$PKG
PACKAGING CORP OF AMERICA

2016 Q1 Form 10-Q Financial Statement

#000007567716000034 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $1.401B $1.391B $1.426B
YoY Change -1.73% -3.01% -0.39%
Cost Of Revenue $1.102B $1.106B $1.149B
YoY Change -4.07% -2.74% 1.66%
Gross Profit $299.0M $285.0M $277.0M
YoY Change 7.94% -4.04% -8.1%
Gross Profit Margin 21.34% 20.49% 19.43%
Selling, General & Admin $114.3M $105.4M $117.3M
YoY Change -2.56% -4.62% 0.69%
% of Gross Profit 38.23% 36.98% 42.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.70M $82.80M $85.20M
YoY Change -5.28% -2.7% -0.98%
% of Gross Profit 26.99% 29.05% 30.76%
Operating Expenses $114.3M $104.5M $117.3M
YoY Change -2.56% -5.86% 0.69%
Operating Profit $180.8M $175.9M $157.1M
YoY Change 15.09% 1.56% -2.36%
Interest Expense -$21.60M -$22.30M -$19.20M
YoY Change 12.5% -3.46% -7.69%
% of Operating Profit -11.95% -12.68% -12.22%
Other Income/Expense, Net
YoY Change
Pretax Income $159.2M $153.6M $137.9M
YoY Change 15.45% 2.33% -1.57%
Income Tax $55.50M $49.40M $47.10M
% Of Pretax Income 34.86% 32.16% 34.16%
Net Earnings $103.7M $104.3M $90.80M
YoY Change 14.21% 5.89% 0.78%
Net Earnings / Revenue 7.4% 7.5% 6.37%
Basic Earnings Per Share $1.09 $1.07 $0.92
Diluted Earnings Per Share $1.09 $1.07 $0.92
COMMON SHARES
Basic Shares Outstanding 94.10M shares 97.00M shares 97.10M shares
Diluted Shares Outstanding 94.20M shares 97.20M shares

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.3M $184.2M $126.4M
YoY Change 28.4% 47.48% -31.93%
Cash & Equivalents $162.3M $184.2M $126.4M
Short-Term Investments
Other Short-Term Assets $42.70M $28.80M $124.1M
YoY Change -65.59% -53.47% 72.36%
Inventory $692.5M $676.8M $687.6M
Prepaid Expenses
Receivables $631.4M $636.5M $676.7M
Other Receivables $0.00 $28.20M $0.00
Total Short-Term Assets $1.529B $1.555B $1.615B
YoY Change -5.32% 3.43% 3.42%
LONG-TERM ASSETS
Property, Plant & Equipment $2.818B $2.832B $2.864B
YoY Change -1.61% -0.89% 2.26%
Goodwill $544.0M $544.0M $546.6M
YoY Change -0.48% -0.51% 3.77%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $71.40M $70.90M $72.10M
YoY Change -0.97% -1.53% 2.69%
Total Long-Term Assets $3.698B $3.718B $3.771B
YoY Change -1.91% -1.01% 1.84%
TOTAL ASSETS
Total Short-Term Assets $1.529B $1.555B $1.615B
Total Long-Term Assets $3.698B $3.718B $3.771B
Total Assets $5.227B $5.272B $5.385B
YoY Change -2.94% 0.26% 2.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $309.0M $294.2M $352.7M
YoY Change -12.39% -10.98% -9.71%
Accrued Expenses $144.4M $193.5M $164.0M
YoY Change -11.95% -12.05% -9.33%
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% 0.0%
Total Short-Term Liabilities $545.3M $561.9M $621.3M
YoY Change -12.23% -8.04% -3.44%
LONG-TERM LIABILITIES
Long-Term Debt $2.289B $2.290B $2.347B
YoY Change -2.48% -2.49% -5.17%
Other Long-Term Liabilities $60.40M $59.50M $70.20M
YoY Change -13.96% -18.27% -13.13%
Total Long-Term Liabilities $3.091B $3.077B $3.208B
YoY Change -3.63% -2.02% 0.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $545.3M $561.9M $621.3M
Total Long-Term Liabilities $3.091B $3.077B $3.208B
Total Liabilities $3.637B $3.639B $3.829B
YoY Change -5.03% -3.0% -0.45%
SHAREHOLDERS EQUITY
Retained Earnings $1.287B $1.317B $1.272B
YoY Change 1.17% 6.05% 19.1%
Common Stock $433.7M $440.9M $437.0M
YoY Change -0.76% 1.8% 5.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.000M $0.00
YoY Change
Treasury Stock Shares 100.0K shares 0.000 shares
Shareholders Equity $1.591B $1.633B $1.556B
YoY Change
Total Liabilities & Shareholders Equity $5.227B $5.272B $5.385B
YoY Change -2.94% -0.01% 2.31%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income $103.7M $104.3M $90.80M
YoY Change 14.21% 5.89% 0.78%
Depreciation, Depletion And Amortization $80.70M $82.80M $85.20M
YoY Change -5.28% -2.7% -0.98%
Cash From Operating Activities $191.0M $220.6M $108.3M
YoY Change 76.36% 22.97% -27.46%
INVESTING ACTIVITIES
Capital Expenditures $52.90M -$99.70M $55.60M
YoY Change -4.86% -40.01% 9.23%
Acquisitions
YoY Change
Other Investing Activities -$300.0K $4.400M -$600.0K
YoY Change -50.0% -438.46%
Cash From Investing Activities -$55.50M -$95.30M -$57.60M
YoY Change -3.65% -43.1% 7.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.3M $7.600M
YoY Change 1219.74%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$157.4M -128.0M -$49.20M
YoY Change 219.92% 209.93% -51.29%
NET CHANGE
Cash From Operating Activities $191.0M 220.6M $108.3M
Cash From Investing Activities -$55.50M -95.30M -$57.60M
Cash From Financing Activities -$157.4M -128.0M -$49.20M
Net Change In Cash -$21.90M -2.700M $1.500M
YoY Change -1560.0% -90.82% -128.3%
FREE CASH FLOW
Cash From Operating Activities $191.0M $220.6M $108.3M
Capital Expenditures $52.90M -$99.70M $55.60M
Free Cash Flow $138.1M $320.3M $52.70M
YoY Change 162.05% -7.32% -46.44%

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CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
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CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
2200000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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1600000 USD
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CY2016Q1 us-gaap Other Cost And Expense Operating
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CY2016Q1 us-gaap Other Inventory Supplies
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CY2015Q1 us-gaap Other Operating Activities Cash Flow Statement
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CY2016Q1 us-gaap Other Operating Activities Cash Flow Statement
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CY2016Q1 us-gaap Other Operating Income Expense Net
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CY2015Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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CY2016Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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1100000 USD
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2015Q1 us-gaap Payments Of Dividends Common Stock
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CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2015Q1 us-gaap Payments To Acquire Other Productive Assets
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CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2016Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2015Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
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CY2015Q1 us-gaap Share Based Compensation
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CY2016Q1 us-gaap Share Based Compensation
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CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
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1425700000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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10600000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1600000 shares
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000 USD
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
200000000 USD
CY2016Q1 us-gaap Stock Repurchased During Period Shares
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1987187 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2015Q4 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
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SupplementalUnemploymentBenefitsSeveranceBenefits
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CY2015Q4 us-gaap Treasury Stock Shares
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CY2016Q1 us-gaap Treasury Stock Shares
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CY2015Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
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CY2016Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
4500000 USD
CY2015Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
4500000 USD
CY2016Q1 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94100000 shares
CY2016Q1 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Guarantees and Indemnifications</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 provide guarantees, indemnifications, and other assurances to third parties in the normal course of our business. These include tort indemnifications, product guarantees, environmental assurances, and representations and warranties in commercial agreements. At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;"> we are not aware of any material liabilities arising from any guarantee, indemnification, or financial assurance we have provided. If we determined such a liability was probable and subject to reasonable determination, we would accrue for it at that time.</font></div></div>
CY2016Q1 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 primarily in the United States. </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 15 </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%;text-indent:48px;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;">Effective January 1, 2016, the Company adopted Accounting Standards Update (ASU) 2015-03 (Topic 835): </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Presentation of Debt Issuance Costs</font><font style="font-family:inherit;font-size:10pt;">. This ASU conforms the presentation of debt issuance costs with that required for debt discounts under U.S. Generally Accepted Accounting Principles (GAAP). Under the ASU, debt issuance costs are presented in the balance sheet as a direct deduction from the related liability rather than as an asset. We applied this guidance retrospectively, as required, and reclassified </font><font style="font-family:inherit;font-size:10pt;">$12.3 million</font><font style="font-family:inherit;font-size:10pt;"> from "Other long-term assets" to "Long-term debt" on our December 31, 2015 Consolidated Balance Sheet to conform with current period presentation. At March 31, 2016 deferred financing costs were </font><font style="font-family:inherit;font-size:10pt;">$11.9 million</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-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, 2016</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, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2015</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, 2016</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, 2016</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, 2015</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>
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><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%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2016Q1 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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