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Acquisitions | 12 Months Ended
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Dec. 31, 2022
Asset Acquisition [Abstract] |
Acquisitions | 5. Acquisitions Advance Packaging Acquisition On December 11, 2021, PCA acquired the assets of Advance Packaging Corporation ("Advance Packaging"), an independent corrugated products producer, for $194.9 million, including working capital adjustments. Assets acquired include full-line corrugated products operations in Grand Rapids, Michigan. Advance Packaging is a full-service producer of corrugated packaging products, including graphics, retail displays, sustainable shipping containers, and protective packaging. Advance Packaging's financial results are included in the Packaging segment from the date of acquisition. During the second quarter of 2022, we received $1.9 million from the seller related to a final working capital adjustment. We recorded the adjustment as a decrease to goodwill, which decreased the purchase price to $193.0 million. The Company accounted for the Advance Packaging acquisition using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The total purchase price has been allocated to tangible and intangible assets acquired and liabilities assumed based on respective fair values, as follows (dollars in millions):
|  | 12/31/2021 Allocation |  |  | Adjustments |  |  | Revised Allocation |
Goodwill |  | $ | 60.0 |  |  | $ | (1.0 | ) |  | $ | 59.0 |
Other intangible assets |  |  | 50.2 |  |  |  | (1.4 | ) |  |  | 48.8 |
Property, plant and equipment |  |  | 66.7 |  |  |  | 0.5 |  |  |  | 67.2 |
Other net assets |  |  | 18.0 |  |  |  | — |  |  |  | 18.0 |
Net assets acquired |  | $ | 194.9 |  |  | $ | (1.9 | ) |  | $ | 193.0 |
Goodwill is calculated as the excess of the purchase price over the fair value of the net assets acquired. Among the factors that contributed to the recognition of goodwill were Advance Packaging's commitment to continuous improvement and synergies, as well as the expected increases in PCA's containerboard integration levels. Goodwill is deductible for tax purposes. Other intangible assets, primarily customer relationships, were assigned an estimated weighted average useful life of 12.8 years. Property, plant, and equipment were assigned estimated useful lives ranging from one to 20 years.

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- Definition The entire disclosure for asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 50 -Section 15 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=6911878&loc=d3e8732-128492 + Details
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