$PKG
PACKAGING CORP OF AMERICA

2016 Q4 Form 10-Q Financial Statement

#000007567716000043 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $1.477B $1.484B $1.471B
YoY Change 6.16% 0.9% -3.17%
Cost Of Revenue $1.150B $1.155B $1.143B
YoY Change 3.95% 1.05% -4.68%
Gross Profit $327.1M $329.5M $328.3M
YoY Change 14.77% 0.37% 2.5%
Gross Profit Margin 22.15% 22.2% 22.32%
Selling, General & Admin $125.1M $116.9M $112.7M
YoY Change 18.69% 3.73% -5.77%
% of Gross Profit 38.25% 35.48% 34.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $93.70M $79.90M $79.60M
YoY Change 13.16% 0.38% -16.3%
% of Gross Profit 28.65% 24.25% 24.25%
Operating Expenses $119.8M $116.9M $112.7M
YoY Change 14.64% 3.73% -5.77%
Operating Profit $192.9M $206.4M $219.4M
YoY Change 9.66% -5.93% 16.45%
Interest Expense -$24.30M -$23.40M -$21.70M
YoY Change 8.97% 7.83% -6.06%
% of Operating Profit -12.6% -11.34% -9.89%
Other Income/Expense, Net
YoY Change
Pretax Income $168.6M $183.0M $197.7M
YoY Change 9.77% -7.44% 19.6%
Income Tax $57.90M $63.70M $69.90M
% Of Pretax Income 34.34% 34.81% 35.36%
Net Earnings $110.6M $119.4M $127.8M
YoY Change 6.04% -6.57% 22.41%
Net Earnings / Revenue 7.49% 8.05% 8.69%
Basic Earnings Per Share $1.17 $1.27 $1.31
Diluted Earnings Per Share $1.17 $1.26 $1.31
COMMON SHARES
Basic Shares Outstanding 94.23M shares 93.40M 96.50M shares
Diluted Shares Outstanding 93.60M 96.60M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $239.3M $279.8M $186.9M
YoY Change 29.91% 49.71% 21.13%
Cash & Equivalents $239.3M $279.8M $186.9M
Short-Term Investments
Other Short-Term Assets $30.30M $45.10M $113.0M
YoY Change 5.21% -60.09% 4.15%
Inventory $723.6M $690.6M $695.9M
Prepaid Expenses
Receivables $689.2M $713.2M $683.5M
Other Receivables $13.90M $18.30M $0.00
Total Short-Term Assets $1.696B $1.747B $1.679B
YoY Change 9.12% 4.03% 5.11%
LONG-TERM ASSETS
Property, Plant & Equipment $2.896B $2.879B $2.843B
YoY Change 2.25% 1.27% 0.86%
Goodwill $737.9M $692.1M $544.0M
YoY Change 35.64% 27.22% 0.39%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $80.00M $74.60M $80.00M
YoY Change 12.83% -6.75% 8.25%
Total Long-Term Assets $4.081B $4.000B $3.743B
YoY Change 9.76% 6.87% 0.26%
TOTAL ASSETS
Total Short-Term Assets $1.696B $1.747B $1.679B
Total Long-Term Assets $4.081B $4.000B $3.743B
Total Assets $5.777B $5.747B $5.422B
YoY Change 9.57% 5.99% 1.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $323.8M $327.0M $337.0M
YoY Change 10.06% -2.97% -13.11%
Accrued Expenses $201.2M $204.9M $209.0M
YoY Change 3.98% -1.96% -8.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $25.80M $25.80M $6.500M
YoY Change 296.92% 296.92% 0.0%
Total Short-Term Liabilities $625.4M $637.5M $628.4M
YoY Change 11.3% 1.45% -8.93%
LONG-TERM LIABILITIES
Long-Term Debt $2.620B $2.626B $2.319B
YoY Change 14.39% 13.22% -1.33%
Other Long-Term Liabilities $59.60M $60.10M $58.00M
YoY Change 0.17% 3.62% -31.57%
Total Long-Term Liabilities $3.392B $3.380B $3.179B
YoY Change 10.23% 6.32% 2.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $625.4M $637.5M $628.4M
Total Long-Term Liabilities $3.392B $3.380B $3.179B
Total Liabilities $4.017B $4.017B $3.807B
YoY Change 10.39% 5.52% 0.75%
SHAREHOLDERS EQUITY
Retained Earnings $1.447B $1.397B $1.318B
YoY Change 9.85% 5.99% 11.29%
Common Stock $452.3M $446.9M $439.1M
YoY Change 2.59% 1.78% 2.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.760B $1.730B $1.615B
YoY Change
Total Liabilities & Shareholders Equity $5.777B $5.747B $5.422B
YoY Change 9.57% 5.99% 1.72%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $110.6M $119.4M $127.8M
YoY Change 6.04% -6.57% 22.41%
Depreciation, Depletion And Amortization $93.70M $79.90M $79.60M
YoY Change 13.16% 0.38% -16.3%
Cash From Operating Activities $213.4M $217.3M $237.5M
YoY Change -3.26% -8.51% 6.69%
INVESTING ACTIVITIES
Capital Expenditures -$87.20M -$69.50M -$79.10M
YoY Change -12.54% -12.14% -29.63%
Acquisitions
YoY Change
Other Investing Activities -$99.70M -$385.5M $200.0K
YoY Change -2365.91% -192850.0% 100.0%
Cash From Investing Activities -$186.9M -$455.0M -$78.90M
YoY Change 96.12% 476.68% -29.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -67.00M 303.9M -135.4M
YoY Change -47.66% -324.45% 14.75%
NET CHANGE
Cash From Operating Activities 213.4M 217.3M 237.5M
Cash From Investing Activities -186.9M -455.0M -78.90M
Cash From Financing Activities -67.00M 303.9M -135.4M
Net Change In Cash -40.50M 66.20M 23.20M
YoY Change 1400.0% 185.34% -401.3%
FREE CASH FLOW
Cash From Operating Activities $213.4M $217.3M $237.5M
Capital Expenditures -$87.20M -$69.50M -$79.10M
Free Cash Flow $300.6M $286.8M $316.6M
YoY Change -6.15% -9.41% -5.49%

Facts In Submission

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CY2015Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2016Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2016Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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39800000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y10M31D
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1800000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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5300000 USD
CY2016Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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1800000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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5800000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
5600000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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5300000 USD
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P13Y6M40D
us-gaap Finite Lived Intangible Asset Useful Life
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P13Y2M30D
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62700000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
80300000 USD
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333500000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Gross
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435100000 USD
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270800000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Net
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354800000 USD
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us-gaap Gain Loss On Disposition Of Assets
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CY2016Q3 us-gaap Gain Loss On Disposition Of Assets
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us-gaap Gain Loss On Disposition Of Assets
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6700000 USD
us-gaap Gain Loss On Disposition Of Assets1
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6700000 USD
CY2016Q3 us-gaap Gain Loss On Disposition Of Assets1
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0 USD
us-gaap Gain Loss On Disposition Of Assets1
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0 USD
CY2015Q4 us-gaap Goodwill
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CY2016Q3 us-gaap Goodwill
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us-gaap Goodwill Acquired During Period
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148100000 USD
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us-gaap Gross Profit
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CY2016Q3 us-gaap Gross Profit
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us-gaap Gross Profit
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CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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197700000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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510900000 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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183000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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519900000 USD
CY2015Q3 us-gaap Income Tax Expense Benefit
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69900000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
178300000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
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63700000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
181000000 USD
us-gaap Income Taxes Paid Net
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163700000 USD
us-gaap Income Taxes Paid Net
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158800000 USD
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28200000 USD
CY2016Q3 us-gaap Income Taxes Receivable
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18300000 USD
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us-gaap Increase Decrease In Accounts Payable
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13600000 USD
us-gaap Increase Decrease In Accounts Receivable
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37500000 USD
us-gaap Increase Decrease In Accounts Receivable
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36000000 USD
us-gaap Increase Decrease In Accrued Liabilities
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5200000 USD
us-gaap Increase Decrease In Accrued Liabilities
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10800000 USD
us-gaap Increase Decrease In Income Taxes Receivable
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-7400000 USD
us-gaap Increase Decrease In Income Taxes Receivable
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us-gaap Increase Decrease In Inventories
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31000000 USD
us-gaap Increase Decrease In Inventories
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-4100000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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16800000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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11200000 USD
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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100000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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100000 shares
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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200000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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100000 shares
CY2015Q3 us-gaap Interest Income Expense Nonoperating Net
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2016Q3 us-gaap Interest Income Expense Nonoperating Net
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us-gaap Interest Income Expense Nonoperating Net
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us-gaap Interest Paid
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58600000 USD
us-gaap Interest Paid
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59500000 USD
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CY2016Q3 us-gaap Interest Payable Current
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18800000 USD
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189700000 USD
CY2016Q3 us-gaap Inventory Finished Goods
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188000000 USD
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676800000 USD
CY2016Q3 us-gaap Inventory Net
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690600000 USD
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260600000 USD
CY2016Q3 us-gaap Inventory Raw Materials
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259800000 USD
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14200000 USD
CY2016Q3 us-gaap Inventory Work In Process
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14900000 USD
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5272300000 USD
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561900000 USD
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637500000 USD
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CY2016Q3 us-gaap Liabilities Noncurrent
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CY2015Q4 us-gaap Minority Interest
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CY2016Q3 us-gaap Minority Interest
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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90100000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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542000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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588200000 USD
CY2015Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2016Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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338900000 USD
CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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0 USD
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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0 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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126300000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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328600000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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118200000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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335500000 USD
us-gaap Number Of Reportable Segments
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us-gaap Operating Costs And Expenses
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2900000 USD
CY2016Q3 us-gaap Operating Costs And Expenses
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6200000 USD
us-gaap Operating Costs And Expenses
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15200000 USD
CY2015Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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574100000 USD
CY2016Q3 us-gaap Operating Income Loss
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206400000 USD
us-gaap Operating Income Loss
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CY2016Q3 us-gaap Other Accrued Liabilities Current
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70900000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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1600000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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2800000 USD
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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0 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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0 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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3100000 USD
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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1600000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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2100000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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6500000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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1800000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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5000000 USD
CY2015Q4 us-gaap Other Inventory Supplies
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Other Operating Income Expense Net
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CY2015Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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CY2016Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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1100000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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3400000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends Common Stock
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147300000 USD
us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Financing Costs
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0 USD
us-gaap Payments Of Financing Costs
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2100000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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10200000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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385600000 USD
us-gaap Payments To Acquire Other Productive Assets
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9200000 USD
us-gaap Payments To Acquire Other Productive Assets
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9400000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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217900000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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188100000 USD
CY2015Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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358600000 USD
CY2016Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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312200000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
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28800000 USD
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45100000 USD
us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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23000000 USD
us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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385000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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700000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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CY2015Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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332600000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
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2832100000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Repayments Of Long Term Debt And Capital Securities
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30700000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
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30700000 USD
us-gaap Restructuring Reserve Accelerated Depreciation
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9000000 USD
us-gaap Restructuring Reserve Accelerated Depreciation
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800000 USD
CY2015Q3 us-gaap Restructuring Settlement And Impairment Provisions
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us-gaap Restructuring Settlement And Impairment Provisions
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CY2016Q3 us-gaap Restructuring Settlement And Impairment Provisions
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0 USD
us-gaap Restructuring Settlement And Impairment Provisions
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0 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
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1396900000 USD
CY2015Q3 us-gaap Sales Revenue Goods Net
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1470800000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4350800000 USD
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1484000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4302400000 USD
CY2015Q3 us-gaap Sales Revenue Net
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1470800000 USD
us-gaap Sales Revenue Net
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4350800000 USD
CY2016Q3 us-gaap Sales Revenue Net
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1484000000 USD
us-gaap Sales Revenue Net
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4302400000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
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112700000 USD
us-gaap Selling General And Administrative Expense
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345900000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
116900000 USD
us-gaap Selling General And Administrative Expense
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346000000 USD
CY2015Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
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4500000 USD
CY2016Q3 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
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5100000 USD
us-gaap Share Based Compensation
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13700000 USD
us-gaap Share Based Compensation
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CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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10600000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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1200000 shares
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
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us-gaap Stock Repurchased During Period Shares
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CY2015Q4 us-gaap Stockholders Equity
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CY2016Q3 us-gaap Stockholders Equity
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CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1730000000 USD
CY2015Q4 us-gaap Supplemental Unemployment Benefits Severance Benefits
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7300000 USD
CY2016Q3 us-gaap Supplemental Unemployment Benefits Severance Benefits
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3300000 USD
CY2015Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
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4500000 USD
CY2016Q3 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
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5100000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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96600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96900000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93700000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96800000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93600000 shares
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;">September&#160;30, 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>
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 white papers, including communication-based papers and pressure sensitive papers, and market pulp. In October 2016, we announced that we will cease softwood market pulp operations at our Wallula, Washington mill and permanently shutdown the No. 1 machine, with pulp capacity of approximately </font><font style="font-family:inherit;font-size:10pt;">100,000</font><font style="font-family:inherit;font-size:10pt;"> tons, effective December 1, 2016. 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 16 </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-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;">The consolidated financial statements of PCA as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</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, 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 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, 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>
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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