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Stockholders' Equity and Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2024
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
 202420232022
 (in millions of dollars, except share data)
Numerator
Net Income$1,779.1 $1,283.8 $1,407.2 
Denominator (000s)
Weighted Average Common Shares - Basic187,497.7 196,659.7 200,647.2 
Dilution for Assumed Exercises of Nonvested Stock Awards571.5 942.3 1,462.2 
Weighted Average Common Shares - Assuming Dilution188,069.2 197,602.0 202,109.4 
Net Income Per Common Share
Basic$9.49 $6.53 $7.01 
Assuming Dilution$9.46 $6.50 $6.96 
Treasury Stock Transactions
Our board of directors has authorized the following repurchase programs:

February 2025 Authorization
July 2024 Authorization1
October 2023 Authorization2
December 2022 Authorization3
October 2021 Authorization
(in millions)
Effective Date
April 1, 2025August 1, 2024January 1, 2024January 1, 2023October 25, 2021
Expiration Date
NoneMarch 31, 2025July 31, 2024December 31, 2023December 31, 2022
Authorized Repurchase Amount
$1,000.0 $1,000.0 $500.0 $250.0 $250.0 
Cost of Shares Repurchased Under Repurchase Program
— 506.8 464.2 250.0 250.0 
Unused and Expired
— — 35.8 — — 
Remaining Repurchase Amount at December 31, 2024
Not yet effective
$493.2 $— $— $— 
1Concurrent with the announcement of the February 2025 repurchase program, we also announced the termination of the July 2024 program as of March 31, 2025, and any unused amounts under that program will expire as of that date.
2Concurrent with the announcement of the July 2024 repurchase program, we also announced the termination of the October 2023 program as of July 31, 2024, and all unused amounts under that program expired as of that date.
3In 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 imposed 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
202420232022
(in millions)
Shares Repurchased15.7 5.7 5.7 
Cost of Shares Repurchased1
$979.3 $252.0 $200.1 

1 Includes $80.3 million related to shares which settled in February 2025 in connection with the November 2024 accelerated share repurchase agreement (ASR), a de minimis amount of commissions for the year ended December 31, 2024, and $0.1 million of commissions for the years ended December 31, 2023 and 2022. Also includes $8.3 million and $1.9 million of excise tax for the years ended December 31, 2024 and 2023, respectively. There were no excise taxes during the year ended December 31, 2022.

As a part of our share repurchase program, we periodically enter into ASRs. 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 DatePrepayment AmountInitial Share DeliveryForward Contract Settlement DateShares Delivered to Settle Forward Contract
(in millions)
November 2024
$321.03.8
February 20251
0.7
October 2024$150.01.9
December 2024
0.3
July 2024
$150.02.2
September 2024
0.6
April 2024$125.01.7June 20240.7
January 2024$100.01.6March 20240.5
July 2023$50.00.8September 20230.2
February 2022
$50.01.3
April 2022
0.4
1The final price adjustment settlement, along with the delivery of the remaining shares, occurred in February 2025, resulting in the delivery to us of 0.7 million additional shares. As a result of the final settlement occurring subsequent to December 31, 2024, we recorded a decrease to additional paid-in capital within stockholders' equity on our consolidated balance sheet for the value of the shares held back by the counterparty as of December 31, 2024, which was reclassified to treasury stock in the first quarter of 2025 in connection with the final settlement of the agreement.

In December 2023, we retired 115.0 million shares of our treasury stock with a total cost of $3,642.5 million.