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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Components of Consolidated Income Tax Provision | The following is an analysis of the components of the consolidated income tax provision (dollars in millions):
| 2016 |  | 2015 |  | 2014
Current income tax provision (benefit) - |  |  |  |  |
U.S. Federal | $ | 213.6 |  |  | $ | 205.1 |  |  | $ | 185.1 |
State and local | 29.1 |  |  | 20.5 |  |  | 33.1 |
Foreign | 0.2 |  |  | 0.4 |  |  | 0.9 |
Total current provision for taxes | 242.9 |  |  | 226.0 |  |  | 219.1 |
Deferred - |  |  |  |  |
U.S. Federal | (1.2 | ) |  | (3.8 | ) |  | (5.0 | )
State and local | (3.0 | ) |  | 5.6 |  |  | 7.6 |
Foreign | 0.2 |  |  | (0.1 | ) |  | — |
Total deferred provision (benefit) for taxes | (4.0 | ) |  | 1.7 |  |  | 2.6 |
Total provision (benefit) for taxes | $ | 238.9 |  |  | $ | 227.7 |  |  | $ | 221.7 |
Summary of Effective Tax Rate | The effective tax rate varies from the U.S. Federal statutory tax rate principally due to the following (dollars in millions):
| 2016 |  | 2015 |  | 2014
Provision computed at U.S. Federal statutory rate of 35% | $ | 241.0 |  |  | $ | 232.6 |  |  | $ | 215.0 |
State and local taxes, net of federal benefit | 19.8 |  |  | 20.0 |  |  | 20.5 |
Domestic manufacturers deduction | (21.1 | ) |  | (19.9 | ) |  | (16.5 | )
Other | (0.8 | ) |  | (5.0 | ) |  | 2.7 |
Total | $ | 238.9 |  |  | $ | 227.7 |  |  | $ | 221.7 |
Summary of Operating Loss Carryforwards | The following details the scheduled expiration dates of our tax effected net operating loss (NOL) and other tax carryforwards at December 31, 2016 (dollars in millions):
| 2017 Through 2026 |  | 2027 Through 2036 |  | Indefinite |  | Total
U.S. federal and foreign NOLs | $ | — |  |  | $ | 65.3 |  |  | $ | — |  |  | $ | 65.3 |
State taxing jurisdiction NOLs | 1.3 |  |  | 0.8 |  |  | — |  |  | 2.1 |
U.S. federal, foreign, and state tax credit carryforwards | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
U.S. federal capital loss carryforwards | 5.2 |  |  | — |  |  | — |  |  | 5.2 |
Total | $ | 6.5 |  |  | $ | 66.2 |  |  | $ | — |  |  | $ | 72.7 |
Deferred Income Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Deferred income tax assets and liabilities at December 31 are summarized as follows (dollars in millions):
| December 31
| 2016 |  | 2015
Deferred tax assets: |  |  |  |  |
Accrued liabilities | $ | 18.1 |  |  | $ | 18.3 |
Employee benefits and compensation | 45.9 |  |  | 32.5 |
Inventories | 9.9 |  |  | 3.9 |
Net operating loss carryforwards | 67.4 |  |  | 73.2 |
Stock options and restricted stock | 11.7 |  |  | 10.7 |
Pension and postretirement benefits | 136.5 |  |  | 148.2 |
Derivatives | 11.5 |  |  | 13.7 |
Capital loss, general business, foreign, and AMT credit carryforwards | 5.3 |  |  | 5.2 |
Gross deferred tax assets | $ | 306.3 |  |  | $ | 305.7 |
Valuation allowance (a) | (5.2 | ) |  | (5.1 | )
Net deferred tax assets | $ | 301.1 |  |  | $ | 300.6 |
Deferred tax liabilities: |  |  |  |  |
Property, plant, and equipment | $ | (537.0 | ) |  | $ | (545.8 | )
Goodwill and intangible assets | (98.8 | ) |  | (101.8 | )
Total deferred tax liabilities | $ | (635.8 | ) |  | $ | (647.6 | )
Net deferred tax liabilities (b) | $ | (334.7 | ) |  | $ | (347.0 | )
___________
(a) | Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. Both the 2016 and 2015 valuation allowance relates to capital losses. We do not expect to generate capital gains before the capital losses expire. If or when recognized, the tax benefits relating to the reversal of any or all of the valuation allowance would be recognized as a benefit to income tax expense.
(b) | As of December 31, 2016, we did not recognize U.S. deferred income taxes on our cumulative total of undistributed foreign earnings for our foreign subsidiaries. We indefinitely reinvest our earnings in operations outside the United States. It is not practicable to determine the amount of unrecognized deferred tax liability on these undistributed earnings because the actual tax liability, if any, is dependent on circumstances existing when the repatriation occurs.
Summary of Uncertain Tax Position | The following table summarizes the changes related to PCA’s gross unrecognized tax benefits excluding interest and penalties (dollars in millions):
| 2016 |  | 2015 |  | 2014
Balance as of January 1 | $ | (5.8 | ) |  | $ | (4.4 | ) |  | $ | (5.4 | )
Increases related to prior years’ tax positions | — |  |  | (2.8 | ) |  | (1.0 | )
Increases related to current year tax positions | (0.5 | ) |  | (0.4 | ) |  | (0.3 | )
Decreases related to prior years' tax positions | 0.1 |  |  | — |  |  | 0.9 |
Settlements with taxing authorities | 0.3 |  |  | 0.7 |  |  | 0.5 |
Expiration of the statute of limitations | 0.7 |  |  | 1.1 |  |  | 0.9 |
Balance at December 31 | $ | (5.2 | ) |  | $ | (5.8 | ) |  | $ | (4.4 | )

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=65882285&loc=SL6600010-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32840-109319 + Details
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