Packaging Corporation of America (PKG) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	PKG
Entity Registrant Name	PACKAGING CORP OF AMERICA
Entity Central Index Key	75,677
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		94,230,654

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Net sales	$ 1,417.4	$ 1,454.3	$ 2,818.4	$ 2,880
Cost of sales	(1,097.3)	(1,136.6)	(2,199.3)	(2,285.3)
Gross profit	320.1	317.7	619.1	594.7
Selling, general, and administrative expenses	(114.8)	(115.9)	(229.1)	(233.2)
Other expense, net	(5.1)	(4.2)	(9)	(6.8)
Income from operations	200.2	197.6	381	354.7
Interest expense, net	(22.5)	(22.2)	(44.1)	(41.4)
Income before taxes	177.7	175.4	336.9	313.3
Income tax provision	(61.8)	(61.4)	(117.3)	(108.5)
Net income	$ 115.9	$ 114	$ 219.6	$ 204.8
Net income per common share:
Basic (in dollars per share)	$ 1.23	$ 1.16	$ 2.32	$ 2.09
Diluted (in dollars per share)	1.23	1.16	2.32	2.08
Dividends declared per common share (in dollars per share)	$ 0.55	$ 0.55	$ 1.10	$ 1.10
Statements of Comprehensive Income:
Net income	$ 115.9	$ 114	$ 219.6	$ 204.8
Foreign currency translation adjustment	0	4.2	0	2.8
Reclassification adjustments to cash flow hedges included in net income, net of tax of $0.6 million, $0.5 million, $1.1 million, and $1.1 million	0.8	0.9	1.7	1.7
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $1.0 million, $1.4 million, $2.0 million, and $2.8 million	1.6	2.2	3.2	4.4
Changes in unfunded employee benefit obligations net of tax of $2.0 million and $2.0 million	3.1	0	3.1	0
Other comprehensive income	5.5	7.3	8	8.9
Comprehensive income	$ 121.4	$ 121.3	$ 227.6	$ 213.7

Consolidated Statements of Inc3

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Reclassification adjustments to cash flow hedges included in net income, net of tax of $0.5 million and $0.6 million	$ 800	$ 900	$ (1,700)	$ (1,700)
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $1.0 million and $0.4 million	1,600	2,200	(3,200)	(4,400)
Changes in unfunded employee benefit obligation	$ 3,100	$ 0	$ 3,100	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 213.6	$ 184.2
Accounts receivable, net of allowance for doubtful accounts and customer deductions of $9.7 million and $10.3 million as of June 30, 2016 and December 31, 2015, respectively	663.4	636.5
Inventories	671.3	676.8
Prepaid expenses and other current assets	60.3	28.8
Federal and state income taxes receivable	1.3	28.2
Total current assets	1,609.9	1,554.5
Property, plant, and equipment, net	2,809.9	2,832.1
Goodwill	544	544
Intangible assets, net	259.5	270.8
Other long-term assets	72.8	70.9
Total assets	5,296.1	5,272.3
Current liabilities:
Current maturities of long-term debt	6.5	6.5
Capital lease obligations	1.2	1.2
Accounts payable	308.4	294.2
Dividends payable	52.1	53.4
Accrued interest	13.1	13.1
Accrued liabilities	170.2	193.5
Total current liabilities	551.5	561.9
Long-term liabilities:
Long-term debt	2,288.1	2,290.4
Capital lease obligations	21	21.6
Deferred income taxes	353.9	347
Compensation and benefits	357.4	358.6
Other long-term liabilities	61.9	59.5
Total long-term liabilities	3,082.3	3,077.1
Commitments and contingent liabilities
Stockholders' equity:
Common stock, par value $0.01 per share, 300.0 million shares authorized, 94.2 million and 96.1 million shares issued as of June 30, 2016 and December 31, 2015, respectively	0.9	1
Additional paid in capital	441.1	439.9
Retained earnings	1,337.2	1,317.3
Accumulated other comprehensive loss	(116.9)	(124.9)
Total stockholders' equity	1,662.3	1,633.3
Total liabilities and stockholders' equity	$ 5,296.1	$ 5,272.3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance for doubtful accounts and customer deductions of $10.0 million and $10.3 million as of March 31, 2016 and December 31, 2015, respectively	$ 9.7	$ 10.3
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300	300
Common stock, shares issued	94.2	96.1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities:
Net income	$ 219.6	$ 204.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization of intangibles	176.3	180.2
Amortization of deferred financing costs	3.8	3.8
Share-based compensation expense	10.3	9.1
Deferred income tax provision	1.3	7
Pension and postretirement benefits expense, net of contributions	8.7	15.6
Other, net	4.2	(4.1)
Decrease (increase) in assets —
Accounts receivable	(26.9)	(61.9)
Inventories	5.5	(2.6)
Prepaid expenses and other current assets	(27.5)	(24.8)
Increase (decrease) in liabilities —
Accounts payable	(4)	(10.4)
Accrued liabilities	(23.3)	(20.1)
Federal and state income taxes payable / receivable	23.1	7.9
Net cash provided by operating activities	371.1	304.5
Cash Flows from Investing Activities:
Additions to property, plant, and equipment	(121.8)	(141.9)
Proceeds from sale of a business	0	23
Additions to other long-term assets	(6.2)	(6.1)
Other	0.3	1.1
Net cash used for investing activities	(127.7)	(123.9)
Cash Flows from Financing Activities:
Repayments of debt and capital lease obligations	(3.8)	(3.8)
Common stock dividends paid	(104.9)	(93.5)
Repurchases of common stock	(100.3)	(43.3)
Excess tax benefits from stock-based awards	5.1	5.4
Shares withheld to cover employee restricted stock taxes	(10.1)	(7.4)
Other	0	0.8
Net cash used for financing activities	(214)	(141.8)
Net increase in cash and cash equivalents	29.4	38.8
Cash and cash equivalents, beginning of period	184.2	124.9
Cash and cash equivalents, end of period	$ 213.6	$ 163.7

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Packaging Corporation of America ("we," "us," "our," PCA," or the "Company") was incorporated on January 25, 1999. In April 1999, PCA acquired the containerboard and corrugated packaging products business of Pactiv Corporation (Pactiv), formerly known as Tenneco Packaging, Inc., a wholly owned subsidiary of Tenneco Inc. We are a large diverse manufacturer of both packaging and paper products. We are headquartered in Lake Forest, Illinois and we operate primarily in the United States. We report our business in three reportable segments: Packaging, Paper, and Corporate and Other. Our Packaging segment produces a wide variety of corrugated packaging products. The Paper segment manufactures and sells a range of white papers, including communication-based papers and pressure sensitive papers, and market pulp. Corporate and Other includes support staff services and related assets and liabilities, transportation assets, and activity related to other ancillary support operations. For more information about our segments, see Note 15 Segment Information . In these consolidated financial statements, certain amounts in prior periods' consolidated financial statements have been reclassified to conform with the current period presentation. As previously disclosed in Note 20, Quarterly Results of Operations, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K, to correct an error in the 2015 presentation, a total of $6.0 million was reclassified from "Selling, general, and administrative expenses" to "Cost of Sales" for both the three and six months ended June 30, 2015. The consolidated financial statements of PCA as of June 30, 2016 and for the three and six months ended June 30, 2016 and 2015 are unaudited but include all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of such financial statements. The preparation of the consolidated financial statements involves the use of estimates and accruals. Actual results may vary from those estimates. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete audited financial statements. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2015 . The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted income per common share for the periods presented (dollars and shares in millions, except per share data): Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Numerator: Net income $ 115.9 $ 114.0 $ 219.6 $ 204.8 Less: distributed and undistributed earnings allocated to participating securities (1.2 ) (1.4 ) (2.3 ) (2.6 ) Net income attributable to common shareholders $ 114.7 $ 112.6 $ 217.3 $ 202.2 Denominator: Weighted average basic common shares outstanding 93.2 96.8 93.6 97.0 Effect of dilutive securities 0.1 0.1 0.1 0.1 Weighted average diluted common shares outstanding 93.3 96.9 93.7 97.1 Basic income per common share $ 1.23 $ 1.16 $ 2.32 $ 2.09 Diluted income per common share $ 1.23 $ 1.16 $ 2.32 $ 2.08

Other Expense, Net

Other Expense, Net	6 Months Ended
	Jun. 30, 2016
Other Income and Expenses [Abstract]
Other Expense, Net	Other Expense, Net The components of other income (expense), net, were as follows (dollars in millions): Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Facilities closure costs (a) $ (1.4 ) $ — $ (3.3 ) $ — Acquisition-related costs (b) (0.3 ) — (0.3 ) — Multiemployer pension withdrawal (c) (0.9 ) — (0.9 ) — Asset disposals and write-offs (1.1 ) (3.7 ) (2.9 ) (4.7 ) Integration-related and other costs (d) — (3.6 ) — (6.7 ) DeRidder restructuring (e) — 1.0 — (0.2 ) Refundable state tax credit (f) — — — 3.6 Other (1.4 ) 2.1 (1.6 ) 1.2 Total $ (5.1 ) $ (4.2 ) $ (9.0 ) $ (6.8 ) ___________ (a) The three and six months ended June 30, 2016 include facilities closure costs related to corrugated products facilities and a paper products facility. (b) The three and six months ended June 30, 2016 include acquisition-related costs for the announced TimBar Corporation acquisition. (c) The three and six months ended June 30, 2016 include costs related to our withdrawal from a multiemployer pension plan for one of our corrugated products facilities. (d) The three and six months ended June 30, 2015 include Boise acquisition integration-related and other costs. These costs primarily relate to professional fees, severance, retention, relocation, travel, and other integration-related costs. (e) The three and six months ended June 30, 2015 include amounts from restructuring activities at our mill in DeRidder, Louisiana. (f) The six months ended June 30, 2015 include a tax credit from the State of Louisiana related to our capital investment and the jobs retained at the DeRidder, Louisiana mill.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended June 30, 2016 and 2015 we recorded $61.8 million and $61.4 million of income tax expense and had an effective tax rate of 34.8% and 35.0% , respectively. The decrease in our effective tax rate for the three months ended June 30, 2016 compared with the same period in 2015, was primarily due to the 2016 benefit of federal income tax credits that were not available at June 30, 2015 due to the expiration and later reinstatement on December 18, 2015 as part of the Protecting Americans from Tax Hikes Act (PATH Act). For the six months ended June 30, 2016 and 2015, we recorded $117.3 million and $108.5 million of income tax expense and had an effective tax rate of 34.8% and 34.6% , respectively. The increase in our effective tax rate for the six months ended June 30, 2016 compared with the same period in 2015, was primarily due to the 2015 favorable closure of a Federal audit for tax years 2010 through 2012 and the resulting release of uncertain tax positions and favorable state law changes, partially offset by expired federal income tax credits later reinstated in the PATH Act. Our effective tax rate may differ from the federal statutory income tax rate of 35.0% , due primarily to the effect of the domestic manufacturing deduction and state and local income taxes. During the three and six months ended June 30, 2016 there were no significant changes to our uncertain tax positions. For more information, see Note 6, Income Taxes, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K. During the six months ended June 30, 2016 and 2015 cash paid for taxes, net of refunds received, was $83.3 million and $87.8 million , respectively.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories We value our raw materials, work in process, and finished goods inventories using lower of cost, as determined by the average cost method, or market. Supplies and materials are valued at the first-in, first-out (FIFO) or average cost methods. The components of inventories were as follows (dollars in millions): June 30, December 31, Raw materials $ 256.5 $ 260.6 Work in process 11.9 14.2 Finished goods 182.2 189.7 Supplies and materials 220.7 212.3 Inventories $ 671.3 $ 676.8

Property, Plant, and Equipment

Property, Plant, and Equipment	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Property, Plant, and Equipment The components of property, plant, and equipment were as follows (dollars in millions): June 30, December 31, Land and land improvements $ 147.8 $ 146.4 Buildings 645.5 640.9 Machinery and equipment 4,800.0 4,747.1 Construction in progress 172.8 119.1 Other 63.7 61.3 Property, plant, and equipment, at cost 5,829.8 5,714.8 Less accumulated depreciation (3,019.9 ) (2,882.7 ) Property, plant, and equipment, net $ 2,809.9 $ 2,832.1 Depreciation expense for the three months ended June 30, 2016 and 2015 was $79.9 million and $78.7 million , respectively. During the six months ended June 30, 2016 and 2015, depreciation expense was $160.6 million and $163.9 million , respectively. During the six months ended June 30, 2016 and 2015, we recognized $0.4 million and $9.0 million , respectively, of incremental depreciation expense from shortening the useful lives of assets related to facilities closures in 2016 and restructuring activities at our DeRidder, Louisiana mill in 2015. At June 30, 2016 and December 31, 2015 purchases of property, plant, and equipment included in accounts payable were $33.1 million and $15.0 million , respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At both June 30, 2016 and December 31, 2015 we had $488.8 million of goodwill recorded in our Packaging segment and $55.2 million of goodwill recorded in our Paper segment on our Consolidated Balance Sheets. Intangible Assets Intangible assets are primarily comprised of customer relationships and trademarks and trade names. The weighted average remaining useful life, gross carrying amount, and accumulated amortization of our intangible assets were as follows (dollars in millions): June 30, 2016 December 31, 2015 Weighted Average Remaining Useful Life (in Years) Gross Accumulated Weighted Average Remaining Useful Life (in Years) Gross Accumulated Customer relationships 12.9 $ 311.5 $ 67.5 13.3 $ 311.5 $ 57.3 Trademarks and trade names 13.5 21.8 6.3 13.6 21.8 5.2 Other 0.7 0.2 0.2 1.2 0.2 0.2 Total intangible assets (excluding goodwill) 12.9 $ 333.5 $ 74.0 13.6 $ 333.5 $ 62.7 During the six months ended June 30, 2016 and 2015 , amortization expense was $11.2 million and $11.4 million , respectively.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2016
Accrued Liabilities [Abstract]
Accrued Liabilities	Accrued Liabilities The components of accrued liabilities were as follows (dollars in millions): June 30, December 31, Compensation and benefits $ 88.7 $ 106.4 Medical insurance and workers’ compensation 30.1 31.1 Franchise, property, and sales and use taxes 17.7 16.0 Customer volume discounts and rebates 16.4 15.3 Environmental liabilities and asset retirement obligations 7.4 7.9 Severance, retention, and relocation 2.7 7.3 Other 7.2 9.5 Total $ 170.2 $ 193.5

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt During the six months ended June 30, 2016 , we made principal payments of $3.3 million on our seven -year term loan due October 2020. For the six months ended June 30, 2016 and 2015 cash payments for interest were $43.1 million and $42.9 million , respectively. Included in interest expense, net, are amortization of treasury lock settlements and amortization of financing costs. For both the three months ended June 30, 2016 and 2015 amortization of treasury lock settlements was $1.4 million , and for both the six months ended June 30, 2016 and 2015, amortization of treasury lock settlements was $2.8 million . For the three months ended June 30, 2016 and 2015 amortization of financing costs was $0.5 million and $0.4 million , respectively, and during the six months ended for both June 30, 2016 and 2015, amortization of financing costs was $0.9 million . For more information on our long-term debt and interest rates on that debt, see Note 10, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K. At June 30, 2016 we had $1,650.0 million of fixed-rate senior notes and $658.8 million of variable-rate term loans outstanding. At June 30, 2016 the fair value of our fixed-rate debt was estimated to be $1,773.0 million . The difference between the book value and fair value is due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy, which is further defined in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K. The fair value of our variable-rate term debt approximates the carrying amount as our cost of borrowing is variable and approximates current market rates.

Employee Benefit Plans and Othe

Employee Benefit Plans and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans and Other Postretirement Benefits	Employee Benefit Plans and Other Postretirement Benefits The components of net periodic benefit cost for our pension plans were as follows (dollars in millions): Pension Plans Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Service cost $ 6.1 $ 6.0 $ 12.2 $ 11.8 Interest cost 10.2 11.5 20.4 23.0 Expected return on plan assets (12.4 ) (13.3 ) (24.8 ) (26.6 ) Net amortization of unrecognized amounts Prior service cost 1.4 1.4 2.8 2.8 Actuarial loss 1.4 2.2 2.8 4.3 Net periodic benefit cost $ 6.7 $ 7.8 $ 13.4 $ 15.3 In April 2016, the Company provided notice to eligible participants that the Salaried Retiree Medical Plan would be frozen as of December 31, 2016. As a result of the freeze, eligible plan participants who do not retire and elect coverage before December 31, 2016 lose benefits attributable to service already rendered. In accordance with Accounting Standards Codification (ASC) 715, "Compensation--Retirement Benefits", the Company remeasured the Salaried Retiree Medical Plan benefit obligation using current assumptions, resulting in a decrease in the benefit obligation of $5.1 million with a corresponding increase in accumulated other comprehensive income of $3.1 million and deferred income taxes of $2.0 million . PCA makes pension plan contributions that are sufficient to fund its actuarially determined costs, generally equal to the minimum amounts required by the Employee Retirement Income Security Act (ERISA). During the three and six months ended June 30, 2016 and 2015 payments to our nonqualified pension plans were insignificant. We made a contribution of $3.7 million to our qualified plans during the three and six months ended June 30, 2016; however, we did not make a contribution to our qualified plans during the same periods in 2015. We expect to contribute at least the estimated required minimum contributions to our qualified plans of approximately $27.0 million in 2016. The components of net periodic benefit cost for our postretirement plans were as follows (dollars in millions): Postretirement Plans Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Service cost $ 0.2 $ 0.4 $ 0.4 $ 0.8 Interest cost 0.2 0.3 0.4 0.6 Net amortization of unrecognized amounts Prior service cost — — — — Actuarial loss (0.2 ) — (0.4 ) 0.1 Net periodic benefit cost $ 0.2 $ 0.7 $ 0.4 $ 1.5

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jun. 30, 2016
Share-based Compensation [Abstract]
Share-based Compensation	Share-Based Compensation The Company has a long-term equity incentive plan, which allows for grants of restricted stock, performance awards, stock appreciation rights, and stock options to directors, officers, and employees, as well as others who engage in services for PCA. The Company has not granted option awards since 2007. The plan, as amended, terminates May 1, 2023 and authorizes 10.6 million shares of common stock for grant over the life of the plan. As of June 30, 2016 , 1.2 million shares were available for future issuance under the plan. Forfeitures are added back to the pool of shares of common stock available to be granted at a future date. The following table presents restricted stock and performance unit award activity for the six months ended June 30, 2016 : Restricted Stock Performance Units Shares Weighted Average Grant- Date Fair Value Shares Weighted Average Grant- Date Fair Value Outstanding at January 1, 2016 1,007,794 $ 49.47 175,675 $ 59.94 Granted 242,835 67.48 77,017 67.57 Vested (a) (409,815 ) 32.64 (20,604 ) 57.58 Forfeitures (14,440 ) 56.69 — — Outstanding at June 30, 2016 826,374 $ 62.99 232,088 $ 62.68 ___________ (a) Upon vesting of the performance unit awards, PCA issued 21,111 shares of its common stock, which included 507 shares for dividends accrued during the vesting period. Compensation Expense Our share-based compensation expense is recorded in "Selling, general, and administrative expenses". Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures, was as follows (dollars in millions): Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Restricted stock $ 3.9 $ 4.4 $ 8.8 $ 8.0 Performance units 0.8 0.5 1.5 1.1 Total share-based compensation expense 4.7 4.9 10.3 9.1 Income tax benefit (1.8 ) (1.9 ) (4.0 ) (3.5 ) Share-based compensation expense, net of tax benefit $ 2.9 $ 3.0 $ 6.3 $ 5.6 The fair value of restricted stock and performance units is determined based on the closing price of the Company’s common stock on the grant date. As PCA’s Board of Directors has the ability to accelerate vesting of share-based awards upon an employee’s retirement, the Company accelerates the recognition of compensation expense for certain employees approaching normal retirement age. The unrecognized compensation expense for all share-based awards at June 30, 2016 was as follows (dollars in millions): June 30, 2016 Unrecognized Compensation Expense Remaining Weighted Average Recognition Period (in years) Restricted stock $ 34.4 3.0 Performance units 10.0 3.2 Total unrecognized share-based compensation expense $ 44.4 3.1

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Dividends During the six months ended June 30, 2016 , we paid $104.9 million of dividends to shareholders. On May 18, 2016 PCA's Board of Directors declared a regular quarterly cash dividend of $0.55 per share, which was paid on July 15, 2016 to shareholders of record as of June 15, 2016. The July 2016 dividend payment was $51.8 million . Repurchases of Common Stock On February 25, 2016 PCA announced that its Board of Directors authorized the repurchase of an additional $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. During the six months ended June 30, 2016 , we paid $100.3 million to repurchase 1,987,187 shares of common stock. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) (AOCI) by component were as follows. Amounts in parentheses indicate losses (dollars in millions): Unrealized Loss On Treasury Locks, Net Unrealized Loss on Foreign Exchange Contracts Unfunded Employee Benefit Obligations Total Balance at January 1, 2016 $ (21.2 ) $ (0.4 ) $ (103.3 ) $ (124.9 ) Other comprehensive income (loss) before reclassifications, net of tax — — 3.1 3.1 Amounts reclassified from AOCI, net of tax 1.7 (a) — 3.2 (b) 4.9 Balance at June 30, 2016 $ (19.5 ) $ (0.4 ) $ (97.0 ) $ (116.9 ) Reclassifications out of AOCI were as follows. Amounts in parentheses indicate expenses in the Consolidated Statements of Income (dollars in millions): Amounts Reclassified from AOCI Three Months Ended June 30 Six Months Ended June 30 Affected Line Item in the Statement Where Net Income is Presented Details about AOCI Components 2016 2015 2016 2015 Foreign currency translation adjustments $ — $ (4.2 ) $ — $ (4.2 ) Other expense, net — — — — Tax benefit $ — $ (4.2 ) $ — $ (4.2 ) Net of tax Unrealized loss on treasury locks, net $ (1.4 ) $ (1.4 ) $ (2.8 ) $ (2.8 ) See (a) below 0.6 0.5 1.1 1.1 Tax benefit $ (0.8 ) $ (0.9 ) $ (1.7 ) $ (1.7 ) Net of tax Unfunded employee benefit obligations Amortization of prior service costs $ (1.4 ) $ (1.4 ) $ (2.8 ) $ (2.8 ) See (b) below Amortization of actuarial losses (1.2 ) (2.2 ) (2.4 ) (4.4 ) See (b) below (2.6 ) (3.6 ) (5.2 ) (7.2 ) Total before tax 1.0 1.4 2.0 2.8 Tax benefit $ (1.6 ) $ (2.2 ) $ (3.2 ) $ (4.4 ) Net of tax ____________ (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, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K. (b) These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10 , Employee Benefit Plans and Other Postretirement Benefits , for additional information.

Concentrations of Risk

Concentrations of Risk	6 Months Ended
	Jun. 30, 2016
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentrations of Risk Our Paper segment has had a long-standing commercial and contractual relationship with Office Depot, our largest customer in the paper business. This relationship exposes us to a significant concentration of business and financial risk. Our sales to Office Depot represent approximately 8% and 10% of our total Company sales revenue, for the six months ended June 30, 2016 and 2015, respectively, and approximately 41% and 45% of our Paper segment sales revenue for both those periods, respectively. At June 30, 2016 and December 31, 2015 we had $28.9 million and $39.5 million of accounts receivable due from Office Depot, which represents 4% and 6% of our total Company accounts receivable, respectively. In 2015, sales to Office Depot represented 45% of our Paper segment sales. If these sales are reduced, we would need to find new customers. We may not be able to fully replace any lost sales, and any new sales may be at lower prices or higher costs. Any significant deterioration in the financial condition of Office Depot affecting its ability to pay or any other change that affects its willingness to purchase our products will harm our business and results of operations. During the second quarter of 2016, Office Depot and Staples terminated their merger agreement, and the acquisition of Office Depot by Staples was not completed. We continue to do business in the ordinary course with Office Depot.

Transactions With Related Parti

Transactions With Related Parties	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Transactions With Related Parties	Transactions With Related Parties Louisiana Timber Procurement Company, L.L.C. (LTP) is a variable-interest entity that is 50% owned by PCA and 50% owned by Boise Cascade Company (Boise Cascade). LTP procures sawtimber, pulpwood, residual chips, and other residual wood fiber to meet the wood and fiber requirements of PCA and Boise Cascade in Louisiana. PCA is the primary beneficiary of LTP, and has the power to direct the activities that most significantly affect the economic performance of LTP. Therefore, we consolidate 100% of LTP in our financial statements in our Corporate and Other segment. The carrying amounts of LTP's assets and liabilities (which relate primarily to noninventory working capital items) on our Consolidated Balance Sheets were $3.9 million at June 30, 2016 and $4.5 million at December 31, 2015 . During the three months ended June 30, 2016 and 2015, we recorded $17.1 million and $23.2 million , respectively, and during the six months ended June 30, 2016 and 2015 we recorded $39.3 million and $45.1 million , respectively, of LTP sales to Boise Cascade in "Net Sales" in the Consolidated Statements of Income and approximately the same amount of expenses in "Cost of Sales". The sales were at prices designed to approximate market prices. During the three months ended June 30, 2016 and 2015 fiber purchases from related parties were $4.5 million and $5.0 million , respectively. Fiber purchases were $9.2 million and $11.3 million , respectively, during the six months ended June 30, 2016 and 2015. Most of these purchases related to chip and log purchases by LTP from Boise Cascade's wood products business. These purchases are recorded in "Cost of Sales" in the Consolidated Statements of Income.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information We report our business in three reportable segments: Packaging, Paper, and Corporate and Other. These segments represent distinct businesses that are managed separately because of differing products and services. Each of these businesses requires distinct operating and marketing strategies. Each segment's profits and losses are measured on operating profits before interest expense, net, and income taxes. For many of these allocated expenses, the related assets and liabilities remain in the Corporate and Other segment. Selected financial information by reportable segment was as follows (dollars in millions): Sales, net Operating Income (Loss) Three Months Ended June 30, 2016 Trade Inter- Total Packaging $ 1,123.6 $ 1.7 $ 1,125.3 $ 192.4 (a) Paper 266.8 — 266.8 24.4 (a) Corporate and Other 27.0 33.0 60.0 (16.6 ) Intersegment eliminations — (34.7 ) (34.7 ) — $ 1,417.4 $ — $ 1,417.4 200.2 Interest expense, net (22.5 ) Income before taxes $ 177.7 Sales, net Operating Income (Loss) Three Months Ended June 30, 2015 Trade Inter- Total Packaging $ 1,140.9 $ 1.3 $ 1,142.2 $ 194.6 (b) Paper 281.1 — 281.1 23.4 Corporate and Other 32.3 34.1 66.4 (20.4 ) (c) Intersegment eliminations — (35.4 ) (35.4 ) — $ 1,454.3 $ — $ 1,454.3 197.6 Interest expense, net (22.2 ) Income before taxes $ 175.4 Sales, net Operating Income (Loss) Six Months Ended June 30, 2016 Trade Inter- segment Total Packaging $ 2,217.4 $ 3.4 $ 2,220.8 $ 353.9 (a) Paper 547.3 — 547.3 60.5 (a) Corporate and Other 53.7 69.0 122.7 (33.4 ) Intersegment eliminations — (72.4 ) (72.4 ) — $ 2,818.4 $ — $ 2,818.4 381.0 Interest expense (44.1 ) Income before taxes $ 336.9 Sales, net Operating Income (Loss) Six Months Ended June 30, 2015 Trade Inter-segment Total Packaging $ 2,238.8 $ 2.7 $ 2,241.5 $ 335.7 (b) Paper 578.4 — 578.4 59.0 Corporate and Other 62.8 64.6 127.4 (40.0 ) (c) Intersegment eliminations — (67.3 ) (67.3 ) — $ 2,880.0 $ — $ 2,880.0 354.7 Interest expense (41.4 ) Income before taxes $ 313.3 ___________ (a) The three and six months ended June 30, 2016 include $1.7 million and $4.5 million , respectively, of closure costs related to corrugated products facilities and a paper products facility. The closure costs are recorded within "Other expense, net" and "Cost of sales", as appropriate. The three and six months ended June 30, 2016 include $0.3 million of acquisition-related costs for the announced TimBar Corporation acquisition, which we recorded in "Other expense, net". The three and six months ended June 30, 2016 include $0.9 million of costs related to our withdrawal from a multiemployer pension plan for one of our corrugated products facilities. (b) The three and six months ended June 30, 2015 include $1.0 million of income and $9.3 million of expense, respectively, related to restructuring charges at our mill in DeRidder, Louisiana, which were recorded in "Other expense, net" and "Cost of sales", as appropriate. The three and six months ended June 30, 2015 include $1.7 million and $2.6 million of Boise acquisition integration-related and other costs, respectively. These costs primarily relate to professional fees, severance, retention, relocation, travel, and other integration-related costs, and are mostly recorded in "Other expense, net". (c) The three and six months ended June 30, 2015 include $2.0 million and $4.6 million , respectively, of Boise acquisition integration-related and other costs, mostly recorded in "Other expense, net". Boise acquisition integration-related and other costs, primarily recorded in "Other expense, net".

New and Recently Adopted Accoun

New and Recently Adopted Accounting Standards	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New and Recently Adopted Accounting Standards	New and Recently Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09 (Topic 718): Improvements to Employee Share-Based Payment Accounting . This ASU is intended to improve the accounting for share-based payment transactions as part of the FASB's simplification initiative. Under the ASU, all excess tax benefits and tax deficiencies will be recorded as an income tax benefit or expense in the income statement. The ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those years for public business entities. We are evaluating the timing and effects of the adoption of this ASU on our financial statements. In February 2016, the FASB issued ASU 2016-02 (Topic 842): Leases. This ASU amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right-of-use asset and corresponding lease liability, measured at the present value of the lease payments. This ASU will be effective for us beginning in our first quarter of 2019 and early adoption is permitted. This ASU is required to be adopted using a modified retrospective approach. We are evaluating the timing and effects of the adoption of this ASU on our financial statements. Effective January 1, 2016, the Company adopted ASU 2015-03 (Topic 835): Simplifying the Presentation of Debt Issuance Costs . This ASU conforms the presentation of debt issuance costs with that required for debt discounts under U.S. Generally Accepted Accounting Principles (GAAP). Under the ASU, debt issuance costs are presented in the balance sheet as a direct deduction from the related liability rather than as an asset. We applied this guidance retrospectively, as required, and reclassified $12.3 million from "Other long-term assets" to "Long-term debt" on our December 31, 2015 Consolidated Balance Sheet to conform with current period presentation. At June 30, 2016 deferred financing costs were $11.5 million . In July 2015, the FASB issued ASU 2015-11 (Topic 330): Simplifying the Measurement of Inventory . This ASU addresses only the measurement of inventory if its value declines or is impaired. The guidance on determining the cost of inventory is not amended. We continue to apply average cost to determine the cost of inventory and will then compare that to the net realizable value to determine if an inventory write-down is necessary. The ASU is effective January 1, 2017, and we do not expect it to have a material effect on our financial position or results of operations. In May 2014, the FASB issued ASU 2014-09 (Topic 606): Revenue from Contracts with Customers . This ASU amends the guidance for revenue recognition to replace numerous, industry-specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting revenue gross versus net) , which clarifies gross versus net revenue reporting when another party is involved in the transaction. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers-Identifying Performance Obligations and Licensing , which amends the revenue guidance on identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients , which provides narrow-scope improvements to the guidance on collectability, non-cash consideration, and completed contracts at transition. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The standard will be effective for reporting periods beginning after December 15, 2017. We are still assessing the impact of ASU 2014-09, but we do not believe it will have a material effect on our financial position or results of operations. There were no other accounting standards recently issued that had or are expected to have a material impact on our financial position or results of operations.

Commitments, Guarantees, Indemn

Commitments, Guarantees, Indemnifications and Legal Proceedings	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments, Guarantees, Indemnifications and Legal Proceedings	Commitments, Guarantees, Indemnifications and Legal Proceedings We have financial commitments and obligations that arise in the ordinary course of our business. These include long-term debt, capital commitments, lease obligations, and purchase commitments for goods and services, and legal proceedings, all of which are discussed in Note 10, Debt, and Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K. Guarantees and Indemnifications We provide guarantees, indemnifications, and other assurances to third parties in the normal course of our business. These include tort indemnifications, product guarantees, environmental assurances, and representations and warranties in commercial agreements. At June 30, 2016 we are not aware of any material liabilities arising from any guarantee, indemnification, or financial assurance we have provided. If we determined such a liability was probable and subject to reasonable determination, we would accrue for it at that time. Legal proceedings We are party to legal actions arising in the ordinary course of our business. These legal actions include commercial liability claims, premises liability claims, commercial disputes, and employment-related claims, among others. As of the date of this filing, we believe it is not reasonably possible that any of the legal actions against us will, either individually or in the aggregate, have a material adverse effect on our financial condition, results of operations, or cash flows.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has disclosed the following subsequent event in accordance with Accounting Standards Codification (ASC) 855, “Subsequent Events.” Subsequent events have been evaluated through the filing date of this Form 10-Q. On July 1, 2016, we entered into a definitive agreement to acquire substantially all the assets of TimBar Corporation in a cash-free, debt-free transaction, for a cash purchase price of $386 million . TimBar is a large independent corrugated products producer with $324 million net sales for the year ended December 31, 2015. TimBar’s operations include five corrugated products plants, two fulfillment centers and four design centers located primarily in the eastern and southeastern United States. Closing is subject to certain customary conditions and is expected in the third quarter of 2016. PCA expects to finance the transaction with a new term loan. The operating results of TimBar will be included in PCA’s results upon closing of the transaction. Additionally, on July 29, 2016, we repaid in full the $25 million that was outstanding under the five-year term loan due October 2018.

Nature of Operations and Basi25

Nature of Operations and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable Segments	We report our business in three reportable segments: Packaging, Paper, and Corporate and Other. Our Packaging segment produces a wide variety of corrugated packaging products. The Paper segment manufactures and sells a range of white papers, including communication-based papers and pressure sensitive papers, and market pulp. Corporate and Other includes support staff services and related assets and liabilities, transportation assets, and activity related to other ancillary support operations. For more information about our segments, see Note 15 Segment Information .
Reclassification	In these consolidated financial statements, certain amounts in prior periods' consolidated financial statements have been reclassified to conform with the current period presentation. As previously disclosed in Note 20, Quarterly Results of Operations, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K, to correct an error in the 2015 presentation, a total of $6.0 million was reclassified from "Selling, general, and administrative expenses" to "Cost of Sales" for both the three and six months ended June 30, 2015.
Recent Accounting Pronouncements	In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09 (Topic 718): Improvements to Employee Share-Based Payment Accounting . This ASU is intended to improve the accounting for share-based payment transactions as part of the FASB's simplification initiative. Under the ASU, all excess tax benefits and tax deficiencies will be recorded as an income tax benefit or expense in the income statement. The ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those years for public business entities. We are evaluating the timing and effects of the adoption of this ASU on our financial statements. In February 2016, the FASB issued ASU 2016-02 (Topic 842): Leases. This ASU amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right-of-use asset and corresponding lease liability, measured at the present value of the lease payments. This ASU will be effective for us beginning in our first quarter of 2019 and early adoption is permitted. This ASU is required to be adopted using a modified retrospective approach. We are evaluating the timing and effects of the adoption of this ASU on our financial statements. Effective January 1, 2016, the Company adopted ASU 2015-03 (Topic 835): Simplifying the Presentation of Debt Issuance Costs . This ASU conforms the presentation of debt issuance costs with that required for debt discounts under U.S. Generally Accepted Accounting Principles (GAAP). Under the ASU, debt issuance costs are presented in the balance sheet as a direct deduction from the related liability rather than as an asset. We applied this guidance retrospectively, as required, and reclassified $12.3 million from "Other long-term assets" to "Long-term debt" on our December 31, 2015 Consolidated Balance Sheet to conform with current period presentation. At June 30, 2016 deferred financing costs were $11.5 million . In July 2015, the FASB issued ASU 2015-11 (Topic 330): Simplifying the Measurement of Inventory . This ASU addresses only the measurement of inventory if its value declines or is impaired. The guidance on determining the cost of inventory is not amended. We continue to apply average cost to determine the cost of inventory and will then compare that to the net realizable value to determine if an inventory write-down is necessary. The ASU is effective January 1, 2017, and we do not expect it to have a material effect on our financial position or results of operations. In May 2014, the FASB issued ASU 2014-09 (Topic 606): Revenue from Contracts with Customers . This ASU amends the guidance for revenue recognition to replace numerous, industry-specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting revenue gross versus net) , which clarifies gross versus net revenue reporting when another party is involved in the transaction. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers-Identifying Performance Obligations and Licensing , which amends the revenue guidance on identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients , which provides narrow-scope improvements to the guidance on collectability, non-cash consideration, and completed contracts at transition. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The standard will be effective for reporting periods beginning after December 15, 2017. We are still assessing the impact of ASU 2014-09, but we do not believe it will have a material effect on our financial position or results of operations. There were no other accounting standards recently issued that had or are expected to have a material impact on our financial position or results of operations.
Basis of Accounting and Presentation	These financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete audited financial statements. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2015 . The consolidated financial statements of PCA as of June 30, 2016 and for the three and six months ended June 30, 2016 and 2015 are unaudited but include all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of such financial statements
Use of Estimates	The preparation of the consolidated financial statements involves the use of estimates and accruals. Actual results may vary from those estimates.
Consolidation	The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions.
Inventory Valuation	We value our raw materials, work in process, and finished goods inventories using lower of cost, as determined by the average cost method, or market. Supplies and materials are valued at the first-in, first-out (FIFO) or average cost methods.
Commitments and Legal Proceedings	Legal proceedings We are party to legal actions arising in the ordinary course of our business. These legal actions include commercial liability claims, premises liability claims, commercial disputes, and employment-related claims, among others. As of the date of this filing, we believe it is not reasonably possible that any of the legal actions against us will, either individually or in the aggregate, have a material adverse effect on our financial condition, results of operations, or cash flows. We have financial commitments and obligations that arise in the ordinary course of our business. These include long-term debt, capital commitments, lease obligations, and purchase commitments for goods and services, and legal proceedings, all of which are discussed in Note 10, Debt, and Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K.
Guarantees and Indemnifications	Guarantees and Indemnifications We provide guarantees, indemnifications, and other assurances to third parties in the normal course of our business. These include tort indemnifications, product guarantees, environmental assurances, and representations and warranties in commercial agreements. At June 30, 2016 we are not aware of any material liabilities arising from any guarantee, indemnification, or financial assurance we have provided. If we determined such a liability was probable and subject to reasonable determination, we would accrue for it at that time.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Income Per Common Share	The following table sets forth the computation of basic and diluted income per common share for the periods presented (dollars and shares in millions, except per share data): Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Numerator: Net income $ 115.9 $ 114.0 $ 219.6 $ 204.8 Less: distributed and undistributed earnings allocated to participating securities (1.2 ) (1.4 ) (2.3 ) (2.6 ) Net income attributable to common shareholders $ 114.7 $ 112.6 $ 217.3 $ 202.2 Denominator: Weighted average basic common shares outstanding 93.2 96.8 93.6 97.0 Effect of dilutive securities 0.1 0.1 0.1 0.1 Weighted average diluted common shares outstanding 93.3 96.9 93.7 97.1 Basic income per common share $ 1.23 $ 1.16 $ 2.32 $ 2.09 Diluted income per common share $ 1.23 $ 1.16 $ 2.32 $ 2.08

Other Expense, Net (Tables)

Other Expense, Net (Tables)	6 Months Ended
	Jun. 30, 2016
Other Income and Expenses [Abstract]
Components of Other Expense, Net	The components of other income (expense), net, were as follows (dollars in millions): Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Facilities closure costs (a) $ (1.4 ) $ — $ (3.3 ) $ — Acquisition-related costs (b) (0.3 ) — (0.3 ) — Multiemployer pension withdrawal (c) (0.9 ) — (0.9 ) — Asset disposals and write-offs (1.1 ) (3.7 ) (2.9 ) (4.7 ) Integration-related and other costs (d) — (3.6 ) — (6.7 ) DeRidder restructuring (e) — 1.0 — (0.2 ) Refundable state tax credit (f) — — — 3.6 Other (1.4 ) 2.1 (1.6 ) 1.2 Total $ (5.1 ) $ (4.2 ) $ (9.0 ) $ (6.8 ) ___________ (a) The three and six months ended June 30, 2016 include facilities closure costs related to corrugated products facilities and a paper products facility. (b) The three and six months ended June 30, 2016 include acquisition-related costs for the announced TimBar Corporation acquisition. (c) The three and six months ended June 30, 2016 include costs related to our withdrawal from a multiemployer pension plan for one of our corrugated products facilities. (d) The three and six months ended June 30, 2015 include Boise acquisition integration-related and other costs. These costs primarily relate to professional fees, severance, retention, relocation, travel, and other integration-related costs. (e) The three and six months ended June 30, 2015 include amounts from restructuring activities at our mill in DeRidder, Louisiana. (f) The six months ended June 30, 2015 include a tax credit from the State of Louisiana related to our capital investment and the jobs retained at the DeRidder, Louisiana mill.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Components of Inventories	The components of inventories were as follows (dollars in millions): June 30, December 31, Raw materials $ 256.5 $ 260.6 Work in process 11.9 14.2 Finished goods 182.2 189.7 Supplies and materials 220.7 212.3 Inventories $ 671.3 $ 676.8

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Components of Property, Plant, and Equipment	The components of property, plant, and equipment were as follows (dollars in millions): June 30, December 31, Land and land improvements $ 147.8 $ 146.4 Buildings 645.5 640.9 Machinery and equipment 4,800.0 4,747.1 Construction in progress 172.8 119.1 Other 63.7 61.3 Property, plant, and equipment, at cost 5,829.8 5,714.8 Less accumulated depreciation (3,019.9 ) (2,882.7 ) Property, plant, and equipment, net $ 2,809.9 $ 2,832.1

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Components of Intangible Assets	The weighted average remaining useful life, gross carrying amount, and accumulated amortization of our intangible assets were as follows (dollars in millions): June 30, 2016 December 31, 2015 Weighted Average Remaining Useful Life (in Years) Gross Accumulated Weighted Average Remaining Useful Life (in Years) Gross Accumulated Customer relationships 12.9 $ 311.5 $ 67.5 13.3 $ 311.5 $ 57.3 Trademarks and trade names 13.5 21.8 6.3 13.6 21.8 5.2 Other 0.7 0.2 0.2 1.2 0.2 0.2 Total intangible assets (excluding goodwill) 12.9 $ 333.5 $ 74.0 13.6 $ 333.5 $ 62.7

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Accrued Liabilities [Abstract]
Components of Accrued Liabilities	The components of accrued liabilities were as follows (dollars in millions): June 30, December 31, Compensation and benefits $ 88.7 $ 106.4 Medical insurance and workers’ compensation 30.1 31.1 Franchise, property, and sales and use taxes 17.7 16.0 Customer volume discounts and rebates 16.4 15.3 Environmental liabilities and asset retirement obligations 7.4 7.9 Severance, retention, and relocation 2.7 7.3 Other 7.2 9.5 Total $ 170.2 $ 193.5

Employee Benefit Plans and Ot32

Employee Benefit Plans and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Costs	The components of net periodic benefit cost for our postretirement plans were as follows (dollars in millions): Postretirement Plans Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Service cost $ 0.2 $ 0.4 $ 0.4 $ 0.8 Interest cost 0.2 0.3 0.4 0.6 Net amortization of unrecognized amounts Prior service cost — — — — Actuarial loss (0.2 ) — (0.4 ) 0.1 Net periodic benefit cost $ 0.2 $ 0.7 $ 0.4 $ 1.5 The components of net periodic benefit cost for our pension plans were as follows (dollars in millions): Pension Plans Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Service cost $ 6.1 $ 6.0 $ 12.2 $ 11.8 Interest cost 10.2 11.5 20.4 23.0 Expected return on plan assets (12.4 ) (13.3 ) (24.8 ) (26.6 ) Net amortization of unrecognized amounts Prior service cost 1.4 1.4 2.8 2.8 Actuarial loss 1.4 2.2 2.8 4.3 Net periodic benefit cost $ 6.7 $ 7.8 $ 13.4 $ 15.3

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Share-based Compensation [Abstract]
Summary of Restricted Stock and Performance Unit Award Activity	The following table presents restricted stock and performance unit award activity for the six months ended June 30, 2016 : Restricted Stock Performance Units Shares Weighted Average Grant- Date Fair Value Shares Weighted Average Grant- Date Fair Value Outstanding at January 1, 2016 1,007,794 $ 49.47 175,675 $ 59.94 Granted 242,835 67.48 77,017 67.57 Vested (a) (409,815 ) 32.64 (20,604 ) 57.58 Forfeitures (14,440 ) 56.69 — — Outstanding at June 30, 2016 826,374 $ 62.99 232,088 $ 62.68 ___________ (a) Upon vesting of the performance unit awards, PCA issued 21,111 shares of its common stock, which included 507 shares for dividends accrued during the vesting period.
Compensation Expense for Restricted Stock and Performance Units	Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures, was as follows (dollars in millions): Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Restricted stock $ 3.9 $ 4.4 $ 8.8 $ 8.0 Performance units 0.8 0.5 1.5 1.1 Total share-based compensation expense 4.7 4.9 10.3 9.1 Income tax benefit (1.8 ) (1.9 ) (4.0 ) (3.5 ) Share-based compensation expense, net of tax benefit $ 2.9 $ 3.0 $ 6.3 $ 5.6
Unrecognized Compensation For Restricted Stock and Performance Units	The unrecognized compensation expense for all share-based awards at June 30, 2016 was as follows (dollars in millions): June 30, 2016 Unrecognized Compensation Expense Remaining Weighted Average Recognition Period (in years) Restricted stock $ 34.4 3.0 Performance units 10.0 3.2 Total unrecognized share-based compensation expense $ 44.4 3.1

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Components of Changes in Accumulated Other Comprehensive Income (AOCI)	Changes in accumulated other comprehensive income (loss) (AOCI) by component were as follows. Amounts in parentheses indicate losses (dollars in millions): Unrealized Loss On Treasury Locks, Net Unrealized Loss on Foreign Exchange Contracts Unfunded Employee Benefit Obligations Total Balance at January 1, 2016 $ (21.2 ) $ (0.4 ) $ (103.3 ) $ (124.9 ) Other comprehensive income (loss) before reclassifications, net of tax — — 3.1 3.1 Amounts reclassified from AOCI, net of tax 1.7 (a) — 3.2 (b) 4.9 Balance at June 30, 2016 $ (19.5 ) $ (0.4 ) $ (97.0 ) $ (116.9 )
Reclassifications Out of Accumulated Other Comprehensive Income (AOCI)	Reclassifications out of AOCI were as follows. Amounts in parentheses indicate expenses in the Consolidated Statements of Income (dollars in millions): Amounts Reclassified from AOCI Three Months Ended June 30 Six Months Ended June 30 Affected Line Item in the Statement Where Net Income is Presented Details about AOCI Components 2016 2015 2016 2015 Foreign currency translation adjustments $ — $ (4.2 ) $ — $ (4.2 ) Other expense, net — — — — Tax benefit $ — $ (4.2 ) $ — $ (4.2 ) Net of tax Unrealized loss on treasury locks, net $ (1.4 ) $ (1.4 ) $ (2.8 ) $ (2.8 ) See (a) below 0.6 0.5 1.1 1.1 Tax benefit $ (0.8 ) $ (0.9 ) $ (1.7 ) $ (1.7 ) Net of tax Unfunded employee benefit obligations Amortization of prior service costs $ (1.4 ) $ (1.4 ) $ (2.8 ) $ (2.8 ) See (b) below Amortization of actuarial losses (1.2 ) (2.2 ) (2.4 ) (4.4 ) See (b) below (2.6 ) (3.6 ) (5.2 ) (7.2 ) Total before tax 1.0 1.4 2.0 2.8 Tax benefit $ (1.6 ) $ (2.2 ) $ (3.2 ) $ (4.4 ) Net of tax ____________ (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, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K. (b) These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10 , Employee Benefit Plans and Other Postretirement Benefits , for additional information.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Selected Financial Information by Reportable Segment	Selected financial information by reportable segment was as follows (dollars in millions): Sales, net Operating Income (Loss) Three Months Ended June 30, 2016 Trade Inter- Total Packaging $ 1,123.6 $ 1.7 $ 1,125.3 $ 192.4 (a) Paper 266.8 — 266.8 24.4 (a) Corporate and Other 27.0 33.0 60.0 (16.6 ) Intersegment eliminations — (34.7 ) (34.7 ) — $ 1,417.4 $ — $ 1,417.4 200.2 Interest expense, net (22.5 ) Income before taxes $ 177.7 Sales, net Operating Income (Loss) Three Months Ended June 30, 2015 Trade Inter- Total Packaging $ 1,140.9 $ 1.3 $ 1,142.2 $ 194.6 (b) Paper 281.1 — 281.1 23.4 Corporate and Other 32.3 34.1 66.4 (20.4 ) (c) Intersegment eliminations — (35.4 ) (35.4 ) — $ 1,454.3 $ — $ 1,454.3 197.6 Interest expense, net (22.2 ) Income before taxes $ 175.4 Sales, net Operating Income (Loss) Six Months Ended June 30, 2016 Trade Inter- segment Total Packaging $ 2,217.4 $ 3.4 $ 2,220.8 $ 353.9 (a) Paper 547.3 — 547.3 60.5 (a) Corporate and Other 53.7 69.0 122.7 (33.4 ) Intersegment eliminations — (72.4 ) (72.4 ) — $ 2,818.4 $ — $ 2,818.4 381.0 Interest expense (44.1 ) Income before taxes $ 336.9 Sales, net Operating Income (Loss) Six Months Ended June 30, 2015 Trade Inter-segment Total Packaging $ 2,238.8 $ 2.7 $ 2,241.5 $ 335.7 (b) Paper 578.4 — 578.4 59.0 Corporate and Other 62.8 64.6 127.4 (40.0 ) (c) Intersegment eliminations — (67.3 ) (67.3 ) — $ 2,880.0 $ — $ 2,880.0 354.7 Interest expense (41.4 ) Income before taxes $ 313.3 ___________ (a) The three and six months ended June 30, 2016 include $1.7 million and $4.5 million , respectively, of closure costs related to corrugated products facilities and a paper products facility. The closure costs are recorded within "Other expense, net" and "Cost of sales", as appropriate. The three and six months ended June 30, 2016 include $0.3 million of acquisition-related costs for the announced TimBar Corporation acquisition, which we recorded in "Other expense, net". The three and six months ended June 30, 2016 include $0.9 million of costs related to our withdrawal from a multiemployer pension plan for one of our corrugated products facilities. (b) The three and six months ended June 30, 2015 include $1.0 million of income and $9.3 million of expense, respectively, related to restructuring charges at our mill in DeRidder, Louisiana, which were recorded in "Other expense, net" and "Cost of sales", as appropriate. The three and six months ended June 30, 2015 include $1.7 million and $2.6 million of Boise acquisition integration-related and other costs, respectively. These costs primarily relate to professional fees, severance, retention, relocation, travel, and other integration-related costs, and are mostly recorded in "Other expense, net". (c) The three and six months ended June 30, 2015 include $2.0 million and $4.6 million , respectively, of Boise acquisition integration-related and other costs, mostly recorded in "Other expense, net". Boise acquisition integration-related and other costs, primarily recorded in "Other expense, net".

Nature of Operations and Basi36

Nature of Operations and Basis of Presentation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income	$ 115.9	$ 114	$ 219.6	$ 204.8
Less: distributed and undistributed earnings allocated to participating securities	(1.2)	(1.4)	(2.3)	(2.6)
Net income attributable to common shareholders	$ 114.7	$ 112.6	$ 217.3	$ 202.2
Denominator:
Weighted average basic common shares outstanding	93.2	96.8	93.6	97
Effect of dilutive securities	0.1	0.1	0.1	0.1
Weighted average diluted common shares outstanding	93.3	96.9	93.7	97.1
Basic income per common share (in dollars per share)	$ 1.23	$ 1.16	$ 2.32	$ 2.09
Diluted income per common share (in dollars per share)	$ 1.23	$ 1.16	$ 2.32	$ 2.08

Other Expense, Net (Details)

Other Expense, Net (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Income and Expenses [Abstract]
Facilities closure costs and other	[1]	$ (1.4)	$ 0	$ (3.3)	$ 0
Acquisition-related costs	[2]	(0.3)	0	(0.3)	0
Multiemployer pension withdrawal	[3]	(0.9)	0	(0.9)	0
Asset disposals and write-offs		(1.1)	(3.7)	(2.9)	(4.7)
Integration-related and other costs	[4]	0	(3.6)	0	(6.7)
DeRidder restructuring	[5]	0	1	0	(0.2)
Refundable state tax credit	[6]	0	0	0	3.6
Other		(1.4)	2.1	(1.6)	1.2
Operating Costs and Expenses		$ 5.1	$ 4.2	$ 9	$ 6.8
[1]	The three and six months ended June 30, 2016 include facilities closure costs related to corrugated products facilities and a paper products facility.
[2]	The three and six months ended June 30, 2016 include acquisition-related costs for the announced TimBar Corporation acquisition.
[3]	The three and six months ended June 30, 2016 include costs related to our withdrawal from a multiemployer pension plan for one of our corrugated products facilities.
[4]	The three and six months ended June 30, 2015 include Boise acquisition integration-related and other costs. These costs primarily relate to professional fees, severance, retention, relocation, travel, and other integration-related costs.
[5]	The three and six months ended June 30, 2015 include amounts from restructuring activities at our mill in DeRidder, Louisiana.
[6]	The six months ended June 30, 2015 include a tax credit from the State of Louisiana related to our capital investment and the jobs retained at the DeRidder, Louisiana mill.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income tax provision	$ 61.8	$ 61.4	$ 117.3	$ 108.5
Effective income tax rate, percent	34.80%	35.00%	34.80%	34.60%
Effective income tax rate, at federal statutory income tax rate, percent	35.00%	35.00%	35.00%
Cash paid for taxes, net of refunds received			$ 83.3	$ 87.8

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 256.5	$ 260.6
Work in process	11.9	14.2
Finished goods	182.2	189.7
Supplies and materials	220.7	212.3
Inventories	$ 671.3	$ 676.8

Property, Plant, and Equipmen41

Property, Plant, and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, at cost	$ 5,829.8		$ 5,829.8		$ 5,714.8
Less accumulated depreciation	(3,019.9)		(3,019.9)		(2,882.7)
Property, plant, and equipment, net	2,809.9		2,809.9		2,832.1
Depreciation [Abstract]
Depreciation expense	79.9	$ 78.7	160.6	$ 163.9
Incremental depreciation expense			0.4	$ 9
Purchases of property, plant, and equipment included in accounts payable			33.1		15
Land and Land Improvements
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, at cost	147.8		147.8		146.4
Buildings
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, at cost	645.5		645.5		640.9
Machinery and Equipment
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, at cost	4,800		4,800		4,747.1
Construction in Progress
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, at cost	172.8		172.8		119.1
Other
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, at cost	$ 63.7		$ 63.7		$ 61.3

Goodwill and Intangible Asset42

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Goodwill [Line Items]
Goodwill	$ 544	$ 544
Packaging
Goodwill [Line Items]
Goodwill	488.8	488.8
Paper
Goodwill [Line Items]
Goodwill	$ 55.2	$ 55.2

Goodwill and Intangible Asset43

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	12 years 10 months 30 days		13 years 6 months 40 days
Gross Carrying Amount	$ 333.5		$ 333.5
Accumulated Amortization	74		$ 62.7
Intangible assets amortization expense	$ 11.2	$ 11.4
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	12 years 10 months 30 days		13 years 4 months
Gross Carrying Amount	$ 311.5		$ 311.5
Accumulated Amortization	$ 67.5		$ 57.3
Trademarks and Trade Names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	13 years 6 months		13 years 6 months 33 days
Gross Carrying Amount	$ 21.8		$ 21.8
Accumulated Amortization	$ 6.3		$ 5.2
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	7 months 30 days		1 year 2 months 12 days
Gross Carrying Amount	$ 0.2		$ 0.2
Accumulated Amortization	$ 0.2		$ 0.2

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Accrued Liabilities [Abstract]
Compensation and benefits	$ 88.7	$ 106.4
Medical insurance and workers’ compensation	30.1	31.1
Franchise, property, and sales and use taxes	17.7	16
Customer volume discounts and rebates	16.4	15.3
Environmental liabilities and asset retirement obligations	7.4	7.9
Severance, retention, and relocation	2.7	7.3
Other	7.2	9.5
Total	$ 170.2	$ 193.5

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Cash payments paid for interest			$ 43.1	$ 42.9
Amortization of treasury lock settlements		$ 1.4	2.8	2.8
Amortization of deferred financing costs	$ 0.5	$ 0.4	0.9	$ 0.9
Deferred finance costs, net	11.5		11.5
Unsecured Debt | Seven-Year Term Loan, due October 2020
Debt Instrument [Line Items]
Repayment of debt			$ 3.3
Debt Instrument, Term			7 years
Senior Notes | Fixed-Rate Senior Notes
Debt Instrument [Line Items]
Book value of fixed rate debt	1,650		$ 1,650
Long-term debt (fixed-rate debt), fair value	1,773		1,773
Term Loan | Variable-Rate Term Loans
Debt Instrument [Line Items]
Book value of variable rate debt	$ 658.8		$ 658.8
Adjustments for ASU 2015-03 | Other Long-term Assets
Debt Instrument [Line Items]
Deferred finance costs, net					$ (12.3)

Employee Benefit Plans and Ot46

Employee Benefit Plans and Other Postretirement Benefits (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Apr. 30, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Increase in accumulated other comprehensive income (loss)	$ (116,900,000)		$ (116,900,000)			$ (124,900,000)
Postretirement Health Coverage | Adjustment
Defined Benefit Plan Disclosure [Line Items]
Decrease in benefit obligation					$ (5,100,000)
Increase in accumulated other comprehensive income (loss)					3,100,000
Increase in deferred income taxes					$ 2,000,000
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	6,100,000	$ 6,000,000	12,200,000	$ 11,800,000
Interest cost	10,200,000	11,500,000	20,400,000	23,000,000
Expected return on plan assets	(12,400,000)	(13,300,000)	(24,800,000)	(26,600,000)
Net amortization of unrecognized amounts, Prior service cost	1,400,000	1,400,000	2,800,000	2,800,000
Net amortization of unrecognized amounts, Actuarial loss	1,400,000	2,200,000	2,800,000	4,300,000
Net periodic benefit cost	6,700,000	7,800,000	13,400,000	15,300,000
Pension Contributions [Abstract]
Contributions to pension plan	3,700,000		0	0
Expected contributions to pension plan			27,000,000
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	200,000	400,000	400,000	800,000
Interest cost	200,000	300,000	400,000	600,000
Net amortization of unrecognized amounts, Prior service cost	0	0	0	0
Net amortization of unrecognized amounts, Actuarial loss	(200,000)	0	(400,000)	100,000
Net periodic benefit cost	$ 200,000	$ 700,000	$ 400,000	$ 1,500,000

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) shares in Millions	6 Months Ended
	Jun. 30, 2016shares
Share-based Compensation [Abstract]
Long-term equity incentive plan, termination date	May 1, 2023
Number of shares authorized under plan	10.6
Number of shares available for future issuance under share-based plan	1.2

Share-based Compensation - Summ

Share-based Compensation - Summary of Restricted Stock and Performance Unit Award Activity (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Restricted Stock
Restricted stock and performance unit award activity (shares) [Roll Forward]
Outstanding at January 1, 2016 | shares	1,007,794
Granted | shares	242,835
Vested | shares	(409,815)
Forfeitures | shares	(14,440)
Outstanding at June 30, 2016 | shares	826,374
Restricted stock and performance unit award activity (weighted average grant-date fair value) [Abstract]
Weighted average grant-date fair value of outstanding shares at January 1, 2016 | $ / shares	$ 49.47
Weighted average grant-date fair value of shares granted | $ / shares	67.48
Weighted average grant-date fair value of shares vested | $ / shares	32.64
Weighted average grant-date fair value of shares forfeitures | $ / shares	56.69
Weighted average grant-date fair value of outstanding shares at March 31, 2016 | $ / shares	$ 62.99
Performance Units
Restricted stock and performance unit award activity (shares) [Roll Forward]
Outstanding at January 1, 2016 | shares	175,675
Granted | shares	77,017
Vested | shares	(20,604)
Forfeitures | shares	0
Outstanding at June 30, 2016 | shares	232,088
Restricted stock and performance unit award activity (weighted average grant-date fair value) [Abstract]
Weighted average grant-date fair value of outstanding shares at January 1, 2016 | $ / shares	$ 59.94
Weighted average grant-date fair value of shares granted | $ / shares	67.57
Weighted average grant-date fair value of shares vested | $ / shares	57.58
Weighted average grant-date fair value of shares forfeitures | $ / shares	0
Weighted average grant-date fair value of outstanding shares at March 31, 2016 | $ / shares	$ 62.68

Share-based Compensation - Comp

Share-based Compensation - Compensation Expense for Restricted Stock and Performance Units (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 4.7	$ 4.9	$ 10.3	$ 9.1
Income tax benefit	(1.8)	(1.9)	(4)	(3.5)
Share-based compensation expense, net of tax benefit	2.9	3	6.3	5.6
Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	3.9	4.4	8.8	8
Performance Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 0.8	$ 0.5	$ 1.5	$ 1.1

Share-based Compensation - Unre

Share-based Compensation - Unrecognized Compensation Expense for Share-Based Awards (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 44.4
Remaining weighted-average recognition period	3 years 1 month 3 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 34.4
Remaining weighted-average recognition period	3 years
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 10
Remaining weighted-average recognition period	3 years 2 months 30 days

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 15, 2016	Feb. 25, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Common stock dividends paid					$ 104.9	$ 93.5
Dividends declared per common share (in dollars per share)		$ 0.55	$ 0.55	$ 0.55	$ 1.10	$ 1.10
Stock Repurchase Program, Authorized Amount		$ 200
Repurchases of common stock					$ 100.3	$ 43.3
Shares of common stock repurchased					1,987,187
Subsequent Event
Common stock dividends paid	$ 51.8

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income by Component (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at January 1, 2016	$ (124.9)
Other comprehensive income (loss) before reclassifications, net of tax	3.1
Amounts reclassified from AOCI, net of tax	4.9
Balance at June 30, 2016	(116.9)
Net amount of settlement gains (losses) on derivative instruments included in accumulated OCI to be amortized over next 12 months, before tax	(5.7)
Net amount of settlement gains (losses) on derivative instruments included in accumulated OCI to be amortized over next 12 months, after tax	(3.5)
Unfunded Employee Benefit Obligations
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at January 1, 2016	(103.3)
Other comprehensive income (loss) before reclassifications, net of tax	3.1
Amounts reclassified from AOCI, net of tax	3.2	[1]
Balance at June 30, 2016	(97)
Treasury Lock | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at January 1, 2016	(21.2)
Other comprehensive income (loss) before reclassifications, net of tax	0
Amounts reclassified from AOCI, net of tax	1.7	[2]
Balance at June 30, 2016	(19.5)
Foreign Exchange Contract | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at January 1, 2016	(0.4)
Other comprehensive income (loss) before reclassifications, net of tax	0
Amounts reclassified from AOCI, net of tax	0
Balance at June 30, 2016	$ (0.4)
[1]	These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10, Employee Benefit Plans and Other Postretirement Benefits, for additional information.
[2]	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, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K.

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016	Jun. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense, net		$ (1.4)		$ 2.1		$ (1.6)	$ 1.2
Interest expense, net		(22.5)		(22.2)		(44.1)	(41.4)
Income before taxes		177.7		175.4		336.9	313.3
Income tax benefit		(61.8)		(61.4)		(117.3)	(108.5)
Net income		115.9		114		219.6	204.8
Accumulated Foreign Currency Adjustment Attributable to Parent
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax benefit		0		0		0	0
Net income		0		(4.2)		0	(4.2)
Accumulated Foreign Currency Adjustment Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense, net		0		(4.2)		0	(4.2)
Unfunded Employee Benefit Obligations | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service costs		(1.4)	[1]	(1.4)	[1]	(2.8)	(2.8)
Amortization of actuarial losses		(1.2)	[1]	(2.2)	[1]	(2.4)	(4.4)
Income before taxes		(2.6)		(3.6)		(5.2)	(7.2)
Income tax benefit		1		1.4		2	2.8
Net income		(1.6)		(2.2)		(3.2)	(4.4)
Treasury Lock | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	[2]	(1.4)		(1.4)		(2.8)	(2.8)
Income tax benefit		0.6		0.5		1.1	1.1
Net income		$ (0.8)		$ (0.9)		$ (1.7)	$ (1.7)
[1]	These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10, Employee Benefit Plans and Other Postretirement Benefits, for additional information.
[2]	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, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K.

Concentrations of Risk (Details

Concentrations of Risk (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
Concentration Risk [Line Items]
Accounts receivable, net, current		$ 663.4	$ 636.5
Office Depot (including OfficeMax) | Credit Concentration Risk
Concentration Risk [Line Items]
Accounts receivable, net, current		$ 28.9	$ 39.5
Office Depot (including OfficeMax) | Total Company Sales Revenue | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%	8.00%
Office Depot (including OfficeMax) | Total Company Receivables | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage		4.00%	6.00%
Paper | Office Depot (including OfficeMax) | Paper Segment Sales Revenue | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	45.00%	41.00%	45.00%

Transactions With Related Par55

Transactions With Related Parties (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Carrying amount of LTP's assets	$ 3.9		$ 3.9		$ 4.5
Carrying amount of LTP's liabilities	3.9		$ 3.9		$ 4.5
Boise Cascade Co-Owner of LTP
Related Party Transaction [Line Items]
Variable interest entity, ownership percentage			50.00%
Boise Cascade Co-Owner of LTP | Fiber
Related Party Transaction [Line Items]
Revenue from related parties	17.1	$ 23.2	$ 39.3	$ 45.1
Fiber costs from related parties	$ 4.5	$ 5	$ 9.2	$ 11.3
PCA
Related Party Transaction [Line Items]
Variable interest entity, ownership percentage			50.00%

Segment Information (Details)

Segment Information (Details) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2016USD ($)		Jun. 30, 2015USD ($)		Jun. 30, 2016USD ($)		Jun. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments						3
Facilities closure costs and other	[1]	$ 1.4		$ 0		$ 3.3		$ 0
Integration-related and other costs	[2]	0		3.6		0		6.7
Trade sales		1,417.4		1,454.3		2,818.4		2,880
Net sales		1,417.4		1,454.3		2,818.4		2,880
Operating income (loss)		200.2		197.6		381		354.7
Interest expense, net		(22.5)		(22.2)		(44.1)		(41.4)
Income before taxes		177.7		175.4		336.9		313.3
Acquisition-related costs	[3]	0.3		0		0.3		0
Costs related to withdrawal from multiemployer pension plan	[4]	0.9		0		0.9		0
Packaging
Segment Reporting Information [Line Items]
Trade sales		1,123.6		1,140.9		2,217.4		2,238.8
Operating income (loss)		192.4	[5]	194.6	[6]	353.9	[5]	335.7	[6]
Paper
Segment Reporting Information [Line Items]
Trade sales		266.8		281.1		547.3		578.4
Operating income (loss)		24.4	[5]	23.4		60.5	[5]	59
Corporate and Other
Segment Reporting Information [Line Items]
Trade sales		27		32.3		53.7		62.8
Operating income (loss)		(16.6)		(20.4)	[7]	(33.4)		(40)	[7]
Intersegment Eliminations
Segment Reporting Information [Line Items]
Intersegment sales		0		0		0		0
Intersegment Eliminations | Packaging
Segment Reporting Information [Line Items]
Intersegment sales		1.7		1.3		3.4		2.7
Intersegment Eliminations | Paper
Segment Reporting Information [Line Items]
Intersegment sales		0		0		0		0
Intersegment Eliminations | Corporate and Other
Segment Reporting Information [Line Items]
Intersegment sales		33		34.1		69		64.6
Operating Segments
Segment Reporting Information [Line Items]
Net sales		1,417.4		1,454.3		2,818.4		2,880
Operating Segments | Packaging
Segment Reporting Information [Line Items]
Net sales		1,125.3		1,142.2		2,220.8		2,241.5
Operating Segments | Paper
Segment Reporting Information [Line Items]
Net sales		266.8		281.1		547.3		578.4
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Net sales		60		66.4		122.7		127.4
Segment Reconciling Items
Segment Reporting Information [Line Items]
Intersegment sales		(34.7)		(35.4)		(72.4)		(67.3)
Net sales		(34.7)		(35.4)		(72.4)		(67.3)
Other Expense and Cost of Sales
Segment Reporting Information [Line Items]
Facilities closure costs and other		1.7				$ 4.5
Other Expense and Cost of Sales | Restructuring Charges
Segment Reporting Information [Line Items]
Operating income (loss)				1				(9.3)
Other Expense, Net
Segment Reporting Information [Line Items]
Costs related to withdrawal from multiemployer pension plan	[4]	0.9
Other Expense, Net | Integration-Related and Other Costs
Segment Reporting Information [Line Items]
Integration-related and other costs				2				4.6
TimBar Corporation | Other Expense, Net
Segment Reporting Information [Line Items]
Acquisition-related costs		$ 0.3
Boise Acquisition | Other Expense, Net | Integration-Related and Other Costs
Segment Reporting Information [Line Items]
Integration-related and other costs				$ 1.7				$ 2.6
[1]	The three and six months ended June 30, 2016 include facilities closure costs related to corrugated products facilities and a paper products facility.
[2]	The three and six months ended June 30, 2015 include Boise acquisition integration-related and other costs. These costs primarily relate to professional fees, severance, retention, relocation, travel, and other integration-related costs.
[3]	The three and six months ended June 30, 2016 include acquisition-related costs for the announced TimBar Corporation acquisition.
[4]	The three and six months ended June 30, 2016 include costs related to our withdrawal from a multiemployer pension plan for one of our corrugated products facilities.
[5]	The three and six months ended June 30, 2016 include $1.7 million and $4.5 million, respectively, of closure costs related to corrugated products facilities and a paper products facility. The closure costs are recorded within "Other expense, net" and "Cost of sales", as appropriate.
[6]	The three and six months ended June 30, 2015 include $1.0 million of income and $9.3 million of expense, respectively, related to restructuring charges at our mill in DeRidder, Louisiana, which were recorded in "Other expense, net" and "Cost of sales", as appropriate.The three and six months ended June 30, 2015 include $1.7 million and $2.6 million of Boise acquisition integration-related and other costs, respectively. These costs primarily relate to professional fees, severance, retention, relocation, travel, and other integration-related costs, and are mostly recorded in "Other expense, net".
[7]	The three and six months ended June 30, 2015 include $2.0 million and $4.6 million, respectively, of Boise acquisition integration-related and other costs, mostly recorded in "Other expense, net". Boise acquisition integration-related and other costs, primarily recorded in "Other expense, net".

New and Recently Adopted Acco57

New and Recently Adopted Accounting Standards (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs, net	$ 11.5
Other Long-term Assets | Adjustments for ASU 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs, net		$ (12.3)

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)Fulfillment_centerCorrugated_product_plantDesign_center	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Fulfillment_centerCorrugated_product_plantDesign_center	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Subsequent Event [Line Items]
Net sales		$ 1,417.4	$ 1,454.3	$ 2,818.4	$ 2,880
TimBar Corporation
Subsequent Event [Line Items]
Net sales						$ 324
Number of Corrugated product plants | Corrugated_product_plant		5		5
Number of fulfillment centers | Fulfillment_center		2		2
Number of design centers | Design_center		4		4
Forecast | TimBar Corporation
Subsequent Event [Line Items]
Cash purchase price	$ 386