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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2011	Feb. 17, 2012	Jun. 30, 2011
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Trading Symbol	MMC
Entity Registrant Name	MARSH & MCLENNAN COMPANIES, INC.
Entity Central Index Key	0000062709
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		543,417,064
Entity Public Float			$ 16,855,445,252

Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Statement [Abstract]
Revenue	$ 11,526	$ 10,550	$ 9,831
Expense:
Compensation and benefits	6,969	6,465	6,182
Other operating expenses	2,919	3,146	2,871
Operating expenses	9,888	9,611	9,053
Operating Income	1,638	939	778
Interest income	28	20	17
Interest expense	(199)	(233)	(241)
Cost of extinguishment of debt	(72)
Investment income (loss)	9	43	(2)
Income before income taxes	1,404	769	552
Income tax expense	422	204	21
Income from continuing operations	982	565	531
Discontinued operations, net of tax	33	306	(290)
Net income before non-controlling interests	1,015	871	241
Less: Net income attributable to non-controlling interests	22	16	14
Net income attributable to the Company	$ 993	$ 855	$ 227
Basic net income per share
- Continuing operations	$ 1.76	$ 1.01	$ 0.97
- Net income attributable to the Company	1.82	1.56	0.43
Diluted net income per share
- Continuing operations	1.73	1.00	0.96
- Net income attributable to the Company	$ 1.79	$ 1.55	$ 0.42
Weighted average number of shares outstanding
- Basic	542	540	522
- Diluted	551	544	524
Shares outstanding at December 31,	539	541	530

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 2,113	$ 1,894
Receivables
Commissions and fees	2,676	2,544
Advanced premiums and claims	86	96
Income tax receivable	33	323
Other	216	186
Gross receivables	3,011	3,149
Less-allowance for doubtful accounts and cancellations	(105)	(114)
Net receivables	2,906	3,035
Current deferred tax assets	376	177
Other current assets	253	170
Total current assets	5,648	5,276
Goodwill and intangible assets	6,963	6,823
Fixed assets, net	804	822
Pension related assets	39	265
Deferred tax assets	1,205	1,205
Other assets	795	919
Total assets	15,454	15,310
Current liabilities:
Short-term debt	260	8
Accounts payable and accrued liabilities	2,016	1,741
Accrued compensation and employee benefits	1,400	1,294
Accrued income taxes	63	62
Total current liabilities	3,739	3,105
Fiduciary liabilities	4,082	3,824
Less - cash and investments held in a fiduciary capacity	(4,082)	(3,824)
Long-term debt	2,668	3,026
Pension, postretirement and postemployment benefits	1,655	1,211
Liabilities for errors and omissions	468	430
Other liabilities	984	1,123
Commitments and contingencies	0	0
Equity:
Preferred stock, $1 par value, authorized 6,000,000 shares, none issued	0	0
Common stock, $1 par value, authorized 1,600,000,000 shares, issued 560,641,640 shares at December 31, 2011 and December 31, 2010	561	561
Additional paid-in capital	1,156	1,185
Retained earnings	7,949	7,436
Accumulated other comprehensive loss	(3,188)	(2,300)
Non-controlling interests	57	47
Stockholders Equity Subtotal Before Treasury Stock	6,535	6,929
Less – treasury shares, at cost, 21,543,833 shares at December 31, 2011 and 20,132,120 shares at December 31, 2010	(595)	(514)
Total equity	5,940	6,415
Total liabilities and stockholders' equity	$ 15,454	$ 15,310

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2011	Dec. 31, 2010
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	6,000,000	6,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	1,600,000,000	1,600,000,000
Common stock, shares issued	560,641,640	560,641,640
Treasury shares, shares	21,543,833	20,132,120

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Operating cash flows:
Net income before non-controlling interests	$ 1,015	$ 871	$ 241
Adjustments to reconcile net income to cash used for operations:
Goodwill impairment charge			315
Depreciation and amortization of fixed assets and capitalized software	267	291	307
Amortization of intangible assets	65	66	58
Charge for early extinguishment of debt	72
Provision for deferred income taxes	178	16	42
(Gain) loss on investments	(8)	(40)	8
Loss (gain) on disposition of assets	35	(17)	56
Stock option expense	21	18	11
Changes in assets and liabilities:
Net receivables	143	(216)	(81)
Other current assets	(225)	51	(28)
Other assets	(94)	(216)	118
Accounts payable and accrued liabilities	108	(55)	124
Accrued compensation and employee benefits	107	(13)	92
Accrued income taxes	1	32	(95)
Other liabilities	32	(145)	(487)
Effect of exchange rate changes	(12)	79	(41)
Net cash provided by operations	1,705	722	640
Financing cash flows:
Purchase of treasury shares	(361)	(86)
Proceeds from issuance of debt	496		398
Repayments of debt	(11)	(559)	(408)
Payments for early extinguishment of debt	(672)
Purchase of non-controlling interests	(21)	(15)	(24)
Shares withheld for taxes on vested units - treasury shares	(93)	(59)	(33)
Issuance of common stock	162	41	34
Contingent payments for acquisitions	(16)
Distributions to non-controlling interests	(11)
Dividends paid	(480)	(452)	(431)
Net cash used for financing activities	(1,007)	(1,130)	(464)
Investing cash flows:
Capital expenditures	(280)	(271)	(305)
Net sales of long-term investments	62	91	53
Proceeds from sales of fixed assets	3	6	7
Dispositions		1,202	75
Acquisitions	(237)	(492)	(73)
Other, net	(5)	(1)	7
Net cash (used for) provided by investing activities	(457)	535	(236)
Effect of exchange rate changes on cash and cash equivalents	(22)	(10)	152
Decrease in cash and cash equivalents	219	117	92
Cash and cash equivalents at beginning of period	1,894	1,777	1,685
Cash and cash equivalents at end of period	2,113	1,894	1,777
Cash and cash equivalents—reported as discontinued operations	0	0	70
Cash and cash equivalents—continuing operations	$ 2,113	$ 1,894	$ 1,707

Consolidated Statements Of Equity And Comprehensive Income - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Gain (Loss) [Member]	Treasury Shares [Member]	Non-Controlling Interests [Member]
Balance, beginning of year at Dec. 31, 2008		$ 561	$ 1,245	$ 7,237	$ (2,098)	$ (1,223)	$ 38
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to the Company (a)	$ 227			227
Net income attributable to non-controlling interests (e)	(14)						14
Purchase of subsidiary shares from non-controlling interests			(38)				(8)
Change in accrued stock compensation costs			54
Foreign currency translation adjustments (b)	346				346
Dividend equivalents paid				(14)
Issuance of shares under stock compensation plans and employee stock purchase plans and related tax impact			2
Issuance of shares under stock compensation plans and employee stock purchase plans						136
Unrealized investment holding losses, net of reclassification adjustments (c)	(1)				(2)
Dividends declared – (per share amounts: $0.86 in 2011, $0.81 in 2010 and $0.80 in 2009)				(417)
Net changes under benefit plans, net of tax (d)	(417)				(417)
Other changes							(9)
Issuance of shares for acquisitions			(52)			281
Balance, end of period at Dec. 31, 2009	5,863	561	1,211	7,033	(2,171)	(806)	35
Increase (Decrease) in Stockholders' Equity [Roll Forward]
TOTAL COMPREHENSIVE INCOME (LOSS) (a+b+c+d+e)	168
Net income attributable to the Company (a)	855			855
Net income attributable to non-controlling interests (e)	(16)						16
Purchase of subsidiary shares from non-controlling interests
Change in accrued stock compensation costs			6
Foreign currency translation adjustments (b)	(27)				(27)
Dividend equivalents paid				(15)
Issuance of shares under stock compensation plans and employee stock purchase plans and related tax impact			(17)
Issuance of shares under stock compensation plans and employee stock purchase plans						180
Unrealized investment holding losses, net of reclassification adjustments (c)	(7)				(12)
Dividends declared – (per share amounts: $0.86 in 2011, $0.81 in 2010 and $0.80 in 2009)				(437)
Net changes under benefit plans, net of tax (d)	(90)				(90)
Other changes							(4)
Issuance of shares for acquisitions			(15)			198
Purchase of treasury shares						(86)
Balance, end of period at Dec. 31, 2010	6,415	$ 561	1,185	7,436	(2,300)	(514)	47
Increase (Decrease) in Stockholders' Equity [Roll Forward]
TOTAL COMPREHENSIVE INCOME (LOSS) (a+b+c+d+e)	742
Net income attributable to the Company (a)	993			993
Net income attributable to non-controlling interests (e)	(22)						22
Purchase of subsidiary shares from non-controlling interests			(2)				(5)
Change in accrued stock compensation costs			(13)
Foreign currency translation adjustments (b)	(104)				(104)
Dividend equivalents paid				(14)
Issuance of shares under stock compensation plans and employee stock purchase plans and related tax impact			(14)
Issuance of shares under stock compensation plans and employee stock purchase plans						280
Unrealized investment holding losses, net of reclassification adjustments (c)	(4)				(5)
Dividends declared – (per share amounts: $0.86 in 2011, $0.81 in 2010 and $0.80 in 2009)				(466)
Net changes under benefit plans, net of tax (d)	(779)				(779)
Other changes							(7)
Issuance of shares for acquisitions
Purchase of treasury shares						(361)
Balance, end of period at Dec. 31, 2011	5,940		$ 1,156	$ 7,949	$ (3,188)	$ (595)	$ 57
Increase (Decrease) in Stockholders' Equity [Roll Forward]
TOTAL COMPREHENSIVE INCOME (LOSS) (a+b+c+d+e)	$ 127

Consolidated Statements of Equity and Comprehensive Income (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.86	$ 0.81	$ 0.80

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Nature of Operations: Marsh & McLennan Companies, Inc. (“the Company”), a global professional services firm, is organized based on the different services that it offers. Under this organizational structure, the Company’s two segments are Risk and Insurance Services and Consulting.

The Risk and Insurance Services segment provides risk management and insurance broking, reinsurance broking and insurance program management services for businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Company conducts business in this segment through Marsh and Guy Carpenter.

The Consulting segment provides advice and services to the managements of organizations in the area of human resource consulting, comprising retirement and investments, health and benefits, outsourcing and talent; and strategy and risk management consulting, comprising management, economic and brand consulting. The Company conducts business in this segment through Mercer and Oliver Wyman Group.

Acquisitions impacting the Risk and Insurance Services and Consulting segments are discussed in Note 4 to the Consolidated Financial Statements.

On August 3, 2010, the Company completed the sale of Kroll, the Company’s former Risk Consulting & Technology segment, to Altegrity, Inc. (“Altegrity”) for cash consideration of $1.13 billion. In the first quarter of 2010, Kroll completed the sale of Kroll Laboratory Specialists (“KLS”). The gain on the sale of Kroll and related tax benefits and the after-tax loss on the sale of KLS, along with Kroll’s, and KLS’s 2010 comparative results of operations are included in discontinued operations in 2010.

With the sale of Kroll in August 2010, along with previous divestiture transactions between 2008 and 2010, the Company has divested its entire Risk Consulting & Technology segment. The run-off of the Company’s involvement in the Corporate Advisory and Restructuring business (“CARG”), previously part of Risk Consulting & Technology, in which the Company has “continuing involvement” as defined in SEC Staff Accounting Bulletin Topic 5e, is now managed by the Company’s corporate departments. Consequently, the financial results of the CARG businesses are included in “Corporate” for segment reporting purposes.

Principles of Consolidation: The accompanying consolidated financial statements include all wholly-owned and majority-owned subsidiaries. All significant intercompany transactions and balances have been eliminated.

Fiduciary Assets and Liabilities: In its capacity as an insurance broker or agent, the Company collects premiums from insureds and, after deducting its commissions, remits the premiums to the respective insurance underwriters. The Company also collects claims or refunds from underwriters on behalf of insureds. Unremitted insurance premiums and claims proceeds are held by the Company in a fiduciary capacity. Risk and Insurance Services revenue includes interest on fiduciary funds of $47 million, $45 million and $54 million in 2011, 2010 and 2009, respectively. The Consulting segment recorded fiduciary interest income of $4 million in each of 2011 , 2010 and 2009. Since fiduciary assets are not available for corporate use, they are shown in the consolidated balance sheets as an offset to fiduciary liabilities.

Fiduciary assets include approximately $62 million and $283 million of fixed income securities classified as available for sale at December 31, 2011 and 2010, respectively. Unrealized gains or losses from available for sale securities are recorded in other comprehensive income until the securities are disposed of, mature or are recognized as an other than temporary impairment. Unrealized gains, net of tax, on these securities were $2 million and $5 million at December 31, 2011 and 2010, respectively.

Net uncollected premiums and claims and the related payables amounted to $9 billion and $9.1 billion at December 31, 2011 and 2010, respectively. The Company is not a principal to the contracts under which the right to receive premiums or the right to receive reimbursement of insured losses arises. Net

uncollected premiums and claims and the related payables are, therefore, not assets and liabilities of the Company and are not included in the accompanying consolidated balance sheets.

In certain instances, the Company advances premiums, refunds or claims to insurance underwriters or insureds prior to collection. These advances are made from corporate funds and are reflected in the accompanying consolidated balance sheets as receivables.

Revenue: Risk and Insurance Services revenue includes insurance commissions, fees for services rendered and interest income on certain fiduciary funds. Insurance commissions and fees for risk transfer services generally are recorded as of the effective date of the applicable policies or, in certain cases (primarily in the Company's reinsurance broking operations), as of the effective date or billing date, whichever is later. Commissions are net of policy cancellation reserves, which are estimated based on historic and current data on cancellations. Fees for non-risk transfer services provided to clients are recognized over the period in which the services are provided, using a proportional performance model. Fees resulting from achievement of certain performance thresholds are recorded when such levels are attained and such fees are not subject to forfeiture.

As part of the sale of MMC Capital in 2005, the Company retained the right to receive certain performance fees related to the Trident II and Trident III private equity partnerships. The Company has deferred the recognition of such performance fee revenue of $74 million at December 31, 2011. This revenue is based on the investment performance over the life of each private equity fund, and future declines in fund performance from current levels may result in the forfeiture of such revenue. The Company recognizes performance fee revenue when such fees are no longer subject to forfeiture, which for the $74 million noted above, may take a number of years to resolve.

Consulting revenue includes fees paid by clients for advice and services and commissions from insurance companies for the placement of individual and group contracts. Fee revenue for engagements where remuneration is based on time plus out-of-pocket expenses is recognized based on the amount of time consulting professionals expend on the engagement. For fixed fee engagements, revenue is recognized using a proportional performance model. Revenue from insurance commissions not subject to a fee arrangement is recorded over the effective period of the applicable policies. Revenues for asset based fees are recognized on an accrual basis by applying the daily/monthly rate as contractually agreed with the client to the net asset value. On a limited number of engagements, performance fees may also be earned for achieving certain pre-determined performance criteria. Such fees are recognized when the performance criteria have been achieved and agreed to by the client. Expenses incurred by professional staff in the generation of revenue are billed to the client and included in revenue.

Cash and Cash Equivalents: Cash and cash equivalents primarily consist of certificates of deposit and time deposits, with original maturities of three months or less, and money market funds.

Fixed Assets: Fixed assets are stated at cost less accumulated depreciation and amortization. Expenditures for improvements are capitalized. Upon sale or retirement, the cost and related accumulated depreciation and amortization are removed from the accounts and any gain or loss is reflected in income. Expenditures for maintenance and repairs are charged to operations as incurred.

Depreciation of buildings, building improvements, furniture, and equipment is provided on a straight-line basis over the estimated useful lives of these assets. Leasehold improvements are amortized on a straight-line basis over the periods covered by the applicable leases or the estimated useful life of the improvement, whichever is less. The Company periodically reviews long-lived assets for impairment whenever events or changes indicate that the carrying value of assets may not be recoverable.

The components of fixed assets are as follows:



December 31,
(In millions of dollars)	2011			2010
Furniture and equipment	$	1,101		$	1,079
Land and buildings	405			402
Leasehold and building improvements	767			752
	2,273			2,233
Less-accumulated depreciation and amortization	(1,469		)	(1,411		)
	$	804		$	822

Investment Securities: The Company holds investments primarily in private companies and certain private equity funds.

Certain investments, primarily investments in private equity funds, are accounted for under the equity method using a consistently applied three-month lag period adjusted for any known significant changes from the lag period to the reporting date of the Company. The underlying private equity funds follow investment company accounting, where securities within the fund are carried at net asset value. The Company records its proportionate share of the change in fair value of the funds in earnings which amounted to gains/(losses) of $10 million, $32 million and $(6) million in 2011, 2010 and 2009, respectively. Securities recorded using the equity method are included in other assets in the consolidated balance sheets.

The Company has an investment in Trident II limited partnership, a private equity investment fund. At December 31, 2011, the Company’s investment in Trident II was approximately $78 million, reflected in other assets in the consolidated balance sheet. The Company’s maximum exposure to loss is equal to its investment plus any calls on its remaining capital commitment of $67 million. Since this fund is closed to new investments, none of the remaining capital commitment is expected to be called.

Gains or losses recognized in earnings from the investment securities described above are included in investment income (loss) in the consolidated statements of income. Costs related to management of the Company’s investments, including incentive compensation partially derived from investment income and (loss), are recorded in operating expenses.

Goodwill and Other Intangible Assets: Goodwill represents acquisition costs in excess of the fair value of net assets acquired. Goodwill is reviewed at least annually for impairment. The Company performs an annual impairment test for each of its reporting units during the third quarter of each year. When a step 1 test is performed, fair values of the reporting units are estimated using either a market approach or a discounted cash flow model. Carrying values for the reporting units are based on balances at the prior quarter end and include directly identified assets and liabilities as well as an allocation of those assets and liabilities not recorded at the reporting unit level. As discussed in Note 6, during 2011 the Company adopted new accounting guidance that allows companies to assess qualitative factors to determine if a step 1 assessment is necessary. Other intangible assets that are not deemed to have an indefinite life are amortized over their estimated lives and reviewed for impairment upon the occurrence of certain triggering events in accordance with applicable accounting literature. The Company had no indefinite lived identified intangible assets at December 31, 2011 or 2010.

Capitalized Software Costs: The Company capitalizes certain costs to develop, purchase or modify software for the internal use of the Company. These costs are amortized on a straight-line basis over periods ranging from three to ten years. Costs incurred during the preliminary project stage and post implementation stage, are expensed as incurred. Costs incurred during the application development stage are capitalized. Costs related to updates and enhancements are only capitalized if they will result in additional functionality. Capitalized computer software costs of $244 million and $215 million, net of accumulated amortization of $619 million and $572 million at December 31, 2011 and 2010, respectively, are included in Other assets in the consolidated balance sheets.

Legal and Other Loss Contingencies: The Company and its subsidiaries are subject to numerous claims, lawsuits and proceedings including claims for errors and omissions. GAAP requires that a liability be recorded when a loss is both probable and reasonably estimable. Significant management judgement is required to apply this guidance. The Company utilizes case level reviews by inside and outside counsel, an internal actuarial analysis and other analysis to estimate potential losses. The liability is reviewed quarterly and adjusted as developments warrant. In many cases, the Company has not recorded a liability, other than for legal fees to defend the claim, because we are unable, at the present time, to make a determination that a loss is both probable and reasonably estimable. Given the unpredictability of E&O claims and of litigation that could flow from them, it is possible that an adverse outcome in a particular matter could have a material adverse effect on the Company’s businesses, results of operations, financial condition or cash flow in a given quarterly or annual period.

In addition, to the extent that insurance coverage is available, significant management judgment is required to determine the amount of recoveries that are probable of collection under the Company’s various insurance programs.

The legal and other contingent liabilities described above are not discounted.

Income Taxes: The Company's tax rate reflects its income, statutory tax rates and tax planning in the various jurisdictions in which it operates. Significant judgment is required in determining the annual tax rate and in evaluating uncertain tax positions and the ability to realize deferred tax assets.

The Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two-step process. The first step involves recognition. The Company determines whether it is more likely than not that a tax position will be sustained upon tax examination, including resolution of any related appeals or litigation, based on only the technical merits of the position. The technical merits of a tax position derive from both statutory and judicial authority (legislation and statutes, legislative intent, regulations, rulings, and case law) and their applicability to the facts and circumstances of the tax position. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate resolution with a taxing authority.

Uncertain tax positions are evaluated based upon the facts and circumstances that exist at each reporting period. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustments may result, for example, upon resolution of an issue with the taxing authorities, or expiration of a statute of limitations barring an assessment for an issue. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.

Tax law requires items be included in the Company's tax returns at different times than the items are reflected in the financial statements. As a result, the annual tax expense reflected in the consolidated statements of income is different than that reported in the tax returns. Some of these differences are permanent, such as expenses that are not deductible in the returns, and some differences are temporary and reverse over time, such as depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in tax returns in future years for which benefit has already been recorded in the financial statements. Valuation allowances are established for deferred tax assets when it is estimated that future taxable income will be insufficient to use a deduction or credit in that jurisdiction. Deferred tax liabilities generally represent tax expense recognized in the financial statements for which payment has been deferred, or expense for which a deduction has been taken already in the tax return but the expense has not yet been recognized in the financial statements.

Derivative Instruments: All derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income and are

recognized in the income statement when the hedged item affects earnings. Changes in the fair value attributable to the ineffective portion of cash flow hedges are recognized in earnings.

Concentrations of Credit Risk: Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, commissions and fees receivable and insurance recoverables. The Company maintains a policy providing for the diversification of cash and cash equivalent investments and places its investments in a large number of high quality financial institutions to limit the amount of credit risk exposure. Concentrations of credit risk with respect to receivables are generally limited due to the large number of clients and markets in which the Company does business, as well as the dispersion across many geographic areas.

Per Share Data: Under the accounting guidance which applies to the calculation of earnings per share (“EPS”) for share-based payment awards with rights to dividends or dividend equivalents, unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and should be included in the computation of basic and dilutive EPS using the two-class method.

Basic net income per share attributable to the Company and income from continuing operations per share are calculated by dividing the respective after-tax income attributable to common shares by the weighted average number of outstanding shares of the Company’s common stock.

Diluted net income per share attributable to the Company and income from continuing operations per share are calculated by dividing the respective after-tax income attributable to common shares by the weighted average number of outstanding shares of the Company’s common stock, which have been adjusted for the dilutive effect of potentially issuable common shares (excluding those that are considered participating securities). The diluted earnings per share calculation reflects the more dilutive effect of either (a) the two-class method that assumes that the participating securities have not been exercised or (b) the treasury stock method. Reconciliation of the applicable income components used for diluted earnings per share and basic weighted average common shares outstanding to diluted weighted average common shares outstanding is presented below.



Basic EPS Calculation Continuing Operations
(In millions, except per share figures)	2011		2010		2009
Net income from continuing operations	$	982	$	565	$	531
Less: Net income attributable to non-controlling interests	22		16		14
Net income from continuing operations attributable to the Company	960		549		517
Less: Portion attributable to participating securities	6		6		12
Net income attributable to common shares for basic earnings per share	$	954	$	543	$	505
Basic weighted average common shares outstanding	542		540		522



Basic EPS Calculation Net Income
(In millions, except per share figures)	2011		2010		2009
Net income attributable to the Company	$	993	$	855	$	227
Less: Portion attributable to participating securities	6		11		4
Net income attributable to common shares for basic earnings per share	$	987	$	844	$	223
Basic weighted average common shares outstanding	542		540		522



Diluted EPS Calculation Continuing Operations
(In millions, except per share figures)	2011		2010		2009
Net income from continuing operations	$	982	$	565	$	531
Less: Net income attributable to non-controlling interests	22		16		14
Net income from continuing operations attributable to the Company	960		549		517
Less: Portion attributable to participating securities	6		6		12
Net income attributable to common shares for diluted earnings per share	$	954	$	543	$	505
Basic weighted average common shares outstanding	542		540		522
Dilutive effect of potentially issuable common shares	9		4		2
Diluted weighted average common shares outstanding	551		544		524
Average stock price used to calculate common stock equivalents	$	29.40	$	23.76	$	21.44



Diluted EPS Calculation Net Income
(In millions, except per share figures)	2011		2010		2009
Net income attributable to the Company	$	993	$	855	$	227
Less: Portion attributable to participating securities	6		11		4
Net income attributable to common shares for diluted earnings per share	$	987	$	844	$	223
Basic weighted average common shares outstanding	542		540		522
Dilutive effect of potentially issuable common shares	9		4		2
Diluted weighted average common shares outstanding	551		544		524
Average stock price used to calculate common stock equivalents	$	29.40	$	23.76	$	21.44

There were 38.9 million, 43.4 million and 46.4 million stock options outstanding as of December 31, 2011, 2010 and 2009, respectively.

Other Significant Matters Impacting Results in Prior Periods: In June 2010, the Company settled a lawsuit brought by the Alaska Retirement Management Board (“ARMB”) against Mercer. Under the terms of the settlement agreement, Mercer paid $500 million, of which $100 million was covered by insurance, and recognized a charge of $400 million in the second quarter of 2010.

In December 2009, the U.S. District Court for the Southern District of New York approved a settlement of the purported securities class action lawsuit against the Company, Marsh and certain of their former officers based on similar allegations to those made in the NYAG complaint. Without admitting liability or wrongdoing of any kind, the Company agreed to pay $425 million, $205 million of which was covered by insurance and recognized a charge of $220 million in the fourth quarter of 2009. The settlement resolved all of the claims in this lawsuit against the Company, Marsh and the named individuals.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may vary from those estimates.

New Accounting Pronouncements: In June 2011, the FASB issued guidance related to the presentation of Comprehensive Income. The new guidance gives an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other

comprehensive income, and a total amount for comprehensive income. The guidance eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. The guidance does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.

On December 23, 2011, the FASB issued an update that indefinitely defers the provision in this guidance related to the presentation of reclassification adjustments. This new guidance is effective for fiscal and interim periods within those years beginning after December 15, 2011. Other than enhanced disclosure, adoption of this guidance will not have a material affect on the Company’s financial statements.

In December 2009, the FASB issued new guidance related to the Consolidation of Variable Interest Entities (“VIE”). The new guidance focuses on “controlling financial interests” and requires companies to perform qualitative analysis to determine whether they must consolidate a VIE by assessing whether the variable interests give them controlling financial interests in the VIE. This guidance is effective for transfers occurring on or after November 15, 2009. Provisions must be applied in annual reporting periods beginning after November 15, 2009 and interim periods within that annual period. The adoption of the guidance did not have a material impact on the Company’s financial statements.

Also, effective January 1, 2010, the Company adopted new guidance that indefinitely defers the above changes relating to the Company’s interests in entities that have all the attributes of an investment company or for which it is industry practice to apply measurement principles for financial reporting that are consistent with those applied by an investment company. As a result, the guidance discussed in the preceding paragraph did not apply to certain investment management trusts managed by Mercer. Mercer manages approximately $15 billion of assets in trusts or funds for which Mercer’s management or trustee fee is considered a variable interest. Mercer is not the primary beneficiary of these trusts or funds. Mercer’s only variable interest in any of these trusts or funds is its unpaid fees, if any. Mercer’s maximum exposure to loss of its interests is, therefore, limited to collection of its fees.

In January 2011, the Company adopted guidance issued by the FASB on revenue recognition regarding multiple-deliverable revenue arrangements. The adoption of this new guidance did not have a material impact on the Company’s financial statements.

In January 2011, the Company adopted guidance issued by the FASB which establishes a revenue recognition model for contingent consideration that is payable upon the achievement of an uncertain future event, referred to as a milestone. The scope of this guidance is limited to research or development arrangements and requires an entity to record the milestone payment in its entirety in the period received if the milestone meets all the necessary criteria to be considered substantive. However, entities would not be precluded from making an accounting policy election to apply another appropriate accounting policy that results in the deferral of some portion of the arrangement consideration. The adoption of this new guidance did not have a material impact on the Company’s financial statements.

In May 2010, the FASB issued guidance for foreign currency issues and Venezuela’s highly inflationary status. The guidance states that Venezuela’s economy should be considered highly inflationary as of January 1, 2010 and therefore a U.S. dollar reporting entity must remeasure the financial statements of its Venezuelan subsidiaries as if the subsidiaries’ functional reporting currency were the entity’s reporting currency (i.e., the U.S. dollar). Any changes related to the conversion of non-U.S. dollar denominated balance sheet accounts must be recognized in earnings. The adoption of the guidance did not have a material impact on the Company’s financial statements.

Reclassifications: Certain reclassifications have been made to prior year amounts to conform with current year presentation, in particular with regard to separate disclosure of current deferred income tax assets on the consolidated balance sheets.

Supplemental Disclosures

12 Months Ended

Dec. 31, 2011

Supplemental Cash Flow Information [Abstract]

Supplemental Disclosures

The following schedule provides additional information concerning acquisitions, interest and income taxes paid



(In millions of dollars)	2011			2010			2009
Assets acquired, excluding cash	$	214		$	867		$	420
Liabilities assumed	(21		)	(176		)	(24		)
Shares issued (7.6 million and 10.7 million shares in 2010 and 2009, respectively)	—			(183		)	(229		)
Contingent/deferred purchase consideration	(33		)	(81		)	(100		)
Net cash outflow for current year acquisitions	160			427			67
Purchase of other intangibles	4			3			—
Contingent payments from prior years' acquisitions	—			2			6
Deferred purchase consideration from prior years' acquisitions	11			60			—
Subtotal	$	175		$	492		$	73
Cash paid into escrow for future acquisition	62			—			—
Net cash outflow for acquisitions	$	237		$	492		$	73



(In millions of dollars)	2011		2010		2009
Interest paid	$	188	$	232	$	230
Income taxes paid, net of refunds	$	37	$	39	$	219

The Company had non-cash issuances of common stock under its share-based payment plan of $197 million, $182 million and $123 million at December 31, 2011, 2010 and 2009, respectively. The Company recorded stock-based compensation expense related to equity awards of $165 million, $174 million and $193 million for the years ended December 31, 2011, 2010 and 2009, respectively.

The consolidated statement of cash flows includes the cash flow impact of discontinued operations in each cash flow category. The cash flow impact of discontinued operations from the operating, financing and investing cash flow categories is as follows:



For the Year Ended December 31,
(In millions of dollars)	2011		2010			2009
Net cash provided by (used for) operations	$	11	$	(6	)	$	50
Net cash used for investing activities	$	—	$	(14	)	$	(42	)
Effect of exchange rate changes on cash and cash equivalents	$	—	$	(2	)	$	5

The information above excludes the cash flow impacts of actual disposal transactions related to discontinued operations because the Company believes these transactions to be cash flows attributable to the parent company, arising from its decision to dispose of the discontinued operation. In 2010, the Company’s cash flow reflects cash provided by investing activities of $1.13 billion from the disposal of Kroll and $110 million related to the disposition of KLS and in 2009, $75 million primarily from the disposal of Kroll Government Services (“KGS”).

An analysis of the allowance for doubtful accounts is as follows:



For the Year Ended December 31,
(In millions of dollars)	2011			2010			2009
Balance at beginning of year	$	114		$	107		$	93
Provision charged to operations	11			20			23
Accounts written-off, net of recoveries	(21		)	(26		)	(14		)
Effect of exchange rate changes and other	1			13			5
Balance at end of year	$	105		$	114		$	107

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2011

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

The components of comprehensive income are as follows:



For the Year Ended December 31,
(In millions of dollars)	2011			2010			2009
Foreign currency translation adjustments, net of income tax expense (credit) ($4, $(7) and $54 in 2011, 2010 and 2009, respectively)	$	(104	)	$	(27	)	$	346
Unrealized investment holding losses, net of income tax credit ($4, $2 and $2 in 2011, 2010, and 2009, respectively)	(4		)	(7		)	(1		)
Less: Reclassification adjustment for realized (gains) included in net income, net of income tax expense of $0, $3 and $1 in 2011, 2010 and 2009, respectively	(1		)	(5		)	(1		)
(Losses) gains related to pension/retiree plans, net of income tax credits ($335, $56 and $172 in 2011, 2010 and 2009, respectively)	(779		)	(90		)	(417		)
Other comprehensive (loss) income	(888		)	(129		)	(73		)
Net income before non-controlling interests	1,015			871			241
Comprehensive income before non-controlling interests	127			742			168
Less: Comprehensive income attributable to non-controlling interests	(22		)	(16		)	(14		)
Comprehensive income attributable to the Company	$	105		$	726		$	154

The components of accumulated other comprehensive income (loss) are as follows:



As of December 31,
(In millions of dollars)	2011			2010
Foreign currency translation adjustments (net of deferred tax liability of $14 and $10 in 2011 and 2010, respectively)	$	(42	)	$	62
Net unrealized investment gains (net of deferred tax liability of $1 and $5 in 2011 and 2010, respectively)	6			11
Net charges related to pension / retiree plans (net of deferred tax asset of $1,508 and $1,173 in 2011 and 2010, respectively)	(3,152		)	(2,373		)
	$	(3,188	)	$	(2,300	)

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section 45
-Paragraph 11
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Acquisitions

12 Months Ended

Dec. 31, 2011

Acquisitions [Abstract]

Acquisitions

During 2011 the Company made seven acquisitions in its Risk and Insurance Services segment and five in its Consulting segment. In January 2011, Marsh acquired RJF Agencies, Inc., an independent insurance broking firm in the Midwest. In February 2011, Marsh acquired Hampton Roads Bonding, a surety bonding agency for commercial, road, utility, maritime and government contractors in the state of Virginia, and the Boston office of Kinloch Consulting Group, Inc. In July 2011, Marsh acquired Prescott Pailet Benefits, an employee benefits broker in the state of Texas. In October 2011, Marsh acquired the employee benefits division of Kaeding, Ernst & Co, a Massachusetts-based employee benefits, life insurance and financial planning consulting firm. In November 2011, Marsh acquired Gallagher & Associates, Inc., a property and casualty insurance agency based in Minnesota. In November 2011, Marsh acquired Seitlin Insurance, an insurance firm based in South Florida. These acquisitions were made to expand Marsh’s share in the middle-market through Marsh & McLennan Agency.

In January 2011, Mercer acquired Hammond Associates, an investment consulting company for endowments and foundations in the U.S. In June 2011, Mercer acquired Evaluation Associates LLC, an investment consulting firm. In July 2011, Mercer acquired Mahoney Associates, a health and benefits advisory firm based in South Florida. In August 2011, Mercer acquired Censeo Corporation, a human resource consulting firm based in Florida. In December 2011, Mercer acquired Alicia Smith & Associates, a Medicaid policy consulting firm based in Washington, D.C.

Total purchase consideration for the 2011 acquisitions was $197 million which consisted of cash paid of $164 million and deferred and estimated contingent consideration of $33 million. Contingent consideration arrangements are primarily based on EBITDA and revenue targets over two to four years. The fair value of the contingent consideration was based on projected revenue and earnings of the acquired entities. Estimated fair values of assets acquired and liabilities assumed are subject to adjustment when purchase accounting is finalized. The Company also paid $27 million of deferred purchase and contingent consideration related to acquisitions made in prior years. In addition, the Company paid $4 million to purchase other intangible assets during 2011.

In the second quarter of 2011, Marsh acquired the remaining minority interest of a previously majority owned entity for total purchase consideration of $8 million and accounted for this acquisition under the accounting guidance for consolidations and non-controlling interests. This guidance requires that changes in a parent’s ownership interest while retaining financial controlling interest in a subsidiary be accounted for as an equity transaction. Stepping up the acquired assets to fair value or the recording of goodwill is not permitted. Therefore, the Company recorded a decrease to additional paid-in capital in 2011 of $2 million related to this transaction.

In the first quarter of 2011, the Company paid deferred purchase consideration of $13 million related to the purchase in 2009 of the minority interest of a previously controlled entity.

The following table presents the preliminary allocation of the acquisition cost to the assets acquired and liabilities assumed, based on their fair values (amounts in millions):



Cash	$	164
Deferred/Contingent consideration	33
Total Consideration	$	197
Allocation of purchase price:
Cash and cash equivalents	$	4
Accounts receivable, net	8
Other current assets	—
Property, plant, and equipment	3
Other assets	1
Intangible assets	80
Goodwill	122
Total assets acquired	218
Current liabilities	14
Other liabilities	7
Total liabilities assumed	21
Net assets acquired	$	197

Prior Year Acquisitions

The Company made six acquisitions in its Risk and Insurance Services segment and two acquisitions in its Consulting segment during 2010.

In the first quarter of 2010, the Company acquired Haake Companies, Inc., an independent insurance broking firm in the Midwest, and Thomas Rutherfoord, Inc., an insurance broking firm in the Southeast and mid-Atlantic regions in the U.S. In the second quarter of 2010, Marsh completed the acquisition of HSBC Insurance Brokers Ltd. ("HIBL"). This transaction deepens Marsh’s presence in the U.K., Hong Kong, Singapore, China and the Middle East. As part of the acquisition agreement, Marsh also entered into a strategic partnership with HSBC Bank that gives the Company preferred access to provide insurance broking and risk management services to HSBC and their corporate and private clients. Also in the second quarter, Marsh & McLennan Agency acquired the Bostonian Group, a regional insurance brokerage in New England. In the fourth quarter of 2010, Marsh acquired Strategic Benefits Solutions, Inc., a benefits brokerage and consulting firm located in the Southeast region of the U.S., and Trion Group, Inc., a provider of brokerage and administrative services. Each of these acquisitions, except HIBL, were made to expand Marsh’s share in the middle-market through Marsh & McLennan Agency.

In July 2010, Mercer acquired IPA, a provider of health and benefit record-keeping and employee enrollment technology. In August 2010, Mercer acquired ORC Worldwide, a premier provider of HR knowledge, data and solutions for professionals in numerous industries.

Total purchase consideration for the eight acquisitions made during the year of 2010 was $754 million which consisted of cash paid of $490 million, the issuance of 7.6 million shares with a fair value of $183 million, and estimated contingent consideration of $81 million. Contingent consideration arrangements are primarily based on EBITDA and revenue targets over two to four years. The fair value of the contingent consideration was based on earnings projections of the acquired entities. Estimated fair values of assets acquired and liabilities assumed are subject to adjustment when purchase accounting is finalized.

In 2010, the Company also paid $60 million of deferred purchase consideration and $2 million of contingent purchase consideration related to acquisitions made in prior years and $3 million to purchase other intangible assets.

In the first quarter of 2010, the Company paid deferred purchase consideration of $15 million related to the purchase in 2009 of the minority interest of a previously controlled entity.

Pending Acquisitions

In January 2012, Marsh announced that it had acquired Alexander Forbes' South African brokerage operations, including Alexander Forbes Risk Services and related ancillary operations and insurance broking operations in Botswana and Namibia.

Pro-Forma Information

While the Company does not believe its acquisitions are material in the aggregate, the following unaudited pro-forma financial data gives effect to the acquisitions made by the Company during 2011 and 2010. In accordance with accounting guidance related to pro-forma disclosures, the information presented for current year acquisitions is as if they occurred on January 1, 2010. The pro-forma information adjusts for the effects of amortization of acquired intangibles. The unaudited pro-forma financial data is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved if such acquisitions had occurred on the dates indicated, nor is it necessarily indicative of future consolidated results.



	Year Ended December 31,
(In millions, except per share data)	2011		2010		2009
Revenue	$	11,563	$	10,839	$	10,436
Income from continuing operations	$	985	$	580	$	572
Net income attributable to the Company	$	996	$	870	$	268
Basic net income per share:
– Continuing operations	$	1.77	$	1.03	$	1.02
– Net income attributable to the Company	$	1.83	$	1.59	$	0.49
Diluted net income per share:
– Continuing operations	$	1.74	$	1.02	$	1.01
– Net income attributable to the Company	$	1.80	$	1.57	$	0.49

The Consolidated Statements of Income for 2011 include approximately $79 million of revenue and $12 million of net operating income, respectively, related to acquisitions made during 2011.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph F4
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Discontinued Operations

12 Months Ended

Dec. 31, 2011

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

As part of the disposal transactions for Putnam and Kroll, the Company provided certain indemnities, primarily related to pre-transaction tax uncertainties and legal contingencies. In accordance with applicable accounting guidance, liabilities were established related to these indemnities at the time of the sales and reflected as a reduction of the gain on disposal. Discontinued operations includes charges or credits resulting from the settlement or resolution of the indemnified matters, as well as adjustments to the liabilities related to such matters. Discontinued operations in 2011 includes credits of $50 million from the resolution of certain legal matters and insurance recoveries, as well as the settlement of tax audits and the expiration of the statutes of limitations related to certain of the indemnified matters, primarily with respect to Putnam.

Marsh's BPO business, one of seven units within the Marsh Consumer business, provides policy, claims, call center and accounting operations on an outsourced basis to life insurance carriers (herein referred to as the "Marsh BPO" business). Marsh invested in a technology platform that was designed to make the BPO business scalable and more efficient. During 2011, Marsh decided that it would cease investing in the technology platform and instead exit the business via a sale. In the fourth quarter of 2011, management initiated a plan to sell the Marsh BPO business. The Company wrote off capitalized software of the BPO business of $17 million, net of tax, which is included in discontinued operations.

In the first quarter of 2010, Kroll completed the sale of KLS and on August 3, 2010, the Company completed the sale of Kroll to Altegrity.

Kroll’s results of operations are reported as discontinued operations in the Company’s consolidated statements of income. The year ended 2010 also includes the gain on the sale of Kroll and related tax benefits and the loss on the sale of KLS, which includes the tax provision of $36 million on the sale.

The Company’s tax basis in its investment in the stock of Kroll at the time of sale exceeded the recorded amount primarily as a result of prior impairments of goodwill recognized for financial reporting, but not tax. A $265 million deferred tax benefit was recorded in discontinued operations in 2010 as a result of the sale of Kroll.

Summarized Statements of Income data for discontinued operations is as follows:



For the Year Ended December 31,
(In millions of dollars)	2011			2010			2009
Kroll Operations
Revenue	$	—		$	381		$	699
Expense^(a)	—			345			958
Net operating income	—			36			(259		)
Income tax	—			16			24
Income from Kroll operations, net of tax	—			20			(283		)
Other discontinued operations, net of tax	(17		)	(7		)	—
Income (loss) from discontinued operations, net of tax	(17		)	13			(283		)
Disposals of discontinued operations ^(b)	25			58			8
Income tax (credit) expense ^(c)	(25		)	(235		)	15
Disposals of discontinued operations, net of tax	50			293			(7		)
Discontinued operations, net of tax	$	33		$	306		$	(290	)
Discontinued operations, net of tax per share
– Basic	$	0.06		$	0.55		$	(0.54	)
– Diluted	$	0.06		$	0.55		$	(0.54	)


(a)	Includes goodwill impairment charge of $315 million in 2009.


(b)	Includes gain on sale of Kroll and the gain on the sale of KLS in 2010 and a loss on the sale of Kroll Government Services in 2009.


(c)	Includes the provision /(credit) for income taxes relating to the recognition of tax benefits recorded in connection with the sale of Kroll as well as a tax provision of $36 million on the sale of KLS in 2010.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6390789&loc=d3e2443-110228

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

+ Details

Goodwill And Other Intangibles

12 Months Ended

Dec. 31, 2011

Goodwill And Other Intangibles [Abstract]

Goodwill And Other Intangibles

Goodwill and Other Intangibles

The Company is required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. The Company performs the annual impairment test for each of its reporting units during the third quarter of each year. The Company adopted new accounting provisions in the third quarter of 2011. Under this guidance, a company may first assess qualitative factors to determine whether it is necessary to perform the goodwill impairment test. If, as a result of this qualitative assessment, a company determines the fair value of a reporting unit is more likely than not lower than its carrying value, a step 1 impairment assessment must be performed. The Company considered the totality of numerous factors, which included that the fair value of each reporting unit exceeded its carrying value by a substantial margin in its most recent estimate of reporting unit fair values, whether significant acquisitions or dispositions occurred which might alter the fair values of its reporting units, macroeconomic conditions and their potential impact on reporting unit fair values, actual performance compared with budget and prior projections used in its estimation of reporting unit fair values, industry and market conditions, and the year over year change in the Company's share price.

Based on its qualitative evaluation, the Company concluded that a two-step goodwill impairment test was not required in 2011.

The Company completed the sale of Kroll on August 3, 2010. As previously reported, in the second quarter of 2009, Kroll completed the sale of KGS, its U.S. government security clearance screening business. As a result of the sale, the Company allocated goodwill between KGS (the portion of the reporting unit sold) and Kroll (the portion of the reporting unit retained), based on the relative fair value of the two units. In addition, as required under GAAP, the Company evaluated the portion of the reporting unit retained for potential impairment. Fair value was estimated using a market approach, based on management’s latest projections and outlook for the businesses in the current environment. This fair value determination was categorized as Level 3 in the fair value hierarchy. On the basis of the step one impairment test, the Company concluded that goodwill in the reporting unit was impaired. A step two impairment test which under ASC Topic No. 350 (“Intangibles – Goodwill and Other”) is required to be completed after an impairment is indicated in a step one test and requires a complete re-valuation of all assets and liabilities of the reporting units in the same manner as a business combination. The Company recorded a non-cash charge of $315 million to write down Kroll’s goodwill to its estimated fair value in 2009. The charge of $315 million is included in discontinued operations, which also includes the operating results of Kroll.

Other intangible assets that are not deemed to have an indefinite life are amortized over their estimated lives and reviewed for impairment upon the occurrence of certain triggering events in accordance with applicable accounting literature.

Changes in the carrying amount of goodwill are as follows:



(In millions of dollars)	2011		2010
Balance as of January 1, as reported^(a)	$	6,420	$	5,990
Goodwill acquired	124		502
Other adjustments^(b)	18		(72		)
Balance at December 31,	$	6,562	$	6,420


(a)	Amounts in 2010 exclude goodwill and accumulated impairment losses related to Kroll, which were reclassified to discontinued operations.


(b)	Primarily purchase accounting adjustments and foreign exchange.

The goodwill acquired of $124 million in 2011 represents $76 million related to the Risk and Insurance Services segment and $48 million related to the Consulting segment.

Goodwill allocable to the Company’s reportable segments is as follows: Risk and Insurance Services, $4.5 billion and Consulting, $2.1 billion.

Amortized intangible assets consist of the cost of client lists, client relationships and trade names acquired. The gross cost and accumulated amortization is as follows:



	2011						2010
December 31, (In millions of dollars)	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Amortized intangibles	$	666	$	265	$	401	$	615	$	212	$	403

Aggregate amortization expense for the years ended December 31, 2011, 2010 and 2009 was $65 million, $50 million and $26 million, respectively, and the estimated future aggregate amortization expense is as follows:



For the Years Ending December 31,
(In millions of dollars)	Estimated Expense
2012	$	64
2013	59
2014	55
2015	53
2016	40
Subsequent years	130
	$	401

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Income Taxes

For financial reporting purposes, income before income taxes includes the following components:



For the Years Ended December 31,
(In millions of dollars)	2011		2010			2009
Income before income taxes:
U.S.	$	121	$	(296	)	$	(438	)
Other	1,283		1,065			990
	$	1,404	$	769		$	552

The expense (benefit) for income taxes is comprised of:

Income taxes:
Current–
U.S. Federal	$	7	$	(90	)	$	(308	)
Other national governments	289		249			264
U.S. state and local	24		21			15
	320		180			(29		)
Deferred–
U.S. Federal	5		(28		)	16
Other national governments	90		50			39
U.S. state and local	7		2			(5		)
	102		24			50
Total income taxes	$	422	$	204		$	21

The significant components of deferred income tax assets and liabilities and their balance sheet classifications are as follows:



December 31,
(In millions of dollars)	2011		2010
Deferred tax assets:
Accrued expenses not currently deductible	$	559	$	524
Differences related to non-U.S. operations ^(a)	188		310
Accrued retirement & postretirement benefits—non-U.S. operations	164		45
Accrued retirement benefits U.S.	507		344
Net operating losses ^(b)	129		190
Income currently recognized for tax	62		57
Foreign tax credit carryforwards	169		129
Other	114		181
	$	1,892	$	1,780



Deferred tax liabilities:
Unrealized investment holding gains	$	3	$	6
Differences related to non-U.S. operations	99		174
Depreciation and amortization	233		203
Other	9		15
	$	344	$	398


(a)	Net of valuation allowances of $3 million in 2011 and 2010.


(b)	Net of valuation allowances of $46 million and $47 million in 2011 and 2010, respectively.



December 31,
(In millions of dollars)	2011			2010
Balance sheet classifications:
Current assets	$	376		$	177
Other assets	$	1,205		$	1,205
Current liabilities	$	(12	)	$	—
Other liabilities	$	(21	)	$	—

U.S. Federal income taxes are not provided on temporary differences with respect to investments in foreign subsidiaries that are essentially permanent in duration, which at December 31, 2011 amounted to approximately $4.1 billion. The determination of the unrecognized deferred tax liability with respect to these investments is not practicable.

A reconciliation from the U.S. Federal statutory income tax rate to the Company’s effective income tax rate is shown below.



For the Years Ended December 31,	2011		2010		2009
	%		%		%
U.S. Federal statutory rate	35.0		35.0		35.0
U.S. state and local income taxes—net of U.S. Federal income tax benefit	1.6		1.9		1.3
Differences related to non-U.S. operations	(6.5	)	(9.5	)	(15.9	)
Change in Unrecognized Tax Benefits	(0.1	)	(0.2	)	(16.8	)
Other	0.1		(0.7	)	0.2
Effective tax rate	30.1		26.5		3.8

The Company’s consolidated tax rate in 2011 was 30.1% and in 2010 was 26.5%. The tax rate in each year reflects foreign operations, which are taxed at rates lower than the U.S. statutory tax rate.

The Company’s consolidated effective tax rate in 2009 was 3.8%. The tax rate reflects reductions relating to a decrease in the liability for unrecognized tax benefits and foreign operations taxed at rates lower than the U.S. statutory tax rate. The decrease in the liability for unrecognized tax benefits resulted from expiring statutes of limitations, audit settlements, and changes in estimates.

Valuation allowances had net decreases of $1 million and $4 million in 2011 and 2010, respectively. During the respective years, adjustments of the beginning of the year balances of valuation allowances decreased income tax expense by $7 million in 2011 and by $1 million in 2010. None of the cumulative valuation allowances relate to amounts which if realized would increase contributed capital in the future. Approximately 78% of the Company’s net operating loss carryforwards expire from 2012 through 2031, and others are unlimited. The potential tax benefit from net operating loss carryforwards at the end of 2011 comprised state and local, and non-U.S. tax benefits of $93 million and $82 million, respectively, before reduction for valuation allowances. Foreign tax credit carryforwards expire from 2018 through 2021.

The realization of deferred tax assets depends on generating future taxable income during the periods in which the tax benefits are deductible or creditable. The Company and Marsh have been profitable globally. However, tax liabilities are determined and assessed on a legal entity and jurisdictional basis. Certain taxing jurisdictions allow or require combined or consolidated tax filings.

In the United States, certain groups within the Company, which file on a combined basis, were profitable in 2011, but incurred losses in 2009 and 2010, and an entity within Marsh's operations, which files on a separate entity basis incurred a loss in 2009. The Company assessed the realizability of its domestic deferred tax assets, particularly state deferred tax assets of Marsh relating to jurisdictions in which it files separate tax returns, state deferred tax assets of all of the Company's domestic operations related to jurisdictions in which the Company files a unitary or combined state tax return, and foreign tax credit carryforwards in the Company's consolidated U.S. federal tax return. When making its assessment about the realization of its domestic deferred tax assets at December 31, 2011, the Company considered all available evidence, placing particular weight on evidence that could be objectively verified. The evidence considered included (i) the profitability of the Company's U.S. operations in 2011 (ii) the nature, frequency, and severity of current and cumulative financial reporting losses, (iii) actions completed that are designed to reduce capacity and adjust to lower demand in the current economic environment, (iv) profit trends evidenced by continued improvements in the Company's and Marsh's operating performance, (v) the non-recurring nature of some of the items that contributed to the losses, (vi) the carryforward periods for the net operating losses ("NOLs") and foreign tax credit carryforwards, (vii) the sources and timing of future taxable income, giving weight to sources according to the extent to which they can be objectively verified, and (viii) tax planning strategies that would be implemented, if necessary, to accelerate utilization of NOLs. Based on its assessment, the Company concluded that it is more likely than not that a substantial portion of these deferred tax assets are realizable and a valuation allowance was recorded to reduce the domestic tax assets to the amount that the Company believes is more likely than not to be realized. In the event sufficient taxable income is not generated in future periods, additional valuation allowances of up to approximately $240 million could be required relating to these domestic deferred tax assets. The realization of the remaining U.S. federal deferred tax assets is not as sensitive to U.S. profits because it is supported by anticipated repatriation of future annual earnings from the Company’s profitable global operations, consistent with the Company's historical practice. In addition, when making its assessment about the realization of its domestic deferred tax assets at December 31, 2011, the Company continued to assess the realizability of deferred tax assets of certain other entities with a history of recent losses, including other U.S. entities that file separate state tax returns and foreign subsidiaries, and recorded valuation allowances as appropriate.

Following is a reconciliation of the Company’s total gross unrecognized tax benefits for the years ended December 31, 2011, 2010 and 2009:



(In millions of dollars)	2011			2010			2009
Balance at January 1	$	199		$	206		$	293
Additions, based on tax positions related to current year	7			7			8
Additions for tax positions of prior years	39			10			28
Reductions for tax positions of prior years	(91		)	(6		)	(4		)
Reductions due to reclassification of tax indemnifications on sale of Kroll	—			(3		)	—
Settlements	(6		)	(4		)	(4		)
Lapses in statutes of limitation	(5		)	(11		)	(115		)
Balance at December 31	$	143		$	199		$	206

Of the total unrecognized tax benefits at December 31, 2011 and 2010, $102 million and $123 million, respectively, represent the amount that, if recognized, would favorably affect the effective tax rate in any future periods. The total gross amount of accrued interest and penalties at December 31, 2011 and 2010, before any applicable federal benefit, was $17 million and $35 million, respectively.

As discussed in Note 5, the Company has provided certain indemnities related to contingent tax liabilities as part of the disposals of Putnam and Kroll. At December 31, 2011, 2010 and 2009, $14 million, $75 million and $80 million, respectively, included in the chart above, relates to Putnam and Kroll positions included in consolidated Company tax returns. Since the Company remains primarily liable to the taxing authorities for resolution of uncertain tax positions related to consolidated returns, these balances will remain as part of the Company’s consolidated liability for uncertain tax positions. Any future charges or credits that are directly related to the disposal of Putnam and Kroll and the indemnified contingent tax issues, including interest accrued, will be recorded in discontinued operations as incurred. The balance of gross unrecognized tax benefits at January 1, 2010 in the chart above includes balances related to stand alone tax filings of Kroll that were reclassified and are included as part of the fair value liability for contingent tax indemnities following the sale transaction.

The Company is routinely examined by the jurisdictions in which it has significant operations. The Internal Revenue Service (IRS) completed its examination of 2006 through 2008 during the first quarter of 2011 and is currently examining 2009 and 2010. During 2011, the Company was accepted to participate in the IRS Compliance Assurance Process (CAP) which is structured to conduct real-time compliance reviews. The IRS is currently performing a pre-filing review of the Company's 2011 U.S. operations. New York State has examinations underway for various entities covering the years 2003 through 2008. The California appeal for the years 1999 through 2002 was completed in the fourth quarter of 2011 and years 2003 through 2005 are still in appeals. Massachusetts completed its examination of years 2006 through 2007 for various entities during the second quarter of 2011 and the Company is currently in appeals. During 2011, the United Kingdom completed its examination of tax years 2008 through 2009 for various subsidiaries. Canada finalized its examination of tax years 2005 to 2008 and Germany completed the audit of tax years 2004 to 2008. There are no ongoing tax audits in the jurisdictions outside the U.S. in which the company has significant operations. The Company regularly considers the likelihood of assessments in each of the taxing jurisdictions resulting from examinations. The Company has established appropriate liabilities for uncertain tax positions in relation to the potential assessments. The Company believes the resolution of tax matters will not have a material effect on the consolidated financial condition of the Company, although a resolution could have a material impact on the Company's net income or cash flows and on its effective tax rate in a particular future period. It is reasonably possible that the total amount of unrecognized tax benefits will decrease between zero and approximately $80 million within the next twelve months due to settlement of audits and expiration of statutes of limitation.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Retirement Benefits

12 Months Ended

Dec. 31, 2011

Retirement Benefits [Abstract]

Retirement Benefits

The Company maintains qualified and non-qualified defined benefit pension plans for its U.S. and non-U.S. eligible employees. 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 by U.S. law and the laws of the non-U.S. jurisdictions in which the Company offers defined benefit plans.

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 as of the end of the year are as follows:



	Pension Benefits				Postretirement Benefits
	2011		2010		2011		2010
Weighted average assumptions:
Discount rate (for expense)	5.59	%	6.00	%	5.81	%	6.27	%
Expected return on plan assets	8.19	%	8.18	%	—	%	—	%
Rate of compensation increase (for expense)	4.08	%	4.16	%	—	%	—	%
Discount rate (for benefit obligation)	4.91	%	5.59	%	5.05	%	5.84	%
Rate of compensation increase (for benefit obligation)	3.09	%	4.09	%	—	%	—	%

The Company uses actuaries from Mercer, a subsidiary of the Company, to perform valuations of its pension plans. The long-term rate of return assumption is selected for each plan based on the facts and circumstances that exist as of the measurement date, and the specific portfolio mix of each plan’s assets. The Company utilizes a model developed by the Mercer actuaries to assist in the setting of this assumption. The model takes into account several factors, including: actual and target portfolio allocation; investment, administrative and trading expenses incurred directly by the plan trust; historical portfolio performance; relevant forward-looking economic analysis; and expected returns, variances and correlations for different asset classes. These measures are used to determine probabilities using standard statistical techniques to calculate a range of expected returns on the portfolio. The Company generally does not adjust the rate of return assumption from year to year if, at the measurement date, it is within the best estimate range, defined as between the 25^th and 75^th percentile of the expected long-term annual returns in accordance with the “American Academy of Actuaries Pension Practice Council Note May 2001 Selecting and Documenting Investment Return Assumptions” and consistent with Actuarial Standards of Practice No. 27. Historical long-term average asset returns of each plan are also reviewed to determine whether they are consistent and reasonable compared with the best estimate range. The expected return on plan assets is determined by applying the assumed long-term rate of return to the market-related value of plan assets. This market-related value recognizes investment gains or losses over a five-year period from the year in which they occur. Investment gains or losses for this purpose are the difference between the expected return calculated using the market-related value of assets and the actual return based on the market value of assets. Since the market-related value of assets recognizes gains or losses over a five-year period, the future market-related value of the assets will be impacted as previously deferred gains or losses are recorded.

The target asset allocation for the U.S. Plan is 58% equities and equity alternatives and 42% fixed income. At the end of 2011, the actual allocation for the U.S. Plan was 58% equities and equity alternatives and 42% fixed income. The target asset allocation for the U.K. Plan, which comprises approximately 82% of non-U.S. Plan assets, is 58% equities and equity alternatives and 42% fixed income. At the end of 2011, the actual allocation for the U.K. Plan was 53% equities and equity alternatives and 47% fixed income. The assets of the Company's defined benefit plans are well-diversified and are managed in accordance with applicable laws and with the goal of maximizing the plans' real return within acceptable risk parameters. The Company uses threshold-based portfolio rebalancing to ensure the actual portfolio remains consistent with target asset allocation ranges.

The U.S. qualified plan holds eight million shares of the Company’s common stock which were contributed to the Plan by the Company. This represents approximately 7% of that plan’s assets. In addition, plan assets may be invested in funds managed by Mercer Investments.

The discount rate selected for each U.S. plan is based on a model bond portfolio with coupons and redemptions that closely match the expected liability cash flows from the plan. Discount rates for non-U.S. plans are based on appropriate bond indices such as the Markit iBoxx £ Corporates AA 15+ index in the U.K. Projected compensation increases reflect current expectations as to future levels of inflation.

The components of the net periodic benefit cost for defined benefit and other post-retirement plans are as follows:



Combined U.S. and significant non-U.S. Plans	Pension									Postretirement
For the Years Ended December 31,	Benefits									Benefits
(In millions of dollars)	2011			2010			2009			2011			2010			2009
Service cost	$	226		$	197		$	188		$	5		$	4		$	5
Interest cost	609			578			551			13			14			17
Expected return on plan assets	(887		)	(815		)	(788		)	—			—			—
Amortization of prior service credit	(19		)	(21		)	(49		)	(13		)	(13		)	(13		)
Recognized actuarial loss (credit)	215			144			70			(4		)	—			1
Net periodic benefit cost	$	144		$	83		$	(28	)	$	1		$	5		$	10

Plan Assets

For the U.S. plan, 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. Our 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, and (2) to minimize the risk of large losses. Our 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. qualified plan, the category ranges are 53-63% for equities and equity alternatives, and 37-47% for fixed income. For the U.K. Plan, the category ranges are 55-61% for equities and equity alternatives, and 39-45% for fixed income. Asset allocation ranges are evaluated generally every three years. Asset allocation is monitored frequently 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 due 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.

Unrecognized Actuarial Gains/Losses

In accordance with applicable accounting guidance, the funded status of the Company's pension plans are recorded in the consolidated balance sheets and provides for a delayed recognition of actuarial gains or losses arising from changes in the projected benefit obligation due to changes in the assumed discount rates, differences between the actual and expected value of plan assets and other assumption changes. The unrecognized pension plan actuarial gains or losses and prior service costs not yet recognized in net periodic pension cost are recognized in AOCI, net of tax. These gains and losses are amortized prospectively out of AOCI over a period that approximates the average remaining service period of active employees, or for plans in which substantially all the participants are inactive, over the remaining life expectancy of the inactive employees.

U.S. Plans

The following schedules provide information concerning the Company’s U.S. defined benefit pension plans and postretirement benefit plans:



December 31,	U.S. Pension Benefits						U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011			2010
Change in benefit obligation:
Benefit obligation at beginning of year	$	4,041		$	3,629		$	180		$	163
Service cost	83			76			3			3
Interest cost	231			227			8			10
Actuarial (gain) loss	352			270			(20		)	12
Medicare Part D subsidy	—			—			4			3
Benefits paid	(174		)	(161		)	(13		)	(11		)
Benefit obligation at end of year	$	4,533		$	4,041		$	162		$	180
Change in plan assets:
Fair value of plan assets at beginning of year	$	3,444		$	2,959		$	—		$	—
Actual return on plan assets	199			425			—			—
Employer contributions	24			221			9			8
Medicare Part D subsidy	—			—			4			3
Benefits paid	(174		)	(161		)	(13		)	(11		)
Fair value of plan assets at end of year	$	3,493		$	3,444		$	—		$	—
Funded status	$	(1,040	)	$	(597	)	$	(162	)	$	(180	)
Net liability recognized	$	(1,040	)	$	(597	)	$	(162	)	$	(180	)
Amounts recognized in the consolidated balance sheets:
Current liabilities	$	(124	)	$	(23	)	$	(9	)	$	(11	)
Noncurrent liabilities	(916		)	(574		)	(153		)	(169		)
	$	(1,040	)	$	(597	)	$	(162	)	$	(180	)
Amounts not yet recognized in net periodic cost and included in accumulated other comprehensive income:
Unrecognized prior service credit	$	39		$	55		$	13		$	26
Unrecognized net actuarial (loss) gain	(1,695		)	(1,327		)	12			(4		)
Total amounts included in accumulated other comprehensive income	$	(1,656	)	$	(1,272	)	$	25		$	22
Cumulative employer contributions in excess of net periodic cost	616			675			(187		)	(202		)
Net amount recognized in consolidated balance sheet	$	(1,040	)	$	(597	)	$	(162	)	$	(180	)
Accumulated benefit obligation at December 31	$	4,467		$	3,929		$	—		$	—



December 31,	U.S. Pension Benefits						U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011			2010
Reconciliation of unrecognized prior service credit:
Amount disclosed as of prior year-end	$	55		$	73		$	26		$	39
Recognized as component of net periodic benefit credit	(16		)	(18		)	(13		)	(13		)
Amount at end of year	$	39		$	55		$	13		$	26



December 31,	U.S. Pension Benefits						U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011			2010
Reconciliation of unrecognized net actuarial gain (loss):
Amount disclosed as of prior year-end	$	(1,327	)	$	(1,258	)	$	(4	)	$	9
Recognized as component of net periodic benefit cost	100			71			(4		)	—
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Liability experience	(352		)	(269		)	20			(13		)
Asset experience	(116		)	129			—			—
Total gain (loss) recognized as change in plan assets and benefit obligations	(468		)	(140		)	20			(13		)
Amount at end of year	$	(1,695	)	$	(1,327	)	$	12		$	(4	)



For the Years Ended December 31,	U.S. Pension Benefits						U.S. Postretirement Benefits
(In millions of dollars)	2011		2010		2009		2011			2010		2009
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$	467	$	148	$	42	$	(9	)	$	26	$	(7	)

Estimated amounts that will be amortized from accumulated other comprehensive income in the next fiscal year:



	U.S. Pension Benefits			U.S. Postretirement Benefits
(In millions of dollars)	2012			2012
Prior service credit	$	(16	)	$	(12	)
Net actuarial loss (gain)	146			(1		)
Projected cost (credit)	$	130		$	(13	)

The weighted average actuarial assumptions utilized in determining the above amounts for the U.S. defined benefit and other U.S. postretirement plans as of the end of the year are as follows:



	U.S. Pension Benefits				U.S. Postretirement Benefits
	2011		2010		2011		2010
Weighted average assumptions:
Discount rate (for expense)	5.90	%	6.35	%	5.95	%	6.30	%
Expected return on plan assets	8.75	%	8.75	%	—		—
Rate of compensation increase (for expense)	3.90	%	3.90	%	—		—
Discount rate (for benefit obligation)	5.15	%	5.90	%	5.10	%	6.00	%
Rate of compensation increase (for benefit obligation)	2.00	%	3.90	%	—		—

The projected benefit obligation, accumulated benefit obligation and aggregate fair value of plan assets for U.S. pension plans with accumulated benefit obligations in excess of plan assets were $4.5 billion, $4.5 billion and $3.5 billion, respectively, as of December 31, 2011 and $4.0 billion, $3.9 billion and $3.4 billion, respectively, as of December 31, 2010.

The projected benefit obligation for U.S. pension plans with projected benefit obligations in excess of plan assets was $4.5 billion and $3.5 billion, respectively, as of December 31, 2011 and $4.0 billion and $3.4 billion, respectively, as of December 31, 2010.

The components of the net periodic benefit cost for the U.S. defined benefit and other postretirement benefit plans are as follows:



U.S. Plans only	Pension									Postretirement
For the Years Ended December 31,	Benefits									Benefits
(In millions of dollars)	2011			2010			2009			2011			2010			2009
Service cost	$	83		$	76		$	76		$	3		$	3		$	4
Interest cost	231			227			219			8			10			12
Expected return on plan assets	(315		)	(295		)	(293		)	—			—			—
Amortization of prior service credit	(16		)	(18		)	(47		)	(13		)	(13		)	(13		)
Recognized actuarial loss (credit)	100			71			52			(4		)	—			1
Net periodic benefit cost (credit)	$	83		$	61		$	7		$	(6	)	$	—		$	4

In December 2003, the Medicare Prescription Drug, Improvement and Modernization Act of 2003 became law. The net periodic benefit cost shown above for 2011, 2010 and 2009, respectively, includes the subsidy.

The assumed health care cost trend rate for Medicare eligibles is approximately 8.1% in 2011, gradually declining to 4.5% in 2028, and the rate for non-Medicare eligibles is 8% in 2011, gradually declining to 4.5% in 2028. Assumed health care cost trend rates have a small effect on the amounts reported for the U.S. health care plans because the Company caps its share of health care trend at 5%. A one percentage point change in assumed health care cost trend rates would have the following effects:



(In millions of dollars)	1 Percentage Point Increase		1 Percentage Point Decrease
Effect on total of service and interest cost components	$	—	$	(1	)
Effect on postretirement benefit obligation	$	1	$	(16	)

Estimated Future Contributions

On January 3, 2012, the Company contributed $100 million to its U.S. qualified plan. The Company expects to fund approximately $24 million for its U.S. plans for the remainder of 2012. 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. There currently is no ERISA funding requirement for the U.S. qualified plan for 2012.

Non-U.S. Plans

The following schedules provide information concerning the Company’s non-U.S. defined benefit pension plans and non-U.S. postretirement benefit plans



December 31,	Non-U.S. Pension Benefits						Non-U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011			2010
Change in benefit obligation:
Benefit obligation at beginning of year	$	6,802		$	6,354		$	83		$	70
Service cost	143			121			2			1
Interest cost	378			351			5			4
Employee contributions	14			16			—			—
Actuarial loss	575			430			5			11
Plan amendments	(3		)	—			—			—
Effect of settlement	(7		)	(17		)	—			—
Effect of curtailment	(1		)	(2		)	—			—
Special termination benefits	—			1			—			—
Benefits paid	(266		)	(244		)	(4		)	(3		)
Foreign currency changes	66			(208		)	—			—
Newly disclosed plans	16			—			—			—
Benefit obligation at end of year	$	7,717		$	6,802		$	91		$	83
Change in plan assets:
Fair value of plan assets at beginning of year	$	6,741		$	6,183		$	—		$	—
Actual return on plan assets	311			765			—			—
Effect of settlement	(6		)	(17		)	—			—
Company contributions	320			237			4			3
Employee contributions	14			16			—			—
Benefits paid	(266		)	(244		)	(4		)	(3		)
Foreign currency changes	82			(202		)	—			—
Newly disclosed plans	12			—			—			—
Other	(2		)	3			—			—
Fair value of plan assets at end of year	$	7,206		$	6,741		$	—		$	—
Funded status	$	(511	)	$	(61	)	$	(91	)	$	(83	)
Net liability recognized	$	(511	)	$	(61	)	$	(91	)	$	(83	)
Amounts recognized in the consolidated balance sheets:
Non-current assets	$	39		$	265		$	—		$	—
Current liabilities	(106		)	(8		)	(4		)	(4		)
Non-current liabilities	(444		)	(318		)	(87		)	(79		)
	$	(511	)	$	(61	)	$	(91	)	$	(83	)
Amounts not yet recognized in net periodic cost and included in accumulated other comprehensive income:
Unrecognized prior service credit	$	23		$	23		$	1		$	1
Unrecognized net actuarial loss	(3,038		)	(2,305		)	(19		)	(14		)
Total amounts included in AOCI	$	(3,015	)	$	(2,282	)	$	(18	)	$	(13	)
Cumulative employer contributions in excess of net periodic cost	2,504			2,221			(73		)	(70		)
Net amount recognized in consolidated balance sheet	$	(511	)	$	(61	)	$	(91	)	$	(83	)
Accumulated benefit obligation at December 31	$	7,246		$	6,313		$	—		$	—



December 31,	Non-U.S. Pension Benefits						Non-U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011		2010
Reconciliation of prior service credit (cost):
Amount disclosed as of prior year-end	$	23		$	24		$	1	$	1
Recognized as component of net periodic benefit credit	3			(2		)	—		—
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Plan amendments	(3		)	—			—		—
Exchange rate adjustments	—			1			—		—
Amount at end of year	$	23		$	23		$	1	$	1



December 31,	Non-U.S. Pension Benefits						Non-U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011			2010
Reconciliation of net actuarial loss:
Amount disclosed as of prior year-end	$	(2,305	)	$	(2,268	)	$	(14	)	$	(4	)
Recognized as component of net periodic benefit cost	115			73			—			—
Effect of settlement	—			5			—			—
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Liability experience	(575		)	(430		)	(5		)	(10		)
Asset experience	(261		)	244			—			—
Effect of curtailment	(1		)	2			—			—
Total amount recognized as change in plan assets and benefit obligations	(837		)	(184		)	(5		)	(10		)
Exchange rate adjustments	(11		)	69			—			—
Amount at end of year	$	(3,038	)	$	(2,305	)	$	(19	)	$	(14	)



For the Years Ended December 31,	Non-U.S. Pension Benefits						Non-U.S. Postretirement Benefits
(In millions of dollars)	2011		2010		2009		2011		2010		2009
Total recognized in net periodic benefit cost and other comprehensive loss	$	792	$	66	$	519	$	12	$	15	$	3

Estimated amounts that will be amortized from accumulated other comprehensive income in the next fiscal year:



	Non-U.S. Pension Benefits			Non-U.S. Postretirement Benefits
(In millions of dollars)	2012			2012
Prior service credit	$	3		$	—
Net actuarial loss	(116		)	(1		)
Projected cost	$	(113	)	$	(1	)



December 31,	Non-U.S. Pension Benefits				Non-U.S. Postretirement Benefits
(In millions of dollars)	2011		2010		2011		2010
Weighted average assumptions:
Discount rate (for expense)	5.41	%	5.80	%	5.51	%	6.20	%
Expected return on plan assets	7.91	%	7.90	%	—	%	—	%
Rate of compensation increase (for expense)	4.19	%	4.30	%	—	%	—	%
Discount rate (for benefit obligation)	4.77	%	5.40	%	4.95	%	5.50	%
Rate of compensation increase (for benefit obligation)	3.73	%	4.20	%	—	%	—	%

The non-U.S. defined benefit plans do not have any direct ownership of the Company’s common stock.

The pension plan in the United Kingdom holds a limited partnership interest in the Trident III private equity fund valued at $169 million at December 31, 2011.

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the non-U.S. pension plans with accumulated benefit obligations in excess of plan assets were $1.4 billion, $1.3 billion and $1.0 billion, respectively, as of December 31, 2011 and $1.2 billion, $1.1 billion and $0.9 billion, respectively, as of December 31, 2010.

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 $7.6 billion and $7.0 billion, respectively, as of December 31, 2011 and $1.3 billion and $1.0 billion, respectively, as of December 31, 2010.

The components of the net periodic benefit cost for the non-U.S. defined benefit and other postretirement 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. Postretirement Benefits
(In millions of dollars)	2011			2010			2009			2011		2010		2009
Service cost	$	143		$	121		$	112		$	2	$	1	$	1
Interest cost	378			351			332			5		4		5
Expected return on plan assets	(572		)	(520		)	(495		)	—		—		—
Amortization of prior service cost	(3		)	(3		)	(2		)	—		—		—
Recognized actuarial loss	115			73			18			—		—		—
Net periodic benefit cost (credit)	61			22			(35		)	7		5		6
Settlement (credit)/loss	—			5			1			—		—		—
Curtailment (credit)/loss	—			—			—			—		—		—
Special termination benefits	—			1			—			—		—		—
Total cost (credit)	$	61		$	28		$	(34	)	$	7	$	5	$	6

The assumed health care cost trend rate was approximately 6.7% in 2011, gradually declining to 4.9% in 2025. Assumed health care cost trend rates can have a significant effect on the amounts reported for the non-U.S. health care plans. A one percentage point change in assumed health care cost trend rates would have the following effects:



(In millions of dollars)	1 Percentage Point Increase		1 Percentage Point Decrease
Effect on total of service and interest cost components	$	1	$	—
Effect on postretirement benefit obligation	$	10	$	(8	)

Estimated Future Contributions

The Company expects to fund approximately $395 million to its non-U.S. pension plans in 2012. Funding requirements for non-U.S. plans vary by country. Contribution rates are determined by the local actuaries based on local funding practices and requirements. 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. In addition, amounts funded in the future, to the extent not due under regulatory requirements, may be affected by alternative uses of the Company’s cash flows, including dividends, investments and share repurchases.

Estimated Future Benefit Payments

The Plan’s estimated future benefit payments for its pension and postretirement benefits (without reduction for Medicare subsidy receipts) at December 31, 2011 are as follows:



December 31,	Pension Benefits				Postretirement Benefits
(In millions of dollars)	U.S.		Non-U.S.		U.S.		Non-U.S.
2012	$	197	$	247	$	11	$	4
2013	$	207	$	253	$	12	$	4
2014	$	218	$	267	$	12	$	4
2015	$	230	$	283	$	12	$	4
2016	$	242	$	301	$	12	$	4
2017-2021	$	1,395	$	1,786	$	61	$	25

Defined Benefit Plans Fair Value Disclosures

In December 2008 the FASB issued guidance for Employers’ Disclosures About Pension and Other Post Retirement Benefit Plan Assets. The guidance requires fair value plan asset disclosures for an employer’s defined benefit pension and postretirement plans similar to the guidance on Fair Value Measurements as well as (a) how investment allocation decisions are made, (b) the major categories of plan assets, and (c) significant concentrations of risk within plan assets.

The U.S. and non-U.S. plan investments are classified into Level 1, which refers to securities valued using quoted prices from active markets for identical assets; Level 2, which refers to securities not traded on an active market but for which observable market inputs are readily available; and Level 3, which refers to securities valued based on significant unobservable inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. 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, 2011 and 2010.



	Fair Value Measurements at December 31, 2011
Assets (In millions of dollars)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common/Collective trusts	$	10	$	4,837	$	—	$	4,847
Corporate obligations	—		1,792		1		1,793
Corporate stocks	1,716		15		8		1,739
Private equity/Partnerships	—		1		779		780
Government securities	10		368		—		378
Real estate	14		4		319		337
Short-term investment funds	288		42		—		330
Company common stock	253		—		—		253
Other investments	1		34		202		237
Insurance group annuity contracts	—		—		20		20
Swaps	—		5		—		5
Total investments	$	2,292	$	7,098	$	1,329	$	10,719



	Fair Value Measurements at December 31, 2010
Assets (In millions of dollars)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common/Collective trusts	$	—	$	4,471	$	—	$	4,471
Corporate obligations	—		1,103		8		1,111
Corporate stocks	1,939		1		1		1,941
Private equity/Partnerships	—		1		746		747
Government securities	—		547		—		547
Real estate	3		5		293		301
Short-term investment funds	561		49		—		610
Company common stock	219		—		—		219
Other investments	3		8		177		188
Insurance group annuity contracts	—		—		20		20
Swaps	—		9		—		9
Total investments	$	2,725	$	6,194	$	1,245	$	10,164

There were no transfers between Level 1 and Level 2 assets during 2011 or 2010.

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, 2011 and December 31, 2010:



Assets (In millions)	Fair Value, January 1, 2011		Purchases		Sales			Unrealized Gain/ (Loss)			Realized Gain/ (Loss)			Exchange Rate Impact			Transfers in/(out) and Other			Fair Value, December 31, 2011
Private equity/Partnerships	$	746	$	119	$	(80	)	$	(83	)	$	70		$	7		$	—		$	779
Real estate	293		—		—			22			(1		)	5			—			319
Other investments	177		32		(13		)	6			2			(2		)	—			202
Insurance group annuity contracts	20		151		(150		)	8			(9		)	—			—			20
Corporate stocks	1		8		—			(1		)	—			—			—			8
Corporate obligations	8		1		(8		)	2			(1		)	—			(1		)	1
Total assets	$	1,245	$	311	$	(251	)	$	(46	)	$	61		$	10		$	(1	)	$	1,329



Assets (In millions)	Fair Value, January 1, 2010		Purchases		Sales			Unrealized Gain/ (Loss)			Realized Gain/ (Loss)			Exchange Rate Impact			Transfers in/(out) and Other			Fair Value, December 31, 2010
Private equity/Partnerships	$	637	$	138	$	(54	)	$	15		$	22		$	(12	)	$	—		$	746
Real estate	269		—		—			34			—			(10		)	—			293
Other investments	180		19		(16		)	3			1			(14		)	4			177
Insurance group annuity contracts	17		141		(140		)	2			—			—			—			20
Corporate stocks	11		1		(4		)	(3		)	1			—			(5		)	1
Corporate obligations	5		2		(2		)	3			(1		)	—			1			8
Government securities	3		—		(3		)	—			—			—			—			—
Total assets	$	1,122	$	301	$	(219	)	$	54		$	23		$	(36	)	$	—		$	1,245

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 and rights/warrants (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 paper (included in corporate obligations): The fair value of commercial paper is estimated using observable market data such as maturity date, issue date, credit rating, current commercial paper rates and settlement date.

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: Valued at the quoted market prices of the underlying investments at year end.

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.

U.S. agency securities (included in government securities): U.S. agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Agency issued debt securities are valued by benchmarking market-derived prices to quoted market prices and trade data for identical or comparable securities. Mortgage pass-throughs include certain “To-be-announced” (TBA) securities and mortgage pass-through pools. TBA securities are generally valued using quoted market prices or are benchmarked thereto. Fair value of mortgage pass-through pools are model driven with respect to spreads of the comparable TBA security.

Private equity/Partnerships: The fair value of investments in partnership interests is valued by the general partner. The valuations are based on various factors depending on the investment type, including the cost of the securities, financial data and projections, option valuation models, operating and regulatory issues and other such factors as the General Partner may deem relevant. 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 values for these investments are based on the current market value of the aggregate accumulated contributions plus interest earned.

Swap assets and liabilities: Fair values for interest rate swaps, equity index swaps and inflation swaps are estimated using a discounted cash flow pricing model. These models use observable market data such as contractual fixed rate, broker quotes, spot equity price or index value and dividend data. The fair values of credit default swaps are estimated using an income approach model which determines expected cash flows based on default probabilities from the issuer specific credit spread curve and credit loss recovery rates, both of which are dependent on market quotes.

Real estate investment trusts: Valued at the closing price reported on an exchange.

Short-term investment funds: Primarily high-grade money market instruments valued at net asset value at year-end.

Real estate: Valued by investment managers generally using proprietary pricing models.

Registered investment companies: Valued at the closing price reported on the primary exchange.

Defined Contribution Plans

The Company maintains certain defined contribution plans for its employees, including the Marsh & McLennan Companies, Inc. 401(k) Savings & Investment Plan (“401(k)”), that are qualified under U.S. tax laws. Under these plans, eligible employees may contribute a percentage of their base salary, subject to certain limitations. For the 401(k), the Company matches a fixed portion of the employees’ contributions and may also make additional discretionary contributions. The 401(k) contains an Employee Stock Ownership Plan under U.S. tax law. Approximately $366 million of the 401(k)’s assets at December 31, 2011 and $334 million at December 31, 2010 were invested in the Company’s common stock. If a participant does not choose an investment direction for his or her future company matching 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 related to continuing operations was $48 million in both 2011 and 2010, and $52 million for 2009.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
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-Name Accounting Principles Board Opinion (APB)
-Number 30
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Stock Benefit Plans

12 Months Ended

Dec. 31, 2011

Stock Benefit Plans [Abstract]

Stock Benefit Plans

The Company maintains multiple share-based payment arrangements under which employees are awarded grants of restricted stock units, stock options and other forms of stock-based payment arrangements.

Marsh & McLennan Companies, Inc. Incentive and Stock Award Plans

On May 19, 2011, the Marsh & McLennan Companies, Inc. 2011 Incentive and Stock Award Plan (the “2011 Plan”) was approved by the Company's stockholders. The 2011 Plan replaced the Company's two previous equity incentive plans (the 2000 Senior Executive Incentive and Stock Award Plan and the 2000 Employee Incentive and Stock Award Plan).

The types of awards permitted under the 2011 Plan include stock options, restricted stock, restricted and deferred stock units payable in Company common stock or cash, and other stock-based and performance-based awards. The Compensation Committee of the Board of Directors (the “Compensation Committee”) determines, at its discretion, which affiliates may participate in the plans, which eligible employees will receive awards, the types of awards to be received, and the terms and conditions thereof. The right of an employee to receive an award may be subject to performance conditions as specified by the Compensation Committee. The 2011 Plan contains provisions which, in the event of a change in control of the Company, may accelerate the vesting of the awards. The 2011 Plan retains the remaining share authority of the two previous plans as of the date the 2011 Plan was approved by stockholders. Awards relating to not more than approximately 23.2 million shares of common stock, plus shares remaining unused under certain pre-existing plans, may be made over the life of the 2011 Plan.

Our current practice is to grant non-qualified stock options, restricted stock units and/or performance stock units on an annual basis to senior executives and a limited number of other employees as part of their total compensation. We also grant restricted stock units during the year to new hires or as retention awards for certain employees. We have not granted restricted stock since 2005.

Stock Options: Options granted under the 2011 Plan may be designated as either incentive stock options or non-qualified stock options. The Compensation Committee determines the terms and conditions of the option, including the time or times at which an option may be exercised, the methods by which such exercise price may be paid, and the form of such payment. Options are generally granted with an exercise price equal to the market value of the Company's common stock on the date of grant. These option awards generally vest 25% per annum and have a contractual term of 10 years. Certain stock options granted under the previous stock plans provide for a market-based triggering event before a vested option can be exercised. The terms and conditions of these stock option awards provide that (i) options will vest at a rate of 25% a year beginning one year from the date of grant and (ii) each vested tranche will only become exercisable if the market price of the Company stock appreciates to a level of 15% above the exercise price of the option and maintains that level for at least ten (10) consecutive trading days after the award has vested. The Company accounts for these awards as market-condition options. The effect of the market condition is reflected in the grant-date fair value of such awards. Compensation cost is recognized over the requisite service period and is not subsequently adjusted if the market condition is not met. For awards without a market-based triggering event, compensation cost is generally recognized on a straight-line basis over the requisite service period which is normally the vesting period.

The estimated fair value of options granted without a market-based triggering event is calculated using the Black-Scholes option pricing valuation model. This model takes into account several factors and assumptions. The risk-free interest rate is based on the yield on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumption at the time of grant. The expected life (estimated period of time outstanding) is estimated using the contractual term of the option and the effects of employees' expected exercise and post-vesting employment termination behavior. The Company uses a blended volatility rate based on the following: (i) volatility derived from daily closing price observations for the 10-year period ended on the valuation date, (ii) implied volatility derived from traded options for the period one week before the valuation date and (iii) average volatility for the 10-year periods ended on 15 anniversaries prior to the valuation date, using daily closing price observations. The expected dividend yield is based on expected dividends for the expected term of the stock options.

The assumptions used in the Black-Scholes option pricing valuation model for options granted by the Company in 2011, 2010 and 2009 are as follows:



	2011	2010	2009
Risk-free interest rate	2.28%-2.90%	3.15%-3.20%	2.16%-2.68%
Expected life (in years)	6.75	6.75	6.75
Expected volatility	25.4%-25.8%	26.3%-27.6%	33.5%-36.4%
Expected dividend yield	2.75%-2.86%	3.26%-3.52%	4.15%-4.20%

The estimated fair value of options granted with a market-based triggering event is calculated using a binomial valuation model. The factors and assumptions used in this model are similar to those utilized in the Black-Scholes option pricing valuation model except that the risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve over the contractual term of the option, and the expected life is calculated by the model. Since 2009, there have been no options granted with a market-based triggering event.

The assumptions used in the binomial option pricing valuation model for options granted during 2009 are as follows:



		2009
Risk-free interest rate		0.42%-2.40%
Expected life (in years)		5.6-7.7
Expected volatility		35.6%
Expected dividend yield		3.62%

A summary of the status of the Company’s stock option awards as of December 31, 2011 and changes during the year then ended is presented below:



	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value ($000)
Balance at January 1, 2011	43,386,136	$	29.33
Granted	2,827,655	$	30.60
Exercised	4,255,079	$	26.26
Canceled or exchanged	—	—
Forfeited	294,840	$	25.46
Expired	2,768,763	$	37.12
Balance at December 31, 2011	38,895,109	$	29.21	4.6 years	155,159
Options vested or expected to vest at December 31, 2011	38,030,022	$	29.38	4.8 years	221,216
Options exercisable at December 31, 2011	12,913,460	$	31.47	3.0 years	58,228

In the above table, forfeited options are unvested options whose requisite service period has not been met. Expired options are vested options that were not exercised. The weighted-average grant-date fair value of the Company's option awards granted during the years ended December 31, 2011, 2010 and 2009 was $6.67, $4.85 and $4.63, respectively. The total intrinsic value of options exercised during the same periods was $23.6 million, $0.5 million and $0 million, respectively.

As of December 31, 2011, there was $21 million of unrecognized compensation cost related to the Company's option awards. The weighted-average period over which that cost is expected to be recognized is 1.6 years. Cash received from the exercise of stock options for the years ended December 31, 2011, 2010 and 2009 was $111.7 million, $1.5 million and $0 million, respectively.

The Company's policy is to issue treasury shares upon option exercises or share unit conversion. The

Company intends to issue treasury shares as long as an adequate number of those shares are available.

Restricted Stock Units and Performance Stock Units: Restricted stock units may be awarded under the Company's 2011 Incentive and Stock Award Plan. The Compensation Committee determines the restrictions on such units, when the restrictions lapse, when the units vest and are paid, and under what terms the units are forfeited. The cost of these awards is amortized over the vesting period, which is generally three years. Beginning with awards granted in 2006, awards to senior executives and other employees may include three-year performance-based restricted stock units and three-year service-based restricted stock units. The payout of performance-based restricted stock units (payable in shares of the Company common stock) may range generally from 0-200% of the number of units granted, based on the achievement of objective, pre-determined company or operating company performance measures generally over a three-year performance period. The Company accounts for these awards as performance condition restricted stock units. The performance condition is not considered in the determination of grant date fair value of such awards. Compensation cost is recognized over the performance period based on management's estimate of the number of units expected to vest and is adjusted to reflect the actual number of shares paid out at the end of the three-year performance period. Beginning with awards granted on or after February 23, 2009, dividend equivalents are not paid out unless and until such time that the award vests.

A summary of the status of the Company's restricted stock units and performance stock units as of December 31, 2011 and changes during the period then ended is presented below:



	Restricted Stock Units			Performance Units
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Non-vested balance at January 1, 2011	18,749,101	$	22.91	—	$	—
Granted	5,549,028	$	30.46	390,771	$	30.60
Vested	8,465,116	$	23.16	2,809	$	30.60
Forfeited	774,585	$	25.12	19,616	$	30.60
Non-vested balance at December 31, 2011	15,058,428	$	25.43	368,346	$	30.60

The weighted-average grant-date fair value of the Company's restricted stock units and performance stock units granted during the years ended December 31, 2010 and 2009 was $22.81 and $19.33, respectively. The total fair value of the shares distributed during the years ended December 31, 2011, 2010 and 2009 in connection with the Company's restricted stock units and performance stock units was $249 million, $170.7 million and $87.9 million, respectively.

Restricted Stock: Restricted shares of the Company's common stock may be awarded under the Company's 2011 Incentive and Stock Award Plan and are subject to restrictions on transferability and other restrictions, if any, as the Compensation Committee may impose. The Compensation Committee may also determine when and under what circumstances the restrictions may lapse and whether the participant receives the rights of a stockholder, including, without limitation, the right to vote and receive dividends. Unless the Compensation Committee determines otherwise, restricted stock that is still subject to restrictions is forfeited upon termination of employment. Shares granted generally become unrestricted at the earlier of: (1) January 1 of the year following the vesting grant date anniversary or (2) the later of the recipient's normal or actual retirement date. For shares granted prior to 2004, the vesting grant date anniversary is ten years. For shares granted during 2004 and 2005, the vesting grant date anniversary is 7 years and 5 years, respectively. However, certain restricted shares granted in 2005 vested on the third anniversary of the grant date. There have been no restricted shares granted since 2005.

A summary of the status of the Company's restricted stock awards as of December 31, 2011 and changes during the period then ended is presented below:



	Shares	Weighted Average Grant Date Fair Value
Non-vested balance at January 1, 2011	73,900	$	41.41
Granted	—	$	—
Vested	22,200	$	28.74
Forfeited	—	$	—
Non-vested balance at December 31, 2011	51,700	$	46.86

The Company has not granted restricted stock awards during any year after 2005. The total fair value of the Company's restricted stock distributed during the year ended December 31, 2011 was $0.6 million. There were no restricted stock distributions in 2010 and 2009.

As of December 31, 2011, there was $191 million of unrecognized compensation cost related to the Company's restricted stock, restricted stock units and performance stock unit awards.

Marsh & McLennan Companies, Inc. Stock Purchase Plans

In May 1999, the Company's stockholders approved an employee stock purchase plan (the “1999 Plan”) to replace the 1994 Employee Stock Purchase Plan (the “1994 Plan”), which terminated on September 30, 1999 following its fifth annual offering. Under the current terms of the Plan, shares are purchased four times during the plan year at a price that is 95% of the average market price on each quarterly purchase date. Under the 1999 Plan, after including the available remaining unused shares in the 1994 Plan and reducing the shares available by 10,000,000 consistent with the Company's Board of Directors' action in March 2007, no more than 35,600,000 shares of the Company's common stock may be sold. Employees purchased 1,000,337 shares during the year ended December 31, 2011 and at December 31, 2011, 5,035,737 shares were available for issuance under the 1999 Plan. Under the 1995 Company Stock Purchase Plan for International Employees (the “International Plan”), after reflecting the additional 5,000,000 shares of common stock for issuance approved by the Company's Board of Directors in July 2002, and the addition of 4,000,000 shares due to a shareholder action in May 2007, no more than 12,000,000 shares of the Company's common stock may be sold. Employees purchased 133,662 shares during the year ended December 31, 2011 and there were 3,197,034 shares available for issuance at December 31, 2010 for issuance under the International Plan. The plans are considered non-compensatory.

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References + Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Hierarchy

The Company has categorized its assets and liabilities that are valued at fair value on a recurring basis into a three-level fair value hierarchy as defined by the FASB in ASC Topic No. 820 (“Fair Value Measurements and Disclosures”). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy, for disclosure purposes, is determined based on the lowest level input that is significant to the fair value measurement.

Assets and liabilities recorded in the consolidated balance sheets at fair value are categorized based on the inputs in the valuation techniques as follows:

Level 1.Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market (examples include active exchange-traded equity securities, most U.S. Government and agency securities, money market mutual funds and certain other sovereign government obligations).

Assets and liabilities utilizing Level 1 inputs include exchange traded equity securities and mutual funds.

Level 2.Assets and liabilities whose values are based on the following:

a)Quoted prices for similar assets or liabilities in active markets;

b)Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

c)Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including interest rate and currency swaps); and

d)Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full asset or liability (for example, certain mortgage loans).

Assets and liabilities utilizing Level 2 inputs include corporate and municipal bonds, senior notes and interest rate swaps.

Level 3.Assets and liabilities whose values are based on prices, or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability (examples include private equity investments, certain commercial mortgage whole loans, and long-dated or complex derivatives including certain foreign exchange options and long-dated options on gas and power).

Liabilities utilizing Level 3 inputs reflect contingent consideration liabilities.

Valuation Techniques

Equity Securities & Mutual Funds

Investments for which market quotations are readily available are valued at the sale price on their principal exchange, or official closing bid price for certain markets. If no sales are reported, the security is valued at its last reported bid price.

Other Sovereign Government Obligations, Municipal Bonds and Corporate Bonds

The investments listed in the caption above are valued on the basis of valuations furnished by an independent pricing service approved by the trustees or dealers. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities.

Interest Rate Swap Derivative

The fair value of interest rate swap derivatives is based on the present value of future cash flows at each valuation date resulting from utilization of the swaps, using a constant discount rate of 1.6% compared to discount rates based on projected future yield curves. (See Note 12)

Senior Notes due 2014

The fair value of the first $250 million of Senior Notes maturing in 2014 is estimated to be the carrying value of those notes adjusted by the fair value of the interest rate swap derivative, discussed above. In the first quarter of 2011, the Company entered into two interest rate swaps to convert interest on a portion of its Senior Notes from a fixed rate to a floating rate. The swaps are designated as fair value hedging instruments. The change in the fair value of the swaps is recorded on the balance sheet. The carrying value of the debt related to these swaps is adjusted by an equal amount. (See Note 12).

Contingent Consideration Liability

Purchase consideration for some acquisitions made by the Company includes contingent consideration arrangements. Contingent consideration arrangements are primarily based on meeting EBITDA and revenue targets over two to four years. The fair value of contingent consideration is estimated as the present value of future cash flows that would result from the projected revenue and earnings of the acquired entities.

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2011 and 2010.



(In millions of dollars)	Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total
	12/31/11		12/31/10		12/31/11		12/31/10		12/31/11		12/31/10		12/31/11		12/31/10
Assets:
Financial instruments owned:
Exchange traded equity securities^(a)	$	—	$	1	$	—	$	—	$	—	$	—	$	—	$	1
Mutual funds^(a)	134		137		—		—		—		—		134		137
Money market funds^(b)	226		8		—		—		—		—		226		8
Interest rate swap derivatives^(c)	—		—		7		—		—		—		7		—
Total assets measured at fair value	$	360	$	146	$	7	$	—	$	—	$	—	$	367	$	146
Fiduciary Assets:
State and local obligations (including non-U.S. locales)	$	—	$	—	$	13	$	68	$	—	$	—	$	13	$	68
Other sovereign government obligations and supranational agencies	—		—		47		185		—		—		47		185
Corporate and other debt	—		—		2		30		—		—		2		30
Money market funds	186		152		—		—		—		—		186		152
Total fiduciary assets measured at fair value	$	186	$	152	$	62	$	283	$	—	$	—	$	248	$	435
Liabilities:
Contingent consideration liability^(d)	$	—	$	—	$	—	$	—	$	110	$	106	$	110	$	106
Senior Notes due 2014^(e)	$	—	$	—	$	257	$	—	$	—	$	—	$	257	$	—
Total liabilities measured at fair value	$	—	$	—	$	257	$	—	$	110	$	106	$	367	$	106

(a) Included in other assets in the consolidated balance sheets.

(b) Included in cash and cash equivalents in the consolidated balance sheets.

(d) Included in accounts payable and accrued liabilities and other liabilities in the consolidated balance sheets.

(e) Included in long term debt in the consolidated balance sheets.

During the year ended December 31, 2011, there were no assets that transferred between Level 1 and Level 2.

The table below sets forth a summary of the changes in fair value of the Company’s Level 3 liabilities for the year ended December 31, 2011 that represent contingent consideration related to acquisitions:



	Fair Value, Beginning of Period		Additions	Payments		Revaluation Impact	Fair Value, End of Period
Contingent consideration	$	106	14	(13	)	3	$	110

The fair value of the contingent liability is based on projections of revenue and earnings for the acquired entities that are reassessed on a quarterly basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Paragraph 2
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Long-Term Commitments

12 Months Ended

Dec. 31, 2011

Long-Term Commitments [Abstract]

Long-Term Commitments

Long-term Commitments

The Company leases office facilities, equipment and automobiles under non-cancelable operating leases. These leases expire on varying dates; in some instances contain renewal and expansion options; do not restrict the payment of dividends or the incurrence of debt or additional lease obligations; and contain no significant purchase options. In addition to the base rental costs, occupancy lease agreements generally provide for rent escalations resulting from increased assessments for real estate taxes and other charges. Approximately 97% of the Company’s lease obligations are for the use of office space.

The consolidated statements of income include net rental costs of $430 million, $421 million and $397 million for 2011, 2010 and 2009, respectively, after deducting rentals from subleases ($9 million in 2011, $8 million in 2010 and $5 million in 2009). The net rental costs disclosed above exclude rental costs and sublease income for previously accrued restructuring charges related to vacated space.

At December 31, 2011, the aggregate future minimum rental commitments under all non-cancelable operating lease agreements are as follows:



For the Years Ended December 31,	Gross Rental Commitments		Rentals from Subleases		Net Rental Commitments
(In millions of dollars)	Gross Rental Commitments		Rentals from Subleases		Net Rental Commitments
2012	$	412	$	49	$	363
2013	$	368	$	45	$	323
2014	$	316	$	43	$	273
2015	$	275	$	39	$	236
2016	$	236	$	39	$	197
Subsequent years	$	1,133	$	142	$	991

The Company has entered into agreements with various service companies to outsource certain information systems activities and responsibilities and processing activities. Under these agreements, the Company is required to pay minimum annual service charges. Additional fees may be payable depending upon the volume of transactions processed, with all future payments subject to increases for inflation. At December 31, 2011, the aggregate fixed future minimum commitments under these agreements are as follows:



For the Years Ended December 31,	Future Minimum Commitments
(In millions of dollars)	Future Minimum Commitments
2012	$	101
2013	59
2014	47
Subsequent years	142
	$	349

Debt

12 Months Ended

Dec. 31, 2011

Debt [Abstract]

Debt

The Company’s outstanding debt is as follows:



December 31,
(In millions of dollars)	2011		2010
Short-term:
Current portion of long-term debt	$	260	$	8
Long-term:
Senior notes – 6.25% due 2012 (5.1% effective interest rate)	$	250	$	253
Senior notes – 4.850% due 2013	251		250
Senior notes – 5.875% due 2033	296		296
Senior notes – 5.375% due 2014	326		648
Senior notes – 5.75% due 2015	479		747
Senior notes – 9.25% due 2019	398		398
Senior notes – 4.80% due 2021	496		—
Mortgage – 5.70% due 2035	431		439
Other	1		3
	2,928		3,034
Less current portion	260		8
	$	2,668	$	3,026

The senior notes in the table above are publically registered by the Company with no guarantees attached.

On July 15, 2011, the Company purchased a total of $600 million of outstanding notes comprised of $330 million of its 5.375% notes due in 2014 and $270 million of its 5.750% notes due in 2015. The Company acquired the notes at market value plus a tender premium, which exceeded the notes' carrying value.

The Company used proceeds from the issuance of 4.80% ten-year $500 million senior notes in the third quarter of 2011 and cash on hand to fund the amounts associated with the tendered bonds.

During the third quarter of 2010, the Company repaid its 5.15% fixed rate $550 million senior notes that matured.

On October 13, 2011, the Company and certain of its subsidiaries entered into a new $1.0 billion multi-currency five-year unsecured revolving credit facility, which replaced the $1.0 billion facility discussed below. The interest rate on this facility is based on LIBOR plus a fixed margin which varies with the Company's credit ratings. This facility requires the Company to maintain certain coverage and leverage ratios which are tested quarterly. There were no borrowings outstanding under this facility at December 31, 2011.

The Company and certain of its subsidiaries previously maintained a $1.0 billion multi-currency three-year unsecured revolving credit facility. This facility was due to expire in October 2012.

Derivative Financial Instruments

In February 2011, the Company entered into two $125 million 3.5-year interest rate swaps to hedge changes in the fair value of the first $250 million of the outstanding 5.375% senior notes due in 2014.

Under the terms of the swaps, the counter-parties will pay the Company a fixed rate of 5.375% and the Company will pay interest at a floating rate of three-month LIBOR plus a fixed spread of 3.726%. The maturity date of the senior notes and the swaps match exactly. The floating rate resets quarterly, with every second reset occurring on the interest payment date of the senior notes. The swaps net settle every six months on the senior note coupon payment dates. The swaps are designated as fair value hedging instruments and are deemed to be perfectly effective in accordance with applicable accounting guidance. The fair value of the swaps at inception was zero and subsequent changes in the fair value of the interest rate swaps are reflected in the carrying value of the interest rate swaps and in the consolidated balance sheet. The carrying value of the debt on the balance sheet was adjusted by an equal amount. The gain or loss on the hedged item (fixed rate debt) and the offsetting gain or loss on the interest rate swaps as of December 31, 2011 are as follows:



Income statement classification (In millions of dollars)	Gain on Swaps		Loss on Notes			Net Income Effect
Other Operating Expenses	$	7	$	(7	)	$	—

The amounts earned and owed under the swap agreements are accrued each period and are reported in interest expense. There was no ineffectiveness recognized in the periods presented. The portion of the debt acquired under the tender offer discussed above was not part of the first $250 million outstanding and therefore, did not impact the hedged portion of this debt.

Additional credit facilities, guarantees and letters of credit are maintained with various banks, primarily related to operations located outside the United States, aggregating $248 million at December 31, 2011 and $272 million at December 31, 2010. There were no outstanding borrowings under these facilities at December 31, 2011 or December 31, 2010.

Scheduled repayments of long-term debt in 2012 and in the four succeeding years are $259 million, $260 million, $330 million, $490 million and $11 million, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Financial Instruments

12 Months Ended

Dec. 31, 2011

Financial Instruments [Abstract]

Financial Instruments

The estimated fair value of the Company’s significant financial instruments is provided below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or need to dispose of the financial instrument.



	December 31, 2011				December 31, 2010
(In millions of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	2,113	$	2,113	$	1,894	$	1,894
Long-term investments	$	58	$	58	$	68	$	64
Short-term debt	$	260	$	261	$	8	$	8
Long-term debt	$	2,668	$	2,958	$	3,026	$	3,234

Cash and Cash Equivalents: The estimated fair value of the Company’s cash and cash equivalents approximates their carrying value.

Long-term Investments: Long-term investments include certain investments carried at cost and unrealized gains related to available-for-sale investments held in a fiduciary capacity as discussed below.

The Company has long-term investments of $37 million and $39 million at December 31, 2011 and December 31, 2010, carried on the cost basis for which there are no readily available market prices. These investments are included in other assets in the consolidated balance sheets. The Company monitors these investments for impairment and makes appropriate reductions in carrying values when necessary.

A portion of the Company’s fiduciary funds described in Note 3 are invested in high quality debt securities and are classified as available-for-sale. Gross unrealized gains (pre-tax) on these securities that are included in other assets and accumulated other comprehensive income in the consolidated balance sheets were $1 million and $7 million at December 31, 2011 and 2010, respectively. In the twelve months ended December 31, 2011, 2010 and 2009, the Company recorded gross unrealized losses (pre-tax) of $6 million, $10 million, and $7 million respectively, related to these investments. These amounts have been excluded from earnings and reported, net of deferred income taxes, in accumulated other comprehensive income (loss), which is a component of equity.

Short-term and Long-term Debt: The fair value of the Company’s short-term debt, which consists primarily of term debt maturing within the next year, approximates its carrying value. The estimated fair value of a primary portion of the Company’s long-term debt is based on discounted future cash flows using current interest rates available for debt with similar terms and remaining maturities. The fair value of long term debt includes the fair value of the interest rate swap derivative on the first $250 million of Senior Notes maturing in 2014 (discussed above).

Integration and Restructuring Costs

12 Months Ended

Dec. 31, 2011

Restructuring Costs [Abstract]

Integration and Restructuring Costs

The Company recorded total restructuring costs of $51 million in 2011, the majority of which related to severance.

Details of the activity from January 1, 2010 through December 31, 2011 regarding restructuring activities, which includes liabilities from actions prior to 2011, are as follows:



(In millions of dollars)	Liability at 1/1/10		Amounts Accrued		Cash Paid			Liability at 12/31/10		Amounts Accrued		Cash Paid			Other ^(a)			Liability at 12/31/11
Severance	$	77	$	79	$	(116	)	$	40	$	29	$	(40	)	$	(2	)	$	27
Future rent under non-cancelable leases and other costs	182		62		(73		)	171		22		(42		)	3			154
Total	$	259	$	141	$	(189	)	$	211	$	51	$	(82	)	$	1		$	181

(a) Primarily foreign exchange.

At January 1, 2009, the liability balance related to restructuring activity was $222 million. In 2009, the Company accrued $243 million and had cash payments of $206 million related to restructuring activities that resulted in the liability balance at January 1, 2010 reported above.

The expenses associated with the above initiatives are included in compensation and benefits and other operating expenses in the consolidated statements of income. The liabilities associated with these initiatives are classified on the consolidated balance sheets as accounts payable, other liabilities, or accrued compensation and employee benefits, depending on the nature of the items.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References + Details

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2011
Class of Stock Disclosures [Abstract]
Common Stock	Common Stock During 2011, the Company repurchased approximately 12.3 million shares of its common stock for total consideration of approximately $361 million, at an average price per share of $29.44. The repurchased shares were reflected as an increase in treasury shares (a decrease in shares outstanding). During the third quarter of 2011, the Company received authorization to increase the share repurchase program to $1 billion from $500 million. The Company remains authorized to repurchase additional shares of its common stock up to a value of $553 million. There is no time limit on this authorization. The Company did not repurchase any shares in the fourth quarter of 2011.

Claims, Lawsuits And Other Contingencies	12 Months Ended
Claims, Lawsuits And Other Contingencies	Dec. 31, 2011
Commitments and Contingencies Disclosure [Abstract]
Claims, Lawsuits And Other Contingencies	Claims, Lawsuits and Other Contingencies Errors and Omissions Claims The Company and its subsidiaries, particularly Marsh and Mercer, are subject to a significant number of claims, lawsuits and proceedings in the ordinary course of business. Such claims and lawsuits consist principally of alleged errors and omissions in connection with the performance of professional services, including the placement of insurance and the provision of actuarial services for corporate and public clients. Certain of these claims seek damages, including punitive and treble damages, in amounts that could, if awarded, be significant. In establishing liabilities for errors and omissions claims in accordance with FASB ASC Subtopic No. 450-20 (Contingencies—Loss Contingencies), the Company utilizes case level reviews by inside and outside counsel, an internal actuarial analysis and other analysis to estimate potential losses. A liability is established when a loss is both probable and reasonably estimable. The liability is reviewed quarterly and adjusted as developments warrant. In many cases, the Company has not recorded a liability, other than for legal fees to defend the claim, because we are unable, at the present time, to make a determination that a loss is both probable and reasonably estimable. To the extent that expected losses exceed our deductible in any policy year, the Company also records an asset for the amount that we expect to recover under any available third-party insurance programs. The Company has varying levels of third-party insurance coverage, with policy limits and coverage terms varying significantly by policy year. Governmental Inquiries and Related Claims In January 2005, the Company and its subsidiary Marsh Inc. entered into a settlement agreement with the New York State Attorney General (“NYAG”) and the New York State Insurance Department to settle a civil complaint and related citation regarding Marsh’s use of market service agreements with various insurance companies. The parties subsequently entered into an amended and restated settlement agreement in February 2010 that helps restore a level playing field for Marsh. Most lawsuits against the Company that were based on similar allegations to those made in the NYAG complaint have been resolved. Eight actions instituted by individual policyholders against the Company, Marsh and certain Marsh subsidiaries remain pending in federal and state courts. Other Contingencies—Guarantees In connection with its acquisition of U.K.-based Sedgwick Group in 1998, the Company acquired several insurance underwriting businesses that were already in run-off, including River Thames Insurance Company Limited (“River Thames”), which we sold in 2001. Sedgwick guaranteed payment of claims on certain policies underwritten through the Institute of London Underwriters (the “ILU”) by River Thames. The policies covered by this guarantee are reinsured up to £40 million by a related party of River Thames. Payment of claims under the reinsurance agreement is collateralized by segregated assets held in a trust. As of December 31, 2011, the reinsurance coverage exceeded the best estimate of the projected liability of the policies covered by the guarantee. To the extent River Thames or the reinsurer is unable to meet its obligations under those policies, a claimant may seek to recover from us under the guarantee. From 1980 to 1983, the Company owned indirectly the English & American Insurance Company (“E&A”), which was a member of the ILU. The ILU required the Company to guarantee a portion of E&A’s obligations. After E&A became insolvent in 1993, the ILU agreed to discharge the guarantee in exchange for the Company’s agreement to post an evergreen letter of credit that is available to pay claims by policyholders on certain E&A policies issued through the ILU and incepting between July 3, 1980 and October 6, 1983. Certain claims have been paid under the letter of credit and we anticipate that additional claimants may seek to recover against the letter of credit. Kroll-related Matters Under the terms of a stock purchase agreement with Altegrity, Inc. (“Altegrity”) related to Altegrity’s purchase of Kroll from the Company in August 2010, a copy of which is attached as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2010, we agreed to provide a limited indemnity to Altegrity with respect to certain Kroll-related litigation and regulatory matters. The pending proceedings and other matters described in this Note 16 on Claims, Lawsuits and Other Contingencies may expose the Company or its subsidiaries to liability for significant monetary damages and other forms of relief. Where a loss is both probable and reasonably estimable, we establish liabilities in accordance with FASB ASC Subtopic No. 450-20 (Contingencies—Loss Contingencies). Except as described above, we are not able at this time to provide a reasonable estimate of the range of possible loss attributable to these matters or the impact they may have on the Company’s consolidated results of operations, financial position or cash flows. This is primarily because these matters are still developing and involve complex issues subject to inherent uncertainty. Adverse determinations in one or more of these matters could have a material impact on the Company’s consolidated results of operations, financial condition or cash flows in a future period.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Segment Information

The Company is organized based on the types of services provided. Under this organizational structure, the Company’s segments are:


▪	Risk and Insurance Services, comprising insurance services (Marsh) and reinsurance services (Guy Carpenter); and


▪	Consulting, comprising Mercer and Oliver Wyman Group

With the sale of Kroll in August 2010, along with previous divestiture transactions between 2008 and 2010, the Company has divested its entire Risk Consulting and Technology segment.

The accounting policies of the segments are the same as those used for the consolidated financial statements described in Note 1 to the Company’s 2011 10-K. Segment performance is evaluated based on segment operating income, which includes directly related expenses, and charges or credits related to integration and restructuring but not the Company’s corporate-level expenses. Revenues are attributed to geographic areas on the basis of where the services are performed.

Selected information about the Company’s segments and geographic areas of operation are as follows:



For the Year Ended December 31, (In millions of dollars)	Revenue				Operating Income (Loss)				Total Assets			Depreciation and Amortization		Capital Expenditures
2011 –
Risk and Insurance Services	$	6,301		(a)	$	1,229			$	9,202		$	191	$	146
Consulting	5,265			(b)	588				4,720			110		91
Total Operating Segments	11,566				1,817				13,922			301		237
Corporate / Eliminations	(40		)	(c)	(179		)	(c)	1,532		(d)	31		43
Total Consolidated	$	11,526			$	1,638			$	15,454		$	332	$	280
2010 –
Risk and Insurance Services	$	5,764		(a)	$	972			$	9,418		$	177	$	144
Consulting	4,835			(b)	129				4,437			113		80
Total Operating Segments	10,599				1,101				13,855			290		224
Corporate / Eliminations	(49		)	(c)	(162		)	(c)	1,455		(d)	29		34
Total Consolidated	$	10,550			$	939			$	15,310		$	319	$	258
2009 –
Risk and Insurance Services	$	5,284		(a)	$	796			$	8,320		$	153	$	147
Consulting	4,609			(b)	405				4,244			114		78
Total Operating Segments	9,893				$	1,201			12,564			267		225
Corporate / Eliminations	(62		)	(c)	(423		)	(c)	2,773		(d)	28		36
Total Consolidated	$	9,831			$	778			$	15,337		$	295	$	261


(a)	Includes inter-segment revenue of $4 million, $7 million and $18 million in 2011, 2010 and 2009 respectively, interest income on fiduciary funds of $47 million, $45 million and $54 million in 2011, 2010, and 2009, respectively, and equity method income of $14 million, $12 million and $13 million in 2011, 2010, and 2009, respectively.


(b)	Includes inter-segment revenue of $36 million, $43 million and $45 million in 2011, 2010 and 2009, respectively, and interest income on fiduciary funds of $4 million in 2011, 2010, and 2009.


(c)	Includes results of corporate advisory and restructuring business.


(d)	Corporate assets primarily include insurance recoverables, pension related assets, the owned portion of the Company headquarters building and intercompany eliminations. Also includes assets of discontinued operations and the corporate advisory and restructuring business of $1.6 billion in 2009.

Details of operating segment revenue are as follows:



For the Years Ended December 31,
(In millions of dollars)	2011			2010			2009
Risk and Insurance Services
Marsh	$	5,253		$	4,781		$	4,363
Guy Carpenter	1,048			983			921
Total Risk and Insurance Services	6,301			5,764			5,284
Consulting
Mercer	3,782			3,478			3,327
Oliver Wyman Group	1,483			1,357			1,282
Total Consulting	5,265			4,835			4,609
Total Operating Segments	11,566			10,599			9,893
Corporate/ Eliminations	(40		)	(49		)	(62		)
Total	$	11,526		$	10,550		$	9,831

Information by geographic area is as follows:



For the Years Ended December 31,
(In millions of dollars)	2011			2010			2009
Revenue
United States	$	5,131		$	4,708		$	4,436
United Kingdom	1,922			1,720			1,708
Continental Europe	1,906			1,809			1,798
Asia Pacific	1,287			1,067			862
Other	1,320			1,295			1,089
	11,566			10,599			9,893
Corporate/Eliminations	(40		)	(49		)	(62		)
	$	11,526		$	10,550		$	9,831



For the Years Ended December 31,
(In millions of dollars)	2011		2010		2009
Fixed Assets, Net
United States	$	505	$	511	$	515
United Kingdom	133		132		147
Continental Europe	65		69		74
Asia Pacific	37		43		41
Other	64		67		73
	$	804	$	822	$	850

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2011
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations: Marsh & McLennan Companies, Inc. (“the Company”), a global professional services firm, is organized based on the different services that it offers. Under this organizational structure, the Company’s two segments are Risk and Insurance Services and Consulting. The Risk and Insurance Services segment provides risk management and insurance broking, reinsurance broking and insurance program management services for businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Company conducts business in this segment through Marsh and Guy Carpenter. The Consulting segment provides advice and services to the managements of organizations in the area of human resource consulting, comprising retirement and investments, health and benefits, outsourcing and talent; and strategy and risk management consulting, comprising management, economic and brand consulting. The Company conducts business in this segment through Mercer and Oliver Wyman Group. Acquisitions impacting the Risk and Insurance Services and Consulting segments are discussed in Note 4 to the Consolidated Financial Statements. On August 3, 2010, the Company completed the sale of Kroll, the Company’s former Risk Consulting & Technology segment, to Altegrity, Inc. (“Altegrity”) for cash consideration of $1.13 billion. In the first quarter of 2010, Kroll completed the sale of Kroll Laboratory Specialists (“KLS”). The gain on the sale of Kroll and related tax benefits and the after-tax loss on the sale of KLS, along with Kroll’s, and KLS’s 2010 comparative results of operations are included in discontinued operations in 2010. With the sale of Kroll in August 2010, along with previous divestiture transactions between 2008 and 2010, the Company has divested its entire Risk Consulting & Technology segment. The run-off of the Company’s involvement in the Corporate Advisory and Restructuring business (“CARG”), previously part of Risk Consulting & Technology, in which the Company has “continuing involvement” as defined in SEC Staff Accounting Bulletin Topic 5e, is now managed by the Company’s corporate departments. Consequently, the financial results of the CARG businesses are included in “Corporate” for segment reporting purposes.
Principles of Consolidation	Principles of Consolidation: The accompanying consolidated financial statements include all wholly-owned and majority-owned subsidiaries. All significant intercompany transactions and balances have been eliminated.
Fiduciary Assets And Liabilities	Fiduciary Assets and Liabilities: In its capacity as an insurance broker or agent, the Company collects premiums from insureds and, after deducting its commissions, remits the premiums to the respective insurance underwriters. The Company also collects claims or refunds from underwriters on behalf of insureds. Unremitted insurance premiums and claims proceeds are held by the Company in a fiduciary capacity. Risk and Insurance Services revenue includes interest on fiduciary funds of $47 million, $45 million and $54 million in 2011, 2010 and 2009, respectively. The Consulting segment recorded fiduciary interest income of $4 million in each of 2011 , 2010 and 2009. Since fiduciary assets are not available for corporate use, they are shown in the consolidated balance sheets as an offset to fiduciary liabilities. Fiduciary assets include approximately $62 million and $283 million of fixed income securities classified as available for sale at December 31, 2011 and 2010, respectively. Unrealized gains or losses from available for sale securities are recorded in other comprehensive income until the securities are disposed of, mature or are recognized as an other than temporary impairment. Unrealized gains, net of tax, on these securities were $2 million and $5 million at December 31, 2011 and 2010, respectively. Net uncollected premiums and claims and the related payables amounted to $9 billion and $9.1 billion at December 31, 2011 and 2010, respectively. The Company is not a principal to the contracts under which the right to receive premiums or the right to receive reimbursement of insured losses arises. Net uncollected premiums and claims and the related payables are, therefore, not assets and liabilities of the Company and are not included in the accompanying consolidated balance sheets. In certain instances, the Company advances premiums, refunds or claims to insurance underwriters or insureds prior to collection. These advances are made from corporate funds and are reflected in the accompanying consolidated balance sheets as receivables.
Revenue	Revenue: Risk and Insurance Services revenue includes insurance commissions, fees for services rendered and interest income on certain fiduciary funds. Insurance commissions and fees for risk transfer services generally are recorded as of the effective date of the applicable policies or, in certain cases (primarily in the Company's reinsurance broking operations), as of the effective date or billing date, whichever is later. Commissions are net of policy cancellation reserves, which are estimated based on historic and current data on cancellations. Fees for non-risk transfer services provided to clients are recognized over the period in which the services are provided, using a proportional performance model. Fees resulting from achievement of certain performance thresholds are recorded when such levels are attained and such fees are not subject to forfeiture. As part of the sale of MMC Capital in 2005, the Company retained the right to receive certain performance fees related to the Trident II and Trident III private equity partnerships. The Company has deferred the recognition of such performance fee revenue of $74 million at December 31, 2011. This revenue is based on the investment performance over the life of each private equity fund, and future declines in fund performance from current levels may result in the forfeiture of such revenue. The Company recognizes performance fee revenue when such fees are no longer subject to forfeiture, which for the $74 million noted above, may take a number of years to resolve. Consulting revenue includes fees paid by clients for advice and services and commissions from insurance companies for the placement of individual and group contracts. Fee revenue for engagements where remuneration is based on time plus out-of-pocket expenses is recognized based on the amount of time consulting professionals expend on the engagement. For fixed fee engagements, revenue is recognized using a proportional performance model. Revenue from insurance commissions not subject to a fee arrangement is recorded over the effective period of the applicable policies. Revenues for asset based fees are recognized on an accrual basis by applying the daily/monthly rate as contractually agreed with the client to the net asset value. On a limited number of engagements, performance fees may also be earned for achieving certain pre-determined performance criteria. Such fees are recognized when the performance criteria have been achieved and agreed to by the client. Expenses incurred by professional staff in the generation of revenue are billed to the client and included in revenue.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents primarily consist of certificates of deposit and time deposits, with original maturities of three months or less, and money market funds.
Fixed Assets	Fixed Assets: Fixed assets are stated at cost less accumulated depreciation and amortization. Expenditures for improvements are capitalized. Upon sale or retirement, the cost and related accumulated depreciation and amortization are removed from the accounts and any gain or loss is reflected in income. Expenditures for maintenance and repairs are charged to operations as incurred. Depreciation of buildings, building improvements, furniture, and equipment is provided on a straight-line basis over the estimated useful lives of these assets. Leasehold improvements are amortized on a straight-line basis over the periods covered by the applicable leases or the estimated useful life of the improvement, whichever is less. The Company periodically reviews long-lived assets for impairment whenever events or changes indicate that the carrying value of assets may not be recoverable.
Investment Securities	Investment Securities: The Company holds investments primarily in private companies and certain private equity funds. Certain investments, primarily investments in private equity funds, are accounted for under the equity method using a consistently applied three-month lag period adjusted for any known significant changes from the lag period to the reporting date of the Company. The underlying private equity funds follow investment company accounting, where securities within the fund are carried at net asset value. The Company records its proportionate share of the change in fair value of the funds in earnings which amounted to gains/(losses) of $10 million, $32 million and $(6) million in 2011, 2010 and 2009, respectively. Securities recorded using the equity method are included in other assets in the consolidated balance sheets. The Company has an investment in Trident II limited partnership, a private equity investment fund. At December 31, 2011, the Company’s investment in Trident II was approximately $78 million, reflected in other assets in the consolidated balance sheet. The Company’s maximum exposure to loss is equal to its investment plus any calls on its remaining capital commitment of $67 million. Since this fund is closed to new investments, none of the remaining capital commitment is expected to be called. Gains or losses recognized in earnings from the investment securities described above are included in investment income (loss) in the consolidated statements of income. Costs related to management of the Company’s investments, including incentive compensation partially derived from investment income and (loss), are recorded in operating expenses.
Goodwill and Intangible Assets	Goodwill and Other Intangible Assets: Goodwill represents acquisition costs in excess of the fair value of net assets acquired. Goodwill is reviewed at least annually for impairment. The Company performs an annual impairment test for each of its reporting units during the third quarter of each year. When a step 1 test is performed, fair values of the reporting units are estimated using either a market approach or a discounted cash flow model. Carrying values for the reporting units are based on balances at the prior quarter end and include directly identified assets and liabilities as well as an allocation of those assets and liabilities not recorded at the reporting unit level. As discussed in Note 6, during 2011 the Company adopted new accounting guidance that allows companies to assess qualitative factors to determine if a step 1 assessment is necessary. Other intangible assets that are not deemed to have an indefinite life are amortized over their estimated lives and reviewed for impairment upon the occurrence of certain triggering events in accordance with applicable accounting literature. The Company had no indefinite lived identified intangible assets at December 31, 2011 or 2010.
Capitalized Software Costs	Capitalized Software Costs: The Company capitalizes certain costs to develop, purchase or modify software for the internal use of the Company. These costs are amortized on a straight-line basis over periods ranging from three to ten years. Costs incurred during the preliminary project stage and post implementation stage, are expensed as incurred. Costs incurred during the application development stage are capitalized. Costs related to updates and enhancements are only capitalized if they will result in additional functionality. Capitalized computer software costs of $244 million and $215 million, net of accumulated amortization of $619 million and $572 million at December 31, 2011 and 2010, respectively, are included in Other assets in the consolidated balance sheets.
Legal and Other Loss Contingencies	Legal and Other Loss Contingencies: The Company and its subsidiaries are subject to numerous claims, lawsuits and proceedings including claims for errors and omissions. GAAP requires that a liability be recorded when a loss is both probable and reasonably estimable. Significant management judgement is required to apply this guidance. The Company utilizes case level reviews by inside and outside counsel, an internal actuarial analysis and other analysis to estimate potential losses. The liability is reviewed quarterly and adjusted as developments warrant. In many cases, the Company has not recorded a liability, other than for legal fees to defend the claim, because we are unable, at the present time, to make a determination that a loss is both probable and reasonably estimable. Given the unpredictability of E&O claims and of litigation that could flow from them, it is possible that an adverse outcome in a particular matter could have a material adverse effect on the Company’s businesses, results of operations, financial condition or cash flow in a given quarterly or annual period. In addition, to the extent that insurance coverage is available, significant management judgment is required to determine the amount of recoveries that are probable of collection under the Company’s various insurance programs. The legal and other contingent liabilities described above are not discounted.
Income Taxes	Income Taxes: The Company's tax rate reflects its income, statutory tax rates and tax planning in the various jurisdictions in which it operates. Significant judgment is required in determining the annual tax rate and in evaluating uncertain tax positions and the ability to realize deferred tax assets. The Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two-step process. The first step involves recognition. The Company determines whether it is more likely than not that a tax position will be sustained upon tax examination, including resolution of any related appeals or litigation, based on only the technical merits of the position. The technical merits of a tax position derive from both statutory and judicial authority (legislation and statutes, legislative intent, regulations, rulings, and case law) and their applicability to the facts and circumstances of the tax position. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. A tax position that meets the more likely than not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate resolution with a taxing authority. Uncertain tax positions are evaluated based upon the facts and circumstances that exist at each reporting period. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustments may result, for example, upon resolution of an issue with the taxing authorities, or expiration of a statute of limitations barring an assessment for an issue. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Tax law requires items be included in the Company's tax returns at different times than the items are reflected in the financial statements. As a result, the annual tax expense reflected in the consolidated statements of income is different than that reported in the tax returns. Some of these differences are permanent, such as expenses that are not deductible in the returns, and some differences are temporary and reverse over time, such as depreciation expense. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in tax returns in future years for which benefit has already been recorded in the financial statements. Valuation allowances are established for deferred tax assets when it is estimated that future taxable income will be insufficient to use a deduction or credit in that jurisdiction. Deferred tax liabilities generally represent tax expense recognized in the financial statements for which payment has been deferred, or expense for which a deduction has been taken already in the tax return but the expense has not yet been recognized in the financial statements.
Derivative Instruments	Derivative Instruments: All derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive income and are recognized in the income statement when the hedged item affects earnings. Changes in the fair value attributable to the ineffective portion of cash flow hedges are recognized in earnings.
Concentrations Of Credit Risk	Concentrations of Credit Risk: Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, commissions and fees receivable and insurance recoverables. The Company maintains a policy providing for the diversification of cash and cash equivalent investments and places its investments in a large number of high quality financial institutions to limit the amount of credit risk exposure. Concentrations of credit risk with respect to receivables are generally limited due to the large number of clients and markets in which the Company does business, as well as the dispersion across many geographic areas.
Per Share Data	Per Share Data: Under the accounting guidance which applies to the calculation of earnings per share (“EPS”) for share-based payment awards with rights to dividends or dividend equivalents, unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and should be included in the computation of basic and dilutive EPS using the two-class method. Basic net income per share attributable to the Company and income from continuing operations per share are calculated by dividing the respective after-tax income attributable to common shares by the weighted average number of outstanding shares of the Company’s common stock. Diluted net income per share attributable to the Company and income from continuing operations per share are calculated by dividing the respective after-tax income attributable to common shares by the weighted average number of outstanding shares of the Company’s common stock, which have been adjusted for the dilutive effect of potentially issuable common shares (excluding those that are considered participating securities). The diluted earnings per share calculation reflects the more dilutive effect of either (a) the two-class method that assumes that the participating securities have not been exercised or (b) the treasury stock method.
Estimates	Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may vary from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements: In June 2011, the FASB issued guidance related to the presentation of Comprehensive Income. The new guidance gives an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. The guidance eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. The guidance does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. On December 23, 2011, the FASB issued an update that indefinitely defers the provision in this guidance related to the presentation of reclassification adjustments. This new guidance is effective for fiscal and interim periods within those years beginning after December 15, 2011. Other than enhanced disclosure, adoption of this guidance will not have a material affect on the Company’s financial statements. In December 2009, the FASB issued new guidance related to the Consolidation of Variable Interest Entities (“VIE”). The new guidance focuses on “controlling financial interests” and requires companies to perform qualitative analysis to determine whether they must consolidate a VIE by assessing whether the variable interests give them controlling financial interests in the VIE. This guidance is effective for transfers occurring on or after November 15, 2009. Provisions must be applied in annual reporting periods beginning after November 15, 2009 and interim periods within that annual period. The adoption of the guidance did not have a material impact on the Company’s financial statements. Also, effective January 1, 2010, the Company adopted new guidance that indefinitely defers the above changes relating to the Company’s interests in entities that have all the attributes of an investment company or for which it is industry practice to apply measurement principles for financial reporting that are consistent with those applied by an investment company. As a result, the guidance discussed in the preceding paragraph did not apply to certain investment management trusts managed by Mercer. Mercer manages approximately $15 billion of assets in trusts or funds for which Mercer’s management or trustee fee is considered a variable interest. Mercer is not the primary beneficiary of these trusts or funds. Mercer’s only variable interest in any of these trusts or funds is its unpaid fees, if any. Mercer’s maximum exposure to loss of its interests is, therefore, limited to collection of its fees. In January 2011, the Company adopted guidance issued by the FASB on revenue recognition regarding multiple-deliverable revenue arrangements. The adoption of this new guidance did not have a material impact on the Company’s financial statements. In January 2011, the Company adopted guidance issued by the FASB which establishes a revenue recognition model for contingent consideration that is payable upon the achievement of an uncertain future event, referred to as a milestone. The scope of this guidance is limited to research or development arrangements and requires an entity to record the milestone payment in its entirety in the period received if the milestone meets all the necessary criteria to be considered substantive. However, entities would not be precluded from making an accounting policy election to apply another appropriate accounting policy that results in the deferral of some portion of the arrangement consideration. The adoption of this new guidance did not have a material impact on the Company’s financial statements. In May 2010, the FASB issued guidance for foreign currency issues and Venezuela’s highly inflationary status. The guidance states that Venezuela’s economy should be considered highly inflationary as of January 1, 2010 and therefore a U.S. dollar reporting entity must remeasure the financial statements of its Venezuelan subsidiaries as if the subsidiaries’ functional reporting currency were the entity’s reporting currency (i.e., the U.S. dollar). Any changes related to the conversion of non-U.S. dollar denominated balance sheet accounts must be recognized in earnings. The adoption of the guidance did not have a material impact on the Company’s financial statements.
Reclassification	Reclassifications: Certain reclassifications have been made to prior year amounts to conform with current year presentation, in particular with regard to separate disclosure of current deferred income tax assets on the consolidated balance sheets.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Accounting Policies [Abstract]

Components Of Fixed Assets



December 31,
(In millions of dollars)	2011			2010
Furniture and equipment	$	1,101		$	1,079
Land and buildings	405			402
Leasehold and building improvements	767			752
	2,273			2,233
Less-accumulated depreciation and amortization	(1,469		)	(1,411		)
	$	804		$	822

Basic Earnings per Share Calculation for Continuing Operations



Basic EPS Calculation Continuing Operations
(In millions, except per share figures)	2011		2010		2009
Net income from continuing operations	$	982	$	565	$	531
Less: Net income attributable to non-controlling interests	22		16		14
Net income from continuing operations attributable to the Company	960		549		517
Less: Portion attributable to participating securities	6		6		12
Net income attributable to common shares for basic earnings per share	$	954	$	543	$	505
Basic weighted average common shares outstanding	542		540		522

Schedule of Earnings per Share for Net Income



Basic EPS Calculation Net Income
(In millions, except per share figures)	2011		2010		2009
Net income attributable to the Company	$	993	$	855	$	227
Less: Portion attributable to participating securities	6		11		4
Net income attributable to common shares for basic earnings per share	$	987	$	844	$	223
Basic weighted average common shares outstanding	542		540		522

Diluted Earnings per Share for Continuing Operations



Diluted EPS Calculation Continuing Operations
(In millions, except per share figures)	2011		2010		2009
Net income from continuing operations	$	982	$	565	$	531
Less: Net income attributable to non-controlling interests	22		16		14
Net income from continuing operations attributable to the Company	960		549		517
Less: Portion attributable to participating securities	6		6		12
Net income attributable to common shares for diluted earnings per share	$	954	$	543	$	505
Basic weighted average common shares outstanding	542		540		522
Dilutive effect of potentially issuable common shares	9		4		2
Diluted weighted average common shares outstanding	551		544		524
Average stock price used to calculate common stock equivalents	$	29.40	$	23.76	$	21.44

Schedule of Diluted Earnings per Share for Net Income



Diluted EPS Calculation Net Income
(In millions, except per share figures)	2011		2010		2009
Net income attributable to the Company	$	993	$	855	$	227
Less: Portion attributable to participating securities	6		11		4
Net income attributable to common shares for diluted earnings per share	$	987	$	844	$	223
Basic weighted average common shares outstanding	542		540		522
Dilutive effect of potentially issuable common shares	9		4		2
Diluted weighted average common shares outstanding	551		544		524
Average stock price used to calculate common stock equivalents	$	29.40	$	23.76	$	21.44

Supplemental Disclosures (Tables)

12 Months Ended

Dec. 31, 2011

Supplemental Cash Flow Information [Abstract]

Additional Information Concerning Acquisitions, Interest and Income Taxes Paid



(In millions of dollars)	2011			2010			2009
Assets acquired, excluding cash	$	214		$	867		$	420
Liabilities assumed	(21		)	(176		)	(24		)
Shares issued (7.6 million and 10.7 million shares in 2010 and 2009, respectively)	—			(183		)	(229		)
Contingent/deferred purchase consideration	(33		)	(81		)	(100		)
Net cash outflow for current year acquisitions	160			427			67
Purchase of other intangibles	4			3			—
Contingent payments from prior years' acquisitions	—			2			6
Deferred purchase consideration from prior years' acquisitions	11			60			—
Subtotal	$	175		$	492		$	73
Cash paid into escrow for future acquisition	62			—			—
Net cash outflow for acquisitions	$	237		$	492		$	73



(In millions of dollars)	2011		2010		2009
Interest paid	$	188	$	232	$	230
Income taxes paid, net of refunds	$	37	$	39	$	219

Schedule Of Supplemental Cash Flow Income Statement Disclosures



For the Year Ended December 31,
(In millions of dollars)	2011		2010			2009
Net cash provided by (used for) operations	$	11	$	(6	)	$	50
Net cash used for investing activities	$	—	$	(14	)	$	(42	)
Effect of exchange rate changes on cash and cash equivalents	$	—	$	(2	)	$	5

Analysis for doubtful accounts



For the Year Ended December 31,
(In millions of dollars)	2011			2010			2009
Balance at beginning of year	$	114		$	107		$	93
Provision charged to operations	11			20			23
Accounts written-off, net of recoveries	(21		)	(26		)	(14		)
Effect of exchange rate changes and other	1			13			5
Balance at end of year	$	105		$	114		$	107

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2011

Other Comprehensive Income (Loss) [Abstract]

Schedule of Other Comprehensive Income (Loss)



For the Year Ended December 31,
(In millions of dollars)	2011			2010			2009
Foreign currency translation adjustments, net of income tax expense (credit) ($4, $(7) and $54 in 2011, 2010 and 2009, respectively)	$	(104	)	$	(27	)	$	346
Unrealized investment holding losses, net of income tax credit ($4, $2 and $2 in 2011, 2010, and 2009, respectively)	(4		)	(7		)	(1		)
Less: Reclassification adjustment for realized (gains) included in net income, net of income tax expense of $0, $3 and $1 in 2011, 2010 and 2009, respectively	(1		)	(5		)	(1		)
(Losses) gains related to pension/retiree plans, net of income tax credits ($335, $56 and $172 in 2011, 2010 and 2009, respectively)	(779		)	(90		)	(417		)
Other comprehensive (loss) income	(888		)	(129		)	(73		)
Net income before non-controlling interests	1,015			871			241
Comprehensive income before non-controlling interests	127			742			168
Less: Comprehensive income attributable to non-controlling interests	(22		)	(16		)	(14		)
Comprehensive income attributable to the Company	$	105		$	726		$	154

Schedule of Accumulated Other Comprehensive Income (Loss)



As of December 31,
(In millions of dollars)	2011			2010
Foreign currency translation adjustments (net of deferred tax liability of $14 and $10 in 2011 and 2010, respectively)	$	(42	)	$	62
Net unrealized investment gains (net of deferred tax liability of $1 and $5 in 2011 and 2010, respectively)	6			11
Net charges related to pension / retiree plans (net of deferred tax asset of $1,508 and $1,173 in 2011 and 2010, respectively)	(3,152		)	(2,373		)
	$	(3,188	)	$	(2,300	)

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2011

Acquisitions [Abstract]

Allocation Of Acquisition Costs



Cash	$	164
Deferred/Contingent consideration	33
Total Consideration	$	197
Allocation of purchase price:
Cash and cash equivalents	$	4
Accounts receivable, net	8
Other current assets	—
Property, plant, and equipment	3
Other assets	1
Intangible assets	80
Goodwill	122
Total assets acquired	218
Current liabilities	14
Other liabilities	7
Total liabilities assumed	21
Net assets acquired	$	197

Pro-Forma Information



	Year Ended December 31,
(In millions, except per share data)	2011		2010		2009
Revenue	$	11,563	$	10,839	$	10,436
Income from continuing operations	$	985	$	580	$	572
Net income attributable to the Company	$	996	$	870	$	268
Basic net income per share:
– Continuing operations	$	1.77	$	1.03	$	1.02
– Net income attributable to the Company	$	1.83	$	1.59	$	0.49
Diluted net income per share:
– Continuing operations	$	1.74	$	1.02	$	1.01
– Net income attributable to the Company	$	1.80	$	1.57	$	0.49

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2011

Discontinued Operations and Disposal Groups [Abstract]

Income Statement Data



For the Year Ended December 31,
(In millions of dollars)	2011			2010			2009
Kroll Operations
Revenue	$	—		$	381		$	699
Expense^(a)	—			345			958
Net operating income	—			36			(259		)
Income tax	—			16			24
Income from Kroll operations, net of tax	—			20			(283		)
Other discontinued operations, net of tax	(17		)	(7		)	—
Income (loss) from discontinued operations, net of tax	(17		)	13			(283		)
Disposals of discontinued operations ^(b)	25			58			8
Income tax (credit) expense ^(c)	(25		)	(235		)	15
Disposals of discontinued operations, net of tax	50			293			(7		)
Discontinued operations, net of tax	$	33		$	306		$	(290	)
Discontinued operations, net of tax per share
– Basic	$	0.06		$	0.55		$	(0.54	)
– Diluted	$	0.06		$	0.55		$	(0.54	)


(a)	Includes goodwill impairment charge of $315 million in 2009.


(b)	Includes gain on sale of Kroll and the gain on the sale of KLS in 2010 and a loss on the sale of Kroll Government Services in 2009.


(c)	Includes the provision /(credit) for income taxes relating to the recognition of tax benefits recorded in connection with the sale of Kroll as well as a tax provision of $36 million on the sale of KLS in 2010.

Goodwill And Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2011

Goodwill And Other Intangibles [Abstract]

Changes in the Carrying Amount of Goodwill



(In millions of dollars)	2011		2010
Balance as of January 1, as reported^(a)	$	6,420	$	5,990
Goodwill acquired	124		502
Other adjustments^(b)	18		(72		)
Balance at December 31,	$	6,562	$	6,420


(a)	Amounts in 2010 exclude goodwill and accumulated impairment losses related to Kroll, which were reclassified to discontinued operations.


(b)	Primarily purchase accounting adjustments and foreign exchange.

Amortized Intangible Assets



	2011						2010
December 31, (In millions of dollars)	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Amortized intangibles	$	666	$	265	$	401	$	615	$	212	$	403

Estimated Future Aggregate Amortization Expense



For the Years Ending December 31,
(In millions of dollars)	Estimated Expense
2012	$	64
2013	59
2014	55
2015	53
2016	40
Subsequent years	130
	$	401

- Definition

Tabular disclosure of goodwill by reportable segment and in total. Disclosure details may include, but are not limited to, the carrying amount of goodwill, goodwill acquired during the year, goodwill impairment losses recognized, goodwill written-off due to the sale of a business unit, goodwill not yet allocated, and any other changes to goodwill.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Taxes on income



For the Years Ended December 31,
(In millions of dollars)	2011		2010			2009
Income before income taxes:
U.S.	$	121	$	(296	)	$	(438	)
Other	1,283		1,065			990
	$	1,404	$	769		$	552

The expense (benefit) for income taxes is comprised of:

Income taxes:
Current–
U.S. Federal	$	7	$	(90	)	$	(308	)
Other national governments	289		249			264
U.S. state and local	24		21			15
	320		180			(29		)
Deferred–
U.S. Federal	5		(28		)	16
Other national governments	90		50			39
U.S. state and local	7		2			(5		)
	102		24			50
Total income taxes	$	422	$	204		$	21

Deferred income tax assets and liabilities



December 31,
(In millions of dollars)	2011		2010
Deferred tax assets:
Accrued expenses not currently deductible	$	559	$	524
Differences related to non-U.S. operations ^(a)	188		310
Accrued retirement & postretirement benefits—non-U.S. operations	164		45
Accrued retirement benefits U.S.	507		344
Net operating losses ^(b)	129		190
Income currently recognized for tax	62		57
Foreign tax credit carryforwards	169		129
Other	114		181
	$	1,892	$	1,780



Deferred tax liabilities:
Unrealized investment holding gains	$	3	$	6
Differences related to non-U.S. operations	99		174
Depreciation and amortization	233		203
Other	9		15
	$	344	$	398


(a)	Net of valuation allowances of $3 million in 2011 and 2010.


(b)	Net of valuation allowances of $46 million and $47 million in 2011 and 2010, respectively.

Deferred Income Tax Assets And Liabilities Classification By Balance Sheet



December 31,
(In millions of dollars)	2011			2010
Balance sheet classifications:
Current assets	$	376		$	177
Other assets	$	1,205		$	1,205
Current liabilities	$	(12	)	$	—
Other liabilities	$	(21	)	$	—

U.S. Federal statutory income tax rate



For the Years Ended December 31,	2011		2010		2009
	%		%		%
U.S. Federal statutory rate	35.0		35.0		35.0
U.S. state and local income taxes—net of U.S. Federal income tax benefit	1.6		1.9		1.3
Differences related to non-U.S. operations	(6.5	)	(9.5	)	(15.9	)
Change in Unrecognized Tax Benefits	(0.1	)	(0.2	)	(16.8	)
Other	0.1		(0.7	)	0.2
Effective tax rate	30.1		26.5		3.8

Unrecognized tax benefits



(In millions of dollars)	2011			2010			2009
Balance at January 1	$	199		$	206		$	293
Additions, based on tax positions related to current year	7			7			8
Additions for tax positions of prior years	39			10			28
Reductions for tax positions of prior years	(91		)	(6		)	(4		)
Reductions due to reclassification of tax indemnifications on sale of Kroll	—			(3		)	—
Settlements	(6		)	(4		)	(4		)
Lapses in statutes of limitation	(5		)	(11		)	(115		)
Balance at December 31	$	143		$	199		$	206

Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2011

Defined Benefit Plan Disclosure [Line Items]

Schedule of estimated future benefit payaments for its pension and postretirement benefits



December 31,	Pension Benefits				Postretirement Benefits
(In millions of dollars)	U.S.		Non-U.S.		U.S.		Non-U.S.
2012	$	197	$	247	$	11	$	4
2013	$	207	$	253	$	12	$	4
2014	$	218	$	267	$	12	$	4
2015	$	230	$	283	$	12	$	4
2016	$	242	$	301	$	12	$	4
2017-2021	$	1,395	$	1,786	$	61	$	25

Summary of the U.S. and non-U.S. plans investments measured at fair value on a recurring basis



	Fair Value Measurements at December 31, 2011
Assets (In millions of dollars)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common/Collective trusts	$	10	$	4,837	$	—	$	4,847
Corporate obligations	—		1,792		1		1,793
Corporate stocks	1,716		15		8		1,739
Private equity/Partnerships	—		1		779		780
Government securities	10		368		—		378
Real estate	14		4		319		337
Short-term investment funds	288		42		—		330
Company common stock	253		—		—		253
Other investments	1		34		202		237
Insurance group annuity contracts	—		—		20		20
Swaps	—		5		—		5
Total investments	$	2,292	$	7,098	$	1,329	$	10,719



	Fair Value Measurements at December 31, 2010
Assets (In millions of dollars)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common/Collective trusts	$	—	$	4,471	$	—	$	4,471
Corporate obligations	—		1,103		8		1,111
Corporate stocks	1,939		1		1		1,941
Private equity/Partnerships	—		1		746		747
Government securities	—		547		—		547
Real estate	3		5		293		301
Short-term investment funds	561		49		—		610
Company common stock	219		—		—		219
Other investments	3		8		177		188
Insurance group annuity contracts	—		—		20		20
Swaps	—		9		—		9
Total investments	$	2,725	$	6,194	$	1,245	$	10,164

Summary of changes in the fair value of the plans' Level 3 assets



Assets (In millions)	Fair Value, January 1, 2011		Purchases		Sales			Unrealized Gain/ (Loss)			Realized Gain/ (Loss)			Exchange Rate Impact			Transfers in/(out) and Other			Fair Value, December 31, 2011
Private equity/Partnerships	$	746	$	119	$	(80	)	$	(83	)	$	70		$	7		$	—		$	779
Real estate	293		—		—			22			(1		)	5			—			319
Other investments	177		32		(13		)	6			2			(2		)	—			202
Insurance group annuity contracts	20		151		(150		)	8			(9		)	—			—			20
Corporate stocks	1		8		—			(1		)	—			—			—			8
Corporate obligations	8		1		(8		)	2			(1		)	—			(1		)	1
Total assets	$	1,245	$	311	$	(251	)	$	(46	)	$	61		$	10		$	(1	)	$	1,329



Assets (In millions)	Fair Value, January 1, 2010		Purchases		Sales			Unrealized Gain/ (Loss)			Realized Gain/ (Loss)			Exchange Rate Impact			Transfers in/(out) and Other			Fair Value, December 31, 2010
Private equity/Partnerships	$	637	$	138	$	(54	)	$	15		$	22		$	(12	)	$	—		$	746
Real estate	269		—		—			34			—			(10		)	—			293
Other investments	180		19		(16		)	3			1			(14		)	4			177
Insurance group annuity contracts	17		141		(140		)	2			—			—			—			20
Corporate stocks	11		1		(4		)	(3		)	1			—			(5		)	1
Corporate obligations	5		2		(2		)	3			(1		)	—			1			8
Government securities	3		—		(3		)	—			—			—			—			—
Total assets	$	1,122	$	301	$	(219	)	$	54		$	23		$	(36	)	$	—		$	1,245

Combined US & Significant Non-US Plans [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of weighted average actuarial assumptions utilized defined benefit plans



	Pension Benefits				Postretirement Benefits
	2011		2010		2011		2010
Weighted average assumptions:
Discount rate (for expense)	5.59	%	6.00	%	5.81	%	6.27	%
Expected return on plan assets	8.19	%	8.18	%	—	%	—	%
Rate of compensation increase (for expense)	4.08	%	4.16	%	—	%	—	%
Discount rate (for benefit obligation)	4.91	%	5.59	%	5.05	%	5.84	%
Rate of compensation increase (for benefit obligation)	3.09	%	4.09	%	—	%	—	%

Schedule of components of net periodic benefit cost for U.S. defined benefit and other postretirement benefit plans



Combined U.S. and significant non-U.S. Plans	Pension									Postretirement
For the Years Ended December 31,	Benefits									Benefits
(In millions of dollars)	2011			2010			2009			2011			2010			2009
Service cost	$	226		$	197		$	188		$	5		$	4		$	5
Interest cost	609			578			551			13			14			17
Expected return on plan assets	(887		)	(815		)	(788		)	—			—			—
Amortization of prior service credit	(19		)	(21		)	(49		)	(13		)	(13		)	(13		)
Recognized actuarial loss (credit)	215			144			70			(4		)	—			1
Net periodic benefit cost	$	144		$	83		$	(28	)	$	1		$	5		$	10

U.S. Plans [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of weighted average actuarial assumptions utilized defined benefit plans



	U.S. Pension Benefits				U.S. Postretirement Benefits
	2011		2010		2011		2010
Weighted average assumptions:
Discount rate (for expense)	5.90	%	6.35	%	5.95	%	6.30	%
Expected return on plan assets	8.75	%	8.75	%	—		—
Rate of compensation increase (for expense)	3.90	%	3.90	%	—		—
Discount rate (for benefit obligation)	5.15	%	5.90	%	5.10	%	6.00	%
Rate of compensation increase (for benefit obligation)	2.00	%	3.90	%	—		—

Schedule of components of net periodic benefit cost for U.S. defined benefit and other postretirement benefit plans



U.S. Plans only	Pension									Postretirement
For the Years Ended December 31,	Benefits									Benefits
(In millions of dollars)	2011			2010			2009			2011			2010			2009
Service cost	$	83		$	76		$	76		$	3		$	3		$	4
Interest cost	231			227			219			8			10			12
Expected return on plan assets	(315		)	(295		)	(293		)	—			—			—
Amortization of prior service credit	(16		)	(18		)	(47		)	(13		)	(13		)	(13		)
Recognized actuarial loss (credit)	100			71			52			(4		)	—			1
Net periodic benefit cost (credit)	$	83		$	61		$	7		$	(6	)	$	—		$	4

Schedule of MMC's defined benefit plans and postretirement plans



December 31,	U.S. Pension Benefits						U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011			2010
Change in benefit obligation:
Benefit obligation at beginning of year	$	4,041		$	3,629		$	180		$	163
Service cost	83			76			3			3
Interest cost	231			227			8			10
Actuarial (gain) loss	352			270			(20		)	12
Medicare Part D subsidy	—			—			4			3
Benefits paid	(174		)	(161		)	(13		)	(11		)
Benefit obligation at end of year	$	4,533		$	4,041		$	162		$	180
Change in plan assets:
Fair value of plan assets at beginning of year	$	3,444		$	2,959		$	—		$	—
Actual return on plan assets	199			425			—			—
Employer contributions	24			221			9			8
Medicare Part D subsidy	—			—			4			3
Benefits paid	(174		)	(161		)	(13		)	(11		)
Fair value of plan assets at end of year	$	3,493		$	3,444		$	—		$	—
Funded status	$	(1,040	)	$	(597	)	$	(162	)	$	(180	)
Net liability recognized	$	(1,040	)	$	(597	)	$	(162	)	$	(180	)
Amounts recognized in the consolidated balance sheets:
Current liabilities	$	(124	)	$	(23	)	$	(9	)	$	(11	)
Noncurrent liabilities	(916		)	(574		)	(153		)	(169		)
	$	(1,040	)	$	(597	)	$	(162	)	$	(180	)
Amounts not yet recognized in net periodic cost and included in accumulated other comprehensive income:
Unrecognized prior service credit	$	39		$	55		$	13		$	26
Unrecognized net actuarial (loss) gain	(1,695		)	(1,327		)	12			(4		)
Total amounts included in accumulated other comprehensive income	$	(1,656	)	$	(1,272	)	$	25		$	22
Cumulative employer contributions in excess of net periodic cost	616			675			(187		)	(202		)
Net amount recognized in consolidated balance sheet	$	(1,040	)	$	(597	)	$	(162	)	$	(180	)
Accumulated benefit obligation at December 31	$	4,467		$	3,929		$	—		$	—



December 31,	U.S. Pension Benefits						U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011			2010
Reconciliation of unrecognized prior service credit:
Amount disclosed as of prior year-end	$	55		$	73		$	26		$	39
Recognized as component of net periodic benefit credit	(16		)	(18		)	(13		)	(13		)
Amount at end of year	$	39		$	55		$	13		$	26

Schedule of unrecognized net actuarial gain (loss)



December 31,	U.S. Pension Benefits						U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011			2010
Reconciliation of unrecognized prior service credit:
Amount disclosed as of prior year-end	$	55		$	73		$	26		$	39
Recognized as component of net periodic benefit credit	(16		)	(18		)	(13		)	(13		)
Amount at end of year	$	39		$	55		$	13		$	26

Schedule of total recognized in net periodic benefit cost and other comprehensive income (loss)



December 31,	U.S. Pension Benefits						U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011			2010
Reconciliation of unrecognized net actuarial gain (loss):
Amount disclosed as of prior year-end	$	(1,327	)	$	(1,258	)	$	(4	)	$	9
Recognized as component of net periodic benefit cost	100			71			(4		)	—
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Liability experience	(352		)	(269		)	20			(13		)
Asset experience	(116		)	129			—			—
Total gain (loss) recognized as change in plan assets and benefit obligations	(468		)	(140		)	20			(13		)
Amount at end of year	$	(1,695	)	$	(1,327	)	$	12		$	(4	)



For the Years Ended December 31,	U.S. Pension Benefits						U.S. Postretirement Benefits
(In millions of dollars)	2011		2010		2009		2011			2010		2009
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$	467	$	148	$	42	$	(9	)	$	26	$	(7	)

Schedule of change in assumed health care cost trend rates



(In millions of dollars)	1 Percentage Point Increase		1 Percentage Point Decrease
Effect on total of service and interest cost components	$	—	$	(1	)
Effect on postretirement benefit obligation	$	1	$	(16	)

Schedule of estimated amounts that will be amortized from accumulated other comprehensive in the next fiscal year



	U.S. Pension Benefits			U.S. Postretirement Benefits
(In millions of dollars)	2012			2012
Prior service credit	$	(16	)	$	(12	)
Net actuarial loss (gain)	146			(1		)
Projected cost (credit)	$	130		$	(13	)

Non-U.S. Plans [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of weighted average actuarial assumptions utilized defined benefit plans



December 31,	Non-U.S. Pension Benefits				Non-U.S. Postretirement Benefits
(In millions of dollars)	2011		2010		2011		2010
Weighted average assumptions:
Discount rate (for expense)	5.41	%	5.80	%	5.51	%	6.20	%
Expected return on plan assets	7.91	%	7.90	%	—	%	—	%
Rate of compensation increase (for expense)	4.19	%	4.30	%	—	%	—	%
Discount rate (for benefit obligation)	4.77	%	5.40	%	4.95	%	5.50	%
Rate of compensation increase (for benefit obligation)	3.73	%	4.20	%	—	%	—	%

Schedule of components of net periodic benefit cost for U.S. defined benefit and other postretirement benefit plans



For the Years Ended December 31,	Non-U.S. Pension Benefits									Non-U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2009			2011		2010		2009
Service cost	$	143		$	121		$	112		$	2	$	1	$	1
Interest cost	378			351			332			5		4		5
Expected return on plan assets	(572		)	(520		)	(495		)	—		—		—
Amortization of prior service cost	(3		)	(3		)	(2		)	—		—		—
Recognized actuarial loss	115			73			18			—		—		—
Net periodic benefit cost (credit)	61			22			(35		)	7		5		6
Settlement (credit)/loss	—			5			1			—		—		—
Curtailment (credit)/loss	—			—			—			—		—		—
Special termination benefits	—			1			—			—		—		—
Total cost (credit)	$	61		$	28		$	(34	)	$	7	$	5	$	6

Schedule of unrecognized net actuarial gain (loss)



December 31,	Non-U.S. Pension Benefits						Non-U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011		2010
Reconciliation of prior service credit (cost):
Amount disclosed as of prior year-end	$	23		$	24		$	1	$	1
Recognized as component of net periodic benefit credit	3			(2		)	—		—
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Plan amendments	(3		)	—			—		—
Exchange rate adjustments	—			1			—		—
Amount at end of year	$	23		$	23		$	1	$	1

Schedule of defined benefit plans disclosures and unrecognized net actuarial gain (loss) [Table Text Block]



December 31,	Non-U.S. Pension Benefits						Non-U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011			2010
Change in benefit obligation:
Benefit obligation at beginning of year	$	6,802		$	6,354		$	83		$	70
Service cost	143			121			2			1
Interest cost	378			351			5			4
Employee contributions	14			16			—			—
Actuarial loss	575			430			5			11
Plan amendments	(3		)	—			—			—
Effect of settlement	(7		)	(17		)	—			—
Effect of curtailment	(1		)	(2		)	—			—
Special termination benefits	—			1			—			—
Benefits paid	(266		)	(244		)	(4		)	(3		)
Foreign currency changes	66			(208		)	—			—
Newly disclosed plans	16			—			—			—
Benefit obligation at end of year	$	7,717		$	6,802		$	91		$	83
Change in plan assets:
Fair value of plan assets at beginning of year	$	6,741		$	6,183		$	—		$	—
Actual return on plan assets	311			765			—			—
Effect of settlement	(6		)	(17		)	—			—
Company contributions	320			237			4			3
Employee contributions	14			16			—			—
Benefits paid	(266		)	(244		)	(4		)	(3		)
Foreign currency changes	82			(202		)	—			—
Newly disclosed plans	12			—			—			—
Other	(2		)	3			—			—
Fair value of plan assets at end of year	$	7,206		$	6,741		$	—		$	—
Funded status	$	(511	)	$	(61	)	$	(91	)	$	(83	)
Net liability recognized	$	(511	)	$	(61	)	$	(91	)	$	(83	)
Amounts recognized in the consolidated balance sheets:
Non-current assets	$	39		$	265		$	—		$	—
Current liabilities	(106		)	(8		)	(4		)	(4		)
Non-current liabilities	(444		)	(318		)	(87		)	(79		)
	$	(511	)	$	(61	)	$	(91	)	$	(83	)
Amounts not yet recognized in net periodic cost and included in accumulated other comprehensive income:
Unrecognized prior service credit	$	23		$	23		$	1		$	1
Unrecognized net actuarial loss	(3,038		)	(2,305		)	(19		)	(14		)
Total amounts included in AOCI	$	(3,015	)	$	(2,282	)	$	(18	)	$	(13	)
Cumulative employer contributions in excess of net periodic cost	2,504			2,221			(73		)	(70		)
Net amount recognized in consolidated balance sheet	$	(511	)	$	(61	)	$	(91	)	$	(83	)
Accumulated benefit obligation at December 31	$	7,246		$	6,313		$	—		$	—



December 31,	Non-U.S. Pension Benefits						Non-U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011		2010
Reconciliation of prior service credit (cost):
Amount disclosed as of prior year-end	$	23		$	24		$	1	$	1
Recognized as component of net periodic benefit credit	3			(2		)	—		—
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Plan amendments	(3		)	—			—		—
Exchange rate adjustments	—			1			—		—
Amount at end of year	$	23		$	23		$	1	$	1



December 31,	Non-U.S. Pension Benefits						Non-U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011			2010
Reconciliation of net actuarial loss:
Amount disclosed as of prior year-end	$	(2,305	)	$	(2,268	)	$	(14	)	$	(4	)
Recognized as component of net periodic benefit cost	115			73			—			—
Effect of settlement	—			5			—			—
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Liability experience	(575		)	(430		)	(5		)	(10		)
Asset experience	(261		)	244			—			—
Effect of curtailment	(1		)	2			—			—
Total amount recognized as change in plan assets and benefit obligations	(837		)	(184		)	(5		)	(10		)
Exchange rate adjustments	(11		)	69			—			—
Amount at end of year	$	(3,038	)	$	(2,305	)	$	(19	)	$	(14	)



For the Years Ended December 31,	Non-U.S. Pension Benefits						Non-U.S. Postretirement Benefits
(In millions of dollars)	2011		2010		2009		2011		2010		2009
Total recognized in net periodic benefit cost and other comprehensive loss	$	792	$	66	$	519	$	12	$	15	$	3

Schedule of total recognized in net periodic benefit cost and other comprehensive income (loss)



December 31,	Non-U.S. Pension Benefits						Non-U.S. Postretirement Benefits
(In millions of dollars)	2011			2010			2011			2010
Reconciliation of net actuarial loss:
Amount disclosed as of prior year-end	$	(2,305	)	$	(2,268	)	$	(14	)	$	(4	)
Recognized as component of net periodic benefit cost	115			73			—			—
Effect of settlement	—			5			—			—
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Liability experience	(575		)	(430		)	(5		)	(10		)
Asset experience	(261		)	244			—			—
Effect of curtailment	(1		)	2			—			—
Total amount recognized as change in plan assets and benefit obligations	(837		)	(184		)	(5		)	(10		)
Exchange rate adjustments	(11		)	69			—			—
Amount at end of year	$	(3,038	)	$	(2,305	)	$	(19	)	$	(14	)



For the Years Ended December 31,	Non-U.S. Pension Benefits						Non-U.S. Postretirement Benefits
(In millions of dollars)	2011		2010		2009		2011		2010		2009
Total recognized in net periodic benefit cost and other comprehensive loss	$	792	$	66	$	519	$	12	$	15	$	3

Schedule of change in assumed health care cost trend rates



(In millions of dollars)	1 Percentage Point Increase		1 Percentage Point Decrease
Effect on total of service and interest cost components	$	1	$	—
Effect on postretirement benefit obligation	$	10	$	(8	)

Schedule of estimated amounts that will be amortized from accumulated other comprehensive in the next fiscal year



	Non-U.S. Pension Benefits			Non-U.S. Postretirement Benefits
(In millions of dollars)	2012			2012
Prior service credit	$	3		$	—
Net actuarial loss	(116		)	(1		)
Projected cost	$	(113	)	$	(1	)

Stock Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2011

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of the status of MMC's stock option awards



	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value ($000)
Balance at January 1, 2011	43,386,136	$	29.33
Granted	2,827,655	$	30.60
Exercised	4,255,079	$	26.26
Canceled or exchanged	—	—
Forfeited	294,840	$	25.46
Expired	2,768,763	$	37.12
Balance at December 31, 2011	38,895,109	$	29.21	4.6 years	155,159
Options vested or expected to vest at December 31, 2011	38,030,022	$	29.38	4.8 years	221,216
Options exercisable at December 31, 2011	12,913,460	$	31.47	3.0 years	58,228

Restricted Stock Units And Performance Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of restricted stock units award activity



	Restricted Stock Units			Performance Units
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Non-vested balance at January 1, 2011	18,749,101	$	22.91	—	$	—
Granted	5,549,028	$	30.46	390,771	$	30.60
Vested	8,465,116	$	23.16	2,809	$	30.60
Forfeited	774,585	$	25.12	19,616	$	30.60
Non-vested balance at December 31, 2011	15,058,428	$	25.43	368,346	$	30.60

Deferred Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of restricted stock units award activity



	Shares	Weighted Average Grant Date Fair Value
Non-vested balance at January 1, 2011	73,900	$	41.41
Granted	—	$	—
Vested	22,200	$	28.74
Forfeited	—	$	—
Non-vested balance at December 31, 2011	51,700	$	46.86

Black-Scholes Option Pricing [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Option pricing valuation model for options granted



	2011	2010	2009
Risk-free interest rate	2.28%-2.90%	3.15%-3.20%	2.16%-2.68%
Expected life (in years)	6.75	6.75	6.75
Expected volatility	25.4%-25.8%	26.3%-27.6%	33.5%-36.4%
Expected dividend yield	2.75%-2.86%	3.26%-3.52%	4.15%-4.20%

Binomial Option Pricing [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Option pricing valuation model for options granted



		2009
Risk-free interest rate		0.42%-2.40%
Expected life (in years)		5.6-7.7
Expected volatility		35.6%
Expected dividend yield		3.62%

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis



(In millions of dollars)	Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total
	12/31/11		12/31/10		12/31/11		12/31/10		12/31/11		12/31/10		12/31/11		12/31/10
Assets:
Financial instruments owned:
Exchange traded equity securities^(a)	$	—	$	1	$	—	$	—	$	—	$	—	$	—	$	1
Mutual funds^(a)	134		137		—		—		—		—		134		137
Money market funds^(b)	226		8		—		—		—		—		226		8
Interest rate swap derivatives^(c)	—		—		7		—		—		—		7		—
Total assets measured at fair value	$	360	$	146	$	7	$	—	$	—	$	—	$	367	$	146
Fiduciary Assets:
State and local obligations (including non-U.S. locales)	$	—	$	—	$	13	$	68	$	—	$	—	$	13	$	68
Other sovereign government obligations and supranational agencies	—		—		47		185		—		—		47		185
Corporate and other debt	—		—		2		30		—		—		2		30
Money market funds	186		152		—		—		—		—		186		152
Total fiduciary assets measured at fair value	$	186	$	152	$	62	$	283	$	—	$	—	$	248	$	435
Liabilities:
Contingent consideration liability^(d)	$	—	$	—	$	—	$	—	$	110	$	106	$	110	$	106
Senior Notes due 2014^(e)	$	—	$	—	$	257	$	—	$	—	$	—	$	257	$	—
Total liabilities measured at fair value	$	—	$	—	$	257	$	—	$	110	$	106	$	367	$	106

(a) Included in other assets in the consolidated balance sheets.

(b) Included in cash and cash equivalents in the consolidated balance sheets.

(d) Included in accounts payable and accrued liabilities and other liabilities in the consolidated balance sheets.

(e) Included in long term debt in the consolidated balance sheets.

Changes in Fair Value of Level 3 Liabilities Representing Acquisition Related Contingent Consideration



	Fair Value, Beginning of Period		Additions	Payments		Revaluation Impact	Fair Value, End of Period
Contingent consideration	$	106	14	(13	)	3	$	110

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References + Details

- Definition

Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

+ Details

Long-Term Commitments (Tables)

12 Months Ended

Dec. 31, 2011

Long-Term Commitments [Abstract]

Operating Leases of Lessee Disclosure



For the Years Ended December 31,	Gross Rental Commitments		Rentals from Subleases		Net Rental Commitments
(In millions of dollars)	Gross Rental Commitments		Rentals from Subleases		Net Rental Commitments
2012	$	412	$	49	$	363
2013	$	368	$	45	$	323
2014	$	316	$	43	$	273
2015	$	275	$	39	$	236
2016	$	236	$	39	$	197
Subsequent years	$	1,133	$	142	$	991

Future Minimum Rental Commitments



For the Years Ended December 31,	Future Minimum Commitments
(In millions of dollars)	Future Minimum Commitments
2012	$	101
2013	59
2014	47
Subsequent years	142
	$	349

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References + Details

Debt (Tables)

12 Months Ended

Dec. 31, 2011

Debt [Abstract]

Schedule of Outstanding Debt



December 31,
(In millions of dollars)	2011		2010
Short-term:
Current portion of long-term debt	$	260	$	8
Long-term:
Senior notes – 6.25% due 2012 (5.1% effective interest rate)	$	250	$	253
Senior notes – 4.850% due 2013	251		250
Senior notes – 5.875% due 2033	296		296
Senior notes – 5.375% due 2014	326		648
Senior notes – 5.75% due 2015	479		747
Senior notes – 9.25% due 2019	398		398
Senior notes – 4.80% due 2021	496		—
Mortgage – 5.70% due 2035	431		439
Other	1		3
	2,928		3,034
Less current portion	260		8
	$	2,668	$	3,026

Gain Or Loss On The Hedged Item And Offsetting Gain Or Loss On Interest Rate Swaps



Income statement classification (In millions of dollars)	Gain on Swaps		Loss on Notes			Net Income Effect
Other Operating Expenses	$	7	$	(7	)	$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

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-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Financial Instruments [Abstract]

Estimated Fair Value Of Significant Financial Instruments



	December 31, 2011				December 31, 2010
(In millions of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	2,113	$	2,113	$	1,894	$	1,894
Long-term investments	$	58	$	58	$	68	$	64
Short-term debt	$	260	$	261	$	8	$	8
Long-term debt	$	2,668	$	2,958	$	3,026	$	3,234

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

+ Details

Integration and Restructuring Costs (Tables)

12 Months Ended

Dec. 31, 2011

Restructuring Costs [Abstract]

Restructuring Activities



(In millions of dollars)	Liability at 1/1/10		Amounts Accrued		Cash Paid			Liability at 12/31/10		Amounts Accrued		Cash Paid			Other ^(a)			Liability at 12/31/11
Severance	$	77	$	79	$	(116	)	$	40	$	29	$	(40	)	$	(2	)	$	27
Future rent under non-cancelable leases and other costs	182		62		(73		)	171		22		(42		)	3			154
Total	$	259	$	141	$	(189	)	$	211	$	51	$	(82	)	$	1		$	181

(a) Primarily foreign exchange.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Selected information and details for MMC's operating segments



For the Year Ended December 31, (In millions of dollars)	Revenue				Operating Income (Loss)				Total Assets			Depreciation and Amortization		Capital Expenditures
2011 –
Risk and Insurance Services	$	6,301		(a)	$	1,229			$	9,202		$	191	$	146
Consulting	5,265			(b)	588				4,720			110		91
Total Operating Segments	11,566				1,817				13,922			301		237
Corporate / Eliminations	(40		)	(c)	(179		)	(c)	1,532		(d)	31		43
Total Consolidated	$	11,526			$	1,638			$	15,454		$	332	$	280
2010 –
Risk and Insurance Services	$	5,764		(a)	$	972			$	9,418		$	177	$	144
Consulting	4,835			(b)	129				4,437			113		80
Total Operating Segments	10,599				1,101				13,855			290		224
Corporate / Eliminations	(49		)	(c)	(162		)	(c)	1,455		(d)	29		34
Total Consolidated	$	10,550			$	939			$	15,310		$	319	$	258
2009 –
Risk and Insurance Services	$	5,284		(a)	$	796			$	8,320		$	153	$	147
Consulting	4,609			(b)	405				4,244			114		78
Total Operating Segments	9,893				$	1,201			12,564			267		225
Corporate / Eliminations	(62		)	(c)	(423		)	(c)	2,773		(d)	28		36
Total Consolidated	$	9,831			$	778			$	15,337		$	295	$	261


(a)	Includes inter-segment revenue of $4 million, $7 million and $18 million in 2011, 2010 and 2009 respectively, interest income on fiduciary funds of $47 million, $45 million and $54 million in 2011, 2010, and 2009, respectively, and equity method income of $14 million, $12 million and $13 million in 2011, 2010, and 2009, respectively.


(b)	Includes inter-segment revenue of $36 million, $43 million and $45 million in 2011, 2010 and 2009, respectively, and interest income on fiduciary funds of $4 million in 2011, 2010, and 2009.


(c)	Includes results of corporate advisory and restructuring business.


(d)	Corporate assets primarily include insurance recoverables, pension related assets, the owned portion of the Company headquarters building and intercompany eliminations. Also includes assets of discontinued operations and the corporate advisory and restructuring business of $1.6 billion in 2009.

Details of operating segment revenue



For the Years Ended December 31,
(In millions of dollars)	2011			2010			2009
Risk and Insurance Services
Marsh	$	5,253		$	4,781		$	4,363
Guy Carpenter	1,048			983			921
Total Risk and Insurance Services	6,301			5,764			5,284
Consulting
Mercer	3,782			3,478			3,327
Oliver Wyman Group	1,483			1,357			1,282
Total Consulting	5,265			4,835			4,609
Total Operating Segments	11,566			10,599			9,893
Corporate/ Eliminations	(40		)	(49		)	(62		)
Total	$	11,526		$	10,550		$	9,831

Information by geographic area



For the Years Ended December 31,
(In millions of dollars)	2011			2010			2009
Revenue
United States	$	5,131		$	4,708		$	4,436
United Kingdom	1,922			1,720			1,708
Continental Europe	1,906			1,809			1,798
Asia Pacific	1,287			1,067			862
Other	1,320			1,295			1,089
	11,566			10,599			9,893
Corporate/Eliminations	(40		)	(49		)	(62		)
	$	11,526		$	10,550		$	9,831



For the Years Ended December 31,
(In millions of dollars)	2011		2010		2009
Fixed Assets, Net
United States	$	505	$	511	$	515
United Kingdom	133		132		147
Continental Europe	65		69		74
Asia Pacific	37		43		41
Other	64		67		73
	$	804	$	822	$	850

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Summary of Significant Accounting Policies (Narratives) (Details) shares in Millions, $ in Millions		1 Months Ended		12 Months Ended
	Aug. 03, 2010 USD ($)	Jun. 30, 2010 USD ($)	Dec. 31, 2009 USD ($) shares	Dec. 31, 2011 USD ($) shares	Dec. 31, 2010 USD ($) shares	Dec. 31, 2009 USD ($) shares
Fixed income securities in fiduciary assets				$ 62	$ 283
Unrealized gains, net of tax				2	5
Net uncollected premiums and claims receivable and payable				9,000	9,100
Performance fee revenue				74
Indefinite-lived intangible assets				0	0
Capitalized computer software costs				244	215
Capitalized computer software costs net of accumulated amortization				$ 619	$ 572
Tax position, amount recognized, min				50.00%
Stock options outstanding \| shares			46.4	38.9	43.4	46.4
Amounts paid under terms of settlement agreement		$ 500
Amount covered by insurance		100	$ 205
Amount agreed to pay without admitting liability			425
Settlement agreement, recognized charge after insurance		$ 400	$ 220
Assets in trusts or funds for management or trustee fee				$ 15,000
Consulting [Member]
Interest on fiduciary funds				4	$ 4	$ 4
Risk and Insurance Services [Member]
Interest on fiduciary funds				$ 47	45	54
Software Development [Member]
Capitalized software costs amortized period minimum, years				3
Capitalized software costs amortized period maximum, years				10
Private Equity Funds [Member]
Investment securities				$ 10	32	$ (6)
Equity method investments				78
Purchase commitment, remaining minimum amount committed				$ 67
Kroll Divestiture [Member]
Cash provided from sale of Kroll	$ 1,130				$ 1,130

Summary of Significant Accounting Policies (Components of Fixed Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,273	$ 2,233
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(1,469)	(1,411)
Property, Plant and Equipment, Net	804	822	$ 850
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,101	1,079
Land and Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	405	402
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 767	$ 752

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References + Details

Summary of Significant Accounting Policies (Basic EPS Calculation for Continuing Operations) (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income from continuing operations	$ 982	$ 565	$ 531
Less: Net income attributable to non-controlling interests	22	16	14
Net income attributable to the Company	$ 993	$ 855	$ 227
Basic weighted average common shares outstanding	542	540	522
Segment, Continuing Operations [Member]
Income from continuing operations	$ 982	$ 565	$ 531
Less: Net income attributable to non-controlling interests	22	16	14
Net income attributable to the Company	960	549	517
Less: Portion attributable to participating securities	6	6	12
Net income attributable to common shares for basic earnings per shares	$ 954	$ 543	$ 505
Basic weighted average common shares outstanding	542	540	522

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 95
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 19

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 230
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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+ Details

- Definition

The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Research Bulletin (ARB)
-Number 51
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6528421

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Summary of Significant Accounting Policies (Basic EPS Calculation for Net Income) (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Net income attributable to the Company	$ 993	$ 855	$ 227
Basic weighted average common shares outstanding	542	540	522
Net Income [Member]
Net income attributable to the Company	$ 993	$ 855	$ 227
Less: Portion attributable to participating securities	6	11	4
Net income attributable to common shares for basic earnings per shares	$ 987	$ 844	$ 223
Basic weighted average common shares outstanding	542	540	522

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Summary of Significant Accounting Policies (Diluted EPS Calculation for Continuing Operations) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income from continuing operations	$ 982	$ 565	$ 531
Less: Net income attributable to non-controlling interests	22	16	14
Net income attributable to the Company	$ 993	$ 855	$ 227
Basic weighted average common shares outstanding	542	540	522
Dilutive weighted average common shares outstanding	551	544	524
Segment, Continuing Operations [Member]
Income from continuing operations	$ 982	$ 565	$ 531
Less: Net income attributable to non-controlling interests	22	16	14
Net income attributable to the Company	960	549	517
Less: Portion attributable to participating securities	6	6	12
Income attributable to common shares	$ 954	$ 543	$ 505
Basic weighted average common shares outstanding	542	540	522
Dilutive effect of potentially issuable common shares	9	4	2
Dilutive weighted average common shares outstanding	551	544	524
Average stock price used to calculate common stock equivalents	$ 29.40	$ 23.76	$ 21.44

Summary of Significant Accounting Policies (Diluted EPS Calculation for Net Income) (Details) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Net income attributable to the Company	$ 993	$ 855	$ 227
Basic weighted average common shares outstanding	542	540	522
Dilutive weighted average common shares outstanding	551	544	524
Net Income [Member]
Net income attributable to the Company	$ 993	$ 855	$ 227
Less: Portion attributable to participating securities	6	11	4
Income attributable to common shares	$ 987	$ 844	$ 223
Basic weighted average common shares outstanding	542	540	522
Dilutive effect of potentially issuable common shares	9	4	2
Dilutive weighted average common shares outstanding	551	544	524
Average stock price used to calculate common stock equivalents	$ 29.40	$ 23.76	$ 21.44

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References + Details

- Definition

+ References

+ Details

Supplemental Disclosures (Narrative) (Details) - USD ($) $ in Millions		12 Months Ended
	Aug. 03, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Supplemental Disclosures [Line Items]
Non-cash issuance of common stock		$ 197	$ 182	$ 123
Stock-based compensation expense, equity awards		$ 165	174	193
Kroll Divestiture [Member]
Supplemental Disclosures [Line Items]
Cash from disposal, disposition, and/or sale transaction	$ 1,130		1,130
KLS [Member]
Supplemental Disclosures [Line Items]
Cash from disposal, disposition, and/or sale transaction			$ 110
KGS [Member]
Supplemental Disclosures [Line Items]
Cash from disposal, disposition, and/or sale transaction				$ 75

- Definition

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References + Details

Supplemental Disclosures (Schedule of Supplemental Cash Flow Disclosures) (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Supplemental Cash Flow Information [Abstract]
Assets acquired, excluding cash	$ 214	$ 867	$ 420
Liabilities assumed	(21)	(176)	(24)
Shares issued (7.6 million and 10.7 million shares in 2010 and 2009, respectively)	0	(183)	(229)
Contingent/deferred purchase consideration	(33)	(81)	(100)
Net cash outflow for current year acquisitions	160	427	67
Purchase of other intangibles	4	3	0
Contingent payments from prior years' acquisitions	0	2	6
Deferred purchase consideration from prior years' acquisitions	11	60	0
Subtotal	175	492	73
Cash paid into escrow for future acquisition	62	0	0
Net cash outflow for acquisitions	237	492	73
Interest paid	188	232	230
Income taxes paid, net of refunds	$ 37	$ 39	$ 219
Shares issued	0.0	7.6	10.7

Supplemental Disclosures (Schedule of Supplemental Cash Flow Income Statement Disclosures) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Supplemental Cash Flow Information [Abstract]
Net cash provided by (used for) operations	$ 11	$ (6)	$ 50
Net cash used for investing activities	0	(14)	(42)
Effect of exchange rate changes on cash and cash equivalents	$ 0	$ (2)	$ 5

Supplemental Disclosures (Schedule of Analysis for Doubtful Accounts) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Allowance for Loan and Lease Losses [Roll Forward]
Balance at beginning of year	$ 114	$ 107	$ 93
Provision charged to operations	11	20	23
Accounts written-off, net of recoveries	(21)	(26)	(14)
Effect of exchange rate changes and other	1	13	5
Balance at end of year	$ 105	$ 114	$ 107

Other Comprehensive Income (Loss) (Schedule Of Components Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Other Comprehensive Income (Loss) [Abstract]
Foreign currency translation adjustments, net of income tax expense (credit) ($4, $(7) and $54 in 2011, 2010 and 2009, respectively)	$ (104)	$ (27)	$ 346
Unrealized investment holding losses, net of income tax credit ($4, $2 and $2 in 2011, 2010, and 2009, respectively)	(4)	(7)	(1)
Less:Reclassification adjustment for realized (gains) included in net income, net of income tax expense of $0, $3 and $1in 2011, 2010 and 2009, respectively	(1)	(5)	(1)
(Losses) gains related to pension/retiree plans, net of income tax credits ($335, $56 and $172 in 2011, 2010 and 2009, respectively)	(779)	(90)	(417)
Other comprehensive (loss) income	(888)	(129)	(73)
Net income before non-controlling interests	1,015	871	241
Comprehensive income before non-controlling interests	127	742	168
Less: Comprehensive loss attributable to non-controlling interests	(22)	(16)	(14)
Comprehensive income attributable to the Company	105	726	154
Foreign currency translation adjustments, tax expense	4	(7)	54
Unrealized investment holding losses, net of income tax (credit) expense	4	2	2
Reclassification adjustment for realized losses (gains) included in net income, Tax portion	0	3	1
(Losses) gains related to pension/retiree plans, net of income tax (credit) expense	$ 335	$ 56	$ 172

Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Other Comprehensive Income (Loss) [Abstract]
Foreign currency translation adjustments (net of deferred tax liability of $14 and $10 in 2011 and 2010, respectively)	$ (42)	$ 62
Net unrealized investment gains (net of deferred tax liability of $1 and $5 in 2011 and 2010, respectively)	6	11
Net charges related to pension / retiree plans (net of deferred tax asset of $1,508 and $1,173 in 2011 and 2010, respectively)	(3,152)	(2,373)
Accumulated other comprehensive income (loss)	(3,188)	(2,300)
Foreign currency translation adjustments, tax expense	14	10
Net unrealized investment gains, Tax portion	1	5
Net charges related to pension / retiree plans, Tax portion	$ 1,508	$ 1,173

- Definition

The total of net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph i
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

+ Details

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 18, 19, 22, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

+ Details

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References

+ Details

Acquisitions (Narrative) (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) Acquisitions	Dec. 31, 2010 USD ($) shares	Dec. 31, 2009 USD ($)	Jun. 30, 2011 USD ($)	Mar. 31, 2010 USD ($)
Deferred/Contingent consideration	$ 33	$ 81	$ 100
Total Consideration	197
Deferred purchase consideration					$ 15
Purchase of other intangible assets	4	$ 3	0
Number of acquisitions made		8
Revenue target period, in years		two to four years
Revenue related to acquisitions	11,563	$ 10,839	10,436
Net operating income related to acquisitions	985	580	$ 572
Current Year Acquisitions [Member]
Cash	164
Deferred/Contingent consideration	33
Total Consideration	197
Deferred purchase consideration	27
Purchase of other intangible assets	$ 4
Revenue target period, in years	two to four years
Revenue related to acquisitions	$ 79
Net operating income related to acquisitions	12
Minority Interest Acquired [Member]
Total Consideration				$ 8
Adjustments to Additional Paid in Capital, Other	$ 2
Prior Years Acquisitions [Member]
Cash		490
Deferred/Contingent consideration		81
Total Consideration		$ 754
Deferred purchase consideration					$ 13
Issuance of shares \| shares		7.6
Fair value		$ 183
Remaining Prior Years Acquisitions [Member]
Deferred/Contingent consideration		2
Deferred purchase consideration		$ 60
Risk and Insurance Services [Member]
Number of acquisitions made	7	6
Consulting [Member]
Number of acquisitions made	5	2

Acquisitions (Allocation Of Acquisition Costs) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Deferred/Contingent consideration	$ 33	$ 81	$ 100
Total Consideration	197
Cash and cash equivalents	4
Accounts receivable, net	8
Other current assets	0
Property, plant, and equipment	3
Other assets	1
Intangible assets	80
Goodwill	122
Total assets acquired	218
Current liabilities	14
Other liabilities	7
Total liabilities assumed	21	$ 176	$ 24
Net assets acquired	197
Current Year Acquisitions [Member]
Cash	164
Deferred/Contingent consideration	33
Total Consideration	$ 197

Acquisitions (Pro-Forma Information) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Acquisitions [Abstract]
Revenue	$ 11,563	$ 10,839	$ 10,436
Income from continuing operations	985	580	572
Net income attributable to the Company	$ 996	$ 870	$ 268
Basic net income per share - Continuing operations	$ 1.77	$ 1.03	$ 1.02
Basic net income per share - Net income attributable to the Company	1.83	1.59	0.49
Diluted net income per share - Continuing operations	1.74	1.02	1.01
Diluted net income per share - Net income attributable to the Company	$ 1.80	$ 1.57	$ 0.49

- Definition

The pro forma basic net income per share for a period as if the business combination or combinations had been completed at the beginning of a period.

+ References + Details

- Definition

The pro forma diluted net income per share for a period as if the business combination or combinations had been completed at the beginning of a period.

+ References + Details

- Definition

The pro forma income from continuing operations before changes in accounting and extraordinary items, net of tax effect per basic share of common stock for a period as if the business combination or combinations had been completed at the beginning of a period.

+ References + Details

- Definition

The pro forma income from continuing operations before changes in accounting and extraordinary items, net of tax effect, per diluted share of common stock for a period as if the business combination or combinations had been completed at the beginning of a period.

+ References + Details

Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2011	Jun. 30, 2010	Dec. 31, 2011	Dec. 31, 2010
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operation, settlement of tax audits			$ 50
deferred tax benefit		$ 265
Business Process Outsourcing [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capitalized Computer Software, Impairments	$ 17
Kroll Divestiture [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision/ (credit) for income taxes			$ 36	$ 36

- Definition

Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 47
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32672-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b),(c)
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6909487&loc=d3e38679-109324

+ Details

- Definition

Tax benefit from provision recognizing a loss for initial, or subsequent, write-down to fair value (less cost to sell) of a of a disposal group that is classified as a component of the entity, which remains unsold as of the reporting date. May include a tax on the (gain) for the recognition of a subsequent increase in fair value (less cost to sell), but not in excess of the cumulative loss previously recognized through write-downs.

+ References + Details

Discontinued Operations (Income Statement Data) (Details) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Discontinued Operations and Disposal Groups [Abstract]

Revenue

$ 0

$ 381

$ 699

Expense

^[1]

345

958

Net operating income

(259)

Income Tax

Income from Kroll operations, net of tax

(283)

Other discontinued operations, net of tax

(17)

(7)

Income (loss) from discontinued operations, net of tax

(17)

(283)

Disposals of discontinued operations

^[2]

Income tax (credit) expense

^[3]

(25)

(235)

Disposals of discontinued operations, net of tax

293

(7)

Discontinued operations, net of tax

$ 33

$ 306

$ (290)

Discontinued operations, net of tax per basic share

$ 0.06

$ 0.55

$ (0.54)

Discontinued operations, net of tax per diluted share

$ 0.06

$ 0.55

$ (0.54)

Goodwill Impairment Charge From Discontinued Operations

$ 315

[1]	Includes goodwill impairment charge of $315 million in 2009.
[2]	Includes gain on sale of Kroll and the gain on the sale of KLS in 2010 and a loss on the sale of Kroll Government Services in 2009.
[3]	Includes the provision /(credit) for income taxes relating to the recognition of tax benefits recorded in connection with the sale of Kroll as well as a tax provision of $36 million on the sale of KLS in 2010.

Goodwill And Other Intangibles (Narrative) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Segment Reporting Information [Line Items]

Goodwill impairment charge

$ 315

Goodwill impairment related to discontinued operations

315

Goodwill acquired

124

502

Finite lived assets amortization expense

Goodwill

6,562

$ 6,420

^[1]

$ 5,990

^[1]

Risk and Insurance Services [Member]

Segment Reporting Information [Line Items]

Goodwill acquired

Goodwill

4,500

Consulting [Member]

Segment Reporting Information [Line Items]

Goodwill acquired

Goodwill

$ 2,100

[1]	Amounts in 2010 exclude goodwill and accumulated impairment losses related to Kroll, which were reclassified to discontinued operations.

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Loss recognized during the period that results from the write-down of goodwill after comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Goodwill is assessed at least annually for impairment.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 47
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 20
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Goodwill And Other Intangibles (Changes In The Carrying Amount Of Goodwill) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Goodwill [Roll Forward]

Balance as of January 1, as reported

^[1]

$ 6,420

$ 5,990

Goodwill acquired

124

502

Other adjustments

^[2]

(72)

Balance at December 31,

$ 6,562

$ 6,420

^[1]

[1]	Amounts in 2010 exclude goodwill and accumulated impairment losses related to Kroll, which were reclassified to discontinued operations.
[2]	Primarily purchase accounting adjustments and foreign exchange.

- Definition

+ References

+ Details

Goodwill And Other Intangibles (Amortized Intangible Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Goodwill And Other Intangibles [Abstract]
Gross Cost	$ 666	$ 615
Accumulated Amortization	265	212
Net Carrying Amount	$ 401	$ 403

Goodwill And Other Intangibles (Estimated Future Aggregate Amortization Expense) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($)
Goodwill And Other Intangibles [Abstract]
2012	$ 64
2013	59
2014	55
2015	53
2016	40
Subsequent years	130
Total	$ 401

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Investments in foreign subsidiaries	$ 4,100
Effective tax rate	30.10%	26.50%	3.80%
Valuation allowances	$ 1	$ 4
Valuation allowances, beginning balance	$ 7	1
Net Operating Loss Carryforwards	78.00%
Domestic deferred tax assets	$ 240
Unrecognized tax benefits that would impact effective tax rate	102	123
Accured interest and penalties	17	35
Putnam and issues included in consolidated mmc tax returns	143	199	$ 206	$ 293
Unrecognized tax benefits minimum	0
Unrecognized tax benefits maximum	80
Putnam and Kroll [Member]
Putnam and issues included in consolidated mmc tax returns	14	$ 75	$ 80
State and Local Jurisdiction [Member]
Potential tax benefit from net operating loss carryforwards	93
Non US [Member]
Potential tax benefit from net operating loss carryforwards	$ 82

Income Taxes (Taxes on Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Tax Disclosure [Abstract]
U.S., income before income taxes	$ 121	$ (296)	$ (438)
Other, income before income taxes	1,283	1,065	990
Total income before imcome taxes	1,404	769	552
U.S. Federal, current	7	(90)	(308)
Other national governments, current	289	249	264
U.S. state and local, current	24	21	15
Total current income taxes	320	180	(29)
U.S. Federal, deferred	5	(28)	16
Other national governments, deferred	90	50	39
U.S. state and local, deferred	7	2	(5)
Total deferred income taxes	102	24	50
Total income taxes	$ 422	$ 204	$ 21

Income Taxes (Deferred Income Tax Assets And Liabilities) (Details) - USD ($)
$ in Millions

Dec. 31, 2011

Dec. 31, 2010

Accrued expenses not currently deductible

$ 559

$ 524

^[1]

188

310

Accrued retirement & postretirement benefits—non-U.S. operations

164

Accrued retirement benefits U.S.

507

344

Net operating losses

^[2]

129

190

Income currently recognized for tax

Foreign tax credit carryforwards

169

129

Other

114

181

Total, deferred tax assets

1,892

1,780

Unrealized investment holding gains

174

Depreciation and amortization

233

203

Other

Total, deferred tax liabilities

344

398

Current assets

376

177

Other assets

1,205

Current liabilities

(12)

Other liabilities

(21)

Deferred Tax Assets Related To Non U S Operations [Member]

Valuation Allowance, Amount

Deferred Tax Assets Related To Net Operating Loss [Member]

Valuation Allowance, Amount

$ 46

$ 47

[1]	Net of valuation allowances of $3 million in 2011 and 2010.
[2]	Net of valuation allowances of $46 million and $47 million in 2011 and 2010, respectively.

Income Taxes (U.S. Federal Statutory Rate) (Details)	12 Months Ended
Income Taxes (U.S. Federal Statutory Rate) (Details)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income Tax Disclosure [Abstract]
U.S. Federal statutory rate	35.00%	35.00%	35.00%
U.S. state and local income taxes—net of U.S. Federal income tax benefit	1.60%	1.90%	1.30%
Differences related to non-U.S. operations	(6.50%)	(9.50%)	(15.90%)
Change in Unrecognized Tax Benefits	(0.10%)	(0.20%)	(16.80%)
Other	0.10%	(0.70%)	0.20%
Effective tax rate	30.10%	26.50%	3.80%

Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 199	$ 206	$ 293
Additions, based on tax positions related to current year	7	7	8
Additions for tax positions of prior years	39	10	28
Reductions for tax positions of prior years	(91)	(6)	(4)
Reductions due to reclassification of tax indemnifications on sale of Kroll	0	(3)	0
Settlements	(6)	(4)	(4)
Lapses in statutes of limitation	(5)	(11)	(115)
Balance at December 31	$ 143	$ 199	$ 206

Retirement Benefits (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2012
Shares of common stock represnting percentage of plan assets	7.00%
Assumed health care cost trend rate	6.70%
Ultimate assumed health care cost trend rate	4.90%
Defined Benefit Plan, Contributions by Employer	$ 100
Expected fund in U.S. non qualified plan	24
Limited partnership interest in private equity fund	169
Expected fund in non U.S. pension plans				$ 395
ESOP invested in MMC common stock	366	$ 334
The cost of defined contribution plans	$ 48		$ 52
Non Medicare Eligible [Member]
Defined benefit plan, health care cost trend rate assumed for next fiscal year	8.00%
Assumed health care cost trend rate	4.50%
Medicare Eligible [Member]
Defined benefit plan, health care cost trend rate assumed for next fiscal year	8.10%
Assumed health care cost trend rate	4.50%
U.S. Pension Benefits [Member]
The projected benefit obligation with accumulated benefit obligations	$ 4,500	4,000
Accumulated benefit obligation	4,500	3,900
Aggregate fair value of plan assets	3,500	3,400
The projected benefit obligation	4,500	4,000
Fair value of plan assets with projected benefit obligation	3,500	3,400
Defined Benefit Plan, Contributions by Employer	24	221
Non- U.S Pension Benefits [Member]
The projected benefit obligation	7,600	1,300
Fair value of plan assets with projected benefit obligation	7,000	1,000
Defined Benefit Plan, Contributions by Employer	320	237
U.S. Postretirement Benefits [Member]
Defined Benefit Plan, Contributions by Employer	9	8
Non- U.S Postretirement Benefits [Member]
Defined Benefit Plan, Contributions by Employer	$ 4	3
U.S. Plans [Member]
Target asset allocation U.S. Plan, equities, prior period	58.00%
Target asset allocation U.S. Plan, fixed income, prior period	42.00%
Actual asset allocation percentage of equity	58.00%
Actual asset allocation percentage of fixed income	42.00%
Common Stock Shares Held By Defined Benefit Plan	8
Defined benefit plan target allocation percentage of assets equity alternative investments range, minimum	53.00%
Defined benefit plan target allocation percentage of assets equity alternative investments range, maximum	63.00%
Defined benefit plan target allocation percentage of assets fixed income securities range, minimum	37.00%
Defined benefit plan target allocation percentage of assets fixed income securities range, maximum	47.00%
Assumed health care cost trend rate	5.00%
U.K. Plan [Member]
Actual asset allocation percentage of equity	53.00%
Actual asset allocation percentage of fixed income	47.00%
Target asset allocation non-U.S. Plan, equities	58.00%
Target asset allocation non-U.S. Plan, fixed income	42.00%
Defined benefit plan target allocation percentage of assets equity alternative investments range, minimum	55.00%
Defined benefit plan target allocation percentage of assets equity alternative investments range, maximum	61.00%
Defined benefit plan target allocation percentage of assets fixed income securities range, minimum	39.00%
Defined benefit plan target allocation percentage of assets fixed income securities range, maximum	45.00%
Non-U.S. Plans [Member]
Target asset allocation percentage for non-U.S. plan assets	82.00%
The projected benefit obligation with accumulated benefit obligations	$ 1,400	1,200
Accumulated benefit obligation	1,300	1,100
Aggregate fair value of plan assets	$ 1,000	$ 900

Retirement Benefits (Weighted Average Actuarial Assumptions Utilized) (Details)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Pension Plans, Defined Benefit [Member]
Discount rate (for expense)	5.59%	6.00%
Expected return on plan assets	8.19%	8.18%
Rate of compensation increase (for expense)	4.08%	4.16%
Discount rate (for benefit obligation)	4.91%	5.59%
Rate of compensation increase (for benefit obligation)	3.09%	4.09%
U.S. Pension Benefits [Member]
Discount rate (for expense)	5.90%	6.35%
Expected return on plan assets	8.75%	8.75%
Rate of compensation increase (for expense)	3.90%	3.90%
Discount rate (for benefit obligation)	5.15%	5.90%
Rate of compensation increase (for benefit obligation)	2.00%	3.90%
Non- U.S Pension Benefits [Member]
Discount rate (for expense)	5.41%	5.80%
Expected return on plan assets	7.91%	7.90%
Rate of compensation increase (for expense)	4.19%	4.30%
Discount rate (for benefit obligation)	4.77%	5.40%
Rate of compensation increase (for benefit obligation)	3.73%	4.20%
Postretirement Benefits [Member]
Discount rate (for expense)	5.81%	6.27%
Expected return on plan assets	0.00%	0.00%
Rate of compensation increase (for expense)	0.00%	0.00%
Discount rate (for benefit obligation)	5.05%	5.84%
Rate of compensation increase (for benefit obligation)	0.00%	0.00%
U.S. Postretirement Benefits [Member]
Discount rate (for expense)	5.95%	6.30%
Expected return on plan assets	0.00%	0.00%
Rate of compensation increase (for expense)	0.00%	0.00%
Discount rate (for benefit obligation)	5.10%	6.00%
Rate of compensation increase (for benefit obligation)	0.00%	0.00%
Non- U.S Postretirement Benefits [Member]
Discount rate (for expense)	5.51%	6.20%
Expected return on plan assets	0.00%	0.00%
Rate of compensation increase (for expense)	0.00%	0.00%
Discount rate (for benefit obligation)	4.95%	5.50%
Rate of compensation increase (for benefit obligation)	0.00%	0.00%

Retirement Benefits (Components of the Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Pension Plans, Defined Benefit [Member]
Service cost	$ 226	$ 197	$ 188
Interest cost	609	578	551
Expected return on plan assets	(887)	(815)	(788)
Amortization of prior service credit	(19)	(21)	(49)
Recognized actuarial loss (credit)	215	144	70
Net periodic benefit cost (credit)	144	83	(28)
U.S. Pension Benefits [Member]
Service cost	83	76	76
Interest cost	231	227	219
Expected return on plan assets	(315)	(295)	(293)
Amortization of prior service credit	(16)	(18)	(47)
Recognized actuarial loss (credit)	100	71	52
Net periodic benefit cost (credit)	83	61	7
Non- U.S Pension Benefits [Member]
Service cost	143	121	112
Interest cost	378	351	332
Expected return on plan assets	(572)	(520)	(495)
Amortization of prior service credit	(3)	(3)	(2)
Recognized actuarial loss (credit)	115	73	18
Net periodic benefit cost (credit)	61	22	(35)
Settlement (credit)/loss	0	5	1
Curtailment (credit)/loss	0	0	0
Special termination benefits	0	1	0
Total cost (credit)	61	28	(34)
Postretirement Benefits [Member]
Service cost	5	4	5
Interest cost	13	14	17
Expected return on plan assets	0	0	0
Amortization of prior service credit	(13)	(13)	(13)
Recognized actuarial loss (credit)	(4)	0	1
Net periodic benefit cost (credit)	1	5	10
U.S. Postretirement Benefits [Member]
Service cost	3	3	4
Interest cost	8	10	12
Expected return on plan assets	0	0	0
Amortization of prior service credit	(13)	(13)	(13)
Recognized actuarial loss (credit)	(4)	0	1
Net periodic benefit cost (credit)	(6)	0	4
Non- U.S Postretirement Benefits [Member]
Service cost	2	1	1
Interest cost	5	4	5
Expected return on plan assets	0	0	0
Amortization of prior service credit	0	0	0
Recognized actuarial loss (credit)	0	0	0
Net periodic benefit cost (credit)	7	5	6
Settlement (credit)/loss	0	0	0
Curtailment (credit)/loss	0	0	0
Special termination benefits	0	0	0
Total cost (credit)	$ 7	$ 5	$ 6

Retirement Benefits (Effects of One Percentage Point Change in Assumed Health Care Cost Trend Rates) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($)
U.S. Plans [Member]
Effect on total of service and interest cost components 1 Percentage Point Increase	$ 0
Effect on total of service and interest cost components 1 Percentage Point Decrease	(1)
Effect on postretirement benefit obligation 1 Percentage Point Increase	1
Effect on postretirement benefit obligation 1 Percentage Point Decrease	(16)
Non-U.S. Plans [Member]
Effect on total of service and interest cost components 1 Percentage Point Increase	1
Effect on total of service and interest cost components 1 Percentage Point Decrease	0
Effect on postretirement benefit obligation 1 Percentage Point Increase	10
Effect on postretirement benefit obligation 1 Percentage Point Decrease	$ (8)

Retirement Benefits (Schedules Providing Information Concerning MMC's Defined Benefit Pension Plans and Postretirement Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Employer/Company contributions	$ 100
Noncurrent assets	39	$ 265
Noncurrent liabilities	(1,655)	(1,211)
Total amounts included in accumulated other comprehensive income	3,152	2,373
U.S. Pension Benefits [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	4,041	3,629
Service cost	83	76	$ 76
Interest cost	231	227	219
Employer/Company contributions	24	221
Actuarial (gain) loss	352	270
Medicare Part D subsidy	0	0
Benefits paid	(174)	(161)
Benefit obligation at end of year	4,533	4,041	3,629
Fair value of plan assets at beginning of year	3,444	2,959
Actual return on plan assets	199	425
Fair value of plan assets at end of year	3,493	3,444	2,959
Funded status	(1,040)	(597)
Current liabilities	(124)	(23)
Noncurrent liabilities	(916)	(574)
Unrecognized prior service credit	39	55	73
Unrecognized net actuarial (loss) gain	(1,695)	(1,327)	(1,258)
Total amounts included in accumulated other comprehensive income	(1,656)	(1,272)
Cumulative employer contributions in excess of net periodic cost	616	675
Net (liability) asset recognized	(1,040)	(597)
Accumulated benefit obligation at December 31	4,467	3,929
U.S. Postretirement Benefits [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	180	163
Service cost	3	3	4
Interest cost	8	10	12
Employer/Company contributions	9	8
Actuarial (gain) loss	(20)	12
Medicare Part D subsidy	4	3
Benefits paid	(13)	(11)
Benefit obligation at end of year	162	180	163
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Fair value of plan assets at end of year	0	0	0
Funded status	(162)	(180)
Current liabilities	(9)	(11)
Noncurrent liabilities	(153)	(169)
Unrecognized prior service credit	13	26	39
Unrecognized net actuarial (loss) gain	12	(4)	9
Total amounts included in accumulated other comprehensive income	25	22
Cumulative employer contributions in excess of net periodic cost	(187)	(202)
Net (liability) asset recognized	(162)	(180)
Accumulated benefit obligation at December 31	0	0
Non- U.S Pension Benefits [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	6,802	6,354
Service cost	143	121	112
Interest cost	378	351	332
Employee contributions	14	16
Employer/Company contributions	320	237
Actuarial (gain) loss	575	430
Plan Amendments	(3)	0
Effect of Settlement	(7)	(17)
Effect of curtailment	(1)	(2)
Special termination benefits	0	1	0
Benefits paid	(266)	(244)
Foreign Currency Charges	66	(208)
Defined Benefit Plan Newly Disclosed Plans Obligation	16	0
Other	(2)	3
Benefit obligation at end of year	7,717	6,802	6,354
Fair value of plan assets at beginning of year	6,741	6,183
Actual return on plan assets	311	765
Effect of settlement	(6)	(17)
Foreign currency changes	82	(202)
Defined Benefit Plan Newly Disclosed Plans	12	0
Fair value of plan assets at end of year	7,206	6,741	6,183
Funded status	(511)	(61)
Noncurrent assets	39	265
Current liabilities	(106)	(8)
Noncurrent liabilities	(444)	(318)
Unrecognized prior service credit	23	23	24
Unrecognized net actuarial (loss) gain	(3,038)	(2,305)	(2,268)
Total amounts included in accumulated other comprehensive income	(3,015)	(2,282)
Cumulative employer contributions in excess of net periodic cost	2,504	2,221
Net (liability) asset recognized	(511)	(61)
Accumulated benefit obligation at December 31	7,246	6,313
Non- U.S Postretirement Benefits [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	83	70
Service cost	2	1	1
Interest cost	5	4	5
Employee contributions	0	0
Employer/Company contributions	4	3
Actuarial (gain) loss	5	11
Plan Amendments	0	0
Effect of Settlement	0	0
Effect of curtailment	0	0
Special termination benefits	0	0	0
Benefits paid	(4)	(3)
Foreign Currency Charges	0	0
Defined Benefit Plan Newly Disclosed Plans Obligation	0	0
Other	0	0
Benefit obligation at end of year	91	83	70
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Effect of settlement	0	0
Foreign currency changes	0	0
Defined Benefit Plan Newly Disclosed Plans	0	0
Fair value of plan assets at end of year	0	0	0
Funded status	(91)	(83)
Noncurrent assets	0	0
Current liabilities	(4)	(4)
Noncurrent liabilities	(87)	(79)
Unrecognized prior service credit	1	1	1
Unrecognized net actuarial (loss) gain	(19)	(14)	$ (4)
Total amounts included in accumulated other comprehensive income	(18)	(13)
Cumulative employer contributions in excess of net periodic cost	(73)	(70)
Net (liability) asset recognized	(91)	(83)
Accumulated benefit obligation at December 31	$ 0	$ 0

Retirement Benefits (Reconciliation of Prior Service Credit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
U.S. Pension Benefits [Member]
Reconciliation of unrecognized prior service credit [Roll Forward]
Amount disclosed as of prior year-end	$ 55	$ 73
Recognized as component of net periodic benefit credit	(16)	(18)
Amount at end of year	39	55
Non- U.S Pension Benefits [Member]
Reconciliation of unrecognized prior service credit [Roll Forward]
Amount disclosed as of prior year-end	23	24
Recognized as component of net periodic benefit credit	3	(2)
Plan amendments	(3)	0
Exchange rate adjustments	0	1
Amount at end of year	23	23
U.S. Postretirement Benefits [Member]
Reconciliation of unrecognized prior service credit [Roll Forward]
Amount disclosed as of prior year-end	26	39
Recognized as component of net periodic benefit credit	(13)	(13)
Amount at end of year	13	26
Non- U.S Postretirement Benefits [Member]
Reconciliation of unrecognized prior service credit [Roll Forward]
Amount disclosed as of prior year-end	1	1
Recognized as component of net periodic benefit credit	0	0
Plan amendments	0	0
Exchange rate adjustments	0	0
Amount at end of year	$ 1	$ 1

- Definition

The amount of increase or decrease in the accumulated benefit obligation related to the effects of a change in the substantive terms of an existing defined benefit pension plan or the initiation of a new plan. A plan amendment may increase or decrease benefits, including those attributed to years of service already rendered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph r
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Plan Amendment
-URI http://asc.fasb.org/extlink&oid=6520782
-Topic 715
-SubTopic 30

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Plan Amendment
-URI http://asc.fasb.org/extlink&oid=6520743
-Topic 715
-SubTopic 60

+ Details

- Definition

The change in other comprehensive income due to the amortization of the net prior service costs (credit) into net periodic pension costs.

+ References

+ Details

Retirement Benefits (Reconciliation of Net Actuarial Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Reconciliation of unrecognized net actuarial gain loss [Roll Forward]
Total gain (loss) recognized as change in plan assets and benefit obligations	$ (779)	$ (90)	$ (417)
U.S. Pension Benefits [Member]
Reconciliation of unrecognized net actuarial gain loss [Roll Forward]
Amount disclosed as of prior year-end	(1,327)	(1,258)
Recognized as component of net periodic benefit cost	100	71
Liability experience	(352)	(269)
Asset experience	(116)	129
Total gain (loss) recognized as change in plan assets and benefit obligations	(468)	(140)
Amount at end of year	(1,695)	(1,327)	(1,258)
Non- U.S Pension Benefits [Member]
Reconciliation of unrecognized net actuarial gain loss [Roll Forward]
Amount disclosed as of prior year-end	(2,305)	(2,268)
Recognized as component of net periodic benefit cost	115	73
Effect of settlement	0	5	1
Liability experience	(575)	(430)
Asset experience	(261)	244
Effect of curtailment	(1)	2
Total gain (loss) recognized as change in plan assets and benefit obligations	(837)	(184)
Exchange rate adjustments	(11)	69
Amount at end of year	(3,038)	(2,305)	(2,268)
U.S. Postretirement Benefits [Member]
Reconciliation of unrecognized net actuarial gain loss [Roll Forward]
Amount disclosed as of prior year-end	(4)	9
Recognized as component of net periodic benefit cost	(4)	0
Liability experience	20	(13)
Asset experience	0	0
Total gain (loss) recognized as change in plan assets and benefit obligations	20	(13)
Amount at end of year	12	(4)	9
Non- U.S Postretirement Benefits [Member]
Reconciliation of unrecognized net actuarial gain loss [Roll Forward]
Amount disclosed as of prior year-end	(14)	(4)
Recognized as component of net periodic benefit cost	0	0
Effect of settlement	0	0	0
Liability experience	(5)	(10)
Asset experience	0	0
Effect of curtailment	0	0
Total gain (loss) recognized as change in plan assets and benefit obligations	(5)	(10)
Exchange rate adjustments	0	0
Amount at end of year	$ (19)	$ (14)	$ (4)

Retirement Benefits (Schedule of Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
U.S. Pension Benefits [Member]
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$ 467	$ 148	$ 42
Non- U.S Pension Benefits [Member]
Total recognized in net periodic benefit cost and other comprehensive loss (income)	792	66	519
U.S. Postretirement Benefits [Member]
Total recognized in net periodic benefit cost and other comprehensive loss (income)	(9)	26	(7)
Non- U.S Postretirement Benefits [Member]
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$ 12	$ 15	$ 3

Retirement Benefits (Schedule of Estimated Amounts That Will Be Amortized from Accumulated Other Comprehensive in the Next Fiscal Year) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
U.S. Pension Benefits [Member]
Prior service credit	$ (16)
Net actuarial loss	146
Projected cost (credit)	130
Non- U.S Pension Benefits [Member]
Prior service credit		$ 3
Net actuarial loss		(116)
Projected cost (credit)		(113)
Non- U.S Postretirement Benefits [Member]
Prior service credit		0
Net actuarial loss		(1)
Projected cost (credit)		$ (1)
U.S. Postretirement Benefits [Member]
Prior service credit	(12)
Net actuarial loss	(1)
Projected cost (credit)	$ (13)

Retirement Benefits (Schedule of Estimated Future Benefit Payments for Pension and Postretirement Benefits) (Details) $ in Millions	Dec. 31, 2011 USD ($)
U.S. Pension Benefits [Member]
2012	$ 197
2013	207
2014	218
2015	230
2016	242
2017-2021	1,395
Non- U.S Pension Benefits [Member]
2012	247
2013	253
2014	267
2015	283
2016	301
2017-2021	1,786
U.S. Postretirement Benefits [Member]
2012	11
2013	12
2014	12
2015	12
2016	12
2017-2021	61
Non- U.S Postretirement Benefits [Member]
2012	4
2013	4
2014	4
2015	4
2016	4
2017-2021	$ 25

Retirement Benefits (Summary of the U.S. and Non-U.S. Plan Investments Measured At Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Common/collective trusts	$ 4,847	$ 4,471
Corporate obligations	1,793	1,111
Corporate stocks	1,739	1,941
Private equity/Partnerships	780	747
Government securities	378	547
Real estate	337	301
Short-term investment funds	330	610
Company common stock	253	219
Other investments	237	188
Insurance group annuity contracts	20	20
Swaps	5	9
Total investments	10,719	10,164
Identical Assets (Level 1) [Member]
Common/collective trusts	10	0
Corporate obligations	0	0
Corporate stocks	1,716	1,939
Private equity/Partnerships	0	0
Government securities	10	0
Real estate	14	3
Short-term investment funds	288	561
Company common stock	253	219
Other investments	1	3
Insurance group annuity contracts	0	0
Swaps	0	0
Total investments	2,292	2,725
Observable Inputs (Level 2) [Member]
Common/collective trusts	4,837	4,471
Corporate obligations	1,792	1,103
Corporate stocks	15	1
Private equity/Partnerships	1	1
Government securities	368	547
Real estate	4	5
Short-term investment funds	42	49
Company common stock	0	0
Other investments	34	8
Insurance group annuity contracts	0	0
Swaps	5	9
Total investments	7,098	6,194
Unobservable Inputs (Level 3) [Member]
Common/collective trusts	0	0
Corporate obligations	1	8
Corporate stocks	8	1
Private equity/Partnerships	779	746
Government securities	0	0
Real estate	319	293
Short-term investment funds	0	0
Company common stock	0	0
Other investments	202	177
Insurance group annuity contracts	20	20
Swaps	0	0
Total investments	$ 1,329	$ 1,245

Retirement Benefits (Summary of changes in the fair value of the plans’ Level 3 assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset Value, Beginning	$ 1,245	$ 1,122
Purchases	311	301
Sales	(251)	(219)
Unrealized Gain/(Loss)	(46)	54
Realized Gain/(Loss)	61	23
Exchange Rate Impact	10	(36)
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet	(1)	0
Fair Value, Asset Value, Ending	1,329	1,245
Private equity/partnerships [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset Value, Beginning	746	637
Purchases	119	138
Sales	(80)	(54)
Unrealized Gain/(Loss)	(83)	15
Realized Gain/(Loss)	70	22
Exchange Rate Impact	7	(12)
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet	0	0
Fair Value, Asset Value, Ending	779	746
Real estate [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset Value, Beginning	293	269
Purchases	0	0
Sales	0	0
Unrealized Gain/(Loss)	22	34
Realized Gain/(Loss)	(1)	0
Exchange Rate Impact	5	(10)
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet	0	0
Fair Value, Asset Value, Ending	319	293
Other investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset Value, Beginning	177	180
Purchases	32	19
Sales	(13)	(16)
Unrealized Gain/(Loss)	6	3
Realized Gain/(Loss)	2	1
Exchange Rate Impact	(2)	(14)
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet	0	4
Fair Value, Asset Value, Ending	202	177
Insurance group annuity contracts [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset Value, Beginning	20	17
Purchases	151	141
Sales	(150)	(140)
Unrealized Gain/(Loss)	8	2
Realized Gain/(Loss)	(9)	0
Exchange Rate Impact	0	0
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet	0	0
Fair Value, Asset Value, Ending	20	20
Corporate stocks [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset Value, Beginning	1	11
Purchases	8	1
Sales	0	(4)
Unrealized Gain/(Loss)	(1)	(3)
Realized Gain/(Loss)	0	1
Exchange Rate Impact	0	0
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet	0	(5)
Fair Value, Asset Value, Ending	8	1
Corporate Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset Value, Beginning	8	5
Purchases	1	2
Sales	(8)	(2)
Unrealized Gain/(Loss)	2	3
Realized Gain/(Loss)	(1)	(1)
Exchange Rate Impact	0	0
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet	(1)	1
Fair Value, Asset Value, Ending	1	8
Government Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset Value, Beginning	$ 0	3
Purchases		0
Sales		(3)
Unrealized Gain/(Loss)		0
Realized Gain/(Loss)		0
Exchange Rate Impact		0
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet		0
Fair Value, Asset Value, Ending		$ 0

Stock Benefit Plans (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	May 31, 2007 shares	Mar. 31, 2007 shares	Dec. 31, 2011 USD ($) $ / shares shares	Dec. 31, 2010 USD ($) $ / shares	Dec. 31, 2009 USD ($) $ / shares	Dec. 31, 2006	Mar. 16, 2005
Weighted-average grant-date fair value \| $ / shares			$ 6.67	$ 4.85	$ 4.63
Total intrinsic value of options exercised \| $			$ 23.6	$ 0.5	$ 0.0
Weighted-average period over which that cost is expected to be recognized, years			1.6
Cash received from the exercise of stock options \| $			$ 111.7	$ 1.5	$ 0.0
Restricted Stock [Member]
Unrecognized compensation cost related to option awards \| $			191.0
Total fair value of restricted stock \| $			$ 0.6
Restricted Stock [Member] \| Shares granted prior to 2004 [Member]
Vesting period, years			10 years
Restricted Stock [Member] \| Shares granted during 2004 [Member]
Vesting period, years			5 years
Restricted Stock [Member] \| Shares granted during 2005 [Member]
Vesting period, years			7 years
Restricted Stock [Member] \| Certain grants in 2005 [Member]
Vesting period, years			3 years
Restricted Stock Units And Performance Stock Units [Member] \| Shares granted prior to 2004 [Member]
Vesting period, years			3 years
Restricted Stock Units (RSUs) [Member]
Weighted-average grant-date fair value \| $ / shares				$ 22.81	$ 19.33
Performance-based restricted stock unit payable range minimum						0.00%
Performance-based restricted stock unit payable range maximum						200.00%
Deferred Stock Units [Member]
Total fair value of deferred stock units \| $			$ 249.0	$ 170.7	$ 87.9
Stock Options [Member]
Stock options vesting percentage			25.00%				25.00%
Stock appreciation percentage above exercise price			15.00%
Unrecognized compensation cost related to option awards \| $			$ 21.0
Executive Plan 2000 [Member]
Awards made over the life of the plan			23,200,000
Employee Stock Purchase Plan 1999 [Member]
Stock option price percent			95.00%
Reduction in the shares available			10,000,000
Issuance of common stock common stock approved by the Board of Directors		35,600,000
Shares purchased by employees			1,000,337
Shares available for issuance under the plan			5,035,737
International Plan [Member]
Issuance of common stock common stock approved by the Board of Directors	12,000,000
Shares due to shareholder action	4,000,000
Increase in number of shares available for issuance approved by Board of Directors			5,000,000
Shares purchased by employees			133,662
Shares available for issuance under the plan			3,197,034

Stock Benefit Plans (Black-Scholes Option Pricing Valuation Model For Options) (Details) - Black-Scholes Option Pricing [Member]	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Risk-free interest rate, Range Minimum	2.28%	3.15%	2.16%
Risk-free interest rate, Range Maximum	2.90%	3.20%	2.68%
Expected life (in years)	6.75	6.75	6.75
Expected volatility, Range Minimum	25.40%	26.30%	33.50%
Expected volatility, Range Maximum	25.80%	27.60%	36.40%
Expected dividend yield, Range Minimum	2.75%	3.26%	4.15%
Expected dividend yield, Range Maximum	2.86%	3.52%	4.20%

Stock Benefit Plans (Binomial Option Pricing Valuation Model For Options) (Details)	12 Months Ended
	Dec. 31, 2009
Expected dividend yield	3.62%
Binomial Option Pricing [Member]
Risk-free interest rate, Range Minimum	0.42%
Risk-free interest rate, Range Maximum	2.40%
Expected life (in years), Range Minimum	5.6
Expected life (in years), Range Maximum	7.7
Expected volatility	35.60%
Expected dividend yield	3.62%

Stock Benefit Plans (The Status Of Stock Option Awards) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) $ / shares shares
Stock Benefit Plans [Abstract]
Number of options outstanding at January 1, 2011 \| shares	43,386,136
Number of Options Granted \| shares	2,827,655
Number of Options Exercised \| shares	4,255,079
Number of Options Canceled or exchanged \| shares	0
Number of Options Forfeited \| shares	294,840
Number of options Expired \| shares	2,768,763
Number of options outstanding at December 31, 2011 \| shares	38,895,109
Options vested or expected to vest at December 31, 2011 \| shares	38,030,022
Options exercisable at December 31, 2011 \| shares	12,913,460
Weighted Average Exercise Price per option at January 1, 2011 \| $ / shares	$ 29.33
Weighted Average Exercise Price per option Granted \| $ / shares	30.60
Weighted Average Exercise Price per option Excercized \| $ / shares	26.26
Weighted Average Exercise Price per option Canceled or exchanged \| $ / shares	0.00
Weighted Average Exercise Price per Option Forfeited \| $ / shares	25.46
Weighted Average Exercise Price per Option Expired \| $ / shares	37.12
Weighted Average Exercise Price per option at December 31, 2011 \| $ / shares	29.21
Weighted Average Exercise Price per option expected to vest \| $ / shares	29.38
Weighted Average Exercise Price per option exercisable at closing \| $ / shares	$ 31.47
Weighted Average Remaining Contractual Term at closing, years	4.6
Weighted Average Remaining Contractual Term expected to vest, years	4.8
Weighted Average Remaining Contractual Term exercisable at closing, years	3.0
Aggregate Intrinsic Value at closing \| $	$ 155,159
Aggregate Intrinsic Value expected to vest \| $	221,216
Aggregare Intrinsic Value execisable at closing \| $	$ 58,228

Stock Benefit Plans (Summary Of The Status Of Restricted Stock Unit And Performance Unit Awards) (Details)	12 Months Ended
	Dec. 31, 2011 $ / shares shares
Non-vested balance at January 1, 2011 (Shares) \| shares	73,900
Granted (Shares) \| shares	0
Vested (Shares) \| shares	22,200
Forfeited (Shares) \| shares	0
Non-vested balance at December 31, 2011 (Shares) \| shares	51,700
Non-vested balance at January 1, 2011 (Weighted Average Grant Date Fair Value) \| $ / shares	$ 41.41
Granted (Weighted Average Grant Date Fair Value) \| $ / shares	0.00
Vested (Weighted Average Grant Date Fair Value) \| $ / shares	28.74
Forfeited Granted (Weighted Average Grant Date Fair Value) \| $ / shares	0.00
Non-vested balance at December 31, 2011 (Weighted Average Grant Date Fair Value) \| $ / shares	$ 46.86
Performance Units [Member]
Non-vested balance at January 1, 2011 (Shares) \| shares	0
Granted (Shares) \| shares	390,771
Vested (Shares) \| shares	2,809
Forfeited (Shares) \| shares	19,616
Non-vested balance at December 31, 2011 (Shares) \| shares	368,346
Non-vested balance at January 1, 2011 (Weighted Average Grant Date Fair Value) \| $ / shares	$ 0.00
Granted (Weighted Average Grant Date Fair Value) \| $ / shares	30.60
Vested (Weighted Average Grant Date Fair Value) \| $ / shares	30.60
Forfeited Granted (Weighted Average Grant Date Fair Value) \| $ / shares	30.60
Non-vested balance at December 31, 2011 (Weighted Average Grant Date Fair Value) \| $ / shares	$ 30.60
Restricted Stock Units (RSUs) [Member]
Non-vested balance at January 1, 2011 (Shares) \| shares	18,749,101
Granted (Shares) \| shares	5,549,028
Vested (Shares) \| shares	8,465,116
Forfeited (Shares) \| shares	774,585
Non-vested balance at December 31, 2011 (Shares) \| shares	15,058,428
Non-vested balance at January 1, 2011 (Weighted Average Grant Date Fair Value) \| $ / shares	$ 22.91
Granted (Weighted Average Grant Date Fair Value) \| $ / shares	30.46
Vested (Weighted Average Grant Date Fair Value) \| $ / shares	23.16
Forfeited Granted (Weighted Average Grant Date Fair Value) \| $ / shares	25.12
Non-vested balance at December 31, 2011 (Weighted Average Grant Date Fair Value) \| $ / shares	$ 25.43

Stock Benefit Plans (Status Of Restricted Stock Awards) (Details)	12 Months Ended
	Dec. 31, 2011 $ / shares shares
Stock Benefit Plans [Abstract]
Non-vested balance at January 1, 2011 (Shares) \| shares	73,900
Granted (Shares) \| shares	0
Vested (Shares) \| shares	22,200
Forfeited (Shares) \| shares	0
Non-vested balance at December 31, 2011 (Shares) \| shares	51,700
Non-vested balance at January 1, 2011 (Weighted Average Grant Date Fair Value) \| $ / shares	$ 41.41
Granted (Weighted Average Grant Date Fair Value) \| $ / shares	0.00
Vested (Weighted Average Grant Date Fair Value) \| $ / shares	28.74
Forfeited Granted (Weighted Average Grant Date Fair Value) \| $ / shares	0.00
Non-vested balance at December 31, 2011 (Weighted Average Grant Date Fair Value) \| $ / shares	$ 46.86

- Definition

The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.

+ References + Details

Fair Value Measurements (Narrative) (Details) $ in Millions	12 Months Ended
Fair Value Measurements (Narrative) (Details) $ in Millions	Dec. 31, 2011 USD ($)
Fair value interest rate swap discount rate	1.60%
Assets transferred between Level 1 and Level 2	$ 0
Senior Debt Obligations Due 2014 [Member]
Fair value measurement on senior notes subject to interest rate swaps	$ 250

Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Millions

Dec. 31, 2011

Dec. 31, 2010

Exchange traded equity securities

$ 1

Mutual funds

^[1]

$ 134

137

Money market funds

^[2]

226

Interest rate swap derivatives

^[3]

Total assets measured at fair value

367

146

State and local obligations (including non-U.S. locales)

Other sovereign government obligations and supranational agencies

185

Corporate and other debt

Money market funds

186

152

Total fiduciary assets measured at fair value

248

435

Contingent consideration liability

^[4]

110

106

Senior Notes due 2014

^[5]

257

Total liabilities measured at fair value

367

106

Identical Assets (Level 1) [Member]

Exchange traded equity securities

Mutual funds

^[1]

134

137

Money market funds

^[2]

226

Total assets measured at fair value

360

146

Money market funds

186

152

Total fiduciary assets measured at fair value

186

152

Observable Inputs (Level 2) [Member]

Interest rate swap derivatives

^[3]

Total assets measured at fair value

State and local obligations (including non-U.S. locales)

Other sovereign government obligations and supranational agencies

185

Corporate and other debt

Total fiduciary assets measured at fair value

283

Senior Notes due 2014

^[5]

257

Total liabilities measured at fair value

257

Unobservable Inputs (Level 3) [Member]

Contingent consideration liability

^[4]

110

106

Total liabilities measured at fair value

$ 110

$ 106

[1]	Included in other assets in the consolidated balance sheets.
[2]	Included in cash and cash equivalents in the consolidated balance sheets.
[3]	Included in other receivables in the consolidated balance sheets.
[4]	Included in accounts payable and accrued liabilities and other liabilities in the consolidated balance sheets
[5]	Included in long term debt in the consolidated balance sheets.

Fair Value Measurements (Changes In Fair Value Of Level 3 Liabilities Representing Acquisition Related Contingent Consideration) (Details)
$ in Millions

12 Months Ended

Dec. 31, 2011

USD ($)

^[1]

Fair Value, Beginning of Period

$ 106

Fair Value, End of Period

110

Contingent Consideration [Member]

Fair Value, Beginning of Period

106

Additions

Payments

(13)

Revaluation Impact

Fair Value, End of Period

$ 110

[1]	Included in accounts payable and accrued liabilities and other liabilities in the consolidated balance sheets

Long-Term Commitments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Long-Term Commitments [Abstract]
Lease obligations for office space	97.00%
Net rental costs	$ 430	$ 421	$ 397
Rentals from subleases	$ 9	$ 8	$ 5

Long-term Commitments (Operating Lease Agreements) (Details) $ in Millions	Dec. 31, 2011 USD ($)
Long-Term Commitments [Abstract]
2012, Gross Rental Commitments	$ 412
2013, Gross Rental Commitments	368
2014, Gross Rental Commitments	316
2015, Gross Rental Commitments	275
2016, Gross Rental Commitments	236
Subsequent years, Gross Rental Commitments	1,133
2012, Rentals from Subleases	49
2013, Rentals from Subleases	45
2014, Rentals from Subleases	43
2015, Rentals from Subleases	39
2016, Rentals from Subleases	39
Subsequent years, Rentals from Subleases	142
2012, Net Rental Commitments	363
2013, Net Rental Commitments	323
2014, Net Rental Commitments	273
2015, Net Rental Commitments	236
2016, Net Rental Commitments	197
Subsequesnt years, Net Rental Commitments	$ 991

Long-term Commitments (Future Minimum Rental Commitments) (Details) $ in Millions	Dec. 31, 2011 USD ($)
Long-Term Commitments [Abstract]
2012	$ 101
2013	59
2014	47
Subsequent years	142
Total	$ 349

Debt (Narrative) (Details)			1 Months Ended	3 Months Ended	12 Months Ended
Debt (Narrative) (Details)	Oct. 13, 2011 USD ($)	Jul. 15, 2011 USD ($)	Feb. 28, 2011 USD ($) Years	Sep. 30, 2011 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Jun. 27, 2011	Sep. 30, 2010 USD ($)
Senior notes					$ 2,668,000,000	$ 3,026,000,000
Number of interest rate swaps			2
Floating rate three-month LIBOR plus fixed spread interest percentage			3.726%
Interest rate swaps, fair value adjustment			$ 0
Swap agreements, effectiveness recognized during the period					0
Interest rate swap for hedging			$ 125,000,000
Interest rate swap maturity, in years \| Years			3.5
Revolving credit facility, initiation date	October 13, 2011
Line of credit facility, current borrowing capacity	$ 1,000,000,000
Revolving credit facility, amount outstanding					$ 0
Proceeds from issuance of debt					496,000,000		$ 398,000,000
Debtor-in-Possession Financing, Letters of Credit Outstanding					248,000,000	$ 272,000,000
Senior Debt Obligations Due 2014 [Member]
Debt instrument, interest rate, stated percentage								5.375%
Senior notes		$ 600,000,000
Revised Purchase Price Allocation For Principal Amount Outstanding of Notes		330,000,000
5.375% senior notes due in 2014, hedged value					$ 250,000,000
Senior Debt Obligations Due 2010 [Member]
Debt instrument, interest rate, stated percentage									5.15%
Senior notes									$ 550,000,000
Senior Debt Obligations Due 2015 [Member]
Revised Purchase Price Allocation For Principal Amount Outstanding of Notes		$ 270,000,000
Senior Debt Obligations Due In Ten Years [Member]
Debt instrument, interest rate, stated percentage				4.80%
Proceeds from issuance of debt				$ 500,000,000
September 2011 Debt Obligation [Member]
Line of Credit Facility Term					5 years
Line of credit facility, current borrowing capacity	$ 1,000,000,000

Debt (Schedule Of Outstanding Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Debt Instrument [Line Items]
Long-term debt, current and noncurrent	$ 2,928	$ 3,034
Current portion of long-term debt	260	8
Long-term Debt and Capital Lease Obligations	2,668	3,026
Senior Debt Obligations Due 2012 [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 250	253
Debt instrument, interest rate, stated percentage	6.25%
Debt instrument, interest rate, effective percentage	5.10%
Senior Debt Obligations Due 2013 [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 251	250
Debt instrument, interest rate, stated percentage	4.85%
Senior Debt Obligations Due 2033 [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 296	296
Debt instrument, interest rate, stated percentage	5.875%
Senior Debt Obligations Due 2014 [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 326	648
Debt instrument, interest rate, stated percentage	5.375%
Senior Debt Obligations Due 2015 [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 479	747
Debt instrument, interest rate, stated percentage	5.75%
Senior Debt Obligations Due 2019 [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 398	398
Debt instrument, interest rate, stated percentage	9.25%
Senior Debt Obligations Due 2021 [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 496	0
Debt instrument, interest rate, stated percentage	4.80%
Mortgage Due 2035 [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 431	439
Debt instrument, interest rate, stated percentage	5.70%
Other [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations	$ 1	$ 3

Debt (Gain Or Loss On The Hedged Item And Offsetting Gain Or Loss On Interest Rate Swaps) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Other Operating expenses	$ (2,919.0)	$ (3,146.0)	$ (2,871.0)
Derivative Instruments, Gain (Loss) Recognized in Income, Net	0.0
Gain On Swaps [Member]
Other Operating expenses	7.0
Loss On Notes [Member]
Other Operating expenses	$ (7.0)

- Definition

The amount of net gains and losses recognized in income during the period on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges, on derivative instruments designated and qualifying as hedging instruments in cash flow hedges, and on derivative instruments not designated as hedging instruments.

+ References + Details

Debt Debt (Scheduled Repayments) (Details) $ in Millions	Dec. 31, 2011 USD ($)
Maturities of Long-term Debt [Abstract]
Long-term Debt, Maturities, Repayments of Principal in 2012	$ 259
Long-term Debt, Maturities, Repayments of Principal in 2013	260
Long-term Debt, Maturities, Repayments of Principal in 2014	330
Long-term Debt, Maturities, Repayments of Principal in 2015	490
Long-term Debt, Maturities, Repayments of Principal in 2016	$ 11

Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Debt Instrument [Line Items]
Additional long-term investments, no market prices	$ 37	$ 39
Gross unrealized gains on fiduciary assets during period	1	7
Gross unrealized losses (pre-tax) on fiduciary assets during period	6	$ 10	$ 7
Senior Debt Obligations Due 2014 [Member]
Debt Instrument [Line Items]
Senior Notes due 2014, adjusted by the fair value of interest rate swap	$ 250

Financial Instruments (Estimated Fair Value Of Significant Financial Instruments) (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Financial Instruments [Abstract]
Cash and cash equivalents	$ 2,113	$ 1,894	$ 1,707
Cash and cash equivalents, fair value	2,113	1,894
Long-term investments, carrying amount	58	68
Long-term investments, fair value	58	64
Short-term debt, carrying amount	260	8
Short-term debt, fair value	261	8
Long-term debt	2,668	3,026
Long-term debt, fair value	$ 2,958	$ 3,234

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Company may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months.

+ References + Details

- Definition

+ References + Details

Integration and Restructuring Costs (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($)
Restructuring Costs [Abstract]
Restructuring actions costs	$ 51

Integration and Restructuring Costs (Restructuring Activities) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Restructuring Reserve [Roll Forward]

Liability at beginning of period

$ 211

$ 259

$ 222

Amount Accrued

141

243

Cash Paid

(82)

(189)

(206)

Other

^[1]

Liability at end of period

181

211

259

Severance [Member]

Restructuring Reserve [Roll Forward]

Liability at beginning of period

Amount Accrued

Cash Paid

(40)

(116)

Other

^[1]

(2)

Liability at end of period

Future Rent Under Non-Cancelable Leases and Other Costs [Member]

Restructuring Reserve [Roll Forward]

Liability at beginning of period

171

182

Amount Accrued

Cash Paid

(42)

(73)

Other

^[1]

Liability at end of period

$ 154

$ 171

$ 182

[1]	Primarily foreign exchange

- Definition

The charge against earnings in the period, comprised of costs associated with restructuring activities not otherwise specified in the taxonomy pursuant to a duly authorized plan, excluding a discontinued operation as defined by generally accepted accounting principles. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, and relocating employees, but excludes costs associated with the retirement of a long-lived asset and severance costs associated with established compensation plans.

+ References + Details

Common Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2011	Dec. 31, 2011
Class of Stock Disclosures [Abstract]
Payments for repurchase of common stock		$ 361
Common stock repurchased, average price per share		$ 29.44
Share repurchase authorization	$ 1,000
Stock repurchase program, previous authorized amount	$ 500
Stock repurchase program, remaining authorized repurchase amount		$ 553
Common stock repurchased		12.3

Claims, Lawsuits And Other Contingencies (Details) £ in Millions	Dec. 31, 2011 GBP (£)
Commitments and Contingencies Disclosure [Abstract]
Reinsured policies covered by related party guarantee	£ 40

Segment Information (Details For MMC's Operating Segments) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Segment Reporting Information [Line Items]

Revenue

$ 11,526

$ 10,550

$ 9,831

Operating Income (Loss)

1,638

939

778

Total Assets

15,454

15,310

Assets Of Discontined Operations And Corporate Advisory And Restructuring Business

1,600

Risk and Insurance Services [Member]

Segment Reporting Information [Line Items]

Revenue

6,301

^[1]

5,764

^[1]

5,284

^[2]

Operating Income (Loss)

1,229

972

796

Total Assets

9,202

9,418

8,320

Depreciation and Amortization

191

177

153

Capital Expenditures

146

144

147

Inter-segment revenue

Interest income on fiduciary funds

Equity method income

Consulting [Member]

Segment Reporting Information [Line Items]

Revenue

5,265

^[3]

4,835

^[3]

4,609

^[4]

Operating Income (Loss)

588

129

405

Total Assets

4,720

4,437

4,244

Depreciation and Amortization

110

113

114

Capital Expenditures

Inter-segment revenue

Interest income on fiduciary funds

Total Operating Segments [Member]

Segment Reporting Information [Line Items]

Revenue

11,566

10,599

9,893

Operating Income (Loss)

1,817

1,101

1,201

Total Assets

13,922

13,855

12,564

Depreciation and Amortization

301

290

267

Capital Expenditures

237

224

225

Corporate / Eliminations [Member]

Segment Reporting Information [Line Items]

Revenue

^[2]

(40)

(49)

(62)

Operating Income (Loss)

^[2]

(179)

(162)

(423)

Total Assets

^[4]

1,532

1,455

2,773

Depreciation and Amortization

Capital Expenditures

Total Consolidated [Member]

Segment Reporting Information [Line Items]

Revenue

11,526

10,550

9,831

Operating Income (Loss)

1,638

939

778

Total Assets

15,454

15,310

15,337

Depreciation and Amortization

332

319

295

Capital Expenditures

$ 280

$ 258

$ 261

[1]	Includes inter-segment revenue of $4 million, $7 million and $18 million in 2011, 2010 and 2009 respectively, interest income on fiduciary funds of $47 million, $45 million and $54 million in 2011, 2010, and 2009, respectively, and equity method income of $14 million, $12 million and $13 million in 2011, 2010, and 2009, respectively.
[2]	Includes results of corporate advisory and restructuring business.
[3]	Includes inter-segment revenue of $36 million, $43 million and $45 million in 2011, 2010 and 2009, respectively, and interest income on fiduciary funds of $4 million in 2011, 2010, and 2009.
[4]	Corporate assets primarily include insurance recoverables, pension related assets, the owned portion of the Company headquarters building and intercompany eliminations. Also includes assets of discontinued operations and the corporate advisory and restructuring business of $1.6 billion in 2009.

Segment Information (Selected Information and Details Of Operating Segment Revenue) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Segment Reporting Information [Line Items]

Revenue

$ 11,526

$ 10,550

$ 9,831

Fixed Assets, Net

804

822

850

Risk and Insurance Services [Member]

Segment Reporting Information [Line Items]

Revenue

6,301

^[1]

5,764

^[1]

5,284

^[2]

Marsh [Member]

Segment Reporting Information [Line Items]

Revenue

5,253

4,781

4,363

Guy Carpenter [Member]

Segment Reporting Information [Line Items]

Revenue

1,048

983

921

Mercer [Member]

Segment Reporting Information [Line Items]

Revenue

3,782

3,478

3,327

Oliver Wyman Group [Member]

Segment Reporting Information [Line Items]

Revenue

1,483

1,357

1,282

Consulting [Member]

Segment Reporting Information [Line Items]

Revenue

5,265

^[3]

4,835

^[3]

4,609

^[4]

Total Operating Segments [Member]

Segment Reporting Information [Line Items]

Revenue

11,566

10,599

9,893

Corporate / Eliminations [Member]

Segment Reporting Information [Line Items]

Revenue

^[2]

(40)

(49)

(62)

United States [Member]

Segment Reporting Information [Line Items]

Revenue

5,131

4,708

4,436

Fixed Assets, Net

505

511

515

United Kingdom [Member]

Segment Reporting Information [Line Items]

Revenue

1,922

1,720

1,708

Fixed Assets, Net

133

132

147

Continental Europe [Member]

Segment Reporting Information [Line Items]

Revenue

1,906

1,809

1,798

Fixed Assets, Net

Asia Pacific [Member]

Segment Reporting Information [Line Items]

Revenue

1,287

1,067

862

Fixed Assets, Net

Other Geographic Areas [Member]

Segment Reporting Information [Line Items]

Revenue

1,320

1,295

1,089

Fixed Assets, Net

$ 64

$ 67

$ 73

[1]	Includes inter-segment revenue of $4 million, $7 million and $18 million in 2011, 2010 and 2009 respectively, interest income on fiduciary funds of $47 million, $45 million and $54 million in 2011, 2010, and 2009, respectively, and equity method income of $14 million, $12 million and $13 million in 2011, 2010, and 2009, respectively.
[2]	Includes results of corporate advisory and restructuring business.
[3]	Includes inter-segment revenue of $36 million, $43 million and $45 million in 2011, 2010 and 2009, respectively, and interest income on fiduciary funds of $4 million in 2011, 2010, and 2009.
[4]	Corporate assets primarily include insurance recoverables, pension related assets, the owned portion of the Company headquarters building and intercompany eliminations. Also includes assets of discontinued operations and the corporate advisory and restructuring business of $1.6 billion in 2009.