Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | PACKAGING CORP OF AMERICA | |
Entity Central Index Key | 0000075677 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 93,739,929 | |
Entity File Number | 1-15399 | |
Entity Tax Identification Number | 36-4277050 | |
Entity Address, Address Line One | 1 North Field Court | |
Entity Address, City or Town | Lake Forest | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60045 | |
City Area Code | 847 | |
Local Phone Number | 482-3000 | |
Document Quarterly Report | true | |
Entity Incorporation, State or Country Code | DE | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | PKG | |
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,237.3 | $ 1,879.9 | $ 4,373.7 | $ 3,687 |
Cost of sales | (1,648.5) | (1,431.1) | (3,251.7) | (2,834.5) |
Gross profit | 588.8 | 448.8 | 1,122 | 852.5 |
Selling, general and administrative expenses | (156.7) | (146.3) | (317.7) | (291.3) |
Other expense, net | (16.3) | (7.9) | (31.9) | (28.3) |
Income from operations | 415.8 | 294.6 | 772.4 | 532.9 |
Non-operating pension income | 3.6 | 5 | 7.3 | 9.8 |
Interest expense, net | (18.8) | (24.9) | (38.7) | (48.4) |
Income before taxes | 400.6 | 274.7 | 741 | 494.3 |
Provision for income taxes | (99.1) | (67.4) | (185.3) | (120.5) |
Net income | $ 301.5 | $ 207.3 | $ 555.7 | $ 373.8 |
Net income per common share: | ||||
Basic | $ 3.22 | $ 2.18 | $ 5.93 | $ 3.94 |
Diluted | 3.20 | 2.17 | 5.91 | 3.92 |
Dividends declared per common share | $ 1.25 | $ 1 | $ 2.25 | $ 2 |
Statements of Comprehensive Income: | ||||
Net income | $ 301.5 | $ 207.3 | $ 555.7 | $ 373.8 |
Changes in unrealized losses on marketable debt securities, net of tax of $0.1 million, $0.0 million, $0.5 million, and $0.1 million | (0.3) | (0.1) | (1.5) | (0.2) |
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of ($0.4) million, ($0.8) million, ($0.7) million, and ($1.7) million | 1.1 | 2.5 | 2.3 | 5 |
Other comprehensive income | 0.8 | 2.4 | 0.8 | 4.8 |
Comprehensive income | $ 302.3 | $ 209.7 | $ 556.5 | $ 378.6 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Changes in unrealized losses on marketable debt securities, tax | $ 0.1 | $ 0 | $ 0.5 | $ 0.1 |
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax | $ (0.4) | $ (0.8) | $ (0.7) | $ (1.7) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 667.3 | $ 618.7 |
Short-term marketable debt securities | 82.3 | 86.1 |
Accounts receivable, net of allowance for credit losses and customer deductions of $21.3 million and $14.3 million as of June 30, 2022 and December 31, 2021, respectively | 1,212 | 1,071 |
Inventories | 954.2 | 902.5 |
Prepaid expenses and other current assets | 74.6 | 47 |
Federal and state income taxes receivable | 7.4 | |
Total current assets | 2,990.4 | 2,732.7 |
Property, plant, and equipment, net | 3,762.9 | 3,529 |
Goodwill | 922.5 | 923.5 |
Other intangible assets, net | 287.3 | 308.4 |
Operating lease right-of-use assets | 273.8 | 238.3 |
Long-term marketable debt securities | 61.2 | 60 |
Other long-term assets | 42.5 | 44.9 |
Total assets | 8,340.6 | 7,836.8 |
Current liabilities: | ||
Operating lease obligations | 69.3 | 67.1 |
Finance lease obligations | 1.8 | 1.7 |
Accounts payable | 528.2 | 452.4 |
Dividends payable | 120.2 | 96.3 |
Accrued liabilities | 236.7 | 255 |
Accrued interest | 11.7 | 12.3 |
Federal and state income taxes payable | 5 | |
Total current liabilities | 972.9 | 884.8 |
Long-term liabilities: | ||
Long-term debt | 2,472.6 | 2,471.5 |
Operating lease obligations | 210.9 | 179.3 |
Finance lease obligations | 11.7 | 12.7 |
Deferred income taxes | 495.1 | 465.9 |
Compensation and benefits | 153.2 | 157.4 |
Other long-term liabilities | 59.7 | 58 |
Total long-term liabilities | 3,403.2 | 3,344.8 |
Commitments and contingent liabilities | ||
Stockholders' equity: | ||
Common stock, par value $0.01 per share, 300.0 million shares authorized, 93.7 million and 93.5 million shares issued as of June 30, 2022 and December 31, 2021, respectively | 0.9 | 0.9 |
Additional paid in capital | 601 | 579.4 |
Retained earnings | 3,437 | 3,102.1 |
Accumulated other comprehensive loss | (74.4) | (75.2) |
Total stockholders' equity | 3,964.5 | 3,607.2 |
Total liabilities and stockholders' equity | $ 8,340.6 | $ 7,836.8 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses and customer deductions | $ 21.3 | $ 14.3 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300 | 300 |
Common stock, shares issued | 93.7 | 93.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net income | $ 555.7 | $ 373.8 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion, and amortization of intangibles | 224 | 205.5 |
Amortization of deferred financing costs | 1 | 1.3 |
Share-based compensation expense | 21.6 | 20.1 |
Deferred income tax provision | 28.8 | 14.3 |
Loss on asset disposals | 12.1 | 5.4 |
Pension and post-retirement benefits expense, net of contributions | 1.7 | (0.3) |
Other, net | 0.2 | 4.2 |
Increase in assets - | ||
Accounts receivable | (140.9) | (149) |
Inventories | (51.7) | (39.4) |
Prepaid expenses and other current assets | (27.3) | (34.7) |
Increase (decrease) in liabilities - | ||
Accounts payable | 25.1 | (2.7) |
Accrued liabilities | (18.3) | 15.4 |
Federal and state income taxes payable / receivable | 12.3 | 5.9 |
Net cash provided by operating activities | 644.3 | 419.8 |
Cash Flows from Investing Activities: | ||
Additions to property, plant, and equipment | (397.5) | (216.5) |
Additions to other long term assets | (2.6) | (1.6) |
Proceeds from asset disposals | 0.4 | 2.4 |
Purchases of marketable debt securities | (64.2) | (65.7) |
Proceeds from sales of marketable debt securities | 19.9 | 12.9 |
Proceeds from maturities of marketable debt securities | 44 | 48.3 |
Other, net | 1.9 | 0 |
Net cash used for investing activities | (398.1) | (220.2) |
Cash Flows from Financing Activities: | ||
Repayments of debt and finance lease obligations | (0.9) | (0.8) |
Financing costs paid | 0 | (0.9) |
Common stock dividends paid | (187.2) | (189.8) |
Shares withheld to cover employee restricted stock taxes | (9.5) | (10.5) |
Net cash used for financing activities | (197.6) | (202) |
Net increase (decrease) in cash and cash equivalents | 48.6 | (2.4) |
Cash and cash equivalents, beginning of period | 618.7 | 974.6 |
Cash and cash equivalents, end of period | $ 667.3 | $ 972.2 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Dec. 31, 2020 | $ 3,246.3 | $ 0.9 | $ 554.4 | $ 2,835.5 | $ (144.5) |
Beginning Balance (in shares) at Dec. 31, 2020 | 94,830 | ||||
Common stock withheld and retired to cover taxes on vested stock awards | (10.5) | $ (0.1) | (0.6) | (9.8) | |
Common stock withheld and retired to cover taxes on vested stock awards (in shares) | (77) | ||||
Common stock dividends declared | (190.9) | (190.9) | |||
Share-based compensation and other | 20.8 | $ 0.2 | 20.7 | (0.1) | |
Share-based compensation expense (in shares) | 226 | ||||
Comprehensive income | 378.6 | 373.8 | 4.8 | ||
Ending Balance at Jun. 30, 2021 | 3,444.3 | $ 1 | 574.5 | 3,008.5 | (139.7) |
Ending Balance (in shares) at Jun. 30, 2021 | 94,979 | ||||
Beginning Balance at Mar. 31, 2021 | 3,331.2 | $ 1 | 566 | 2,906.3 | (142.1) |
Beginning Balance (in shares) at Mar. 31, 2021 | 94,994 | ||||
Common stock withheld and retired to cover taxes on vested stock awards | (10.4) | $ (0.1) | (0.6) | (9.7) | |
Common stock withheld and retired to cover taxes on vested stock awards (in shares) | (76) | ||||
Common stock dividends declared | (95.4) | (95.4) | |||
Share-based compensation and other | 9.2 | $ 0.1 | 9.1 | ||
Share-based compensation expense (in shares) | 61 | ||||
Comprehensive income | 209.7 | 207.3 | 2.4 | ||
Ending Balance at Jun. 30, 2021 | 3,444.3 | $ 1 | 574.5 | 3,008.5 | (139.7) |
Ending Balance (in shares) at Jun. 30, 2021 | 94,979 | ||||
Beginning Balance at Dec. 31, 2021 | 3,607.2 | $ 0.9 | 579.4 | 3,102.1 | (75.2) |
Beginning Balance (in shares) at Dec. 31, 2021 | 93,539 | ||||
Common stock withheld and retired to cover taxes on vested stock awards | (9.5) | (0.6) | (8.9) | ||
Common stock withheld and retired to cover taxes on vested stock awards (in shares) | (67) | ||||
Common stock dividends declared | (211.9) | (211.9) | |||
Share-based compensation and other | 22.2 | 22.2 | |||
Share-based compensation expense (in shares) | 214 | ||||
Comprehensive income | 556.5 | 555.7 | 0.8 | ||
Ending Balance at Jun. 30, 2022 | 3,964.5 | $ 0.9 | 601 | 3,437 | (74.4) |
Ending Balance (in shares) at Jun. 30, 2022 | 93,686 | ||||
Beginning Balance at Mar. 31, 2022 | 3,779.3 | $ 0.9 | 591.7 | 3,261.9 | (75.2) |
Beginning Balance (in shares) at Mar. 31, 2022 | 93,704 | ||||
Common stock withheld and retired to cover taxes on vested stock awards | (9.2) | $ 0 | (0.5) | (8.7) | 0 |
Common stock withheld and retired to cover taxes on vested stock awards (in shares) | (66) | ||||
Common stock dividends declared | (117.7) | $ 0 | 0 | (117.7) | 0 |
Share-based compensation and other | 9.8 | $ 0 | 9.8 | 0 | 0 |
Share-based compensation expense (in shares) | 48 | ||||
Comprehensive income | 302.3 | $ 0 | 0 | 301.5 | 0.8 |
Ending Balance at Jun. 30, 2022 | $ 3,964.5 | $ 0.9 | $ 601 | $ 3,437 | $ (74.4) |
Ending Balance (in shares) at Jun. 30, 2022 | 93,686 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. 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. 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 containerboard and corrugated packaging products. The Paper segment manufactures and sells a range of communication-based 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 19, Segment Information. Our Jackson, Alabama mill had historically operated as an uncoated freesheet ("UFS") paper mill, with its results of operations reported in our Paper segment. During the fourth quarter of 2020, in order to meet strong packaging demand and maintain appropriate inventory levels, we temporarily began producing linerboard on the No. 3 machine at our Jackson, Alabama mill. In the first quarter of 2021, we announced the discontinuation of production of UFS paper grades on the machine and the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. In the third quarter of 2021, we began producing corrugating medium on the No. 1 machine at the Jackson mill (which had produced UFS paper in the past) to help satisfy our demand for containerboard, build necessary inventories, and evaluate the capability of the machine to produce containerboard on a cost-effective basis. For the periods presented in this Form 10-Q, operating results for the Jackson mill are included in both the Packaging and Paper segments, as appropriate. The consolidated financial statements of PCA as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 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 notes 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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | 2. New Accounting Standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers . Under current business combination guidance in ASC 805, Business Combinations , such assets and liabilities are recognized by the acquirer at fair value on the acquisition date, whereas the new guidance requires the acquirer to recognize such assets and liabilities as if it had originated the contracts. The ASU is effective for annual periods beginning after December 15, 2022, and interim periods within those annual periods, with early adoption permitted. The amended guidance should be applied on a prospective basis to any business combinations that occur on or after the adoption date. The Company is currently evaluating the impact of this guidance but does not expect the guidance to have a significant impact on the Company's financial position, results of operations, or cash flow . In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The amendments in this Update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, which extends some of the optional expedients under Topic 848 to include derivative contracts impacted by discounting transition. Companies can apply the ASU immediately. The ASU can be adopted on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to any new modification from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that financial statements are available to be issued. The optional guidance will only be available until December 31, 2022. While the Company’s fixed-rate outstanding debt will not be impacted by the reference rate reform, the Company is still evaluating the impact of this guidance on its revolving credit facility, as the interest rate associated with any future borrowings against the revolving credit facility is based on LIBOR. Overall, the Company does not expect the guidance to have a significant impact on its financial position or related disclosures. 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. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2022 | |
Asset Acquisition [Abstract] | |
Acquisitions | 4. Acquisitions Advance Packaging Acquisition On December 11, 2021 , PCA acquired the assets of Advance Packaging Corporation ("Advance Packaging"), an independent corrugated products producer, for $ 194.9 million, including working capital adjustments. Assets acquired include full-line corrugated products operations in Grand Rapids, Michigan. Advance Packaging is a full-service producer of corrugated packaging products, including graphics, retail displays, sustainable shipping containers, and protective packaging. Advance Packaging's financial results are included in the Packaging segment from the date of acquisition. During the second quarter of 2022, we received $ 1.9 million from the seller related to a final working capital adjustment. We recorded the adjustment as a decrease to goodwill, which decreased the purchase price to $ 193.0 million. The Company accounted for the Advance Packaging acquisition 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): 12/31/2021 Allocation Adjustments Revised Allocation Goodwill $ 60.0 $ ( 1.0 ) $ 59.0 Other intangible assets 50.2 ( 1.4 ) 48.8 Property, plant and equipment 66.7 0.5 67.2 Other net assets 18.0 — 18.0 Net assets acquired $ 194.9 $ ( 1.9 ) $ 193.0 The purchase price allocation above is preliminary and is subject to finalization of various valuations and assessments, primarily related to intangible assets. Our current estimates and assumptions may change as more information becomes available. We expect to finalize the valuation 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 Advance Packaging's commitment to continuous improvement and synergies, 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 12.8 years. Property, plant, and equipment were assigned estimated useful lives ranging from one to 20 years . |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration expected to be received in exchange for those goods or services. Sales, value added, and other taxes collected concurrently with revenue-producing activities are excluded from revenue. The following table presents our revenues disaggregated by product line (dollars in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Packaging $ 2,066.9 $ 1,718.5 $ 4,031.3 $ 3,342.1 Paper 149.8 142.3 303.3 306.8 Corporate and Other 20.6 19.1 39.1 38.1 Total revenue $ 2,237.3 $ 1,879.9 $ 4,373.7 $ 3,687.0 Packaging Revenue Our containerboard mills produce linerboard and corrugating medium which are papers primarily used in the production of corrugated products. The majority of our containerboard production is used internally by our corrugated products manufacturing facilities. The remaining containerboard is sold to outside domestic and export customers. Our corrugated products manufacturing plants produce a wide variety of corrugated packaging products and retail merchandise displays. We sell corrugated products to national, regional and local accounts, which are broadly diversified across industries and geographic locations. The Company recognizes revenue for its packaging products when performance obligations under the terms of a contract with a customer are satisfied. This occurs with the transfer of control of our products at a specific point in time. Based on our express terms and conditions of the sale of products to our customers, as well as terms included in contractual arrangements with our customers, we do not have an enforceable right of payment that includes a reasonable profit throughout the duration of the contract for products that do not have an alternative use. Revenue is recognized when the product is shipped from the mill or from our manufacturing facility to our customer. Certain customers may receive volume-based incentives, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenue recognized. Certain customers receive a portion of their packaging products as consigned inventory with billing triggered once the customer uses or consumes the designated product. Prior to invoicing, these amounts are handled as unbilled receivables. Total unbilled receivables, which are immaterial in amount, are included in the accounts receivable financial statement caption. Paper Revenue We manufacture and sell a range of communication-based papers. Communication papers consist of cut-size office papers, and printing and converting papers. The Company recognizes revenue for its paper products when performance obligations under the terms of a contract with a customer are satisfied. This occurs with the transfer of control of our products at a specific point in time. Revenue is recognized when the product is shipped from the mill or from our manufacturing facility or distribution center to our customer. Certain customers may receive volume-based incentives, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenue recognized. Corporate and Other Revenue Revenue in this segment primarily relates to Louisiana Timber Procurement Company, L.L.C. ("LTP"), a variable-interest entity that is 50 % owned by PCA and 50 % owned by Boise Cascade Company ("Boise Cascade"). 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. See Note 18, Transactions With Related Parties, for more information related to LTP. The Company recognizes revenue within this segment when performance obligations under the terms of a contract with a customer are satisfied. This occurs with the transfer of control of our products at a specific point in time. Practical Expedients and Exemption Shipping and handling fees billed to a customer are recorded on a gross basis in "Net sales" with the corresponding shipping and handling costs included in "Cost of sales" in the concurrent period as the revenue is recorded. We expense sales commissions when incurred because the amortization period is one year or less. Sales commissions are recorded in "Selling, general, and administrative expenses". We do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. 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 Six Months Ended June 30, June 30, Numerator: 2022 2021 2022 2021 Net income $ 301.5 $ 207.3 $ 555.7 $ 373.8 Less: Distributed and undistributed earnings allocated to participating ( 2.6 ) ( 1.8 ) ( 4.6 ) ( 3.1 ) Net income attributable to common shareholders $ 298.9 $ 205.5 $ 551.1 $ 370.7 Denominator: Weighted average basic common shares outstanding 92.9 94.2 92.9 94.2 Effect of dilutive securities 0.5 0.4 0.4 0.4 Weighted average diluted common shares outstanding 93.4 94.6 93.3 94.6 Basic income per common share $ 3.22 $ 2.18 $ 5.93 $ 3.94 Diluted income per common share $ 3.20 $ 2.17 $ 5.91 $ 3.92 |
Other Expense, Net
Other Expense, Net | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Expense, Net | 6. Other Expense, Net The components of other income (expense), net, were as follows (dollars in millions): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Asset disposals and write-offs $ ( 13.8 ) $ ( 9.0 ) $ ( 26.4 ) $ ( 19.9 ) Jackson mill conversion-related activities (a) ( 1.7 ) ( 2.4 ) ( 2.1 ) ( 2.9 ) Acquisition-related, facilities closure and other income (b) 0.5 5.5 0.1 3.4 Other ( 1.3 ) ( 2.0 ) ( 3.5 ) ( 8.9 ) Total $ ( 16.3 ) $ ( 7.9 ) $ ( 31.9 ) $ ( 28.3 ) (a) Includes charges related to the announced discontinuation of production of uncoated freesheet paper grades on the No. 3 machine at the Jackson, Alabama mill in the first quarter of 2021 associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. (b) For 2022, includes income primarily consisting of insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities and acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition. For 2021, includes income primarily consisting of an adjustment of the required asset retirement obligation related to the 2020 closure of the San Lorenzo, California facility, a gain on sale of transportation assets, and insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes For the three months ended June 30, 2022 and 2021, we recorded $ 99.1 million and $ 67.4 million of income tax expense and had an effective tax rate of 24.7 % and 24.5 %, respectively. The increase in our effective tax rate for the three months ended June 30, 2022 compared to the same period in 2021 was primarily due to higher nondeductible employee remuneration paid to covered employees. For the six months ended June 30, 2022 and 2021, we recorded $ 185.3 and $ 120.5 million of income tax expense and had an effective tax rate of 25.0 % and 24.4 %, respectively. The increase in our effective tax rate for the six months ended June 30, 2022 compared to the same period in 2021 was primarily due to higher nondeductible employee remuneration paid to covered employees and lower net favorable state tax law changes. Our current effective tax rate may differ from the federal statutory income tax rate of 21.0 % due primarily to the effect of state and local income taxes. During the six months ended June 30, 2022 and 2021, cash paid for taxes, net of refunds received, was $ 144.2 million and $ 100.4 million, respectively. The increase in cash tax payments between the periods is primarily due to higher 2022 forecasted taxable income. During the three and six months ended June 30, 2022, there were no significant changes to our uncertain tax positions. For more information, see Note 8, Income Taxes, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2021 Annual Report on Form 10-K. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. 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 net realizable value. 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, 2022 2021 Raw materials $ 340.1 $ 324.2 Work in process 19.0 16.2 Finished goods 211.1 201.0 Supplies and materials 384.0 361.1 Inventories $ 954.2 $ 902.5 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | 9. Property, Plant, and Equipment The components of property, plant, and equipment were as follows (dollars in millions): June 30, December 31, 2022 2021 Land and land improvements $ 192.5 $ 189.8 Buildings 973.6 938.7 Machinery and equipment 6,359.6 6,159.1 Construction in progress 607.0 481.0 Other 122.2 102.9 Property, plant and equipment, at cost 8,254.9 7,871.5 Less accumulated depreciation ( 4,492.0 ) ( 4,342.5 ) Property, plant, and equipment, net $ 3,762.9 $ 3,529.0 Depreciation expense for the three months ended June 30, 2022 and 2021 wa s $ 103.5 million a nd $ 94.5 million, respectively. During the six months ended June 30, 2022 and 2021, depreciation expense was $ 202.1 million and $ 184.5 million, respectively. We recognized $ 1.7 million of incremental depreciation expense during the six months ended June 30, 2022 as a result of Jackson mill conversion-related activities. We recognized $ 2.1 million of incremental depreciation expense during the six months ended June 30, 2021 as a result of closure costs related to corrugated products facilities and Jackson mill conversion-related activities. At June 30, 2022 and December 31, 2021, purchases of property, plant, and equipment included in accounts payable were $ 118.3 million and |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 10. 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 June 30, 2022 and December 31, 2021 we had $ 922.5 million and $ 923.5 million, respectively, of goodwill recorded in our Packaging segment, which represents the entire goodwill balance reported on our Consolidated Balance Sheets. Changes in the carrying amount of our goodwill are as follows (dollars in millions): Goodwill Balance at January 1, 2022 $ 923.5 Acquisitions (a) ( 1.0 ) Balance at June 30, 2022 $ 922.5 (a) During the six months ended June 30, 2022, the Company recorded a $ 1.0 million adjustment to decrease the goodwill balance for the Company's December 2021 acquisition of Advance Packaging. 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, 2022 December 31, 2021 Weighted Gross Accumulated Weighted Gross Accumulated Customer relationships (b) 8.6 $ 546.0 $ 273.0 8.5 $ 551.1 $ 254.9 Trademarks and trade names (b) 7.4 41.3 27.2 8.4 37.6 25.5 Other (b) 3.6 4.5 4.3 2.2 4.4 4.3 Total intangible assets (excluding goodwill) 8.6 $ 591.8 $ 304.5 8.5 $ 593.1 $ 284.7 (b) In connection with the December 2021 acquisition of Advance Packaging, the Company recorded intangible assets of $ 47.3 million for customer relationships, $ 2.8 million for trade names, and $ 0.1 million for other intangibles. During the three months ended June 30, 2022, the Company made a $ 1.4 million net adjustment based on the valuation received for the intangible assets. This adjustment resulted in a revision to the original allocations for customer relationships and trade names. As of June 30, 2022, the revised allocations for customer relationships and trade names are $ 42.2 million and $ 6.5 million, respectively. During the six months ended June 30, 2022 and 2021, amortization expense was $ 19.8 million and $ 18.9 million, respectively. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | 11. Accrued Liabilities The components of accrued liabilities were as follows (dollars in millions): June 30, December 31, 2022 2021 Compensation and benefits $ 127.3 $ 157.1 Customer rebates and other credits 36.3 36.9 Franchise, property, sales and use taxes 27.2 17.6 Medical insurance and workers’ compensation 25.9 26.9 Environmental liabilities and asset retirement obligations 4.3 4.0 Severance, retention, and relocation 2.9 2.7 Other 12.8 9.8 Total $ 236.7 $ 255.0 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 12. Debt For the six months ended June 30, 2022 and 2021, cash payments for interest were $ 43.1 million and $ 47.8 million, respectively. Included in interest expense, net is the amortization of financing costs. For the three months ended June 30, 2022 and 2021, amortization of financing costs was $ 0.4 million and $ 0.5 million, respectively, and during the six months ended June 30, 2022 and 2021, amortization of financing costs was $ 0.8 million and $ 1.0 million, respectively. At June 30, 2022, we had $ 2,491.3 million of fixed-rate senior notes outstanding. The fair value of our fixed-rate debt was estimated to be $ 2,151.3 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 2021 Annual Report on Form 10-K. For more information on our long-term debt and interest rates on that debt, see Note 11, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2021 Annual Report on Form 10-K. |
Cash, Cash Equivalents, and Mar
Cash, Cash Equivalents, and Marketable Debt Securities | 6 Months Ended |
Jun. 30, 2022 | |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |
Cash, Cash Equivalents, and Marketable Debt Securities | 13. Cash, Cash Equivalents, and Marketable Debt Securities The following table shows the Company’s cash and available-for-sale ("AFS") debt securities by major asset category at June 30, 2022 and December 31, 2021 (in millions): June 30, 2022 Adjusted Unrealized Unrealized Fair Cash and Short-Term Long-Term Cash and cash equivalents $ 659.9 $ — $ — $ 659.9 $ 659.9 $ — $ — Level 1 (a) : U.S. Treasury securities 23.0 — ( 0.4 ) 22.6 0.6 12.4 9.6 Money market funds 4.3 — — 4.3 4.3 — — Subtotal 27.3 — ( 0.4 ) 26.9 4.9 12.4 9.6 Level 2 (b) : Corporate debt securities 120.9 — ( 1.9 ) 119.0 2.0 66.2 50.8 U.S. government agency securities 4.0 — — 4.0 — 3.2 0.8 Certificates of deposit 1.0 — — 1.0 0.5 0.5 — Subtotal 125.9 — ( 1.9 ) 124.0 2.5 69.9 51.6 Total $ 813.1 $ — $ ( 2.3 ) $ 810.8 $ 667.3 $ 82.3 $ 61.2 December 31, 2021 Adjusted Unrealized Unrealized Fair Cash and Short-Term Long-Term Cash and cash equivalents $ 612.3 $ — $ — $ 612.3 $ 612.3 $ — $ — Level 1 (a) : U.S. Treasury securities 26.4 — ( 0.1 ) 26.3 2.0 14.7 9.6 Money market funds 0.9 — — 0.9 0.9 — — Subtotal 27.3 — ( 0.1 ) 27.2 2.9 14.7 9.6 Level 2 (b) : Corporate debt securities 118.9 — ( 0.3 ) 118.6 3.5 66.0 49.1 U.S. government agency securities 4.8 — — 4.8 — 3.5 1.3 Certificates of deposit 1.9 — — 1.9 — 1.9 — Subtotal 125.6 — ( 0.3 ) 125.3 3.5 71.4 50.4 Total $ 765.2 $ — $ ( 0.4 ) $ 764.8 $ 618.7 $ 86.1 $ 60.0 (a) Valuations based on quoted prices for identical assets or liabilities in active markets. (b) Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. For the three and six months ended June 30, 2022 and 2021, net realized gains and losses on the sales and maturities of certain marketable debt securities were insignificant. The Company invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy requires securities to be investment grade and limits the amount of credit exposure to any one issuer. The maturities of the Company’s long-term marketable debt securities generally range from one to two years . Fair values were determined for each individual marketable debt security in the investment portfolio. When evaluating a marketable debt security for impairment, PCA reviews factors such as the duration and extent to which the fair value of the marketable debt security is less than its cost, the financial condition of the issuer and any changes thereto, the general market condition in which the issuer operates, and PCA’s intent to sell, or whether it will be more likely than not be required to sell, the marketable debt security before recovery of its amortized cost basis. As of June 30, 2022 and December 31, 2021, we do no t consider any of the impairments related to our marketable debt securities to be the result of credit losses. Therefore, we have no t recorded an allowance for credit losses related to our marketable debt securities. All unrealized gains and losses were recorded in other comprehensive income (OCI). The following table provides information about the Company’s marketable debt securities that have been in a continuous loss position as of June 30, 2022 and December 31, 2021 (in millions, except number of marketable debt securities in a loss position): June 30, 2022 Fair Value of Number of Marketable Unrealized Losses < 12 Months Fair Value of Number of Marketable Unrealized Losses Corporate debt securities $ 112.7 176 $ 1.9 $ 0.3 1 $ — U.S. Treasury securities 20.8 23 0.4 1.0 1 — U.S. government agency securities 4.0 6 — — — — Certificates of deposit 0.5 1 — — — — $ 138.0 206 $ 2.3 $ 1.3 2 $ — (c) Unrealized losses were insignificant for debt securities in a continuous loss position greater than or equal to 12 months for the period ended June 30, 2022. December 31, 2021 Fair Value of Number of Marketable Unrealized Corporate debt securities $ 106.9 153 $ 0.3 U.S. Treasury securities 22.4 27 0.1 U.S. government agency securities 4.8 6 — Certificates of deposit 0.5 1 — $ 134.6 187 $ 0.4 (d) For the period ended December 31, 2021, there were no debt securities in a continuous loss position greater than or equal to 12 months. |
Employee Benefit Plans and Othe
Employee Benefit Plans and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans and Other Postretirement Benefits | 14. 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, 2022 2021 2022 2021 Service cost $ 4.9 $ 5.4 $ 9.9 $ 10.7 Interest cost 8.7 7.4 17.4 14.9 Expected return on plan assets ( 13.9 ) ( 15.8 ) ( 27.9 ) ( 31.6 ) Net amortization of unrecognized amounts Prior service cost 0.9 1.0 1.8 1.9 Actuarial loss 0.8 2.5 1.7 5.0 Net periodic benefit cost $ 1.4 $ 0.5 $ 2.9 $ 0.9 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. During the three and six months ended June 30, 2022 and 2021, payments to our nonqualified pension plans were insignificant. During the three and six months ended June 30, 2022 and 2021, we did no t make any contributions to our qualified pension plans. We do not have a required minimum contribution amount for 2022, but we expect to make discretionary contributions to our plans. For the three and six months ended June 30, 2022 and 2021, the net periodic benefit cost for our postretirement plans was insignificant. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | 15. 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. On February 25, 2020, our board of directors approved and, on May 5, 2020, our stockholders approved, the amendment and restatement of the plan. The amendment extended the plan’s term to May 5, 2030 and increased the number of shares of common stock available for issuance under the plan by 1.4 million shares. The total number of shares authorized for past and future awards is 12.0 million shares. As of June 30, 2022, assuming performance units are paid out at the target level of performance, 1.0 million shares were available for future grants under the current 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, 2022: Restricted Stock Performance Units Shares Weighted Shares Weighted Outstanding at January 1, 2022 651,448 $ 109.16 358,092 $ 105.38 Granted 175,047 145.63 96,309 154.21 Vested (a) ( 146,093 ) 115.78 ( 42,024 ) 141.62 Forfeitures ( 6,651 ) 111.31 ( 256 ) 145.26 Outstanding at June 30, 2022 673,751 $ 117.18 412,121 $ 113.07 (a) Upon vesting of the performance unit awards, PCA issued 46,281 shares, which included 4,257 shares for dividends accrued during the vesting period. Compensation Expense Our share-based compensation expense is primarily 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, 2022 2021 2022 2021 Restricted stock $ 5.4 $ 5.9 $ 14.7 $ 14.5 Performance units 3.8 2.5 6.9 5.6 Total share-based compensation expense 9.2 8.4 21.6 20.1 Income tax benefit ( 2.3 ) ( 2.1 ) ( 5.5 ) ( 5.1 ) Share-based compensation expense, net of tax benefit $ 6.9 $ 6.3 $ 16.1 $ 15.0 The fair value of restricted stock is determined based on the closing price of the Company’s stock on the grant date. Compensation expense, net of estimated forfeitures, is recorded over the requisite service period. As PCA’s Board of Directors has the ability to accelerate the vesting of these awards upon an employee’s retirement, the Company accelerates the recognition of compensation expense for certain employees approaching normal retirement age. Performance unit awards granted to certain key employees are earned based on the achievement of defined performance rankings of Return on Invested Capital (ROIC) or Total Shareholder Return (TSR) compared to ROIC and TSR for peer companies. For performance unit awards made in 2022 and 2021, in terms of grant date value, 50 % used TSR as the performance measure and 50 % used ROIC as the performance measure. The ROIC component of performance unit awards is valued based on the closing price of the stock on the grant date. As the ROIC component contains a performance condition, compensation expense, net of estimated forfeitures, is recorded over the requisite service period based on the most probable number of awards expected to vest. The TSR component of performance unit awards is valued using a Monte Carlo simulation as the TSR component contains a market condition. The Monte Carlo simulation estimates the fair value of the TSR component based on the expected term of the award, a risk-free interest rate, expected dividends, and expected volatility of the Company’s common stock and the common stock of the peer companies. Compensation expense is recorded ratably over the expected term of the award. The unrecognized compensation expense for all share-based awards at June 30, 2022 was as follows (dollars in millions): June 30, 2022 Unrecognized Remaining Restricted stock $ 36.4 2.8 Performance units 25.9 2.5 Total unrecognized share-based compensation expense $ 62.3 2.7 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 16. Stockholders' Equity Dividends During the six months ended June 30, 2022, we paid $ 187.2 million of dividends to shareholders. During the second quarter of 2022, PCA announced an increase of its quarterly cash dividend on its common stock from an annual rate of $ 4.00 per share to $ 5.00 per share. PCA’s Board of Directors declared the first regular quarterly cash dividend of $ 1.25 per share of common stock on May 17, 2022, which was paid on July 15, 2022 to shareholders of record as of June 15, 2022. The dividend payment was $ 117.1 million. Repurchases of Common Stock On January 26, 2022, PCA announced that its Board of Directors authorized the repurchase of an additional $ 1 billion 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 no t repurchase any shares of its common stock under this authority during the three and six months ended June 30, 2022. At June 30, 2022, $ 1 billion of the authorized amount remained available for repurchase of the Company’s common stock. 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 Unrealized Loss Unfunded Total Balance at January 1, 2022 $ ( 0.2 ) $ ( 0.2 ) $ ( 74.8 ) $ ( 75.2 ) Other comprehensive income before reclassifications, — ( 1.5 ) — ( 1.5 ) Amounts reclassified from AOCI, net of tax — — 2.3 2.3 Balance at June 30, 2022 $ ( 0.2 ) $ ( 1.7 ) $ ( 72.5 ) $ ( 74.4 ) 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 June 30, Six Months Ended June 30, Details about AOCI Components 2022 2021 2022 2021 Unfunded employee benefit obligations (a) Amortization of prior service costs $ ( 0.8 ) $ ( 0.8 ) $ ( 1.6 ) $ ( 1.7 ) See (a) below Amortization of actuarial losses ( 0.7 ) ( 2.5 ) ( 1.4 ) ( 5.0 ) See (a) below ( 1.5 ) ( 3.3 ) ( 3.0 ) ( 6.7 ) Total before tax 0.4 0.8 0.7 1.7 Tax benefit $ ( 1.1 ) $ ( 2.5 ) $ ( 2.3 ) $ ( 5.0 ) Net of tax (a) These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 14, Employee Benefit Plans and Other Postretirement Benefits, for additional information. |
Concentrations of Risk
Concentrations of Risk | 6 Months Ended |
Jun. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | 17. Concentrations of Risk Our Paper segment has 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 4 % of our total Company sales revenue for both the six month periods ended June 30, 2022 and 2021 and approximately 58 % and 47 % of our Paper segment sales revenue for both of those periods, respectively. For the full year 2021, sales to Office Depot represented 51 % of our Paper segment sales. At June 30, 2022 and December 31, 2021, we had $ 41.2 million and $ 49.8 million of accounts receivable due from Office Depot, respectively, which represents approximately 3 % and 4 % of our total Company accounts receivable, respectively. |
Transactions With Related Parti
Transactions With Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | 18. 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 non-inventory working capital items) on our Consolidated Balance Sheets were $ 3.1 million at June 30, 2022 and $ 3.5 million at December 31, 2021. During the three months ended June 30, 2022 and 2021, we recorded $ 23.5 million and $ 20.7 million, respectively, and during the six months ended June 30, 2022 and 2021, we recorded $ 44.3 million and $ 41.0 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 June 30, 2022 and 2021, fiber purchases from related parties were $ 3.6 million and $ 3.4 million , respectively, and during the six months ended June 30, 2022 and 2021, fiber purchases from related parties were $ 7.4 million and $ 6.7 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 | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 19. 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. Our Jackson, Alabama mill had historically operated as a UFS mill, with its results of operations reported in our Paper segment. During the fourth quarter of 2020, in order to meet strong packaging demand and maintain appropriate inventory levels, we temporarily began producing linerboard on the No. 3 machine at our Jackson, Alabama mill. In the first quarter of 2021, we announced the discontinuation of production of UFS paper grades on the machine and the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. In the third quarter of 2021, we began producing corrugating medium on the No. 1 machine at the Jackson mill (which had produced UFS paper in the past) to help satisfy our demand for containerboard, build necessary inventories, and evaluate the capability of the machine to produce containerboard on a cost-effective basis. For the periods presented, operating results for the Jackson mill are included in both the Packaging and Paper segments, as appropriate. Each segment’s profits and losses are measured on operating profits before interest expense, net, non-operating pension income, and income taxes. For certain 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 Three Months Ended June 30, 2022 Trade Intersegment Total Operating Income (Loss) Packaging $ 2,061.7 $ 5.2 $ 2,066.9 $ 419.8 (a) Paper 149.8 — 149.8 22.7 (a) Corporate and Other 25.8 37.4 63.2 ( 26.7 ) Intersegment eliminations — ( 42.6 ) ( 42.6 ) — $ 2,237.3 $ — $ 2,237.3 415.8 Non-operating pension income 3.6 Interest expense, net ( 18.8 ) Income before taxes $ 400.6 Sales, net Three Months Ended June 30, 2021 Trade Intersegment Total Operating Income (Loss) Packaging $ 1,714.5 $ 4.0 $ 1,718.5 $ 317.2 (b) Paper 142.3 — 142.3 2.6 (b) Corporate and Other 23.1 32.0 55.1 ( 25.2 ) (b) Intersegment eliminations — ( 36.0 ) ( 36.0 ) — $ 1,879.9 $ — $ 1,879.9 294.6 Non-operating pension income 5.0 Interest expense, net ( 24.9 ) Income before taxes $ 274.7 Sales, net Six Months Ended June 30, 2022 Trade Intersegment Total Operating Income (Loss) Packaging $ 4,021.6 $ 9.7 $ 4,031.3 $ 782.1 (a) Paper 303.3 — 303.3 45.1 (a) Corporate and Other 48.8 72.7 121.5 ( 54.8 ) Intersegment eliminations — ( 82.4 ) ( 82.4 ) — $ 4,373.7 $ — $ 4,373.7 772.4 Non-operating pension income 7.3 Interest expense, net ( 38.7 ) Income before taxes $ 741.0 Sales, net Six Months Ended June 30, 2021 Trade Intersegment Total Operating Income (Loss) Packaging $ 3,334.3 $ 7.8 $ 3,342.1 $ 575.1 (b) Paper 306.7 0.1 306.8 11.3 (b) Corporate and Other 46.0 64.5 110.5 ( 53.5 ) (b) Intersegment eliminations — ( 72.4 ) ( 72.4 ) — $ 3,687.0 $ — $ 3,687.0 532.9 Non-operating pension income 9.8 Interest expense, net ( 48.4 ) Income before taxes $ 494.3 (a) The three and six months ended June 30, 2022 include the following: 1. $ 3.9 million and $ 5.4 million, respectively, of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to containerboard conversion related activities. 2. $ 0.9 million and $ 0.3 million, respectively, of income primarily consisting of insurance proceeds received for a natural disaster at one of the corrugated products facilities and a favorable lease buyout for a closed corrugated products facility, partially offset by closure costs related to corrugated products facilities and acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition. (b) The three and six months ended June 30, 2021 include the following: 1. $ 4.7 million and $ 2.6 million, respectively, of income primarily consisting of an adjustment of the required asset retirement obligation related to the 2020 closure of the San Lorenzo, California facility, a gain on sale of transportation assets, and insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities. 2. $ 3.8 million and $ 4.9 million, respectively, of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. |
Commitments, Guarantees, Indemn
Commitments, Guarantees, Indemnifications and Legal Proceedings | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Guarantees, Indemnifications and Legal Proceedings | 20. 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 11, Debt, and Note 21, 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 2021 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, 2022, 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 with multiple lawsuits involving the decedents and other allegedly injured parties, alleging negligence on the part of the Company and claiming compensatory and punitive damages. The Company is vigorously defending these lawsuits. The Company believes that these suits are covered by its liability insurance policies, subject to an aggregate $ 1.0 million deductible, which has been satisfied in full as a result of settlement of various lawsuits and fees and expenses incurred by the Company. Cases involving nine plaintiffs are pending in the U.S. District Court for the Middle District of Louisiana and one case remains pending in state court in Alabama. One case previously dismissed by the federal district court for the Western District of Louisiana has been appealed by the plaintiff to the United States Court of Appeals for the Fifth Circuit. The Fifth Circuit Court of Appeals affirmed such dismissal. The remaining lawsuits pending in federal district court and state court are in the early stages. Accordingly, the Company is unable to estimate a range of reasonable possible losses at this time. The Company has cooperated with investigations from the U.S. Occupational Health and Safety Administration ("OSHA"), the U.S. Chemical Safety Board ("CSB") and the U.S. Environmental Protection Agency ("EPA"). The U.S. Chemical Safety Board completed its investigation and issued its report during the second quarter of 2018. The Company settled with OSHA during the second quarter of 2018 and paid approximately $ 40,000 in penalties for citations. The EPA investigation is ongoing. In May 2017, the EPA conducted an on-site inspection of the facility to assess compliance with the Clean Air Act, Risk Management Program ("RMP"). The Company provided additional information to the EPA promptly after the inspection to address certain areas of concern ("AOCs") observed during the inspection. In January 2021, the EPA and U.S. Department of Justice ("DOJ") initiated civil judicial enforcement discussions with PCA. These discussions are ongoing. As of the date of filing of this report, no complaint has been filed. PCA continues to cooperate with the agencies. Since the inspection in 2017, PCA performed several voluntary activities to address the AOCs presented in the EPA’s inspection report and has removed the RMP covered process from the facility. Legal Proceedings We are also a party to various legal actions arising in the ordinary course of our business. These legal actions include commercial liability claims, premises liability claims, 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. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Asset Acquisition [Abstract] | |
Schedule of Tangible and Intangible Assets Acquired and Liabilities Assumed | 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): 12/31/2021 Allocation Adjustments Revised Allocation Goodwill $ 60.0 $ ( 1.0 ) $ 59.0 Other intangible assets 50.2 ( 1.4 ) 48.8 Property, plant and equipment 66.7 0.5 67.2 Other net assets 18.0 — 18.0 Net assets acquired $ 194.9 $ ( 1.9 ) $ 193.0 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues Disaggregated by Product Line | The following table presents our revenues disaggregated by product line (dollars in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Packaging $ 2,066.9 $ 1,718.5 $ 4,031.3 $ 3,342.1 Paper 149.8 142.3 303.3 306.8 Corporate and Other 20.6 19.1 39.1 38.1 Total revenue $ 2,237.3 $ 1,879.9 $ 4,373.7 $ 3,687.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Six Months Ended June 30, June 30, Numerator: 2022 2021 2022 2021 Net income $ 301.5 $ 207.3 $ 555.7 $ 373.8 Less: Distributed and undistributed earnings allocated to participating ( 2.6 ) ( 1.8 ) ( 4.6 ) ( 3.1 ) Net income attributable to common shareholders $ 298.9 $ 205.5 $ 551.1 $ 370.7 Denominator: Weighted average basic common shares outstanding 92.9 94.2 92.9 94.2 Effect of dilutive securities 0.5 0.4 0.4 0.4 Weighted average diluted common shares outstanding 93.4 94.6 93.3 94.6 Basic income per common share $ 3.22 $ 2.18 $ 5.93 $ 3.94 Diluted income per common share $ 3.20 $ 2.17 $ 5.91 $ 3.92 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Components of Other Income (Expense), Net | The components of other income (expense), net, were as follows (dollars in millions): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Asset disposals and write-offs $ ( 13.8 ) $ ( 9.0 ) $ ( 26.4 ) $ ( 19.9 ) Jackson mill conversion-related activities (a) ( 1.7 ) ( 2.4 ) ( 2.1 ) ( 2.9 ) Acquisition-related, facilities closure and other income (b) 0.5 5.5 0.1 3.4 Other ( 1.3 ) ( 2.0 ) ( 3.5 ) ( 8.9 ) Total $ ( 16.3 ) $ ( 7.9 ) $ ( 31.9 ) $ ( 28.3 ) (a) Includes charges related to the announced discontinuation of production of uncoated freesheet paper grades on the No. 3 machine at the Jackson, Alabama mill in the first quarter of 2021 associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. (b) For 2022, includes income primarily consisting of insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities and acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition. For 2021, includes income primarily consisting of an adjustment of the required asset retirement obligation related to the 2020 closure of the San Lorenzo, California facility, a gain on sale of transportation assets, and insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories were as follows (dollars in millions): June 30, December 31, 2022 2021 Raw materials $ 340.1 $ 324.2 Work in process 19.0 16.2 Finished goods 211.1 201.0 Supplies and materials 384.0 361.1 Inventories $ 954.2 $ 902.5 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 2021 Land and land improvements $ 192.5 $ 189.8 Buildings 973.6 938.7 Machinery and equipment 6,359.6 6,159.1 Construction in progress 607.0 481.0 Other 122.2 102.9 Property, plant and equipment, at cost 8,254.9 7,871.5 Less accumulated depreciation ( 4,492.0 ) ( 4,342.5 ) Property, plant, and equipment, net $ 3,762.9 $ 3,529.0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 $ 923.5 Acquisitions (a) ( 1.0 ) Balance at June 30, 2022 $ 922.5 (a) During the six months ended June 30, 2022, the Company recorded a $ 1.0 million adjustment to decrease the goodwill balance for the Company's December 2021 acquisition of Advance Packaging. |
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, 2022 December 31, 2021 Weighted Gross Accumulated Weighted Gross Accumulated Customer relationships (b) 8.6 $ 546.0 $ 273.0 8.5 $ 551.1 $ 254.9 Trademarks and trade names (b) 7.4 41.3 27.2 8.4 37.6 25.5 Other (b) 3.6 4.5 4.3 2.2 4.4 4.3 Total intangible assets (excluding goodwill) 8.6 $ 591.8 $ 304.5 8.5 $ 593.1 $ 284.7 (b) In connection with the December 2021 acquisition of Advance Packaging, the Company recorded intangible assets of $ 47.3 million for customer relationships, $ 2.8 million for trade names, and $ 0.1 million for other intangibles. During the three months ended June 30, 2022, the Company made a $ 1.4 million net adjustment based on the valuation received for the intangible assets. This adjustment resulted in a revision to the original allocations for customer relationships and trade names. As of June 30, 2022, the revised allocations for customer relationships and trade names are $ 42.2 million and $ 6.5 million, respectively. |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accrued Liabilities [Abstract] | |
Components of Accrued Liabilities | The components of accrued liabilities were as follows (dollars in millions): June 30, December 31, 2022 2021 Compensation and benefits $ 127.3 $ 157.1 Customer rebates and other credits 36.3 36.9 Franchise, property, sales and use taxes 27.2 17.6 Medical insurance and workers’ compensation 25.9 26.9 Environmental liabilities and asset retirement obligations 4.3 4.0 Severance, retention, and relocation 2.9 2.7 Other 12.8 9.8 Total $ 236.7 $ 255.0 |
Cash, Cash Equivalents, and M_2
Cash, Cash Equivalents, and Marketable Debt Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cash, Cash Equivalents, and Short-Term Investments [Abstract] | |
Schedule of Cash and Available-For-Sale Debt Securities by Major Asset Category | The following table shows the Company’s cash and available-for-sale ("AFS") debt securities by major asset category at June 30, 2022 and December 31, 2021 (in millions): June 30, 2022 Adjusted Unrealized Unrealized Fair Cash and Short-Term Long-Term Cash and cash equivalents $ 659.9 $ — $ — $ 659.9 $ 659.9 $ — $ — Level 1 (a) : U.S. Treasury securities 23.0 — ( 0.4 ) 22.6 0.6 12.4 9.6 Money market funds 4.3 — — 4.3 4.3 — — Subtotal 27.3 — ( 0.4 ) 26.9 4.9 12.4 9.6 Level 2 (b) : Corporate debt securities 120.9 — ( 1.9 ) 119.0 2.0 66.2 50.8 U.S. government agency securities 4.0 — — 4.0 — 3.2 0.8 Certificates of deposit 1.0 — — 1.0 0.5 0.5 — Subtotal 125.9 — ( 1.9 ) 124.0 2.5 69.9 51.6 Total $ 813.1 $ — $ ( 2.3 ) $ 810.8 $ 667.3 $ 82.3 $ 61.2 December 31, 2021 Adjusted Unrealized Unrealized Fair Cash and Short-Term Long-Term Cash and cash equivalents $ 612.3 $ — $ — $ 612.3 $ 612.3 $ — $ — Level 1 (a) : U.S. Treasury securities 26.4 — ( 0.1 ) 26.3 2.0 14.7 9.6 Money market funds 0.9 — — 0.9 0.9 — — Subtotal 27.3 — ( 0.1 ) 27.2 2.9 14.7 9.6 Level 2 (b) : Corporate debt securities 118.9 — ( 0.3 ) 118.6 3.5 66.0 49.1 U.S. government agency securities 4.8 — — 4.8 — 3.5 1.3 Certificates of deposit 1.9 — — 1.9 — 1.9 — Subtotal 125.6 — ( 0.3 ) 125.3 3.5 71.4 50.4 Total $ 765.2 $ — $ ( 0.4 ) $ 764.8 $ 618.7 $ 86.1 $ 60.0 (a) Valuations based on quoted prices for identical assets or liabilities in active markets. (b) Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. |
Schedule of Marketable Debt Securities in Continuous Loss Position | The following table provides information about the Company’s marketable debt securities that have been in a continuous loss position as of June 30, 2022 and December 31, 2021 (in millions, except number of marketable debt securities in a loss position): June 30, 2022 Fair Value of Number of Marketable Unrealized Losses < 12 Months Fair Value of Number of Marketable Unrealized Losses Corporate debt securities $ 112.7 176 $ 1.9 $ 0.3 1 $ — U.S. Treasury securities 20.8 23 0.4 1.0 1 — U.S. government agency securities 4.0 6 — — — — Certificates of deposit 0.5 1 — — — — $ 138.0 206 $ 2.3 $ 1.3 2 $ — (c) Unrealized losses were insignificant for debt securities in a continuous loss position greater than or equal to 12 months for the period ended June 30, 2022. December 31, 2021 Fair Value of Number of Marketable Unrealized Corporate debt securities $ 106.9 153 $ 0.3 U.S. Treasury securities 22.4 27 0.1 U.S. government agency securities 4.8 6 — Certificates of deposit 0.5 1 — $ 134.6 187 $ 0.4 (d) For the period ended December 31, 2021, there were no debt securities in a continuous loss position greater than or equal to 12 months. |
Employee Benefit Plans and Ot_2
Employee Benefit Plans and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Service cost $ 4.9 $ 5.4 $ 9.9 $ 10.7 Interest cost 8.7 7.4 17.4 14.9 Expected return on plan assets ( 13.9 ) ( 15.8 ) ( 27.9 ) ( 31.6 ) Net amortization of unrecognized amounts Prior service cost 0.9 1.0 1.8 1.9 Actuarial loss 0.8 2.5 1.7 5.0 Net periodic benefit cost $ 1.4 $ 0.5 $ 2.9 $ 0.9 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [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, 2022: Restricted Stock Performance Units Shares Weighted Shares Weighted Outstanding at January 1, 2022 651,448 $ 109.16 358,092 $ 105.38 Granted 175,047 145.63 96,309 154.21 Vested (a) ( 146,093 ) 115.78 ( 42,024 ) 141.62 Forfeitures ( 6,651 ) 111.31 ( 256 ) 145.26 Outstanding at June 30, 2022 673,751 $ 117.18 412,121 $ 113.07 (a) Upon vesting of the performance unit awards, PCA issued 46,281 shares, which included 4,257 shares for dividends accrued during the vesting period. |
Compensation Expense for Share-Based Awards | Our share-based compensation expense is primarily 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, 2022 2021 2022 2021 Restricted stock $ 5.4 $ 5.9 $ 14.7 $ 14.5 Performance units 3.8 2.5 6.9 5.6 Total share-based compensation expense 9.2 8.4 21.6 20.1 Income tax benefit ( 2.3 ) ( 2.1 ) ( 5.5 ) ( 5.1 ) Share-based compensation expense, net of tax benefit $ 6.9 $ 6.3 $ 16.1 $ 15.0 |
Unrecognized Compensation Expense for Share-Based Awards | The unrecognized compensation expense for all share-based awards at June 30, 2022 was as follows (dollars in millions): June 30, 2022 Unrecognized Remaining Restricted stock $ 36.4 2.8 Performance units 25.9 2.5 Total unrecognized share-based compensation expense $ 62.3 2.7 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Unrealized Loss Unfunded Total Balance at January 1, 2022 $ ( 0.2 ) $ ( 0.2 ) $ ( 74.8 ) $ ( 75.2 ) Other comprehensive income before reclassifications, — ( 1.5 ) — ( 1.5 ) Amounts reclassified from AOCI, net of tax — — 2.3 2.3 Balance at June 30, 2022 $ ( 0.2 ) $ ( 1.7 ) $ ( 72.5 ) $ ( 74.4 ) |
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 June 30, Six Months Ended June 30, Details about AOCI Components 2022 2021 2022 2021 Unfunded employee benefit obligations (a) Amortization of prior service costs $ ( 0.8 ) $ ( 0.8 ) $ ( 1.6 ) $ ( 1.7 ) See (a) below Amortization of actuarial losses ( 0.7 ) ( 2.5 ) ( 1.4 ) ( 5.0 ) See (a) below ( 1.5 ) ( 3.3 ) ( 3.0 ) ( 6.7 ) Total before tax 0.4 0.8 0.7 1.7 Tax benefit $ ( 1.1 ) $ ( 2.5 ) $ ( 2.3 ) $ ( 5.0 ) Net of tax (a) These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 14, Employee Benefit Plans and Other Postretirement Benefits, for additional information. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Selected financial information by reportable segment was as follows (dollars in millions): Sales, net Three Months Ended June 30, 2022 Trade Intersegment Total Operating Income (Loss) Packaging $ 2,061.7 $ 5.2 $ 2,066.9 $ 419.8 (a) Paper 149.8 — 149.8 22.7 (a) Corporate and Other 25.8 37.4 63.2 ( 26.7 ) Intersegment eliminations — ( 42.6 ) ( 42.6 ) — $ 2,237.3 $ — $ 2,237.3 415.8 Non-operating pension income 3.6 Interest expense, net ( 18.8 ) Income before taxes $ 400.6 Sales, net Three Months Ended June 30, 2021 Trade Intersegment Total Operating Income (Loss) Packaging $ 1,714.5 $ 4.0 $ 1,718.5 $ 317.2 (b) Paper 142.3 — 142.3 2.6 (b) Corporate and Other 23.1 32.0 55.1 ( 25.2 ) (b) Intersegment eliminations — ( 36.0 ) ( 36.0 ) — $ 1,879.9 $ — $ 1,879.9 294.6 Non-operating pension income 5.0 Interest expense, net ( 24.9 ) Income before taxes $ 274.7 Sales, net Six Months Ended June 30, 2022 Trade Intersegment Total Operating Income (Loss) Packaging $ 4,021.6 $ 9.7 $ 4,031.3 $ 782.1 (a) Paper 303.3 — 303.3 45.1 (a) Corporate and Other 48.8 72.7 121.5 ( 54.8 ) Intersegment eliminations — ( 82.4 ) ( 82.4 ) — $ 4,373.7 $ — $ 4,373.7 772.4 Non-operating pension income 7.3 Interest expense, net ( 38.7 ) Income before taxes $ 741.0 Sales, net Six Months Ended June 30, 2021 Trade Intersegment Total Operating Income (Loss) Packaging $ 3,334.3 $ 7.8 $ 3,342.1 $ 575.1 (b) Paper 306.7 0.1 306.8 11.3 (b) Corporate and Other 46.0 64.5 110.5 ( 53.5 ) (b) Intersegment eliminations — ( 72.4 ) ( 72.4 ) — $ 3,687.0 $ — $ 3,687.0 532.9 Non-operating pension income 9.8 Interest expense, net ( 48.4 ) Income before taxes $ 494.3 (a) The three and six months ended June 30, 2022 include the following: 1. $ 3.9 million and $ 5.4 million, respectively, of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to containerboard conversion related activities. 2. $ 0.9 million and $ 0.3 million, respectively, of income primarily consisting of insurance proceeds received for a natural disaster at one of the corrugated products facilities and a favorable lease buyout for a closed corrugated products facility, partially offset by closure costs related to corrugated products facilities and acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition. (b) The three and six months ended June 30, 2021 include the following: 1. $ 4.7 million and $ 2.6 million, respectively, of income primarily consisting of an adjustment of the required asset retirement obligation related to the 2020 closure of the San Lorenzo, California facility, a gain on sale of transportation assets, and insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities. 2. $ 3.8 million and $ 4.9 million, respectively, of charges related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of incorporation | Jan. 25, 1999 |
Number of reportable segments | 3 |
Acquisitions (Additional Inform
Acquisitions (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 11, 2021 | Jun. 30, 2022 | |
Maximum | ||
Asset Acquisition [Line Items] | ||
Estimated Useful Lives | P20Y | |
Minimum | ||
Asset Acquisition [Line Items] | ||
Estimated Useful Lives | P1Y | |
Advance Packaging Corporation [Member] | ||
Asset Acquisition [Line Items] | ||
Payments to acquire assets | $ 194.9 | |
Weighted average useful life of intangible asset acquired | 12 years 9 months 18 days | |
Decrease in Goodwill | $ 193 | |
Payments for proceeds from seller | $ 1.9 | |
Series of Individually Immaterial Business Acquisitions [Member] | Advance Packaging Corporation [Member] | ||
Asset Acquisition [Line Items] | ||
Business acquisition, effective date of acquisition | Dec. 11, 2021 |
Acquisitions - Schedule of Tang
Acquisitions - Schedule of Tangible and Intangible Assets Acquired and Liabilities Assumed (Details) - Advance Packaging Corporation [Member] - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Asset Acquisition [Line Items] | ||
Goodwill | $ 59 | $ 60 |
Other intangible assets | 48.8 | 50.2 |
Property, plant and equipment | 67.2 | 66.7 |
Other net assets | 18 | 18 |
Net assets acquired | 193 | $ 194.9 |
Adjustment [Member] | ||
Asset Acquisition [Line Items] | ||
Goodwill | (1) | |
Other intangible assets | (1.4) | |
Property, plant and equipment | 0.5 | |
Other net assets | 0 | |
Net assets acquired | $ (1.9) |
Revenue - Summary of Revenues D
Revenue - Summary of Revenues Disaggregated by Product Line (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 2,237.3 | $ 1,879.9 | $ 4,373.7 | $ 3,687 |
Packaging | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 2,066.9 | 1,718.5 | 4,031.3 | 3,342.1 |
Paper | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 149.8 | 142.3 | 303.3 | 306.8 |
Corporate and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 20.6 | $ 19.1 | $ 39.1 | $ 38.1 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Packaging Corporation of America | |
Revenue [Line Items] | |
Variable interest entity, ownership percentage | 50% |
Boise Cascade Co-Owner of LTP | |
Revenue [Line Items] | |
Variable interest entity, ownership percentage | 50% |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||
Net income | $ 301.5 | $ 207.3 | $ 555.7 | $ 373.8 |
Less: Distributed and undistributed earnings allocated to participating securities | (2.6) | (1.8) | (4.6) | (3.1) |
Net income attributable to common shareholders | $ 298.9 | $ 205.5 | $ 551.1 | $ 370.7 |
Denominator: | ||||
Weighted average basic common shares outstanding (in shares) | 92.9 | 94.2 | 92.9 | 94.2 |
Effect of dilutive securities (in shares) | 0.5 | 0.4 | 0.4 | 0.4 |
Weighted average diluted common shares outstanding (in shares) | 93.4 | 94.6 | 93.3 | 94.6 |
Basic income per common share (in dollars per share) | $ 3.22 | $ 2.18 | $ 5.93 | $ 3.94 |
Diluted income per common share (in dollars per share) | $ 3.20 | $ 2.17 | $ 5.91 | $ 3.92 |
Other Expense, Net - Components
Other Expense, Net - Components of Other Income (Expense), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Asset disposals and write-offs | $ (13.8) | $ (9) | $ (26.4) | $ (19.9) | |
Acquisition-related, facilities closure and other income | [1] | 0.5 | 5.5 | 0.1 | 3.4 |
Other | (1.3) | (2) | (3.5) | (8.9) | |
Total | (16.3) | (7.9) | (31.9) | (28.3) | |
Jackson, Alabama Mill | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Conversion-related activities | [2] | $ (1.7) | $ (2.4) | $ (2.1) | $ (2.9) |
[1] For 2022, includes income primarily consisting of insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities and acquisition and integration costs related to the December 2021 Advance Packaging Corporation acquisition. For 2021, includes income primarily consisting of an adjustment of the required asset retirement obligation related to the 2020 closure of the San Lorenzo, California facility, a gain on sale of transportation assets, and insurance proceeds received for a natural disaster at one of the corrugated products facilities, partially offset by closure costs related to corrugated products facilities. Includes charges related to the announced discontinuation of production of uncoated freesheet paper grades on the No. 3 machine at the Jackson, Alabama mill in the first quarter of 2021 associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 99.1 | $ 67.4 | $ 185.3 | $ 120.5 |
Effective income tax rate, percent | 24.70% | 24.50% | 25% | 24.40% |
Federal statutory income tax rate | 21% | |||
Cash paid for taxes, net of refunds received | $ 144.2 | $ 100.4 |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 340.1 | $ 324.2 |
Work in process | 19 | 16.2 |
Finished goods | 211.1 | 201 |
Supplies and materials | 384 | 361.1 |
Inventories | $ 954.2 | $ 902.5 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Components of Property, Plant, and Equipment (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant, And Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 8,254.9 | $ 7,871.5 |
Less accumulated depreciation | (4,492) | (4,342.5) |
Property, plant, and equipment, net | 3,762.9 | 3,529 |
Land and Land Improvements | ||
Property, Plant, And Equipment [Line Items] | ||
Property, plant and equipment, at cost | 192.5 | 189.8 |
Buildings | ||
Property, Plant, And Equipment [Line Items] | ||
Property, plant and equipment, at cost | 973.6 | 938.7 |
Machinery and Equipment | ||
Property, Plant, And Equipment [Line Items] | ||
Property, plant and equipment, at cost | 6,359.6 | 6,159.1 |
Construction in Progress | ||
Property, Plant, And Equipment [Line Items] | ||
Property, plant and equipment, at cost | 607 | 481 |
Other | ||
Property, Plant, And Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 122.2 | $ 102.9 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Depreciation [Abstract] | |||||
Depreciation expense | $ 103.5 | $ 94.5 | $ 202.1 | $ 184.5 | |
Incremental depreciation | 1.7 | $ 2.1 | |||
Purchases of property, plant, and equipment included in accounts payable | $ 118.3 | $ 73.6 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets -Goodwill - (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 923.5 | |
Goodwill, Ending Balance | 922.5 | |
Advance Packaging Corporation [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 923.5 | |
Acquisitions | (1) | [1] |
Goodwill, Ending Balance | $ 1 | |
[1] During the six months ended June 30, 2022, the Company recorded a $ 1.0 million adjustment to decrease the goodwill balance for the Company's December 2021 acquisition of Advance Packaging. |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Goodwill (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | ||
Goodwill | $ 922.5 | $ 923.5 |
Advance Packaging Corporation [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 1 | $ 923.5 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | ||
Finite Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life (in Years) | 8 years 7 months 6 days | 8 years 6 months | |
Gross Carrying Amount | $ 591.8 | $ 593.1 | |
Accumulated Amortization | $ 304.5 | $ 284.7 | |
Customer Relationships | |||
Finite Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life (in Years) | [1] | 8 years 7 months 6 days | 8 years 6 months |
Gross Carrying Amount | [1] | $ 546 | $ 551.1 |
Accumulated Amortization | [1] | $ 273 | $ 254.9 |
Trademarks and Trade Names | |||
Finite Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life (in Years) | [1] | 7 years 4 months 24 days | 8 years 4 months 24 days |
Gross Carrying Amount | [1] | $ 41.3 | $ 37.6 |
Accumulated Amortization | [1] | $ 27.2 | $ 25.5 |
Other Intangible Assets | |||
Finite Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life (in Years) | [1] | 3 years 7 months 6 days | 2 years 2 months 12 days |
Gross Carrying Amount | [1] | $ 4.5 | $ 4.4 |
Accumulated Amortization | [1] | $ 4.3 | $ 4.3 |
[1] In connection with the December 2021 acquisition of Advance Packaging, the Company recorded intangible assets of $ 47.3 million for customer relationships, $ 2.8 million for trade names, and $ 0.1 million for other intangibles. During the three months ended June 30, 2022, the Company made a $ 1.4 million net adjustment based on the valuation received for the intangible assets. This adjustment resulted in a revision to the original allocations for customer relationships and trade names. As of June 30, 2022, the revised allocations for customer relationships and trade names are $ 42.2 million and $ 6.5 million, respectively. |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Components of Intangible Assets (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Adjustments to intangible assets valuation | $ 1.4 | |
Advance Packaging Corporation [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 42.2 | $ 47.3 |
Trade Names | $ 6.5 | 2.8 |
Other intangibles | $ 0.1 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Adjustment to decrease the remaining book value of intangible asset | $ 1.4 | |||
Amortization expense | $ 19.8 | $ 18.9 | ||
Goodwill | $ 922.5 | $ 922.5 | $ 923.5 |
Accrued Liabilities - Component
Accrued Liabilities - Components of Accrued Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Compensation and benefits | $ 127.3 | $ 157.1 |
Customer rebates and other credits | 36.3 | 36.9 |
Franchise, property, sales and use taxes | 27.2 | 17.6 |
Medical insurance and workers’ compensation | 25.9 | 26.9 |
Environmental liabilities and asset retirement obligations | 4.3 | 4 |
Severance, retention, and relocation | 2.9 | 2.7 |
Other | 12.8 | 9.8 |
Total | $ 236.7 | $ 255 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | ||||
Cash payments paid for interest | $ 43.1 | $ 47.8 | ||
Amortization of financing costs | $ 0.4 | $ 0.5 | 0.8 | $ 1 |
Senior Notes | Fixed-Rate Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Book value of fixed rate debt | 2,491.3 | 2,491.3 | ||
Long-term debt (fixed-rate debt), fair value | $ 2,151.3 | $ 2,151.3 |
Cash, Cash Equivalents, and M_3
Cash, Cash Equivalents, and Marketable Debt Securities - Schedule of Company's Cash and Available-For-Sale (AFS) Debt Securities by Major Asset Category (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | ||
Financial Instruments [Line Items] | |||
Adjusted Cost Basis | $ 813.1 | $ 765.2 | |
Unrealized Gain | 0 | 0 | |
Unrealized Loss | (2.3) | (0.4) | |
Fair Value | 810.8 | 764.8 | |
Cash and cash equivalents | 667.3 | 618.7 | |
Short-term marketable debt securities | 82.3 | 86.1 | |
Long-term marketable debt securities | 61.2 | 60 | |
Level 1 | |||
Financial Instruments [Line Items] | |||
Adjusted Cost Basis | [1] | 27.3 | 27.3 |
Unrealized Gain | [1] | 0 | 0 |
Unrealized Loss | [1] | (0.4) | (0.1) |
Fair Value | [1] | 26.9 | 27.2 |
Cash and cash equivalents | [1] | 4.9 | 2.9 |
Short-term marketable debt securities | [1] | 12.4 | 14.7 |
Long-term marketable debt securities | [1] | 9.6 | 9.6 |
Level 2 | |||
Financial Instruments [Line Items] | |||
Adjusted Cost Basis | [2] | 125.9 | 125.6 |
Unrealized Gain | [2] | 0 | 0 |
Unrealized Loss | [2] | (1.9) | (0.3) |
Fair Value | [2] | 124 | 125.3 |
Cash and cash equivalents | [2] | 2.5 | 3.5 |
Short-term marketable debt securities | [2] | 69.9 | 71.4 |
Long-term marketable debt securities | [2] | 51.6 | 50.4 |
Cash and Cash Equivalents | |||
Financial Instruments [Line Items] | |||
Adjusted Cost Basis | 659.9 | 612.3 | |
Unrealized Gain | 0 | 0 | |
Unrealized Loss | 0 | 0 | |
Fair Value | 659.9 | 612.3 | |
Cash and cash equivalents | 659.9 | 612.3 | |
Short-term marketable debt securities | 0 | 0 | |
Long-term marketable debt securities | 0 | 0 | |
Money Market Fund | Level 1 | |||
Financial Instruments [Line Items] | |||
Adjusted Cost Basis | [1] | 4.3 | 0.9 |
Unrealized Gain | [1] | 0 | 0 |
Unrealized Loss | [1] | 0 | 0 |
Fair Value | [1] | 4.3 | 0.9 |
Cash and cash equivalents | [1] | 4.3 | 0.9 |
Short-term marketable debt securities | [1] | 0 | 0 |
Long-term marketable debt securities | [1] | 0 | 0 |
U.S. Treasury Securities | Level 1 | |||
Financial Instruments [Line Items] | |||
Adjusted Cost Basis | [1] | 23 | 26.4 |
Unrealized Gain | [1] | 0 | 0 |
Unrealized Loss | [1] | (0.4) | (0.1) |
Fair Value | [1] | 22.6 | 26.3 |
Cash and cash equivalents | [1] | 0.6 | 2 |
Short-term marketable debt securities | [1] | 12.4 | 14.7 |
Long-term marketable debt securities | [1] | 9.6 | 9.6 |
Certificates of Deposit | Level 2 | |||
Financial Instruments [Line Items] | |||
Adjusted Cost Basis | [2] | 1 | 1.9 |
Unrealized Gain | [2] | 0 | 0 |
Unrealized Loss | [2] | 0 | 0 |
Fair Value | [2] | 1 | 1.9 |
Cash and cash equivalents | [2] | 0.5 | 0 |
Short-term marketable debt securities | [2] | 0.5 | 1.9 |
Long-term marketable debt securities | [2] | 0 | 0 |
U.S. Government Agency Securities | Level 2 | |||
Financial Instruments [Line Items] | |||
Adjusted Cost Basis | [2] | 4 | 4.8 |
Unrealized Gain | [2] | 0 | 0 |
Unrealized Loss | [2] | 0 | 0 |
Fair Value | [2] | 4 | 4.8 |
Cash and cash equivalents | [2] | 0 | 0 |
Short-term marketable debt securities | [2] | 3.2 | 3.5 |
Long-term marketable debt securities | [2] | 0.8 | 1.3 |
Corporate Debt Securities | Level 2 | |||
Financial Instruments [Line Items] | |||
Adjusted Cost Basis | [2] | 120.9 | 118.9 |
Unrealized Gain | [2] | 0 | 0 |
Unrealized Loss | [2] | (1.9) | (0.3) |
Fair Value | [2] | 119 | 118.6 |
Cash and cash equivalents | [2] | 2 | 3.5 |
Short-term marketable debt securities | [2] | 66.2 | 66 |
Long-term marketable debt securities | [2] | $ 50.8 | $ 49.1 |
[1] Valuations based on quoted prices for identical assets or liabilities in active markets. Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. |
Cash, Cash Equivalents, and M_4
Cash, Cash Equivalents, and Marketable Debt Securities - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Financial Instruments [Line Items] | ||
Impairment of marketable debt securities | $ 0 | $ 0 |
Allowance for credit loss | $ 0 | $ 0 |
Minimum | ||
Financial Instruments [Line Items] | ||
Long-term marketable debt securities maturity period | 1 year | |
Maximum | ||
Financial Instruments [Line Items] | ||
Long-term marketable debt securities maturity period | 2 years |
Cash, Cash Equivalents, and M_5
Cash, Cash Equivalents, and Marketable Debt Securities - Schedule of Marketable Debt Securities in Continuous Loss Position (Details) $ in Millions | Jun. 30, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Security | |
Schedule Of Available For Sale Securities [Line Items] | |||
Fair Value of Marketable Debt Securities | $ 134.6 | ||
Number of Marketable Debt Securities in a Loss Position | Security | 187 | ||
Unrealized Losses | [1] | $ 0.4 | |
Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months | $ 138 | ||
Unrealized Losses Less Than 12 Months | $ 2.3 | ||
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months | Security | 206 | ||
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer | $ 1.3 | ||
Unrealized Losses 12 Months Or Longer | [2] | $ 0 | |
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer | Security | 2 | ||
Corporate Debt Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Fair Value of Marketable Debt Securities | $ 106.9 | ||
Number of Marketable Debt Securities in a Loss Position | Security | 153 | ||
Unrealized Losses | [1] | $ 0.3 | |
Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months | $ 112.7 | ||
Unrealized Losses Less Than 12 Months | $ 1.9 | ||
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months | Security | 176 | ||
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer | $ 0.3 | ||
Unrealized Losses 12 Months Or Longer | [2] | $ 0 | |
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer | Security | 1 | ||
U.S. Government Agency Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Fair Value of Marketable Debt Securities | $ 4.8 | ||
Number of Marketable Debt Securities in a Loss Position | Security | 6 | ||
Unrealized Losses | [1] | $ 0 | |
Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months | $ 4 | ||
Unrealized Losses Less Than 12 Months | $ 0 | ||
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months | Security | 6 | ||
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer | $ 0 | ||
Unrealized Losses 12 Months Or Longer | [2] | $ 0 | |
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer | Security | 0 | ||
U.S. Treasury Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months | $ 20.8 | ||
Unrealized Losses Less Than 12 Months | $ 0.4 | ||
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months | Security | 23 | ||
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer | $ 1 | ||
Unrealized Losses 12 Months Or Longer | [2] | $ 0 | |
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer | Security | 1 | ||
U.S. Treasury Securities | U.S. Government Agency Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Fair Value of Marketable Debt Securities | $ 22.4 | ||
Number of Marketable Debt Securities in a Loss Position | Security | 27 | ||
Unrealized Losses | [1] | $ 0.1 | |
Certificates of Deposit | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Fair Value of Marketable Debt Securities | $ 0.5 | ||
Number of Marketable Debt Securities in a Loss Position | Security | 1 | ||
Unrealized Losses | [1] | $ 0 | |
Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months | $ 0.5 | ||
Unrealized Losses Less Than 12 Months | $ 0 | ||
Number of Marketable Debt Securities in a Loss Position Less Than 12 Months | Security | 1 | ||
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer | $ 0 | ||
Unrealized Losses 12 Months Or Longer | [2] | $ 0 | |
Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer | Security | 0 | ||
[1] For the period ended December 31, 2021, there were no debt securities in a continuous loss position greater than or equal to 12 months. Unrealized losses were insignificant for debt securities in a continuous loss position greater than or equal to 12 months for the period ended June 30, 2022. |
Employee Benefit Plans and Ot_3
Employee Benefit Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Costs (Details) - Pension Plans - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 4.9 | $ 5.4 | $ 9.9 | $ 10.7 |
Interest cost | 8.7 | 7.4 | 17.4 | 14.9 |
Expected return on plan assets | (13.9) | (15.8) | (27.9) | (31.6) |
Net amortization of unrecognized amounts, Prior service cost | 0.9 | 1 | 1.8 | 1.9 |
Net amortization of unrecognized amounts, Actuarial loss (income) | 0.8 | 2.5 | 1.7 | 5 |
Net periodic benefit cost | $ 1.4 | $ 0.5 | $ 2.9 | $ 0.9 |
Employee Benefit Plans and Ot_4
Employee Benefit Plans and Other Postretirement Benefits - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Pension Plans | Qualified Plan | ||
Pension Contributions [Abstract] | ||
Contributions to pension plan | $ 0 | $ 0 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - shares shares in Millions | 6 Months Ended | |
Jun. 30, 2022 | May 05, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Long-term equity incentive plan, termination date | May 05, 2030 | |
Number of shares available for future issuance under share-based plan | 1 | 1.4 |
Number of shares authorized under plan | 12 | |
Performance Unit Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of ROIC as performance measure | 50% | |
Percentage of TSR as performance measure | 50% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Restricted Stock and Performance Unit Award Activity (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Restricted Stock | |
Restricted Stock and Performance Units [Roll Forward] | |
Outstanding at January 1, 2022 | shares | 651,448 |
Granted | shares | 175,047 |
Vested | shares | (146,093) |
Forfeitures | shares | (6,651) |
Outstanding at June 30, 2022 | shares | 673,751 |
Restricted Stock and Performance Units (Weighted Average Grant-date Fair Value) [Abstract] | |
Weighted Average Grant-Date Fair Value, Outstanding at January 1, 2022 | $ / shares | $ 109.16 |
Weighted Average Grant-Date Fair Value, Granted | $ / shares | 145.63 |
Weighted Average Grant-Date Fair Value, Vested | $ / shares | 115.78 |
Weighted Average Grant-Date Fair Value, Forfeitures | $ / shares | 111.31 |
Weighted Average Grant-Date Fair Value, Outstanding at June 30, 2022 | $ / shares | $ 117.18 |
Performance Units | |
Restricted Stock and Performance Units [Roll Forward] | |
Outstanding at January 1, 2022 | shares | 358,092 |
Granted | shares | 96,309 |
Vested | shares | (42,024) |
Forfeitures | shares | (256) |
Outstanding at June 30, 2022 | shares | 412,121 |
Restricted Stock and Performance Units (Weighted Average Grant-date Fair Value) [Abstract] | |
Weighted Average Grant-Date Fair Value, Outstanding at January 1, 2022 | $ / shares | $ 105.38 |
Weighted Average Grant-Date Fair Value, Granted | $ / shares | 154.21 |
Weighted Average Grant-Date Fair Value, Vested | $ / shares | 141.62 |
Weighted Average Grant-Date Fair Value, Forfeitures | $ / shares | 145.26 |
Weighted Average Grant-Date Fair Value, Outstanding at June 30, 2022 | $ / shares | $ 113.07 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Restricted Stock and Performance Unit Award Activity (Parenthetical) (Details) - Performance Units | 6 Months Ended |
Jun. 30, 2022 shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 46,281,000 |
Shares issued on accrued dividends | 4,257,000 |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Expense for Share-Based Awards (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | $ 9.2 | $ 8.4 | $ 21.6 | $ 20.1 |
Income tax benefit | (2.3) | (2.1) | (5.5) | (5.1) |
Share-based compensation expense, net of tax benefit | 6.9 | 6.3 | 16.1 | 15 |
Restricted Stock | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | 5.4 | 5.9 | 14.7 | 14.5 |
Performance Units | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | $ 3.8 | $ 2.5 | $ 6.9 | $ 5.6 |
Share-Based Compensation - Unre
Share-Based Compensation - Unrecognized Compensation Expense for Share-Based Awards (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 62.3 |
Remaining weighted-average recognition period | 2 years 8 months 12 days |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 36.4 |
Remaining weighted-average recognition period | 2 years 9 months 18 days |
Performance Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense | $ 25.9 |
Remaining weighted-average recognition period | 2 years 6 months |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended | ||||
Jul. 15, 2022 | May 17, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jan. 26, 2022 | |
Common stock dividends paid | $ 187.2 | $ 189.8 | |||
Dividends paid per common share (in dollars per share) | $ 1.25 | ||||
Stock repurchase program, authorized amount | $ 1,000 | ||||
Repurchases of common stock under stock repurchase program | 0 | ||||
Common stock repurchase authorization amount available | $ 1,000 | ||||
Subsequent Events | |||||
Common stock dividends paid | $ 117.1 | ||||
Maximum | |||||
Dividends paid per common share (in dollars per share) | 5 | ||||
Minimum | |||||
Dividends paid per common share (in dollars per share) | $ 4 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Accumulated Other Comprehensive Income by Component (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | $ 3,607.2 |
Ending balance | 3,964.5 |
Foreign Currency Translation Adjustments | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (0.2) |
Other comprehensive income before reclassifications, net of tax | 0 |
Amounts reclassified from AOCI, net of tax | 0 |
Ending balance | (0.2) |
Unfunded Employee Benefit Obligations | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (75.2) |
Other comprehensive income before reclassifications, net of tax | (1.5) |
Amounts reclassified from AOCI, net of tax | 2.3 |
Ending balance | (74.4) |
Foreign Exchange Contract | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (0.2) |
Other comprehensive income before reclassifications, net of tax | (1.5) |
Amounts reclassified from AOCI, net of tax | 0 |
Ending balance | (1.7) |
Marketable Debt Securities | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | 74.8 |
Other comprehensive income before reclassifications, net of tax | 0 |
Amounts reclassified from AOCI, net of tax | (2.3) |
Ending balance | $ 72.5 |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Income before taxes | $ 400.6 | $ 274.7 | $ 741 | $ 494.3 | |
Income tax benefit | (99.1) | (67.4) | (185.3) | (120.5) | |
Net income | 301.5 | 207.3 | 555.7 | 373.8 | |
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] | (0.8) | (0.8) | (1.6) | 1.7 |
Amortization of actuarial losses | [1] | (0.7) | (2.5) | (1.4) | (5) |
Income before taxes | (1.5) | (3.3) | (3) | (6.7) | |
Income tax benefit | (0.4) | (0.8) | (0.7) | 1.7 | |
Net income | $ (1.1) | $ (2.5) | $ (2.3) | $ (5) | |
[1] These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 14, Employee Benefit Plans and Other Postretirement Benefits, for additional information. |
Concentrations of Risk - Additi
Concentrations of Risk - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | |||
Accounts receivable, net, current | $ 1,212 | $ 1,071 | |
Office Depot | Credit Concentration Risk | |||
Concentration Risk [Line Items] | |||
Accounts receivable, net, current | $ 41.2 | $ 49.8 | |
Office Depot | Total Company Sales Revenue | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 4% | 4% | |
Office Depot | Total Company Receivables | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 3% | 4% | |
Paper | Office Depot | Paper Segment Sales Revenue | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 58% | 47% | 51% |
Transactions With Related Par_2
Transactions With Related Parties - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Carrying amount of LTP's assets | $ 8,340.6 | $ 8,340.6 | $ 7,836.8 | ||
Boise Cascade Co-Owner of LTP | |||||
Related Party Transaction [Line Items] | |||||
Variable interest entity, ownership percentage | 50% | ||||
Boise Cascade Co-Owner of LTP | Fiber | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | 23.5 | $ 20.7 | $ 44.3 | $ 41 | |
Boise Cascade Co-Owner of LTP | Wood Products, Including Chips and Logs | |||||
Related Party Transaction [Line Items] | |||||
Fiber costs from related parties | 3.6 | $ 3.4 | $ 7.4 | $ 6.7 | |
Packaging Corporation of America | |||||
Related Party Transaction [Line Items] | |||||
Variable interest entity, ownership percentage | 50% | ||||
Variable Interest Entity | |||||
Related Party Transaction [Line Items] | |||||
Carrying amount of LTP's assets | $ 3.1 | $ 3.1 | $ 3.5 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Information - Selected
Segment Information - Selected Financial Information by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,237.3 | $ 1,879.9 | $ 4,373.7 | $ 3,687 |
Operating Income (Loss) | 415.8 | 294.6 | 772.4 | 532.9 |
Non-operating pension income | 3.6 | 5 | 7.3 | 9.8 |
Interest expense, net | (18.8) | (24.9) | (38.7) | (48.4) |
Income before taxes | 400.6 | 274.7 | 741 | 494.3 |
Trade | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,237.3 | 1,879.9 | 4,373.7 | 3,687 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (42.6) | (36) | (82.4) | (72.4) |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,237.3 | 1,879.9 | 4,373.7 | 3,687 |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (42.6) | (36) | (82.4) | (72.4) |
Packaging | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,066.9 | 1,718.5 | 4,031.3 | 3,342.1 |
Operating Income (Loss) | 419.8 | 317.2 | 782.1 | 575.1 |
Packaging | Trade | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,061.7 | 1,714.5 | 4,021.6 | 3,334.3 |
Packaging | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 5.2 | 4 | 9.7 | 7.8 |
Packaging | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,066.9 | 1,718.5 | 4,031.3 | 3,342.1 |
Paper | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 149.8 | 142.3 | 303.3 | 306.8 |
Operating Income (Loss) | 22.7 | 2.6 | 45.1 | 11.3 |
Paper | Trade | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 149.8 | 142.3 | 303.3 | 306.7 |
Paper | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0.1 | |||
Paper | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 149.8 | 142.3 | 303.3 | 306.8 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 20.6 | 19.1 | 39.1 | 38.1 |
Operating Income (Loss) | (26.7) | (25.2) | (54.8) | (53.5) |
Corporate and Other | Trade | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 25.8 | 23.1 | 48.8 | 46 |
Corporate and Other | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 37.4 | 32 | 72.7 | 64.5 |
Corporate and Other | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 63.2 | $ 55.1 | $ 121.5 | $ 110.5 |
Segment Information - Selecte_2
Segment Information - Selected Financial Information by Reportable Segment (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Packaging | Advance Packaging Corporation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Acquisition and integration related costs | $ 0.9 | $ 0.3 | ||
Jackson, Alabama Mill | Corrugated Products Facilities | ||||
Segment Reporting Information [Line Items] | ||||
Adjustment of asset retirement obligation | $ 3.9 | $ 3.8 | $ 5.4 | $ 4.9 |
San Lorenzo, California [Member] | Corrugated Products Facilities | ||||
Segment Reporting Information [Line Items] | ||||
Adjustment of asset retirement obligation | $ 4.7 | $ 2.6 |
Commitments, Guarantees, Inde_2
Commitments, Guarantees, Indemnifications, and Legal Proceedings - Additional Information (Details) - DeRidder, Louisiana - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2022 | Feb. 08, 2017 | |
Schedule Of Commitments And Contingencies [Line Items] | |||
Loss contingency, period of occurrence | February 8, 2017 | ||
Liability insurance | $ 1,000,000 | ||
Payment of penalties | $ 40,000 |