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EQUITY | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
EQUITY | EQUITY Our capital stock consists solely of common stock, par value $1.00 per share, of which 480,000,000 shares may be issued. Holders of our common stock are entitled to one vote per share. We may also issue 5,000,000 shares of preferred stock, but no shares have been issued. The terms and provisions of such shares will be determined by our Board of Directors upon any issuance of preferred shares in accordance with our Certificate of Incorporation. There were no shares held in treasury as of December 31, 2024, 2023 and 2022. Our common stock purchases (all of which were open market purchases) and subsequent retirements for the years ended December 31 are summarized below:
in millions, except average cost | 2024 | 2023 | 2022
Number of shares purchased and retired | 0.3 | 1.0 | 0.0
Total purchase price 1 | $ | 68.8 |  | $ | 200.0 |  | $ | 0.0 |
Average cost per share | $ | 254.71 |  | $ | 204.52 |  | $ | 0.00 |
1 The amount paid to purchase shares in excess of the par value and related excise taxes are recorded in retained earnings. As of December 31, 2024, 6,817,118 shares may be purchased under the current authorization of our Board of Directors. Dividends for the years ended December 31 were as follows:
in millions, except per share data | 2024 | 2023 | 2022
Cash dividends | $ | 244.4 |  | $ | 228.4 |  | $ | 212.6 |
Cash dividends per share | $ | 1.84 |  | $ | 1.72 |  | $ | 1.60 |
Total equity as presented in the consolidated financial statements for the year ended December 31, 2024 includes a noncontrolling interest of $23.9 million, representing the unowned portion of a subsidiary. See Note 1 under the caption "Noncontrolling Interest" for additional discussion.

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