Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense

The following table presents the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three months ended March 31, 2022 and 2021, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Share-based compensation expense before income taxes	$	25	$	19
Income tax benefit	(6)		(5)
Share-based compensation expense after income taxes	$	19	$	14

Summary of Restricted Stock Activity

The following table summarizes our restricted stock activity for the three months ended March 31, 2022:

	Restricted Stock
	Number of Awards	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022	1,466,340	$	106.16
Granted	10,221	199.30
Vested	(150,156)	81.93
Forfeited	(15,953)	109.42
Unvested at March 31, 2022	1,310,452	$	109.62

Summary of PSU Activity

The following table summarizes our PSU activity for the three months ended March 31, 2022:

	PSUs
	One-Year Program			Three-Year Program
	Number of Awards	Weighted-Average Grant Date Fair Value		Number of Awards	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022	49,734	$	84.03	764,124	$	135.04
Granted	—	—		296,912	100.28
Vested	—	—		(578,614)	97.70
Forfeited	(259)	84.18		(399)	148.47
Unvested at March 31, 2022	49,475	$	84.03	482,023	$	158.45

In the preceding table, the granted amount under the three year program reflects additional awards granted based on overachievement of performance parameters.

Summary of Stock Option Activity

A summary of stock option activity for the three months ended March 31, 2022 is as follows:

	Number of Stock Options	Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2021	268,817	$	66.68	5.0	$	39
Granted	204,624	202.46
Outstanding at March 31, 2022	473,441	$	125.36	6.9	$	30
Exercisable at March 31, 2022	268,817	$	66.68	4.8	$	30