$PKG
PACKAGING CORP OF AMERICA

2015 Q1 Form 10-Q Financial Statement

#000007567715000011 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $1.426B $1.431B
YoY Change -0.39% 89.53%
Cost Of Revenue $1.149B $1.130B
YoY Change 1.66% 98.24%
Gross Profit $277.0M $301.4M
YoY Change -8.1% 62.74%
Gross Profit Margin 19.43% 21.06%
Selling, General & Admin $117.3M $116.5M
YoY Change 0.69% 54.75%
% of Gross Profit 42.35% 38.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $85.20M $86.04M
YoY Change -0.98% 94.24%
% of Gross Profit 30.76% 28.55%
Operating Expenses $117.3M $116.5M
YoY Change 0.69% 54.75%
Operating Profit $157.1M $160.9M
YoY Change -2.36% 51.79%
Interest Expense -$19.20M -$20.80M
YoY Change -7.69% 124.84%
% of Operating Profit -12.22% -12.93%
Other Income/Expense, Net
YoY Change
Pretax Income $137.9M $140.1M
YoY Change -1.57% 44.81%
Income Tax $47.10M $50.00M
% Of Pretax Income 34.16% 35.69%
Net Earnings $90.80M $90.10M
YoY Change 0.78% 44.62%
Net Earnings / Revenue 6.37% 6.29%
Basic Earnings Per Share $0.92 $0.92
Diluted Earnings Per Share $0.92 $0.92
COMMON SHARES
Basic Shares Outstanding 97.10M shares 96.80M shares
Diluted Shares Outstanding 97.20M shares 96.80M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.4M $185.7M
YoY Change -31.93% -30.71%
Cash & Equivalents $126.4M $185.7M
Short-Term Investments
Other Short-Term Assets $124.1M $72.00M
YoY Change 72.36% 57.89%
Inventory $687.6M $607.3M
Prepaid Expenses
Receivables $676.7M $696.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.615B $1.561B
YoY Change 3.42% 54.34%
LONG-TERM ASSETS
Property, Plant & Equipment $2.864B $2.801B
YoY Change 2.26% 106.97%
Goodwill $546.6M $526.8M
YoY Change 3.77% 684.34%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $72.10M $70.21M
YoY Change 2.69% 50.98%
Total Long-Term Assets $3.771B $3.703B
YoY Change 1.84% 146.13%
TOTAL ASSETS
Total Short-Term Assets $1.615B $1.561B
Total Long-Term Assets $3.771B $3.703B
Total Assets $5.385B $5.264B
YoY Change 2.31% 109.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $352.7M $390.6M
YoY Change -9.71% 173.44%
Accrued Expenses $164.0M $180.9M
YoY Change -9.33% 97.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.500M $6.500M
YoY Change 0.0% -56.67%
Total Short-Term Liabilities $621.3M $643.4M
YoY Change -3.44% 124.68%
LONG-TERM LIABILITIES
Long-Term Debt $2.347B $2.475B
YoY Change -5.17% 219.45%
Other Long-Term Liabilities $70.20M $80.81M
YoY Change -13.13% 159.01%
Total Long-Term Liabilities $3.208B $3.203B
YoY Change 0.15% 160.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $621.3M $643.4M
Total Long-Term Liabilities $3.208B $3.203B
Total Liabilities $3.829B $3.846B
YoY Change -0.45% 154.03%
SHAREHOLDERS EQUITY
Retained Earnings $1.272B $1.068B
YoY Change 19.1% 46.31%
Common Stock $437.0M $413.1M
YoY Change 5.78% 7.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.556B $1.418B
YoY Change
Total Liabilities & Shareholders Equity $5.385B $5.264B
YoY Change 2.31% 109.22%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $90.80M $90.10M
YoY Change 0.78% 44.62%
Depreciation, Depletion And Amortization $85.20M $86.04M
YoY Change -0.98% 94.24%
Cash From Operating Activities $108.3M $149.3M
YoY Change -27.46% 55.9%
INVESTING ACTIVITIES
Capital Expenditures $55.60M $50.90M
YoY Change 9.23% 86.61%
Acquisitions
YoY Change
Other Investing Activities -$600.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$57.60M -$53.60M
YoY Change 7.46% 85.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.600M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $66.00M
YoY Change
Cash From Financing Activities -$49.20M -$101.0M
YoY Change -51.29% 1538.81%
NET CHANGE
Cash From Operating Activities $108.3M $149.3M
Cash From Investing Activities -$57.60M -$53.60M
Cash From Financing Activities -$49.20M -$101.0M
Net Change In Cash $1.500M -$5.300M
YoY Change -128.3% -108.74%
FREE CASH FLOW
Cash From Operating Activities $108.3M $149.3M
Capital Expenditures $55.60M $50.90M
Free Cash Flow $52.70M $98.40M
YoY Change -46.44% 43.67%

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CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
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108300000 USD
CY2014Q1 us-gaap Net Income Loss
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90100000 USD
CY2015Q1 us-gaap Net Income Loss
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CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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88700000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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89600000 USD
CY2015Q1 us-gaap Number Of Reportable Segments
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3
CY2014Q1 us-gaap Operating Income Loss
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CY2015Q1 us-gaap Operating Income Loss
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157100000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
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CY2014Q1 us-gaap Proceeds From Stock Options Exercised
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3300000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
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0 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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1600000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-800000 USD
CY2015Q1 us-gaap Other Accrued Liabilities Current
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13200000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
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72000000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
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72100000 USD
CY2014Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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0 USD
CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1400000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-1400000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1800000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-800000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
-600000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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-600000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
1000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
2200000 USD
CY2014Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
-100000 USD
CY2015Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1000000 USD
CY2014Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
175400000 USD
CY2015Q1 us-gaap Other Inventory Supplies
OtherInventorySupplies
182800000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
72800000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
70200000 USD
CY2014Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
2800000 USD
CY2015Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-5400000 USD
CY2014Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-24000000 USD
CY2015Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-2600000 USD
CY2014Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
1400000 USD
CY2015Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
1200000 USD
CY2014Q1 us-gaap Patronage Refunds
PatronageRefunds
800000 USD
CY2015Q1 us-gaap Patronage Refunds
PatronageRefunds
4100000 USD
CY2014Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-600000 USD
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
7600000 USD
CY2014Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
39300000 USD
CY2015Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
39400000 USD
CY2014Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2400000 USD
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
300000 USD
CY2014Q1 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
2700000 USD
CY2015Q1 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
2600000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
50900000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
55600000 USD
CY2014Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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361700000 USD
CY2015Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
367800000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
61900000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
65700000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5515400000 USD
CY2015Q2 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
23000000 USD
CY2014Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-300000 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5590800000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
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2857600000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2864100000 USD
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-3000000 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
66300000 USD
CY2015Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
1900000 USD
CY2014Q1 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
1300000 USD
CY2015Q1 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
9000000 USD
CY2014Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
1100000 USD
CY2015Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
1200000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1242200000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1271600000 USD
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1431300000 USD
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1425700000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1431300000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1425700000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
116500000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
117300000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3600000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4200000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10600000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1900000 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1521400000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
1556300000 USD
CY2014Q4 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
8300000 USD
CY2015Q1 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
8800000 USD
CY2014Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
5200000 USD
CY2015Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
6200000 USD
CY2014Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
5200000 USD
CY2015Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
6200000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96800000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97200000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96800000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
97100000 shares
CY2015Q1 us-gaap Nature Of Operations
NatureOfOperations
<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. We are a large diverse manufacturer of both packaging and paper products. We are headquartered in Lake Forest, Illinois, and we operate largely in the United States but also have operations in Canada. </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;">We report 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.</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;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, and for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2014</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 </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2015</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, 2015</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, 2014</font><font style="font-family:inherit;font-size:10pt;">.</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.</font></div></div>
CY2015Q1 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>

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