0000950170-23-016955 | 10-Q | XBRL Viewer | Packaging Corp OF America

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Document and Entity Information - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	PACKAGING CORP OF AMERICA
Entity Central Index Key	0000075677
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		89,932,185
Entity File Number	1-15399
Entity Tax Identification Number	36-4277050
Entity Address, Address Line One	1 North Field Court
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	847
Local Phone Number	482-3000
Document Quarterly Report	true
Entity Incorporation, State or Country Code	DE
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PKG
Security Exchange Name	NYSE

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 1,976.3	$ 2,136.4
Cost of sales	(1,544.9)	(1,603.2)
Gross profit	431.4	533.2
Selling, general and administrative expenses	(148.2)	(161.1)
Other expense, net	(12.5)	(15.6)
Income from operations	270.7	356.5
Non-operating pension (expense) income	(2.0)	3.6
Interest expense, net	(15.4)	(19.8)
Income before taxes	253.3	340.3
Provision for income taxes	(63.2)	(86.1)
Net income	$ 190.1	$ 254.2
Net income per common share:
Basic	$ 2.12	$ 2.71
Diluted	2.11	2.70
Dividends declared per common share	$ 1.25	$ 1.00
Statements of Comprehensive Income:
Net income	$ 190.1	$ 254.2
Changes in unrealized gains (losses) on marketable debt securities,net of tax of ($0.2) million and $0.4 million for 2023 and 2022 respectively	0.5	(1.2)
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of ($0.6) million and ($0.3) million for 2023 and 2022, respectively	1.6	1.2
Other comprehensive income	2.1	0.0
Comprehensive income	$ 192.2	$ 254.2

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Changes in unrealized losses on marketable debt securities, tax	$ (0.2)	$ 0.4
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax	$ (0.6)	$ (0.3)

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 367.7	$ 320.0
Short-term marketable debt securities	95.6	85.2
Accounts receivable, net of allowance for credit losses and customer deductions of $20.2 million and $14.3 million as of September 30, 2022 and December 31, 2021, respectively	1,031.4	1,031.8
Inventories	1,003.4	977.3
Prepaid expenses and other current assets	87.3	58.3
Federal and state income taxes receivable	0.0	35.7
Total current assets	2,585.4	2,508.3
Property, plant, and equipment, net	3,896.6	3,900.0
Goodwill	922.4	922.4
Other intangible assets, net	258.3	267.9
Operating lease right-of-use assets	288.6	298.3
Long-term marketable debt securities	56.9	64.9
Other long-term assets	40.8	42.0
Total assets	8,049.0	8,003.8
Current liabilities:
Operating lease obligations	72.7	72.2
Finance lease obligations	1.9	1.9
Accounts payable	410.5	410.4
Dividends payable	115.7	115.5
Accrued liabilities	184.7	263.7
Accrued interest	25.5	11.8
Federal and state income taxes payable	17.9	0.0
Total current liabilities	828.9	875.5
Long-term liabilities:
Long-term debt	2,474.1	2,473.6
Operating lease obligations	225.1	234.6
Finance lease obligations	10.3	10.8
Deferred income taxes	546.2	543.0
Compensation and benefits	148.5	141.8
Other long-term liabilities	58.2	57.4
Total long-term liabilities	3,462.4	3,461.2
Commitments and contingent liabilities
Stockholders' equity:
Common stock, par value $0.01 per share, 300.0 million shares authorized, 89.9 million and 89.7 million shares issued as of March 31, 2023 and December 31, 2022, respectively	0.9	0.9
Additional paid in capital	597.8	581.8
Retained earnings	3,259.3	3,186.8
Accumulated other comprehensive loss	(100.3)	(102.4)
Total stockholders' equity	3,757.7	3,667.1
Total liabilities and stockholders' equity	$ 8,049.0	$ 8,003.8

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses and customer deductions	$ 13.8	$ 19.6
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000.0	300,000,000.0
Common stock, shares issued	89,900,000	89,700,000

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net income	$ 190.1	$ 254.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization of intangibles	129.5	109.7
Amortization of deferred financing costs	0.5	0.5
Share-based compensation expense	15.3	12.3
Deferred income tax provision	2.7	22.9
Loss on asset disposals	1.8	2.8
Pension and post-retirement benefits expense, net of contributions	5.0	0.8
Other, net	6.8	3.8
(Increase) decrease in assets -
Accounts receivable	0.4	(69.6)
Inventories	(26.1)	(38.8)
Prepaid expenses and other current assets	(29.3)	(30.1)
Increase (decrease) in liabilities -
Accounts payable	(5.0)	63.6
Accrued liabilities	(65.0)	(52.4)
Federal and state income taxes receivable	53.7	45.6
Net cash provided by operating activities	280.4	325.3
Cash Flows from Investing Activities:
Additions to property, plant, and equipment	(112.4)	(213.2)
Additions to other long term assets	(1.6)	(2.4)
Proceeds from asset disposals	0.3	0.2
Purchases of marketable debt securities	(29.6)	(36.4)
Proceeds from sales of marketable debt securities	0.0	7.8
Proceeds from maturities of marketable debt securities	27.9	22.8
Net cash used for investing activities	(115.4)	(221.2)
Cash Flows from Financing Activities:
Repayments of debt and finance lease obligations	(0.5)	(0.4)
Common stock dividends paid	(112.1)	(93.6)
Shares withheld to cover employee restricted stock taxes	(4.7)	(0.2)
Net cash used for financing activities	(117.3)	(94.2)
Net increase in cash and cash equivalents	47.7	9.9
Cash and cash equivalents, beginning of period	320.0	618.7
Cash and cash equivalents, end of period	$ 367.7	$ 628.6

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2021	$ 3,607.2	$ 0.9	$ 579.4	$ 3,102.1	$ (75.2)
Beginning Balance (in shares) at Dec. 31, 2021		93,539,000
Common stock withheld and retired to cover taxes on vested stock awards	(0.2)			(0.2)
Common stock withheld and retired to cover taxes on vested stock awards (in shares)		(1,000)
Common stock dividends declared	(94.2)			(94.2)
Share-based compensation and other	12.3		12.3
Share-based compensation expense (in shares)		166,000
Comprehensive income	254.2			254.2
Ending Balance at Mar. 31, 2022	3,779.3	$ 0.9	591.7	3,261.9	(75.2)
Ending Balance (in shares) at Mar. 31, 2022		93,704,000
Beginning Balance at Dec. 31, 2022	3,667.1	$ 0.9	581.8	3,186.8	(102.4)
Beginning Balance (in shares) at Dec. 31, 2022		89,695,000
Common stock withheld and retired to cover taxes on vested stock awards	(4.7)		(0.3)	(4.4)
Common stock withheld and retired to cover taxes on vested stock awards (in shares)		(36,000)
Common stock dividends declared	(113.2)			(113.2)
Share-based compensation and other	16.3		16.3
Share-based compensation expense (in shares)		273,000
Comprehensive income	192.2			190.1	2.1
Ending Balance at Mar. 31, 2023	$ 3,757.7	$ 0.9	$ 597.8	$ 3,259.3	$ (100.3)
Ending Balance (in shares) at Mar. 31, 2023		89,932,000

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Nature of Operations and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

1. 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. We are a large diverse manufacturer of both packaging and paper products. We are headquartered in Lake Forest, Illinois and we operate primarily in the United States.

We report our business in three reportable segments: Packaging, Paper, and Corporate and Other. Our Packaging segment produces a wide variety of containerboard and corrugated packaging products. The Paper segment manufactures and sells a range of communication-based papers. 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 18, Segment Information.

The consolidated financial statements of PCA as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 are unaudited but include all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of such financial statements. The preparation of the consolidated financial statements involves the use of estimates and accruals. Actual results may vary from those estimates. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete audited financial statements. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022.

The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions.

New and Recently Adopted Accounting Standards	3 Months Ended
New and Recently Adopted Accounting Standards	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New and Recently Adopted Accounting Standards	2. New and Recently Adopted Accounting Standards Recently Adopted Accounting Standards Effective January 1, 2023, we adopted Accounting Standards Update ("ASU") 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. Under prior business combination guidance in ASC 805, Business Combinations, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date, whereas the new guidance requires the acquirer to recognize such assets and liabilities as if it had originated the contracts. The Company will apply the amended guidance on a prospective basis to any future business combinations. New Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The amendments in this Update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, which extends some of the optional expedients under Topic 848 to include derivative contracts impacted by discounting transition. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which further extends the relief offered in this series of ASUs through December 31, 2024. Companies can apply these ASUs immediately. The ASUs can be adopted on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to any new modification from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that financial statements are available to be issued. The Company's fixed-rate outstanding debt will not be impacted by the reference rate reform. In April 2023, we amended our Senior Unsecured Credit Agreement to formally replace the LIBOR benchmark rate with the Term SOFR rate. The amendment of this agreement and the reference rate reform will not have a significant impact on the Company's financial position or related disclosures. 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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration expected to be received in exchange for those goods or services. Sales, value added, and other taxes collected concurrently with revenue-producing activities are excluded from revenue.

The following table presents our revenues disaggregated by product line (dollars in millions):


	Three Months Ended March 31,
	2023		2022
Packaging	$	1,808.6	$	1,964.5
Paper		150.9		153.5
Corporate and Other		16.8		18.4
Total revenue	$	1,976.3	$	2,136.4

Packaging Revenue

Our containerboard mills produce linerboard and corrugating medium which are papers primarily used in the production of corrugated products. The majority of our containerboard production is used internally by our corrugated products manufacturing facilities. The remaining containerboard is sold to outside domestic and export customers. Our corrugated products manufacturing plants produce a wide variety of corrugated packaging products and retail merchandise displays. We sell corrugated products to national, regional and local accounts, which are broadly diversified across industries and geographic locations.

The Company recognizes revenue for its packaging products when performance obligations under the terms of a contract with a customer are satisfied. This occurs with the transfer of control of our products at a specific point in time. Based on our express terms and conditions of the sale of products to our customers, as well as terms included in contractual arrangements with our customers, we do not have an enforceable right of payment that includes a reasonable profit throughout the duration of the contract for products that do not have an alternative use. Revenue is recognized when the product is shipped from the mill or from our manufacturing facility to our customer. Certain customers may receive volume-based incentives, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenue recognized.

Certain customers receive a portion of their packaging products as consigned inventory with billing triggered once the customer uses or consumes the designated product. Prior to invoicing, these amounts are handled as unbilled receivables. Total unbilled receivables, which are immaterial in amount, are included in the accounts receivable financial statement caption.

Paper Revenue

We manufacture and sell a range of communication-based papers. Communication papers consist of cut-size office papers, and printing and converting papers.

The Company recognizes revenue for its paper products when performance obligations under the terms of a contract with a customer are satisfied. This occurs with the transfer of control of our products at a specific point in time. Revenue is recognized when the product is shipped from the mill or from our manufacturing facility or distribution center to our customer. Certain customers may receive incentives, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenue recognized.

Corporate and Other Revenue

Revenue in this segment primarily relates to Louisiana Timber Procurement Company, L.L.C. ("LTP"), a variable-interest entity that is 50% owned by PCA and 50% owned by Boise Cascade Company ("Boise Cascade"). 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. See Note 17, Transactions With Related Parties, for more information related to LTP.

The Company recognizes revenue within this segment when performance obligations under the terms of a contract with a customer are satisfied. This occurs with the transfer of control of our products at a specific point in time.

Practical Expedients and Exemption

Shipping and handling fees billed to a customer are recorded on a gross basis in "Net sales" with the corresponding shipping and handling costs included in "Cost of sales" in the concurrent period as the revenue is recorded. We expense sales commissions when incurred because the amortization period is one year or less. Sales commissions are recorded in "Selling, general, and administrative expenses".

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

4. Earnings Per Share

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


	Three Months Ended
	March 31,
Numerator:	2023			2022
Net income	$	190.1		$	254.2
Less: Distributed and undistributed earnings allocated to participating securities		(1.6	)		(2.0	)
Net income attributable to common shareholders	$	188.5		$	252.2
Denominator:
Weighted average basic common shares outstanding		89.0			92.9
Effect of dilutive securities		0.4			0.4
Weighted average diluted common shares outstanding		89.4			93.3
Basic income per common share	$	2.12		$	2.71
Diluted income per common share	$	2.11		$	2.70

Other Income (Expense), Net

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Other Income (Expense), Net

5. Other Income (Expense), Net

The components of other income (expense), net, were as follows (dollars in millions):


	Three Months Ended
	March 31,
	2023			2022
Asset disposals and write-offs	$	(6.6	)	$	(12.7	)
Facilities closure and other costs (a)		(4.7	)		(0.4	)
Jackson mill conversion-related activities (b)		0.3			(0.4	)
Other		(1.5	)		(2.1	)
Total	$	(12.5	)	$	(15.6	)

(a)

For 2023, includes charges consisting of closure costs related to corrugated products facilities and design centers. For 2022, includes charges consisting of closure costs related to corrugated products facilities and acquisition and integration costs related to the December 2021 Advance Packaging acquisition.

(b)

Includes items related to the announced discontinuation of production of uncoated freesheet paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

For the three months ended March 31, 2023 and 2022, we recorded $63.2 million and $86.1 million of income tax expense and had an effective tax rate of 24.9% and 25.3%, respectively. The decrease in our effective tax rate for the three months ended March 31, 2023 compared to the same period in 2022 was primarily due to favorable employee performance unit vests with higher excess tax benefits partially offset by higher nondeductible employee remuneration paid to covered employees.

Our current effective tax rate is higher than the federal statutory income tax rate of 21.0% due primarily to the effect of state and local income taxes. During the three months ended March 31, 2023 and 2022, cash paid for taxes, net of refunds received, was $6.9 million and $17.6 million, respectively. The decrease in cash tax payments between the periods is primarily due to lower 2023 forecasted taxable income.

During the three months ended March 31, 2023, there were no significant changes to our uncertain tax positions. For more information, see Note 8, Income Taxes, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2022 Annual Report on Form 10-K.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

7. Inventories

We value our raw materials, work in process, and finished goods inventories using lower of cost, as determined by the average cost method, or net realizable value. Supplies and materials are valued at the first-in, first-out (FIFO) or average cost methods.

The components of inventories were as follows (dollars in millions):


	March 31,		December 31,
	2023		2022
Raw materials	$	358.8	$	341.2
Work in process		15.8		16.0
Finished goods		201.1		198.4
Supplies and materials		427.7		421.7
Inventories	$	1,003.4	$	977.3

Property, Plant, and Equipment

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

8. Property, Plant, and Equipment

The components of property, plant, and equipment were as follows (dollars in millions):


	March 31,			December 31,
	2023			2022
Land and land improvements	$	196.6		$	192.4
Buildings		1,043.6			1,023.6
Machinery and equipment		6,825.8			6,709.3
Construction in progress		378.4			440.2
Other		149.3			146.9
Property, plant and equipment, at cost		8,593.7			8,512.4
Less accumulated depreciation		(4,697.1	)		(4,612.4	)
Property, plant, and equipment, net	$	3,896.6		$	3,900.0

Depreciation expense for the three months ended March 31, 2023 and 2022 was $118.8 million and $98.5 million, respectively. During the three months ended March 31, 2023, we recognized $6.3 million of incremental depreciation expense as a result of corrugated products facilities and design center closures, and Jackson mill conversion-related activities. We recognized $1.1 million of incremental depreciation expense during the three months ended March 31, 2022 as a result of Jackson mill conversion-related activities.

At March 31, 2023 and December 31, 2022, purchases of property, plant, and equipment included in accounts payable were $48.8 million and $43.7 million, respectively.

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

9. 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 both March 31, 2023 and December 31, 2022, we had $922.4 million of goodwill recorded in our Packaging segment, which represents the entire goodwill balance reported on our Consolidated Balance Sheets.

Intangible Assets

Intangible assets are primarily comprised of customer relationships and trademarks and trade names. The weighted average remaining useful life, gross carrying amount, and accumulated amortization of our intangible assets were as follows (dollars in millions):


	March 31, 2023						December 31, 2022
	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		8.0	$	546.0	$	299.9		8.2	$	546.0	$	290.9
Trademarks and trade names		7.0		41.3		29.1		7.2		41.3		28.6
Other		3.3		4.4		4.4		3.4		4.4		4.3
Total intangible assets (excluding goodwill)		7.9	$	591.7	$	333.4		8.1	$	591.7	$	323.8

During the three months ended March 31, 2023 and 2022, amortization expense was $9.6 million and $10.2 million, respectively.

Accrued Liabilities

3 Months Ended

Mar. 31, 2023

Accrued Liabilities [Abstract]

Accrued Liabilities

10. Accrued Liabilities

The components of accrued liabilities were as follows (dollars in millions):


	March 31,		December 31,
	2023		2022
Compensation and benefits	$	84.9	$	159.7
Customer rebates and other credits		34.0		43.8
Medical insurance and workers’ compensation		25.6		26.1
Franchise, property, sales and use taxes		21.1		17.4
Severance, retention, and relocation		4.9		1.8
Environmental liabilities and asset retirement obligations		4.3		4.1
Other		9.9		10.8
Total	$	184.7	$	263.7

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

11. Debt

For both the three months ended March 31, 2023 and 2022, cash payments for interest were $7.5 million.

Included in interest expense, net is the amortization of financing costs. For both the three months ended March 31, 2023 and 2022, amortization of financing costs was $0.4 million.

At March 31, 2023, we had $2,491.6 million of fixed-rate senior notes outstanding. The fair value of our fixed-rate debt was estimated to be $2,127.6 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 2 inputs) within the fair value hierarchy, which is further defined in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2022 Annual Report on Form 10-K.

On April 27, 2023, we amended our Senior Unsecured Credit Agreement to formally replace the LIBOR benchmark rate with the Term SOFR rate.

For more information on our long-term debt and interest rates on that debt, see Note 11, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2022 Annual Report on Form 10-K.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Cash, Cash Equivalents, and Marketable Debt Securities

3 Months Ended

Mar. 31, 2023

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash, Cash Equivalents, and Marketable Debt Securities

12. Cash, Cash Equivalents, and Marketable Debt Securities

The following table shows the Company’s cash and available-for-sale ("AFS") debt securities by major asset category at March 31, 2023 and December 31, 2022 (in millions):


	March 31, 2023
	Adjusted Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value		Cash and Cash Equivalents		Short-Term Marketable Debt Securities		Long-Term Marketable Debt Securities
Cash and cash equivalents	$	366.7	$	—	$	—		$	366.7	$	366.7	$	—	$	—
Level 1 (a):
U.S. Treasury securities		24.0		—		(0.3	)		23.7		—		14.7		9.0
Money market funds		1.0		—		—			1.0		1.0		—		—
Subtotal		25.0		—		(0.3	)		24.7		1.0		14.7		9.0
Level 2 (b):
Corporate debt securities		116.5		—		(1.6	)		114.9		—		73.9		41.0
U.S. government agency securities		12.4		—		—			12.4		—		5.5		6.9
Certificates of deposit		1.5		—		—			1.5		—		1.5		—
Subtotal		130.4		—		(1.6	)		128.8		—		80.9		47.9
Total	$	522.1	$	—	$	(1.9	)	$	520.2	$	367.7	$	95.6	$	56.9


	December 31, 2022
	Adjusted Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value		Cash and Cash Equivalents		Short-Term Marketable Debt Securities		Long-Term Marketable Debt Securities
Cash and cash equivalents	$	318.3	$	—	$	—		$	318.3	$	318.3	$	—	$	—
Level 1 (a):
U.S. Treasury securities		24.3		—		(0.4	)		23.9		—		16.7		7.2
Money market funds		0.1		—		—			0.1		0.1		—		—
Subtotal		24.4		—		(0.4	)		24.0		0.1		16.7		7.2
Level 2 (b):
Corporate debt securities		123.9		—		(2.1	)		121.8		1.6		65.7		54.5
U.S. government agency securities		4.5		—		(0.1	)		4.4		—		1.2		3.2
Certificates of deposit		1.6		—		—			1.6		—		1.6		—
Subtotal		130.0		—		(2.2	)		127.8		1.6		68.5		57.7
Total	$	472.7	$	—	$	(2.6	)	$	470.1	$	320.0	$	85.2	$	64.9

(a)

Valuations based on quoted prices for identical assets or liabilities in active markets.

(b)

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.

For both the three months ended March 31, 2023 and 2022, net realized gains and losses on the sales and maturities of certain marketable debt securities were insignificant.

The Company invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy requires securities to be investment grade and limits the amount of credit exposure to any one issuer. The maturities of the Company’s long-term marketable debt securities generally range from one to two years.

Fair values were determined for each individual marketable debt security in the investment portfolio. When evaluating a marketable debt security for impairment, PCA reviews factors such as the duration and extent to which the fair value of the marketable debt security is less than its cost, the financial condition of the issuer and any changes thereto, the general market condition in which the issuer operates, and PCA’s intent to sell, or whether it will be more likely than not be required to sell, the marketable debt security before recovery of its amortized cost basis.

As of March 31, 2023 and December 31, 2022, we do not consider any of the impairments related to our marketable debt securities to be the result of credit losses. Therefore, we have not recorded an allowance for credit losses related to our marketable debt securities. All unrealized gains and losses were recorded in other comprehensive income (OCI).

The following tables provide information about the Company’s marketable debt securities that have been in a continuous loss position as of March 31, 2023 and December 31, 2022 (in millions, except number of marketable debt securities in a loss position):


	March 31, 2023
	Fair Value of Marketable Debt Securities in a Loss Position < 12 Months		Number of Marketable Debt Securities in a Loss Position < 12 Months		Unrealized Losses < 12 Months		Fair Value of Marketable Debt Securities in a Loss Position ≥ 12 Months		Number of Marketable Debt Securities in a Loss Position ≥ 12 Months		Unrealized Losses ≥ 12 Months
Corporate debt securities	$	50.3		72	$	0.4	$	45.1		60	$	1.2
U.S. government agency securities		6.3		10		—		1.5		3		—
U.S. Treasury securities		5.7		8		0.1		9.9		14		0.3
Certificates of deposit		0.8		1		—		—		—		—
	$	63.1		91	$	0.5	$	56.5		77	$	1.5


	December 31, 2022
	Fair Value of Marketable Debt Securities in a Loss Position < 12 Months		Number of Marketable Debt Securities in a Loss Position < 12 Months		Unrealized Losses < 12 Months		Fair Value of Marketable Debt Securities in a Loss Position ≥ 12 Months		Number of Marketable Debt Securities in a Loss Position ≥ 12 Months		Unrealized Losses ≥ 12 Months
Corporate debt securities	$	77.0		113	$	1.0	$	37.9		50	$	1.1
U.S. Treasury securities		14.5		14		0.2		9.3		13		0.3
U.S. government agency securities		3.2		5		—		1.3		3		—
	$	94.7		132	$	1.2	$	48.5		66	$	1.4

Employee Benefit Plans and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans and Other Postretirement Benefits

13. Employee Benefit Plans and Other Postretirement Benefits

The components of net periodic benefit cost for our pension plans were as follows (dollars in millions):


	Pension Plans
	Three Months Ended March 31,
	2023			2022
Service cost	$	3.6		$	4.9
Interest cost		14.0			8.7
Expected return on plan assets		(14.3	)		(13.9	)
Net amortization of unrecognized amounts
Prior service cost		1.3			0.9
Actuarial loss		1.1			0.8
Net periodic benefit cost	$	5.7		$	1.4

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 additional discretionary contributions based on the funded status of the plans, tax deductibility, income from operations, and other factors. During the three months ended March 31, 2023 and 2022, payments to our nonqualified pension plans were insignificant. During both the three months ended March 31, 2023 and 2022, we did not make any contributions to our qualified pension plans. We do not have a required minimum contribution amount for 2023, but we expect to make discretionary contributions to our plans.

For both the three months ended March 31, 2023 and 2022, the net periodic benefit cost for our postretirement plans was insignificant.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation

14. Share-Based Compensation

The Company has a long-term equity incentive plan, which allows for grants of restricted stock, performance awards, stock appreciation rights, and stock options to directors, officers, and employees, as well as others who engage in services for PCA. On February 25, 2020, our board of directors approved, and, on May 5, 2020, our stockholders approved, the amendment and restatement of the plan. The amendment extended the plan’s term to May 5, 2030 and increased the number of shares of common stock available for issuance under the plan by 1.4 million shares. The total number of shares authorized for past and future awards is 12.0 million shares.

As of March 31, 2023, assuming performance units are paid out at the target level of performance, 0.7 million shares were available for future grants under the current plan. Forfeitures are added back to the pool of shares of common stock available to be granted at a future date.

The following table presents restricted stock and performance unit award activity for the three months ended March 31, 2023:


	Restricted Stock					Performance Units
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2023		655,914		$	117.14		358,449		$	109.89
Granted		191,097			134.72		146,331			140.09
Vested (a)		(3,077	)		109.71		(76,130	)		132.96
Forfeitures		(1,337	)		120.13		—			—
Outstanding at March 31, 2023		842,597		$	121.15		428,650		$	116.10

(a)

Upon payout of the performance unit awards that vested during the period, PCA issued 83,769 shares, which included 7,639 shares for dividends accrued during the performance period.

Compensation Expense

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


	Three Months Ended March 31,
	2023			2022
Restricted stock	$	11.9		$	9.2
Performance units		3.4			3.1
Total share-based compensation expense		15.3			12.3
Income tax benefit		(3.8	)		(3.1	)
Share-based compensation expense, net of tax benefit	$	11.5		$	9.2

The fair value of restricted stock is determined based on the closing price of the Company’s stock on the grant date. Compensation expense, net of estimated forfeitures, is recorded over the requisite service period. As PCA’s Board of Directors has the ability to accelerate the vesting of these awards upon an employee’s retirement, the Company accelerates the recognition of compensation expense for certain employees approaching normal retirement age.

Performance unit awards granted to certain key employees are earned based on the achievement of defined performance rankings of Return on Invested Capital (ROIC) or Total Shareholder Return (TSR) compared to ROIC and TSR for peer companies. For performance unit awards made in 2023 and 2022, in terms of grant date value, 50% used TSR as the performance measure and 50% used ROIC as the performance measure. The ROIC component of performance unit awards is valued based on the closing price of the stock on the grant date. As the ROIC component contains a performance condition, compensation expense, net of estimated forfeitures, is recorded over the requisite service period based on the most probable number of awards expected to vest. The TSR component of performance unit awards is valued using a Monte Carlo simulation as the TSR component contains a market condition. The Monte Carlo simulation estimates the fair value of the TSR component based on the expected term of the award, a risk-free interest rate, expected dividends, and expected volatility of the Company’s common stock and the common stock of the peer companies. Compensation expense is recorded ratably over the expected term of the award.

The unrecognized compensation expense for all share-based awards at March 31, 2023 was as follows (dollars in millions):


	March 31, 2023
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	41.1		2.9
Performance units		33.7		2.7
Total unrecognized share-based compensation expense	$	74.8		2.8

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

15. Stockholders' Equity

Dividends

During the three months ended March 31, 2023, we paid $112.1 million of dividends to shareholders. On February 22, 2023, PCA’s Board of Directors declared a regular quarterly cash dividend of $1.25 per share of common stock, which was paid on April 14, 2023 to shareholders of record as of March 15, 2023. The dividend payment was $112.4 million.

Repurchases of Common Stock

On January 26, 2022, PCA announced that its Board of Directors authorized the repurchase of an additional $1 billion of the Company’s outstanding common stock. Repurchases may be made from time to time in open market or privately negotiated transactions in accordance with applicable securities regulations. The timing and amount of repurchases will be determined by the Company in its discretion based on factors such as PCA’s stock price and market and business conditions.

The Company did not repurchase any shares of its common stock under this authority during the three months ended March 31, 2023. At March 31, 2023, $477.5 million of the authorized amount remained available for repurchase of the Company’s common stock.

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) (AOCI) by component were as follows (dollars in millions). Amounts in parentheses indicate losses:


	Unrealized Loss On Foreign Exchange Contracts			Unrealized Loss on Marketable Debt Securities			Unfunded Employee Benefit Obligations			Total
Balance at January 1, 2023	$	(0.2	)	$	(1.9	)	$	(100.3	)	$	(102.4	)
Other comprehensive income before reclassifications, net of tax		—			0.5			—			0.5
Amounts reclassified from AOCI, net of tax		—			—			1.6			1.6
Balance at March 31, 2023	$	(0.2	)	$	(1.4	)	$	(98.7	)	$	(100.3	)

Reclassifications out of AOCI were as follows (dollars in millions). Amounts in parentheses indicate expenses in the Consolidated Statements of Income:


	Amounts Reclassified from AOCI
	Three Months Ended March 31,
Details about AOCI Components	2023			2022
Unfunded employee benefit obligations (a)
Amortization of prior service costs	$	(1.2	)	$	(0.8	)	See (a) below
Amortization of actuarial losses		(1.0	)		(0.7	)	See (a) below
		(2.2	)		(1.5	)	Total before tax
		0.6			0.3		Tax benefit
	$	(1.6	)	$	(1.2	)	Net of tax

(a)

These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 13, Employee Benefit Plans and Other Postretirement Benefits, for additional information.

- Definition

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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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 14
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Publisher FASB
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+ Details

Concentrations of Risk

3 Months Ended

Mar. 31, 2023

Risks and Uncertainties [Abstract]

Concentration of Risk

16. Concentrations of Risk

ODP Corporation ("ODP"), formerly Office Depot Inc., along with its subsidiaries and affiliates, is our largest customer in the Paper segment. Our Paper segment has had a long-standing commercial and contractual relationship with ODP. This relationship exposes us to a significant concentration of business and financial risk. Our sales to ODP represented approximately 5% and 4% of our total Company sales for the three month periods ended March 31, 2023 and 2022, respectively, and approximately 64% and 58% of our Paper segment sales revenue for those periods, respectively. At March 31, 2023 and December 31, 2022, we had $58.8 million and $52.4 million of accounts receivable due from ODP, respectively, which represents approximately 6% and 5% of our total Company receivables, respectively.

Transactions With Related Parties

3 Months Ended

Mar. 31, 2023

Transactions With Related Parties

17. Transactions With Related Parties

Louisiana Timber Procurement Company, L.L.C. ("LTP") is a variable-interest entity that is 50% owned by PCA 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 non-inventory working capital items) on our Consolidated Balance Sheets were $3.3 million at March 31, 2023 and $2.2 million at December 31, 2022. During the three months ended March 31, 2023 and 2022, we recorded $20.1 million and $20.8 million, respectively, 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".

During the three months ended March 31, 2023 and 2022, fiber purchases from related parties were $2.9 million and $3.8 million, respectively. 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.

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

18. Segment Information

We report 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.

Each segment’s profits and losses are measured on operating profits before interest expense, net, non-operating pension (expense) income, and income taxes. For certain allocated expenses, the related assets and liabilities remain in the Corporate and Other segment.

Selected financial information by reportable segment was as follows (dollars in millions):


	Sales, net
Three Months Ended March 31, 2023	Trade		Intersegment			Total			Operating Income (Loss)
Packaging	$	1,803.5	$	5.1		$	1,808.6		$	268.0		(a)
Paper		150.9		—			150.9			34.1		(a)
Corporate and Other		21.9		38.6			60.5			(31.4	)
Intersegment eliminations		—		(43.7	)		(43.7	)		—
	$	1,976.3	$	—		$	1,976.3			270.7
Non-operating pension expense										(2.0	)
Interest expense, net										(15.4	)
Income before taxes									$	253.3


	Sales, net
Three Months Ended March 31, 2022	Trade		Intersegment			Total			Operating Income (Loss)
Packaging	$	1,960.0	$	4.5		$	1,964.5		$	362.2		(b)
Paper		153.5		—			153.5			22.4		(b)
Corporate and Other		22.9		35.4			58.3			(28.1	)
Intersegment eliminations		—		(39.9	)		(39.9	)		—
	$	2,136.4	$	—		$	2,136.4			356.5
Non-operating pension income										3.6
Interest expense, net										(19.8	)
Income before taxes									$	340.3


(a)	The three months ended March 31, 2023 include the following:
	1.	$9.7 million of charges consisting of closure costs related to corrugated products facilities and design centers.
	2.	$1.2 million of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.

(b)	The three months ended March 31, 2022 include the following:
	1.	$1.5 million of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.
	2.	$0.6 million of charges consisting of closure costs related to corrugated products facilities and acquisition and integration costs related to the December 2021 Advance Packaging acquisition.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Section 50
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-Subparagraph (f)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Commitments, Guarantees, Indemnifications and Legal Proceedings

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments, Guarantees, Indemnifications and Legal Proceedings

19. Commitments, Guarantees, Indemnifications and Legal Proceedings

We have financial commitments and obligations that arise in the ordinary course of our business. These include lease obligations, long-term debt, capital additions, purchase commitments for goods and services, and legal proceedings, all of which are discussed in Note 3, Leases; Note 11, Debt; and Note 20, Commitments, Guarantees, Indemnifications, and Legal Proceedings, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2022 Annual Report on Form 10-K.

Guarantees and Indemnifications

We provide guarantees, indemnifications, and other assurances to third parties in the normal course of our business. These include tort indemnifications, product guarantees, environmental assurances, and representations and warranties in commercial agreements. At March 31, 2023, 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.

DeRidder Mill Incident

On February 8, 2017, a tank located in the pulp mill at the Company's DeRidder, Louisiana facility exploded, resulting in three contractor fatalities and other injuries. The Company has been served with multiple lawsuits involving the decedents and other allegedly injured parties, alleging negligence on the part of the Company and claiming compensatory and punitive damages. The Company is vigorously defending these lawsuits. The Company believes that these suits are covered by its liability insurance policies, subject to an aggregate $1.0 million deductible, which has been satisfied in full as a result of settlement of various lawsuits and fees and expenses incurred by the Company. Cases involving nine plaintiffs are pending in the U.S. District Court for the Middle District of Louisiana and one case remains pending in state court in Alabama. One case previously dismissed by the federal district court for the Western District of Louisiana was appealed by the plaintiff to the United States Court of Appeals for the Fifth Circuit, which affirmed such dismissal. The remaining lawsuits pending in federal district court and state court are in the early stages. Accordingly, the Company is unable to estimate a range of reasonable possible losses at this time.

The Company has cooperated with investigations from the U.S. Occupational Health and Safety Administration ("OSHA"), the U.S. Chemical Safety Board ("CSB") and the U.S. Environmental Protection Agency ("EPA"). The U.S. Chemical Safety Board completed its investigation and issued its report during the second quarter of 2018. The Company settled with OSHA during the second quarter of 2018 and paid approximately $40,000 in penalties for citations.

In May 2017, the EPA conducted an on-site inspection of the facility to assess compliance with the Clean Air Act, Risk Management Program ("RMP"). The Company provided additional information to the EPA promptly after the inspection to address certain areas of concern ("AOCs") observed during the inspection. Since the inspection in 2017, PCA performed several voluntary activities to address the AOCs presented in the EPA's inspection report and has removed the RMP covered process from the facility. In January 2021, the EPA and U.S. Department of Justice ("DOJ") initiated civil judicial enforcement discussions with PCA. During the third quarter of 2022, we reached a settlement with the agencies, resulting in an agreed civil penalty of $2.5 million. The Company did not admit liability for violation of the Clean Air Act in connection with the settlement. The settlement was approved by the federal district court for the Western District of Louisiana in December 2022, and the agreed civil penalty was paid out in January 2023.

Legal Proceedings

We are also a party to various 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.

New and Recently Adopted Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Effective January 1, 2023, we adopted Accounting Standards Update ("ASU") 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. Under prior business combination guidance in ASC 805, Business Combinations, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date, whereas the new guidance requires the acquirer to recognize such assets and liabilities as if it had originated the contracts. The Company will apply the amended guidance on a prospective basis to any future business combinations.
New Accounting Standards Not Yet Adopted	New Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The amendments in this Update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, which extends some of the optional expedients under Topic 848 to include derivative contracts impacted by discounting transition. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which further extends the relief offered in this series of ASUs through December 31, 2024. Companies can apply these ASUs immediately. The ASUs can be adopted on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to any new modification from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that financial statements are available to be issued. The Company's fixed-rate outstanding debt will not be impacted by the reference rate reform. In April 2023, we amended our Senior Unsecured Credit Agreement to formally replace the LIBOR benchmark rate with the Term SOFR rate. The amendment of this agreement and the reference rate reform will not have a significant impact on the Company's financial position or related disclosures. 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.

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Revenues Disaggregated by Product Line

The following table presents our revenues disaggregated by product line (dollars in millions):


	Three Months Ended March 31,
	2023		2022
Packaging	$	1,808.6	$	1,964.5
Paper		150.9		153.5
Corporate and Other		16.8		18.4
Total revenue	$	1,976.3	$	2,136.4

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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 and shares in millions, except per share data):


	Three Months Ended
	March 31,
Numerator:	2023			2022
Net income	$	190.1		$	254.2
Less: Distributed and undistributed earnings allocated to participating securities		(1.6	)		(2.0	)
Net income attributable to common shareholders	$	188.5		$	252.2
Denominator:
Weighted average basic common shares outstanding		89.0			92.9
Effect of dilutive securities		0.4			0.4
Weighted average diluted common shares outstanding		89.4			93.3
Basic income per common share	$	2.12		$	2.71
Diluted income per common share	$	2.11		$	2.70

Other Income (Expense), Net (Tables)

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Components of Other Income (Expense), Net

The components of other income (expense), net, were as follows (dollars in millions):


	Three Months Ended
	March 31,
	2023			2022
Asset disposals and write-offs	$	(6.6	)	$	(12.7	)
Facilities closure and other costs (a)		(4.7	)		(0.4	)
Jackson mill conversion-related activities (b)		0.3			(0.4	)
Other		(1.5	)		(2.1	)
Total	$	(12.5	)	$	(15.6	)

(a)

(b)

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Components of Inventories

The components of inventories were as follows (dollars in millions):


	March 31,		December 31,
	2023		2022
Raw materials	$	358.8	$	341.2
Work in process		15.8		16.0
Finished goods		201.1		198.4
Supplies and materials		427.7		421.7
Inventories	$	1,003.4	$	977.3

Property, Plant, and Equipment (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Components of Property, Plant, and Equipment

The components of property, plant, and equipment were as follows (dollars in millions):


	March 31,			December 31,
	2023			2022
Land and land improvements	$	196.6		$	192.4
Buildings		1,043.6			1,023.6
Machinery and equipment		6,825.8			6,709.3
Construction in progress		378.4			440.2
Other		149.3			146.9
Property, plant and equipment, at cost		8,593.7			8,512.4
Less accumulated depreciation		(4,697.1	)		(4,612.4	)
Property, plant, and equipment, net	$	3,896.6		$	3,900.0

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Intangible Assets

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


	March 31, 2023						December 31, 2022
	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		8.0	$	546.0	$	299.9		8.2	$	546.0	$	290.9
Trademarks and trade names		7.0		41.3		29.1		7.2		41.3		28.6
Other		3.3		4.4		4.4		3.4		4.4		4.3
Total intangible assets (excluding goodwill)		7.9	$	591.7	$	333.4		8.1	$	591.7	$	323.8

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Accrued Liabilities [Abstract]

Components of Accrued Liabilities

The components of accrued liabilities were as follows (dollars in millions):


	March 31,		December 31,
	2023		2022
Compensation and benefits	$	84.9	$	159.7
Customer rebates and other credits		34.0		43.8
Medical insurance and workers’ compensation		25.6		26.1
Franchise, property, sales and use taxes		21.1		17.4
Severance, retention, and relocation		4.9		1.8
Environmental liabilities and asset retirement obligations		4.3		4.1
Other		9.9		10.8
Total	$	184.7	$	263.7

Cash, Cash Equivalents, and Marketable Debt Securities (Tables)

3 Months Ended

Mar. 31, 2023

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Schedule of Cash and Available-For-Sale Debt Securities by Major Asset Category

The following table shows the Company’s cash and available-for-sale ("AFS") debt securities by major asset category at March 31, 2023 and December 31, 2022 (in millions):


	March 31, 2023
	Adjusted Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value		Cash and Cash Equivalents		Short-Term Marketable Debt Securities		Long-Term Marketable Debt Securities
Cash and cash equivalents	$	366.7	$	—	$	—		$	366.7	$	366.7	$	—	$	—
Level 1 (a):
U.S. Treasury securities		24.0		—		(0.3	)		23.7		—		14.7		9.0
Money market funds		1.0		—		—			1.0		1.0		—		—
Subtotal		25.0		—		(0.3	)		24.7		1.0		14.7		9.0
Level 2 (b):
Corporate debt securities		116.5		—		(1.6	)		114.9		—		73.9		41.0
U.S. government agency securities		12.4		—		—			12.4		—		5.5		6.9
Certificates of deposit		1.5		—		—			1.5		—		1.5		—
Subtotal		130.4		—		(1.6	)		128.8		—		80.9		47.9
Total	$	522.1	$	—	$	(1.9	)	$	520.2	$	367.7	$	95.6	$	56.9


	December 31, 2022
	Adjusted Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value		Cash and Cash Equivalents		Short-Term Marketable Debt Securities		Long-Term Marketable Debt Securities
Cash and cash equivalents	$	318.3	$	—	$	—		$	318.3	$	318.3	$	—	$	—
Level 1 (a):
U.S. Treasury securities		24.3		—		(0.4	)		23.9		—		16.7		7.2
Money market funds		0.1		—		—			0.1		0.1		—		—
Subtotal		24.4		—		(0.4	)		24.0		0.1		16.7		7.2
Level 2 (b):
Corporate debt securities		123.9		—		(2.1	)		121.8		1.6		65.7		54.5
U.S. government agency securities		4.5		—		(0.1	)		4.4		—		1.2		3.2
Certificates of deposit		1.6		—		—			1.6		—		1.6		—
Subtotal		130.0		—		(2.2	)		127.8		1.6		68.5		57.7
Total	$	472.7	$	—	$	(2.6	)	$	470.1	$	320.0	$	85.2	$	64.9

(a)

Valuations based on quoted prices for identical assets or liabilities in active markets.

(b)

Schedule of Marketable Debt Securities in Continuous Loss Position


	March 31, 2023
	Fair Value of Marketable Debt Securities in a Loss Position < 12 Months		Number of Marketable Debt Securities in a Loss Position < 12 Months		Unrealized Losses < 12 Months		Fair Value of Marketable Debt Securities in a Loss Position ≥ 12 Months		Number of Marketable Debt Securities in a Loss Position ≥ 12 Months		Unrealized Losses ≥ 12 Months
Corporate debt securities	$	50.3		72	$	0.4	$	45.1		60	$	1.2
U.S. government agency securities		6.3		10		—		1.5		3		—
U.S. Treasury securities		5.7		8		0.1		9.9		14		0.3
Certificates of deposit		0.8		1		—		—		—		—
	$	63.1		91	$	0.5	$	56.5		77	$	1.5


	December 31, 2022
	Fair Value of Marketable Debt Securities in a Loss Position < 12 Months		Number of Marketable Debt Securities in a Loss Position < 12 Months		Unrealized Losses < 12 Months		Fair Value of Marketable Debt Securities in a Loss Position ≥ 12 Months		Number of Marketable Debt Securities in a Loss Position ≥ 12 Months		Unrealized Losses ≥ 12 Months
Corporate debt securities	$	77.0		113	$	1.0	$	37.9		50	$	1.1
U.S. Treasury securities		14.5		14		0.2		9.3		13		0.3
U.S. government agency securities		3.2		5		—		1.3		3		—
	$	94.7		132	$	1.2	$	48.5		66	$	1.4

Employee Benefit Plans and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Costs

The components of net periodic benefit cost for our pension plans were as follows (dollars in millions):


	Pension Plans
	Three Months Ended March 31,
	2023			2022
Service cost	$	3.6		$	4.9
Interest cost		14.0			8.7
Expected return on plan assets		(14.3	)		(13.9	)
Net amortization of unrecognized amounts
Prior service cost		1.3			0.9
Actuarial loss		1.1			0.8
Net periodic benefit cost	$	5.7		$	1.4

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary of Restricted Stock and Performance Unit Award Activity

The following table presents restricted stock and performance unit award activity for the three months ended March 31, 2023:


	Restricted Stock					Performance Units
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2023		655,914		$	117.14		358,449		$	109.89
Granted		191,097			134.72		146,331			140.09
Vested (a)		(3,077	)		109.71		(76,130	)		132.96
Forfeitures		(1,337	)		120.13		—			—
Outstanding at March 31, 2023		842,597		$	121.15		428,650		$	116.10

(a)

Upon payout of the performance unit awards that vested during the period, PCA issued 83,769 shares, which included 7,639 shares for dividends accrued during the performance period.

Compensation Expense for Share-Based Awards


	Three Months Ended March 31,
	2023			2022
Restricted stock	$	11.9		$	9.2
Performance units		3.4			3.1
Total share-based compensation expense		15.3			12.3
Income tax benefit		(3.8	)		(3.1	)
Share-based compensation expense, net of tax benefit	$	11.5		$	9.2

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at March 31, 2023 was as follows (dollars in millions):


	March 31, 2023
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	41.1		2.9
Performance units		33.7		2.7
Total unrecognized share-based compensation expense	$	74.8		2.8

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Components of Changes in Accumulated Other Comprehensive Income (AOCI)

Changes in accumulated other comprehensive income (loss) (AOCI) by component were as follows (dollars in millions). Amounts in parentheses indicate losses:


	Unrealized Loss On Foreign Exchange Contracts			Unrealized Loss on Marketable Debt Securities			Unfunded Employee Benefit Obligations			Total
Balance at January 1, 2023	$	(0.2	)	$	(1.9	)	$	(100.3	)	$	(102.4	)
Other comprehensive income before reclassifications, net of tax		—			0.5			—			0.5
Amounts reclassified from AOCI, net of tax		—			—			1.6			1.6
Balance at March 31, 2023	$	(0.2	)	$	(1.4	)	$	(98.7	)	$	(100.3	)

Reclassifications Out of Accumulated Other Comprehensive Income (AOCI)

Reclassifications out of AOCI were as follows (dollars in millions). Amounts in parentheses indicate expenses in the Consolidated Statements of Income:


	Amounts Reclassified from AOCI
	Three Months Ended March 31,
Details about AOCI Components	2023			2022
Unfunded employee benefit obligations (a)
Amortization of prior service costs	$	(1.2	)	$	(0.8	)	See (a) below
Amortization of actuarial losses		(1.0	)		(0.7	)	See (a) below
		(2.2	)		(1.5	)	Total before tax
		0.6			0.3		Tax benefit
	$	(1.6	)	$	(1.2	)	Net of tax

(a)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Selected financial information by reportable segment was as follows (dollars in millions):


	Sales, net
Three Months Ended March 31, 2023	Trade		Intersegment			Total			Operating Income (Loss)
Packaging	$	1,803.5	$	5.1		$	1,808.6		$	268.0		(a)
Paper		150.9		—			150.9			34.1		(a)
Corporate and Other		21.9		38.6			60.5			(31.4	)
Intersegment eliminations		—		(43.7	)		(43.7	)		—
	$	1,976.3	$	—		$	1,976.3			270.7
Non-operating pension expense										(2.0	)
Interest expense, net										(15.4	)
Income before taxes									$	253.3


	Sales, net
Three Months Ended March 31, 2022	Trade		Intersegment			Total			Operating Income (Loss)
Packaging	$	1,960.0	$	4.5		$	1,964.5		$	362.2		(b)
Paper		153.5		—			153.5			22.4		(b)
Corporate and Other		22.9		35.4			58.3			(28.1	)
Intersegment eliminations		—		(39.9	)		(39.9	)		—
	$	2,136.4	$	—		$	2,136.4			356.5
Non-operating pension income										3.6
Interest expense, net										(19.8	)
Income before taxes									$	340.3


(a)	The three months ended March 31, 2023 include the following:
	1.	$9.7 million of charges consisting of closure costs related to corrugated products facilities and design centers.
	2.	$1.2 million of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.

(b)	The three months ended March 31, 2022 include the following:
	1.	$1.5 million of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.
	2.	$0.6 million of charges consisting of closure costs related to corrugated products facilities and acquisition and integration costs related to the December 2021 Advance Packaging acquisition.

Nature of Operations and Basis of Presentation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Jan. 25, 1999
Number of reportable segments	3

Revenue - Summary of Revenues Disaggregated by Product Line (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,976.3	$ 2,136.4
Packaging
Disaggregation Of Revenue [Line Items]
Revenue	1,808.6	1,964.5
Paper
Disaggregation Of Revenue [Line Items]
Revenue	150.9	153.5
Corporate and Other
Disaggregation Of Revenue [Line Items]
Revenue	$ 16.8	$ 18.4

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue - Additional Information (Details)	3 Months Ended
Revenue - Additional Information (Details)	Mar. 31, 2023
Packaging Corporation of America
Revenue [Line Items]
Variable interest entity, ownership percentage	50.00%
Boise Cascade Co-Owner of LTP
Revenue [Line Items]
Variable interest entity, ownership percentage	50.00%

Earnings Per Share - Computation of Basic and Diluted Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income	$ 190.1	$ 254.2
Less: Distributed and undistributed earnings allocated to participating securities	(1.6)	(2.0)
Net income attributable to common shareholders	$ 188.5	$ 252.2
Denominator:
Weighted average basic common shares outstanding (in shares)	89.0	92.9
Effect of dilutive securities (in shares)	0.4	0.4
Weighted average diluted common shares outstanding (in shares)	89.4	93.3
Basic income per common share (in dollars per share)	$ 2.12	$ 2.71
Diluted income per common share (in dollars per share)	$ 2.11	$ 2.70

Other Income (Expense), Net - Components of Other Income (Expense), Net (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Asset disposals and write-offs

$ (6.6)

$ (12.7)

Facilities closure and other costs

^[1]

(4.7)

(0.4)

Other

(1.5)

(2.1)

Total

(12.5)

(15.6)

Jackson, Alabama Mill

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Conversion-related activities

^[2]

$ 0.3

$ (0.4)

[1]	For 2023, includes charges consisting of closure costs related to corrugated products facilities and design centers. For 2022, includes charges consisting of closure costs related to corrugated products facilities and acquisition and integration costs related to the December 2021 Advance Packaging acquisition.
[2]	ncludes items related to the announced discontinuation of production of uncoated freesheet paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ 63.2	$ 86.1
Effective income tax rate, percent	24.90%	25.30%
Federal statutory income tax rate	21.00%
Cash paid for taxes, net of refunds received	$ 6.9	$ 17.6

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 358.8	$ 341.2
Work in process	15.8	16.0
Finished goods	201.1	198.4
Supplies and materials	427.7	421.7
Inventories	$ 1,003.4	$ 977.3

Property, Plant, and Equipment - Components of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	$ 8,593.7	$ 8,512.4
Less accumulated depreciation	(4,697.1)	(4,612.4)
Property, plant, and equipment, net	3,896.6	3,900.0
Land and Land Improvements
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	196.6	192.4
Buildings
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	1,043.6	1,023.6
Machinery and Equipment
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	6,825.8	6,709.3
Construction in Progress
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	378.4	440.2
Other
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	$ 149.3	$ 146.9

Property, Plant, and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Depreciation [Abstract]
Depreciation expense	$ 118.8	$ 98.5
Incremental depreciation	6.3	1.1
Purchases of property, plant, and equipment included in accounts payable	$ 48.8	$ 43.7

Goodwill and Intangible Assets -Goodwill - (Details) $ in Millions	Mar. 31, 2023 USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 922.4
Goodwill, Ending Balance	$ 922.4

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	7 years 10 months 24 days	8 years 1 month 6 days
Gross Carrying Amount	$ 591.7	$ 591.7
Accumulated Amortization	$ 333.4	$ 323.8
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	8 years	8 years 2 months 12 days
Gross Carrying Amount	$ 546.0	$ 546.0
Accumulated Amortization	$ 299.9	$ 290.9
Trademarks and Trade Names
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	7 years	7 years 2 months 12 days
Gross Carrying Amount	$ 41.3	$ 41.3
Accumulated Amortization	$ 29.1	$ 28.6
Other Intangible Assets
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	3 years 3 months 18 days	3 years 4 months 24 days
Gross Carrying Amount	$ 4.4	$ 4.4
Accumulated Amortization	$ 4.4	$ 4.3

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 9.6	$ 10.2
Goodwill	$ 922.4		$ 922.4

- Definition

+ References + Details

Accrued Liabilities - Components of Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Compensation and benefits	$ 84.9	$ 159.7
Customer rebates and other credits	34.0	43.8
Medical insurance and workers’ compensation	25.6	26.1
Franchise, property, sales and use taxes	21.1	17.4
Severance, retention, and relocation	4.9	1.8
Environmental liabilities and asset retirement obligations	4.3	4.1
Other	9.9	10.8
Total	$ 184.7	$ 263.7

Debt - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Cash payments paid for interest	$ 7.5	$ 7.5
Amortization of financing costs	0.4	$ 0.4
Senior Notes \| Fixed-Rate Senior Notes
Debt Instrument [Line Items]
Book value of fixed rate debt	2,491.6
Long-term debt (fixed-rate debt), fair value	$ 2,127.6

Cash, Cash Equivalents, and Marketable Debt Securities - Schedule of Company's Cash and Available-For-Sale (AFS) Debt Securities by Major Asset Category (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Financial Instruments [Line Items]

Adjusted Cost Basis

$ 522.1

$ 472.7

Unrealized Gain

0.0

Unrealized Loss

(1.9)

(2.6)

Fair Value

520.2

470.1

Cash and cash equivalents

367.7

320.0

Short-term marketable debt securities

95.6

85.2

Long-term marketable debt securities

56.9

64.9

Level 1

Financial Instruments [Line Items]

Adjusted Cost Basis

^[1]

25.0

24.4

Unrealized Gain

^[1]

0.0

Unrealized Loss

^[1]

(0.3)

(0.4)

Fair Value

^[1]

24.7

24.0

Cash and cash equivalents

^[1]

1.0

0.1

Short-term marketable debt securities

^[1]

14.7

16.7

Long-term marketable debt securities

^[1]

9.0

7.2

Level 2

Financial Instruments [Line Items]

Adjusted Cost Basis

^[2]

130.4

130.0

Unrealized Gain

^[2]

0.0

Unrealized Loss

^[2]

(1.6)

(2.2)

Fair Value

^[2]

128.8

127.8

Cash and cash equivalents

^[2]

0.0

1.6

Short-term marketable debt securities

^[2]

80.9

68.5

Long-term marketable debt securities

^[2]

47.9

57.7

Cash and Cash Equivalents

Financial Instruments [Line Items]

Adjusted Cost Basis

366.7

318.3

Unrealized Gain

0.0

Unrealized Loss

0.0

Fair Value

366.7

318.3

Cash and cash equivalents

366.7

318.3

Short-term marketable debt securities

0.0

Long-term marketable debt securities

0.0

U.S. Treasury Securities | Level 1

Financial Instruments [Line Items]

Adjusted Cost Basis

^[1]

24.0

24.3

Unrealized Gain

^[1]

0.0

Unrealized Loss

^[1]

(0.3)

(0.4)

Fair Value

^[1]

23.7

23.9

Cash and cash equivalents

^[1]

0.0

Short-term marketable debt securities

^[1]

14.7

16.7

Long-term marketable debt securities

^[1]

9.0

7.2

Money Market Fund | Level 1

Financial Instruments [Line Items]

Adjusted Cost Basis

^[1]

1.0

0.1

Unrealized Gain

^[1]

0.0

Unrealized Loss

^[1]

0.0

Fair Value

^[1]

1.0

0.1

Cash and cash equivalents

^[1]

1.0

0.1

Short-term marketable debt securities

^[1]

0.0

Long-term marketable debt securities

^[1]

0.0

Corporate Debt Securities | Level 2

Financial Instruments [Line Items]

Adjusted Cost Basis

^[2]

116.5

123.9

Unrealized Gain

^[2]

0.0

Unrealized Loss

^[2]

(1.6)

(2.1)

Fair Value

^[2]

114.9

121.8

Cash and cash equivalents

^[2]

0.0

1.6

Short-term marketable debt securities

^[2]

73.9

65.7

Long-term marketable debt securities

^[2]

41.0

54.5

U.S. Government Agency Securities | Level 2

Financial Instruments [Line Items]

Adjusted Cost Basis

^[2]

12.4

4.5

Unrealized Gain

^[2]

0.0

Unrealized Loss

^[2]

0.0

(0.1)

Fair Value

^[2]

12.4

4.4

Cash and cash equivalents

^[2]

0.0

Short-term marketable debt securities

^[2]

5.5

1.2

Long-term marketable debt securities

^[2]

6.9

3.2

Certificates of Deposit | Level 2

Financial Instruments [Line Items]

Adjusted Cost Basis

^[2]

1.5

1.6

Unrealized Gain

^[2]

0.0

Unrealized Loss

^[2]

0.0

Fair Value

^[2]

1.5

1.6

Cash and cash equivalents

^[2]

0.0

Short-term marketable debt securities

^[2]

1.5

1.6

Long-term marketable debt securities

^[2]

$ 0.0

[1]	Valuations based on quoted prices for identical assets or liabilities in active markets.
[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.

Cash, Cash Equivalents, and Marketable Debt Securities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financial Instruments [Line Items]
Impairment of marketable debt securities	$ 0	$ 0
Allowance for credit loss	$ 0	$ 0
Minimum
Financial Instruments [Line Items]
Long-term marketable debt securities maturity period	1 year
Maximum
Financial Instruments [Line Items]
Long-term marketable debt securities maturity period	2 years

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Cash, Cash Equivalents, and Marketable Debt Securities - Schedule of Marketable Debt Securities in Continuous Loss Position (Details) $ in Millions	Mar. 31, 2023 USD ($) Security	Dec. 31, 2022 USD ($) Security
Schedule Of Available For Sale Securities [Line Items]
Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months	$ 63.1	$ 94.7
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months \| Security	91	132
Unrealized Losses Less Than 12 Months	$ 0.5	$ 1.2
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 56.5	$ 48.5
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	77	66
Unrealized Losses 12 Months Or Longer	$ 1.5	$ 1.4
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months	$ 50.3	$ 77.0
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months \| Security	72	113
Unrealized Losses Less Than 12 Months	$ 0.4	$ 1.0
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 45.1	$ 37.9
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	60	50
Unrealized Losses 12 Months Or Longer	$ 1.2	$ 1.1
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months	$ 5.7	$ 14.5
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months \| Security	8	14
Unrealized Losses Less Than 12 Months	$ 0.1	$ 0.2
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 9.9	$ 9.3
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	14	13
Unrealized Losses 12 Months Or Longer	$ 0.3	$ 0.3
U.S. Government Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months	$ 6.3	$ 3.2
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months \| Security	10	5
Unrealized Losses Less Than 12 Months	$ 0.0	$ 0.0
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 1.5	$ 1.3
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	3	3
Unrealized Losses 12 Months Or Longer	$ 0.0	$ 0.0
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months	$ 0.8
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months \| Security	1
Unrealized Losses Less Than 12 Months	$ 0.0
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 0.0
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	0
Unrealized Losses 12 Months Or Longer	$ 0.0

Employee Benefit Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Costs (Details) - Pension Plans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3.6	$ 4.9
Interest cost	14.0	8.7
Expected return on plan assets	(14.3)	(13.9)
Net amortization of unrecognized amounts, Prior service cost	1.3	0.9
Net amortization of unrecognized amounts, Actuarial loss	(1.1)	0.8
Net periodic benefit cost	$ 5.7	$ 1.4

Employee Benefit Plans and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Contributions [Abstract]
Contributions to pension plan	$ 0	$ 0
Pension Plans \| Qualified Plan
Pension Contributions [Abstract]
Contributions to pension plan	$ 0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Share-Based Compensation - Additional Information (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	May 05, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term equity incentive plan, termination date	May 05, 2030
Number of shares available for future issuance under share-based plan	700,000			1,400,000
Number of shares authorized under plan	12,000,000.0
Performance Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of ROIC as performance measure		50.00%	50.00%
Percentage of TSR as performance measure		50.00%	50.00%

Share-Based Compensation - Summary of Restricted Stock and Performance Unit Award Activity (Details)

3 Months Ended

Mar. 31, 2023

$ / shares

Restricted Stock

Restricted Stock and Performance Units [Roll Forward]

Outstanding at January 1, 2023 | shares

655,914

Granted | shares

191,097

Vested | shares

(3,077)

^[1]

Forfeitures | shares

(1,337)

Outstanding at March 31, 2023 | shares

842,597

Restricted Stock and Performance Units (Weighted Average Grant-date Fair Value) [Abstract]

Weighted Average Grant-Date Fair Value, Outstanding at January 1, 2023 | $ / shares

$ 117.14

Weighted Average Grant-Date Fair Value, Granted | $ / shares

134.72

Weighted Average Grant-Date Fair Value, Vested | $ / shares

109.71

^[1]

Weighted Average Grant-Date Fair Value, Forfeitures | $ / shares

120.13

Weighted Average Grant-Date Fair Value, Outstanding at March 31, 2023 | $ / shares

$ 121.15

Performance Units

Restricted Stock and Performance Units [Roll Forward]

Outstanding at January 1, 2023 | shares

358,449

Granted | shares

146,331

Vested | shares

(76,130)

^[1]

Forfeitures | shares

Outstanding at March 31, 2023 | shares

428,650

Restricted Stock and Performance Units (Weighted Average Grant-date Fair Value) [Abstract]

Weighted Average Grant-Date Fair Value, Outstanding at January 1, 2023 | $ / shares

$ 109.89

Weighted Average Grant-Date Fair Value, Granted | $ / shares

140.09

Weighted Average Grant-Date Fair Value, Vested | $ / shares

132.96

^[1]

Weighted Average Grant-Date Fair Value, Forfeitures | $ / shares

Weighted Average Grant-Date Fair Value, Outstanding at March 31, 2023 | $ / shares

$ 116.10

[1]	Upon payout of the performance unit awards that vested during the period, PCA issued 83,769 shares, which included 7,639 shares for dividends accrued during the performance period.

Share-Based Compensation - Summary of Restricted Stock and Performance Unit Award Activity (Parenthetical) (Details) - Performance Units	3 Months Ended
	Mar. 31, 2023 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	83,769,000
Shares issued on accrued dividends	7,639,000

Share-Based Compensation - Compensation Expense for Share-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Impact on income before income taxes	$ 15.3	$ 12.3
Income tax benefit	(3.8)	(3.1)
Share-based compensation expense, net of tax benefit	11.5	9.2
Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Impact on income before income taxes	11.9	9.2
Performance Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Impact on income before income taxes	$ 3.4	$ 3.1

Share-Based Compensation - Unrecognized Compensation Expense for Share-Based Awards (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 74.8
Remaining weighted-average recognition period	2 years 9 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 41.1
Remaining weighted-average recognition period	2 years 10 months 24 days
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 33.7
Remaining weighted-average recognition period	2 years 8 months 12 days

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Apr. 14, 2023	Mar. 31, 2023	Mar. 31, 2022	Jan. 26, 2022
Common stock dividends paid		$ 112.1	$ 93.6
Dividends paid per common share (in dollars per share)		$ 1.25
Stock repurchase program, authorized amount				$ 1,000.0
Repurchases of common stock under stock repurchase program		0
Common stock repurchase authorization amount available		$ 477.5
Subsequent Events
Common stock dividends paid	$ 112.4

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income by Component (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 3,667.1
Ending balance	3,757.7
Unfunded Employee Benefit Obligations
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(100.3)
Other comprehensive income before reclassifications, net of tax	0.0
Amounts reclassified from AOCI, net of tax	1.6
Ending balance	(98.7)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(102.4)
Other comprehensive income before reclassifications, net of tax	0.5
Amounts reclassified from AOCI, net of tax	1.6
Ending balance	(100.3)
Foreign Exchange Contract \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(0.2)
Other comprehensive income before reclassifications, net of tax	0.0
Amounts reclassified from AOCI, net of tax	0.0
Ending balance	(0.2)
Marketable Debt Securities \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(1.9)
Other comprehensive income before reclassifications, net of tax	0.5
Amounts reclassified from AOCI, net of tax	0.0
Ending balance	$ (1.4)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

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+ Details

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Income before taxes

$ 253.3

$ 340.3

Income tax benefit

(63.2)

(86.1)

Net income

190.1

254.2

Unfunded Employee Benefit Obligations | Reclassification out of Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Amortization of prior service costs

^[1]

(1.2)

(0.8)

Amortization of actuarial losses

^[1]

(1.0)

(0.7)

Income before taxes

(2.2)

(1.5)

Income tax benefit

0.6

0.3

Net income

$ (1.6)

$ (1.2)

[1]	These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 13, Employee Benefit Plans and Other Postretirement Benefits, for additional information.

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

+ References

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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (b)
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Concentrations of Risk - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Concentration Risk [Line Items]
Accounts receivable, net, current	$ 1,031.4		$ 1,031.8
Office Depot \| Credit Concentration Risk
Concentration Risk [Line Items]
Accounts receivable, net, current	$ 58.8		$ 52.4
Office Depot \| Total Company Sales Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	5.00%	4.00%
Office Depot \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	6.00%		5.00%
Paper \| Office Depot \| Revenue, Segment Benchmark [Member] \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	64.00%	58.00%

Transactions With Related Parties - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Carrying amount of LTP's assets	$ 8,049.0		$ 8,003.8
Boise Cascade Co-Owner of LTP
Related Party Transaction [Line Items]
Variable interest entity, ownership percentage	50.00%
Boise Cascade Co-Owner of LTP \| Fiber
Related Party Transaction [Line Items]
Revenue from related parties	$ 20.1	$ 20.8
Boise Cascade Co-Owner of LTP \| Wood Products, Including Chips and Logs
Related Party Transaction [Line Items]
Fiber costs from related parties	$ 2.9	$ 3.8
Packaging Corporation of America
Related Party Transaction [Line Items]
Variable interest entity, ownership percentage	50.00%
Variable Interest Entity
Related Party Transaction [Line Items]
Carrying amount of LTP's liabilities	$ 3.3		$ 2.2

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Selected Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,976.3	$ 2,136.4
Operating Income (Loss)	270.7	356.5
Non-operating pension expense	(2.0)	3.6
Interest expense, net	(15.4)	(19.8)
Income before taxes	253.3	340.3
Trade
Segment Reporting Information [Line Items]
Net sales	1,976.3	2,136.4
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	(43.7)	(39.9)
Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,976.3	2,136.4
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net sales	(43.7)	(39.9)
Segment Reconciling Items \| Trade
Segment Reporting Information [Line Items]
Net sales	0.0
Packaging
Segment Reporting Information [Line Items]
Net sales	1,808.6	1,964.5
Operating Income (Loss)	268.0	362.2
Packaging \| Trade
Segment Reporting Information [Line Items]
Net sales	1,803.5	1,960.0
Packaging \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	5.1	4.5
Packaging \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,808.6	1,964.5
Paper
Segment Reporting Information [Line Items]
Net sales	150.9	153.5
Operating Income (Loss)	34.1	22.4
Paper \| Trade
Segment Reporting Information [Line Items]
Net sales	150.9	153.5
Paper \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	0.0
Paper \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	150.9	153.5
Corporate and Other
Segment Reporting Information [Line Items]
Net sales	16.8	18.4
Operating Income (Loss)	(31.4)	(28.1)
Corporate and Other \| Trade
Segment Reporting Information [Line Items]
Net sales	21.9	22.9
Corporate and Other \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	38.6	35.4
Corporate and Other \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	$ 60.5	$ 58.3

Segment Information - Selected Financial Information by Reportable Segment (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Packaging
Segment Reporting Information [Line Items]
Restructuring charges		$ 0.6
Corrugated Products Facilities And Design Centres
Segment Reporting Information [Line Items]
Restructuring charges	$ 9.7
Jackson, Alabama Mill \| Corrugated Products Facilities
Segment Reporting Information [Line Items]
Adjustment of asset retirement obligation	$ 1.2	$ 1.5

Commitments, Guarantees, Indemnifications, and Legal Proceedings - Additional Information (Details) - DeRidder, Louisiana - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Jun. 30, 2018	Sep. 30, 2022	Feb. 08, 2017
Schedule Of Commitments And Contingencies [Line Items]
Loss contingency, period of occurrence	February 8, 2017
Liability insurance				$ 1,000,000.0
Payment of penalties		$ 40,000
Payment of civil penalty			$ 2,500,000