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Equity | 3 Months Ended
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Mar. 31, 2024
Equity |
Equity | Note 9. Equity ​ Stock-Based Compensation Plans ​ We make annual grants of long-term equity 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. ​ A summary of the status of our unvested RSUs and PSUs and changes during the first quarter of 2024 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | RSU and PSU | ​ | Grant Date
​ | ​ | Aggregate Units | ​ | Fair Value
Unvested at January 1, 2024 | ​ | 437,239 | ​ | $ | 213.06
Granted(1) | ​ | 170,611 | ​ | ​ | 289.07
Vested | ​ | (3,770) | ​ | ​ | 211.16
Cancelled or forfeited | ​ | (5,556) | ​ | ​ | 214.23
Unvested at March 31, 2024 | ​ | 598,524 | ​ | $ | 234.73
Shares reserved for future grants (all plans) | ​ | 1,334,811 | ​ | ​ | ​
(1) | Comprised of 100,669 RSUs and 69,942 PSUs granted in February 2024. The RSUs cliff vest on December 1, 2026 and the PSUs vest upon the completion of a 3-year performance period ending December 31, 2026.
​ As of March 31, 2024, there was $102.8 million of total unrecognized compensation cost related to unvested RSUs and PSUs that is expected to be recognized, net of actual forfeitures and cancellations, over a weighted average period of 2.0 years. ​ Dividends ​ On April 23, 2024, our Board of Directors declared the 2024 second quarter cash dividend of $1.10 per share of common stock, payable on June 7, 2024 to stockholders of record as of May 24, 2024. ​ During the first quarters of 2024 and 2023, we declared and paid quarterly dividends of $1.10 and $1.00 per share, or $63.2 million and $59.0 million in total, respectively. In addition, we paid $2.1 million and $3.0 million in dividend equivalents with respect to vested RSUs and PSUs during the first quarters of 2024 and 2023, respectively. ​ Share Repurchases ​ We did no t repurchase any shares of our common stock in the first quarter of 2024. In the first quarter of 2023, we repurchased 160,224 shares at an average cost per share of $242.86 for a total of $38.9 million. The amounts of our share repurchases do not include the taxes we paid of $23.9 million and $37.2 million in the first quarters of 2024 and 2023, respectively, for shares withheld to settle our employees’ tax withholding obligations related to net share settlements upon the vesting of RSUs and PSUs. ​ As of March 31, 2024, we had remaining authorization under our $1.5 billion share repurchase program authorized by our Board of Directors on October 24, 2023 to repurchase $1.44 billion of our common stock. 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. ​ We may repurchase shares through a variety of methods including, but not limited to, open market purchases, accelerated share repurchases, negotiated block purchases and transactions structured through investment banking institutions under plans relying on Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended. ​ ​ Accumulated Other Comprehensive Loss ​ Accumulated other comprehensive loss included the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Pension and | ​ | ​
​ | Foreign Currency | ​ | Postretirement Benefit | ​ | Accumulated Other
​ | Translation | ​ | Plan Adjustments, | ​ | Comprehensive
​ | Loss |  | Net of Tax |  | Loss
​ | ​ | ​ | ​ | (in millions) | ​ | ​ | ​
Balance as of January 1, 2024 | $ | (75.7) | ​ | $ | (1.0) | ​ | $ | (76.7)
Current-period change | ​ | (15.7) | ​ | ​ | (0.9) | ​ | ​ | (16.6)
Balance as of March 31, 2024 | $ | (91.4) | ​ | $ | (1.9) | ​ | $ | (93.3)
​ Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit plan adjustments are net of taxes of $0.7 million as of March 31, 2024 and December 31, 2023. 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 recognized as a non-operating loss as result of plan settlements. As our pension and postretirement benefit plan obligations are settled, the related income tax effect is released from accumulated other comprehensive loss and included in our income tax provision. ​

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