Capital Stock (Notes)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021.

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 $1.056, $0.880 and $0.676 per common share totaling $87.7, $76.2, and $58.9 in 2022, 2021, and 2020, respectively.

On October 30, 2019, the Board of Directors approved our current program, an indefinite term $500 open-market share repurchase program (the 2019 Plan). Repurchase activity under the 2019 Plan commenced following fulfillment of the prior $1,000 open-market share repurchase program, which was reached during the first quarter of 2020. During 2022, 2021, and 2020, we repurchased and retired 3.0 shares, 1.2 shares, and 1.7 shares of common stock for $245.3, $104.8 and $73.2, respectively, under our share repurchase programs.

Separate from our open-market share repurchase programs, the Company withheld 0.1 shares, 0.1 shares, and 0.2 shares for an aggregate purchase price of $8.8, $11.7, and $11.0, during 2022, 2021 and 2020, respectively, in settlement of employee tax withholding obligations due upon the vesting of equity-based compensation awards.