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SHARE CAPITAL
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
SHARE CAPITAL SHARE CAPITAL
The preferred shares have a $0.20 par value, liquidation preference of $1,000 per share and fixed cash dividend rate of 5.90% per annum, payable quarterly on a non-cumulative basis. Shares of preferred stock are not redeemable prior to the 21st anniversary of their original issue date of May 24, 2019. The number of preferred shares issued and outstanding is represented in the table below:
As of
in millionsDecember 31, 2023December 31, 2022
Preferred shares issued (1)
4.04.0
Preferred shares outstanding (1)
4.04.0
__________
(1)    Preferred shares are held by MassMutual and are subject to a lock-up period of five years, which prohibits the sale of preferred shares by MassMutual until May 24, 2024.
The number of common shares and common share equivalents issued are represented in the table below:

In millionsDecember 31, 2023December 31, 2022December 31, 2021
Common shares issued566.1 566.1 566.1 
Less: Treasury shares for which dividend and voting rights do not apply
(116.6)(111.3)(104.9)
Common shares outstanding449.5 454.8 461.2 

During the year ended December 31, 2023, the company repurchased 9.6 million common shares in the open market at a cost of $150.0 million (December 31, 2022: 8.9 million common shares at a cost of $200.0 million). Separately, an aggregate of 1.9 million shares were withheld on vesting events during the year ended December 31, 2023 to meet employees' withholding tax obligations (December 31, 2022: 2.4 million). The fair value of the common shares withheld at the respective withholding dates was $37.5 million (December 31, 2022: $44.7 million). At December 31, 2023, approximately $382.2 million remained authorized under the company's common share repurchase authorization approved by the Board on July 22, 2016 (December 31, 2022: $532.2 million).

Total treasury shares at December 31, 2023 were 124.7 million (December 31, 2022: 119.5 million), including 8.1 million unvested restricted common stock awards (December 31, 2022: 8.2 million) for which dividend and voting rights apply. The market price of common shares on December 31, 2023 was $17.84. The total market value of the company's 124.7 million treasury shares was $2.2 billion at December 31, 2023.

Movements in Treasury Shares comprise:
Year ended
In millionsDecember 31, 2023December 31, 2022December 31, 2021
Beginning balance119.5 115.7 121.6 
Acquisition of common shares11.5 11.3 2.7 
Distribution of common shares(6.0)(7.1)(8.4)
Common shares distributed to meet ESPP obligation(0.3)(0.4)(0.2)
Ending balance124.7 119.5 115.7