Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Dividends

During the year ended December 31, 2015, we paid $200.8 million of dividends to shareholders. On December 15, 2015, PCA's Board of Directors approved a regular quarterly cash dividend of $0.55 per share, which was paid on January 15, 2016, to shareholders of record as of December 28, 2015. The dividend payment was $53.1 million.

On February 26, 2015, PCA announced an increase of its quarterly cash dividend on its common stock from an annual payout of $1.60 per share to an annual payout of $2.20 per share. The first quarterly dividend of $0.55 per share was paid on April 15, 2015 to shareholders of record as of March 13, 2015.

Share Repurchase Program

On July 21, 2015, PCA announced that its Board of Directors authorized the repurchase of an additional $150 million of the company’s outstanding common stock. Together with remaining authority under previously announced programs, at the time of the announcement, the company was authorized to repurchase approximately $205 million of additional shares. 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.  Share repurchase activity follows (in millions, except share and per share amounts).

	Shares	Weighted Average Price Per Share		Total
2013	171,263	$	45.54	$	7.8
2014	—	—		—
2015	2,326,493	66.50		154.7

All shares repurchased have been retired. At December 31, 2015, $93.4 millionof the authorized amount remained available for repurchase of the Company's common stock.

Subsequent to year-end, we repurchased 1,868,487 shares of common stock for $93.4 million, fully depleting the July 2015 authorization of $150 million. On February 25, 2016, PCA announced that its Board of Directors authorized the repurchase of an additional $200 million of the Company's outstanding common stock. Repurchases may be made from time to time in the 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 AOCI, net of taxes, by component follows (dollars in millions). Amounts in parentheses indicate losses.

	Foreign Currency Translation Adjustments			Unrealized Loss On Treasury Locks, Net			Unrealized Loss on Foreign Exchange Contracts			Unfunded Employee Benefit Obligations			Total
Balance at December 31, 2014	$	(2.7	)	$	(24.7	)	$	(0.4	)	$	(126.1	)	$	(153.9	)
Other comprehensive income (loss) before reclassifications, net of tax	(1.5		)	—			—			14.0			12.5
Amounts reclassified from AOCI, net of tax	4.2			3.5			—			8.8			16.5
Net current-period other comprehensive income (loss)	2.7			3.5			—			22.8			29.0
Balance at December 31, 2015	$	—		$	(21.2	)	$	(0.4	)	$	(103.3	)	$	(124.9	)

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	2015			2014			Affected Line Item in the Statement Where Net Income is Presented
Foreign currency translation adjustments	$	(4.2	)	$	—		Other expense, net
	—			—			Tax benefit
	$	(4.2	)	$	—		Net of tax
Unrealized loss on treasury locks, net	$	(5.7	)	$	(5.7	)	See (a) below
	2.2			2.2			Tax benefit
	$	(3.5	)	$	(3.5	)	Net of tax
Unfunded employee benefit obligations
Amortization of prior service costs	$	(5.6	)	$	(6.3	)	See (b) below
Amortization of actuarial gains / (losses)	(8.8		)	(0.7		)	See (b) below
	(14.4		)	(7.0		)	Total before tax
	5.6			2.8			Tax benefit
	$	(8.8	)	$	(4.2	)	Net of tax

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(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, for additional information.

(b) These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 11, Employee Benefit Plans and Other Postretirement Benefits, for additional information.