Share-Based Compensation (Tables)

12 Months Ended

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