Stockholders' Equity

6 Months Ended

Jun. 30, 2020

15.	Stockholders' Equity

Dividends

During the six months ended June 30, 2020, we paid $149.7 million of dividends to shareholders. On May 5, 2020, PCA’s Board of Directors declared a regular quarterly cash dividend of $0.79 per share of common stock, which was paid on July 15, 2020 to shareholders of record as of June 15, 2020. The dividend payment was $74.9 million.

Repurchases of Common Stock

On February 25, 2016, PCA announced that its Board of Directors authorized the repurchase of $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.

The Company did not repurchase any shares of its common stock under this authority during the three and six months ended June 30, 2020. At June 30, 2020, $193.0 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:

	Foreign Currency Translation Adjustments			Unrealized Loss on Foreign Exchange Contracts			Unrealized Loss on Marketable Debt Securities		Unfunded Employee Benefit Obligations			Total
Balance at January 1, 2020	$	(0.4	)	$	(0.2	)	$	—	$	(158.9	)	$	(159.5	)
Other comprehensive income before reclassifications, net of tax					—			0.7		—			0.7
Amounts reclassified from AOCI, net of tax		—			—			—		5.4			5.4
Balance at June 30, 2020	$	(0.4	)	$	(0.2	)	$	0.7	$	(153.5	)	$	(153.4	)

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 June 30,						Six Months Ended June 30,
Details about AOCI Components	2020			2019			2020			2019
Unrealized loss on treasury locks, net (a)	$	—		$	(1.3	)	$	—		$	(2.6	)	See (a) below
		—			0.3			—			0.7		Tax benefit
	$	—		$	(1.0	)	$	—		$	(1.9	)	Net of tax

Unfunded employee benefit obligations (b)
Amortization of prior service costs	$	(1.0	)	$	(1.5	)	$	(2.0	)	$	(3.0	)	See (b) below
Amortization of actuarial losses		(2.6	)		(1.6	)		(5.2	)		(3.3	)	See (b) below
		(3.6	)		(3.1	)		(7.2	)		(6.3	)	Total before tax
		0.9			0.8			1.8			1.6		Tax benefit
	$	(2.7	)	$	(2.3	)	$	(5.4	)	$	(4.7	)	Net of tax

(a)

For 2019, 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 remaining balances of the treasury locks were written off as a result of the Company’s November 2019 debt refinancing. For a discussion of treasury lock derivative instrument activity, see Note 16, Derivative Instruments and Hedging Activities, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2019 Annual Report on Form 10-K.

(b)	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.