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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Summary of Restricted Stock Activity | A summary of the Company’s restricted stock activity follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | 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 |  |  | 655,914 |  |  | $ | 117.14 |  |  |  | 651,448 |  |  | $ | 109.16 |  |  |  | 669,102 |  |  | $ | 102.55 |
Granted |  |  | 196,821 |  |  |  | 134.68 |  |  |  | 175,047 |  |  |  | 145.63 |  |  |  | 173,970 |  |  |  | 134.10 |
Vested (a) |  |  | (174,139 | ) |  |  | 97.86 |  |  |  | (153,171 | ) |  |  | 115.33 |  |  |  | (182,779 | ) |  |  | 108.59 |
Forfeitures |  |  | (6,873 | ) |  |  | 129.74 |  |  |  | (17,410 | ) |  |  | 120.68 |  |  |  | (8,845 | ) |  |  | 111.73 |
Restricted stock at December 31 |  |  | 671,723 |  |  | $ | 127.15 |  |  |  | 655,914 |  |  | $ | 117.14 |  |  |  | 651,448 |  |  | $ | 109.16 |
(a) The total fair value of awards upon vesting for the years ended December 31, 2023, 2022, and 2021 was $22.7 million, $21.8 million, and $24.8 million, respectively.
Summary of Performance Units Activity | A summary of the Company’s performance unit activity follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | 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 |  |  | 358,449 |  |  | $ | 109.89 |  |  |  | 358,092 |  |  | $ | 105.38 |  |  |  | 357,417 |  |  | $ | 103.63 |
Granted |  |  | 146,331 |  |  |  | 140.09 |  |  |  | 133,017 |  |  |  | 148.71 |  |  |  | 95,236 |  |  |  | 140.47 |
Vested (b) |  |  | (132,003 | ) |  |  | 117.03 |  |  |  | (132,404 | ) |  |  | 136.62 |  |  |  | (74,894 | ) |  |  | 134.53 |
Forfeitures |  |  | — |  |  |  | — |  |  |  | (256 | ) |  |  | 145.26 |  |  |  | (19,667 | ) |  |  | 132.58 |
Performance units at December 31 |  |  | 372,777 |  |  | $ | 119.22 |  |  |  | 358,449 |  |  | $ | 109.89 |  |  |  | 358,092 |  |  | $ | 105.38 |
(b) The total fair value of awards upon vesting, including dividends, for the years ended December 31, 2023, 2022, and 2021 was $19.3 million, $19.7 million, and $11.0 million, respectively. Upon vesting of the awards in 2023, 2022, and 2021, PCA issued 146,631 shares, 144,193 shares, and 81,577 shares, respectively. For 2023, 2022, and 2021, these amounts included 14,628 shares, 11,789 shares, and 6,683 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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Restricted stock |  | $ | 25.5 |  |  | $ | 22.5 |  |  | $ | 23.0 |
Performance units |  |  | 14.5 |  |  |  | 13.1 |  |  |  | 12.5 |
Impact on income before income taxes |  |  | 40.0 |  |  |  | 35.6 |  |  |  | 35.5 |
Income tax benefit |  |  | (10.0 | ) |  |  | (8.9 | ) |  |  | (8.9 | )
Impact on net income |  | $ | 30.0 |  |  | $ | 26.7 |  |  | $ | 26.6 |
Unrecognized Compensation Expense for Share-Based Awards | The unrecognized compensation expense for all share-based awards was as follows (dollars in millions):
|  | December 31, 2023 |
|  | Unrecognized Compensation Expense |  |  | Remaining Weighted Average Recognition Period (in years) |
Restricted stock |  | $ | 27.8 |  |  | 2.4 |
Performance units |  |  | 22.5 |  |  | 2.2 |
Total unrecognized share-based compensation expense |  | $ | 50.3 |  |  |  | 2.3 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (i) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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