$PKG
PACKAGING CORP OF AMERICA

2014 Q4 Form 10-Q Financial Statement

#000007567714000040 Filed on November 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $1.434B $1.519B $845.5M
YoY Change 13.41% 79.65% 16.87%
Cost Of Revenue $1.137B $1.199B $617.8M
YoY Change 13.13% 94.0% 10.15%
Gross Profit $297.0M $320.3M $227.6M
YoY Change 14.49% 40.73% 39.7%
Gross Profit Margin 20.71% 21.09% 26.92%
Selling, General & Admin $110.5M $119.6M $77.10M
YoY Change 10.5% 55.13% 49.62%
% of Gross Profit 37.21% 37.34% 33.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $85.10M $95.10M $42.40M
YoY Change 5.71% 124.29% -1.17%
% of Gross Profit 28.65% 29.69% 18.63%
Operating Expenses $111.0M $119.6M $77.10M
YoY Change 11.33% 55.13% 49.62%
Operating Profit $173.2M $188.4M $142.8M
YoY Change 40.93% 31.93% 55.4%
Interest Expense -$23.10M -$23.10M -$11.85M
YoY Change -17.5% 94.94% -61.26%
% of Operating Profit -13.34% -12.26% -8.3%
Other Income/Expense, Net
YoY Change
Pretax Income $150.1M $165.3M $130.9M
YoY Change 58.0% 26.25% 112.96%
Income Tax $51.60M $60.90M $46.25M
% Of Pretax Income 34.38% 36.84% 35.32%
Net Earnings $98.50M $104.4M $84.70M
YoY Change -56.82% 23.26% 113.45%
Net Earnings / Revenue 6.87% 6.87% 10.02%
Basic Earnings Per Share $1.00 $1.06 $0.88
Diluted Earnings Per Share $1.00 $1.06 $0.87
COMMON SHARES
Basic Shares Outstanding 98.38M shares 97.10M shares 96.76M shares
Diluted Shares Outstanding 97.20M shares 97.60M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $124.9M $154.3M $396.6M
YoY Change -34.61% -61.09% 181.48%
Cash & Equivalents $124.9M $154.3M $396.6M
Short-Term Investments
Other Short-Term Assets $61.90M $108.5M $53.30M
YoY Change -22.24% 103.56% -12.48%
Inventory $664.9M $617.0M $266.9M
Prepaid Expenses
Receivables $646.1M $717.9M $409.7M
Other Receivables $5.100M $0.00 $9.400M
Total Short-Term Assets $1.503B $1.598B $1.136B
YoY Change -1.84% 40.65% 22.83%
LONG-TERM ASSETS
Property, Plant & Equipment $2.858B $2.818B $1.369B
YoY Change 1.85% 105.85% -0.54%
Goodwill $546.8M $541.9M $67.16M
YoY Change 0.0% 706.9% -6.14%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $72.00M $73.90M $49.23M
YoY Change 3.3% 50.13% 3.53%
Total Long-Term Assets $3.756B $3.733B $1.521B
YoY Change 2.47% 145.4% -0.6%
TOTAL ASSETS
Total Short-Term Assets $1.503B $1.598B $1.136B
Total Long-Term Assets $3.756B $3.733B $1.521B
Total Assets $5.259B $5.331B $2.657B
YoY Change 1.2% 100.62% 8.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $330.5M $387.9M $163.9M
YoY Change -7.55% 136.6% 11.28%
Accrued Expenses $220.0M $228.8M $129.6M
YoY Change 2.76% 76.55% 12.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.500M $6.500M $15.00M
YoY Change -83.33% -56.67% 0.0%
Total Short-Term Liabilities $611.0M $690.0M $353.9M
YoY Change -7.51% 94.98% 15.18%
LONG-TERM LIABILITIES
Long-Term Debt $2.349B $2.350B $767.4M
YoY Change -6.37% 206.29% -1.91%
Other Long-Term Liabilities $72.80M $84.76M $33.66M
YoY Change 11.31% 151.82% 16.82%
Total Long-Term Liabilities $3.140B $3.089B $1.204B
YoY Change -2.67% 156.52% -0.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $611.0M $690.0M $353.9M
Total Long-Term Liabilities $3.140B $3.089B $1.204B
Total Liabilities $3.751B $3.779B $1.558B
YoY Change -3.49% 142.54% 2.83%
SHAREHOLDERS EQUITY
Retained Earnings $1.242B $1.184B $787.7M
YoY Change 21.89% 50.33% 17.53%
Common Stock $433.1M $428.8M $397.5M
YoY Change 7.55% 7.87% 6.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.521B $1.552B $1.099B
YoY Change
Total Liabilities & Shareholders Equity $5.273B $5.331B $2.657B
YoY Change 0.55% 100.62% 8.23%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $98.50M $104.4M $84.70M
YoY Change -56.82% 23.26% 113.45%
Depreciation, Depletion And Amortization $85.10M $95.10M $42.40M
YoY Change 5.71% 124.29% -1.17%
Cash From Operating Activities $179.4M $222.6M $137.2M
YoY Change -4.57% 62.24% 34.77%
INVESTING ACTIVITIES
Capital Expenditures -$166.2M -$112.4M -$49.80M
YoY Change 58.89% 125.7% 101.62%
Acquisitions
YoY Change
Other Investing Activities -$1.300M $100.0K $200.0K
YoY Change -99.89% -50.0%
Cash From Investing Activities -$167.5M -$112.3M -$49.60M
YoY Change -86.9% 126.41% 101.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -41.30M -118.0M -60.90M
YoY Change -104.67% 93.76% -86.51%
NET CHANGE
Cash From Operating Activities 179.4M 222.6M 137.2M
Cash From Investing Activities -167.5M -112.3M -49.60M
Cash From Financing Activities -41.30M -118.0M -60.90M
Net Change In Cash -29.40M -7.700M 26.70M
YoY Change -85.71% -128.84% -107.14%
FREE CASH FLOW
Cash From Operating Activities $179.4M $222.6M $137.2M
Capital Expenditures -$166.2M -$112.4M -$49.80M
Free Cash Flow $345.6M $335.0M $187.0M
YoY Change 18.11% 79.14% 47.83%

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 nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#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 nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#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 change in accounting principle relating to our inventories 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;">September&#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 nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#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;">September&#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 the updated consolidated financial statements included in 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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CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1518940000 USD
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
845440000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96536000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
97165000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96758000 shares
CY2013Q4 pkg Accrual For Franchise Property Sales And Use Taxes Current
AccrualForFranchisePropertySalesAndUseTaxesCurrent
20232000 USD
CY2014Q3 pkg Accrual For Franchise Property Sales And Use Taxes Current
AccrualForFranchisePropertySalesAndUseTaxesCurrent
27942000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
359007000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
119645000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
226606000 USD
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
77096000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
11648000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9956000 USD
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10600000 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1900000 shares
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
1356820000 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
1552039000 USD
CY2013Q4 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
8172000 USD
CY2014Q3 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
2052000 USD
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
CY2014Q3 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
6400000 USD
CY2014Q3 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
6400000 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
97512000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97007000 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97597000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97222000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96954000 shares
CY2013Q4 pkg Allowance For Doubtful Accounts Receivable And Reserve For Customer Deductions Current
AllowanceForDoubtfulAccountsReceivableAndReserveForCustomerDeductionsCurrent
10567000 USD
CY2014Q3 pkg Allowance For Doubtful Accounts Receivable And Reserve For Customer Deductions Current
AllowanceForDoubtfulAccountsReceivableAndReserveForCustomerDeductionsCurrent
12118000 USD
pkg Alternative Fuel Mixture Credit Change
AlternativeFuelMixtureCreditChange
0 USD
pkg Alternative Fuel Mixture Credit Change
AlternativeFuelMixtureCreditChange
-76280000 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
-2157000 USD
CY2013Q3 pkg Other Comprehensive Income Amortization Of Defined Benefit Plan Net Prior Service Cost And Net Loss Recognized In Net Periodic Pension Cost Tax
OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax
-2153000 USD
CY2014Q3 pkg Other Comprehensive Income Amortization Of Defined Benefit Plan Net Prior Service Cost And Net Loss Recognized In Net Periodic Pension Cost Tax
OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax
-685000 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
-7574000 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
pkg Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss And Net Prior Service Costs Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossAndNetPriorServiceCostsArisingDuringPeriodNetOfTax
13418000 USD
CY2013Q3 pkg Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss And Net Prior Service Costs Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossAndNetPriorServiceCostsArisingDuringPeriodNetOfTax
4963000 USD
CY2014Q3 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
CY2014Q3 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
8522000 USD
CY2013Q3 pkg Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss And Net Prior Service Costs Arising During Period Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossAndNetPriorServiceCostsArisingDuringPeriodTax
3152000 USD
pkg Pension And Postretirement Benefits Contributions Expense Net
PensionAndPostretirementBenefitsContributionsExpenseNet
-19230000 USD
pkg Pension And Postretirement Benefits Contributions Expense Net
PensionAndPostretirementBenefitsContributionsExpenseNet
-10600000 USD
CY2014Q3 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
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000075677
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
98383452 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q3 dei Entity Number Of Employees
EntityNumberOfEmployees
14000
dei Entity Registrant Name
EntityRegistrantName
PACKAGING CORP OF AMERICA
dei Trading Symbol
TradingSymbol
PKG

Files In Submission

Name View Source Status
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0000075677-14-000040.txt Edgar Link pending
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Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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pkg-09302014xexx18.htm Edgar Link pending
pkg-09302014xexx311.htm Edgar Link pending
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