0000950170-24-055165 | 10-Q | XBRL Viewer | Packaging Corp OF America

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Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Changes in unrealized losses on marketable debt securities, tax	$ 0.0	$ (0.2)
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax	$ (0.4)	$ (0.6)

Other Expense, Net

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Other Income (Expense), Net

5. Other Expense, Net

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


	Three Months Ended
	March 31,
	2024			2023
DeRidder litigation (a)	$	(123.7	)	$	—
DeRidder litigation insurance recovery (a)		123.7			—
Asset disposals and write-offs		(7.4	)		(6.6	)
Jackson mill conversion-related activities (b)		(8.3	)		0.3
Facilities closure and other income (costs) (c)		0.1			(4.7	)
Other		(6.9	)		(1.5	)
Total	$	(22.5	)	$	(12.5	)

(a)

On April 24, 2024, a jury for the remaining DeRidder mill lawsuit that was tried in the U.S. District Court for the Middle District of Louisiana awarded plaintiffs compensatory damages plus prejudgment interest. The amount of the verdict with interest is within the remaining limits of the Company's liability insurance policies. See Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings for additional detail.

(b)

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

(c)

For 2024, includes income primarily related to a favorable lease buyout for a closed corrugated products facility, partially offset by closure costs related to corrugated products facilities and design centers. For 2023, includes charges consisting of closure costs related to corrugated products facilities and design centers.

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less current portion	$ 399.8	$ 399.6
Long-term debt	$ 2,472.7	$ 2,472.2

- 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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+ Details

Accrued Liabilities

3 Months Ended

Mar. 31, 2024

Accrued Liabilities [Abstract]

Accrued Liabilities

10. Accrued Liabilities

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


	March 31,		December 31,
	2024		2023
DeRidder litigation (a)	$	123.7	$	—
Compensation and benefits		87.4		154.4
Medical insurance and workers’ compensation		28.3		28.4
Customer rebates and other credits		26.0		35.2
Franchise, property, sales and use taxes		23.5		18.6
Environmental liabilities and asset retirement obligations		3.9		4.0
Severance, retention, and relocation		1.4		1.0
Other		9.8		11.9
Total	$	304.0	$	253.5

(a)

Employee Benefit Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Costs (Details) - Pension Plans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3.1	$ 3.6
Interest cost	13.9	14.0
Expected return on plan assets	(16.5)	(14.3)
Net amortization of unrecognized amounts, Prior service cost	1.4	1.3
Net amortization of unrecognized amounts, Actuarial loss	0.2	1.1
Net periodic benefit cost	$ 2.1	$ 5.7

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 9.5	$ 9.6
Goodwill	$ 922.4		$ 922.4

- Definition

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

+ References + Details

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Financial Instruments [Line Items]

Adjusted Cost Basis

^[1]

$ 1,253.5

$ 1,205.8

Unrealized Gain

^[1]

0.1

0.3

Unrealized Loss

^[1]

(0.4)

(0.5)

Fair Value

^[1]

1,253.2

1,205.6

Cash and cash equivalents

^[1]

692.4

648.0

Short-term marketable debt securities ($92.3 million and $93.5 million measured at fair value as of March 31, 2024 and December 31, 2023, respectively)

^[1]

492.3

493.5

Long-term marketable debt securities

^[1]

68.5

64.1

Level 1

Financial Instruments [Line Items]

Adjusted Cost Basis

34.9

^[2]

30.9

^[1]

Unrealized Gain

0.0

^[2]

0.0

^[1]

Unrealized Loss

(0.1)

^[2]

0.0

^[1]

Fair Value

34.8

^[2]

30.9

^[1]

Cash and cash equivalents

0.5

^[2]

1.6

^[1]

Short-term marketable debt securities ($92.3 million and $93.5 million measured at fair value as of March 31, 2024 and December 31, 2023, respectively)

17.5

^[2]

11.3

^[1]

Long-term marketable debt securities

16.8

^[2]

18.0

^[1]

Level 2

Financial Instruments [Line Items]

Adjusted Cost Basis

126.7

^[1]

128.5

^[2]

Unrealized Gain

0.1

^[1]

0.3

^[2]

Unrealized Loss

(0.3)

^[1]

(0.5)

^[2]

Fair Value

126.5

^[1]

128.3

^[2]

Cash and cash equivalents

0.0

^[1]

0.0

^[2]

Short-term marketable debt securities ($92.3 million and $93.5 million measured at fair value as of March 31, 2024 and December 31, 2023, respectively)

74.8

^[1]

82.2

^[2]

Long-term marketable debt securities

51.7

^[1]

46.1

^[2]

Cash and Cash Equivalents

Financial Instruments [Line Items]

Adjusted Cost Basis

691.9

646.4

Unrealized Gain

0.0

Unrealized Loss

0.0

Fair Value

691.9

646.4

Cash and cash equivalents

691.9

646.4

Short-term marketable debt securities ($92.3 million and $93.5 million measured at fair value as of March 31, 2024 and December 31, 2023, respectively)

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 ($92.3 million and $93.5 million measured at fair value as of March 31, 2024 and December 31, 2023, respectively)

^[3]

400.0

Long-term marketable debt securities

^[3]

0.0

U.S. Treasury Securities | Level 1

Financial Instruments [Line Items]

Adjusted Cost Basis

^[2]

34.4

29.3

Unrealized Gain

^[2]

0.0

Unrealized Loss

^[2]

(0.1)

(0.0)

Fair Value

^[2]

34.3

29.3

Cash and cash equivalents

^[2]

0.0

Short-term marketable debt securities ($92.3 million and $93.5 million measured at fair value as of March 31, 2024 and December 31, 2023, respectively)

^[2]

17.5

11.3

Long-term marketable debt securities

^[2]

16.8

18.0

Money Market Fund | Level 1

Financial Instruments [Line Items]

Adjusted Cost Basis

^[2]

0.5

1.6

Unrealized Gain

^[2]

0.0

Unrealized Loss

^[2]

0.0

Fair Value

^[2]

0.5

1.6

Cash and cash equivalents

^[2]

0.5

1.6

Short-term marketable debt securities ($92.3 million and $93.5 million measured at fair value as of March 31, 2024 and December 31, 2023, respectively)

^[2]

0.0

Long-term marketable debt securities

^[2]

0.0

Corporate Debt Securities | Level 2

Financial Instruments [Line Items]

Adjusted Cost Basis

^[1]

111.4

112.5

Unrealized Gain

^[1]

0.1

0.3

Unrealized Loss

^[1]

(0.2)

(0.4)

Fair Value

^[1]

111.3

112.4

Cash and cash equivalents

^[1]

0.0

Short-term marketable debt securities ($92.3 million and $93.5 million measured at fair value as of March 31, 2024 and December 31, 2023, respectively)

^[1]

60.4

68.5

Long-term marketable debt securities

^[1]

50.9

43.9

U.S. Government Agency Securities | Level 2

Financial Instruments [Line Items]

Adjusted Cost Basis

^[1]

7.7

10.1

Unrealized Gain

^[1]

0.0

Unrealized Loss

^[1]

(0.1)

Fair Value

^[1]

7.6

10.0

Cash and cash equivalents

^[1]

0.0

Short-term marketable debt securities ($92.3 million and $93.5 million measured at fair value as of March 31, 2024 and December 31, 2023, respectively)

^[1]

6.8

7.8

Long-term marketable debt securities

^[1]

0.8

2.2

Certificates of Deposit | Level 2

Financial Instruments [Line Items]

Adjusted Cost Basis

^[1]

7.6

5.9

Unrealized Gain

^[1]

0.0

Unrealized Loss

^[1]

0.0

Fair Value

^[1]

7.6

5.9

Cash and cash equivalents

^[1]

0.0

Short-term marketable debt securities ($92.3 million and $93.5 million measured at fair value as of March 31, 2024 and December 31, 2023, respectively)

^[1]

7.6

5.9

Long-term marketable debt securities

^[1]

$ 0.0

[1]	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.
[2]	Valuations based on quoted prices for identical assets or liabilities in active markets.
[3]	We had $400.0 million of investments in time deposits classified as HTM debt securities as of both March 31, 2024 and 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.

Share-Based Compensation - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	May 05, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term equity incentive plan, termination date	May 08, 2034
Number of shares available for future issuance under share-based plan	400,000		400,000
Number of shares authorized under plan	14,300,000
Performance Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of ROIC as performance measure	50.00%	50.00%
Percentage of TSR as performance measure	50.00%	50.00%

- 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
-Topic 718
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Commitments, Guarantees, Indemnifications and Legal Proceedings

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments, Guarantees, Indemnifications and Legal Proceedings

19. Commitments, Guarantees, Indemnifications and Legal Proceedings

We have financial commitments and obligations that arise in the ordinary course of our business. These include lease obligations, long-term debt, capital additions, purchase commitments for goods and services, and legal proceedings, all of which are discussed in Note 3, Leases; Note 10, Debt; and Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2023 Annual Report on Form 10-K.

Guarantees and Indemnifications

We provide guarantees, indemnifications, and other assurances to third parties in the normal course of our business. These include tort indemnifications, environmental assurances, and representations and warranties in commercial agreements. At March 31, 2024, 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 was 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 were settled by the Company and its insurers. The Company has not paid any losses in excess of its insurance deductible in connection with these settlements, and its insurance deductible has been satisfied in full. To date, all settlements in excess of the deductible have been paid out by one of the Company’s insurers. The Company is vigorously defending the remaining lawsuit, which involves nine plaintiffs and was tried in the U.S. District Court for the Middle District of Louisiana in April 2024. On April 24, 2024, a jury awarded these plaintiffs approximately $91.8 million in compensatory damages. The verdict is subject to prejudgment interest. The amount of the verdict with interest is within the remaining limits of the Company's liability insurance policies. The matter is in the post-trial stage, and the Company intends to appeal the decision. While the Company cannot predict the outcome of the appeal and the ultimate outcome of this matter, the Company believes that it has sufficient insurance to cover the verdict and prejudgment interest. At March 31, 2024, the Company recorded an accrual of $123.7 million including the compensatory damages as well as interest of $31.9 million in “Accrued liabilities” in the Consolidated Balance Sheets. Additionally, a receivable of $123.7 million for the insurance recovery was recorded in “Prepaids and other current assets” in the Consolidated Balance Sheets.

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.

Cash, Cash Equivalents, and Marketable Debt Securities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Components of Inventories

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


	March 31,		December 31,
	2024		2023
Raw materials	$	322.4	$	326.2
Work in process		15.7		14.9
Finished goods		189.9		200.5
Supplies and materials		475.6		471.5
Inventories	$	1,003.6	$	1,013.1

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Income Per Common Share

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


	Three Months Ended
	March 31,
Numerator:	2024			2023
Net income	$	146.9		$	190.1
Less: Distributed and undistributed earnings allocated to participating securities		(1.0	)		(1.6	)
Net income attributable to common shareholders	$	145.9		$	188.5
Denominator:
Weighted average basic common shares outstanding		89.0			89.0
Effect of dilutive securities		0.4			0.4
Weighted average diluted common shares outstanding		89.4			89.4
Basic income per common share	$	1.64		$	2.12
Diluted income per common share	$	1.63		$	2.11

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary of Restricted Stock and Performance Unit Award Activity

The following table presents restricted stock and performance unit award activity for the three months ended March 31, 2024:


	Restricted Stock					Performance Units
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2024		671,723		$	127.15		372,777		$	119.22
Granted		156,916			176.36		128,613			189.00
Vested (a)		(173,248	)		94.65		(138,193	)		182.67
Forfeitures		(939	)		137.80		—			—
Outstanding at March 31, 2024		654,452		$	147.54		363,197		$	119.79

(a)

Upon payout of the performance unit awards that vested during the period, PCA issued 150,238 shares, which included 12,045 shares for dividends accrued during the performance period.

Compensation Expense for Share-Based Awards

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


	Three Months Ended March 31,
	2024			2023
Restricted stock	$	14.0		$	11.9
Performance units		5.4			3.4
Total share-based compensation expense		19.4			15.3
Income tax benefit		(4.8	)		(3.8	)
Share-based compensation expense, net of tax benefit	$	14.6		$	11.5

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at March 31, 2024 was as follows (dollars in millions):


	March 31, 2024
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	42.1		2.9
Performance units		35.5		2.7
Total unrecognized share-based compensation expense	$	77.6		2.8

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

9. Goodwill and Intangible Assets

Goodwill

Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At both March 31, 2024 and December 31, 2023, we had $922.4 million of goodwill recorded in our Packaging segment, which represents the entire goodwill balance reported on our Consolidated Balance Sheets.

Intangible Assets

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


	March 31, 2024						December 31, 2023
	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		7.2	$	546.0	$	335.8		7.4	$	546.0	$	326.9
Trademarks and trade names		6.4		41.3		31.4		6.5		41.3		30.9
Other		2.7		4.4		4.4		2.9		4.4		4.3
Total intangible assets (excluding goodwill)		7.1	$	591.7	$	371.6		7.3	$	591.7	$	362.1

During the three months ended March 31, 2024 and 2023, amortization expense was $9.5 million and $9.6 million, respectively.

Share-Based Compensation - Summary of Restricted Stock and Performance Unit Award Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock
Restricted Stock and Performance Units [Roll Forward]
Outstanding at January 1, 2024 \| shares	671,723
Granted \| shares	156,916
Vested \| shares	(173,248)
Forfeitures \| shares	(939)
Outstanding at March 31, 2024 \| shares	654,452
Restricted Stock and Performance Units (Weighted Average Grant-date Fair Value) [Abstract]
Weighted Average Grant-Date Fair Value, Outstanding at January 1, 2024 \| $ / shares	$ 127.15
Weighted Average Grant-Date Fair Value, Granted \| $ / shares	176.36
Weighted Average Grant-Date Fair Value, Vested \| $ / shares	94.65
Weighted Average Grant-Date Fair Value, Forfeitures \| $ / shares	137.8
Weighted Average Grant-Date Fair Value, Outstanding at March 31, 2024 \| $ / shares	$ 147.54
Performance Units
Restricted Stock and Performance Units [Roll Forward]
Outstanding at January 1, 2024 \| shares	372,777
Granted \| shares	128,613
Vested \| shares	(138,193)
Forfeitures \| shares	0
Outstanding at March 31, 2024 \| shares	363,197
Restricted Stock and Performance Units (Weighted Average Grant-date Fair Value) [Abstract]
Weighted Average Grant-Date Fair Value, Outstanding at January 1, 2024 \| $ / shares	$ 119.22
Weighted Average Grant-Date Fair Value, Granted \| $ / shares	189
Weighted Average Grant-Date Fair Value, Vested \| $ / shares	182.67
Weighted Average Grant-Date Fair Value, Forfeitures \| $ / shares	0
Weighted Average Grant-Date Fair Value, Outstanding at March 31, 2024 \| $ / shares	$ 119.79

Segment Information - Selected Financial Information by Reportable Segment (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Corrugated Products Facilities And Design Centres
Segment Reporting Information [Line Items]
Restructuring charges	$ 0.1	$ 9.7
Jackson, Alabama Mill
Segment Reporting Information [Line Items]
Adjustment of asset retirement obligation		$ 1.2
Jackson, Alabama Mill \| Corrugated Products Facilities
Segment Reporting Information [Line Items]
Adjustment of asset retirement obligation	$ 10.4

Consolidated Balance Sheets - USD ($)
$ in Millions

Mar. 31, 2024

Dec. 31, 2023

Current assets:

Cash and cash equivalents

^[1]

$ 692.4

$ 648.0

Short-term marketable debt securities ($92.3 million and $93.5 million measured at fair value as of March 31, 2024 and December 31, 2023, respectively)

^[1]

492.3

493.5

Accounts receivable, net of allowance for credit losses and customer deductions of $12.1 million and $13.1 million as of March 31, 2024 and December 31, 2023, respectively

1,045.1

1,033.2

Inventories

1,003.6

1,013.1

Prepaid expenses and other current assets

211.7

62.3

Federal and state income taxes receivable

4.3

Total current assets

3,445.1

3,254.4

Property, plant, and equipment, net

3,864.5

3,863.8

Goodwill

922.4

Other intangible assets, net

220.1

229.6

Operating lease right-of-use assets

269.4

279.6

Long-term marketable debt securities

^[1]

68.5

64.1

Other long-term assets

67.0

67.2

Total assets

8,857.0

8,681.1

Current liabilities:

Current maturities of long-term debt

399.8

399.6

Operating lease obligations

79.2

78.6

Finance lease obligations

2.0

Accounts payable

449.6

402.4

Dividends payable

114.9

115.9

Accrued liabilities

304.0

253.5

Accrued interest

33.3

13.7

Federal and state income taxes payable

17.5

Total current liabilities

1,400.3

1,265.7

Long-term liabilities:

Long-term debt

2,472.7

2,472.2

Operating lease obligations

200.7

212.1

Finance lease obligations

8.3

8.7

Deferred income taxes

566.5

558.0

Compensation and benefits

112.1

106.4

Other long-term liabilities

65.4

60.7

Total long-term liabilities

3,425.7

3,418.1

Commitments and contingent liabilities (Note 19)

Stockholders' equity:

Common stock, par value $0.01 per share, 300.0 million shares authorized, 89.8 million and 89.6 million shares issued as of March 31, 2024 and December 31, 2023, respectively

0.9

Additional paid in capital

640.5

620.1

Retained earnings

3,459.6

3,447.2

Accumulated other comprehensive loss

(70.0)

(70.9)

Total stockholders' equity

4,031.0

3,997.3

Total liabilities and stockholders' equity

$ 8,857.0

$ 8,681.1

[1]

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.

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Components of Changes in Accumulated Other Comprehensive Income (AOCI)

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


	Unrealized Loss On Foreign Exchange Contracts			Unrealized Loss on Marketable Debt Securities			Unfunded Employee Benefit Obligations			Total
Balance at January 1, 2024	$	(0.1	)	$	(0.1	)	$	(70.7	)	$	(70.9	)
Other comprehensive loss before reclassifications, net of tax		—			(0.1	)		—			(0.1	)
Amounts reclassified from AOCI, net of tax		—			—			1.0			1.0
Balance at March 31, 2024	$	(0.1	)	$	(0.2	)	$	(69.7	)	$	(70.0	)

Reclassifications Out of Accumulated Other Comprehensive Income (AOCI)

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


	Amounts Reclassified from AOCI
	Three Months Ended March 31,
Details about AOCI Components	2024			2023
Unfunded employee benefit obligations (a)
Amortization of prior service costs	$	(1.3	)	$	(1.2	)	See (a) below
Amortization of actuarial losses		(0.1	)		(1.0	)	See (a) below
		(1.4	)		(2.2	)	Total before tax
		0.4			0.6		Tax benefit
	$	(1.0	)	$	(1.6	)	Net of tax

(a)

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

Goodwill and Intangible Assets -Goodwill - (Details) $ in Millions	Mar. 31, 2024 USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 922.4
Goodwill, Ending Balance	$ 922.4

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

For the three months ended March 31, 2024 and 2023, we recorded $40.6 million and $63.2 million of income tax expense and had an effective tax rate of 21.6% and 24.9%, respectively. The decrease in our effective tax rate for the three months ended March 31, 2024 compared to the same period in 2023 was primarily due to higher excess tax benefits associated with employee restricted stock and performance unit vests.

Our current effective tax rate is higher than the federal statutory income tax rate of 21.0% due primarily to the effect of state and local income taxes. During the three months ended March 31, 2024 and 2023, cash paid for taxes, net of refunds received, was $10.3 million and $6.9 million, respectively. The increase in cash tax payments between the periods is primarily attributable to the 2023 year having been reduced by an applied overpayment of state taxes from the prior year with no equivalent impact in 2024.

During the three months ended March 31, 2024, there were no significant changes to our uncertain tax positions. For more information, see Note 7, Income Taxes, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2023 Annual Report on Form 10-K.

- Definition

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

+ 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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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)
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

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+ Details

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Accrued Liabilities [Abstract]

Components of Accrued Liabilities

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


	March 31,		December 31,
	2024		2023
DeRidder litigation (a)	$	123.7	$	—
Compensation and benefits		87.4		154.4
Medical insurance and workers’ compensation		28.3		28.4
Customer rebates and other credits		26.0		35.2
Franchise, property, sales and use taxes		23.5		18.6
Environmental liabilities and asset retirement obligations		3.9		4.0
Severance, retention, and relocation		1.4		1.0
Other		9.8		11.9
Total	$	304.0	$	253.5

(a)

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2022	$ 3,667.1	$ 0.9	$ 581.8	$ 3,186.8	$ (102.4)
Beginning Balance (in shares) at Dec. 31, 2022		89,695,000
Common stock withheld and retired to cover taxes on vested stock awards	(4.7)		(0.3)	(4.4)
Common stock withheld and retired to cover taxes on vested stock awards (in shares)		(36,000)
Common stock dividends declared	(113.2)			(113.2)
Share-based compensation and other	16.3		16.3
Share-based compensation and other (in shares)		273,000
Comprehensive income	192.2			190.1	2.1
Ending Balance at Mar. 31, 2023	3,757.7	$ 0.9	597.8	3,259.2	(100.3)
Ending Balance (in shares) at Mar. 31, 2023		89,932,000
Beginning Balance at Dec. 31, 2023	3,997.3	$ 0.9	620.1	3,447.2	(70.9)
Beginning Balance (in shares) at Dec. 31, 2023		89,625,000
Common stock withheld and retired to cover taxes on vested stock awards	(22.5)		(1.1)	(21.4)
Common stock withheld and retired to cover taxes on vested stock awards (in shares)		(127,000)
Common stock dividends declared	(113.1)			(113.1)
Share-based compensation and other	21.5		21.5
Share-based compensation and other (in shares)		306,000
Comprehensive income	147.8			146.9	0.9
Ending Balance at Mar. 31, 2024	$ 4,031.0	$ 0.9	$ 640.5	$ 3,459.6	$ (70.0)
Ending Balance (in shares) at Mar. 31, 2024		89,804,000

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

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

DeRidder litigation

^[1]

$ (123.7)

$ 0.0

DeRidder litigation insurance recovery

^[1]

123.7

0.0

Asset disposals and write-offs

(7.4)

(6.6)

Facilities closure and other income (costs)

^[2]

0.1

(4.7)

Other

(6.9)

(1.5)

Total

(22.5)

(12.5)

Jackson, Alabama Mill

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

Jackson mill conversion-related activities

^[3]

$ (8.3)

$ 0.3

[1]	On April 24, 2024, a jury for the remaining DeRidder mill lawsuit that was tried in the U.S. District Court for the Middle District of Louisiana awarded plaintiffs compensatory damages plus prejudgment interest. The amount of the verdict with interest is within the remaining limits of the Company's liability insurance policies. See Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings for additional detail.
[2]	For 2024, includes income primarily related to a favorable lease buyout for a closed corrugated products facility, partially offset by closure costs related to corrugated products facilities and design centers. For 2023, includes charges consisting of closure costs related to corrugated products facilities and design centers.
[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 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

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans and Other Postretirement Benefits

13. Employee Benefit Plans and Other Postretirement Benefits

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


	Pension Plans
	Three Months Ended March 31,
	2024			2023
Service cost	$	3.1		$	3.6
Interest cost		13.9			14.0
Expected return on plan assets		(16.5	)		(14.3	)
Net amortization of unrecognized amounts
Prior service cost		1.4			1.3
Actuarial loss		0.2			1.1
Net periodic benefit cost	$	2.1		$	5.7

PCA makes pension plan contributions that are sufficient to fund its actuarially determined costs, generally equal to the minimum amounts required by the Employee Retirement Income Security Act (ERISA). From time to time, PCA may make additional discretionary contributions based on the funded status of the plans, tax deductibility, income from operations, and other factors. During both the three months ended March 31, 2024 and 2023, payments to our nonqualified pension plans were insignificant. During both the three months ended March 31, 2024 and 2023, we did not make any contributions to our qualified pension plans. We do not have a required minimum contribution amount for 2024, but we expect to make discretionary contributions to our plans.

For both the three months ended March 31, 2024 and 2023, the net periodic benefit cost for our postretirement plans was insignificant.

- 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
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

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+ Details

New Accounting Standards (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recently Adopted Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to 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.

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

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Apr. 15, 2024	Feb. 28, 2024	Mar. 31, 2024	Mar. 31, 2023	Jan. 26, 2022
Common stock dividends paid			$ 112.0	$ 112.1
Dividends paid per common share (in dollars per share)		$ 1.25
Stock repurchase program, authorized amount					$ 1,000.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount			436.0
Repurchases of common stock under stock repurchase program			436.0
Subsequent Events
Common stock dividends paid	$ 112.2
Minimum
Common stock dividends paid			$ 112.0

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

11. Debt

For the three months ended March 31, 2024 and 2023, cash payments for interest were $7.3 million and $7.5 million, respectively.

Included in interest expense, net is the amortization of financing costs, which includes the amortization of debt issuance costs and amortization of bond discount. For the three months ended March 31, 2024 and 2023, amortization of debt issuance costs was $0.5 million and $0.4 million, respectively. For both the three months ended March 31, 2024 and 2023, the amortization of bond discount was insignificant.

At March 31, 2024, we had $2,891.8 million of fixed-rate senior notes outstanding. The fair value of our fixed-rate debt was estimated to be $2,534.3 million. The difference between the book value and fair value is due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy, which is further defined in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2023 Annual Report on Form 10-K.

For more information on our long-term debt and interest rates on that debt, see Note 10, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2023 Annual Report on Form 10-K.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Topic 470
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

7. Inventories

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

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


	March 31,		December 31,
	2024		2023
Raw materials	$	322.4	$	326.2
Work in process		15.7		14.9
Finished goods		189.9		200.5
Supplies and materials		475.6		471.5
Inventories	$	1,003.6	$	1,013.1

Share-Based Compensation

3 Months Ended

Mar. 31, 2024

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 28, 2024, our board of directors approved, and, on May 8, 2024, our stockholders approved, the amendment and restatement of the plan. The amendment extended the plan’s term to May 8, 2034 and increased the number of shares of common stock available for issuance under the plan by 2.4 million shares. The total number of shares authorized for past and future awards is 14.3 million shares.

As of March 31, 2024, assuming performance units are paid out at the target level of performance, 0.4 million shares were available for future grants under the current plan. Forfeitures are added back to the pool of shares of common stock available to be granted at a future date.

The following table presents restricted stock and performance unit award activity for the three months ended March 31, 2024:


	Restricted Stock					Performance Units
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2024		671,723		$	127.15		372,777		$	119.22
Granted		156,916			176.36		128,613			189.00
Vested (a)		(173,248	)		94.65		(138,193	)		182.67
Forfeitures		(939	)		137.80		—			—
Outstanding at March 31, 2024		654,452		$	147.54		363,197		$	119.79

(a)

Upon payout of the performance unit awards that vested during the period, PCA issued 150,238 shares, which included 12,045 shares for dividends accrued during the performance period.

Compensation Expense


	Three Months Ended March 31,
	2024			2023
Restricted stock	$	14.0		$	11.9
Performance units		5.4			3.4
Total share-based compensation expense		19.4			15.3
Income tax benefit		(4.8	)		(3.8	)
Share-based compensation expense, net of tax benefit	$	14.6		$	11.5

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

Performance unit awards granted to certain key employees are earned based on the achievement of defined performance rankings of Return on Invested Capital (ROIC) or Total Shareholder Return (TSR) compared to ROIC and TSR for peer companies. For performance unit awards made in 2024 and 2023, in terms of grant date value, 50% used TSR as the performance measure and 50% used ROIC as the performance measure. The ROIC component of performance unit awards is valued based on the closing price of the stock on the grant date. As the ROIC component contains a performance condition, compensation expense, net of estimated forfeitures, is recorded over the requisite service period based on the most probable number of awards expected to vest. The TSR component of performance unit awards is valued using a Monte Carlo simulation as the TSR component contains a market condition. The Monte Carlo simulation estimates the fair value of the TSR component based on the expected term of the award, a risk-free interest rate, expected dividends, and expected volatility of the Company’s common stock and the common stock of the peer companies. Compensation expense is recorded ratably over the expected term of the award.

The unrecognized compensation expense for all share-based awards at March 31, 2024 was as follows (dollars in millions):


	March 31, 2024
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	42.1		2.9
Performance units		35.5		2.7
Total unrecognized share-based compensation expense	$	77.6		2.8

Accrued Liabilities - Components of Accrued Liabilities (Details) - USD ($)
$ in Millions

Mar. 31, 2024

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

DeRidder Litigation

^[1]

$ 123.7

$ 0.0

Compensation and benefits

87.4

154.4

Medical insurance and workers’ compensation

28.3

28.4

Customer rebates and other credits

26.0

35.2

Franchise, property, sales and use taxes

23.5

18.6

Environmental liabilities and asset retirement obligations

3.9

4.0

Severance, retention, and relocation

1.4

1.0

Other

9.8

11.9

Total

$ 304.0

$ 253.5

[1]

Share-Based Compensation - Summary of Restricted Stock and Performance Unit Award Activity (Parenthetical) (Details) - Performance Units shares in Thousands	3 Months Ended
	Mar. 31, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	150,238
Shares issued on accrued dividends	12,045

- 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

Subsequent Event (Additional Information) (Details) $ in Millions	Apr. 24, 2024 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Compensatory damage	$ 91.8

Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

Revenue Recognition

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

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


	Three Months Ended March 31,
	2024		2023
Packaging	$	1,798.3	$	1,808.6
Paper		163.8		150.9
Corporate and Other		17.4		16.8
Total revenue	$	1,979.5	$	1,976.3

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 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
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-Paragraph 9
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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 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Revenue - Summary of Revenues Disaggregated by Product Line (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,979.5	$ 1,976.3
Packaging
Disaggregation Of Revenue [Line Items]
Revenue	1,798.3	1,808.6
Paper
Disaggregation Of Revenue [Line Items]
Revenue	163.8	150.9
Corporate and Other
Disaggregation Of Revenue [Line Items]
Revenue	$ 17.4	$ 16.8

- 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

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
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+ Details

Debt - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Cash payments paid for interest	$ 7.3	$ 7.5
Amortization of financing costs	0.5	$ 0.4
Senior Notes \| Fixed-Rate Senior Notes
Debt Instrument [Line Items]
Book value of fixed rate debt	2,891.8
Long-term debt (fixed-rate debt), fair value	$ 2,534.3

- 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

Share-Based Compensation - Compensation Expense for Share-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 19.4	$ 15.3
Income tax benefit	(4.8)	(3.8)
Share-based compensation expense, net of tax benefit	14.6	11.5
Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	14.0	11.9
Performance Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 5.4	$ 3.4

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

3 Months Ended

Mar. 31, 2024

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, held-to-maturity ("HTM") debt securities, and available-for-sale ("AFS") debt securities by major asset category at March 31, 2024 and December 31, 2023 (in millions):


	March 31, 2024
	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	$	691.9	$	—	$	—		$	691.9	$	691.9	$	—	$	—
Time Deposits (a):		400.0		—		—			400.0		—		400.0		—
Level 1 (b):
U.S. Treasury securities		34.4		—		(0.1	)		34.3		—		17.5		16.8
Money market funds		0.5		—		—			0.5		0.5		—		—
Subtotal		34.9		—		(0.1	)		34.8		0.5		17.5		16.8
Level 2 (c):
Corporate debt securities		111.4		0.1		(0.2	)		111.3		—		60.4		50.9
U.S. government agency securities		7.7		—		(0.1	)		7.6		—		6.8		0.8
Certificates of deposit		7.6		—		—			7.6		—		7.6		—
Subtotal		126.7		0.1		(0.3	)		126.5		—		74.8		51.7
Total	$	1,253.5	$	0.1	$	(0.4	)	$	1,253.2	$	692.4	$	492.3	$	68.5


	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

(a)

We had $400.0 million of investments in time deposits classified as HTM debt securities as of both March 31, 2024 and 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.

(b)

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

(c)

Schedule of Marketable Debt Securities in Continuous Loss Position

The following tables provide information about the Company’s marketable debt securities that have been in a continuous loss position as of March 31, 2024 and December 31, 2023 (in millions, except number of marketable debt securities in a loss position):


	March 31, 2024
	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	$	54.5		61	$	0.2	$	18.8		30	$	0.1
U.S. Treasury securities		21.6		20		0.1		4.8		7		—
U.S. government agency securities		5.4		8		—		2.2		3		—
Certificates of deposit		2.5		3		—		—		—		—
	$	84.0		92	$	0.3	$	25.8		40	$	0.1


	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

Earnings Per Share - Computation of Basic and Diluted Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net Income (Loss)	$ 146.9	$ 190.1
Less: Distributed and undistributed earnings allocated to participating securities	(1.0)	(1.6)
Net income attributable to common shareholders	$ 145.9	$ 188.5
Denominator:
Weighted average basic common shares outstanding (in shares)	89.0	89.0
Effect of dilutive securities (in shares)	0.4	0.4
Weighted average diluted common shares outstanding (in shares)	89.4	89.4
Basic income per common share (in dollars per share)	$ 1.64	$ 2.12
Diluted income per common share (in dollars per share)	$ 1.63	$ 2.11

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

20. Subsequent Event

The Company has disclosed the following subsequent event in accordance with Accounting Standards Codification (ASC) 855, Subsequent Events. Subsequent events have been evaluated through the filing date of this Form 10-Q.

On April 24, 2024, a jury for the remaining DeRidder mill lawsuit that was tried in the U.S. District Court for the Middle District of Louisiana awarded plaintiffs approximately $91.8 million in compensatory damages plus prejudgment interest. The amount of the verdict with interest is within the remaining limits of the Company's liability insurance policies. See Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings for additional detail.

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

15. Stockholders' Equity

Dividends

During the three months ended March 31, 2024, we paid $112.0 million of dividends to shareholders. On February 28, 2024, PCA’s Board of Directors declared a regular quarterly cash dividend of $1.25 per share of common stock, which was paid on April 15, 2024 to shareholders of record as of March 15, 2024. The dividend payment was $112.2 million.

Repurchases of Common Stock

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

The company did not repurchase any shares of its common stock under this authority during the three months ended March 31, 2024. At March 31, 2024, $436.0 million of the authorized amount remained available for repurchase of the Company’s common stock.

Accumulated Other Comprehensive Income (Loss)

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


	Unrealized Loss On Foreign Exchange Contracts			Unrealized Loss on Marketable Debt Securities			Unfunded Employee Benefit Obligations			Total
Balance at January 1, 2024	$	(0.1	)	$	(0.1	)	$	(70.7	)	$	(70.9	)
Other comprehensive loss before reclassifications, net of tax		—			(0.1	)		—			(0.1	)
Amounts reclassified from AOCI, net of tax		—			—			1.0			1.0
Balance at March 31, 2024	$	(0.1	)	$	(0.2	)	$	(69.7	)	$	(70.0	)

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


	Amounts Reclassified from AOCI
	Three Months Ended March 31,
Details about AOCI Components	2024			2023
Unfunded employee benefit obligations (a)
Amortization of prior service costs	$	(1.3	)	$	(1.2	)	See (a) below
Amortization of actuarial losses		(0.1	)		(1.0	)	See (a) below
		(1.4	)		(2.2	)	Total before tax
		0.4			0.6		Tax benefit
	$	(1.0	)	$	(1.6	)	Net of tax

(a)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-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

Cash, Cash Equivalents, and Marketable Debt Securities

3 Months Ended

Mar. 31, 2024

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

Cash, Cash Equivalents, and Marketable Debt Securities

12. Cash, Cash Equivalents, and Marketable Debt Securities


	March 31, 2024
	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	$	691.9	$	—	$	—		$	691.9	$	691.9	$	—	$	—
Time Deposits (a):		400.0		—		—			400.0		—		400.0		—
Level 1 (b):
U.S. Treasury securities		34.4		—		(0.1	)		34.3		—		17.5		16.8
Money market funds		0.5		—		—			0.5		0.5		—		—
Subtotal		34.9		—		(0.1	)		34.8		0.5		17.5		16.8
Level 2 (c):
Corporate debt securities		111.4		0.1		(0.2	)		111.3		—		60.4		50.9
U.S. government agency securities		7.7		—		(0.1	)		7.6		—		6.8		0.8
Certificates of deposit		7.6		—		—			7.6		—		7.6		—
Subtotal		126.7		0.1		(0.3	)		126.5		—		74.8		51.7
Total	$	1,253.5	$	0.1	$	(0.4	)	$	1,253.2	$	692.4	$	492.3	$	68.5


	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

(a)

(b)

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

(c)

For both the three months ended March 31, 2024 and 2023, net realized gains and losses on the sales and maturities of certain marketable debt securities were insignificant.

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

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

As of March 31, 2024 and December 31, 2023, 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).


	March 31, 2024
	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	$	54.5		61	$	0.2	$	18.8		30	$	0.1
U.S. Treasury securities		21.6		20		0.1		4.8		7		—
U.S. government agency securities		5.4		8		—		2.2		3		—
Certificates of deposit		2.5		3		—		—		—		—
	$	84.0		92	$	0.3	$	25.8		40	$	0.1


	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

Employee Benefit Plans and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Contributions [Abstract]
Contributions to pension plan	$ 0	$ 0
Pension Plans
Pension Contributions [Abstract]
Contributions to pension plan	$ 0

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

4. Earnings Per Share

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


	Three Months Ended
	March 31,
Numerator:	2024			2023
Net income	$	146.9		$	190.1
Less: Distributed and undistributed earnings allocated to participating securities		(1.0	)		(1.6	)
Net income attributable to common shareholders	$	145.9		$	188.5
Denominator:
Weighted average basic common shares outstanding		89.0			89.0
Effect of dilutive securities		0.4			0.4
Weighted average diluted common shares outstanding		89.4			89.4
Basic income per common share	$	1.64		$	2.12
Diluted income per common share	$	1.63		$	2.11

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Share-Based Compensation - Unrecognized Compensation Expense for Share-Based Awards (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 77.6
Remaining weighted-average recognition period	2 years 9 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 42.1
Remaining weighted-average recognition period	2 years 10 months 24 days
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 35.5
Remaining weighted-average recognition period	2 years 8 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

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

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

Income before taxes

$ 187.5

$ 253.3

Income tax benefit

(40.6)

(63.2)

Net income

146.9

190.1

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]

(1.3)

(1.2)

Amortization of actuarial losses

^[1]

(0.1)

(1.0)

Income before taxes

(1.4)

(2.2)

Income tax benefit

0.4

0.6

Net income

$ (1.0)

$ (1.6)

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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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

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

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

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


	Sales, net
Three Months Ended March 31, 2024	Trade		Intersegment			Total			Operating Income (Loss)
Packaging	$	1,793.5	$	4.8		$	1,798.3		$	203.8		(a)
Paper		163.8		—			163.8			29.7		(a)
Corporate and Other		22.2		39.4			61.6			(37.5	)
Intersegment eliminations		—		(44.2	)		(44.2	)		—
	$	1,979.5	$	—		$	1,979.5			196.0
Non-operating pension income										1.1
Interest expense, net										(9.6	)
Income before taxes									$	187.5


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


(a)	The three months ended March 31, 2024 include the following:
	1.	$10.4 million of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.
	2.	$0.1 million of income primarily related to a favorable lease buyout for a closed corrugated products facility, partially offset by closure costs related to corrugated products facilities and design centers.

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

Other Expense, Net (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Operating Cost and Expense, by Component [Table Text Block]

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


	Three Months Ended
	March 31,
	2024			2023
DeRidder litigation (a)	$	(123.7	)	$	—
DeRidder litigation insurance recovery (a)		123.7			—
Asset disposals and write-offs		(7.4	)		(6.6	)
Jackson mill conversion-related activities (b)		(8.3	)		0.3
Facilities closure and other income (costs) (c)		0.1			(4.7	)
Other		(6.9	)		(1.5	)
Total	$	(22.5	)	$	(12.5	)

(a)

(b)

(c)

Commitments, Guarantees, Indemnifications, and Legal Proceedings - Additional Information (Details) - DeRidder, Louisiana - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2024	Mar. 30, 2024	Mar. 31, 2024	Sep. 30, 2022	Feb. 08, 2017
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
Damage compensation to plaintiff	$ 91.8
Loss Contingency Accrual, Provision		$ 123.7
Loss Contingency, Receivable, Current			$ 123.7
Loss Contingency Interest Payable on Damages			$ 31.9

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 146.9	$ 190.1

- Definition

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

+ References

+ Details

New Accounting Standards	3 Months Ended
New Accounting Standards	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	2. New Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to 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. There were no other accounting standards recently issued that had or are expected to have a material impact on our financial position or results of operations.

- Definition

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

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-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-6

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (e)(1)
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
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-Subparagraph (d)(2)
-SubTopic 20
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net income	$ 146.9	$ 190.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization of intangibles	128.4	129.5
Amortization of deferred financing costs	0.6	0.5
Share-based compensation expense	19.4	15.3
Deferred income tax provision	8.4	2.7
Net loss on asset disposals	5.2	1.8
Pension and post-retirement benefits expense, net of contributions	1.5	5.0
Other, net	8.2	6.8
(Increase) decrease in assets -
Accounts receivable	(11.9)	0.4
Inventories	9.5	(26.1)
Prepaid expenses and other current assets	(149.4)	(29.3)
Increase (decrease) in liabilities -
Accounts payable	1.5	(5.0)
Accrued liabilities	70.3	(65.0)
Federal and state income taxes payable/receivable	21.8	53.7
Net cash provided by operating activities	260.4	280.4
Cash Flows from Investing Activities:
Additions to property, plant, and equipment	(76.7)	(112.4)
Additions to other long term assets	(1.4)	(1.6)
Proceeds from asset disposals	0.1	0.3
Purchases of available-for-sale debt securities	(32.8)	(29.6)
Proceeds from sales of available-for-sale debt securities	1.5	0.0
Proceeds from maturities of available-for-sale debt securities	28.3	27.9
Net cash used for investing activities	(81.0)	(115.4)
Cash Flows from Financing Activities:
Repayments of debt and finance lease obligations	(0.5)	(0.5)
Common stock dividends paid	(112.0)	(112.1)
Shares withheld to cover employee restricted stock taxes	(22.5)	(4.7)
Net cash used for financing activities	(135.0)	(117.3)
Net increase in cash and cash equivalents	44.4	47.7
Cash and cash equivalents, beginning of period	648.0	320.0
Cash and cash equivalents, end of period	$ 692.4	$ 367.7

Transactions With Related Parties

3 Months Ended

Mar. 31, 2024

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 $3.1 million at March 31, 2024 and $3.3 million at December 31, 2023. During the three months ended March 31, 2024 and 2023, we recorded $19.8 million and $20.1 million, respectively, of LTP sales to Boise Cascade in "Net Sales" in the Consolidated Statements of Income and approximately the same amount of expenses in "Cost of Sales".

During the three months ended March 31, 2024 and 2023, fiber purchases from related parties were $2.6 million and $2.9 million, respectively. Most of these purchases related to chip and log purchases by LTP from Boise Cascade's wood products business. These purchases are recorded in "Cost of Sales" in the Consolidated Statements of Income.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

18. Segment Information

We report our business in three reportable segments: Packaging, Paper, and Corporate and Other. These segments represent distinct businesses that are managed separately because of differing products and services. Each of these businesses requires distinct operating and marketing strategies.

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

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


	Sales, net
Three Months Ended March 31, 2024	Trade		Intersegment			Total			Operating Income (Loss)
Packaging	$	1,793.5	$	4.8		$	1,798.3		$	203.8		(a)
Paper		163.8		—			163.8			29.7		(a)
Corporate and Other		22.2		39.4			61.6			(37.5	)
Intersegment eliminations		—		(44.2	)		(44.2	)		—
	$	1,979.5	$	—		$	1,979.5			196.0
Non-operating pension income										1.1
Interest expense, net										(9.6	)
Income before taxes									$	187.5


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


(a)	The three months ended March 31, 2024 include the following:
	1.	$10.4 million of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.
	2.	$0.1 million of income primarily related to a favorable lease buyout for a closed corrugated products facility, partially offset by closure costs related to corrugated products facilities and design centers.

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

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Intangible Assets

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


	March 31, 2024						December 31, 2023
	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		7.2	$	546.0	$	335.8		7.4	$	546.0	$	326.9
Trademarks and trade names		6.4		41.3		31.4		6.5		41.3		30.9
Other		2.7		4.4		4.4		2.9		4.4		4.3
Total intangible assets (excluding goodwill)		7.1	$	591.7	$	371.6		7.3	$	591.7	$	362.1

Employee Benefit Plans and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Costs

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


	Pension Plans
	Three Months Ended March 31,
	2024			2023
Service cost	$	3.1		$	3.6
Interest cost		13.9			14.0
Expected return on plan assets		(16.5	)		(14.3	)
Net amortization of unrecognized amounts
Prior service cost		1.4			1.3
Actuarial loss		0.2			1.1
Net periodic benefit cost	$	2.1		$	5.7

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Short-term marketable debt securities	$ 92.3	$ 93.5
Allowance for credit losses and customer deductions	$ 12.1	$ 13.1
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300.0	300.0
Common stock, shares issued	89.8	89.6

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenues Disaggregated by Product Line

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


	Three Months Ended March 31,
	2024		2023
Packaging	$	1,798.3	$	1,808.6
Paper		163.8		150.9
Corporate and Other		17.4		16.8
Total revenue	$	1,979.5	$	1,976.3

Property, Plant, and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

8. Property, Plant, and Equipment

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


	March 31,			December 31,
	2024			2023
Land and land improvements	$	199.1		$	197.8
Buildings		1,091.3			1,090.4
Machinery and equipment		7,021.3			7,006.7
Construction in progress		395.9			335.8
Other		178.6			177.0
Property, plant and equipment, at cost		8,886.2			8,807.7
Less accumulated depreciation		(5,021.7	)		(4,943.9	)
Property, plant, and equipment, net	$	3,864.5		$	3,863.8

Depreciation expense for the three months ended March 31, 2024 and 2023 was $118.1 million and $118.8 million, respectively. During the three months ended March 31, 2024, we recognized $1.5 million of incremental depreciation expense as a result of Jackson mill conversion-related activities. We recognized $6.3 million of incremental depreciation expense during the three months ended March 31, 2023 as a result of corrugated products facilities and design center closures and Jackson mill conversion-related activities.

At March 31, 2024 and December 31, 2023, purchases of property, plant, and equipment included in accounts payable were $69.9 million and $24.2 million, respectively.

Cash, Cash Equivalents, and Marketable Debt Securities - Schedule of Marketable Debt Securities in Continuous Loss Position (Parenthetical) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Bank Time Deposits [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Investment in debt security held-to-maturity	$ 400.0

Cash, Cash Equivalents, and Marketable Debt Securities - Schedule of Marketable Debt Securities in Continuous Loss Position (Details) $ in Millions	Mar. 31, 2024 USD ($) Security	Dec. 31, 2023 USD ($) Security
Schedule Of Available For Sale Securities [Line Items]
Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months	$ 84.0	$ 47.8
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months \| Security	92	60
Unrealized Losses Less Than 12 Months	$ 0.3	$ 0.1
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 25.8	$ 43.9
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	40	61
Unrealized Losses 12 Months Or Longer	$ 0.1	$ 0.4
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	$ 54.5	$ 27.9
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months \| Security	61	35
Unrealized Losses Less Than 12 Months	$ 0.2	$ 0.1
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 18.8	$ 36.2
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	30	49
Unrealized Losses 12 Months Or Longer	$ 0.1	$ 0.3
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	$ 21.6	$ 11.4
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months \| Security	20	11
Unrealized Losses Less Than 12 Months	$ 0.1	$ 0.0
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 4.8	$ 6.2
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	7	10
Unrealized Losses 12 Months Or Longer	$ 0.0	$ 0.1
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	$ 5.4	$ 8.5
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months \| Security	8	14
Unrealized Losses Less Than 12 Months	$ 0.0	$ 0.0
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 2.2	$ 1.5
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	3	2
Unrealized Losses 12 Months Or Longer	$ 0.0	$ 0.0
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months	$ 2.5
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months \| Security	3
Unrealized Losses Less Than 12 Months	$ 0.0
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer	$ 0.0
Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer \| Security	0
Unrealized Losses 12 Months Or Longer	$ 0.0

Segment Information - Selected Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,979.5	$ 1,976.3
Operating Income (Loss)	196.0	270.7
Non-operating pension expense	1.1	(2.0)
Interest expense, net	(9.6)	(15.4)
Income before taxes	187.5	253.3
Trade
Segment Reporting Information [Line Items]
Net sales	1,979.5	1,976.3
Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,979.5	1,976.3
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net sales	(44.2)	(43.7)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales	(44.2)	(43.7)
Packaging
Segment Reporting Information [Line Items]
Net sales	1,798.3	1,808.6
Operating Income (Loss)	203.8	268.0
Packaging \| Trade
Segment Reporting Information [Line Items]
Net sales	1,793.5	1,803.5
Packaging \| Intersegment
Segment Reporting Information [Line Items]
Net sales	4.8	5.1
Packaging \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,798.3	1,808.6
Paper
Segment Reporting Information [Line Items]
Net sales	163.8	150.9
Operating Income (Loss)	29.7	34.1
Paper \| Trade
Segment Reporting Information [Line Items]
Net sales	163.8	150.9
Paper \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	163.8	150.9
Corporate and Other
Segment Reporting Information [Line Items]
Net sales	17.4	16.8
Operating Income (Loss)	(37.5)	(31.4)
Corporate and Other \| Trade
Segment Reporting Information [Line Items]
Net sales	22.2	21.9
Corporate and Other \| Intersegment
Segment Reporting Information [Line Items]
Net sales	39.4	38.6
Corporate and Other \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	$ 61.6	$ 60.5

Transactions With Related Parties - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Carrying amount of LTP's assets	$ 8,857.0		$ 8,681.1
Revenue from Contract with Customer, Excluding Assessed Tax, Total	$ 1,979.5	$ 1,976.3
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]
Revenue from Contract with Customer, Excluding Assessed Tax, Total	$ 19.8	20.1
Boise Cascade Co-Owner of LTP \| Wood Products, Including Chips and Logs
Related Party Transaction [Line Items]
Fiber costs from related parties	$ 2.6	2.9
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	$ 3.1	$ 3.3

Nature of Operations and Basis of Presentation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Jan. 25, 1999
Number of reportable segments	3

Nature of Operations and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

1. Nature of Operations and Basis of Presentation

Packaging Corporation of America ("we," "us," "our," PCA," or the "Company") was incorporated on January 25, 1999. In April 1999, PCA acquired the containerboard and corrugated packaging products business of Pactiv Corporation ("Pactiv"), formerly known as Tenneco Packaging, Inc. We are a large diverse manufacturer of both packaging and paper products. We are headquartered in Lake Forest, Illinois and we operate primarily in the United States.

We report our business in three reportable segments: Packaging, Paper, and Corporate and Other. Our Packaging segment produces a wide variety of containerboard and corrugated packaging products. The Paper segment manufactures and sells a range of communication-based papers. Corporate and Other includes support staff services and related assets and liabilities, transportation assets, and activity related to other ancillary support operations. For more information about our segments, see Note 18, Segment Information.

The consolidated financial statements of PCA as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 are unaudited but include all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of such financial statements. The preparation of the consolidated financial statements involves the use of estimates and accruals. Actual results may vary from those estimates. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete audited financial statements. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023.

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

Concentrations of Risk

3 Months Ended

Mar. 31, 2024

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% of our total Company sales for both the three month periods ended March 31, 2024 and 2023 and approximately 58% and 64% of our Paper segment sales for those periods, respectively. For the full year 2023, sales to ODP represented about 61% of our Paper segment sales.

At March 31, 2024 and December 31, 2023, we had $48.6 million and $46.5 million of accounts receivable due from ODP, respectively, which represents approximately 5% and 4% of our total Company receivables for those periods, respectively.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	PACKAGING CORP OF AMERICA
Entity Central Index Key	0000075677
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		89,797,979,000
Entity File Number	1-15399
Entity Tax Identification Number	36-4277050
Entity Address, Address Line One	1 North Field Court
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	847
Local Phone Number	482-3000
Document Quarterly Report	true
Entity Incorporation, State or Country Code	DE
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PKG
Security Exchange Name	NYSE

Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 322.4	$ 326.2
Work in process	15.7	14.9
Finished goods	189.9	200.5
Supplies and materials	475.6	471.5
Inventories	$ 1,003.6	$ 1,013.1

Concentrations of Risk - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Accounts receivable, net, current	$ 1,045.1		$ 1,033.2
Office Depot \| Credit Concentration Risk
Concentration Risk [Line Items]
Accounts receivable, net, current	$ 48.6		$ 46.5
Office Depot \| Total Company Sales Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	5.00%	5.00%
Office Depot \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	5.00%		4.00%
Paper \| Office Depot \| Total Company Sales Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage			61.00%
Paper \| Office Depot \| Revenue, Segment Benchmark [Member] \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	58.00%	64.00%

Property, Plant, and Equipment - Components of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	$ 8,886.2	$ 8,807.7
Less accumulated depreciation	(5,021.7)	(4,943.9)
Property, plant, and equipment, net	3,864.5	3,863.8
Land and land Improvements
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	199.1	197.8
Buildings
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	1,091.3	1,090.4
Machinery and Equipment
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	7,021.3	7,006.7
Construction in Progress
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	395.9	335.8
Other
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	$ 178.6	$ 177.0

Goodwill and Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	7 years 1 month 6 days	7 years 3 months 18 days
Gross Carrying Amount	$ 591.7	$ 591.7
Accumulated Amortization	$ 371.6	$ 362.1
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	7 years 2 months 12 days	7 years 4 months 24 days
Gross Carrying Amount	$ 546.0	$ 546.0
Accumulated Amortization	$ 335.8	$ 326.9
Trademarks and Trade Names
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	6 years 4 months 24 days	6 years 6 months
Gross Carrying Amount	$ 41.3	$ 41.3
Accumulated Amortization	$ 31.4	$ 30.9
Other
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	2 years 8 months 12 days	2 years 10 months 24 days
Gross Carrying Amount	$ 4.4	$ 4.4
Accumulated Amortization	$ 4.4	$ 4.3

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 40.6	$ 63.2
Effective income tax rate, percent	21.60%	24.90%
Federal statutory income tax rate	21.00%
Cash paid for taxes, net of refunds received	$ 10.3	$ 6.9

- Definition

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

+ References + Details

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income by Component (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 3,997.3
Ending balance	4,031.0
Unfunded Employee Benefit Obligations
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(70.7)
Other comprehensive income before reclassifications, net of tax	0.0
Amounts reclassified from AOCI, net of tax	1.0
Ending balance	(69.7)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(70.9)
Other comprehensive income before reclassifications, net of tax	(0.1)
Amounts reclassified from AOCI, net of tax	1.0
Ending balance	(70.0)
Foreign Exchange Contract \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(0.1)
Other comprehensive income before reclassifications, net of tax	0.0
Amounts reclassified from AOCI, net of tax	0.0
Ending balance	(0.1)
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	(0.1)
Other comprehensive income before reclassifications, net of tax	(0.1)
Amounts reclassified from AOCI, net of tax	0.0
Ending balance	$ (0.2)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Revenue - Additional Information (Details)	3 Months Ended
Revenue - Additional Information (Details)	Mar. 31, 2024
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%

Property, Plant, and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Components of Property, Plant, and Equipment

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


	March 31,			December 31,
	2024			2023
Land and land improvements	$	199.1		$	197.8
Buildings		1,091.3			1,090.4
Machinery and equipment		7,021.3			7,006.7
Construction in progress		395.9			335.8
Other		178.6			177.0
Property, plant and equipment, at cost		8,886.2			8,807.7
Less accumulated depreciation		(5,021.7	)		(4,943.9	)
Property, plant, and equipment, net	$	3,864.5		$	3,863.8

Property, Plant, and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Depreciation [Abstract]
Depreciation expense	$ 118.1	$ 118.8
Incremental depreciation	1.5	6.3
Purchases of property, plant, and equipment included in accounts payable	$ 69.9	$ 24.2

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 1,979.5	$ 1,976.3
Cost of sales	(1,609.1)	(1,544.9)
Gross profit	370.4	431.4
Selling, general and administrative expenses	(151.9)	(148.2)
Other expense, net	(22.5)	(12.5)
Income from operations	196.0	270.7
Non-operating pension (expense) income	1.1	(2.0)
Interest expense, net	(9.6)	(15.4)
Income before taxes	187.5	253.3
Provision for income taxes	(40.6)	(63.2)
Net income	$ 146.9	$ 190.1
Net income per common share:
Basic	$ 1.64	$ 2.12
Diluted	1.63	2.11
Dividends declared per common share	$ 1.25	$ 1.25
Statements of Comprehensive Income:
Net Income (Loss)	$ 146.9	$ 190.1
Changes in unrealized (losses) gains on marketable debt securities, net of tax of $0.0 million and ($0.2) million for 2024 and 2023, respectively	(0.1)	0.5
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of ($0.4) million and ($0.6) million for 2024 and 2023, respectively	1.0	1.6
Other comprehensive income	0.9	2.1
Comprehensive income	$ 147.8	$ 192.2