Shareholders’ Equity

12 Months Ended

Dec. 31, 2017

Shareholders’ Equity

Changes in Equity

Note 5. Shareholders’ Equity

Cash Dividends

The company declared cash dividends of $148.2 million, or $0.62 per common share, during 2017;  $136.5 million, or $0.56 per common share, during 2016; and $133.2 million, or $0.55 per common share, during 2015. The company paid cash dividends of $145.6 million, $135.8 million and $127.6 million during 2017,  2016, and 2015, respectively.

Treasury Stock

During 2016, the company’s board of directors authorized a share repurchase program of up to $450.0 million of the company’s common stock in open market or private transactions, cancelling the previously authorized program. The share repurchase program does not require the company to acquire any specific number of shares and may be modified, suspended, extended or terminated by the company.  The company repurchased 7.4 million shares for $252.2 million during 2017, and 732,000 shares for $25.0 million during 2016.  At December 31, 2017, the company had remaining authorization to repurchase $172.7 million of additional shares. The share repurchase program does not have an expiration date.