$PKG
PACKAGING CORP OF AMERICA

2021 Q2 Form 10-Q Financial Statement

#000095017021000886 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $1.880B $1.542B
YoY Change 21.94% -12.4%
Cost Of Revenue $1.431B $1.216B
YoY Change 17.71% -8.72%
Gross Profit $448.8M $325.8M
YoY Change 37.75% -23.86%
Gross Profit Margin 23.87% 21.13%
Selling, General & Admin $146.3M $136.3M
YoY Change 7.34% -5.15%
% of Gross Profit 32.6% 41.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $94.50M $93.30M
YoY Change 1.29% 8.74%
% of Gross Profit 21.06% 28.64%
Operating Expenses $146.3M $136.3M
YoY Change 7.34% -5.15%
Operating Profit $294.6M $116.1M
YoY Change 153.75% -58.59%
Interest Expense -$24.90M -$25.10M
YoY Change -0.8% 12.05%
% of Operating Profit -8.45% -21.62%
Other Income/Expense, Net $5.000M $600.0K
YoY Change 733.33% -118.18%
Pretax Income $274.7M $91.60M
YoY Change 199.89% -64.22%
Income Tax $67.40M $34.90M
% Of Pretax Income 24.54% 38.1%
Net Earnings $207.3M $56.70M
YoY Change 265.61% -70.71%
Net Earnings / Revenue 11.03% 3.68%
Basic Earnings Per Share $2.18 $0.60
Diluted Earnings Per Share $2.17 $0.59
COMMON SHARES
Basic Shares Outstanding 94.20M 94.00M
Diluted Shares Outstanding 94.60M 94.40M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.074B $940.2M
YoY Change 14.22% 65.12%
Cash & Equivalents $972.2M $853.3M
Short-Term Investments $101.7M $86.90M
Other Short-Term Assets $78.60M $60.90M
YoY Change 29.06% 2.87%
Inventory $827.2M $834.5M
Prepaid Expenses
Receivables $981.4M $817.3M
Other Receivables $0.00 $6.100M
Total Short-Term Assets $2.961B $2.659B
YoY Change 11.36% 10.67%
LONG-TERM ASSETS
Property, Plant & Equipment $3.241B $3.115B
YoY Change 4.04% 0.24%
Goodwill $863.5M $863.5M
YoY Change 0.0% -6.01%
Intangibles
YoY Change
Long-Term Investments $49.90M $36.30M
YoY Change 37.47%
Other Assets $48.60M $53.90M
YoY Change -9.83% 8.67%
Total Long-Term Assets $4.713B $4.613B
YoY Change 2.16% -1.26%
TOTAL ASSETS
Total Short-Term Assets $2.961B $2.659B
Total Long-Term Assets $4.713B $4.613B
Total Assets $7.674B $7.272B
YoY Change 5.52% 2.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $405.3M $315.2M
YoY Change 28.59% -17.66%
Accrued Expenses $231.4M $211.3M
YoY Change 9.51% 6.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.700M $1.600M
YoY Change 6.25% 6.67%
Total Short-Term Liabilities $816.8M $683.6M
YoY Change 19.49% -6.3%
LONG-TERM LIABILITIES
Long-Term Debt $2.480B $2.493B
YoY Change -0.54% 0.31%
Other Long-Term Liabilities $56.90M $601.0M
YoY Change -90.53% 930.87%
Total Long-Term Liabilities $3.413B $3.094B
YoY Change 10.29% -9.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $816.8M $683.6M
Total Long-Term Liabilities $3.413B $3.094B
Total Liabilities $4.229B $4.139B
YoY Change 2.18% -0.34%
SHAREHOLDERS EQUITY
Retained Earnings $3.009B
YoY Change
Common Stock $575.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.444B $3.133B
YoY Change
Total Liabilities & Shareholders Equity $7.674B $7.272B
YoY Change 5.52% 2.79%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $207.3M $56.70M
YoY Change 265.61% -70.71%
Depreciation, Depletion And Amortization $94.50M $93.30M
YoY Change 1.29% 8.74%
Cash From Operating Activities $228.2M $226.8M
YoY Change 0.62% -25.0%
INVESTING ACTIVITIES
Capital Expenditures -$131.7M -$83.10M
YoY Change 58.48% -10.26%
Acquisitions
YoY Change
Other Investing Activities -$1.000M $31.30M
YoY Change -103.19% -31400.0%
Cash From Investing Activities -$132.7M -$51.80M
YoY Change 156.18% -44.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -106.7M -85.70M
YoY Change 24.5% 3.63%
NET CHANGE
Cash From Operating Activities 228.2M 226.8M
Cash From Investing Activities -132.7M -51.80M
Cash From Financing Activities -106.7M -85.70M
Net Change In Cash -11.20M 89.30M
YoY Change -112.54% -29.69%
FREE CASH FLOW
Cash From Operating Activities $228.2M $226.8M
Capital Expenditures -$131.7M -$83.10M
Free Cash Flow $359.9M $309.9M
YoY Change 16.13% -21.54%

Facts In Submission

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<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">1.       Nature of Operations and Basis of Presentation</span><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:24.5pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">Packaging Corporation of America ("we," "us," "our," PCA," or the "Company") was incorporated on </span><span style="font-size:9.0pt;font-family:Times New Roman;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">January 25, 1999</span></span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">. In April 1999, PCA acquired the containerboard and corrugated packaging products business of Pactiv Corporation (Pactiv), formerly known as Tenneco Packaging, 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.</span></p><p style="text-indent:24.5pt;font-size:10.0pt;margin-top:12.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">We report our business in </span><span style="font-size:9.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">three</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;"> reportable segments: Packaging, Paper, and Corporate and Other. Our Packaging segment produces a wide variety of containerboard and corrugated packaging products. The Paper segment manufactures and sells a range of communication-based papers. 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 18, Segment Information.</span></p><p style="text-indent:24.5pt;font-size:10.0pt;margin-top:12.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">During the fourth quarter of 2020, in order to meet strong packaging demand and maintain appropriate inventory levels, we temporarily began producing linerboard on the No. 3 machine at our Jackson, Alabama mill. In the first quarter of 2021, we announced the discontinuation of production of uncoated freesheet paper grades on the machine and the permanent conversion of the machine to produce linerboard. Before October 2020, operating results for the Jackson mill were included in the Paper segment. Beginning in October 2020, operating results for the Jackson mill are included in both the Packaging and Paper segments.</span></p><p style="text-indent:24.5pt;font-size:10.0pt;margin-top:12.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">In these consolidated financial statements, certain amounts in prior periods’ consolidated financial statements have been reclassified to conform with the current period presentation.</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;"> </span></p><div><p style="text-indent:24.5pt;font-size:10.0pt;margin-top:12.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">The consolidated financial statements of PCA as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 are unaudited but include all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of such financial statements. </span><span style="font-size:9.0pt;font-family:Times New Roman;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">The preparation of the consolidated financial statements involves the use of estimates and accruals. Actual results may vary from those estimates.</span></span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;"> These financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete audited financial statements. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020.</span></p></div><p style="text-indent:24.5pt;font-size:10.0pt;margin-top:12.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions.</span></p>
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CY2020 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
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FiniteLivedIntangibleAssetsGross
542900000
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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us-gaap Amortization Of Intangible Assets
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18900000
us-gaap Amortization Of Intangible Assets
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23900000
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30200000
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AccruedMarketingCostsCurrent
27100000
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25700000
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AccruedMedicalInsuranceAndWorkersCompensationCurrent
25500000
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AccrualForFranchisePropertySalesAndUseTaxesCurrent
24100000
CY2020Q4 pkg Accrual For Franchise Property Sales And Use Taxes Current
AccrualForFranchisePropertySalesAndUseTaxesCurrent
16500000
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4900000
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2400000
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CY2021Q2 us-gaap Other Accrued Liabilities Current
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CY2020Q4 us-gaap Other Accrued Liabilities Current
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CY2020Q4 us-gaap Long Term Debt
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14300000
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us-gaap Debt Instrument Periodic Payment Interest
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47800000
us-gaap Debt Instrument Periodic Payment Interest
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49400000
CY2020Q2 us-gaap Amortization Of Financing Costs
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500000
CY2021Q2 us-gaap Amortization Of Financing Costs
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500000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1000000.0
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1000000.0
CY2021Q2 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
1123600000
pkg Unrealized Gain On Securities1
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200000
pkg Unrealized Loss On Securities1
UnrealizedLossOnSecurities1
0
CY2021Q2 us-gaap Investment Owned At Fair Value
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CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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972200000
CY2021Q2 us-gaap Available For Sale Securities Debt Securities Current
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101700000
CY2021Q2 us-gaap Available For Sale Securities Debt Securities Noncurrent
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49900000
CY2020Q4 us-gaap Investment Owned At Cost
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CY2020 pkg Unrealized Gain On Securities1
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500000
CY2020 pkg Unrealized Loss On Securities1
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0
CY2020Q4 us-gaap Investment Owned At Fair Value
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2020Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
105600000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
42700000
pkg Impairment Of Marketable Debt Securities
ImpairmentOfMarketableDebtSecurities
0
CY2020 pkg Impairment Of Marketable Debt Securities
ImpairmentOfMarketableDebtSecurities
0
CY2021Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0
CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0
CY2021Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
46400000
CY2021Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
63
CY2021Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
0
CY2020Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
48100000
CY2020Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
62
CY2020Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
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2030-05-05
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1400000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
12000000.0
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1200000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
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CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17800000
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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CY2020Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1900000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
5100000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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4500000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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6300000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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5800000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
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15000000.0
us-gaap Allocated Share Based Compensation Expense Net Of Tax
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13300000
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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59000000.0
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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us-gaap Payments Of Dividends Common Stock
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189800000
CY2021Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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1.00
CY2021Q2 us-gaap Payments Of Dividends Common Stock
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95000000.0
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
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200000000.0
CY2021Q2 pkg Repurchases Of Common Stock Under Stock Repurchase Program
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0
pkg Repurchases Of Common Stock Under Stock Repurchase Program
RepurchasesOfCommonStockUnderStockRepurchaseProgram
0
CY2021Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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193000000.0
us-gaap Number Of Reportable Segments
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3
CY2021Q2 us-gaap Operating Income Loss
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294600000
CY2021Q2 pkg Non Operating Pension Income Expense
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5000000.0
CY2021Q2 us-gaap Interest Income Expense Nonoperating Net
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CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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274700000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
116100000
CY2020Q2 pkg Non Operating Pension Income Expense
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600000
CY2020Q2 us-gaap Interest Income Expense Nonoperating Net
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CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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91600000
us-gaap Operating Income Loss
OperatingIncomeLoss
532900000
pkg Non Operating Pension Income Expense
NonOperatingPensionIncomeExpense
9800000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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494300000
us-gaap Operating Income Loss
OperatingIncomeLoss
325200000
pkg Non Operating Pension Income Expense
NonOperatingPensionIncomeExpense
1100000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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281700000

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