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Derivative Instruments and Hedging Activities | 12 Months Ended
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Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Hedging Strategy When appropriate, we use derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary risks managed by using derivative financial instruments are interest rate risks. We do not enter into derivative financial instruments for trading or speculative purposes. Interest Rate Risk The Company has used treasury lock derivative instruments to manage interest costs and the risk associated with changing interest rates. In connection with contemplated issuances of ten-year debt securities, PCA entered into interest rate protection agreements with counterparties in 2008, 2010, and 2011 to protect against increases in the ten-year U.S. Treasury Note rate. These treasury rates served as references in determining the interest rates applicable to the debt securities the Company issued in March 2008, February 2011, and June 2012. As a result of changes in the interest rates on those treasury securities between the time PCA entered into the derivative agreements and the time PCA priced and issued the debt securities, the Company: (1) made a payment of $4.4 million to the counterparty upon settlement of the 2008 interest rate protection agreement on March 25, 2008; (2) received a payment of $9.9 million from the counterparties upon settlement of the 2010 interest rate protection agreements on February 4, 2011; and (3) made a payment of $65.5 million to the counterparty upon settlement of the 2011 interest rate protection agreement on June 26, 2012. The Company recorded the effective portion of the settlements in AOCI, and these amounts are being amortized over the terms of the respective notes. Derivative Instruments The impact of derivative instruments on the consolidated statements of income and accumulated OCI was as follows (dollars in millions):
| Net Loss Recognized in Accumulated OCI (Effective Portion) December 31
| 2016 |  | 2015
Treasury locks, net of tax | $ | (17.7 | ) |  | $ | (21.2 | )
| Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Year Ended December 31
| 2016 |  | 2015 |  | 2014
Amortization of treasury locks (included in interest expense, net) | $ | (5.7 | ) |  | $ | (5.7 | ) |  | $ | (5.7 | )
The net amount of settlement gains or losses on derivative instruments included in accumulated OCI to be amortized over the next 12 months is a net loss of $5.7 million ($3.5 million after-tax).

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