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Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Cash Dividends Paid

The following table shows our total cash dividends paid in the years ended December 31, 2024, 2023 and 2022:

(In millions, except per share amounts)						Total Cash Dividends Paid						Total Cash Dividends Paid per Common Share
2022						$	118.4					$	0.80
2023						117.9						0.80
2024						117.9						0.80

Schedule 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:

						2024						2023						2022
Changes in common stock:
Number of shares, beginning of year						154,054,011						233,233,456						232,483,281
Shares issued for vested restricted stock units						397,034						466,634						532,727
Shares issued for 2019 three-year PSU awards						—						—						161,289
Shares issued for 2020 three-year PSU awards						—						273,438						—
Shares issued for 2021 three-year PSU awards						96,595						—						—
Shares issued for other performance-based awards						—						6,839						—
Shares issued for stock leverage opportunity awards (SLO)						31,427						40,200						36,576
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors						31,308						33,444						19,583
Shares canceled and retired						—						(80,000,000)						—
Number of shares issued, end of year						154,610,375						154,054,011						233,233,456
Changes in common stock in treasury:
Number of shares held, beginning of year						9,586,292						88,561,343						84,384,124
Shares canceled and retired						—						(80,000,000)						—
Repurchase of common stock						—						1,529,575						4,527,887
Profit sharing contribution paid in stock						(707,590)						(504,626)						(350,668)
Number of shares held, end of year						8,878,702						9,586,292						88,561,343
Number of common stock outstanding, end of year						145,731,673						144,467,719						144,672,113

 

Schedule 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:

						2024						2023						2022
Number of shares available, beginning of year						4,354,974						5,089,324						5,510,599
Newly approved shares under Omnibus Incentive Plan						1,138,896						—						—
Restricted stock units awarded						(1,524,357)						(804,175)						(608,955)
Restricted stock units forfeited						355,322						151,671						109,317
Shares issued for 2019 three-year PSU awards						—						—						(161,289)
Shares issued for 2020 three-year PSU awards						—						(273,438)						—
Shares issued for 2021 three-year PSU awards						(96,595)						—						—
Shares issued for other performance-based awards						—						(6,839)						—
Restricted stock units awarded for SLO awards						—						(32,330)						(37,756)
Restricted stock units forfeited related to SLO program						14,017						—						—
Director shares granted and issued						(19,789)						(21,341)						(10,606)
Director units granted and deferred(1)						(20,793)						(18,352)						(13,137)
Shares withheld for taxes(2)						222,141						270,454						301,151
Number of shares available, end of year(3)						4,423,816						4,354,974						5,089,324

       

(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 0.6 million contingently issuable shares under PSU awards, which represents the maximum number of shares that could be issued under those awards as of December 31, 2024.

Schedule of 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, 2024, 2023 and 2022 related to the Company’s PSU awards, SLO awards and restricted stock awards.

(In millions)						2024						2023						2022
Total share-based incentive compensation expense(1)						$	33.0					$	34.2					$	52.3
Associated tax benefits recognized						$	6.7					$	7.5					$	8.0

(1)    Amounts do not include 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 2024:

						Restricted stock units
						Shares						Weighted-Average per Share Fair Value on Grant Date						Aggregate Intrinsic Value (In millions)
Non-vested at December 31, 2023						1,323,125						$	51.47
Granted						1,524,357						$	34.81
Vested						(589,732)						$	51.55					$	30.4
Forfeited or expired						(355,322)						$	45.68
Non-vested at December 31, 2024						1,902,428						$	39.21

Schedule of Fair Value of Vested Restricted Stock

A summary of the Company’s fair values of its vested restricted stock units are shown in the following table: 

(In millions)						2024						2023						2022
Fair value of restricted stock units vested						$	20.6					$	33.6					$	51.6

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						$	49.2					1.1

A summary of the Company’s unrecognized compensation cost for 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)
2023 Five-year ESG PSU Awards						$	—					0
2024 Three-year PSU Awards						3.5						2
2023 Three-year PSU Awards						0.1						1
2022 Three-year PSU Awards						—						0

Schedule of Number of Performance Stock Units Granted Based on Relative TSR, Adjusted EBITDA Margin and ROIC

						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

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 21, 2023 grant date
Number of units granted						93,343						93,343
Fair value on grant date (per unit)						$	48.46					$	48.46
March 1, 2023 grant date
Number of units granted						22,963						22,963
Fair value on grant date (per unit)						$	49.05					$	49.05

Schedule of Assumptions Used to Calculate Grant Date Fair Value

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						37.4		%				1.7		%
March 1, 2022 grant date						37.7		%				1.5		%

The assumptions used to calculate the grant date fair values are shown in the following table:

						Expected price volatility						Risk-free interest rate
February 21, 2023 grant date						32.9		%				4.4		%
March 1, 2023 grant date						31.7		%				4.6		%

The assumptions used to calculate the grant date fair values are shown in the following table:

						Expected price volatility						Risk-free interest rate
February 21, 2024 grant date						31.7		%				4.4		%
March 1, 2024 grant date						31.9		%				4.3		%
June 5, 2024 grant date						33.4		%				4.5		%
July 1, 2024 grant date						33.5		%				4.6		%
September 9, 2024 grant date						34.0		%				3.6		%

Schedule of Activity for Outstanding Three-year PSU Awards

The following table summarizes activity for outstanding three-year PSU and five-year ESG PSU awards for 2024: 

						Shares						Aggregate Intrinsic Value  (In millions)
Outstanding at December 31, 2023						867,312
Granted(1)						199,848
Performance adjustment(2)						(50,954)
Converted						(152,934)						$	6.7
Forfeited or expired						(581,466)
Outstanding at December 31, 2024						281,806
Fully vested at December 31, 2024						113,767						$	6.4

       

(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% of the target for three-year PSU awards.

(2)Represents units unearned and not distributed below target for 2021 three-year PSUs awards.

Schedule of Activity for Non-Vested PSUs Awards

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 21, 2024 grant date
Number of units granted						50,340						50,340
Fair value on grant date (per unit)						$	41.09					$	41.09
March 1, 2024 grant date
Number of units granted						22,692						22,692
Fair value on grant date (per unit)						$	39.49					$	39.49
June 5, 2024 grant date
Number of units granted						3,269						3,269
Fair value on grant date (per unit)						$	42.08					$	42.08
July 1, 2024 grant date
Number of units granted						21,982						21,982
Fair value on grant date (per unit)						$	35.12					$	35.12
September 9, 2024 grant date
Number of units granted						1,642						1,642
Fair value on grant date (per unit)						$	32.78					$	32.78

The following table summarizes activity for non-vested three-year PSU and five-year ESG PSU awards for 2024:

						Shares						Weighted-Average per Share Fair Value on Grant Date
Non-vested at December 31, 2023						606,711						$	53.07
Granted						199,848						38.80
Vested						(68,362)						52.97
Forfeited or expired						(570,158)						51.57
Non-vested at December 31, 2024						168,039						$	41.18

Schedule of Fair Value for Vested PSU Awards

A summary of the Company’s fair value for its vested three-year PSU and five-year ESG PSU awards is shown in the following table: 

(In millions)						2024						2023						2022
Fair value of PSU awards vested						$	3.8					$	9.5					$	14.7

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