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Stockholders' Equity
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Stockholders' Equity
Stockholders' Equity

Dividends

During the year ended December 31, 2016, we paid $216.1 million of dividends to shareholders. On December 13, 2016, PCA's Board of Directors approved a regular quarterly cash dividend of $0.63 per share, which was paid on January 13, 2017, to shareholders of record as of December 23, 2016. The dividend payment was $59.4 million.

On August 31, 2016, PCA announced an increase of its quarterly cash dividend on its common stock from an annual payout of $2.20 per share to an annual payout of $2.52 per share. The first quarterly dividend of $0.63 per share was paid on October 14, 2016 to shareholders of record as of September 15, 2016.

Share Repurchase Program

On February 25, 2016, PCA announced that its Board of Directors authorized the repurchase of $200.0 million of the Company's outstanding common stock. At the time of the announcement, there was no remaining authority under previously announced programs. 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. 

Share repurchase activity follows (in millions, except share and per share amounts).
 
Shares
 
Weighted Average Price Per Share
 
Total
2015
2,326,493

 
$
66.50

 
$
154.7

2016
1,987,187

 
$
50.49

 
$
100.3



All shares repurchased have been retired. At December 31, 2016, $193.0 million of the authorized amount remained available for repurchase of the Company's common stock.
    
Accumulated Other Comprehensive Income (Loss)

Changes in AOCI, net of taxes, by component follows (dollars in millions). Amounts in parentheses indicate losses.
 
 
Unrealized Loss On Treasury Locks, Net
 
Unrealized Loss on Foreign Exchange Contracts
 
Unfunded Employee Benefit Obligations
 
Total
Balance at December 31, 2015
 
$
(21.2
)
 
$
(0.4
)
 
$
(103.3
)
 
$
(124.9
)
Other comprehensive income (loss) before reclassifications, net of tax
 
—

 
—

 
(24.9
)
 
(24.9
)
Amounts reclassified from AOCI, net of tax
 
3.5

 
—

 
6.7

 
10.2

Net current-period other comprehensive income (loss)
 
3.5

 
—

 
(18.2
)
 
(14.7
)
Balance at December 31, 2016
 
$
(17.7
)
 
$
(0.4
)
 
$
(121.5
)
 
$
(139.6
)


The following table presents information about reclassifications out of AOCI (dollars in millions). Amounts in parentheses indicate expenses in the Consolidated Statements of Income.
 
 
Amounts Reclassified from AOCI
Year Ended December 31
 
 
Details about AOCI Components
 
2016
 
2015
 
Affected Line Item in the Statement Where Net Income is Presented
Foreign currency translation adjustments
 
$
—

 
$
(4.2
)
 
Other expense, net
 
 
—

 
—

 
Tax benefit
 
 
$
—

 
$
(4.2
)
 
Net of tax
 
 
 
 
 
 
 
Unrealized loss on treasury locks, net
 
$
(5.7
)
 
$
(5.7
)
 
See (a) below
 
 
2.2

 
2.2

 
Tax benefit
 
 
$
(3.5
)
 
$
(3.5
)
 
Net of tax
 
 
 
 
 
 
 
Unfunded employee benefit obligations
 
 
 
 
 
 
Amortization of prior service costs
 
$
(5.5
)
 
$
(5.6
)
 
See (b) below
Amortization of actuarial gains / (losses)
 
(5.4
)
 
(8.8
)
 
See (b) below
 
 
(10.9
)
 
(14.4
)
 
Total before tax
 
 
4.2

 
5.6

 
Tax benefit
 
 
$
(6.7
)
 
$
(8.8
)
 
Net of tax
____________
(a)
This AOCI component is included in interest expense, net. Amount relates to the amortization of the effective portion of treasury lock derivative instruments recorded in AOCI. The net amount of settlement gains or losses on derivative instruments included in AOCI to be amortized over the next 12 months is a net loss of $5.7 million ($3.5 million after-tax). For a discussion of treasury lock derivative instrument activity, see Note 13, Derivative Instruments and Hedging Activities, for additional information.
(b)
These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10, Employee Benefit Plans and Other Postretirement Benefits, for additional information.