$PKG
PACKAGING CORP OF AMERICA

2023 Q4 Form 10-Q Financial Statement

#000095017023058590 Filed on November 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.938B $1.936B
YoY Change -2.05% -8.93%
Cost Of Revenue $1.528B $1.523B
YoY Change -0.02% -5.24%
Gross Profit $410.1M $412.7M
YoY Change -8.93% -20.39%
Gross Profit Margin 21.16% 21.32%
Selling, General & Admin $142.8M $144.2M
YoY Change -1.92% -0.69%
% of Gross Profit 34.82% 34.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $130.9M $118.6M
YoY Change 10.19% 14.92%
% of Gross Profit 31.92% 28.74%
Operating Expenses $148.6M $144.2M
YoY Change -8.38% -8.79%
Operating Profit $261.5M $258.6M
YoY Change -9.23% -28.23%
Interest Expense -$11.10M -$12.30M
YoY Change -26.49% -25.45%
% of Operating Profit -4.24% -4.76%
Other Income/Expense, Net -$1.900M -$1.800M
YoY Change -152.78% -150.0%
Pretax Income $248.5M $244.5M
YoY Change -10.16% -29.62%
Income Tax $59.30M $61.30M
% Of Pretax Income 23.86% 25.07%
Net Earnings $187.8M $183.2M
YoY Change -10.61% -30.21%
Net Earnings / Revenue 9.69% 9.46%
Basic Earnings Per Share $2.04
Diluted Earnings Per Share $2.10 $2.03
COMMON SHARES
Basic Shares Outstanding 89.62M 89.92M
Diluted Shares Outstanding 89.50M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.142B $677.2M
YoY Change 181.71% -6.77%
Cash & Equivalents $648.0M $573.2M
Short-Term Investments $493.5M $104.0M
Other Short-Term Assets $62.30M $64.80M
YoY Change 6.86% -3.71%
Inventory $1.013B $986.1M
Prepaid Expenses
Receivables $1.033B $1.045B
Other Receivables $4.300M $0.00
Total Short-Term Assets $3.254B $2.773B
YoY Change 29.75% -4.62%
LONG-TERM ASSETS
Property, Plant & Equipment $3.864B $3.863B
YoY Change -0.93% 1.32%
Goodwill $922.4M $922.4M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $64.10M $49.30M
YoY Change -1.23% -26.53%
Other Assets $67.20M $51.00M
YoY Change 60.0% -27.14%
Total Long-Term Assets $5.427B $5.404B
YoY Change -1.25% -0.6%
TOTAL ASSETS
Total Short-Term Assets $3.254B $2.773B
Total Long-Term Assets $5.427B $5.404B
Total Assets $8.681B $8.178B
YoY Change 8.46% -2.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $402.4M $405.9M
YoY Change -1.95% -16.36%
Accrued Expenses $253.5M $245.1M
YoY Change -3.87% -5.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $399.6M $399.5M
YoY Change 20931.58% 22094.44%
Total Short-Term Liabilities $1.266B $1.279B
YoY Change 44.57% 32.75%
LONG-TERM LIABILITIES
Long-Term Debt $2.472B $2.076B
YoY Change -0.06% -16.07%
Other Long-Term Liabilities $60.70M $60.30M
YoY Change 5.75% -1.31%
Total Long-Term Liabilities $3.418B $3.012B
YoY Change -1.25% -11.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.266B $1.279B
Total Long-Term Liabilities $3.418B $3.012B
Total Liabilities $4.684B $4.290B
YoY Change 8.0% -1.89%
SHAREHOLDERS EQUITY
Retained Earnings $3.447B $3.371B
YoY Change 8.17% -2.12%
Common Stock $621.0M $613.4M
YoY Change 6.57% 1.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.997B $3.887B
YoY Change
Total Liabilities & Shareholders Equity $8.681B $8.178B
YoY Change 8.46% -2.0%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $187.8M $183.2M
YoY Change -10.61% -30.21%
Depreciation, Depletion And Amortization $130.9M $118.6M
YoY Change 10.19% 14.92%
Cash From Operating Activities $335.3M $339.5M
YoY Change -20.19% -21.16%
INVESTING ACTIVITIES
Capital Expenditures $141.2M $90.10M
YoY Change -42.95% -149.29%
Acquisitions
YoY Change
Other Investing Activities -$402.8M $1.200M
YoY Change 9267.44% -220.0%
Cash From Investing Activities -$544.0M -$88.90M
YoY Change 116.04% -51.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 283.5M -154.5M
YoY Change -157.04% -41.79%
NET CHANGE
Cash From Operating Activities 335.3M 339.5M
Cash From Investing Activities -544.0M -88.90M
Cash From Financing Activities 283.5M -154.5M
Net Change In Cash 74.80M 96.10M
YoY Change -122.76% -616.67%
FREE CASH FLOW
Cash From Operating Activities $335.3M $339.5M
Capital Expenditures $141.2M $90.10M
Free Cash Flow $194.1M $249.4M
YoY Change 12.46% -59.34%

Facts In Submission

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<p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of Operations and Basis of Presentation</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;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:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">January 25, 1999</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;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:10pt;margin-top:8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">We report our business in </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">three</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;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 18, Segment Information.</span><span style="color:#ff0000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The consolidated financial statements of PCA as of September 30, 2023 and for the three and nine months ended September 30, 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 and nine months ended September 30, 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:10pt;margin-top:8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;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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