Shareholders' Equity

9 Months Ended

Sep. 30, 2022

Shareholders' Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity

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.

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.

2021

During the three and nine months ended September 30, 2021, the Company repurchased and retired approximately 1.9 million shares of its common stock at an aggregate cost of $65.3 million.

Dividend Payments

2022

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.

On July 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 August 22, 2022 to shareholders of record as of August 8, 2022.

2021

On April 27, 2021, the Company declared a quarterly cash dividend of $0.11 per share on its outstanding common stock, which amounted to $40.0 million and was paid on May 24, 2021 to shareholders of record as of May 10, 2021.

On July 30, 2021, the Company declared a quarterly cash dividend of $0.15 per share on its outstanding common stock, which amounted to $54.1 million and was paid on August 20, 2021 to shareholders of record as of August 10, 2021.