Stockholders' Equity and Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30				Nine Months Ended September 30
	2023		2022		2023		2022
	(in millions of dollars, except share data)
Numerator
Net Income	$	202.0	$	510.3	$	953.2	$	1,118.0
Denominator (000s)
Weighted Average Common Shares - Basic	196,083.2		200,035.3		197,289.5		201,262.3
Dilution for Assumed Exercises of Nonvested Stock Awards	1,048.6		1,614.9		1,005.6		1,256.7
Weighted Average Common Shares - Assuming Dilution	197,131.8		201,650.2		198,295.1		202,519.0
Net Income Per Common Share
Basic	$	1.03	$	2.55	$	4.83	$	5.55
Assuming Dilution	$	1.02	$	2.53	$	4.81	$	5.52

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 September 30				Nine Months Ended September 30
	2023		2022		2023		2022
	(in millions)
Shares Repurchased	1.5		1.2		3.9		4.2
Cost of Shares Repurchased1	$	74.8	$	42.6	$	175.4	$	137.5

1Includes a de minimis amount and $0.1 million of commissions for the three and nine months ended September 30, 2023, respectively, and a de minimis amount and $0.1 million of commissions for the three and nine months ended September 30, 2022, respectively. There was $0.7 million and $1.2 million of excise tax for the three and nine months ended September 30, 2023, respectively. There were no excise taxes during the three and nine months ended September 30, 2022.

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 for the nine months ended September 30, 2023 and 2022 are as follows:

Prepayment Date	Prepayment Amount	Initial Share Delivery	Forward Contract Settlement Date	Shares Delivered to Settle Forward Contract
(in millions)
July 2023	$50.0	0.8	September 2023	0.2
February 2022	50.0	1.3	April 2022	0.4