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Treasury Stock and Share-Based Awards (Tables) | 6 Months Ended
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Jun. 30, 2024
Summary of Treasury Stock Activity | Below is a summary of Holdings’ treasury stock activity for the six months ended June 30, 2024:
|  | Number of |  |  |  |
|  | Treasury |  |  |  |
|  | Shares |  |  | Cost |
Balance at January 1, 2024 |  |  | 6.00 |  |  | $ | 98.3 |
Restricted stock withholdings (1) |  |  | 0.27 |  |  |  | 4.4 |
Restricted stock forfeitures (2) |  |  | 0.04 |  |  |  | — |
Balance at June 30, 2024 |  |  | 6.31 |  |  | $ | 102.7 |
(1) Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and performance stock units. Holdings determined the number of shares to be withheld based upon market values of the common stock of Holdings on the vesting dates, which ranged from $13.93 to $18.76 per share. (2) Holdings repurchased forfeited restricted shares at a cost of $0.001 per share in accordance with its Long-Term Incentive Plan.
Summary of Restricted Stock Activity | Below is a summary of restricted stock activity for the six months ended June 30, 2024:
|  | Shares of |  |  | Weighted Average |
|  | Restricted |  |  | Grant Date |
|  | Stock |  |  | Fair Value |
Outstanding at January 1, 2024 |  |  | 2.35 |  |  | $ | 15.67 |
Granted |  |  | 0.97 |  |  |  | 16.57 |
Vested |  |  | (0.88 | ) |  |  | 15.95 |
Forfeited |  |  | (0.04 | ) |  |  | 14.82 |
Outstanding and unvested at June 30, 2024 |  |  | 2.40 |  |  | $ | 15.95 |
Performance metrics and measurement period for these performance awards | Below is a summary of the performance metrics and measurement period for these performance awards:
Stock units that vest if performance metrics meet the target level |  | 0.57 PSUs
Stock units that vest if performance metrics meet the threshold level (50% of target) |  | 0.28 PSUs
Stock units that vest if performance metrics meet the maximum level (200% of target) |  | 1.15 PSUs
Performance Measurement Period |  | Three years
Service Period |  | Third anniversary of grant date
Most likely performance metrics outcome estimated to be achieved at the time performance stock units were issued |  | Target
Assumed forfeiture rate for performance stock unit awards |  | 5%
CUSA |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of restricted stock award activity recorded for the periods indicated.
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Compensation expense recognized during the period: |  |  |  |  |  |
CUSA employees |  | $ | 7.8 |  |  | $ | 7.7 |
Holdings directors |  |  | 0.7 |  |  |  | 0.6 |
Total recognized by Holdings |  | $ | 8.5 |  |  | $ | 8.3 |
Fair value of restricted stock that vested during the period: |  |  |  |  |  |
CUSA employees |  | $ | 13.3 |  |  | $ | 7.9 |
Holdings directors |  |  | 1.4 |  |  |  | 1.3 |
Holdings total |  | $ | 14.7 |  |  | $ | 9.2 |
Income tax benefit related to vested restricted stock: |  |  |  |  |  |
CUSA employees |  | $ | 2.1 |  |  | $ | 0.7 |
Holdings directors |  |  | 0.3 |  |  |  | 0.3 |
Holdings total income tax benefit |  | $ | 2.4 |  |  | $ | 1.0 |
Restricted Stock (Member) |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | As of June 30, 2024, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was as follows:
|  | Estimated |
|  | Remaining |
|  | Expense |
CUSA employees (1) |  | $ | 23.2 |
Holdings directors |  |  | 1.3 |
Total remaining - Holdings (1) |  | $ | 24.5 |
(1) The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.7 years.
Performance Shares [Member] |
Summary of Restricted Stock and Restricted Stock Unit Award Activity | Below is a summary of all performance stock unit activity for the periods presented:
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Number of performance stock units that vested during the period |  |  | 0.1 |  |  |  | 0.1 |
Fair value of performance stock units that vested during the period |  | $ | 2.1 |  |  | $ | 1.4 |
Accumulated dividends paid upon vesting of performance stock units |  | $ | 0.1 |  |  | $ | 0.2 |
Compensation expense recognized during the period (1) |  | $ | 7.2 |  |  | $ | 4.2 |
Income tax expense related to performance stock units |  | $ | (0.7 | ) |  | $ | (0.2 | )
(1) Compensation expense for the six months ended June 30, 2024 includes approximately $2.3 related to a change in the most likely performance metrics outcome estimated to be achieved for the 2023 and 2024 grants.

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