Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Shareholders' equity

Shareholders’ equity

We declared quarterly cash dividends totaling $143.1 million, $148.1 million, and $135.1 million in 2022, 2021, and 2020, respectively. Under a share repurchase program authorized by our Board of Directors, we repurchased 24.2 million, 17.7 million, and 4.5 million shares in 2022, 2021, and 2020, respectively, for a total of $1.1 billion, $897.3 million, and $170.7 million in 2022, 2021, and 2020, respectively. On January 31, 2022, the Board of Directors increased our share repurchase authorization by $1.0 billion. At December 31, 2022, we had remaining authorization to repurchase $382.9 million of common shares.

Under our stock compensation plans, we accept shares as payment under certain conditions related to stock option exercises and vesting of restricted shares and share units, generally related to the payment of tax obligations. During 2022, 2021, and 2020, employees surrendered shares valued at $14.3 million, $10.8 million, and $14.9 million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.