Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity follows:

	2024					2023					2022
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Restricted stock at January 1		671,723		$	127.15		655,914		$	117.14		651,448		$	109.16
Granted		175,956			176.60		196,821			134.68		175,047			145.63
Vested (a)		(219,530	)		105.10		(174,139	)		97.86		(153,171	)		115.33
Forfeitures		(7,746	)		154.95		(6,873	)		129.74		(17,410	)		120.68
Restricted stock at December 31		620,403		$	148.63		671,723		$	127.15		655,914		$	117.14

(a)The total fair value of awards upon vesting for the years ended December 31, 2024, 2023, and 2022 was $39.2 million, $22.7 million, and $21.8 million, respectively.

Summary of Performance Units Activity

A summary of the Company’s performance unit activity follows:

	2024					2023					2022
	Units			Weighted Average Grant- Date Fair Value		Units			Weighted Average Grant- Date Fair Value		Units			Weighted Average Grant- Date Fair Value
Performance units at January 1		372,777		$	119.22		358,449		$	109.89		358,092		$	105.38
Granted		129,923			189.01		146,331			140.09		133,017			148.71
Vested (b)		(139,984	)		182.64		(132,003	)		117.03		(132,404	)		136.62
Forfeitures		(4,250	)		168.20		—			—		(256	)		145.26
Performance units at December 31		358,466		$	119.17		372,777		$	119.22		358,449		$	109.89

(b)The total fair value of awards upon vesting, including dividends, for the years ended December 31, 2024, 2023, and 2022 was $27.8 million, $19.3 million, and $19.7 million, respectively. Upon vesting of the awards in 2024, 2023, and 2022, PCA issued 152,196 shares, 146,631 shares, and 144,193 shares, respectively. For 2024, 2023, and 2022, these amounts included 12,212 shares, 14,628 shares, and 11,789 shares, respectively, for dividends accrued during the vesting period.

Compensation Expense for Share-Based Awards

Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures was as follows (dollars in millions):

	Year Ended December 31,
	2024			2023			2022
Restricted stock	$	30.6		$	25.5		$	22.5
Performance units		18.2			14.5			13.1
Total share-based compensation expense		48.8			40.0			35.6
Income tax benefit		(12.2	)		(10.0	)		(8.9	)
Share-based compensation expense, net of tax benefit	$	36.6		$	30.0		$	26.7

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards was as follows (dollars in millions):

	December 31, 2024
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	29.3		2.5
Performance units		23.1		2.2
Total unrecognized share-based compensation expense	$	52.4		2.4