0001193125-26-243411 | 11-K | XBRL Viewer | Packaging Corp OF America

Synthetic guaranteed investment contracts

^[1],[2]

$ 2,955,906,701

$ 2,593,265,364

^[3]

181,495,804

202,398,484

Total Master Trust investments

^[3]

3,137,402,505

2,795,663,848

Plan's Divided Interest in Master Trust Balances [Member]

Synthetic guaranteed investment contracts

1,589,397,633

1,432,051,595

^[3]

89,283,475

101,176,584

Total Master Trust investments

^[3]

1,678,681,108

1,533,228,179

Self-directed brokerage accounts [Member] | Master Trust Balances [Member]

Self-directed brokerage accounts [Member] | Plan's Divided Interest in Master Trust Balances [Member]

^[1],[2]

68,568,900

63,933,022

Collective trust funds [Member] | Master Trust Balances [Member]

36,593,685

36,346,094

Collective trust funds [Member] | Plan's Divided Interest in Master Trust Balances [Member]

^[1],[2]

1,796,495,832

1,505,906,782

Target date collective funds [Member] | Master Trust Balances [Member]

1,044,145,179

897,771,423

Target date collective funds [Member] | Plan's Divided Interest in Master Trust Balances [Member]

^[1],[2]

858,158,743

763,362,777

Short-term investment funds [Member] | Master Trust Balances [Member]

332,783,445

302,042,924

Short-term investment funds [Member] | Plan's Divided Interest in Master Trust Balances [Member]

^[1],[2]

7,947,737

10,243,503

Company common stock [Member] | Master Trust Balances [Member]

4,347,666

5,793,567

Company common stock [Member] | Plan's Divided Interest in Master Trust Balances [Member]

^[1],[2]

224,735,489

249,819,280

$ 171,527,658

$ 190,097,587

[1]	The Master Trust holds a portfolio of synthetic guaranteed investment contracts within the PCA Stable Value Fund, which are measured at contract value and are therefore not included in the fair value hierarchy.
[2]	The Plan determined that certain assets held in the Master Trust that do not have readily determinable fair values are measured at fair value using the NAV per share practical expedient and are not classified within the fair value hierarchy.
[3]	The Master Trust holds a portfolio of synthetic guaranteed investment contracts within the PCA Stable Value Fund, which are measured at contract value and are therefore not included in the calculation of total net assets at fair value.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
EBP 002 [Member]
EBP, Subsequent Event [Line Items]
Subsequent Events	8. Subsequent Events The Plan has evaluated subsequent events after the statement of net assets available for plan benefits date through May 28, 2026, the date that the financial statements were issued.

Investments in Master Trust

12 Months Ended

Dec. 31, 2025

EBP 002 [Member]

Investments in Master Trust

3. Investments in Master Trust

The Master Trust includes assets of the Plan and the Packaging Corporation of America Thrift Plan for Hourly Employees. All of the Plan’s investments are invested in the Master Trust. The purpose of the Master Trust is the collective investment of assets of

participating plans. Each participating plan’s interest in the Master Trust is based on the aggregate account balances of the participants in the respective participating plan. The Master Trust specifically identifies contributions, benefit payments, and plan-specific expenses attributable to each participating plan. Investment gains (losses) are allocated to each participating plan in the Master Trust on a daily basis based on each plan’s divided interest in the Master Trust. At December 31, 2025 and 2024, the Plan’s interest in the net assets of the Master Trust was $1,678,681,108 and $1,533,228,179, respectively.

The following table presents the investments and other assets and liabilities of the Master Trust and the Plan’s divided interest in the Master Trust as of December 31, 2025:


	Master Trust Balances		Plan’s Divided Interest in Master Trust Balances
Master Trust investments, at fair value:
Self-directed brokerage accounts	$	68,568,900	$	36,593,685
Company common stock		224,735,489		171,527,658
Collective trust funds		1,796,495,832		1,044,145,179
Target date collective funds		858,158,743		332,783,445
Short-term investment funds		7,947,737		4,347,666
Total Master Trust investments, at fair value		2,955,906,701		1,589,397,633
Master Trust investments, at contract value (a):
Synthetic guaranteed investment contracts		181,495,804		89,283,475
Total Master Trust investments	$	3,137,402,505	$	1,678,681,108

The following table presents the investments and other assets and liabilities of the Master Trust and the Plan’s divided interest in the Master Trust as of December 31, 2024:


	Master Trust Balances		Plan’s Divided Interest in Master Trust Balances
Master Trust investments, at fair value:
Self-directed brokerage accounts	$	63,933,022	$	36,346,094
Company common stock		249,819,280		190,097,587
Collective trust funds		1,505,906,782		897,771,423
Target date collective funds		763,362,777		302,042,924
Short-term investment funds		10,243,503		5,793,567
Total Master Trust investments, at fair value		2,593,265,364		1,432,051,595
Master Trust investments, at contract value (a):
Synthetic guaranteed investment contracts		202,398,484		101,176,584
Total Master Trust investments	$	2,795,663,848	$	1,533,228,179

(a)

The Master Trust holds a portfolio of synthetic guaranteed investment contracts within the PCA Stable Value Fund, which are measured at contract value and are therefore not included in the calculation of total net assets at fair value.

Net investment income for the Master Trust was as follows:


	Year Ended December 31, 2025
Interest income	$	5,778,134
Dividends		5,771,277
Net realized and unrealized appreciation in fair value of investments		418,595,482
Net investment income	$	430,144,893

Fair Value Measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities.

Level 2 — Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

•

Quoted prices for similar assets and liabilities in active markets

•

Quoted prices for identical or similar assets or liabilities in markets that are not active

•

Observable inputs other than quoted prices that are used in the valuation of the assets or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals)

•

Inputs that are derived principally from or corroborated by observable market data by correlation or other means

Level 3 — Unobservable inputs for the asset or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

Assets that are measured at fair value using the net asset value (“NAV”) per share as a practical expedient are not categorized within the fair value hierarchy.

The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level of input that is significant to the fair value measurement in its entirety.

The following is a description of the valuation techniques and inputs used for each major class of asset measured to estimate fair value by the Master Trust.

Self-directed brokerage account: Valued at the closing price reported on the active market on which the individual securities are traded.

Company common stock: Valued using the share value calculated from the observable market price of the PCA common stock.

Collective trust funds, target date collective funds, and short-term investment funds: Valued using the NAV per share practical expedient since these assets do not have readily determinable fair values and are subsequently excluded from the fair value hierarchy. In general, there are no restrictions on the redemption of these funds, which is permitted daily upon proper notice, and there are no unfunded commitments associated with these funds.

The following tables set forth by level, within the fair value hierarchy, the Master Trust’s assets carried at fair value:


	December 31, 2025
	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Master Trust assets (b)(c):
Self-directed brokerage	$	68,568,900	$	—	$	—	$	—	$	68,568,900
Company common stock		224,735,489		—		—		—		224,735,489
Collective trust funds		—		—		—		1,796,495,832		1,796,495,832
Target date collective funds		—		—		—		858,158,743		858,158,743
Short-term investment funds		—		—		—		7,947,737		7,947,737
Total Master Trust assets	$	293,304,389	$	—	$	—	$	2,662,602,312	$	2,955,906,701


	December 31, 2024
	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Master Trust assets (b)(c):
Self-directed brokerage	$	63,933,022	$	—	$	—	$	—	$	63,933,022
Company common stock		249,819,280		—		—		—		249,819,280
Collective trust funds		—		—		—		1,505,906,782		1,505,906,782
Target date collective funds		—		—		—		763,362,777		763,362,777
Short-term investment funds		—		—		—		10,243,503		10,243,503
Total Master Trust assets	$	313,752,302	$	—	$	—	$	2,279,513,062	$	2,593,265,364

(b)

The Plan determined that certain assets held in the Master Trust that do not have readily determinable fair values are measured at fair value using the NAV per share practical expedient and are not classified within the fair value hierarchy.

(c)

Synthetic Guaranteed Investment Contracts

During the years ended December 31, 2025 and 2024, the Plan, through the PCA Stable Value Fund within the Master Trust, held investments in a portfolio of synthetic guaranteed investment contracts. The contracts in the PCA Stable Value Fund are fully benefit-responsive and therefore they are reported at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount that participants would receive if they were to initiate permitted transactions under the terms of the Master Trust and Plan. The contract value is calculated from the contributions made under the contracts plus interest credited less participant withdrawals and fees.

The PCA Stable Value Fund primarily invests in synthetic security-backed investment contracts and cash funds. Synthetic security-backed investment contracts are issued by insurance companies and other financial institutions (the “wrap contracts”) that are backed by a portfolio of bonds, fixed income common/collective trust funds, or other fixed income securities (the “underlying assets”) that are owned by the Master Trust and Plan.

The wrap contract issuers provide a rate of return that has a zero percent floor guarantee and provide full benefit responsiveness, provided that all terms of the wrap contracts have been met. Under the contracts, realized and unrealized gains and losses on the underlying assets are not immediately recognized in the net assets of the Master Trust and Plan, but are amortized over the maturity or duration of the underlying assets, through adjustments to the future interest crediting rate of the wrap contracts.

As of December 31, 2025 and 2024, there were no reserves against the wrap contract’s carrying values due to credit risks of the issuers. Certain events limit the ability of the Master Trust and Plan to transact at contract value with the wrap contract issuers. Such events may include, but are not limited to, Plan sponsor events that cause significant withdrawals from the PCA Stable Value Fund. However, the Master Trust and Plan’s management is not aware of the occurrence, or likely occurrence of any such events, which would limit the Master Trust and Plan’s ability to transact at contract value with the wrap contract issuers. The wrap contracts cannot be terminated by the issuer at a value other than contract value except under a limited number of very specific circumstances such as termination of the Master Trust or Plan or loss of qualified status of the Master Trust or Plan, material misrepresentations by the Master Trust or Plan sponsor or investment manager, the failure of the Plan’s trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA, failure by these same parties to meet material obligations under the contracts, or other similar types of events. However, the Master Trust and Plan’s management is unaware of any such events occurring that would allow the wrap contract issuers to terminate the contracts held by the Master Trust and Plan.

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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The entire disclosure for master trust arrangement in which employee stock purchase, saving, or similar plan (employee benefit plan (EBP)) participates.

Investments in Master Trust (Tables) - EBP 002 [Member]

12 Months Ended

Dec. 31, 2025

Employee Benefit Plan, Schedule of Investments and Other Assets and Liabilities of The Master Trust and the Plan's Divided Interest in The Master Trust

The following table presents the investments and other assets and liabilities of the Master Trust and the Plan’s divided interest in the Master Trust as of December 31, 2025:


	Master Trust Balances		Plan’s Divided Interest in Master Trust Balances
Master Trust investments, at fair value:
Self-directed brokerage accounts	$	68,568,900	$	36,593,685
Company common stock		224,735,489		171,527,658
Collective trust funds		1,796,495,832		1,044,145,179
Target date collective funds		858,158,743		332,783,445
Short-term investment funds		7,947,737		4,347,666
Total Master Trust investments, at fair value		2,955,906,701		1,589,397,633
Master Trust investments, at contract value (a):
Synthetic guaranteed investment contracts		181,495,804		89,283,475
Total Master Trust investments	$	3,137,402,505	$	1,678,681,108

The following table presents the investments and other assets and liabilities of the Master Trust and the Plan’s divided interest in the Master Trust as of December 31, 2024:


	Master Trust Balances		Plan’s Divided Interest in Master Trust Balances
Master Trust investments, at fair value:
Self-directed brokerage accounts	$	63,933,022	$	36,346,094
Company common stock		249,819,280		190,097,587
Collective trust funds		1,505,906,782		897,771,423
Target date collective funds		763,362,777		302,042,924
Short-term investment funds		10,243,503		5,793,567
Total Master Trust investments, at fair value		2,593,265,364		1,432,051,595
Master Trust investments, at contract value (a):
Synthetic guaranteed investment contracts		202,398,484		101,176,584
Total Master Trust investments	$	2,795,663,848	$	1,533,228,179

(a)

Employee Benefit Plan, Schedule of Net Investment Income for The Master Trust

Net investment income for the Master Trust was as follows:


	Year Ended December 31, 2025
Interest income	$	5,778,134
Dividends		5,771,277
Net realized and unrealized appreciation in fair value of investments		418,595,482
Net investment income	$	430,144,893

Employee Benefit Plan, Schedule of Fair Value Hierarchy, The Master Trust's Assets

The following tables set forth by level, within the fair value hierarchy, the Master Trust’s assets carried at fair value:


	December 31, 2025
	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Master Trust assets (b)(c):
Self-directed brokerage	$	68,568,900	$	—	$	—	$	—	$	68,568,900
Company common stock		224,735,489		—		—		—		224,735,489
Collective trust funds		—		—		—		1,796,495,832		1,796,495,832
Target date collective funds		—		—		—		858,158,743		858,158,743
Short-term investment funds		—		—		—		7,947,737		7,947,737
Total Master Trust assets	$	293,304,389	$	—	$	—	$	2,662,602,312	$	2,955,906,701


	December 31, 2024
	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Master Trust assets (b)(c):
Self-directed brokerage	$	63,933,022	$	—	$	—	$	—	$	63,933,022
Company common stock		249,819,280		—		—		—		249,819,280
Collective trust funds		—		—		—		1,505,906,782		1,505,906,782
Target date collective funds		—		—		—		763,362,777		763,362,777
Short-term investment funds		—		—		—		10,243,503		10,243,503
Total Master Trust assets	$	313,752,302	$	—	$	—	$	2,279,513,062	$	2,593,265,364

(b)

(c)

Tabular disclosure of fair value of investment held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, fair value measured at net asset value per share as practical expedient (NAV).

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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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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.

Tabular disclosure of master trust arrangement in which employee stock purchase, saving, or similar plan (employee benefit plan (EBP)) participates.

+ References + Details

Tax Status	12 Months Ended
Tax Status	Dec. 31, 2025
EBP 002 [Member]
EBP, Tax Status [Line Items]
Tax Status	4. Tax Status The Plan has received a determination letter from the Internal Revenue Service (“IRS”) dated March 2, 2017 stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (“the Code”) and therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan, as amended, is qualified and the related trust is tax-exempt. Accounting principles generally accepted in the United States require plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

Reconciliation of Financial Statements to Form 5500 - Employee Benefit Plan, Schedule of Reconciliation of Net Increase Per The Financial Statements to Form 5500 (Details) - EBP 002 [Member]	12 Months Ended
	Dec. 31, 2025 USD ($)
EBP, Reconciliation of Financial Statement to Form 5500 [Line Items]
Total net increase per the financial statements	$ 145,728,954
Amounts allocated to withdrawing participants at December 31,2024	29,787
Amounts allocated to withdrawing participants at December 31, 2025	(310,255)
Total net increase per the Form 5500	$ 145,448,486

Significant Accounting Policies (Policies) - EBP 002 [Member]	12 Months Ended
	Dec. 31, 2025
EBP, Accounting Policy [Line Items]
Basis of Accounting	Basis of Accounting The financial statements have been prepared on the accrual basis of accounting.
Investment Valuation and Income Recognition	Investment Valuation and Income Recognition The Plan’s beneficial interest in the Master Trust represents the Plan’s share of the Master Trust’s investments stated at fair value (except for fully-benefit responsive investment contracts, which are reported at contract value). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Contract value is the amount that participants would receive if they were to initiate permitted transactions under the terms of the Plan. See Note 3 for further discussion and disclosures related to fair value and contract value measurements. Purchases and sales of securities in the Master Trust are recorded on the settlement date. Interest income within the Master Trust is recorded on the accrual basis. Dividends within the Master Trust are recorded on the ex-dividend date. Net appreciation/depreciation in the Master Trust includes the gains and losses on investments bought and sold as well as held during the year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan Administrator to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Contributions	Contributions Participant contributions are allocated to participant accounts when the Company remits payroll deductions from eligible Plan participants. Participant and employer contributions are recorded in the year in which participant compensation is earned.
Benefit Payments	Benefit Payments Benefit payments are recorded when paid.
Notes Receivable from Participants	Notes Receivable from Participants Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. If a participant ceases to make loan repayments and the provisions of the Plan document deem the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.

EBP, Reconciliation of Financial Statement to Form 5500 [Line Items]

Disclosure of accounting policy for use of estimate in preparation of financial statement of employee stock purchase, saving, or similar plan (employee benefit plan (EBP)).

+ References + Details

Reconciliation of Financial Statements to Form 5500

12 Months Ended

Dec. 31, 2025

EBP 002 [Member]

Reconciliation of Financial Statements to Form 5500

6. Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:


	December 31,
	2025			2024
Net assets available for benefits per the financial statements	$	1,697,061,929		$	1,551,332,975
Amounts allocated to withdrawing participants		(310,255	)		(29,787	)
Net assets available for benefits per the Form 5500	$	1,696,751,674		$	1,551,303,188

The following is a reconciliation of net increase per the financial statements to the Form 5500:


	Year ended December 31, 2025
Total net increase per the financial statements	$	145,728,954
Amounts allocated to withdrawing participants at December 31, 2024		29,787
Amounts allocated to withdrawing participants at December 31, 2025		(310,255	)
Total net increase per the Form 5500	$	145,448,486

Investments in Master Trust - Employee Benefit Plan, Schedule of Fair Value Hierarchy, the Master Trust's Assets (Details) - EBP 002 [Member] - Master Trust Balances [Member] - USD ($)

Dec. 31, 2025

Dec. 31, 2024

^[1],[2]

$ 2,955,906,701

$ 2,593,265,364

Level 1 [Member]

^[1],[2]

293,304,389

313,752,302

Level 2 [Member]

^[1],[2]

Level 3 [Member]

Net Asset Value (NAV) [Member]

^[1],[2]

Self-directed brokerage accounts [Member]

^[1],[2]

2,662,602,312

2,279,513,062

Self-directed brokerage accounts [Member] | Level 1 [Member]

^[1],[2]

68,568,900

63,933,022

Self-directed brokerage accounts [Member] | Level 2 [Member]

^[1],[2]

68,568,900

63,933,022

Self-directed brokerage accounts [Member] | Level 3 [Member]

^[1],[2]

Self-directed brokerage accounts [Member] | Net Asset Value (NAV) [Member]

^[1],[2]

Collective trust funds [Member]

^[1],[2]

Collective trust funds [Member] | Level 1 [Member]

^[1],[2]

1,796,495,832

1,505,906,782

Collective trust funds [Member] | Level 2 [Member]

^[1],[2]

Collective trust funds [Member] | Level 3 [Member]

^[1],[2]

Collective trust funds [Member] | Net Asset Value (NAV) [Member]

^[1],[2]

Target date collective funds [Member]

^[1],[2]

1,796,495,832

1,505,906,782

Target date collective funds [Member] | Level 1 [Member]

^[1],[2]

858,158,743

763,362,777

Target date collective funds [Member] | Level 2 [Member]

^[1],[2]

Target date collective funds [Member] | Level 3 [Member]

^[1],[2]

Target date collective funds [Member] | Net Asset Value (NAV) [Member]

^[1],[2]

Short-term investment funds [Member]

^[1],[2]

858,158,743

763,362,777

Short-term investment funds [Member] | Level 1 [Member]

^[1],[2]

7,947,737

10,243,503

Short-term investment funds [Member] | Level 2 [Member]

^[1],[2]

Short-term investment funds [Member] | Level 3 [Member]

^[1],[2]

Short-term investment funds [Member] | Net Asset Value (NAV) [Member]

^[1],[2]

Company common stock [Member]

^[1],[2]

7,947,737

10,243,503

Company common stock [Member] | Level 1 [Member]

^[1],[2]

224,735,489

249,819,280

Company common stock [Member] | Level 2 [Member]

^[1],[2]

224,735,489

249,819,280

Company common stock [Member] | Level 3 [Member]

^[1],[2]

Company common stock [Member] | Net Asset Value (NAV) [Member]

^[1],[2]

EBP, Schedule of Asset Held for Investment [Line Items]

^[1],[2]

$ 0

[1]	The Master Trust holds a portfolio of synthetic guaranteed investment contracts within the PCA Stable Value Fund, which are measured at contract value and are therefore not included in the fair value hierarchy.
[2]	The Plan determined that certain assets held in the Master Trust that do not have readily determinable fair values are measured at fair value using the NAV per share practical expedient and are not classified within the fair value hierarchy.

Schedule of Assets (Held at End of Year) (Tables)

12 Months Ended

Dec. 31, 2025

EBP 002 [Member]

Schedule of Assets (Held at End of Year)

        (a)

        (b)
Identity of Issuer, Lessor, Borrower, or
Similar Party

        (c)
Description of Investment, including Maturity Date,
Rate of Interest, Collateral, Par, or Maturity Value

        (d)
Cost

        (e)
Current Value

*

Notes Receivable from Participants

Interest rates ranging from 3.25% to 9.75%
Various maturity dates through January 15, 2031

—

14,786,603

Total Assets (Held at End of Year)

14,786,603

Transactions with Parties-in-Interest and Related Parties	12 Months Ended
	Dec. 31, 2025
EBP 002 [Member]
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Transactions with Parties-in-Interest and Related Parties	7. Transactions with Parties-in-Interest and Related Parties Under ERISA rules related to 401(k) plans, transactions with related parties of the Plan such as a sponsor, administrator, trustee, acquired entities by the Plan sponsor, or participant are considered either exempt or non-exempt from ERISA prohibited transaction provisions. Non-exempt transactions are subject to penalty taxes. The Plan invests in the common stock of the Company through a common stock fund. These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transactions rules under ERISA. During 2025, the Plan received $4,217,604 in common stock dividends from the Company. The Plan’s recordkeeper, trustee, custodian and investment advisor described in Note 1 are each a party-in-interest to the Plan as defined by ERISA. As of December 31, 2025 and 2024, the Master Trust held two collective trust funds and one short-term investment fund that were managed by Northern Trust, the Plan’s custodian. The transactions associated with these three funds qualify as party-in-interest transactions. In addition, notes receivable from participants are considered to be party-in-interest transactions for which a statutory exemption from the prohibited transaction regulation exists.

Schedule of Assets (Held at End of Year) (Details) - EBP 002 [Member]	12 Months Ended
	Dec. 31, 2025 USD ($)
EBP, Schedule of Asset Held for Investment [Line Items]
Employee Benefit Plan, PlanNumber	002
Employee Benefit Plan, Plan Name	Retirement Savings Plan for Salaried Employees
Investment, Identifier [Axis]: Notes Receivable from Participants
EBP, Schedule of Asset Held for Investment [Line Items]
EBP, Investment, Issuer Name [Extensible Enumeration]	Notes Receivable From Participants [Member]
Employee Benefit Plan, Maturity Date	Jan. 15, 2031
Current Value	$ 14,786,603
Investment, Identifier [Axis]: Total Assets
EBP, Schedule of Asset Held for Investment [Line Items]
Current Value	$ 14,786,603
Minimum [Member] \| Investment, Identifier [Axis]: Notes Receivable from Participants
EBP, Schedule of Asset Held for Investment [Line Items]
Employee Benefit Plan, Interest Rate	3.25%
Maximum [Member] \| Investment, Identifier [Axis]: Notes Receivable from Participants
EBP, Schedule of Asset Held for Investment [Line Items]
Employee Benefit Plan, Interest Rate	9.75%

Statements of Net Assets Available for Benefits - EBP 002 [Member] - USD ($)	Dec. 31, 2025	Dec. 31, 2024
EBP, Statement of Net Asset Available for Benefit [Line Items]
Plan interest in Master Trust	$ 1,678,681,108	$ 1,533,228,179
Notes receivable from participants	14,786,603	14,708,320
Contributions receivable From Company	2,244,414	2,073,362
Contributions receivable From Participants	1,492,777	1,469,675
Total assets	1,697,204,902	1,551,479,536
Administrative expenses payable	142,973	146,561
Net assets available for benefits	$ 1,697,061,929	$ 1,551,332,975

Amount of asset less liability available to pay benefit of participant in employee stock purchase, saving, or similar plan (employee benefit plan (EBP)), including, but not limited to, aggregation of participants' individual account balances.

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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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Reconciliation of Financial Statements to Form 5500 - Employee Benefit Plan, Schedule of Reconciliation of Net Assets Available for Benefits Per The Financial Statements to Form 5500 (Details) - EBP 002 [Member] - USD ($)	Dec. 31, 2025	Dec. 31, 2024
EBP, Reconciliation of Financial Statement to Form 5500 [Line Items]
Net assets available for benefits per the financial statements	$ 1,697,061,929	$ 1,551,332,975
Amounts allocated to withdrawn participants	(310,255)	(29,787)
Net assets available for benefits per the Form 5500	$ 1,696,751,674	$ 1,551,303,188

Description of the Plan	12 Months Ended
Description of the Plan	Dec. 31, 2025
EBP 002 [Member]
EBP, Description of Plan [Line Items]
Description of the Plan	1. Description of the Plan The following description of the Packaging Corporation of America Retirement Savings Plan for Salaried Employees (the “Plan”) provides general information. The Plan Sponsor is Packaging Corporation of America (the “Company” or “PCA”). Participants should refer to the Plan document for a more complete description of the Plan’s provisions. General The Plan is a defined contribution plan, established on February 1, 2000, and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan covers salaried employees of the Company and each of its domestic subsidiaries that have adopted the Plan. The Benefits Administration Committee is responsible for the oversight of the Plan. The Investment Committee determines the appropriateness of the Plan’s investment offerings and monitors investment performance. Both committees are appointed by the Board of Directors of the Company. Alight Solutions is the Plan’s recordkeeper. Northern Trust is the Plan’s trustee and custodian. Mercer is an ERISA §3(38) investment advisor to the Plan. For the year ended December 31, 2025, the Plan adopted certain voluntary provisions under the Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (“SECURE 2.0 Act”), as discussed below. The SECURE 2.0 Act is legislation designed to enhance retirement savings and update the regulatory framework for qualified retirement plans. Contributions Upon hire, eligible employees receive written notice of the automatic enrollment process into the Plan, which occurs 45 days after the date of hire. Automatic enrollment will not occur if the employee decides to enroll prior to the automatic enrollment date or if the employee opts out of participation in the Plan. Additionally, the Plan includes an automatic escalation feature that increases participants’ contribution rates over time to a maximum contribution rate of 10% unless participants opt out or elect a different rate. Participants may contribute between 1% and 50% of annual compensation, as defined, with such contributions limited to $23,500 in 2025 for employees under age 50 and $31,000 in 2025 for employees aged 50 and older. Effective January 1, 2025, the Plan adopted the optional provision under the SECURE 2.0 Act that permits a catch-up contribution limit of $34,750 for employees aged 60 to 63. Employees aged 64 and older remain at the same contribution limit of $31,000 effective for those aged 50 and older. Participants may also roll over qualifying distributions from other qualified plans. After six months the Company matches participant contributions on the following basis: • The first 4% of contributions are matched at a rate of 80%. • The next 4% of contributions are matched at a rate of 50%. In addition to the Company’s matching contribution, the Company also makes a retirement savings contribution to eligible employees after six months of service up to 5% of compensation based on years of service, as defined. The contribution is made on behalf of the employee regardless of whether the employee is contributing to the Plan. Participants may make Roth contributions to the Plan, which are after-tax contributions whose earnings are not taxable upon qualified distribution. Participant Accounts Each participant’s account is credited with the participant’s contributions, Company contributions, and an allocation of Plan earnings or losses. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account. Vesting Participants are 100% vested immediately in the value of their contributions, Company matching contributions, earnings thereon and rollovers from other qualified plans. The Company retirement savings contribution, including earnings thereon, becomes 100% vested upon completion of three years of service, or upon reaching 65 years of age, permanent disability, or death while employed by the Company. Forfeited non-vested accounts are applied to reduce future Company contributions. Investment Options Participants may elect to invest their account balances in any of the available investment options provided by the Plan through the PCA Defined Contribution Master Trust (the “Master Trust”). Participants may change their investment options on any business day, subject to certain short-term trading restrictions outlined in the Plan document. The portion of the Plan’s interest in the Master Trust currently invested in the PCA Common Stock Fund, and any future employee or employer contributions used to acquire PCA common stock, is invested in the Employee Stock Ownership Plan (“ESOP”) component of the Plan. Plan participants have the ability to instruct the Plan’s trustee to distribute directly to them future cash dividends paid on shares of PCA common stock credited to their PCA common stock ESOP. The election to receive cash dividends is made through the PCA Benefits Center, and dividends will be reported as taxable income. Benefit Payments In the event of retirement (as defined in the Plan), death, permanent disability, or termination of employment, the vested balance in the participant’s account will generally be distributed to the participant or the participant’s beneficiary in a single lump-sum cash payment. The portion of the participant’s account invested in the PCA Common Stock Fund will be distributed in cash unless an election is made to be distributed in kind. In-service withdrawals of rollover contributions and related earnings and certain predecessor plan account balances, as defined, are available for any reason. Participants aged 55 or older may withdraw the entire value, or any portion thereof, of their Company matching contributions and the vested value of their Company retirement savings contribution at any time. Participants who have attained the age of 59 1/2 may withdraw the entire value, or any portion thereof, of their account balance at any time. A participant’s entire account balance shall be distributed no later than April 1 following the later of the calendar year in which the participant attains age 72 or the calendar year in which the participant’s termination of employment occurs. Administrative Expenses Participant accounts were charged $15.00 per quarter for administrative expenses during 2025. Effective January 1, 2026, the quarterly fee for the Plan changed to $12.50 per quarter. If administrative expenses exceed the amount paid by participants, the Company will pay the difference. Administrative expenses primarily include recordkeeper fees, investment management expenses, and professional service fees. Notes Receivable from Participants A participant may borrow an amount up to the lesser of $50,000 or 50% of his or her vested account balance. The minimum loan amount is $1,000. Such loans bear interest at the prime rate as published by The Wall Street Journal and are secured by the participant’s account balance in the Plan. Loans must be repaid within 60 months, with principal and interest payments made primarily through payroll deductions. There may be primary residence loans that exceed the 60-month repayment period but only if they were transferred in from another plan. There may also be loans with repayment schedules affected by COVID-related relief that exceed the 60-month repayment period. Employees on an unpaid leave may continue to repay loans via check, money order, or online debit during their period of absence. Participants also have the ability to elect to make a one-time repayment of their outstanding loan balance, of which the payment can be made via check, money order, or online debit. Participants may take up to two general purpose loans at a time. A loan is considered in default and becomes a taxable event when a loan is not current at the end of the cure period, the quarter following the quarter in which the payment was missed. Interest rates on loans outstanding in the Plan at both December 31, 2025 and 2024 ranged from 3.25% to 9.75%. Forfeited Accounts At December 31, 2025 and 2024, forfeited non-vested accounts totaled approximately $331,000 and $412,000, respectively. These accounts will be used to reduce future employer contributions. In 2025, employer contributions were reduced by approximately $384,000 for forfeited non-vested accounts. Plan Termination Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in the Company’s retirement savings contributions, and earnings thereon.

Tax Status (Additional Information) (Details)	12 Months Ended
Tax Status (Additional Information) (Details)	Dec. 31, 2025
EBP 002 [Member]
EBP, Tax Status [Line Items]
Employee Benefit Plan, Determination Letter Date	Mar. 02, 2017

Transactions with Parties-in-Interest and Related Parties (Additional Information) (Details)	Dec. 31, 2025 USD ($)
EBP 002 [Member]
EBP, Related Party and Party-in-Interest Transactions [Line Items]
Employee Benefit Plan, Amount of Plan Received	$ 4,217,604

Fair value of investment, excluding plan interest in master trust, held by employee stock purchase, saving, or similar plan (employee benefit plan (EBP)). Includes, but is not limited to, derivative, investment measured at net asset value per share as practical expedient, and insurance contract not meeting fully-benefit responsive investment criteria.

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EBP, Reconciliation of Financial Statement to Form 5500 [Line Items]

Reconciliation of Financial Statements to Form 5500 (Tables) - EBP 002 [Member]

12 Months Ended

Dec. 31, 2025

Employee Benefit Plan, Schedule of Reconciliation of Net Assets Available for Benefits Per The Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:


	December 31,
	2025			2024
Net assets available for benefits per the financial statements	$	1,697,061,929		$	1,551,332,975
Amounts allocated to withdrawing participants		(310,255	)		(29,787	)
Net assets available for benefits per the Form 5500	$	1,696,751,674		$	1,551,303,188

Employee Benefit Plan, Schedule of Reconciliation of Net Increase Per The Financial Statements to Form 5500

The following is a reconciliation of net increase per the financial statements to the Form 5500:


	Year ended December 31, 2025
Total net increase per the financial statements	$	145,728,954
Amounts allocated to withdrawing participants at December 31, 2024		29,787
Amounts allocated to withdrawing participants at December 31, 2025		(310,255	)
Total net increase per the Form 5500	$	145,448,486

Description of the Plan (Additional Information) (Details) - EBP 002 [Member] - USD ($)			12 Months Ended
	Jan. 01, 2026	Jan. 01, 2025	Dec. 31, 2025	Dec. 31, 2024
EBP, Description of Plan [Line Items]
Employee Benefit Plan, Percenatge of Annual Compensation			5.00%
Employee Benefit Plan, Annual Compensation Amount		$ 34,750
Employee Benefit Plan, Percentage of Vested Contributions			100.00%
Employee Benefit Plan, Administrative Expenses	$ 12.5		$ 15
Employee Benefit Plan, Amount of Borrowed			$ 50,000
Employee Benefit Plan, Percenatge of Amount Borrowed			50.00%
Employee Benefit Plan , Percentage of Interest Rates on Loans Outstanding			3.25%	9.75%
Employee Benefit Plan, Amount of Forfeited Non-Vested			$ 331,000	$ 412,000
Employee Benefit Plan, Amount Decrease for Forfeited Non-Vested Accounts			$ 384,000
Maximum [Member]
EBP, Description of Plan [Line Items]
Employee Benefit Plan, Percenatge of Annual Compensation			50.00%
Employee Benefit Plan, Annual Compensation Amount		$ 31,000	$ 31,000
Employee Benefit Plan, Participant Contribution, Pretax, Maximum Annual Compensation to Total Compensation, Percentage			10.00%
Minimum [Member]
EBP, Description of Plan [Line Items]
Employee Benefit Plan, Percenatge of Annual Compensation			1.00%
Employee Benefit Plan, Annual Compensation Amount			$ 23,500
Employee Benefit Plan, Amount of Borrowed			$ 1,000

Investments in Master Trust (Additional Information) (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
EBP 002 [Member]
EBP, Master Trust [Line Items]
Plan interest in Master Trust	$ 1,678,681,108	$ 1,533,228,179

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.