2019 Q1 Form 10-Q Financial Statement

#000140807519000013 Filed on April 23, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $1.506B $1.477B
YoY Change 1.93% 39.18%
Cost Of Revenue $1.240B $1.254B
YoY Change -1.09% 40.91%
Gross Profit $266.1M $223.9M
YoY Change 18.85% 27.94%
Gross Profit Margin 17.67% 15.16%
Selling, General & Admin $124.7M $122.7M
YoY Change 1.63% 33.51%
% of Gross Profit 46.86% 54.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $117.1M $109.8M
YoY Change 6.65% 46.4%
% of Gross Profit 44.01% 49.04%
Operating Expenses $124.7M $122.7M
YoY Change 1.63% 33.51%
Operating Profit $134.0M $74.00M
YoY Change 81.08% 3.35%
Interest Expense $35.00M $28.80M
YoY Change 21.53% 35.21%
% of Operating Profit 26.12% 38.92%
Other Income/Expense, Net -$100.0K $4.200M
YoY Change -102.38% 7.69%
Pretax Income $98.90M $47.50M
YoY Change 108.21% -12.36%
Income Tax $21.00M $5.100M
% Of Pretax Income 21.23% 10.74%
Net Earnings $57.90M $29.90M
YoY Change 93.65% -19.19%
Net Earnings / Revenue 3.84% 2.02%
Basic Earnings Per Share $0.19 $0.10
Diluted Earnings Per Share $0.19 $0.10
COMMON SHARES
Basic Shares Outstanding 297.5M shares 310.6M shares
Diluted Shares Outstanding 298.2M shares 311.3M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.30M $52.50M
YoY Change 18.67% 40.37%
Cash & Equivalents $62.30M $52.50M
Short-Term Investments
Other Short-Term Assets $54.70M $65.50M
YoY Change -16.49% 26.45%
Inventory $1.072B $964.4M
Prepaid Expenses
Receivables $647.9M $742.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.837B $1.825B
YoY Change 0.65% 59.36%
LONG-TERM ASSETS
Property, Plant & Equipment $3.205B $3.104B
YoY Change 3.24% 73.86%
Goodwill $1.468B $1.607B
YoY Change -8.66% 26.97%
Intangibles $507.8M $514.9M
YoY Change -1.38% 18.45%
Long-Term Investments
YoY Change
Other Assets $273.7M $79.00M
YoY Change 246.46% 158.17%
Total Long-Term Assets $5.454B $5.305B
YoY Change 2.81% 50.87%
TOTAL ASSETS
Total Short-Term Assets $1.837B $1.825B
Total Long-Term Assets $5.454B $5.305B
Total Assets $7.291B $7.130B
YoY Change 2.26% 52.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $612.8M $613.6M
YoY Change -0.13% 37.27%
Accrued Expenses $356.0M $334.1M
YoY Change 6.55% 38.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $49.00M $55.60M
YoY Change -11.87% -19.42%
Total Short-Term Liabilities $1.022B $1.003B
YoY Change 1.88% 32.47%
LONG-TERM LIABILITIES
Long-Term Debt $3.130B $3.044B
YoY Change 2.84% 39.37%
Other Long-Term Liabilities $264.4M $125.1M
YoY Change 111.35% 81.57%
Total Long-Term Liabilities $3.394B $3.169B
YoY Change 7.12% 40.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.022B $1.003B
Total Long-Term Liabilities $3.394B $3.169B
Total Liabilities $4.416B $4.172B
YoY Change 5.86% 38.6%
SHAREHOLDERS EQUITY
Retained Earnings $13.60M -$49.40M
YoY Change -127.53% -79.23%
Common Stock $1.918B $2.078B
YoY Change -7.69% 23.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.561B $1.709B
YoY Change
Total Liabilities & Shareholders Equity $7.291B $7.130B
YoY Change 2.26% 52.95%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $57.90M $29.90M
YoY Change 93.65% -19.19%
Depreciation, Depletion And Amortization $117.1M $109.8M
YoY Change 6.65% 46.4%
Cash From Operating Activities -$172.1M -$190.1M
YoY Change -9.47% 107.31%
INVESTING ACTIVITIES
Capital Expenditures -$80.00M -$92.10M
YoY Change -13.14% 21.02%
Acquisitions $2.000M $3.500M
YoY Change -42.86%
Other Investing Activities $1.000M $2.300M
YoY Change -56.52% 91.67%
Cash From Investing Activities $43.20M $46.70M
YoY Change -7.49% 9.11%
FINANCING ACTIVITIES
Cash Dividend Paid $30.10M $23.20M
YoY Change 29.74% -1.69%
Common Stock Issuance & Retirement, Net $60.00M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $9.100M $125.0M
YoY Change -92.72% 1884.13%
Cash From Financing Activities $120.5M $127.3M
YoY Change -5.34% 391.51%
NET CHANGE
Cash From Operating Activities -$172.1M -$190.1M
Cash From Investing Activities $43.20M $46.70M
Cash From Financing Activities $120.5M $127.3M
Net Change In Cash -$8.200M -$14.90M
YoY Change -44.97% -35.22%
FREE CASH FLOW
Cash From Operating Activities -$172.1M -$190.1M
Capital Expenditures -$80.00M -$92.10M
Free Cash Flow -$92.10M -$98.00M
YoY Change -6.02% 528.21%

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CY2019Q1 us-gaap Dividends
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23300000 USD
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CY2018Q1 us-gaap Profit Loss
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CY2018Q1 us-gaap Depreciation Depletion And Amortization
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CY2019Q1 us-gaap Payments To Acquire Machinery And Equipment
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CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2018Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q1 us-gaap Use Of Estimates
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In addition, the preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates and changes in these estimates are recorded when known.
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
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<br/>The Company has reclassified the presentation of certain prior period information to conform to the current presentation. This reclassification had no impact on operating income.
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CY2019Q1 gpk Factoring Arrangement Amount Transferred Subject To Continuing Involvement
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CY2018Q4 gpk Factoring Arrangement Amount Transferred Subject To Continuing Involvement
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CY2018Q1 us-gaap Business Combination Integration Related Costs
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CY2019Q1 us-gaap Inventory Finished Goods Net Of Reserves
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CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2019Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2019Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2019Q1 us-gaap Inventory Supplies Net Of Reserves
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CY2019Q1 us-gaap Inventory Net
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CY2019Q1 us-gaap Other Long Term Debt
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CY2018Q4 us-gaap Other Long Term Debt
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CY2019Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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CY2019Q1 us-gaap Line Of Credit
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CY2019Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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CY2019Q1 us-gaap Letters Of Credit Outstanding Amount
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CY2019Q1 us-gaap Variable Lease Cost
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CY2019Q1 us-gaap Finance Lease Liability
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CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y
CY2019Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P18Y
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2019Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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49500000 USD
CY2019Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Two
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Three
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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32200000 USD
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Four
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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25100000 USD
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Five
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
38900000 USD
CY2019Q1 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
157000000.0 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
242500000 USD
CY2019Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
211800000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
39100000 USD
CY2019Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
84100000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
203400000 USD
CY2019Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
127700000 USD
CY2019Q1 gpk Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPlans
1 compensation_plan
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4900000 USD
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3100000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
500000 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
600000 shares
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21000000.0 USD
CY2019Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
887543 shares
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
98900000 USD
CY2019Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
3054000000.0 USD
CY2018Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2762500000 USD
CY2019Q1 us-gaap Long Term Debt
LongTermDebt
3052600000 USD
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
2833100000 USD
CY2019Q1 us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
-500000 USD
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5100000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
47500000 USD
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
4000000 USD
CY2018Q1 gpk Number Of Converting Facilities
NumberOfConvertingFacilities
3 facility
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2019Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
8 paperboard_mill
CY2019Q1 us-gaap Revenues
Revenues
1505900000 USD
CY2018Q1 us-gaap Revenues
Revenues
1477400000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
134000000.0 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
74000000.0 USD
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
117100000 USD
CY2018Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
109800000 USD
CY2019Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
285900000 USD
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
310600000 shares
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
700000 shares
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
700000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
298200000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
311300000 shares
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
57900000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
29900000 USD
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
297500000 shares
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2018Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
275800000 USD
CY2019Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
4600000 USD
CY2019Q1 gpk Other Comprehensive Income Loss Netof Tax Portion Attributableto Redeemable Noncontrolling Interest
OtherComprehensiveIncomeLossNetofTaxPortionAttributabletoRedeemableNoncontrollingInterest
300000 USD
CY2019Q1 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
6700000 USD
CY2019Q1 gpk Temporary Equity Distributions Of Membership Interest
TemporaryEquityDistributionsOfMembershipInterest
1500000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
5000000.0 USD
CY2019Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1000000.0 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
6000000.0 USD

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