Stockholders' Equity and Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 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:

	Year Ended December 31
	2023		2022		2021
	(in millions of dollars, except share data)
Numerator
Net Income	$	1,283.8	$	1,407.2	$	981.0
Denominator (000s)
Weighted Average Common Shares - Basic	196,659.7		200,647.2		204,232.9
Dilution for Assumed Exercises of Nonvested Stock Awards	942.3		1,462.2		615.0
Weighted Average Common Shares - Assuming Dilution	197,602.0		202,109.4		204,847.9
Net Income Per Common Share
Basic	$	6.53	$	7.01	$	4.80
Assuming Dilution	$	6.50	$	6.96	$	4.79

Treasury Stock Transactions

Our board of directors has authorized the following repurchase programs:

	October 2023 Authorization		December 2022 Authorization1		October 2021 Authorization
	(in millions)
Effective Date	January 1, 2024		January 1, 2023		October 25, 2021
Expiration Date	None		December 31, 2023		December 31, 2022
Authorized Repurchase Amount	$	500.0	$	250.0	$	250.0
Shares Repurchased Under Repurchase Program	$	—	$	250.0	$	250.0
Remaining Repurchase Amount at December 31, 2023	Not yet effective		$	—	$	—

1 In February 2023, the December 2022 program was modified to increase the authorized repurchase amount from $200.0 million to $250.0 million.

In August 2022, the Inflation Reduction Act was signed into law in the U.S. and imposes a one percent excise tax on corporate stock repurchases effective January 1, 2023. This excise tax is recorded as part of the cost basis of treasury stock and is assessed on the fair market value of stock repurchases reduced by the fair market value of any shares issued during the period.

Common stock repurchases, which are accounted for using the cost method and classified as treasury stock until otherwise retired, were as follows:

	Year Ended December 31
	2023		2022		2021
	(in millions)
Shares Repurchased	5.7		5.7		1.9
Cost of Shares Repurchased1	$	252.0	$	200.1	$	50.0

1 Includes $0.1 million of commissions for the years ended December 31, 2023 and 2022, respectively. There were no commissions for the year ended December 31, 2021. Also includes $1.9 million of excise tax for the year ended December 31, 2023. There were no excise taxes during the years ended December 31, 2022 and 2021.

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)
January 2024	$100.0	1.6	March 2024	Not yet settled
July 2023	50.0	0.8	September 2023	0.2
February 2022	50.0	1.3	April 2022	0.4
November 2021	50.0	1.4	November 2021	0.5