$PKG
PACKAGING CORP OF AMERICA

2015 Q4 Form 10-Q Financial Statement

#000007567715000024 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $1.391B $1.471B $1.519B
YoY Change -3.01% -3.17% 79.65%
Cost Of Revenue $1.106B $1.143B $1.199B
YoY Change -2.74% -4.68% 94.0%
Gross Profit $285.0M $328.3M $320.3M
YoY Change -4.04% 2.5% 40.73%
Gross Profit Margin 20.49% 22.32% 21.09%
Selling, General & Admin $105.4M $112.7M $119.6M
YoY Change -4.62% -5.77% 55.13%
% of Gross Profit 36.98% 34.33% 37.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $82.80M $79.60M $95.10M
YoY Change -2.7% -16.3% 124.29%
% of Gross Profit 29.05% 24.25% 29.69%
Operating Expenses $104.5M $112.7M $119.6M
YoY Change -5.86% -5.77% 55.13%
Operating Profit $175.9M $219.4M $188.4M
YoY Change 1.56% 16.45% 31.93%
Interest Expense -$22.30M -$21.70M -$23.10M
YoY Change -3.46% -6.06% 94.94%
% of Operating Profit -12.68% -9.89% -12.26%
Other Income/Expense, Net
YoY Change
Pretax Income $153.6M $197.7M $165.3M
YoY Change 2.33% 19.6% 26.25%
Income Tax $49.40M $69.90M $60.90M
% Of Pretax Income 32.16% 35.36% 36.84%
Net Earnings $104.3M $127.8M $104.4M
YoY Change 5.89% 22.41% 23.26%
Net Earnings / Revenue 7.5% 8.69% 6.87%
Basic Earnings Per Share $1.07 $1.31 $1.06
Diluted Earnings Per Share $1.07 $1.31 $1.06
COMMON SHARES
Basic Shares Outstanding 97.00M shares 96.50M shares 97.10M shares
Diluted Shares Outstanding 96.60M shares 97.20M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $184.2M $186.9M $154.3M
YoY Change 47.48% 21.13% -61.09%
Cash & Equivalents $184.2M $186.9M $154.3M
Short-Term Investments
Other Short-Term Assets $28.80M $113.0M $108.5M
YoY Change -53.47% 4.15% 103.56%
Inventory $676.8M $695.9M $617.0M
Prepaid Expenses
Receivables $636.5M $683.5M $717.9M
Other Receivables $28.20M $0.00 $0.00
Total Short-Term Assets $1.555B $1.679B $1.598B
YoY Change 3.43% 5.11% 40.65%
LONG-TERM ASSETS
Property, Plant & Equipment $2.832B $2.843B $2.818B
YoY Change -0.89% 0.86% 105.85%
Goodwill $544.0M $544.0M $541.9M
YoY Change -0.51% 0.39% 706.9%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $70.90M $80.00M $73.90M
YoY Change -1.53% 8.25% 50.13%
Total Long-Term Assets $3.718B $3.743B $3.733B
YoY Change -1.01% 0.26% 145.4%
TOTAL ASSETS
Total Short-Term Assets $1.555B $1.679B $1.598B
Total Long-Term Assets $3.718B $3.743B $3.733B
Total Assets $5.272B $5.422B $5.331B
YoY Change 0.26% 1.72% 100.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $294.2M $337.0M $387.9M
YoY Change -10.98% -13.11% 136.6%
Accrued Expenses $193.5M $209.0M $228.8M
YoY Change -12.05% -8.64% 76.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.500M $6.500M $6.500M
YoY Change 0.0% 0.0% -56.67%
Total Short-Term Liabilities $561.9M $628.4M $690.0M
YoY Change -8.04% -8.93% 94.98%
LONG-TERM LIABILITIES
Long-Term Debt $2.290B $2.319B $2.350B
YoY Change -2.49% -1.33% 206.29%
Other Long-Term Liabilities $59.50M $58.00M $84.76M
YoY Change -18.27% -31.57% 151.82%
Total Long-Term Liabilities $3.077B $3.179B $3.089B
YoY Change -2.02% 2.92% 156.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $561.9M $628.4M $690.0M
Total Long-Term Liabilities $3.077B $3.179B $3.089B
Total Liabilities $3.639B $3.807B $3.779B
YoY Change -3.0% 0.75% 142.54%
SHAREHOLDERS EQUITY
Retained Earnings $1.317B $1.318B $1.184B
YoY Change 6.05% 11.29% 50.33%
Common Stock $440.9M $439.1M $428.8M
YoY Change 1.8% 2.4% 7.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $1.633B $1.615B $1.552B
YoY Change
Total Liabilities & Shareholders Equity $5.272B $5.422B $5.331B
YoY Change -0.01% 1.72% 100.62%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $104.3M $127.8M $104.4M
YoY Change 5.89% 22.41% 23.26%
Depreciation, Depletion And Amortization $82.80M $79.60M $95.10M
YoY Change -2.7% -16.3% 124.29%
Cash From Operating Activities $220.6M $237.5M $222.6M
YoY Change 22.97% 6.69% 62.24%
INVESTING ACTIVITIES
Capital Expenditures -$99.70M -$79.10M -$112.4M
YoY Change -40.01% -29.63% 125.7%
Acquisitions
YoY Change
Other Investing Activities $4.400M $200.0K $100.0K
YoY Change -438.46% 100.0% -50.0%
Cash From Investing Activities -$95.30M -$78.90M -$112.3M
YoY Change -43.1% -29.74% 126.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -128.0M -135.4M -118.0M
YoY Change 209.93% 14.75% 93.76%
NET CHANGE
Cash From Operating Activities 220.6M 237.5M 222.6M
Cash From Investing Activities -95.30M -78.90M -112.3M
Cash From Financing Activities -128.0M -135.4M -118.0M
Net Change In Cash -2.700M 23.20M -7.700M
YoY Change -90.82% -401.3% -128.84%
FREE CASH FLOW
Cash From Operating Activities $220.6M $237.5M $222.6M
Capital Expenditures -$99.70M -$79.10M -$112.4M
Free Cash Flow $320.3M $316.6M $335.0M
YoY Change -7.32% -5.49% 79.14%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Registrant Name
EntityRegistrantName
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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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. We are a large diverse manufacturer of both packaging and paper products. We are headquartered in Lake Forest, Illinois, and we operate primarily in the United States and have some converting and distribution 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;">September&#160;30, 2015</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, 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 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, 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>
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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