Capital Stock

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018.

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 $0.588, $0.536 and $0.512 per common share in 2019, 2018, and 2017, respectively.

On October 27, 2006, our Board of Directors approved a three-year $1 billion share repurchase program, which it modified in 2008 to make the term indefinite. During 2019, 2018, and 2017, we repurchased and retired 0.5 shares, 1.0 shares, and 0.8 shares of common stock for $28.7, $50.0 and $30.0, respectively. Through December 31, 2019, we had repurchased 22.7 shares for $938.1, including commissions, under this program. On October 30, 2019, the Board of Directors approved a new indefinite term $500 share repurchase program.

Separate from the share repurchase program, the Company repurchased 0.3 shares, 0.1 shares, and 0.1 shares for an aggregate price of $12.7, $6.1, and $2.9, during 2019, 2018 and 2017, respectively, in settlement of employee tax withholding obligations due upon the vesting of RSUs and PSUs. All repurchased shares are canceled immediately following the repurchase.