Huge pay raises usually make me think about how much they must have been underpaying them before it. It’s like 50% off coupons. If you can sell something at 50% off and still feel like you’re going to make money overall (either directly or as a loss-leader), we know your regular prices are inflated enough to just give up half sometimes.
If the company can give a 31% pay increase (granted, over 3 years), they were definitely underpaying them before and the strike threat was well-warranted.