Shareholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Share repurchase programs

Repurchases of our common stock may be made from time to time on the open market (including through 10b5-1 plans) or through privately negotiated transactions. In the first six months of 2023, we repurchased 10.8 million shares at an average cost of $14.04 per share, which included commissions. In 2022, we repurchased approximately 27.8 million shares of our common stock, at an average cost of $13.89 per share, which included commissions. At June 30, 2023, we had $463 million remaining under a $500 million share repurchase program approved by our Board of Directors in 2023 that expires on July 1, 2025. In July 2023, we repurchased an additional 1.1 million shares totaling $18.5 million under the remaining authorization.

Cash dividends

In the first and second quarters of 2023, we paid quarterly cash dividends of $0.10 per share which totaled $58.8 million. On July 27, 2023, the Board of Directors declared a quarterly cash dividend to holders of the company’s common stock of $0.115 per share to shareholders of record on August 10, 2023, payable on August 24, 2023.