Capital Stock

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Capital Stock

Note 10 — Capital Stock

Common Stock Outstanding

Common stock outstanding as of December 31, 2021, 2020 and 2019 was as follows:

(Number of shares in millions)	2021		2020		2019
Common stock:
Balance, beginning of year	109.7		109.3		108.5
Activity under stock plans		0.4		0.4		0.8
Balance, end of year	110.1		109.7		109.3
Treasury stock:
Balance, beginning of year	26.1		25.7		23.7
Repurchased		—		0.4		2.0
Balance, end of year	26.1		26.1		25.7
Common stock outstanding		84.0	83.6		83.6

In May 2018, our Board authorized the repurchase of $500 million of the Company’s stock (the “2018 Repurchase Plan”). During 2020 and 2019, the Company spent $24.6 million and $143.0 million to repurchase common stock, respectively. In response to the COVID-19 pandemic, in April 2020, we announced that we had suspended our dividend payments and stock repurchases. On January 27, 2022, the Company announced it was reinstating the dividend commencing with the first quarter of 2022. At December 31, 2021, we had $217.2 million remaining under the 2018 Repurchase Plan.

Dividends per share of common stock for 2020 and 2019 were $0.17 and $0.64 respectively. For the years ended December 31, 2020 and 2019, we paid $14.2 million and $54.2 million in dividends, respectively.

Expired Rights Plan

On April 6, 2020, the Company declared a dividend of one preferred share purchase right (a “right”) for each outstanding share of the Company’s common stock and adopted a stockholder rights plan, which expired on April 6, 2021. If the rights had become exercisable, each right would have allowed its holder to purchase from the Company one one-hundredth of a share of Series A Junior Participating Preferred Stock for $150.00, which would have given the stockholder approximately the same dividend, voting and liquidation rights as would one share of common stock.