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$ 3,665,308

^[1]

$ 2,843,877

^[1]

$ 2,620,111

(2,797,853)

(2,209,142)

(2,076,816)

Selling, general, and administrative expenses

867,455

^[1]

634,735

^[1]

543,295

(326,602)

(280,843)

(258,551)

95,500

Other expense, net

(58,978)

(11,789)

(10,723)

Income from operations

481,875

^[1],[2]

437,603

^[1]

274,021

(58,275)

^[2],[3]

(62,900)

^[4]

(29,245)

423,600

^[2]

374,703

244,776

17,729

(214,463)

(85,971)

Weighted average common shares outstanding

$ 441,329

^[1]

$ 160,240

^[1]

$ 158,805

96,579

96,384

99,281

97,547

97,497

100,376

Net income per common share

$ 4.57

^[1]

$ 1.66

^[1]

$ 1.60

Dividends declared per common share

4.52

^[1]

1.64

^[1]

1.58

$ 1.51

$ 1.00

$ 0.80

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustment

$ 441,329

^[1]

$ 160,240

^[1]

$ 158,805

(136)

Fair value adjustments to cash flow hedges, net of tax of $0.0 million, $6.5 million, and $15.3 million for 2013, 2012, and 2011, respectively

(10,183)

(24,134)

Reclassification adjustment to cash flow hedges included in net income, net of tax of $2.2 million, $1.2 million, and $0.7 million for 2013, 2012, and 2011, respectively

3,481

1,842

(1,125)

Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $8.5 million, $4.3 million, and $2.4 million for 2013, 2012, and 2011, respectively

13,409

6,689

3,806

Changes in unfunded employee benefit obligations, net of tax of $20.4 million, $9.3 million, and $20.3 million for 2013, 2012, and 2011, respectively

32,264

(14,612)

(31,944)

Other comprehensive income (loss)

49,018

(16,264)

(53,397)

Comprehensive income

$ 490,347

$ 143,976

$ 105,408

[1]	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost.
[2]	On October 25, 2013, we acquired Boise. The 2013 results include Boise for the period of October 25 through December 31, 2013.
[3]	Includes $10.5 million of expenses for financing the acquisition and $1.1 million of expense for the write-off of deferred financing costs.
[4]	Includes $24.8 million of debt refinancing charges, including the $21.3 million redemption premium, the $3.4 million charge to settle the treasury lock prior to its maturity, and $0.1 million of other items.

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair value adjustments to cash flow hedges, tax	$ 0.0	$ (6.5)	$ (15.3)
Reclassification adjustments to cash flow hedges included in net income, tax	2.2	1.2	(0.7)
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax	8.5	4.3	2.4
Changes in unfunded employee benefit obligations, tax	$ 20.4	$ (9.3)	$ (20.3)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 190,960	$ 207,393
Accounts receivable, net of allowance for doubtful accounts and customer deductions of $10,567 and $5,353 as of December 31, 2013 and 2012, respectively	643,083	352,142
Inventories	594,291	332,268
Prepaid expenses and other current assets	32,101	20,915
Federal and state income taxes receivable	22,958	65,488
Deferred income taxes	47,616	0
Total current assets	1,531,009	978,206
Property, plant, and equipment, net	2,805,704	1,366,069
Goodwill	526,789	67,160
Other intangible assets, net	310,539	38,283
Other long-term assets	69,738	45,223
Total assets	5,243,779	2,494,941
Current liabilities:
Current maturities of long-term debt	39,000	15,000
Capital lease obligations	1,030	964
Accounts payable	357,432	117,510
Dividends payable	39,297	0
Deferred income taxes	0	2,414
Accrued liabilities	214,058	122,696
Accrued interest	9,722	3,676
Total current liabilities	660,539	262,260
Long-term liabilities:
Long-term debt	2,508,845	778,630
Capital lease obligations	23,874	24,904
Deferred income taxes	434,835	125,109
Compensation and benefits	193,548	164,538
Alternative energy tax credits reserve	0	102,051
Other long-term liabilities	65,318	29,229
Total long-term liabilities	3,226,420	1,224,461
Commitments and contingent liabilities
Stockholders' equity:
Common stock, par value $0.01 per share, 300,000 shares authorized, 98,172 and 98,143 shares issued as of December 31, 2013 and 2012, respectively	982	981
Additional paid in capital	401,761	378,794
Retained earnings	1,019,101	742,487
Accumulated other comprehensive loss	(65,024)	(114,042)
Total stockholders' equity	1,356,820	1,008,220
Total liabilities and stockholders' equity	$ 5,243,779	$ 2,494,941

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Allowance for doubtful accounts and customer deductions	$ 10,567	$ 5,353
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000	300,000
Common stock, shares issued	98,172	98,143

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Cash Flows from Operating Activities:

Adjustments to reconcile net income to net cash provided by operating activities:

$ 441,329

^[1]

$ 160,240

^[1]

$ 158,805

Depreciation, depletion, and amortization

217,918

175,384

162,839

Share-based compensation expense

14,761

11,687

9,736

Deferred income tax provision (benefit)

(160,328)

180,926

27,841

Loss on disposals of property, plant and equipment

76,281

(76,281)

9,377

7,298

7,137

Loss on early extinguishment of debt

21,296

Pension and postretirement benefits expense, net of contributions

18,525

1,687

5,726

Other, net

(1,008)

(3,090)

(4,761)

Decrease (increase) in assets -

Accounts receivable

(31,191)

(24,995)

(16,946)

Prepaid expenses and other current assets

25,036

(6,356)

(9,605)

(1,914)

(835)

(616)

Increase (decrease) in liabilities -

Accounts payable

54,222

(40,448)

(694)

Accrued liabilities

(54,807)

(2,308)

6,052

Net cash provided by operating activities

608,201

404,205

345,514

Cash Flows from Investing Activities:

Additions to property, plant, and equipment

^[2]

(234,422)

^[3]

(128,524)

(280,213)

Acquisitions of businesses, net of cash acquired

(1,174,506)

(35,393)

(57,340)

Treasury grant proceeds

57,399

Additions to other long term assets

(3,134)

(1,070)

(13,055)

Other

654

443

Net cash used for investing activities

(1,411,408)

(107,510)

(350,165)

Cash Flows from Financing Activities:

Proceeds from issuance of debt

1,998,145

397,044

150,000

Repayments of debt

(1,074,774)

(437,184)

(670)

Financing costs paid

(19,419)

(876)

(2,041)

Settlement of treasury lock

(65,500)

9,910

Common stock dividends paid

(109,145)

(117,851)

(76,012)

Repurchases of common stock

(7,799)

(45,162)

(125,027)

Proceeds from exercise of stock options

2,848

19,898

7,016

Excess tax benefits from stock-based awards

7,802

4,016

1,232

Shares withheld to cover employee restricted stock taxes

(10,955)

Other

Net cash provided by (used for) financing activities

786,774

(245,615)

(35,592)

Net (decrease) increase in cash and cash equivalents

(16,433)

51,080

(40,243)

Cash and cash equivalents, beginning of year

207,393

156,313

196,556

Cash and cash equivalents, end of year

$ 190,960

$ 207,393

$ 156,313

[1]	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost.
[2]	Includes "Expenditures for property and equipment" and excludes cash used for "Acquisition of businesses and facilities, net of cash acquired" as reported on our Consolidated Statements of Cash Flows.
[3]	On October 25, 2013, we acquired Boise. The 2013 results include Boise for the period of October 25 through December 31, 2013.

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 31, 2010		102,308,000	0
Beginning Balance at Dec. 31, 2010	$ 1,050,562	$ 1,023	$ 0	$ 362,248	$ 731,672	$ (44,381)
Common stock repurchases and retirements (in shares)	(4,824,021)	(4,897,000)	(2,000)
Common stock repurchases and retirements	$ (123,077)	$ (49)	$ (59)	(29,098)	(93,871)	0
Common stock dividends declared	(80,307)	$ 0	$ 0	0	(80,307)	0
Restricted stock grants and cancellations (in shares)		570,000	0
Restricted stock grants and cancellations	512	$ 6	$ 0	506	0	0
Exercise of stock options (in shares)		344,000	0
Exercise of stock options	7,736	$ 3	$ 0	7,733	0	0
Share-based compensation expense	9,736	0	0	9,736	0	0
Other	679	0	0	679	0	0
Comprehensive income	105,408	$ 0	$ 0	0	158,805	(53,397)
Ending Balance (in shares) at Dec. 31, 2011		98,325,000	(2,000)
Ending Balance at Dec. 31, 2011	$ 971,249	$ 983	$ (59)	351,804	716,299	(97,778)
Common stock repurchases and retirements (in shares)	(1,507,659)	(1,510,000)	2,000
Common stock repurchases and retirements	$ (45,162)	$ (15)	$ 59	(9,282)	(35,924)	0
Common stock dividends declared	(98,128)	$ 0	$ 0	0	(98,128)	0
Restricted stock grants and cancellations (in shares)		383,000	0
Restricted stock grants and cancellations	1,615	$ 4	$ 0	1,611	0	0
Exercise of stock options (in shares)		945,000	0
Exercise of stock options	22,297	$ 9	$ 0	22,288	0	0
Share-based compensation expense	11,687	0	0	11,687	0	0
Other	686	0	0	686	0	0
Comprehensive income	143,976	$ 0	$ 0	0	160,240	(16,264)
Ending Balance (in shares) at Dec. 31, 2012		98,143,000	0
Ending Balance at Dec. 31, 2012	$ 1,008,220	$ 981	$ 0	378,794	742,487	(114,042)
Common stock repurchases and retirements (in shares)	(171,263)	(171,000)	0
Common stock repurchases and retirements	$ (7,799)	$ (1)	$ 0	(1,078)	(6,720)	0
Common stock withheld and retired to cover taxes on vested stock awards		(224,000)	0
Common stock withheld and retired to cover taxes on vested stock awards	(10,955)	$ (2)	$ 0	(1,362)	(9,591)	0
Common stock dividends declared	(148,404)	$ 0	$ 0	0	(148,404)	0
Restricted stock grants and cancellations (in shares)		297,000	0
Restricted stock grants and cancellations	6,926	$ 3	$ 0	6,923	0	0
Exercise of stock options (in shares)		127,000	0
Exercise of stock options	3,724	$ 1	$ 0	3,723	0	0
Share-based compensation expense	14,761	0	0	14,761	0	0
Comprehensive income	490,347	$ 0	$ 0	0	441,329	49,018
Ending Balance (in shares) at Dec. 31, 2013		98,172,000	0
Ending Balance at Dec. 31, 2013	$ 1,356,820	$ 982	$ 0	$ 401,761	$ 1,019,101	$ (65,024)

Nature of Operations and Basis of Presentation

12 Months Ended

Dec. 31, 2013

Nature of Operations and Basis of Presentation

Packaging Corporation of America ("we", "us", "our", PCA" or the "Company") was incorporated on January 25, 1999. In April 1999, PCA acquired the containerboard and corrugated packaging products business of Pactiv Corporation ("Pactiv"), formerly known as Tenneco Packaging, Inc., a wholly owned subsidiary of Tenneco Inc. On October 25, 2013, PCA acquired Boise Inc. ("Boise"). For more information, see Note 3, Acquisitions. After the acquisition of Boise, we became a large diverse manufacturer of both packaging and paper products. We are headquartered in Lake Forest, Illinois, and we operate largely in the United States but also have operations in Europe, Mexico, and Canada. We have approximately 13,600 employees.

After the acquisition of Boise, we began reporting our business in three reportable segments: Packaging, Paper, and Corporate and Other. Our Packaging segment produces a wide variety of corrugated packaging products. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers (collectively, white papers), and market pulp. Corporate and other includes support staff services and related assets and liabilities, transportation assets, and activity related to other ancillary support operations. For more information about our segments, see Note 19, Segment Information.

In these consolidated financial statements, certain amounts in prior periods' consolidated financial statements have been reclassified to conform with the current period presentation. In accordance with Accounting Standards Codification (“ASC”) 280, "Segment Reporting," we recast 2012 and 2011 segment information to conform with the current year presentation. For more information see Note 19, Segment Information. In addition, we reclassified amounts previously disclosed in "Corporate overhead" in the 2012 and 2011 Consolidated Statements of Income into "Selling, general, and administrative expenses" given that Corporate and Other is now disclosed separately in our segment information as discussed above. None of the reclassifications affected our results of operations, financial position, or cash flows.

The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions. Boise's results are included in our results for the period of October 25, 2013, through December 31, 2013.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the consolidated financial statements in future periods.

Revenue Recognition

We recognize revenue when the following criteria are met: persuasive evidence of an agreement exists, delivery has occurred or services have been rendered, our price to the buyer is fixed or determinable, and collectability is reasonably assured. Shipping and handling billings to a customer are included in net sales. Shipping and handling costs are included in cost of sales. We present taxes collected from customers and remitted to governmental authorities on a net basis in our Consolidated Statements of Income.

Planned Major Maintenance Costs

The Company accounts for its planned major maintenance activities in accordance with ASC 360, “Property, Plant, and Equipment,” using the deferral method. All maintenance costs incurred during the year are expensed in the year in which the maintenance activity occurs.

Share-Based Compensation

We recognize compensation expense for awards granted under the PCA long-term equity incentive plans based on the fair value on the grant date. We recognize the cost of the equity awards over the period the awards vest. See Note 9, Share-Based Compensation, for more information.

Research and Development

Research and development costs are expensed as incurred. The amount charged to expense was $11.5 million, $11.3 million, and $12.5 million for the years ended December 31, 2013, 2012, and 2011, respectively.

Foreign Currency

Local currencies are the functional currencies for our operations outside the United States. Assets and liabilities are remeasured into U.S. dollars using the exchange rates as of the Consolidated Balance Sheet date. Revenue and expense items are remeasured into U.S. dollars using an average exchange rate prevailing during the period. Any resulting translation adjustments are recorded in the Consolidated Statements of Comprehensive Income. The foreign exchange gain (loss) resulting from remeasuring transactions into the functional currencies is reported in the Consolidated Statements of Income.

Cash and Cash Equivalents

Cash and cash equivalents include all cash balances and highly liquid investments with a maturity, when acquired, of three months or less. Cash equivalents are stated at cost, which approximates market. Cash and cash equivalents totaled $191.0 million and $207.4 million at December 31, 2013 and 2012, respectively, which included cash equivalents of $156.6 million and $203.5 million, respectively. Also included in cash and cash equivalents on December 31, 2013, was $7.1 million of cash at our operations outside the United States.

Trade Accounts Receivable, Allowance for Doubtful Accounts, and Customer Deductions

Trade accounts receivable are stated at the amount we expect to collect. The collectability of our accounts receivable is based upon a combination of factors. In circumstances where a specific customer is unable to meet its financial obligations to PCA (e.g., bankruptcy filings, substantial downgrading of credit sources), a specific reserve for bad debts is recorded against amounts due to the Company to reduce the net recorded receivable to the amount the Company reasonably believes will be collected. For all other customers, reserves for bad debts are recognized based on historical collection experience. If collection experience deteriorates (i.e., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to meet its financial obligations to the Company), the estimate of the recoverability of amounts due could be reduced by a material amount. We periodically review our allowance for doubtful accounts and adjustments to the valuation allowance are charged to income. Trade accounts receivable balances that remain outstanding after we have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At December 31, 2013 and 2012, the allowance for doubtful accounts was $3.9 million and $1.9 million, respectively.

The customer deductions reserve represents the estimated amount required for customer returns, allowances and earned discounts. Based on the Company’s experience, customer returns, allowances and earned discounts have averaged approximately 1% of gross selling price. Accordingly, PCA reserves 1% of its open customer accounts receivable balance for these items. The reserve for customer deductions of $6.7 million and $3.4 million at December 31, 2013 and 2012, respectively, are also included as a reduction of the accounts receivable balance.

Derivative Instruments and Hedging Activities

The Company records its derivatives, if any, in accordance with ASC 815, “Derivatives and Hedging.” The guidance requires the Company to recognize derivative instruments as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value of a derivative depends on the intended use and designation of the derivative instrument. For a derivative designated as a fair value hedge, the gain or loss on the derivative is recognized in earnings in the period of change in fair value together with the offsetting gain or loss on the hedged item. For a derivative instrument designated as a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of accumulated other comprehensive income (loss) (“AOCI”) and is subsequently recognized in earnings when the hedged exposure affects earnings. The ineffective portion of the gain or loss is recognized in earnings. We were not party to any derivative-based arrangements at December 31, 2013 and 2012.

Fair Value Measurements

PCA measures the fair value of its financial instruments in accordance with ASC 820, “Fair Value Measurements and Disclosures.” The guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. It is determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes the following hierarchy that prioritizes the inputs to valuation methodologies used to measure fair value:

Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets.

Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Valuations based on unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Financial instruments measured at fair value on a recurring basis include the fair value of our pension and postretirement benefit assets and liabilities. See Note 10, Employee Benefit Plans and Other Postretirement Benefits for more information. Other assets and liabilities measured and recognized at fair value on a nonrecurring basis include assets acquired and liabilities assumed in acquisitions and our asset retirement obligations. Given the nature of these assets and liabilities, evaluating their fair value from the perspective of a market participant is inherently complex. Assumptions and estimates about future values can be affected by a variety of internal and external factors. Changes in these factors may require us to revise our estimates and could require us to retroactively adjust provisional amounts that we recorded for the fair values of assets acquired and liabilities assumed in connection with business combinations. These adjustments could have a material effect on our financial condition and results of operations. See Note 3, Acquisitions, and Note 14, Asset Retirement Obligations, for more information.

Inventory Valuation

With the exception of inventories acquired since 2004, our raw materials, work in process, and finished goods inventories were valued using the last-in, first-out (LIFO) cost method. Supplies and materials are valued at the first-in, first out ("FIFO") or average cost methods. Effective January 1, 2014, the Company elected to change its method of accounting for certain inventories from lower of cost, as determined by the LIFO method, or market, to lower of cost, as determined by the average cost method, or market. We believe the change is preferable as the average cost method better reflects the current value of inventory on the consolidated balance sheets, more closely aligns with how we manage inventory, and conforms the inventory costing methods to be more consistent within the Company.

The Company has applied this change in method of inventory costing retrospectively to all periods presented in accordance with US generally accepted accounting principles relating to accounting changes. As a result of the retrospective change in accounting principle, opening retained earnings as of January 1, 2011, increased $41.6 million.

Certain components of our financial statements affected by the change in valuation methodology as originally reported under the LIFO method and as adjusted for the change to the average cost method are as follows (in thousands, except per share data):



	Year Ended December 31
	2013						2012						2011
Consolidated Statements of Income and Comprehensive Income	As Previously Reported			As Adjusted			As Previously Reported			As Adjusted			As Previously Reported			As Adjusted
Cost of sales	$	(2,806,121	)	$	(2,797,853	)	$	(2,203,286	)	$	(2,209,142	)	$	(2,078,088	)	$	(2,076,816	)
Gross profit	859,187			867,455			640,591			634,735			542,023			543,295
Income from operations	473,607			481,875			443,459			437,603			272,749			274,021
Income before taxes	415,332			423,600			380,559			374,703			243,504			244,776
(Provision) benefit for income taxes	20,951			17,729			(216,739		)	(214,463		)	(85,477		)	(85,971		)
Net income	436,283			441,329			163,820			160,240			158,027			158,805
Comprehensive income	485,301			490,347			147,556			143,976			104,630			105,408
Net income per common share
Basic	4.52			4.57			1.70			1.66			1.59			1.60
Diluted	4.47			4.52			1.68			1.64			1.57			1.58



	December 31
	2013				2012
Consolidated Balance Sheets	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Inventories	$	522,523	$	594,291	$	268,767	$	332,268
Current deferred tax asset	75,579		47,616		22,328		—
Current deferred tax liability	—		—		—		2,414
Retained earnings	975,296		1,019,101		703,728		742,487



	Year Ended December 31
	2013						2012						2011
Consolidated Statements of Cash Flows	As Previously Reported			As Adjusted			As Previously Reported			As Adjusted			As Previously Reported			As Adjusted
Net income	$	436,283		$	441,329		$	163,820		$	160,240		$	158,027		$	158,805
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax provision (benefit)	(163,550		)	(160,328		)	183,202			180,926			27,347			27,841
Change in inventories	33,304			25,036			(12,212		)	(6,356		)	(8,333		)	(9,605		)

The components of inventories are as follows (dollars in thousands):



	December 31
	2013		2012
Raw materials	$	212,027	$	125,909
Work in process	13,898		8,287
Finished goods	209,972		78,788
Supplies and materials	158,394		119,284
Inventories	$	594,291	$	332,268

Property, Plant, and Equipment

Property, plant, and equipment are recorded at cost. Cost includes expenditures for major improvements and replacements and the amount of interest cost associated with significant capital additions. Repairs and maintenance costs are expensed as incurred. When property and equipment are retired, sold, or otherwise disposed of, the asset's carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in "Net income" in our Consolidated Statements of Income.

Property, plant, and equipment consist of the following (dollars in thousands):



	December 31
	2013			2012
Land and land improvements	$	140,592		$	107,250
Buildings	628,948			390,363
Machinery and equipment	4,263,505			3,048,932
Construction in progress	168,808			67,051
Other	30,847			27,196
Property, plant, and equipment, at cost	5,232,700			3,640,792
Less accumulated depreciation	(2,426,996		)	(2,274,723		)
Property, plant, and equipment, net	$	2,805,704		$	1,366,069

The amount of interest capitalized from construction in progress was $1.7 million, $0.8 million and $7.1 million for the years ended December 31, 2013, 2012, and 2011, respectively.

Depreciation is computed on the straight-line basis over the estimated useful lives of the related assets. Assets under capital leases are depreciated on the straight-line method over the term of the lease or the useful life, if shorter. The following lives are used for the various categories of assets:



Buildings and land improvements	5 to 40 years
Machinery and equipment	3 to 25 years
Trucks and automobiles	3 to 10 years
Furniture and fixtures	3 to 20 years
Computers and hardware	3 to 10 years
	Period of the lease or
Leasehold improvements	useful life, if shorter

The amount of depreciation expense was $191.2 million, $166.0 million and $161.5 million for the years ended December 31, 2013, 2012, and 2011, respectively.

Pursuant to the terms of an industrial revenue bond, title to certain property, plant, and equipment was transferred to a municipal development authority in 2009 in order to receive a property tax abatement. The title of these assets will revert back to PCA upon retirement or cancellation of the bond. The assets are included in the consolidated balance sheet under the caption “Property, plant and equipment, net” as all risks and rewards remain with the Company.

Leases

We assess lease classification as either capital or operating at lease inception or upon modification. We lease some of our locations, as well as other property and equipment, under operating leases. For purposes of determining straight-line rent expense, the lease term is calculated from the date of possession of the facility, including any periods of free rent and any renewal option periods that are reasonably assured of being exercised.

Long-Lived Asset Impairment

Long-lived assets other than goodwill and other intangibles are reviewed for impairment in accordance with provisions of ASC 360, “Property, Plant and Equipment.” In the event that facts and circumstances indicate that the carrying amount of any long-lived assets may be impaired, an evaluation of recoverability is performed. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset (or group of assets) is compared to the asset’s (or group of assets’) carrying amount to determine if a write-down to fair value is required.

Goodwill and Intangible Assets

The Company has capitalized certain intangible assets, primarily goodwill, customer relationships, and trademarks and trade names, based on their estimated fair value at the date of acquisition. Amortization is provided for customer relationships on a straight-line basis over periods ranging from six to 40 years, and trademarks and trade names over periods ranging from three to 20 years.

Goodwill, which amounted to $526.8 million and $67.2 million for the years ended December 31, 2013 and 2012, respectively, is not amortized but is subject to an annual impairment test in accordance with ASC 350, “Intangibles - Goodwill and Other.” We test goodwill for impairment annually in the fourth quarter or sooner if events or changes in circumstances indicate that the carrying value of the asset may exceed fair value. Additionally, we evaluate the remaining useful lives of our finite-lived purchased intangible assets to determine whether any adjustments to the useful lives are necessary. The Company concluded that none of the goodwill or intangible assets were impaired in the 2013, 2012, and 2011 annual impairment tests. See Note 7, Goodwill and Intangible Assets for additional information.

Pension and Postretirement Benefits

Several estimates and assumptions are required to record pension costs and liabilities, including discount rate, return on assets, and longevity and service lives of employees. We review and update these assumptions annually unless a plan curtailment or other event occurs, requiring we update the estimates on an interim basis. While we believe the assumptions used to measure our pension and postretirement benefit obligations are reasonable, differences in actual experience or changes in assumptions may materially affect our pension and postretirement benefit obligations and future expense. See Note 10, Employee Benefit Plans and Other Postretirement Benefits, for additional information.

For postretirement health care plan accounting, the Company reviews external data and its own historical trends for health care costs to determine the health care cost trend rate assumption.

Environmental Matters

Environmental expenditures that extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. Liabilities are recorded for environmental contingencies when such costs are probable and reasonably estimable. These liabilities are adjusted as further information develops or circumstances change. Environmental expenditures related to existing conditions resulting from past or current operations from which no current or future benefit is discernible are expensed as incurred.

Asset Retirement Obligations

The Company accounts for its retirement obligations related predominantly to landfill closure, wastewater treatment pond dredging, closed-site monitoring costs, and certain leasehold improvements under ASC 410, “Asset Retirement and Environmental Obligations,” which requires recognition of legal obligations associated with the retirement of long-lived assets whether these assets are owned or leased. These legal obligations are to be recognized at fair value at the time that the obligations are incurred. When we record the liability, we capitalize the cost by increasing the carrying amount of the related long-lived asset which is amortized to expense over the useful life of the asset. See Note 14, Asset Retirement Obligations, for additional information.

Deferred Financing Costs

PCA has capitalized certain costs related to obtaining its financing. These costs are amortized to interest expense using the effective interest rate method over the terms of the related financing, which range from five to ten years. Unamortized deferred financing costs of $14.1 million and $5.0 million as of December 31, 2013 and 2012, respectively, were recorded in "Other long-term assets" on our Consolidated Balance Sheets.

Cutting Rights and Fiber Farms

We lease the cutting rights to approximately 88,000 acres of timberland and we lease 9,000 acres of land where we operate fiber farms as a source of future fiber supply. For our cutting rights, we capitalize the annual lease payments and reforestation costs associated with these leases. For fiber farms, costs for activities related to the establishment of a new crop of trees, including planting, thinning, fertilization, pest control, herbicide application, irrigation, and land lease costs, are capitalized. Costs are recorded as depletion when the timber or fiber is harvested and used in operations or sold to customers. Capitalized long-term lease costs for our cutting rights recorded in "Other long-term assets" on our Consolidated Balance Sheet were $27.6 million and $27.4 million as of December 31, 2013, and 2012, respectively. Capitalized fiber farm costs recorded in "Other long-term assets" on our Consolidated Balance Sheet were $9.4 million as of December 31, 2013. The amount of depletion expense was $2.5 million, $0.7 million and $0.04 million for the years ended December 31, 2013, 2012, and 2011, respectively.

Deferred Software Costs

PCA capitalizes costs related to the purchase and development of software which is used in its business operations. The costs attributable to these software systems are amortized over their estimated useful lives based on various factors such as the effects of obsolescence, technology and other economic factors. Net capitalized software costs recorded in "Other long-term assets" on our Consolidated Balance Sheets were $5.7 million and $1.1 million for the years ended December 31, 2013, and 2012, respectively. Software amortization expense was $1.1 million, $0.9 million, and $0.6 million for the years ended December 31, 2013, 2012, and 2011, respectively.

Income Taxes

PCA utilizes the liability method of accounting for income taxes whereby it recognizes deferred tax assets and liabilities for the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets will be reduced by a valuation allowance if, based upon management’s estimates, it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The estimates utilized in the recognition of deferred tax assets are subject to revision in future periods based on new facts or circumstances. PCA’s practice is to recognize interest and penalties related to unrecognized tax benefits in income tax expense.

Trade Agreements

PCA regularly trades containerboard with other manufacturers primarily to reduce shipping costs. These agreements are entered into with other producers on an annual basis, pursuant to which both parties agree to ship an identical number of tons of containerboard to each other within the agreement period. These agreements lower transportation costs by allowing each party’s containerboard mills to ship containerboard to the other party’s closest corrugated products plant. PCA tracks each shipment to ensure that the other party’s shipments to PCA match PCA’s shipments to the other party during the agreement period. Such transfers are possible because containerboard is a commodity product with no distinguishing product characteristics. These transactions are accounted for at carrying value, and revenue is not recorded as the transactions do not represent the culmination of an earnings process. The transactions are recorded into inventory accounts, and no income is recorded until such inventory is converted to a finished product and sold to an end-use customer.

New and Recently Adopted Accounting Standards

In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU requires that liabilities related to unrecognized tax benefits offset deferred tax assets for net operating loss carryforwards, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations in which carryforwards cannot be used or the deferred tax asset is not intended to be used for such purpose, the unrecognized tax benefit should be recorded as a liability and should not offset deferred tax assets. We adopted the provisions of this guidance on December 31, 2013, and it did not have a significant effect on our financial position or results of operations. See Note 5, Income Taxes, for additional information.

In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This ASU requires entities to disclose additional information about changes in and significant items reclassified out of AOCI. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income but only if the amount reclassified is required under U.S. generally accepted accounting principles (“GAAP”) to be reclassified to net income in its entirety in the same reporting period. For other amounts not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. We adopted the provisions of this guidance on January 1, 2013, and it had no effect on our financial position and results of operations. See Note 12, Stockholders' Equity, for additional information.

In February 2013, the FASB issued ASU 2013-04, “Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date.” This ASU requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. This ASU also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and should be applied retrospectively to all prior periods presented. To the extent the Company has any joint and several liability arrangements, we do not believe this ASU will have a material effect on our financial position and results of operations.

In July 2012, the FASB issued ASU 2012-02, Intangibles — Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This ASU gives entities testing indefinite-lived intangible assets for impairment the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, the entity is not required to take further action. However, if an entity concludes otherwise, a quantitative impairment test is required. We adopted the guidance January 1, 2013, and it did not have a material effect on our financial position and results of operations.

There were no other accounting standards recently issued that had or are expected to have a material impact on our financial position or results of operations.

Acquisitions

12 Months Ended

Dec. 31, 2013

Boise Acquisition

On October 25, 2013, we acquired 100% of the outstanding stock and voting equity interests of Boise, a large manufacturer of packaging and white paper products for $2.1 billion including the assumption of debt. We paid $12.55 per share to shareholders, or $1.2 billion, net of $121.7 million of cash acquired, and assumed the fair value of Boise's debt, of $829.8 million. The acquisition expands our corrugated products geographic reach and offerings, provides low-cost, lightweight containerboard capacity for continued growth in the packaging business, and provides meaningful opportunities in the white paper business. We incurred $17.2 million of acquisition-related costs recorded in "Other expense, net" and $11.6 million of acquisition-related debt financing costs recorded in "Interest expense". Our consolidated income statement for the year ended December 31, 2013, included Boise net sales revenue of $448.0 million and Boise income from operations of $3.5 million. Boise's income from operations included $21.5 million of expense related to the step-up in inventory value at the acquisition date, $14.6 million of integration-related and other costs, and $0.4 million of acquisition-related costs. Boise's financial results are included in our Packaging, Paper, and Corporate and Other segments from the date of acquisition. For more information, see Note 19, Segment Information.

The purchase price allocation is preliminary. Our estimates and assumptions are subject to change as more information becomes available. The primary areas of the purchase price allocation that are not yet finalized relate to the valuation of fixed assets, income taxes, and residual goodwill. The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed, based on our current estimates of the fair value at the date of the acquisition (dollars in thousands):



Current assets:
Cash and cash equivalents	$	121,658
Accounts receivable	270,364
Inventories	286,277
Deferred income taxes	9,144
Prepaid expenses and other current assets	8,624
Total current assets	696,067
Property, plant, and equipment (a)	1,401,183
Intangible assets (b):
Customer relationships	256,400
Trademarks and trade names	20,600
Goodwill (c)	458,579
Other long-term assets	21,786
Assets acquired	2,854,615

Current liabilities	322,230
Long-term debt	829,750
Deferred tax liabilities	281,463
Other long-term liabilities	131,276
Liabilities assumed	1,564,719

Net assets acquired	$	1,289,896

____________


(a)	Property and equipment acquired are being depreciated on a straight-line basis over their estimated remaining lives, which range from one to 30 years.


(b)	We are amortizing the intangible assets on a straight-line basis over the following (in years):



Customer relationships	15	-	20
Trademarks and trade names	5	-	20

(c)

Goodwill is the excess of purchase price over the fair value of tangible and identifiable intangible assets acquired and liabilities assumed. Goodwill generated from the acquisition is primarily attributable to expected synergies and the assembled workforce. Goodwill recognized in the transaction is not deductible for income tax purposes; however, we assumed $1.9 million of goodwill that Boise had been amortizing in connection with previous acquisitions, which we will continue to amortize and deduct for income tax purposes.

Pro Forma Financial Information (Unaudited)

The following pro forma financial information presents the combined results of operations as if Boise had been combined with us on January 1, 2012. The pro forma results are intended for information purposes only and do not purport to represent what the combined companies' results of operations would actually have been had the transactions in fact occurred on January 1, 2012. They also do not reflect any cost savings, operating synergies, or revenue enhancements that we may achieve or the costs necessary to achieve those cost savings, operating synergies, revenue enhancements, or integration efforts (dollars in millions, except per-share amounts).



	Pro Forma (Unaudited)
	Year Ended December 31
	2013		2012
Sales	$	5,696.2	$	5,355.9
Net income (a)	$	497.4	$	222.4
Net income per share—diluted	$	5.10	$	2.28

____________

(a)

The 2013 and 2012 unaudited pro forma financial information presented in the table above has been adjusted to give effect to adjustments that are directly related to the acquisition, factually supportable, and expected to have a continuing impact. These adjustments include, but are not limited to, the application of our accounting policies; elimination of related party transactions; depreciation and amortization related to fair value adjustments to property, plant and equipment and intangible assets; and interest expense on acquisition-related debt.

The 2013 unaudited pro forma net income was also adjusted to exclude $21.5 million of acquisition inventory step-up expense, $17.2 million of acquisition-related costs, which primarily consist of advisory, legal, accounting, valuation and other professional or consulting fees, and $11.6 million of acquisition-related debt financing costs. Included in 2013 pro forma net income is $166.0 million of income from the reversal of tax reserves related to alternative fuel mixture credits, $17.4 million of integration-related and other costs, which primarily consist of severance and other employee costs and professional services.

Other Acquisitions

In November 2013, we acquired Damage Prevention Company for $6.3 million and recorded $1.1 million of goodwill in the Packaging segment. During the first quarter of 2012, PCA acquired a corrugated products manufacturer located in Pennsylvania for $35.4 million. Sales and total assets of both acquisitions were not material to the Company's overall sales and total assets. The operating results of both acquisitions subsequent to the purchase dates are included in the Packaging segment. The Company allocated the purchase price to the assets acquired and liabilities assumed.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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Alternative Energy Tax Credits

Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share

The following table sets forth the computation of basic and diluted income per common share for the periods presented (dollars in thousands, except per share data).



	Year Ended December 31
	2013		2012		2011
Numerator:
Net income	$	441,329	$	160,240	$	158,805
Denominator:
Weighted average basic common shares outstanding	96,579		96,384		99,281
Effect of dilutive securities:
Stock options, unvested restricted stock, and performance units	968		1,113		1,095
Diluted common shares outstanding	97,547		97,497		100,376
Basic income per common share	$	4.57	$	1.66	$	1.60
Diluted income per common share	$	4.52	$	1.64	$	1.58

All outstanding options to purchase shares at December 31, 2013, 2012, and 2011, were included in the computation of diluted common shares outstanding.

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Taxes

The following is an analysis of the components of the consolidated income tax provision (dollars in thousands):



	2013			2012		2011
Current income tax provision (benefit) -
U.S. Federal	$	129,633		$	27,100	$	41,452
State and local	12,649			6,437		16,678
Foreign	317			—		—
Total current provision for taxes	142,599			33,537		58,130
Deferred -
U.S. Federal	(160,469		)	179,070		30,313
State and local	253			1,856		(2,472		)
Foreign	(112		)	—		—
Total deferred provision for taxes	(160,328		)	180,926		27,841
Total provision (benefit) for taxes	$	(17,729	)	$	214,463	$	85,971

The effective tax rate varies from the U.S. Federal statutory tax rate principally due to the following (dollars in thousands):



	2013			2012			2011
Provision computed at U.S. Federal statutory rate of 35%	$	148,260		$	131,147		$	85,671
Alternative fuel mixture and cellulosic biofuel producer credits	(166,006		)	81,695			—
State and local taxes, net of federal benefit	13,565			8,908			7,553
Domestic manufacturers deduction	(11,712		)	(7,155		)	(7,670		)
Other	(1,836		)	(132		)	417
Total	$	(17,729	)	$	214,463		$	85,971

Tax benefits in 2013 included $166.0 million for the release of ASC 740 uncertain tax positions related to the taxability of the alternative fuel mixture tax credits acquired in the acquisition of Boise and the completion of the IRS audit of PCA's 2008 and 2009 Federal income tax returns including the Filer City mill's cellulosic biofuel tax credits. Tax expense in 2012 included $81.7 million for the reallocation of gallons from the cellulosic biofuel producer credit to the alternative fuel mixture credit claimed in the 2009 amended federal and state income tax returns filed in 2012. For further discussion regarding these credits, see Note 6.

The following details the scheduled expiration dates of our tax effected net operating loss (NOL) and other tax carryforwards at December 31, 2013 (dollars in thousands):



	2014 Through 2023		2024 Through 2033		Indefinite		Total
U.S. federal and non-U.S. NOLs	$	1,633	$	110,086	$	—	$	111,719
State taxing jurisdiction NOLs	1,199		13,878		—		15,077
U.S. federal, non-U.S., and state tax credit carryforwards	203		748		613		1,564
U.S. federal capital loss carryforwards	1,088		—		—		1,088
Total	$	4,123	$	124,712	$	613	$	129,448

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Deferred income tax assets and liabilities at December 31 are summarized as follows (dollars in thousands):



	December 31
	2013			2012
Deferred tax assets:
Accrued liabilities	$	19,521		$	7,332
Employee benefits and compensation	27,252			16,002
Net operating loss carryforwards	126,796			—
Stock options and restricted stock	8,875			8,389
Pension and postretirement benefits	75,518			65,520
Derivatives	18,221			20,381
Capital loss, general business, foreign, and AMT credit carryforwards	2,652			—
Gross deferred tax assets	$	278,835		$	117,624
Valuation allowance (a)	(2,715		)	—
Net deferred tax assets	$	276,120		$	117,624

Deferred tax liabilities:
Property, plant, and equipment	$	(519,718	)	$	(210,486	)
Goodwill and intangible assets	(111,865		)	(7,267		)
Inventories	(28,522		)	(26,275		)
Investment in joint venture	(1,026		)	(1,119		)
Other	(2,208		)	—
Total deferred tax liabilities	$	(663,339	)	$	(245,147	)
Net deferred tax assets (liabilities) (b)	$	(387,219	)	$	(127,523	)

___________

(a)

Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. Of the $2.7 million valuation allowance, $1.6 million relates to foreign net operating loss carryforwards and credits and $1.1 million relates to capital losses. We do not expect to generate capital gains before the capital losses expire. If or when recognized, the tax benefits relating to the reversal of any of or all of the valuation allowance would be recognized as a benefit to income tax expense.

(b)

As of December 31, 2013, we did not recognize U.S. deferred income taxes on our cumulative total of undistributed foreign earnings for our non-U.S. subsidiaries. We indefinitely reinvest our earnings in operations outside the United States. It is not practicable to determine the amount of unrecognized deferred tax liability on these undistributed earnings because the actual tax liability, if any, is dependent on circumstances existing when the repatriation occurs.

Cash payments for federal, state, and foreign income taxes were $90.7 million, $9.7 million and $52.7 million for the years ended December 31, 2013, 2012, and 2011, respectively.

The following table summarizes the changes related to PCA’s gross unrecognized tax benefits excluding interest and penalties (dollars in thousands):



	2013			2012
Balance as of January 1	$	(111,303	)	$	(111,013	)
Increase related to acquisition of Boise Inc. (a)	(65,158		)	—
Increases related to prior years’ tax positions	(49		)	(128		)
Increases related to current year tax positions	(1,538		)	(1,267		)
Decreases related to prior years' tax positions (b)	64,774			—
Settlements with taxing authorities (c)	106,187			—
Expiration of the statute of limitations (d)	1,667			1,105
Balance at December 31	$	(5,420	)	$	(111,303	)

___________


(a)	PCA acquired $65.2 million of gross unrecognized tax benefits from Boise Inc. that relate primarily to the taxability of the alternative fuel mixture credits.


(b)	Includes a $64.3 million gross decrease related to the taxability of the alternative fuel mixture tax credits claimed in 2009 excise tax returns by Boise Inc. For further discussion regarding these credits, see Note 6, Alternative Energy Tax Credits.


(c)	Includes a $104.7 million gross decrease related to the conclusion of the Internal Revenue Service audit of PCA’s alternative energy tax credits. For further discussion regarding these credits, see Note 6, Alternative Energy Tax Credits.


(d)	In the third and fourth quarters of 2013, various state statutes of limitations expired. As a result, the reserve for unrecognized tax benefits decreased by $1.7 million gross.

At December 31, 2013, PCA had recorded a $5.4 million gross reserve for unrecognized tax benefits, excluding interest and penalties. Of the total, $4.0 million (net of the federal benefit for state taxes) would impact the effective tax rate if recognized.

PCA recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the unrecognized tax benefits noted above, PCA accrued interest of $3.3 million gross and accrued penalties of less than $0.1 million gross during 2013 and in total, as of December 31, 2013, and after the decreases and settlements noted in the table above, has recognized a liability for interest of $0.4 million gross and penalties of less than $0.1 million gross. During 2012, PCA accrued interest of $0.3 million gross and penalties of less than $0.1 million gross and in total, as of December 31, 2012, had recognized a liability for interest of $2.5 million gross and penalties of less than $0.1 million gross. PCA does not expect the unrecognized tax benefits to change significantly over the next 12 months.

PCA is subject to taxation in the United States and various state and foreign jurisdicitions. A federal examination of the tax years 2008 and 2009 was concluded in November 2013. The tax years 2010 - 2013 remain open to federal examination. The tax years 2009 - 2013 remain open to state examinations. Some foreign tax jurisdictions are open to examination for the 2008 tax year forward. Through the Boise acquisition, PCA recorded net operating losses and credit carryforwards from 2008 through 2011 and 2013 that are subject to examinations and adjustments for at least three years following the year in which utilized.

Alternative Energy Tax Credits

12 Months Ended

Dec. 31, 2013

The Company generates black liquor as a by-product of its pulp manufacturing process, which entitled it to certain federal income tax credits. When black liquor is mixed with diesel, it is considered an alternative fuel that was eligible for a $0.50 per gallon refundable alternative fuel mixture credit for gallons produced before December 31, 2009. Black liquor is also eligible for a $1.01 per gallon taxable cellulosic biofuel producer credit for gallons of black liquor produced and used in 2009. The Company first recorded income relating to these credits in its income statement for the year ended December 31, 2009.

During 2010, the Internal Revenue Service (IRS) released guidance related to the alternative energy credits which resulted in: (1) the Company releasing a reserve that was established in 2009 for ambiguity in the calculation of the alternative fuel mixture credit; (2) reallocation of gallons of black liquor from the alternative fuel mixture credit to the cellulosic biofuel credit; and (3) the determination that the Company’s proprietary biofuel process at its Filer City, Michigan mill would likely qualify for the cellulosic biofuel producer credit. The Company amended its 2009 federal income tax return in December 2010 to claim the additional Filer City gallons. As a result of these changes, the Company recorded a charge of $(86.3) million in “Alternative fuel mixture credits” and a $135.5 million benefit in the “(Provision) benefit for income taxes.” Additional expenses of $1.6 million related to the alternative energy tax credits were also recorded, resulting in total income of $47.7 million recorded in 2010. In addition, the Company recorded in 2010 a reserve for unrecognized tax benefits under ASC 740, “Income Taxes,” of $102.0 million (net of the federal benefit for state taxes) because the IRS guidelines do not specifically address the unique and proprietary nature of the Filer City mill process and uncertainty exists.

On February 3, 2012, PCA again amended its 2009 federal tax return to reallocate claimed gallons from cellulosic biofuel producer credits to alternative fuel mixture credits. As a result of this change, the Company recorded a charge of $(118.5) million in “(Provision) benefit for income taxes” and income of $95.5 million in “Alternative fuel mixture credits,” together resulting in a first quarter 2012 non-cash, after-tax charge of $23.0 million. In the fourth quarter of 2012, PCA recorded after-tax income of $3.4 million for the amendment of the 2009 state income tax returns related to the federal amendment filed in February 2012. The net impact of these changes resulted in a non-cash, after-tax charge of $19.6 million for the year ended December 31, 2012.

The IRS completed its audit of PCA’s 2008 and 2009 Federal income tax returns and all claimed alternative energy tax credits were allowed. In November 2013, PCA received a confirmation letter from the Joint Committee on Taxation that their review was also complete. As a result, a $103.9 million ($102.0 million of tax plus $1.9 million of accrued interest) reserve for unrecognized tax benefits for the Filer City mill’s cellulosic biofuel tax credit was fully reversed as a benefit to income taxes in the fourth quarter.

In November 2013, an IRS Chief Counsel Memorandum was published that provided guidance concerning the taxability of the alternative fuel mixture credits. Based on this new fact, PCA reversed a $62.1 million (net of the federal benefit for state taxes) reserve for unrecognized tax benefits acquired from Boise for the taxability of the 2009 alternative fuel mixture credits that Boise had claimed through excise tax refunds as a benefit to income taxes in the fourth quarter. This resulted in a reduction in “Other long-term liabilities” of $13.1 million and the recording of a deferred tax asset to increase the net operating loss carryforwards recorded in deferred taxes by $49.0 million.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2013

Goodwill and Intangible Assets

Goodwill

Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At December 31, 2013, we had $472.9 million of goodwill recorded in our Packaging segment and $53.9 million in our Paper segment on our Consolidated Balance Sheet.

Changes in the carrying amount of our goodwill are as follows (dollars in thousands):



	Goodwill
Balance at January 1, 2012	$	58,214
Acquisitions	14,098
Adjustments related to purchase accounting	(5,152		)
Balance at December 31, 2012	67,160
Acquisitions (a)	459,629
Balance at December 31, 2013	$	526,789

___________


(a)	In 2013, in addition to acquiring Boise and recording $458.6 million of goodwill, we acquired Damage Prevention Company for $6.3 million and recorded $1.1 million of goodwill in the Packaging segment.

Intangible Assets

Intangible assets are comprised of customer relationships and trademarks and trade names.

The weighted average useful life, gross carrying amount, and accumulated amortization of our intangible assets were as follows (dollars in thousands):



	As of December 31, 2013					As of December 31, 2012
	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount		Accumulated Amortization		Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount		Accumulated Amortization
Customer relationships	15.4	$	306,361	$	16,509	16.7	$	48,261	$	10,663
Trademarks and trade names	14.7	21,370		794		2.6	770		248
Other	3.0	220		109		3.7	220		57
Total intangible assets (excluding goodwill)	15.4	$	327,951	$	17,412	16.5	$	49,251	$	10,968

Amortization expense was $6.4 million, $3.1 million, and $1.4 million for the years ended December 31, 2013, 2012, and 2011, respectively. Estimated amortization expense of intangible assets over the next five years is expected to approximate $22.1 million (2014), $22.0 million (2015), $21.9 million (2016), $21.9 million (2017) and $21.7 million (2018).

Impairment Testing

We test goodwill for impairment annually in the fourth quarter or sooner if events or changes in circumstances indicate that the carrying value of the asset may exceed fair value. Additionally, when we experience changes to our business or operating environment, we evaluate the remaining useful lives of our finite-lived purchased intangible assets to determine whether any adjustments to the useful lives are necessary. We completed our test in fourth quarter, and there is no indication of goodwill or intangible asset impairment.

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Employee Benefit Plans and Other Postretirement Plans

Debt

12 Months Ended

Dec. 31, 2013

Debt

At December 31, 2013 and 2012, our long-term debt and interest rates on that debt were as follows (dollars in thousands):



	December 31, 2013				December 31, 2012
	Amount		Interest Rate		Amount		Interest Rate
Revolving Credit Facility, due October 2018	$	—	—	%	$	—	—	%
Five-Year Term Loan, due October 2018	650,000		1.54		—		—
Seven-Year Term Loan, due October 2020	650,000		1.79		—		—
4.50% Senior Notes, net of discount of $1,827 as of December 31, 2013, due November 2023	698,173		4.50		—		—
6.50% Senior Notes, net of discounts of $26 and $32 as of December 31, 2013 and 2012, respectively, due March 2018	149,974		6.50		149,968		6.50
3.90% Senior Notes, net of discounts of $302 and $338 as of December 31, 2013 and 2012, respectively, due June 2022	399,698		3.90		399,662		3.90
Receivables Credit Facility, due October 2014	—		—		109,000		1.06
Senior Credit Facility, Term Loan, due October 2016	—		—		135,000		1.71
Total	2,547,845		3.08		793,630		3.63
Less current portion	39,000		1.59		15,000		1.71
Total long-term debt	$	2,508,845	3.10	%	$	778,630	3.67	%

In October 2013, we entered into $2.35 billion of new borrowings and credit facility, including a $1.65 billion senior unsecured credit agreement, which includes a $350.0 million undrawn revolver, and $700.0 million of 4.50% ten-year notes, which in connection with cash on hand, was used to finance the acquisition of Boise, repay $953.6 million of indebtedness, which included $829.8 million of acquired Boise debt, and for general corporate purposes. The details of the new borrowings are as follows:


•	Senior Unsecured Credit Agreement. On October, 18, 2013, we replaced our senior credit facility that was scheduled to terminate in October 2016, with a new $1.65 billion senior unsecured credit facility. Loans bear interest at LIBOR plus a margin that is determined based upon our credit ratings. The financing consisted of:

◦

Revolving Credit Facility: A $350.0 million unsecured revolving credit facility with variable interest (LIBOR plus a margin) due October 2018. During 2013, we did not borrow under the Revolving Credit Facility. At December 31, 2013, we had $19.0 million of outstanding letters of credit that were considered a draw on the revolving credit facility, resulting in $331.0 million of unused borrowing capacity. The outstanding letters of credit were primarily for workers compensation. We are required to pay commitment fees on the unused portions of the credit facility.


◦	Five-Year Term Loan: A $650.0 million unsecured term loan with variable interest (LIBOR plus 1.375%), payable quarterly, due October 2018.


◦	Seven-Year Term Loan: A $650.0 million unsecured term loan with variable interest (LIBOR plus 1.625%), payable quarterly, due October 2020.


•	4.50% Senior Notes. On October 22, 2013, we issued $700.0 million of 4.50% senior notes due November 1, 2023, through a registered public offering.

On December 23, 2013, we repaid in full the $109.0 million that was outstanding under, and terminated, the receivables credit facility that was scheduled to terminate on October 11, 2014.

On June 26, 2012, we issued $400.0 million of 3.90% senior notes due June 15, 2022, through a registered public offering and notified the holders of our $400.0 million of 5.75% senior notes due August 1, 2013, that we would redeem those notes on July 26, 2012. On July 26, 2012, we completed the redemption of the old 5.75% notes for $432.5 million, which included a redemption premium of $21.3 million and $11.2 million of accrued and unpaid interest. We used the proceeds of the offering of the new 3.90% notes and cash on hand to fund the redemption.

The instruments governing our indebtedness contain financial and other covenants that limit the ability of PCA and its subsidiaries to enter into sale and leaseback transactions, incur liens, incur indebtedness at the subsidiary level, enter into certain transactions with affiliates, merge or consolidate with any other person or sell or otherwise dispose of all or substantially all of our assets. Our credit facility also requires us to comply with certain financial covenants, including maintaining a minimum interest coverage ratio and a maximum leverage ratio. A failure to comply with these restrictions could lead to an event of default, which could result in an acceleration of any outstanding indebtedness and/or prohibit us from drawing on the revolving credit facility. Such an acceleration may also constitute an event of default under the senior notes indenture. At December 31, 2013, we were in compliance with these covenants.

Additional information regarding our variable rate debt is shown below:



	Reference Interest Rate				Applicable Margin
	2013		2012		2013		2012
Five-Year Term Loan, due October 2018	0.17	%	n/a		1.375	%	n/a
Seven-Year Term Loan, due October 2020	0.17	%	n/a		1.625	%	n/a
Receivables Credit Facility	n/a		0.21	%	n/a		0.85	%
Senior Credit Facility, Term Loan, due October 2016	n/a		0.21	%	n/a		1.50	%

As of December 31, 2013, annual principal maturities for debt, excluding unamortized debt discount, are: $39.0 million for 2014; $71.5 million for 2015; $71.5 million for 2016; $104.0 million for 2017; $546.5 million for 2018; and $1.7 billion for 2019 and thereafter.

Interest payments and redemption premium payments paid in connection with the Company’s debt obligations for the years ended December 31, 2013, 2012, and 2011, were $105.7 million (including a $54.8 million redemption premium related to the acquired Boise Inc. debt), $66.3 million (including a $21.3 million redemption premium), and $35.2 million, respectively.

Included in interest expense, net, are amortization of financing costs and amortization of treasury lock settlements. For the years ended December 31, 2013, 2012, and 2011, amortization of treasury lock settlements was a $5.7 million net loss, a $3.0 million net loss, and a $1.8 million net gain, respectively. Amortization of financing costs for the years ended December 31, 2013, 2012, and 2011, was $10.3 million (including $8.2 million for acquisition-related financing fees), $1.1 million, and $0.7 million, respectively.

With the exception of the senior notes, our debt is variable-rate debt. At December 31, 2013, the book value of our fixed-rate debt was $1,247.8 million, and the fair value was estimated to be $1,258.3 million. The difference between the book value and fair value is due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 1 inputs), discussed further in Note 2, Summary of Significant Accounting Policies.

Share-Based Compensation

12 Months Ended

Dec. 31, 2013

Share-Based Compensation

The Company has a long-term equity incentive plan, which allows for grants of stock options, stock appreciation rights, restricted stock, and performance awards to directors, officers and employees, as well as others who engage in services for PCA. The plan, as amended, terminates May 1, 2023, and authorizes 10.6 million shares of common stock for grant over the life of the plan. As of December 31, 2013, 2.1 million shares remained available for future issuance under the plan. Forfeitures are added back to the pool of shares of common stock available to be granted at a future date.

Restricted Stock

Restricted stock awards granted to officers and employees generally vest at the end of a four-year period, and restricted stock awards granted to directors vest immediately. The fair value of restricted stock is determined based on the closing price of the Company’s stock on the grant date. A summary of the Company’s restricted stock activity follows:



	2013				2012				2011
	Shares		Weighted Average Grant- Date Fair Value		Shares		Weighted Average Grant- Date Fair Value		Shares		Weighted Average Grant- Date Fair Value
Restricted stock at January 1	1,771,664		$	23.44	1,817,745		$	22.37	1,478,000		$	20.70
Granted	331,053		51.99		394,928		27.46		575,694		27.80
Vested (a)	(605,458	)	19.54		(429,034	)	22.66		(229,979	)	25.29
Forfeitures	(33,565	)	24.76		(11,975	)	21.46		(5,970	)	22.45
Restricted stock at December 31	1,463,694		$	31.48	1,771,664		$	23.44	1,817,745		$	22.37

___________


(a)	The total fair value of awards upon vesting for the years ended December 31, 2013, 2012, and 2011, was $29.5 million, $12.4 million, and $6.1 million, respectively.

Performance Units

The Company granted 70,600 performance award units to certain key employees on June 24, 2013, with a weighted-average grant-date fair value of $47.83 per unit. The number of units that vest at the end of a four-year period are based on the Company’s performance compared to a peer group. The performance units are paid out entirely in shares of the Company’s common stock. The award is valued at the closing price of the Company’s stock on the grant date and is expensed over the requisite service period based on the most probable number of awards expected to vest.

Compensation Expense

Our share-based compensation expense is 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 thousands):



	Year Ended December 31
	2013			2012			2011
Restricted stock	$	14,238		$	11,687		$	9,736
Performance units	523			—			—
Impact on income before income taxes	14,761			11,687			9,736
Income tax benefit	(5,728		)	(4,543		)	(3,784		)
Impact on net income	$	9,033		$	7,144		$	5,952

The fair value of restricted stock and performance units is determined based on the closing price of the Company’s common stock on the grant date. As PCA’s Board of Directors has the ability to accelerate vesting of share-based awards upon an employee’s retirement, the Company accelerates the recognition of compensation expense for certain employees approaching normal retirement age.

The unrecognized compensation expense for all share-based awards follows (dollars in thousands):



	As of December 31, 2013
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	24,500	2.7
Performance units	2,941		3.5
Total unrecognized share-based compensation expense	$	27,441	2.8

We evaluate share-based compensation expense on a quarterly basis based on our estimate of expected forfeitures, review of recent forfeiture activity, and expected future turnover. We recognize the effect of adjusting the forfeiture rate for all expense amortization in the period that we change the forfeiture estimate. The effect of forfeiture adjustments was insignificant in all periods presented.

Employee Benefit Plans and Other Postretirement Plans

12 Months Ended

Dec. 31, 2013

Employee Benefit Plans and Other Postretirement Benefits

Including plans acquired in the acquisition of Boise Inc., PCA has defined pension benefit plans for both salaried and hourly employees. The plans covering salaried employees are closed to new entrants with only certain current active participants still accruing benefits. The plans covering certain hourly employees are closed to new participants. We also have a Supplemental Executive Retirement Plan (SERP) and other nonqualified defined benefit pension plans that provide unfunded supplemental retirement benefits to certain of our executives and former executives. The SERP provides for incremental pension benefits in excess of those offered in our principal pension plans.

In connection with the acquisition of Boise Inc., we recorded a $67.8 million liability equal to the net underfunded status of the acquired defined benefit plans. The majority of the Boise pension benefit plans acquired are frozen; with only about 300 hourly employees continuing to accrue benefits. When frozen, the pension benefit for salaried employees was based primarily on the employees' years of service and highest five-year average compensation. The benefit for hourly employees is generally based on a fixed amount per year of service.

Other Postretirement Benefits

PCA provides postretirement medical benefits for salaried employees and postretirement medical and life insurance benefits for certain hourly employees. For salaried employees, the plan covers employees retiring from PCA on or after attaining age 58 who have had at least 10 years of full-time service with PCA after attaining age 48. For hourly employees, the postretirement medical and life insurance coverage, where applicable, is available according to the eligibility provisions contained in the applicable collective bargaining agreement in effect at the employee’s work location.

Obligations and Funded Status of Defined Benefit Pension and Other Postretirement Benefits Plans

The funded status of PCA's plans change from year to year based on the plan asset investment return, contributions, benefit payments, and the discount rate used to measure the liability. The following table, which includes only company-sponsored defined benefit and other postretirement benefit plans, reconciles the beginning and ending balances of the projected benefit obligation and the fair value of plan assets. We recognize the unfunded status of these plans on the Consolidated Balance Sheets, and we recognize changes in funded status in the year changes occur through the Consolidated Statements of Comprehensive Income (dollars in thousands):



	Pension Plans						Postretirement Plans
	Year Ended December 31						Year Ended December 31
	2013			2012			2013			2012
Change in Benefit Obligation
Benefit obligation at beginning of period	$	378,714		$	314,155		$	31,806		$	25,937
Service cost	24,460			22,424			2,061			1,856
Interest cost	21,488			14,800			1,248			1,241
Plan amendments (a)	13,785			2,271			—			2,266
Actuarial (gain) loss (b)	(53,451		)	29,338			(7,797		)	1,698
Acquisitions	553,969			—			226			—
Participant contributions	—			—			1,239			1,055
Benefits paid	(9,149		)	(4,274		)	(2,528		)	(2,247		)
Benefit obligation at plan year end	$	929,816		$	378,714		$	26,255		$	31,806
Accumulated benefit obligation portion of above	$	884,016		$	341,729

Change in Fair Value of Plan Assets
Plan assets at fair value at beginning of period	$	238,359		$	185,122		$	—		$	—
Acquisitions	486,171			—			—			—
Actual return on plan assets	26,555			21,527			—			—
Company contributions	30,146			35,984			1,289			1,192
Participant contributions	—			—			1,239			1,055
Benefits paid	(9,149		)	(4,274		)	(2,528		)	(2,247		)
Fair value of plan assets at plan year end	$	772,082		$	238,359		$	—		$	—

Underfunded status	$	(157,734	)	$	(140,355	)	$	(26,255	)	$	(31,806	)

Amounts Recognized in Statement of Financial Position
Current liabilities	$	(832	)	$	(6,290	)	$	(1,231	)	$	(1,333	)
Noncurrent liabilities	(156,902		)	(134,065		)	(25,024		)	(30,473		)
Accrued benefit recognized at December 31	$	(157,734	)	$	(140,355	)	$	(26,255	)	$	(31,806	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-Tax)
Prior service cost	$	31,577		$	34,921		$	72		$	(353	)
Actuarial loss	26,742			90,057			1,472			9,759
Total	$	58,319		$	124,978		$	1,544		$	9,406

___________


(a)	In 2013, the United Steel Workers (USW) ratified a master labor agreement with PCA under which certain USW-represented employees will have their pension accruals frozen under PCA's hourly pension plan, resulting in most of the $13.8 million increase in benefit obligations.


(b)	The actuarial gain in 2013 is due primarily to an increase in the weighted average discount rate, while the discount rate decreased in 2012.

Components of Net Periodic Benefit Cost and Other Comprehensive (Income) Loss

The components of net periodic benefit cost and other comprehensive (income) loss (pretax) are as follows (dollars in thousands):



	Pension Plans									Postretirement Plans
	Year Ended December 31									Year Ended December 31
	2013			2012			2011			2013			2012			2011
Service cost	$	24,460		$	22,424		$	19,808		$	2,061		$	1,856		$	1,599
Interest cost	21,488			14,800			13,473			1,248			1,241			1,189
Expected return on plan assets	(21,345		)	(12,108		)	(13,544		)	—			—			—
Net amortization of unrecognized amounts
Prior service cost	6,222			5,993			5,782			(426		)	(419		)	(416		)
Actuarial loss	4,662			4,916			411			490			452			449
Curtailment loss (a)	10,908			—			—			—			—			—
Net periodic benefit cost	$	46,395		$	36,025		$	25,930		$	3,373		$	3,130		$	2,821

Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Actuarial net (gain) loss	$	(58,652	)	$	19,919		$	49,675		$	(7,798	)	$	1,698		$	754
Prior service credit	13,785			2,270			1,827			—			17			—
Amortization of actuarial loss	(4,662		)	(4,916		)	(411		)	(490		)	(452		)	(449		)
Amortization of prior service cost	(17,130		)	(5,993		)	(5,782		)	426			419			416
Total recognized in other comprehensive (income) loss (b)	(66,659		)	11,280			45,309			(7,862		)	1,682			721
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(20,264	)	$	47,305		$	71,239		$	(4,489	)	$	4,812		$	3,542

___________


(a)	PCA recognized curtailment losses in "Other expense, net" in the Consolidated Statements of Income for recent USW negotiations, resulting in the bifurcation of the active USW population between those grandfathered in the current formula (with continued accruals) and non-grandfathered in the current formula (frozen benefits at the contract date).

(b)

Accumulated losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of assets will be recognized on a straight-line basis over the average remaining service period of active employees, which is between seven to ten years, to the extent that losses are not offset by gains in subsequent years. The estimated net loss and prior service cost that will be amortized from "Accumulated other comprehensive income (loss)" into pension expense in 2014 is $7.1 million.

Some of our defined benefit plans have accumulated benefit obligations which are less than the fair value of plan assets. The accumulated benefit obligations for the plans with obligations in excess of plan assets, is $798 million.

Assumptions

The following table presents the assumptions used in the measurement of our benefits obligations:



	Pension Plans			Postretirement Plans
	December 31			December 31
	2013	2012	2011	2013	2012	2011
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate	5.00%	4.25%	4.75%	4.85%	4.00%	4.50%
Rate of compensation increase	4.00%	4.00%	4.00%	N/A	N/A	N/A
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for the Years Ended December 31
Discount rate	4.57%	4.75%	5.50%	4.00%	4.50%	5.25%
Expected return on plan assets	6.53%	6.15%	7.75%	N/A	N/A	N/A
Rate of compensation increase	4.00%	4.00%	4.00%	N/A	N/A	N/A

Discount Rate Assumption. The discount rate reflects the current rate at which the pension obligations could be settled on the measurement date: December 31. The discount rate assumption used to calculate the present value of pension and postretirement benefit obligations reflects the rates available on high-quality, fixed-income debt instruments on December 31. In all periods, the bonds included in the models reflect anticipated investments that would be made to match the expected monthly benefit payments over time. The plans' projected cash flows were duration-matched to these models to develop an appropriate discount rate. The discount rate PCA will use in 2014 to calculate the net periodic pension benefit and postretirement benefit cost is 5.00% and 4.85%, respectively.

Asset Return Assumption. The expected return on plan assets reflects the expected long-term rates of return for the categories of investments currently held in the plan as well as anticipated returns for additional contributions made in the future. The expected long-term rate of return is adjusted when there are fundamental changes in expected returns on the plan investments. The weighted-average expected return on plan assets we will use in our calculation of 2014 net periodic pension benefit cost is 6.69%.

Rate of Compensation Increase. The rate of compensation increase is determined by PCA based upon annual reviews. The compensation increase assumption is not applicable for all plans as many of our pension plans are frozen and not accruing benefits.

Health Care Cost Trend Rate Assumptions. PCA assumed health care cost trend rates for its postretirement benefits plans were as follows:



	2013	2012	2011
Health care cost trend rate assumed for next year	7.75%	8.00%	8.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%	5.50%
Year that the rate reaches the ultimate trend rate	2020	2020	2016

Postretirement Health Care Plan Assumptions. For postretirement health care plan accounting, PCA reviews external data and its own historical trends for health care costs to determine the health care cost trend rate assumption.

A one-percentage point change in assumed health care cost trend rates would have the following effects on the 2013 postretirement benefit obligation and the 2013 net post retirement benefit cost (in thousands):



	1-Percentage Point Increase		1-Percentage Point Decrease
Effect on postretirement benefit obligation	$	540	$	(483	)
Effect on net postretirement benefit cost	52		(45		)

Investment Policies and Strategies

PCA has retained the services of professional advisors to oversee pension investments and provide recommendations regarding investment strategy. PCA’s overall strategy and related apportionments between equity and debt securities may change from time to time based on market conditions, external economic factors, and the funded status of the plans. The general investment objective for all of our plan assets is to optimize growth of the pension plan trust assets, while minimizing the risk of significant losses to enable the plans to satisfy their benefit payment obligations over time. The objectives take into account the long-term nature of the benefit obligations, the liquidity needs of the plans, and the expected risk/return trade-offs of the asset classes in which the plans may choose to invest. Pension plans’ assets were invested in the following classes of securities at December 31, 2013 and 2012:



	Percentage of Fair Value
	2013		2012
Debt securities	52	%	61	%
International equity securities	25		20
U.S. equity securities	21		16
Real estate securities	1		3
Other	1	%	—	%

At December 31, 2013, the targeted investment allocations differed between the acquired Boise plans and PCA's historical plans based on funded status. At December 31, 2013, PCA's historical plans, which comprised $283.1 million of the fair value of plan assets, targeted 34% invested in equities, 62% invested in bonds, and 4% in other, whereas the Boise plans, which comprised $489.0 million of the total fair value of plan assets, targeted 50% in equities and 50% in bonds. The pension assets we acquired with the acquisition of Boise are invested more heavily in equities than our plans have historically been invested, which increased the percentage of fair value invested in equities in 2013, compared with 2012.

Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk, all of which are subject to change. Due to the level of risk associated with some investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term, and such changes could materially affect the reported amounts.

Fair Value Measurements of Plan Assets

The following tables set forth, by level within the fair value hierarchy, discussed in Note 2, Summary of Significant Accounting Policies, the pension plan assets, by major asset category, at fair value at December 31, 2013 and 2012 (dollars in thousands):



	Fair Value Measurements at December 31, 2013
Asset Category	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short-term investments (a)	$	—	$	1,858	$	—	$	1,858
Mutual funds (b):
U.S. large value	19,453		—		—		19,453
U.S. large growth	17,217		—		—		17,217
U.S. mid-cap value	3,135		—		—		3,135
U.S. mid-cap growth	6,781		—		—		6,781
Foreign large blend	45,159		—		—		45,159
Diversified emerging markets	8,005		—		—		8,005
Real estate	7,469		—		—		7,469
Fixed income	54,366		—		—		54,366
Common/collective trust funds (a):
U.S. large-cap equity blend	—		87,862		—		87,862
U.S. small and mid-cap equity blend	—		19,577		—		19,577
Foreign large blend	—		126,653		—		126,653
Diversified emerging markets	—		9,211		—		9,211
Government bonds	—		35,603		—		35,603
Corporate bonds	—		77,256		—		77,256
U.S. small blend	—		6,777		—		6,777
Fixed income	—		234,445		—		234,445
Private equity securities (c)	—		—		9,904		9,904
Total securities at fair value	$	161,585	$	599,242	$	9,904	$	770,731
Receivables and accrued expenses							1,351
Total fair value of plan assets							$	772,082



	Fair Value Measurements at December 31, 2012
Asset Category	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short-term investments (a)	$	—	$	394	$	—	$	394
Mutual funds (b):
U.S. large value	15,021		—		—		15,021
U.S. large growth	12,029		—		—		12,029
U.S. mid-cap value	2,481		—		—		2,481
U.S. mid-cap growth	4,734		—		—		4,734
Foreign large blend	39,204		—		—		39,204
Diversified emerging markets	7,722		—		—		7,722
Real estate	6,881		—		—		6,881
Fixed income	48,699		—		—		48,699
Common/collective trust funds (a):
Government bonds	—		29,644		—		29,644
Corporate bonds	—		66,517		—		66,517
U.S. small blend	—		5,033		—		5,033
Total fair value of plan assets	$	136,771	$	101,588	$	—	$	238,359

____________

(a)

Investments in common/collective trust funds valued using NAV provided by the administrator of the funds. We use NAV as a practical expedient to fair value. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of units outstanding. While the underlying assets are actively traded on an exchange, the funds are not. There are currently no redemption restrictions on these investments. There are certain funds with one-day redeemable notice.


(b)	Investments in mutual funds valued at quoted market values on the last business day of the fiscal year.

(c)

Investments in this category are invested in the Pantheon Global Secondary Fund IV, LP. The fund specializes in investments in the private equity secondary market and occasionally directly in private companies to maximize capital growth. Fund investments are carried at fair value as determined quarterly using the market approach to estimate the fair value of private investments. The market approach utilizes prices and other relevant information generated by market transactions, type of security, size of the position, degree of liquidity, restrictions on the disposition, latest round of financing data, current financial position, and operating results, among other factors. In circumstances where fair values are not provided with respect to any of the company's fund investments, the investment advisor will seek to determine the fair value of such investments based on information provided by the general partners or managers of such funds or from other sources. Audited financial statements are provided by fund management annually. Notwithstanding the above, the variety of valuation bases adopted and quality of management data of the ultimate underlying investee companies means that there are inherent difficulties in determining the value of the investments. Amounts realized on the sale of these investments may differ from the calculated values. Boise had originally committed to a $15.0 million investment, with $6.2 million of the commitment unfunded at December 31, 2013.

The following table sets forth a summary of changes in the fair value of the pension plans' Level 3 assets for the year ended December 31, 2013 (dollars in thousands):



	2013
Balance, beginning of year	$	—
Acquisitions	8,479
Purchases	975
Sales	—
Unrealized gain	450
Balance, end of year	$	9,904

Funding and Cash Flows

PCA makes pension plan contributions that are sufficient to fund its actuarially determined costs, generally equal to the minimum amounts required by the Employee Retirement Income Security Act (ERISA). From time to time, PCA may make discretionary contributions based on the funded status of the plans, tax deductibility, income from operations, and other factors. In 2013, we contributed $30.1 million to our plans, which exceeded our 2013 minimum pension contribution requirements. We expect to contribute at least the required minimum currently estimated to be approximately $5.0 million in 2014.

The following are estimated benefit payments to be paid to current plan participants by year (dollars in thousands). Qualified pension benefit payments are paid from plan assets, while nonqualified pension benefit payments are paid by the Company.



	Pension Plans		Postretirement Plans
2014	$	30,551	$	1,231
2015	34,304		1,287
2016	38,027		1,369
2017	42,020		1,523
2018	45,759		1,665
2019 - 2023	281,889		10,150

Defined Contribution Plans

Some of our employees participate in contributory defined contribution savings plans, available to most of our salaried and hourly employees. The defined contribution plans permit participants to make contributions by salary reduction pursuant to Section 401(k) of the Code. PCA made employer-matching contributions of $15.0 million, $10.8 million, and $10.4 million in 2013, 2012, and 2011. The increase in contributions in 2013, compared with the prior periods, relates primarily to the additional participants added in the Boise acquisition. Company matching contributions to full-time salaried employees are made in company stock, through our Employee Stock Ownership Plan (ESOP). All other matching contributions are in cash. We expense employer matching contributions and charge dividends on shares held by the ESOP to retained earnings. Shares of company stock held by the ESOP are included in basic shares for earnings-per-share computations. At both December 31, 2013 and 2012, the ESOP held 2.1 million shares of company stock.

Salaried and certain hourly employees that are not participating in a PCA sponsored defined benefit pension plan receive a service-related company retirement contribution to their defined contribution plan account in addition to any employer matching contribution. This contribution increases with years of service and ranges from 3% to 5% of base pay. We expensed $5.3 million, $4.3 million, and $3.9 million for this retirement contribution during the years ended December 31, 2013, 2012, and 2011, respectively.

Deferred Compensation Plans

Key managers can elect to participate in a deferred compensation plan. The deferred compensation plan is unfunded; therefore, benefits are paid from our general assets. At December 31, 2013 and 2012, we had $12.0 million and $3.4 million, respectively, of liabilities attributable to participation in our deferred compensation plan on our Consolidated Balance Sheets. The $8.6 million increase in liabilities relates primarily to the $7.9 million of deferred compensation liabilities assumed in the Boise Acquisition.

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities

Hedging Strategy

PCA is exposed to certain risks relating to its ongoing operations. When appropriate, the Company uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary risks managed by using derivative financial instruments are interest rate and foreign currency exchange rate risks. PCA does not enter into derivative financial instruments for trading or speculative purposes.

Interest Rate Risk

The Company has used treasury lock derivative instruments to manage interest costs and the risk associated with changing interest rates. In connection with contemplated issuances of ten-year debt securities, PCA entered into interest rate protection agreements with counterparties in 2003, 2008, 2010, and 2011 to protect against increases in the ten-year U.S. Treasury Note rate. These treasury rates served as references in determining the interest rates applicable to the debt securities the Company issued in July 2003, March 2008, February 2011, and June 2012. As a result of changes in the interest rates on those treasury securities between the time PCA entered into the derivative agreements and the time PCA priced and issued the debt securities, the Company: (1) received a payment of $22.8 million from the counterparty upon settlement of the 2003 interest rate protection agreement on July 21, 2003; (2) made a payment of $4.4 million to the counterparty upon settlement of the 2008 interest rate protection agreement on March 25, 2008; (3) received a payment of $9.9 million from the counterparties upon settlement of the 2010 interest rate protection agreements on February 4, 2011; and (4) made a payment of $65.5 million to the counterparty upon settlement of the 2011 interest rate protection agreement on June 26, 2012. The Company recorded the effective portion of the settlements in AOCI, and these amounts are being amortized over the terms of the respective notes.

During the second quarter of 2012, the Company recorded a charge of $3.4 million in interest expense as hedge ineffectiveness due to settling the 2011 interest rate protection agreement prior to its maturity of December 31, 2012. The Company calculated the ineffective portion of the hedge utilizing the hypothetical derivative method. Additionally, during the third quarter of 2012, the Company recorded a $2.2 million settlement gain in interest expense from the 2003 interest rate protection agreement that was written off due to the redemption of the 5.75% notes on July 26, 2012.

Foreign Currency Exchange Rate Risk

In connection with the energy optimization projects at its Valdosta, Georgia mill and Counce, Tennessee mill, the Company entered into foreign currency forward contracts in 2009 and 2010 to hedge its exposure to forecasted purchases of machinery and equipment denominated in foreign currencies. The foreign currency forward contracts were properly documented and designated as cash flow hedges at inception. By the end of 2011, all contracts had been settled for a loss of $0.7 million. The loss was recorded in accumulated OCI and is being amortized into cost of sales over the lives of the respective machinery and equipment.

Derivative Instruments

The impact of derivative instruments on the consolidated statements of income and accumulated OCI is as follows (dollars in thousands):



	Net Gain (Loss) Recognized in Accumulated OCI (Effective Portion) December 31
	2013			2012
Treasury locks, net of tax	$	(28,191	)	$	(31,651	)
Foreign currency exchange contracts, net of tax	(371		)	(392		)
Total	$	(28,562	)	$	(32,043	)



	Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Year Ended December 31
Location	2013			2012			2011
Amortization of treasury locks (included in interest expense, net)	$	(5,655	)	$	435		$	1,846
Amortization of foreign currency forward contracts (included in cost of sales)	(34		)	(34		)	(7		)

The net amount of settlement gains or losses on derivative instruments included in accumulated OCI to be amortized over the next 12 months is a net loss of $5.7 million ($3.5 million after tax).

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Stockholders' Equity

12 Months Ended

Dec. 31, 2013

Stockholders' Equity

Share Repurchase Program

In 2013, 2012, and 2011, we repurchased the following shares of common stock. In all years, all of the shares purchased were retired. At December 31, 2013, $98.1 million of the $150.0 million authorization by the Board of Directors, remained available for repurchase of the Company's common stock (in thousands, except share and per share amounts).



	Shares	Weighted Average Price Per Share		Total
2011	4,824,021	$	25.51	$	123,077
2012	1,507,659	29.96		45,162
2013	171,263	45.54		7,799

Accumulated Other Comprehensive Income (Loss)

Changes in AOCI by component follows (dollars in thousands). Amounts in parentheses indicate losses.



	Foreign Currency Translation Adjustments			Unrealized Loss On Treasury Locks, Net			Unrealized Loss on Foreign Exchange Contracts			Unfunded Employee Benefit Obligations			Total
Balance at December 31, 2012	$	—		$	(31,651	)	$	(392	)	$	(81,999	)	$	(114,042	)
Other comprehensive income before reclassifications, net of tax	(136		)	—			—			32,264			32,128
Amounts reclassified from AOCI, net of tax	—			3,460			21			13,409			16,890
Net current-period other comprehensive income	(136		)	3,460			21			45,673			49,018
Balance at December 31, 2013	$	(136	)	$	(28,191	)	$	(371	)	$	(36,326	)	$	(65,024	)

The following table presents information about reclassifications out of AOCI (dollars in thousands). Amounts in parentheses indicate expenses in the Consolidated Statement of Income.



	Amounts Reclassified from AOCI Year Ended December 31
Details about AOCI Components	2013			2012			Affected Line Item in the Statement Where Net Income is Presented
Unrealized loss on treasury locks, net	$	(5,655	)	$	(2,988	)	See (a) below
	2,195			1,167			Tax benefit
	$	(3,460	)	$	(1,821	)	Net of tax

Unrealized loss on foreign exchange contracts	$	(34	)	$	(34	)	See (b) below
	13			13			Tax benefit
	$	(21	)	$	(21	)	Net of tax

Unfunded employee benefit obligations
Amortization of prior service costs	$	(16,704	)	$	(5,575	)	See (c) below
Amortization of actuarial gains / (losses)	(5,197		)	(5,368		)	See (c) below
	(21,901		)	(10,943		)	Total before tax
	8,492			4,254			Tax benefit
	$	(13,409	)	$	(6,689	)	Net of tax

____________


(a)	This AOCI component is included in interest expense, net. See Note 11, Derivative Instruments and Hedging Activities, for additional information.


(b)	This AOCI component is included as depreciation in cost of sales.


(c)	These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10, Employee Benefit Plans and Other Postretirement Benefits, for additional information.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Asset Retirement Obligations

Concentrations of Risk

12 Months Ended

Dec. 31, 2013

Concentration of Risk

Concentrations of Risk

Our Paper segment has had a long-standing commercial and contractual relationship with OfficeMax Incorporated (OfficeMax), and OfficeMax is our largest customer in the paper business. Following a merger in late 2013, OfficeMax is now a wholly-owned subsidiary of Office Depot. Although we expect our long-term business and contractual relationship with OfficeMax to continue post-merger, the relationship exposes us to a significant concentration of business and financial risk. For the period of October 25, 2013, through December 31, 2013, our sales to Office Depot (including OfficeMax) represented 2% of our total company sales revenue and 38% of our Paper segment sales revenue. At December 31, 2013, we had $39.2 million of accounts receivable due from Office Depot (including OfficeMax), which represents 6% of our total company receivables.

We cannot predict how the merger between OfficeMax and Office Depot will affect our business. Significant increases in paper purchases would intensify the concentration of risk. Significant reductions in paper purchases would cause our paper business to expand its customer base and could potentially decrease its profitability if new customer sales required either a decrease in pricing and/or an increase in cost of sales. Any significant deterioration in the financial condition of the post-merger entity affecting the ability to pay or causing a significant change in the willingness to continue to purchase our products could harm our business and results of operations.

Labor

At December 31, 2013, we had approximately 13,600 employees and approximately 50% of these employees worked pursuant to collective bargaining agreements. Approximately 75% of our hourly employees are represented by unions. The majority of our unionized employees are represented by the United Steel Workers (USW), the International Brotherhood of Teamsters (IBT), the International Association of Machinists (IAM), and the Association of Western Pulp and Paper Workers (AWPPW). We are currently in negotiations to renew or extend any union contracts that have recently expired or are expiring in the near future, including the agreements at our Jackson, Alabama, paper mill, which expire August 31, 2014. During 2013, we experienced no work stoppages and believe we have satisfactory labor relations with our employees. Approximately 20% of our employees work pursuant to collective bargaining agreements that will expire within the next twelve months.

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2013

Our asset retirement obligations relate predominantly to landfill closure, wastewater treatment pond dredging, closed-site monitoring costs, and certain leasehold improvements. In accordance with ASC 410, "Asset Retirement and Environmental Obligations," we recognize the fair value of these liabilities as an asset retirement obligation and capitalize that cost as part of the cost basis of the related asset in the period in which they are incurred if sufficient information is available to reasonably estimate the fair value of the obligation. Fair value estimates are determined using Level 3 inputs in the fair value hierarchy. The fair value of our asset retirement obligations is measured using expected future cash outflows discounted using the company's credit-adjusted risk-free interest rate. When we record the liability, we capitalize the cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its settlement value, and the capitalized cost is depreciated over the useful life of the related asset. These liabilities are based on the best estimate of costs and are updated periodically to reflect current technology, laws and regulations, inflation, and other economic factors. Occasionally, we become aware of events or circumstances that require us to revise our future estimated cash flows. When revisions become necessary, we recalculate our obligation and adjust our asset and liability accounts utilizing appropriate discount rates. No assets are legally restricted for purposes of settling asset retirement obligations. Upon settlement of the liability, we will recognize a gain or loss for any difference between the settlement amount and the liability recorded.

The following table describes changes to the asset retirement obligation liability (dollars in thousands):



	Year Ended December 31
	2013			2012
Asset retirement obligation at beginning of period	$	5,145		$	5,095
Acquisition	23,841			—
Liabilities incurred	3,164			—
Accretion expense	275			50
Revisions in estimated cash flows	(378		)	—
Asset retirement obligation at end of period	$	32,047		$	5,145

We have additional asset retirement obligations with indeterminate settlement dates. The fair value of these asset retirement obligations cannot be estimated due to the lack of sufficient information to estimate the settlement dates of the obligations. These asset retirement obligations include, for example, (i) removal and disposal of potentially hazardous materials related to equipment and/or an operating facility if the equipment and/or facilities were to undergo major maintenance, renovation, or demolition and (ii) storage sites or owned facilities for which removal and/or disposal of chemicals and other related materials are required if the operating facility is closed. We will recognize a liability in the period in which sufficient information becomes available to reasonably estimate the fair value of these obligations.

Transactions With Related Parties

12 Months Ended

Dec. 31, 2013

Transactions With Related Parties

Louisiana Timber Procurement Company, L.L.C. (LTP) is a variable-interest entity that is 50% owned by PCA, after the acquisition of Boise, and 50% owned by Boise Cascade Company (Boise Cascade). LTP procures sawtimber, pulpwood, residual chips, and other residual wood fiber to meet the wood and fiber requirements of PCA and Boise Cascade in Louisiana. PCA is the primary beneficiary of LTP, and has the power to direct the activities that most significantly affect the economic performance of LTP. Therefore, we consolidate 100% of LTP in our financial statements in our Corporate and Other segment. The carrying amounts of LTP's assets and liabilities (which relate primarily to noninventory working capital items) on our Consolidated Balance Sheet were both $5.0 million at December 31, 2013. During the period of October 25, 2013, to December 31, 2013, we recorded $10.3 million of LTP sales to Boise Cascade in "Net Sales" in the Consolidated Statements of Income and approximately the same amount of expenses in "Cost of Sales." The sales were at prices designed to approximate market prices.

During the period of October 25, 2013, to December 31, 2013, fiber purchases from related parties was $3.7 million. Most of these purchases related to chip and log purchases by LTP from Boise Cascade's wood products business. These purchases are recorded in "Cost of Sales" in the Consolidated Statements of Income.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Accrued Liabilities

12 Months Ended

Dec. 31, 2013

Accrued Liabilities

The components of accrued liabilities are as follows (in thousands):



	December 31,
	2013		2012
Compensation and benefits	$	130,455	$	71,246
Medical insurance and workers’ compensation	26,399		18,448
Customer volume discounts and rebates	11,436		13,365
Franchise, property, sales and use taxes	20,232		9,337
Asset retirement obligations	4,002		—
Severance	8,172		—
Other	13,362		10,300
Total	$	214,058	$	122,696

Other Expense, Net

12 Months Ended

Dec. 31, 2013

Other Expense, Net

The components of other (income) expense are as follows (in thousands):



	Year Ended December 31
	2013		2012		2011
Integration-related and other costs	$	17,430	$	—	$	—
Acquisition-related costs	17,240		—		—
Pension curtailment charges	10,908		—		—
Asset disposals and write-offs	13,192		10,821		12,726
Other	208		968		(2,003		)
Total	$	58,978	$	11,789	$	10,723

U.S. Treasury Grant

12 Months Ended

Dec. 31, 2013

U.S. Treasury Grant

On April 5, 2012, PCA’s application for a U.S. Treasury Section 1603 Grant for Specified Energy property was approved for the Valdosta energy project. The Company received the grant proceeds of $57.4 million on April 11, 2012 and recorded the proceeds as a reduction to the cost of the related property, plant, and equipment. These proceeds will be amortized ratably over the estimated useful lives of the related equipment, which amounts to $3.2 million each year.

Segment Information

12 Months Ended

Dec. 31, 2013

Segment Information

Prior to the acquisition of Boise on October 25, 2013, we manufactured and sold packaging products and reported our results in one reportable segment. In connection with the acquisition, we expanded our packaging business and entered the paper business as the third largest producer of white papers in North America in terms of production capacity. As a result, we began managing our business in three reportable segments: Packaging, Paper, and Corporate and Other. These segments represent distinct businesses that are managed separately because of differing products and services. Each of these businesses requires distinct operating and marketing strategies. The segments follow the accounting principles described in Note 2, Summary of Significant Accounting Policies.

Packaging. We manufacture and sell a wide variety of corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays with strong visual appeal that help to merchandise the packaged product in retail locations. In addition, we are a large producer of packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products. We are also a low-volume producer of newsprint.

Paper. We manufacture and sell a range of white papers, including communication papers, and pressure sensitive papers, and market pulp. Our white papers can be manufactured as either commodity papers or specialty papers with specialized or custom features, such as colors, coatings, high brightness, or recycled content. We ship to customers both directly from our mills and through distribution centers. For the period of October 25 through December 31, 2013, our sales to Office Depot (including OfficeMax), our largest paper segment customer, represented 38% of our Paper segment sales revenue.

Corporate and Other. Our Corporate and Other segment includes corporate support services, related assets and liabilities, and foreign exchange gains and losses. This segment also includes transportation assets, such as rail cars and trucks, which we use to transport our products from our manufacturing sites and assets related to a 50% owned variable interest entity, Louisiana Timber Procurement Company, L.L.C. (LTP), that we acquired in the Boise Acquisition. See Note 15, Transactions With Related Parties, for more information related to LTP. Sales in this segment relate primarily to LTP and our rail and truck business. We provide transportation services not only to our own facilities but also, on a limited basis, to third parties when geographic proximity and logistics are favorable. Rail cars and trucks are generally leased.

Each segments' profits and losses are measured on operating profits before interest expense and interest income. After the acquisition of Boise, expenses that were historically included in "Corporate overhead" on our Consolidated Statements of Income, were reclassified to "Selling, general, and administrative expenses" to conform with the current year presentation. In addition, after increasing our product offerings to include both packaging and paper products after the Boise Acquisition, we began allocating the amounts associated with running those businesses, previously included in "Corporate overhead", to our segments. For many of these allocated expenses, the related assets and liabilities remain in the Corporate and Other segment.

Segment sales to external customers by product line are as follows (dollars in millions):



	Year Ended December 31
	2013		2012		2011

Packaging sales	$	3,431.7	$	2,843.9	$	2,620.1

Paper sales
White papers	207.0		—		—
Market pulp	9.9		—		—
	216.9		—		—

Corporate and Other	16.7		—		—
	$	3,665.3	$	2,843.9	$	2,620.1

Sales to foreign unaffiliated customers, which are primarily recorded in our Packaging segment, during the year ended December 31, 2013, were $162.4 million. At December 31, 2013, the net carrying value of long-lived assets held by foreign operations, all of which were in our Packaging segment, was $14.0 million.

An analysis of operations by reportable segment is as follows (dollars in millions):



	Sales, net								Operating Income (Loss)				Depreciation, Amortization, and Depletion		Capital Expenditures (k)		Assets
Year Ended December 31, 2013 (a)	Trade		Inter- segment			Total			Operating Income (Loss)				Depreciation, Amortization, and Depletion		Capital Expenditures (k)		Assets
Packaging	$	3,431.3	$	0.4		$	3,431.7		$	554.2		(b)	$	190.2	$	222.2	$	3,988.5
Paper	216.9		—			216.9			13.5			(c)	9.1		10.0		938.4
Corporate and Other	17.1		28.0			45.1			(85.8		)	(d)	2.5		2.2		316.9
Intersegment eliminations	—		(28.4		)	(28.4		)	—				—		—		—
	$	3,665.3	$	—		$	3,665.3		481.9				$	201.8	$	234.4	$	5,243.8
Interest expense, net									(58.3		)	(e)
Income before taxes									$	423.6



	Sales, net						Operating Income (Loss)				Depreciation, Amortization, and Depletion		Capital Expenditures (k)		Assets
Year Ended December 31, 2012	Trade		Inter- segment		Total		Operating Income (Loss)				Depreciation, Amortization, and Depletion		Capital Expenditures (k)		Assets
Packaging	$	2,843.9	$	—	$	2,843.9	$	383.9		(f)	$	169.4	$	127.8	$	2,194.5
Paper	—		—		—		—				—		—		—
Corporate and Other	—		—		—		53.7			(g)	1.4		0.7		300.4
Intersegment eliminations	—		—		—		—				—		—		—
	$	2,843.9	$	—	$	2,843.9	437.6				$	170.8	$	128.5	$	2,494.9
Interest expense, net							(62.9		)	(h)
Income before taxes							$	374.7



	Sales, net						Operating Income (Loss)				Depreciation, Amortization, and Depletion		Capital Expenditures (k)		Assets
Year Ended December 31, 2011	Trade		Inter- segment		Total		Operating Income (Loss)				Depreciation, Amortization, and Depletion		Capital Expenditures (k)		Assets
Packaging	$	2,620.1	$	—	$	2,620.1	$	311.2		(i)	$	162.9	$	280.2	$	2,235.0
Paper	—		—		—		—				—		—		—
Corporate and Other	—		—		—		(37.2		)	(j)	0.7		—		219.8
Intersegment eliminations	—		—		—		—				—		—		—
	$	2,620.1	$	—	$	2,620.1	274.0				$	163.6	$	280.2	$	2,454.8
Interest expense, net							(29.2		)
Income before taxes							$	244.8

____________


(a)	On October 25, 2013, we acquired Boise. The 2013 results include Boise for the period of October 25 through December 31, 2013.


(b)	Includes $18.0 million of expense for the acquisition inventory step-up and $1.4 million of integration-related and other costs incurred in connection with the acquisition of Boise in fourth quarter 2013.


(c)	Includes $3.5 million of expense for acquisition inventory step-up and $1.9 million of income for integration-related and other costs.


(d)	Includes $17.2 million of acquisition-related costs and $17.9 million of integration-related and other costs.


(e)	Includes $10.5 million of expenses for financing the acquisition and $1.1 million of expense for the write-off of deferred financing costs.


(f)	Includes $2.0 million of plant closure charges.


(g)	Includes $95.5 million of income related to the increase in gallons claimed as alternative fuel mixture credits on the Company's amended 2009 tax return. See Note 6, Alternative Energy Tax Credits, for more information.


(h)	Includes $24.8 million of debt refinancing charges, including the $21.3 million redemption premium, the $3.4 million charge to settle the treasury lock prior to its maturity, and $0.1 million of other items.


(i)	Includes $7.4 million of charges related to energy project disposals.


(j)	Includes $1.6 million of income from an adjustment to our medical benefits reserve.


(k)	Includes "Expenditures for property and equipment" and excludes cash used for "Acquisition of businesses and facilities, net of cash acquired" as reported on our Consolidated Statements of Cash Flows.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Commitments, Guarantees, Indemnifications, and Legal Proceedings

Commitments, Guarantees, Indemnifications, and Legal Proceedings

12 Months Ended

Dec. 31, 2013

We have financial commitments and obligations that arise in the ordinary course of our business. These include long-term debt (discussed in Note 8, Debt), capital commitments, lease obligations, purchase commitments for goods and services, and legal proceedings (discussed below).

Capital Commitments

The Company had capital commitments of approximately $151.4 million and $27.0 million as of December 31, 2013 and 2012, respectively, in connection with the expansion and replacement of existing facilities and equipment.

Lease Obligations

PCA leases space for certain of its facilities, cutting rights to approximately 88,000 acres of timberland, land for a fiber farm, and equipment, primarily vehicles and rolling stock. Lease terms range from one to 15 years and may contain renewal options or escalation clauses. Substantially all lease agreements have fixed payment terms based on the passage of time. Some lease agreements provide us with the option to purchase the leased property. Additionally, some agreements contain renewal options averaging approximately five years. Some leases may require the Company to pay executory costs, which may include property taxes, maintenance and insurance. The minimum lease payments under non-cancelable operating leases with lease terms in excess of one year are as follows (dollars in thousands):



2014	$	56,492
2015	45,818
2016	34,392
2017	23,872
2018	17,034
Thereafter	73,647
Total	$	251,255

Total lease expense, including base rent on all leases and executory costs, such as insurance, taxes, and maintenance, for the years ended December 31, 2013, 2012, and 2011, was $56.0 million, $49.4 million and $46.1 million, respectively. These costs are included in "Cost of sales" and "Selling, general, and administrative expenses" in our Consolidated Statements of Income. We had an insignificant amount of sublease rental income in the periods presented.

PCA was obligated under capital leases covering buildings and machinery and equipment in the amount of $24.9 million and $25.9 million at December 31, 2013 and 2012, respectively. Assets held under capital lease obligations are included in property, plant and equipment as follows (dollars in thousands):



	Year Ended December 31
	2013			2012
Buildings	$	250		$	250
Machinery and equipment	28,526			28,526
Total	28,776			28,776
Less accumulated amortization	(8,676		)	(6,845		)
Total	$	20,100		$	21,931

Amortization of assets under capital lease obligations is included in depreciation expense.

The future minimum payments under capitalized leases at December 31, 2013 are as follows (dollars in thousands):



2014	$	2,654
2015	2,654
2016	2,654
2017	2,654
2018	2,654
Thereafter	25,874
Total minimum capital lease payments	39,144
Less amounts representing interest	(14,240		)
Present value of net minimum capital lease payments	24,904
Less current maturities of capital lease obligations	(1,030		)
Total long-term capital lease obligations	$	23,874

Interest expense related to capital lease obligations was $1.7 million during both the years ended December 31, 2013 and 2012, and $1.5 million during the year ended December 31, 2011.

Purchase Commitments

In the table below, we set forth our enforceable and legally binding purchase obligations as of December 31, 2013. Some of the amounts included in the table are based on management's estimates and assumptions about these obligations, including their duration, the possibility of renewal, anticipated actions by third parties, and other factors. Because these estimates and assumptions are necessarily subjective, our actual payments may vary from those reflected in the table. Purchase orders made in the ordinary course of business are excluded from the table below. Any amounts for which we are liable under purchase orders are reflected on the Consolidated Balance Sheets as accounts payable and accrued liabilities. These obligations relate to various purchase agreements for items such as minimum amounts of fiber and energy purchases over periods ranging from one to 15 years. Total purchase commitments are as follows (dollars in thousands):



2014	$	120,971
2015	54,757
2016	14,840
2017	3,017
2018	2,545
Thereafter	11,536
Total	$	207,666

The Company purchased a total of $61.7 million, $27.7 million, and $28.5 million during the years ended December 31, 2013, 2012, and 2011, respectively, under these purchase agreements. The increase in purchase commitments in 2014, compared with 2013, relates to the acquisition of Boise in fourth quarter 2013.

Environmental Liabilities

The potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs, the complexity and evolving nature of governmental laws and regulations and their interpretations, and the timing, varying costs and effectiveness of alternative cleanup technologies. From 1994 through 2013, remediation costs at the Company’s mills and corrugated plants totaled approximately $3.2 million. At December 31, 2013, the Company had $34.1 million of environmental-related reserves recorded on its Consolidated Balance Sheet. Of the $34.1 million, approximately $26.5 million related to environmental-related asset retirement obligations discussed in Note 14, Asset Retirement Obligations, and $7.6 million related to our estimate of other environmental contingencies. The Company recorded $7.8 million in "Accrued liabilities" and $26.3 million in "Other long-term liabilities" on the Consolidated Balance Sheet. Liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions. Because of these uncertainties, PCA’s estimates may change. As of the date of this filing, the Company believes that it is not reasonably possible that future environmental expenditures for remediation costs and asset retirement obligations above the $34.1 million accrued as of December 31, 2013, will have a material impact on its financial condition, results of operations, or cash flows.

Guarantees and Indemnifications

We provide guarantees, indemnifications, and other assurances to third parties in the normal course of our business. These include tort indemnifications, environmental assurances, and representations and warranties in commercial agreements. At December 31, 2013, we are not aware of any material liabilities arising from any guarantee, indemnification, or financial assurance we have provided. If we determined such a liability was probable and subject to reasonable determination, we would accrue for it at that time.

Legal proceedings

During 2010, PCA and eight other U.S. and Canadian containerboard producers were named as defendants in five purported class action lawsuits filed in the United States District Court for the Northern District of Illinois, alleging violations of the Sherman Act. The lawsuits have been consolidated in a single complaint under the caption Kleen Products LLC v Packaging Corp. of America et al. The consolidated complaint alleges that the defendants conspired to limit the supply of containerboard, and that the purpose and effect of the alleged conspiracy was to artificially increase prices of containerboard products during the period of August 2005 to October 2010 (the time of filing of the complaint). The complaint was filed as a class action suit on behalf of all purchasers of containerboard products during such period. The complaint seeks treble damages and costs, including attorney’s fees. The defendants’ motions to dismiss the complaint were denied by the court in April 2011. PCA believes the allegations are without merit and is defending the lawsuit vigorously. Due to discovery not being completed in the case and the final outcome being dependent on many complex variables, the amount of reasonably possible losses, if any, cannot be estimated at this time.

We are also a party to several other legal actions arising in the ordinary course of our business. These legal actions include commercial liability claims, premises liability claims, and employment-related claims, among others. As of the date of this filing, we believe it is not reasonably possible that any of the legal actions against us will, either individually or in the aggregate, have a material adverse effect on our financial condition, results of operations, or cash flows.

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (unaudited, dollars in thousands, except per-share and stock price information)



	Fiscal Quarter
	First				Second (b)				Third (c)				Fourth (d)				Total
2013 (a):	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Net sales	$	755,207	$	755,207	$	800,230	$	800,230	$	845,440	$	845,440	$	1,264,431	$	1,264,431	$	3,665,308	$	3,665,308
Gross profit	182,492		185,246		192,323		195,250		226,777		227,599		257,595		259,360		859,187		867,455
Income from operations	103,246		106,000		107,270		110,197		141,960		142,782		121,131		122,896		473,607		481,875
Net income	60,613		62,294		64,465		66,252		84,180		84,682		227,025		228,101		436,283		441,329
Basic earnings per share	0.63		0.65		0.67		0.69		0.87		0.88		2.35		2.36		4.52		4.57
Diluted earnings per share	0.62		0.64		0.66		0.68		0.86		0.87		2.33		2.34		4.47		4.52
Stock price - high	44.93		44.93		50.78		50.78		61.32		61.32		64.39		64.39		64.39		64.39
Stock price - low	37.86		37.86		42.36		42.36		48.45		48.45		55.66		55.66		37.86		37.86
	Fiscal Quarter
	First (e)				Second (f)				Third (f)				Fourth (g)				Total
2012 (a):	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Net sales	$	671,357	$	671,357	$	712,468	$	712,468	$	723,473	$	723,473	$	736,579	$	736,579	$	2,843,877	$	2,843,877
Gross profit	145,135		141,834		158,015		159,160		163,102		162,922		174,339		170,819		640,591		634,735
Income from operations	169,110		165,809		83,858		85,003		92,072		91,892		98,419		94,899		443,459		437,603
Net income	17,844		15,826		45,154		45,854		39,791		39,681		61,031		58,879		163,820		160,240
Basic earnings per share	0.18		0.16		0.47		0.48		0.41		0.41		0.63		0.61		1.70		1.66
Diluted earnings per share	0.18		0.16		0.46		0.47		0.41		0.41		0.63		0.60		1.68		1.64
Stock price - high	30.62		30.62		29.80		29.80		36.68		36.68		38.67		38.67		38.67		38.67
Stock price - low	24.82		24.82		25.77		25.77		27.59		27.59		33.89		33.89		24.82		24.82

____________

Note: The sum of the quarters may not equal the total of the respective year’s earnings per share on either a basic or diluted basis due to changes in the weighted average shares outstanding throughout the year.


(a)	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost. See Note 2, Summary of Significant Accounting Policies, for more information.


(b)	Includes a $7.8 million non-cash pension curtailment charge ($5.0 million after tax or $0.05 per diluted share).


(c)	Includes a $3.1 million non-cash pension curtailment charge ($2.0 million after tax or $0.02 per diluted share), $1.5 million of acquisition-related costs ($1.0 million after tax or $0.01 per diluted share), and $2.7 million of acquisition-related financing costs ($1.8 million after tax or $0.02 per diluted share).

(d)

Includes Boise's results for the period of October 25, 2013, through December 31, 2013. The quarter also includes $166.0 million of income tax benefits from the reversal of the reserves for unrecognized tax benefits from alternative energy tax credits ($1.70 per diluted share), partially offset by $21.5 million of expense for the acquisition inventory step-up ($13.6 million after tax or $0.14 per diluted share), $15.8 million of acquisition-related costs ($10.0 million after tax or $0.10 per diluted share), $8.9 million of acquisition-related financing costs ($5.6 million after tax or $0.06 per diluted share), and $17.4 million of integration-related and other costs ($11.0 million after tax or $0.11 per diluted share).

(e)

During the first quarter of 2012, PCA amended its 2009 federal income tax return to reduce the gallons claimed as cellulosic biofuel producer credits previously recorded as a tax benefit and to increase those gallons claimed as alternative fuel mixture credits previously recorded as income. The increase in gallons claimed as alternative fuel mixture credits resulted in income of $95.5 million. The decrease in gallons claimed as cellulosic biofuel producer credits resulted in a decrease in tax benefits of $118.5 million, for a total decrease in net income of $23.0 million ($0.24 per diluted share).


(f)	The second and third quarters of 2012 include debt refinancing charges of $3.7 million ($2.5 million after tax or $0.03 per diluted share) and $21.1 million ($13.5 million after tax or $0.14 per diluted share), respectively.


(g)	Includes $3.4 million of income from state income tax adjustments ($0.03 per diluted share), partially offset by $2.0 million of plant closure charges ($1.4 million after tax or $0.01 per diluted share).

Nature of Operations and Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2013
Consolidation	The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions. Boise's results are included in our results for the period of October 25, 2013, through December 31, 2013.

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

Planned Major Maintenance Costs

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Use of Estimates

Revenue Recognition

Share-Based Compensation

Research and Development

Foreign Currency

Cash and Cash Equivalents

Trade Accounts Receivable, Allowance for Doubtful Accounts, and Customer Deductions

Derivative Instruments and Hedging Activities

Fair Value Measurements

Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets.

Level 3 — Valuations based on unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Inventory Valuation



	Year Ended December 31
	2013						2012						2011
Consolidated Statements of Income and Comprehensive Income	As Previously Reported			As Adjusted			As Previously Reported			As Adjusted			As Previously Reported			As Adjusted
Cost of sales	$	(2,806,121	)	$	(2,797,853	)	$	(2,203,286	)	$	(2,209,142	)	$	(2,078,088	)	$	(2,076,816	)
Gross profit	859,187			867,455			640,591			634,735			542,023			543,295
Income from operations	473,607			481,875			443,459			437,603			272,749			274,021
Income before taxes	415,332			423,600			380,559			374,703			243,504			244,776
(Provision) benefit for income taxes	20,951			17,729			(216,739		)	(214,463		)	(85,477		)	(85,971		)
Net income	436,283			441,329			163,820			160,240			158,027			158,805
Comprehensive income	485,301			490,347			147,556			143,976			104,630			105,408
Net income per common share
Basic	4.52			4.57			1.70			1.66			1.59			1.60
Diluted	4.47			4.52			1.68			1.64			1.57			1.58



	December 31
	2013				2012
Consolidated Balance Sheets	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Inventories	$	522,523	$	594,291	$	268,767	$	332,268
Current deferred tax asset	75,579		47,616		22,328		—
Current deferred tax liability	—		—		—		2,414
Retained earnings	975,296		1,019,101		703,728		742,487



	Year Ended December 31
	2013						2012						2011
Consolidated Statements of Cash Flows	As Previously Reported			As Adjusted			As Previously Reported			As Adjusted			As Previously Reported			As Adjusted
Net income	$	436,283		$	441,329		$	163,820		$	160,240		$	158,027		$	158,805
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax provision (benefit)	(163,550		)	(160,328		)	183,202			180,926			27,347			27,841
Change in inventories	33,304			25,036			(12,212		)	(6,356		)	(8,333		)	(9,605		)

The components of inventories are as follows (dollars in thousands):



	December 31
	2013		2012
Raw materials	$	212,027	$	125,909
Work in process	13,898		8,287
Finished goods	209,972		78,788
Supplies and materials	158,394		119,284
Inventories	$	594,291	$	332,268

Property, Plant, and Equipment

Property, plant, and equipment consist of the following (dollars in thousands):



	December 31
	2013			2012
Land and land improvements	$	140,592		$	107,250
Buildings	628,948			390,363
Machinery and equipment	4,263,505			3,048,932
Construction in progress	168,808			67,051
Other	30,847			27,196
Property, plant, and equipment, at cost	5,232,700			3,640,792
Less accumulated depreciation	(2,426,996		)	(2,274,723		)
Property, plant, and equipment, net	$	2,805,704		$	1,366,069

The amount of interest capitalized from construction in progress was $1.7 million, $0.8 million and $7.1 million for the years ended December 31, 2013, 2012, and 2011, respectively.

Depreciation and Useful Life



Buildings and land improvements	5 to 40 years
Machinery and equipment	3 to 25 years
Trucks and automobiles	3 to 10 years
Furniture and fixtures	3 to 20 years
Computers and hardware	3 to 10 years
	Period of the lease or
Leasehold improvements	useful life, if shorter

The amount of depreciation expense was $191.2 million, $166.0 million and $161.5 million for the years ended December 31, 2013, 2012, and 2011, respectively.

Leases

Long-Lived Asset Impairment

Goodwill and Intangible Assets

Pension and Postretirement Benefits

For postretirement health care plan accounting, the Company reviews external data and its own historical trends for health care costs to determine the health care cost trend rate assumption.

Environmental Matters

Asset Retirement Obligations

Deferred Financing Costs

Cutting Rights and Fiber Farms

Deferred Software Costs

Income Taxes

Trade Agreements

New and Recently Adopted Accounting Pronouncements

New and Recently Adopted Accounting Standards

There were no other accounting standards recently issued that had or are expected to have a material impact on our financial position or results of operations.

Segment Information (Policies)

12 Months Ended

Dec. 31, 2013

Segment Information

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Effect of Change on Consolidated Statement of Income



	Year Ended December 31
	2013						2012						2011
Consolidated Statements of Income and Comprehensive Income	As Previously Reported			As Adjusted			As Previously Reported			As Adjusted			As Previously Reported			As Adjusted
Cost of sales	$	(2,806,121	)	$	(2,797,853	)	$	(2,203,286	)	$	(2,209,142	)	$	(2,078,088	)	$	(2,076,816	)
Gross profit	859,187			867,455			640,591			634,735			542,023			543,295
Income from operations	473,607			481,875			443,459			437,603			272,749			274,021
Income before taxes	415,332			423,600			380,559			374,703			243,504			244,776
(Provision) benefit for income taxes	20,951			17,729			(216,739		)	(214,463		)	(85,477		)	(85,971		)
Net income	436,283			441,329			163,820			160,240			158,027			158,805
Comprehensive income	485,301			490,347			147,556			143,976			104,630			105,408
Net income per common share
Basic	4.52			4.57			1.70			1.66			1.59			1.60
Diluted	4.47			4.52			1.68			1.64			1.57			1.58

Effect of Change on Consolidated Balance Sheet



	December 31
	2013				2012
Consolidated Balance Sheets	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Inventories	$	522,523	$	594,291	$	268,767	$	332,268
Current deferred tax asset	75,579		47,616		22,328		—
Current deferred tax liability	—		—		—		2,414
Retained earnings	975,296		1,019,101		703,728		742,487

Effect of Change on Consolidated Statement of Cash Flows



	Year Ended December 31
	2013						2012						2011
Consolidated Statements of Cash Flows	As Previously Reported			As Adjusted			As Previously Reported			As Adjusted			As Previously Reported			As Adjusted
Net income	$	436,283		$	441,329		$	163,820		$	160,240		$	158,027		$	158,805
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax provision (benefit)	(163,550		)	(160,328		)	183,202			180,926			27,347			27,841
Change in inventories	33,304			25,036			(12,212		)	(6,356		)	(8,333		)	(9,605		)

Components of Inventories

The components of inventories are as follows (dollars in thousands):



	December 31
	2013		2012
Raw materials	$	212,027	$	125,909
Work in process	13,898		8,287
Finished goods	209,972		78,788
Supplies and materials	158,394		119,284
Inventories	$	594,291	$	332,268

Property, Plant and Equipment (at cost)

Property, plant, and equipment consist of the following (dollars in thousands):



	December 31
	2013			2012
Land and land improvements	$	140,592		$	107,250
Buildings	628,948			390,363
Machinery and equipment	4,263,505			3,048,932
Construction in progress	168,808			67,051
Other	30,847			27,196
Property, plant, and equipment, at cost	5,232,700			3,640,792
Less accumulated depreciation	(2,426,996		)	(2,274,723		)
Property, plant, and equipment, net	$	2,805,704		$	1,366,069

Property, Plant and Equipment Estimated Useful Lives



Buildings and land improvements	5 to 40 years
Machinery and equipment	3 to 25 years
Trucks and automobiles	3 to 10 years
Furniture and fixtures	3 to 20 years
Computers and hardware	3 to 10 years
	Period of the lease or
Leasehold improvements	useful life, if shorter

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2013

Purchase Price Allocation



Current assets:
Cash and cash equivalents	$	121,658
Accounts receivable	270,364
Inventories	286,277
Deferred income taxes	9,144
Prepaid expenses and other current assets	8,624
Total current assets	696,067
Property, plant, and equipment (a)	1,401,183
Intangible assets (b):
Customer relationships	256,400
Trademarks and trade names	20,600
Goodwill (c)	458,579
Other long-term assets	21,786
Assets acquired	2,854,615

Current liabilities	322,230
Long-term debt	829,750
Deferred tax liabilities	281,463
Other long-term liabilities	131,276
Liabilities assumed	1,564,719

Net assets acquired	$	1,289,896

____________


(a)	Property and equipment acquired are being depreciated on a straight-line basis over their estimated remaining lives, which range from one to 30 years.


(b)	We are amortizing the intangible assets on a straight-line basis over the following (in years):



Customer relationships	15	-	20
Trademarks and trade names	5	-	20

(c)

Pro Forma Financial Information



	Pro Forma (Unaudited)
	Year Ended December 31
	2013		2012
Sales	$	5,696.2	$	5,355.9
Net income (a)	$	497.4	$	222.4
Net income per share—diluted	$	5.10	$	2.28

____________

(a)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2013

Computation of Basic and Diluted Income Per Common Share

The following table sets forth the computation of basic and diluted income per common share for the periods presented (dollars in thousands, except per share data).



	Year Ended December 31
	2013		2012		2011
Numerator:
Net income	$	441,329	$	160,240	$	158,805
Denominator:
Weighted average basic common shares outstanding	96,579		96,384		99,281
Effect of dilutive securities:
Stock options, unvested restricted stock, and performance units	968		1,113		1,095
Diluted common shares outstanding	97,547		97,497		100,376
Basic income per common share	$	4.57	$	1.66	$	1.60
Diluted income per common share	$	4.52	$	1.64	$	1.58

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Components of Consolidated Income Tax Provision

The following is an analysis of the components of the consolidated income tax provision (dollars in thousands):



	2013			2012		2011
Current income tax provision (benefit) -
U.S. Federal	$	129,633		$	27,100	$	41,452
State and local	12,649			6,437		16,678
Foreign	317			—		—
Total current provision for taxes	142,599			33,537		58,130
Deferred -
U.S. Federal	(160,469		)	179,070		30,313
State and local	253			1,856		(2,472		)
Foreign	(112		)	—		—
Total deferred provision for taxes	(160,328		)	180,926		27,841
Total provision (benefit) for taxes	$	(17,729	)	$	214,463	$	85,971

Summary of Effective Tax Rate

The effective tax rate varies from the U.S. Federal statutory tax rate principally due to the following (dollars in thousands):



	2013			2012			2011
Provision computed at U.S. Federal statutory rate of 35%	$	148,260		$	131,147		$	85,671
Alternative fuel mixture and cellulosic biofuel producer credits	(166,006		)	81,695			—
State and local taxes, net of federal benefit	13,565			8,908			7,553
Domestic manufacturers deduction	(11,712		)	(7,155		)	(7,670		)
Other	(1,836		)	(132		)	417
Total	$	(17,729	)	$	214,463		$	85,971

Summary of Operating Loss Carryforwards

The following details the scheduled expiration dates of our tax effected net operating loss (NOL) and other tax carryforwards at December 31, 2013 (dollars in thousands):



	2014 Through 2023		2024 Through 2033		Indefinite		Total
U.S. federal and non-U.S. NOLs	$	1,633	$	110,086	$	—	$	111,719
State taxing jurisdiction NOLs	1,199		13,878		—		15,077
U.S. federal, non-U.S., and state tax credit carryforwards	203		748		613		1,564
U.S. federal capital loss carryforwards	1,088		—		—		1,088
Total	$	4,123	$	124,712	$	613	$	129,448

Deferred Income Tax Assets and Liabilities



	December 31
	2013			2012
Deferred tax assets:
Accrued liabilities	$	19,521		$	7,332
Employee benefits and compensation	27,252			16,002
Net operating loss carryforwards	126,796			—
Stock options and restricted stock	8,875			8,389
Pension and postretirement benefits	75,518			65,520
Derivatives	18,221			20,381
Capital loss, general business, foreign, and AMT credit carryforwards	2,652			—
Gross deferred tax assets	$	278,835		$	117,624
Valuation allowance (a)	(2,715		)	—
Net deferred tax assets	$	276,120		$	117,624

Deferred tax liabilities:
Property, plant, and equipment	$	(519,718	)	$	(210,486	)
Goodwill and intangible assets	(111,865		)	(7,267		)
Inventories	(28,522		)	(26,275		)
Investment in joint venture	(1,026		)	(1,119		)
Other	(2,208		)	—
Total deferred tax liabilities	$	(663,339	)	$	(245,147	)
Net deferred tax assets (liabilities) (b)	$	(387,219	)	$	(127,523	)

___________

(a)

(b)

Summary of Uncertain Tax Position

The following table summarizes the changes related to PCA’s gross unrecognized tax benefits excluding interest and penalties (dollars in thousands):



	2013			2012
Balance as of January 1	$	(111,303	)	$	(111,013	)
Increase related to acquisition of Boise Inc. (a)	(65,158		)	—
Increases related to prior years’ tax positions	(49		)	(128		)
Increases related to current year tax positions	(1,538		)	(1,267		)
Decreases related to prior years' tax positions (b)	64,774			—
Settlements with taxing authorities (c)	106,187			—
Expiration of the statute of limitations (d)	1,667			1,105
Balance at December 31	$	(5,420	)	$	(111,303	)

___________


(a)	PCA acquired $65.2 million of gross unrecognized tax benefits from Boise Inc. that relate primarily to the taxability of the alternative fuel mixture credits.


(b)	Includes a $64.3 million gross decrease related to the taxability of the alternative fuel mixture tax credits claimed in 2009 excise tax returns by Boise Inc. For further discussion regarding these credits, see Note 6, Alternative Energy Tax Credits.


(c)	Includes a $104.7 million gross decrease related to the conclusion of the Internal Revenue Service audit of PCA’s alternative energy tax credits. For further discussion regarding these credits, see Note 6, Alternative Energy Tax Credits.


(d)	In the third and fourth quarters of 2013, various state statutes of limitations expired. As a result, the reserve for unrecognized tax benefits decreased by $1.7 million gross.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2013

Changes In the Carrying Amount of Goodwill

Changes in the carrying amount of our goodwill are as follows (dollars in thousands):



	Goodwill
Balance at January 1, 2012	$	58,214
Acquisitions	14,098
Adjustments related to purchase accounting	(5,152		)
Balance at December 31, 2012	67,160
Acquisitions (a)	459,629
Balance at December 31, 2013	$	526,789

___________


(a)	In 2013, in addition to acquiring Boise and recording $458.6 million of goodwill, we acquired Damage Prevention Company for $6.3 million and recorded $1.1 million of goodwill in the Packaging segment.

Components of Intangible Assets

The weighted average useful life, gross carrying amount, and accumulated amortization of our intangible assets were as follows (dollars in thousands):



	As of December 31, 2013					As of December 31, 2012
	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount		Accumulated Amortization		Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount		Accumulated Amortization
Customer relationships	15.4	$	306,361	$	16,509	16.7	$	48,261	$	10,663
Trademarks and trade names	14.7	21,370		794		2.6	770		248
Other	3.0	220		109		3.7	220		57
Total intangible assets (excluding goodwill)	15.4	$	327,951	$	17,412	16.5	$	49,251	$	10,968

Debt (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Debt

At December 31, 2013 and 2012, our long-term debt and interest rates on that debt were as follows (dollars in thousands):



	December 31, 2013				December 31, 2012
	Amount		Interest Rate		Amount		Interest Rate
Revolving Credit Facility, due October 2018	$	—	—	%	$	—	—	%
Five-Year Term Loan, due October 2018	650,000		1.54		—		—
Seven-Year Term Loan, due October 2020	650,000		1.79		—		—
4.50% Senior Notes, net of discount of $1,827 as of December 31, 2013, due November 2023	698,173		4.50		—		—
6.50% Senior Notes, net of discounts of $26 and $32 as of December 31, 2013 and 2012, respectively, due March 2018	149,974		6.50		149,968		6.50
3.90% Senior Notes, net of discounts of $302 and $338 as of December 31, 2013 and 2012, respectively, due June 2022	399,698		3.90		399,662		3.90
Receivables Credit Facility, due October 2014	—		—		109,000		1.06
Senior Credit Facility, Term Loan, due October 2016	—		—		135,000		1.71
Total	2,547,845		3.08		793,630		3.63
Less current portion	39,000		1.59		15,000		1.71
Total long-term debt	$	2,508,845	3.10	%	$	778,630	3.67	%

Additional Information On Variable Rate Debt

Additional information regarding our variable rate debt is shown below:



	Reference Interest Rate				Applicable Margin
	2013		2012		2013		2012
Five-Year Term Loan, due October 2018	0.17	%	n/a		1.375	%	n/a
Seven-Year Term Loan, due October 2020	0.17	%	n/a		1.625	%	n/a
Receivables Credit Facility	n/a		0.21	%	n/a		0.85	%
Senior Credit Facility, Term Loan, due October 2016	n/a		0.21	%	n/a		1.50	%

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Summary of Restricted Stock Activity

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

A summary of the Company’s restricted stock activity follows:



	2013				2012				2011
	Shares		Weighted Average Grant- Date Fair Value		Shares		Weighted Average Grant- Date Fair Value		Shares		Weighted Average Grant- Date Fair Value
Restricted stock at January 1	1,771,664		$	23.44	1,817,745		$	22.37	1,478,000		$	20.70
Granted	331,053		51.99		394,928		27.46		575,694		27.80
Vested (a)	(605,458	)	19.54		(429,034	)	22.66		(229,979	)	25.29
Forfeitures	(33,565	)	24.76		(11,975	)	21.46		(5,970	)	22.45
Restricted stock at December 31	1,463,694		$	31.48	1,771,664		$	23.44	1,817,745		$	22.37

___________


(a)	The total fair value of awards upon vesting for the years ended December 31, 2013, 2012, and 2011, was $29.5 million, $12.4 million, and $6.1 million, respectively.

Compensation Expense For Restricted Stock and Performance Units

Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures was as follows (dollars in thousands):



	Year Ended December 31
	2013			2012			2011
Restricted stock	$	14,238		$	11,687		$	9,736
Performance units	523			—			—
Impact on income before income taxes	14,761			11,687			9,736
Income tax benefit	(5,728		)	(4,543		)	(3,784		)
Impact on net income	$	9,033		$	7,144		$	5,952

Unrecognized Compensation For Restricted Stock and Performance Units

The unrecognized compensation expense for all share-based awards follows (dollars in thousands):



	As of December 31, 2013
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	24,500	2.7
Performance units	2,941		3.5
Total unrecognized share-based compensation expense	$	27,441	2.8

Employee Benefit Plans and Other Postretirement Plans (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Obligations and Funded Status of Defined Benefit Pension and Postretirement Benefit Plans

The following table, which includes only company-sponsored defined benefit and other postretirement benefit plans, reconciles the beginning and ending balances of the projected benefit obligation and the fair value of plan assets. We recognize the unfunded status of these plans on the Consolidated Balance Sheets, and we recognize changes in funded status in the year changes occur through the Consolidated Statements of Comprehensive Income (dollars in thousands):



	Pension Plans						Postretirement Plans
	Year Ended December 31						Year Ended December 31
	2013			2012			2013			2012
Change in Benefit Obligation
Benefit obligation at beginning of period	$	378,714		$	314,155		$	31,806		$	25,937
Service cost	24,460			22,424			2,061			1,856
Interest cost	21,488			14,800			1,248			1,241
Plan amendments (a)	13,785			2,271			—			2,266
Actuarial (gain) loss (b)	(53,451		)	29,338			(7,797		)	1,698
Acquisitions	553,969			—			226			—
Participant contributions	—			—			1,239			1,055
Benefits paid	(9,149		)	(4,274		)	(2,528		)	(2,247		)
Benefit obligation at plan year end	$	929,816		$	378,714		$	26,255		$	31,806
Accumulated benefit obligation portion of above	$	884,016		$	341,729

Change in Fair Value of Plan Assets
Plan assets at fair value at beginning of period	$	238,359		$	185,122		$	—		$	—
Acquisitions	486,171			—			—			—
Actual return on plan assets	26,555			21,527			—			—
Company contributions	30,146			35,984			1,289			1,192
Participant contributions	—			—			1,239			1,055
Benefits paid	(9,149		)	(4,274		)	(2,528		)	(2,247		)
Fair value of plan assets at plan year end	$	772,082		$	238,359		$	—		$	—

Underfunded status	$	(157,734	)	$	(140,355	)	$	(26,255	)	$	(31,806	)

Amounts Recognized in Statement of Financial Position
Current liabilities	$	(832	)	$	(6,290	)	$	(1,231	)	$	(1,333	)
Noncurrent liabilities	(156,902		)	(134,065		)	(25,024		)	(30,473		)
Accrued benefit recognized at December 31	$	(157,734	)	$	(140,355	)	$	(26,255	)	$	(31,806	)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-Tax)
Prior service cost	$	31,577		$	34,921		$	72		$	(353	)
Actuarial loss	26,742			90,057			1,472			9,759
Total	$	58,319		$	124,978		$	1,544		$	9,406

___________


(a)	In 2013, the United Steel Workers (USW) ratified a master labor agreement with PCA under which certain USW-represented employees will have their pension accruals frozen under PCA's hourly pension plan, resulting in most of the $13.8 million increase in benefit obligations.


(b)	The actuarial gain in 2013 is due primarily to an increase in the weighted average discount rate, while the discount rate decreased in 2012.

Components of Net Periodic Benefit Costs and Other Comprehensive (Income) Loss (Pretax)

The components of net periodic benefit cost and other comprehensive (income) loss (pretax) are as follows (dollars in thousands):



	Pension Plans									Postretirement Plans
	Year Ended December 31									Year Ended December 31
	2013			2012			2011			2013			2012			2011
Service cost	$	24,460		$	22,424		$	19,808		$	2,061		$	1,856		$	1,599
Interest cost	21,488			14,800			13,473			1,248			1,241			1,189
Expected return on plan assets	(21,345		)	(12,108		)	(13,544		)	—			—			—
Net amortization of unrecognized amounts
Prior service cost	6,222			5,993			5,782			(426		)	(419		)	(416		)
Actuarial loss	4,662			4,916			411			490			452			449
Curtailment loss (a)	10,908			—			—			—			—			—
Net periodic benefit cost	$	46,395		$	36,025		$	25,930		$	3,373		$	3,130		$	2,821

Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Actuarial net (gain) loss	$	(58,652	)	$	19,919		$	49,675		$	(7,798	)	$	1,698		$	754
Prior service credit	13,785			2,270			1,827			—			17			—
Amortization of actuarial loss	(4,662		)	(4,916		)	(411		)	(490		)	(452		)	(449		)
Amortization of prior service cost	(17,130		)	(5,993		)	(5,782		)	426			419			416
Total recognized in other comprehensive (income) loss (b)	(66,659		)	11,280			45,309			(7,862		)	1,682			721
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(20,264	)	$	47,305		$	71,239		$	(4,489	)	$	4,812		$	3,542

___________


(a)	PCA recognized curtailment losses in "Other expense, net" in the Consolidated Statements of Income for recent USW negotiations, resulting in the bifurcation of the active USW population between those grandfathered in the current formula (with continued accruals) and non-grandfathered in the current formula (frozen benefits at the contract date).

(b)

Weighted-Average Assumptions Used To Determine Benefit Obligations and Net Periodic Benefit Cost

The following table presents the assumptions used in the measurement of our benefits obligations:



	Pension Plans			Postretirement Plans
	December 31			December 31
	2013	2012	2011	2013	2012	2011
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Discount rate	5.00%	4.25%	4.75%	4.85%	4.00%	4.50%
Rate of compensation increase	4.00%	4.00%	4.00%	N/A	N/A	N/A
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for the Years Ended December 31
Discount rate	4.57%	4.75%	5.50%	4.00%	4.50%	5.25%
Expected return on plan assets	6.53%	6.15%	7.75%	N/A	N/A	N/A
Rate of compensation increase	4.00%	4.00%	4.00%	N/A	N/A	N/A

Assumed Health Care Cost Trend Rates For Postretirement Benefits

Health Care Cost Trend Rate Assumptions. PCA assumed health care cost trend rates for its postretirement benefits plans were as follows:



	2013	2012	2011
Health care cost trend rate assumed for next year	7.75%	8.00%	8.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%	5.50%
Year that the rate reaches the ultimate trend rate	2020	2020	2016

Schedule of Effects of One-Percentage Point Change In Assumed Health Care Cost Trend Rates on Postretirement Benefits



	1-Percentage Point Increase		1-Percentage Point Decrease
Effect on postretirement benefit obligation	$	540	$	(483	)
Effect on net postretirement benefit cost	52		(45		)

Schedule of Pension Plans' Assets Investment Policies and Strategies

Pension plans’ assets were invested in the following classes of securities at December 31, 2013 and 2012:



	Percentage of Fair Value
	2013		2012
Debt securities	52	%	61	%
International equity securities	25		20
U.S. equity securities	21		16
Real estate securities	1		3
Other	1	%	—	%

Schedule of Pension Plans' Assets Fair Value Measured On a Recurring Basis



	Fair Value Measurements at December 31, 2013
Asset Category	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short-term investments (a)	$	—	$	1,858	$	—	$	1,858
Mutual funds (b):
U.S. large value	19,453		—		—		19,453
U.S. large growth	17,217		—		—		17,217
U.S. mid-cap value	3,135		—		—		3,135
U.S. mid-cap growth	6,781		—		—		6,781
Foreign large blend	45,159		—		—		45,159
Diversified emerging markets	8,005		—		—		8,005
Real estate	7,469		—		—		7,469
Fixed income	54,366		—		—		54,366
Common/collective trust funds (a):
U.S. large-cap equity blend	—		87,862		—		87,862
U.S. small and mid-cap equity blend	—		19,577		—		19,577
Foreign large blend	—		126,653		—		126,653
Diversified emerging markets	—		9,211		—		9,211
Government bonds	—		35,603		—		35,603
Corporate bonds	—		77,256		—		77,256
U.S. small blend	—		6,777		—		6,777
Fixed income	—		234,445		—		234,445
Private equity securities (c)	—		—		9,904		9,904
Total securities at fair value	$	161,585	$	599,242	$	9,904	$	770,731
Receivables and accrued expenses							1,351
Total fair value of plan assets							$	772,082



	Fair Value Measurements at December 31, 2012
Asset Category	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short-term investments (a)	$	—	$	394	$	—	$	394
Mutual funds (b):
U.S. large value	15,021		—		—		15,021
U.S. large growth	12,029		—		—		12,029
U.S. mid-cap value	2,481		—		—		2,481
U.S. mid-cap growth	4,734		—		—		4,734
Foreign large blend	39,204		—		—		39,204
Diversified emerging markets	7,722		—		—		7,722
Real estate	6,881		—		—		6,881
Fixed income	48,699		—		—		48,699
Common/collective trust funds (a):
Government bonds	—		29,644		—		29,644
Corporate bonds	—		66,517		—		66,517
U.S. small blend	—		5,033		—		5,033
Total fair value of plan assets	$	136,771	$	101,588	$	—	$	238,359

____________

(a)


(b)	Investments in mutual funds valued at quoted market values on the last business day of the fiscal year.

(c)

Summary of Changes in Pension Plans' Level 3 Assets

The following table sets forth a summary of changes in the fair value of the pension plans' Level 3 assets for the year ended December 31, 2013 (dollars in thousands):



	2013
Balance, beginning of year	$	—
Acquisitions	8,479
Purchases	975
Sales	—
Unrealized gain	450
Balance, end of year	$	9,904

Schedule of Estimated Benefit Payments



	Pension Plans		Postretirement Plans
2014	$	30,551	$	1,231
2015	34,304		1,287
2016	38,027		1,369
2017	42,020		1,523
2018	45,759		1,665
2019 - 2023	281,889		10,150

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2013

Impact of Derivative Instruments On Statements of Income and Accumulated OCI

The impact of derivative instruments on the consolidated statements of income and accumulated OCI is as follows (dollars in thousands):



	Net Gain (Loss) Recognized in Accumulated OCI (Effective Portion) December 31
	2013			2012
Treasury locks, net of tax	$	(28,191	)	$	(31,651	)
Foreign currency exchange contracts, net of tax	(371		)	(392		)
Total	$	(28,562	)	$	(32,043	)



	Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Year Ended December 31
Location	2013			2012			2011
Amortization of treasury locks (included in interest expense, net)	$	(5,655	)	$	435		$	1,846
Amortization of foreign currency forward contracts (included in cost of sales)	(34		)	(34		)	(7		)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2013

Share Repurchase Program



	Shares	Weighted Average Price Per Share		Total
2011	4,824,021	$	25.51	$	123,077
2012	1,507,659	29.96		45,162
2013	171,263	45.54		7,799

Components of Changes in Accumulated Other Comprehensive Income (AOCI)

Changes in AOCI by component follows (dollars in thousands). Amounts in parentheses indicate losses.



	Foreign Currency Translation Adjustments			Unrealized Loss On Treasury Locks, Net			Unrealized Loss on Foreign Exchange Contracts			Unfunded Employee Benefit Obligations			Total
Balance at December 31, 2012	$	—		$	(31,651	)	$	(392	)	$	(81,999	)	$	(114,042	)
Other comprehensive income before reclassifications, net of tax	(136		)	—			—			32,264			32,128
Amounts reclassified from AOCI, net of tax	—			3,460			21			13,409			16,890
Net current-period other comprehensive income	(136		)	3,460			21			45,673			49,018
Balance at December 31, 2013	$	(136	)	$	(28,191	)	$	(371	)	$	(36,326	)	$	(65,024	)

Reclassifications Out of Accumulated Other Comprehensive Income (AOCI)

The following table presents information about reclassifications out of AOCI (dollars in thousands). Amounts in parentheses indicate expenses in the Consolidated Statement of Income.



	Amounts Reclassified from AOCI Year Ended December 31
Details about AOCI Components	2013			2012			Affected Line Item in the Statement Where Net Income is Presented
Unrealized loss on treasury locks, net	$	(5,655	)	$	(2,988	)	See (a) below
	2,195			1,167			Tax benefit
	$	(3,460	)	$	(1,821	)	Net of tax

Unrealized loss on foreign exchange contracts	$	(34	)	$	(34	)	See (b) below
	13			13			Tax benefit
	$	(21	)	$	(21	)	Net of tax

Unfunded employee benefit obligations
Amortization of prior service costs	$	(16,704	)	$	(5,575	)	See (c) below
Amortization of actuarial gains / (losses)	(5,197		)	(5,368		)	See (c) below
	(21,901		)	(10,943		)	Total before tax
	8,492			4,254			Tax benefit
	$	(13,409	)	$	(6,689	)	Net of tax

____________


(a)	This AOCI component is included in interest expense, net. See Note 11, Derivative Instruments and Hedging Activities, for additional information.


(b)	This AOCI component is included as depreciation in cost of sales.


(c)	These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10, Employee Benefit Plans and Other Postretirement Benefits, for additional information.

The entire disclosure for any adjustments made during the period to avoid double counting in comprehensive income items displayed as part of net income that also had been displayed as part of other comprehensive income in that period or earlier periods. These adjustments include reclassifications to net income of items in accumulated comprehensive income, such as deferred gains or losses on qualifying hedges when hedged item reported in net income, holding gains or losses on available-for-sale securities transferred into trading category, unrealized holding gains or losses on debt securities transferred from held-to-maturity category into available-for-sale category and accumulated translation adjustment attributable to foreign subsidiary or investment in foreign entity upon sale or liquidation.

Changes to Asset Retirement Obligation

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2013

The following table describes changes to the asset retirement obligation liability (dollars in thousands):



	Year Ended December 31
	2013			2012
Asset retirement obligation at beginning of period	$	5,145		$	5,095
Acquisition	23,841			—
Liabilities incurred	3,164			—
Accretion expense	275			50
Revisions in estimated cash flows	(378		)	—
Asset retirement obligation at end of period	$	32,047		$	5,145

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2013

Components of Accrued Liabilities

The components of accrued liabilities are as follows (in thousands):



	December 31,
	2013		2012
Compensation and benefits	$	130,455	$	71,246
Medical insurance and workers’ compensation	26,399		18,448
Customer volume discounts and rebates	11,436		13,365
Franchise, property, sales and use taxes	20,232		9,337
Asset retirement obligations	4,002		—
Severance	8,172		—
Other	13,362		10,300
Total	$	214,058	$	122,696

Other Expense, Net (Tables)

12 Months Ended

Dec. 31, 2013

Components of Other (Income) Expense

The components of other (income) expense are as follows (in thousands):



	Year Ended December 31
	2013		2012		2011
Integration-related and other costs	$	17,430	$	—	$	—
Acquisition-related costs	17,240		—		—
Pension curtailment charges	10,908		—		—
Asset disposals and write-offs	13,192		10,821		12,726
Other	208		968		(2,003		)
Total	$	58,978	$	11,789	$	10,723

Segment Information (Tables)

12 Months Ended

Dec. 31, 2013

Revenue from External Customers by Product Line

Segment sales to external customers by product line are as follows (dollars in millions):



	Year Ended December 31
	2013		2012		2011

Packaging sales	$	3,431.7	$	2,843.9	$	2,620.1

Paper sales
White papers	207.0		—		—
Market pulp	9.9		—		—
	216.9		—		—

Corporate and Other	16.7		—		—
	$	3,665.3	$	2,843.9	$	2,620.1

Analysis of Operations by Reportable Segment

An analysis of operations by reportable segment is as follows (dollars in millions):



	Sales, net								Operating Income (Loss)				Depreciation, Amortization, and Depletion		Capital Expenditures (k)		Assets
Year Ended December 31, 2013 (a)	Trade		Inter- segment			Total			Operating Income (Loss)				Depreciation, Amortization, and Depletion		Capital Expenditures (k)		Assets
Packaging	$	3,431.3	$	0.4		$	3,431.7		$	554.2		(b)	$	190.2	$	222.2	$	3,988.5
Paper	216.9		—			216.9			13.5			(c)	9.1		10.0		938.4
Corporate and Other	17.1		28.0			45.1			(85.8		)	(d)	2.5		2.2		316.9
Intersegment eliminations	—		(28.4		)	(28.4		)	—				—		—		—
	$	3,665.3	$	—		$	3,665.3		481.9				$	201.8	$	234.4	$	5,243.8
Interest expense, net									(58.3		)	(e)
Income before taxes									$	423.6



	Sales, net						Operating Income (Loss)				Depreciation, Amortization, and Depletion		Capital Expenditures (k)		Assets
Year Ended December 31, 2012	Trade		Inter- segment		Total		Operating Income (Loss)				Depreciation, Amortization, and Depletion		Capital Expenditures (k)		Assets
Packaging	$	2,843.9	$	—	$	2,843.9	$	383.9		(f)	$	169.4	$	127.8	$	2,194.5
Paper	—		—		—		—				—		—		—
Corporate and Other	—		—		—		53.7			(g)	1.4		0.7		300.4
Intersegment eliminations	—		—		—		—				—		—		—
	$	2,843.9	$	—	$	2,843.9	437.6				$	170.8	$	128.5	$	2,494.9
Interest expense, net							(62.9		)	(h)
Income before taxes							$	374.7



	Sales, net						Operating Income (Loss)				Depreciation, Amortization, and Depletion		Capital Expenditures (k)		Assets
Year Ended December 31, 2011	Trade		Inter- segment		Total		Operating Income (Loss)				Depreciation, Amortization, and Depletion		Capital Expenditures (k)		Assets
Packaging	$	2,620.1	$	—	$	2,620.1	$	311.2		(i)	$	162.9	$	280.2	$	2,235.0
Paper	—		—		—		—				—		—		—
Corporate and Other	—		—		—		(37.2		)	(j)	0.7		—		219.8
Intersegment eliminations	—		—		—		—				—		—		—
	$	2,620.1	$	—	$	2,620.1	274.0				$	163.6	$	280.2	$	2,454.8
Interest expense, net							(29.2		)
Income before taxes							$	244.8

____________


(a)	On October 25, 2013, we acquired Boise. The 2013 results include Boise for the period of October 25 through December 31, 2013.


(b)	Includes $18.0 million of expense for the acquisition inventory step-up and $1.4 million of integration-related and other costs incurred in connection with the acquisition of Boise in fourth quarter 2013.


(c)	Includes $3.5 million of expense for acquisition inventory step-up and $1.9 million of income for integration-related and other costs.


(d)	Includes $17.2 million of acquisition-related costs and $17.9 million of integration-related and other costs.


(e)	Includes $10.5 million of expenses for financing the acquisition and $1.1 million of expense for the write-off of deferred financing costs.


(f)	Includes $2.0 million of plant closure charges.


(g)	Includes $95.5 million of income related to the increase in gallons claimed as alternative fuel mixture credits on the Company's amended 2009 tax return. See Note 6, Alternative Energy Tax Credits, for more information.


(h)	Includes $24.8 million of debt refinancing charges, including the $21.3 million redemption premium, the $3.4 million charge to settle the treasury lock prior to its maturity, and $0.1 million of other items.


(i)	Includes $7.4 million of charges related to energy project disposals.


(j)	Includes $1.6 million of income from an adjustment to our medical benefits reserve.


(k)	Includes "Expenditures for property and equipment" and excludes cash used for "Acquisition of businesses and facilities, net of cash acquired" as reported on our Consolidated Statements of Cash Flows.

Commitments, Guarantees, Indemnifications, and Legal Proceedings (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Minimum Lease Payments Under Non-Cancelable Operating Leases

Lease Obligations



2014	$	56,492
2015	45,818
2016	34,392
2017	23,872
2018	17,034
Thereafter	73,647
Total	$	251,255

Schedule of Assets Held Under Capital Lease Obligations

Assets held under capital lease obligations are included in property, plant and equipment as follows (dollars in thousands):



	Year Ended December 31
	2013			2012
Buildings	$	250		$	250
Machinery and equipment	28,526			28,526
Total	28,776			28,776
Less accumulated amortization	(8,676		)	(6,845		)
Total	$	20,100		$	21,931

Schedule of Future Minimum Payments Under Capitalized Leases

The future minimum payments under capitalized leases at December 31, 2013 are as follows (dollars in thousands):



2014	$	2,654
2015	2,654
2016	2,654
2017	2,654
2018	2,654
Thereafter	25,874
Total minimum capital lease payments	39,144
Less amounts representing interest	(14,240		)
Present value of net minimum capital lease payments	24,904
Less current maturities of capital lease obligations	(1,030		)
Total long-term capital lease obligations	$	23,874

Schedule Of Purchase Commitments

Total purchase commitments are as follows (dollars in thousands):



2014	$	120,971
2015	54,757
2016	14,840
2017	3,017
2018	2,545
Thereafter	11,536
Total	$	207,666

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Quarterly Financial Data



	Fiscal Quarter
	First				Second (b)				Third (c)				Fourth (d)				Total
2013 (a):	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Net sales	$	755,207	$	755,207	$	800,230	$	800,230	$	845,440	$	845,440	$	1,264,431	$	1,264,431	$	3,665,308	$	3,665,308
Gross profit	182,492		185,246		192,323		195,250		226,777		227,599		257,595		259,360		859,187		867,455
Income from operations	103,246		106,000		107,270		110,197		141,960		142,782		121,131		122,896		473,607		481,875
Net income	60,613		62,294		64,465		66,252		84,180		84,682		227,025		228,101		436,283		441,329
Basic earnings per share	0.63		0.65		0.67		0.69		0.87		0.88		2.35		2.36		4.52		4.57
Diluted earnings per share	0.62		0.64		0.66		0.68		0.86		0.87		2.33		2.34		4.47		4.52
Stock price - high	44.93		44.93		50.78		50.78		61.32		61.32		64.39		64.39		64.39		64.39
Stock price - low	37.86		37.86		42.36		42.36		48.45		48.45		55.66		55.66		37.86		37.86
	Fiscal Quarter
	First (e)				Second (f)				Third (f)				Fourth (g)				Total
2012 (a):	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Net sales	$	671,357	$	671,357	$	712,468	$	712,468	$	723,473	$	723,473	$	736,579	$	736,579	$	2,843,877	$	2,843,877
Gross profit	145,135		141,834		158,015		159,160		163,102		162,922		174,339		170,819		640,591		634,735
Income from operations	169,110		165,809		83,858		85,003		92,072		91,892		98,419		94,899		443,459		437,603
Net income	17,844		15,826		45,154		45,854		39,791		39,681		61,031		58,879		163,820		160,240
Basic earnings per share	0.18		0.16		0.47		0.48		0.41		0.41		0.63		0.61		1.70		1.66
Diluted earnings per share	0.18		0.16		0.46		0.47		0.41		0.41		0.63		0.60		1.68		1.64
Stock price - high	30.62		30.62		29.80		29.80		36.68		36.68		38.67		38.67		38.67		38.67
Stock price - low	24.82		24.82		25.77		25.77		27.59		27.59		33.89		33.89		24.82		24.82

____________


(a)	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost. See Note 2, Summary of Significant Accounting Policies, for more information.


(b)	Includes a $7.8 million non-cash pension curtailment charge ($5.0 million after tax or $0.05 per diluted share).


(c)	Includes a $3.1 million non-cash pension curtailment charge ($2.0 million after tax or $0.02 per diluted share), $1.5 million of acquisition-related costs ($1.0 million after tax or $0.01 per diluted share), and $2.7 million of acquisition-related financing costs ($1.8 million after tax or $0.02 per diluted share).

(d)

(e)


(f)	The second and third quarters of 2012 include debt refinancing charges of $3.7 million ($2.5 million after tax or $0.03 per diluted share) and $21.1 million ($13.5 million after tax or $0.14 per diluted share), respectively.


(g)	Includes $3.4 million of income from state income tax adjustments ($0.03 per diluted share), partially offset by $2.0 million of plant closure charges ($1.4 million after tax or $0.01 per diluted share).

Nature of Operations and Basis of Presentation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of employees of PCA	13,600
Number of reportable segments	3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($) a	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Significant Accounting Policies [Line Items]
Research and development costs	$ 11,500	$ 11,300	$ 12,500
Cash and cash equivalents	190,960	207,393	156,313	$ 196,556
Cash equivalents	156,600	203,500
Allowance for doubtful accounts	$ 3,900	1,900
Customer returns, allowances and earned discounts as a percentage of gross selling price	1.00%
Reserve for customer accounts receivable, percentage	1.00%
Reserve for customer deductions	$ 6,700	3,400
Interest capitalization, construction in progress	$ 1,700	$ 800	7,100
Intangible asset, useful life, in years	15 years 4 months 10 days	16 years 5 months 13 days
Goodwill	$ 526,789	$ 67,160	58,214
Area leased under timberland cutting rights (acres) \| a	88,000
Area leased where fiber farms are operated (acres) \| a	9,000
Software amortization expense	$ 1,100	$ 900	600
Minimum
Significant Accounting Policies [Line Items]
Term of senior credit facilities and notes, in years	5
Maximum
Significant Accounting Policies [Line Items]
Term of senior credit facilities and notes, in years	10
Foreign operations
Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 7,100
Customer Relationships
Significant Accounting Policies [Line Items]
Intangible asset, useful life, in years	15 years 4 months 28 days	16 years 8 months 12 days
Customer Relationships \| Minimum
Significant Accounting Policies [Line Items]
Intangible asset, useful life, in years	6 years
Customer Relationships \| Maximum
Significant Accounting Policies [Line Items]
Intangible asset, useful life, in years	40 years
Trademarks and Trade Names
Significant Accounting Policies [Line Items]
Intangible asset, useful life, in years	14 years 8 months 16 days	2 years 7 months 6 days
Trademarks and Trade Names \| Minimum
Significant Accounting Policies [Line Items]
Intangible asset, useful life, in years	3 years
Trademarks and Trade Names \| Maximum
Significant Accounting Policies [Line Items]
Intangible asset, useful life, in years	20 years
Cutting Rights and Fiber Farms
Significant Accounting Policies [Line Items]
Depletion expense	$ 2,500	$ 700	$ 0
Other Long-Term Assets
Significant Accounting Policies [Line Items]
Unamortized deferred financing costs	14,100	5,000
Long-term lease costs capitalization (Cutting rights)	27,600	27,400
Capitalized Fiber Farm Costs	9,400
Net capitalized software costs	$ 5,700	$ 1,100

Summary of Significant Accounting Policies Change in Accounting Principle (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

^[3]

Jun. 30, 2013

^[4]

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

^[6]

Jun. 30, 2012

^[6]

Mar. 31, 2012

^[7]

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Consolidated Statements of Income and Comprehensive Income

$ (2,797,853)

$ (2,209,142)

$ (2,076,816)

$ 259,360

^[1],[2]

$ 227,599

^[1]

$ 195,250

^[1]

$ 185,246

^[1]

$ 170,819

^[1],[5]

$ 162,922

^[1]

$ 159,160

^[1]

$ 141,834

^[1]

867,455

^[1]

634,735

^[1]

543,295

122,896

^[1],[2]

142,782

^[1]

110,197

^[1]

106,000

^[1]

94,899

^[1],[5]

91,892

^[1]

85,003

^[1]

165,809

^[1]

481,875

^[1],[8]

437,603

^[1]

274,021

423,600

^[8]

374,703

244,776

17,729

(214,463)

(85,971)

$ 228,101

^[1],[2]

$ 84,682

^[1]

$ 66,252

^[1]

$ 62,294

^[1]

$ 58,879

^[1],[5]

$ 39,681

^[1]

$ 45,854

^[1]

$ 15,826

^[1]

441,329

^[1]

160,240

^[1]

158,805

Comprehensive income

$ 490,347

$ 143,976

$ 105,408

Net income per common share

$ 2.36

^[1],[2]

$ 0.88

^[1]

$ 0.69

^[1]

$ 0.65

^[1]

$ 0.61

^[1],[5]

$ 0.41

^[1]

$ 0.48

^[1]

$ 0.16

^[1]

$ 4.57

^[1]

$ 1.66

^[1]

$ 1.60

$ 2.34

^[1],[2]

$ 0.87

^[1]

$ 0.68

^[1]

$ 0.64

^[1]

$ 0.60

^[1],[5]

$ 0.41

^[1]

$ 0.47

^[1]

$ 0.16

^[1]

$ 4.52

^[1]

$ 1.64

^[1]

$ 1.58

Consolidated Balance Sheets

Current deferred tax asset

$ 594,291

$ 332,268

$ 594,291

$ 332,268

47,616

Current deferred tax liability

2,414

Retained earnings

1,019,101

742,487

1,019,101

742,487

Consolidated Statements of Cash Flows

Deferred income tax provision (benefit)

228,101

^[1],[2]

$ 84,682

^[1]

$ 66,252

^[1]

$ 62,294

^[1]

58,879

^[1],[5]

$ 39,681

^[1]

$ 45,854

^[1]

$ 15,826

^[1]

441,329

^[1]

160,240

^[1]

$ 158,805

(160,328)

180,926

27,841

Change in inventories

25,036

(6,356)

(9,605)

As Previously Reported (under LIFO)

Consolidated Statements of Income and Comprehensive Income

(2,806,121)

(2,203,286)

(2,078,088)

257,595

^[2]

226,777

192,323

182,492

174,339

^[5]

163,102

158,015

145,135

859,187

640,591

542,023

121,131

^[2]

141,960

107,270

103,246

98,419

^[5]

92,072

83,858

169,110

473,607

443,459

272,749

415,332

380,559

243,504

20,951

(216,739)

(85,477)

$ 227,025

^[2]

$ 84,180

$ 64,465

$ 60,613

$ 61,031

^[5]

$ 39,791

$ 45,154

$ 17,844

436,283

163,820

158,027

Comprehensive income

$ 485,301

$ 147,556

$ 104,630

Net income per common share

$ 2.35

^[2]

$ 0.87

$ 0.67

$ 0.63

^[5]

$ 0.41

$ 0.47

$ 0.18

$ 4.52

$ 1.70

$ 1.59

$ 2.33

^[2]

$ 0.86

$ 0.66

$ 0.62

$ 0.63

^[5]

$ 0.41

$ 0.46

$ 0.18

$ 4.47

$ 1.68

$ 1.57

Consolidated Balance Sheets

Current deferred tax asset

$ 522,523

$ 268,767

$ 522,523

$ 268,767

75,579

22,328

75,579

22,328

Current deferred tax liability

Retained earnings

975,296

703,728

975,296

703,728

Consolidated Statements of Cash Flows

Deferred income tax provision (benefit)

$ 227,025

^[2]

$ 84,180

$ 64,465

$ 60,613

$ 61,031

^[5]

$ 39,791

$ 45,154

$ 17,844

436,283

163,820

$ 158,027

(163,550)

183,202

27,347

Change in inventories

$ 33,304

$ (12,212)

$ (8,333)

Change in Accounting Method for Inventory Valuation | Effect of Change in Accounting Principle

Consolidated Balance Sheets

Retained earnings

$ 41,600

[1]	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost.
[2]	Includes Boise's results for the period of October 25, 2013, through December 31, 2013. The quarter also includes $166.0 million of income tax benefits from the reversal of the reserves for unrecognized tax benefits from alternative energy tax credits ($1.70 per diluted share), partially offset by $21.5 million of expense for the acquisition inventory step-up ($13.6 million after tax or $0.14 per diluted share), $15.8 million of acquisition-related costs ($10.0 million after tax or $0.10 per diluted share), $8.9 million of acquisition-related financing costs ($5.6 million after tax or $0.06 per diluted share), and $17.4 million of integration-related and other costs ($11.0 million after tax or $0.11 per diluted share).
[3]	Includes a $3.1 million non-cash pension curtailment charge ($2.0 million after tax or $0.02 per diluted share), $1.5 million of acquisition-related costs ($1.0 million after tax or $0.01 per diluted share), and $2.7 million of acquisition-related financing costs ($1.8 million after tax or $0.02 per diluted share).
[4]	Includes a $7.8 million non-cash pension curtailment charge ($5.0 million after tax or $0.05 per diluted share).
[5]	Includes $3.4 million of income from state income tax adjustments ($0.03 per diluted share), partially offset by $2.0 million of plant closure charges ($1.4 million after tax or $0.01 per diluted share).
[6]	The second and third quarters of 2012 include debt refinancing charges of $3.7 million ($2.5 million after tax or $0.03 per diluted share) and $21.1 million ($13.5 million after tax or $0.14 per diluted share), respectively.
[7]	During the first quarter of 2012, PCA amended its 2009 federal income tax return to reduce the gallons claimed as cellulosic biofuel producer credits previously recorded as a tax benefit and to increase those gallons claimed as alternative fuel mixture credits previously recorded as income. The increase in gallons claimed as alternative fuel mixture credits resulted in income of $95.5 million. The decrease in gallons claimed as cellulosic biofuel producer credits resulted in a decrease in tax benefits of $118.5 million, for a total decrease in net income of $23.0 million ($0.24 per diluted share).
[8]	On October 25, 2013, we acquired Boise. The 2013 results include Boise for the period of October 25 through December 31, 2013.

Summary of Significant Accounting Policies Components of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Schedule of Inventory [Line Items]
Raw materials	$ 212,027	$ 125,909
Work in process	13,898	8,287
Finished goods	209,972	78,788
Supplies and materials	158,394	119,284
Inventories	$ 594,291	$ 332,268

Summary of Significant Accounting Policies Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, at cost	$ 5,232,700	$ 3,640,792
Less accumulated depreciation	(2,426,996)	(2,274,723)
Property, plant, and equipment, net	2,805,704	1,366,069
Depreciation [Abstract]
Depreciation expense	191,200	166,000	$ 161,500
Land and Land Improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, at cost	140,592	107,250
Buildings
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, at cost	628,948	390,363
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, at cost	4,263,505	3,048,932
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, at cost	168,808	67,051
Other
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, at cost	$ 30,847	$ 27,196

Summary of Significant Accounting Policies Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2013
Buildings And Land Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset (in years)	5 years
Buildings And Land Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset (in years)	40 years
Machinery and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset (in years)	3 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset (in years)	25 years
Trucks and Automobiles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset (in years)	3 years
Trucks and Automobiles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset (in years)	10 years
Furniture and Fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset (in years)	3 years
Furniture and Fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset (in years)	20 years
Computers and Hardware \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset (in years)	3 years
Computers and Hardware \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of asset (in years)	10 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Estimated useful life of asset, description	Period of the lease or useful life, if shorter

Acquisitions (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Oct. 25, 2013

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

^[1],[4]

Mar. 31, 2013

^[1]

Dec. 31, 2012

Sep. 30, 2012

^[1],[6]

Jun. 30, 2012

^[1],[6]

Mar. 31, 2012

^[1],[7]

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Nov. 08, 2013

$ 526,789

$ 67,160

$ 526,789

$ 67,160

$ 58,214

122,896

^[1],[2]

$ 142,782

^[1],[3]

$ 110,197

$ 106,000

$ 94,899

^[1],[5]

$ 91,892

$ 85,003

$ 165,809

481,875

^[1],[8]

437,603

^[1]

274,021

(58,275)

^[8],[9]

(62,900)

^[10]

$ (29,245)

Outstanding stock and voting equity interests acquired

100.00%

2,100,000

Outstanding common stock acquired, price per share

^[11]

$ 458,579

$ 12.55

Business acquisition, cost of acquired entity, cash paid

1,200,000

Cash acquired from acquisition

$ 121,700

Business acquisition, debt assumed

829,800

Boise net sales revenue since acquisition date

448,000

Boise income from operations since acquisition

3,500

Damage Prevention Company

6,300

^[11]

$ 1,100

Packaging Specialists

Nonrecurring Acquisition-Related Costs | Boise Inc.

$ 35,400

Nonrecurring Acquisition-Related Costs | Other Expense, Net | Boise Inc.

(15,800)

(1,500)

Nonrecurring Acquisition-Related Costs | Included in Boise's Income From Operations | Boise Inc.

(17,200)

(400)

(8,900)

$ (2,700)

Acquisition Inventory Step-Up | Included in Boise's Income From Operations | Boise Inc.

(11,600)

(21,500)

$ (17,400)

(17,400)

$ (14,600)

[1]	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost.
[2]	Includes Boise's results for the period of October 25, 2013, through December 31, 2013. The quarter also includes $166.0 million of income tax benefits from the reversal of the reserves for unrecognized tax benefits from alternative energy tax credits ($1.70 per diluted share), partially offset by $21.5 million of expense for the acquisition inventory step-up ($13.6 million after tax or $0.14 per diluted share), $15.8 million of acquisition-related costs ($10.0 million after tax or $0.10 per diluted share), $8.9 million of acquisition-related financing costs ($5.6 million after tax or $0.06 per diluted share), and $17.4 million of integration-related and other costs ($11.0 million after tax or $0.11 per diluted share).
[3]	Includes a $3.1 million non-cash pension curtailment charge ($2.0 million after tax or $0.02 per diluted share), $1.5 million of acquisition-related costs ($1.0 million after tax or $0.01 per diluted share), and $2.7 million of acquisition-related financing costs ($1.8 million after tax or $0.02 per diluted share).
[4]	Includes a $7.8 million non-cash pension curtailment charge ($5.0 million after tax or $0.05 per diluted share).
[5]	Includes $3.4 million of income from state income tax adjustments ($0.03 per diluted share), partially offset by $2.0 million of plant closure charges ($1.4 million after tax or $0.01 per diluted share).
[6]	The second and third quarters of 2012 include debt refinancing charges of $3.7 million ($2.5 million after tax or $0.03 per diluted share) and $21.1 million ($13.5 million after tax or $0.14 per diluted share), respectively.
[7]	During the first quarter of 2012, PCA amended its 2009 federal income tax return to reduce the gallons claimed as cellulosic biofuel producer credits previously recorded as a tax benefit and to increase those gallons claimed as alternative fuel mixture credits previously recorded as income. The increase in gallons claimed as alternative fuel mixture credits resulted in income of $95.5 million. The decrease in gallons claimed as cellulosic biofuel producer credits resulted in a decrease in tax benefits of $118.5 million, for a total decrease in net income of $23.0 million ($0.24 per diluted share).
[8]	On October 25, 2013, we acquired Boise. The 2013 results include Boise for the period of October 25 through December 31, 2013.
[9]	Includes $10.5 million of expenses for financing the acquisition and $1.1 million of expense for the write-off of deferred financing costs.
[10]	Includes $24.8 million of debt refinancing charges, including the $21.3 million redemption premium, the $3.4 million charge to settle the treasury lock prior to its maturity, and $0.1 million of other items.
[11]	Goodwill is the excess of purchase price over the fair value of tangible and identifiable intangible assets acquired and liabilities assumed. Goodwill generated from the acquisition is primarily attributable to expected synergies and the assembled workforce. Goodwill recognized in the transaction is not deductible for income tax purposes; however, we assumed $1.9 million of goodwill that Boise had been amortizing in connection with previous acquisitions, which we will continue to amortize and deduct for income tax purposes.

Acquisitions Purchase Price Allocation (Details) - USD ($)
$ in Thousands

Oct. 25, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Goodwill (c)

$ 526,789

$ 67,160

$ 58,214

Cash and cash equivalents

$ 121,658

Accounts receivable

270,364

Prepaid expenses and other current assets

286,277

Deferred income taxes

9,144

8,624

Total current assets

696,067

Property, plant, and equipment (a)

^[1]

1,401,183

Goodwill (c)

^[2]

458,579

Other long-term assets

21,786

Assets acquired

2,854,615

Current liabilities

322,230

Long-term debt

829,750

Deferred tax liabilities

281,463

Other long-term liabilities

131,276

Liabilities assumed

1,564,719

Net assets acquired

1,289,896

Acquired goodwill expected to be tax deductible

1,900

Customer Relationships | Boise Inc.

Trademarks and Trade Names | Boise Inc.

Intangible assets (b):

^[3]

256,400

Intangible assets (b):

^[3]

$ 20,600

Minimum | Boise Inc.

Property and equipment, useful life

1 year

Minimum | Customer Relationships | Boise Inc.

Acquired finite-lived intangible assets, useful life

15 years

Minimum | Trademarks and Trade Names | Boise Inc.

Acquired finite-lived intangible assets, useful life

5 years

Maximum | Boise Inc.

Property and equipment, useful life

30 years

Maximum | Customer Relationships | Boise Inc.

Acquired finite-lived intangible assets, useful life

20 years

Maximum | Trademarks and Trade Names | Boise Inc.

Acquired finite-lived intangible assets, useful life

20 years

[1]	Property and equipment acquired are being depreciated on a straight-line basis over their estimated remaining lives, which range from one to 30 years.
[2]	Goodwill is the excess of purchase price over the fair value of tangible and identifiable intangible assets acquired and liabilities assumed. Goodwill generated from the acquisition is primarily attributable to expected synergies and the assembled workforce. Goodwill recognized in the transaction is not deductible for income tax purposes; however, we assumed $1.9 million of goodwill that Boise had been amortizing in connection with previous acquisitions, which we will continue to amortize and deduct for income tax purposes.
[3]	We are amortizing the intangible assets on a straight-line basis over the following (in years):Customer relationships15-20Trademarks and trade names5-20

Acquisitions Acquisitions Pro Forma Financial Information (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

^[1],[4]

Mar. 31, 2013

^[1]

Dec. 31, 2012

^[1],[5]

Sep. 30, 2012

^[1],[6]

Jun. 30, 2012

^[1],[6]

Mar. 31, 2012

^[1],[7]

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

$ 122,896

^[1],[2]

$ 142,782

^[1],[3]

$ 110,197

$ 106,000

$ 94,899

$ 91,892

$ 85,003

$ 165,809

$ 481,875

^[1],[8]

$ 437,603

^[1]

$ 274,021

(58,275)

^[8],[9]

(62,900)

^[10]

(29,245)

(17,729)

214,463

$ 85,971

Net income per share - diluted

Sales

5,696,200

5,355,900

Net income (a)

^[11]

$ 497,400

$ 222,400

$ 5.10

$ 2.28

Nonrecurring Acquisition-Related Costs | Boise Inc.

Nonrecurring Acquisition-Related Costs | Included in Boise's Income From Operations | Boise Inc.

(15,800)

(1,500)

Nonrecurring Acquisition-Related Costs | Other Expense, Net | Boise Inc.

$ (400)

Acquisition Inventory Step-Up | Included in Boise's Income From Operations | Boise Inc.

(17,200)

(21,500)

(8,900)

$ (2,700)

Alternative Fuel Mixture Credits

(11,600)

(166,000)

$ (17,400)

(17,400)

$ (14,600)

[1]	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost.
[2]	Includes Boise's results for the period of October 25, 2013, through December 31, 2013. The quarter also includes $166.0 million of income tax benefits from the reversal of the reserves for unrecognized tax benefits from alternative energy tax credits ($1.70 per diluted share), partially offset by $21.5 million of expense for the acquisition inventory step-up ($13.6 million after tax or $0.14 per diluted share), $15.8 million of acquisition-related costs ($10.0 million after tax or $0.10 per diluted share), $8.9 million of acquisition-related financing costs ($5.6 million after tax or $0.06 per diluted share), and $17.4 million of integration-related and other costs ($11.0 million after tax or $0.11 per diluted share).
[3]	Includes a $3.1 million non-cash pension curtailment charge ($2.0 million after tax or $0.02 per diluted share), $1.5 million of acquisition-related costs ($1.0 million after tax or $0.01 per diluted share), and $2.7 million of acquisition-related financing costs ($1.8 million after tax or $0.02 per diluted share).
[4]	Includes a $7.8 million non-cash pension curtailment charge ($5.0 million after tax or $0.05 per diluted share).
[5]	Includes $3.4 million of income from state income tax adjustments ($0.03 per diluted share), partially offset by $2.0 million of plant closure charges ($1.4 million after tax or $0.01 per diluted share).
[6]	The second and third quarters of 2012 include debt refinancing charges of $3.7 million ($2.5 million after tax or $0.03 per diluted share) and $21.1 million ($13.5 million after tax or $0.14 per diluted share), respectively.
[7]	During the first quarter of 2012, PCA amended its 2009 federal income tax return to reduce the gallons claimed as cellulosic biofuel producer credits previously recorded as a tax benefit and to increase those gallons claimed as alternative fuel mixture credits previously recorded as income. The increase in gallons claimed as alternative fuel mixture credits resulted in income of $95.5 million. The decrease in gallons claimed as cellulosic biofuel producer credits resulted in a decrease in tax benefits of $118.5 million, for a total decrease in net income of $23.0 million ($0.24 per diluted share).
[8]	On October 25, 2013, we acquired Boise. The 2013 results include Boise for the period of October 25 through December 31, 2013.
[9]	Includes $10.5 million of expenses for financing the acquisition and $1.1 million of expense for the write-off of deferred financing costs.
[10]	Includes $24.8 million of debt refinancing charges, including the $21.3 million redemption premium, the $3.4 million charge to settle the treasury lock prior to its maturity, and $0.1 million of other items.
[11]	The 2013 and 2012 unaudited pro forma financial information presented in the table above has been adjusted to give effect to adjustments that are directly related to the acquisition, factually supportable, and expected to have a continuing impact. These adjustments include, but are not limited to, the application of our accounting policies; elimination of related party transactions; depreciation and amortization related to fair value adjustments to property, plant and equipment and intangible assets; and interest expense on acquisition-related debt. The 2013 unaudited pro forma net income was also adjusted to exclude $21.5 million of acquisition inventory step-up expense, $17.2 million of acquisition-related costs, which primarily consist of advisory, legal, accounting, valuation and other professional or consulting fees, and $11.6 million of acquisition-related debt financing costs. Included in 2013 pro forma net income is $166.0 million of income from the reversal of tax reserves related to alternative fuel mixture credits, $17.4 million of integration-related and other costs, which primarily consist of severance and other employee costs and professional services.

Earnings Per Share Computation of Basic and Diluted Income Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

^[1],[2]

Sep. 30, 2013

^[1],[3]

Jun. 30, 2013

^[1],[4]

Mar. 31, 2013

^[1]

Dec. 31, 2012

^[1],[5]

Sep. 30, 2012

^[1],[6]

Jun. 30, 2012

^[1],[6]

Mar. 31, 2012

^[1],[7]

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Earnings Per Share [Line Items]

Weighted average basic common shares outstanding

$ 228,101

$ 84,682

$ 66,252

$ 62,294

$ 58,879

$ 39,681

$ 45,854

$ 15,826

$ 441,329

^[1]

$ 160,240

^[1]

$ 158,805

96,579

96,384

99,281

Stock options, unvested restricted stock, and performance units

968

1,113

1,095

Diluted common shares outstanding

97,547

97,497

100,376

Basic income per common share

$ 2.36

$ 0.88

$ 0.69

$ 0.65

$ 0.61

$ 0.41

$ 0.48

$ 0.16

$ 4.57

^[1]

$ 1.66

^[1]

$ 1.60

Diluted income per common share

$ 2.34

$ 0.87

$ 0.68

$ 0.64

$ 0.60

$ 0.41

$ 0.47

$ 0.16

$ 4.52

^[1]

$ 1.64

^[1]

$ 1.58

[1]	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost.
[2]	Includes Boise's results for the period of October 25, 2013, through December 31, 2013. The quarter also includes $166.0 million of income tax benefits from the reversal of the reserves for unrecognized tax benefits from alternative energy tax credits ($1.70 per diluted share), partially offset by $21.5 million of expense for the acquisition inventory step-up ($13.6 million after tax or $0.14 per diluted share), $15.8 million of acquisition-related costs ($10.0 million after tax or $0.10 per diluted share), $8.9 million of acquisition-related financing costs ($5.6 million after tax or $0.06 per diluted share), and $17.4 million of integration-related and other costs ($11.0 million after tax or $0.11 per diluted share).
[3]	Includes a $3.1 million non-cash pension curtailment charge ($2.0 million after tax or $0.02 per diluted share), $1.5 million of acquisition-related costs ($1.0 million after tax or $0.01 per diluted share), and $2.7 million of acquisition-related financing costs ($1.8 million after tax or $0.02 per diluted share).
[4]	Includes a $7.8 million non-cash pension curtailment charge ($5.0 million after tax or $0.05 per diluted share).
[5]	Includes $3.4 million of income from state income tax adjustments ($0.03 per diluted share), partially offset by $2.0 million of plant closure charges ($1.4 million after tax or $0.01 per diluted share).
[6]	The second and third quarters of 2012 include debt refinancing charges of $3.7 million ($2.5 million after tax or $0.03 per diluted share) and $21.1 million ($13.5 million after tax or $0.14 per diluted share), respectively.
[7]	During the first quarter of 2012, PCA amended its 2009 federal income tax return to reduce the gallons claimed as cellulosic biofuel producer credits previously recorded as a tax benefit and to increase those gallons claimed as alternative fuel mixture credits previously recorded as income. The increase in gallons claimed as alternative fuel mixture credits resulted in income of $95.5 million. The decrease in gallons claimed as cellulosic biofuel producer credits resulted in a decrease in tax benefits of $118.5 million, for a total decrease in net income of $23.0 million ($0.24 per diluted share).

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

Employee benefits and compensation

Income Taxes Components of Consolidated Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Current income tax provision (benefit)
U.S. Federal	$ 129,633	$ 27,100	$ 41,452
State and local	12,649	6,437	16,678
Foreign	317	0	0
Total current provision for taxes	142,599	33,537	58,130
Deferred -
U.S. Federal	(160,469)	179,070	30,313
State and local	253	1,856	(2,472)
Foreign	(112)	0	0
Total deferred provision for taxes	(160,328)	180,926	27,841
Total provision (benefit) for taxes	$ (17,729)	$ 214,463	$ 85,971

Income Taxes Summary of Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule Of Effective Tax Rates [Line Items]
Provision computed at U.S. Federal statutory rate of 35%	$ 148,260	$ 131,147	$ 85,671
Alternative fuel mixture and cellulosic biofuel producer credits	(166,006)	81,695	0
State and local taxes, net of federal benefit	13,565	8,908	7,553
Domestic manufacturers deduction	(11,712)	(7,155)	(7,670)
Other	(1,836)	(132)	417
Total provision (benefit) for taxes	$ (17,729)	$ 214,463	$ 85,971
U.S. Federal statutory rate	35.00%

Income Taxes Summary of Operating Loss Carryforwards (Details) $ in Thousands	Dec. 31, 2013 USD ($)
Operating Loss Carryforwards [Line Items]
U.S. federal and non-U.S. NOLs	$ 111,719
State taxing jurisdiction NOLs	15,077
U.S. federal, non-U.S., and state tax credit carryforwards	1,564
U.S. federal capital loss carryforwards	1,088
Total	129,448
2014 Through 2023
Operating Loss Carryforwards [Line Items]
U.S. federal and non-U.S. NOLs	1,633
State taxing jurisdiction NOLs	1,199
U.S. federal, non-U.S., and state tax credit carryforwards	203
U.S. federal capital loss carryforwards	1,088
Total	4,123
2024 Through 2033
Operating Loss Carryforwards [Line Items]
U.S. federal and non-U.S. NOLs	110,086
State taxing jurisdiction NOLs	13,878
U.S. federal, non-U.S., and state tax credit carryforwards	748
U.S. federal capital loss carryforwards	0
Total	124,712
Indefinite
Operating Loss Carryforwards [Line Items]
U.S. federal and non-U.S. NOLs	0
State taxing jurisdiction NOLs	0
U.S. federal, non-U.S., and state tax credit carryforwards	613
U.S. federal capital loss carryforwards	0
Total	$ 613

Income Taxes Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2013

Dec. 31, 2012

Deferred tax assets:

Accrued liabilities

$ 19,521

$ 7,332

27,252

16,002

Net operating loss carryforwards

126,796

Stock options and restricted stock

8,875

8,389

Pension and postretirement benefits

75,518

65,520

Derivatives

18,221

20,381

Capital loss, general business, foreign, and AMT credit carryforwards

2,652

Gross deferred tax assets

278,835

117,624

Valuation allowance (a)

(2,715)

^[1]

Net deferred tax assets

276,120

117,624

Deferred tax liabilities:

Property, plant, and equipment

(519,718)

(210,486)

Goodwill and intangible assets

(111,865)

(7,267)

Investment in joint venture

(28,522)

(26,275)

(1,026)

(1,119)

Other

(2,208)

Total deferred tax liabilities

(663,339)

(245,147)

Net deferred tax assets (liabilities) (b)

(387,219)

^[2]

$ (127,523)

Net Operating Loss Carryforwards

Deferred tax assets:

Valuation allowance (a)

(1,600)

Capital Loss Carryforward

Deferred tax assets:

Valuation allowance (a)

$ (1,100)

[1]

[2]

Income Taxes Summary of Uncertain Tax Position (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Income Tax Uncertainties [Line Items]

Balance as of January 1

$ (111,303)

$ (111,013)

(1,538)

(1,267)

(49)

(128)

64,774

^[1]

Settlements with taxing authorities (c)

106,187

^[2]

Expiration of the statute of limitations (d)

1,667

^[3]

1,105

Balance at December 31

(5,420)

(111,303)

Alternative Fuel Mixture Credit

Income Tax Uncertainties [Line Items]

Settlements with taxing authorities (c)

^[2]

104,700

Alternative Fuel Mixture Credit | Boise Inc.

Income Tax Uncertainties [Line Items]

(65,158)

^[4]

$ 0

$ 64,300

[1]	Includes a $64.3 million gross decrease related to the taxability of the alternative fuel mixture tax credits claimed in 2009 excise tax returns by Boise Inc. For further discussion regarding these credits, see Note 6, Alternative Energy Tax Credits.
[2]	Includes a $104.7 million gross decrease related to the conclusion of the Internal Revenue Service audit of PCA’s alternative energy tax credits. For further discussion regarding these credits, see Note 6, Alternative Energy Tax Credits.
[3]	In the third and fourth quarters of 2013, various state statutes of limitations expired. As a result, the reserve for unrecognized tax benefits decreased by $1.7 million gross.
[4]	PCA acquired $65.2 million of gross unrecognized tax benefits from Boise Inc. that relate primarily to the taxability of the alternative fuel mixture credits.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Alternative fuel mixture and cellulosic biofuel producer credits	$ 166,006	$ (81,695)	$ 0
Cash payments for income taxes	90,700	9,700	52,700
Unrecognized tax benefits	5,420	111,303	$ 111,013
Unrecognized tax benefits that would impact of effective tax rate	4,000
Income tax, interest expense gross	3,300	300
Income tax, penalty expense gross	100	100
Income tax, accrued interest expense gross	400	2,500
Income tax, accrual for penalties	$ 100	$ 100
Federal
Income tax examination (description)	A federal examination of the tax years 2008 and 2009 was concluded in November 2013.
Foreign
Open tax year	2008
Minimum \| Federal
Open tax year	2010
Minimum \| State
Open tax year	2009
Minimum \| Boise Inc.
Open tax year	2008
Maximum \| Federal
Open tax year	2013
Maximum \| State
Open tax year	2013
Maximum \| Boise Inc.
Open tax year	2013

Alternative Energy Tax Credits - Additional Information (Detail) - USD ($)	3 Months Ended			12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Alternative Energy Tax Credits [Line Items]
(Provision) benefit for income taxes				$ (17,729,000)	$ 214,463,000	$ 85,971,000
Uncertain tax positions							$ 102,000,000
Alternative Fuel Mixture Credits
Alternative Energy Tax Credits [Line Items]
Refundable tax credit per gallon								$ 0.50
Alternative energy tax credits			$ 95,500,000				(86,300,000)
(Provision) benefit for income taxes	$ 62,100,000
Cellulosic Biofuel Tax Credits
Alternative Energy Tax Credits [Line Items]
Refundable tax credit per gallon								$ 1.01
(Provision) benefit for income taxes	103,900,000		(118,500,000)				135,500,000
Alternative Energy Tax Credits
Alternative Energy Tax Credits [Line Items]
Alternative energy tax credits		$ 3,400,000	(23,000,000)
Income (charge) related to alternative energy tax credits		$ 3,400,000	$ (23,000,000)		$ (19,600,000)		47,700,000
Alternative Energy Tax Credits \| Additional
Alternative Energy Tax Credits [Line Items]
Expenses related to alternative energy tax credits							$ 1,600,000
Tax Related to Cellulosic Biofuel Tax Credits
Alternative Energy Tax Credits [Line Items]
(Provision) benefit for income taxes	102,000,000
Accrued Interest Related to Cellulosic Biofuel Tax Credits
Alternative Energy Tax Credits [Line Items]
(Provision) benefit for income taxes	1,900,000
Other Long-Term Liabilities \| Alternative Fuel Mixture Credits
Alternative Energy Tax Credits [Line Items]
Alternative energy tax credits	13,100,000
Deferred Tax Asset \| Alternative Fuel Mixture Credits
Alternative Energy Tax Credits [Line Items]
Alternative energy tax credits	$ 49,000,000

Goodwill and Intangible Assets Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Nov. 08, 2013

Oct. 25, 2013

$ 67,160

Beginning Balance

67,160

58,214

459,629

^[1]

14,098

(5,152)

Ending Balance

526,789

$ 67,160

472,900

Ending Balance

472,900

Paper

53,900

Ending Balance

53,900

^[2]

$ 458,579

Damage Prevention Company

2,100,000

^[2]

$ 1,100

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 6,300

[1]

In 2013, in addition to acquiring Boise and recording $458.6 million of goodwill, we acquired Damage Prevention Company for $6.3 million and recorded $1.1 million of goodwill in the Packaging segment.

[2]

Goodwill and Intangible Assets Components of Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	15 years 4 months 10 days	16 years 5 months 13 days
Gross Carrying Amount	$ 327,951	$ 49,251
Accumulated Amortization	17,412	10,968
Intangible asset amortization expense	6,400	$ 3,100	$ 1,400
Estimated Future Intangible Amortization Expense
2014	22,100
2015	22,000
2016	21,900
2017	21,900
2018	$ 21,700
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	15 years 4 months 28 days	16 years 8 months 12 days
Gross Carrying Amount	$ 306,361	$ 48,261
Accumulated Amortization	$ 16,509	$ 10,663
Trademarks and Trade Names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	14 years 8 months 16 days	2 years 7 months 6 days
Gross Carrying Amount	$ 21,370	$ 770
Accumulated Amortization	$ 794	$ 248
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	3 years	3 years 8 months 12 days
Gross Carrying Amount	$ 220	$ 220
Accumulated Amortization	$ 109	$ 57

Debt Summary of Debt (Details) - USD ($) $ in Thousands					12 Months Ended
Debt Summary of Debt (Details) - USD ($) $ in Thousands	Dec. 23, 2013	Oct. 23, 2013	Oct. 18, 2013	Jun. 27, 2012	Dec. 31, 2013	Dec. 31, 2012	Jun. 25, 2012
Debt Instrument [Line Items]
Debt					$ 2,547,845	$ 793,630
Less current portion					39,000	15,000
Total long-term debt					$ 2,508,845	$ 778,630
Weighted-average interest rate					3.08%	3.63%
Credit facility, expiration date			Oct. 11, 2016
4.50% Senior Notes, due November 2023
Debt Instrument [Line Items]
Debt					$ 698,173	$ 0
Stated interest rate					4.50%	0.00%
Debt instrument, maturity date		Nov. 01, 2023			Nov. 01, 2023
Senior notes, discount					$ 1,827
6.50% Senior Notes, due March 2018
Debt Instrument [Line Items]
Debt					$ 149,974	$ 149,968
Stated interest rate					6.50%	6.50%
Debt instrument, maturity date					Mar. 15, 2018
Senior notes, discount					$ 26	$ 32
3.90% Senior Notes, due June 2022
Debt Instrument [Line Items]
Debt					$ 399,698	$ 399,662
Stated interest rate					3.90%	3.90%	3.90%
Debt instrument, maturity date				Jun. 15, 2022	Jun. 15, 2022
Senior notes, discount					$ 302	$ 338
Current Portion of Long-term Debt
Debt Instrument [Line Items]
Less current portion					$ 39,000	$ 15,000
Weighted-average interest rate					1.59%	1.71%
Long-term Debt, Excluding Current Portion
Debt Instrument [Line Items]
Total long-term debt					$ 2,508,845	$ 778,630
Weighted-average interest rate					3.10%	3.67%
Five-Year Term Loan, due October 2018
Debt Instrument [Line Items]
Debt			$ 650,000		$ 650,000	$ 0
Stated interest rate					1.54%	0.00%
Debt instrument, maturity date					Oct. 18, 2018
Seven-Year Term Loan, due October 2020
Debt Instrument [Line Items]
Debt			$ 650,000		$ 650,000	$ 0
Stated interest rate					1.79%	0.00%
Debt instrument, maturity date					Oct. 18, 2020
Revolving Credit Facility
Debt Instrument [Line Items]
Debt					$ 0	$ 0
Credit facility, effective interest rate					0.00%	0.00%
Credit facility, expiration date			Oct. 18, 2018		Oct. 18, 2018
Receivables Credit Facility
Debt Instrument [Line Items]
Debt					$ 0	$ 109,000
Credit facility, effective interest rate					0.00%	1.06%
Credit facility, expiration date	Oct. 11, 2014
Senior Credit Facility, Term Loan, due October 2016
Debt Instrument [Line Items]
Debt					$ 0	$ 135,000
Credit facility, effective interest rate					0.00%	1.71%

Debt - Additional Information (Detail) - USD ($) $ in Thousands							12 Months Ended
	Dec. 23, 2013	Oct. 25, 2013	Oct. 23, 2013	Oct. 18, 2013	Jul. 26, 2012	Jun. 27, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Oct. 21, 2013	Jun. 25, 2012
Debt Instrument [Line Items]
Debt							$ 2,547,845	$ 793,630
Repayment of debt		$ 953,600
Credit facility, expiration date				Oct. 11, 2016
Senior notes, redemption premium							0	(21,296)	$ 0
Annual Principal Maturities for Debt [Abstract]
2014							39,000
2015							71,500
2016							71,500
2017							104,000
2018							546,500
2019 and thereafter							1,700,000
Interest payments and redemption premium payments paid for debt obligations							105,700	66,300	35,200
Amortization of net (loss) gain on treasury lock							(5,700)	(3,000)	1,800
Amortization of financing costs							10,300	1,100	$ 700
Book value of fixed rate debt							1,247,800
Long-term debt (fixed-rate debt), fair value							1,258,300
Boise Inc.
Annual Principal Maturities for Debt [Abstract]
Redemption premium paid on long-term debt							(54,800)
Amortization of financing costs							8,200
4.50% Senior Notes, due November 2023
Debt Instrument [Line Items]
Debt							$ 698,173	$ 0
Senior notes issued										$ 700,000
Stated interest rate							4.50%	0.00%
Senior notes, due date			Nov. 01, 2023				Nov. 01, 2023
Debt Incurred in Boise Acquisition
Debt Instrument [Line Items]
Repayment of debt							$ 829,800
3.90% Senior Notes, due June 2022
Debt Instrument [Line Items]
Debt							$ 399,698	$ 399,662
Senior notes issued											$ 400,000
Stated interest rate							3.90%	3.90%			3.90%
Senior notes, due date						Jun. 15, 2022	Jun. 15, 2022
5.75% Senior Notes, due August 2013
Debt Instrument [Line Items]
Stated interest rate					5.75%
Repayment of debt					$ 400,000
Senior notes, due date					Aug. 01, 2013
Senior notes, cost to redemption					$ 432,500
Senior notes, redemption premium								$ (21,300)
Senior notes, accrued and unpaid interest					$ 11,200
Seven-Year Term Loan, due October 2020
Debt Instrument [Line Items]
Debt				$ 650,000			$ 650,000	$ 0
Stated interest rate							1.79%	0.00%
Applicable margin				1.625%			1.625%
Debt instrument maturity year				2020
Senior notes, due date							Oct. 18, 2020
Five-Year Term Loan, due October 2018
Debt Instrument [Line Items]
Debt				$ 650,000			$ 650,000	$ 0
Stated interest rate							1.54%	0.00%
Applicable margin				1.375%			1.375%
Debt instrument maturity year				2018
Senior notes, due date							Oct. 18, 2018
Senior Credit Facility, Term Loan, due October 2016
Debt Instrument [Line Items]
Debt							$ 0	$ 135,000
Applicable margin								1.50%
Receivables Credit Facility
Debt Instrument [Line Items]
Debt							0	$ 109,000
Repayment of debt							109,000
Credit facility, expiration date	Oct. 11, 2014
Applicable margin								0.85%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt							$ 0	$ 0
Credit facility borrowing capacity				$ 350,000
Credit facility, expiration date				Oct. 18, 2018			Oct. 18, 2018
Outstanding letters of credit							$ 19,000
Unused borrowing capacity							$ 331,000
Revolving Credit Facility \| Five-Year and Seven-Year Term Loans, due October 2018 and 2020, respectively
Debt Instrument [Line Items]
New borrowings and new credit facility				$ 1,650,000
Revolving Credit Facility \| Five-Year and Seven-Year Term Loans, due October 2018 and 2020, respectively \| 4.50% Senior Notes, due November 2023
Debt Instrument [Line Items]
New borrowings and new credit facility				$ 2,350,000

Debt Additional Information on Variable Rate Debt (Details)	Dec. 31, 2013	Oct. 18, 2013	Dec. 31, 2012
Five-Year Term Loan, due October 2018
Debt Instrument [Line Items]
Reference Interest Rate	0.17%
Applicable margin	1.375%	1.375%
Seven-Year Term Loan, due October 2020
Debt Instrument [Line Items]
Reference Interest Rate	0.17%
Applicable margin	1.625%	1.625%
Receivables Credit Facility
Debt Instrument [Line Items]
Reference Interest Rate			0.21%
Applicable margin			0.85%
Senior Credit Facility, Term Loan, due October 2016
Debt Instrument [Line Items]
Reference Interest Rate			0.21%
Applicable margin			1.50%

Share-Based Compensation - Additional Information (Details) shares in Millions	12 Months Ended
	Dec. 31, 2013 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term equity incentive plan, termination date	May 1, 2023
Number of shares authorized under plan	10.6
Number of shares available for future issuance under share-based plan	2.1

Share-Based Compensation Summary of Restricted Stock Performance Units Activity (Details) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Restricted Stock

Shares outstanding at January 1

1,771,664,000

1,817,745,000

1,478,000,000

Granted

331,053,000

394,928,000

575,694,000

Vested (a)

^[1]

(605,458,000)

(429,034,000)

(229,979,000)

Forfeitures

(33,565,000)

(11,975,000)

(5,970,000)

Shares outstanding at December 31

1,463,694,000

1,771,664,000

1,817,745,000

Weighted average grant-date fair value of outstanding shares at January 1

$ 23.44

$ 22.37

$ 20.70

Weighted average grant-date fair value of shares granted

51.99

27.46

27.80

Weighted average grant-date fair value of shares vested (a)

^[1]

19.54

22.66

25.29

Weighted average grant-date fair value of share forfeitures

24.76

21.46

22.45

Weighted average grant-date fair value of outstanding shares at December 31

$ 31.48

$ 23.44

$ 22.37

Fair value of awards vested

$ 29.5

$ 12.4

$ 6.1

Performance Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted

70,600

Weighted average grant-date fair value of shares granted

$ 47.83

[1]	The total fair value of awards upon vesting for the years ended December 31, 2013, 2012, and 2011, was $29.5 million, $12.4 million, and $6.1 million, respectively.

Share-Based Compensation Compensation Expense for Share-Based Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Impact on income before income taxes	$ 14,761	$ 11,687	$ 9,736
Income tax benefit	(5,728)	(4,543)	(3,784)
Impact on net income	9,033	7,144	5,952
Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Impact on income before income taxes	14,238	11,687	9,736
Performance Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Impact on income before income taxes	$ 523	$ 0	$ 0

Share-Based Compensation Unrecognized Compensation Expense for Share-Based Awards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 27,441
Weighted-average recognition period	2 years 9 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 24,500
Weighted-average recognition period	2 years 8 months 12 days
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 2,941
Weighted-average recognition period	3 years 6 months

Employee Benefit Plans and Other Postretirement Benefits - Additional Information (Detail) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($) shares	Dec. 31, 2012 USD ($) shares	Dec. 31, 2011 USD ($)	Oct. 25, 2013 USD ($)
Defined Contribution And Defined Benefit Plans [Line Items]
Deferred compensation liability		$ 12,000	$ 3,400
Increase in other long-term liabilities		8,600
Pension Plans
Defined Contribution And Defined Benefit Plans [Line Items]
Company contributions		$ 30,146	35,984
Postretirement Plans
Defined Contribution And Defined Benefit Plans [Line Items]
Minimum retirement age for medical benefit plan coverage, years		58
Minimum service period for medical benefit plan coverage, years		10
Employee age after which minimum service period to be completed for medical benefit plan coverage, years		48
Company contributions		$ 1,289	$ 1,192
Employee Stock Ownership Plan
Defined Contribution And Defined Benefit Plans [Line Items]
Company's common stock \| shares		2,100	2,100
Minimum
Defined Contribution And Defined Benefit Plans [Line Items]
Company's contribution to pension plan, percentage		3.00%
Maximum
Defined Contribution And Defined Benefit Plans [Line Items]
Company's contribution to pension plan, percentage		5.00%
Boise Inc.
Defined Contribution And Defined Benefit Plans [Line Items]
Increase in other long-term liabilities		$ 7,900
Boise Inc. \| Pension Plans
Defined Contribution And Defined Benefit Plans [Line Items]
Net underfunded status of acquired benefit plans					$ 67,800
Number of employees continuing to accrue pension benefits					300
Scenario, Forecast \| Pension Plans
Defined Contribution And Defined Benefit Plans [Line Items]
Expected pension contributions in next fiscal year	$ 5,000
Matching Contributions
Defined Contribution And Defined Benefit Plans [Line Items]
Company's contribution to defined contribution plans		15,000	$ 10,800	$ 10,400
Service Related Contributions
Defined Contribution And Defined Benefit Plans [Line Items]
Company's contribution to defined contribution plans		$ 5,300	$ 4,300	$ 3,900

Employee Benefit Plans and Other Postretirement Plans Change in Benefit Obligations and Change in Fair Value of Plan Assets Related to Pension and Postretirement Plans (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Change in Fair Value of Plan Assets

Plan assets at fair value at beginning of period

$ 238,359

Fair value of plan assets at plan year end

772,082

$ 238,359

Amounts Recognized in Statement of Financial Position

Noncurrent liabilities

(193,548)

(164,538)

Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-Tax)

Accumulated benefit obligation for plans with obligations in excess of plan assets

798,000

Pension Plans

Change in Benefit Obligations

Benefit obligation at beginning of period

378,714

314,155

24,460

22,424

$ 19,808

Actuarial (gain) loss (b)

21,488

14,800

13,473

Plan amendments (a)

13,785

^[1]

2,271

(53,451)

^[2]

29,338

553,969

Benefit obligation at plan year end

(9,149)

(4,274)

929,816

378,714

314,155

Accumulated benefit obligation portion of above

884,016

341,729

Change in Fair Value of Plan Assets

Plan assets at fair value at beginning of period

238,359

185,122

Actual return on plan assets

486,171

26,555

21,527

Company contributions

30,146

35,984

Fair value of plan assets at plan year end

(9,149)

(4,274)

772,082

238,359

185,122

Underfunded status

(157,734)

(140,355)

Amounts Recognized in Statement of Financial Position

Current liabilities

(832)

(6,290)

Noncurrent liabilities

(156,902)

(134,065)

Accrued benefit recognized at December 31

(157,734)

(140,355)

Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-Tax)

Prior service cost

31,577

34,921

Actuarial loss

26,742

90,057

Total

58,319

124,978

Postretirement Plans

Change in Benefit Obligations

Benefit obligation at beginning of period

31,806

25,937

2,061

1,856

1,599

Actuarial (gain) loss (b)

1,248

1,241

1,189

Plan amendments (a)

2,266

(7,797)

^[2]

1,698

226

1,239

1,055

Benefit obligation at plan year end

(2,528)

(2,247)

26,255

31,806

25,937

Change in Fair Value of Plan Assets

Plan assets at fair value at beginning of period

Actual return on plan assets

Company contributions

1,289

1,192

1,239

1,055

Fair value of plan assets at plan year end

(2,528)

(2,247)

$ 0

Underfunded status

(26,255)

(31,806)

Amounts Recognized in Statement of Financial Position

Current liabilities

(1,231)

(1,333)

Noncurrent liabilities

(25,024)

(30,473)

Accrued benefit recognized at December 31

(26,255)

(31,806)

Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-Tax)

Prior service cost

(353)

Actuarial loss

1,472

9,759

Total

$ 1,544

$ 9,406

[1]	In 2013, the United Steel Workers (USW) ratified a master labor agreement with PCA under which certain USW-represented employees will have their pension accruals frozen under PCA's hourly pension plan, resulting in most of the $13.8 million increase in benefit obligations.
[2]	The actuarial gain in 2013 is due primarily to an increase in the weighted average discount rate, while the discount rate decreased in 2012.

Employee Benefit Plans and Other Postretirement Plans Components of Net Periodic Benefit Cost and Other Comprehensive (Income) Loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Components of net periodic benefit cost

Net amortization of unrecognized amounts, Curtailment loss (a)

$ 10,908

$ 0

Estimated Net Periodic Benefit Cost and Amortization of Other Comprehensive Income for The Next Year

Estimated net periodic benefit cost for 2014

7,100

Pension Plans

Components of net periodic benefit cost

24,460

22,424

19,808

Expected return on plan assets

21,488

14,800

13,473

(21,345)

(12,108)

(13,544)

Net amortization of unrecognized amounts, Prior service cost

6,222

5,993

5,782

Net amortization of unrecognized amounts, Actuarial loss

4,662

4,916

411

Net amortization of unrecognized amounts, Curtailment loss (a)

10,908

^[1]

Net periodic benefit cost

46,395

36,025

25,930

Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss

Actuarial net (gain) loss

(58,652)

19,919

49,675

Prior service credit

13,785

2,270

1,827

Amortization of actuarial loss

(4,662)

(4,916)

(411)

Amortization of prior service cost

(17,130)

(5,993)

(5,782)

Total recognized in other comprehensive (income) loss (b)

^[2]

(66,659)

11,280

45,309

Total recognized in net periodic benefit cost and other comprehensive (income) loss

(20,264)

47,305

71,239

Postretirement Plans

Components of net periodic benefit cost

2,061

1,856

1,599

Expected return on plan assets

1,248

1,241

1,189

Net amortization of unrecognized amounts, Prior service cost

(426)

(419)

(416)

Net amortization of unrecognized amounts, Actuarial loss

490

452

449

Net amortization of unrecognized amounts, Curtailment loss (a)

^[1]

Net periodic benefit cost

3,373

3,130

2,821

Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss

Actuarial net (gain) loss

(7,798)

1,698

754

Prior service credit

Amortization of actuarial loss

(490)

(452)

(449)

Amortization of prior service cost

426

419

416

Total recognized in other comprehensive (income) loss (b)

^[2]

(7,862)

1,682

721

Total recognized in net periodic benefit cost and other comprehensive (income) loss

$ (4,489)

$ 4,812

$ 3,542

[1]

PCA recognized curtailment losses in "Other expense, net" in the Consolidated Statements of Income for recent USW negotiations, resulting in the bifurcation of the active USW population between those grandfathered in the current formula (with continued accruals) and non-grandfathered in the current formula (frozen benefits at the contract date).

[2]

Employee Benefit Plans and Other Postretirement Plans Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted-Average Assumptions Used to Determine Benefit Obligation, Discount Rate		5.00%	4.25%	4.75%
Weighted-Average Assumptions Used to Determine Benefit Obligations, Rate of compensation increase		4.00%	4.00%	4.00%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost, Discount rate		4.57%	4.75%	5.50%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost, Expected return on plan assets		6.53%	6.15%	7.75%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost, Rate of compensation increase		4.00%	4.00%	4.00%
Discount rate to calculate net periodic benefit cost for 2014		4.57%	4.75%	5.50%
Weighted-Average expected return on plan assets for 2014		6.53%	6.15%	7.75%
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted-Average Assumptions Used to Determine Benefit Obligation, Discount Rate		4.85%	4.00%	4.50%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost, Discount rate		4.00%	4.50%	5.25%
Discount rate to calculate net periodic benefit cost for 2014		4.00%	4.50%	5.25%
Scenario, Forecast
Defined Benefit Plan Disclosure [Line Items]
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost, Expected return on plan assets	6.69%
Weighted-Average expected return on plan assets for 2014	6.69%
Scenario, Forecast \| Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost, Discount rate	5.00%
Discount rate to calculate net periodic benefit cost for 2014	5.00%
Scenario, Forecast \| Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost, Discount rate	4.85%
Discount rate to calculate net periodic benefit cost for 2014	4.85%

Employee Benefit Plans and Other Postretirement Plans Schedule of Assumed Health Care Cost Trend Rates for Postretirement Benefits (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Health Care Cost Trend Rates Assumptions [Line Items]
Health care cost trend rate assumed for next year	7.75%	8.00%	8.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%	5.50%
Year that the rate reaches the ultimate trend rate	2020	2020	2016

Employee Benefit Plans and Other Postretirement Plans Schedule of Effects of One-Percentage Point Change in Assumed Health Care Cost Trends on Postretirement Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Assumed Health Care Cost Trend Rates Effect Of One Percentage Point Change [Line Items]
Effect on postretirement benefit obligation, 1-Percentage Point Increase	$ 540
Effect on net postretirement benefit cost, 1-Percentage Point Increase	52
Effect on postretirement benefit obligation, 1-Percentage Point Decrease	(483)
Effect on net postretirement benefit cost, 1-Percentage Point Decrease	$ (45)

Employee Benefit Plans and Other Postretirement Plans Schedule of Pension Plan Asset Investments and Target Allocations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 772,082	$ 238,359
Debt Securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Percentage of Fair Value	52.00%	61.00%
International Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Percentage of Fair Value	25.00%	20.00%
U.S. Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Percentage of Fair Value	21.00%	16.00%
Real Estate Securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Percentage of Fair Value	1.00%	3.00%
Other Securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Percentage of Fair Value	1.00%	0.00%
Boise Inc.
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 489,000
Boise Inc. \| Debt Securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target Allocations	50.00%
Boise Inc. \| Equities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target Allocations	50.00%
Packaging Corporation of America
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	$ 283,100
Packaging Corporation of America \| Debt Securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target Allocations	62.00%
Packaging Corporation of America \| Other Securities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target Allocations	4.00%
Packaging Corporation of America \| Equities
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Target Allocations	34.00%

Employee Benefit Plans and Other Postretirement Plans Schedule of Estimated Benefit Payments (Details) $ in Thousands	Dec. 31, 2013 USD ($)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
2014	$ 30,551
2015	34,304
2016	38,027
2017	42,020
2018	45,759
2019 - 2023	281,889
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
2014	1,231
2015	1,287
2016	1,369
2017	1,523
2018	1,665
2019 - 2023	$ 10,150

Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Thousands	6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2012 USD ($)	Sep. 30, 2012 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2008 USD ($)	Dec. 31, 2003 USD ($)
Derivative [Line Items]
U.S. Treasury Note, maturity term (in years)				10
Proceeds from or (payments to) settlement of interest rate protection agreement				$ 0	$ 65,500	$ (9,910)
Foreign currency forward contracts settled for a loss, amount						700
2003 Interest Rate Protection Agreement
Derivative [Line Items]
Proceeds from or (payments to) settlement of interest rate protection agreement								$ 22,800
Settlement gains from interest rate protection agreement		$ 2,200
2008 Interest Rate Protection Agreement
Derivative [Line Items]
Proceeds from or (payments to) settlement of interest rate protection agreement							$ (4,400)
2010 Interest Rate Protection Agreement
Derivative [Line Items]
Proceeds from or (payments to) settlement of interest rate protection agreement						$ 9,900
2011 Interest Rate Protection Agreement
Derivative [Line Items]
Proceeds from or (payments to) settlement of interest rate protection agreement					$ (65,500)
Ineffective portion of derivative instruments	$ 3,400
Scenario, Forecast
Derivative [Line Items]
Net amount of settlement gains (losses) on derivative instruments included in accumulated OCI to be amortized over next 12 months, before tax			$ (5,700)
Net amount of settlement gains (losses) on derivative instruments included in accumulated OCI to be amortized over next 12 months, after tax			$ (3,500)

Derivative Instruments and Hedging Activities Impact of Derivative Instruments on Consolidated Statements of Income and OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Net Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	$ (28,562)	$ (32,043)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(5,655)	435	$ 1,846
Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(34)	(34)	$ (7)
Treasury Locks, Net Of Tax
Derivative Instruments, Gain (Loss) [Line Items]
Net Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	(28,191)	(31,651)
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Net Gain (Loss) Recognized in Accumulated OCI (Effective Portion)	$ (371)	$ (392)

Stockholders' Equity Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Stock Repurchase Program [Line Items]
Common stock repurchase authorization amount available	$ 98,100
Common stock repurchase authorized amount			$ 150,000
Common stock repurchased and retired, shares	171,263	1,507,659	4,824,021
Common stock repurchased and retired, weighted average price per share	$ 45.54	$ 29.96	$ 25.51
Common stock repurchased and retired, total value	$ 7,799	$ 45,162	$ 123,077

Stockholders' Equity Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31, 2012	$ (114,042)
Other comprehensive income before reclassifications, net of tax	32,128
Amounts reclassified from AOCI, net of tax	16,890
Other comprehensive income (loss)	49,018	$ (16,264)	$ (53,397)
Balance at December 31, 2013	(65,024)	(114,042)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31, 2012	0
Other comprehensive income before reclassifications, net of tax	(136)
Amounts reclassified from AOCI, net of tax	0
Other comprehensive income (loss)	(136)
Balance at December 31, 2013	(136)	0
Unfunded Employee Benefit Obligations
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31, 2012	(81,999)
Other comprehensive income before reclassifications, net of tax	32,264
Amounts reclassified from AOCI, net of tax	13,409
Other comprehensive income (loss)	45,673
Balance at December 31, 2013	(36,326)	(81,999)
Treasury Lock \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31, 2012	(31,651)
Other comprehensive income before reclassifications, net of tax	0
Amounts reclassified from AOCI, net of tax	3,460
Other comprehensive income (loss)	3,460
Balance at December 31, 2013	(28,191)	(31,651)
Foreign Exchange Contract \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31, 2012	(392)
Other comprehensive income before reclassifications, net of tax	0
Amounts reclassified from AOCI, net of tax	21
Other comprehensive income (loss)	21
Balance at December 31, 2013	$ (371)	$ (392)

Stockholders' Equity Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

^[4],[5]

Sep. 30, 2013

^[4],[6]

Jun. 30, 2013

^[4],[7]

Mar. 31, 2013

^[4]

Dec. 31, 2012

^[4],[8]

Sep. 30, 2012

^[4],[9]

Jun. 30, 2012

^[4],[9]

Mar. 31, 2012

^[4],[10]

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

$ (58,275)

^[1],[2]

$ (62,900)

^[3]

$ (29,245)

(2,797,853)

(2,209,142)

(2,076,816)

423,600

^[2]

374,703

244,776

17,729

(214,463)

(85,971)

Unfunded Employee Benefit Obligations | Reclassification Out Of Accumulated Other Comprehensive Income

$ 228,101

$ 84,682

$ 66,252

$ 62,294

$ 58,879

$ 39,681

$ 45,854

$ 15,826

441,329

^[4]

160,240

^[4]

$ 158,805

Amortization of prior service cost

^[11]

(16,704)

(5,575)

Amortization of actuarial gain / (losses)

^[11]

(5,197)

(5,368)

(21,901)

(10,943)

8,492

4,254

Treasury Lock | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification Out Of Accumulated Other Comprehensive Income

(13,409)

(6,689)

^[12]

(5,655)

(2,988)

2,195

1,167

Foreign Exchange Contract | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification Out Of Accumulated Other Comprehensive Income

(3,460)

(1,821)

^[13]

(34)

$ (21)

[1]	Includes $10.5 million of expenses for financing the acquisition and $1.1 million of expense for the write-off of deferred financing costs.
[2]	On October 25, 2013, we acquired Boise. The 2013 results include Boise for the period of October 25 through December 31, 2013.
[3]	Includes $24.8 million of debt refinancing charges, including the $21.3 million redemption premium, the $3.4 million charge to settle the treasury lock prior to its maturity, and $0.1 million of other items.
[4]	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost.
[5]	Includes Boise's results for the period of October 25, 2013, through December 31, 2013. The quarter also includes $166.0 million of income tax benefits from the reversal of the reserves for unrecognized tax benefits from alternative energy tax credits ($1.70 per diluted share), partially offset by $21.5 million of expense for the acquisition inventory step-up ($13.6 million after tax or $0.14 per diluted share), $15.8 million of acquisition-related costs ($10.0 million after tax or $0.10 per diluted share), $8.9 million of acquisition-related financing costs ($5.6 million after tax or $0.06 per diluted share), and $17.4 million of integration-related and other costs ($11.0 million after tax or $0.11 per diluted share).
[6]	Includes a $3.1 million non-cash pension curtailment charge ($2.0 million after tax or $0.02 per diluted share), $1.5 million of acquisition-related costs ($1.0 million after tax or $0.01 per diluted share), and $2.7 million of acquisition-related financing costs ($1.8 million after tax or $0.02 per diluted share).
[7]	Includes a $7.8 million non-cash pension curtailment charge ($5.0 million after tax or $0.05 per diluted share).
[8]	Includes $3.4 million of income from state income tax adjustments ($0.03 per diluted share), partially offset by $2.0 million of plant closure charges ($1.4 million after tax or $0.01 per diluted share).
[9]	The second and third quarters of 2012 include debt refinancing charges of $3.7 million ($2.5 million after tax or $0.03 per diluted share) and $21.1 million ($13.5 million after tax or $0.14 per diluted share), respectively.
[10]	During the first quarter of 2012, PCA amended its 2009 federal income tax return to reduce the gallons claimed as cellulosic biofuel producer credits previously recorded as a tax benefit and to increase those gallons claimed as alternative fuel mixture credits previously recorded as income. The increase in gallons claimed as alternative fuel mixture credits resulted in income of $95.5 million. The decrease in gallons claimed as cellulosic biofuel producer credits resulted in a decrease in tax benefits of $118.5 million, for a total decrease in net income of $23.0 million ($0.24 per diluted share).
[11]	These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10, Employee Benefit Plans and Other Postretirement Benefits, for additional information.
[12]	This AOCI component is included in interest expense, net. See Note 11, Derivative Instruments and Hedging Activities, for additional information.
[13]	This AOCI component is included as depreciation in cost of sales.

Concentrations of Risk (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
Concentrations of Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
Concentration Risk [Line Items]
Percentage Of Hourly Employees Represented By Unions	75.00%	75.00%
Accounts Receivable, Net, Current	$ 643,083	$ 643,083	$ 352,142
Number of employees of PCA	13,600	13,600
Workforce Subject to Collective Bargaining Arrangements
Concentration Risk [Line Items]
Concentration risk, percentage		50.00%
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year
Concentration Risk [Line Items]
Concentration risk, percentage		20.00%
Office Depot (including OfficeMax) \| Credit Concentration Risk
Concentration Risk [Line Items]
Accounts Receivable, Net, Current	$ 39,200	$ 39,200
Office Depot (including OfficeMax) \| Total Company Sales Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	2.00%
Office Depot (including OfficeMax) \| Total Company Receivables \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	6.00%
Paper \| Office Depot (including OfficeMax) \| Paper Segment Sales Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	38.00%

Asset Retirement Obligations Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Asset Retirement Obligation [Line Items]
Asset retirement obligation at beginning of period	$ 5,145	$ 5,095
Acquisition		0
Liabilities incurred	3,164	0
Accretion expense	275	50
Revisions in estimated cash flows	(378)	0
Asset retirement obligation at end of period	32,047	$ 5,145
Boise Inc.
Asset Retirement Obligation [Line Items]
Acquisition	$ 23,841

Transactions With Related Parties - Additional Information (Detail) $ in Millions	2 Months Ended
	Dec. 31, 2013 USD ($)
Related Party Transaction [Line Items]
Carrying amount of LTP's assets	$ 5.0
Carrying amount of LTP's liabilities	5.0
Fiber costs from related parties	3.7
Fiber [Member] \| Boise Cascade Co-Owner of LTP
Related Party Transaction [Line Items]
Revenue from Related Parties	$ 10.3

Accrued Liabilities Components of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Accrued Liabilities [Line Items]
Compensation and benefits	$ 130,455	$ 71,246
Medical insurance and workers' compensation	26,399	18,448
Customer volume discounts and rebates	11,436	13,365
Franchise, property, sales and use taxes	20,232	9,337
Asset retirement obligations	4,002	0
Severance	8,172	0
Other	13,362	10,300
Total	$ 214,058	$ 122,696

Other Expense, Net Components of Other Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Other Income and Expenses [Abstract]
Integration-related and other costs	$ 17,430	$ 0	$ 0
Acquisition-related costs	17,240	0	0
Pension curtailment charges	10,908	0	0
Asset disposals and write-offs	13,192	10,821	12,726
Other	208	968	(2,003)
Total	$ 58,978	$ 11,789	$ 10,723

US Treasury Grant - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
United States Treasury Grant [Line Items]
Treasury grant proceeds	$ 0	$ 57,399	$ 0
Annual amortization of U.S. treasury grant proceeds	$ 3,200

Segment Informaiton - Additional Information (Details)
$ in Thousands

2 Months Ended

3 Months Ended

12 Months Ended

Dec. 31, 2013

USD ($)

Dec. 31, 2013

USD ($)

Sep. 30, 2013

USD ($)

^[1],[3]

Jun. 30, 2013

USD ($)

^[1],[4]

Mar. 31, 2013

USD ($)

^[1]

Dec. 31, 2012

USD ($)

^[1],[5]

Sep. 30, 2012

USD ($)

^[1],[6]

Jun. 30, 2012

USD ($)

^[1],[6]

Mar. 31, 2012

USD ($)

^[1],[7]

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

^[1]

Dec. 31, 2011

USD ($)

Number of reportable segments

$ 1,264,431

^[1],[2]

$ 845,440

$ 800,230

$ 755,207

$ 736,579

$ 723,473

$ 712,468

$ 671,357

$ 3,665,308

^[1]

$ 2,843,877

$ 2,620,111

Long-lived assets held by foreign operations

$ 14,000

14,000

Office Depot (including OfficeMax) | Customer Concentration Risk | Paper Segment Sales Revenue | Paper

Concentration risk, percentage

38.00%

Foreign operations

$ 162,400

[1]	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost.
[2]	Includes Boise's results for the period of October 25, 2013, through December 31, 2013. The quarter also includes $166.0 million of income tax benefits from the reversal of the reserves for unrecognized tax benefits from alternative energy tax credits ($1.70 per diluted share), partially offset by $21.5 million of expense for the acquisition inventory step-up ($13.6 million after tax or $0.14 per diluted share), $15.8 million of acquisition-related costs ($10.0 million after tax or $0.10 per diluted share), $8.9 million of acquisition-related financing costs ($5.6 million after tax or $0.06 per diluted share), and $17.4 million of integration-related and other costs ($11.0 million after tax or $0.11 per diluted share).
[3]	Includes a $3.1 million non-cash pension curtailment charge ($2.0 million after tax or $0.02 per diluted share), $1.5 million of acquisition-related costs ($1.0 million after tax or $0.01 per diluted share), and $2.7 million of acquisition-related financing costs ($1.8 million after tax or $0.02 per diluted share).
[4]	Includes a $7.8 million non-cash pension curtailment charge ($5.0 million after tax or $0.05 per diluted share).
[5]	Includes $3.4 million of income from state income tax adjustments ($0.03 per diluted share), partially offset by $2.0 million of plant closure charges ($1.4 million after tax or $0.01 per diluted share).
[6]	The second and third quarters of 2012 include debt refinancing charges of $3.7 million ($2.5 million after tax or $0.03 per diluted share) and $21.1 million ($13.5 million after tax or $0.14 per diluted share), respectively.
[7]	During the first quarter of 2012, PCA amended its 2009 federal income tax return to reduce the gallons claimed as cellulosic biofuel producer credits previously recorded as a tax benefit and to increase those gallons claimed as alternative fuel mixture credits previously recorded as income. The increase in gallons claimed as alternative fuel mixture credits resulted in income of $95.5 million. The decrease in gallons claimed as cellulosic biofuel producer credits resulted in a decrease in tax benefits of $118.5 million, for a total decrease in net income of $23.0 million ($0.24 per diluted share).

Segment Information Segment Sales to External Customers by Product Line (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

^[1],[2]

Sep. 30, 2013

^[1],[3]

Jun. 30, 2013

^[1],[4]

Mar. 31, 2013

^[1]

Dec. 31, 2012

^[1],[5]

Sep. 30, 2012

^[1],[6]

Jun. 30, 2012

^[1],[6]

Mar. 31, 2012

^[1],[7]

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

$ 1,264,431

$ 845,440

$ 800,230

$ 755,207

$ 736,579

$ 723,473

$ 712,468

$ 671,357

$ 3,665,308

^[1]

$ 2,843,877

^[1]

$ 2,620,111

Operating Segments

Operating Segments | Packaging

3,665,300

^[8]

2,843,900

2,620,100

Operating Segments | Paper

3,431,700

^[8]

2,843,900

2,620,100

Operating Segments | Paper | White Papers

216,900

^[8]

Operating Segments | Paper | Market Pulp

207,000

Operating Segments | Corporate and Other

9,900

$ 16,700

$ 0

[1]	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost.
[2]	Includes Boise's results for the period of October 25, 2013, through December 31, 2013. The quarter also includes $166.0 million of income tax benefits from the reversal of the reserves for unrecognized tax benefits from alternative energy tax credits ($1.70 per diluted share), partially offset by $21.5 million of expense for the acquisition inventory step-up ($13.6 million after tax or $0.14 per diluted share), $15.8 million of acquisition-related costs ($10.0 million after tax or $0.10 per diluted share), $8.9 million of acquisition-related financing costs ($5.6 million after tax or $0.06 per diluted share), and $17.4 million of integration-related and other costs ($11.0 million after tax or $0.11 per diluted share).
[3]	Includes a $3.1 million non-cash pension curtailment charge ($2.0 million after tax or $0.02 per diluted share), $1.5 million of acquisition-related costs ($1.0 million after tax or $0.01 per diluted share), and $2.7 million of acquisition-related financing costs ($1.8 million after tax or $0.02 per diluted share).
[4]	Includes a $7.8 million non-cash pension curtailment charge ($5.0 million after tax or $0.05 per diluted share).
[5]	Includes $3.4 million of income from state income tax adjustments ($0.03 per diluted share), partially offset by $2.0 million of plant closure charges ($1.4 million after tax or $0.01 per diluted share).
[6]	The second and third quarters of 2012 include debt refinancing charges of $3.7 million ($2.5 million after tax or $0.03 per diluted share) and $21.1 million ($13.5 million after tax or $0.14 per diluted share), respectively.
[7]	During the first quarter of 2012, PCA amended its 2009 federal income tax return to reduce the gallons claimed as cellulosic biofuel producer credits previously recorded as a tax benefit and to increase those gallons claimed as alternative fuel mixture credits previously recorded as income. The increase in gallons claimed as alternative fuel mixture credits resulted in income of $95.5 million. The decrease in gallons claimed as cellulosic biofuel producer credits resulted in a decrease in tax benefits of $118.5 million, for a total decrease in net income of $23.0 million ($0.24 per diluted share).
[8]	On October 25, 2013, we acquired Boise. The 2013 results include Boise for the period of October 25 through December 31, 2013.

Segment Information Analysis of Operations by Reportable Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

^[2],[5]

Mar. 31, 2013

^[2]

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

$ 3,665,300

^[1]

$ 2,843,900

$ 2,620,100

$ 1,264,431

^[2],[3]

$ 845,440

^[2],[4]

$ 800,230

$ 755,207

$ 736,579

^[2],[6]

$ 723,473

^[2],[7]

$ 712,468

^[2],[7]

$ 671,357

^[2],[8]

3,665,308

^[2]

2,843,877

^[2]

2,620,111

122,896

^[2],[3]

142,782

^[2],[4]

$ 110,197

$ 106,000

94,899

^[2],[6]

91,892

^[2],[7]

85,003

^[2],[7]

165,809

^[2],[8]

481,875

^[1],[2]

437,603

^[2]

274,021

(58,275)

^[1],[9]

(62,900)

^[10]

(29,245)

423,600

^[1]

374,703

244,776

201,800

^[1]

170,800

163,600

^[11]

234,422

^[1]

128,524

280,213

5,243,779

2,494,941

5,243,779

2,494,941

2,454,800

3,431,300

^[1]

2,843,900

2,620,100

554,200

^[1],[12]

383,900

^[13]

311,200

^[14]

190,200

^[1]

169,400

162,900

^[11]

222,200

^[1]

127,800

280,200

3,988,500

2,194,500

3,988,500

2,194,500

2,235,000

Paper

216,900

^[1]

13,500

^[1],[15]

9,100

^[1]

^[11]

10,000

^[1]

938,400

Corporate and Other

17,100

^[1]

(85,800)

^[1],[16]

53,700

^[17]

(37,200)

^[18]

2,500

^[1]

1,400

700

^[11]

2,200

^[1]

700

Acquisition Inventory Step-Up | Boise Inc. | Packaging

316,900

$ 300,400

316,900

300,400

219,800

Acquisition Inventory Step-Up | Boise Inc. | Paper

(18,000)

(3,500)

(17,400)

(1,400)

(1,900)

Nonrecurring Acquisition-Related Costs | Boise Inc.

(17,900)

Nonrecurring Acquisition-Related Costs | Boise Inc. | Corporate and Other

(15,800)

(1,500)

(17,200)

$ (8,900)

$ (2,700)

(10,500)

Plant Closure | Packaging

(1,100)

(2,000)

(7,400)

Debt Refinancing Charges

Debt Refinancing Charges | Redemption Premium

$ (21,100)

$ (3,700)

(24,800)

Debt Refinancing Charges | Treasury Lock

(21,300)

Debt Refinancing Charges | Other Debt Refinancing Charges

(3,400)

Medical Benefits Reserves | Corporate and Other

(100)

Alternative Fuel Mixture Credits

(1,600)

Alternative Fuel Mixture Credits | Corporate and Other

95,500

$ (86,300)

Intersegment Eliminations

$ 95,500

Intersegment Eliminations | Packaging

^[1]

Intersegment Eliminations | Paper

400

^[1]

Intersegment Eliminations | Corporate and Other

^[1]

Intersegment Eliminations | Intersegment Eliminations

28,000

^[1]

(28,400)

^[1]

Operating Segments

Operating Segments | Packaging

3,665,300

^[1]

2,843,900

2,620,100

Operating Segments | Paper

3,431,700

^[1]

2,843,900

2,620,100

Operating Segments | Corporate and Other

216,900

^[1]

Operating Segments | Intersegment Eliminations

45,100

^[1]

$ (28,400)

^[1]

$ 0

[1]	On October 25, 2013, we acquired Boise. The 2013 results include Boise for the period of October 25 through December 31, 2013.
[2]	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost.
[3]	Includes Boise's results for the period of October 25, 2013, through December 31, 2013. The quarter also includes $166.0 million of income tax benefits from the reversal of the reserves for unrecognized tax benefits from alternative energy tax credits ($1.70 per diluted share), partially offset by $21.5 million of expense for the acquisition inventory step-up ($13.6 million after tax or $0.14 per diluted share), $15.8 million of acquisition-related costs ($10.0 million after tax or $0.10 per diluted share), $8.9 million of acquisition-related financing costs ($5.6 million after tax or $0.06 per diluted share), and $17.4 million of integration-related and other costs ($11.0 million after tax or $0.11 per diluted share).
[4]	Includes a $3.1 million non-cash pension curtailment charge ($2.0 million after tax or $0.02 per diluted share), $1.5 million of acquisition-related costs ($1.0 million after tax or $0.01 per diluted share), and $2.7 million of acquisition-related financing costs ($1.8 million after tax or $0.02 per diluted share).
[5]	Includes a $7.8 million non-cash pension curtailment charge ($5.0 million after tax or $0.05 per diluted share).
[6]	Includes $3.4 million of income from state income tax adjustments ($0.03 per diluted share), partially offset by $2.0 million of plant closure charges ($1.4 million after tax or $0.01 per diluted share).
[7]	The second and third quarters of 2012 include debt refinancing charges of $3.7 million ($2.5 million after tax or $0.03 per diluted share) and $21.1 million ($13.5 million after tax or $0.14 per diluted share), respectively.
[8]	During the first quarter of 2012, PCA amended its 2009 federal income tax return to reduce the gallons claimed as cellulosic biofuel producer credits previously recorded as a tax benefit and to increase those gallons claimed as alternative fuel mixture credits previously recorded as income. The increase in gallons claimed as alternative fuel mixture credits resulted in income of $95.5 million. The decrease in gallons claimed as cellulosic biofuel producer credits resulted in a decrease in tax benefits of $118.5 million, for a total decrease in net income of $23.0 million ($0.24 per diluted share).
[9]	Includes $10.5 million of expenses for financing the acquisition and $1.1 million of expense for the write-off of deferred financing costs.
[10]	Includes $24.8 million of debt refinancing charges, including the $21.3 million redemption premium, the $3.4 million charge to settle the treasury lock prior to its maturity, and $0.1 million of other items.
[11]	Includes "Expenditures for property and equipment" and excludes cash used for "Acquisition of businesses and facilities, net of cash acquired" as reported on our Consolidated Statements of Cash Flows.
[12]	Includes $18.0 million of expense for the acquisition inventory step-up and $1.4 million of integration-related and other costs incurred in connection with the acquisition of Boise in fourth quarter 2013.
[13]	Includes $2.0 million of plant closure charges.
[14]	Includes $7.4 million of charges related to energy project disposals.
[15]	Includes $3.5 million of expense for acquisition inventory step-up and $1.9 million of income for integration-related and other costs.
[16]	Includes $17.2 million of acquisition-related costs and $17.9 million of integration-related and other costs.
[17]	Includes $95.5 million of income related to the increase in gallons claimed as alternative fuel mixture credits on the Company's amended 2009 tax return. See Note 6, Alternative Energy Tax Credits, for more information.
[18]	Includes $1.6 million of income from an adjustment to our medical benefits reserve.

Commitments and Contingencies - Additional Information (Details) $ in Millions	2 Months Ended	12 Months Ended
	Oct. 31, 2010	Dec. 31, 2013 USD ($) a	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Capital commitments		$ 151.4	$ 27.0
Area leased under timberland cutting rights (acres) \| a		88,000
Total lease expense		$ 56.0	49.4	$ 46.1
Capital lease obligations		$ 24.9	25.9
Purchase commitments term, years		periods ranging from one to 15 years
Purchases during period under purchase agreements		$ 61.7	27.7	28.5
Environmental remediation expense to date		3.2
Environmental reserve		$ 34.1
Number of other U.S. and Canadian containerboard producers	PCA and eight other U.S. and Canadian containerboard producers were named as defendants
Number of lawsuits filed by the plaintiffs	5
Operating Leases
Schedule Of Commitments And Contingencies [Line Items]
Lease term, years		Lease terms range from one to 15 years
Capital Lease Obligations
Schedule Of Commitments And Contingencies [Line Items]
Interest paid, capital lease obligations		$ 1.7	$ 1.7	$ 1.5
Asset Retirement Obligation
Schedule Of Commitments And Contingencies [Line Items]
Environmental reserve		26.5
Environmental Contingencies
Schedule Of Commitments And Contingencies [Line Items]
Environmental reserve		7.6
Accrued Liabilities
Schedule Of Commitments And Contingencies [Line Items]
Environmental reserve		7.8
Other Long-Term Liabilities
Schedule Of Commitments And Contingencies [Line Items]
Environmental reserve		$ 26.3

Commitments, Guarantees, Indemnifications, and Legal Proceedings Schedule of Minimum Lease Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2013 USD ($)
Leases Future Minimum Payments [Line Items]
2014	$ 56,492
2015	45,818
2016	34,392
2017	23,872
2018	17,034
Thereafter	73,647
Total	$ 251,255

Commitments, Guarantees, Indemnifications, and Legal Proceedings Schedule of Assets Held Under Capital Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Capital Leased Assets [Line Items]
Total capital lease assets, Gross	$ 28,776	$ 28,776
Less accumulated amortization	(8,676)	(6,845)
Total capital lease assets, Net	20,100	21,931
Buildings
Capital Leased Assets [Line Items]
Total capital lease assets, Gross	250	250
Machinery and Equipment
Capital Leased Assets [Line Items]
Total capital lease assets, Gross	$ 28,526	$ 28,526

Commitments, Guarantees, Indemnifications, and Legal Proceedings Schedule of Future Minimum Payments Under Capitalized Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Capital Leased Assets [Line Items]
2014	$ 2,654
2015	2,654
2016	2,654
2017	2,654
2018	2,654
Thereafter	25,874
Total minimum capital lease payments	39,144
Less amounts representing interest	(14,240)
Present value of net minimum capital lease payments	24,904
Less current maturities of capital lease obligations	(1,030)	$ (964)
Total long-term capital lease obligations	$ 23,874	$ 24,904

Commitments, Guarantees, Indemnifications, and Legal Proceedings Schedule of Purchase Commitments (Details) $ in Thousands	Dec. 31, 2013 USD ($)
Long-term Purchase Commitment [Line Items]
2014	$ 120,971
2015	54,757
2016	14,840
2017	3,017
2018	2,545
Thereafter	11,536
Total	$ 207,666

Quarterly Financial Data - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

$ 1,264,431

^[1],[2]

$ 845,440

^[1],[3]

$ 800,230

^[1],[4]

$ 755,207

^[1]

$ 736,579

^[1],[5]

$ 723,473

^[1],[6]

$ 712,468

^[1],[6]

$ 671,357

^[1],[7]

$ 3,665,308

^[1]

$ 2,843,877

^[1]

$ 2,620,111

259,360

^[1],[2]

227,599

^[1],[3]

195,250

^[1],[4]

185,246

^[1]

170,819

^[1],[5]

162,922

^[1],[6]

159,160

^[1],[6]

141,834

^[1],[7]

867,455

^[1]

634,735

^[1]

543,295

122,896

^[1],[2]

142,782

^[1],[3]

110,197

^[1],[4]

106,000

^[1]

94,899

^[1],[5]

91,892

^[1],[6]

85,003

^[1],[6]

165,809

^[1],[7]

481,875

^[1],[8]

437,603

^[1]

274,021

Basic income per common share

$ 228,101

^[1],[2]

$ 84,682

^[1],[3]

$ 66,252

^[1],[4]

$ 62,294

^[1]

$ 58,879

^[1],[5]

$ 39,681

^[1],[6]

$ 45,854

^[1],[6]

$ 15,826

^[1],[7]

$ 441,329

^[1]

$ 160,240

^[1]

$ 158,805

$ 2.36

^[1],[2]

$ 0.88

^[1],[3]

$ 0.69

^[1],[4]

$ 0.65

^[1]

$ 0.61

^[1],[5]

$ 0.41

^[1],[6]

$ 0.48

^[1],[6]

$ 0.16

^[1],[7]

$ 4.57

^[1]

$ 1.66

^[1]

$ 1.60

Diluted income per common share

2.34

^[1],[2]

0.87

^[1],[3]

0.68

^[1],[4]

0.64

^[1]

0.60

^[1],[5]

0.41

^[1],[6]

0.47

^[1],[6]

0.16

^[1],[7]

4.52

^[1]

1.64

^[1]

$ 1.58

Stock price - high

^[1]

64.39

^[2]

61.32

^[3]

50.78

^[4]

44.93

38.67

^[5]

36.68

^[6]

29.80

^[6]

30.62

^[7]

64.39

38.67

Stock price - low

^[1]

$ 55.66

^[2]

$ 48.45

^[3]

$ 42.36

^[4]

$ 37.86

33.89

^[5]

$ 27.59

^[6]

$ 25.77

^[6]

$ 24.82

^[7]

$ 37.86

$ 24.82

$ (17,729)

$ 214,463

$ 85,971

Non-Cash Pension Curtailment Charge

(58,275)

^[8],[9]

(62,900)

^[10]

(29,245)

$ (3,100)

$ (7,800)

Decrease (Increase) in net income per diluted share

$ 2,000

$ 5,000

$ 0.02

$ 0.05

Alternative Fuel Mixture Credits

$ 95,500

Decrease (Increase) in net income per diluted share

$ (166,000)

(166,000)

$ (1.70)

Acquisition Inventory Step-Up

Decrease (Increase) in net income per diluted share

$ 13,600

$ 0.14

Cellulosic Biofuel Tax Credits

Decrease (Increase) in net income per diluted share

$ 118,500

$ 0.24

Debt Refinancing Charges

$ (21,100)

$ (3,700)

(24,800)

Decrease (Increase) in net income per diluted share

$ 13,500

$ 2,500

$ 0.14

$ 0.03

State Income Tax

Decrease (Increase) in net income per diluted share

$ (0.03)

Plant Closure

Decrease (Increase) in net income per diluted share

$ 1,400

$ 0.01

Packaging | Plant Closure

554,200

^[8],[11]

383,900

^[12]

311,200

^[13]

Boise Inc. | Nonrecurring Acquisition-Related Costs

(2,000)

(7,400)

$ (15,800)

$ (1,500)

Decrease (Increase) in net income per diluted share

$ 10,000

$ 1,000

$ 0.10

$ 0.01

Boise Inc. | Acquisition-Related Debt Financing Costs

$ (8,900)

$ (2,700)

Decrease (Increase) in net income per diluted share

$ 5,600

$ 1,800

$ 0.06

$ 0.02

Boise Inc. | Integration-Related and Other Costs

$ (17,400)

(17,400)

Decrease (Increase) in net income per diluted share

$ 11,000

$ 0.11

Boise Inc. | Packaging | Acquisition Inventory Step-Up

Boise Inc. | Packaging | Integration-Related and Other Costs

(18,000)

Boise Inc. | Included in Boise's Income From Operations | Nonrecurring Acquisition-Related Costs

(1,400)

Boise Inc. | Included in Boise's Income From Operations | Acquisition Inventory Step-Up

(400)

Boise Inc. | Included in Boise's Income From Operations | Integration-Related and Other Costs

(21,500)

Alternative Energy Tax Credits

(14,600)

As Previously Reported (under LIFO)

$ 3,400

$ (23,000)

$ 1,264,431

^[2]

$ 845,440

^[3]

$ 800,230

^[4]

$ 755,207

736,579

^[5]

$ 723,473

^[6]

$ 712,468

^[6]

671,357

^[7]

3,665,308

2,843,877

257,595

^[2]

226,777

^[3]

192,323

^[4]

182,492

174,339

^[5]

163,102

^[6]

158,015

^[6]

145,135

^[7]

859,187

640,591

542,023

121,131

^[2]

141,960

^[3]

107,270

^[4]

103,246

98,419

^[5]

92,072

^[6]

83,858

^[6]

169,110

^[7]

473,607

443,459

272,749

Basic income per common share

$ 227,025

^[2]

$ 84,180

^[3]

$ 64,465

^[4]

$ 60,613

$ 61,031

^[5]

$ 39,791

^[6]

$ 45,154

^[6]

$ 17,844

^[7]

$ 436,283

$ 163,820

$ 158,027

$ 2.35

^[2]

$ 0.87

^[3]

$ 0.67

^[4]

$ 0.63

^[5]

$ 0.41

^[6]

$ 0.47

^[6]

$ 0.18

^[7]

$ 4.52

$ 1.70

$ 1.59

Diluted income per common share

2.33

^[2]

0.86

^[3]

0.66

^[4]

0.62

0.63

^[5]

0.41

^[6]

0.46

^[6]

0.18

^[7]

4.47

1.68

$ 1.57

Stock price - high

64.39

^[2]

61.32

^[3]

50.78

^[4]

44.93

38.67

^[5]

36.68

^[6]

29.80

^[6]

30.62

^[7]

64.39

38.67

Stock price - low

$ 55.66

^[2]

$ 48.45

^[3]

$ 42.36

^[4]

$ 37.86

$ 33.89

^[5]

$ 27.59

^[6]

$ 25.77

^[6]

$ 24.82

^[7]

$ 37.86

$ 24.82