Shareholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Shareholders’ equity

Shareholders’ equity

In the six months ended June 30, 2023, we declared cash dividends totaling $71.8 million and repurchased 6.4 million shares under our repurchase authorization for $400.0 million. In the six months ended June 30, 2022, we declared cash dividends totaling $72.0 million and repurchased 17.4 million shares under our repurchase authorization for $794.2 million. On April 24, 2023, the Board of Directors increased our share repurchase authorization by $1.0 billion. At June 30, 2023, we had remaining authorization to repurchase $982.9 million of common shares.

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 six months ended June 30, 2023 and 2022, participants surrendered shares valued at $10.4 million and $13.6 million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.