$PKG
PACKAGING CORP OF AMERICA

2021 Q4 Form 10-Q Financial Statement

#000095017021002974 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $2.043B $2.000B $1.714B
YoY Change 19.19% 18.09% -0.34%
Cost Of Revenue $1.533B $1.489B $1.381B
YoY Change 11.04% 10.47% 3.31%
Gross Profit $509.9M $510.7M $333.3M
YoY Change 52.99% 47.86% -13.04%
Gross Profit Margin 24.96% 25.53% 19.44%
Selling, General & Admin $141.1M $144.5M $130.3M
YoY Change 8.29% 13.69% -4.89%
% of Gross Profit 27.67% 28.29% 39.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $106.4M $95.50M $100.9M
YoY Change 5.45% 6.58% 2.02%
% of Gross Profit 20.87% 18.7% 30.27%
Operating Expenses $143.0M $144.5M $131.6M
YoY Change 8.66% 13.69% -6.6%
Operating Profit $366.9M $352.8M $189.3M
YoY Change 93.82% 68.4% -19.48%
Interest Expense -$21.80M -$23.90M -$24.40M
YoY Change -10.66% -2.05% -59.06%
% of Operating Profit -5.94% -6.77% -12.89%
Other Income/Expense, Net $4.900M $5.000M $600.0K
YoY Change 716.67% 733.33% -119.35%
Pretax Income $280.4M $333.9M $165.4M
YoY Change 69.53% 79.81% -4.06%
Income Tax $63.90M $83.20M $41.80M
% Of Pretax Income 22.79% 24.92% 25.27%
Net Earnings $216.5M $250.7M $123.5M
YoY Change 75.3% 80.23% -9.32%
Net Earnings / Revenue 10.6% 12.53% 7.2%
Basic Earnings Per Share $2.64 $1.30
Diluted Earnings Per Share $2.298M $2.63 $1.30
COMMON SHARES
Basic Shares Outstanding 94.99M 94.30M
Diluted Shares Outstanding 94.70M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $704.8M $1.791B $1.080B
YoY Change -34.75% 70.54% 40.76%
Cash & Equivalents $618.7M $1.703B $974.6M
Short-Term Investments $86.10M $88.30M $105.6M
Other Short-Term Assets $47.00M $55.40M $44.70M
YoY Change 5.15% 8.2% -0.22%
Inventory $902.5M $880.1M $787.9M
Prepaid Expenses
Receivables $1.071B $1.067B $832.4M
Other Receivables $7.400M $11.40M $5.100M
Total Short-Term Assets $2.733B $3.805B $2.750B
YoY Change -0.64% 38.67% 10.97%
LONG-TERM ASSETS
Property, Plant & Equipment $3.529B $3.361B $3.193B
YoY Change 10.51% 7.34% 1.32%
Goodwill $923.5M $863.5M $863.5M
YoY Change 6.95% 0.0% -6.01%
Intangibles
YoY Change
Long-Term Investments $60.00M $57.80M $42.70M
YoY Change 40.52% 27.88% -26.51%
Other Assets $44.90M $45.80M $53.20M
YoY Change -15.6% -12.26% -4.66%
Total Long-Term Assets $5.104B $4.826B $4.683B
YoY Change 8.99% 4.26% -1.57%
TOTAL ASSETS
Total Short-Term Assets $2.733B $3.805B $2.750B
Total Long-Term Assets $5.104B $4.826B $4.683B
Total Assets $7.837B $8.631B $7.433B
YoY Change 5.43% 17.07% 2.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $452.4M $499.1M $387.0M
YoY Change 16.9% 41.75% 9.97%
Accrued Expenses $255.0M $252.5M $216.2M
YoY Change 17.95% 9.02% -0.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.700M $698.1M $0.00
YoY Change 43531.25%
Total Short-Term Liabilities $884.8M $1.644B $782.6M
YoY Change 13.06% 112.07% 8.12%
LONG-TERM LIABILITIES
Long-Term Debt $2.472B $2.471B $2.479B
YoY Change -0.32% -0.31% 0.1%
Other Long-Term Liabilities $58.00M $57.40M $59.20M
YoY Change -2.03% -6.97% 7.64%
Total Long-Term Liabilities $3.345B $3.378B $3.404B
YoY Change -1.75% -0.4% -1.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $884.8M $1.644B $782.6M
Total Long-Term Liabilities $3.345B $3.378B $3.404B
Total Liabilities $4.230B $5.023B $4.187B
YoY Change 1.02% 20.52% 0.53%
SHAREHOLDERS EQUITY
Retained Earnings $3.102B $3.163B $2.836B
YoY Change 9.4% 12.69% 4.83%
Common Stock $580.3M $582.3M $555.3M
YoY Change 4.5% 5.95% 5.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.607B $3.608B $3.246B
YoY Change
Total Liabilities & Shareholders Equity $7.837B $8.631B $7.433B
YoY Change 5.43% 17.07% 2.73%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income $216.5M $250.7M $123.5M
YoY Change 75.3% 80.23% -9.32%
Depreciation, Depletion And Amortization $106.4M $95.50M $100.9M
YoY Change 5.45% 6.58% 2.02%
Cash From Operating Activities $390.7M $283.6M $271.1M
YoY Change 44.12% -4.9% -17.65%
INVESTING ACTIVITIES
Capital Expenditures -$238.9M -$149.9M -$167.9M
YoY Change 42.29% 44.97% 24.37%
Acquisitions
YoY Change
Other Investing Activities -$190.5M $5.100M -$2.300M
YoY Change 8182.61% -121.52% -98.39%
Cash From Investing Activities -$429.4M -$144.8M -$170.2M
YoY Change 152.29% 13.93% -38.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.046B 591.9M -75.40M
YoY Change 1286.6% -886.06% -31.27%
NET CHANGE
Cash From Operating Activities 390.7M 283.6M 271.1M
Cash From Investing Activities -429.4M -144.8M -170.2M
Cash From Financing Activities -1.046B 591.9M -75.40M
Net Change In Cash -1.084B 730.7M 25.50M
YoY Change -4351.76% 662.73% -143.37%
FREE CASH FLOW
Cash From Operating Activities $390.7M $283.6M $271.1M
Capital Expenditures -$238.9M -$149.9M -$167.9M
Free Cash Flow $629.6M $433.5M $439.0M
YoY Change 43.42% 7.94% -5.43%

Facts In Submission

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<p style="text-indent:0.0%;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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">January 25, 1999</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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:4.533%;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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">three</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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:4.533%;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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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 and other paper-to-containerboard conversion related activities. 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><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;"> </span></p><div><p style="text-indent:4.533%;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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">The consolidated financial statements of PCA as of September 30, 2021 and for the three and nine months ended September 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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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 nine months ended September 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:4.533%;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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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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<span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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>
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CY2021Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2020Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
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