Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

16. Stockholders' Equity

Dividends

During the three months ended March 31, 2022, we paid $93.6 million of dividends to shareholders. On February 23, 2022, PCA’s Board of Directors declared a regular quarterly cash dividend of $1.00 per share of common stock, which was paid on April 15, 2022 to shareholders of record as of March 15, 2022. The dividend payment was $93.7 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, 2022. At March 31, 2022, $1 billion 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, 2022	$	(0.2	)	$	(0.2	)	$	(74.8	)	$	(75.2	)
Other comprehensive income before reclassifications,    net of tax		—			(1.2	)		—			(1.2	)
Amounts reclassified from AOCI, net of tax		—			—			1.2			1.2
Balance at March 31, 2022	$	(0.2	)	$	(1.4	)	$	(73.6	)	$	(75.2	)

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	2022			2021
Unfunded employee benefit obligations (a)
Amortization of prior service costs	$	(0.8	)	$	(0.8	)	See (a) below
Amortization of actuarial losses		(0.7	)		(2.5	)	See (a) below
		(1.5	)		(3.3	)	Total before tax
		0.3			0.8		Tax benefit
	$	(1.2	)	$	(2.5	)	Net of tax

(a)These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 14, Employee Benefit Plans and Other Postretirement Benefits, for additional information.