$PKG
PACKAGING CORP OF AMERICA

2024 Q2 Form 10-Q Financial Statement

#000095017024055165 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $2.075B $1.980B
YoY Change 6.31% 0.16%
Cost Of Revenue $1.638B $1.609B
YoY Change 8.64% 4.16%
Gross Profit $437.7M $370.4M
YoY Change -1.57% -14.14%
Gross Profit Margin 21.09% 18.71%
Selling, General & Admin $149.5M $151.9M
YoY Change 2.68% 2.5%
% of Gross Profit 34.16% 41.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $118.7M $118.1M
YoY Change -7.19% -0.59%
% of Gross Profit 27.12% 31.88%
Operating Expenses $161.7M $174.4M
YoY Change 8.16% 17.68%
Operating Profit $276.0M $196.0M
YoY Change -6.5% -27.6%
Interest Expense -$10.40M -$9.600M
YoY Change -28.77% -37.66%
% of Operating Profit -3.77% -4.9%
Other Income/Expense, Net $1.100M $1.100M
YoY Change -155.0% -155.0%
Pretax Income $266.7M $187.5M
YoY Change -0.41% -25.98%
Income Tax $67.80M $40.60M
% Of Pretax Income 25.42% 21.65%
Net Earnings $197.5M $145.9M
YoY Change -1.64% -23.25%
Net Earnings / Revenue 9.52% 7.37%
Basic Earnings Per Share $2.22 $1.64
Diluted Earnings Per Share $2.21 $1.63
COMMON SHARES
Basic Shares Outstanding 89.80B 89.62M
Diluted Shares Outstanding 89.50M 89.40M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.104B $1.185B
YoY Change 90.74% 155.71%
Cash & Equivalents $613.6M $692.4M
Short-Term Investments $490.8M $492.3M
Other Short-Term Assets $204.5M $211.7M
YoY Change 170.86% 142.5%
Inventory $1.030B $1.004B
Prepaid Expenses
Receivables $1.145B $1.045B
Other Receivables $300.0K $0.00
Total Short-Term Assets $3.484B $3.445B
YoY Change 30.45% 33.25%
LONG-TERM ASSETS
Property, Plant & Equipment $3.962B $3.865B
YoY Change -5.07% -0.82%
Goodwill $922.4M $922.4M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $68.40M $68.50M
YoY Change 35.18% 20.39%
Other Assets $68.40M $67.00M
YoY Change 65.62% 64.22%
Total Long-Term Assets $5.498B $5.412B
YoY Change 1.15% -0.95%
TOTAL ASSETS
Total Short-Term Assets $3.484B $3.445B
Total Long-Term Assets $5.498B $5.412B
Total Assets $8.982B $8.857B
YoY Change 10.8% 10.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $474.5M $449.6M
YoY Change 29.72% 9.52%
Accrued Expenses $345.6M $304.0M
YoY Change 12.72% 64.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $399.9M $399.8M
YoY Change 20947.37% 20942.11%
Total Short-Term Liabilities $1.432B $1.400B
YoY Change 79.45% 68.93%
LONG-TERM LIABILITIES
Long-Term Debt $2.473B $2.473B
YoY Change -0.45% -0.06%
Other Long-Term Liabilities $79.00M $65.40M
YoY Change -81.93% 12.37%
Total Long-Term Liabilities $3.424B $3.426B
YoY Change 17.2% -1.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.432B $1.400B
Total Long-Term Liabilities $3.424B $3.426B
Total Liabilities $4.856B $4.826B
YoY Change 14.04% 12.46%
SHAREHOLDERS EQUITY
Retained Earnings $3.544B $3.460B
YoY Change 6.15% 6.15%
Common Stock $651.2M $641.4M
YoY Change 7.05% 7.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.127B $4.031B
YoY Change
Total Liabilities & Shareholders Equity $8.982B $8.857B
YoY Change 10.8% 10.04%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $197.5M $145.9M
YoY Change -1.64% -23.25%
Depreciation, Depletion And Amortization $118.7M $118.1M
YoY Change -7.19% -0.59%
Cash From Operating Activities $278.3M $260.4M
YoY Change -22.67% -7.13%
INVESTING ACTIVITIES
Capital Expenditures $245.3M $76.70M
YoY Change 93.15% -31.76%
Acquisitions
YoY Change
Other Investing Activities $2.500M -$2.900M
YoY Change 1150.0% 107.14%
Cash From Investing Activities -$242.8M -$81.00M
YoY Change 91.48% -29.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -114.3M -135.0M
YoY Change -7.6% 15.09%
NET CHANGE
Cash From Operating Activities 278.3M 260.4M
Cash From Investing Activities -242.8M -81.00M
Cash From Financing Activities -114.3M -135.0M
Net Change In Cash -78.80M 44.40M
YoY Change -172.03% -6.92%
FREE CASH FLOW
Cash From Operating Activities $278.3M $260.4M
Capital Expenditures $245.3M $76.70M
Free Cash Flow $33.00M $183.7M
YoY Change -85.83% 9.35%

Facts In Submission

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<p style="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-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-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-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-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;min-width:fit-content;">three</span><span style="color:#000000;white-space:pre-wrap;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-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-size:9pt;font-family:Times New Roman;min-width:fit-content;">The consolidated financial statements of PCA as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023.</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-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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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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