2021 Q4 Form 10-K Financial Statement

#000095017022001913 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $2.043B $7.730B $1.714B
YoY Change 19.19% 16.1% -0.34%
Cost Of Revenue $1.533B $5.857B $1.381B
YoY Change 11.04% 10.75% 3.31%
Gross Profit $509.9M $1.873B $333.3M
YoY Change 52.99% 36.78% -13.04%
Gross Profit Margin 24.96% 24.23% 19.44%
Selling, General & Admin $141.1M $576.8M $130.3M
YoY Change 8.29% 6.89% -4.89%
% of Gross Profit 27.67% 30.8% 39.09%
Research & Development $14.50M
YoY Change -6.45%
% of Gross Profit 0.77%
Depreciation & Amortization $106.4M $417.5M $100.9M
YoY Change 5.45% 1.83% 2.02%
% of Gross Profit 20.87% 22.29% 30.27%
Operating Expenses $143.0M $591.3M $131.6M
YoY Change 8.66% 6.52% -6.6%
Operating Profit $366.9M $1.241B $189.3M
YoY Change 93.82% 71.49% -19.48%
Interest Expense -$21.80M -$152.4M -$24.40M
YoY Change -10.66% 62.99% -59.06%
% of Operating Profit -5.94% -12.28% -12.89%
Other Income/Expense, Net $4.900M $19.70M $600.0K
YoY Change 716.67% 756.52% -119.35%
Pretax Income $280.4M $1.109B $165.4M
YoY Change 69.53% 75.23% -4.06%
Income Tax $63.90M $267.6M $41.80M
% Of Pretax Income 22.79% 24.14% 25.27%
Net Earnings $216.5M $841.1M $123.5M
YoY Change 75.3% 82.45% -9.32%
Net Earnings / Revenue 10.6% 10.88% 7.2%
Basic Earnings Per Share $8.87 $1.30
Diluted Earnings Per Share $2.298M $8.83 $1.30
COMMON SHARES
Basic Shares Outstanding 94.99M 94.10M
Diluted Shares Outstanding 94.50M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $704.8M $704.8M $1.080B
YoY Change -34.75% -34.75% 40.76%
Cash & Equivalents $618.7M $618.7M $974.6M
Short-Term Investments $86.10M $86.10M $105.6M
Other Short-Term Assets $47.00M $47.00M $44.70M
YoY Change 5.15% 5.15% -0.22%
Inventory $902.5M $902.5M $787.9M
Prepaid Expenses
Receivables $1.071B $1.071B $832.4M
Other Receivables $7.400M $7.400M $5.100M
Total Short-Term Assets $2.733B $2.733B $2.750B
YoY Change -0.64% -0.64% 10.97%
LONG-TERM ASSETS
Property, Plant & Equipment $3.529B $3.767B $3.193B
YoY Change 10.51% 9.91% 1.32%
Goodwill $923.5M $863.5M
YoY Change 6.95% -6.01%
Intangibles
YoY Change
Long-Term Investments $60.00M $60.00M $42.70M
YoY Change 40.52% 40.52% -26.51%
Other Assets $44.90M $44.90M $53.20M
YoY Change -15.6% -15.6% -4.66%
Total Long-Term Assets $5.104B $5.104B $4.683B
YoY Change 8.99% 8.99% -1.57%
TOTAL ASSETS
Total Short-Term Assets $2.733B $2.733B $2.750B
Total Long-Term Assets $5.104B $5.104B $4.683B
Total Assets $7.837B $7.837B $7.433B
YoY Change 5.43% 5.43% 2.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $452.4M $452.4M $387.0M
YoY Change 16.9% 16.9% 9.97%
Accrued Expenses $255.0M $334.4M $216.2M
YoY Change 17.95% 12.59% -0.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.700M $1.700M $0.00
YoY Change 6.25%
Total Short-Term Liabilities $884.8M $884.8M $782.6M
YoY Change 13.06% 13.06% 8.12%
LONG-TERM LIABILITIES
Long-Term Debt $2.472B $2.484B $2.479B
YoY Change -0.32% -0.38% 0.1%
Other Long-Term Liabilities $58.00M $394.7M $59.20M
YoY Change -2.03% -25.68% 7.64%
Total Long-Term Liabilities $3.345B $2.879B $3.404B
YoY Change -1.75% -4.83% -1.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $884.8M $884.8M $782.6M
Total Long-Term Liabilities $3.345B $2.879B $3.404B
Total Liabilities $4.230B $4.230B $4.187B
YoY Change 1.02% 1.02% 0.53%
SHAREHOLDERS EQUITY
Retained Earnings $3.102B $2.836B
YoY Change 9.4% 4.83%
Common Stock $580.3M $555.3M
YoY Change 4.5% 5.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.607B $3.607B $3.246B
YoY Change
Total Liabilities & Shareholders Equity $7.837B $7.837B $7.433B
YoY Change 5.43% 5.43% 2.73%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $216.5M $841.1M $123.5M
YoY Change 75.3% 82.45% -9.32%
Depreciation, Depletion And Amortization $106.4M $417.5M $100.9M
YoY Change 5.45% 1.83% 2.02%
Cash From Operating Activities $390.7M $1.094B $271.1M
YoY Change 44.12% 5.94% -17.65%
INVESTING ACTIVITIES
Capital Expenditures -$238.9M $605.1M -$167.9M
YoY Change 42.29% 43.66% 24.37%
Acquisitions $194.9M
YoY Change
Other Investing Activities -$190.5M $0.00 -$2.300M
YoY Change 8182.61% -98.39%
Cash From Investing Activities -$429.4M -$794.4M -$170.2M
YoY Change 152.29% 86.44% -38.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $193.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.046B -655.6M -75.40M
YoY Change 1286.6% 110.4% -31.27%
NET CHANGE
Cash From Operating Activities 390.7M 1.094B 271.1M
Cash From Investing Activities -429.4M -794.4M -170.2M
Cash From Financing Activities -1.046B -655.6M -75.40M
Net Change In Cash -1.084B -355.9M 25.50M
YoY Change -4351.76% -220.6% -143.37%
FREE CASH FLOW
Cash From Operating Activities $390.7M $1.094B $271.1M
Capital Expenditures -$238.9M $605.1M -$167.9M
Free Cash Flow $629.6M $489.0M $439.0M
YoY Change 43.42% -20.05% -5.43%

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<div style="display:flex;margin-top:6.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:4.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.537%;">1.</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Nature of Operations and Basis of Presentation</span></div></div><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Packaging Corporation of America (“we,” “us,” “our,” “PCA,” or the “Company”) was incorporated on </span><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">January 25, 1999</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. In April 1999, PCA acquired the containerboard and corrugated packaging products business of Pactiv Corporation (Pactiv), formerly known as Tenneco Packaging, Inc., a wholly owned subsidiary of Tenneco 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 have approximately</span><span style="background-color:rgba(0,0,0,0);color:rgba(255,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">15,200</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> employees.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">We report our business in </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">three</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> 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.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Our Jackson, Alabama mill had historically operated as a UFS mill, with its results of operations reported in our Paper segment. During the fourth quarter of 2020, in order to meet strong packaging demand and maintain appropriate inventory levels, we temporarily began producing linerboard on the No. 3 machine at our Jackson, Alabama mill. In the first quarter of 2021, we announced the discontinuation of production of uncoated freesheet paper grades on the machine and the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. Before October 2020, operating results for the Jackson mill were included in the Paper segment. Beginning in October 2020, operating results for the Jackson mill are included in both the Packaging and Paper segments.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">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 20, Segment Information.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">In these consolidated financial statements, certain amounts in prior periods' consolidated financial statements have been reclassified to conform with the current period presentation.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions.</span></p>
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<p style="text-indent:2.267%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the consolidated financial statements in future periods.</span></p>
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3000000.0
CY2021 pkg Percentage Of Customer Returns Allowances And Earned Discounts To Gross Selling Price
PercentageOfCustomerReturnsAllowancesAndEarnedDiscountsToGrossSellingPrice
0.01
CY2021 pkg Reserve Percentage For Customer Deductions
ReservePercentageForCustomerDeductions
0.01
CY2021 pkg Reserve For Customer Deductions
ReserveForCustomerDeductions
9400000
CY2020 pkg Reserve For Customer Deductions
ReserveForCustomerDeductions
7600000
CY2021 us-gaap Research And Development Expense
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14500000
CY2020 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15500000
CY2019 us-gaap Research And Development Expense
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16000000.0
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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618700000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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974600000
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
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CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
662200000
CY2021 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2020 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4900000
CY2021 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<p style="text-indent:2.267%;font-size:10.0pt;margin-top:18.0pt;line-height:1.1020833333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Derivative Instruments and Hedging Activities</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1020833333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The Company records its derivatives, if any, in accordance with ASC 815, </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Derivatives and Hedging</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. The guidance requires the Company to recognize derivative instruments as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value of a derivative depends on the intended use and designation of the derivative instrument. For a derivative designated as a fair value hedge, the gain or loss on the derivative is recognized in earnings in the period of change at fair value together with the offsetting gain or loss on the hedged item. For a derivative instrument designated as a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of AOCI and is subsequently recognized in earnings when the hedged exposure affects earnings. The ineffective portion of the gain or loss is recognized in earnings. We were not party to any derivative-based arrangements at December 31, 2021 and 2020.</span></p>
CY2021Q4 us-gaap Inventory Raw Materials
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CY2020Q4 us-gaap Inventory Raw Materials
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CY2021Q4 us-gaap Inventory Work In Process
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CY2020Q4 us-gaap Inventory Work In Process
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CY2021Q4 us-gaap Inventory Finished Goods
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CY2020Q4 us-gaap Inventory Finished Goods
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CY2021Q4 us-gaap Other Inventory Supplies
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361100000
CY2020Q4 us-gaap Other Inventory Supplies
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329200000
CY2021Q4 us-gaap Inventory Net
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CY2020Q4 us-gaap Inventory Net
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2020Q4 us-gaap Property Plant And Equipment Net
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CY2021 us-gaap Interest Costs Capitalized
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CY2020 us-gaap Interest Costs Capitalized
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3700000
CY2019 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3400000
CY2021 us-gaap Depreciation
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376000000.0
CY2020 us-gaap Depreciation
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CY2019 us-gaap Depreciation
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CY2021 us-gaap Restructuring Reserve Accelerated Depreciation
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CY2020 us-gaap Restructuring Reserve Accelerated Depreciation
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4500000
CY2019 us-gaap Restructuring Reserve Accelerated Depreciation
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300000
CY2021Q4 us-gaap Operating Lease Liability
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CY2020Q4 us-gaap Operating Lease Liability
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CY2021Q4 us-gaap Goodwill
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CY2020Q4 us-gaap Goodwill
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CY2021 us-gaap Goodwill And Intangible Asset Impairment
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0
CY2020 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
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CY2019 us-gaap Goodwill And Intangible Asset Impairment
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CY2021 pkg Area Leased Under Timberland Cutting Rights
AreaLeasedUnderTimberlandCuttingRights
65000
CY2021 us-gaap Depletion
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2000000.0
CY2020 us-gaap Depletion
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CY2019 us-gaap Depletion
Depletion
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CY2021 us-gaap Capitalized Computer Software Amortization1
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CY2020 us-gaap Capitalized Computer Software Amortization1
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CY2019 us-gaap Capitalized Computer Software Amortization1
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CY2021Q4 pkg Cloud Computing Arrangements
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CY2020Q4 pkg Cloud Computing Arrangements
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CY2021 pkg Number Of Leases
NumberOfLeases
2
CY2021Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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CY2021Q4 us-gaap Operating Lease Liability Current
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CY2020Q4 us-gaap Operating Lease Liability Current
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CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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CY2021 us-gaap Operating Lease Payments
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71700000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
68200000
CY2019 us-gaap Operating Lease Payments
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60000000.0
CY2021Q4 us-gaap Finance Lease Liability Current
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1700000
CY2020Q4 us-gaap Finance Lease Liability Current
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1600000
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
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CY2020Q4 us-gaap Finance Lease Liability Noncurrent
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CY2021Q4 us-gaap Finance Lease Liability
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14400000
CY2020Q4 us-gaap Finance Lease Liability
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16000000.0
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P7Y9M18D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0666
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
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CY2021 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2020 us-gaap Finance Lease Right Of Use Asset Amortization
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1500000
CY2019 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2021 us-gaap Finance Lease Interest Expense
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CY2020 us-gaap Finance Lease Interest Expense
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CY2019 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2021 pkg Finance Lease Cost
FinanceLeaseCost
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CY2020 pkg Finance Lease Cost
FinanceLeaseCost
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CY2019 pkg Finance Lease Cost
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CY2021 us-gaap Operating Lease Cost
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CY2020 us-gaap Operating Lease Cost
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CY2019 us-gaap Operating Lease Cost
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CY2021 us-gaap Short Term Lease Cost
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22700000
CY2020 us-gaap Short Term Lease Cost
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CY2019 us-gaap Short Term Lease Cost
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CY2021 us-gaap Variable Lease Cost
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CY2020 us-gaap Variable Lease Cost
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CY2019 us-gaap Variable Lease Cost
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CY2021 us-gaap Lease Cost
LeaseCost
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CY2020 us-gaap Lease Cost
LeaseCost
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CY2019 us-gaap Lease Cost
LeaseCost
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CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
27700000
CY2021 pkg Noncash Information On Increase Decrease In Lease Liabilities
NoncashInformationOnIncreaseDecreaseInLeaseLiabilities
31300000
CY2020 pkg Noncash Information On Increase Decrease In Lease Liabilities
NoncashInformationOnIncreaseDecreaseInLeaseLiabilities
34800000
CY2019 pkg Noncash Information On Increase Decrease In Lease Liabilities
NoncashInformationOnIncreaseDecreaseInLeaseLiabilities
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CY2021 pkg Noncash Information On Increase Decrease In Right Of Use Assets
NoncashInformationOnIncreaseDecreaseInRightOfUseAssets
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CY2021 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
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CY2020 us-gaap Finance Lease Interest Payment On Liability
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CY2019 us-gaap Finance Lease Interest Payment On Liability
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CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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CY2020 us-gaap Finance Lease Principal Payments
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CY2019 us-gaap Finance Lease Principal Payments
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1200000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020 pkg Noncash Information On Increase Decrease In Right Of Use Assets
NoncashInformationOnIncreaseDecreaseInRightOfUseAssets
35800000
CY2019 pkg Noncash Information On Increase Decrease In Right Of Use Assets
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21400000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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73600000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Two
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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44900000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
2700000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
33200000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Four
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2700000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
20100000
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Five
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2021Q4 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2021Q4 us-gaap Finance Lease Liability Payments Due
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CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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23200000
CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
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3500000
CY2021Q4 us-gaap Operating Lease Liability
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CY2021Q4 us-gaap Finance Lease Liability
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 pkg Business Acquisition Net Sales
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CY2020 pkg Business Acquisition Net Sales
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CY2021 us-gaap Net Income Loss
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CY2020 us-gaap Net Income Loss
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CY2019 us-gaap Net Income Loss
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CY2021 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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6400000
CY2020 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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CY2019 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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400000
CY2020 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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300000
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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300000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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94500000
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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94400000
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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94100000
CY2021 us-gaap Earnings Per Share Basic
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CY2020 us-gaap Earnings Per Share Basic
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CY2019 us-gaap Earnings Per Share Basic
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7.36
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.84
CY2019 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2021 us-gaap Gain Loss On Disposition Of Assets
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CY2020 us-gaap Gain Loss On Disposition Of Assets
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CY2019 us-gaap Gain Loss On Disposition Of Assets
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CY2021 pkg Business Exit And Other Costs
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CY2020 pkg Business Exit And Other Costs
BusinessExitAndOtherCosts
19100000
CY2019 pkg Business Exit And Other Costs
BusinessExitAndOtherCosts
300000
CY2021 pkg Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
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CY2020 pkg Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
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CY2019 pkg Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
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CY2021 us-gaap Other Operating Income Expense Net
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CY2019 us-gaap Other Operating Income Expense Net
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CY2021 us-gaap Operating Costs And Expenses
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2020 us-gaap Current State And Local Tax Expense Benefit
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CY2019 us-gaap Current State And Local Tax Expense Benefit
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CY2020 us-gaap Current Foreign Tax Expense Benefit
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CY2019 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2020 us-gaap Current Income Tax Expense Benefit
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CY2019 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2020 us-gaap Deferred Income Tax Expense Benefit
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CY2019 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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CY2019 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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42600000
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
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35700000
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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0
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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1108700000
CY2020 us-gaap Operating Income Loss
OperatingIncomeLoss
723900000
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
410000000.0
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
421200000
CY2020Q4 us-gaap Assets
Assets
7433200000
CY2020 pkg Non Operating Pension Income Expense
NonOperatingPensionIncomeExpense
2300000
CY2020 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-93500000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
632700000
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
1053700000
CY2019 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
387500000
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
399500000
CY2019Q4 us-gaap Assets
Assets
7235800000
CY2019 pkg Non Operating Pension Income Expense
NonOperatingPensionIncomeExpense
-7900000
CY2019 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-128800000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
917000000.0
CY2021 pkg Gain On Sale Of Transportation Assets
GainOnSaleOfTransportationAssets
800000
CY2021Q4 pkg Debt Refinancing Cost
DebtRefinancingCost
58900000
CY2021Q4 pkg Capital Commitments
CapitalCommitments
784900000
CY2020Q4 pkg Capital Commitments
CapitalCommitments
304200000
CY2021Q4 us-gaap Unrecorded Unconditional Purchase Obligation Due In Next Rolling Twelve Months
UnrecordedUnconditionalPurchaseObligationDueInNextRollingTwelveMonths
75000000.0
CY2021Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
72300000
CY2021Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
40700000
CY2021Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
32700000
CY2021Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
27000000.0
CY2021Q4 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
72500000
CY2021Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
320200000
CY2021 pkg Current Period Purchases Under Long Term Purchase Agreements
CurrentPeriodPurchasesUnderLongTermPurchaseAgreements
360800000
CY2020 pkg Current Period Purchases Under Long Term Purchase Agreements
CurrentPeriodPurchasesUnderLongTermPurchaseAgreements
317600000
CY2019 pkg Current Period Purchases Under Long Term Purchase Agreements
CurrentPeriodPurchasesUnderLongTermPurchaseAgreements
315000000.0
CY2021Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
24300000
CY2021Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
24300000
CY2021Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
4000000.0
CY2021Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
24300000

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