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Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following table summarizes the compensation cost recognized and the related income tax benefit for stock options, restricted stock units, performance shares and performance units for the years ended December 31: 

						2023												2022												2021
Omnibus Incentive Plan:						Total Compensation Cost Recognized (1)						Income Tax Benefit						Total Compensation Cost Recognized (1)						Income Tax Benefit						Total Compensation Cost Recognized (1)						Income Tax Benefit
						(in millions)
Employee stock options						$	0					$	0					$	1					$	0					$	2					$	0
Employee restricted stock units						200						47						189						44						178						41
Employee performance shares and performance units						54						12						18						4						88						20
Total						$	254					$	59					$	208					$	48					$	268					$	61

__________

(1) Compensation costs related to retirement eligible participants are recorded on the grant date (typically in the first quarter of every year).

						2023												2022												2021
Assurance IQ Acquisition:						Total Compensation Cost Recognized						Income Tax Benefit						Total Compensation Cost Recognized						Income Tax Benefit						Total Compensation Cost Recognized						Income Tax Benefit
						(in millions)
Employee stock options						$	2					$	1					$	10					$	2					$	14					$	3
Employee restricted stock units						1						0						2						1						2						0
Employee performance shares						0						0						0						0						0						0
Total						$	3					$	1					$	12					$	3					$	16					$	3

Schedule of Share Based Compensation Stock Options Activity

A summary of the status of the Company’s stock option grants is as follows:

						Employee Stock Options
						Omnibus Incentive Plan												Assurance IQ Acquisition
						Shares						Weighted Average Exercise Price						Shares						Weighted Average Exercise Price
Outstanding at December 31, 2022						2,206,369						$	92.67					53,768						$	1.49
Granted						0						0.00						0						0.00
Exercised						(349,749)						73.87						(32,750)						1.17
Forfeited						0						0.00						(1,278)						6.86
Expired						(156,288)						106.91						(1,382)						3.74
Outstanding at December 31, 2023						1,700,332						$	95.22					18,358						$	1.53
Exercisable at December 31, 2023						1,700,332						$	95.22					16,949						$	1.48

The weighted average remaining contractual term and the aggregate intrinsic value of stock options outstanding and exercisable as of December 31, 2023 is as follows:

Employee Stock Options

Omnibus Incentive Plan

Assurance IQ Acquisition

Weighted Average Remaining Contractual Term

Aggregate Intrinsic Value

Weighted Average Remaining Contractual Term

Aggregate Intrinsic Value

(in years)

(in millions)

(in years)

(in millions)

Outstanding

3.59 years

$

17

4.87 years

$

2

Exercisable

3.59 years

$

17

4.85 years

$

2

Schedule of Nonvested Share Activity

A summary of the Company’s restricted stock unit and performance share awards under the Omnibus Incentive Plan is as follows:

						Restricted Stock Units						Weighted Average Grant Date Fair Value						Performance Share  Awards(1)						Weighted Average Grant Date Fair Value
Restricted at December 31, 2022						4,991,040						$	99.48					2,061,174						$	97.44
Granted						2,192,898						102.64						749,174						103.27
Forfeited						(176,745)						103.88						(33,358)						104.22
Performance adjustment(2)						0						0.00						(64,007)						95.81
Released						(2,949,003)						96.05						(610,290)						95.81
Restricted at December 31, 2023						4,058,190						$	103.48					2,102,693						$	99.93

__________

(1)Performance share awards reflect the target units awarded, reduced for forfeitures and releases to date. The actual number of units to be awarded at the end of each performance period will range between 0% and 150% of the target number of units granted, based upon a measure of the reported performance for the Company relative to stated goals. Performance awards granted to senior management in 2021 include a stated goal related to diversity & inclusion that can modify the performance result by +/- 10%.

(2)Represents the difference between the target units granted and the actual units awarded based upon the attainment of performance goals for the Company.

Share-Based Payments

A summary of the Company’s restricted stock unit awards related to the Assurance IQ acquisition is as follows:

						Restricted Stock Units						Weighted Average Grant Date Fair Value
Restricted at December 31, 2022						19,036						$	87.67
Granted						0						0.00
Forfeited						(2,713)						87.67
Released						(12,222)						87.67
Restricted at December 31, 2023						4,101						$	87.67

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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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