XML 41 R22.htm IDEA: XBRL DOCUMENT v3.20.4
SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2020
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY
a)    Common Shares
The Company's authorized share capital is 800,000,000 common shares, par value of $0.0125 per share.
The following table presents changes in common shares issued and outstanding:
Year ended December 31,202020192018
Shares issued, balance at beginning of year176,580 176,580 176,580 
Shares issued— — — 
Total shares issued at end of year176,580 176,580 176,580 
Treasury shares, balance at beginning of year(92,621)(92,994)(93,419)
Shares repurchased(194)(176)(200)
Shares reissued 588 549 625 
Total treasury shares at end of year(92,227)(92,621)(92,994)
Total shares outstanding84,353 83,959 83,586 
Treasury Shares
The Company's Board of Directors has not authorized a common share repurchase plan since December, 31, 2017.
The following table presents common shares repurchased from shares held in Treasury:
Year ended December 31,202020192018
In the open market:
Total shares— — — 
Total cost$— $— $— 
Average price per share (1)
$— $— $— 
From employees:(2)
Total shares194 176 200 
Total cost$10,382 $10,165 $10,080 
Average price per share(1)
$53.43 $57.66 $50.40 
Total shares repurchased:
Total shares194 176 200 
Total cost$10,382 $10,165 $10,080 
Average price per share(1)
$53.43 $57.66 $50.40 
(1)    Calculated using whole numbers.
(2)    Shares are repurchased from employees to satisfy withholding tax liabilities related to the vesting of share-settled restricted stock units.
b)    Preferred Shares
Series D Preferred Shares
On May 20, 2013, the Company issued $225 million of 5.50% Series D preferred shares, par value $0.0125 per share, with a liquidation preference of $25.00 per share. The Company could redeem the Series D preferred shares on or after June 1, 2018 at a redemption price of $25.00 per share. Dividends on the Series D preferred shares were non-cumulative. Holders of the Series D preferred shares were entitled to receive, only when, as and if declared by the Board of Directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the first day of March, June, September and December of each year, commencing on September 1, 2013. To the extent declared, dividends accumulate, with respect to each dividend period, in an amount per share equal to 5.50% of the liquidation preference per annum.

On January 17, 2020, the Company redeemed all 9,000,000 Series D preferred shares, for an aggregate liquidation preference of $225 million.

Series E Preferred Shares

On November 7, 2016, the Company issued $550 million of 5.50% Series E preferred shares, par value $0.0125 per share, with a liquidation preference of $2,500 per share. The Company may redeem the Series E preferred shares on or after November 7, 2021 at a redemption price of $2,500 per share. Dividends on the Series E preferred shares are non-cumulative. Holders of the Series E preferred shares will be entitled to receive, only when, as and if declared by the Board of Directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the fifteenth day of January, April, July and October of each year, commencing on January 15, 2017. To the extent declared, dividends accumulate, with respect to each dividend period, in an amount per share equal to 5.50% of the liquidation preference per annum.

Dividends
The following table presents dividends declared and paid related to the Company's common and preferred shares:
Per share data
Dividends declared Dividends paid in year of declarationDividends paid in year following declaration
Year ended December 31, 2018
  Common shares$1.57 $1.17 $0.40 
  Series D preferred shares$1.38 $1.03 $0.34 
  Series E preferred shares$137.50 $103.13 $34.38 
Year ended December 31, 2019
  Common shares$1.61 $1.20 $0.41 
  Series D preferred shares(1)
$1.21 $1.03 $0.18 
  Series E preferred shares$137.50 $103.13 $34.38 
Year ended December 31, 2020
  Common shares$1.65 $1.23 $0.42 
  Series E preferred shares$137.50 $103.13 $34.38 
(1) On January 17, 2020, the Company redeemed all 9,000,000 Series D preferred shares, for an aggregate liquidation preference of $225 million. The final dividend on the Series D preferred shares was declared in 2019.