Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

At December 31, 2025, the following common shares were authorized for issuance under the Plan:


			Common Shares
Unexercised options			.4
Outstanding stock units—vested			4.5
Outstanding stock units—unvested			2.5
Available for grant			6.3
Authorized for issuance at December 31, 2025			13.7

The following table recaps the impact of stock-based compensation on the results of operations for each of the periods presented:


	Year Ended December 31,
	2025				2024				2023
	To Be Settled With Stock		To Be Settled In Cash		To Be Settled With Stock		To Be Settled In Cash		To Be Settled With Stock		To Be Settled In Cash



Executive Stock Unit (ESU) program matching contributions 1	$	2.7	$	.7	$	3.7	$	.7	$	3.0	$	.7
Discounts on various stock awards:
Deferred Stock Compensation Program 2	.6		—		1.2		—		1.5		—
ESU program 1	.5		—		1.0		—		1.2		—
Discount Stock Plan 3	.6		—		.7		—		.7		—
Performance Stock Unit (PSU) awards 4	1.1		1.5		.1		(.8)		2.6		.6

Restricted Stock Unit (RSU) awards 5	8.8		—		11.8		—		8.8		—
Other, primarily non-employee directors restricted stock	.7		—		.8		—		.8		—
Total stock-related compensation expense (income)	15.0		$	2.2	19.3		$	(.1)	18.6		$	1.3
Employee contributions for above stock plans	4.6				7.2				9.0
Total stock-based compensation	$	19.6			$	26.5			$	27.6

Tax benefits on stock-based compensation expense	$	3.6			$	4.7			$	4.5
Tax (expense)/benefits on stock-based compensation payments	(2.8)				(1.1)				.4
Total tax benefits associated with stock-based compensation	$	.8			$	3.6			$	4.9

The following table recaps the impact of stock-based compensation on assets and liabilities for each of the periods presented:


	2025						2024
	Current		Long-term		Total		Current		Long-term		Total
Assets:
Diversified investments associated with the ESU program 1	$	4.3	$	55.9	$	60.2	$	3.7	$	51.4	$	55.1

Liabilities:
ESU program 1	$	4.4	$	58.0	$	62.4	$	3.7	$	50.2	$	53.9
PSU awards 4	—		2.6		2.6		—		1.0		1.0

Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts	5.0		—		5.0		5.5		—		5.5
Total liabilities associated with stock-based compensation	$	9.4	$	60.6	$	70.0	$	9.2	$	51.2	$	60.4


	Options		Units		Cash
Aggregate amount of compensation deferred during 2025	$	.1	$	2.2	$	.3


Average 2025 purchase price per share (net of discount)	$	7.90
2025 number of shares purchased by employees	.4
Shares purchased since inception in 1982	24.7
Maximum shares under the plan	27.0

Below is a summary of shares and grant date fair value related to PSU awards for the periods presented:


	Year Ended December 31,
	2025			2024			2023

Total shares base award	.5			.3			.1
Grant date per share fair value	$	8.99		$	15.30		$	29.31
Risk-free interest rate	4.0		%	4.5		%	4.4		%
Vesting period in years	3.0			3.0			3.0
Expected volatility	38.9		%	30.9		%	45.7		%
Expected dividend yield	2.2		%	9.0		%	5.5		%

Stock unit information for the plans discussed above is presented in the table below:


	DSU	ESU	PSU	RSU	Total Units	Weighted Average Grant Date Fair Value per Unit		Aggregate Intrinsic Value
Unvested at December 31, 2024	—	—	1.1	.3	1.4	$	13.19
Granted based on current service	.3	.4	—	1.3	2.0	8.66
Granted based on future conditions*	—	—	1.1	—	1.1	4.50
Vested	(.3)	(.4)	—	(.9)	(1.6)	9.89
Forfeited*	—	—	(.3)	(.1)	(.4)	13.34


Unvested at December 31, 2025	—	—	1.9	.6	2.5	$	7.70	$	27.2
Fully vested shares available for issuance at December 31, 2025					4.5			$	50.1

*Stock-settled PSU awards (50%) are presented at maximum payout of 200% at grant date and when forfeited.


	Year Ended December 31,
	2025		2024		2023
Total intrinsic value of vested stock units converted to common stock	$	—	$	.1	$	1.9