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Stockholders’ (Deficit) Equity (Tables) | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
Summary of Cash Dividends Paid | The following table shows our total cash dividends paid in the years ended December 31, 2022, 2021 and 2020:
(In millions, except per share amounts) |  | Total Cash Dividends Paid |  | Total Cash Dividends Paid per Common Share
2020 |  | $ | 100.3 |  |  | $ | 0.64 |
2021 |  | 115.8 |  |  | 0.76 |
2022 |  | 118.4 |  |  | 0.80 |
Summary of Changes in Common Stock and Common Stock in Treasury | The following is a summary of changes during the years ended December 31, in shares of our common stock and common stock in treasury:
|  | 2022 |  | 2021 |  | 2020
Changes in common stock: |  |  |  |  |  |
Number of shares, beginning of year |  | 232,483,281 |  |  | 231,958,083 |  |  | 231,622,535 |
Restricted stock shares forfeited |  | — |  |  | (1,095) |  |  | (15,271) |
Shares issued for vested restricted stock units |  | 532,727 |  |  | 423,302 |  |  | 315,902 |
Shares issued for 2017 Three-Year PSU Awards |  | — |  |  | — |  |  | 133,752 |
Shares issued for 2018 Three-Year PSU Awards |  | — |  |  | 47,730 |  |  | — |
Shares issued for 2019 Three-Year PSU Awards |  | 161,289 |  |  | — |  |  | — |
Shares issued for 2020 Three-Year PSU Awards(3) |  | — |  |  | 13,770 |  |  | — |
Shares issued for Stock Leverage Opportunity Awards (SLO) |  | 36,576 |  |  | 32,128 |  |  | 8,471 |
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors |  | 19,583 |  |  | 54,277 |  |  | 42,911 |
Canceled shares for tax netting(1) |  | — |  |  | (44,914) |  |  | (150,217) |
Number of shares issued, end of year |  | 233,233,456 |  |  | 232,483,281 |  |  | 231,958,083 |
Changes in common stock in treasury: |  |  |  |  |  |
Number of shares held, beginning of year |  | 84,384,124 |  |  | 77,068,311 |  |  | 77,109,722 |
Repurchase of common stock(2) |  | 4,527,887 |  |  | 7,949,688 |  |  | 782,156 |
Profit sharing contribution paid in stock |  | (350,668) |  |  | (633,875) |  |  | (823,567) |
Number of shares held, end of year(2) |  | 88,561,343 |  |  | 84,384,124 |  |  | 77,068,311 |
Number of common stock outstanding, end of year(2) |  | 144,672,113 |  |  | 148,099,157 |  |  | 154,889,772 |
(1)Effective January 1, 2019, new share issuances for vested awards are netted by the number of shares required to cover the recipients' portion of income tax. The portion withheld for taxes are canceled. Shares netted for taxes in 2021 and 2020 primarily relates to vesting activity for restricted stock shares issued in prior years. (2)Repurchase of common stock for the year ended December 31, 2021, as shown above, includes 74,281 shares of common stock that had been repurchased by the Company in 2020 but were not yet settled or not yet reflected by the Recordkeeper as of December 31, 2020. The table above and our Consolidated Balance Sheets reflect the number of shares held in treasury per our Recordkeeper. (3)Per the terms of his 2019 offer letter, shares equal to the target number of units granted, net of shares withheld for taxes, were issued to our former CFO, James Sullivan, on September 30, 2021.
Summary of Changes in Common Shares Available for Awards under Omnibus Plan and Predecessor Plans | A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows:
|  | 2022 |  | 2021 |  | 2020
Number of shares available, beginning of year |  | 5,510,599 |  |  | 3,183,310 |  |  | 4,048,509 |
Newly approved shares under Omnibus Incentive Plan |  | — |  |  | 2,999,054 |  |  | — |
Restricted stock shares forfeited |  | — |  |  | 1,095 |  |  | 15,271 |
Restricted stock units awarded |  | (608,955) |  |  | (918,973) |  |  | (1,014,667) |
Restricted stock units forfeited |  | 109,317 |  |  | 115,641 |  |  | 105,832 |
Shares issued for 2017 Three-Year PSU Awards |  | — |  |  | — |  |  | (133,752) |
Shares issued for 2018 Three-Year PSU Awards |  | — |  |  | (47,730) |  |  | — |
Shares issued for 2019 Three-Year PSU Awards |  | (161,289) |  |  | — |  |  | — |
Shares issued for 2020 Three-Year PSU Awards |  | — |  |  | (13,770) |  |  | — |
Restricted stock units awarded for SLO Awards |  | (37,756) |  |  | (72,043) |  |  | (73,731) |
Director shares granted and issued |  | (10,606) |  |  | (10,160) |  |  | (20,835) |
Director units granted and deferred(1) |  | (13,137) |  |  | (16,264) |  |  | (22,826) |
Shares withheld for taxes(2) |  | 301,151 |  |  | 290,439 |  |  | 279,509 |
Number of shares available, end of year(3) |  | 5,089,324 |  |  | 5,510,599 |  |  | 3,183,310 |
(1)Director units granted and deferred include the impact of share-settled dividends earned and deferred on deferred shares. (2)The Omnibus Incentive Plan and 2005 Contingent Stock Plan permit withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards. (3)The above table excludes approximately 1.6 million contingently issuable shares under the PSU awards and SLO awards, which represents the maximum number of shares that could be issued under those awards as of December 31, 2022.
Summarizes the Company's Pre-tax Share-based Incentive Compensation Expense and Income Tax Benefit | The following table summarizes the Company’s pre-tax share-based incentive compensation expense and related income tax benefit for the years ended December 31, 2022, 2021 and 2020 related to the Company’s PSU awards, SLO awards and restricted stock awards.
(In millions) |  | 2022 |  | 2021 |  | 2020
2022 Three-year PSU Awards |  | 4.8 |  |  | — |  |  | — |
2021 Three-year PSU Awards |  | 7.1 |  |  | 4.2 |  |  | — |
2020 Three-year PSU Awards |  | 5.1 |  |  | 4.5 |  |  | 5.3 |
2019 Three-year PSU Awards |  | — |  |  | 2.2 |  |  | 3.5 |
2018 Three-year PSU Awards |  | — |  |  | — |  |  | 1.9 |
2017 COO and Chief Executive Officer-Designate New Hire Equity Awards(1) |  | — |  |  | 0.1 |  |  | 0.2 |
SLO Awards |  | 1.7 |  |  | 2.8 |  |  | 2.2 |
Other long-term share-based incentive compensation programs(2) |  | 33.6 |  |  | 32.0 |  |  | 29.2 |
Total share-based incentive compensation expense(3) |  | $ | 52.3 |  |  | $ | 45.8 |  |  | $ | 42.3 |
Associated tax benefits recognized |  | $ | 8.0 |  |  | $ | 7.5 |  |  | $ | 7.1 |
(1) For the year ended December 31, 2020, this amount includes expense associated with award modifications as described under the section titled “Chief Operating Officer (COO) and Chief Executive Officer-Designate 2017 New Hire Equity Awards (Amended).” (2) The amounts includes the expenses associated with the restricted stock awards consisting of restricted stock shares, restricted stock units, cash-settled restricted stock unit awards, and other issuances of performance-based awards, apart from annual three-year PSU awards. Expense on other performance-based awards was $0.1 million for the year ended December 31, 2022 and zero for the years ended December 31, 2021 and 2020. (3) The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock, as these contributions are not considered share-based incentive compensation.
Schedule of Unvested Restricted Stock and Restricted Stock Unit | The following table summarizes activity for unvested restricted stock units for 2022:
|  | Restricted stock units
|  | Shares |  | Weighted-Average per Share Fair Value on Grant Date |  | Aggregate Intrinsic Value (In millions)
Non-vested at December 31, 2021 |  | 1,681,391 |  |  | $ | 40.84 |  |  |
Granted |  | 608,955 |  |  | 63.87 |  |  |
Vested |  | (804,623) |  |  | 39.86 |  |  | $ | 32.1 |
Forfeited or expired |  | (109,317) |  |  | 47.84 |  |  |
Non-vested at December 31, 2022 |  | 1,376,406 |  |  | $ | 51.04 |  |  |
Schedule of Fair Value of Vested Restricted Stock | A summary of the Company’s fair values of its vested restricted stock shares and restricted stock units are shown in the following table:
(In millions) |  | 2022 |  | 2021 |  | 2020
Fair value of restricted stock shares vested |  | $ | — |  |  | $ | 6.1 |  |  | $ | 13.2 |
Fair value of restricted stock units vested |  | $ | 51.6 |  |  | $ | 26.4 |  |  | $ | 15.6 |
Schedule of Unrecognized Compensation Cost | Unrecognized compensation cost and the weighted average period over which the compensation cost is expected to be recognized for its non-vested restricted stock units are shown in the following table:
(In millions) |  | Unrecognized Compensation Cost |  | Weighted Average to be recognized (in years)
Restricted Stock units |  | $ | 46.2 |  |  | 1.1
A summary of the Company’s unrecognized compensation cost for three-year PSU awards at the current estimated earned payout based on the probable outcome of the performance condition and weighted average periods over which the compensation cost is expected to be recognized as shown in the following table:
(In millions) |  | Unrecognized Compensation Costs |  | Weighted Average to be recognized (in years)
2022 Three-year PSU Awards |  | $ | 7.4 |  |  | 2
2021 Three-year PSU Awards |  | 4.6 |  |  | 1
2020 Three-year PSU Awards |  | — |  |  | 0
Number of Performance Stock Units Granted Based on Relative TSR, Adjusted EBITDA Margin and ROIC | The total number of shares to be issued for these awards can range from zero to 200% of the target number of shares.
|  | Relative TSR |  | Adjusted EBITDA CAGR |  | ROIC
February 12, 2020 grant date |  |  |  |  |  |
Number of units granted |  | 33,335 |  |  | 35,068 |  |  | 35,068 |
Fair value on grant date (per unit) |  | $ | 38.87 |  |  | $ | 35.86 |  |  | $ | 35.86 |
February 13, 2020 grant date |  |  |  |  |  |
Number of units granted |  | 44,206 |  |  | 42,507 |  |  | 42,507 |
Fair value on grant date (per unit) |  | $ | 34.08 |  |  | $ | 34.40 |  |  | $ | 34.40 |
March 1, 2020 grant date |  |  |  |  |  |
Number of units granted |  | 31,064 |  |  | 29,690 |  |  | 29,690 |
Fair value on grant date (per unit) |  | $ | 29.85 |  |  | $ | 30.31 |  |  | $ | 30.31 |
The total number of shares to be issued, including the modifier, for these awards can range from zero to 250% of the target number of shares.
|  | Adjusted EBITDA CAGR |  | ROIC
February 10, 2021 grant date |  |  |  |
Number of units granted |  | 41,729 |  |  | 41,729 |
Fair value on grant date (per unit) |  | $ | 45.26 |  |  | $ | 45.26 |
February 11, 2021 grant date |  |  |  |
Number of units granted |  | 51,882 |  |  | 51,882 |
Fair value on grant date (per unit) |  | $ | 43.85 |  |  | $ | 43.85 |
March 1, 2021 grant date |  |  |  |
Number of units granted |  | 29,762 |  |  | 29,762 |
Fair value on grant date (per unit) |  | $ | 43.02 |  |  | $ | 43.02 |
The total number of shares to be issued, including the modifier, for these awards can range from zero to 250% of the target number of shares.
|  | Adjusted EBITDA CAGR |  | ROIC
February 24, 2022 grant date |  |  |  |
Number of units granted |  | 72,308 |  |  | 72,308 |
Fair value on grant date (per unit) |  | $ | 70.92 |  |  | $ | 70.92 |
March 1, 2022 grant date |  |  |  |
Number of units granted |  | 16,766 |  |  | 16,766 |
Fair value on grant date (per unit) |  | $ | 69.71 |  |  | $ | 69.71 |
Summary of Assumptions Used to Calculate Grant Date Fair Value | The assumptions used to calculate the grant date fair values for grants based on Relative TSR are shown in the following table:
|  | Expected price volatility |  | Risk-free interest rate
February 12, 2020 grant date |  | 23.70 | % |  | 1.40 | %
February 13, 2020 grant date |  | 23.70 | % |  | 1.40 | %
March 1, 2020 grant date |  | 23.70 | % |  | 0.90 | %
The assumptions used to calculate the grant date fair values are shown in the following table:
|  | Expected price volatility |  | Risk-free interest rate
February 10, 2021 grant date |  | 37.70 | % |  | 0.20 | %
February 11, 2021 grant date |  | 37.70 | % |  | 0.20 | %
March 1, 2021 grant date |  | 38.00 | % |  | 0.30 | %
The assumptions used to calculate the grant date fair values are shown in the following table:
|  | Expected price volatility |  | Risk-free interest rate
February 24, 2022 grant date |  | 37.40 | % |  | 1.70 | %
March 1, 2022 grant date |  | 37.70 | % |  | 1.50 | %
Summary of Estimated Earned Payout | The following table includes additional information related to estimated earned payout based on the probable outcome of the performance conditions and market condition as of December 31, 2022:
|  | Estimated Payout %
|  | Adjusted EBITDA CAGR |  | ROIC |  | Relative TSR(1) |  | TSR Modifier(1) |  | Combined
2022 Three-year PSU Awards |  | 100 | % |  | 100 | % |  | N/A |  | — | % |  | 100 | %
2021 Three-year PSU Awards |  | 113 | % |  | 200 | % |  | N/A |  | — | % |  | 156 | %
2020 Three-year PSU Awards |  | 187 | % |  | 181 | % |  | 150 | % |  | N/A |  | 172 | %
(1) Relative TSR and Relative TSR Modifier are market-based conditions. Accordingly, we make no assumptions related to future performance. The percentages above represent actual rankings as of December 31, 2022. Any portion of outstanding awards based on the achievement of market-based conditions are accrued at 100% of fair value over the performance period in accordance with ASC 718.
Summary of Activity for Outstanding Three-year PSU Awards | The following table summarizes activity for outstanding three-year PSU awards for 2022:
|  | Shares |  | Aggregate Intrinsic Value (In millions)
Outstanding at December 31, 2021 |  | 737,869 |  |  |
Granted(1) |  | 178,148 |  |  |
Performance adjustment(2) |  | 56,560 |  |  |
Converted |  | (274,296) |  |  | $ | 13.4 |
Forfeited or expired |  | (23,594) |  |  |
Outstanding at December 31, 2022 |  | 674,687 |  |  |
Fully vested at December 31, 2022 |  | 294,594 |  |  | $ | 10.4 |
(1)This represents the target number of performance units granted. Actual number of PSUs earned, if any, is dependent upon performance and may range from 0% to 250% percent of the target. (2)Represents units earned and distributed in excess of target for 2019 three-year PSUs awards.
Summary of Activity for Non-Vested PSUs Awards | The following table summarizes activity for non-vested three-year PSU awards for 2022:
|  | Shares |  | Weighted-Average per Share Fair Value on Grant Date
Non-vested at December 31, 2021 |  | 473,567 |  |  | $ | 38.85 |
Granted |  | 178,148 |  |  | 70.70 |
Vested |  | (248,028) |  |  | 35.23 |
Forfeited or expired |  | (23,594) |  |  | 40.49 |
Non-vested at December 31, 2022 |  | 380,093 |  |  | $ | 56.03 |
Summary of Fair Value for Vested PSU Awards | A summary of the Company’s fair value for its vested three-year PSU awards is shown in the following table:
(In millions) |  | 2022 |  | 2021 |  | 2020
Fair value of Three-year PSU awards vested |  | $ | 14.7 |  |  | $ | 17.8 |  |  | $ | 9.6 |

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