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Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
Capital Stock
At December 31, 2024, there were 900,000,000 shares of common stock and 30,000,000 shares of serial preferred stock authorized for issuance. Of the authorized serial preferred stock, 3,000,000 shares are designated as cumulative redeemable serial preferred stock. There we no shares of serial preferred stock issued during 2024, 2023 or 2022.
Under the 2006 Equity and Performance Incentive Plan (2006 Employee Plan), 71,100,000 shares may be issued or transferred. An aggregate of 13,603,814, 15,830,386 and 17,939,143 shares of common stock at December 31, 2024, 2023 and 2022, respectively, were reserved for the exercise and future grants of option rights and future grants of restricted stock and restricted stock units. See Note 14 for additional information related to stock-based compensation.
Shares outstanding shown in the following table included 1,426,883 shares of common stock held in a revocable trust at December 31, 2024, 2023 and 2022. The revocable trust is used to accumulate assets for the purpose of funding the ultimate obligation of certain non-qualified benefit plans. Transactions between the Company and the trust are accounted for in accordance with the Deferred Compensation – Rabbi Trusts Subtopic of the Compensation Topic of the ASC, which requires the assets held by the trust be consolidated with the Company’s accounts.
Shares
in Treasury		Shares
Outstanding
Balance at January 1, 202211,313,634 261,143,805 
Shares issued for exercise of option rights778,075 
Shares tendered as payment for option rights exercised3,861 (3,861)
Shares issued for vesting of restricted stock units357,832 
Shares tendered in connection with vesting of restricted stock units124,852 (124,852)
Treasury stock purchased3,350,000 (3,350,000)
Treasury stock sold (1)
(75,000)75,000 
Balance at December 31, 202214,717,347 258,875,999 
Shares issued for exercise of option rights1,081,815 
Shares tendered as payment for option rights exercised10,467 (10,467)
Shares issued for vesting of restricted stock units302,713 
Shares tendered in connection with vesting of restricted stock units106,770 (106,770)
Treasury stock purchased5,600,000 (5,600,000)
Balance at December 31, 202320,434,584 254,543,290 
Shares issued for exercise of option rights1,879,285 
Shares tendered as payment for option rights exercised11,884 (11,884)
Shares issued for vesting of restricted stock units122,276 
Shares tendered in connection with vesting of restricted stock units41,867 (41,867)
Treasury stock purchased5,200,000 (5,200,000)
Balance at December 31, 202425,688,335 251,291,100 
(1)    During the year ended December 31, 2022, the Company sold treasury shares to fund Company contributions to the domestic defined contribution plan. The related proceeds were $22.0 million.
Dividends
The following table summarizes the dividends declared and paid on common stock:

202420232022
Cash dividend per share$2.86 $2.42 $2.40 
Total dividends (in millions)723.4 623.7 618.5 
Treasury Stock
The Company acquires its common stock for general corporate purposes through its publicly announced share repurchase program. As of December 31, 2024, the Company had remaining authorization from its Board of Directors to purchase 34.4 million shares of its common stock. The table below summarizes the Company’s share repurchase activity:
202420232022
Treasury stock purchases (in millions)$1,738.8 $1,432.0 $883.2 
Treasury stock purchases (shares)5,200,000 5,600,000 3,350,000 
Average price per share$334.38 $255.72 $263.64