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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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,
			2024						2023						2022
			(in millions)
Stock option			$	15					$	16					$	16
Restricted stock			25						27						27
Restricted stock units and deferred share units			153						144						127
Liability awards			58						62						44
Total			$	251					$	249					$	214

Weighted average assumptions used for stock option grants

The following weighted average assumptions were used for stock option grants:

			2024						2023						2022
Dividend yield			1.8		%				2.0		%				2.0		%
Expected volatility			31		%				33		%				35		%
Risk-free interest rate			4.0		%				3.6		%				1.7		%
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 2024 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			2.3						$	177.60					5						$	457
Granted			0.1						391.40
Exercised			(0.8)						153.35
Outstanding at December 31			1.6						207.11						5						515
Exercisable at December 31			1.3						173.69						5						464

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 2024 is presented below (shares in millions):

			Shares						Weighted Average Grant-date Fair Value
Non-vested shares at January 1			1.3						$	250.16
Granted			0.3						405.99
Deferred			0.1						447.19
Vested			(0.6)						283.08
Forfeited			—						321.45
Non-vested shares at December 31			1.1						295.92

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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.

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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.

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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.

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