$PKG
PACKAGING CORP OF AMERICA

2014 Q2 Form 10-Q Financial Statement

#000007567714000033 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q4 2013 Q2
Revenue $1.468B $1.264B $800.2M
YoY Change 83.5% 71.66% 12.31%
Cost Of Revenue $1.158B $1.005B $605.0M
YoY Change 91.35% 78.92% 9.13%
Gross Profit $310.8M $259.4M $195.3M
YoY Change 59.14% 51.86% 22.71%
Gross Profit Margin 21.17% 20.52% 24.41%
Selling, General & Admin $122.9M $100.0M $74.23M
YoY Change 65.58% 79.53% 40.4%
% of Gross Profit 39.54% 38.55% 38.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $93.00M $80.50M $41.70M
YoY Change 123.02% 69.83% -1.88%
% of Gross Profit 29.92% 31.03% 21.35%
Operating Expenses $122.9M $99.70M $74.23M
YoY Change 65.58% 68.13% 40.4%
Operating Profit $180.2M $122.9M $110.2M
YoY Change 63.52% 29.51% 29.64%
Interest Expense -$21.40M -$28.00M -$9.232M
YoY Change 131.8% 5.26% -3.83%
% of Operating Profit -11.88% -22.78% -8.38%
Other Income/Expense, Net
YoY Change
Pretax Income $158.8M $95.00M $101.0M
YoY Change 57.28% 6.74% 43.01%
Income Tax $59.20M -$133.1M $34.71M
% Of Pretax Income 37.28% -140.11% 34.38%
Net Earnings $99.60M $228.1M $66.20M
YoY Change 50.45% 287.4% 44.37%
Net Earnings / Revenue 6.78% 18.04% 8.27%
Basic Earnings Per Share $1.01 $2.36 $0.69
Diluted Earnings Per Share $1.01 $2.34 $0.68
COMMON SHARES
Basic Shares Outstanding 96.90M shares 98.08M shares 96.43M shares
Diluted Shares Outstanding 96.90M shares 97.49M shares

Balance Sheet

Concept 2014 Q2 2013 Q4 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.0M $191.0M $370.1M
YoY Change -56.23% -7.91% -28.15%
Cash & Equivalents $162.0M $191.0M $370.1M
Short-Term Investments
Other Short-Term Assets $93.80M $79.60M $61.20M
YoY Change 53.27% 84.26% -15.7%
Inventory $611.3M $594.3M $263.0M
Prepaid Expenses
Receivables $704.2M $643.1M $403.4M
Other Receivables $2.900M $23.00M $4.700M
Total Short-Term Assets $1.574B $1.531B $1.102B
YoY Change 42.81% 56.51% -14.26%
LONG-TERM ASSETS
Property, Plant & Equipment $2.817B $2.806B $1.364B
YoY Change 106.59% 105.38% -2.16%
Goodwill $537.4M $546.8M $67.16M
YoY Change 700.12% 713.69% -6.14%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $69.37M $69.70M $45.06M
YoY Change 53.97% 54.13% 0.29%
Total Long-Term Assets $3.730B $3.665B $1.512B
YoY Change 146.61% 141.66% -2.16%
TOTAL ASSETS
Total Short-Term Assets $1.574B $1.531B $1.102B
Total Long-Term Assets $3.730B $3.665B $1.512B
Total Assets $5.304B $5.196B $2.615B
YoY Change 102.85% 108.27% -7.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $394.7M $357.5M $164.9M
YoY Change 139.37% 204.23% 22.96%
Accrued Expenses $207.3M $214.1M $120.3M
YoY Change 72.28% 74.5% 16.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.500M $39.00M $15.00M
YoY Change -56.67% 160.0% -96.38%
Total Short-Term Liabilities $657.9M $660.6M $344.2M
YoY Change 91.17% 151.89% -50.12%
LONG-TERM LIABILITIES
Long-Term Debt $2.425B $2.509B $771.2M
YoY Change 214.52% 222.21% -1.9%
Other Long-Term Liabilities $83.08M $65.40M $29.95M
YoY Change 177.4% 123.75% 5.49%
Total Long-Term Liabilities $3.164B $3.226B $1.219B
YoY Change 159.45% 163.5% 0.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $657.9M $660.6M $344.2M
Total Long-Term Liabilities $3.164B $3.226B $1.219B
Total Liabilities $3.822B $3.887B $1.564B
YoY Change 144.42% 161.45% -18.09%
SHAREHOLDERS EQUITY
Retained Earnings $1.119B $1.019B $753.4M
YoY Change 48.57% 37.25% 13.88%
Common Stock $424.6M $402.7M $393.2M
YoY Change 7.99% 6.04% 7.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.483B $1.357B $1.051B
YoY Change
Total Liabilities & Shareholders Equity $5.304B $5.244B $2.615B
YoY Change 102.85% 110.18% -7.65%

Cashflow Statement

Concept 2014 Q2 2013 Q4 2013 Q2
OPERATING ACTIVITIES
Net Income $99.60M $228.1M $66.20M
YoY Change 50.45% 287.4% 44.37%
Depreciation, Depletion And Amortization $93.00M $80.50M $41.70M
YoY Change 123.02% 69.83% -1.88%
Cash From Operating Activities $184.8M $188.0M $187.2M
YoY Change -1.28% 23.36% 62.64%
INVESTING ACTIVITIES
Capital Expenditures -$100.4M -$104.6M -$54.10M
YoY Change 85.58% 207.65% 55.91%
Acquisitions
YoY Change
Other Investing Activities -$17.30M -$1.174B $200.0K
YoY Change -8750.0% -1174400.0% -99.65%
Cash From Investing Activities -$117.7M -$1.279B -$53.90M
YoY Change 118.37% 3661.47% -336.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -90.80M 885.2M -31.30M
YoY Change 190.1% -1805.59% -110.68%
NET CHANGE
Cash From Operating Activities 184.8M 188.0M 187.2M
Cash From Investing Activities -117.7M -1.279B -53.90M
Cash From Financing Activities -90.80M 885.2M -31.30M
Net Change In Cash -23.70M -205.7M 102.0M
YoY Change -123.24% -409.32% -76.34%
FREE CASH FLOW
Cash From Operating Activities $184.8M $188.0M $187.2M
Capital Expenditures -$100.4M -$104.6M -$54.10M
Free Cash Flow $285.2M $292.6M $241.3M
YoY Change 18.19% 56.97% 61.08%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of Operations and Basis of Presentation</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Packaging Corporation of America ("we," "us," "our," PCA," or the "Company") was incorporated on January 25, 1999. In April 1999, PCA acquired the containerboard and corrugated packaging products business of Pactiv Corporation ("Pactiv"), formerly known as Tenneco Packaging, Inc., a wholly owned subsidiary of Tenneco Inc. On October&#160;25, 2013, PCA acquired Boise Inc. ("Boise"). For more information, see Note </font><font style="font-family:inherit;font-size:10pt;">3</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">Acquisitions</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">After the acquisition of Boise, we began reporting our business in </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> reportable segments: Packaging, Paper, and Corporate and Other. Our Packaging segment produces a wide variety of corrugated packaging products. The Paper segment manufactures and sells a range of papers, including communication-based papers and pressure sensitive papers (collectively, white papers) and market pulp. 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 </font><font style="font-family:inherit;font-size:10pt;">16</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">Segment Information</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In these consolidated financial statements, certain amounts in prior periods' consolidated financial statements have been reclassified to conform with the current period presentation. In accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 280, "Segment Reporting," we recast segment information for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, to conform with the current period presentation. In addition, we reclassified amounts previously disclosed in "Corporate overhead" in the Consolidated Statements of Income for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, into "Selling, general, and administrative expenses" given that Corporate and Other is now a separately disclosed segment. With the exception of the inventory change in accounting principle, described below in Note </font><font style="font-family:inherit;font-size:10pt;">2</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">Change in Accounting Principle: Inventories</font><font style="font-family:inherit;font-size:10pt;">, none of the reclassifications affected our results of operations, financial position, or cash flows.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated financial statements of PCA as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, and for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;">, are unaudited but include all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of such financial statements. The preparation of the consolidated financial statements involves the use of estimates and accruals. Actual results may vary from those estimates. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with Article&#160;10 of SEC Regulation&#160;S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete audited financial statements. Operating results for the period ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, are not necessarily indicative of the results that may be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">. These consolidated financial statements should be read in conjunction with our Annual Report on Form&#160;10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">, and our Current Report on Form 8-K filed on May 9, 2014 (referred to as "</font><font style="font-family:inherit;font-size:10pt;">updated 2013 Financial Statements</font><font style="font-family:inherit;font-size:10pt;">" throughout this document).</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions. Boise's results are included in our results for periods after October&#160;25, 2013.</font></div></div>
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us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements involves the use of estimates and accruals. Actual results may vary from those estimates.</font></div></div>
CY2013Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
5000000 USD
CY2014Q2 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
5200000 USD
CY2014Q2 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
5200000 USD
CY2013Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
5000000 USD
us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
0.50
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97461000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96881000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97494000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96914000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96847000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96424000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96906000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96432000 shares
CY2014Q2 pkg Accrual For Franchise Property Sales And Use Taxes Current
AccrualForFranchisePropertySalesAndUseTaxesCurrent
21884000 USD
CY2013Q4 pkg Accrual For Franchise Property Sales And Use Taxes Current
AccrualForFranchisePropertySalesAndUseTaxesCurrent
20232000 USD
CY2013Q4 pkg Allowance For Doubtful Accounts Receivable And Reserve For Customer Deductions Current
AllowanceForDoubtfulAccountsReceivableAndReserveForCustomerDeductionsCurrent
10567000 USD
CY2014Q2 pkg Allowance For Doubtful Accounts Receivable And Reserve For Customer Deductions Current
AllowanceForDoubtfulAccountsReceivableAndReserveForCustomerDeductionsCurrent
11712000 USD
pkg Alternative Fuel Mixture Credit Change
AlternativeFuelMixtureCreditChange
0 USD
pkg Alternative Fuel Mixture Credit Change
AlternativeFuelMixtureCreditChange
-72437000 USD
pkg Long Term Equity Incentive Plan Termination Date
LongTermEquityIncentivePlanTerminationDate
May 1, 2023
pkg Other Comprehensive Income Amortization Of Defined Benefit Plan Net Prior Service Cost And Net Loss Recognized In Net Periodic Pension Cost Tax
OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax
-1472000 USD
CY2013Q2 pkg Other Comprehensive Income Amortization Of Defined Benefit Plan Net Prior Service Cost And Net Loss Recognized In Net Periodic Pension Cost Tax
OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax
-4221000 USD
CY2014Q2 pkg Other Comprehensive Income Amortization Of Defined Benefit Plan Net Prior Service Cost And Net Loss Recognized In Net Periodic Pension Cost Tax
OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax
-688000 USD
pkg Other Comprehensive Income Amortization Of Defined Benefit Plan Net Prior Service Cost And Net Loss Recognized In Net Periodic Pension Cost Tax
OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax
-5421000 USD
pkg Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss And Net Prior Service Costs Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossAndNetPriorServiceCostsArisingDuringPeriodNetOfTax
8455000 USD
CY2013Q2 pkg Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss And Net Prior Service Costs Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossAndNetPriorServiceCostsArisingDuringPeriodNetOfTax
8455000 USD
CY2014Q2 pkg Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss And Net Prior Service Costs Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossAndNetPriorServiceCostsArisingDuringPeriodNetOfTax
0 USD
pkg Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss And Net Prior Service Costs Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossAndNetPriorServiceCostsArisingDuringPeriodNetOfTax
0 USD
CY2014Q2 pkg Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss And Net Prior Service Costs Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossAndNetPriorServiceCostsArisingDuringPeriodTax
0 USD
pkg Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss And Net Prior Service Costs Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossAndNetPriorServiceCostsArisingDuringPeriodTax
0 USD
pkg Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss And Net Prior Service Costs Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossAndNetPriorServiceCostsArisingDuringPeriodTax
5370000 USD
CY2013Q2 pkg Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss And Net Prior Service Costs Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossAndNetPriorServiceCostsArisingDuringPeriodTax
5370000 USD
pkg Pension And Postretirement Benefits Contributions Expense Net
PensionAndPostretirementBenefitsContributionsExpenseNet
-28023000 USD
pkg Pension And Postretirement Benefits Contributions Expense Net
PensionAndPostretirementBenefitsContributionsExpenseNet
-12657000 USD
CY2014Q2 pkg Percentage Of Hourly Employees Represented By Unions
PercentageOfHourlyEmployeesRepresentedByUnions
0.75
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000075677
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
98385921 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q2 dei Entity Number Of Employees
EntityNumberOfEmployees
14000
dei Entity Registrant Name
EntityRegistrantName
PACKAGING CORP OF AMERICA
dei Trading Symbol
TradingSymbol
PKG

Files In Submission

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0000075677-14-000033-index-headers.html Edgar Link pending
0000075677-14-000033-index.html Edgar Link pending
0000075677-14-000033.txt Edgar Link pending
0000075677-14-000033-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
pcalogocolora03.jpg Edgar Link pending
pkg-06302014xexx101.htm Edgar Link pending
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pkg-20140630.xml Edgar Link completed
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