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Stockholders' Equity
 3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Stockholders' Equity
Stockholders' Equity

Dividends

During the three months ended March 31, 2016 we paid $53.1 million of dividends to shareholders. On February 25, 2016 PCA's Board of Directors declared a regular quarterly cash dividend of $0.55 per share, which was paid on April 15, 2016 to shareholders of record as of March 15, 2016. The April 2016 dividend payment was $51.9 million.

Repurchases of Common Stock

During the three months ended March 31, 2016 we paid $100.3 million to repurchase 1,987,187 shares of common stock fully depleting the July 2015 authorization of $150.0 million. On February 25, 2016 PCA announced that its Board of Directors authorized the repurchase of an additional $200.0 million 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.

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) (AOCI) by component were as follows. Amounts in parentheses indicate losses (dollars in millions):
 
 
Unrealized Loss On Treasury Locks, Net
 
Unrealized Loss on Foreign Exchange Contracts
 
Unfunded Employee Benefit Obligations
 
Total
Balance at January 1, 2016
 
$
(21.2
)
 
$
(0.4
)
 
$
(103.3
)
 
$
(124.9
)
Amounts reclassified from AOCI, net of tax
 
0.9

(a)
—

 
1.6

(b)
2.5

Balance at March 31, 2016
 
$
(20.3
)
 
$
(0.4
)
 
$
(101.7
)
 
$
(122.4
)


Reclassifications out of AOCI were as follows. Amounts in parentheses indicate expenses in the Consolidated Statements of Income (dollars in millions):
 
 
Amounts Reclassified from AOCI
 
 
 
 
Three Months Ended March 31
 
Affected Line Item in the Statement Where Net Income is Presented
Details about AOCI Components
 
2016
 
2015
 
Unrealized loss on treasury locks, net
 
$
(1.4
)
 
$
(1.4
)
 
See (a) below
 
 
0.5

 
0.6

 
Tax benefit
 
 
$
(0.9
)
 
$
(0.8
)
 
Net of tax
 
 
 
 
 
 
 
Unfunded employee benefit obligations
 
 
 
 
 
 
Amortization of prior service costs
 
$
(1.4
)
 
$
(1.4
)
 
See (b) below
Amortization of actuarial losses
 
(1.2
)
 
(2.2
)
 
See (b) below
 
 
(2.6
)
 
(3.6
)
 
Total before tax
 
 
1.0

 
1.4

 
Tax benefit
 
 
$
(1.6
)
 
$
(2.2
)
 
Net of tax
____________
(a)
This AOCI component is included in interest expense, net. Amount relates to the amortization of the effective portion of treasury lock derivative instruments recorded in AOCI. The net amount of settlement gains or losses on derivative instruments included in AOCI to be amortized over the next 12 months is a net loss of $5.7 million ($3.5 million after tax). For a discussion of treasury lock derivative instrument activity, see Note 14, Derivative Instruments and Hedging Activities, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K.
(b)
These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10, Employee Benefit Plans and Other Postretirement Benefits, for additional information.