Capital Stock

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Capital Stock

Note 10 — Capital Stock

Common Stock Outstanding

Common stock outstanding as of December 31, 2024, 2023 and 2022 was as follows:

(Number of shares in millions)	2024		2023		2022
Common stock:
Balance, beginning of year	110.8		110.4		110.1
Activity under stock plans		0.8		0.4		0.3
Balance, end of year	111.6		110.8		110.4
Treasury stock:
Balance, beginning of year	26.7		26.2		26.1
Repurchased		3.9		0.5		0.1
Balance, end of year	30.6		26.7		26.2
Common stock outstanding		81.0		84.1		84.2

Under the share repurchase plan adopted by the Board of Directors of the Company (the "Board") in May 2018 (the “2018 Repurchase Plan"), the Board authorized $500 million for the repurchase of the Company's common stock which was fully utilized as of June 30, 2024. The repurchase of the Company’s common stock under the 2018 Repurchase Plan was all made in open market transactions. On February 19, 2024, the Board approved a $300 million share repurchase plan (the “2024 Share Repurchase Plan”) which was in addition to the amount that remained available for repurchases under the 2018 Repurchase Plan. The repurchase of the Company’s common stock under the 2024 Share Repurchase Plan are anticipated to be made in open market transactions, block transactions, privately negotiated purchase transactions or other purchase techniques at the discretion of management based upon consideration of market, business, legal, accounting, and other factors.

Dividends per share of common stock for 2024 and 2023 were $0.60 and $0.50, respectively. For the years ended December 31, 2024 and 2023, we paid $49.3 million and $42.2 million in dividends for each year, respectively.

During the year ended December 31, 2024, we repurchased 3,649,310 shares of common stock on the open market under the repurchase plans at an average price of $68.49 per share and at a cost of $252.2 million, including sales commissions, leaving approximately $234.9 million available for additional repurchases under the 2024 Repurchase Plan. The acquisition of these shares was accounted for under the treasury stock method.