SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 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
Third Quarter	0.60		155.8		$	0.55	145.2
Total	$	1.80	$	462.9	$	1.65	$	442.9

Treasury Stock

The Company acquires its common stock for general corporate purposes through its publicly announced share repurchase program. As of September 30, 2022, the Company had remaining authorization from its Board of Directors to purchase 45.8 million shares of its common stock. The table below summarizes share repurchases during the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Treasury stock purchases (millions of dollars)	$	47.6	$	501.5	$	751.1	$	2,147.0
Treasury stock purchases (shares)	200,000		1,675,000		2,750,000		8,075,000
Average price per share	$	237.81	$	299.37	$	273.12	$	265.88

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 nine months ended September 30, 2022, 442,347 stock options were exercised at a weighted average price per share of $88.46. In addition, 356,743 restricted stock units vested during this period.