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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Restricted Stock Unit Activity (Excluding Dividend Equivalents)

Restricted Stock Unit Activity


Nonvested Stock Units	Number of Stock Units	Weighted Average Grant Date Fair Value Per Share
Nonvested at December 31, 2021	906,302	$	43.25
Granted	441,436	56.46
Vested	(279,089)	41.26
Forfeited	(1,583)	47.39
Nonvested at December 31, 2022	1,067,066	$	49.18

Performance Restricted Stock Unit Activity


Performance Restricted Stock Units	Number of Performance Share Units	Weighted Average Grant Date Fair Value Per Share
Nonvested at December 31, 2021	614,912	$	46.25
Granted (1)	217,551	62.89
Vested (1)	(197,078)	41.34
Forfeited	—	—
Nonvested at December 31, 2022 (2)	635,385	$	54.26

____________________

(1) Includes 94,209 performance restricted stock units that were granted prior to 2022 at a weighted average grant date fair value of $41.34, but met performance hurdles and vested during 2022. The weighted average grant date fair value per share excludes these shares.

(2) Excludes 167,942 performance restricted stock units that have met performance hurdles and will be eligible for vesting after December 31, 2022.

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following are significant assumptions used in determining the fair value of the performance restricted stock units tied to relative TSR.


	Years Ended December 31,
	2022				2021				2020
Expected term	2.85 years				2.85 years				2.84 years
Expected volatility	27.19	%	–	78.96%	26.55	%	–	65.84%	11.93	%	–	48.12%
Dividend yield	0.00%				0.00%				0.00%
Risk-free-rates	1.74%				0.22%				1.14%
Grant-date fair value	$83.97				$60.06				$38.96

Restricted Stock Award Activity


Nonvested Shares	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Nonvested at December 31, 2021	44,797	$	51.34
Granted	36,403	59.47
Vested	(44,797)	51.34
Forfeited	—	—
Nonvested at December 31, 2022	36,403	$	59.47

Stock Purchase Plan


	Year Ended December 31,
	2022		2021		2020
	(dollars in millions)
Proceeds from purchase of shares by employees	$	2.4	$	2.1	$	1.5
Number of shares issued by the Company	53,453		67,615		72,797

Share-Based Compensation Expense Summary


	Year Ended December 31,
	2022		2021		2020
	(in millions)
Share‑based compensation expense	$	39	$	27	$	25
Share‑based compensation capitalized as DAC	3		2		1
Income tax benefit	6		4		4