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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
EBP 006  
EBP, Investment, Fair Value and NAV [Line Items]  
Schedule of fair value hierarchy by investments and Net Asset Value of investments
The following tables set forth, by level within the fair value hierarchy, a summary of plan identified investments held by the Master Trust measured at fair value at December 31, 2025 and 2024:
Plan Identified Investments Held by Master Trust at Fair Value
Fair Value Measurements at December 31, 2025
Quoted Prices in Active Markets for Identical
Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
NAVTotal
Short-term investment fund$895,141 $— $— $— $895,141 
Mutual funds:
Balanced funds92,786,284 — — — 92,786,284 
Value funds41,173,157 — — — 41,173,157 
Total Mutual funds
133,959,441 — — — 133,959,441 
Common collective trusts— — — 1,100,621,260 1,100,621,260 
Total Investments
$134,854,582 $— $— $1,100,621,260 $1,235,475,842 
Plan Identified Investments Held by Master Trust at Fair Value
Fair Value Measurements at December 31, 2024
Quoted Prices in Active Markets for Identical
Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
NAVTotal
Short-term investment fund$1,279,081 $— $— $— $1,279,081 
Mutual funds:
Balanced funds60,496,511 — — — 60,496,511 
Value funds37,844,503 — — — 37,844,503 
Total Mutual funds
98,341,014 — — — 98,341,014 
Common collective trusts— — — 888,248,959 888,248,959 
Total Investments
$99,620,095 $— $— $888,248,959 $987,869,054 
The following tables set forth, by level within the fair value hierarchy, a summary of the assets included in the commingled funds held in the Master Trust measured at fair value at December 31, 2025 and 2024:
Assets Held in Commingled Funds by Master Trust
Fair Value Measurements at December 31, 2025
Quoted Prices in Active Markets for Identical
Assets
(Level 1)
Significant
Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
NAVTotal
Marsh common stock$569,666,803 $— $— $— $569,666,803 
Short-term investment fund34,207,674 — — — 34,207,674 
Common collective trusts— — — 3,330,896,704 3,330,896,704 
Total Master Trust Investments at Fair Value$603,874,477 $— $— $3,330,896,704 $3,934,771,181 
Assets Held in Commingled Funds by Master Trust
Fair Value Measurements at December 31, 2024
Quoted Prices in Active Markets for Identical
Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)

Significant Unobservable Inputs
(Level 3)
NAV



Total
Marsh common stock$722,475,231 $— $— $— $722,475,231 
Short-term investment fund26,215,743 — — — 26,215,743 
Common collective trusts— — — 2,784,329,533 2,784,329,533 
Total Master Trust Investments at Fair Value$748,690,974 $— $— $2,784,329,533 $3,533,020,507 
The following table provides additional information at December 31, 2025 and 2024 for plan identified investments held by the Master Trust that report a NAV per share (or its equivalent):
Fair Value
20252024Unfunded
Commitments
Redemption
Frequency
Redemption Notice Period
Target retirement funds (a)$806,158,684 $634,926,806 DailyNone
T. Rowe Blue Chip Growth Trust (b)119,980,475 102,203,900 DailyNone
Putnam Large Cap Value Trust (c)37,026,583 28,692,238 DailyNone
T. Rowe Small Mid Cap Core
Trust (d)
66,587,731 69,735,529 DailyNone
Capital Group EUPAC Trust (e)37,769,401 28,015,486 DailyNone
Loomis Sayles Core Plus Fixed Income Fund (f)33,098,386 24,675,000 DailyNone
$1,100,621,260 $888,248,959 
(a)Each target retirement fund invests in a mix of index funds specific to a retirement year and diversified across global asset classes.
(b)This fund invests primarily in large- and mid-cap U.S. equity securities.
(c)This fund invests primarily in large- and mid-cap U.S. equity securities.
(d)This fund invests in underlying funds that hold primarily small and mid-size U.S. equity securities.
(e)This fund invests primarily in Europe and Pacific Basin equity securities.
(f)This fund invests primarily in U.S. investment-grade debt securities and may also invest in below-investment-grade debt securities.
The following table provides additional information at December 31, 2025 and 2024 for the Plan's interest in commingled funds held by the Master Trust that report a NAV per share (or its equivalent):
Fair Value
20252024Unfunded
Commitments
Redemption
Frequency
Redemption Notice Period
S&P 500 Index Fund (a)$284,041,098 $204,827,888 DailyNone
Non-U.S. Equity Index Fund (b)
121,324,651 75,254,966 DailyNone
U.S. Bond Index Fund (c)
77,614,202 56,918,948 DailyNone
U.S. Extended Equity Market Index Fund (d)
72,991,952 57,837,989 DailyNone
$555,971,903 $394,839,791 
(a)This fund invests primarily in large-cap U.S. equity securities.
(b)This fund invests primarily in non-U.S. equity securities.
(c)This fund invests primarily in U.S. investment-grade bonds.
(d)This fund invests primarily in U.S. small- and mid-cap equity securities.