Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders’ equity

Shareholders’ equity

In the three months ended March 31, 2023, we declared cash dividends totaling $36.1 million and repurchased 2.8 million shares under our repurchase authorization for $150.0 million. In the three months ended March 31, 2022, we declared cash dividends totaling $36.5 million and repurchased 10.3 million shares under our repurchase authorization for $500.0 million. On January 31, 2022, the Board of Directors increased our share repurchase authorization by $1.0 billion. At March 31, 2023, we had remaining authorization to repurchase $232.9 million of common shares. This repurchase authorization was increased by $1.0 billion on April 24, 2023.

Under our share-based compensation plans, we accept shares as payment under certain conditions related to the vesting of shares, generally related to the payment of minimum tax obligations. In the three months ended March 31, 2023 and 2022, participants surrendered shares valued at $10.1 million and $13.6 million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.