Packaging Corporation of America Notes to ConsolidatedFinancial Statements (Continued) December 31, 2005F-2810.
COMMITMENTS AND CONTINGENCIES (Continued) Purchase Commitments The Company has entered into various purchase agreements to buy minimum amounts of energy over periods ranging from one to two years at fixed prices.
Total purchase commitments over the next two years are as follows:
## Table 0 ##
These purchase agreements are not marked to market.
The Company purchased $12.8 million duringthe year ended December 31, 2005, $17.6millionduring the year ended December 31, 2004, and $19.3million during the year ended December31, 2003 under these purchase agreements.
Litigation OnMay 14, 1999, PCA was named as a defendant in two Consolidated Class Action Complaints whichalleged a civil violation of Section 1 of the Sherman Act.
The suits, then captioned Winoff Industries, Inc.  v.  Stone Container Corporation, MDL No.1261 (E. D.  Pa. ) and General Refractories Co.  v.  Gaylord ContainerCorporation, MDL No.1261 (E. D.  Pa. ), name PCA as a defendant based solely on the allegation that PCA is successor to the interests of Tenneco Packaging Inc.  and Tenneco Inc. , both of which were alsonamed as defendants inthe suits, along withnine other linerboard and corrugated sheet manufacturers.
The complaints allege that the defendants, during the period October 1, 1993 through November 30, 1995, conspired to limit the supply of linerboard, and that the purpose and effect of the alleged conspiracy was to artificially increase prices of corrugated containers and corrugated sheets, respectively.
On November 3, 2003, Pactiv (formerly known as Tenneco Packaging), Tenneco and PCA entered into an agreement to settle the class action lawsuits.
The settlement agreement provided for a full release of all claims against PCA as a result of the class action lawsuits and was approved by the Court in an opinion issued on April 21, 2004.
Approximately 160 plaintiffs opted out of the class and together filed about ten direct action complaints in various federal courts across the country.
All of the opt-out complaints make allegations against the defendants, including PCA, substantially similar to those made in the class actions.
The settlement agreement does not cover these direct action cases.
These actions have almost all been consolidated as In reLinerboard, MDL 1261 (E. D.  Pa. ) for pretrial purposes.
Pactiv, Tenneco and PCA have reached an agreement to settle all of the opt-out cases.
These agreements provide for a full release of all claims against PCA as a result of litigation.
PCA has made no payments to the plaintiffs as a result of the settlement of any of the opt-out suits.
As of the date of this filing, we believe it is not reasonably possible that the outcome of any pending litigation related to these matters will have a material adverse effect on our financial position, results ofoperations or cash flows.
PCA is also party to various legal actions arising in the ordinary course of business.
These legal actionscover a broad variety of claims spanning our entire business.
As of the date of this filing, we believe it is
Fiscal year ending December 31.
Copyright· 2010 S&P, a division of The McGraw-Hill Companies Inc.  All rights reserved.
## Table 1 ##
The information in the graph and table above is not deemed “filed” with the Securities and Exchange Commission and is not to be incorporated by reference in any of PCA’s filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date of this Annual Report on Form 10-K, except to the extent that PCA specifically incorporates such information by reference.
Item 6.
SELECTED FINANCIAL DATA The following table sets forth the selected historical financial data of PCA.
The information contained in the table should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the historical consolidated financial statements of PCA, including the notes thereto, contained elsewhere in this report.
## Table 2 ##
(1) Total debt obligations include long-term debt, capital lease obligations, short-term debt and current maturities of long-term debt and capital lease obligations.
Item 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of historical results of operations and financial condition should be read in conjunction with the audited financial statements and the notes thereto which appear elsewhere in this report.
Overview PCA is the fifth largest producer of containerboard and corrugated products in the United States, based on production capacity.
We operate four containerboard mills and 68 corrugated products manufacturing plants
The components of our financial statements affected by the change in presentation of operating and non-operating pension expense as originally reported in 2017 and as adjusted for the requirements per the new standard are as follows (dollars in millions):

<table><tr><td>2006</td><td>$2,408</td></tr><tr><td>2007</td><td>1,364</td></tr><tr><td>Total</td><td>$3,772</td></tr></table>
<table><tr><td></td><td colspan="6"> Cumulative Total Return</td></tr><tr><td></td><td> 12/04</td><td> 12/05</td><td> 12/06</td><td> 12/07</td><td> 12/08</td><td> 12/09</td></tr><tr><td>Packaging Corporation of America</td><td>100.00</td><td>101.89</td><td>102.63</td><td>136.35</td><td>69.23</td><td>122.80</td></tr><tr><td>S & P 500</td><td>100.00</td><td>104.91</td><td>121.48</td><td>128.16</td><td>80.74</td><td>102.11</td></tr><tr><td>S & P Midcap 400</td><td>100.00</td><td>112.55</td><td>124.17</td><td>134.08</td><td>85.50</td><td>117.46</td></tr><tr><td>Peer Group</td><td>100.00</td><td>88.23</td><td>88.52</td><td>90.16</td><td>28.22</td><td>71.86</td></tr></table>
<table><tr><td></td><td colspan="5"> For the Year Ended December 31,</td></tr><tr><td></td><td> 2009</td><td> 2008</td><td> 2007</td><td> 2006</td><td> 2005</td></tr><tr><td></td><td colspan="5"> (In thousands, except per share data)</td></tr><tr><td> Statement of Income Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net sales</td><td>$2,147,589</td><td>$2,360,493</td><td>$2,316,006</td><td>$2,187,046</td><td>$1,993,658</td></tr><tr><td>Net income</td><td>265,895</td><td>135,609</td><td>170,066</td><td>125,032</td><td>52,604</td></tr><tr><td>Net income per common share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>— basic</td><td>2.62</td><td>1.32</td><td>1.63</td><td>1.21</td><td>0.49</td></tr><tr><td>— diluted</td><td>2.60</td><td>1.31</td><td>1.61</td><td>1.20</td><td>0.49</td></tr><tr><td>Weighted average common shares outstanding:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>— basic</td><td>101,577</td><td>102,753</td><td>104,483</td><td>103,599</td><td>107,334</td></tr><tr><td>— diluted</td><td>102,358</td><td>103,593</td><td>105,459</td><td>104,485</td><td>108,098</td></tr><tr><td>Cash dividends declared per common share</td><td>0.60</td><td>1.20</td><td>1.05</td><td>1.00</td><td>1.00</td></tr><tr><td> Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>$2,152,840</td><td>$1,939,741</td><td>$2,035,857</td><td>$1,986,976</td><td>$1,973,298</td></tr><tr><td>Total debt obligations-1</td><td>680,878</td><td>681,135</td><td>677,248</td><td>686,917</td><td>695,203</td></tr><tr><td>Stockholders’ equity</td><td>898,845</td><td>683,949</td><td>760,861</td><td>691,771</td><td>681,420</td></tr></table>

Question: Does the value of Net sales in 2009 greater than that in 2008?