |  | — |  |  | — |  |  | 2,722 |  |  | — |  |  | 2,722 |
Other investments |  | 33 |  |  | 56 |  |  | 253 |  |  | — |  |  | 342 |
Total investments |  | 1,095 |  |  | 4,585 |  |  | 2,976 |  |  | 4,609 |  |  | 13,265 |
Net derivative liabilities |  | — |  |  | (78) |  |  | (115) |  |  | — |  |  | (193) |
Net investments |  | $ | 1,095 |  |  | $ | 4,507 |  |  | $ | 2,861 |  |  | $ | 4,609 |  |  | $ | 13,072 |
|  | Fair Value Measurements at December 31, 2024
Assets (In millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | NAV |  | Total
Common/collective trusts |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,226 |  |  | $ | 3,228 |
Corporate obligations |  | — |  |  | 2,675 |  |  | — |  |  | — |  |  | 2,675 |
Corporate stocks |  | 339 |  |  | 35 |  |  | 1 |  |  | — |  |  | 375 |
Private equity/partnerships |  | — |  |  | — |  |  | — |  |  | 1,295 |  |  | 1,295 |
Government securities |  | 20 |  |  | 4,559 |  |  | — |  |  | — |  |  | 4,579 |
Real estate |  | — |  |  | — |  |  | — |  |  | 57 |  |  | 57 |
Short-term investment funds |  | 292 |  |  | — |  |  | — |  |  | — |  |  | 292 |
Company common stock |  | 212 |  |  | — |  |  | — |  |  | — |  |  | 212 |
Insurance group annuity contracts |  | — |  |  | — |  |  | 164 |  |  | — |  |  | 164 |
Other investments |  | 9 |  |  | 13 |  |  | 249 |  |  | — |  |  | 271 |
Total investments |  | 874 |  |  | 7,282 |  |  | 414 |  |  | 4,578 |  |  | 13,148 |
Net derivative liabilities |  | — |  |  | (449) |  |  | (124) |  |  | — |  |  | (573) |
Net investments |  | $ | 874 |  |  | $ | 6,833 |  |  | $ | 290 |  |  | $ | 4,578 |  |  | $ | 12,575 |
The above tables do not include receivables or payables related to securities at December 31, 2025 and 2024. The tables below set forth a summary of changes in the fair value of the plans’ Level 3 assets for the years ended December 31, 2025 and December 31, 2024:
Assets (In millions) | Fair Value, January 1, 2025 | Purchases | Sales | Settlements | Unrealized Gain/ (Loss) | Realized Gain/ (Loss) | Exchange Rate Impact | Transfers in/(out) and Other | Fair Value, December 31, 2025
Corporate stocks | $ | 1 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 1 |
Insurance group annuity contracts | 164 |  | 2,468 |  | — |  | (75) |  | 92 |  | — |  | 73 |  | — |  | 2,722 |
Other investments | 249 |  | 14 |  | (20) |  | — | (20) |  | — |  | 30 |  | — |  | 253 |
Total investments | 414 |  | 2,482 |  | (20) |  | (75) |  | 72 |  | — |  | 103 |  | — |  | 2,976 |
Net derivative liabilities | (124) |  | — |  | 78 |  | — | (60) |  | — |  | (9) |  | — |  | (115) |
Net investments | $ | 290 |  | $ | 2,482 |  | $ | 58 |  | $ | (75) |  | $ | 12 |  | $ | — |  | $ | 94 |  | $ | — |  | $ | 2,861 |
Assets (In millions) | Fair Value, January 1, 2024 | Purchases | Sales | Settlements | Unrealized Gain/ (Loss) | Realized Gain/ (Loss) | Exchange Rate Impact | Transfers in/(out) and Other | Fair Value, December 31, 2024
Corporate stocks | $ | 1 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 1 |
Insurance group annuity contracts | 185 |  | — |  | — |  | (13) |  | (18) |  | — |  | 10 |  | — |  | 164 |
Other investments | 251 |  | 17 |  | (18) |  | — | 16 |  | — |  | (17) |  | — |  | 249 |
Total investments | 437 |  | 17 |  | (18) |  | (13) |  | (2) |  | — |  | (7) |  | — |  | 414 |
Net derivative liabilities | (134) |  | — |  | — |  | — |  | 8 |  | — |  | 2 |  | — |  | (124) |
Net investments | $ | 303 |  | $ | 17 |  | $ | (18) |  | $ | (13) |  | $ | 6 |  | $ | — |  | $ | (5) |  | $ | — |  | $ | 290 |
The following is a description of the valuation methodologies used for assets measured at fair value: Company common stock: Valued at the closing price reported on the New York Stock Exchange. Common stocks, preferred stocks, convertible equity securities, rights/warrants and real estate investment trusts (included in Corporate stocks): Valued at the closing price reported on the primary exchange. Corporate bonds (included in Corporate obligations): The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable) and bond spreads. The spread data used are for the same maturity as the bond. If the spread data does not reference the issuer, then data that references a comparable issuer are used. When observable price quotations are not available, fair value is determined based on cash flow models. Commercial mortgage-backed and asset-backed securities (included in Corporate obligations): Fair value is determined using discounted cash flow models. Observable inputs are based on trade and quote activity of bonds with similar features including issuer vintage, purpose of underlying loan (first or second lien), prepayment speeds and credit ratings. The discount rate is the combination of the appropriate rate from the benchmark yield curve and the discount margin based on quoted prices. Common/Collective trusts: Trust assets include mutual funds that are valued based on readily determinable market values and other assets valued at the net asset value of units of a bank collective trust. The net asset value as provided by the trustee, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported net asset value. U.S. government bonds (included in Government securities): The fair value of U.S. government bonds is estimated by pricing models that utilize observable market data including quotes, spreads and data points for yield curves. Private equity and real estate partnerships: Investments in private equity and real estate partnerships are valued based on the fair value reported by the manager of the corresponding partnership and reported on a one quarter lag. The managers provide unaudited quarterly financial statements and audited annual financial statements which set forth the value of the fund. The valuations obtained from the managers are based on various analyses on the underlying holdings in each partnership, including financial valuation models and projections, comparable valuations from the public markets, and precedent private market transactions. Investments are valued in the accompanying financial statements based on the Plan’s beneficial interest in the underlying net assets of the partnership as determined by the partnership agreement. Insurance group annuity contracts: The fair value for these investments has been calculated based on the price paid for the annuity contracts, updated to reflect changes in market conditions and annuity payments received. The calculation discounts the insured projected cash flows using a risk-free discount rate adjusted for estimated insurer pricing. Net derivative liabilities: Includes interest rate swaps, inflation swaps, longevity swaps, total return swaps, repurchase agreements and equity-based derivatives, primarily related to the U.K. plans. These derivatives are structured to hedge interest rate, inflation, longevity and equity exposure in the U.K. plans. Fair values for interest rate, inflation and equity-based derivatives are calculated using a discounted cash flow pricing model. These models use observable market data such as contractual fixed rate, spot equity price or index value and dividend data. The fair value for the longevity swap is determined by discounting expected future cash flows using market-consistent rates and probabilities to estimate the replacement policy value. Short-term investment funds: Primarily high-grade money market instruments valued at a readily determinable price. Other investments: Primarily insured retirement plan assets valued using significant unobservable inputs. Defined Contribution Plans The Company maintains certain defined contribution plans for its employees, including the Marsh & McLennan Companies 401(k) Savings & Investment Plan ("MMC 401(k) Plan") and the Marsh & McLennan Agency Savings and Investment Plan (collectively, the "401(k) Plans"), that are qualified under U.S. tax laws. For the 401(k) Plans, eligible employees may contribute a percentage of their base salary, subject to certain limitations, and the Company matches a fixed portion of the employees’ contributions. In addition, the Company also amended the MMC 401(k) Plan for most of its U.S. employees to add an automatic Company contribution equal to 4% of eligible base pay beginning on January 1, 2017. The 401(k) Plans contain an Employee Stock Ownership Plan feature under U.S. tax law. Approximately $580 million of the 401(k) Plans' assets at December 31, 2025 and $737 million at December 31, 2024 were invested in the Company’s common stock. If a participant does not choose an investment direction for their future contributions, they are automatically invested in a BlackRock LifePath Portfolio that most closely matches the participant’s expected retirement year. The cost of these defined contribution plans w as $208 million in 2025, $188 million in 2024 and $173 million in 2023. In addition, the Company has significant defined contribution plans in the U.K. Effective August 1, 2014, a newly formed defined contribution plan replaced the existing defined contribution and defined benefit plans with regard to future service. In addition, the Company assumed responsibility for the defined contribution section of the JLT U.K. plan. Members of the JLT U.K. plan defined contribution section transferred to the MMC U.K. Pension Fund defined contribution section in 2021. The cost of the U.K. defined contribution plan was $183 million, $170 million and $158 million in 2025, 2024 and 2023, respectively.

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