Stockholders' equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note

Stockholders' Equity

Note 18 – Stockholders’ equity

As of September 30, 2023, stockholders’ equity totaled $

4.5

 billion. During the nine months ended September 30, 2023, the

Corporation declared cash dividends of $

1.65

 (2022 - $

1.65

) per common share amounting to $

118.9

 million (2022 - $

124.2

 million).

The quarterly dividend declared to stockholders of record as of the close of business on

September 8, 2023

 was paid on

October 2,

2023

.

Accelerated share repurchase transaction (“ASR”) 

On August 24, 2022, the Corporation entered into a $

231

 million ASR transaction with respect to its common stock (the “August

ASR Agreement”), which was accounted for as a treasury transaction. As a result of the receipt of the initial

2,339,241

 shares, the

Corporation recognized in stockholders’ equity approximately $

185

 million in treasury stock and $

46

 million as a reduction of capital

surplus. The Corporation completed the transaction on December 7, 2022 and received

840,024

 additional shares of common stock

and recognized approximately $

60

 million as treasury stock with a corresponding increase in its capital surplus. In total, the

Corporation repurchased a total of

3,179,265

 shares at an average purchased price of $

72.6583

 under the August ASR Agreement.

On March 1, 2022, the Corporation announced that on February 28, 2022 it entered into a $

400

 million ASR transactions with

respect to its common stock (the “March ASR Agreement”), which was accounted for as a treasury transaction. As a result of the

receipt of the initial

3,483,942

 shares, the Corporation recognized in stockholders’ equity approximately $

320

 million in treasury

stock and $

80

 million as a reduction of capital surplus. The Corporation completed the transaction on July 12, 2022 and received

1,582,922

 additional shares of common stock and recognized $

120

 million in treasury stock with a corresponding increase in its

capital surplus. In total, the Corporation repurchased a total of

5,066,864

 shares at an average purchased price of $

78.9443

 under

the ASR.