Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary of Restricted Stock and Performance Unit Award Activity

The following table presents restricted stock, restricted stock unit and performance unit award activity for the six months ended June 30, 2026:


		Restricted Stock								Restricted Stock Units								Performance Units
		Shares				Weighted Average Grant- Date Fair Value				Shares				Weighted Average Grant- Date Fair Value				Shares				Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2026			600,796			$	166.88				—			$	—				348,876			$	171.68
Granted			108,296				230.44				42,573				230.92				140,149				228.73
Vested (a)			(165,385	)			150.45				—				—				(167,909	)			169.82
Forfeitures			(2,530	)			202.38				—				—				—				—
Outstanding at June 30, 2026			541,177			$	184.45				42,573			$	230.92				321,116			$	197.55

(a)

Upon payout of the performance unit awards that vested during the period, PCA issued 181,375 shares, which included 13,466 shares for dividends accrued during the performance period.

Compensation Expense for Share-Based Awards

Our share-based compensation expense is primarily recorded in “Selling, general, and administrative expenses.” Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures, was as follows (dollars in millions):


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Restricted stock		$	6.7			$	6.1			$	14.0			$	20.0
Restricted stock units			2.4				—				3.2				—
Performance units			7.9				4.2				15.1				8.1
Total share-based compensation expense			17.0				10.3				32.3				28.1
Income tax benefit			(4.2	)			(2.6	)			(8.0	)			(7.0	)
Share-based compensation expense, net of tax benefit		$	12.8			$	7.7			$	24.3			$	21.1

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at June 30, 2026 was as follows (dollars in millions):


		June 30, 2026
		Unrecognized Compensation Expense				Remaining Weighted Average Recognition Period (in years)
Restricted stock		$	42.8				2.7
Restricted stock units			6.6				0.7
Performance units			31.0				2.4
Total unrecognized share-based compensation expense		$	80.4				2.4