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Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023:

		Restricted Stock								Performance Units
		Shares				Weighted Average Grant- Date Fair Value				Shares				Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2023			655,914			$	117.14				358,449			$	109.89
Granted			196,821				134.68				146,331				140.09
Vested (a)			(170,113	)			97.33				(132,003	)			117.03
Forfeitures			(2,506	)			124.83				—				—
Outstanding at June 30, 2023			680,116			$	127.15				372,777			$	119.22

(a)Upon payout of the performance unit awards that vested during the period, PCA issued 146,631 shares, which included 14,628 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 June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Restricted stock		$	5.6			$	5.4			$	17.5			$	14.7
Performance units			3.9				3.8				7.3				6.9
Total share-based compensation expense			9.5				9.2				24.8				21.6
Income tax benefit			(2.4	)			(2.3	)			(6.2	)			(5.5	)
Share-based compensation expense, net of tax benefit		$	7.1			$	6.9			$	18.6			$	16.1

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at June 30, 2023 was as follows (dollars in millions):

		June 30, 2023
		Unrecognized Compensation Expense				Remaining Weighted Average Recognition Period (in years)
Restricted stock		$	36.2				2.8
Performance units			29.8				2.6
Total unrecognized share-based compensation expense		$	66.0				2.7

X

- Definition

Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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Tabular disclosure of the changes in outstanding nonvested shares.

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