Capital Stock

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017.

The holders 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 $0.536, $0.512 and $0.496 per common share in 2018, 2017, and 2016, 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 2018, 2017, and 2016, we repurchased and retired 1.0 shares, 0.8 shares, and 2.0 shares of common stock for $50.0, $30.0 and $70.0, respectively. Through December 2018, we had repurchased 22.2 shares for $909.4, including commissions, under the Share Repurchase Program.

Separate from the Share Repurchase Program, the Company repurchased 0.1 shares, 0.1 shares, and 0.2 shares for an aggregate price of $6.1, $2.9, and $7.8, during 2018, 2017 and 2016, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock or stock units. All repurchased shares are canceled immediately following the repurchase.