Stockholders' Equity

12 Months Ended

Dec. 31, 2019

17.	Stockholders' Equity

Dividends

During the year ended December 31, 2019, we paid $298.7 million of dividends to shareholders. On December 10, 2019, PCA's Board of Directors approved a regular quarterly cash dividend of $0.79 per share of common stock, which was paid on January 15, 2020 to shareholders of record as of December 20, 2019. The dividend payment was $74.8 million.

On May 15, 2018, PCA announced an increase of its quarterly cash dividend on its common stock from an annual payout of $2.52 per share to an annual payout of $3.16 per share. The first quarterly dividend of $0.79 per share was paid on July 13, 2018 to shareholders of record as of June 15, 2018.

Share Repurchase Program

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 twelve months ended December 31, 2019 and 2018. All shares repurchased in prior years have been retired. At December 31, 2019, $193.0 million of the authorized amount remained available for repurchase of the Company's common stock.

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, 2018	$	(0.4	)	$	(10.2	)	$	(0.3	)	$	(127.9	)	$	(138.8	)
Other comprehensive income before reclassifications		—			—			—			(40.5	)		(40.5	)
Amounts reclassified from AOCI		—			10.2			0.1			9.5			19.8
Net current-period other comprehensive income		—			10.2			0.1			(31.0	)		(20.7	)
Balance at December 31, 2019	$	(0.4	)	$	—		$	(0.2	)	$	(158.9	)	$	(159.5	)

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	2019			2018
Unrealized loss on treasury locks, net (a)	$	(18.1	)	$	(5.3	)
		7.9			1.3		Tax benefit
	$	(10.2	)	$	(4.0	)	Net of tax
Unfunded employee benefit obligations (b)
Amortization of prior service costs	$	(6.0	)	$	(6.6	)
Amortization of actuarial gains / (losses)		(6.7	)		(9.2	)
		(12.7	)		(15.8	)	Total before tax
		3.2			4.0		Tax benefit
	$	(9.5	)	$	(11.8	)	Net of tax

(a)

This AOCI component is included in interest expense, net. 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, for additional information.

(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.