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Equity
 9 Months Ended
Sep. 30, 2025
Equity  
Equity

Note 10. Equity

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Stock-Based Compensation Plans

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We make annual grants of long-term equity incentive awards to officers and key employees 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. Each PSU includes the right to receive, based on a sliding scale, up to a maximum of two shares of our common stock for each vested PSU, that is tied to achieving a return on assets target over a 3-year measurement period and continued service. We also grant the non-management members of our Board of Directors fully vested stock awards. 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.

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The following summarizes the activity of our unvested RSUs and PSUs for the nine months ended September 30, 2025:

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​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

Average

​

​

​

​

Grant Date

​

​

RSU and PSU

​

Fair Value

​

​

Aggregate Units

​

Per Unit

Unvested as of January 1, 2025

​

327,017

​

$

267.96

Granted(1)

​

167,931

​

​

299.96

Vested

​

(3,969)

​

​

264.48

Cancelled or forfeited

​

(12,438)

​

​

277.97

Unvested as of September 30, 2025

​

478,541

​

$

278.96

Shares reserved for future issuance (all plans)

​

1,223,731

​

​

​

(1)Comprised of 96,973 RSUs and 65,927 PSUs granted in February 2025; 509 RSUs granted in May 2025; and 2,261 RSUs and 2,261 PSUs granted in July 2025. The RSUs cliff vest on December 1, 2027 and the PSUs vest upon the completion of a 3-year performance period ending December 31, 2027.

​

As of September 30, 2025, there was $73.8 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 1.8 years.

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Common Stock

​

We have paid regular quarterly cash dividends on our common stock for 66 consecutive years. Our Board of Directors increased the quarterly dividend from $1.00 per share to $1.10 per share in February 2024 and to $1.20 per share in February 2025.

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On October 10, 2025, our Board of Directors declared the 2025 fourth quarter cash dividend of $1.20 per share of common stock, payable on December 5, 2025 to stockholders of record as of November 21, 2025.

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Share Repurchases

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As of September 30, 2025, we had remaining authorization to repurchase $963.6 million of our common stock under our $1.5 billion share repurchase program authorized by our Board of Directors on October 22, 2024. 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.

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Our share repurchase activity during the nine months ended September 30, 2025 and 2024 was as follows:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

​

​

​

Average Cost

​

​

​

​

​

​

Average Cost

​

​

​

​

​

Shares

​

Per Share

​

Amount

​

Shares

​

Per Share

​

Amount

​

​

​

​

​

​

​

(in millions)

​

​

​

​

​

​

(in millions)

First quarter

​

922,656

​

$

274.41

​

$

253.2

​

—

​

$

—

​

$

—

Second quarter

​

301,279

​

​

265.17

​

​

79.9

​

1,804,180

​

​

287.81

​

​

519.3

Third quarter

​

211,873

​

​

287.71

​

​

60.9

​

1,535,266

​

​

281.37

​

​

432.0

​

​

1,435,808

​

$

274.43

​

$

394.0

​

3,339,446

​

$

284.85

​

$

951.3

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The table above excludes shares withheld related to net share settlements upon the vesting of RSUs and PSUs to settle employees’ tax withholding obligations of $11.8 million and $29.6 million in the nine months ended September 30, 2025 and 2024, respectively.

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Accumulated Other Comprehensive Loss

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Accumulated other comprehensive loss included the following:

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​

​

​

​

​

​

​

​

​

​

​

​

​

Pension and

​

​

​

Foreign Currency

​

Postretirement Benefit

​

Accumulated Other

​

Translation

​

Plan Adjustments,

​

Comprehensive

​

(Loss) Gain

   

Net of Tax

   

(Loss) Income

​

​

​

​

(in millions)

​

​

​

Balance as of January 1, 2025

$

(119.7)

​

$

4.5

​

$

(115.2)

Current-period change

​

23.2

​

​

(3.0)

​

​

20.2

Balance as of September 30, 2025

$

(96.5)

​

$

1.5

​

$

(95.0)

​

Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit plan adjustments are net of deferred tax liabilities of $1.0 million as of September 30, 2025 and December 31, 2024. 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 gain or 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.