Capital Stock

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019.

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 $0.676, $0.588 and $0.536 per common share in 2020, 2019, and 2018, respectively.

On October 27, 2006, our Board of Directors approved a three-year $1 billion share repurchase program (the 2006 Plan), which it modified in 2008 to make the term indefinite. On October 30, 2019, the Board of Directors approved a new indefinite term $500 share repurchase program (the 2019 Plan). During the first quarter of 2020, we completed the 2006 Plan and commenced repurchases under the 2019 Plan. During 2020, 2019, and 2018, we repurchased and retired 1.7 shares, 0.5 shares, and 1.0 shares of common stock for $73.2, $28.7 and $50.0, respectively, including 1.5 shares and $61.9 in 2020 under the 2006 Plan. Through December 31, 2020, we had repurchased 24.5 shares for $1,011.0, including commissions, under these programs.

Separate from the share repurchase program, the Company repurchased 0.2 shares, 0.3 shares, and 0.1 shares for an aggregate price of $11.0, $12.7, and $6.1, during 2020, 2019 and 2018, respectively, in settlement of employee tax withholding obligations due upon the vesting of RSUs and PSUs.