$PKG
PACKAGING CORP OF AMERICA

2018 Q2 Form 10-Q Financial Statement

#000156459018020254 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.768B $1.584B
YoY Change 11.58% 11.75%
Cost Of Revenue $1.347B $1.219B
YoY Change 10.46% 11.13%
Gross Profit $420.6M $364.3M
YoY Change 15.45% 13.81%
Gross Profit Margin 23.8% 23.0%
Selling, General & Admin $137.7M $130.2M
YoY Change 5.76% 13.41%
% of Gross Profit 32.74% 35.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $91.60M $83.60M
YoY Change 9.57% 4.63%
% of Gross Profit 21.78% 22.95%
Operating Expenses $137.7M $130.4M
YoY Change 5.6% 13.59%
Operating Profit $269.6M $234.1M
YoY Change 15.16% 16.93%
Interest Expense -$23.80M -$25.20M
YoY Change -5.56% 12.0%
% of Operating Profit -8.83% -10.76%
Other Income/Expense, Net -$1.300M
YoY Change
Pretax Income $245.3M $208.6M
YoY Change 17.59% 17.39%
Income Tax $58.70M $65.40M
% Of Pretax Income 23.93% 31.35%
Net Earnings $186.6M $143.2M
YoY Change 30.31% 23.55%
Net Earnings / Revenue 10.56% 9.04%
Basic Earnings Per Share $1.98 $1.52
Diluted Earnings Per Share $1.97 $1.52
COMMON SHARES
Basic Shares Outstanding 93.60M 93.40M
Diluted Shares Outstanding 93.80M 93.60M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $199.6M $321.0M
YoY Change -37.82% 50.28%
Cash & Equivalents $199.6M $321.0M
Short-Term Investments
Other Short-Term Assets $56.60M $52.80M
YoY Change 7.2% -12.44%
Inventory $763.7M $734.4M
Prepaid Expenses
Receivables $920.0M $755.2M
Other Receivables $16.70M $0.00
Total Short-Term Assets $1.957B $1.863B
YoY Change 5.0% 15.75%
LONG-TERM ASSETS
Property, Plant & Equipment $3.027B $2.873B
YoY Change 5.36% 2.23%
Goodwill $888.7M $731.1M
YoY Change 21.56% 34.39%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $59.70M $80.00M
YoY Change -25.38% 9.89%
Total Long-Term Assets $4.359B $4.040B
YoY Change 7.9% 9.59%
TOTAL ASSETS
Total Short-Term Assets $1.957B $1.863B
Total Long-Term Assets $4.359B $4.040B
Total Assets $6.316B $5.903B
YoY Change 6.99% 11.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $431.7M $349.2M
YoY Change 23.63% 13.23%
Accrued Expenses $195.7M $177.5M
YoY Change 10.25% 4.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $156.5M
YoY Change -100.0% 2307.69%
Total Short-Term Liabilities $715.8M $760.2M
YoY Change -5.84% 37.84%
LONG-TERM LIABILITIES
Long-Term Debt $2.482B $2.457B
YoY Change 1.01% 7.39%
Other Long-Term Liabilities $63.70M $60.40M
YoY Change 5.46% -2.42%
Total Long-Term Liabilities $3.212B $3.236B
YoY Change -0.76% 5.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $715.8M $760.2M
Total Long-Term Liabilities $3.212B $3.236B
Total Liabilities $3.928B $3.997B
YoY Change -1.73% 9.98%
SHAREHOLDERS EQUITY
Retained Earnings $2.054B $1.579B
YoY Change 30.1% 18.07%
Common Stock $483.0M $461.8M
YoY Change 4.59% 4.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.388B $1.907B
YoY Change
Total Liabilities & Shareholders Equity $6.316B $5.903B
YoY Change 6.99% 11.46%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $186.6M $143.2M
YoY Change 30.31% 23.55%
Depreciation, Depletion And Amortization $91.60M $83.60M
YoY Change 9.57% 4.63%
Cash From Operating Activities $331.0M $221.5M
YoY Change 49.44% 19.6%
INVESTING ACTIVITIES
Capital Expenditures -$166.7M -$84.20M
YoY Change 97.98% 16.62%
Acquisitions
YoY Change
Other Investing Activities $400.0K $1.100M
YoY Change -63.64%
Cash From Investing Activities -$166.3M -$83.10M
YoY Change 100.12% 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 -67.50M -71.40M
YoY Change -5.46% 15.72%
NET CHANGE
Cash From Operating Activities 331.0M 221.5M
Cash From Investing Activities -166.3M -83.10M
Cash From Financing Activities -67.50M -71.40M
Net Change In Cash 97.20M 67.00M
YoY Change 45.07% 30.6%
FREE CASH FLOW
Cash From Operating Activities $331.0M $221.5M
Capital Expenditures -$166.7M -$84.20M
Free Cash Flow $497.7M $305.7M
YoY Change 62.81% 18.76%

Facts In Submission

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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Nature of Operations and Basis of Presentation </p></td></tr></table></div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Packaging Corporation of America ("we," "us," "our," PCA," or the "Company") was incorporated on January 25, 1999. In April 1999, PCA acquired the containerboard and corrugated packaging products business of Pactiv Corporation (Pactiv), formerly known as Tenneco Packaging, Inc., a wholly owned subsidiary of Tenneco 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.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We report our business in three reportable segments: Packaging, Paper, and Corporate and Other. Our Packaging segment produces a wide variety of corrugated packaging products. The Paper segment manufactures and sells a range of papers, including communication-based papers and pressure sensitive papers. During the second quarter of 2018, the Company discontinued the production of uncoated free sheet and coated one-side grades at the Wallula, Washington mill and converted the No. 3 machine to a virgin kraft linerboard machine. Subsequent to the date of conversion, operating results for the Wallula mill are primarily included in the Packaging segment. 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.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In these consolidated financial statements, certain amounts in prior periods' consolidated financial statements have been reclassified to conform with the current period presentation.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consolidated financial statements of PCA as of June 30, 2018 and for the three and six months ended June 30, 2018 and 2017 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&#160;10 of Regulation&#160;S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes 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, 2018 are not necessarily indicative of the results that may be expected for the year ending December&#160;31, 2018. These consolidated financial statements should be read in conjunction with our Annual Report on Form&#160;10-K for the year ended December&#160;31, 2017.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consolidated financial statements include the accounts of PCA and its majority-owned subsidiaries after elimination of intercompany balances and transactions.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:9pt;">&nbsp;</p></div>
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<div> <p style="margin-top:12pt;margin-bottom:0pt;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of the consolidated financial statements involves the use of estimates and accruals. Actual results may vary from those estimates.</p></div>
pkg New Accounting Standards Not Yet Adopted
NewAccountingStandardsNotYetAdopted
<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:4.54%;">New Accounting Standards Not Yet Adopted</p> <p style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;"><font style="Background-color:#FFFFFF;">In February 2018, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued ASU 2018-02 (Topic 220): </font><font style="font-style:italic;Background-color:#FFFFFF;">Income Statement &#8211; Reporting Comprehensive Income</font><font style="Background-color:#FFFFFF;"> &#8211; </font><font style="font-style:italic;Background-color:#FFFFFF;">Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income</font><font style="Background-color:#FFFFFF;">, which allows for optional reclassification from accumulated other comprehensive income to retained earnings for the stranded tax effects resulting from the enactment of H.R.1 (P.L. 115-97), originally known as the &#8220;Tax Cuts and Jobs Act,&#8221; in December 2017. An entity that elects to reclassify these amounts must reclassify stranded tax effects related to the change in federal tax rate for all items accounted for in other comprehensive income (e.g., pension and postretirement benefits and cash flow hedges). Entities may also elect to reclassify other stranded tax effects that relate to the Act but do not directly relate to the change in the federal tax rate (e.g., state taxes). Upon adoption of ASU 2018-02, entities are required to disclose their policy for releasing the income tax effects from accumulated other comprehensive income. ASU 2018-02 is effective for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect this ASU to have a material impact on the Company&#8217;s financial position, results of operations, or cash flow.</font></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:9pt;letter-spacing:-0.1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued ASU 2016-02 (Topic 842): <font style="font-style:italic;">Leases</font>. This ASU amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right-of-use asset and corresponding lease liability, measured at the present value of the lease payments. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. This ASU is required to be adopted using a modified retrospective approach. We are in the process of implementing changes to our systems and processes in conjunction with our review of existing lease agreements. We will adopt Topic 842 effective January 1, 2019 and expect to elect certain available transitional practical expedients. We are still in the process of determining the effects on our financial statements but do expect to recognize a liability and corresponding asset associated with in-scope operating leases.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There were no other accounting standards recently issued that had or are expected to have a material impact on our financial position or results of operations.</p></div>
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us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2018Q2 us-gaap Supplemental Unemployment Benefits Severance Benefits
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CY2018Q2 us-gaap Long Term Debt
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CY2018Q2 us-gaap Long Term Debt Current
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CY2018Q2 us-gaap Deferred Finance Costs Net
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CY2018Q2 us-gaap Debt Weighted Average Interest Rate
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pkg Repurchases Of Common Stock Under Stock Repurchase Program
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