Shareholders’ Equity

12 Months Ended

Dec. 31, 2018

Shareholders’ Equity

Shareholders' Equity

Note 5. Shareholders’ Equity

Cash Dividends

The company declared cash dividends of $174.4 million, or $0.75 per common share, during 2018;  $148.2 million, or $0.62 per common share, during 2017; and $136.5 million, or $0.56 per common share, during 2016. The company paid cash dividends of $168.9 million,  $145.6 million and $135.8 million during 2018,  2017, and 2016, respectively.

Treasury Stock

In 2016, the board of directors authorized a share repurchase program of up to $450 million of the company’s common stock, and in August 2018 an additional share repurchase program of up to $750 million of the company’s common stock. Under the share repurchase programs, purchases will take place, as and when, the company determine in open market or private transactions made based upon the market price of the company’s common stock, the nature of other investment opportunities or growth projects, the company’s cash flows from operations, and general economic conditions.  The share repurchase programs do not require the company to acquire any specific number of shares, and may be modified, suspended, extended or terminated by the company at any time.  The company repurchased 13.1 million shares for $523.6 million during 2018,  7.4 million shares for $252.2 million during 2017, and 732,000 shares for $25.0 million during 2016. The company’s sharerepurchases during 2018 completed the 2016 $450 million program and initiated the 2018 $750 million program. At December 31, 2018, the company had remaining authorization to repurchase $399.2 million of additional shares. The share repurchase program does not have an expiration date.