v3.26.1
EQUITY
6 Months Ended
Jun. 30, 2026
EQUITY  
EQUITY

NOTE 9. EQUITY

Stock-Based Compensation Plans

We grant long-term equity incentive awards annually to officers and key employees in the form of service-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). RSUs vest over an approximately three-year period ending December 1 and settle into an equivalent number of shares of our common stock. PSUs vest based on continued service and the achievement of a return on assets metric over a three-year performance period ending December 31 and settle into shares of our common stock on a sliding scale up to a maximum of 200% of the number of PSUs granted.

The following summarizes the activity of our unvested RSUs and PSUs (in thousands, except per unit amounts):

Weighted

Average

Grant Date

RSU and PSU

Fair Value

Aggregate Units

Per Unit

Unvested as of January 1, 2026

312

$

294.81

Granted(1)

140

340.30

Vested

(1)

293.73

Cancelled or forfeited

(12)

300.57

Unvested as of June 30, 2026

439

$

309.19

Shares reserved for future issuance (all plans)

1,094

(1)Comprised of 79 RSUs and 61 PSUs granted in February 2026. The RSUs cliff vest on December 1, 2028 and the PSUs vest upon the achievement of return on asset performance above a threshold over a 3-year performance period ending December 31, 2028.

As of June 30, 2026, there was $97.4 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 1.9 years.

Common Stock

We have paid regular quarterly cash dividends on our common stock for 67 consecutive years without a suspension or reduction. Our Board of Directors increased the quarterly dividend from $1.20 to $1.25 per share in February 2026.

On July 17, 2026, our Board of Directors declared the 2026 third quarter cash dividend of $1.25 per share of common stock, payable on August 28, 2026 to stockholders of record as of August 14, 2026.

Share Repurchases

On October 22, 2024, our Board of Directors amended our share repurchase program, which has no expiration date, to replenish the repurchase authorization to $1.5 billionAs of June 30, 2026, we had remaining authorization to repurchase $529.3 million of our common stock under the share repurchase program. 

Our share repurchase activity consisted of the following (in millions, except shares in thousands and per share amounts):

2026

2025

Average Price

Average Price

Shares

Per Share

Amount

Shares

Per Share

Amount

First quarter

782

$

299.42

$

234.2

923

$

274.41

$

253.2

Second quarter

301

265.17

79.9

782

$

299.42

$

234.2

1,224

$

272.13

$

333.1

Our share repurchase table above excludes shares withheld related to net share settlements upon the vesting of RSUs and PSUs to settle employees’ tax withholding obligations of $14.8 million and $11.6 million in the first six months of 2026 and 2025, respectively.

Accumulated Other Comprehensive Loss

The change in accumulated other comprehensive income (loss) consisted of the following (in millions):

Pension and

Postretirement Benefit

Accumulated Other

Foreign Currency

Plan Adjustments,

Comprehensive

Translation

  ​ ​

Net of Tax

  ​ ​

Loss

Balance as of January 1, 2026

$

(92.1)

$

4.5

$

(87.6)

Change

(10.2)

(1.6)

(11.8)

Balance as of June 30, 2026

$

(102.3)

$

2.9

$

(99.4)

See Note 15 “Equity” to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of accumulated other comprehensive loss and related tax effects.