Capital Stock

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Capital Stock

Note 10 — Capital Stock

Common Stock Outstanding

Common stock outstanding as of December 31, 2023, 2022 and 2021 was as follows:

(Number of shares in millions)	2023		2022		2021
Common stock:
Balance, beginning of year	110.4		110.1		109.7
Activity under stock plans		0.4		0.3		0.4
Balance, end of year	110.8		110.4		110.1
Treasury stock:
Balance, beginning of year	26.2		26.1		26.1
Repurchased		0.5		0.1		—
Balance, end of year	26.7		26.2		26.1
Common stock outstanding		84.1		84.2		84.0

Under the share repurchase plan approved in 2018 ('2018 Repurchase Plan"), our Board authorized the repurchase of $500 million of the Company’s stock. 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. Dividends per share of common stock for 2023 and 2022 were $0.50 and $0.40, respectively. For the years ended December 31, 2023 and 2022, we paid $42.2 million and $33.7 million in dividends for each year, respectively.

During the year ended December 31, 2023, we repurchased 423,292 shares of common stock on the open market under the 2018 Repurchase Plan at an average price of $71.17 per share and at a cost of $30.1 million, including sales commissions, leaving approximately $187.0 million available for additional repurchases under the 2018 Repurchase Plan. The acquisition of these shares was accounted for under the treasury method.