$PKG
PACKAGING CORP OF AMERICA

2022 Q3 Form 10-Q Financial Statement

#000095017022014562 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $2.126B $2.237B $2.043B
YoY Change 6.29% 19.01% 19.19%
Cost Of Revenue $1.608B $1.649B $1.533B
YoY Change 7.93% 15.19% 11.04%
Gross Profit $518.4M $588.8M $509.9M
YoY Change 1.51% 31.19% 52.99%
Gross Profit Margin 24.38% 26.32% 24.96%
Selling, General & Admin $145.2M $156.7M $141.1M
YoY Change 0.48% 7.11% 8.29%
% of Gross Profit 28.01% 26.61% 27.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $103.2M $103.5M $106.4M
YoY Change 8.06% 9.52% 5.45%
% of Gross Profit 19.91% 17.58% 20.87%
Operating Expenses $158.1M $156.7M $143.0M
YoY Change 9.41% 7.11% 8.66%
Operating Profit $360.3M $415.8M $366.9M
YoY Change 2.13% 41.14% 93.82%
Interest Expense -$16.50M -$18.80M -$21.80M
YoY Change -30.96% -24.5% -10.66%
% of Operating Profit -4.58% -4.52% -5.94%
Other Income/Expense, Net $3.600M $3.600M $4.900M
YoY Change -28.0% -28.0% 716.67%
Pretax Income $347.4M $400.6M $280.4M
YoY Change 4.04% 45.83% 69.53%
Income Tax $84.90M $99.10M $63.90M
% Of Pretax Income 24.44% 24.74% 22.79%
Net Earnings $262.5M $301.5M $216.5M
YoY Change 4.71% 45.44% 75.3%
Net Earnings / Revenue 12.35% 13.48% 10.6%
Basic Earnings Per Share $2.81 $3.22
Diluted Earnings Per Share $2.817M $3.20 $2.298M
COMMON SHARES
Basic Shares Outstanding 93.74M 92.90M 94.99M
Diluted Shares Outstanding 93.20M 93.40M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $726.4M $749.6M $704.8M
YoY Change -59.45% -30.2% -34.75%
Cash & Equivalents $648.7M $667.3M $618.7M
Short-Term Investments $77.70M $82.30M $86.10M
Other Short-Term Assets $67.30M $74.60M $47.00M
YoY Change 21.48% -5.09% 5.15%
Inventory $994.9M $954.2M $902.5M
Prepaid Expenses
Receivables $1.113B $1.212B $1.071B
Other Receivables $6.100M $0.00 $7.400M
Total Short-Term Assets $2.908B $2.990B $2.733B
YoY Change -23.58% 0.99% -0.64%
LONG-TERM ASSETS
Property, Plant & Equipment $3.813B $3.763B $3.529B
YoY Change 13.46% 16.12% 10.51%
Goodwill $922.4M $922.5M $923.5M
YoY Change 6.82% 6.83% 6.95%
Intangibles
YoY Change
Long-Term Investments $67.10M $61.20M $60.00M
YoY Change 16.09% 22.65% 40.52%
Other Assets $70.00M $42.50M $44.90M
YoY Change 52.84% -12.55% -15.6%
Total Long-Term Assets $5.437B $5.350B $5.104B
YoY Change 12.66% 13.53% 8.99%
TOTAL ASSETS
Total Short-Term Assets $2.908B $2.990B $2.733B
Total Long-Term Assets $5.437B $5.350B $5.104B
Total Assets $8.344B $8.341B $7.837B
YoY Change -3.32% 8.69% 5.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $485.3M $528.2M $452.4M
YoY Change -2.76% 30.32% 16.9%
Accrued Expenses $259.5M $236.7M $255.0M
YoY Change 2.77% 2.29% 17.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.800M $1.800M $1.700M
YoY Change -99.74% 5.88%
Total Short-Term Liabilities $963.4M $972.9M $884.8M
YoY Change -41.41% 19.11% 13.06%
LONG-TERM LIABILITIES
Long-Term Debt $2.473B $2.473B $2.472B
YoY Change 0.08% -0.29% -0.32%
Other Long-Term Liabilities $61.10M $59.70M $58.00M
YoY Change 6.45% 4.92% -2.03%
Total Long-Term Liabilities $3.410B $3.403B $3.345B
YoY Change 0.94% -0.27% -1.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $963.4M $972.9M $884.8M
Total Long-Term Liabilities $3.410B $3.403B $3.345B
Total Liabilities $4.373B $4.376B $4.230B
YoY Change -12.93% 3.47% 1.02%
SHAREHOLDERS EQUITY
Retained Earnings $3.444B $3.437B $3.102B
YoY Change 8.88% 14.24% 9.4%
Common Stock $601.5M $601.9M $580.3M
YoY Change 3.3% 4.59% 4.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.971B $3.965B $3.607B
YoY Change
Total Liabilities & Shareholders Equity $8.344B $8.341B $7.837B
YoY Change -3.32% 8.69% 5.43%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $262.5M $301.5M $216.5M
YoY Change 4.71% 45.44% 75.3%
Depreciation, Depletion And Amortization $103.2M $103.5M $106.4M
YoY Change 8.06% 9.52% 5.45%
Cash From Operating Activities $430.6M $319.0M $390.7M
YoY Change 51.83% 39.79% 44.12%
INVESTING ACTIVITIES
Capital Expenditures -$182.8M -$184.5M -$238.9M
YoY Change 21.95% 40.09% 42.29%
Acquisitions
YoY Change
Other Investing Activities -$1.000M $7.600M -$190.5M
YoY Change -119.61% -860.0% 8182.61%
Cash From Investing Activities -$183.8M -$176.9M -$429.4M
YoY Change 26.93% 33.31% 152.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -265.4M -103.4M -1.046B
YoY Change -144.84% -3.09% 1286.6%
NET CHANGE
Cash From Operating Activities 430.6M 319.0M 390.7M
Cash From Investing Activities -183.8M -176.9M -429.4M
Cash From Financing Activities -265.4M -103.4M -1.046B
Net Change In Cash -18.60M 38.70M -1.084B
YoY Change -102.55% -445.54% -4351.76%
FREE CASH FLOW
Cash From Operating Activities $430.6M $319.0M $390.7M
Capital Expenditures -$182.8M -$184.5M -$238.9M
Free Cash Flow $613.4M $503.5M $629.6M
YoY Change 41.5% 39.9% 43.42%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;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;min-width:fit-content;">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;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;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;min-width:fit-content;">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;min-width:fit-content;">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;min-width:fit-content;">. 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:1.15;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;min-width:fit-content;">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;min-width:fit-content;">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;min-width:fit-content;"> 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 19, Segment Information.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;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;min-width:fit-content;">Our Jackson, Alabama mill had historically operated as an uncoated freesheet ("UFS") paper mill, with its results of operations reported in our Paper segment. 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 UFS paper grades on the machine and the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. In the third quarter of 2021, we began producing corrugating medium on the No. 1 machine at the Jackson mill (which had produced UFS paper in the past) to help satisfy our demand for containerboard, build necessary inventories, and evaluate the capability of the machine to produce containerboard on a cost-effective basis. For the periods presented in this Form 10-Q, operating results for the Jackson mill are included in both the Packaging and Paper segments, as appropriate.</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;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;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;min-width:fit-content;">The consolidated financial statements of PCA as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 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 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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;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;min-width:fit-content;">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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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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0
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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CY2022Q2 us-gaap Available For Sale Securities Debt Securities Current
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CY2022Q2 us-gaap Available For Sale Securities Debt Securities Noncurrent
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CY2021Q4 us-gaap Available For Sale Securities Debt Securities Noncurrent
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pkg Impairment Of Marketable Debt Securities
ImpairmentOfMarketableDebtSecurities
0
CY2021 pkg Impairment Of Marketable Debt Securities
ImpairmentOfMarketableDebtSecurities
0
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2022Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
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CY2022Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
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CY2022Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
1300000
CY2022Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
2
CY2022Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
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CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
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CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
400000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
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CY2021Q2 us-gaap Allocated Share Based Compensation Expense
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2022Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2021Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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us-gaap Allocated Share Based Compensation Expense Net Of Tax
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us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2022Q2 us-gaap Interest Income Expense Nonoperating Net
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CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y8M12D
us-gaap Payments Of Dividends Common Stock
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187200000
CY2022Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
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pkg Repurchases Of Common Stock Under Stock Repurchase Program
RepurchasesOfCommonStockUnderStockRepurchaseProgram
0
CY2022Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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400600000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
294600000
CY2021Q2 pkg Non Operating Pension Income Expense
NonOperatingPensionIncomeExpense
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us-gaap Number Of Reportable Segments
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CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2022Q2 pkg Non Operating Pension Income Expense
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CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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274700000
us-gaap Operating Income Loss
OperatingIncomeLoss
772400000
pkg Non Operating Pension Income Expense
NonOperatingPensionIncomeExpense
7300000
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
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
741000000.0
us-gaap Operating Income Loss
OperatingIncomeLoss
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pkg Non Operating Pension Income Expense
NonOperatingPensionIncomeExpense
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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

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