Packaging Corporation of America (PKG) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		94,205,265

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net sales	$ 1,536.5	$ 1,401
Cost of sales	(1,198)	(1,102)
Gross profit	338.5	299
Selling, general, and administrative expenses	(128.4)	(114.3)
Other expense, net	(7)	(3.9)
Income from operations	203.1	180.8
Interest expense, net	(24)	(21.6)
Income before taxes	179.1	159.2
Income tax provision	(61.7)	(55.5)
Net income	$ 117.4	$ 103.7
Net income per common share:
Basic (in dollars per share)	$ 1.25	$ 1.09
Diluted (in dollars per share)	1.24	1.09
Dividends declared per common share (in dollars per share)	$ 0.63	$ 0.55
Statements of Comprehensive Income:
Net income	$ 117.4	$ 103.7
Foreign currency translation adjustment	(0.2)	0
Reclassification adjustments to cash flow hedges included in net income, net of tax of $0.5 million and $0.5 million	0.9	0.9
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $1.2 million and $1.0 million	2.2	1.6
Other comprehensive income	2.9	2.5
Comprehensive income	$ 120.3	$ 106.2

Consolidated Statements of Inc3

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Reclassification adjustments to cash flow hedges included in net income, tax	$ 0.5	$ 0.5
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax	$ 1.2	$ 1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 254	$ 239.3
Accounts receivable, net of allowance for doubtful accounts and customer deductions of $10.4 million and $10.1 million as of March 31, 2017, and December 31, 2016, respectively	733.3	689.2
Inventories	744.5	723.6
Prepaid expenses and other current assets	47.3	30.3
Federal and state income taxes receivable	0	13.9
Total current assets	1,779.1	1,696.3
Property, plant, and equipment, net	2,887.2	2,895.7
Goodwill	737.1	737.9
Intangible assets, net	358.8	367.1
Other long-term assets	81.2	80
Total assets	5,843.4	5,777
Current liabilities:
Current maturities of long-term debt	156.5	25.8
Capital lease obligations	1.3	1.3
Accounts payable	367.3	323.8
Dividends payable	60	59.9
Federal and state income taxes payable	24.8	0
Accrued liabilities	147.1	201.2
Accrued interest	19	13.4
Total current liabilities	776	625.4
Long-term liabilities:
Long-term debt	2,458.4	2,620
Capital lease obligations	20	20.3
Deferred income taxes	349.3	334.7
Compensation and benefits	355.2	357.2
Other long-term liabilities	59.8	59.6
Total long-term liabilities	3,242.7	3,391.8
Commitments and contingent liabilities
Stockholders' equity:
Common stock, par value $0.01 per share, 300.0 million shares authorized, 94.2 million and 94.2 million shares issued as of March 31, 2017, and December 31, 2016, respectively	0.9	0.9
Additional paid in capital	456	451.4
Retained earnings	1,504.5	1,447.1
Accumulated other comprehensive loss	(136.7)	(139.6)
Total stockholders' equity	1,824.7	1,759.8
Total liabilities and stockholders' equity	$ 5,843.4	$ 5,777

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts and customer deductions	$ 10.4	$ 10.1
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300	300
Common stock, shares issued	94.2	94.2

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows from Operating Activities:
Net income	$ 117.4	$ 103.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization of intangibles	92.5	88.7
Amortization of deferred financing costs	2	1.9
Share-based compensation expense	4.6	5.6
Deferred income tax provision	12.2	8.1
Pension and postretirement benefits expense, net of contributions	1.1	6.4
Excess tax benefits from stock based awards	0.3	0
Other, net	(1.8)	2.1
(Increase) decrease in assets —
Accounts receivable	(44.1)	5.1
Inventories	(20.9)	(15.7)
Prepaid expenses and other current assets	(15.4)	(13.9)
Increase (decrease) in liabilities —
Accounts payable	25.6	0.3
Accrued liabilities	(48.5)	(43.5)
Federal and state income taxes payable / receivable	39.1	42.2
Net cash provided by operating activities	164.1	191
Cash Flows from Investing Activities:
Additions to property, plant, and equipment	(57.8)	(52.9)
Proceeds from disposals	(2.9)	(2.9)
Proceeds from disposals	1.7	0
Other, net	1.2	0.3
Net cash used for investing activities	(57.8)	(55.5)
Cash Flows from Financing Activities:
Repayments of debt and capital lease obligations	(31.7)	(1.9)
Common stock dividends paid	(59.4)	(53.1)
Repurchases of common stock	0	(100.3)
Shares withheld to cover employee restricted stock taxes	(0.5)	(2.1)
Net cash used for financing activities	(91.6)	(157.4)
Net increase (decrease) in cash and cash equivalents	14.7	(21.9)
Cash and cash equivalents, beginning of period	239.3	184.2
Cash and cash equivalents, end of period	$ 254	$ 162.3

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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. 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 16 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. The consolidated financial statements of PCA as of March 31, 2017 and for the three months ended March 31, 2017 and 2016 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 Regulation S-X of the Securities and Exchange Commission (SEC). 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 months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2016 . The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions.

Acquisitions (Notes)

Acquisitions (Notes)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions TimBar Acquisition On August 29, 2016, PCA acquired substantially all of the assets of TimBar Corporation (“TimBar”), a large independent corrugated products producer with six corrugated products production facilities, for a purchase price of $385.6 million , net of cash acquired. We financed the acquisition with a new $385.0 million five -year term loan facility. TimBar provides solutions to customers in the higher margin retail, industrial packaging and display and fulfillment markets with a focus on a multi-color graphics and technical innovation. TimBar financial results are included in the Packaging segment from the date of acquisition. The Company accounted for TimBar using the acquisition method of accounting in accordance with ASC 805, Business Combinations . The total purchase price has been preliminarily allocated to tangible and intangible assets acquired and liabilities assumed based on respective fair values, as follows (dollars in millions): 12/31/16 Allocation Adjustments Revised Allocation Goodwill $ 157.3 $ (1.1 ) $ 156.2 Other intangible assets 94.4 94.4 Property, plant and equipment 95.3 95.3 Other net assets 38.6 38.6 Net assets acquired $ 385.6 $ (1.1 ) $ 384.5 During the first quarter of 2017, we received $1.1 million from the seller related to a working capital adjustment. We recorded the adjustment as a decrease to goodwill which lowered the purchase price to $384.5 million . The purchase price allocation presented above is preliminary and is subject to the finalization of working capital adjustments. Our current estimates and assumptions may change as more information becomes available. We expect to finalize the valuations within the 12-month period following the acquisition date. Goodwill is calculated as the excess of the purchase price over the fair value of the net assets acquired. Among the factors that contributed to the recognition of goodwill were TimBar's commitment to continuous improvement and innovation in their operations, as well as the expected increases in PCA's containerboard integration levels. Goodwill is deductible for tax purposes. Other intangible assets, primarily customer relationships, were assigned an estimated weighted average useful life of 14.2 years . Property, plant and equipment were assigned estimated useful lives ranging from two to 24 years . Columbus Container Acquisition On November 30, 2016, PCA acquired substantially all of the assets of Columbus Container, Inc., an independent corrugated products producer with one production facility and five warehousing facilities, for a purchase price of $99.7 million , net of cash acquired. We paid the purchase price with available cash on hand. Columbus Container, Inc. is a full-service provider of corrugated packaging products utilizing state-of-the-art technologies and design centers to provide customers a solution for nearly any packaging need. Columbus Container financial results are included in the Packaging segment from the date of acquisition. PCA allocated the total purchase price to the Columbus Container assets as follows: $36.9 million to goodwill, $26.3 million to intangible assets, $27.2 million to property, plant, & equipment, and $9.3 million to other net assets. The allocation presented is preliminary and is subject to the finalization of various valuations and assessments, primarily related to property, plant, and equipment and intangible assets. Our current estimates and assumptions may change as more information becomes available. We expect to finalize the valuations within the 12-month period following the acquisition date. Goodwill is calculated as the excess of the purchase price over the fair value of the net assets acquired. Among the factors that contributed to the recognition of goodwill were Columbus Container's commitment to continuous improvement and innovation in their operations, as well as the expected increases in PCA's containerboard integration levels. Goodwill is deductible for tax purposes. Other intangible assets, primarily customer relationships, were assigned an estimated weighted average useful life of 14.4 years . Property, plant and equipment were assigned estimated useful lives ranging from one to 32 years .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
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 March 31 2017 2016 Numerator: Net income $ 117.4 $ 103.7 Less: distributed and undistributed earnings allocated to participating securities (1.0 ) (1.1 ) Net income attributable to common shareholders $ 116.4 $ 102.6 Denominator: Weighted average basic common shares outstanding 93.4 94.1 Effect of dilutive securities 0.2 0.1 Weighted average diluted common shares outstanding 93.6 94.2 Basic income per common share $ 1.25 $ 1.09 Diluted income per common share $ 1.24 $ 1.09

Other Income (Expense), Net

Other Income (Expense), Net	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
Other Income (Expense), Net	Other Income (Expense), Net The components of other income (expense), net, were as follows (dollars in millions): Three Months Ended March 31 2017 2016 Hexacomb working capital adjustment (a) $ 2.3 $ — DeRidder mill incident (b) (5.0 ) — Asset disposals and write-offs (2.3 ) (1.8 ) Integration-related, facilities closure and other costs (c) (0.8 ) (2.0 ) Other (1.2 ) (0.1 ) Total $ (7.0 ) $ (3.9 ) ___________ (a) The three months ended March 31, 2017 include $2.3 million of income related to a working capital adjustment from the April 2015 sale of our Hexacomb corrugated manufacturing operations in Europe and Mexico. (b) The three months ended March 31, 2017 include $5.0 million of costs for the property damage and business interruption insurance deductible corresponding to the Februrary 2017 explosion at our DeRidder, LA mill. (c) The three months ended March 31, 2017 include $0.8 million of charges consisting of closure costs related to corrugated products facilities, integration costs related to the TimBar Corporation and Columbus Container, Inc. acquisitions, and costs related to a lump sum settlement payment of a multiemployer pension plan withdrawal liability for one of our corrugated products facilities. The three months ended March 31, 2016 include $2.0 million of facilities closure costs.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2017 and 2016 we recorded $61.7 million and $55.5 million of income tax expense and had an effective tax rate of 34.5% and 34.8% , respectively. The decrease in our effective tax rate for the three months ended March 31, 2017 compared with the same period in 2016, was primarily due to the adoption of ASU 2016-09 (Topic 718): Improvements to Employee Share-Based Payment Accounting , which requires all excess tax benefits and deficiencies from share-based payment awards to be recognized in the income statement as opposed to additional paid in capital. 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 months ended March 31, 2017 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 2016 Annual Report on Form 10-K. During the three months ended March 31, 2017 and 2016 cash paid for taxes, net of refunds received, was $9.7 million and $5.2 million , respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
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): March 31, December 31, Raw materials $ 282.2 $ 271.9 Work in process 13.7 12.9 Finished goods 212.8 206.5 Supplies and materials 235.8 232.3 Inventories $ 744.5 $ 723.6

Property, Plant, and Equipment

Property, Plant, and Equipment	3 Months Ended
	Mar. 31, 2017
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): March 31, December 31, Land and land improvements $ 154.1 $ 149.7 Buildings 723.7 717.1 Machinery and equipment 4,987.7 4,951.4 Construction in progress 133.3 125.4 Other 66.2 66.7 Property, plant, and equipment, at cost 6,065.0 6,010.3 Less accumulated depreciation (3,177.8 ) (3,114.6 ) Property, plant, and equipment, net $ 2,887.2 $ 2,895.7 Depreciation expense for the three months ended March 31, 2017 and 2016 was $82.4 million and $80.7 million , respectively. During the three months ended March 31, 2016, we recognized $0.1 million of incremental depreciation expense from shortening the useful lives of assets related to facilities closures. At March 31, 2017 and December 31, 2016 purchases of property, plant, and equipment included in accounts payable were $30.4 million and $12.8 million , respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 we had $681.9 million and $682.7 million of goodwill recorded in our Packaging segment, respectively. At both March 31, 2017 and December 31, 2016 we had $55.2 million of goodwill recorded in our Paper segment. Changes in the carrying amount of our goodwill are as follows (dollars in millions): Goodwill Balance at January 1, 2017 $ 737.9 Acquisition adjustments (a)(b) (0.8 ) Balance at March 31, 2017 $ 737.1 ___________ (a) During the quarter ended March 31, 2017, the Company received $1.1 million from the seller related to a working capital adjustment. This adjustment was recorded as a decrease to the goodwill balance for the Company's August 2016 acquisition of TimBar Corporation. (b) During the quarter ended March 31, 2017, the Company recorded a $0.3 million opening balance sheet adjustment to increase the goodwill balance for the Company's November 2016 acquisition of Columbus Container, Inc. 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): March 31, 2017 December 31, 2016 Weighted Average Remaining Useful Life (in Years) Gross Accumulated Weighted Average Remaining Useful Life (in Years) Gross Accumulated Customer relationships 12.9 $ 424.5 $ 86.8 13.1 $ 424.5 $ 79.8 Trademarks and trade names 10.7 27.7 9.3 10.5 27.7 8.1 Other 4.3 4.2 1.5 4.3 4.2 1.4 Total intangible assets (excluding goodwill) 12.7 $ 456.4 $ 97.6 12.9 $ 456.4 $ 89.3 During the three months ended March 31, 2017 and 2016 , amortization expense was $8.3 million and $5.7 million , respectively.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
Accrued Liabilities [Abstract]
Accrued Liabilities	Accrued Liabilities The components of accrued liabilities were as follows (dollars in millions): March 31, December 31, Compensation and benefits $ 73.6 $ 120.4 Medical insurance and workers’ compensation 28.8 28.8 Franchise, property, and sales and use taxes 15.5 16.7 Customer volume discounts and rebates 14.7 18.9 Environmental liabilities and asset retirement obligations 5.9 6.4 Severance, retention, and relocation 3.3 3.0 Other 5.3 7.0 Total $ 147.1 $ 201.2

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt During the three months ended March 31, 2017 , we made principal payments of $29.8 million and $1.6 million on our five -year term loan due August 2021 and our seven -year term loan due October 2020, respectively. For the three months ended March 31, 2017 and 2016 , cash payments for interest were $18.0 million and $15.8 million , respectively. Included in interest expense, net, are amortization of treasury lock settlements and amortization of financing costs. For both the three months ended March 31, 2017 and 2016 , amortization of treasury lock settlements was $1.4 million . For the three months ended March 31, 2017 and 2016 , amortization of financing costs was $0.5 million and $0.4 million , respectively. At March 31, 2017 we had $1,647.6 million of fixed-rate senior notes and $979.3 million of variable-rate term loans outstanding. At March 31, 2017 the fair value of our fixed-rate debt was estimated to be $1,721.9 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 2016 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. For more information on our long-term debt and interest rates on that debt, see Note 9, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2016 Annual Report on Form 10-K.

Employee Benefit Plans and Othe

Employee Benefit Plans and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2017
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 March 31 2017 2016 Service cost $ 6.1 $ 6.1 Interest cost 10.4 10.2 Expected return on plan assets (13.5 ) (12.4 ) Net amortization of unrecognized amounts Prior service cost 1.5 1.4 Actuarial loss 1.9 1.4 Net periodic benefit cost $ 6.4 $ 6.7 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). From time to time, PCA may make additional discretionary contributions based on the funded status of the plans, tax deductibility, income from operations, and other factors. For the three months ended March 31, 2017, we made contributions of $3.7 million to our qualified pension plans. We did not make contributions to our qualified plans during the three months ended March 31, 2016. We expect to contribute at least the estimated required minimum contributions to our qualified plans of approximately $8.0 million in 2017. The components of net periodic benefit cost for our postretirement plans were as follows (dollars in millions): Postretirement Plans Three Months Ended March 31 2017 2016 Service cost $ 0.1 $ 0.2 Interest cost 0.1 0.2 Amortization of actuarial (income) loss — (0.2 ) Net periodic benefit cost $ 0.2 $ 0.2

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2017
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 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 March 31, 2017 , 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 three months ended March 31, 2017 : Restricted Stock Performance Units Shares Weighted Average Grant- Date Fair Value Shares Weighted Average Grant- Date Fair Value Outstanding at January 1, 2017 786,079 $ 63.44 232,088 $ 62.68 Granted — — — — Vested (18,950 ) 67.64 — — Forfeitures (2,153 ) 64.59 — — Outstanding at March 31, 2017 764,976 $ 63.33 232,088 $ 62.68 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 March 31 2017 2016 Restricted stock $ 3.4 $ 4.9 Performance units 1.2 0.7 Total share-based compensation expense 4.6 5.6 Income tax benefit (1.8 ) (2.2 ) Share-based compensation expense, net of tax benefit $ 2.8 $ 3.4 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 March 31, 2017 was as follows (dollars in millions): March 31, 2017 Unrecognized Compensation Expense Remaining Weighted Average Recognition Period (in years) Restricted stock $ 23.7 2.6 Performance units 7.2 2.7 Total unrecognized share-based compensation expense $ 30.9 2.6

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Dividends During the three months ended March 31, 2017 , we paid $59.4 million of dividends to shareholders. On February 28, 2017 PCA's Board of Directors declared a regular quarterly cash dividend of $0.63 per share of common stock, which was paid on April 14, 2017 to shareholders of record as of March 15, 2017. The April 2017 dividend payment was $59.4 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. The Company did not repurchase any shares of its common stock during the three months ended March 31, 2017. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) (AOCI) by component were as follows (dollars in millions). Amounts in parentheses indicate losses: Unrealized Loss On Treasury Locks, Net Unrealized Loss on Foreign Exchange Contracts Unfunded Employee Benefit Obligations Total Balance at January 1, 2017 $ (17.8 ) $ (0.4 ) $ (121.4 ) $ (139.6 ) Amounts reclassified from AOCI, net of tax 0.9 (a) (0.2 ) 2.2 (b) 2.9 Balance at March 31, 2017 $ (16.9 ) $ (0.6 ) $ (119.2 ) $ (136.7 ) Reclassifications out of AOCI were as follows (dollars in millions). Amounts in parentheses indicate expenses in the Consolidated Statements of Income: Amounts Reclassified from AOCI Three Months Ended March 31 Affected Line Item in the Statement Where Net Income is Presented Details about AOCI Components 2017 2016 Unrealized loss on treasury locks, net $ (1.4 ) $ (1.4 ) See (a) below 0.5 0.5 Tax benefit $ (0.9 ) $ (0.9 ) Net of tax Unfunded employee benefit obligations Amortization of prior service costs $ (1.5 ) $ (1.4 ) See (b) below Amortization of actuarial losses (1.9 ) (1.2 ) See (b) below (3.4 ) (2.6 ) Total before tax 1.2 1.0 Tax benefit $ (2.2 ) $ (1.6 ) 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 13, Derivative Instruments and Hedging Activities, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2016 Annual Report on Form 10-K. (b) These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 11 , Employee Benefit Plans and Other Postretirement Benefits , for additional information.

Concentrations of Risk

Concentrations of Risk	3 Months Ended
	Mar. 31, 2017
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 7% and 9% of our total Company sales revenue, for the three months ended March 31, 2017 and 2016, respectively, and approximately 44% of our Paper segment sales revenue for both of those periods. At March 31, 2017 and December 31, 2016 we had $38.3 million and $31.8 million of accounts receivable due from Office Depot, which represents 5% of our total Company accounts receivable for both of those periods. In 2016, sales to Office Depot represented 42% 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.

Transactions With Related Parti

Transactions With Related Parties	3 Months Ended
	Mar. 31, 2017
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 $3.8 million at March 31, 2017 and $5.0 million at December 31, 2016 . During the three months ended March 31, 2017 and 2016, we recorded $23.5 million and $22.3 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". During the three months ended March 31, 2017 and 2016 , fiber purchases from related parties were $5.0 million and $4.7 million , respectively. 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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Trade Inter-segment Total Packaging $ 1,251.3 $ 5.7 $ 1,257.0 $ 190.8 (a) Paper 259.2 — 259.2 29.8 Corporate and Other 26.0 28.2 54.2 (17.5 ) (a) Intersegment eliminations — (33.9 ) (33.9 ) — $ 1,536.5 $ — $ 1,536.5 203.1 Interest expense, net (24.0 ) Income before taxes $ 179.1 Sales, net Operating Income (Loss) Three Months Ended March 31, 2016 Trade Inter-segment Total Packaging $ 1,093.8 $ 1.7 $ 1,095.5 $ 161.5 (b) Paper 280.5 — 280.5 36.1 (b) Corporate and Other 26.7 36.0 62.7 (16.8 ) Intersegment eliminations — (37.7 ) (37.7 ) — $ 1,401.0 $ — $ 1,401.0 180.8 Interest expense, net (21.6 ) Income before taxes $ 159.2 ___________ (a) The three months ended March 31, 2017 include the following: 1. $0.8 million of charges consisting of closure costs related to corrugated products facilities, integration costs related to the TimBar Corporation and Columbus Container, Inc. acquisitions, and costs related to a lump sum settlement payment of a multiemployer pension plan withdrawal liability for one of our corrugated products facilities. 2. $5.0 million of costs for the property damage and business interruption insurance deductible corresponding to the February 2017 explosion at our DeRidder, LA mill. 3. $2.3 million of income related to a working capital adjustment from the April 2015 sale of our Hexacomb corrugated manufacturing operations in Europe and Mexico. (b) The three months ended March 31, 2016 include charges of $2.8 million for facilities closure costs recorded within "Other expense, net" and "Cost of sales" as appropriate.

New and Recently Adopted Accoun

New and Recently Adopted Accounting Standards	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New and Recently Adopted Accounting Standards	New and Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board ("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. 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 revenue and cash flows from contracts with customers. There are two permitted transition methods under the standard: full retrospective method, in which case the cumulative effect of applying the standard would be recognized in the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The standard will be effective for reporting periods beginning after December 15, 2017. We have established a transition team to analyze the impact of the standard on our revenue contracts by reviewing our current accounting policies and practices and identifying potential differences that would result from applying the requirements of the new standard. Specifically, we have identified significant revenue streams within each of our reportable segments and are reviewing representative contracts to identify corresponding purchase obligations, variable consideration, acquisition costs and fulfillment costs. In addition, we are in the process of identifying appropriate changes to our business processes, systems and controls to support revenue recognition and disclosures under the new standard. This team has reported its findings and progress of the project to management and the Audit Committee on a periodic basis over the last year. We are still assessing the impact of ASU 2014-09, the related updates as mentioned above, and the most appropriate transition method but we do not believe they will have a material effect on the Company’s financial position or its results of operations. We expect to finalize both our assessment and determine our adoption method by June 30, 2017. The new standard becomes effective for us as of January 1, 2018, with the option to early adopt the standard for annual periods beginning on or after December 15, 2016. We did not early adopt the standard. Effective January 1, 2017, the Company adopted ASU 2016-09 (Topic 718): Improvements to Employee Share-Based Payment Accounting , which is intended to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. This ASU requires all excess tax benefits and deficiencies from share-based payment awards (including tax benefits of dividends on share-based payment awards) to be recognized in the income statement when the awards vest or are settled. Excess tax benefits and deficiencies were previously recognized in additional paid in capital in our consolidated balance sheet. Additionally, the guidance requires these excess tax benefits and deficiencies to be presented as an operating activity in the statement of cash flows rather than as a financing activity. As a result of this adoption, the Company recorded $0.3 million of excess tax benefits from share-based compensation as an income tax benefit in the income statement for the three months ended March 31, 2017. The Company also retrospectively reclassified excess tax benefits and deficiencies as an operating activity rather than as a financing activity on its consolidated statements of cash flows. The Company will continue to estimate forfeitures at the time of the grant. The Company had no unrecognized excess tax benefits from prior periods to record upon the adoption of this ASU, and all other adopted amendments did not have a material impact on the Company's financial position, results of operations and cash flow. Effective January 1, 2017, the Company prospectively adopted ASU 2015-11 (Topic 330): Simplifying the Measurement of Inventory , as part of its simplification initiative. Under the ASU, inventory is measured at the "lower of cost and net realizable value" and other options that currently exist for market value will be eliminated. ASU 2015-11 defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. No other changes were made to the current guidance on inventory measurement. The adoption of this guidance did not have a material impact on the Company's financial position, results of operations and cash flow. In January 2017, the FASB issued ASU 2017-04 (Topic 350): Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment , eliminating the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under ASU 2017-04, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. This ASU is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and early adoption is permitted. This ASU will be applied prospectively to our future goodwill impairment tests. In January 2017, the FASB issued ASU 2017-01 (Topic 805), Clarifying the Definition of a Business , which amends the guidance in ASC 805, “Business Combinations”. The ASU changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. Under the new guidance, an entity first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set is not a business. If it is not met, the entity then evaluates whether the set meets the requirements that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The ASU defines an output as “the result of inputs and processes applied to those inputs that provide goods or services to customers, investment income (such as dividends or interest), or other revenues.” The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual periods, and early adoption is permitted. The ASU will be applied prospectively to any transactions subsequent to adoption. In August 2016, the FASB issued ASU 2016-15 (Topic 230), Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments . This ASU adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. It is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, with early adoption permitted. The Company does not expect this ASU to have a material impact on the Company's financial condition, results of operations, or cash flows. 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. 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	3 Months Ended
	Mar. 31, 2017
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 9, Debt, and Note 18, 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 2016 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 March 31, 2017 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. DeRidder Mill Incident On February 8, 2017, a tank located in the pulp mill at the Company's DeRidder, Louisiana facility exploded, resulting in three contractor fatalities and other injuries. The Company has been served one lawsuit and is on notice of additional claims. The Company maintains liability insurance subject to a $1.0 million deductible; however, the incident is under investigation and the Company is unable to estimate a range of reasonable possible losses at this time. The Company has also incurred property damage and business interruption losses and will claim these losses, subject to a $5.0 million deductible, under its property damage and business interruption insurance policy. The Company expects to resolve the claim with the insurance carrier over the next several months. The Company is cooperating with investigations from the U.S. Occupational Health and Safety Administration, the U.S. Chemical Safety Board and the Environmental Protection Agency relating to the incident. Legal Proceedings We are party to other 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.

Nature of Operations and Basi25

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
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. 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 16 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.
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 Regulation S-X of the Securities and Exchange Commission (SEC). 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 months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2016 . The consolidated financial statements of PCA as of March 31, 2017 and for the three months ended March 31, 2017 and 2016 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.
Recent Accounting Pronouncements	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 and Legal Proceedings	Legal Proceedings We are party to other 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 9, Debt, and Note 18, 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 2016 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 March 31, 2017 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.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The total purchase price has been preliminarily allocated to tangible and intangible assets acquired and liabilities assumed based on respective fair values, as follows (dollars in millions): 12/31/16 Allocation Adjustments Revised Allocation Goodwill $ 157.3 $ (1.1 ) $ 156.2 Other intangible assets 94.4 94.4 Property, plant and equipment 95.3 95.3 Other net assets 38.6 38.6 Net assets acquired $ 385.6 $ (1.1 ) $ 384.5

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31 2017 2016 Numerator: Net income $ 117.4 $ 103.7 Less: distributed and undistributed earnings allocated to participating securities (1.0 ) (1.1 ) Net income attributable to common shareholders $ 116.4 $ 102.6 Denominator: Weighted average basic common shares outstanding 93.4 94.1 Effect of dilutive securities 0.2 0.1 Weighted average diluted common shares outstanding 93.6 94.2 Basic income per common share $ 1.25 $ 1.09 Diluted income per common share $ 1.24 $ 1.09

Other Income (Expense), Net (Ta

Other Income (Expense), Net (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31 2017 2016 Hexacomb working capital adjustment (a) $ 2.3 $ — DeRidder mill incident (b) (5.0 ) — Asset disposals and write-offs (2.3 ) (1.8 ) Integration-related, facilities closure and other costs (c) (0.8 ) (2.0 ) Other (1.2 ) (0.1 ) Total $ (7.0 ) $ (3.9 ) ___________ (a) The three months ended March 31, 2017 include $2.3 million of income related to a working capital adjustment from the April 2015 sale of our Hexacomb corrugated manufacturing operations in Europe and Mexico. (b) The three months ended March 31, 2017 include $5.0 million of costs for the property damage and business interruption insurance deductible corresponding to the Februrary 2017 explosion at our DeRidder, LA mill. (c) The three months ended March 31, 2017 include $0.8 million of charges consisting of closure costs related to corrugated products facilities, integration costs related to the TimBar Corporation and Columbus Container, Inc. acquisitions, and costs related to a lump sum settlement payment of a multiemployer pension plan withdrawal liability for one of our corrugated products facilities. The three months ended March 31, 2016 include $2.0 million of facilities closure costs.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Components of Inventories	The components of inventories were as follows (dollars in millions): March 31, December 31, Raw materials $ 282.2 $ 271.9 Work in process 13.7 12.9 Finished goods 212.8 206.5 Supplies and materials 235.8 232.3 Inventories $ 744.5 $ 723.6

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Components of Property, Plant, and Equipment	The components of property, plant, and equipment were as follows (dollars in millions): March 31, December 31, Land and land improvements $ 154.1 $ 149.7 Buildings 723.7 717.1 Machinery and equipment 4,987.7 4,951.4 Construction in progress 133.3 125.4 Other 66.2 66.7 Property, plant, and equipment, at cost 6,065.0 6,010.3 Less accumulated depreciation (3,177.8 ) (3,114.6 ) Property, plant, and equipment, net $ 2,887.2 $ 2,895.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of our goodwill are as follows (dollars in millions): Goodwill Balance at January 1, 2017 $ 737.9 Acquisition adjustments (a)(b) (0.8 ) Balance at March 31, 2017 $ 737.1 ___________ (a) During the quarter ended March 31, 2017, the Company received $1.1 million from the seller related to a working capital adjustment. This adjustment was recorded as a decrease to the goodwill balance for the Company's August 2016 acquisition of TimBar Corporation. (b) During the quarter ended March 31, 2017, the Company recorded a $0.3 million opening balance sheet adjustment to increase the goodwill balance for the Company's November 2016 acquisition of Columbus Container, Inc.
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): March 31, 2017 December 31, 2016 Weighted Average Remaining Useful Life (in Years) Gross Accumulated Weighted Average Remaining Useful Life (in Years) Gross Accumulated Customer relationships 12.9 $ 424.5 $ 86.8 13.1 $ 424.5 $ 79.8 Trademarks and trade names 10.7 27.7 9.3 10.5 27.7 8.1 Other 4.3 4.2 1.5 4.3 4.2 1.4 Total intangible assets (excluding goodwill) 12.7 $ 456.4 $ 97.6 12.9 $ 456.4 $ 89.3

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Accrued Liabilities [Abstract]
Components of Accrued Liabilities	The components of accrued liabilities were as follows (dollars in millions): March 31, December 31, Compensation and benefits $ 73.6 $ 120.4 Medical insurance and workers’ compensation 28.8 28.8 Franchise, property, and sales and use taxes 15.5 16.7 Customer volume discounts and rebates 14.7 18.9 Environmental liabilities and asset retirement obligations 5.9 6.4 Severance, retention, and relocation 3.3 3.0 Other 5.3 7.0 Total $ 147.1 $ 201.2

Employee Benefit Plans and Ot33

Employee Benefit Plans and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Costs	The components of net periodic benefit cost for our pension plans were as follows (dollars in millions): Pension Plans Three Months Ended March 31 2017 2016 Service cost $ 6.1 $ 6.1 Interest cost 10.4 10.2 Expected return on plan assets (13.5 ) (12.4 ) Net amortization of unrecognized amounts Prior service cost 1.5 1.4 Actuarial loss 1.9 1.4 Net periodic benefit cost $ 6.4 $ 6.7 The components of net periodic benefit cost for our postretirement plans were as follows (dollars in millions): Postretirement Plans Three Months Ended March 31 2017 2016 Service cost $ 0.1 $ 0.2 Interest cost 0.1 0.2 Amortization of actuarial (income) loss — (0.2 ) Net periodic benefit cost $ 0.2 $ 0.2

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017 : Restricted Stock Performance Units Shares Weighted Average Grant- Date Fair Value Shares Weighted Average Grant- Date Fair Value Outstanding at January 1, 2017 786,079 $ 63.44 232,088 $ 62.68 Granted — — — — Vested (18,950 ) 67.64 — — Forfeitures (2,153 ) 64.59 — — Outstanding at March 31, 2017 764,976 $ 63.33 232,088 $ 62.68
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 March 31 2017 2016 Restricted stock $ 3.4 $ 4.9 Performance units 1.2 0.7 Total share-based compensation expense 4.6 5.6 Income tax benefit (1.8 ) (2.2 ) Share-based compensation expense, net of tax benefit $ 2.8 $ 3.4
Unrecognized Compensation For Restricted Stock and Performance Units	The unrecognized compensation expense for all share-based awards at March 31, 2017 was as follows (dollars in millions): March 31, 2017 Unrecognized Compensation Expense Remaining Weighted Average Recognition Period (in years) Restricted stock $ 23.7 2.6 Performance units 7.2 2.7 Total unrecognized share-based compensation expense $ 30.9 2.6

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Components of Changes in Accumulated Other Comprehensive Income (AOCI)	Changes in accumulated other comprehensive income (loss) (AOCI) by component were as follows (dollars in millions). Amounts in parentheses indicate losses: Unrealized Loss On Treasury Locks, Net Unrealized Loss on Foreign Exchange Contracts Unfunded Employee Benefit Obligations Total Balance at January 1, 2017 $ (17.8 ) $ (0.4 ) $ (121.4 ) $ (139.6 ) Amounts reclassified from AOCI, net of tax 0.9 (a) (0.2 ) 2.2 (b) 2.9 Balance at March 31, 2017 $ (16.9 ) $ (0.6 ) $ (119.2 ) $ (136.7 )
Reclassifications Out of Accumulated Other Comprehensive Income (AOCI)	Reclassifications out of AOCI were as follows (dollars in millions). Amounts in parentheses indicate expenses in the Consolidated Statements of Income: Amounts Reclassified from AOCI Three Months Ended March 31 Affected Line Item in the Statement Where Net Income is Presented Details about AOCI Components 2017 2016 Unrealized loss on treasury locks, net $ (1.4 ) $ (1.4 ) See (a) below 0.5 0.5 Tax benefit $ (0.9 ) $ (0.9 ) Net of tax Unfunded employee benefit obligations Amortization of prior service costs $ (1.5 ) $ (1.4 ) See (b) below Amortization of actuarial losses (1.9 ) (1.2 ) See (b) below (3.4 ) (2.6 ) Total before tax 1.2 1.0 Tax benefit $ (2.2 ) $ (1.6 ) 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 13, Derivative Instruments and Hedging Activities, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2016 Annual Report on Form 10-K. (b) These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 11 , Employee Benefit Plans and Other Postretirement Benefits , for additional information.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Trade Inter-segment Total Packaging $ 1,251.3 $ 5.7 $ 1,257.0 $ 190.8 (a) Paper 259.2 — 259.2 29.8 Corporate and Other 26.0 28.2 54.2 (17.5 ) (a) Intersegment eliminations — (33.9 ) (33.9 ) — $ 1,536.5 $ — $ 1,536.5 203.1 Interest expense, net (24.0 ) Income before taxes $ 179.1 Sales, net Operating Income (Loss) Three Months Ended March 31, 2016 Trade Inter-segment Total Packaging $ 1,093.8 $ 1.7 $ 1,095.5 $ 161.5 (b) Paper 280.5 — 280.5 36.1 (b) Corporate and Other 26.7 36.0 62.7 (16.8 ) Intersegment eliminations — (37.7 ) (37.7 ) — $ 1,401.0 $ — $ 1,401.0 180.8 Interest expense, net (21.6 ) Income before taxes $ 159.2 ___________ (a) The three months ended March 31, 2017 include the following: 1. $0.8 million of charges consisting of closure costs related to corrugated products facilities, integration costs related to the TimBar Corporation and Columbus Container, Inc. acquisitions, and costs related to a lump sum settlement payment of a multiemployer pension plan withdrawal liability for one of our corrugated products facilities. 2. $5.0 million of costs for the property damage and business interruption insurance deductible corresponding to the February 2017 explosion at our DeRidder, LA mill. 3. $2.3 million of income related to a working capital adjustment from the April 2015 sale of our Hexacomb corrugated manufacturing operations in Europe and Mexico. (b) The three months ended March 31, 2016 include charges of $2.8 million for facilities closure costs recorded within "Other expense, net" and "Cost of sales" as appropriate.

Nature of Operations and Basi37

Nature of Operations and Basis of Presentation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

Acquisitions (Details)

Acquisitions (Details) $ in Millions	Nov. 30, 2016USD ($)	Aug. 29, 2016USD ($)facility	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Adjustment to increase (decrease) goodwill			$ (0.8)
Goodwill			737.1	$ 737.9
TimBar Corporation
Business Acquisition [Line Items]
Number of corrugated products production facilities acquired | facility		6
Cash purchase price		$ 385.6
Debt instrument, face amount		$ 385
Debt instrument, term		5 years
Adjustment to increase (decrease) goodwill			(1.1)
Purchase price			384.5
Goodwill			156.2	157.3
Acquired finite-lived intangible assets, weighted average useful life		14 years 2 months 24 days
Intangible assets			94.4	94.4
Property, plant and equipment			95.3	95.3
Other net assets			38.6	$ 38.6
Columbus Container Inc
Business Acquisition [Line Items]
Cash purchase price	$ 99.7
Adjustment to increase (decrease) goodwill			$ 0.3
Goodwill	$ 36.9
Acquired finite-lived intangible assets, weighted average useful life	14 years 4 months 24 days
Intangible assets	$ 26.3
Property, plant and equipment	27.2
Other net assets	$ 9.3
Minimum | TimBar Corporation
Business Acquisition [Line Items]
Property, plant and equipment useful life		2 years
Minimum | Columbus Container Inc
Business Acquisition [Line Items]
Property, plant and equipment useful life	1 year
Maximum | TimBar Corporation
Business Acquisition [Line Items]
Property, plant and equipment useful life		24 years
Maximum | Columbus Container Inc
Business Acquisition [Line Items]
Property, plant and equipment useful life	32 years

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquisitions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill	$ 737.1	$ 737.9
Adjustment to increase (decrease) goodwill	(0.8)
TimBar Corporation
Business Acquisition [Line Items]
Goodwill	156.2	157.3
Adjustment to increase (decrease) goodwill	(1.1)
Other intangible assets	94.4	94.4
Property, plant and equipment	95.3	95.3
Other net assets	38.6	38.6
Net assets acquired	384.5	$ 385.6
Net assets acquired, Adjustments	$ (1.1)

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
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income	$ 117.4	$ 103.7
Less: distributed and undistributed earnings allocated to participating securities	(1)	(1.1)
Net income attributable to common shareholders	$ 116.4	$ 102.6
Denominator:
Weighted average basic common shares outstanding (in shares)	93.4	94.1
Effect of dilutive securities (in shares)	0.2	0.1
Weighted average diluted common shares outstanding (in shares)	93.6	94.2
Basic income per common share (in dollars per share)	$ 1.25	$ 1.09
Diluted income per common share (in dollars per share)	$ 1.24	$ 1.09

Other Income (Expense), Net (De

Other Income (Expense), Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Hexacomb working capital adjustment	$ 2.3	$ 0
DeRidder mill incident	(5)	0
Asset disposals and write-offs	(2.3)	(1.8)
Integration-related, facilities closure and other costs (c)	(0.8)	(2)
Other	(1.2)	(0.1)
Total	(7)	$ (3.9)
DeRidder, Louisiana
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
DeRidder mill incident	(5)
Hexacomb in Europe and Mexico
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Hexacomb working capital adjustment	$ 2.3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income tax provision	$ 61.7	$ 55.5
Effective income tax rate, percent	34.50%	34.80%
Effective income tax rate, at federal statutory income tax rate, percent	35.00%
Cash paid for taxes, net of refunds received	$ 9.7	$ 5.2

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 282.2	$ 271.9
Work in process	13.7	12.9
Finished goods	212.8	206.5
Supplies and materials	235.8	232.3
Inventories	$ 744.5	$ 723.6

Property, Plant, and Equipmen44

Property, Plant, and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, at cost	$ 6,065		$ 6,010.3
Less accumulated depreciation	(3,177.8)		(3,114.6)
Property, plant, and equipment, net	2,887.2		2,895.7
Depreciation [Abstract]
Depreciation expense	82.4	$ 80.7
Incremental depreciation expense	0.1
Purchases of property, plant, and equipment included in accounts payable	30.4		12.8
Land and Land Improvements
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, at cost	154.1		149.7
Buildings
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, at cost	723.7		717.1
Machinery and Equipment
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, at cost	4,987.7		4,951.4
Construction in Progress
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, at cost	133.3		125.4
Other
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment, at cost	$ 66.2		$ 66.7

Goodwill and Intangible Asset45

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Nov. 30, 2016
Goodwill [Line Items]
Goodwill	$ 737.9
Adjustment to increase (decrease) goodwill	(0.8)
Goodwill [Roll Forward]
Balance at January 1, 2017	737.1
Balance at March 31, 2017	737.9
Packaging
Goodwill [Line Items]
Goodwill	682.7
Goodwill [Roll Forward]
Balance at January 1, 2017	681.9
Balance at March 31, 2017	682.7
Paper
Goodwill [Line Items]
Goodwill	55.2
Goodwill [Roll Forward]
Balance at March 31, 2017	55.2
TimBar Corporation
Goodwill [Line Items]
Goodwill	157.3
Adjustment to increase (decrease) goodwill	(1.1)
Goodwill [Roll Forward]
Balance at January 1, 2017	156.2
Balance at March 31, 2017	157.3
Columbus Container Inc
Goodwill [Line Items]
Goodwill		$ 36.9
Adjustment to increase (decrease) goodwill	$ 0.3

Goodwill and Intangible Asset46

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	12 years 7 months 30 days		12 years 10 months 30 days
Gross Carrying Amount	$ 456.4		$ 456.4
Accumulated Amortization	97.6		$ 89.3
Intangible assets amortization expense	$ 8.3	$ 5.7
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	12 years 10 months 30 days		13 years 1 month
Gross Carrying Amount	$ 424.5		$ 424.5
Accumulated Amortization	$ 86.8		$ 79.8
Trademarks and Trade Names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	10 years 7 months 30 days		10 years 5 months 30 days
Gross Carrying Amount	$ 27.7		$ 27.7
Accumulated Amortization	$ 9.3		$ 8.1
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	4 years 3 months 30 days		4 years 3 months
Gross Carrying Amount	$ 4.2		$ 4.2
Accumulated Amortization	$ 1.5		$ 1.4

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Accrued Liabilities [Abstract]
Compensation and benefits	$ 73.6	$ 120.4
Medical insurance and workers’ compensation	28.8	28.8
Franchise, property, and sales and use taxes	15.5	16.7
Customer volume discounts and rebates	14.7	18.9
Environmental liabilities and asset retirement obligations	5.9	6.4
Severance, retention, and relocation	3.3	3
Other	5.3	7
Total	$ 147.1	$ 201.2

Debt (Details)

Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Debt Instrument [Line Items]
Cash payments paid for interest	$ 18	$ 15.8
Amortization of treasury lock settlements	1.4	1.4
Amortization of deferred financing costs	0.5	$ 0.4
Unsecured Debt | Five-Year Term Loan, due August 2021
Debt Instrument [Line Items]
Repayment of debt	$ 29.8
Debt instrument, term	5 years
Unsecured Debt | Seven-Year Term Loan, due October 2020
Debt Instrument [Line Items]
Repayment of debt	$ 1.6
Debt instrument, term	7 years
Senior Notes | Fixed-Rate Senior Notes
Debt Instrument [Line Items]
Book value of fixed rate debt	$ 1,647.6
Long-term debt (fixed-rate debt), fair value	1,721.9
Term Loan | Variable-Rate Term Loans
Debt Instrument [Line Items]
Book value of variable rate debt	$ 979.3

Employee Benefit Plans and Ot49

Employee Benefit Plans and Other Postretirement Benefits (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pension Contributions [Abstract]
Expected contribution to qualified plans (at least)	$ 8,000,000
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	6,100,000	$ 6,100,000
Interest cost	10,400,000	10,200,000
Expected return on plan assets	(13,500,000)	(12,400,000)
Net amortization of unrecognized amounts, Prior service cost	1,500,000	1,400,000
Net amortization of unrecognized amounts, Actuarial loss	1,900,000	1,400,000
Net periodic benefit cost	6,400,000	6,700,000
Pension Contributions [Abstract]
Contributions to pension plan	3,700,000
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	100,000	200,000
Interest cost	100,000	200,000
Net amortization of unrecognized amounts, Actuarial loss	0	(200,000)
Net periodic benefit cost	$ 200,000	$ 200,000

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) shares in Millions	3 Months Ended
	Mar. 31, 2017shares
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)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Restricted Stock
Restricted stock and performance unit award activity (shares) [Roll Forward]
Outstanding at January 1, 2017 | shares	786,079
Granted | shares	0
Vested | shares	(18,950)
Forfeitures | shares	(2,153)
Outstanding at March 31, 2017 | shares	764,976
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	$ 63.44
Weighted average grant-date fair value of shares granted | $ / shares	0
Weighted average grant-date fair value of shares vested | $ / shares	67.64
Weighted average grant-date fair value of shares forfeitures | $ / shares	64.59
Weighted average grant-date fair value of outstanding shares at March 31, 2016 | $ / shares	$ 63.33
Performance Units
Restricted stock and performance unit award activity (shares) [Roll Forward]
Outstanding at January 1, 2017 | shares	232,088
Granted | shares	0
Vested | shares	0
Forfeitures | shares	0
Outstanding at March 31, 2017 | 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	$ 62.68
Weighted average grant-date fair value of shares granted | $ / shares	0
Weighted average grant-date fair value of shares vested | $ / shares	0
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
	Mar. 31, 2017	Mar. 31, 2016
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 4.6	$ 5.6
Income tax benefit	(1.8)	(2.2)
Share-based compensation expense, net of tax benefit	2.8	3.4
Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	3.4	4.9
Performance Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 1.2	$ 0.7

Share-based Compensation - Unre

Share-based Compensation - Unrecognized Compensation Expense for Share-Based Awards (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 30.9
Remaining weighted-average recognition period	2 years 6 months 30 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 23.7
Remaining weighted-average recognition period	2 years 6 months 30 days
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 7.2
Remaining weighted-average recognition period	2 years 7 months 30 days

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 28, 2017	Apr. 30, 2017	Mar. 31, 2017	Mar. 31, 2016	Feb. 25, 2016
Common stock dividends paid			$ 59.4	$ 53.1
Dividends paid per common share (in dollars per share)	$ 0.63
Stock repurchase program, authorized amount					$ 200
Subsequent Event
Common stock dividends paid		$ 59.4

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income by Component (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at January 1, 2017	$ (139.6)
Amounts reclassified from AOCI, net of tax	2.9
Balance at March 31, 2017	(136.7)
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, 2017	(121.4)
Amounts reclassified from AOCI, net of tax	2.2
Balance at March 31, 2017	(119.2)
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, 2017	(17.8)
Amounts reclassified from AOCI, net of tax	0.9
Balance at March 31, 2017	(16.9)
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, 2017	(0.4)
Amounts reclassified from AOCI, net of tax	(0.2)
Balance at March 31, 2017	$ (0.6)

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net	$ (24)	$ (21.6)
Income before taxes	179.1	159.2
Income tax benefit	(61.7)	(55.5)
Net income	117.4	103.7
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	(1.5)	(1.4)
Amortization of actuarial losses	(1.9)	(1.2)
Income before taxes	(3.4)	(2.6)
Income tax benefit	1.2	1
Net income	(2.2)	(1.6)
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	(1.4)	(1.4)
Income tax benefit	0.5	0.5
Net income	$ (0.9)	$ (0.9)

Concentrations of Risk (Details

Concentrations of Risk (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Concentration Risk [Line Items]
Accounts receivable, net, current	$ 733.3		$ 689.2
Office Depot (including OfficeMax) | Credit Concentration Risk
Concentration Risk [Line Items]
Accounts receivable, net, current	$ 38.3		$ 31.8
Office Depot (including OfficeMax) | Total Company Sales Revenue | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	7.00%	9.00%
Office Depot (including OfficeMax) | Total Company Receivables | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	5.00%
Paper | Office Depot (including OfficeMax) | Paper Segment Sales Revenue | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	44.00%		42.00%

Transactions With Related Par58

Transactions With Related Parties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Carrying amount of LTP's assets	$ 3.8		$ 5
Carrying amount of LTP's liabilities	$ 3.8		$ 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	$ 23.5	$ 22.3
Fiber costs from related parties	23.5	22.3
Boise Cascade Co-Owner of LTP | Wood Products, Including Chips and Logs
Related Party Transaction [Line Items]
Fiber costs from related parties	$ 5	$ 4.7
PCA
Related Party Transaction [Line Items]
Variable interest entity, ownership percentage	50.00%

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments	3
Trade sales	$ 1,536.5	$ 1,401
Net sales	1,536.5	1,401
Operating income (loss)	203.1	180.8
Interest expense, net	(24)	(21.6)
Income before taxes	179.1	159.2
Facilities closure costs and other	0.8	2
Integration-related and other costs	5	0
Hexacomb working capital adjustment	2.3	0
Packaging
Segment Reporting Information [Line Items]
Trade sales	1,251.3	1,093.8
Operating income (loss)	190.8	161.5
Paper
Segment Reporting Information [Line Items]
Trade sales	259.2	280.5
Operating income (loss)	29.8	36.1
Corporate and Other
Segment Reporting Information [Line Items]
Trade sales	26	26.7
Operating income (loss)	(17.5)	(16.8)
Packaging, and Corporate and Other
Segment Reporting Information [Line Items]
Facilities closure costs and other	0.8
Packaging and Paper
Segment Reporting Information [Line Items]
Facilities closure costs and other		2.8
Intersegment Eliminations
Segment Reporting Information [Line Items]
Intersegment sales	0	0
Intersegment Eliminations | Packaging
Segment Reporting Information [Line Items]
Intersegment sales	5.7	1.7
Intersegment Eliminations | Paper
Segment Reporting Information [Line Items]
Intersegment sales	0	0
Intersegment Eliminations | Corporate and Other
Segment Reporting Information [Line Items]
Intersegment sales	28.2	36
Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,536.5	1,401
Operating Segments | Packaging
Segment Reporting Information [Line Items]
Net sales	1,257	1,095.5
Operating Segments | Paper
Segment Reporting Information [Line Items]
Net sales	259.2	280.5
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Net sales	54.2	62.7
Segment Reconciling Items
Segment Reporting Information [Line Items]
Intersegment sales	(33.9)	(37.7)
Net sales	(33.9)	$ (37.7)
DeRidder, Louisiana
Segment Reporting Information [Line Items]
Integration-related and other costs	5
DeRidder, Louisiana | Packaging, and Corporate and Other
Segment Reporting Information [Line Items]
Integration-related and other costs	5
Hexacomb in Europe and Mexico
Segment Reporting Information [Line Items]
Hexacomb working capital adjustment	2.3
Hexacomb in Europe and Mexico | Packaging, and Corporate and Other
Segment Reporting Information [Line Items]
Hexacomb working capital adjustment	$ 2.3

New and Recently Adopted Acco60

New and Recently Adopted Accounting Standards (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Excess tax benefits from share-based compensation	$ 0.3