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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025:

		Restricted Stock								Performance Units
		Shares				Weighted Average Grant- Date Fair Value				Shares				Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2025			620,403			$	148.63				358,466			$	119.17
Granted			141,766				212.75				90,362				224.08
Vested (a)			(138,557	)			133.81				(54,764	)			141.97
Forfeitures			(1,302	)			154.07				—				—
Outstanding at March 31, 2025			622,310			$	166.53				394,064			$	173.03

(a)Upon payout of the performance unit awards that vested during the period, PCA issued 59,837 shares, which included 5,073 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 March 31,
		2025				2024
Restricted stock		$	13.9			$	14.0
Performance units			3.9				5.4
Total share-based compensation expense			17.8				19.4
Income tax benefit			(4.4	)			(4.8	)
Share-based compensation expense, net of tax benefit		$	13.4			$	14.6

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at March 31, 2025 was as follows (dollars in millions):

		March 31, 2025
		Unrecognized Compensation Expense				Remaining Weighted Average Recognition Period (in years)
Restricted stock		$	45.6				3.0
Performance units			38.1				2.7
Total unrecognized share-based compensation expense		$	83.7				2.9

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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.

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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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-Name Accounting Standards Codification
-Section 50
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