Capital Stock (Notes)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023.

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 $1.276, $1.160 and $1.056 per common share totaling $104.8, $95.9, and $87.7 in 2024, 2023, and 2022, respectively.

On October 30, 2019, the Board of Directors approved an indefinite term $500 open-market share repurchase program (the 2019 Plan). During 2024, we exhausted the remaining capacity 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). There was $975 of remaining capacity left under the 2023 Plan as of December 31, 2024. The following table summarizes our share repurchase activity.

As of December 31	2024		2023		2022
Shares repurchased and retired	0.8		0.7		3.0
Cost of share repurchases	$	104.8	$	60.5	$	245.3

Separate from our open-market share repurchase programs, the Company withholds shares of common stock in settlement of employee tax withholding obligations due upon the vesting of equity-based compensation awards. The following table summarizes Company share withholdings related to net shares settlement of stock incentive plans.

As of December 31	2024		2023		2022
Shares withheld for taxes related to net share settlement of stock incentive plans	0.1		0.1		0.1
Payments for taxes related to net share settlement of stock incentive plans	$	14.2	$	7.2	$	8.8

In February 2025, the Company repurchased 0.2 shares for $25.6 under the 2023 Plan.