Capital Stock

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Capital Stock

CAPITAL STOCK

ITT has authority to issue an aggregate of 300 shares of capital stock, of which 250 shares have been designated as Common Stock having a par value of $1 per share and 50 shares have been designated as Preferred Stock not having any par or stated value. There was no Preferred Stock outstanding as of December 31, 2017 and 2016.

The stockholders of ITT common stock are entitled to receive dividends when and as declared by ITT’s Board of Directors. Dividends are paid quarterly. Dividends declared were $0.512, $0.496 and $0.4732 per common share in 2017, 2016, and 2015, respectively.

On October 27, 2006, a three-year $1 billion share repurchase program (Share Repurchase Program) was approved by our Board of Directors. On December 16, 2008, the provisions of the Share Repurchase Program were modified by our Board of Directors to replace the original three-year term with an indefinite term. During 2017, 2016, and 2015, we repurchased 0.8 shares, 2.0 shares, and 2.0 shares of common stock for $30.0, $70.0 and $80.0, respectively. Through December 2017, we had repurchased 21.2 shares for $859.4, including commissions, under the Share Repurchase Program.

Separate from the Share Repurchase Program, the Company repurchased 0.1 shares, 0.2 shares, and 0.1 shares for an aggregate price of $2.9, $7.8, and $4.0, during 2017, 2016 and 2015, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock or stock units. All repurchase shares are canceled immediately following the repurchase.