Shareholders' Equity

3 Months Ended

Dec. 31, 2020

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

On November 12, 2020, the Board of Directors approved a new share repurchase program for up to 7.5 million shares of its common stock, replacing the prior authorization from July 2015. During the quarter ended December 31, 2020, the Company repurchased 500,000 shares for $21.3, at an average price of $42.61 per share, under this authorization. There were no share repurchases during the first quarter of fiscal 2020. Future share repurchases, if any, will be determined by the Company based on its evaluation of the market conditions, capital allocation objectives, legal and regulatory requirements and other factors.

On November 12, 2020, the Board of Directors declared a cash dividend for the first quarter of fiscal 2021 of $0.30 per share of common stock, payable on December 18, 2020, to all shareholders of record as of the close of business on November 30, 2020.

During the quarters ended December 31, 2020 and 2019, total dividends declared were $21.0 and $21.4, respectively. The payments made of $22.7 and $22.7 during the quarters ended December 31, 2020 and 2019, respectively, included the cumulative dividends paid upon the vesting of restricted shares during the periods.

The Company paid a cash dividend of $1.875 per share of MCPS on October 15, 2020 which had been declared in fiscal 2020. The total payment made was $4.0. On November 12, 2020, the Board of Directors declared a cash dividend of $1.875 per share of MCPS to all shareholders of record as of the close of January 1, 2021, which was paid on January 15, 2021. This dividend was accrued as of December 31, 2020 and was paid on January 15, 2021 and totaled $4.0.

Subsequent to the end of the fiscal quarter, on February 1, 2021, the Board of Directors declared a cash dividend for the second quarter of 2021 of $0.30 per share of common stock, payable on March 11, 2021, to all shareholders of record as of the close of business February 19, 2021.

Subsequent to the end of the fiscal quarter, on February 1, 2021, the Board of Directors declared a cash dividend of $1.875 per share of MCPS, payable on April 15, 2021, to all shareholders of record as of the close of business on April 1, 2021.