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Debt | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
Debt | Debt At September 30, 2016 and December 31, 2015, our long-term debt and interest rates on that debt were as follows (dollars in millions):
| September 30, 2016 |  | December 31, 2015
| Amount |  | Interest Rate |  | Amount |  | Interest Rate
Revolving Credit Facility, due October 2018 | $ | — |  |  | — | % |  | $ | — |  |  | — | %
Revolving Credit Facility, due August 2021 | — |  |  | — |  |  | — |  |  | — |
Five-Year Term Loan, due October 2018 | — |  |  | — |  |  | 25.0 |  |  | 1.80 |
Five-Year Term Loan, due August 2021 | 385.0 |  |  | 1.77 |  |  | — |  |  | — |
Seven-Year Term Loan, due October 2020 | 632.1 |  |  | 2.15 |  |  | 637.0 |  |  | 2.05 |
6.50% Senior Notes due March 2018 | 150.0 |  |  | 6.50 |  |  | 150.0 |  |  | 6.50 |
3.90% Senior Notes, net of discounts of $0.2 million and $0.3 million as of September 30, 2016 and December 31, 2015, due June 2022 | 399.8 |  |  | 3.90 |  |  | 399.7 |  |  | 3.90 |
4.50% Senior Notes, net of discount of $1.4 million and $1.5 million as of September 30, 2016 and December 31, 2015, due November 2023 | 698.6 |  |  | 4.50 |  |  | 698.5 |  |  | 4.50 |
3.65% Senior Notes, net of discount of $0.9 million and $1.0 million as of September 30, 2016 and December 31, 2015, due September 2024 | 399.1 |  |  | 3.65 |  |  | 399.0 |  |  | 3.65 |
Total | 2,664.6 |  |  | 3.44 | % |  | 2,309.2 |  |  | 3.67 | %
Less current portion | 25.8 |  |  |  |  | 6.5 |  |  |
Less unamortized debt issuance costs | 13.0 |  |  |  |  | 12.3 |  |  |
Total long-term debt | $ | 2,625.8 |  |  |  |  | $ | 2,290.4 |  |  |
On August 29, 2016 (the "Amendment Date"), PCA amended and restated its five-year credit agreement dated October 18, 2013 (the "Credit Agreement"), to finance its acquisition of TimBar Corporation. The amended agreement includes: (i) a new $385.0 million unsecured five-year term loan facility (the “New Term Loan”), which PCA fully borrowed on the Amendment Date to finance its acquisition of TimBar Corporation; (ii) the existing $650.0 million unsecured seven-year term loan facility initially borrowed by PCA under the original Credit Agreement (the “Existing Term Loan”), which terminates in October 2020 and under which $633.7 million was outstanding as of the Amendment Date; and (iii) a $350.0 million unsecured revolving credit facility, which was extended through the fifth anniversary of the Amendment Date, and is available for borrowings for general corporate purposes. Except for $25.0 million of letters of credit, no amounts were outstanding under the revolving credit facility as of the Amendment Date. Loans under the amended Credit Agreement bear interest at LIBOR plus an applicable margin. The applicable margin is determined based upon the public ratings of PCA’s senior long-term unsecured debt. The amended Credit Agreement contains customary affirmative and negative covenants, including limitations on liens, mergers and consolidations, sales of assets and subsidiary indebtedness. The amended Credit Agreement has two financial covenants, a maximum ratio of debt to EBITDA and a minimum interest coverage ratio, each calculated on a consolidated basis. PCA may prepay loans under the amended Credit Agreement at any time without premium or penalty. During the nine months ended September 30, 2016, we made principal payments of $25.0 million and $4.9 million on our five-year term loan due October 2018 (which is no longer outstanding) and our seven-year term loan due October 2020, respectively. During the nine months ended September 30, 2015, we made principal payments of $25.0 million on our five-year term loan due October 2018, and $4.9 million on our seven-year term loan, due October 2020. For the nine months ended September 30, 2016 and 2015 cash payments for interest were $59.5 million and $58.6 million, respectively. Included in interest expense, net, are amortization of treasury lock settlements and amortization of financing costs. For both the three months ended September 30, 2016 and 2015 amortization of treasury lock settlements was $1.4 million, and for both the nine months ended September 30, 2016 and 2015, amortization of treasury lock settlements was $4.2 million. For both the three months ended September 30, 2016 and 2015 amortization of financing costs was $0.5 million, and during the nine months ended for both September 30, 2016 and 2015, amortization of financing costs was $1.4 million and $1.3 million, respectively. At September 30, 2016 we had $1,647.5 million of fixed-rate senior notes and $1,017.1 million of variable-rate term loans outstanding. At September 30, 2016 the fair value of our fixed-rate debt was estimated to be $1,767.1 million. The difference between the book value and fair value is due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy, which is further defined in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K. The fair value of our variable-rate term debt approximates the carrying amount as our cost of borrowing is variable and approximates current market rates. For more information on our long-term debt and interest rates on that debt, see Note 10, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2015 Annual Report on Form 10-K.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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