Capital Stock (Notes)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022.

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 $1.160, $1.056 and $0.880 per common share totaling $95.9, $87.7, and $76.2 in 2023, 2022, and 2021, 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). During 2023, 2022, and 2021, we repurchased and retired 0.7 shares, 3.0 shares, and 1.2 shares of common stock for $60.5, $245.3 and $104.8, respectively, under the 2019 Plan. 2023 included $0.5 related to a 1% excise tax assessed on share repurchases under the Inflation Reduction Act of 2022, which went into effect for repurchases made after December 31, 2022. As of December 31, 2023, there was $78.8 of remaining authorization left under the 2019 Plan.

On October 4, 2023, the Board of Directors approved an indefinite term $1,000 open-market share repurchase program (the 2023 Plan). Repurchases under this authorization will begin upon the completion of the 2019 Plan.

Separate from our open-market share repurchase programs, the Company withheld 0.1 shares of common stock during each of the years ended 2023, 2022 and 2021 for an aggregate purchase price of $7.2, $8.8, and $11.7, respectively, in settlement of employee tax withholding obligations due upon the vesting of equity-based compensation awards.