v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity

16. Stockholders' Equity

Dividends

During the six months ended June 30, 2026, we paid $223.2 million of dividends to shareholders. During the second quarter of 2026, PCA announced an increase of its quarterly cash dividend on its common stock from an annual rate of $5.00 per share to $6.00 per share. PCA’s Board of Directors declared the first regular quarterly cash dividend of $1.50 per share of common stock on May 12, 2026, which was paid on July 15, 2026 to shareholders of record as of June 15, 2026. The dividend payment was $133.6 million.

Repurchases of Common Stock

On January 26, 2022, PCA announced that its Board of Directors authorized the repurchase of an additional $1 billion of the Company’s outstanding common stock. 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.

The Company did not repurchase any shares of its common stock under this authority during the three months ended June 30, 2026. During the six months ended June 30, 2026, the Company paid $58.8 million, including fees, to repurchase 0.3 million shares of common stock. All shares repurchased have been retired. At June 30, 2026, $224.3 million of the authorized amount remained available for repurchase of the Company’s common stock.

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) (AOCI) by component were as follows (dollars in millions). Amounts in parentheses indicate losses:

 

 

 

Unrealized
Loss On
Foreign Exchange
Contracts

 

 

Unrealized
Gain (Loss) on
Marketable
Debt Securities

 

 

Unfunded
Employee
Benefit
Obligations

 

 

Total

 

Balance at January 1, 2026

 

$

(0.1

)

 

$

0.3

 

 

$

(41.8

)

 

$

(41.6

)

Other comprehensive loss before reclassifications, net of tax

 

 

—

 

 

 

(0.5

)

 

 

—

 

 

 

(0.5

)

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

—

 

 

 

1.9

 

 

 

1.9

 

Balance at June 30, 2026

 

$

(0.1

)

 

$

(0.2

)

 

$

(39.9

)

 

$

(40.2

)

 

Reclassifications out of AOCI were as follows (dollars in millions). Amounts in parentheses indicate expenses in the Consolidated Statements of Income:

 

 

 

Amounts Reclassified from AOCI

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

Details about AOCI Components

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

Unfunded employee benefit obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service costs

 

$

(1.2

)

 

$

(1.3

)

 

$

(2.5

)

 

$

(2.7

)

 

See (a) below

Amortization of actuarial gains / (losses)

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

0.2

 

 

See (a) below

 

 

(1.2

)

 

 

(1.2

)

 

 

(2.5

)

 

 

(2.5

)

 

Total before tax

 

 

0.3

 

 

 

0.3

 

 

 

0.6

 

 

 

0.6

 

 

Tax benefit

 

$

(0.9

)

 

$

(0.9

)

 

$

(1.9

)

 

$

(1.9

)

 

Net of tax

 

 

(a)
These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 14, Employee Benefit Plans and Other Postretirement Benefits, for additional information.