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Stockholders' equity | 9 Months Ended
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Sep. 30, 2023
Stockholders' Equity Note |
Stockholders' Equity | Note 18 – Stockholders’ equity As of September 30, 2023, stockholders’ equity totaled $ 4.5 billion. During the nine months ended September 30, 2023, the Corporation declared cash dividends of $ 1.65 (2022 - $ 1.65 ) per common share amounting to $ 118.9 million (2022 - $ 124.2 million). The quarterly dividend declared to stockholders of record as of the close of business on September 8, 2023 was paid on October 2, 2023 . Accelerated share repurchase transaction (“ASR”) On August 24, 2022, the Corporation entered into a $ 231 million ASR transaction with respect to its common stock (the “August ASR Agreement”), which was accounted for as a treasury transaction. As a result of the receipt of the initial 2,339,241 shares, the Corporation recognized in stockholders’ equity approximately $ 185 million in treasury stock and $ 46 million as a reduction of capital surplus. The Corporation completed the transaction on December 7, 2022 and received 840,024 additional shares of common stock and recognized approximately $ 60 million as treasury stock with a corresponding increase in its capital surplus. In total, the Corporation repurchased a total of 3,179,265 shares at an average purchased price of $ 72.6583 under the August ASR Agreement. On March 1, 2022, the Corporation announced that on February 28, 2022 it entered into a $ 400 million ASR transactions with respect to its common stock (the “March ASR Agreement”), which was accounted for as a treasury transaction. As a result of the receipt of the initial 3,483,942 shares, the Corporation recognized in stockholders’ equity approximately $ 320 million in treasury stock and $ 80 million as a reduction of capital surplus. The Corporation completed the transaction on July 12, 2022 and received 1,582,922 additional shares of common stock and recognized $ 120 million in treasury stock with a corresponding increase in its capital surplus. In total, the Corporation repurchased a total of 5,066,864 shares at an average purchased price of $ 78.9443 under the ASR.

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