Debt

9 Months Ended

Sep. 30, 2025

The Company’s outstanding debt is as follows:


(In millions)	September 30, 2025		December 31, 2024
Short-term:



Current portion of long-term debt	$	1,263	$	519
	$	1,263	$	519
Long-term:


Senior notes – 3.50% due 2025	$	—	$	500
Senior notes – 1.349% due 2026	643		579
Senior notes – 3.75% due 2026	600		599
Senior notes – 4.550% due 2027	945		945
Senior notes – Floating due 2027	298		299
Senior notes – 4.375% due 2029	1,500		1,499
Senior notes – 1.979% due 2030	642		566
Senior notes – 2.25% due 2030	743		742
Senior notes – 4.65% due 2030	992		991
Senior notes – 2.375% due 2031	398		397
Senior notes – 4.850% due 2031	992		992
Senior notes – 5.750% due 2032	494		494
Senior notes – 5.875% due 2033	299		299
Senior notes – 5.400% due 2033	593		593
Senior notes – 5.150% due 2034	496		495
Senior notes – 5.00% due 2035	1,982		1,982
Senior notes – 4.75% due 2039	496		496
Senior notes – 5.35% due 2044	494		495
Senior notes – 4.35% due 2047	494		494
Senior notes – 4.20% due 2048	594		593
Senior notes – 4.90% due 2049	1,239		1,239
Senior notes – 2.90% due 2051	346		346
Senior notes – 6.25% due 2052	492		491
Senior notes – 5.450% due 2053	591		591
Senior notes – 5.700% due 2053	989		989
Senior notes – 5.450% due 2054	493		493
Senior notes – 5.40% due 2055	1,479		1,479
Mortgage – 5.70% due 2035	254		267
Other	2		2
	19,580		19,947
Less: current portion	1,263		519
	$	18,317	$	19,428

The senior notes in the table above are registered by the Company with the Securities and Exchange Commission and are not guaranteed.

The Company has a $3.5 billion short-term debt financing program through the issuance of commercial paper. The proceeds from the issuance of commercial paper are used for general corporate purposes. The Company did not have any commercial paper outstanding at September 30, 2025 and December 31, 2024.

Credit Facilities

The Company has a $3.5 billion multi-currency unsecured five-year credit facility (the "Credit Facility") expiring October 2028. Borrowings under the Credit Facility bear interest at a rate per annum, equal, at the Company's option, either at (a) the Securities Overnight Financing Rate ("SOFR") benchmark rate for U.S. dollar borrowings, or (b) a currency specific benchmark rate, plus an applicable margin which varies with the Company's credit ratings. The Company is required to maintain certain coverage and leverage ratios for the Credit Facility, which are evaluated quarterly. The Credit Facility includes provisions for determining a benchmark replacement rate in the event existing benchmark rates are no longer available, or in certain other circumstances, in which an alternative rate may be required. At September 30, 2025 and December 31, 2024, the Company had no borrowings under this facility.

The Company also maintains other credit and overdraft facilities with various financial institutions aggregating $122 million and $123 million at September 30, 2025 and December 31, 2024. There were no outstanding borrowings under these facilities at September 30, 2025 and December 31, 2024.

The Company also has outstanding guarantees and letters of credit with various banks aggregating $158 million and $163 million at September 30, 2025 and December 31, 2024, respectively.

Senior Notes

In March 2025, the Company repaid $500 million of 3.50% senior notes at maturity.

In November 2024, the Company issued $7.25 billion in senior notes as follows:

•$950 million 4.550% senior notes due 2027;

•$1 billion 4.650% senior notes due 2030;

•$1 billion 4.850% senior notes due 2031;

•$2 billion 5.000% senior notes due 2035;

•$500 million 5.350% senior notes due 2044;

•$1.5 billion 5.400% senior notes due 2055; and

•$300 million floating rate senior notes due 2027 (the "Floating Notes"), collectively referred to as the "November 2024 Notes".

For the Floating Notes, interest is calculated based on a compounded SOFR benchmark rate plus 0.700%.

The Company used the net proceeds from the November 2024 Notes offering to fund, in part, the McGriff acquisition, including the payment of related fees and expenses, as well as for general corporate purposes.

In June 2024, the Company repaid $600 million of 3.50% senior notes at maturity. In March 2024, the Company repaid $1 billion of 3.875% senior notes at maturity. In February 2024, the Company issued $500 million of 5.150% senior notes due 2034 and $500 million of 5.450% senior notes due 2054. The Company used the net proceeds from these issuances for general corporate purposes.

Fair Value of Short-term and Long-term Debt

The estimated fair value of the Company's short-term and long-term debt is provided below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown in the following table 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.


	September 30, 2025				December 31, 2024
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value


Short-term debt	$	1,263	$	1,253	$	519	$	518
Long-term debt	$	18,317	$	18,150	$	19,428	$	18,734

The fair value of the Company's short-term debt consists primarily of term debt maturing within the next year and its fair value 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. Short-term and long-term debt would be classified as Level 2 in the fair value hierarchy.

- 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

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+ Details

MARSH & MCLENNAN COMPANIES, INC. 10-Q