$PKG
PACKAGING CORP OF AMERICA

2017 Q4 Form 10-K Financial Statement

#000156459018003690 Filed on February 28, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $1.684B $1.640B $1.584B
YoY Change 14.07% 10.52% 11.75%
Cost Of Revenue $1.313B $1.243B $1.219B
YoY Change 14.19% 7.67% 11.13%
Gross Profit $371.4M $397.0M $364.3M
YoY Change 13.54% 20.49% 13.81%
Gross Profit Margin 22.05% 24.21% 23.0%
Selling, General & Admin $133.7M $130.2M $130.2M
YoY Change 6.87% 11.38% 13.41%
% of Gross Profit 36.0% 32.8% 35.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $107.7M $87.00M $83.60M
YoY Change 14.94% 8.89% 4.63%
% of Gross Profit 29.0% 21.91% 22.95%
Operating Expenses $136.8M $130.2M $130.4M
YoY Change 14.19% 11.38% 13.59%
Operating Profit $252.3M $242.6M $234.1M
YoY Change 30.79% 17.54% 16.93%
Interest Expense -$28.00M -$25.40M -$25.20M
YoY Change 15.23% 8.55% 12.0%
% of Operating Profit -11.1% -10.47% -10.76%
Other Income/Expense, Net
YoY Change
Pretax Income $224.0M $216.9M $208.6M
YoY Change 32.86% 18.52% 17.39%
Income Tax $77.20M $77.80M $65.40M
% Of Pretax Income 34.46% 35.87% 31.35%
Net Earnings $268.9M $139.1M $143.2M
YoY Change 143.13% 16.5% 23.55%
Net Earnings / Revenue 15.97% 8.48% 9.04%
Basic Earnings Per Share $2.85 $1.47 $1.52
Diluted Earnings Per Share $2.84 $1.47 $1.52
COMMON SHARES
Basic Shares Outstanding 94.35M 93.60M 93.40M
Diluted Shares Outstanding 93.80M 93.60M

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $216.9M $370.5M $321.0M
YoY Change -9.36% 32.42% 50.28%
Cash & Equivalents $216.9M $370.5M $321.0M
Short-Term Investments
Other Short-Term Assets $35.50M $43.40M $52.80M
YoY Change 17.16% -3.77% -12.44%
Inventory $762.5M $736.6M $734.4M
Prepaid Expenses
Receivables $830.7M $831.3M $755.2M
Other Receivables $69.50M $20.00M $0.00
Total Short-Term Assets $1.915B $2.002B $1.863B
YoY Change 12.9% 14.59% 15.75%
LONG-TERM ASSETS
Property, Plant & Equipment $2.925B $2.882B $2.873B
YoY Change 1.01% 0.1% 2.23%
Goodwill $883.2M $732.1M $731.1M
YoY Change 19.69% 5.78% 34.39%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $64.30M $63.90M $80.00M
YoY Change -19.63% -14.34% 9.89%
Total Long-Term Assets $4.282B $4.025B $4.040B
YoY Change 4.94% 0.63% 9.59%
TOTAL ASSETS
Total Short-Term Assets $1.915B $2.002B $1.863B
Total Long-Term Assets $4.282B $4.025B $4.040B
Total Assets $6.198B $6.027B $5.903B
YoY Change 7.28% 4.87% 11.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $402.9M $379.5M $349.2M
YoY Change 24.43% 16.06% 13.23%
Accrued Expenses $203.2M $207.8M $177.5M
YoY Change 0.99% 1.42% 4.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $150.0M $156.5M $156.5M
YoY Change 481.4% 506.59% 2307.69%
Total Short-Term Liabilities $832.7M $824.3M $760.2M
YoY Change 33.15% 29.3% 37.84%
LONG-TERM LIABILITIES
Long-Term Debt $2.480B $2.456B $2.457B
YoY Change -5.33% -6.46% 7.39%
Other Long-Term Liabilities $70.80M $68.20M $60.40M
YoY Change 18.79% 13.48% -2.42%
Total Long-Term Liabilities $3.182B $3.209B $3.236B
YoY Change -6.18% -5.06% 5.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $832.7M $824.3M $760.2M
Total Long-Term Liabilities $3.182B $3.209B $3.236B
Total Liabilities $4.015B $4.033B $3.997B
YoY Change -0.06% 0.39% 9.98%
SHAREHOLDERS EQUITY
Retained Earnings $1.867B $1.658B $1.579B
YoY Change 29.04% 18.71% 18.07%
Common Stock $472.1M $467.0M $461.8M
YoY Change 4.38% 4.5% 4.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.183B $1.994B $1.907B
YoY Change
Total Liabilities & Shareholders Equity $6.198B $6.027B $5.903B
YoY Change 7.28% 4.87% 11.46%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $268.9M $139.1M $143.2M
YoY Change 143.13% 16.5% 23.55%
Depreciation, Depletion And Amortization $107.7M $87.00M $83.60M
YoY Change 14.94% 8.89% 4.63%
Cash From Operating Activities $272.8M $197.7M $221.5M
YoY Change 27.84% -9.02% 19.6%
INVESTING ACTIVITIES
Capital Expenditures -$117.7M -$88.20M -$84.20M
YoY Change 34.98% 26.91% 16.62%
Acquisitions
YoY Change
Other Investing Activities -$263.8M $1.500M $1.100M
YoY Change 164.59% -100.39%
Cash From Investing Activities -$381.5M -$86.70M -$83.10M
YoY Change 104.12% -80.95% 15.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -44.90M -61.50M -71.40M
YoY Change -32.99% -120.24% 15.72%
NET CHANGE
Cash From Operating Activities 272.8M 197.7M 221.5M
Cash From Investing Activities -381.5M -86.70M -83.10M
Cash From Financing Activities -44.90M -61.50M -71.40M
Net Change In Cash -153.6M 49.50M 67.00M
YoY Change 279.26% -25.23% 30.6%
FREE CASH FLOW
Cash From Operating Activities $272.8M $197.7M $221.5M
Capital Expenditures -$117.7M -$88.20M -$84.20M
Free Cash Flow $390.5M $285.9M $305.7M
YoY Change 29.91% -0.31% 18.76%

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<div> <p style="margin-top:6pt;margin-bottom:0pt;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;text-indent:2.39%;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.78%;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the consolidated financial statements in future periods.</p></div>
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
24000000
CY2017 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div> <p style="margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;text-indent:2.39%;">Derivative Instruments and Hedging Activities</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.78%;">The Company records its derivatives, if any, in accordance with ASC&#160;815, <font style="font-style:italic;">Derivatives and Hedging</font>. The guidance requires the Company to recognize derivative instruments as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value of a derivative depends on the intended use and designation of the derivative instrument. For a derivative designated as a fair value hedge, the gain or loss on the derivative is recognized in earnings in the period of change at fair value together with the offsetting gain or loss on the hedged item. For a derivative instrument designated as a cash flow hedge, the effective portion of the derivative&#8217;s gain or loss is initially reported as a component of accumulated other comprehensive income (loss) (AOCI) and is subsequently recognized in earnings when the hedged exposure affects earnings. The ineffective portion of the gain or loss is recognized in earnings. We were not party to any derivative-based arrangements at December&#160;31, 2017 and 2016.</p></div>
CY2017 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
1999-01-25
CY2017Q4 dei Entity Number Of Employees
EntityNumberOfEmployees
14600
CY2017 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2017 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2017 pkg Area Leased Under Timberland Cutting Rights
AreaLeasedUnderTimberlandCuttingRights
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CY2017 pkg Area Leased Where Fiber Farms Are Operated
AreaLeasedWhereFiberFarmsAreOperated
9000
CY2017 us-gaap Depletion
Depletion
5200000
CY2017 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
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CY2017 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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5600000
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4400000
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5200000
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663000000
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445200000
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431600000
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93500000
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93500000
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96600000
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
200000
CY2016 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
200000
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93700000
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WeightedAverageNumberOfDilutedSharesOutstanding
93700000
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96700000
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-10500000
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GainLossOnDispositionOfAssets
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CY2015 us-gaap Gain Loss On Disposition Of Assets
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BusinessCombinationAcquisitionAndIntegrationRelatedCosts
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CY2016 pkg Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
3300000
CY2015 pkg Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
12900000
CY2017 pkg Gain Loss Related To Expiration Of Repurchase Option
GainLossRelatedToExpirationOfRepurchaseOption
2000000
CY2017 us-gaap Disposal Group Including Discontinued Operation Other Income
DisposalGroupIncludingDiscontinuedOperationOtherIncome
2300000
CY2017 pkg Business Exit And Other Costs
BusinessExitAndOtherCosts
5900000
CY2016 pkg Business Exit And Other Costs
BusinessExitAndOtherCosts
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CY2015 pkg Refundable State Tax Credit
RefundableStateTaxCredit
3600000
CY2017 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
3900000
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OtherOperatingIncomeExpenseNet
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CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017 pkg Tax Cuts And Jobs Act Of2017 Maximum Measurement Period To Finalize Accounting Of Tax
TaxCutsAndJobsActOf2017MaximumMeasurementPeriodToFinalizeAccountingOfTax
P1Y
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TaxCutsAndJobsActOf2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit
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CY2017 pkg Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
128000000
CY2017 pkg Tax Cuts And Jobs Act Of2017 Incomplete Accounting Reduction Of Deductions Qualified Production Activities
TaxCutsAndJobsActOf2017IncompleteAccountingReductionOfDeductionsQualifiedProductionActivities
5100000
CY2017 pkg Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax Provisional Income Tax Expense
TaxCutsAndJobsActOf2017IncompleteAccountingTransitionTaxProvisionalIncomeTaxExpense
800000
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24600000
CY2017 pkg Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Income Tax Expense
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100000
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CurrentStateAndLocalTaxExpenseBenefit
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CurrentStateAndLocalTaxExpenseBenefit
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CY2017 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
300000
CY2016 us-gaap Current Foreign Tax Expense Benefit
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200000
CY2015 us-gaap Current Foreign Tax Expense Benefit
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CY2017 us-gaap Current Income Tax Expense Benefit
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226000000
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5700000
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5600000
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200000
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290000000
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20000000
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IncomeTaxReconciliationOtherReconcilingItems
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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41300000
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5300000
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DeferredTaxAssetsGross
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306300000
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5200000
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400000
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CY2017Q4 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
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22700000
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37800000
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37700000
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36900000
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1200000000
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1800000
CY2017 us-gaap Write Off Of Deferred Debt Issuance Cost
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1800000
CY2017 pkg Accumulated Losses Excess Percentage Threshold Required On Projected Benefit Obligation
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15800000
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CY2016Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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830400000
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CY2017Q4 us-gaap Deferred Compensation Arrangement With Individual Recorded Liability
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