v3.25.4
Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Weighted Average Actuarial Assumptions Utilized Defined Benefit 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
 2025202420252024
Weighted average assumptions:
Discount rate (for expense)5.36 %4.95 %5.07 %5.26 %
Expected return on plan assets5.43 %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 benefit 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 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
2025202420252024
Weighted average assumptions:
Discount rate (for expense)5.76 %5.52 %5.52 %5.34 %
Expected return on plan assets6.49 %6.49 %— — 
Discount rate (for benefit obligation)5.61 %5.76 %5.10 %5.52 %
Non-U.S. Pension
Benefits		Non-U.S.
Post-retirement Benefits
2025202420252024
Weighted average assumptions:
Discount rate (for expense)5.09 %4.59 %4.90 %5.22 %
Expected return on plan assets4.92 %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 %— — 
Schedule of Components of Net Periodic Benefit Cost for U.S. Defined Benefit and Other Postretirement Benefit Plans
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. PlansPension
Benefits		Post-retirement
Benefits
For the Years Ended December 31,
(In millions)202520242023202520242023
Service cost$28 $23 $23 $— $— $— 
Interest cost592 579 599 3 3 3 
Expected return on plan assets(842)(876)(860)— — — 
Amortization of prior service1 1 — — (2)(2)
Recognized actuarial loss (gain)42 31 22 (1)(6)(3)
Net periodic benefit (credit) cost(179)(242)(216)2 (5)(2)
Settlement loss11 2 2 — — — 
Net benefit (credit) cost$(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. PlansPension
Benefits		Post-retirement
Benefits
For the Years Ended December 31,
(In millions)202520242023202520242023
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)
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 onlyPension
Benefits		Post-retirement
Benefits
For the Years Ended December 31,
(In millions)202520242023202520242023
Service cost$1 $— $— $— $— $— 
Interest cost253 $250 260 1 1 1 
Expected return on plan assets(293)(303)(311)— — — 
Recognized actuarial loss (gain)24 21 19 — (1)(2)
Net periodic benefit (credit) cost(15)(32)(32)1 — (1)
Settlement loss1 — — — — — 
Net benefit (credit) cost$(14)$(32)$(32)$1 $— $(1)
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)202520242023202520242023
Service cost$27 $23 $23 $— $— $— 
Interest cost339 329 339 2 2 2 
Expected return on plan assets(549)(573)(549)— — — 
Amortization of prior service credit1 1 — — (2)(2)
Recognized actuarial loss18 10 3 (1)(5)(1)
Net periodic benefit (credit) cost(164)(210)(184)1 (5)(1)
Settlement loss10 2 2 — — — 
Net benefit (credit) cost$(154)$(208)$(182)$1 $(5)$(1)
Schedule of MMC's Defined Benefit Plans and Postretirement 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)2025202420252024
Change in benefit obligation:
Benefit obligation at beginning of year$4,594 $4,690 $17 $20 
Service cost1 — — — 
Interest cost253 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 assets323 95 — — 
Employer contributions38 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)$2 
Cumulative employer contributions in excess of (less than) net benefit (credit) cost966 896 (13)(17)
Net amount recognized in consolidated balance sheets$(471)$(532)$(14)$(15)
Accumulated benefit obligation, December 31$4,576 $4,577 $— $— 
(a)Includes plans from the acquisition of McGriff in 2024.
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)2025202420252024
Change in benefit obligation:
Benefit obligation at beginning of year$6,834 $7,521 $46 $40 
Service cost27 23 — — 
Interest cost339 329 2 2 
Employee contributions3 3 — — 
Plan combination3 — — — 
Actuarial (gain) loss(244)(423)(1)9 
Plan amendments— (2)— — 
Effect of settlement(28)(16)— — 
Benefits paid(372)(365)(3)(3)
Foreign currency changes539 (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 combination4 — — — 
Actual return on plan assets180 (259)— — 
Effect of settlement(28)(16)— — 
Employer contributions44 59 3 3 
Employee contributions3 3 — — 
Benefits paid(372)(365)(3)(3)
Foreign currency changes657 (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) cost5,793 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 $— $— 
Schedule of Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss)
U.S. Pension
Benefits		U.S. Post-retirement
Benefits
(In millions)2025202420252024
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive income (loss):
Beginning balance$(1,427)$(1,347)$2 $4 
Recognized as component of net benefit cost (credit)24 21 — — 
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Liability experience(63)107 (3)(2)
Asset experience30 (208)— — 
Total gain recognized as change in plan assets and benefit obligations(33)(101)(3)(2)
Net actuarial (loss) gain, December 31$(1,436)$(1,427)$(1)$2 
Non-U.S. Pension
Benefits		Non-U.S.
Post-retirement Benefits
(In millions)2025202420252024
Reconciliation of prior service (cost) credit recognized in accumulated other comprehensive (loss) income:
Beginning balance$(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)$(14)$— $1 
Non-U.S. Pension
Benefits		Non-U.S.
Post-retirement Benefits
(In millions)2025202420252024
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive (loss) income:
Beginning balance$(3,519)$(3,219)$3 $17 
Recognized as component of net benefit cost (credit):
Amortization of net gain (loss) 18 10 (1)(5)
Effect of settlement10 2 — — 
Total recognized as component of net benefit cost (credit)28 12 (1)(5)
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Liability experience244 423 1 (9)
Asset experience(373)(831)— — 
Total amount recognized as change in plan assets and benefit obligations(129)(408)1 (9)
Exchange rate adjustments(277)96 — — 
Net actuarial (loss) gain, December 31$(3,897)$(3,519)$3 $3 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
For the Years Ended December 31,U.S. Pension
Benefits		U.S. Post-retirement
Benefits
(In millions)202520242023202520242023
Total recognized in net benefit (credit) cost and other comprehensive (income) loss $(6)$48 $(105)$4 $2 $3 
For the Years Ended December 31,Non-U.S. Pension
Benefits		Non-U.S.
Post-retirement Benefits
(In millions)202520242023202520242023
Total recognized in net benefit (credit) cost and other comprehensive (income) loss$224 $89 $429 $2 $11 $(9)
Schedule of Estimated Future Benefit Payments for its Pension and Postretirement Benefits
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 $17 
Schedule of the U.S. and Non-U.S. Plans Investments Measured at Fair Value on a Recurring Basis
The following table sets forth, by level within the fair value hierarchy, a summary of the U.S. and non-U.S. plans' investments measured at fair value on a recurring basis at December 31, 2025 and 2024:
Fair Value Measurements at December 31, 2025
Assets
(In millions)
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		NAVTotal
Common/collective trusts$— $— $— $3,330 $3,330 
Corporate obligations— 1,458 — — 1,458 
Corporate stocks86 53 1 — 140 
Private equity/partnerships— — — 1,222 1,222 
Government securities16 3,018 — — 3,034 
Real estate— — — 57 57 
Short-term investment funds774 — — — 774 
Company common stock186 — — — 186 
Insurance group annuity contracts— — 2,722 — 2,722 
Other investments33 56 253 — 342 
Total investments1,095 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)		NAVTotal
Common/collective trusts$2 $— $— $3,226 $3,228 
Corporate obligations— 2,675 — — 2,675 
Corporate stocks339 35 1 — 375 
Private equity/partnerships— — — 1,295 1,295 
Government securities20 4,559 — — 4,579 
Real estate— — — 57 57 
Short-term investment funds292 — — — 292 
Company common stock212 — — — 212 
Insurance group annuity contracts— — 164 — 164 
Other investments9 13 249 — 271 
Total investments874 7,282 414 4,578 13,148 
Net derivative liabilities— (449)(124)— (573)
Net investments$874 $6,833 $290 $4,578 $12,575 
Schedule of Changes in the Fair Value of the Plans' Level 3 Assets
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		PurchasesSalesSettlementsUnrealized
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 contracts164 2,468 — (75)92 — 73 — 2,722 
Other investments249 14 (20)—(20)— 30 — 253 
Total investments414 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		PurchasesSalesSettlementsUnrealized
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 contracts185 — — (13)(18)— 10 — 164 
Other investments251 17 (18)—16 — (17)— 249 
Total investments437 17 (18)(13)(2)— (7)— 414 
Net derivative liabilities(134)— — — 8 — 2 — (124)
Net investments$303 $17 $(18)$(13)$6 $— $(5)$— $290