Common Stock and Related Matters

12 Months Ended

Dec. 31, 2023

Class of Stock Disclosures [Abstract]

Common Stock and Related Matters

Note 12 — Common Stock and Related Matters

Public Offerings of Common Stock

On May 9, 2017, we entered into an equity distribution agreement under the May 2016 Shelf (the “May 2017 EDA”), pursuant to which we may sell through our sales agents, at our option, up to an aggregated amount of $750.0 million of our common stock (“2017 ATM Program”).

On September 20, 2018, we entered into an equity distribution agreement under the May 2016 Shelf (the “September 2018 EDA”), pursuant to which we may sell through our sales agents, at our option, up to an aggregated amount of $750.0 million of our common stock (“2018 ATM Program”).

In March 2022, we filed with the SEC a universal shelf registration statement on Form S-3 that registers the issuance and sale of certain debt and equity securities from time to time in one or more offerings (the “March 2022 Shelf”). The March 2022 Shelf will expire in March 2025.

During 2023, 2022 and 2021, no shares of common stock were issued under either the May 2017 EDA or the September 2018 EDA. As a result, we have $382.1 million and $750.0 million remaining under the May 2017 EDA and September 2018 EDA, respectively, as of December 31, 2023.

Common Share Repurchase Program

In October 2020, our Board of Directors approved a share repurchase program (the “2020 Share Repurchase Program”) for the repurchase of up to $500.0 million of our outstanding common stock. In May 2023, our Board of Directors approved a new share repurchase program (the “2023 Share Repurchase Program”) for the repurchase of up to $1.0 billion of our outstanding common stock. During the second quarter of 2023, we exhausted the 2020 Share Repurchase Program. As of December 31, 2023, there was $770.1 million remaining under the 2023 Share Repurchase Program. We are not obligated to repurchase any specific dollar amount or number of shares under the 2023 Share Repurchase Program and may discontinue the program at any time.

For the year ended December 31, 2023, we repurchased 4,870,559 shares of our common stock at a weighted average price per share of $76.72 for a total net cost of $373.7 million. For the year ended December 31, 2022, we repurchased 3,412,354 shares of our common stock at a weighted average price per share of $65.87 for a total net cost of $224.8 million. For the year ended December 31, 2021, we repurchased 756,478 shares of our common stock at a weighted average price per share of $52.81 for a total net cost of $40.0 million.

Common Stock Dividends

In April 2023, we declared an increase to our common dividend to $0.50 per common share or $2.00 per common share annualized effective for the first quarter of 2023.

The following table details the dividends declared and/or paid by us to common shareholders for the years ended December 31, 2023, 2022 and 2021:

Three Months Ended	Date Paid or To Be Paid		Total Common Dividends Declared			Amount of Common Dividends Paid or To Be Paid			Dividends on Share-Based Awards			Dividends Declared per Share of Common Stock
(In millions, except per share amounts)
2023
December 31, 2023	February 15, 2024	$		112.8	$		111.6	$		1.2	$		0.50000
September 30, 2023	November 15, 2023			113.0			111.5			1.5			0.50000
June 30, 2023	August 15, 2023			113.6			111.8			1.8			0.50000
March 31, 2023	May 15, 2023			114.7			113.0			1.7			0.50000
2022
December 31, 2022	February 15, 2023	$		80.5	$		79.3	$		1.2	$		0.35000
September 30, 2022	November 15, 2022			80.5			79.2			1.3			0.35000
June 30, 2022	August 15, 2022			80.7			79.3			1.4			0.35000
March 31, 2022	May 16, 2022			81.2			79.8			1.4			0.35000
2021
December 31, 2021	February 15, 2022	$		81.4	$		80.1	$		1.3	$		0.35000
September 30, 2021	November 15, 2021			23.3			22.9			0.4			0.10000
June 30, 2021	August 16, 2021			23.3			22.9			0.4			0.10000
March 31, 2021	May 14, 2021			23.3			22.9			0.4			0.10000