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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Components of share-based compensation expense, net of forfeitures | The components of the Company’s share-based compensation expense, net of forfeitures, were as follows:
| Years Ended December 31,
2023 |  | 2022 |  | 2021
(in millions)
Stock option | $ | 16 |  |  | $ | 16 |  |  | $ | 20 |
Restricted stock | 27 |  |  | 27 |  |  | 24 |
Restricted stock units and deferred share units | 144 |  |  | 127 |  |  | 108 |
Liability awards | 62 |  |  | 44 |  |  | 92 |
Total | $ | 249 |  |  | $ | 214 |  |  | $ | 244 |
Weighted average assumptions used for stock option grants | The following weighted average assumptions were used for stock option grants:
| 2023 |  | 2022 |  | 2021
Dividend yield | 2.0 | % |  | 2.0 | % |  | 2.5 | %
Expected volatility | 33 | % |  | 35 | % |  | 36 | %
Risk-free interest rate | 3.6 | % |  | 1.7 | % |  | 0.4 | %
Expected life of stock option (years) | 5.0 |  | 5.0 |  | 5.0
Summary of stock option activity | A summary of the Company’s stock option activity for 2023 is presented below (shares and intrinsic value in millions):
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding at January 1 | 2.8 |  |  | $ | 160.57 |  |  | 5.8 |  | $ | 419 |
Granted | 0.2 |  |  | 344.45 |  |  |  |  |
Exercised | (0.7) |  |  | 144.68 |  |  |  |  |
Outstanding at December 31 | 2.3 |  |  | 177.60 |  |  | 5.4 |  | 457 |
Exercisable at December 31 | 1.9 |  |  | 154.98 |  |  | 4.8 |  | 422 |
Summary of activity for restricted stock, restricted stock units and stock and deferred share units | A summary of activity for the Company’s restricted stock awards, restricted stock units granted to employees (including advisors), compensation and commission deferrals into stock and deferred share units for 2023 is presented below (shares in millions):
| Shares |  | Weighted Average Grant-date Fair Value
Non-vested shares at January 1 | 1.4 |  |  | $ | 214.78 |
Granted | 0.4 |  |  | 342.06 |
Deferred | 0.1 |  |  | 329.87 |
Vested | (0.6) |  |  | 252.81 |
Forfeited | — |  |  | 263.75 |
Non-vested shares at December 31 | 1.3 |  |  | 250.16 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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