SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

Dividends

The following table summarizes the dividends declared and paid on common stock:

	2022				2021
	Cash Dividend Per Share		Total Dividends (in millions)		Cash Dividend Per Share		Total Dividends (in millions)
First Quarter	$	0.60	$	150.9	$	0.55	$	151.8
Second Quarter	0.60		156.2		0.55		145.9
Total	$	1.20	$	307.1	$	1.10	$	297.7

Treasury Stock

The Company acquires its common stock for general corporate purposes through its publicly announced share repurchase program. As of June 30, 2022, the Company had remaining authorization from its Board of Directors to purchase 46.0 million shares of its common stock. The table below summarizes share repurchases during the three and six months ended June 30, 2022 and 2021:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Treasury stock purchases (millions of dollars)	$	296.4	$	870.1	$	703.5	$	1,645.5
Treasury stock purchases (shares)	1,100,000		3,100,000		2,550,000		6,400,000
Average price per share	$	269.46	$	280.70	$	275.89	$	257.12

In February 2022, the Company received proceeds of $22.0 million in conjunction with the issuance of treasury shares to fund Company contributions to the domestic defined contribution plan. In April 2021, the Company received proceeds of $11.7 million in conjunction with the issuance of shares to fund obligations related to a non-qualified benefit plan.

Other Activity

During the six months ended June 30, 2022, 280,974 stock options were exercised at a weighted average price per share of $93.63. In addition, 356,551 restricted stock units vested during this period.