Financial Instruments

6 Months Ended

Jun. 30, 2011

11.

Financial Instruments

The carrying and estimated fair values of PCA's financial instruments at June 30, 2011 and December 31, 2010 were as follows:


	June 30, 2011						December 31, 2010
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
(In thousands)							(Audited)
Cash and cash equivalents	$	119,181		$	119,181		$	196,556		$	196,556
Long-term debt —
5.75% senior notes		(399,315	)		(431,808	)		(399,143	)		(430,464	)
6.50% senior notes		(149,958	)		(162,717	)		(149,956	)		(158,800	)
Receivables credit facility		(109,000	)		(109,000	)		(109,000	)		(109,000	)
Capital lease obligations		(22,173	)		(22,173	)		(22,502	)		(22,502	)

The fair value of cash and cash equivalents approximates its carrying amounts due to the short-term nature of these financial instruments.

The fair value of the receivables credit facility approximates its carrying amount due to the variable interest-rate feature of the instrument. The fair values of the senior notes are based on quoted market prices. The fair value of the capital lease obligations was estimated to not be materially different from the carrying amount.

- Definition

This item represents certain of the disclosures concerning the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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