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Stockholders' Equity and Earnings Per Common Share (Tables) | 6 Months Ended
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Jun. 30, 2024
Stockholders' Equity and Earnings Per Common Share [Abstract] |
Schedule of Basic and Diluted Earnings Per Share | Net income per common share is determined as follows:
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions of dollars, except share data)
Numerator |  |  |  |  |  |  |
Net Income | $ | 389.5 |  |  | $ | 392.9 |  |  | $ | 784.7 |  |  | $ | 751.2 |
Denominator (000s) |  |  |  |  |  |  |
Weighted Average Common Shares - Basic | 189,894.1 |  |  | 197,180.4 |  |  | 191,302.5 |  |  | 197,641.3 |
Dilution for Assumed Exercises of Nonvested Stock Awards | 435.2 |  |  | 956.1 |  |  | 576.0 |  |  | 1,182.5 |
Weighted Average Common Shares - Assuming Dilution | 190,329.3 |  |  | 198,136.5 |  |  | 191,878.5 |  |  | 198,823.8 |
Net Income Per Common Share |  |  |  |  |  |  |
Basic | $ | 2.05 |  |  | $ | 1.99 |  |  | $ | 4.10 |  |  | $ | 3.80 |
Assuming Dilution | $ | 2.05 |  |  | $ | 1.98 |  |  | $ | 4.09 |  |  | $ | 3.78 |
Treasury Stock Transactions | Common stock repurchases, which are accounted for using the cost method and classified as treasury stock until otherwise retired, were as follows:
| Three Months Ended June 30 |  | Six Months Ended June 30 |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| (in millions)
Shares Repurchased | 3.5 |  |  | 1.1 |  |  | 6.0 |  |  | 2.4 |  |  |
Cost of Shares Repurchased 1 | $ | 179.8 |  |  | $ | 47.0 |  |  | $ | 302.8 |  |  | $ | 100.6 |  |  |
1 Includes a de minimis amount of commissions for the three and six months ended June 30, 2024 and $0.1 million of commissions for the three and six months ended June 30, 2023. Also includes $1.7 million and $2.8 million of excise tax for the three and six months ended June 30, 2024, respectively, and $0.4 million and $0.5 million of excise tax for the three and six months ended June 30, 2023, respectively. As a part of our share repurchase program, we periodically enter into accelerated share repurchase agreements (ASR). Under the terms of these agreements, we make a prepayment to a financial counterparty for which we receive an initial delivery of approximately 75 percent of the total Unum Group common stock to be delivered under the agreement. We simultaneously enter into a forward contract indexed to the price of Unum Group common stock, which subjects the transactions to a future price adjustment. Under the terms of the agreements, we are to receive, or be required to pay, a price adjustment based on the volume weighted average price of Unum Group common stock during the term of the agreement, less a discount. Any price adjustment payable to us is settled in shares of Unum Group common stock. Any price adjustment we would be required to pay may be settled in either cash or common stock at our option. Details of our ASRs are as follows:
Prepayment Date |  | Prepayment Amount |  | Initial Share Delivery |  | Forward Contract Settlement Date |  | Shares Delivered to Settle Forward Contract
(in millions)
July 2024 |  | $150.0 |  | 2.2 |  | September 2024 |  | Not yet settled
April 2024 |  | $125.0 |  | 1.7 |  | June 2024 |  | 0.7
January 2024 |  | $100.0 |  | 1.6 |  | March 2024 |  | 0.5
July 2023 |  | $50.0 |  | 0.8 |  | September 2023 |  | 0.2

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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- Definition Tabular disclosure of treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481520/505-30-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481520/505-30-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481520/505-30-50-4 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481549/505-30-45-1 + Details
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