Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary of Restricted Stock and Performance Unit Award Activity

The following table presents restricted stock and performance unit award activity for the nine months ended September 30, 2024:

	Restricted Stock					Performance Units
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2024		671,723		$	127.15		372,777		$	119.22
Granted		175,956			176.60		129,923			189.01
Vested (a)		(207,337	)		102.94		(139,984	)		182.64
Forfeitures		(4,657	)		146.30		—			—
Outstanding at September 30, 2024		635,685		$	144.98		362,716		$	119.74

(a)Upon payout of the performance unit awards that vested during the period, PCA issued 152,196 shares, which included 12,212 shares for dividends accrued during the performance period.

Compensation Expense for Share-Based Awards

Our share-based compensation expense is primarily recorded in "Selling, general, and administrative expenses." Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures, was as follows (dollars in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Restricted stock	$	5.7		$	4.1		$	25.7		$	21.5
Performance units		4.7			3.6			13.9			11.0
Total share-based compensation expense		10.4			7.7			39.6			32.5
Income tax benefit		(2.6	)		(1.9	)		(9.9	)		(8.1	)
Share-based compensation expense, net of tax benefit	$	7.8		$	5.8		$	29.7		$	24.4

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at September 30, 2024 was as follows (dollars in millions):

	September 30, 2024
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	34.2		2.6
Performance units		27.8		2.4
Total unrecognized share-based compensation expense	$	62.0		2.5