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Stock Benefit Plans (Tables)
 12 Months Ended
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:
202320222021
Risk-free interest rate4.11 %1.88 %0.79 %
Expected life (in years)5.85.86.0
Expected volatility22.59 %22.58 %23.45 %
Expected dividend yield1.44 %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 Rate4.44 %
Dividend Yield1.4 %
Volatility28.0 %
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:
SharesWeighted
Average 
Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic Value
($000)
Balance at January 1, 20237,533,045 $99.18 
Granted699,662 $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 UnitsPerformance Stock Units
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
Non-vested balance at January 1, 20234,182,695 $135.01 638,978 $133.36 
Granted1,939,993 $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, 20233,923,668 $152.60 591,337$146.17