Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary of Restricted Stock Activity

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

	2025					2024					2023
	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		620,403		$	148.63		671,723		$	127.15		655,914		$	117.14
Granted		147,265			211.53		175,956			176.60		196,821			134.68
Vested (a)		(158,857	)		137.08		(219,530	)		105.10		(174,139	)		97.86
Forfeitures		(8,015	)		164.95		(7,746	)		154.95		(6,873	)		129.74
Restricted stock at December 31		600,796		$	166.88		620,403		$	148.63		671,723		$	127.15

(a)The total fair value of awards upon vesting for the years ended December 31, 2025, 2024, and 2023 was $33.0 million, $39.2 million, and $22.7 million, respectively.

Summary of Performance Units Activity

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

	2025					2024					2023
	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		358,466		$	119.17		372,777		$	119.22		358,449		$	109.89
Granted		129,853			211.72		129,923			189.01		146,331			140.09
Vested (b)		(139,443	)		167.14		(139,984	)		182.64		(132,003	)		117.03
Forfeitures		—			—		(4,250	)		168.20		—			—
Performance units at December 31		348,876		$	171.68		358,466		$	119.17		372,777		$	119.22

(b)The total fair value of awards upon vesting, including dividends, for the years ended December 31, 2025, 2024, and 2023 was $29.0 million, $27.8 million, and $19.3 million, respectively. Upon vesting of the awards in 2025, 2024, and 2023, PCA issued 151,895 shares, 152,196 shares, and 146,631 shares, respectively. For 2025, 2024, and 2023, these amounts included 12,452 shares, 12,212 shares, and 14,628 shares, respectively, for dividends accrued during the vesting period.

Compensation Expense for Share-Based Awards

Our share-based compensation expense is recorded in “Cost of sales” and “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):

	Year Ended December 31,
	2025			2024			2023
Restricted stock	$	28.7		$	30.6		$	25.5
Performance units		16.5			18.2			14.5
Total share-based compensation expense		45.2			48.8			40.0
Income tax benefit		(11.2	)		(12.2	)		(10.0	)
Share-based compensation expense, net of tax benefit	$	34.0		$	36.6		$	30.0

Unrecognized Compensation Expense for Share-Based Awards

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

	December 31, 2025
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	31.0		2.5
Performance units		25.5		2.2
Total unrecognized share-based compensation expense	$	56.5		2.4