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Equity | 3 Months Ended
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Mar. 31, 2023
Equity |
Equity | Note 8. Equity ​ Dividends ​ On April 25, 2023, our Board of Directors declared the 2023 second quarter cash dividend of $1.00 per share of common stock, payable on June 9, 2023 to stockholders of record as of May 26, 2023. ​ During the first quarters of 2023 and 2022, we declared and paid quarterly dividends of $1.00 and $0.875 per share, or $59.0 million and $54.2 million in total, respectively. In addition, we paid $3.0 million and $2.5 million in dividend equivalents with respect to vested restricted stock units during the first quarters of 2023 and 2022, respectively. ​ Stock-Based Compensation ​ We make annual grants of long-term incentive awards to officers and key employees under our Second Amended and Restated 2015 Incentive Award Plan in the forms of service-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) that each have approximately 3-year vesting periods. The PSUs include the right to receive a maximum payout of two shares of our common stock based on performance goals tied to achieving a 3-year return on assets result and include service criteria. We also grant the non-management members of our Board of Directors fully vested stock awards under our Directors Equity Plan. The fair values of the RSUs, PSUs and stock awards are determined based on the closing stock price of our common stock on the grant date. ​ In the first quarters of 2023 and 2022, we made payments of $37.2 million and $17.1 million, respectively, to tax authorities on our employees’ behalf for shares withheld related to net share settlement of vested restricted stock units. ​ ​ The following is a summary of changes in our unvested RSUs and PSUs during the first quarter of 2023: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | RSU and PSU | ​ | Grant Date
​ | ​ | Aggregate Units | ​ | Fair Value
Unvested at January 1, 2023 | ​ | 582,012 | ​ | $ | 164.60
Granted(1) | ​ | 193,812 | ​ | ​ | 247.90
Vested | ​ | (870) | ​ | ​ | 152.93
Cancelled or forfeited | ​ | (2,002) | ​ | ​ | 170.84
Unvested at March 31, 2023 | ​ | 772,952 | ​ | $ | 185.48
Shares reserved for future grants (all plans) | ​ | 1,457,448 | ​ | ​ | ​
(1) | Comprised of 109,683 RSUs and 84,129 PSUs granted in February 2023. The service-based RSUs cliff vest on December 1, 2025 and the performance-based RSUs are subject to a 3-year performance period ending December 31, 2025.
​ As of March 31, 2023, there was $123.9 million of total unrecognized compensation cost related to unvested RSUs and PSUs in an aggregate amount of 772,952 units that are expected to be settled through the issuance of 993,124 shares of our common stock. The unrecognized compensation cost is expected to be recognized over a weighted average period of 2.0 years. ​ Share Repurchases ​ Our share repurchase activity during the first quarters of 2023 and 2022 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | Average Cost | ​ | ​ | ​ | ​ | ​ | ​ | Average Cost | ​ | ​ | ​
​ | ​ | Shares | ​ | Per Share | ​ | Amount | ​ | Shares | ​ | Per Share | ​ | Amount
​ | ​ | ​ | ​ | ​ | ​ | ​ | (in millions) | ​ | ​ | ​ | ​ | ​ | ​ | (in millions)
First quarter | ​ | 160,224 | ​ | $ | 242.86 | ​ | $ | 38.9 | ​ | 113,529 | ​ | $ | 150.97 | ​ | $ | 17.1
​ On July 26, 2022, our Board of Directors amended our share repurchase program to increase the repurchase authorization to $1.0 billion. 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. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares. As of March 31, 2023, we had remaining authorization under the program to repurchase $641.8 million of our common stock. We repurchase shares through open market purchases and transactions structured through investment banking institutions under plans relying on Rule 10b5-1 and/or Rule 10b-18 under the Exchange Act. ​ Accumulated Other Comprehensive Loss ​ Accumulated other comprehensive loss included the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Pension and | ​ | ​
​ | Foreign Currency | ​ | Postretirement Benefit | ​ | Accumulated Other
​ | Translation | ​ | Plan Adjustments, | ​ | Comprehensive
​ | (Loss) Gain |  | Net of Tax |  | Loss
​ | ​ | ​ | ​ | (in millions) | ​ | ​ | ​
Balance as of January 1, 2023 | $ | (84.0) | ​ | $ | (2.3) | ​ | $ | (86.3)
Current-period change | ​ | 0.6 | ​ | ​ | (0.8) | ​ | ​ | (0.2)
Balance as of March 31, 2023 | $ | (83.4) | ​ | $ | (3.1) | ​ | $ | (86.5)
​ Foreign currency translation adjustments have not been adjusted for income taxes. Pension and 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 recognized as a loss as a result of plan settlements. Pension and postretirement benefit plan adjustments are net of taxes of $1.3 million as of March 31, 2023 and December 31, 2022. The income tax effects are released from accumulated other comprehensive loss and included in our income tax provision as obligations under our pension and postretirement plans are settled. ​

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