v3.26.3
Treasury Stock and Share-Based Awards (Tables)
 9 Months Ended
Sep. 30, 2026
Summary of Treasury Stock Activity Below is a summary of Holdings’ treasury stock activity for the nine months ended September 30, 2026:

 

 

Number of

 

 

 

 

 

 

Treasury

 

 

 

 

 

 

Shares

 

 

Cost

 

Balance at January 1, 2026

 

 

34.37

 

 

$

539.8

 

Repurchases of common stock (1)

 

 

0.95

 

 

 

25.3

 

Restricted stock withholdings (2)

 

 

0.79

 

 

 

21.1

 

Restricted stock forfeitures (3)

 

 

0.04

 

 

 

—

 

Balance at September 30, 2026

 

 

36.15

 

 

$

586.2

 
(1)
Holdings repurchased outstanding common shares under a share repurchase program. See Share Repurchase Program below.
(2)
Holdings withheld shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting of restricted stock, performance stock units and restricted stock units with shares. Holdings determined the number of shares to be withheld based upon market values of Holdings’ common stock on the vest dates, which ranged from $22.97 to $38.38 per share.
(3)
Holdings repurchased forfeited restricted shares at a cost of $0.001 per share in accordance with the 2024 Long-Term Incentive Plan.
Summary of Restricted Stock Activity

Below is a summary of restricted stock activity for the nine months ended September 30, 2026:

 

 

Shares of

 

 

Weighted
Average

 

 

 

Restricted

 

 

Grant Date

 

 

 

Stock

 

 

Fair Value

 

Outstanding at January 1, 2026

 

 

1.48

 

 

$

19.76

 

Granted

 

 

0.65

 

 

 

27.12

 

Vested

 

 

(0.93

)

 

 

18.16

 

Forfeited

 

 

(0.04

)

 

 

23.53

 

Outstanding and unvested at September 30, 2026

 

 

1.16

 

 

$

25.01

 
Summary of Restricted Stock and Restricted Stock Unit Award Activity

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

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

Compensation expense recognized during the period:

 

 

 

 

 

 

CUSA employees (1), (2)

 

$

11.3

 

 

$

11.6

 

Holdings directors

 

 

1.1

 

 

 

1.0

 

Total recognized by Holdings (1), (2)

 

$

12.4

 

 

$

12.6

 

 

 

 

 

 

 

 

Fair value of restricted stock that vested during the period:

 

 

 

 

 

 

CUSA employees

 

$

23.8

 

 

$

36.8

 

Holdings directors

 

 

1.4

 

 

 

2.4

 

Holdings total

 

$

25.2

 

 

$

39.2

 

 

 

 

 

 

 

 

Income tax benefit recognized upon vesting of restricted stock awards held by:

 

 

 

 

 

 

CUSA employees

 

$

4.4

 

 

$

6.5

 

Holdings directors

 

 

0.4

 

 

 

0.5

 

Holdings total income tax benefit

 

$

4.8

 

 

$

7.0

 
(1)
Compensation expense for the nine months ended September 30, 2026 includes approximately $0.2 related to the modification of certain outstanding restricted stock awards that permits eligible employees to continue vesting in outstanding awards following retirement, subject to certain conditions and obligations approved by Holdings’ Compensation Committee. The Company determined the revised requisite service period of the modified awards to be the shorter of the period until retirement eligibility or the original vesting period.
(2)
Compensation expense for the nine months ended September 30, 2026 and 2025 includes approximately $0.6 and $0.9, respectively, related to a portion of the short-term field incentive compensation plan for 2026 and 2025, respectively, to be settled in restricted stock.
Schedule of Estimated Remaining Expense

As of September 30, 2026, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was as follows:

 

 

Estimated

 

 

 

Remaining

 

 

 

Expense

 

CUSA employees (1)

 

$

17.0

 

Holdings directors

 

 

1.4

 

Total remaining - Holdings (1)

 

$

18.4

 
(1)
The weighted average period over which this remaining compensation expense will be recognized by both Holdings and CUSA is approximately 1.5 years.
Performance metrics and measurement period for these performance awards Below is a summary of the performance stock units at each specified performance achievement level for these performance awards:

Stock units that vest if performance metrics meet the threshold level (50% of target)

 

0.2 PSUs

Stock units that vest if performance metrics meet the target level

 

0.4 PSUs

Stock units that vest if performance metrics meet the maximum level (200% of target)

 

0.8 PSUs
Restricted Stock Units (RSUs)  
Summary of Restricted Stock and Restricted Stock Unit Award Activity

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

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

Number of restricted stock units that vested during the period

 

 

0.1

 

 

 

—

 

Fair value of restricted stock units that vested during the period

 

$

2.2

 

 

$

—

 

Accumulated dividends paid upon vesting of restricted stock units

 

$

—

 

 

$

—

 

Compensation expense recognized during the period

 

$

2.4

 

 

$

1.0

 

Income tax benefit related to restricted stock units

 

$

0.2

 

 

$

—

 
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:

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

Number of performance stock units that vested during the period

 

 

1.4

 

 

 

0.8

 

Fair value of performance stock units that vested during the period

 

$

37.3

 

 

$

20.6

 

Accumulated dividends paid upon vesting of performance stock units

 

$

0.5

 

 

$

—

 

Compensation expense recognized during the period (1)

 

$

13.3

 

 

$

12.5

 

Income tax benefit related to performance stock units

 

$

5.5

 

 

$

2.5

 
(1)
Compensation expense for the three and nine months ended September 30, 2026 includes approximately $0.1 related to the modification of certain outstanding PSUs that permits eligible employees to continue vesting in outstanding awards following retirement, subject to certain conditions and obligations approved by Holdings’ Compensation Committee. The Company determined the revised requisite service period of the modified awards to be the shorter of the period until retirement eligibility or the original vesting period.