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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Share-Based Compensation Expense | The following table presents the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the years ended December 31, 2022, 2021 and 2020, which is included in compensation and benefits expense in the Consolidated Statements of Income:
|  |  | Year Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
|  |  |  |  | (in millions)
Share-based compensation expense before income taxes |  |  |  |  | $ | 106 |  |  | $ | 90 |  |  | $ | 87 |
Summary of Restricted Stock Activity | The following table summarizes our restricted stock activity for the years ended December 31, 2022, 2021 and 2020:
| Restricted Stock
| Number of Awards |  | Weighted-Average Grant Date Fair Value
Unvested at December 31, 2019 | 4,460,268 |  |  | $ | 25.79 |
Granted | 2,229,900 |  |  | 29.98 |
Vested | (1,498,071) |  |  | 24.32 |
Forfeited | (274,944) |  |  | 27.06 |
Unvested at December 31, 2020 | 4,917,153 |  |  | $ | 28.07 |
Granted | 1,523,235 |  |  | 50.52 |
Vested | (1,624,809) |  |  | 27.78 |
Forfeited | (416,559) |  |  | 34.04 |
Unvested at December 31, 2021 | 4,399,020 |  |  | $ | 35.39 |
Granted | 1,785,138 |  |  | 57.65 |
Vested | (1,525,442) |  |  | 31.22 |
Forfeited | (278,203) |  |  | 42.07 |
Unvested at December 31, 2022 | 4,380,513 |  |  | $ | 45.48 |
Summary of Valuation Assumptions | The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the three-year PSU program for the years ended December 31, 2022 and 2021:
| Year Ended December 31,
| 2022 |  | 2021
Weighted-average risk free interest rate | 2.61 | % |  | 0.33 | %
Expected volatility | 30.04 | % |  | 30.30 | %
Weighted-average grant date share price | $ | 60.55 |  |  | $ | 51.88 |
Weighted-average fair value at grant date | $ | 63.68 |  |  | $ | 72.75 |
In the table above, the risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant; and we use historic volatility for PSU awards issued under the three-year PSU program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the program.
Summary of PSU Activity | The following table summarizes our PSU activity for the years ended December 31, 2022, 2021 and 2020:
| PSUs
| One-Year Program |  | Three-Year Program
| Number of Awards |  | Weighted-Average Grant Date Fair Value |  | Number of Awards |  | Weighted-Average Grant Date Fair Value
Unvested at December 31, 2019 | 951,753 |  |  | $ | 26.96 |  |  | 2,392,353 |  |  | $ | 32.77 |
Granted | 80,340 |  |  | 28.06 |  |  | 960,984 |  |  | 35.81 |
Vested | (415,269) |  |  | 26.03 |  |  | (902,301) |  |  | 27.19 |
Forfeited | (108,180) |  |  | 27.47 |  |  | (21,069) |  |  | 32.75 |
Unvested at December 31, 2020 | 508,644 |  |  | $ | 27.78 |  |  | 2,429,967 |  |  | $ | 36.04 |
Granted | — |  |  | — |  |  | 1,081,707 |  |  | 58.66 |
Vested | (299,292) |  |  | 27.66 |  |  | (1,178,181) |  |  | 38.95 |
Forfeited | (60,150) |  |  | 27.76 |  |  | (41,121) |  |  | 47.43 |
Unvested at December 31, 2021 | 149,202 |  |  | $ | 28.01 |  |  | 2,292,372 |  |  | $ | 45.01 |
Granted | — |  |  | — |  |  | 1,495,092 |  |  | 45.66 |
Vested | (142,459) |  |  | 28.02 |  |  | (1,735,842) |  |  | 32.57 |
Forfeited | (6,743) |  |  | 27.85 |  |  | (85,080) |  |  | 52.27 |
Unvested at December 31, 2022 | — |  |  | $ | — |  |  | 1,966,542 |  |  | $ | 56.44 |
In the table above, the granted amount under the three-year program reflects additional awards granted based on overachievement of performance parameters.
Summary of Stock Option Activity | A summary of stock option activity for the years ended December 31, 2022, 2021 and 2020 is as follows:
| Number of Stock Options | Weighted-Average Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2019 | 1,137,306 |  | $ | 18.11 |  |  |
Exercised | (255,585) |  | 7.97 |  |  |
Forfeited | (1,662) |  | 6.98 |  |  |
Outstanding at December 31, 2020 | 880,059 |  | $ | 21.07 |  | 5.5 | $ | 20 |
Exercised | (73,227) |  | 8.43 |  |  |
Forfeited | (381) |  | 8.43 |  |  |
Outstanding at December 31, 2021 | 806,451 |  | $ | 22.23 |  | 5.0 | $ | 39 |
Granted | 613,872 |  | 67.49 |  |  |
Outstanding at December 31, 2022 | 1,420,323 |  | $ | 41.79 |  | 6.2 | $ | 32 |
Exercisable at December 31, 2022 | 806,451 |  | $ | 22.23 |  | 4.0 | $ | 32 |
Summary of ESPP |
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Number of shares purchased by employees |  | 591,820 |  |  | 605,274 |  |  | 663,369 |
Weighted-average price of shares purchased |  | $ | 43.54 |  |  | $ | 41.41 |  |  | $ | 31.93 |
Compensation expense (in millions) |  | $ | 8 |  |  | $ | 7 |  |  | $ | 5 |

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