XML 51 R38.htm IDEA: XBRL DOCUMENT v3.24.0.1
Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
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
 2023202220232022
Weighted average assumptions:
Discount rate (for expense)5.16 %2.28 %4.92 %2.36 %
Expected return on plan assets5.31 %4.57 %— — 
Rate of compensation increase (for expense) *3.16 %3.34 %— — 
Discount rate (for benefit obligation)4.95 %5.16 %5.26 %4.92 %
Rate of compensation increase (for benefit obligation) *3.16 %3.16 %— — 
(*) There are no rate of compensation increase assumptions for the U.S. defined benefit plans since 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
2023202220232022
Weighted average assumptions:
Discount rate (for expense)5.53 %3.00 %5.31 %2.56 %
Expected return on plan assets6.49 %6.88 %— — 
Discount rate (for benefit obligation)5.52 %5.53 %5.34 %5.31 %
Non-U.S. Pension
Benefits		Non-U.S.
Post-retirement Benefits
2023202220232022
Weighted average assumptions:
Discount rate (for expense)4.89 %1.89 %4.73 %2.28 %
Expected return on plan assets4.74 %3.64 %— — 
Rate of compensation increase (for expense)3.16 %3.34 %— — 
Discount rate (for benefit obligation)4.59 %4.89 %5.22 %4.73 %
Rate of compensation increase (for benefit obligation)3.16 %3.16 %— — 
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 2023, 2022 and 2021 are as follows:
Combined U.S. and significant non-U.S. PlansPensionPost-retirement
For the Years Ended December 31,BenefitsBenefits
(In millions)202320222021202320222021
Service cost$23 $28 $38 $— $— $1 
Interest cost599 389 341 3 3 2 
Expected return on plan assets(860)(778)(832)— — — 
Amortization of prior service— 1 — (2)(2)(2)
Recognized actuarial loss (gain)22 149 206 (3)1 1 
Net periodic benefit (credit) cost(216)(211)(247)(2)2 2 
Curtailment loss— — 2 — — — 
Settlement loss2 2 5 — — — 
Net benefit (credit) cost$(214)$(209)$(240)$(2)$2 $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)202320222021202320222021
Compensation and benefits expense $23 $28 $38 $— $— $1 
Other net benefit (credit) cost(237)(237)(278)(2)2 1 
Net benefit (credit) cost$(214)$(209)$(240)$(2)$2 $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)202320222021202320222021
Interest cost$260 $193 $184 $1 $1 $1 
Expected return on plan assets(311)(336)(327)— — — 
Recognized actuarial loss (gain)19 74 90 (2)— (1)
Net benefit (credit) cost$(32)$(69)$(53)$(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)202320222021202320222021
Service cost$23 $28 $38 $— $— $1 
Interest cost339 196 157 2 2 1 
Expected return on plan assets(549)(442)(505)— — — 
Amortization of prior service credit— 1 — (2)(2)(2)
Recognized actuarial loss3 75 116 (1)1 2 
Net periodic benefit (credit) cost(184)(142)(194)(1)1 2 
Settlement loss2 2 5 — — — 
Curtailment loss— — 2 — — — 
Net benefit (credit) cost$(182)$(140)$(187)$(1)$1 $2 
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)2023202220232022
Change in benefit obligation:
Benefit obligation at beginning of year$4,876 $6,594 $22 $28 
Interest cost260 193 1 1 
Employee contributions— — 3 3 
Actuarial (gain) loss(20)(1,625)2 (3)
Benefits paid(426)(286)(8)(7)
Benefit obligation, December 31$4,690 $4,876 $20 $22 
Change in plan assets:
Fair value of plan assets at beginning of year$4,276 $5,537 $2 $2 
Actual return on plan assets351 (1,005)— — 
Employer contributions33 30 5 4 
Employee contributions— — 3 3 
Benefits paid(426)(286)(8)(7)
Fair value of plan assets, December 31$4,234 $4,276 $2 $2 
Net funded status, December 31$(456)$(600)$(18)$(20)
Amounts recognized in the consolidated balance sheets:
Current liabilities$(31)$(31)$(1)$(1)
Non-current liabilities(425)(569)(17)(19)
Net liability recognized, December 31$(456)$(600)$(18)$(20)
Amounts recognized in other comprehensive income (loss):
Prior service (cost)$(1)$(1)$— $— 
Net actuarial (loss) gain(1,347)(1,419)4 8 
Total recognized accumulated other comprehensive (loss) income, December 31$(1,348)$(1,420)$4 $8 
Cumulative employer contributions in excess of (less than) net benefit (credit) cost892 820 (22)(28)
Net amount recognized in consolidated balance sheet$(456)$(600)$(18)$(20)
Accumulated benefit obligation, December 31$4,690 $4,876 $— $— 
The following tables provide information concerning the Company’s non-U.S. defined benefit pension and post-retirement benefit plans:
Non-U.S. Pension BenefitsNon-U.S.
Post-retirement Benefits
(In millions)2023202220232022
Change in benefit obligation:
Benefit obligation at beginning of year$6,886 $12,057 $48 $68 
Service cost23 28 — — 
Interest cost339 196 2 2 
Employee contributions3 3 — — 
Plan combination— 2 — — 
Actuarial loss (gain)226 (3,953)(10)(14)
Effect of settlement(15)(22)— — 
Benefits paid(352)(342)(2)(2)
Foreign currency changes411 (1,083)2 (6)
Benefit obligation, December 31$7,521 $6,886 $40 $48 
Change in plan assets:
Fair value of plan assets at beginning of year$8,764 $13,855 $— $— 
Plan combination— 1 — — 
Actual return on plan assets358 (3,609)— — 
Effect of settlement(15)(22)— — 
Company contributions78 139 2 2 
Employee contributions3 3 — — 
Benefits paid(352)(342)(2)(2)
Foreign currency changes472 (1,261)— — 
Fair value of plan assets, December 31$9,308 $8,764 $— $— 
Net funded status, December 31$1,787 $1,878 $(40)$(48)
Amounts recognized in the consolidated balance sheets:
Non-current assets$2,050 $2,127 $— $— 
Current liabilities(7)(6)(3)(3)
Non-current liabilities(256)(243)(37)(45)
Net asset (liability) recognized, December 31$1,787 $1,878 $(40)$(48)
Amounts recognized in other comprehensive loss:
Prior service (cost) credit$(17)$(16)$3 $5 
Net actuarial (loss) gain(3,219)(2,610)17 6 
Total recognized accumulated other comprehensive (loss) income, December 31$(3,236)$(2,626)$20 $11 
Cumulative employer contributions in excess of (less than) net benefit (credit) cost5,023 4,504 (60)(59)
Net asset (liability) recognized in consolidated balance sheets, December 31$1,787 $1,878 $(40)$(48)
Accumulated benefit obligation, December 31$7,396 $6,776 $— $— 
Schedule of Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss)
U.S. Pension
Benefits		U.S. Post-retirement
Benefits
(In millions)2023202220232022
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive income (loss):
Beginning balance$(1,419)$(1,777)$8 $3 
Recognized as component of net benefit cost (credit)19 74 (2)— 
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Other(7)— — 2 
Liability experience20 1,625 (2)3 
Asset experience40 (1,341)— — 
Total gain recognized as change in plan assets and benefit obligations53 284 (2)5 
Net actuarial (loss) gain, December 31$(1,347)$(1,419)$4 $8 
Non-U.S. Pension
Benefits		Non-U.S.
Post-retirement Benefits
(In millions)2023202220232022
Reconciliation of prior service (cost) credit recognized in accumulated other comprehensive income (loss):
Beginning balance$(16)$(18)$5 $7 
Recognized as component of net benefit (credit) cost:
Amortization of prior service credit— — (2)(2)
Total recognized as component of net benefit (credit) cost— — (2)(2)
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Exchange rate adjustments(1)2 — — 
Prior service (cost) credit, December 31$(17)$(16)$3 $5 
Non-U.S. Pension
Benefits		Non-U.S.
Post-retirement Benefits
(In millions)2023202220232022
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive (loss) income:
Beginning balance$(2,610)$(2,904)$6 $(10)
Recognized as component of net benefit (credit) cost:
Amortization of net loss (gain)3 75 (1)1 
Effect of settlement2 2 — — 
Total recognized as component of net benefit cost (credit)5 77 (1)1 
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Liability experience(226)3,953 10 14 
Asset experience(191)(4,051)— — 
Total amount recognized as change in plan assets and benefit obligations(417)(98)10 14 
Exchange rate adjustments(197)315 2 1 
Net actuarial (loss) gain, December 31$(3,219)$(2,610)$17 $6 
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)202320222021202320222021
Total recognized in net benefit (credit) cost and other comprehensive (income) loss $(105)$(427)$(722)$3 $(4)$— 
For the Years Ended December 31,Non-U.S. Pension
Benefits		Non-U.S.
Post-retirement Benefits
(In millions)202320222021202320222021
Total recognized in net benefit (credit) cost and other comprehensive (income) loss$429 $(436)$(745)$(9)$(13)$(2)
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.
2024$316 $380 $3 $3 
2025$327 $367 $3 $3 
2026$338 $377 $2 $3 
2027$342 $390 $2 $3 
2028$344 $404 $2 $3 
2029-2033$1,719 $2,227 $7 $14 
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, 2023 and 2022:
Fair Value Measurements at December 31, 2023
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$43 $— $— $3,535 $3,578 
Corporate obligations— 2,806 — — 2,806 
Corporate stocks227 37 1 — 265 
Private equity/partnerships— — — 1,444 1,444 
Government securities23 5,077 — — 5,100 
Real estate— — — 63 63 
Short-term investment funds488 — — — 488 
Company common stock189 — — — 189 
Other investments7 14 302 — 323 
Total investments$977 $7,934 $303 $5,042 $14,256 
Net derivative liabilities— (804)— — (804)
Net investments$977 $7,130 $303 $5,042 $13,452 
  
Fair Value Measurements at December 31, 2022
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$43 $— $— $3,995 $4,038 
Corporate obligations— 2,402 — — 2,402 
Corporate stocks527 36 1 — 564 
Private equity/partnerships— — — 1,433 1,433 
Government securities15 4,662 — — 4,677 
Real estate— — — 261 261 
Short-term investment funds609 3 — — 612 
Company common stock331 — — — 331 
Other investments10 11 308 — 329 
Total investments$1,535 $7,114 $309 $5,689 $14,647 
Net derivative liabilities— (1,605)— — (1,605)
Net investments$1,535 $5,509 $309 $5,689 $13,042 
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, 2023 and December 31, 2022:
Assets
(In millions)
Fair Value,
January 1, 2023		PurchasesSalesUnrealized
Gain/
(Loss)		Realized
Gain/
(Loss)		Exchange
Rate
Impact		Transfers
in/(out)
and
Other		Fair
Value, December 31, 2023
Other investments$308 $16 $(15)$(21)$— $14 $— $302 
Corporate stocks1 — — — — — — 1 
Total assets$309 $16 $(15)$(21)$— $14 $— $303 
Assets
(In millions)
Fair Value,
January 1, 2022		PurchasesSalesUnrealized
Gain/
(Loss)		Realized
Gain/
(Loss)		Exchange
Rate
Impact		Transfers
in/(out)
and
Other 		Fair
Value, December 31, 2022
Other investments$662 $18 $(19)$(302)$— $(51)$— $308 
Corporate stocks1 — — — — — — 1 
Total assets$663 $18 $(19)$(302)$— $(51)$— $309