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Financial Instruments
 12 Months Ended
Dec. 31, 2011
Financial Instruments [Abstract]  
Financial Instruments
10. FINANCIAL INSTRUMENTS

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

 

     2011     2010  
     Carrying
Amount		     Fair Value     Carrying
Amount		     Fair Value  
     (In thousands)  

Cash and cash equivalents

    $ 156,313      $ 156,313      $ 196,556      $ 196,556   

Long-term debt —

         

5.75% senior notes

      (399,486 )      (423,324 )      (399,143 )      (430,464 ) 

6.50% senior notes

      (149,962 )      (174,576 )      (149,956 )      (158,800 ) 

Term loan

      (150,000 )      (150,000 )      —        —   

Receivables credit facility

      (109,000 )      (109,000 )      (109,000 )      (109,000 ) 

Capital lease obligation

      (21,832 )      (21,832 )      (22,502 )      (22,502 ) 

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

 

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