Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

16.Stockholders' Equity

Dividends

During the year ended December 31, 2022, we paid $420.3 million of dividends to shareholders. On December 8, 2022, PCA's Board of Directors declared a regular quarterly cash dividend of $1.25 per share of common stock, which was paid on January 13, 2023 to shareholders of record as of December 19, 2022. The dividend payment was $112.1 million.

On May 18, 2022, PCA announced an increase of its quarterly cash dividend on its common stock from an annual rate of $4.00 per share to $5.00 per share. The first quarterly dividend of $1.25 per share was paid on July 15, 2022 to shareholders of record as of June 15, 2022. The dividend payment was $117.1 million.

Share Repurchase Program

On January 26, 2022, PCA announced that its Board of Directors authorized the repurchase of an additional $1 billion of the Company's outstanding common stock. At the time of the announcement, there was no remaining authority under previously announced programs. Repurchases may be made from time to time in open market or privately negotiated transactions in accordance with applicable securities regulations. The timing and amount of repurchases will be determined by the Company in its discretion based on factors such as PCA’s stock price and market and business conditions.

During the third and fourth quarters of 2022, we paid $522.6 million, including fees, to repurchase 4.0 million shares of common stock. All shares repurchased have been retired. At December 31, 2022, $477.5 million of the authorized amount remained available for repurchase of the Company's common stock.

During 2021, we paid $193.0 million, including fees, to repurchase 1.4 million shares of common stock. The Company did not repurchase any shares of its common stock during the year ended December 31, 2020.

Accumulated Other Comprehensive Income (Loss)

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

	Foreign Currency Translation Adjustments			Unrealized Loss on Foreign Exchange Contracts			Unrealized (Loss) Gain on Marketable Debt Securities			Unfunded Employee Benefit Obligations			Total
Balance at January 1, 2021	$	(0.4	)	$	(0.2	)	$	0.3		$	(144.2	)	$	(144.5	)
Other comprehensive income before reclassifications		—			—			(0.5	)		59.4			58.9
Amounts reclassified from AOCI		0.4			—			—			10.0			10.4
Net current-period other comprehensive income (loss)		0.4			—			(0.5	)		69.4			69.3
Balance at December 31, 2021	$	—		$	(0.2	)	$	(0.2	)	$	(74.8	)	$	(75.2	)
Other comprehensive income before reclassifications		—			—			(1.7	)		(30.2	)		(31.9	)
Amounts reclassified from AOCI		—			—			—			4.7			4.7
Net current-period other comprehensive income (loss)		—			—			(1.7	)		(25.5	)		(27.2	)
Balance at December 31, 2022	$	—		$	(0.2	)	$	(1.9	)	$	(100.3	)	$	(102.4	)

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

	Amounts Reclassified from AOCI Year Ended December 31,
Details about AOCI Components	2022			2021
Unfunded employee benefit obligations (a)
Amortization of prior service costs	$	(3.2	)	$	(3.4	)
Amortization of actuarial gains / (losses)		(3.0	)		(9.9	)
		(6.2	)		(13.3	)	Total before tax
		1.5			3.3		Tax benefit
	$	(4.7	)	$	(10.0	)	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.