$PKG
PACKAGING CORP OF AMERICA

2023 Q2 Form 10-Q Financial Statement

#000095017023016955 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.952B $1.976B
YoY Change -12.75% -7.49%
Cost Of Revenue $1.507B $1.545B
YoY Change -8.56% -3.64%
Gross Profit $444.7M $431.4M
YoY Change -24.47% -19.09%
Gross Profit Margin 22.78% 21.83%
Selling, General & Admin $145.6M $148.2M
YoY Change -7.08% -8.01%
% of Gross Profit 32.74% 34.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $127.9M $118.8M
YoY Change 23.57% 20.61%
% of Gross Profit 28.76% 27.54%
Operating Expenses $149.5M $148.2M
YoY Change -4.59% -8.01%
Operating Profit $295.2M $270.7M
YoY Change -29.0% -24.07%
Interest Expense -$14.60M -$15.40M
YoY Change -22.34% -22.22%
% of Operating Profit -4.95% -5.69%
Other Income/Expense, Net -$2.000M -$2.000M
YoY Change -155.56% -155.56%
Pretax Income $267.8M $253.3M
YoY Change -33.15% -25.57%
Income Tax $65.10M $63.20M
% Of Pretax Income 24.31% 24.95%
Net Earnings $200.8M $190.1M
YoY Change -33.4% -25.22%
Net Earnings / Revenue 10.29% 9.62%
Basic Earnings Per Share $2.25 $2.12
Diluted Earnings Per Share $2.24 $2.11
COMMON SHARES
Basic Shares Outstanding 89.93B 89.69M
Diluted Shares Outstanding 89.50M 89.40M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $579.0M $463.3M
YoY Change -22.76% -34.74%
Cash & Equivalents $477.1M $367.7M
Short-Term Investments $101.9M $95.60M
Other Short-Term Assets $75.50M $87.30M
YoY Change 1.21% 12.5%
Inventory $992.2M $1.003B
Prepaid Expenses
Receivables $1.024B $1.031B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.671B $2.585B
YoY Change -10.69% -9.9%
LONG-TERM ASSETS
Property, Plant & Equipment $4.173B $3.897B
YoY Change 10.9% 6.15%
Goodwill $922.4M $922.4M
YoY Change -0.01% -0.08%
Intangibles
YoY Change
Long-Term Investments $50.60M $56.90M
YoY Change -17.32% -16.93%
Other Assets $41.30M $40.80M
YoY Change -2.82% -6.21%
Total Long-Term Assets $5.436B $5.464B
YoY Change 1.6% 3.71%
TOTAL ASSETS
Total Short-Term Assets $2.671B $2.585B
Total Long-Term Assets $5.436B $5.464B
Total Assets $8.107B $8.049B
YoY Change -2.81% -1.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $365.8M $410.5M
YoY Change -30.75% -24.91%
Accrued Expenses $306.6M $184.7M
YoY Change 29.53% -2.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.900M $1.900M
YoY Change 5.56% 5.56%
Total Short-Term Liabilities $797.7M $828.9M
YoY Change -18.01% -14.36%
LONG-TERM LIABILITIES
Long-Term Debt $2.485B $2.474B
YoY Change 0.48% 0.08%
Other Long-Term Liabilities $437.1M $58.20M
YoY Change 632.16% 0.34%
Total Long-Term Liabilities $2.922B $3.462B
YoY Change -14.15% 2.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $797.7M $828.9M
Total Long-Term Liabilities $2.922B $3.462B
Total Liabilities $4.258B $4.291B
YoY Change -2.7% -1.54%
SHAREHOLDERS EQUITY
Retained Earnings $3.339B $3.259B
YoY Change -2.85% -0.08%
Common Stock $608.3M $598.7M
YoY Change 1.06% 1.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.849B $3.758B
YoY Change
Total Liabilities & Shareholders Equity $8.107B $8.049B
YoY Change -2.81% -1.09%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $200.8M $190.1M
YoY Change -33.4% -25.22%
Depreciation, Depletion And Amortization $127.9M $118.8M
YoY Change 23.57% 20.61%
Cash From Operating Activities $359.9M $280.4M
YoY Change 12.82% -13.8%
INVESTING ACTIVITIES
Capital Expenditures $127.0M $112.4M
YoY Change -168.83% -47.28%
Acquisitions
YoY Change
Other Investing Activities $200.0K -$1.400M
YoY Change -97.37% -75.0%
Cash From Investing Activities -$126.8M -$115.4M
YoY Change -28.32% -47.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -123.7M -117.3M
YoY Change 19.63% 24.52%
NET CHANGE
Cash From Operating Activities 359.9M 280.4M
Cash From Investing Activities -126.8M -115.4M
Cash From Financing Activities -123.7M -117.3M
Net Change In Cash 109.4M 47.70M
YoY Change 182.69% 381.82%
FREE CASH FLOW
Cash From Operating Activities $359.9M $280.4M
Capital Expenditures $127.0M $112.4M
Free Cash Flow $232.9M $168.0M
YoY Change -53.74% 49.87%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;"><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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:8.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">We report our business in </span><span style="font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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 18, Segment Information.</span><span style="color:rgba(255,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:8.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The consolidated financial statements of PCA as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:8.0pt;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:&quot;Times New Roman&quot;, serif;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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CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2023Q1 us-gaap Payments Of Dividends Common Stock
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CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2023Q1 pkg Repurchases Of Common Stock Under Stock Repurchase Program
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CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2023Q1 us-gaap Number Of Reportable Segments
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CY2023Q1 us-gaap Operating Income Loss
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CY2023Q1 pkg Non Operating Pension Income Expense
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CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
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CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q1 us-gaap Operating Income Loss
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CY2022Q1 pkg Non Operating Pension Income Expense
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CY2022Q1 us-gaap Interest Income Expense Nonoperating Net
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CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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340300000

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