0001193125-25-268514 | 10-Q | XBRL Viewer | Packaging Corp OF America

$ 805.9

$ 851.8

0.5

0.4

0.0

806.4

852.2

634.0

685.0

94.7

102.0

77.7

65.2

Level 1

^[1]

44.8

31.0

^[1]

0.1

^[1]

0.0

^[1]

44.9

31.1

^[1]

3.8

0.2

^[1]

17.1

23.0

^[1]

24.0

7.9

Level 2

^[2]

130.9

136.0

^[2]

0.4

0.3

^[2]

0.0

^[2]

131.3

136.3

^[2]

0.0

^[2]

77.6

79.0

Cash and Cash Equivalents

^[2]

53.7

57.3

630.2

684.8

0.0

0.0

630.2

684.8

630.2

684.8

0.0

U.S. Treasury Securities | Level 1

0.0

^[1]

41.0

30.8

^[1]

0.1

^[1]

0.0

^[1]

41.1

30.9

^[1]

0.0

^[1]

17.1

23.0

Money Market Fund | Level 1

^[1]

24.0

7.9

^[1]

3.8

0.2

^[1]

0.0

^[1]

0.0

^[1]

3.8

0.2

^[1]

3.8

0.2

^[1]

0.0

Corporate Debt Securities | Level 2

^[1]

0.0

^[2]

124.8

131.2

^[2]

0.4

0.3

^[2]

0.0

^[2]

125.2

131.5

^[2]

0.0

^[2]

72.9

75.8

U.S. Government Agency Securities | Level 2

^[2]

52.3

55.7

^[2]

1.4

2.4

^[2]

0.0

^[2]

0.0

^[2]

1.4

2.4

^[2]

0.0

^[2]

0.0

0.8

Certificates of Deposit | Level 2

^[2]

1.4

1.6

^[2]

4.7

2.4

^[2]

0.0

^[2]

0.0

^[2]

4.7

2.4

^[2]

0.0

^[2]

4.7

2.4

Commitments and Contingencies Disclosure [Abstract]

^[2]

$ 0.0

[1]	Valuations based on quoted prices for identical assets or liabilities in active markets.
[2]	Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Commitments, Guarantees, Indemnifications and Legal Proceedings	9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments, Guarantees, Indemnifications and Legal Proceedings	19. Commitments, Guarantees, Indemnifications and Legal Proceedings We have financial commitments and obligations that arise in the ordinary course of our business. These include lease obligations, long-term debt, capital additions, purchase commitments for goods and services, and legal proceedings, all of which are discussed in Note 3, Leases; Note 10, Debt; and Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2024 Annual Report on Form 10-K. Guarantees and Indemnifications We provide guarantees, indemnifications, and other assurances to third parties in the normal course of our business. These include tort indemnifications, environmental assurances, and representations and warranties in commercial agreements. At September 30, 2025, we are not aware of any material liabilities arising from any guarantee, indemnification, or financial assurance we have provided. If we determined such a liability was probable and subject to reasonable determination, we would accrue for it at that time. DeRidder Mill Incident Details on the legal proceedings associated with the incident at the Company’s DeRidder, Louisiana mill can be found in Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2024 Annual Report on Form 10-K. As of December 31, 2024, the Company had recorded a liability of $59.2 million in “Accrued Liabilities” and a receivable of $59.2 million in “Prepaids and Other Assets” in the Consolidated Balance Sheets for the settlement amount to be paid to the plaintiffs and related insurance recovery from the Company’s insurers. As of September 30, 2025, the settlement amount has been paid, and no amounts remain outstanding. Legal Proceedings On July 29, 2025, PCA and seven other U.S. and Canadian containerboard producers were named as defendants in a purported class action lawsuit, Artuso Pastry Foods Corp v. Packaging Corporation of America, et al, No. 1:25-cv-08856, filed in the United States District Court for the Northern District of Illinois, alleging violations of the Sherman Act and the Clayton Act. The complaint alleges that the defendants conspired to raise prices of containerboard and restrict containerboard capacity, and that the purpose and effect of the alleged conspiracy was to artificially increase prices of containerboard products during the period of November 1, 2020, to the present. The complaint was filed as a purported class action suit on behalf of all purchasers of containerboard products during such period. The complaint seeks treble damages and costs, including attorney’s fees. PCA believes the allegations are without merit and will defend this lawsuit vigorously. We are also a party to various legal actions arising in the ordinary course of our business. These legal actions include commercial liability claims, premises liability claims, and employment-related claims, among others. As of the date of this filing, we believe it is not reasonably possible that any of the legal actions against us will, either individually or in the aggregate, have a material adverse effect on our financial condition, results of operations, or cash flows.

Commitments, Guarantees, Indemnifications and Legal Proceedings

9 Months Ended

Sep. 30, 2025

Commitments, Guarantees, Indemnifications and Legal Proceedings

19. Commitments, Guarantees, Indemnifications and Legal Proceedings

We have financial commitments and obligations that arise in the ordinary course of our business. These include lease obligations, long-term debt, capital additions, purchase commitments for goods and services, and legal proceedings, all of which are discussed in Note 3, Leases; Note 10, Debt; and Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2024 Annual Report on Form 10-K.

Guarantees and Indemnifications

We provide guarantees, indemnifications, and other assurances to third parties in the normal course of our business. These include tort indemnifications, environmental assurances, and representations and warranties in commercial agreements. At September 30, 2025, we are not aware of any material liabilities arising from any guarantee, indemnification, or financial assurance we have provided. If we determined such a liability was probable and subject to reasonable determination, we would accrue for it at that time.

DeRidder Mill Incident

Details on the legal proceedings associated with the incident at the Company’s DeRidder, Louisiana mill can be found in Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2024 Annual Report on Form 10-K. As of December 31, 2024, the Company had recorded a liability of $59.2 million in “Accrued Liabilities” and a receivable of $59.2 million in “Prepaids and Other Assets” in the Consolidated Balance Sheets for the settlement amount to be paid to the plaintiffs and related insurance recovery from the Company’s insurers. As of September 30, 2025, the settlement amount has been paid, and no amounts remain outstanding.

Legal Proceedings

On July 29, 2025, PCA and seven other U.S. and Canadian containerboard producers were named as defendants in a purported class action lawsuit, Artuso Pastry Foods Corp v. Packaging Corporation of America, et al, No. 1:25-cv-08856, filed in the United States District Court for the Northern District of Illinois, alleging violations of the Sherman Act and the Clayton Act. The complaint alleges that the defendants conspired to raise prices of containerboard and restrict containerboard capacity, and that the purpose and effect of the alleged conspiracy was to artificially increase prices of containerboard products during the period of November 1, 2020, to the present. The complaint was filed as a purported class action suit on behalf of all purchasers of containerboard products during such period. The complaint seeks treble damages and costs, including attorney’s fees. PCA believes the allegations are without merit and will defend this lawsuit vigorously.

We are also a party to various legal actions arising in the ordinary course of our business. These legal actions include commercial liability claims, premises liability claims, and employment-related claims, among others. As of the date of this filing, we believe it is not reasonably possible that any of the legal actions against us will, either individually or in the aggregate, have a material adverse effect on our financial condition, results of operations, or cash flows.

New and Recently Adopted Accounting Standards	9 Months Ended
New and Recently Adopted Accounting Standards	Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
New and Recently Adopted Accounting Standards	2. New and Recently Adopted Accounting Standards Recently Adopted Accounting Standards Effective January 1, 2024, we adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The new guidance is required to be applied retrospectively. The adoption of this update did not have a significant impact on the Company’s related disclosure as reflected in Note 18, Segment Information, in this Quarterly Report on Form 10-Q. New Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to enhance transparency into the nature and function of expenses. The amendments require that on an annual and interim basis, entities disclose disaggregated operating expense information about specific categories, including purchases of inventory, employee compensation, depreciation, amortization, and depletion. The update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, as clarified by ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, on a prospective basis or with the option for retrospective application. Early adoption is permitted. The Company is currently assessing the impact of the disclosure requirements on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to the Income Tax Disclosures. This ASU provides for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This ASU is effective for fiscal years beginning after December 15, 2024, and should be applied on a prospective basis, however retrospective application is permitted. Early adoption is also permitted. The Company is currently assessing the new disclosure requirements and whether to apply the guidance on a prospective or retrospective basis for presentation in its 2025 Annual Report on Form 10-K. The Company does not expect the guidance to have a significant impact on its financial position or related disclosures. There were no other accounting standards recently issued that had or are expected to have a material impact on our financial position or results of operations.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 31.3	$ 28.3
Goodwill	1,199.8		$ 922.4
Preliminary valuation of goodwill	$ 277.4

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Components of Changes in Accumulated Other Comprehensive Income (AOCI)

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Oct. 31, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Registrant Name	PACKAGING CORP OF AMERICA
Entity Central Index Key	0000075677
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		89,977,067
Entity File Number	1-15399
Entity Tax Identification Number	36-4277050
Entity Address, Address Line One	1 North Field Court
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	847
Local Phone Number	482-3000
Document Quarterly Report	true
Entity Incorporation, State or Country Code	DE
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PKG
Security Exchange Name	NYSE

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

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 Loss on Marketable Debt Securities		Unfunded Employee Benefit Obligations			Total
Balance at January 1, 2025	$	(0.1	)	$	0.2	$	(43.5	)	$	(43.4	)
Other comprehensive loss before reclassifications, net of tax		—			0.2		—			0.2
Amounts reclassified from AOCI, net of tax		—			—		2.8			2.8
Balance at September 30, 2025	$	(0.1	)	$	0.4	$	(40.7	)	$	(40.4	)

Reclassifications Out of Accumulated Other Comprehensive Income (AOCI)

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 September 30,						Nine Months Ended September 30,
Details about AOCI Components	2025			2024			2025			2024
Unfunded employee benefit obligations (a)
Amortization of prior service costs	$	(1.3	)	$	(1.3	)	$	(3.9	)	$	(3.8	)	See (a) below
Amortization of actuarial (losses) gains		—			(0.1	)		0.2			(0.3	)	See (a) below
		(1.3	)		(1.4	)		(3.7	)		(4.1	)	Total before tax
		0.3			0.4			0.9			1.0		Tax benefit
	$	(1.0	)	$	(1.0	)	$	(2.8	)	$	(3.1	)	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.

Goodwill and Intangible Assets - Components of Intangible Assets (Parenthetical) (Details) $ in Millions	Sep. 30, 2025 USD ($)
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 460.0
Trademarks and Trade Names
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 70.0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Cash, Cash Equivalents, and Marketable Debt Securities - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Financial Instruments [Line Items]
Impairment of marketable debt securities	$ 0	$ 0
Allowance for credit loss	$ 0	$ 0
Minimum
Financial Instruments [Line Items]
Long-term marketable debt securities maturity period	1 year
Maximum
Financial Instruments [Line Items]
Long-term marketable debt securities maturity period	2 years

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Restricted Stock and Performance Unit Award Activity

The following table presents restricted stock and performance unit award activity for the nine months ended September 30, 2025:


	Restricted Stock					Performance Units
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2025		620,403		$	148.63		358,466		$	119.17
Granted		147,265			211.53		129,853			211.72
Vested (a)		(155,515	)		136.75		(139,443	)		167.14
Forfeitures		(6,332	)		164.77		—			—
Outstanding at September 30, 2025		605,821		$	166.80		348,876		$	171.68

(a)

Upon payout of the performance unit awards that vested during the period, PCA issued 151,895 shares, which included 12,452 shares for dividends accrued during the performance period.

Compensation Expense for Share-Based Awards

Our share-based compensation expense is primarily recorded in "Selling, general, and administrative expenses." Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures, was as follows (dollars in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Restricted stock	$	4.3		$	5.7		$	24.3		$	25.7
Performance units		4.2			4.7			12.3			13.9
Total share-based compensation expense		8.5			10.4			36.6			39.6
Income tax benefit		(2.1	)		(2.6	)		(9.1	)		(9.9	)
Share-based compensation expense, net of tax benefit	$	6.4		$	7.8		$	27.5		$	29.7

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at September 30, 2025 was as follows (dollars in millions):


	September 30, 2025
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	35.6		2.6
Performance units		29.7		2.3
Total unrecognized share-based compensation expense	$	65.3		2.5

Cash, Cash Equivalents, and Marketable Debt Securities - Schedule of Marketable Debt Securities in Continuous Loss Position (Parenthetical) (Details)	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Stated interest rate	4.39%	3.69%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Revenue from Contract with Customer [Abstract]

Revenue

9 Months Ended

Sep. 30, 2025

3. Revenue

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration expected to be received in exchange for those goods or services. Sales, value added, and other taxes collected concurrently with revenue-producing activities are excluded from revenue.

The following table presents our revenues disaggregated by product line (dollars in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Packaging	$	2,128.1	$	2,008.7	$	6,104.4	$	5,715.3
Paper		161.2		159.3		461.2		473.2
Corporate and Other		24.1		14.4		60.1		48.7
Total revenue	$	2,313.4	$	2,182.4	$	6,625.7	$	6,237.2

Packaging Revenue

Our containerboard mills produce linerboard and corrugating medium which are papers primarily used in the production of corrugated products. The majority of our containerboard production is used internally by our corrugated products manufacturing facilities. The remaining containerboard is sold to outside domestic and export customers. Our corrugated products manufacturing plants produce a wide variety of corrugated packaging products and retail merchandise displays. We sell corrugated products to national, regional and local accounts, which are broadly diversified across industries and geographic locations.

The Company recognizes revenue for its packaging products when performance obligations under the terms of a contract with a customer are satisfied. This occurs with the transfer of control of our products at a specific point in time. Based on our express terms and conditions of the sale of products to our customers, as well as terms included in contractual arrangements with our customers, we do not have an enforceable right of payment that includes a reasonable profit throughout the duration of the contract for products that do not have an alternative use. Revenue is recognized when the product is shipped from the mill or from our manufacturing facility to our customer. Certain customers may receive volume-based incentives, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenue recognized.

Certain customers receive a portion of their packaging products as consigned inventory with billing triggered once the customer uses or consumes the designated product. Prior to invoicing, these amounts are handled as unbilled receivables. Total unbilled receivables, which are immaterial in amount, are included in the accounts receivable financial statement caption.

Paper Revenue

We manufacture and sell a range of communication-based papers. Communication papers consist of cut-size office papers, and printing and converting papers.

The Company recognizes revenue for its paper products when performance obligations under the terms of a contract with a customer are satisfied. This occurs with the transfer of control of our products at a specific point in time. Revenue is recognized when the product is shipped from the mill or from our manufacturing facility or distribution center to our customer. Certain customers may receive incentives, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenue recognized.

Corporate and Other Revenue

Revenue in this segment primarily relates to Louisiana Timber Procurement Company, L.L.C. ("LTP"), a variable-interest entity that is 50% owned by PCA and 50% owned by Boise Cascade Company ("Boise Cascade"). PCA is the primary beneficiary of LTP and has the power to direct the activities that most significantly affect the economic performance of LTP. Therefore, we consolidate 100% of LTP in our financial statements. See Note 17, Transactions With Related Parties, for more information related to LTP.

The Company recognizes revenue within this segment when performance obligations under the terms of a contract with a customer are satisfied. This occurs with the transfer of control of our products at a specific point in time.

Practical Expedients and Exemption

Shipping and handling fees billed to a customer are recorded on a gross basis in "Net sales" with the corresponding shipping and handling costs included in "Cost of sales" in the concurrent period as the revenue is recorded. We expense sales commissions when incurred because the amortization period is one year or less. Sales commissions are recorded in "Selling, general, and administrative expenses".

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

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-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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-Topic 606
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-Topic 606
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-Topic 606
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-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

Share-Based Compensation - Compensation Expense for Share-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 8.5	$ 10.4	$ 36.6	$ 39.6
Income tax benefit	(2.1)	(2.6)	(9.1)	(9.9)
Share-based compensation expense, net of tax benefit	6.4	7.8	27.5	29.7
Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	4.3	5.7	24.3	25.7
Performance Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 4.2	$ 4.7	$ 12.3	$ 13.9

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

For the three months ended September 30, 2025 and 2024, we recorded $78.3 million and $80.5 million of income tax expense and had an effective tax rate of 25.6% and 25.3%, respectively. The increase in our effective tax rate for the three months ended September 30, 2025 compared to the same period in 2024 was primarily due to lower estimated federal tax credits and higher nondeductible employee remuneration paid to covered employees.

For the nine months ended September 30, 2025 and 2024, we recorded $221.0 million and $188.8 million of income tax expense and had an effective tax rate of 24.7% and 24.4%, respectively. The increase in our effective tax rate for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to lower excess tax benefits associated with employee restricted stock and performance unit vests and less favorable state law changes.

Our current effective tax rate is higher than the federal statutory income tax rate of 21.0% due primarily to the effect of state and local income taxes. During the nine months ended September 30, 2025 and 2024, cash paid for taxes, net of refunds received, was $159.6 million and $187.3 million, respectively. The decrease in cash tax payments between the periods is primarily due to lower 2025 forecasted taxable income.

During the three and nine months ended September 30, 2025 and 2024, there were no significant changes to our uncertain tax positions. For more information, see Note 7, Income Taxes, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2024 Annual Report on Form 10-K.

On July 4, 2025, the President signed into law H.R.1, the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes significant tax law changes such as providing for the full expensing of certain depreciable property as well as full expensing of domestic research and development expenditures. The provisions of the OBBBA have various effective dates, with certain provisions effective in 2025 and others through 2027. In accordance with ASC 740, we have recognized the effects of the OBBBA in the period of enactment. The provisions of the OBBBA did not have a material impact on our income tax expense or effective tax rate. However, we do expect the provisions of the OBBBA to reduce our 2025 cash tax payments.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

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-Name Accounting Standards Codification
-Section 50
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-Section S99
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-Subparagraph (SX 210.4-08(h)(2))
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-Topic 740
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-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

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-Topic 740
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

9 Months Ended

Sep. 30, 2025

Nature of Operations and Basis of Presentation

1. Nature of Operations and Basis of Presentation

Packaging Corporation of America ("we," "us," "our," PCA," or the "Company") was incorporated on January 25, 1999. In April 1999, PCA acquired the containerboard and corrugated packaging products business of Pactiv Corporation ("Pactiv"), formerly known as Tenneco Packaging, Inc. We are a large diverse manufacturer of both packaging and paper products. We are headquartered in Lake Forest, Illinois and we operate primarily in the United States.

We report our business in three reportable segments: Packaging, Paper, and Corporate and Other. Our Packaging segment produces a wide variety of containerboard and corrugated packaging products. The Paper segment manufactures and sells a range of communication-based papers. Corporate and Other includes support staff services and related assets and liabilities, transportation assets, and activity related to other ancillary support operations. For more information about our segments, see Note 18, Segment Information.

On September 2, 2025, we completed the acquisition of the containerboard business of Greif, Inc. (“Greif”) for $1.8 billion in cash (the “Greif Acquisition”). The Greif containerboard business includes two containerboard mills with approximately 800,000 tons of production capacity and eight sheet feeder and corrugated plants located across the United States. The operating results of the Greif Acquisition are included in PCA’s results after the date of acquisition.

The consolidated financial statements of PCA as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024 are unaudited but include all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of such financial statements. The preparation of the consolidated financial statements involves the use of estimates and accruals. Actual results may vary from those estimates. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete audited financial statements. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024.

The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions.

Employee Benefit Plans and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans and Other Postretirement Benefits

14. Employee Benefit Plans and Other Postretirement Benefits

The components of net periodic benefit cost for our pension plans were as follows (dollars in millions):


	Pension Plans
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Service cost	$	2.4		$	2.9		$	7.6		$	9.2
Interest cost		14.2			13.8			42.8			41.5
Expected return on plan assets		(15.6	)		(16.4	)		(46.9	)		(49.3	)
Net amortization of unrecognized amounts
Prior service cost		1.4			1.4			4.3			4.1
Actuarial loss		—			0.1			—			0.5
Net periodic benefit cost	$	2.4		$	1.8		$	7.8		$	6.0

PCA makes pension plan contributions that are sufficient to fund its actuarially determined costs, generally equal to the minimum amounts required by the Employee Retirement Income Security Act (ERISA). From time to time, PCA may make additional discretionary contributions based on the funded status of the plans, tax deductibility, income from operations, and other factors. During both the three and nine months ended September 30, 2025 and 2024, payments to our nonqualified pension plans were insignificant. During both the three and nine months ended September 30, 2025, we did not make any contributions to our qualified pension plans and for both the three and nine months ended September 30, 2024, we made contributions of $25.0 million to our qualified pension plans. We do not have a required minimum contribution amount established for 2025.

For both the three and nine months ended September 30, 2025 and 2024, the net periodic benefit cost for our postretirement plans was insignificant.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Property, Plant, and Equipment - Components of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	$ 10,590.2	$ 9,305.2
Less accumulated depreciation	(5,546.9)	(5,266.2)
Property, plant, and equipment, net	5,043.3	4,039.0
Land and Land Improvements
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	247.9	203.4
Buildings
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	1,339.8	1,140.0
Machinery and Equipment
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	8,315.8	7,368.8
Construction in Progress
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	483.2	397.2
Other
Property, Plant, And Equipment [Line Items]
Property, plant and equipment, at cost	$ 203.5	$ 195.8

Cash, Cash Equivalents, and Marketable Debt Securities (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Cash and Available-For-Sale Debt Securities by Major Asset Category

The following table shows the Company’s cash, cash equivalents, and available-for-sale ("AFS") debt securities by major asset category at September 30, 2025 and December 31, 2024 (in millions):


	September 30, 2025
	Adjusted Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value		Cash and Cash Equivalents		Short-Term Marketable Debt Securities		Long-Term Marketable Debt Securities
Cash and cash equivalents	$	630.2	$	—	$	—	$	630.2	$	630.2	$	—	$	—
Level 1 (a):
U.S. Treasury securities		41.0		0.1		—		41.1		—		17.1		24.0
Money market funds		3.8		—		—		3.8		3.8		—		—
Subtotal		44.8		0.1		—		44.9		3.8		17.1		24.0
Level 2 (b):
Corporate debt securities		124.8		0.4		—		125.2		—		72.9		52.3
Certificates of deposit		4.7		—		—		4.7		—		4.7		—
U.S. government agency securities		1.4		—		—		1.4		—		—		1.4
Subtotal		130.9		0.4		—		131.3		—		77.6		53.7
Total	$	805.9	$	0.5	$	—	$	806.4	$	634.0	$	94.7	$	77.7


	December 31, 2024
	Adjusted Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value		Cash and Cash Equivalents		Short-Term Marketable Debt Securities		Long-Term Marketable Debt Securities
Cash and cash equivalents	$	684.8	$	—	$	—	$	684.8	$	684.8	$	—	$	—
Level 1 (a):
U.S. Treasury securities		30.8		0.1		—		30.9		—		23.0		7.9
Money market funds		0.2		—		—		0.2		0.2		—		—
Subtotal		31.0		0.1		—		31.1		0.2		23.0		7.9
Level 2 (b):
Corporate debt securities		131.2		0.3		—		131.5		—		75.8		55.7
Certificates of deposit		2.4		—		—		2.4		—		2.4		—
U.S. government agency securities		2.4		—		—		2.4		—		0.8		1.6
Subtotal		136.0		0.3		—		136.3		—		79.0		57.3
Total	$	851.8	$	0.4	$	—	$	852.2	$	685.0	$	102.0	$	65.2

(a)

Valuations based on quoted prices for identical assets or liabilities in active markets.

(b)

Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Schedule of Marketable Debt Securities in Continuous Loss Position

The following tables provide information about the Company’s marketable debt securities that have been in a continuous loss position as of September 30, 2025 and December 31, 2024 (in millions, except number of marketable debt securities in a loss position):


	September 30, 2025
	Fair Value of Marketable Debt Securities in a Loss Position < 12 Months		Number of Marketable Debt Securities in a Loss Position < 12 Months		Unrealized Losses < 12 Months (c)		Fair Value of Marketable Debt Securities in a Loss Position ≥ 12 Months		Number of Marketable Debt Securities in a Loss Position ≥ 12 Months		Unrealized Losses ≥ 12 Months (c)
Corporate debt securities	$	6.6		8	$	—	$	1.3		4	$	—
U.S. Treasury securities		4.5		2		—		—		—		—
U.S. government agency securities		0.5		1		—		—		—		—
	$	11.6		11	$	—	$	1.3		4	$	—


	December 31, 2024
	Fair Value of Marketable Debt Securities in a Loss Position < 12 Months		Number of Marketable Debt Securities in a Loss Position < 12 Months		Unrealized Losses < 12 Months		Fair Value of Marketable Debt Securities in a Loss Position ≥ 12 Months		Number of Marketable Debt Securities in a Loss Position ≥ 12 Months		Unrealized Losses ≥ 12 Months (c)
Corporate debt securities	$	16.5		26	$	0.1	$	2.7		4	$	—
U.S. Treasury securities		3.1		4		—		6.7		5		—
U.S. government agency securities		0.8		1		—		—		—		—
	$	20.4		31	$	0.1	$	9.4		9	$	—

(c)

Unrealized losses were insignificant for the period presented.

Debt - Summary of Debt (Parenthetical) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024	Aug. 11, 2025
Debt Instrument [Line Items]
Stated interest rate	4.39%	3.69%
Unamortized debt issuance cost	$ 26.0	$ 18.0	$ 5.0
Line of Credit
Debt Instrument [Line Items]
Stated interest rate	0.00%	0.00%
3.40% Senior Notes, due December 2027 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.40%	3.40%
Senior notes, discount	$ 0.4	$ 0.6
Debt instrument, maturity date	Dec. 15, 2027	Dec. 15, 2027
3.00% Senior Notes, due December 2029 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.00%	3.00%
Senior notes, discount	$ 0.3	$ 0.3
Debt instrument, maturity date	Dec. 15, 2029	Dec. 15, 2029
5.20% Senior Note, Due August 2035 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.20%	0.00%
Senior notes, discount	$ 0.1
Debt instrument, maturity date	May 15, 2035
5.70% Senior Notes, due December 2033 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.70%	5.70%
Senior notes, discount	$ 0.3	$ 0.3
Debt instrument, maturity date	Dec. 15, 2033	Dec. 15, 2033
4.05% Senior Notes, due December 2049 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.05%	4.05%
Senior notes, discount	$ 3.1	$ 3.2
Debt instrument, maturity date	Dec. 15, 2049	Dec. 15, 2049
3.05% Senior Notes, due October 2051 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.05%	3.05%
Senior notes, discount	$ 3.4	$ 3.4
Debt instrument, maturity date	Oct. 15, 2051	Oct. 15, 2051

Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for credit losses and customer deductions	$ 18.1	$ 20.6
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	90,000,000	89,800,000

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Computation of Basic and Diluted Income Per Common Share

The following table sets forth the computation of basic and diluted income per common share for the periods presented (dollars and shares in millions, except per share data):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Numerator:	2025			2024			2025			2024
Net income	$	226.9		$	238.1		$	672.3		$	584.0
Less: Distributed and undistributed earnings allocated to participating securities		(1.5	)		(1.7	)		(4.5	)		(4.1	)
Net income attributable to common shareholders	$	225.4		$	236.4		$	667.8		$	579.9
Denominator:
Weighted average basic common shares outstanding		89.4			89.1			89.3			89.1
Effect of dilutive securities		0.3			0.4			0.4			0.4
Weighted average diluted common shares outstanding		89.7			89.5			89.7			89.5
Basic income per common share	$	2.52		$	2.65		$	7.48		$	6.51
Diluted income per common share	$	2.51		$	2.64		$	7.45		$	6.48

Employee Benefit Plans and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Costs

The components of net periodic benefit cost for our pension plans were as follows (dollars in millions):


	Pension Plans
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Service cost	$	2.4		$	2.9		$	7.6		$	9.2
Interest cost		14.2			13.8			42.8			41.5
Expected return on plan assets		(15.6	)		(16.4	)		(46.9	)		(49.3	)
Net amortization of unrecognized amounts
Prior service cost		1.4			1.4			4.3			4.1
Actuarial loss		—			0.1			—			0.5
Net periodic benefit cost	$	2.4		$	1.8		$	7.8		$	6.0

Stockholders' Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

$ 305.2

$ 318.6

$ 893.3

$ 772.8

Income tax benefit

(78.3)

(80.5)

(221.0)

(188.8)

Unfunded Employee Benefit Obligations | Reclassification out of Accumulated Other Comprehensive Income [Member]

226.9

238.1

672.3

584.0

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Amortization of prior service costs

^[1]

(1.3)

(3.9)

(3.8)

Amortization of actuarial losses

^[1]

0.0

(0.1)

0.2

(0.3)

(1.3)

(1.4)

(3.7)

(4.1)

Income tax benefit

0.3

0.4

0.9

1.0

$ (1.0)

$ (2.8)

$ (3.1)

[1]	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.

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Acquisitions - Summary of the Allocation of the Purchase Price to the Assets Acquired and the Liabilities Assumed (Parenthetical) (Details)	9 Months Ended
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Maximum [Member]
Business Combination [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Minimum [Member]
Business Combination [Line Items]
Property, Plant and Equipment, Useful Life	1 year
Customer Relationships [Member]
Business Combination [Line Items]
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	15 years
Trademarks [Member]
Business Combination [Line Items]
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	10 years

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Share-Based Compensation - Summary of Restricted Stock and Performance Unit Award Activity (Parenthetical) (Details) - Performance Units shares in Thousands	9 Months Ended
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-Subparagraph (c)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(2)(iii)(01)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 226.9	$ 238.1	$ 672.3	$ 584.0

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Property, Plant and Equipment [Abstract]

Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 423.2	$ 356.6
Work in process	19.4	15.5
Finished goods	255.3	234.0
Supplies and materials	579.2	518.8
Inventories	$ 1,277.1	$ 1,124.9

Property, Plant, and Equipment

9 Months Ended

Sep. 30, 2025

Property, Plant, and Equipment

. Property, Plant, and Equipment

The components of property, plant, and equipment were as follows (dollars in millions):


	September 30,			December 31,
	2025			2024
Land and land improvements	$	247.9		$	203.4
Buildings		1,339.8			1,140.0
Machinery and equipment		8,315.8			7,368.8
Construction in progress		483.2			397.2
Other		203.5			195.8
Property, plant and equipment, at cost		10,590.2			9,305.2
Less accumulated depreciation		(5,546.9	)		(5,266.2	)
Property, plant, and equipment, net	$	5,043.3		$	4,039.0

Depreciation expense for the three months ended September 30, 2025 and 2024 was $139.4 million and $122.7 million, respectively. During the nine months ended September 30, 2025 and 2024, depreciation expense was $398.3 million and $359.5 million, respectively. During the nine months ended September 30, 2025, we recognized $3.6 million of incremental depreciation expense as a result of closure costs related to corrugated products facilities. We recognized $1.7 million of incremental depreciation expense during the nine months ended September 30, 2024 as a result of Jackson mill conversion-related activities and closure costs related to corrugated products facilities.

At September 30, 2025 and December 31, 2024, purchases of property, plant, and equipment included in accounts payable were $75.7 million and $33.8 million, respectively.

Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 634.0	$ 685.0
Short-term marketable debt securities	94.7	102.0
Accounts receivable, net of allowance for credit losses and customer deductions of $18.1 million and $20.6 million as of September 30, 2025 and December 31, 2024, respectively	1,352.3	1,144.0
Inventories	1,277.1	1,124.9
Prepaid expenses and other current assets	81.1	166.9
Federal and state income taxes receivable	58.2	10.2
Total current assets	3,497.4	3,233.0
Property, plant, and equipment, net	5,043.3	4,039.0
Goodwill	1,199.8	922.4
Other intangible assets, net	690.6	191.9
Operating lease right-of-use assets	369.0	276.9
Long-term marketable debt securities	77.7	65.2
Other long-term assets	102.2	104.8
Total assets	10,980.0	8,833.2
Current liabilities:
Operating lease obligations	96.0	80.5
Finance lease obligations	2.2	2.1
Accounts payable	554.2	430.3
Dividends payable	116.2	116.3
Accrued liabilities	298.4	362.9
Accrued interest	40.5	9.5
Total current liabilities	1,107.5	1,001.6
Long-term liabilities:
Long-term debt	3,966.4	2,474.2
Operating lease obligations	286.9	208.0
Finance lease obligations	5.4	6.7
Deferred income taxes	671.8	561.9
Compensation and benefits	101.9	95.9
Other long-term liabilities	84.6	80.9
Total long-term liabilities	5,117.0	3,427.6
Commitments and contingent liabilities (Note 19)
Stockholders' equity:
Common stock, par value $0.01 per share, 300.0 million shares authorized, 90.0 million and 89.8 million shares issued as of September 30, 2025 and December 31, 2024, respectively	0.9	0.9
Additional paid in capital	707.7	669.8
Retained earnings	4,087.3	3,776.7
Accumulated other comprehensive loss	(40.4)	(43.4)
Total stockholders' equity	4,755.5	4,404.0
Total liabilities and stockholders' equity	$ 10,980.0	$ 8,833.2

Property, Plant, and Equipment (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Components of Property, Plant, and Equipment

The components of property, plant, and equipment were as follows (dollars in millions):


	September 30,			December 31,
	2025			2024
Land and land improvements	$	247.9		$	203.4
Buildings		1,339.8			1,140.0
Machinery and equipment		8,315.8			7,368.8
Construction in progress		483.2			397.2
Other		203.5			195.8
Property, plant and equipment, at cost		10,590.2			9,305.2
Less accumulated depreciation		(5,546.9	)		(5,266.2	)
Property, plant, and equipment, net	$	5,043.3		$	4,039.0

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

5. Earnings Per Share

The following table sets forth the computation of basic and diluted income per common share for the periods presented (dollars and shares in millions, except per share data):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Numerator:	2025			2024			2025			2024
Net income	$	226.9		$	238.1		$	672.3		$	584.0
Less: Distributed and undistributed earnings allocated to participating securities		(1.5	)		(1.7	)		(4.5	)		(4.1	)
Net income attributable to common shareholders	$	225.4		$	236.4		$	667.8		$	579.9
Denominator:
Weighted average basic common shares outstanding		89.4			89.1			89.3			89.1
Effect of dilutive securities		0.3			0.4			0.4			0.4
Weighted average diluted common shares outstanding		89.7			89.5			89.7			89.5
Basic income per common share	$	2.52		$	2.65		$	7.48		$	6.51
Diluted income per common share	$	2.51		$	2.64		$	7.45		$	6.48

Inventories

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventories

. Inventories

We value our raw materials, work in process, and finished goods inventories using lower of cost, as determined by the average cost method, or net realizable value. Supplies and materials are valued at the first-in, first-out (FIFO) or average cost method.

The components of inventories were as follows (dollars in millions):


	September 30,		December 31,
	2025		2024
Raw materials	$	423.2	$	356.6
Work in process		19.4		15.5
Finished goods		255.3		234.0
Supplies and materials		579.2		518.8
Inventories	$	1,277.1	$	1,124.9

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2025

Asset Acquisition [Abstract]

Schedule of Purchase Consideration for the Greif Acquisition

The following table summarizes the purchase consideration for the Greif Acquisition (in millions):


	Amount
Cash paid for Greif Acquisition	$	1,804.7
Settlement of pre-existing relationships		(0.3	)
Total purchase consideration	$	1,804.4

Schedule of the Allocation of the Purchase Price to the Assets Acquired and the Liabilities Assumed

The following table summarizes the allocation of the purchase price to the assets acquired and the liabilities assumed, based on our current estimates of the fair value at the date of acquisition (dollars in millions):


Current Assets:
Cash	$	0.1
Accounts receivable		97.6
Inventories		124.2
Prepaid expenses and other current assets		1.4
Total current assets		223.3
Property, plant, and equipment (a)		868.7
Operating lease right-of-use assets		57.0
Intangible assets (b):
Customer relationships		460.0
Trademarks		70.0
Goodwill (c)		277.4
Assets acquired		1,956.4

Accounts payable		70.1
Accrued liabilities		21.4
Current operating lease obligations		7.6
Long-term operating lease obligations		49.3
Long-term finance lease obligations		0.4
Other long-term liabilities		3.2
Liabilities assumed		152.0

Net assets acquired	$	1,804.4

(a)

Property, plant and equipment are being depreciated on a straight-line basis over their preliminary estimated useful lives ranging from one to 40 years.

(b)

We are amortizing intangible assets on a straight-line basis for customer relationships and trademarks over our preliminary estimates of their useful lives of 15 years and 10 years, respectively, in the Packaging segment.

(c)

Goodwill is calculated as the excess of the purchase price over the fair value of the net assets acquired. Goodwill generated from the acquisition is primarily attributable to expected synergies and the assembled workforce. Goodwill recognized in the transaction is deductible for tax purposes.

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Segment Information - Additional Information (Details) $ in Billions	9 Months Ended
	Sep. 30, 2025 Segment	Sep. 02, 2025 USD ($) Tons
Segment Reporting [Abstract]
Number of reportable segments \| Segment	3
Business Acquisition Cost Of Acquired \| $		$ 1.8
Production capacity \| Tons		800,000

Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders' Equity

16. Stockholders' Equity

Dividends

During the nine months ended September 30, 2025, we paid $337.1 million of dividends to shareholders. On August 20, 2025, PCA’s Board of Directors declared a regular quarterly cash dividend of $1.25 per share of common stock, which was paid on October 15, 2025 to shareholders of record as of September 15, 2025. The dividend payment was $112.5 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 September 30, 2025. At September 30, 2025, $436.0 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 Loss on Marketable Debt Securities		Unfunded Employee Benefit Obligations			Total
Balance at January 1, 2025	$	(0.1	)	$	0.2	$	(43.5	)	$	(43.4	)
Other comprehensive loss before reclassifications, net of tax		—			0.2		—			0.2
Amounts reclassified from AOCI, net of tax		—			—		2.8			2.8
Balance at September 30, 2025	$	(0.1	)	$	0.4	$	(40.7	)	$	(40.4	)

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 September 30,						Nine Months Ended September 30,
Details about AOCI Components	2025			2024			2025			2024
Unfunded employee benefit obligations (a)
Amortization of prior service costs	$	(1.3	)	$	(1.3	)	$	(3.9	)	$	(3.8	)	See (a) below
Amortization of actuarial (losses) gains		—			(0.1	)		0.2			(0.3	)	See (a) below
		(1.3	)		(1.4	)		(3.7	)		(4.1	)	Total before tax
		0.3			0.4			0.9			1.0		Tax benefit
	$	(1.0	)	$	(1.0	)	$	(2.8	)	$	(3.1	)	Net of tax

(a)

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other Income (Expense), Net - Components of Other Income (Expense), Net (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Asset disposals and write-offs

$ (12.0)

$ (11.4)

$ (30.8)

$ (26.9)

DeRidder litigation and other litigation

^[1]

(3.5)

(2.0)

(3.5)

(127.7)

DeRidder litigation and other litigation insurance recovery

^[1]

3.5

2.0

3.5

127.7

Facilities closure and other (costs) income

^[2]

(1.3)

(0.3)

21.6

(0.3)

Acquisition and integration-related costs

^[3]

(5.9)

0.0

(7.5)

0.0

Other

(6.3)

(4.4)

(18.0)

(16.2)

Total

(25.5)

(16.1)

(34.7)

(51.0)

Jackson, Alabama Mill

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Jackson mill conversion-related activities (c)

^[4]

$ 0.0

$ (7.6)

[1]	For the three and nine months ended September 30, 2025, includes charges and income related to fully insured settlement amounts. For the three and nine months ended September 30, 2024, includes charges and income related to the DeRidder mill lawsuit for compensatory damages plus interest. For more information on the DeRidder mill lawsuit, see Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2024 Annual Report on Form 10-K.
[2]	For the three and nine months ended September 30, 2025, includes charges and income, respectively, related to the closure of certain corrugated products facilities. For the three months ended September 30, 2025, the charges were partially offset by a gain on an asset disposal related to a closed corrugated products facility. For the nine months ended September 30, 2025, these charges were completely offset by gains from the sales of corrugated products facilities during the second quarter of 2025. For the three and nine months ended September 30, 2024, includes charges consisting of closure costs related to corrugated products facilities. For the nine months ended September 30, 2024, these charges were partially offset by income primarily related to a favorable lease buyout for a closed corrugated products facility during the first quarter of 2024.
[3]	Includes charges for acquisition and integration costs related to the September 2025 Greif Acquisition.
[4]	Includes items related to the announced discontinuation of production of uncoated freesheet paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

An analysis of operations by reportable segments is as follows (dollars in millions):


Three Months Ended September 30, 2025	Packaging			Paper			Corporate and Other				Total
Trade sales	$	2,128.1		$	161.2		$	24.1			$	2,313.4
Intersegment sales		—			—			38.3				38.3
		2,128.1			161.2			62.4				2,351.7
Elimination of intersegment sales												(38.3	)
Net sales												2,313.4

Less (a):
Variable costs (b)		(1,022.5	)		(87.4	)		—				—
Fixed costs (c)		(464.9	)		(20.3	)		—				—
Freight		(216.6	)		(17.8	)		—				—
Other segment items (d)		(96.6	)		(0.1	)		(101.0	)			—
Income (loss) from operations		327.5			35.6			(38.6	)	(e)		324.5

Non-operating pension expense												—
Interest expense, net												(19.3	)
Income before taxes											$	305.2

Other segment disclosures:
Segment sales to external customers	$	2,128.1		$	161.2		$	24.1		(f)	$	2,313.4
Depreciation, amortization, and depletion		(143.9	)		(4.5	)		(4.2	)			(152.6	)
Capital expenditures (g)		(180.3	)		(6.9	)		(4.9	)			(192.1	)
Assets		9,470.4			402.4			1,107.2				10,980.0


Three Months Ended September 30, 2024	Packaging			Paper			Corporate and Other				Total
Trade sales	$	1,998.8		$	159.3		$	24.3			$	2,182.4
Intersegment sales		9.9			—			41.3				51.2
		2,008.7			159.3			65.6				2,233.6
Elimination of intersegment sales												(51.2	)
Net sales												2,182.4

Less (a):
Variable costs (b)		(957.0	)		(84.0	)		—				—
Fixed costs (c)		(432.2	)		(19.3	)		—				—
Freight		(203.3	)		(17.4	)		—				—
Other segment items (d)		(95.5	)		(0.1	)		(97.7	)			—
Income (loss) from operations		320.7			38.5			(32.1	)	(e)		327.1

Non-operating pension income												1.2
Interest expense, net												(9.7	)
Income before taxes											$	318.6

Other segment disclosures:
Segment sales to external customers	$	1,998.8		$	159.3		$	24.3		(f)	$	2,182.4
Depreciation, amortization, and depletion		(124.1	)		(4.6	)		(4.0	)			(132.7	)
Capital expenditures (g)		(129.6	)		(6.4	)		(10.7	)			(146.7	)
Assets		7,197.4			389.8			1,166.6				8,753.8


Nine Months Ended September 30, 2025	Packaging			Paper			Corporate and Other				Total
Trade sales	$	6,104.4		$	461.2		$	60.1			$	6,625.7
Intersegment sales		—			—			117.1				117.1
		6,104.4			461.2			177.2				6,742.8
Elimination of intersegment sales												(117.1	)
Net sales												6,625.7

Less (a):
Variable costs (b)		(2,943.7	)		(253.2	)		—				—
Fixed costs (c)		(1,357.6	)		(60.8	)		—				—
Freight		(611.6	)		(49.9	)		—				—
Other segment items (d)		(239.5	)		(0.4	)		(287.6	)			—
Income (loss) from operations		952.0			96.9			(110.4	)	(e)		938.5

Non-operating pension expense												—
Interest expense, net												(45.2	)
Income before taxes											$	893.3

Other segment disclosures:
Segment sales to external customers	$	6,104.4		$	461.2		$	60.1		(f)	$	6,625.7
Depreciation, amortization, and depletion		(403.9	)		(13.8	)		(13.5	)			(431.2	)
Capital expenditures (g)		(476.4	)		(8.7	)		(24.8	)			(509.9	)
Assets		9,470.4			402.4			1,107.2				10,980.0


Nine Months Ended September 30, 2024	Packaging			Paper			Corporate and Other				Total
Trade sales	$	5,694.3		$	473.2		$	69.7			$	6,237.2
Intersegment sales		21.0			—			119.5				140.5
		5,715.3			473.2			189.2				6,377.7
Elimination of intersegment sales												(140.5	)
Net sales												6,237.2

Less (a):
Variable costs (b)		(2,831.9	)		(257.4	)		—				—
Fixed costs (c)		(1,250.1	)		(62.9	)		—				—
Freight		(591.4	)		(52.7	)		—				—
Other segment items (d)		(237.6	)		(5.3	)		(289.3	)			—
Income (loss) from operations		804.3			94.9			(100.1	)	(e)		799.1

Non-operating pension income												3.4
Interest expense, net												(29.7	)
Income before taxes											$	772.8

Other segment disclosures:
Segment sales to external customers	$	5,694.3		$	473.2		$	69.7		(f)	$	6,237.2
Depreciation, amortization, and depletion		(362.7	)		(15.1	)		(11.8	)			(389.6	)
Capital expenditures (g)		(433.2	)		(10.2	)		(25.0	)			(468.4	)
Assets		7,197.4			389.8			1,166.6				8,753.8

(a)

The significant expense categories align with the segment-level information that is regularly provided to the CODM.

(b)

For the Packaging segment, primarily includes expense items for liner consumption, liner board discount, purchased sheets usage, medium consumption, raw materials, and hourly-employee related expenses and benefits. For the Paper segment, primarily includes expense items for raw materials, chemicals, finishing materials, repair service and materials, and hourly-employee related expenses and benefits.

(c)

For both the Packaging and Paper segments, primarily includes expense items for depreciation, salaried employee-related expenses, and professional services.

(d)

Other segment items for each reportable segment primarily include:

Packaging: farmout purchases, certain divisional allocations, and other expense/income items.

Paper: other expense/income items.

Corporate and Other: unallocated corporate costs, transportation business activity, and activity related to LTP.

(e)

The significant expense categories reported for the Packaging and Paper segments are not used for Corporate and Other in the segment-level information that is regularly reviewed by the CODM. The CODM makes resource allocation decisions for Corporate and Other based on divisional income (loss) from operations.

(f)

The Corporate and Other segment sales to external customers is presented net of total company intersegment eliminations.

(g)

Includes “Additions to property, plant, and equipment” and excludes cash used for “Acquisition of business, net of cash acquired” as reported on our Consolidated Statements of Cash Flows.

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Accrued Liabilities [Abstract]

Components of Accrued Liabilities

The components of accrued liabilities were as follows (dollars in millions):


	September 30,		December 31,
	2025		2024
Compensation and benefits	$	172.2	$	168.5
Franchise, property, sales and use taxes		35.5		18.7
Medical insurance and workers’ compensation		32.8		29.1
Customer rebates and other credits		32.1		33.9
DeRidder litigation and other litigation (a)		4.5		96.2
Severance, retention, and relocation		4.0		3.4
Environmental liabilities and asset retirement obligations		1.6		3.2
Other		15.7		9.9
Total	$	298.4	$	362.9

(a)

Amounts included in the Consolidated Balance Sheet for both periods presented relate to fully insured settlement amounts. The previously recorded amounts for DeRidder and other litigation at December 31, 2024 have been paid as of September 30, 2025. For more information, see Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2024 Annual Report on Form 10-K.

Earnings Per Share - Computation of Basic and Diluted Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net Income (Loss)	$ 226.9	$ 238.1	$ 672.3	$ 584.0
Less: Distributed and undistributed earnings allocated to participating securities	(1.5)	(1.7)	(4.5)	(4.1)
Net income attributable to common shareholders	$ 225.4	$ 236.4	$ 667.8	$ 579.9
Denominator:
Weighted average basic common shares outstanding	89.4	89.1	89.3	89.1
Effect of dilutive securities	0.3	0.4	0.4	0.4
Weighted average diluted common shares outstanding	89.7	89.5	89.7	89.5
Basic income per common share	$ 2.52	$ 2.65	$ 7.48	$ 6.51
Diluted income per common share	$ 2.51	$ 2.64	$ 7.45	$ 6.48

Transactions With Related Parties

9 Months Ended

Sep. 30, 2025

Transactions With Related Parties

17. Transactions With Related Parties

Louisiana Timber Procurement Company, L.L.C. ("LTP") is a variable-interest entity that is 50% owned by PCA and 50% owned by Boise Cascade Company ("Boise Cascade"). LTP procures sawtimber, pulpwood, residual chips, and other residual wood fiber to meet the wood and fiber requirements of PCA and Boise Cascade in Louisiana. PCA is the primary beneficiary of LTP and has the power to direct the activities that most significantly affect the economic performance of LTP. Therefore, we consolidate 100% of LTP in our financial statements in our Corporate and Other segment. The carrying amounts of LTP's assets and liabilities (which relate primarily to non-inventory working capital items) on our Consolidated Balance Sheets were $4.4 million at September 30, 2025 and $3.1 million at December 31, 2024. During the three months ended September 30, 2025 and 2024, we recorded $21.5 million and $22.1 million, respectively, and during the nine months ended September 30, 2025 and 2024, we recorded $54.3 million and $63.2 million, respectively, of LTP sales to Boise Cascade in "Net Sales" in the Consolidated Statements of Income and approximately the same amount of expenses in "Cost of Sales".

During the three months ended September 30, 2025 and 2024, fiber purchases from related parties were $2.7 million and $2.6 million, respectively, and during the nine months ended September 30, 2025 and 2024, fiber purchases from related parties were $6.7 million and $8.4 million, respectively. Most of these purchases related to chip and log purchases by LTP from Boise Cascade's wood products business. These purchases are recorded in "Cost of Sales" in the Consolidated Statements of Income.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Segment Information - Selected Financial Information by Reportable Segment (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

$ 2,313.4

$ 2,182.4

$ 6,625.7

$ 6,237.2

^[1]

324.5

327.1

938.5

799.1

Non-operating pension expense

^[1],[2]

0.0

0.0

1.2

0.0

3.4

Interest expense, net

(19.3)

(9.7)

(45.2)

(29.7)

305.2

318.6

893.3

772.8

(152.6)

(132.7)

(431.2)

(389.6)

^[3]

(192.1)

(146.7)

(509.9)

(468.4)

10,980.0

8,753.8

10,980.0

8,753.8

$ 8,833.2

Variable Costs [Member]

^[1],[4]

0.0

Fixed Costs [Member]

^[1],[5]

0.0

Freight

^[1]

0.0

Operating Segments

Operating Segments | Trade

2,351.7

2,233.6

6,742.8

6,377.7

Operating Segments | Intersegment

2,313.4

2,182.4

6,625.7

6,237.2

Elimination of intersegment sales

38.3

51.2

117.1

140.5

(38.3)

(51.2)

(117.1)

(140.5)

Packaging

2,128.1

2,008.7

6,104.4

5,715.3

^[1]

327.5

320.7

952.0

804.3

^[1],[2]

(96.6)

(95.5)

(239.5)

(237.6)

(143.9)

(124.1)

(403.9)

(362.7)

^[3]

(180.3)

(129.6)

(476.4)

433.2

Packaging | Variable Costs [Member]

9,470.4

7,197.4

9,470.4

7,197.4

Packaging | Fixed Costs [Member]

^[1],[4]

(1,022.5)

(957.0)

(2,943.7)

(2,831.9)

^[1],[5]

(464.9)

(432.2)

(1,357.6)

(1,250.1)

Packaging | Trade

2,128.1

1,998.8

6,104.4

5,694.3

Packaging | Intersegment

0.0

9.9

0.0

21.0

Packaging | Freight

Packaging | Operating Segments

^[1]

(216.6)

(203.3)

(611.6)

(591.4)

2,128.1

2,008.7

6,104.4

5,715.3

Paper

161.2

159.3

461.2

473.2

35.6

38.5

^[1]

96.9

94.9

^[1]

(0.1)

^[1],[2]

(0.4)

(5.3)

^[1],[2]

(4.5)

(4.6)

(13.8)

(15.1)

(6.9)

(6.4)

^[3]

(8.7)

10.2

^[3]

Paper | Variable Costs [Member]

402.4

389.8

402.4

389.8

Paper | Fixed Costs [Member]

(87.4)

(84.0)

^[1],[4]

(253.2)

(257.4)

^[1],[4]

(20.3)

(19.3)

^[1],[5]

(60.8)

(62.9)

^[1],[5]

Paper | Trade

161.2

159.3

461.2

473.2

Paper | Intersegment

0.0

Paper | Freight

Paper | Operating Segments

(17.8)

(17.4)

^[1]

(49.9)

(52.7)

^[1]

161.2

159.3

461.2

473.2

Corporate and Other

24.1

14.4

60.1

^[6]

48.7

^[1]

(38.6)

(32.1)

^[7]

(110.4)

^[7]

(100.1)

^[7]

^[1],[2]

(101.0)

(97.7)

(287.6)

(289.3)

(4.2)

(4.0)

(13.5)

(11.8)

^[3]

(4.9)

(10.7)

(24.8)

25.0

Corporate and Other | Variable Costs [Member]

1,107.2

1,166.6

1,107.2

1,166.6

Corporate and Other | Fixed Costs [Member]

^[1],[4]

0.0

Corporate and Other | Trade

^[1],[5]

0.0

Corporate and Other | Intersegment

24.1

24.3

^[6]

60.1

69.7

^[6]

Corporate and Other | Freight

38.3

41.3

117.1

119.5

Corporate and Other | Operating Segments

^[1]

0.0

$ 62.4

$ 65.6

$ 177.2

$ 189.2

[1]	The significant expense categories align with the segment-level information that is regularly provided to the CODM.
[2]	Other segment items for each reportable segment primarily include: 1. Packaging: farmout purchases, certain divisional allocations, and other expense/income items. 2. Paper: other expense/income items. 3. Corporate and Other: unallocated corporate costs, transportation business activity, and activity related to LTP.
[3]	Includes “Additions to property, plant, and equipment” and excludes cash used for “Acquisition of business, net of cash acquired” as reported on our Consolidated Statements of Cash Flows.
[4]	For the Packaging segment, primarily includes expense items for liner consumption, liner board discount, purchased sheets usage, medium consumption, raw materials, and hourly-employee related expenses and benefits. For the Paper segment, primarily includes expense items for raw materials, chemicals, finishing materials, repair service and materials, and hourly-employee related expenses and benefits.
[5]	For both the Packaging and Paper segments, primarily includes expense items for depreciation, salaried employee-related expenses, and professional services.
[6]	The Corporate and Other segment sales to external customers is presented net of total company intersegment eliminations.
[7]	The significant expense categories reported for the Packaging and Paper segments are not used for Corporate and Other in the segment-level information that is regularly reviewed by the CODM. The CODM makes resource allocation decisions for Corporate and Other based on divisional income (loss) from operations.

Revenue - Summary of Revenues Disaggregated by Product Line (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

$ 2,313.4

$ 2,182.4

$ 6,625.7

$ 6,237.2

Packaging

2,128.1

2,008.7

6,104.4

5,715.3

Paper

161.2

159.3

461.2

473.2

Corporate and Other

$ 24.1

$ 14.4

$ 60.1

^[1]

$ 48.7

[1]	The Corporate and Other segment sales to external customers is presented net of total company intersegment eliminations.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Section S99
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Other Income and Expenses [Abstract]

Transactions With Related Parties - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Carrying amount of LTP's assets	$ 10,980.0	$ 8,753.8	$ 10,980.0	$ 8,753.8	$ 8,833.2
Net sales	2,313.4	2,182.4	$ 6,625.7	6,237.2
Boise Cascade Co-Owner of LTP
Related Party Transaction [Line Items]
Variable interest entity, ownership percentage			50.00%
Boise Cascade Co-Owner of LTP \| Fiber
Related Party Transaction [Line Items]
Net sales	21.5	22.1	$ 54.3	63.2
Boise Cascade Co-Owner of LTP \| Wood Products, Including Chips and Logs
Related Party Transaction [Line Items]
Fiber costs from related parties	2.7	$ 2.6	$ 6.7	$ 8.4
Packaging Corporation of America
Related Party Transaction [Line Items]
Variable interest entity, ownership percentage			50.00%
Variable Interest Entity
Related Party Transaction [Line Items]
Carrying amount of LTP's liabilities	$ 4.4		$ 4.4		$ 3.1

New and Recently Adopted Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Effective January 1, 2024, we adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The new guidance is required to be applied retrospectively. The adoption of this update did not have a significant impact on the Company’s related disclosure as reflected in Note 18, Segment Information, in this Quarterly Report on Form 10-Q.
New Accounting Standards Not Yet Adopted	New Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to enhance transparency into the nature and function of expenses. The amendments require that on an annual and interim basis, entities disclose disaggregated operating expense information about specific categories, including purchases of inventory, employee compensation, depreciation, amortization, and depletion. The update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, as clarified by ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, on a prospective basis or with the option for retrospective application. Early adoption is permitted. The Company is currently assessing the impact of the disclosure requirements on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to the Income Tax Disclosures. This ASU provides for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This ASU is effective for fiscal years beginning after December 15, 2024, and should be applied on a prospective basis, however retrospective application is permitted. Early adoption is also permitted. The Company is currently assessing the new disclosure requirements and whether to apply the guidance on a prospective or retrospective basis for presentation in its 2025 Annual Report on Form 10-K. The Company does not expect the guidance to have a significant impact on its financial position or related disclosures. There were no other accounting standards recently issued that had or are expected to have a material impact on our financial position or results of operations.

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2025	Aug. 11, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total	$ 3,992.4		$ 2,492.2
Stated interest rate	4.39%		3.69%
Less unamortized debt issuance costs	$ 26.0	$ 5.0	$ 18.0
Total long-term debt	3,966.4		2,474.2
Line of Credit
Debt Instrument [Line Items]
Total	$ 0.0		$ 0.0
Stated interest rate	0.00%		0.00%
3.40% Senior Notes, due December 2027 \| Senior Notes
Debt Instrument [Line Items]
Total	$ 499.6		$ 499.4
Stated interest rate	3.40%		3.40%
3.00% Senior Notes, due December 2029 \| Senior Notes
Debt Instrument [Line Items]
Total	$ 499.7		$ 499.7
Stated interest rate	3.00%		3.00%
5.70% Senior Notes, due December 2033 \| Senior Notes
Debt Instrument [Line Items]
Total	$ 399.7		$ 399.7
Stated interest rate	5.70%		5.70%
5.20% Senior Note, Due August 2035 \| Senior Notes
Debt Instrument [Line Items]
Total	$ 499.9		$ 0.0
Stated interest rate	5.20%		0.00%
4.05% Senior Notes, due December 2049 \| Senior Notes
Debt Instrument [Line Items]
Total	$ 396.9		$ 396.8
Stated interest rate	4.05%		4.05%
3.05% Senior Notes, due October 2051 \| Senior Notes
Debt Instrument [Line Items]
Total	$ 696.6		$ 696.6
Stated interest rate	3.05%		3.05%
Three-Year Term Loan, due September 2028 \| Senior Notes
Debt Instrument [Line Items]
Total	$ 500.0		$ 0.0
Stated interest rate	5.28%		0.00%
Seven-Year Farm Credit Loan, due September 2032 \| Senior Notes
Debt Instrument [Line Items]
Total	$ 500.0		$ 0.0
Stated interest rate	6.13%		0.00%

Other Income (Expense), Net (Tables)

9 Months Ended

Sep. 30, 2025

Components of Other Income (Expense), Net

The components of other expense, net, were as follows (dollars in millions):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Asset disposals and write-offs	$	(12.0	)	$	(11.4	)	$	(30.8	)	$	(26.9	)
DeRidder litigation and other litigation (a)		(3.5	)		(2.0	)		(3.5	)		(127.7	)
DeRidder litigation and other litigation insurance recovery (a)		3.5			2.0			3.5			127.7
Facilities closure and other (costs) income (b)		(1.3	)		(0.3	)		21.6			(0.3	)
Acquisition and integration-related costs (c)		(5.9	)		—			(7.5	)		—
Jackson mill conversion-related activities (d)		—			—			—			(7.6	)
Other		(6.3	)		(4.4	)		(18.0	)		(16.2	)
Total	$	(25.5	)	$	(16.1	)	$	(34.7	)	$	(51.0	)

(a)

For the three and nine months ended September 30, 2025, includes charges and income related to fully insured settlement amounts. For the three and nine months ended September 30, 2024, includes charges and income related to the DeRidder mill lawsuit for compensatory damages plus interest. For more information on the DeRidder mill lawsuit, see Note 19, Commitments, Guarantees, Indemnifications, and Legal Proceedings, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2024 Annual Report on Form 10-K.

(b)

For the three and nine months ended September 30, 2025, includes charges and income, respectively, related to the closure of certain corrugated products facilities. For the three months ended September 30, 2025, the charges were partially offset by a gain on an asset disposal related to a closed corrugated products facility. For the nine months ended September 30, 2025, these charges were completely offset by gains from the sales of corrugated products facilities during the second quarter of 2025. For the three and nine months ended September 30, 2024, includes charges consisting of closure costs related to corrugated products facilities. For the nine months ended September 30, 2024, these charges were partially offset by income primarily related to a favorable lease buyout for a closed corrugated products facility during the first quarter of 2024.

(c)

Includes charges for acquisition and integration costs related to the September 2025 Greif Acquisition.

(d)

Includes items related to the announced discontinuation of production of uncoated freesheet paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.

Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

18. Segment Information

We report our business in three reportable segments: Packaging, Paper, and Corporate and Other. These segments represent distinct businesses that are managed separately because of differing products and services. Each of these businesses requires distinct operating and marketing strategies.

Each segment’s profits and losses are measured on operating profits before non-operating pension income, interest expense, net, and income taxes. For many of these allocated expenses, the related assets and liabilities remain in the Corporate and Other segment.

On September 2, 2025, we completed the Greif Acquisition for $1.8 billion in cash. The Greif containerboard business includes two containerboard mills with approximately 800,000 tons of production capacity and eight sheet feeder and corrugated plants located across the United States. Greif’s financial results are included in the Packaging segment from the date of acquisition.

Chief Operating Decision Maker

ASC 280-10-50-5 (Topic 280) defines the chief operating decision maker (“CODM”) as an individual or group of individuals responsible for assessing the performance of the operating segments of a public entity and determining the overall resource allocation to those operating segments. Based on these criteria, we deem our Chief Executive Officer as the CODM, as the Chief Executive Officer is responsible for evaluating our operating results and concluding on the overall resource allocation.

Analysis of Operations by Reportable Segments

An analysis of operations by reportable segments is as follows (dollars in millions):


Three Months Ended September 30, 2025	Packaging			Paper			Corporate and Other				Total
Trade sales	$	2,128.1		$	161.2		$	24.1			$	2,313.4
Intersegment sales		—			—			38.3				38.3
		2,128.1			161.2			62.4				2,351.7
Elimination of intersegment sales												(38.3	)
Net sales												2,313.4

Less (a):
Variable costs (b)		(1,022.5	)		(87.4	)		—				—
Fixed costs (c)		(464.9	)		(20.3	)		—				—
Freight		(216.6	)		(17.8	)		—				—
Other segment items (d)		(96.6	)		(0.1	)		(101.0	)			—
Income (loss) from operations		327.5			35.6			(38.6	)	(e)		324.5

Non-operating pension expense												—
Interest expense, net												(19.3	)
Income before taxes											$	305.2

Other segment disclosures:
Segment sales to external customers	$	2,128.1		$	161.2		$	24.1		(f)	$	2,313.4
Depreciation, amortization, and depletion		(143.9	)		(4.5	)		(4.2	)			(152.6	)
Capital expenditures (g)		(180.3	)		(6.9	)		(4.9	)			(192.1	)
Assets		9,470.4			402.4			1,107.2				10,980.0


Three Months Ended September 30, 2024	Packaging			Paper			Corporate and Other				Total
Trade sales	$	1,998.8		$	159.3		$	24.3			$	2,182.4
Intersegment sales		9.9			—			41.3				51.2
		2,008.7			159.3			65.6				2,233.6
Elimination of intersegment sales												(51.2	)
Net sales												2,182.4

Less (a):
Variable costs (b)		(957.0	)		(84.0	)		—				—
Fixed costs (c)		(432.2	)		(19.3	)		—				—
Freight		(203.3	)		(17.4	)		—				—
Other segment items (d)		(95.5	)		(0.1	)		(97.7	)			—
Income (loss) from operations		320.7			38.5			(32.1	)	(e)		327.1

Non-operating pension income												1.2
Interest expense, net												(9.7	)
Income before taxes											$	318.6

Other segment disclosures:
Segment sales to external customers	$	1,998.8		$	159.3		$	24.3		(f)	$	2,182.4
Depreciation, amortization, and depletion		(124.1	)		(4.6	)		(4.0	)			(132.7	)
Capital expenditures (g)		(129.6	)		(6.4	)		(10.7	)			(146.7	)
Assets		7,197.4			389.8			1,166.6				8,753.8


Nine Months Ended September 30, 2025	Packaging			Paper			Corporate and Other				Total
Trade sales	$	6,104.4		$	461.2		$	60.1			$	6,625.7
Intersegment sales		—			—			117.1				117.1
		6,104.4			461.2			177.2				6,742.8
Elimination of intersegment sales												(117.1	)
Net sales												6,625.7

Less (a):
Variable costs (b)		(2,943.7	)		(253.2	)		—				—
Fixed costs (c)		(1,357.6	)		(60.8	)		—				—
Freight		(611.6	)		(49.9	)		—				—
Other segment items (d)		(239.5	)		(0.4	)		(287.6	)			—
Income (loss) from operations		952.0			96.9			(110.4	)	(e)		938.5

Non-operating pension expense												—
Interest expense, net												(45.2	)
Income before taxes											$	893.3

Other segment disclosures:
Segment sales to external customers	$	6,104.4		$	461.2		$	60.1		(f)	$	6,625.7
Depreciation, amortization, and depletion		(403.9	)		(13.8	)		(13.5	)			(431.2	)
Capital expenditures (g)		(476.4	)		(8.7	)		(24.8	)			(509.9	)
Assets		9,470.4			402.4			1,107.2				10,980.0


Nine Months Ended September 30, 2024	Packaging			Paper			Corporate and Other				Total
Trade sales	$	5,694.3		$	473.2		$	69.7			$	6,237.2
Intersegment sales		21.0			—			119.5				140.5
		5,715.3			473.2			189.2				6,377.7
Elimination of intersegment sales												(140.5	)
Net sales												6,237.2

Less (a):
Variable costs (b)		(2,831.9	)		(257.4	)		—				—
Fixed costs (c)		(1,250.1	)		(62.9	)		—				—
Freight		(591.4	)		(52.7	)		—				—
Other segment items (d)		(237.6	)		(5.3	)		(289.3	)			—
Income (loss) from operations		804.3			94.9			(100.1	)	(e)		799.1

Non-operating pension income												3.4
Interest expense, net												(29.7	)
Income before taxes											$	772.8

Other segment disclosures:
Segment sales to external customers	$	5,694.3		$	473.2		$	69.7		(f)	$	6,237.2
Depreciation, amortization, and depletion		(362.7	)		(15.1	)		(11.8	)			(389.6	)
Capital expenditures (g)		(433.2	)		(10.2	)		(25.0	)			(468.4	)
Assets		7,197.4			389.8			1,166.6				8,753.8

(a)

The significant expense categories align with the segment-level information that is regularly provided to the CODM.

(b)

(c)

For both the Packaging and Paper segments, primarily includes expense items for depreciation, salaried employee-related expenses, and professional services.

(d)

Other segment items for each reportable segment primarily include:

Packaging: farmout purchases, certain divisional allocations, and other expense/income items.

Paper: other expense/income items.

Corporate and Other: unallocated corporate costs, transportation business activity, and activity related to LTP.

(e)

(f)

The Corporate and Other segment sales to external customers is presented net of total company intersegment eliminations.

(g)

Includes “Additions to property, plant, and equipment” and excludes cash used for “Acquisition of business, net of cash acquired” as reported on our Consolidated Statements of Cash Flows.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash, Cash Equivalents, and Marketable Debt Securities

9 Months Ended

Sep. 30, 2025

Cash, Cash Equivalents, and Marketable Debt Securities

13. Cash, Cash Equivalents, and Marketable Debt Securities

The following table shows the Company’s cash, cash equivalents, and available-for-sale ("AFS") debt securities by major asset category at September 30, 2025 and December 31, 2024 (in millions):


	September 30, 2025
	Adjusted Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value		Cash and Cash Equivalents		Short-Term Marketable Debt Securities		Long-Term Marketable Debt Securities
Cash and cash equivalents	$	630.2	$	—	$	—	$	630.2	$	630.2	$	—	$	—
Level 1 (a):
U.S. Treasury securities		41.0		0.1		—		41.1		—		17.1		24.0
Money market funds		3.8		—		—		3.8		3.8		—		—
Subtotal		44.8		0.1		—		44.9		3.8		17.1		24.0
Level 2 (b):
Corporate debt securities		124.8		0.4		—		125.2		—		72.9		52.3
Certificates of deposit		4.7		—		—		4.7		—		4.7		—
U.S. government agency securities		1.4		—		—		1.4		—		—		1.4
Subtotal		130.9		0.4		—		131.3		—		77.6		53.7
Total	$	805.9	$	0.5	$	—	$	806.4	$	634.0	$	94.7	$	77.7


	December 31, 2024
	Adjusted Cost Basis		Unrealized Gain		Unrealized Loss		Fair Value		Cash and Cash Equivalents		Short-Term Marketable Debt Securities		Long-Term Marketable Debt Securities
Cash and cash equivalents	$	684.8	$	—	$	—	$	684.8	$	684.8	$	—	$	—
Level 1 (a):
U.S. Treasury securities		30.8		0.1		—		30.9		—		23.0		7.9
Money market funds		0.2		—		—		0.2		0.2		—		—
Subtotal		31.0		0.1		—		31.1		0.2		23.0		7.9
Level 2 (b):
Corporate debt securities		131.2		0.3		—		131.5		—		75.8		55.7
Certificates of deposit		2.4		—		—		2.4		—		2.4		—
U.S. government agency securities		2.4		—		—		2.4		—		0.8		1.6
Subtotal		136.0		0.3		—		136.3		—		79.0		57.3
Total	$	851.8	$	0.4	$	—	$	852.2	$	685.0	$	102.0	$	65.2

(a)

Valuations based on quoted prices for identical assets or liabilities in active markets.

(b)

For both the three and nine months ended September 30, 2025 and 2024, net realized gains and losses on the sales and maturities of certain marketable debt securities were insignificant.

The Company invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy requires securities to be investment grade and limits the amount of credit exposure to any one issuer. The maturities of the Company’s long-term marketable debt securities generally range from one to two years.

Fair values were determined for each individual marketable debt security in the investment portfolio. When evaluating a marketable debt security for impairment, PCA reviews factors such as the duration and extent to which the fair value of the marketable debt security is less than its cost, the financial condition of the issuer and any changes thereto, the general market condition in which the issuer operates, and PCA’s intent to sell, or whether it will be more likely than not required to sell, the marketable debt security before recovery of its amortized cost basis.

As of September 30, 2025 and December 31, 2024, we do not consider any of the impairments related to our marketable debt securities to be the result of credit losses. Therefore, we have not recorded an allowance for credit losses related to our marketable debt securities. All unrealized gains and losses were recorded in other comprehensive income (OCI).


	September 30, 2025
	Fair Value of Marketable Debt Securities in a Loss Position < 12 Months		Number of Marketable Debt Securities in a Loss Position < 12 Months		Unrealized Losses < 12 Months (c)		Fair Value of Marketable Debt Securities in a Loss Position ≥ 12 Months		Number of Marketable Debt Securities in a Loss Position ≥ 12 Months		Unrealized Losses ≥ 12 Months (c)
Corporate debt securities	$	6.6		8	$	—	$	1.3		4	$	—
U.S. Treasury securities		4.5		2		—		—		—		—
U.S. government agency securities		0.5		1		—		—		—		—
	$	11.6		11	$	—	$	1.3		4	$	—


	December 31, 2024
	Fair Value of Marketable Debt Securities in a Loss Position < 12 Months		Number of Marketable Debt Securities in a Loss Position < 12 Months		Unrealized Losses < 12 Months		Fair Value of Marketable Debt Securities in a Loss Position ≥ 12 Months		Number of Marketable Debt Securities in a Loss Position ≥ 12 Months		Unrealized Losses ≥ 12 Months (c)
Corporate debt securities	$	16.5		26	$	0.1	$	2.7		4	$	—
U.S. Treasury securities		3.1		4		—		6.7		5		—
U.S. government agency securities		0.8		1		—		—		—		—
	$	20.4		31	$	0.1	$	9.4		9	$	—

(c)

Unrealized losses were insignificant for the period presented.

Segment Information - Selected Financial Information by Reportable Segment (Parenthetical) (Details)	Sep. 30, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Stated interest rate	4.39%	3.69%

Commitments, Guarantees, Indemnifications, and Legal Proceedings - Additional Information (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Schedule Of Commitments And Contingencies [Line Items]

DeRidder litigation

^[1]

$ 3.5

$ 2.0

$ 3.5

$ 127.7

DeRidder, Louisiana | Prepaid Expenses and Other Current Assets [Member]

Schedule Of Commitments And Contingencies [Line Items]

Loss contingency, Receivable, Current

59.2

$ 59.2

DeRidder, Louisiana | Accrued Liabilities [Member]

Schedule Of Commitments And Contingencies [Line Items]

Loss contingency, Receivable, Current

$ 59.2

[1]

Share-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation

15. Share-Based Compensation

The Company has a long-term equity incentive plan, which allows for grants of restricted stock, performance awards, stock appreciation rights, and stock options to directors, officers, and employees, as well as others who engage in services for PCA. On February 28, 2024, our board of directors approved, and, on May 8, 2024, our stockholders approved, the amendment and restatement of the plan. The amendment extended the plan’s term to May 8, 2034 and increased the number of shares of common stock available for issuance under the plan by 2.4 million shares. The total number of shares authorized for past and future awards is 14.3 million shares.

As of September 30, 2025, assuming performance units are paid out at the target level of performance, 2.5 million shares were available for future grants under the current plan. Forfeitures are added back to the pool of shares of common stock available to be granted at a future date.

The following table presents restricted stock and performance unit award activity for the nine months ended September 30, 2025:


	Restricted Stock					Performance Units
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2025		620,403		$	148.63		358,466		$	119.17
Granted		147,265			211.53		129,853			211.72
Vested (a)		(155,515	)		136.75		(139,443	)		167.14
Forfeitures		(6,332	)		164.77		—			—
Outstanding at September 30, 2025		605,821		$	166.80		348,876		$	171.68

(a)

Upon payout of the performance unit awards that vested during the period, PCA issued 151,895 shares, which included 12,452 shares for dividends accrued during the performance period.

Compensation Expense


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Restricted stock	$	4.3		$	5.7		$	24.3		$	25.7
Performance units		4.2			4.7			12.3			13.9
Total share-based compensation expense		8.5			10.4			36.6			39.6
Income tax benefit		(2.1	)		(2.6	)		(9.1	)		(9.9	)
Share-based compensation expense, net of tax benefit	$	6.4		$	7.8		$	27.5		$	29.7

The fair value of restricted stock is determined based on the closing price of the Company’s stock on the grant date. Compensation expense, net of estimated forfeitures, is recorded over the requisite service period. As PCA’s Board of Directors has the ability to accelerate the vesting of these awards upon an employee’s retirement, the Company accelerates the recognition of compensation expense for certain employees approaching normal retirement age.

Performance unit awards granted to certain key employees are earned based on the achievement of defined performance rankings of Return on Invested Capital (ROIC) or Total Shareholder Return (TSR) compared to ROIC and TSR for peer companies. For performance unit awards made in 2025 and 2024, in terms of grant date value, 50% used TSR as the performance measure and 50% used ROIC as the performance measure. The ROIC component of performance unit awards is valued based on the closing price of the stock on the grant date. As the ROIC component contains a performance condition, compensation expense, net of estimated forfeitures, is recorded over the requisite service period based on the most probable number of awards expected to vest. The TSR component of performance unit awards is valued using a Monte Carlo simulation as the TSR component contains a market condition. The Monte Carlo simulation estimates the fair value of the TSR component based on the expected term of the award, a risk-free interest rate, expected dividends, and expected volatility of the Company’s common stock and the common stock of the peer companies. Compensation expense is recorded ratably over the expected term of the award regardless of whether the market condition is satisfied.

The unrecognized compensation expense for all share-based awards at September 30, 2025 was as follows (dollars in millions):


	September 30, 2025
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	35.6		2.6
Performance units		29.7		2.3
Total unrecognized share-based compensation expense	$	65.3		2.5

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows from Operating Activities:
Net income	$ 672.3	$ 584.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization of intangibles	431.2	389.6
Amortization of deferred financing costs	4.5	1.8
Share-based compensation expense	36.6	39.6
Deferred income tax provision (benefit)	109.4	(18.0)
Net (gain) loss on asset disposals	(14.7)	12.9
Pension and post-retirement benefits expense, net of contributions	6.1	(20.8)
Other, net	7.3	23.7
(Increase) decrease in assets ---
Accounts receivable	(110.6)	(182.8)
Inventories	(28.1)	(48.8)
Prepaid expenses and other current assets	87.4	(129.7)
Increase (decrease) in liabilities --
Accounts payable	12.0	36.1
Accrued liabilities	(54.5)	158.8
Federal and state income taxes payable/receivable	(48.0)	19.4
Net cash provided by operating activities	1,110.9	865.8
Cash Flows from Investing Activities:
Additions to property, plant, and equipment	(509.9)	(468.4)
Acquisition of business, net of cash acquired	(1,804.3)	0.0
Additions to other long-term assets	(2.1)	(1.9)
Proceeds from asset disposals	33.3	0.8
Purchases of available-for-sale debt securities	(99.3)	(91.9)
Proceeds from sales of available-for-sale debt securities	19.2	3.8
Proceeds from maturities of available-for-sale debt securities	75.7	83.1
Proceeds from maturities of held-to-maturity debt securities	0.0	400.0
Net cash used for investing activities	(2,287.4)	(74.5)
Cash Flows from Financing Activities:
Repayments of debt and finance lease obligations	(1.6)	(401.4)
Proceeds from issuance of debt, net of discount and lender fees	1,494.1	0.0
Financing costs paid	(6.5)	0.0
Common stock dividends paid	(337.1)	(336.5)
Shares withheld to cover employee restricted stock taxes	(23.4)	(24.8)
Net cash provided by (used for) financing activities	1,125.5	(762.7)
Net (decrease) increase in cash and cash equivalents	(51.0)	28.6
Cash and cash equivalents, beginning of period	685.0	648.0
Cash and cash equivalents, end of period	$ 634.0	$ 676.6

Employee Benefit Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Costs (Details) - Pension Plans - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.4	$ 2.9	$ 7.6	$ 9.2
Interest cost	14.2	13.8	42.8	41.5
Expected return on plan assets	(15.6)	(16.4)	(46.9)	(49.3)
Net amortization of unrecognized amounts, Prior service cost	1.4	1.4	4.3	4.1
Net amortization of unrecognized amounts, Actuarial loss	0.0	0.1	0.0	0.5
Net periodic benefit cost	$ 2.4	$ 1.8	$ 7.8	$ 6.0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (j)(3)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 5
-Subparagraph (a)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Goodwill and Intangible Assets Disclosure [Abstract]

Consolidated Statemens of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Changes in unrealized losses on marketable debt securities, tax	$ 0.0	$ (0.3)	$ (0.1)	$ (0.3)
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax	$ (0.3)	$ (0.4)	$ (0.9)	$ (1.0)

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets

10. Goodwill and Intangible Assets

Goodwill

Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At September 30, 2025 and December 31, 2024, we had $1,199.8 million and $922.4 million of goodwill recorded in our Packaging segment, which represents the entire goodwill balance reported on our Consolidated Balance Sheets.

Changes in the carrying amount of our goodwill are as follows (dollars in millions):


	Goodwill
Balance at January 1, 2025	$	922.4
Acquisitions (a)		277.4
Balance at September 30, 2025	$	1,199.8

(a)

In connection with the September 2025 Greif Acquisition, the preliminary valuation of goodwill is $277.4 million, which is recorded in the Packaging segment.

See Note 4, Acquisitions, for more information on the September 2025 Greif Acquisition.

Intangible Assets

Intangible assets are primarily comprised of customer relationships and trademarks and trade names. The weighted average remaining useful life, gross carrying amount, and accumulated amortization of our intangible assets were as follows (dollars in millions):


	September 30, 2025						December 31, 2024
	Weighted Average Remaining Useful Life (in Years)		Gross Carrying Amount		Accumulated Amortization		Weighted Average Remaining Useful Life (in Years)		Gross Carrying Amount		Accumulated Amortization
Customer relationships (b)		12.7	$	1,006.0	$	391.5		6.6	$	546.0	$	362.4
Trademarks and trade names (b)		9.5		111.3		35.2		6.0		41.3		33.0
Other		1.2		4.4		4.4		1.9		4.4		4.4
Total intangible assets (excluding goodwill)		12.3	$	1,121.7	$	431.1		6.6	$	591.7	$	399.8

(b)

In connection with the September 2025 Greif Acquisition, the preliminary valuation of intangible assets is $460.0 million for customer relationships and $70.0 million for trademarks.

During the nine months ended September 30, 2025 and 2024, amortization expense was $31.3 million and $28.3 million, respectively.

Other Income (Expense), Net

9 Months Ended

Sep. 30, 2025

Other Income and Expenses [Abstract]

Other Income (Expense), Net

6. Other Income (Expense), Net

The components of other expense, net, were as follows (dollars in millions):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Asset disposals and write-offs	$	(12.0	)	$	(11.4	)	$	(30.8	)	$	(26.9	)
DeRidder litigation and other litigation (a)		(3.5	)		(2.0	)		(3.5	)		(127.7	)
DeRidder litigation and other litigation insurance recovery (a)		3.5			2.0			3.5			127.7
Facilities closure and other (costs) income (b)		(1.3	)		(0.3	)		21.6			(0.3	)
Acquisition and integration-related costs (c)		(5.9	)		—			(7.5	)		—
Jackson mill conversion-related activities (d)		—			—			—			(7.6	)
Other		(6.3	)		(4.4	)		(18.0	)		(16.2	)
Total	$	(25.5	)	$	(16.1	)	$	(34.7	)	$	(51.0	)

(a)

(b)

(c)

Includes charges for acquisition and integration costs related to the September 2025 Greif Acquisition.

(d)

Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Income Statement [Abstract]

Selling, general and administrative expenses

$ 2,313.4

$ 2,182.4

$ 6,625.7

$ 6,237.2

Cost of sales

(1,809.1)

(1,677.2)

(5,183.6)

(4,923.8)

Gross profit

504.3

505.2

1,442.1

1,313.4

(154.3)

(162.0)

(468.9)

(463.3)

Other expense, net

(25.5)

(16.1)

(34.7)

(51.0)

Income from operations

^[1]

324.5

327.1

938.5

799.1

Non-operating pension expense

0.0

1.2

0.0

3.4

Interest expense, net

(19.3)

(9.7)

(45.2)

(29.7)

Provision for income taxes

305.2

318.6

893.3

772.8

(78.3)

(80.5)

(221.0)

(188.8)

Dividends declared per common share

$ 226.9

$ 238.1

$ 672.3

$ 584.0

Net income per common share:

Basic

$ 2.52

$ 2.65

$ 7.48

$ 6.51

Diluted

2.51

2.64

7.45

6.48

$ 1.25

$ 3.75

Statements of Comprehensive Income:

Other comprehensive income, net of tax:

$ 226.9

$ 238.1

$ 672.3

$ 584.0

Changes in unrealized gains on marketable debt securities, net of tax of $0.0 million, ($0.3) million, ($0.1) million, and ($0.3) million, respectively

0.0

1.0

0.2

0.8

Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of ($0.3) million, ($0.4) million, ($0.9) million, and ($1.0) million, respectively

1.0

2.8

3.1

Other comprehensive income

1.0

2.0

3.0

3.9

Comprehensive income

$ 227.9

$ 240.1

$ 675.3

$ 587.9

[1]	The significant expense categories align with the segment-level information that is regularly provided to the CODM.

Share-Based Compensation - Additional Information (Details) - shares shares in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	May 08, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term equity incentive plan, termination date	May 08, 2034
Number of shares available for future issuance under share-based plan	2.5		2.4
Number of shares authorized under plan	14.3
Performance Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of ROIC as performance measure	50.00%	50.00%
Percentage of TSR as performance measure	50.00%	50.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Revenue - Additional Information (Details)	9 Months Ended
Revenue - Additional Information (Details)	Sep. 30, 2025
Packaging Corporation of America
Revenue [Line Items]
Variable interest entity, ownership percentage	50.00%
Boise Cascade Co-Owner of LTP
Revenue [Line Items]
Variable interest entity, ownership percentage	50.00%

Property, Plant, and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Depreciation [Abstract]
Depreciation expense	$ 139.4	$ 122.7	$ 398.3	$ 359.5
Incremental depreciation			3.6	$ 1.7
Purchases of property, plant, and equipment included in accounts payable			$ 75.7		$ 33.8

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income by Component (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 4,404.0
Ending balance	4,755.5
Unfunded Employee Benefit Obligations
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(43.5)
Other comprehensive loss before reclassifications, net of tax	0.0
Amounts reclassified from AOCI, net of tax	2.8
Ending balance	(40.7)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(43.4)
Other comprehensive loss before reclassifications, net of tax	0.2
Amounts reclassified from AOCI, net of tax	2.8
Ending balance	(40.4)
Foreign Exchange Contract \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(0.1)
Other comprehensive loss before reclassifications, net of tax	0.0
Amounts reclassified from AOCI, net of tax	0.0
Ending balance	(0.1)
Marketable Debt Securities \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	0.2
Other comprehensive loss before reclassifications, net of tax	0.2
Amounts reclassified from AOCI, net of tax	0.0
Ending balance	$ 0.4

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

Acquisitions - Summary of Purchase Consideration for the Greif Acquisition (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Business Combination [Line Items]
Total purchase consideration	$ 1,804.3	$ 0.0
Greif Acquisition [Member]
Business Combination [Line Items]
Cash paid for Greif Acquisition	1,804.7
Settlement of pre-existing relationships	(0.3)
Total purchase consideration	$ 1,804.4

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Acquisitions

9 Months Ended

Sep. 30, 2025

Asset Acquisition [Abstract]

Acquisitions

4. Acquisitions

Greif Acquisition

On September 2, 2025, we completed the Greif Acquisition for $1.8 billion in cash. For tax purposes, the acquisition of Greif’s containerboard business was primarily structured as an asset acquisition. The Greif containerboard business includes two containerboard mills with approximately 800,000 tons of production capacity and eight sheet feeder and corrugated plants located across the United States. Greif’s financial results are included in the Packaging segment from the date of acquisition. The following table summarizes the purchase consideration for the Greif Acquisition (in millions):


	Amount
Cash paid for Greif Acquisition	$	1,804.7
Settlement of pre-existing relationships		(0.3	)
Total purchase consideration	$	1,804.4

The Company accounted for the Greif Acquisition using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The following table summarizes the allocation of the purchase price to the assets acquired and the liabilities assumed, based on our current estimates of the fair value at the date of acquisition (dollars in millions):


Current Assets:
Cash	$	0.1
Accounts receivable		97.6
Inventories		124.2
Prepaid expenses and other current assets		1.4
Total current assets		223.3
Property, plant, and equipment (a)		868.7
Operating lease right-of-use assets		57.0
Intangible assets (b):
Customer relationships		460.0
Trademarks		70.0
Goodwill (c)		277.4
Assets acquired		1,956.4

Accounts payable		70.1
Accrued liabilities		21.4
Current operating lease obligations		7.6
Long-term operating lease obligations		49.3
Long-term finance lease obligations		0.4
Other long-term liabilities		3.2
Liabilities assumed		152.0

Net assets acquired	$	1,804.4

(a)

Property, plant and equipment are being depreciated on a straight-line basis over their preliminary estimated useful lives ranging from one to 40 years.

(b)

(c)

The purchase price allocation remains preliminary and is subject to the finalization of various valuations and assessments, including working capital adjustments. These may affect the consideration paid and may materially impact the valuations and subsequent assessments. We expect to finalize the valuation within the 12-month period following the acquisition date.

Pro Forma Financial Information

Pro forma results of Greif Acquisition have not been presented as the results were not considered significant to our consolidated financial statements for all periods presented and would not have been significant had the acquisition occurred at the beginning of the year ended December 31, 2024.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Aug. 20, 2025	Sep. 30, 2025	Sep. 30, 2024	Jan. 26, 2022
Common stock dividends paid	$ 112.5	$ 337.1	$ 336.5
Dividends paid per common share (in dollars per share)	$ 1.25
Stock repurchase program, authorized amount				$ 1,000.0
Common stock repurchase authorization amount available		436.0
Minimum
Common stock dividends paid		$ 337.1

Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

12. Debt

At September 30, 2025 and December 31, 2024, our long-term debt and interest rates on that debt were as follows (dollars in millions)


	September 30, 2025					December 31, 2024
	Amount		Interest Rate			Amount		Interest Rate
Revolving Credit Facility	$	—		—	%	$	—		—	%
Three-Year Term Loan, due September 2028		500.0		5.28	%		—		—	%
Seven-Year Farm Credit Loan, due September 2032		500.0		6.13	%		—		—	%
3.40% Senior Notes, net of discount of $0.4 million and $0.6 million as of September 30, 2025 and December 31, 2024, respectively, due December 2027		499.6		3.40	%		499.4		3.40	%
3.00% Senior Notes, net of discount of $0.3 million as of both September 30, 2025 and December 31, 2024, due December 2029		499.7		3.00	%		499.7		3.00	%
5.70% Senior Notes, net of discount of $0.3 million as of both September 30, 2025 and December 31, 2024, due December 2033		399.7		5.70	%		399.7		5.70	%
5.20% Senior Notes, net of discount of $0.1 million as of September 30, 2025, due August 2035		499.9		5.20	%		—		—	%
4.05% Senior Notes, net of discount of $3.1 million and $3.2 million as of September 30, 2025 and December 31, 2024, respectively, due December 2049		396.9		4.05	%		396.8		4.05	%
3.05% Senior Notes, net of discount of $3.4 million as of both September 30, 2025 and December 31, 2024, due October 2051		696.6		3.05	%		696.6		3.05	%
Total		3,992.4		4.39	%		2,492.2		3.69	%
Less unamortized debt issuance costs		26.0					18.0
Total long-term debt	$	3,966.4		4.39	%	$	2,474.2		3.69	%

On August 11, 2025, the Company issued $500 million of 5.20% senior notes due 2035 through a registered public offering. The net proceeds from this transaction were used to finance the Greif Acquisition. The $5.0 million of debt issuance costs associated with the new notes will be amortized to interest expense using the effective interest method over the term of the notes.

Credit Agreements

On July 31, 2025, the Company entered into two credit agreements (the first credit agreement being the “Commercial Credit Agreement” and the second credit agreement being the “Farm Credit Agreement” and collectively, the “Credit Agreements”). The Commercial Credit Agreement includes i) a $500.0 million three-year unsecured term loan facility and ii) a $600.0 million unsecured revolving credit facility. The Farm Credit Agreement includes a $500.0 million seven-year unsecured term loan facility. The proceeds of the term loan facilities under the Credit Agreements were fully drawn upon on September 2, 2025 to finance the Greif Acquisition.

Loans under the Commercial Credit Agreement bear interest at the secured overnight financing rate (SOFR) or the base rate plus a margin, which, under the Commercial Credit Agreement, is determined based upon: (i) in the case of the revolving credit facility, our leverage ratio or debt rating, and (ii) in the case of the term loan facility, our debt rating. Loans under the Farm Credit Agreement bear interest at SOFR or the base rate plus a margin, which is determined based upon our debt rating.

The Credit Agreements contain customary affirmative and negative covenants, including limitations on liens, mergers and consolidations, sales of assets and subsidiary indebtedness, and events of default. The Credit Agreements have a financial covenant for maximum leverage ratio calculated on a consolidated basis. At September 30, 2025, we were in compliance with this covenant.

PCA may prepay loans under the Credit Agreements at any time without premium or penalty.

The Commercial Credit Agreement replaces our old Credit Agreement, dated June 8, 2021 and amended on April 27, 2023 (the “Old Credit Agreement”), which was terminated. Revolving loans under the Commercial Credit Agreement have a five-year term and are available for borrowings for working capital and general corporate purposes. Except for approximately $27.5 million of letters of credit, (i) no borrowings were outstanding under the Old Credit Agreement and (ii) no borrowings are outstanding under the revolving credit facility included in the Commercial Credit Agreement.

Borrowings under the Credit Agreements are guaranteed by PCA’s material subsidiaries.

Repayments, Interest, and Other

For the nine months ended September 30, 2025 and 2024, cash payments for interest were $46.7 million and $61.4 million, respectively.

Included in interest expense, net is the amortization of financing costs, which includes the amortization of debt issuance costs and amortization of bond discounts. For the three months ended September 30, 2025 and 2024, amortization of debt issuance costs was $3.4 million and $0.5 million, respectively, and during the nine months ended September 30, 2025 and 2024, amortization of debt issuance costs was $4.2 million and $1.4 million, respectively. For both the three and nine month periods ended September 30, 2025 and 2024, the amortization of bond discounts was insignificant.

At September 30, 2025, we had $2,992.4 million of fixed-rate senior notes and $1,000.0 million of variable-rate notes outstanding. The fair value of our fixed-rate debt was estimated to be $2,683.9 million. The difference between the book value and fair value is due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy, which is further defined in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2024 Annual Report on Form 10-K.

For more information on our long-term debt and interest rates on that debt, see Note 10, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2024 Annual Report on Form 10-K.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Nature of Operations and Basis of Presentation - Additional Information (Details) $ in Billions	9 Months Ended
	Sep. 30, 2025 Segment	Sep. 02, 2025 USD ($) Tons
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Jan. 25, 1999
Number of reportable segments \| Segment	3
Business Acquisition Cost Of Acquired \| $		$ 1.8
Production Capacity \| Tons		800,000

Acquisitions - Summary of the Allocation of the Purchase Price to the Assets Acquired and the Liabilities Assumed (Details) - USD ($)
$ in Millions

Sep. 30, 2025

Dec. 31, 2024

Greif Acquisition [Member]

Goodwill

$ 1,199.8

$ 922.4

Current Assets:

Cash

0.1

Accounts receivable

97.6

Inventories

124.2

Prepaid expenses and other current assets

1.4

Total current assets

223.3

Property, plant and equipment

^[1]

868.7

Operating lease right-of-use assets

57.0

Current operating lease obligations

Goodwill

^[2]

277.4

Assets acquired

1,956.4

Accounts payable

70.1

Accrued liabilities

21.4

7.6

Long-term operating lease obligations

49.3

Long-term finance lease obligations

0.4

Other long-term liabilities

3.2

Liabilities assumed

152.0

Net assets acquired

1,804.4

Customer Relationships [Member] | Greif Acquisition [Member]

Trademarks [Member] | Greif Acquisition [Member]

Intangible assets

^[3]

460.0

Restricted Stock and Performance Units [Roll Forward]

Intangible assets

^[3]

$ 70.0

[1]	Property, plant and equipment are being depreciated on a straight-line basis over their preliminary estimated useful lives ranging from one to 40 years.
[2]	Goodwill is calculated as the excess of the purchase price over the fair value of the net assets acquired. Goodwill generated from the acquisition is primarily attributable to expected synergies and the assembled workforce. Goodwill recognized in the transaction is deductible for tax purposes.
[3]	We are amortizing intangible assets on a straight-line basis for customer relationships and trademarks over our preliminary estimates of their useful lives of 15 years and 10 years, respectively, in the Packaging segment.

Share-Based Compensation - Summary of Restricted Stock and Performance Unit Award Activity (Details)

9 Months Ended

Sep. 30, 2025

$ / shares

Restricted Stock

Outstanding at January 1, 2025 | shares

620,403

Granted | shares

147,265,000

Vested | shares

(155,515,000)

^[1]

Forfeitures | shares

(6,332,000)

Outstanding at September 30, 2025 | shares

605,821

Restricted Stock and Performance Units (Weighted Average Grant-date Fair Value)

Weighted Average Grant-Date Fair Value, Outstanding at January 1, 2025 | $ / shares

$ 148.63

Weighted Average Grant-Date Fair Value, Granted | $ / shares

211.53

Weighted Average Grant-Date Fair Value, Vested | $ / shares

136.75

^[1]

Weighted Average Grant-Date Fair Value, Forfeitures | $ / shares

164.77

Weighted Average Grant-Date Fair Value, Outstanding at September 30, 2025 | $ / shares

$ 166.8

Performance Units

Restricted Stock and Performance Units [Roll Forward]

Outstanding at January 1, 2025 | shares

358,466

Granted | shares

129,853,000

Vested | shares

(139,443,000)

^[1]

Forfeitures | shares

Outstanding at September 30, 2025 | shares

348,876

Restricted Stock and Performance Units (Weighted Average Grant-date Fair Value)

Weighted Average Grant-Date Fair Value, Outstanding at January 1, 2025 | $ / shares

$ 119.17

Weighted Average Grant-Date Fair Value, Granted | $ / shares

211.72

Weighted Average Grant-Date Fair Value, Vested | $ / shares

167.14

^[1]

Weighted Average Grant-Date Fair Value, Forfeitures | $ / shares

Weighted Average Grant-Date Fair Value, Outstanding at September 30, 2025 | $ / shares

$ 171.68

[1]	Upon payout of the performance unit awards that vested during the period, PCA issued 151,895 shares, which included 12,452 shares for dividends accrued during the performance period.

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2023	$ 3,997.3	$ 0.9	$ 620.1	$ 3,447.2	$ (70.9)
Beginning Balance (in shares) at Dec. 31, 2023		89,625
Common stock withheld and retired to cover taxes on vested stock awards	(24.8)		(1.3)	(23.5)
Common stock withheld and retired to cover taxes on vested stock awards (in shares)		(139)
Common stock dividends declared	(338.6)			(338.6)
Share-based compensation and other	41.8		41.8
Share-based compensation and other (in shares)		323
Comprehensive income	587.9			584.0	3.9
Ending Balance at Sep. 30, 2024	4,263.6	$ 0.9	660.6	3,669.1	(67.0)
Ending Balance (in shares) at Sep. 30, 2024		89,809
Beginning Balance at Jun. 30, 2024	4,126.6	$ 0.9	650.3	3,544.4	(69.0)
Beginning Balance (in shares) at Jun. 30, 2024		89,815
Common stock withheld and retired to cover taxes on vested stock awards	(0.7)			(0.7)
Common stock withheld and retired to cover taxes on vested stock awards (in shares)		(4)
Common stock dividends declared	(112.7)			(112.7)
Share-based compensation and other	10.3		10.3
Share-based compensation and other (in shares)		2
Comprehensive income	240.1			238.1	2.0
Ending Balance at Sep. 30, 2024	4,263.6	$ 0.9	660.6	3,669.1	(67.0)
Ending Balance (in shares) at Sep. 30, 2024		89,809
Beginning Balance at Dec. 31, 2024	4,404.0	$ 0.9	669.8	3,776.7	(43.4)
Beginning Balance (in shares) at Dec. 31, 2024		89,802
Common stock withheld and retired to cover taxes on vested stock awards	(23.4)		(1.2)	(22.2)
Common stock withheld and retired to cover taxes on vested stock awards (in shares)		(118)
Common stock dividends declared	(339.5)			(339.5)
Share-based compensation and other	39.1		39.1
Share-based compensation and other (in shares)		293
Comprehensive income	675.3			672.3	3.0
Ending Balance at Sep. 30, 2025	4,755.5	$ 0.9	707.7	4,087.3	(40.4)
Ending Balance (in shares) at Sep. 30, 2025		89,977
Beginning Balance at Jun. 30, 2025	4,632.1	$ 0.9	699.1	3,973.5	(41.4)
Beginning Balance (in shares) at Jun. 30, 2025		89,980
Common stock withheld and retired to cover taxes on vested stock awards	(0.2)		0.0	(0.2)
Common stock withheld and retired to cover taxes on vested stock awards (in shares)		(2)
Common stock dividends declared	(112.9)			(112.9)
Share-based compensation and other	8.6		8.6
Share-based compensation and other (in shares)		1
Comprehensive income	227.9			226.9	1.0
Ending Balance at Sep. 30, 2025	$ 4,755.5	$ 0.9	$ 707.7	$ 4,087.3	$ (40.4)
Ending Balance (in shares) at Sep. 30, 2025		89,977

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Revenue from Contract with Customer [Abstract]

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Revenues Disaggregated by Product Line

The following table presents our revenues disaggregated by product line (dollars in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Packaging	$	2,128.1	$	2,008.7	$	6,104.4	$	5,715.3
Paper		161.2		159.3		461.2		473.2
Corporate and Other		24.1		14.4		60.1		48.7
Total revenue	$	2,313.4	$	2,182.4	$	6,625.7	$	6,237.2

Accrued Liabilities - Components of Accrued Liabilities (Details) - USD ($)
$ in Millions

Sep. 30, 2025

Dec. 31, 2024

Accrued Liabilities, Current [Abstract]

Compensation and benefits

$ 172.2

$ 168.5

Franchise, property, sales and use taxes

35.5

18.7

Medical insurance and workers’ compensation

32.8

29.1

Customer rebates and other credits

32.1

33.9

DeRidder litigation and other litigation

^[1]

4.5

96.2

Severance, retention, and relocation

4.0

3.4

Environmental liabilities and asset retirement obligations

1.6

3.2

Other

15.7

9.9

Total

$ 298.4

$ 362.9

[1]

Goodwill and Intangible Assets - Components of Intangible Assets (Details) - USD ($)
$ in Millions

Sep. 30, 2025

Dec. 31, 2024

12 years 3 months 18 days

6 years 7 months 6 days

$ 1,121.7

$ 591.7

$ 431.1

$ 399.8

Customer Relationships

^[1]

12 years 8 months 12 days

6 years 7 months 6 days

^[1]

$ 1,006.0

$ 546.0

Trademarks and Trade Names

^[1]

$ 391.5

$ 362.4

^[1]

9 years 6 months

6 years

^[1]

$ 111.3

$ 41.3

^[1]

$ 35.2

$ 33.0

Other

1 year 2 months 12 days

1 year 10 months 24 days

$ 4.4

$ 4.4

[1]	In connection with the September 2025 Greif Acquisition, the preliminary valuation of intangible assets is $460.0 million for customer relationships and $70.0 million for trademarks.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Goodwill and Intangible Assets Disclosure [Abstract]

Accrued Liabilities

9 Months Ended

Sep. 30, 2025

Accrued Liabilities [Abstract]

Accrued Liabilities

11. Accrued Liabilities

The components of accrued liabilities were as follows (dollars in millions):


	September 30,		December 31,
	2025		2024
Compensation and benefits	$	172.2	$	168.5
Franchise, property, sales and use taxes		35.5		18.7
Medical insurance and workers’ compensation		32.8		29.1
Customer rebates and other credits		32.1		33.9
DeRidder litigation and other litigation (a)		4.5		96.2
Severance, retention, and relocation		4.0		3.4
Environmental liabilities and asset retirement obligations		1.6		3.2
Other		15.7		9.9
Total	$	298.4	$	362.9

(a)

Goodwill and Intangible Assets - Changes In The Carrying Amount of Goodwill (Details)
$ in Millions

9 Months Ended

Sep. 30, 2025

USD ($)

Balance at January 1, 2025

$ 922.4

Acquisitions

277.4

^[1]

Balance at September 30, 2025

$ 1,199.8

[1]	In connection with the September 2025 Greif Acquisition, the preliminary valuation of goodwill is $277.4 million, which is recorded in the Packaging segment.

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Summary of Debt

At September 30, 2025 and December 31, 2024, our long-term debt and interest rates on that debt were as follows (dollars in millions)


	September 30, 2025					December 31, 2024
	Amount		Interest Rate			Amount		Interest Rate
Revolving Credit Facility	$	—		—	%	$	—		—	%
Three-Year Term Loan, due September 2028		500.0		5.28	%		—		—	%
Seven-Year Farm Credit Loan, due September 2032		500.0		6.13	%		—		—	%
3.40% Senior Notes, net of discount of $0.4 million and $0.6 million as of September 30, 2025 and December 31, 2024, respectively, due December 2027		499.6		3.40	%		499.4		3.40	%
3.00% Senior Notes, net of discount of $0.3 million as of both September 30, 2025 and December 31, 2024, due December 2029		499.7		3.00	%		499.7		3.00	%
5.70% Senior Notes, net of discount of $0.3 million as of both September 30, 2025 and December 31, 2024, due December 2033		399.7		5.70	%		399.7		5.70	%
5.20% Senior Notes, net of discount of $0.1 million as of September 30, 2025, due August 2035		499.9		5.20	%		—		—	%
4.05% Senior Notes, net of discount of $3.1 million and $3.2 million as of September 30, 2025 and December 31, 2024, respectively, due December 2049		396.9		4.05	%		396.8		4.05	%
3.05% Senior Notes, net of discount of $3.4 million as of both September 30, 2025 and December 31, 2024, due October 2051		696.6		3.05	%		696.6		3.05	%
Total		3,992.4		4.39	%		2,492.2		3.69	%
Less unamortized debt issuance costs		26.0					18.0
Total long-term debt	$	3,966.4		4.39	%	$	2,474.2		3.69	%

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Schedule Of Available For Sale Securities [Line Items]

Debt - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Aug. 11, 2025	Jul. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Stated interest rate	4.39%		4.39%				3.69%
Cash payments paid for interest			$ 46.7	$ 61.4
Amortization of financing costs	$ 3.4	$ 0.5	4.2	$ 1.4
Credit Agreement	3,992.4		3,992.4				$ 2,492.2
Letters of Credit Outstanding Amount	27.5		27.5
Variable-Rate Senior Notes
Debt Instrument [Line Items]
Variable rate notes outstanding			1,000.0
Senior Notes \| 5.20% Senior Note, Due December 2035
Debt Instrument [Line Items]
Aggregate outstanding principal amount					$ 500.0
Stated interest rate					5.20%
Senior Notes \| Fixed-Rate Senior Notes
Debt Instrument [Line Items]
Book value of fixed rate debt	2,992.4		2,992.4
Long-term debt (fixed-rate debt), fair value	2,683.9		2,683.9
Revolving Credit Facility
Debt Instrument [Line Items]
Credit Agreement	0.0		0.0
Old Credit Agreement
Debt Instrument [Line Items]
Credit Agreement	$ 0.0		$ 0.0
Farm Credit Agreement
Debt Instrument [Line Items]
Credit Agreement						$ 500.0
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Credit Agreement						600.0
Unsecured Term Loan Facility
Debt Instrument [Line Items]
Credit Agreement						$ 500.0

Cash, Cash Equivalents, and Marketable Debt Securities - Schedule of Marketable Debt Securities in Continuous Loss Position (Details)
$ in Millions

Sep. 30, 2025

USD ($)

Security

Dec. 31, 2024

USD ($)

Security

Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months

$ 11.6

$ 20.4

Number of Marketable Debt Securities in a Loss Position Less Than 12 Months | Security

Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer

$ 0.0

^[1]

$ 0.1

$ 1.3

$ 9.4

Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer | Security

Corporate Debt Securities

^[1]

$ 0.0

Schedule Of Available For Sale Securities [Line Items]

Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months

$ 6.6

$ 16.5

Number of Marketable Debt Securities in a Loss Position Less Than 12 Months | Security

Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer

$ 0.0

^[1]

$ 0.1

$ 1.3

$ 2.7

Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer | Security

Schedule Of Available For Sale Securities [Line Items]

^[1]

$ 0.0

U.S. Treasury Securities

Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months

$ 4.5

$ 3.1

Number of Marketable Debt Securities in a Loss Position Less Than 12 Months | Security

Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer

$ 0.0

^[1]

$ 0.0

$ 0.0

$ 6.7

Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer | Security

U.S. Government Agency Securities

^[1]

$ 0.0

Schedule Of Available For Sale Securities [Line Items]

Fair Value of Marketable Debt Securities in a Loss Position Less Than 12 Months

$ 0.5

$ 0.8

Number of Marketable Debt Securities in a Loss Position Less Than 12 Months | Security

Fair Value of Marketable Debt Securities in a Loss Position 12 Months Or Longer

$ 0.0

^[1]

$ 0.0

$ 0.0

Number of Marketable Debt Securities in a Loss Position 12 Months Or Longer | Security

Goodwill and Intangible Assets Disclosure [Abstract]

^[1]

$ 0.0

[1]	Unrealized losses were insignificant for the period presented.

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Goodwill

Changes in the carrying amount of our goodwill are as follows (dollars in millions):


	Goodwill
Balance at January 1, 2025	$	922.4
Acquisitions (a)		277.4
Balance at September 30, 2025	$	1,199.8

(a)

In connection with the September 2025 Greif Acquisition, the preliminary valuation of goodwill is $277.4 million, which is recorded in the Packaging segment.

Components of Intangible Assets

The weighted average remaining useful life, gross carrying amount, and accumulated amortization of our intangible assets were as follows (dollars in millions):


	September 30, 2025						December 31, 2024
	Weighted Average Remaining Useful Life (in Years)		Gross Carrying Amount		Accumulated Amortization		Weighted Average Remaining Useful Life (in Years)		Gross Carrying Amount		Accumulated Amortization
Customer relationships (b)		12.7	$	1,006.0	$	391.5		6.6	$	546.0	$	362.4
Trademarks and trade names (b)		9.5		111.3		35.2		6.0		41.3		33.0
Other		1.2		4.4		4.4		1.9		4.4		4.4
Total intangible assets (excluding goodwill)		12.3	$	1,121.7	$	431.1		6.6	$	591.7	$	399.8

In connection with the September 2025 Greif Acquisition, the preliminary valuation of intangible assets is $460.0 million for customer

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Employee Benefit Plans and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pension Contributions [Abstract]
Contributions to pension plan		$ 25.0		$ 25.0
Pension Plans
Pension Contributions [Abstract]
Contributions to pension plan	$ 0.0		$ 0.0

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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Share-Based Compensation - Unrecognized Compensation Expense for Share-Based Awards (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 65.3
Remaining weighted-average recognition period	2 years 6 months
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 35.6
Remaining weighted-average recognition period	2 years 7 months 6 days
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 29.7
Remaining weighted-average recognition period	2 years 3 months 18 days

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 78.3	$ 80.5	$ 221.0	$ 188.8
Effective income tax rate, percent	25.60%	25.30%	24.70%	24.40%
Federal statutory income tax rate			21.00%
Cash paid for taxes, net of refunds received			$ 159.6	$ 187.3

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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