0000950170-24-022794 | 10-K | XBRL Viewer | Packaging Corp OF America

During 2022, the Company made a $1.4 million net adjustment based on the final valuation received for the intangible assets associated with the December 2021 acquisition of Advance Packaging. This adjustment resulted in a revision to the original allocations for customer relationships and trade names. As of December 31, 2022, the revised allocations for customer relationships and trade names were $42.2 million and $6.5 million, respectively.

Share-Based Compensation - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	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
Restricted Stock \| Officers and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of ROIC as performance measure	4 years
Vesting period of TSR as performance measure	3 years
Percentage of ROIC as performance measure	50.00%	50.00%	50.00%
Percentage of TSR as performance measure	50.00%	50.00%	50.00%

Leases - Schedule of Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 279.6	$ 298.3
Current portion of operating lease obligations	78.6	72.2
Long-term portion of operating lease obligations	212.1	234.6
Total operating lease obligations	$ 290.7	$ 306.8

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

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

Revenue Recognition

In accordance with Accounting Standards Update ("ASU") 2014-09 (Topic 606): Revenue from Contracts with Customers, we recognize revenue 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. The timing of revenue recognition for most goods and services occurs 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. For most packaging and paper products, revenue is recognized when the product is shipped from the mill or from our manufacturing facility to our customer. 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 present taxes collected from customers and remitted to governmental authorities on a net basis in our Consolidated Statements of Income. See Note 4, Revenue, for more information.

Planned Major Maintenance Costs

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

Share-Based Compensation

We recognize compensation expense for awards granted under the PCA long-term equity incentive plans based on the fair value on the grant date. We recognize the cost of the equity awards expected to vest over the period the awards vest. See Note 14, Share-Based Compensation, for more information.

Cash and Cash Equivalents

Cash and cash equivalents include all cash balances and highly liquid investments with original maturities of three months or less at the date of purchase. Cash equivalents are stated at cost, which approximates market. Cash and cash equivalents totaled $648.0 million and $320.0 million at December 31, 2023 and 2022, respectively, which included cash equivalents of $589.1 million and $228.4 million, respectively. At December 31, 2023 and 2022, we had $2.1 million and $1.5 million, respectively, of cash at our operations outside the United States.

Marketable Debt Securities

A majority of the Company’s marketable debt securities have been classified and accounted for as available-for-sale (AFS) marketable debt securities in accordance with ASU 2016-13, Financial Instruments – Credit Losses (Topic 326). The Company also has time deposits classified and accounted for as held-to-maturity (HTM) investments, as we have the intent and ability to hold these investments to maturity. The Company reports its AFS marketable debt securities at fair value and held-to-maturity investments at amortized cost, which approximates fair value. Our marketable debt securities are classified as short-term or long-term based on each security’s underlying contractual maturity date.

The Company’s AFS marketable debt securities are analyzed at the individual debt security level. Changes in the fair value of the debt security have the potential to impact accumulated other comprehensive income (loss) (AOCI), the Company’s earnings, or both.

The Company regularly reviews its investment portfolio to determine if any debt security is impaired. A decline in the fair value of the debt security below its amortized cost results in an impairment of the debt security. If there is an intent to sell the debt security, or if it is more likely than not that the debt security will be sold prior to recovering the amortized cost basis, the Company recognizes the impairment as a realized loss in earnings by writing down the debt security’s amortized cost basis.

Additional analysis is required if there is not an intent to sell the debt security, or if a recovery of the amortized cost basis is expected to be made prior to the sale of the security. If any portion of the impairment is the result of a credit loss, the Company recognizes this portion in earnings through an allowance for credit losses, with the remainder recognized as unrealized loss in AOCI. Subsequent improvements in credit losses are recognized as a reduction in the allowance. Any impairment not attributed to credit loss is recognized as an unrealized loss in AOCI in its entirety.

The Company considers several factors when determining if a portion of an impairment is the result of a credit loss including, but not limited to, adverse conditions related to the financial health and future outlook of the issuer; the credit quality of the issuer, as reported by credit rating agencies; trends present in the issuer’s industry in which it operates; and general market conditions.

For the years ended December 31, 2023 and 2022, we do not consider any of the impairments related to our marketable debt securities to be the result of credit losses. See Note 11, Cash, Cash Equivalents, and Marketable Debt Securities, for more information.

Trade Accounts Receivable, Allowances, and Customer Deductions

Trade accounts receivable are recorded at amortized cost and represent a contractual right to receive payment from a customer. The Company’s trade accounts receivable are short-term receivables, with most requiring payment within 30 to 60 days, and represent the primary class of financing receivables utilized by the Company.

The Company has entered into a number of customer-based supply chain financing programs to accelerate the receipt of payments for outstanding accounts receivable from certain customers. Receivables transferred under these programs meet the requirements to be accounted for as sales in accordance with guidance under Financial Accounting Standards Board (“FASB”) ASC 860, Transfers and Servicing. The receivables are sold without recourse and are reflected as a reduction of accounts receivable on the Consolidated Balance Sheets at the time of sale. The corresponding proceeds are reflected in cash flows from operating activities within the Consolidated Statements of Cash Flows. Receivables involved with these programs constituted about 2% and 5% of our 2023 and 2022 net sales, respectively.

In accordance with ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), the Company established an allowance for credit losses, which is a valuation account that estimates the expected credit loss over the lifetime of the asset and is deducted from, or added to, the amortized cost basis of the trade accounts receivable. The allowance for credit losses is based upon a combination of factors such as historical collection experience, aged receivables, current economic conditions, and reasonable and supportable forecasts on future economic conditions. Expected recoveries of amounts previously written off, not to exceed the aggregate of the amount previously written off, are also considered when determining the necessary allowance at the balance sheet date. When determining the allowance for credit losses, management also considers specific customer accounts that may be considered higher risk or uncollectible due to customer industry trends, bankruptcy filings, or substantial downgrades of credit scores.

Current period estimates for the allowance for credit losses are compared against the allowance previously recorded, and all required adjustments are reported as credit loss expense (for expected losses or write offs) or a reversal of credit loss expense (for expected recoveries) in net income. Outstanding trade accounts receivable balances are written off when deemed uncollectible after undergoing reasonable collection efforts. At December 31, 2023 and 2022, the allowance for credit losses was $3.9 million and $10.0 million, respectively.

The customer deductions reserve represents the estimated amount required for customer returns, allowances, and earned discounts. Based on the Company’s experience, customer returns, allowances, and earned discounts have averaged approximately 1% of gross selling price. Accordingly, PCA reserves 1% of its open customer accounts receivable balance for these items. The reserves for customer deductions of $9.2 million and $9.6 million at December 31, 2023 and 2022, respectively, are also included as a reduction of the accounts receivable balance.

Derivative Instruments and Hedging Activities

PCA is exposed to the impact of commodity price changes, interest rate changes, and changes in the market value of its financial instruments. To manage these risks, we may, from time to time, enter into transactions, including certain physical commodity transactions, that are determined to be derivatives. We do not enter into derivative arrangements for trading or speculative purposes.

The Company records its derivatives, if any, in accordance with ASC 815, Derivatives and Hedging. The guidance requires the Company to recognize derivative instruments as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value of a derivative depends on the intended use and designation of the derivative instrument. For a derivative designated as a fair value hedge, the gain or loss on the derivative is recognized in earnings in the period of change at fair value together with the offsetting gain or loss on the hedged item. For a derivative instrument designated as a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of AOCI and is subsequently recognized in earnings when the hedged exposure affects earnings. The ineffective portion of the gain or loss is recognized in earnings.

For the years ended December 31, 2023 and 2022, PCA has entered into master supply contracts, or physical commodity contracts, with suppliers and distributors of natural gas for several of its manufacturing locations. These physical commodity contracts meet the criteria of derivatives under ASC 815 but qualify for the normal purchase normal sales (“NPNS”) scope exception, which we have elected. As such, PCA is not required to apply derivative accounting treatment as required in ASC 815 to these physical commodity transactions.

Fair Value Measurements

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

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

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

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

Assets that are measured at fair value using the net asset value (NAV) per share as a practical expedient are not categorized within the fair value hierarchy.

Financial instruments and marketable debt securities measured at fair value on a recurring basis include the fair values of our AFS marketable debt securities and our pension and postretirement benefit assets and liabilities. The valuation techniques used to measure the fair value of the Company’s marketable debt securities and pension and postretirement benefit assets and liabilities, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data. See Note 11, Cash, Cash Equivalents, and Marketable Debt Securities, and Note 12, Employee Benefit Plans and Other Postretirement Benefits, for more information.

Other assets and liabilities measured and recognized at fair value on a nonrecurring basis include assets acquired and liabilities assumed and our asset retirement obligations. Given the nature of these assets and liabilities, evaluating their fair value from the perspective of a market participant is inherently complex. Assumptions and estimates about future values can be affected by a variety of internal and external factors. Changes in these factors may require us to revise our estimates and could require us to retroactively adjust provisional amounts that we recorded for the fair values of assets acquired and liabilities assumed in connection with business combinations. These adjustments could have a material effect on our financial condition and results of operations. See Note 13, Asset Retirement Obligations, for more information.

Inventory Valuation

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):


	December 31,
	2023		2022
Raw materials	$	326.2	$	341.2
Work in process		14.9		16.0
Finished goods		200.5		198.4
Supplies and materials		471.5		421.7
Inventories	$	1,013.1	$	977.3

Property, Plant, and Equipment

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

Property, plant, and equipment consisted of the following (dollars in millions):


	December 31,
	2023			2022
Land and land improvements	$	197.8		$	192.4
Buildings		1,090.4			1,023.6
Machinery and equipment		7,006.7			6,709.3
Construction in progress		335.8			440.2
Other		177.0			146.9
Property, plant and equipment, at cost		8,807.7			8,512.4
Less accumulated depreciation		(4,943.9	)		(4,612.4	)
Property, plant and equipment, net	$	3,863.8		$	3,900.0

The amount of interest capitalized from construction in progress was $8.1 million, $7.3 million, and $3.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. At December 31, 2023 and December 31, 2022, purchases of property, plant, and equipment included in accounts payable were $24.2 million and $43.7 million, respectively.

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


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

The amount of depreciation expense was $475.3 million, $413.7 million, and $376.0 million for the years ended December 31, 2023, 2022, and 2021, respectively. In 2023, 2022, and 2021, we recognized incremental depreciation expense of $14.4 million, $5.7 million, and $4.7 million, respectively, primarily related to Jackson mill conversion-related activities and closures of corrugated products facilities.

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

Leases

We determine if an arrangement is, or contains, a lease at the inception date based on the presence of identified assets and our right to obtain substantially all of the economic benefit from or to direct the use of such assets. When we determine a lease exists, we record a right-of-use asset and corresponding lease liability on our consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease term. Lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets are recognized at commencement date at the value of the lease liability and are adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Lease liabilities are recognized at lease commencement date based on the present value of remaining lease payments over the lease term. As the discount rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

Operating lease balances are included in Operating lease right-of-use assets with the related liabilities included in Current operating lease obligations and Long-term operating lease obligations. Assets under finance leases are included in Property, plant and equipment, net, with the related liabilities included in Current finance lease obligations and Long-term finance lease obligations.

We do not record lease contracts with a term of 12 months or less on our consolidated balance sheets.

We recognize fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, we recognize amortization expense on the right-of-use asset and interest expense on the lease liability over the lease term.

We have lease agreements with non-lease components that relate to lease components (e.g., common area maintenance such as cleaning or landscaping, insurance, etc.). We account for each lease and any non-lease components associated with that lease as a single lease component for all underlying asset classes. Accordingly, all costs associated with a lease contract are accounted for as lease costs.

Long-Lived Asset Impairment

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

Goodwill and Intangible Assets

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

Goodwill, which amounted to $922.4 million at both December 31, 2023 and 2022, is not amortized but is subject to an annual impairment test in accordance with ASC 350, Intangibles – Goodwill and Other. We test goodwill for impairment annually in the fourth quarter or sooner if events or changes in circumstances indicate that the carrying value of the asset may exceed fair value. Additionally, we evaluate the remaining useful lives of our finite-lived purchased intangible assets to determine whether any adjustments to the useful lives are necessary.

The Company concluded that none of the goodwill or intangible assets were impaired during the 2023, 2022, and 2021 annual impairment tests. See Note 8, Goodwill and Intangible Assets, for additional information.

Pension and Postretirement Benefits

Several estimates and assumptions are required to record pension costs and liabilities, including discount rate, return on assets, and longevity and service lives of employees. We review and update these assumptions annually unless a plan curtailment or other event occurs, requiring that we update the estimates on an interim basis. While we believe the assumptions used to measure our pension and postretirement benefit obligations are reasonable, differences in actual experience or changes in assumptions may materially affect our pension and postretirement benefit obligations and future expense. See Note 12, Employee Benefit Plans and Other Postretirement Benefits, for additional information.

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

Environmental Matters

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

Asset Retirement Obligations

The Company accounts for its retirement obligations related predominantly to landfill closure, wastewater treatment pond dredging, closed-site monitoring costs, and certain leasehold improvements under ASC 410, Asset Retirement and Environmental Obligations, which requires recognition of legal obligations associated with the retirement of long-lived assets whether these assets are owned or leased. These legal obligations are recognized at fair value at the time that the obligations are incurred. When we record the liability, we capitalize the cost by increasing the carrying amount of the related long-lived asset, which is amortized to expense over the useful life of the asset. See Note 13, Asset Retirement Obligations, for additional information.

Deferred Debt Issuance Costs

PCA has capitalized certain costs related to obtaining its financing. These costs are amortized to interest expense using the effective interest rate method over the terms of the related financing, which range from 10 to 30 years. At December 31, 2023, deferred debt issuance costs were $19.9 million, of which $0.3 million was recorded in “Current maturities of long-term debt” and $19.6 million was recorded in “Long-term debt” on our Consolidated Balance Sheets. At December 31, 2022, deferred debt issuance costs were $17.9 million, which was recorded in “Long-term debt” on our Consolidated Balance Sheets.

Cutting Rights and Fiber Farms

We lease the cutting rights to approximately 53,000 acres of timberland. For our cutting rights, we capitalize the annual lease payments and reforestation costs associated with these leases. Costs are recorded as depletion when the timber or fiber is harvested and used in operations or sold to customers. Capitalized long-term lease costs for our cutting rights, primarily recorded in “Other long-term assets” on our Consolidated Balance Sheets, were $22.7 million and $22.4 million as of December 31, 2023 and 2022, respectively. The amount of depletion expense was $2.5 million, $2.4 million, and $2.0 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Deferred Software Costs

PCA capitalizes costs related to the purchase and development of software, which is used in its business operations. The costs attributable to these software systems are amortized over their estimated useful lives based on various factors such as the effects of obsolescence, technology, and other economic factors. Net capitalized software costs recorded in “Other long-term assets” on our Consolidated Balance Sheets were $1.9 million and $3.0 million for the years ended December 31, 2023 and 2022, respectively. Software amortization expense was $1.4 million for the year ended, December 31, 2023, and $1.6 million for both the years ended December 31, 2022 and 2021.

The Company accounts for costs incurred to implement a cloud computing arrangement that is a service contract under ASU 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This ASU includes guidance on capitalizing costs associated with developing or obtaining internal-use software. As of December 31, 2023 and 2022, capitalized costs associated with cloud computing arrangements were $0.3 million and $1.6 million, respectively.

Income Taxes

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

Trade Agreements

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

Business Combinations

The Company accounts for acquisitions under ASC 805, Business Combinations, ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, and ASU 2017-01 (Topic 805): Clarifying the Definition of a Business. 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. ASU 2017-01 provides additional guidance to assist entities with evaluating whether transfers of assets and activities should be accounted for as acquisitions of assets or businesses. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and liabilities assumed. During the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated financial statements.

Recently Adopted Accounting Standards

Effective January 1, 2023, we adopted 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.

Effective April 1, 2023, we adopted 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 did not have a significant impact on the Company's financial position or related disclosures.

New Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to the Income Tax Disclosures. This ASU provides for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently assessing the impact of the disclosure requirements on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods starting within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company is currently assessing the impact of the disclosure requirements on its consolidated financial statements.

Summary of Significant Accounting Policies - Components of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 326.2	$ 341.2
Work in process	14.9	16.0
Finished goods	200.5	198.4
Supplies and materials	471.5	421.7
Inventories	$ 1,013.1	$ 977.3

Share-Based Compensation - Summary of Restricted Stock and Performance Units Activity (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock Dividends, Shares	14,628,000	11,789	6,683
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested	$ 22.7	$ 21.8	$ 24.8
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested	$ 19.3	$ 19.7	$ 11.0
Stock Issued During Period, Shares, Restricted Stock Award, Gross	146,631	144,193	81,577

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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+ Details

Employee Benefit Plans and Other Postretirement Benefits - Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost, Expected return on plan assets	5.80%
Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Weighted-Average Assumptions Used to Determine Benefit Obligation, Discount Rate	5.06%	2.89%	2.57%
Weighted-Average Assumptions Used to Determine Benefit Obligations, Rate of compensation increase	4.75%	4.00%	4.00%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost, Discount rate	4.86%	5.06%	2.89%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost, Expected return on plan assets	5.52%	4.08%	4.91%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost, Rate of compensation increase	4.75%	4.00%	4.00%
Postretirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Weighted-Average Assumptions Used to Determine Benefit Obligation, Discount Rate	5.07%	2.92%	2.60%
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost, Discount rate	4.90%	5.07%	2.91%

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Leasehold improvements	Period of thelease or usefullife, if shorter
Minimum \| Buildings And Land Improvements
Property Plant And Equipment [Line Items]
Estimated useful life of asset (in years)	5 years
Minimum \| Machinery and Equipment
Property Plant And Equipment [Line Items]
Estimated useful life of asset (in years)	3 years
Minimum \| Trucks and Automobiles
Property Plant And Equipment [Line Items]
Estimated useful life of asset (in years)	3 years
Minimum \| Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated useful life of asset (in years)	3 years
Minimum \| Computers and Hardware
Property Plant And Equipment [Line Items]
Estimated useful life of asset (in years)	3 years
Maximum \| Buildings And Land Improvements
Property Plant And Equipment [Line Items]
Estimated useful life of asset (in years)	40 years
Maximum \| Machinery and Equipment
Property Plant And Equipment [Line Items]
Estimated useful life of asset (in years)	25 years
Maximum \| Trucks and Automobiles
Property Plant And Equipment [Line Items]
Estimated useful life of asset (in years)	10 years
Maximum \| Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated useful life of asset (in years)	20 years
Maximum \| Computers and Hardware
Property Plant And Equipment [Line Items]
Estimated useful life of asset (in years)	10 years

Cash, Cash Equivalents, and Marketable Debt Securities - Schedule of Marketable Debt Securities in Continuous Loss Position (Details) $ in Millions	Dec. 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	$ 47.8	$ 94.7
Number of Marketable Debt Securities in a Loss Position Less than 12 Months \| Security	60	132
Unrealized Losses Less Than 12 Months	$ 0.1	$ 1.2
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 43.9	$ 48.5
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	61	66
Unrealized Losses 12 Months Or Longer	$ 0.4	$ 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	$ 27.9	$ 77.0
Number of Marketable Debt Securities in a Loss Position Less than 12 Months \| Security	35	113
Unrealized Losses Less Than 12 Months	$ 0.1	$ 1.0
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 36.2	$ 37.9
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	49	50
Unrealized Losses 12 Months Or Longer	$ 0.3	$ 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	$ 11.4	$ 14.5
Number of Marketable Debt Securities in a Loss Position Less than 12 Months \| Security	11	14
Unrealized Losses Less Than 12 Months	$ 0.0	$ 0.2
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 6.2	$ 9.3
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	10	13
Unrealized Losses 12 Months Or Longer	$ 0.1	$ 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	$ 8.5	$ 3.2
Number of Marketable Debt Securities in a Loss Position Less than 12 Months \| Security	14	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	2	3
Unrealized Losses 12 Months Or Longer	$ 0.0	$ 0.0

Employee Benefit Plans and Other Postretirement Benefits - Summary of Changes in Pension Plans' Level 3 Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Level 3 fair value of pension plans' assets [Roll Forward]
Plan assets at fair value at beginning of period	$ 1,100.0
Fair value of plan assets at plan year end	267.2	$ 1,100.0
Pension Plans
Level 3 fair value of pension plans' assets [Roll Forward]
Plan assets at fair value at beginning of period	1,055.3	1,382.7
Fair value of plan assets at plan year end	$ 1,161.6	$ 1,055.3

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Goodwill and Intangible Assets -Goodwill - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill impairment charge	$ 0.0
Goodwill	$ 922.4	$ 922.4	$ 923.5

- 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

15.

Stockholders' Equity

Dividends

During the year ended December 31, 2023, we paid $448.9 million of dividends to shareholders. On December 6, 2023, PCA's Board of Directors declared a regular quarterly cash dividend of $1.25 per share of common stock, which was paid on January 16, 2024 to shareholders of record as of December 18, 2023. The dividend payment was $112.0 million.

Share Repurchase Program

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. At the time of the announcement, there was no remaining authority under previously announced programs. 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.

During 2023, we paid $41.5 million, including fees, to repurchase 0.3 million shares of common stock. All shares repurchased have been retired. At December 31, 2023, $436.0 million of the authorized amount remained available for repurchase of the Company's common stock.

During 2022, we paid $522.6 million, including fees, to repurchase 4.0 million shares of common stock, and during 2021, we paid $193.0 million, including fees, to repurchase 1.4 million shares of common stock.

Accumulated Other Comprehensive Income (Loss)

Changes in AOCI, net of taxes, by component follows (dollars in millions). Amounts in parentheses indicate losses.


	Unrealized Loss on Foreign Exchange Contracts			Unrealized (Loss) Gain on Marketable Debt Securities			Unfunded Employee Benefit Obligations			Total
Balance at January 1, 2022	$	(0.2	)	$	(0.2	)	$	(74.8	)	$	(75.2	)
Other comprehensive loss before reclassifications		—			(1.7	)		(30.2	)		(31.9	)
Amounts reclassified from AOCI		—			—			4.7			4.7
Net current-period other comprehensive loss		—			(1.7	)		(25.5	)		(27.2	)
Balance at December 31, 2022	$	(0.2	)	$	(1.9	)	$	(100.3	)	$	(102.4	)
Other comprehensive income before reclassifications		—			1.8			23.2			25.0
Amounts reclassified from AOCI		0.1			—			6.4			6.5
Net current-period other comprehensive income		0.1			1.8			29.6			31.5
Balance at December 31, 2023	$	(0.1	)	$	(0.1	)	$	(70.7	)	$	(70.9	)

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


	Amounts Reclassified from AOCI Year Ended December 31,
Details about AOCI Components	2023			2022
Unfunded employee benefit obligations (a)
Amortization of prior service costs	$	(4.8	)	$	(3.2	)
Amortization of actuarial gains / (losses)		(3.7	)		(3.0	)
		(8.5	)		(6.2	)	Total before tax
		2.1			1.5		Tax benefit
	$	(6.4	)	$	(4.7	)	Net of tax

(a)

These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 12, Employee Benefit Plans and Other Postretirement Benefits, for additional information.

- Definition

The entire disclosure for equity.

+ References

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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Earnings Per Share - Computation of Basic and Diluted Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 765.2	$ 1,029.8	$ 841.1
Less: distributed and undistributed earnings allocated to participating securities	(6.2)	(7.9)	(6.4)
Net income attributable to common stockholders	$ 759.0	$ 1,021.9	$ 834.7
Denominator:
Weighted average common shares outstanding (in shares)	89.1	92.3	94.1
Effect of dilutive securities (in shares)	0.4	0.4	0.4
Diluted common shares outstanding (in shares)	89.5	92.7	94.5
Basic income per common share (in dollars per share)	$ 8.52	$ 11.08	$ 8.87
Diluted income per common share (in dollars per share)	$ 8.48	$ 11.03	$ 8.83

Income Taxes - Summary of Changes Related to PCAs Gross Unrecognized Tax Benefits Excluding Interest and Penalties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance as of January 1	$ (1.7)	$ (1.9)	$ (5.2)
Increases related to prior years’ tax positions	(0.4)	(0.2)	0.0
Increases related to current year tax positions	(0.7)	(0.4)	(0.3)
Decreases related to prior years' tax positions	0.0	0.0	0.2
Settlements with taxing authorities	0.0	0.0	3.0
Expiration of the statute of limitations	0.4	0.8	0.4
Balance at December 31	$ (2.4)	$ (1.7)	$ (1.9)

Leases - Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rates for Leases (Details)	Dec. 31, 2023	Dec. 31, 2022
Weighted-average remaining lease term (years):
Operating leases	4 years 10 months 24 days	5 years 4 months 24 days
Finance leases	4 years 9 months 18 days	5 years 9 months 18 days
Weighted-average discount rate:
Operating leases	3.75%	3.29%
Finance leases	6.66%	6.66%

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 7,802.4	$ 8,478.0	$ 7,730.3
Cost of sales	(6,103.5)	(6,387.4)	(5,857.3)
Gross profit	1,698.9	2,090.6	1,873.0
Selling and administrative expenses	(580.9)	(608.6)	(576.8)
Other expense, net	(42.9)	(61.3)	(54.8)
Income from operations	1,075.1	1,420.7	1,241.4
Non-operating pension (expense) income	(7.7)	14.5	19.7
Interest expense, net	(53.3)	(70.4)	(152.4)
Income before taxes	1,014.1	1,364.8	1,108.7
Provision for income taxes	(248.9)	(335.0)	(267.6)
Net income	$ 765.2	$ 1,029.8	$ 841.1
Net income per common share:
Basic	$ 8.52	$ 11.08	$ 8.87
Diluted	8.48	11.03	8.83
Dividends declared per common share	$ 5	$ 4.75	$ 4
Statements of Comprehensive Income:
Net Income (Loss)	$ 765.2	$ 1,029.8	$ 841.1
Foreign currency translation adjustment	0.1	0.0	0.4
Changes in unrealized gains (losses) gains on marketable debt securities, net of tax of ($0.6) million, $0.5 million, and $0.2 million for 2023, 2022, and 2021, respectively	1.8	(1.7)	(0.5)
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of ($2.1) million, ($1.5) million, and ($3.3) million for 2023, 2022, and 2021, respectively	6.4	4.7	10.0
Changes in unfunded employee benefit obligations, net of tax of ($7.8) million, $10.1 million, and ($19.9) million for 2023, 2022, and 2021, respectively	23.2	(30.2)	59.4
Other comprehensive income (loss)	31.5	(27.2)	69.3
Comprehensive income	$ 796.7	$ 1,002.6	$ 910.4

Quarterly Results of Operations (Unaudited) - Summary of Quarterly Financial Data (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Data [Line Items]
Goodwill impairment charge	$ 0.0
Paper Reporting Unit \| Jackson Alabama Mill [Member]
Quarterly Financial Data [Line Items]
Restructuring charges			$ 8.8
Paper [Member] \| Jackson Alabama Mill [Member]
Quarterly Financial Data [Line Items]
Restructuring charges				$ 9.3
Packaging [Member]
Quarterly Financial Data [Line Items]
Restructuring charges		$ 14.4

Income Taxes - Components of Consolidated Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current income tax provision -
U.S. federal	$ 199.4	$ 187.3	$ 158.0
State and local	44.3	61.7	50.1
Foreign	0.0	0.0	0.1
Total current provision for taxes	243.7	249.0	208.2
Deferred income tax provision (benefit) -
U.S. federal	3.6	86.9	62.1
State and local	1.6	(0.7)	(2.6)
Foreign	0.0	(0.2)	(0.1)
Total deferred provision for taxes	5.2	86.0	59.4
Total provision for taxes	$ 248.9	$ 335.0	$ 267.6

Employee Benefit Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

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

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


	Pension Plans						Postretirement Plans
	Year Ended December 31						Year Ended December 31
	2023			2022			2023			2022
Change in Benefit Obligation:
Benefit obligation at beginning of period	$	1,167.1		$	1,503.8		$	9.5		$	13.6
Service cost		14.1			19.3			0.2			0.2
Interest cost		55.8			34.7			0.5			0.3
Plan amendments		2.9			15.1			—			—
Actuarial loss (gain) (a)		23.3			(348.0	)		1.5			(3.4	)
Participant contributions		—			—			0.4			0.5
Benefits paid		(61.1	)		(57.8	)		(1.6	)		(1.7	)
Benefit obligation at plan year end	$	1,202.1		$	1,167.1		$	10.5		$	9.5
Accumulated benefit obligation portion of above	$	1,173.3		$	1,131.0
Change in Fair Value of Plan Assets:
Plan assets at fair value at beginning of period	$	1,055.3		$	1,382.7		$	—		$	—
Actual return on plan assets		115.9			(320.9	)		—			—
Company contributions		51.5			51.3			1.2			1.2
Participant contributions		—			—			0.4			0.5
Benefits paid		(61.1	)		(57.8	)		(1.6	)		(1.7	)
Fair value of plan assets at plan year end	$	1,161.6		$	1,055.3		$	—		$	—
Underfunded status	$	(40.5	)	$	(111.8	)	$	(10.5	)	$	(9.5	)
Amounts Recognized on Consolidated Balance Sheets:
Noncurrent assets	$	26.5		$	—		$	—		$	—
Current liabilities		(1.7	)		(1.9	)		(0.5	)		(0.5	)
Noncurrent liabilities		(65.3	)		(109.9	)		(10.0	)		(9.0	)
Accrued obligation recognized at December 31	$	(40.5	)	$	(111.8	)	$	(10.5	)	$	(9.5	)
Amounts Recognized in Accumulated Other Comprehensive Loss (Income) (Pre-Tax):
Prior service cost (credit)	$	29.2		$	31.5		$	(3.8	)	$	(4.2	)
Actuarial loss (gain)		116.0			155.6			(4.7	)		(6.7	)
Total	$	145.2		$	187.1		$	(8.5	)	$	(10.9	)

(a)

For the year ended December 31, 2023, the most significant driver of the increase in aggregate benefit obligations for the pension and OPEB plans was the actuarial losses due to a decrease in the discount rate assumption, PCA Hourly Pension Plan benefit multiplier increases, and changes in salary scale and medical claims assumptions to better reflect anticipated future experience. For the year ended December 31, 2022, the most significant driver of the decrease in aggregate benefit obligations for the pension and OPEB plans was the actuarial gains due to an increase in the discount rate assumption.

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

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


	Pension Plans									Postretirement Plans
	Year Ended December 31,									Year Ended December 31,
	2023			2022			2021			2023			2022			2021
Service cost	$	14.1		$	19.3		$	21.4		$	0.2		$	0.2		$	0.2
Interest cost		55.8			34.7			29.6			0.5			0.3			0.3
Expected return on plan assets		(57.1	)		(55.7	)		(63.1	)		—			—			—
Net amortization of unrecognized amounts:
Prior service cost (credit)		5.2			3.6			3.8			(0.4	)		(0.4	)		(0.4	)
Actuarial loss (gain)		4.1			3.4			10.4			(0.4	)		(0.4	)		(0.5	)
Net periodic benefit cost	$	22.1		$	5.3		$	2.1		$	(0.1	)	$	(0.3	)	$	(0.4	)
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
Actuarial net (gain) loss	$	(35.5	)	$	28.6		$	(82.7	)	$	1.5		$	(3.4	)	$	1.3
Prior service cost (credit)		2.9			15.1			2.1			—			—			(0.1	)
Amortization of prior service cost (credit)		(5.2	)		(3.6	)		(3.8	)		0.4			0.4			0.4
Amortization of actuarial loss (gain)		(4.1	)		(3.4	)		(10.4	)		0.4			0.4			0.5
Total recognized in other comprehensive loss (income) (b)	$	(41.9	)	$	36.7		$	(94.8	)	$	2.3		$	(2.6	)	$	2.1
Total recognized in net periodic benefit cost and other comprehensive loss (income) (pre-tax)	$	(19.8	)	$	42.0		$	(92.7	)	$	2.2		$	(2.9	)	$	1.7

(b)

Accumulated losses in excess of 10% of the greater of the projected benefit obligation or the market-related value of assets will be recognized on a straight-line basis over the average remaining service period of active employees in PCA plans (which is between six and nine years) and over the average remaining lifetime of inactive participants in the Boise plan (which is approximately 23 years), to the extent that losses are not offset by gains in subsequent years.

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

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


	Pension Plans			Postretirement Plans
	December 31,			December 31,
	2023	2022	2021	2023	2022	2021
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31:
Discount rate	4.86 %	5.06 %	2.89 %	4.90 %	5.07 %	2.91 %
Rate of compensation increase	4.75 %	4.00 %	4.00 %	N/A	N/A	N/A
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for the Years Ended December 31:
Discount rate	5.06 %	2.89 %	2.57 %	5.07 %	2.92 %	2.60 %
Expected return on plan assets	5.52 %	4.08 %	4.91 %	N/A	N/A	N/A
Rate of compensation increase	4.75 %	4.00 %	4.00 %	N/A	N/A	N/A

Assumed Health Care Cost Trend Rates For Postretirement Benefits

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


	2023	2022	2021
Health care cost trend rate assumed for next year	7.13 %	7.24 %	6.55 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.44 %	4.42 %	4.50 %
Year that the rate reaches the ultimate trend rate	2033	2033	2030

Schedule of Pension Plans' Assets Investment Policies and Strategies

Assets of our pension plans were invested in the following classes of securities at December 31, 2023 and 2022:


	Percentage of Fair Value at December 31,
	2023			2022
Fixed income securities		72	%		77	%
International equity securities		15	%		13	%
Domestic equity securities		11	%		9	%
Other		2	%		1	%

Schedule of Fair Value Measurements of Plan Assets by Major Asset Category

The following tables set forth, by level within the fair value hierarchy, discussed in Note 2, Summary of Significant Accounting Policies, the pension plan assets, by major asset category, at fair value at December 31, 2023 and 2022 (dollars in millions):


	Fair Value Measurements at December 31, 2023
Asset Category	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value (NAV) (a)		Total
Short-term investments	$	—	$	12.2	$	—	$	—	$	12.2
Common/collective trust funds:
International equities		96.4		53.7		—		29.7		179.8
Domestic equities		—		130.4		—		—		130.4
Corporate and government bonds:
Corporate bonds		—		362.2		—		—		362.2
Government bonds and agencies		—		297.5		—		—		297.5
Fixed income		—		160.7		—		—		160.7
Municipal bonds		—		12.7		—		—		12.7
Private equity securities		—		—		—		0.8		0.8
Total securities at fair value	$	96.4	$	1,029.4	$	—	$	30.5	$	1,156.3
Accrued income										5.3
Total fair value of plan assets									$	1,161.6


	Fair Value Measurements at December 31, 2022
Asset Category	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value (NAV) (a)		Total
Short-term investments	$	—	$	9.9	$	—	$	—	$	9.9
Common/collective trust funds:
International equities		73.3		42.4		—		16.9		132.6
Domestic equities		—		98.2		—		—		98.2
Corporate and government bonds:
Corporate bonds		—		338.5		—		—		338.5
Fixed income		—		282.6		—		—		282.6
Government bonds and agencies		—		167.1		—		—		167.1
Municipal bonds		—		21.4		—		—		21.4
Private equity securities		—		—		—		1.0		1.0
Total securities at fair value	$	73.3	$	960.1	$	—	$	17.9	$	1,051.3
Accrued income										4.0
Total fair value of plan assets									$	1,055.3

(a)

In accordance with ASC 820, Fair Value Measurement, certain investments that do not have readily determinable fair values are measured at fair value using the net asset value (NAV) per share practical expedient and are not classified within the fair value hierarchy.

Schedule of Estimated Benefit Payments

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


	Pension Plans		Postretirement Plans
2024	$	66.3	$	0.5
2025		70.0		0.6
2026		73.3		0.6
2027		76.0		0.6
2028 - 2033		492.7		3.8

Cash, Cash Equivalents, and Marketable Debt Securities - Schedule of Company's Cash and Available-For-Sale (AFS) Debt Securities by Major Asset Category (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Time Deposits
Financial Instruments [Line Items]
Investment in debt security held-to-maturity	$ 400.0	$ 0.0

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ (77.6)	$ (73.6)	$ (71.7)
Operating cash flows for finance leases	(1.4)	(1.5)	(1.5)
Financing cash flows for finance leases	(0.8)	(0.9)	(1.0)
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	(58.9)	(83.5)	(44.4)
Finance leases	0.0	0.0	0.0
Supplemental non-cash information on changes in lease liabilities	1.3	51.6	31.3
Supplemental non-cash information on changes in right-of-use assets	$ 77.6	$ 23.5	$ 40.3

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of our goodwill were as follows (dollars in millions):


	Goodwill
Balance at January 1, 2022	$	923.5
Acquisition adjustment (a)		(1.0	)
Adjustment related to sale of corrugated assets (b)		(0.1	)
Balance at December 31, 2022		922.4
Balance at December 31, 2023	$	922.4

(a)

During 2022, the Company recorded a $1.0 million adjustment to decrease the goodwill balance for the Company's December 2021 acquisition of Advance Packaging.

(b)

During 2022, a corrugated products facility sold part of its operations, which primarily included existing inventory. As a result, the Company recorded a $0.1 million adjustment to decrease the goodwill balance.

Components of Intangible Assets

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


	As of December 31, 2023						As of 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 (c)		7.4	$	546.0	$	326.9		8.2	$	546.0	$	290.9
Trademarks and trade names (c)		6.5		41.3		30.9		7.2		41.3		28.6
Other		2.9		4.4		4.3		3.4		4.4		4.3
Total intangible assets (excluding goodwill)		7.3	$	591.7	$	362.1		8.1	$	591.7	$	323.8

(c)

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Buildings	$ 8,807.7	$ 8,512.4
Less accumulated depreciation	(4,943.9)	(4,612.4)
Property, plant and equipment, net	3,863.8	3,900.0
Land and Land Improvements
Property Plant And Equipment [Line Items]
Buildings	197.8	192.4
Buildings
Property Plant And Equipment [Line Items]
Buildings	1,090.4	1,023.6
Machinery and Equipment
Property Plant And Equipment [Line Items]
Buildings	7,006.7	6,709.3
Construction in Progress
Property Plant And Equipment [Line Items]
Buildings	335.8	440.2
Other
Property Plant And Equipment [Line Items]
Buildings	$ 177.0	$ 146.9

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2020	$ 3,246.3	$ 0.9	$ 554.4	$ 2,835.5	$ (144.5)
Beginning Balance (in shares) at Dec. 31, 2020		94,830
Common stock repurchases and retirements	(193.0)		(11.5)	(181.5)
Common stock repurchases and retirements (in shares)		(1,443)
Common stock withheld and retired to cover taxes on vested stock awards	(12.9)		(0.8)	(12.1)
Common stock withheld and retired to cover taxes on vested stock awards (in shares)		(95)
Common stock dividends declared	(379.9)			(379.9)
Share-based compensation and other	36.3		37.3	(1.0)
Share-based compensation expense and other (in shares)		247
Comprehensive income	910.4			841.1	69.3
Ending Balance at Dec. 31, 2021	3,607.2	$ 0.9	579.4	3,102.1	(75.2)
Ending Balance (in shares) at Dec. 31, 2021		93,539
Common stock repurchases and retirements	(522.6)		(33.5)	(489.1)
Common stock repurchases and retirements (in shares)		(4,035)
Common stock withheld and retired to cover taxes on vested stock awards	(15.4)		(0.9)	(14.5)
Common stock withheld and retired to cover taxes on vested stock awards (in shares)		(111)
Common stock dividends declared	(441.2)			(441.2)
Share-based compensation and other	36.5		36.8	(0.3)
Share-based compensation expense and other (in shares)		302
Comprehensive income	1,002.6			1,029.8	(27.2)
Ending Balance at Dec. 31, 2022	3,667.1	$ 0.9	581.8	3,186.8	(102.4)
Ending Balance (in shares) at Dec. 31, 2022		89,695
Common stock repurchases and retirements	(41.5)		(2.5)	(39.0)
Common stock repurchases and retirements (in shares)		(286)
Common stock withheld and retired to cover taxes on vested stock awards	(15.7)		(1.1)	(14.6)
Common stock withheld and retired to cover taxes on vested stock awards (in shares)		(121)
Common stock dividends declared	(451.2)			(451.2)
Share-based compensation and other	41.9		41.9
Share-based compensation expense and other (in shares)		337
Comprehensive income	796.7			765.2	31.5
Ending Balance at Dec. 31, 2023	$ 3,997.3	$ 0.9	$ 620.1	$ 3,447.2	$ (70.9)
Ending Balance (in shares) at Dec. 31, 2023		89,625

Nature of Operations and Basis of Presentation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 Employee Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Jan. 25, 1999
Number of employees of PCA \| Employee	14,900
Number of reportable segments \| Segment	3

Transactions With Related Parties

12 Months Ended

Dec. 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 December 31, 2023 and $2.2 million at December 31, 2022. For 2023, 2022, and 2021, we recorded $80.2 million, $85.5 million, and $84.4 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”.

Fiber purchases from related parties were $11.5 million for 2023 and $13.5 million for both 2022 and 2021. 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.

- Definition

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

+ References

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-Name Accounting Standards Codification
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 765.2	$ 1,029.8	$ 841.1

- Definition

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

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+ Details

Consolidated Balance Sheets - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Current assets:

Cash and cash equivalents

$ 648.0

$ 320.0

Short-term marketable debt securities ($93.5 million and $85.2 million measured atfair value as of December 31, 2023 and 2022, respectively)

493.5

85.2

Accounts receivable, net of allowance for credit losses and customer deductions of $13.1 million and $19.6 million as of December 31, 2023 and 2022, respectively

1,033.2

1,031.8

Inventories

1,013.1

977.3

Prepaid expenses and other current assets

62.3

58.3

Federal and state income taxes receivable

4.3

35.7

Total current assets

3,254.4

2,508.3

Property, plant and equipment, net

3,863.8

3,900.0

Goodwill

922.4

Other intangible assets, net

229.6

267.9

Operating lease right-of-use assets

279.6

298.3

Long-term marketable debt securities

64.1

64.9

Other long-term assets

67.2

42.0

Total assets

8,681.1

8,003.8

Current liabilities:

Current maturities of long-term debt

^[1]

399.6

0.0

Operating lease obligations

78.6

72.2

Finance lease obligations

2.0

1.9

Accounts payable

402.4

410.4

Dividends payable

115.9

115.5

Accrued liabilities

253.5

263.7

Accrued interest

13.7

11.8

Total current liabilities

1,265.7

875.5

Long-term liabilities:

Total long-term debt

2,472.2

2,473.6

Operating lease obligations

212.1

234.6

Finance lease obligations

8.7

10.8

Deferred income taxes

558.0

543.0

Compensation and benefits

106.4

141.8

Other long-term liabilities

60.7

57.4

Total long-term liabilities

3,418.1

3,461.2

Commitments and contingent liabilities (Note 19)

Stockholders' equity:

Common stock, par value $0.01 per share, 300.0 million shares authorized, 89.6 million and 89.7 million shares issued as of December 31, 2023 and 2022, respectively

0.9

Additional paid in capital

620.1

581.8

Retained earnings

3,447.2

3,186.8

Accumulated other comprehensive loss

(70.9)

(102.4)

Total stockholders' equity

3,997.3

3,667.1

Total liabilities and stockholders' equity

$ 8,681.1

$ 8,003.8

[1]	The current portion of long-term debt excludes unamortized debt issuance costs of $0.3 million as of December 31, 2023.

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Financial Instruments [Line Items]

Adjusted Cost Basis

$ 1,205.8

$ 472.7

Unrealized Gain

0.3

0.0

Unrealized Loss

(0.5)

(2.6)

Fair Value

1,205.6

470.1

Cash and Cash Equivalents

648.0

320.0

Short-Term Marketable Debt Securities

493.5

85.2

Long-Term Marketable Debt Securities

64.1

64.9

Level 1

Financial Instruments [Line Items]

Adjusted Cost Basis

^[1]

30.9

24.4

Unrealized Gain

^[1]

0.0

Unrealized Loss

^[1]

0.0

(0.4)

Fair Value

^[1]

30.9

24.0

Cash and Cash Equivalents

^[1]

1.6

0.1

Short-Term Marketable Debt Securities

^[1]

11.3

16.7

Long-Term Marketable Debt Securities

^[1]

18.0

7.2

Level 2

Financial Instruments [Line Items]

Adjusted Cost Basis

^[2]

128.5

130.0

Unrealized Gain

^[2]

0.3

^[1]

0.0

Unrealized Loss

^[2]

(0.5)

(2.2)

Fair Value

^[2]

128.3

127.8

Cash and Cash Equivalents

^[2]

0.0

1.6

Short-Term Marketable Debt Securities

^[2]

82.2

68.5

Long-Term Marketable Debt Securities

^[2]

46.1

57.7

U.S. Government Agency Securities | Level 2

Financial Instruments [Line Items]

Adjusted Cost Basis

^[2]

10.1

4.5

Unrealized Gain

^[2]

0.0

Unrealized Loss

^[2]

(0.1)

0.1

Fair Value

^[2]

10.0

4.4

Cash and Cash Equivalents

^[2]

0.0

Short-Term Marketable Debt Securities

^[2]

7.8

1.2

Long-Term Marketable Debt Securities

^[2]

2.2

3.2

Corporate Debt Securities | Level 2

Financial Instruments [Line Items]

Adjusted Cost Basis

^[2]

112.5

123.9

Unrealized Gain

^[2]

0.3

0.0

Unrealized Loss

^[2]

(0.4)

(2.1)

Fair Value

^[2]

112.4

121.8

Cash and Cash Equivalents

^[2]

0.0

1.6

Short-Term Marketable Debt Securities

^[2]

68.5

65.7

Long-Term Marketable Debt Securities

^[2]

43.9

54.5

Cash and Cash Equivalents

Financial Instruments [Line Items]

Adjusted Cost Basis

646.4

318.3

Unrealized Gain

0.0

Unrealized Loss

0.0

Fair Value

646.4

318.3

Cash and Cash Equivalents

646.4

318.3

Short-Term Marketable Debt Securities

0.0

Long-Term Marketable Debt Securities

0.0

Time Deposits

Financial Instruments [Line Items]

Adjusted Cost Basis

^[3]

400.0

Unrealized Gain

^[3]

0.0

Unrealized Loss

^[3]

0.0

Fair Value

^[3]

400.0

Cash and Cash Equivalents

^[3]

0.0

Short-Term Marketable Debt Securities

^[3]

400.0

Long-Term Marketable Debt Securities

^[3]

0.0

Money Market Fund | Level 1

Financial Instruments [Line Items]

Adjusted Cost Basis

^[1]

1.6

0.1

Unrealized Gain

^[1]

0.0

Unrealized Loss

^[1]

0.0

Fair Value

^[1]

1.6

0.1

Cash and Cash Equivalents

^[1]

1.6

0.1

Short-Term Marketable Debt Securities

^[1]

0.0

Long-Term Marketable Debt Securities

^[1]

0.0

U.S. Treasury Securities | Level 1

Financial Instruments [Line Items]

Adjusted Cost Basis

^[1]

29.3

24.3

Unrealized Gain

^[1]

0.0

Unrealized Loss

^[1]

0.0

(0.4)

Fair Value

^[1]

29.3

23.9

Cash and Cash Equivalents

^[1]

0.0

Short-Term Marketable Debt Securities

^[1]

11.3

16.7

Long-Term Marketable Debt Securities

^[1]

18.0

7.2

Certificates of Deposit | Level 2

Financial Instruments [Line Items]

Adjusted Cost Basis

^[2]

5.9

1.6

Unrealized Gain

^[2]

0.0

Unrealized Loss

^[2]

0.0

Fair Value

^[2]

5.9

1.6

Cash and Cash Equivalents

^[2]

0.0

Short-Term Marketable Debt Securities

^[2]

5.9

1.6

Long-Term Marketable Debt Securities

^[2]

$ 0.0

[1]	Valuations based on quoted prices for identical assets and 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.
[3]	We had $400.0 million of investments in time deposits classified as HTM debt securities as of December 31, 2023. All these investments mature within one year and are recorded in “Short-term marketable debt securities” on our Consolidated Balance Sheets. We record HTM debt securities at amortized cost, which approximates fair value. We did not have any investments classified as HTM debt securities as of December 31, 2022.

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

1 Months Ended

3 Months Ended

12 Months Ended

Oct. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Segment Reporting Information [Line Items]

Goodwill impairment charge

$ 0.0

Charges for disposal of fixed assets

$ (9.1)

$ (15.2)

$ (6.1)

Acquisition and integration related costs

^[1]

0.0

0.6

Gain on Sale of Transportation Assets

0.8

Business Combination Acquisition And Integration Related Costs

^[1]

0.0

0.6

Debt Refinancing Cost

$ 58.9

Advance Packaging Corporation [Member]

Segment Reporting Information [Line Items]

Restructuring charges

0.4

Acquisition and integration related costs

1.0

0.5

Business Combination Acquisition And Integration Related Costs

1.0

0.5

Packaging

Segment Reporting Information [Line Items]

Restructuring charges

14.4

Acquisition and integration related costs

0.4

Business Combination Acquisition And Integration Related Costs

0.4

Corrugated Products Facilities

Segment Reporting Information [Line Items]

Restructuring charges

0.7

Jackson Alabama Mill [Member] | Corrugated Products Facilities

Segment Reporting Information [Line Items]

Adjustment of asset retirement obligation

$ 11.1

4.3

Jackson Alabama Mill [Member] | Paper

Segment Reporting Information [Line Items]

Restructuring charges

9.3

Adjustment of asset retirement obligation

5.3

Jackson Alabama Mill [Member] | Paper Reporting Unit

Segment Reporting Information [Line Items]

Restructuring charges

$ 8.8

San Lorenzo, California [Member]

Segment Reporting Information [Line Items]

Restructuring charges

$ 2.8

[1]	Includes charges related to the December 2021 Advance Packaging Corporation acquisition.

Commitments, Guarantees, Indemnifications, and Legal Proceedings

12 Months Ended

Dec. 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 long-term debt (discussed in Note 10, Debt), lease obligations (discussed in Note 3, Leases), purchase commitments for goods and services, and legal proceedings (discussed below).

Purchase Commitments

In the table below, we set forth our enforceable and legally binding purchase obligations as of December 31, 2023. These obligations relate to various purchase agreements for items such as minimum amounts of energy, fiber, and chemical purchases over periods ranging from one year to 28 years. Some of the amounts are based on management's estimates and assumptions about these obligations, including their duration, the possibility of renewal, anticipated actions by third parties, and other factors. Because these estimates and assumptions are necessarily subjective, our actual payments may vary from those reflected in the table. Total purchase commitments with obligations greater than one year were as follows (dollars in millions):


2024	$	92.5
2025		77.9
2026		52.3
2027		30.9
2028		11.1
Thereafter		71.0
Total	$	335.7

The Company purchased a total of $432.6 million, $520.5 million, and $360.8 million during the years ended December 31, 2023, 2022, and 2021, respectively, under these purchase agreements.

Environmental Matters

The potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs, the complexity and evolving nature of governmental laws and regulations and their interpretations, and the timing, varying costs and effectiveness of alternative cleanup technologies. From 2006 through 2023, there were no significant environmental remediation costs at PCA's mills and corrugated plants. At December 31, 2023, the Company had $25.8 million of environmental-related reserves recorded on its Consolidated Balance Sheet. Of the $25.8 million, approximately $18.7 million related to environmental-related asset retirement obligations discussed in Note 13, Asset Retirement Obligations, and $7.1 million related to our estimate of other environmental contingencies. The Company recorded $4.0 million in “Accrued liabilities” and $21.8 million in “Other long-term liabilities” on the Consolidated Balance Sheet. Liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions. Because of these uncertainties, PCA’s estimates may change. The Company believes that it is not reasonably possible that future environmental expenditures for remediation costs and asset retirement obligations above the $25.8 million accrued as of December 31, 2023 will have a material impact on its financial condition, results of operations, or cash flows.

Guarantees and Indemnifications

We provide guarantees, indemnifications, and other assurances to third parties in the normal course of our business. These include tort indemnifications, environmental assurances, and representations and warranties in commercial agreements. At December 31, 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 believes that these suits are covered by its liability insurance policies, subject to an aggregate $1.0 million deductible. The majority of these lawsuits have been settled by the Company and its insurers. The Company has not incurred aggregate losses in excess of its insurance deductible in connection with these settlements, and its insurance deductible has been satisfied in full. The Company is vigorously defending the remaining lawsuits, which involve nine plaintiffs and are pending in the U.S. District Court for the Middle District of Louisiana. These cases are scheduled for trial in April 2024. While the Company cannot predict the outcome of the trial, the Company believes that it is not reasonably possible that it will incur material losses in excess of its insurance deductible.

In May 2017, the EPA conducted an on-site inspection of the DeRidder 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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes - Summary of Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Provision computed at U.S. federal statutory rate	$ 213.0	$ 286.6	$ 232.8
State and local taxes, net of federal benefit	38.6	51.6	42.6
Other	(2.7)	(3.2)	(7.8)
Total provision for taxes	$ 248.9	$ 335.0	$ 267.6

- Definition

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

+ References + Details

Other Expense, Net

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Expense, Net

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


	Year Ended December 31,
	2023			2022			2021
Asset disposals and write-offs	$	(31.7	)	$	(44.5	)	$	(38.9	)
Jackson mill conversion-related activities (a)		(1.8	)		(6.9	)		(8.9	)
Facilities closure and other (costs) income (b)		(7.9	)		0.1			6.5
Acquisition and integration-related activities (c)		—			—			(0.6	)
Other		(1.5	)		(10.0	)		(12.9	)
Total	$	(42.9	)	$	(61.3	)	$	(54.8	)

(a)

Includes charges related to the announced discontinuation of production of uncoated freesheet paper grades on the No. 3 machine at the Jackson, Alabama mill in the first quarter of 2021 associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.

(b)

For 2023, includes charges consisting of closure costs related to corrugated products facilities and design centers, partially offset by a gain on sale of a corrugated products facility. For 2022, includes income primarily related to insurance proceeds received for a natural disaster at one of the corrugated products facilities and a gain on sale of assets related to a corrugated products facility, partially offset by closure costs related to corrugated products facilities. For 2021, includes income primarily consisting of an adjustment of the required asset retirement obligation related to the 2020 closure of the San Lorenzo, California facility, a gain on sale of transportation assets and corrugated products facilities, and insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities.

(c)

Includes charges related to the December 2021 Advance Packaging Corporation acquisition.

Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation at beginning of period	$ 30.2	$ 29.4
Accretion expense	1.6	1.3
Liabilities Incurred	0.1	0.0
Payments	(0.4)	(0.3)
Revisions in estimated cash flows	(0.1)	(0.2)
Asset retirement obligation at end of period	$ 31.4	$ 30.2

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Use of Estimates

Revenue Recognition

Planned Major Maintenance Costs

Share-Based Compensation

Cash and Cash Equivalents

Marketable Debt Securities

Trade Accounts Receivable, Allowances, and Customer Deductions

Derivative Instruments and Hedging Activities

Fair Value Measurements

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

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

Assets that are measured at fair value using the net asset value (NAV) per share as a practical expedient are not categorized within the fair value hierarchy.

Inventory Valuation

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


	December 31,
	2023		2022
Raw materials	$	326.2	$	341.2
Work in process		14.9		16.0
Finished goods		200.5		198.4
Supplies and materials		471.5		421.7
Inventories	$	1,013.1	$	977.3

Property, Plant, and Equipment

Property, plant, and equipment consisted of the following (dollars in millions):


	December 31,
	2023			2022
Land and land improvements	$	197.8		$	192.4
Buildings		1,090.4			1,023.6
Machinery and equipment		7,006.7			6,709.3
Construction in progress		335.8			440.2
Other		177.0			146.9
Property, plant and equipment, at cost		8,807.7			8,512.4
Less accumulated depreciation		(4,943.9	)		(4,612.4	)
Property, plant and equipment, net	$	3,863.8		$	3,900.0


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

Depreciation and Useful Life


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

Leases

We do not record lease contracts with a term of 12 months or less on our consolidated balance sheets.

Long-Lived Asset Impairment

Goodwill and Intangible Assets

Pension and Postretirement Benefits

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

Environmental Matters

Asset Retirement Obligations

Deferred Debt Issuance Costs

Cutting Rights and Fiber Farms

Deferred Software Costs

Income Taxes

Trade Agreements

Business Combinations

Recently Adopted Accounting Standards

New Accounting Standards Not Yet Adopted

Goodwill and Intangible Assets - Impairment Testing - Additional Information (Details) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Finite Lived Intangible Assets [Line Items]
Goodwill impairment charge	$ 0
Intangible asset impairment charge	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Consolidated Income Tax Provision

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


	Year Ended December 31,
	2023		2022			2021
Current income tax provision -
U.S. federal	$	199.4	$	187.3		$	158.0
State and local		44.3		61.7			50.1
Foreign		—		—			0.1
Total current provision for taxes		243.7		249.0			208.2
Deferred income tax provision (benefit) -
U.S. federal		3.6		86.9			62.1
State and local		1.6		(0.7	)		(2.6	)
Foreign		—		(0.2	)		(0.1	)
Total deferred provision for taxes		5.2		86.0			59.4
Total provision for taxes	$	248.9	$	335.0		$	267.6

Summary of Effective Tax Rate

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


	2023			2022			2021
Provision computed at U.S. federal statutory rate of 21%	$	213.0		$	286.6		$	232.8
State and local taxes, net of federal benefit		38.6			51.6			42.6
Other		(2.7	)		(3.2	)		(7.8	)
Total	$	248.9		$	335.0		$	267.6

Details of Scheduled Expiration Dates of Tax Effected Net Operating Loss (NOL) and Other Tax Carryforwards

The following details the scheduled expiration dates of our tax effected net operating loss (NOL) and other tax carryforwards at December 31, 2023 (dollars in millions):


	2024 Through 2033		2034 Through 2043		Indefinite		Total
U.S. federal NOLs	$	15.5	$	—	$	—	$	15.5
State taxing jurisdiction NOLs		0.5		0.2		—		0.7
U.S. federal and non-U.S. capital loss carryforwards		0.3		—		—		0.3
U.S. federal tax credit carryforwards		0.1		—		—		0.1
Total	$	16.4	$	0.2	$	—	$	16.6

Deferred Income Tax Assets and Liabilities

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


	December 31,
	2023			2022
Deferred tax assets:
Lease obligations	$	72.8		$	77.0
Employee benefits and compensation		44.8			44.0
Accrued liabilities		30.4			28.9
Net operating loss carryforwards		16.2			19.8
Inventories		13.4			7.9
Pension and postretirement benefits		12.7			30.4
Restricted stock and performance units		9.8			8.7
Capital loss and general business credit carryforwards		0.4			0.5
Derivatives		0.1			0.1
Gross deferred tax assets		200.6			217.3
Valuation allowance (a)		(0.3	)		(0.4	)
Net deferred tax assets	$	200.3		$	216.9
Deferred tax liabilities:
Property, plant and equipment	$	(609.2	)	$	(609.0	)
Goodwill and intangible assets		(79.0	)		(75.9	)
Right-of-use assets		(70.1	)		(75.0	)
Total deferred tax liabilities	$	(758.3	)	$	(759.9	)

Net deferred tax liabilities	$	(558.0	)	$	(543.0	)

(a)

Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. Both the 2023 and 2022 valuation allowances relate to capital losses. We do not expect to generate capital gains before the capital losses expire. If or when recognized, the tax benefits relating to the reversal of any or all of the valuation allowance would be recognized as a benefit to income tax expense.

Summary of Changes Related to PCA's Gross Unrecognized Tax Benefits Excluding Interest and Penalties

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


	2023			2022			2021
Balance as of January 1	$	(1.7	)	$	(1.9	)	$	(5.2	)
Increases related to prior years’ tax positions		(0.4	)		(0.2	)		—
Increases related to current year tax positions		(0.7	)		(0.4	)		(0.3	)
Decreases related to prior years' tax positions		—			—			0.2
Settlements with taxing authorities		—			—			3.0
Expiration of the statute of limitations		0.4			0.8			0.4
Balance at December 31	$	(2.4	)	$	(1.7	)	$	(1.9	)

Debt - Summary of Debt (Parenthetical) (Details) - USD ($) $ in Millions						12 Months Ended
	Nov. 30, 2023	Sep. 21, 2021	Nov. 21, 2019	Dec. 13, 2017	Sep. 05, 2014	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Deferred financing costs						$ 19.9	$ 17.9
3.65% Senior Notes, Due September 2024 \| Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate	3.65%				3.65%	3.65%	3.65%
Debt, senior notes, discount						$ 0.1	$ 0.2
Debt instrument, maturity date					Sep. 15, 2024	Sep. 15, 2024	Sep. 15, 2024
Deferred financing costs						$ 0.3
3.40% Senior Notes, Due December 2027 \| Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate				3.40%		3.40%	3.40%
Debt, senior notes, discount						$ 0.7	$ 0.9
Debt instrument, maturity date				Dec. 15, 2027		Dec. 15, 2027	Dec. 15, 2027
3.00% Senior Notes, Due December 2029 \| Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			3.00%			3.00%	3.00%
Debt, senior notes, discount						$ 0.4	$ 0.5
Debt instrument, maturity date			Dec. 15, 2029			Dec. 15, 2029	Dec. 15, 2029
5.70% Senior Notes, Due December 2033 \| Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate	5.70%					5.70%	5.70%
Debt, senior notes, discount						$ 0.3
Debt instrument, maturity date	Dec. 01, 2033					Dec. 01, 2033	Dec. 01, 2033
4.05% Senior Notes, Due December 2049 \| Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate			4.05%			4.05%	4.05%
Debt, senior notes, discount						$ 3.3	$ 3.3
Debt instrument, maturity date			Dec. 15, 2049			Dec. 15, 2049	Dec. 15, 2049
3.05% Senior Notes, Due October 2051 \| Senior Notes
Debt Instrument [Line Items]
Debt, stated interest rate		3.05%				3.05%	3.05%
Debt, senior notes, discount						$ 3.5	$ 3.6
Debt instrument, maturity date		Oct. 01, 2051				Oct. 01, 2051	Oct. 01, 2051

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

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

Income before taxes

$ 1,014.1

$ 1,364.8

$ 1,108.7

Income tax benefit

(248.9)

(335.0)

(267.6)

Net income

765.2

1,029.8

$ 841.1

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]

(4.8)

(3.2)

Amortization of actuarial gains / (losses)

^[1]

(3.7)

(3.0)

Income before taxes

(8.5)

(6.2)

Income tax benefit

2.1

1.5

Net income

$ (6.4)

$ (4.7)

[1]	These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 12, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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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

+ Details

Segment Information - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable segments \| Segment	3
Net sales	$ 7,802.4	$ 8,478.0	$ 7,730.3
Foreign operations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	402.6	512.9	$ 497.8
Long-Lived Assets	$ 0.0	$ 0.0

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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+ Details

Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities [Abstract]

Accrued Liabilities

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


	December 31,
	2023		2022
Compensation and benefits	$	154.4	$	159.7
Customer rebates and other credits		35.2		43.8
Medical insurance and workers’ compensation		28.4		26.1
Franchise, property, sales and use taxes		18.6		17.4
Environmental liabilities and asset retirement obligations		4.0		4.1
Severance, retention, and relocation		1.0		1.8
Other		11.9		10.8
Total	$	253.5	$	263.7

Segment Information

12 Months Ended

Dec. 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.

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

Paper. We manufacture and sell a range of communication-based papers. Our papers can be manufactured as either commodity papers or specialty papers with specialized or custom features, such as colors, coatings, high brightness, or recycled content.

Corporate and Other. Our Corporate and Other segment includes corporate support staff services and related assets and liabilities, and foreign exchange gains and losses. This segment also includes transportation assets, such as rail cars and trucks, which we use to transport our products from some of our manufacturing sites and assets related to LTP. See Note 17, Transactions with Related Parties, for more information related to LTP. Sales in this segment relate primarily to LTP and our rail and truck business. We provide transportation services not only to our own facilities but also, on a limited basis, to third parties when geographic proximity and logistics are favorable. Rail cars and trucks are generally leased.

Each segments' profits and losses are measured on operating profits before interest expense, net and other and income taxes. For many of these allocated expenses, the related assets and liabilities remain in the Corporate and Other segment.

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


	Year Ended December 31,
	2023		2022		2021
Packaging	$	7,135.6	$	7,780.7	$	7,052.6
Paper		595.4		622.1		599.7
Corporate and Other		71.4		75.2		78.0
	$	7,802.4	$	8,478.0	$	7,730.3

Sales to foreign unaffiliated customers during the years ended December 31, 2023, 2022, and 2021 were $402.6 million, $512.9 million, and $497.8 million, respectively. At both December 31, 2023 and 2022, we did not have any significant long-lived assets held by foreign operations.

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


	Sales, net								Operating				Depreciation,
Year Ended December 31, 2023	Trade		Inter- segment			Total			Income (Loss)				Amortization, and Depletion		Capital Expenditures (i)		Assets
Packaging	$	7,116.7	$	18.9		$	7,135.6		$	1,074.3		(a)	$	472.5	$	426.8	$	6,903.7
Paper		595.4		—			595.4			118.9		(b)		29.6		9.7		384.4
Corporate and Other		90.3		157.6			247.9			(118.1	)			15.6		33.2		1,393.0
Intersegment eliminations		—		(176.5	)		(176.5	)		—				—		—		—
	$	7,802.4	$	—		$	7,802.4			1,075.1			$	517.7	$	469.7	$	8,681.1
Non-operating pension expense										(7.7	)
Interest expense, net										(53.3	)
Income before taxes									$	1,014.1


	Sales, net								Operating				Depreciation,
Year Ended December 31, 2022	Trade		Inter- segment			Total			Income (Loss)				Amortization, and Depletion		Capital Expenditures (i)		Assets
Packaging	$	7,760.7	$	20.0		$	7,780.7		$	1,423.7		(c)	$	420.2	$	753.5	$	6,986.5
Paper		622.1		—			622.1			103.0		(d)		26.1		14.1		403.1
Corporate and Other		95.2		148.2			243.4			(106.0	)			10.5		56.6		614.2
Intersegment eliminations		—		(168.2	)		(168.2	)		—				—		—		—
	$	8,478.0	$	—		$	8,478.0			1,420.7			$	456.8	$	824.2	$	8,003.8
Non-operating pension income										14.5
Interest expense, net										(70.4	)
Income before taxes									$	1,364.8


	Sales, net								Operating				Depreciation,
Year Ended December 31, 2021	Trade		Inter- segment			Total			Income (Loss)				Amortization, and Depletion		Capital Expenditures (i)		Assets
Packaging	$	7,036.2	$	16.4		$	7,052.6		$	1,306.0		(e)	$	381.0	$	562.5	$	6,603.3
Paper		599.6		0.1			599.7			39.1		(f)		27.4		30.1		398.9
Corporate and Other		94.5		135.9			230.4			(103.7	)	(g)		9.1		12.5		834.6
Intersegment eliminations		—		(152.4	)		(152.4	)		—				—		—		—
	$	7,730.3	$	—		$	7,730.3			1,241.4			$	417.5	$	605.1	$	7,836.8
Non-operating pension expense										19.7
Interest expense, net										(152.4	)	(h)
Income before taxes									$	1,108.7

(a)

Includes $14.4 million of charges related to the closure of corrugated products facilities and design centers, partially offset by a gain on sale of a corrugated products facility.

(b)

Includes $11.1 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.

(c)

Includes the following:

•

$5.3 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.

•

$0.7 million of charges consisting of closure costs partially offset by insurance proceeds received for a natural disaster at one of the corrugated products facilities, a gain on sale of assets related to a corrugated products facility, and a favorable lease buyout for a closed corrugated products facility.

•

$1.0 million of income from a favorable inventory adjustment related to the December 2021 Advance Packaging Corporation acquisition, partially offset by acquisition and integration related costs.

(d)

Includes $8.8 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.

(e)

Includes the following:

•

$4.3 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.

•

$2.8 million of income primarily consisting of an adjustment of the required asset retirement obligation related to the 2020 closure of the San Lorenzo, California facility, a gain on sale of corrugated products facilities, and insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities.

•

$0.4 million of charges for acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition.

(f)

Includes $9.3 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.

(g)

Includes the following:

•

$0.8 million of income related to a gain on sale of transportation assets.

•

$0.5 million of charges for acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition.

•

$0.4 million of charges related to the announced discontinuation 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.

(h)

Includes $58.9 million of costs related to the Company's debt refinancing completed in October 2021, which included a redemption premium and the write-off of the remaining balance of unamortized debt issuance costs.

(i)

Includes “Additions to property, plant, and equipment” and excludes cash used for “Acquisition of business, net of cash acquired” as reported on our Consolidated Statements of Cash Flows.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Segment Reporting Information [Line Items]

Revenue

$ 7,802.4

$ 8,478.0

$ 7,730.3

Operating Income (Loss)

1,075.1

1,420.7

1,241.4

Non-operating pension income and expense

(7.7)

14.5

19.7

Interest expense, net

(53.3)

(70.4)

(152.4)

^[1]

Income before taxes

1,014.1

1,364.8

1,108.7

Depreciation, Amortization, and Depletion

517.7

456.8

417.5

Capital Expenditures

469.7

824.2

605.1

Segment, Expenditure, Addition to Long-Lived Assets

^[2]

469.7

824.2

605.1

Assets

8,681.1

8,003.8

7,836.8

Trade

Segment Reporting Information [Line Items]

Revenue

7,802.4

8,478.0

7,730.3

Intersegment Eliminations

Segment Reporting Information [Line Items]

Revenue

(176.5)

(168.2)

(152.4)

Operating Segments

Segment Reporting Information [Line Items]

Revenue

7,802.4

8,478.0

7,730.3

Segment Reconciling Items

Segment Reporting Information [Line Items]

Revenue

(176.5)

(168.2)

(152.4)

Packaging

Segment Reporting Information [Line Items]

Revenue

7,135.6

7,780.7

7,052.6

Operating Income (Loss)

1,074.3

^[3]

1,423.7

^[4]

1,306.0

^[5]

Depreciation, Amortization, and Depletion

472.5

420.2

381.0

Segment, Expenditure, Addition to Long-Lived Assets

^[2]

426.8

753.5

562.5

Assets

6,903.7

6,986.5

6,603.3

Packaging | Trade

Segment Reporting Information [Line Items]

Revenue

7,116.7

7,760.7

7,036.2

Packaging | Intersegment Eliminations

Segment Reporting Information [Line Items]

Revenue

18.9

20.0

16.4

Packaging | Operating Segments

Segment Reporting Information [Line Items]

Revenue

7,135.6

7,780.7

7,052.6

Paper

Segment Reporting Information [Line Items]

Revenue

595.4

622.1

599.7

Operating Income (Loss)

118.9

^[6]

103.0

^[7]

(39.1)

^[8]

Depreciation, Amortization, and Depletion

29.6

26.1

27.4

Segment, Expenditure, Addition to Long-Lived Assets

^[2]

9.7

14.1

30.1

Assets

384.4

403.1

398.9

Paper | Trade

Segment Reporting Information [Line Items]

Revenue

595.4

622.1

599.6

Paper | Intersegment Eliminations

Segment Reporting Information [Line Items]

Revenue

0.1

Paper | Operating Segments

Segment Reporting Information [Line Items]

Revenue

595.4

622.1

599.7

Corporate and Other

Segment Reporting Information [Line Items]

Revenue

71.4

75.2

78.0

Operating Income (Loss)

(118.1)

(106.0)

(103.7)

^[9]

Depreciation, Amortization, and Depletion

15.6

10.5

9.1

Segment, Expenditure, Addition to Long-Lived Assets

^[2]

33.2

56.6

12.5

Assets

1,393.0

614.2

834.6

Corporate and Other | Trade

Segment Reporting Information [Line Items]

Revenue

90.3

95.2

94.5

Corporate and Other | Intersegment Eliminations

Segment Reporting Information [Line Items]

Revenue

157.6

148.2

135.9

Corporate and Other | Operating Segments

Segment Reporting Information [Line Items]

Revenue

$ 247.9

$ 243.4

$ 230.4

[1]	Includes $58.9 million of costs related to the Company's debt refinancing completed in October 2021, which included a redemption premium and the write-off of the remaining balance of unamortized debt issuance costs.
[2]	Includes “Additions to property, plant, and equipment” and excludes cash used for “Acquisition of business, net of cash acquired” as reported on our Consolidated Statements of Cash Flows.
[3]	Includes $14.4 million of charges related to the closure of corrugated products facilities and design centers, partially offset by a gain on sale of a corrugated products facility.
[4]	Includes the following: • $5.3 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. • $0.7 million of charges consisting of closure costs partially offset by insurance proceeds received for a natural disaster at one of the corrugated products facilities, a gain on sale of assets related to a corrugated products facility, and a favorable lease buyout for a closed corrugated products facility. • $1.0 million of income from a favorable inventory adjustment related to the December 2021 Advance Packaging Corporation acquisition, partially offset by acquisition and integration related costs.
[5]	Includes the following: • $4.3 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. • $2.8 million of income primarily consisting of an adjustment of the required asset retirement obligation related to the 2020 closure of the San Lorenzo, California facility, a gain on sale of corrugated products facilities, and insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities. • $0.4 million of charges for acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition.
[6]	Includes $11.1 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.
[7]	Includes $8.8 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.
[8]	Includes $9.3 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.
[9]	Includes the following: • $0.8 million of income related to a gain on sale of transportation assets. • $0.5 million of charges for acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition. • $0.4 million of charges related to the announced discontinuation 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.

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Change in Fair Value of Plan Assets [Roll Forward]

Plan assets at fair value at beginning of period

$ 1,100.0

Company contributions

50.0

$ 50.0

Fair value of plan assets at plan year end

267.2

1,100.0

Amounts Recognized on Consolidated Balance Sheets:

Noncurrent liabilities

(106.4)

(141.8)

Pension Plan [Member]

Change in Benefit Obligations [Roll Forward]

Benefit obligation at beginning of period

1,167.1

1,503.8

Service cost

14.1

19.3

21.4

Interest cost

55.8

34.7

29.6

Plan amendments

2.9

15.1

Actuarial loss (gain) (a)

^[1]

(23.3)

(348.0)

Participant contributions

0.0

Benefits paid

(61.1)

(57.8)

Benefit obligation at plan year end

1,202.1

1,167.1

1,503.8

Accumulated benefit obligation portion of above

1,173.3

1,131.0

Change in Fair Value of Plan Assets [Roll Forward]

Plan assets at fair value at beginning of period

1,055.3

1,382.7

Actual return on plan assets

115.9

(320.9)

Company contributions

51.5

51.3

Participant contributions

0.0

Benefits paid

(61.1)

(57.8)

Fair value of plan assets at plan year end

1,161.6

1,055.3

1,382.7

Underfunded status

(40.5)

(111.8)

Amounts Recognized on Consolidated Balance Sheets:

Noncurrent assets

26.5

0.0

Current liabilities

(1.7)

(1.9)

Noncurrent liabilities

(65.3)

(109.9)

Accrued obligation recognized at December 31

(40.5)

(111.8)

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

Prior service cost (credit)

29.2

31.5

Actuarial loss (gain)

(116.0)

155.6

Total

145.2

187.1

Postretirement Plans

Change in Benefit Obligations [Roll Forward]

Benefit obligation at beginning of period

9.5

13.6

Service cost

0.2

Interest cost

0.5

0.3

Plan amendments

(0.0)

0.0

Actuarial loss (gain) (a)

^[1]

(1.5)

(3.4)

Participant contributions

0.4

0.5

Benefits paid

(1.6)

(1.7)

Benefit obligation at plan year end

10.5

9.5

13.6

Change in Fair Value of Plan Assets [Roll Forward]

Plan assets at fair value at beginning of period

0.0

Actual return on plan assets

0.0

Company contributions

1.2

Participant contributions

0.4

0.5

Benefits paid

(1.6)

(1.7)

Fair value of plan assets at plan year end

0.0

$ 0.0

Underfunded status

(10.5)

(9.5)

Amounts Recognized on Consolidated Balance Sheets:

Noncurrent assets

0.0

Current liabilities

(0.5)

Noncurrent liabilities

(10.0)

(9.0)

Accrued obligation recognized at December 31

(10.5)

(9.5)

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

Prior service cost (credit)

(3.8)

(4.2)

Actuarial loss (gain)

4.7

(6.7)

Total

$ (8.5)

$ (10.9)

[1]

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

Dec. 31, 2023

Dec. 31, 2022

Deferred tax assets:

Lease obligations

$ 72.8

$ 77.0

Employee benefits and compensation

44.8

44.0

Accrued liabilities

30.4

28.9

Net operating loss carryforwards

16.2

19.8

Inventories

13.4

7.9

Pension and postretirement benefits

12.7

30.4

Restricted stock and performance units

9.8

8.7

Capital loss and general business credit carryforwards

0.4

0.5

Derivatives

0.1

Gross deferred tax assets

200.6

217.3

Valuation allowance

^[1]

(0.3)

(0.4)

Net deferred tax assets

200.3

216.9

Deferred tax liabilities:

Property, plant and equipment

(609.2)

(609.0)

Goodwill and intangible assets

(79.0)

(75.9)

Right-of-use assets

(70.1)

(75.0)

Total deferred tax liabilities

(758.3)

(759.9)

Net deferred tax liabilities

$ (558.0)

$ (543.0)

[1]

Share-Based Compensation

12 Months Ended

Dec. 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 December 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.

Restricted Stock

Restricted stock awards granted to officers and employees generally vest at the end of a four-year period, and restricted stock awards granted to directors vest immediately. A summary of the Company’s restricted stock activity follows:


	2023					2022					2021
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Restricted stock at January 1		655,914		$	117.14		651,448		$	109.16		669,102		$	102.55
Granted		196,821			134.68		175,047			145.63		173,970			134.10
Vested (a)		(174,139	)		97.86		(153,171	)		115.33		(182,779	)		108.59
Forfeitures		(6,873	)		129.74		(17,410	)		120.68		(8,845	)		111.73
Restricted stock at December 31		671,723		$	127.15		655,914		$	117.14		651,448		$	109.16

(a)

The total fair value of awards upon vesting for the years ended December 31, 2023, 2022, and 2021 was $22.7 million, $21.8 million, and $24.8 million, respectively.

Performance Units

Performance unit awards granted to certain officers 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. ROIC performance unit awards vest four years after the grant date, while TSR performance unit awards vest approximately three years after the grant date. Both ROIC and TSR performance units are paid out entirely in shares of the Company’s common stock. A summary of the Company’s performance unit activity follows:


	2023					2022					2021
	Units			Weighted Average Grant- Date Fair Value		Units			Weighted Average Grant- Date Fair Value		Units			Weighted Average Grant- Date Fair Value
Performance units at January 1		358,449		$	109.89		358,092		$	105.38		357,417		$	103.63
Granted		146,331			140.09		133,017			148.71		95,236			140.47
Vested (b)		(132,003	)		117.03		(132,404	)		136.62		(74,894	)		134.53
Forfeitures		—			—		(256	)		145.26		(19,667	)		132.58
Performance units at December 31		372,777		$	119.22		358,449		$	109.89		358,092		$	105.38

(b)

The total fair value of awards upon vesting, including dividends, for the years ended December 31, 2023, 2022, and 2021 was $19.3 million, $19.7 million, and $11.0 million, respectively. Upon vesting of the awards in 2023, 2022, and 2021, PCA issued 146,631 shares, 144,193 shares, and 81,577 shares, respectively. For 2023, 2022, and 2021, these amounts included 14,628 shares, 11,789 shares, and 6,683 shares, respectively, for dividends accrued during the vesting period.

Compensation Expense

Our share-based compensation expense is recorded in “Cost of sales” and “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):


	Year Ended December 31,
	2023			2022			2021
Restricted stock	$	25.5		$	22.5		$	23.0
Performance units		14.5			13.1			12.5
Impact on income before income taxes		40.0			35.6			35.5
Income tax benefit		(10.0	)		(8.9	)		(8.9	)
Impact on net income	$	30.0		$	26.7		$	26.6

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.

For performance unit awards made in 2023, 2022, and 2021, in terms of grant date value, 50% used total shareholder return (TSR) as the performance measure and 50% used return on invested capital (ROIC) as the performance measure. All units awarded before 2018 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 was as follows (dollars in millions):


	December 31, 2023
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	27.8	2.4
Performance units		22.5	2.2
Total unrecognized share-based compensation expense	$	50.3		2.3

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

Goodwill and Intangible Assets - Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Intangible assets amortization expense	$ 38.3	$ 39.1	$ 37.7
2024	37.7
2025	37.6
2026	37.5
2027	34.7
2028	$ 27.1

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

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


	Year Ended December 31,
	2023		2022			2021
Current income tax provision -
U.S. federal	$	199.4	$	187.3		$	158.0
State and local		44.3		61.7			50.1
Foreign		—		—			0.1
Total current provision for taxes		243.7		249.0			208.2
Deferred income tax provision (benefit) -
U.S. federal		3.6		86.9			62.1
State and local		1.6		(0.7	)		(2.6	)
Foreign		—		(0.2	)		(0.1	)
Total deferred provision for taxes		5.2		86.0			59.4
Total provision for taxes	$	248.9	$	335.0		$	267.6

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


	2023			2022			2021
Provision computed at U.S. federal statutory rate of 21%	$	213.0		$	286.6		$	232.8
State and local taxes, net of federal benefit		38.6			51.6			42.6
Other		(2.7	)		(3.2	)		(7.8	)
Total	$	248.9		$	335.0		$	267.6

The following details the scheduled expiration dates of our tax effected net operating loss (NOL) and other tax carryforwards at December 31, 2023 (dollars in millions):


	2024 Through 2033		2034 Through 2043		Indefinite		Total
U.S. federal NOLs	$	15.5	$	—	$	—	$	15.5
State taxing jurisdiction NOLs		0.5		0.2		—		0.7
U.S. federal and non-U.S. capital loss carryforwards		0.3		—		—		0.3
U.S. federal tax credit carryforwards		0.1		—		—		0.1
Total	$	16.4	$	0.2	$	—	$	16.6


	December 31,
	2023			2022
Deferred tax assets:
Lease obligations	$	72.8		$	77.0
Employee benefits and compensation		44.8			44.0
Accrued liabilities		30.4			28.9
Net operating loss carryforwards		16.2			19.8
Inventories		13.4			7.9
Pension and postretirement benefits		12.7			30.4
Restricted stock and performance units		9.8			8.7
Capital loss and general business credit carryforwards		0.4			0.5
Derivatives		0.1			0.1
Gross deferred tax assets		200.6			217.3
Valuation allowance (a)		(0.3	)		(0.4	)
Net deferred tax assets	$	200.3		$	216.9
Deferred tax liabilities:
Property, plant and equipment	$	(609.2	)	$	(609.0	)
Goodwill and intangible assets		(79.0	)		(75.9	)
Right-of-use assets		(70.1	)		(75.0	)
Total deferred tax liabilities	$	(758.3	)	$	(759.9	)

Net deferred tax liabilities	$	(558.0	)	$	(543.0	)

(a)

Cash payments for federal, state, and foreign income taxes were $212.3 million, $277.4 million, and $210.5 million for the years ended December 31, 2023, 2022, and 2021, respectively.

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


	2023			2022			2021
Balance as of January 1	$	(1.7	)	$	(1.9	)	$	(5.2	)
Increases related to prior years’ tax positions		(0.4	)		(0.2	)		—
Increases related to current year tax positions		(0.7	)		(0.4	)		(0.3	)
Decreases related to prior years' tax positions		—			—			0.2
Settlements with taxing authorities		—			—			3.0
Expiration of the statute of limitations		0.4			0.8			0.4
Balance at December 31	$	(2.4	)	$	(1.7	)	$	(1.9	)

At December 31, 2023, PCA had recorded a $2.4 million gross reserve for unrecognized tax benefits, excluding interest and penalties. Of the total, $2.4 million (net of the federal benefit for state taxes) would impact the effective tax rate if recognized.

PCA recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. For both years ended December 31, 2023 and 2022, we had $0.1 million of interest and penalties recorded for unrecognized tax benefits. PCA does not expect the unrecognized tax benefits to change significantly over the next 12 months.

PCA is subject to income taxation in the United States, various state and local jurisdictions, and Hong Kong. A federal examination of the 2016 tax year concluded in March 2021. The tax years 2020-2023 remain open to federal examination. The tax years 2019-2023 remain open to state examinations. Some foreign tax jurisdictions are open to examination for the 2009 tax year forward. Through the Boise acquisition, PCA recorded net operating losses and credit carryforwards from 2008 through 2011 and 2013 that are subject to examinations and adjustments for at least three years following the year in which utilized.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Employee Benefit Plans and Other Postretirement Benefits - Schedule of Assumed Health Care Cost Trend Rates for Postretirement Benefits (Details) - Postretirement Plans	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Health care cost trend rate assumed for next year	7.13%	7.24%	6.55%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.44%	4.42%	4.50%
Year that the rate reaches the ultimate trend rate	2033	2033	2030

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation [Abstract]

Changes to Asset Retirement Obligation

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


	Year Ended December 31,
	2023			2022
Asset retirement obligation at beginning of period	$	30.2		$	29.4
Accretion expense		1.6			1.3
Liabilities incurred		0.1			—
Payments		(0.4	)		(0.3	)
Revisions in estimated cash flows		(0.1	)		(0.2	)
Asset retirement obligation at end of period	$	31.4		$	30.2

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income	$ 765.2	$ 1,029.8	$ 841.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization of intangibles	517.7	456.8	417.5
Amortization of deferred financing costs	2.2	2.1	4.4
Loss on early extinguishment of debt	0.0	0.0	56.1
Share-based compensation expense	40.0	35.6	35.5
Deferred income tax provision	5.2	86.0	59.4
Net loss on asset disposals	9.1	15.2	6.1
Pension and post-retirement benefits expense, net of contributions	(30.8)	(47.4)	(50.5)
Other, net	13.3	2.0	11.9
(Increase) decrease in assets -
Accounts receivable	(1.4)	39.3	(227.2)
Inventories	(35.8)	(75.2)	(105.5)
Prepaid expenses and other current assets	(4.2)	(11.0)	(2.7)
Increase (decrease) in liabilities —
Accounts payable	11.4	(18.1)	12.2
Accrued liabilities	(8.2)	8.3	37.9
Federal and state income tax payable / receivable	31.4	(28.4)	(2.1)
Net cash provided by operating activities	1,315.1	1,495.0	1,094.1
Cash Flows from Investing Activities:
Additions to property, plant, and equipment	(469.7)	(824.2)	(605.1)
Acquisitions of businesses, net of cash acquired	0.0	0.0	(194.9)
Additions to other long-term assets	(2.6)	(6.2)	(1.8)
Proceeds from asset disposals	1.6	2.2	7.9
Purchases of held-to-maturity debt securities	(400.0)	0.0	0.0
Purchases of marketable debt securities	(107.2)	(126.1)	(127.4)
Proceeds from sales of available-for-sale debt securities	5.5	31.1	26.7
Proceeds from maturities of available-for-sale debt securities	97.3	87.6	100.2
Other, net	0.0	1.9	0.0
Net cash used for investing activities	(875.1)	(833.7)	(794.4)
Cash Flows from Financing Activities:
Repayments of debt and finance lease obligations	(1.9)	(1.7)	(757.7)
Net proceeds received from issuance of debt	397.1	0.0	690.2
Financing costs paid	(1.1)	0.0	(2.4)
Common stock dividends paid	(448.9)	(420.3)	(379.8)
Repurchases of common stock	(41.5)	(522.6)	(193.0)
Shares withheld to cover employee restricted stock taxes	(15.7)	(15.4)	(12.9)
Net cash used for financing activities	(112.0)	(960.0)	(655.6)
Net increase (decrease) in cash and cash equivalents	328.0	(298.7)	(355.9)
Cash and cash equivalents, beginning of year	320.0	618.7	974.6
Cash and cash equivalents, end of year	$ 648.0	$ 320.0	$ 618.7

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses and customer deductions	$ 13.1	$ 19.6
Short-term marketable debt securities	$ 93.5	$ 85.2
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	89,600,000	89,700,000

Leases - Schedule of Supplemental Balance Sheet Information Related to Finance Leases (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Line Items]
Total	$ 8,807.7	$ 8,512.4
Less accumulated amortization	(4,943.9)	(4,612.4)
Property, plant and equipment, net	3,863.8	3,900.0
Current portion of finance lease obligations	2.0	1.9
Long-term portion of finance lease obligations	8.7	10.8
Total finance lease obligations	10.7	12.7
Buildings
Leases [Line Items]
Total	1,090.4	1,023.6
Machinery and Equipment
Leases [Line Items]
Total	7,006.7	6,709.3
Finance Leases
Leases [Line Items]
Total	28.8	28.8
Less accumulated amortization	(24.0)	(22.6)
Property, plant and equipment, net	4.8	6.2
Finance Leases \| Buildings
Leases [Line Items]
Total	0.3	0.3
Finance Leases \| Machinery and Equipment
Leases [Line Items]
Total	$ 28.5	$ 28.5

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Changes in unrealized gains on marketable debt securities, tax	$ 0.6	$ 0.5	$ 0.2
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax	(2.1)	(1.5)	(3.3)
Changes in unfunded employee benefit obligations, tax	$ 7.8	$ 10.1	$ (19.9)

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

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):


	Year Ended December 31,
	2023		2022		2021
Packaging	$	7,135.6	$	7,780.7	$	7,052.6
Paper		595.4		622.1		599.7
Corporate and Other		71.4		75.2		78.0
Total revenue	$	7,802.4	$	8,478.0	$	7,730.3

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 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.

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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Employee Benefit Plans and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans and Other Postretirement Benefits

12.

Employee Benefit Plans and Other Postretirement Benefits

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

Other Postretirement Benefits

PCA provides postretirement medical and life insurance benefits for certain retired employees.

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

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


	Pension Plans						Postretirement Plans
	Year Ended December 31						Year Ended December 31
	2023			2022			2023			2022
Change in Benefit Obligation:
Benefit obligation at beginning of period	$	1,167.1		$	1,503.8		$	9.5		$	13.6
Service cost		14.1			19.3			0.2			0.2
Interest cost		55.8			34.7			0.5			0.3
Plan amendments		2.9			15.1			—			—
Actuarial loss (gain) (a)		23.3			(348.0	)		1.5			(3.4	)
Participant contributions		—			—			0.4			0.5
Benefits paid		(61.1	)		(57.8	)		(1.6	)		(1.7	)
Benefit obligation at plan year end	$	1,202.1		$	1,167.1		$	10.5		$	9.5
Accumulated benefit obligation portion of above	$	1,173.3		$	1,131.0
Change in Fair Value of Plan Assets:
Plan assets at fair value at beginning of period	$	1,055.3		$	1,382.7		$	—		$	—
Actual return on plan assets		115.9			(320.9	)		—			—
Company contributions		51.5			51.3			1.2			1.2
Participant contributions		—			—			0.4			0.5
Benefits paid		(61.1	)		(57.8	)		(1.6	)		(1.7	)
Fair value of plan assets at plan year end	$	1,161.6		$	1,055.3		$	—		$	—
Underfunded status	$	(40.5	)	$	(111.8	)	$	(10.5	)	$	(9.5	)
Amounts Recognized on Consolidated Balance Sheets:
Noncurrent assets	$	26.5		$	—		$	—		$	—
Current liabilities		(1.7	)		(1.9	)		(0.5	)		(0.5	)
Noncurrent liabilities		(65.3	)		(109.9	)		(10.0	)		(9.0	)
Accrued obligation recognized at December 31	$	(40.5	)	$	(111.8	)	$	(10.5	)	$	(9.5	)
Amounts Recognized in Accumulated Other Comprehensive Loss (Income) (Pre-Tax):
Prior service cost (credit)	$	29.2		$	31.5		$	(3.8	)	$	(4.2	)
Actuarial loss (gain)		116.0			155.6			(4.7	)		(6.7	)
Total	$	145.2		$	187.1		$	(8.5	)	$	(10.9	)

(a)

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

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


	Pension Plans									Postretirement Plans
	Year Ended December 31,									Year Ended December 31,
	2023			2022			2021			2023			2022			2021
Service cost	$	14.1		$	19.3		$	21.4		$	0.2		$	0.2		$	0.2
Interest cost		55.8			34.7			29.6			0.5			0.3			0.3
Expected return on plan assets		(57.1	)		(55.7	)		(63.1	)		—			—			—
Net amortization of unrecognized amounts:
Prior service cost (credit)		5.2			3.6			3.8			(0.4	)		(0.4	)		(0.4	)
Actuarial loss (gain)		4.1			3.4			10.4			(0.4	)		(0.4	)		(0.5	)
Net periodic benefit cost	$	22.1		$	5.3		$	2.1		$	(0.1	)	$	(0.3	)	$	(0.4	)
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
Actuarial net (gain) loss	$	(35.5	)	$	28.6		$	(82.7	)	$	1.5		$	(3.4	)	$	1.3
Prior service cost (credit)		2.9			15.1			2.1			—			—			(0.1	)
Amortization of prior service cost (credit)		(5.2	)		(3.6	)		(3.8	)		0.4			0.4			0.4
Amortization of actuarial loss (gain)		(4.1	)		(3.4	)		(10.4	)		0.4			0.4			0.5
Total recognized in other comprehensive loss (income) (b)	$	(41.9	)	$	36.7		$	(94.8	)	$	2.3		$	(2.6	)	$	2.1
Total recognized in net periodic benefit cost and other comprehensive loss (income) (pre-tax)	$	(19.8	)	$	42.0		$	(92.7	)	$	2.2		$	(2.9	)	$	1.7

(b)

At December 31, 2022, the Company merged the four Boise qualified pension plans into one qualified pension plan. As a result of this plan merger, we did not have any plans in an overfunded position for the year ended December 31, 2022.

For the years ended December 31, 2023 and 2022, the accumulated benefit obligations for the plans with obligations in excess of plan assets is $42.9 million and $1.1 billion, respectively, the pension benefit obligations for the plans with obligations in excess of plan assets is $334.3 million and $1.2 billion, respectively, and the fair value of the plan assets for the plans with obligations in excess of plan assets is $267.2 million and $1.1 billion, respectively. Additionally, for the years ended December 31, 2023 and 2022, the accumulated benefit obligations for the OPEB plans with obligations in excess of plan assets is $10.5 million and $9.5 million, respectively.

Assumptions

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


	Pension Plans			Postretirement Plans
	December 31,			December 31,
	2023	2022	2021	2023	2022	2021
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31:
Discount rate	4.86 %	5.06 %	2.89 %	4.90 %	5.07 %	2.91 %
Rate of compensation increase	4.75 %	4.00 %	4.00 %	N/A	N/A	N/A
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for the Years Ended December 31:
Discount rate	5.06 %	2.89 %	2.57 %	5.07 %	2.92 %	2.60 %
Expected return on plan assets	5.52 %	4.08 %	4.91 %	N/A	N/A	N/A
Rate of compensation increase	4.75 %	4.00 %	4.00 %	N/A	N/A	N/A

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

Asset Return Assumption. The expected return on plan assets reflects the expected long-term rates of return for the categories of investments currently held in the plans as well as anticipated returns for additional contributions made in the future. The expected long-term rate of return is adjusted when there are fundamental changes in expected returns on the plan investments. The weighted-average expected return on plan assets we will use in our calculation of 2024 net periodic pension benefit cost is 5.80%.

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

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


	2023	2022	2021
Health care cost trend rate assumed for next year	7.13 %	7.24 %	6.55 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.44 %	4.42 %	4.50 %
Year that the rate reaches the ultimate trend rate	2033	2033	2030

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

Investment Policies and Strategies

PCA has retained the services of professional advisors to oversee pension investments and provide recommendations regarding investment strategy. PCA’s overall strategy and related apportionments between equity and debt securities may change from time to time based on market conditions, external economic factors, and the funded status of the plans. The general investment objective for all of our plan assets is to optimize growth of the pension plan trust assets, while minimizing the risk of significant losses to enable the plans to satisfy their benefit payment obligations over time. The objectives take into account the long-term nature of the benefit obligations, the liquidity needs of the plans, and the expected risk/return trade-offs of the asset classes in which the plans may choose to invest. Assets of our pension plans were invested in the following classes of securities at December 31, 2023 and 2022:


	Percentage of Fair Value at December 31,
	2023			2022
Fixed income securities		72	%		77	%
International equity securities		15	%		13	%
Domestic equity securities		11	%		9	%
Other		2	%		1	%

At December 31, 2023, the targeted investment allocations differed between the plans based on funded status. For our pension plans, the weighted average target allocation of plan assets was 72% in fixed income, 27% in equities, and 1% in other. Our retirement committee reviews the investment allocations for reasonableness at a minimum, semi-annually.

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

Fair Value Measurements of Plan Assets


	Fair Value Measurements at December 31, 2023
Asset Category	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value (NAV) (a)		Total
Short-term investments	$	—	$	12.2	$	—	$	—	$	12.2
Common/collective trust funds:
International equities		96.4		53.7		—		29.7		179.8
Domestic equities		—		130.4		—		—		130.4
Corporate and government bonds:
Corporate bonds		—		362.2		—		—		362.2
Government bonds and agencies		—		297.5		—		—		297.5
Fixed income		—		160.7		—		—		160.7
Municipal bonds		—		12.7		—		—		12.7
Private equity securities		—		—		—		0.8		0.8
Total securities at fair value	$	96.4	$	1,029.4	$	—	$	30.5	$	1,156.3
Accrued income										5.3
Total fair value of plan assets									$	1,161.6


	Fair Value Measurements at December 31, 2022
Asset Category	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value (NAV) (a)		Total
Short-term investments	$	—	$	9.9	$	—	$	—	$	9.9
Common/collective trust funds:
International equities		73.3		42.4		—		16.9		132.6
Domestic equities		—		98.2		—		—		98.2
Corporate and government bonds:
Corporate bonds		—		338.5		—		—		338.5
Fixed income		—		282.6		—		—		282.6
Government bonds and agencies		—		167.1		—		—		167.1
Municipal bonds		—		21.4		—		—		21.4
Private equity securities		—		—		—		1.0		1.0
Total securities at fair value	$	73.3	$	960.1	$	—	$	17.9	$	1,051.3
Accrued income										4.0
Total fair value of plan assets									$	1,055.3

(a)

Funding and Cash Flows

PCA makes pension plan contributions that are sufficient to fund its actuarially determined costs, generally equal to the minimum amounts required by the Employee Retirement Income Security Act (ERISA). From time to time, PCA may make discretionary contributions based on the funded status of the plans, tax deductibility, income from operations, and other factors. In each of 2023, 2022, and 2021, we made contributions of $50.0 million to our qualified pension plans. We do not have a required minimum contribution amount established for 2024, but we expect to make discretionary contributions to our plans.


	Pension Plans		Postretirement Plans
2024	$	66.3	$	0.5
2025		70.0		0.6
2026		73.3		0.6
2027		76.0		0.6
2028 - 2033		492.7		3.8

Defined Contribution Plans

Some of our employees participate in defined contribution savings plans, available to most of our salaried and hourly employees. The defined contribution plans permit participants to make contributions by salary reduction pursuant to Section 401(k) of the Code. PCA made employer-matching contributions of $45.2 million, $44.3 million, and $38.2 million in 2023, 2022, and 2021, respectively. All company-matching contributions to all employees were made in cash. We expense employer matching contributions and charge dividends on shares held by the ESOP to retained earnings. Shares of company stock held by the ESOP are included in basic shares for earnings-per-share computations. At December 31, 2023 and 2022, the ESOP held 1.1 million and 1.2 million shares of Company stock, respectively.

Certain salaried and hourly employees that are not participating in a PCA sponsored defined benefit pension plan receive a service-related company retirement contribution to their defined contribution plan account in addition to any employer matching contribution. This contribution increases with years of service and ranges from 3% to 5% of base pay. We contributed $45.4 million, $43.7 million, and $46.4 million for this retirement contribution during the years ended December 31, 2023, 2022, and 2021, respectively.

Deferred Compensation Plans

Key managers can elect to participate in a deferred compensation plan. The deferred compensation plan is unfunded; therefore, benefits are paid from our general assets. At December 31, 2023 and 2022, we had $31.0 million and $22.8 million, respectively, of liabilities attributable to participation in our deferred compensation plan on our Consolidated Balance Sheets.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Details of Scheduled Expiration Dates of Tax Effected Net Operating Loss (NOL) and Other Tax Carryforwards (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
Total	$ 16.6
U.S. federal
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
Net Operating Loss	15.5
U.S. federal tax credit carryforwards	0.1
State taxing jurisdiction
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
Net Operating Loss	0.7
U.S. federal and non-U.S.
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
U.S. federal and non-U.S. capital loss carryforwards	0.3
2024 Through 2033
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
Total	16.4
2024 Through 2033 \| U.S. federal
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
Net Operating Loss	15.5
U.S. federal tax credit carryforwards	0.1
2024 Through 2033 \| State taxing jurisdiction
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
Net Operating Loss	0.5
2024 Through 2033 \| U.S. federal and non-U.S.
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
U.S. federal and non-U.S. capital loss carryforwards	0.3
2034 Through 2043
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
Total	0.2
2034 Through 2043 \| U.S. federal
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
Net Operating Loss	0.0
U.S. federal tax credit carryforwards	0.0
2034 Through 2043 \| State taxing jurisdiction
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
Net Operating Loss	0.2
2034 Through 2043 \| U.S. federal and non-U.S.
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
U.S. federal and non-U.S. capital loss carryforwards	0.0
Indefinite
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
Total	0.0
Indefinite \| U.S. federal
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
Net Operating Loss	0.0
U.S. federal tax credit carryforwards	0.0
Indefinite \| State taxing jurisdiction
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
Net Operating Loss	0.0
Indefinite \| U.S. federal and non-U.S.
Operating Loss Carryforwards And Other Tax Carryforwards [Line Items]
U.S. federal and non-U.S. capital loss carryforwards	$ 0.0

Transactions With Related Parties - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Carrying amount of LTP's assets	$ 8,681.1	$ 8,003.8	$ 7,836.8
Net sales	$ 7,802.4	8,478.0	7,730.3
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]
Net sales	$ 80.2	85.5	84.4
Boise Cascade Co-Owner of LTP \| Wood Products, Including Chips and Logs
Related Party Transaction [Line Items]
Fiber costs from related parties	$ 11.5	13.5	$ 13.5
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 assets	$ 3.3	$ 2.2

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	PKG
Entity Registrant Name	PACKAGING CORP OF AMERICA
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock, par value $0.01 per share
Entity Interactive Data Current	Yes
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
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Entity Central Index Key	0000075677
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		89,624,119
Entity Public Float			$ 11,671,075,503
Document Financial Statement Error Correction [Flag]	false
Documents Incorporated by Reference	Specified portions of the Proxy Statement for the Registrant's 2024 Annual Meeting of Stockholders are incorporated by reference to the extent indicated in Part III of this Form 10-K.
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Chicago, Illinois

Share-Based Compensation - Compensation Expense for Share-Based Awards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Impact on income before income taxes	$ 40.0	$ 35.6	$ 35.5
Income tax benefit	(10.0)	(8.9)	(8.9)
Impact on net income	30.0	26.7	26.6
Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Impact on income before income taxes	25.5	22.5	23.0
Performance Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Impact on income before income taxes	$ 14.5	$ 13.1	$ 12.5

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

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

Asset disposals and write-offs

$ (31.7)

$ (44.5)

$ (38.9)

Facilities closure and other income (costs)

^[1]

(7.9)

0.1

6.5

Acquisition and integration related costs

^[2]

0.0

(0.6)

Other

(1.5)

(10.0)

(12.9)

Total

(42.9)

(61.3)

(54.8)

Jackson, Alabama Mill

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

Conversion-related activities

^[3]

$ (1.8)

$ (6.9)

$ (8.9)

[1]	For 2023, includes charges consisting of closure costs related to corrugated products facilities and design centers, partially offset by a gain on sale of a corrugated products facility. For 2022, includes income primarily related to insurance proceeds received for a natural disaster at one of the corrugated products facilities and a gain on sale of assets related to a corrugated products facility, partially offset by closure costs related to corrugated products facilities. For 2021, includes income primarily consisting of an adjustment of the required asset retirement obligation related to the 2020 closure of the San Lorenzo, California facility, a gain on sale of transportation assets and corrugated products facilities, and insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities.
[2]	Includes charges related to the December 2021 Advance Packaging Corporation acquisition.
[3]	Includes charges related to the announced discontinuation of production of uncoated freesheet paper grades on the No. 3 machine at the Jackson, Alabama mill in the first quarter of 2021 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Cash payments for income taxes	$ 212.3	$ 277.4	$ 210.5
Gross reserve for unrecognized tax benefits, excluding interest and penalties	2.4	1.7	$ 1.9	$ 5.2
Unrecognized tax benefits that would impact of effective tax rate	2.4
Interest accrued related to unrecognized tax benefits and penalties	0.1	$ 0.1
Reasonably possible decrease in unrecognized tax benefits related to state apportionment issues in next 12 months	$ 0.0
Boise Inc.
Income Taxes [Line Items]
Open tax year	2008 2009 2010 2011 2012 2013
Non U.S. taxing jurisdiction
Income Taxes [Line Items]
Open tax year	2009
Internal Revenue Service (IRS)
Income Taxes [Line Items]
Income tax examination (description)	A federal examination of the 2016 tax year concluded in March 2021.
Open tax year	2018 2019 2020 2021 2022

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Components of Changes in Accumulated Other Comprehensive Income (AOCI)

Changes in AOCI, net of taxes, by component follows (dollars in millions). Amounts in parentheses indicate losses.


	Unrealized Loss on Foreign Exchange Contracts			Unrealized (Loss) Gain on Marketable Debt Securities			Unfunded Employee Benefit Obligations			Total
Balance at January 1, 2022	$	(0.2	)	$	(0.2	)	$	(74.8	)	$	(75.2	)
Other comprehensive loss before reclassifications		—			(1.7	)		(30.2	)		(31.9	)
Amounts reclassified from AOCI		—			—			4.7			4.7
Net current-period other comprehensive loss		—			(1.7	)		(25.5	)		(27.2	)
Balance at December 31, 2022	$	(0.2	)	$	(1.9	)	$	(100.3	)	$	(102.4	)
Other comprehensive income before reclassifications		—			1.8			23.2			25.0
Amounts reclassified from AOCI		0.1			—			6.4			6.5
Net current-period other comprehensive income		0.1			1.8			29.6			31.5
Balance at December 31, 2023	$	(0.1	)	$	(0.1	)	$	(70.7	)	$	(70.9	)

Summary Of Reclassifications Out of Accumulated Other Comprehensive Income (AOCI)

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


	Amounts Reclassified from AOCI Year Ended December 31,
Details about AOCI Components	2023			2022
Unfunded employee benefit obligations (a)
Amortization of prior service costs	$	(4.8	)	$	(3.2	)
Amortization of actuarial gains / (losses)		(3.7	)		(3.0	)
		(8.5	)		(6.2	)	Total before tax
		2.1			1.5		Tax benefit
	$	(6.4	)	$	(4.7	)	Net of tax

(a)

Debt - Summary of Debt (Details) - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Total

$ 2,891.7

$ 2,491.5

Less current portion

^[1]

399.6

0.0

Less unamortized debt issuance costs

19.9

17.9

Total long-term debt

2,472.2

2,473.6

Line of Credit

Debt Instrument [Line Items]

Total

0.0

3.65% Senior Notes, Due September 2024 | Senior Notes

Debt Instrument [Line Items]

Total

399.9

399.8

Less unamortized debt issuance costs

0.3

3.40% Senior Notes, Due December 2027 | Senior Notes

Debt Instrument [Line Items]

Total

499.3

499.1

3.00% Senior Notes, Due December 2029 | Senior Notes

Debt Instrument [Line Items]

Total

499.6

499.5

5.70% Senior Notes, Due December 2033 | Senior Notes

Debt Instrument [Line Items]

Total

399.7

0.0

4.05% Senior Notes, Due December 2049 | Senior Notes

Debt Instrument [Line Items]

Total

396.7

3.05% Senior Notes, Due October 2051 | Senior Notes

Debt Instrument [Line Items]

Total

$ 696.5

$ 696.4

[1]	The current portion of long-term debt excludes unamortized debt issuance costs of $0.3 million as of December 31, 2023.

Employee Benefit Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Cost and Other Comprehensive (Income) Loss (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Accumulated losses, excess percentage threshold required on projected benefit obligation	10.00%
Fair value of plan assets at plan year end	$ 267.2	$ 1,100.0
Packaging Corporation of America \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Average remaining service period of active employees used for recognition of market-related value of assets	6 years
Packaging Corporation of America \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Average remaining service period of active employees used for recognition of market-related value of assets	9 years

- Definition

+ References + Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Components of Inventories

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


	December 31,
	2023		2022
Raw materials	$	326.2	$	341.2
Work in process		14.9		16.0
Finished goods		200.5		198.4
Supplies and materials		471.5		421.7
Inventories	$	1,013.1	$	977.3

Summary of Property, Plant and Equipment (at cost)

Property, plant, and equipment consisted of the following (dollars in millions):


	December 31,
	2023			2022
Land and land improvements	$	197.8		$	192.4
Buildings		1,090.4			1,023.6
Machinery and equipment		7,006.7			6,709.3
Construction in progress		335.8			440.2
Other		177.0			146.9
Property, plant and equipment, at cost		8,807.7			8,512.4
Less accumulated depreciation		(4,943.9	)		(4,612.4	)
Property, plant and equipment, net	$	3,863.8		$	3,900.0

Summary of Property, Plant and Equipment Estimated Useful Lives


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

Concentrations of Risk - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Employee	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Accounts receivable, net, current	$ 1,033.2	$ 1,031.8
Number of employees of PCA \| Employee	14,900
Percentage of hourly employees represented by unions	63.00%
Office Depot \| Credit Concentration Risk
Concentration Risk [Line Items]
Accounts receivable, net, current	$ 46.5	$ 52.4
Workforce Subject to Collective Bargaining Arrangements \| Customer Concentration Risk \| Labor
Concentration Risk [Line Items]
Concentration risk, percentage	45.00%
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year \| Customer Concentration Risk \| Labor
Concentration Risk [Line Items]
Concentration risk, percentage	38.00%
Total Company Sales Revenue \| Office Depot \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	5.00%	4.00%
Total Company Sales Revenue \| Office Depot \| Customer Concentration Risk \| Paper
Concentration Risk [Line Items]
Concentration risk, percentage	61.00%
Paper Segment Sales Revenue \| Office Depot \| Customer Concentration Risk \| Paper
Concentration Risk [Line Items]
Concentration risk, percentage	61.00%	48.00%
Total Company Receivables \| Office Depot \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	4.00%	5.00%

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

12 Months Ended

Dec. 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, cash equivalents, HTM debt securities, and AFS debt securities by major asset category at December 31, 2023 and 2022 (in millions):


	December 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	$	646.4	$	—	$	—		$	646.4	$	646.4	$	—	$	—
Time deposits (a)		400.0		—		—			400.0		—		400.0		—
Level 1 (b):
U.S. Treasury securities		29.3		—		—			29.3		—		11.3		18.0
Money market funds		1.6		—		—			1.6		1.6		—		—
Subtotal		30.9		—		—			30.9		1.6		11.3		18.0
Level 2 (c):
Corporate debt securities		112.5		0.3		(0.4	)		112.4		—		68.5		43.9
U.S. government agency securities		10.1		—		(0.1	)		10.0		—		7.8		2.2
Certificates of deposit		5.9		—		—			5.9		—		5.9		—
Subtotal		128.5		0.3		(0.5	)		128.3		—		82.2		46.1
Total	$	1,205.8	$	0.3	$	(0.5	)	$	1,205.6	$	648.0	$	493.5	$	64.1


	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 (b):
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 (c):
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)

We had $400.0 million of investments in time deposits classified as HTM debt securities as of December 31, 2023. All these investments mature within one year and are recorded in “Short-term marketable debt securities” on our Consolidated Balance Sheets. We record HTM debt securities at amortized cost, which approximates fair value. We did not have any investments classified as HTM debt securities as of December 31, 2022.

(b)

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

(c)

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.

Schedule of Marketable Debt Securities in Continuous Loss Position

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


	December 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	$	27.9		35	$	0.1	$	36.2		49	$	0.3
U.S. Treasury securities		11.4		11		—		6.2		10		0.1
U.S. government agency securities		8.5		14		—		1.5		2		—
	$	47.8		60	$	0.1	$	43.9		61	$	0.4


	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

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

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule Of Purchase Commitments

Total purchase commitments with obligations greater than one year were as follows (dollars in millions):


2024	$	92.5
2025		77.9
2026		52.3
2027		30.9
2028		11.1
Thereafter		71.0
Total	$	335.7

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions			12 Months Ended
	Jan. 16, 2024	Dec. 06, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 26, 2022
Common stock dividends paid			$ 448.9	$ 420.3	$ 379.8
Dividends declared per common share			$ 5	$ 4.75	$ 4
Dividends paid per common share (in dollars per share)		$ 1.25
Stock repurchase program, authorized amount			$ 436.0			$ 1,000.0
Repurchases of common stock under stock repurchase program			0.3	4.0	1.4
Common stock repurchase authorization amount available			$ 41.5	$ 522.6	$ 193.0
Minimum
Common stock dividends paid			$ 448.9
Subsequent Event
Common stock dividends paid	$ 112.0

Other Expense, Net (Tables)

12 Months Ended

Dec. 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):


	Year Ended December 31,
	2023			2022			2021
Asset disposals and write-offs	$	(31.7	)	$	(44.5	)	$	(38.9	)
Jackson mill conversion-related activities (a)		(1.8	)		(6.9	)		(8.9	)
Facilities closure and other (costs) income (b)		(7.9	)		0.1			6.5
Acquisition and integration-related activities (c)		—			—			(0.6	)
Other		(1.5	)		(10.0	)		(12.9	)
Total	$	(42.9	)	$	(61.3	)	$	(54.8	)

(a)

(b)

(c)

Includes charges related to the December 2021 Advance Packaging Corporation acquisition.

Summary of Significant Accounting Policies - Additional Information (Details)
$ in Millions

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Cash and cash equivalents

$ 648.0

$ 320.0

Cloud computing arrangements

0.3

1.6

Cash equivalents

$ 589.1

228.4

Area leased under timberland cutting rights (acres) | a

530

Software amortization expense

$ 1.4

1.6

$ 1.6

Depletion expense

2.5

2.4

2.0

Goodwill

922.4

923.5

Other-than-temporary impairment charges on available-for-sale securities

0.0

Reserve for customer deductions

9.2

9.6

Allowance for doubtful accounts

3.9

10.0

Deferred financing costs

$ 19.9

17.9

Customer returns, allowances and earned discounts as a percentage of gross selling price

1.00%

Reserve for customer accounts receivable, percentage

1.00%

Accounts payable related to property plant and equipment

$ 24.2

43.7

Interest capitalization, construction in progress

8.1

7.3

3.8

Depreciation expense

475.3

413.7

376.0

Incremental depreciation

$ 14.4

$ 5.7

4.7

Intangible asset, useful life, in years

7 years 3 months 18 days

8 years 1 month 6 days

Goodwill and intangible asset impairment

$ 0.0

Net Sales [Member] | Customer | Customer Concentration Risk [Member]

Concentration risk, percentage

2.00%

5.00%

Other long-term assets

Net capitalized software costs

$ 1.9

$ 3.0

Long-term lease costs capitalization (Cutting rights)

22.7

$ 22.4

New accounting pronouncements [Member] | Current Maturities of Long-Term Debt

Deferred financing costs

0.3

New accounting pronouncements [Member] | Long-term debt

Deferred financing costs

$ 19.6

Customer Relationships

Intangible asset, useful life, in years

^[1]

7 years 4 months 24 days

8 years 2 months 12 days

Trademarks and Trade Names

Intangible asset, useful life, in years

^[1]

6 years 6 months

7 years 2 months 12 days

Foreign operations

Cash and cash equivalents

$ 2.1

$ 1.5

Minimum

Term of senior credit facilities and notes, in years

10 years

Minimum | Customer Relationships

Intangible asset, useful life, in years

10 years

Minimum | Trademarks and Trade Names

Intangible asset, useful life, in years

5 years

Maximum

Term of senior credit facilities and notes, in years

30 years

Maximum | Customer Relationships

Intangible asset, useful life, in years

40 years

Maximum | Trademarks and Trade Names

Intangible asset, useful life, in years

20 years

[1]

Revenue - Summary of Revenues Disaggregated by Product Line (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenue	$ 7,802.4	$ 8,478.0	$ 7,730.3
Packaging
Disaggregation Of Revenue [Line Items]
Revenue	7,135.6	7,780.7	7,052.6
Paper
Disaggregation Of Revenue [Line Items]
Revenue	595.4	622.1	599.7
Corporate and Other
Disaggregation Of Revenue [Line Items]
Revenue	$ 71.4	$ 75.2	$ 78.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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 December 31, 2023 and 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.

Changes in the carrying amount of our goodwill were as follows (dollars in millions):


	Goodwill
Balance at January 1, 2022	$	923.5
Acquisition adjustment (a)		(1.0	)
Adjustment related to sale of corrugated assets (b)		(0.1	)
Balance at December 31, 2022		922.4
Balance at December 31, 2023	$	922.4

(a)

During 2022, the Company recorded a $1.0 million adjustment to decrease the goodwill balance for the Company's December 2021 acquisition of Advance Packaging.

(b)

Intangible Assets

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


	As of December 31, 2023						As of 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 (c)		7.4	$	546.0	$	326.9		8.2	$	546.0	$	290.9
Trademarks and trade names (c)		6.5		41.3		30.9		7.2		41.3		28.6
Other		2.9		4.4		4.3		3.4		4.4		4.3
Total intangible assets (excluding goodwill)		7.3	$	591.7	$	362.1		8.1	$	591.7	$	323.8

(c)

Amortization expense was $38.3 million, $39.1 million, and $37.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Estimated amortization expense of intangible assets over the next five years is expected to approximate $37.7 million (2024), $37.6 million (2025), $37.5 million (2026), $34.7 million (2027) and $27.1 million (2028).

Impairment Testing

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

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to our operating leases was as follows (dollars in millions):


	Year Ended December 31,
	2023		2022
Operating lease right-of-use assets	$	279.6	$	298.3

Current portion of operating lease obligations	$	78.6	$	72.2
Long-term portion of operating lease obligations		212.1		234.6
Total operating lease obligations	$	290.7	$	306.8

Schedule of Supplemental Balance Sheet Information Related to Finance Leases

Supplemental balance sheet information related to our finance leases was as follows (dollars in millions):


	Year Ended December 31,
	2023			2022
Buildings	$	0.3		$	0.3
Machinery and equipment		28.5			28.5
Total		28.8			28.8
Less accumulated amortization		(24.0	)		(22.6	)
Total	$	4.8		$	6.2

Current portion of finance lease obligations	$	2.0		$	1.9
Long-term portion of finance lease obligations		8.7			10.8
Total finance lease obligations	$	10.7		$	12.7

Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rates for Leases

For both operating and finance leases, the weighted average remaining lease term in years and weighted average discount rates were as follows:


	Year Ended December 31,
	2023			2022
Weighted-average remaining lease term (years):
Operating leases	4.9			5.4
Finance leases	4.8			5.8
Weighted-average discount rate:
Operating leases		3.75	%		3.29	%
Finance leases		6.66	%		6.66	%

Components of Lease Expense

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


	Year Ended December 31,
	2023		2022		2021
Finance lease cost:
Amortization of finance lease assets	$	1.4	$	1.5	$	1.5
Interest on lease liabilities		0.8		0.9		1.0
Total finance lease cost		2.2		2.4		2.5
Operating lease cost		87.7		81.4		77.0
Short-term lease cost		24.6		27.0		22.7
Variable lease cost		21.7		17.2		19.4
Total lease cost	$	136.2	$	128.0	$	121.6

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows (dollars in millions):


	Year Ended December 31,
	2023			2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	(77.6	)	$	(73.6	)	$	(71.7	)
Operating cash flows for finance leases		(1.4	)		(1.5	)		(1.5	)
Financing cash flows for finance leases		(0.8	)		(0.9	)		(1.0	)
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	(58.9	)	$	(83.5	)	$	(44.4	)
Finance leases		—			—			—

Supplemental non-cash information on changes in lease liabilities	$	1.3		$	51.6		$	31.3
Supplemental non-cash information on changes in right-of-use assets	$	77.6		$	23.5		$	40.3

Schedule of Future Minimum Payments Under Operating and Finance Lease Liabilities

The future minimum payments under operating and finance lease liabilities at December 31, 2023 were as follows (dollars in millions):


	Operating Leases			Finance Leases
2024	$	88.1		$	2.7
2025		75.4			2.7
2026		56.1			2.7
2027		38.0			2.7
2028		22.4			1.8
Thereafter		39.4			—
Total lease payments		319.4			12.6
Less imputed interest (a)		(28.7	)		(1.9	)
Present value of lease liabilities	$	290.7		$	10.7

(a)

Calculated using the incremental borrowing rate for each lease applied to the future payments.

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance lease cost:
Amortization of finance lease assets	$ 1.4	$ 1.5	$ 1.5
Interest on lease liabilities	0.8	0.9	1.0
Total finance lease cost	2.2	2.4	2.5
Operating lease cost	87.7	81.4	77.0
Short-term lease cost	24.6	27.0	22.7
Variable lease cost	21.7	17.2	19.4
Total lease cost	$ 136.2	$ 128.0	$ 121.6

Debt - Additional Information (Details) - USD ($) $ in Millions						12 Months Ended
	Nov. 30, 2023	Sep. 21, 2021	Nov. 21, 2019	Dec. 13, 2017	Sep. 05, 2014	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2021
Debt Instrument [Line Items]
Redeemed Value of Notes						$ 2,891.7	$ 2,491.5
Annual principal maturities for debt
2024						400.0
2025						0.0
2026						0.0
2027						500.0
2028						2.0
Interest payments						84.8	85.6	$ 149.6
Estimated interest payments for 2024						107.0
Estimated interest payments for 2025						92.4
Estimated interest payments for 2026						92.4
Estimated interest payments for 2027						92.4
Estimated interest payments for 2028						1,035.6
Amortization of financing costs						$ 1.6	1.6	3.4
Write-off of deferred debt issuance costs								1.4
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument offering date						Jun. 08, 2021
Redeemed Value of Notes						$ 350.0
Debt instrument, term						5 years
Line of Credit
Debt Instrument [Line Items]
Redeemed Value of Notes						$ 0.0	$ 0.0
Unused borrowing capacity						$ 323.0
5.70% Senior Notes, Due December 2033 \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount	$ 400.0
Debt, stated interest rate	5.70%					5.70%	5.70%
Redeemed Value of Notes						$ 399.7	$ 0.0
Debt instrument, maturity date	Dec. 01, 2033					Dec. 01, 2033	Dec. 01, 2033
3.65% Senior Notes, Due September 2024 \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount					$ 400.0
Debt, stated interest rate	3.65%				3.65%	3.65%	3.65%
Debt issuance costs						$ 3.7
Redeemed Value of Notes						$ 399.9	$ 399.8
Debt instrument, maturity date					Sep. 15, 2024	Sep. 15, 2024	Sep. 15, 2024
3.40% Senior Notes, Due December 2027 \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount				$ 500.0
Debt, stated interest rate				3.40%		3.40%	3.40%
Redeemed Value of Notes						$ 499.3	$ 499.1
Debt instrument, maturity date				Dec. 15, 2027		Dec. 15, 2027	Dec. 15, 2027
3.00% Senior Notes, Due December 2029 \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount			$ 500.0
Debt, stated interest rate			3.00%			3.00%	3.00%
Redeemed Value of Notes						$ 499.6	$ 499.5
Debt instrument, maturity date			Dec. 15, 2029			Dec. 15, 2029	Dec. 15, 2029
4.05% Senior Notes, Due December 2049 \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount			$ 400.0
Debt, stated interest rate			4.05%			4.05%	4.05%
Redeemed Value of Notes						$ 396.7	$ 396.7
Debt instrument, maturity date			Dec. 15, 2049			Dec. 15, 2049	Dec. 15, 2049
3.05% Senior Notes, Due October 2051 \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount		$ 700.0
Debt, stated interest rate		3.05%				3.05%	3.05%
Redeemed Value of Notes						$ 696.5	$ 696.4
Debt instrument, maturity date		Oct. 01, 2051				Oct. 01, 2051	Oct. 01, 2051
3.65% Senior Notes, due September 2024
Debt Instrument [Line Items]
Debt, stated interest rate									4.50%
Debt instrument, redemption amount included premiums, accrued and unpaid interest									$ 769.8
Fixed-Rate Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Book value of fixed rate debt						$ 2,891.7
Long-term debt (fixed-rate debt), fair value						2,568.2
3.05% Senior Notes, due October 2021
Debt Instrument [Line Items]
Debt, stated interest rate									3.05%
Redemption Premiums
Annual principal maturities for debt
Interest payments						56.1
Bond
Annual principal maturities for debt
Amortization of financing costs						0.5	$ 0.5	$ 1.0
Write-off of deferred debt issuance costs						$ 0.5

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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).


	Year Ended December 31,
	2023			2022			2021
Numerator:
Net income	$	765.2		$	1,029.8		$	841.1
Less: distributed and undistributed earnings allocated to participating securities		(6.2	)		(7.9	)		(6.4	)
Net income attributable to common stockholders	$	759.0		$	1,021.9		$	834.7
Denominator:
Weighted average common shares outstanding		89.1			92.3			94.1
Effect of dilutive securities		0.4			0.4			0.4
Diluted common shares outstanding		89.5			92.7			94.5
Basic income per common share	$	8.52		$	11.08		$	8.87
Diluted income per common share	$	8.48		$	11.03		$	8.83

Goodwill and Intangible Assets - Goodwill (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill	$ 922.4	$ 922.4	$ 923.5
Advance Packaging Corporation [Member]
Goodwill [Line Items]
Goodwill		1.0
Corrugated Products Facilities
Goodwill [Line Items]
Goodwill		$ 0.1

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Concentrations of Risk

12 Months Ended

Dec. 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% for 2023 and 4% for 2022, and about 61% and 48% of our Paper segment sales revenue for those periods, respectively. At December 31, 2023 and 2022, we had $46.5 million and $52.4 million of accounts receivable due from ODP, respectively, which represents approximately 4% and 5% of our total Company receivables for those periods, respectively.

In 2023, sales to ODP represented about 61% of our Paper segment sales. If these sales are reduced, we would need to find new customers. We may not be able to fully replace any lost sales, and any new sales may be at lower prices or higher costs. Any significant deterioration in the financial condition of ODP affecting its ability to pay or any other change that affects its willingness to purchase our products will harm our business and results of operations.

Labor

At December 31, 2023, we had approximately 14,900 employees, and approximately 45% of these employees worked pursuant to collective bargaining agreements. Approximately 63% of our hourly employees worked pursuant to collective bargaining agreements. The majority of our unionized employees are represented by the United Steel Workers (USW), the Printing Packaging Production Workers Union (PPPWU), the Association of Western Pulp and Paper Workers (AWPPW), the International Association of Machinists (IAM), and the International Brotherhood of Teamsters (IBT). Of the employees who work pursuant to collective bargaining agreements, approximately 38% work pursuant to collective bargaining agreements that will expire within the next twelve months.

Leases - Schedule of Future Minimum Payments Under Operating and Finance Lease Liabilities (Details) - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

$ 88.1

75.4

56.1

38.0

22.4

39.4

319.4

Less imputed interest

^[1]

(28.7)

Present value of lease liabilities

290.7

$ 306.8

Finance leases

2.7

2.7

2.7

2.7

1.8

0.0

12.6

Less imputed interest

^[1]

(1.9)

Present value of lease liabilities

$ 10.7

$ 12.7

[1]	Calculated using the incremental borrowing rate for each lease applied to the future payments.

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 3,667.1
Other comprehensive income (loss)	31.5	$ (27.2)	$ 69.3
Ending balance	3,997.3	3,667.1
Unfunded Employee Benefit Obligations
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(100.3)	(74.8)
Other comprehensive income before reclassifications	23.2	(30.2)
Amounts reclassified from AOCI	6.4	4.7
Other comprehensive income (loss)	29.6	(25.5)
Ending balance	(70.7)	(100.3)	(74.8)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(102.4)	(75.2)
Other comprehensive income before reclassifications	25.0	(31.9)
Amounts reclassified from AOCI	6.5	4.7
Other comprehensive income (loss)	31.5	(27.2)
Ending balance	(70.9)	(102.4)	(75.2)
Unrealized Loss on Foreign Exchange Contracts \| 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)	(0.2)
Other comprehensive income before reclassifications	0.0	0.0
Amounts reclassified from AOCI	0.1	0.0
Other comprehensive income (loss)	0.1	0.0
Ending balance	(0.1)	(0.2)	(0.2)
Unrealized Loss (Gain) on 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)	(0.2)
Other comprehensive income before reclassifications	1.8	(1.7)
Amounts reclassified from AOCI	0.0	0.0
Other comprehensive income (loss)	1.8	(1.7)
Ending balance	$ (0.1)	$ (1.9)	$ (0.2)

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities [Abstract]

Components of Accrued Liabilities

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


	December 31,
	2023		2022
Compensation and benefits	$	154.4	$	159.7
Customer rebates and other credits		35.2		43.8
Medical insurance and workers’ compensation		28.4		26.1
Franchise, property, sales and use taxes		18.6		17.4
Environmental liabilities and asset retirement obligations		4.0		4.1
Severance, retention, and relocation		1.0		1.8
Other		11.9		10.8
Total	$	253.5	$	263.7

Employee Benefit Plans and Other Postretirement Benefits - Schedule of Estimated Benefit Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2024	$ 66.3
2025	76.0
2026	73.3
2027	70.0
2028 - 2033	492.7
Postretirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
2024	0.5
2025	0.6
2026	0.6
2027	0.6
2028 - 2033	$ 3.8

Commitments, Guarantees, Indemnifications, and Legal Proceedings - Schedule of Purchase Commitments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 92.5
2025	77.9
2026	52.3
2027	30.9
2028	11.1
Thereafter	71.0
Total	$ 335.7

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Sales to External Customers by Product Line

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


	Year Ended December 31,
	2023		2022		2021
Packaging	$	7,135.6	$	7,780.7	$	7,052.6
Paper		595.4		622.1		599.7
Corporate and Other		71.4		75.2		78.0
	$	7,802.4	$	8,478.0	$	7,730.3

Analysis of Operations by Reportable Segment

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


	Sales, net								Operating				Depreciation,
Year Ended December 31, 2023	Trade		Inter- segment			Total			Income (Loss)				Amortization, and Depletion		Capital Expenditures (i)		Assets
Packaging	$	7,116.7	$	18.9		$	7,135.6		$	1,074.3		(a)	$	472.5	$	426.8	$	6,903.7
Paper		595.4		—			595.4			118.9		(b)		29.6		9.7		384.4
Corporate and Other		90.3		157.6			247.9			(118.1	)			15.6		33.2		1,393.0
Intersegment eliminations		—		(176.5	)		(176.5	)		—				—		—		—
	$	7,802.4	$	—		$	7,802.4			1,075.1			$	517.7	$	469.7	$	8,681.1
Non-operating pension expense										(7.7	)
Interest expense, net										(53.3	)
Income before taxes									$	1,014.1


	Sales, net								Operating				Depreciation,
Year Ended December 31, 2022	Trade		Inter- segment			Total			Income (Loss)				Amortization, and Depletion		Capital Expenditures (i)		Assets
Packaging	$	7,760.7	$	20.0		$	7,780.7		$	1,423.7		(c)	$	420.2	$	753.5	$	6,986.5
Paper		622.1		—			622.1			103.0		(d)		26.1		14.1		403.1
Corporate and Other		95.2		148.2			243.4			(106.0	)			10.5		56.6		614.2
Intersegment eliminations		—		(168.2	)		(168.2	)		—				—		—		—
	$	8,478.0	$	—		$	8,478.0			1,420.7			$	456.8	$	824.2	$	8,003.8
Non-operating pension income										14.5
Interest expense, net										(70.4	)
Income before taxes									$	1,364.8


	Sales, net								Operating				Depreciation,
Year Ended December 31, 2021	Trade		Inter- segment			Total			Income (Loss)				Amortization, and Depletion		Capital Expenditures (i)		Assets
Packaging	$	7,036.2	$	16.4		$	7,052.6		$	1,306.0		(e)	$	381.0	$	562.5	$	6,603.3
Paper		599.6		0.1			599.7			39.1		(f)		27.4		30.1		398.9
Corporate and Other		94.5		135.9			230.4			(103.7	)	(g)		9.1		12.5		834.6
Intersegment eliminations		—		(152.4	)		(152.4	)		—				—		—		—
	$	7,730.3	$	—		$	7,730.3			1,241.4			$	417.5	$	605.1	$	7,836.8
Non-operating pension expense										19.7
Interest expense, net										(152.4	)	(h)
Income before taxes									$	1,108.7

(a)

Includes $14.4 million of charges related to the closure of corrugated products facilities and design centers, partially offset by a gain on sale of a corrugated products facility.

(b)

(c)

Includes the following:

•

$1.0 million of income from a favorable inventory adjustment related to the December 2021 Advance Packaging Corporation acquisition, partially offset by acquisition and integration related costs.

(d)

(e)

Includes the following:

•

$0.4 million of charges for acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition.

(f)

(g)

Includes the following:

•

$0.8 million of income related to a gain on sale of transportation assets.

•

$0.5 million of charges for acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition.

•

(h)

(i)

Includes “Additions to property, plant, and equipment” and excludes cash used for “Acquisition of business, net of cash acquired” as reported on our Consolidated Statements of Cash Flows.

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of Debt

At December 31, 2023 and 2022, our long-term debt and interest rates on that debt were as follows (dollars in millions):


	December 31, 2023		December 31, 2022
	Amount		Amount
Revolving Credit Facility	$	—	$	—
3.65% Senior Notes, net of discount of $0.1 million and $0.2 million as of December 31, 2023 and 2022, respectively, due September 2024		399.9		399.8
3.40% Senior Notes, net of discount of $0.7 million and $0.9 million as of December 31, 2023 and 2022, respectively, due December 2027		499.3		499.1
3.00% Senior Notes, net of discount of $0.4 million and $0.5 million as of December 31, 2023 and 2022, respectively, due December 2029		499.6		499.5
5.70% Senior Notes, net of discount of $0.3 million as of December 31, 2023, due December 2033		399.7		—
4.05% Senior Notes, net of discount of $3.3 million as of both December 31, 2023 and 2022, due December 2049		396.7		396.7
3.05% Senior Notes, net of discount of $3.5 million and $3.6 million as of December 31, 2023 and 2022, respectively, due October 2051		696.5		696.4
Total		2,891.7		2,491.5
Less current portion (a)		399.6		—
Less unamortized debt issuance costs		19.9		17.9
Total long-term debt	$	2,472.2	$	2,473.6

(a)

The current portion of long-term debt excludes unamortized debt issuance costs of $0.3 million as of December 31, 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Segment Information - Segment Sales to External Customers by Product Line (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Net sales	$ 7,802.4	$ 8,478.0	$ 7,730.3
Packaging
Revenue from External Customer [Line Items]
Net sales	7,135.6	7,780.7	7,052.6
Paper
Revenue from External Customer [Line Items]
Net sales	595.4	622.1	599.7
Operating Segments
Revenue from External Customer [Line Items]
Net sales	7,802.4	8,478.0	7,730.3
Operating Segments \| Packaging
Revenue from External Customer [Line Items]
Net sales	7,135.6	7,780.7	7,052.6
Operating Segments \| Paper
Revenue from External Customer [Line Items]
Net sales	595.4	622.1	599.7
Operating Segments \| Corporate and Other
Revenue from External Customer [Line Items]
Net sales	$ 71.4	$ 75.2	$ 78.0

- Definition

+ References

+ Details

Goodwill and Intangible Assets - Components of Intangible Assets (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Finite Lived Intangible Assets [Line Items]
Adjustment to decrease the remaining book value of intangible asset	$ 1.4
Advance Packaging Corporation [Member]
Finite Lived Intangible Assets [Line Items]
Intangible assets	42.2
Trade Names	$ 6.5

Cash, Cash Equivalents, and Marketable Debt Securities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 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

Commitments, Guarantees, Indemnifications, and Legal Proceedings - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 08, 2017
Schedule Of Commitments And Contingencies [Line Items]
Purchases during period under purchase agreements		$ 432.6	$ 520.5	$ 360.8
Environmental reserve		25.8
Environmental liabilities and asset retirement obligations		$ 4.0	$ 4.1
DeRidder, Louisiana
Schedule Of Commitments And Contingencies [Line Items]
Loss contingency, period of occurrence		February 8, 2017
Liability insurance					$ 1.0
Payment of civil penalty	$ 2.5
Environmental Contingencies
Schedule Of Commitments And Contingencies [Line Items]
Environmental reserve		$ 7.1
Asset Retirement Obligation
Schedule Of Commitments And Contingencies [Line Items]
Environmental reserve		18.7
Other Long-Term Liabilities
Schedule Of Commitments And Contingencies [Line Items]
Environmental reserve		$ 21.8
Minimum
Schedule Of Commitments And Contingencies [Line Items]
Purchase commitments term, years		28 years
Maximum
Schedule Of Commitments And Contingencies [Line Items]
Purchase commitments term, years		1 year

Income Taxes - Summary of Effective Tax Rate (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. Federal statutory rate	21.00%	21.00%	21.00%

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

We group our leases into two primary lease types, real estate and equipment, and into various asset classes within each type. Real estate leases primarily include manufacturing locations, office space, warehouses, and design centers, while equipment leases primarily include manufacturing equipment.

Leases with an initial term of 12 months or less and certain month-to-month leases are not recorded on the balance sheet. The lease expense for these types of leases is recognized on a straight-line basis over the lease term.

To determine the lease term, we include the non-cancellable period of the lease together with the following: all periods covered by an option to extend the lease if we are reasonably certain to exercise that option; any periods covered by an option to terminate the lease if we are reasonably certain not to exercise that option; and any periods covered by an option to extend or not to terminate the lease that are controlled by the lessor. The exercising of lease renewal options is based on whether future economic benefit is expected to be derived from the renewal. Most of our real estate leases contain at least one renewal option. Renewal options generally range from 1 to 5 years. Although equipment leases may also contain renewal options, we typically do not expect to extend and/or exercise these renewal options unless a compelling business reason is provided to management.

Our leases may contain fixed and variable costs. Fixed costs determine the right-of-use asset. Variable costs are those costs which will vary month to month and are excluded from the calculation of the right-of-use asset. Variable lease costs are recorded to lease expense in the period in which they are incurred.

Our leases do not provide an implicit borrowing rate of return. Therefore, we use our incremental borrowing rate to calculate the present value of lease payments at inception of the lease or when a lease is modified.

Supplemental balance sheet information related to our operating leases was as follows (dollars in millions):


	Year Ended December 31,
	2023		2022
Operating lease right-of-use assets	$	279.6	$	298.3

Current portion of operating lease obligations	$	78.6	$	72.2
Long-term portion of operating lease obligations		212.1		234.6
Total operating lease obligations	$	290.7	$	306.8

Supplemental balance sheet information related to our finance leases was as follows (dollars in millions):


	Year Ended December 31,
	2023			2022
Buildings	$	0.3		$	0.3
Machinery and equipment		28.5			28.5
Total		28.8			28.8
Less accumulated amortization		(24.0	)		(22.6	)
Total	$	4.8		$	6.2

Current portion of finance lease obligations	$	2.0		$	1.9
Long-term portion of finance lease obligations		8.7			10.8
Total finance lease obligations	$	10.7		$	12.7

The Company was obligated under finance leases covering buildings and machinery and equipment in the amount of $10.7 million and $12.7 million at December 31, 2023 and 2022, respectively. Amortization of assets under finance lease obligations is included in depreciation expense.

For both operating and finance leases, the weighted average remaining lease term in years and weighted average discount rates were as follows:


	Year Ended December 31,
	2023			2022
Weighted-average remaining lease term (years):
Operating leases	4.9			5.4
Finance leases	4.8			5.8
Weighted-average discount rate:
Operating leases		3.75	%		3.29	%
Finance leases		6.66	%		6.66	%

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


	Year Ended December 31,
	2023		2022		2021
Finance lease cost:
Amortization of finance lease assets	$	1.4	$	1.5	$	1.5
Interest on lease liabilities		0.8		0.9		1.0
Total finance lease cost		2.2		2.4		2.5
Operating lease cost		87.7		81.4		77.0
Short-term lease cost		24.6		27.0		22.7
Variable lease cost		21.7		17.2		19.4
Total lease cost	$	136.2	$	128.0	$	121.6

We had an insignificant amount of sublease rental income for the years ended December 31, 2023, 2022, and 2021.

Supplemental cash flow information related to leases was as follows (dollars in millions):


	Year Ended December 31,
	2023			2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	(77.6	)	$	(73.6	)	$	(71.7	)
Operating cash flows for finance leases		(1.4	)		(1.5	)		(1.5	)
Financing cash flows for finance leases		(0.8	)		(0.9	)		(1.0	)
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	(58.9	)	$	(83.5	)	$	(44.4	)
Finance leases		—			—			—

Supplemental non-cash information on changes in lease liabilities	$	1.3		$	51.6		$	31.3
Supplemental non-cash information on changes in right-of-use assets	$	77.6		$	23.5		$	40.3

The future minimum payments under operating and finance lease liabilities at December 31, 2023 were as follows (dollars in millions):


	Operating Leases			Finance Leases
2024	$	88.1		$	2.7
2025		75.4			2.7
2026		56.1			2.7
2027		38.0			2.7
2028		22.4			1.8
Thereafter		39.4			—
Total lease payments		319.4			12.6
Less imputed interest (a)		(28.7	)		(1.9	)
Present value of lease liabilities	$	290.7		$	10.7

(a)

Calculated using the incremental borrowing rate for each lease applied to the future payments.

Share-Based Compensation - Summary of Restricted Stock and Performance Units Activity (Details) - $ / shares

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Restricted Stock

Restricted Stock and Performance Units [Roll Forward]

Outstanding at January 1

655,914

651,448

669,102

Granted

196,821

175,047

173,970

Vested

^[1]

(174,139)

(153,171)

(182,779)

Forfeitures

(6,873)

(17,410)

(8,845)

Outstanding at December 31

671,723

655,914

651,448

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

Weighted Average Grant-Date Fair Value, Outstanding at January 1

$ 117.14

$ 109.16

$ 102.55

Weighted Average Grant-Date Fair Value, Granted

134.68

145.63

134.1

Weighted Average Grant-Date Fair Value, Vested

^[1]

97.86

115.33

108.59

Weighted Average Grant-Date Fair Value, Forfeitures

129.74

120.68

111.73

Weighted Average Grant-Date Fair Value, Outstanding at December 31

$ 127.15

$ 117.14

$ 109.16

Performance Units

Restricted Stock and Performance Units [Roll Forward]

Outstanding at January 1

358,449

358,092

357,417

Granted

146,331

133,017

95,236

Vested

^[2]

(132,003)

(132,404)

(74,894)

Forfeitures

(256)

(19,667)

Outstanding at December 31

372,777

358,449

358,092

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

Weighted Average Grant-Date Fair Value, Outstanding at January 1

$ 109.89

$ 105.38

$ 103.63

Weighted Average Grant-Date Fair Value, Granted

140.09

148.71

140.47

Weighted Average Grant-Date Fair Value, Vested

^[2]

117.03

136.62

134.53

Weighted Average Grant-Date Fair Value, Forfeitures

145.26

132.58

Weighted Average Grant-Date Fair Value, Outstanding at December 31

$ 119.22

$ 109.89

$ 105.38

[1]

The total fair value of awards upon vesting for the years ended December 31, 2023, 2022, and 2021 was $22.7 million, $21.8 million, and $24.8 million, respectively.

[2]

Employee Benefit Plans and Other Postretirement Benefits - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts Recognized in Accumulated Other Comprehensive Loss (Income) (Pre-Tax):
Accumulated benefit obligation for plans with obligations in excess of plan assets	$ 42.9	$ 1,100.0
Defined Benefit Plan, Pension Plan Benefit Obligation in Excess of Plan Assets, Plan Assets	$ 334.3	1,200.0
Weighted-Average expected return on plan assets for 2021	5.80%
Pension Contributions [Abstract]
Contributions to pension plan	$ 50.0	$ 50.0	$ 50.0
Company's common stock	1.1	1.2
Deferred compensation liability	$ 31.0	$ 22.8
Defined Benefit Plan, Plan Assets, Amount	$ 267.2	1,100.0
Minimum
Pension Contributions [Abstract]
Company's contribution to pension plan, percentage	3.00%
Maximum
Pension Contributions [Abstract]
Company's contribution to pension plan, percentage	5.00%
OPEB plans
Pension Contributions [Abstract]
Defined Benefit Plan, Accumulated Benefit Obligation	$ 10.5	$ 9.5
Pension Plans
Amounts Recognized in Accumulated Other Comprehensive Loss (Income) (Pre-Tax):
Weighted-Average expected return on plan assets for 2021	5.52%	4.08%	4.91%
Pension Contributions [Abstract]
Contributions to pension plan	$ 51.5	$ 51.3
Defined Benefit Plan, Plan Assets, Amount	1,161.6	1,055.3	$ 1,382.7
Defined Benefit Plan, Accumulated Benefit Obligation	1,173.3	1,131.0
Matching Contributions
Pension Contributions [Abstract]
Company's contribution to defined contribution plans	45.2	44.3	38.2
Service Related Contributions
Pension Contributions [Abstract]
Company's contribution to defined contribution plans	$ 45.4	$ 43.7	$ 46.4

Cash, Cash Equivalents, and Marketable Debt Securities

12 Months Ended

Dec. 31, 2023

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

Cash, Cash Equivalents, and Marketable Debt Securities

11.

Cash, Cash Equivalents, and Marketable Debt Securities

The following table shows the Company’s cash, cash equivalents, HTM debt securities, and AFS debt securities by major asset category at December 31, 2023 and 2022 (in millions):


	December 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	$	646.4	$	—	$	—		$	646.4	$	646.4	$	—	$	—
Time deposits (a)		400.0		—		—			400.0		—		400.0		—
Level 1 (b):
U.S. Treasury securities		29.3		—		—			29.3		—		11.3		18.0
Money market funds		1.6		—		—			1.6		1.6		—		—
Subtotal		30.9		—		—			30.9		1.6		11.3		18.0
Level 2 (c):
Corporate debt securities		112.5		0.3		(0.4	)		112.4		—		68.5		43.9
U.S. government agency securities		10.1		—		(0.1	)		10.0		—		7.8		2.2
Certificates of deposit		5.9		—		—			5.9		—		5.9		—
Subtotal		128.5		0.3		(0.5	)		128.3		—		82.2		46.1
Total	$	1,205.8	$	0.3	$	(0.5	)	$	1,205.6	$	648.0	$	493.5	$	64.1


	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 (b):
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 (c):
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)

(b)

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

(c)

For the years ended December 31, 2023, 2022 and 2021, 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 other-than-temporary 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 more likely than not be required to sell, the marketable debt security before recovery of its amortized cost basis.

As of December 31, 2023 and 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).


	December 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	$	27.9		35	$	0.1	$	36.2		49	$	0.3
U.S. Treasury securities		11.4		11		—		6.2		10		0.1
U.S. government agency securities		8.5		14		—		1.5		2		—
	$	47.8		60	$	0.1	$	43.9		61	$	0.4


	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

Share-Based Compensation - Unrecognized Compensation Expense for Share-Based Awards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 50.3
Remaining weighted-average recognition period	2 years 3 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 27.8
Remaining weighted-average recognition period	2 years 4 months 24 days
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 22.5
Remaining weighted-average recognition period	2 years 2 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation [Abstract]

Asset Retirement Obligations

13.

Asset Retirement Obligations

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

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


	Year Ended December 31,
	2023			2022
Asset retirement obligation at beginning of period	$	30.2		$	29.4
Accretion expense		1.6			1.3
Liabilities incurred		0.1			—
Payments		(0.4	)		(0.3	)
Revisions in estimated cash flows		(0.1	)		(0.2	)
Asset retirement obligation at end of period	$	31.4		$	30.2

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

Employee Benefit Plans and Other Postretirement Benefits - Schedule of Pension Plan Asset Investments and Target Allocations (Details)	Dec. 31, 2023	Dec. 31, 2022
Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Fair Value	72.00%	77.00%
Fixed Income Securities \| Packaging Corporation of America
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	72.00%
International Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Fair Value	15.00%	13.00%
U.S. Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Fair Value	11.00%	9.00%
Other Securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Fair Value	2.00%	1.00%
Other Securities \| Packaging Corporation of America
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	1.00%
Equity Securities \| Packaging Corporation of America
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	27.00%

Goodwill and Intangible Assets - Goodwill (Details)
$ in Millions

12 Months Ended

Dec. 31, 2022

USD ($)

Goodwill [Line Items]

Beginning Balance

$ 923.5

Acquisition adjustment

(1.0)

^[1]

(0.1)

^[2]

Ending Balance

$ 922.4

[1]	During 2022, the Company recorded a $1.0 million adjustment to decrease the goodwill balance for the Company's December 2021 acquisition of Advance Packaging.
[2]	During 2022, a corrugated products facility sold part of its operations, which primarily included existing inventory. As a result, the Company recorded a $0.1 million adjustment to decrease the goodwill balance.

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accrued Liabilities - Components of Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Compensation and benefits	$ 154.4	$ 159.7
Customer rebates and other credits	35.2	43.8
Medical insurance and workers’ compensation	28.4	26.1
Franchise, property, sales and use taxes	18.6	17.4
Environmental liabilities and asset retirement obligations	4.0	4.1
Severance, retention, and relocation	1.0	1.8
Other	11.9	10.8
Total	$ 253.5	$ 263.7

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary of Restricted Stock Activity

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


	2023					2022					2021
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Restricted stock at January 1		655,914		$	117.14		651,448		$	109.16		669,102		$	102.55
Granted		196,821			134.68		175,047			145.63		173,970			134.10
Vested (a)		(174,139	)		97.86		(153,171	)		115.33		(182,779	)		108.59
Forfeitures		(6,873	)		129.74		(17,410	)		120.68		(8,845	)		111.73
Restricted stock at December 31		671,723		$	127.15		655,914		$	117.14		651,448		$	109.16

(a)

The total fair value of awards upon vesting for the years ended December 31, 2023, 2022, and 2021 was $22.7 million, $21.8 million, and $24.8 million, respectively.

Summary of Performance Units Activity

A summary of the Company’s performance unit activity follows:


	2023					2022					2021
	Units			Weighted Average Grant- Date Fair Value		Units			Weighted Average Grant- Date Fair Value		Units			Weighted Average Grant- Date Fair Value
Performance units at January 1		358,449		$	109.89		358,092		$	105.38		357,417		$	103.63
Granted		146,331			140.09		133,017			148.71		95,236			140.47
Vested (b)		(132,003	)		117.03		(132,404	)		136.62		(74,894	)		134.53
Forfeitures		—			—		(256	)		145.26		(19,667	)		132.58
Performance units at December 31		372,777		$	119.22		358,449		$	109.89		358,092		$	105.38

(b)

Compensation Expense for Share-Based Awards

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


	Year Ended December 31,
	2023			2022			2021
Restricted stock	$	25.5		$	22.5		$	23.0
Performance units		14.5			13.1			12.5
Impact on income before income taxes		40.0			35.6			35.5
Income tax benefit		(10.0	)		(8.9	)		(8.9	)
Impact on net income	$	30.0		$	26.7		$	26.6

Unrecognized Compensation Expense for Share-Based Awards

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


	December 31, 2023
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	27.8	2.4
Performance units		22.5	2.2
Total unrecognized share-based compensation expense	$	50.3		2.3

Nature of Operations and Basis of Presentation

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

Packaging Corporation of America (“we,” “us,” “our,” “PCA,” or the “Company”) was incorporated on January 25, 1999. In April 1999, PCA acquired the containerboard and corrugated packaging products business of Pactiv Corporation (Pactiv), formerly known as Tenneco Packaging, Inc., a wholly owned subsidiary of Tenneco Inc. 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 have approximately 14,900 employees.

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.

Before October 2020, our Jackson, Alabama mill had historically operated as a UFS paper mill, with its results of operations reported in our Paper segment. Beginning in October 2020, operating results for the Jackson mill are included in both the Packaging and Paper segments. During the fourth quarter of 2020, in order to meet strong packaging demand and maintain appropriate inventory levels, we temporarily began producing linerboard on the No. 3 machine at our Jackson, Alabama mill. In the first quarter of 2021, we announced the discontinuation of production of UFS paper grades on the machine and the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. In the third quarter of 2021, we began producing corrugating medium on the No. 1 machine at the Jackson mill (which had produced UFS paper in the past) to help satisfy our demand for containerboard, build necessary inventories, and evaluate the capability of the machine to produce containerboard on a cost-effective basis. The production of corrugating medium on the No.1 machine has continued to date, and consequently, the operating results for the Jackson mill are included in the Packaging segment for the periods presented.

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.

In these consolidated financial statements, certain amounts in prior periods' consolidated financial statements have been reclassified to conform with the current period presentation.

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

Leases - Additional Information (Details) $ in Millions	12 Months Ended
Leases - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($) Lease	Dec. 31, 2022 USD ($)
Leases [Line Items]
Number of leases \| Lease	2
Lease term	12 months
Finance lease obligations	$ 10.7	$ 12.7
Buildings Machinery and Equipment
Leases [Line Items]
Finance lease obligations	$ 10.7	$ 12.7
Real Estate Leases \| Minimum
Leases [Line Items]
Lease renewal term	1 year
Real Estate Leases \| Maximum
Leases [Line Items]
Lease renewal term	5 years

Earnings Per Share (Tables)

12 Months Ended

Dec. 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).


	Year Ended December 31,
	2023			2022			2021
Numerator:
Net income	$	765.2		$	1,029.8		$	841.1
Less: distributed and undistributed earnings allocated to participating securities		(6.2	)		(7.9	)		(6.4	)
Net income attributable to common stockholders	$	759.0		$	1,021.9		$	834.7
Denominator:
Weighted average common shares outstanding		89.1			92.3			94.1
Effect of dilutive securities		0.4			0.4			0.4
Diluted common shares outstanding		89.5			92.7			94.5
Basic income per common share	$	8.52		$	11.08		$	8.87
Diluted income per common share	$	8.48		$	11.03		$	8.83

Revenue - Additional Information (Details)	12 Months Ended
Revenue - Additional Information (Details)	Dec. 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%

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Defined Benefit Plan Disclosure [Line Items]

Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]

Interest Income (Expense), Net

Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Service cost

$ 14.1

$ 19.3

$ 21.4

Interest cost

55.8

34.7

29.6

Expected return on plan assets

57.1

(55.7)

(63.1)

Net amortization of unrecognized amounts, Prior service cost (credit)

5.2

3.6

3.8

Net amortization of unrecognized amounts, Actuarial loss (gain)

4.1

3.4

10.4

Net periodic benefit cost

22.1

5.3

2.1

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

Actuarial net loss (gain)

35.5

28.6

(82.7)

Prior service cost (credit)

2.9

15.1

2.1

Amortization of prior service cost (credit)

(5.2)

(3.6)

(3.8)

Amortization of actuarial loss (gain)

(4.1)

(3.4)

(10.4)

Total recognized in other comprehensive loss (income)

^[1]

41.9

36.7

(94.8)

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

19.8

42.0

(92.7)

Postretirement Plans

Defined Benefit Plan Disclosure [Line Items]

Service cost

0.2

Interest cost

0.5

0.3

Expected return on plan assets

0.0

Net amortization of unrecognized amounts, Prior service cost (credit)

(0.4)

Net amortization of unrecognized amounts, Actuarial loss (gain)

(0.4)

(0.5)

Net periodic benefit cost

(0.1)

(0.3)

(0.4)

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

Actuarial net loss (gain)

(1.5)

(3.4)

(1.3)

Prior service cost (credit)

0.0

(0.1)

Amortization of prior service cost (credit)

0.4

Amortization of actuarial loss (gain)

0.4

0.5

Total recognized in other comprehensive loss (income)

^[1]

(2.3)

(2.6)

2.1

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

$ (2.2)

$ (2.9)

$ 1.7

[1]

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

10.

Debt

At December 31, 2023 and 2022, our long-term debt and interest rates on that debt were as follows (dollars in millions):


	December 31, 2023		December 31, 2022
	Amount		Amount
Revolving Credit Facility	$	—	$	—
3.65% Senior Notes, net of discount of $0.1 million and $0.2 million as of December 31, 2023 and 2022, respectively, due September 2024		399.9		399.8
3.40% Senior Notes, net of discount of $0.7 million and $0.9 million as of December 31, 2023 and 2022, respectively, due December 2027		499.3		499.1
3.00% Senior Notes, net of discount of $0.4 million and $0.5 million as of December 31, 2023 and 2022, respectively, due December 2029		499.6		499.5
5.70% Senior Notes, net of discount of $0.3 million as of December 31, 2023, due December 2033		399.7		—
4.05% Senior Notes, net of discount of $3.3 million as of both December 31, 2023 and 2022, due December 2049		396.7		396.7
3.05% Senior Notes, net of discount of $3.5 million and $3.6 million as of December 31, 2023 and 2022, respectively, due October 2051		696.5		696.4
Total		2,891.7		2,491.5
Less current portion (a)		399.6		—
Less unamortized debt issuance costs		19.9		17.9
Total long-term debt	$	2,472.2	$	2,473.6

(a)

The current portion of long-term debt excludes unamortized debt issuance costs of $0.3 million as of December 31, 2023.

On November 30, 2023, the Company issued $400.0 million of 5.70% senior notes due 2033 through a registered public offering and invested the net proceeds in time deposits. The Company intends to use the net proceeds from this issuance, together with a portion of cash on hand, to repay its outstanding 3.65% senior notes due 2024 at maturity on September 15, 2024. The $3.7 million of debt issuance costs associated with the new notes will be amortized to interest expense using the effective interest method over the term of the notes.

As of December 31, 2023, the details of our borrowings were as follows:

•

Senior Unsecured Credit Agreement. On June 8, 2021, we entered into a revolving credit agreement with various financial institutions (the “Revolving Credit Agreement”). Loans under the Revolving Credit Agreement bear interest at the term SOFR rate plus an applicable margin based upon the public ratings of PCA's senior long-term unsecured debt or PCA's gross leverage ratio. The Revolving Credit Agreement is a $350 million unsecured revolving credit facility, which has a five-year term and is available for borrowings on a revolving basis for general corporate purposes. At December 31, 2023, unused borrowing capacity was $323.0 million, which includes various outstanding letters of credit. The outstanding letters of credit were primarily for workers compensation. We are required to pay commitment fees on the unused portions of the credit facility.

•

3.65% Senior Notes. On September 5, 2014, we issued $400.0 million of 3.65% senior notes due September 15, 2024, through a registered public offering. We intend to repay these notes at maturity with cash on hand and the net proceeds of the 5.70% Senior Notes we issued in November 2023.

•

3.40% Senior Notes. On December 13, 2017, we issued $500.0 million of 3.40% senior notes due December 15, 2027, through a registered public offering.

•

3.00% Senior Notes. On November 21, 2019, we issued $500.0 million of 3.00% senior notes due December 15, 2029, through a registered public offering.

•

4.05% Senior Notes. On November 21, 2019, we issued $400.0 million of 4.05% senior notes due December 15, 2049, through a registered public offering.

•

3.05% Senior Notes. On September 21, 2021, we issued $700.0 million of 3.05% senior notes due October 1, 2051, through a registered public offering.

•

5.70% Senior Notes. On November 30, 2023, we issued $400.0 million of 5.70% senior notes due December 1, 2033, through a registered public offering.

The instruments governing our indebtedness contain financial and other covenants that limit the ability of PCA and its subsidiaries to enter into sale and leaseback transactions, incur liens, incur indebtedness at the subsidiary level, enter into certain transactions with affiliates, merge or consolidate with any other person or sell or otherwise dispose of all or substantially all of our assets. The Revolving Credit Agreement also requires us to comply with certain financial covenants, including maintaining a minimum interest coverage ratio and a maximum leverage ratio. A failure to comply with these restrictions could lead to an event of default, which could result in an acceleration of any outstanding indebtedness and/or prohibit us from drawing on the revolving credit facility. An acceleration under the revolving credit facility may also constitute an event of default under the senior notes indenture. At December 31, 2023, we were in compliance with these covenants.

At December 31, 2023, we have $2,891.7 million of fixed-rate senior notes outstanding. At December 31, 2023, the fair value of our fixed-rate debt was estimated to be $2,568.2 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), discussed further in Note 2, Summary of Significant Accounting Policies.

Repayments, Interest, and Other

In 2023 and 2022, we did not repay any outstanding debt, as we did not have any maturities of our senior notes during 2023 and 2022.

In October 2021, we used the net proceeds from the September 2021 offering of the new 3.05% notes and cash on hand to redeem an old series of 4.50% notes, which were scheduled to mature in 2023. We completed the redemption of the old 4.50% notes for $769.8 million, which included a redemption premium and accrued and unpaid interest.

As of December 31, 2023, annual principal maturities for debt, excluding unamortized debt discount, are: $400.0 million for 2024; none for 2025; none for 2026; $500.0 million for 2027; and $2.0 billion for 2028 and thereafter.

Interest payments paid in connection with the Company’s debt obligations for the years ended December 31, 2023, 2022, and 2021 were $84.8 million, $85.6 million, and $149.6 million (including redemption premiums of $56.1 million), respectively. As of December 31, 2023, the estimated future interest payments for the Company's debt obligations are: $107.0 million for 2024; $92.4 million for 2025, 2026, and 2027; and $1,035.6 million, in aggregate, for 2028 and thereafter.

Included in interest expense, net, are amortization of financing costs, which includes the amortization of debt issuance costs and amortization of bond discount. For both 2023 and 2022, amortization of debt issuance costs was $1.6 million, and for 2021, amortization of debt issuance costs was $3.4 million (including a $1.4 million write-off of deferred debt issuance costs related to the October 2021 debt refinancing). For both 2023 and 2022, amortization of bond discount was $0.5 million, and for 2021, amortization of bond discount was $1.0 million (including a $0.5 million write-off of unamortized bond discount related to the October 2021 debt refinancing).

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Quarterly Results of Operations (Unaudited) - Summary of Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 7,802.4	$ 8,478.0	$ 7,730.3
Gross profit	1,698.9	2,090.6	1,873.0
Income from operations	1,075.1	1,420.7	1,241.4
Net Income (Loss)	$ 765.2	$ 1,029.8	$ 841.1
Basic	$ 8.52	$ 11.08	$ 8.87
Diluted	$ 8.48	$ 11.03	$ 8.83

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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

Revenue (Tables)

12 Months Ended

Dec. 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):


	Year Ended December 31,
	2023		2022		2021
Packaging	$	7,135.6	$	7,780.7	$	7,052.6
Paper		595.4		622.1		599.7
Corporate and Other		71.4		75.2		78.0
Total revenue	$	7,802.4	$	8,478.0	$	7,730.3