Shareholders' Equity

6 Months Ended

Jun. 30, 2022

Shareholders' Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity

2022 Share Repurchases

In May 2019 the Board approved the initiation of a share repurchase program to acquire up to $1 billion of the Company's common stock beginning in June 2019. On February 8, 2022, the Board approved an increase in the size of the program from $1.0 billion to $1.5 billion, inclusive of cumulative amounts repurchased as of February 8, 2022.

During the three months ended March 31, 2022 the Company repurchased and retired approximately 1.84 million shares of its common stock at an aggregate cost of $99.9 million. No additional share repurchases have been made subsequent to March 31, 2022. The Company has repurchased and retired a cumulative total of approximately 18.81 million shares at an aggregate cost of $540.9 million since the inception of its share repurchase program in June 2019, leaving $959.1 million of authorized repurchasing capacity under the modified program as of June 30, 2022.

The timing and amount of the Company's share repurchases are subject to market conditions and management discretion. The share repurchase program does not require the Company to repurchase a specific number of shares and may be modified, suspended, or terminated by the Board at any time. 

2022 Dividend Payments

On February 9, 2022, the Company declared a quarterly cash dividend of $0.23 per share on its outstanding common stock, which amounted to $82.5 million and was paid on March 4, 2022 to shareholders of record as of February 22, 2022.

On April 27, 2022, the Company declared a quarterly cash dividend of $0.28 per share on its outstanding common stock, which amounted to $100.1 million and was paid on May 23, 2022 to shareholders of record as of May 9, 2022.

Dividend Declaration

On July 27, 2022, the Company declared a quarterly cash dividend of $0.28 per share on its outstanding common stock, which will be paid on August 22, 2022 to shareholders of record as of August 8, 2022.