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CAPITAL STOCK (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Treasury Stock Activity

Below is a summary of Holdings’ treasury stock activity for the years ended December 31, 2020, 2021 and 2022.

	Number of Treasury Shares				Cost
Balance at January 1, 2020		4.71			$	81.6
Restricted stock withholdings (1)		0.27				5.4
Restricted stock forfeitures (2)		0.07				—
Balance at December 31, 2020		5.05			$	87.0
Restricted stock withholdings (1)		0.24				4.1
Restricted stock forfeitures (2)		0.06				—
Balance at December 31, 2021		5.35			$	91.1
Restricted stock withholdings (1)		0.26				4.3
Restricted stock forfeitures (2)		0.07				—
Balance at December 31, 2022		5.68			$	95.4

(1)Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vest dates. Below is a summary of the range of market values per share on the vest dates for the years indicated:

		Year Ended December 31,
		2020		2021		2022
Market Values		$8.03 to $32.12		$15.21 to $24.14		$12.11 to $18.33

Holdings repurchased forfeited restricted shares at a cost of $0.001 per share in accordance with the 2017 Omnibus Plan.

Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the years ended December 31, 2020, 2021 and 2022:

		Year Ended								Year Ended								Year Ended
		December 31, 2020								December 31, 2021								December 31, 2022
		Shares of Restricted Stock				Weighted Average Grant Date Fair Value				Shares of Restricted Stock				Weighted Average Grant Date Fair Value				Shares of Restricted Stock				Weighted Average Grant Date Fair Value
Outstanding at January 1			0.78			$	37.53				1.43			$	21.11				1.99			$	21.73
Granted			1.55			$	17.68				1.24			$	21.91				0.88			$	16.40
Vested			(0.83	)		$	29.30				(0.62	)		$	20.92				(0.95	)		$	19.13
Forfeited			(0.07	)		$	30.72				(0.06	)		$	18.96				(0.07	)		$	18.91
Outstanding at December 31			1.43			$	21.11				1.99			$	21.73				1.85			$	20.64

Summary of Restricted Stock and Restricted Stock Unit Award Activity

Below is a summary of restricted stock award activity recorded for the periods indicated.

		Year Ended December 31,
		2020				2021				2022
Compensation expense recognized during the period
CUSA employees (1)		$	14.6			$	22.0			$	14.8
Holdings directors			0.9				0.9				1.0
Total recognized by Holdings		$	15.5			$	22.9			$	15.8
Fair value of vested restricted stock held by:
CUSA employees		$	16.5			$	9.7			$	15.3
Holdings directors			0.4				1.3				0.6
Holdings total		$	16.9			$	11.0			$	15.9
Income tax benefit recognized upon vesting of restricted stock awards held by:
CUSA employees		$	5.5			$	0.8			$	2.7
Holdings directors			0.1				0.3				0.1
Holdings total income tax benefit		$	5.6			$	1.1			$	2.8

(1)The former CEO of Holdings retired on December 31, 2021, and all of his outstanding unvested shares vested upon his retirement in accordance with his employment agreement. The Company recorded incremental compensation expense of $4.3 related to the accelerated vesting of these awards during the year ended December 31, 2021.

Schedule of Estimated Remaining expense

As of December 31, 2022, the estimated remaining unrecognized compensation expense related to the unvested restricted stock awards was as follows:

		Estimated
		Remaining
		Expense
CUSA employees (1)		$	19.6
Holdings directors			0.5
Total remaining - Holdings (1)		$	20.1

(1) The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.8 years.

Summary of Performance Metrics and Measurement Period of Performance Award

Below is a summary of the performance metrics and measurement period for these performance awards:

Performance Measurement Period		One year with an additional service requirement to the third anniversary of the date of grant
Maximum Performance Target Level		175% of target award
Percentage of maximum restricted stock units that vest if performance metrics meet the target level		29%
Percentage of maximum restricted stock units that vest if performance metrics for one-year period at target		57%
Percentage of maximum restricted stock units that vest if performance metrics are at the maximum		100%
Most likely performance metrics outcome estimated to be achieved at the time restricted stock units were issued		Target level
Most likely performance metrics outcome based on updated performance expectations		Maximum performance level
Assumed forfeiture rate for restricted stock unit awards		5%

Summary of Restricted Stock Units Granted

Below is a summary of the restricted stock units granted for the periods indicated:

		Year Ended December 31,
		2019				2020
Number of restricted stock units granted during the period			0.31				0.44
Grant date fair value		$	36.77			$	32.12
Estimated forfeiture rates			5	%			5	%

The financial performance factors are based on an implied equity value concept that determines an internal rate of return (“IRR”) for a two-year measurement period, as defined in the award agreement, based on a formula utilizing a multiple of Adjusted EBITDA subject to certain specified adjustments (as defined in the restricted stock unit award agreement).

Restricted Stock Units (RSUs)

Summary of Restricted Stock and Restricted Stock Unit Award Activity

Below is a summary of restricted stock unit activity for the periods presented:

		Year Ended December 31,
		2020				2021				2022
Number of restricted stock unit awards that vested during the period			0.21				0.23				0.10
Fair value of restricted stock unit awards that vested during the period		$	5.1			$	4.1			$	1.7
Accumulated dividends paid upon vesting of restricted stock unit awards		$	0.9			$	0.1			$	0.3
Compensation expense recognized during the period (1)		$	3.9			$	6.4			$	5.7
Income tax benefit related to stock unit awards		$	0.8			$	0.7			$	—

(1)The former CEO of Holdings retired on December 31, 2021 and all of his outstanding unvested restricted stock units vested upon his retirement in accordance with his employment agreement. Holdings recorded incremental compensation expense of $2.4 related to the accelerated vesting of these awards during the year ended December 31, 2021.

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