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Equity | 9 Months Ended
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Sep. 30, 2021
Equity |
Equity | Note 10. Equity ​ Dividends ​ On October 26, 2021, our Board of Directors declared the 2021 fourth quarter cash dividend of $0.6875 per share of common stock, payable on December 3, 2021 to stockholders of record as of November 19, 2021. ​ During the third quarters of 2021 and 2020, we declared and paid quarterly dividends of $0.6875 and $0.625 per share, or $43.6 million and $39.8 million in total, respectively. During the nine months ended September 30, 2021 and 2020, we declared and paid quarterly dividends of $2.0625 and $1.875 per share, or $131.2 million and $120.7 million in total, respectively. In addition, we paid $1.1 million and $2.1 million in dividend equivalents with respect to vested restricted stock units (“RSUs”) during the nine months ended September 30, 2021 and 2020, respectively. ​ Stock-Based Compensation ​ We make annual grants of long-term incentive awards to officers and key employees in the forms of service-based and performance-based RSUs that have approximately 3-year vesting periods. The performance-based RSU awards are subject to both service criteria and performance goals based on the Company’s return on assets. We also make annual grants of stock to the non-employee members of the Board of Directors that vest immediately upon grant. The fair value of the RSUs and stock grants is determined based on the closing stock price of our common stock on the grant date. ​ In the nine months ended September 30, 2021 and 2020, we made payments of $9.2 million and $14.9 million, respectively, to tax authorities on our employees’ behalf for shares withheld related to net share settlements. These payments are reflected in the Stock-based compensation, net caption of our consolidated statements of equity. ​ A summary of the status of our unvested service-based and performance-based RSUs as of September 30, 2021 and changes during the nine-months then ended is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date
​ | ​ | ​ | ​ | Fair Value
Unvested RSUs | ​ | Shares | ​ | Per RSU
Unvested at January 1, 2021 | ​ | 995,720 | ​ | $ | 85.27
Granted(1) | ​ | 318,495 | ​ | ​ | 141.41
Vested | ​ | (7,812) | ​ | ​ | 86.52
Cancelled or forfeited | ​ | (19,107) | ​ | ​ | 89.99
Unvested at September 30, 2021 | ​ | 1,287,296 | ​ | $ | 99.08
Shares reserved for future grants (all plans) | ​ | 1,877,393 | ​ | ​ | ​
(1) | Comprised of 191,139 service-based RSUs and 127,356 performance-based RSUs granted in March 2021 with a fair value of $141.41 per RSU. The service-based RSUs cliff vest on December 1, 2023 and the performance-based RSUs are subject to a three-year performance period ending December 31, 2023.
​ Share Repurchase Plan ​ On July 20, 2021, our Board of Directors authorized a $1.0 billion share repurchase program that amended and restated our prior share repurchase program authorized in October 2018. The share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time. ​ We repurchase shares through open market purchases, privately negotiated transactions and transactions structured through investment banking institutions under plans relying on Rule 10b5-1 or Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares. ​ During the third quarter of 2021, we repurchased 885,606 shares at an average cost of $147.89 per share, for a total of $131.0 million, compared to 2,466 shares repurchased at an average cost of $100.00 per share, for a total of $0.2 million in the third quarter of 2020. In the nine months ended September 30, 2021, we repurchased approximately 1.0 million shares at an average cost of $150.12 per share, for a total of $155.0 million, compared to approximately 3.3 million shares repurchased at an average cost of $90.10 per share, for a total of $300.2 million in the nine months ended September 30, 2020. ​ Accumulated Other Comprehensive Loss ​ Accumulated other comprehensive loss included the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Foreign Currency | ​ | Postretirement Benefit | ​ | Accumulated Other
​ | Translation | ​ | Plan Adjustments, | ​ | Comprehensive
​ | Loss |  | Net of Tax |  | Loss
​ | ​ | ​ | ​ | (in millions) | ​ | ​ | ​
Balance as of January 1, 2021 | $ | (52.7) | ​ | $ | (25.2) | ​ | $ | (77.9)
Current-period change | ​ | (5.0) | ​ | ​ | — | ​ | ​ | (5.0)
Balance as of September 30, 2021 | $ | (57.7) | ​ | $ | (25.2) | ​ | $ | (82.9)
​ Foreign currency translation adjustments have not been adjusted for income taxes. Postretirement benefit plan adjustments are net of taxes of $5.8 million as of September 30, 2021 and December 31, 2020. The income tax effects relating to our postretirement benefit plan adjustments are reflected in our income tax provision in future periods as the postretirement benefit plan adjustments are amortized over service periods and reflected in the amortization of net loss component of our net periodic benefit cost or are otherwise released and recognized as a settlement loss as a result of a plan termination.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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