Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Shareholders' Equity

Shareholders' Equity

Note 5. Shareholders’ Equity

Cash Dividends

The company declared cash dividends of $280.5 million, or $1.70 per common share, during 2023; $245.3 million, or $1.36 per common share, during 2022; and $210.9 million, or $1.04 per common share, during 2021. The company paid cash dividends of $271.3 million, $237.2 million, and $213.0 million during 2023, 2022, and 2021, respectively.

Treasury Stock

In February 2020, the board of directors authorized a share repurchase program of up to $500.0 million of the company’s common stock. This program was exhausted in July 2021. In July 2021, the board of directors authorized an additional share repurchase program of up to $1.0 billion of the company’s common stock. This program was exhausted in April 2022. In February 2022, the board of directors authorized an additional share repurchase program of up to $1.25 billion of the company’s common stock. This program was exhausted in November 2022. In November 2022, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. This program was exhausted in November 2023. In November 2023, the board of directors authorized an additional share repurchase program of up to $1.5 billion of the company’s common stock. Under the above share repurchase programs, and similar prior programs, purchases take place as and when the company determines 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 share repurchase programs do not have an expiration date. The company repurchased 13.4 million shares for $1.5 billion during 2023, 23.0 million shares for $1.8 billion during 2022, and 16.9 million shares for $1.1 billion during 2021 under the share repurchase programs. At December 31, 2023, the company had remaining authorization to repurchase $1.4 billion of additional shares under the November 2023 share repurchase program.