$PKG
PACKAGING CORP OF AMERICA

2018 Form 10-K Financial Statement

#000156459019005284 Filed on February 28, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 2017 Q3
Revenue $7.015B $1.684B $1.640B
YoY Change 8.84% 14.07% 10.52%
Cost Of Revenue $5.369B $1.313B $1.243B
YoY Change 7.95% 14.19% 7.67%
Gross Profit $1.645B $371.4M $397.0M
YoY Change 11.86% 13.54% 20.49%
Gross Profit Margin 23.46% 22.05% 24.21%
Selling, General & Admin $536.4M $133.7M $130.2M
YoY Change 3.17% 6.87% 11.38%
% of Gross Profit 32.6% 36.0% 32.8%
Research & Development $14.40M
YoY Change 12.5%
% of Gross Profit 0.88%
Depreciation & Amortization $410.9M $107.7M $87.00M
YoY Change 4.98% 14.94% 8.89%
% of Gross Profit 24.97% 29.0% 21.91%
Operating Expenses $550.8M $136.8M $130.2M
YoY Change 3.4% 14.19% 11.38%
Operating Profit $1.068B $252.3M $242.6M
YoY Change 14.5% 30.79% 17.54%
Interest Expense -$95.10M -$28.00M -$25.40M
YoY Change -7.31% 15.23% 8.55%
% of Operating Profit -8.91% -11.1% -10.47%
Other Income/Expense, Net -$5.300M
YoY Change
Pretax Income $970.5M $224.0M $216.9M
YoY Change 17.13% 32.86% 18.52%
Income Tax $232.5M $77.20M $77.80M
% Of Pretax Income 23.96% 34.46% 35.87%
Net Earnings $738.0M $268.9M $139.1M
YoY Change 10.38% 143.13% 16.5%
Net Earnings / Revenue 10.52% 15.97% 8.48%
Basic Earnings Per Share $7.82 $2.85 $1.47
Diluted Earnings Per Share $7.80 $2.84 $1.47
COMMON SHARES
Basic Shares Outstanding 93.70M 94.35M 93.60M
Diluted Shares Outstanding 93.90M 93.80M

Balance Sheet

Concept 2018 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $361.5M $216.9M $370.5M
YoY Change 66.67% -9.36% 32.42%
Cash & Equivalents $361.5M $216.9M $370.5M
Short-Term Investments
Other Short-Term Assets $39.40M $35.50M $43.40M
YoY Change 10.99% 17.16% -3.77%
Inventory $795.6M $762.5M $736.6M
Prepaid Expenses
Receivables $901.9M $830.7M $831.3M
Other Receivables $16.70M $69.50M $20.00M
Total Short-Term Assets $2.115B $1.915B $2.002B
YoY Change 10.44% 12.9% 14.59%
LONG-TERM ASSETS
Property, Plant & Equipment $3.109B $2.925B $2.882B
YoY Change 6.28% 1.01% 0.1%
Goodwill $883.2M $732.1M
YoY Change 19.69% 5.78%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $50.50M $64.30M $63.90M
YoY Change -21.46% -19.63% -14.34%
Total Long-Term Assets $4.455B $4.282B $4.025B
YoY Change 4.02% 4.94% 0.63%
TOTAL ASSETS
Total Short-Term Assets $2.115B $1.915B $2.002B
Total Long-Term Assets $4.455B $4.282B $4.025B
Total Assets $6.570B $6.198B $6.027B
YoY Change 6.01% 7.28% 4.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $382.2M $402.9M $379.5M
YoY Change -5.14% 24.43% 16.06%
Accrued Expenses $233.9M $203.2M $207.8M
YoY Change 7.29% 0.99% 1.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.400M $150.0M $156.5M
YoY Change -99.07% 481.4% 506.59%
Total Short-Term Liabilities $693.6M $832.7M $824.3M
YoY Change -16.7% 33.15% 29.3%
LONG-TERM LIABILITIES
Long-Term Debt $2.501B $2.480B $2.456B
YoY Change 0.08% -5.33% -6.46%
Other Long-Term Liabilities $417.2M $70.80M $68.20M
YoY Change -5.89% 18.79% 13.48%
Total Long-Term Liabilities $2.919B $3.182B $3.209B
YoY Change -0.82% -6.18% -5.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $693.6M $832.7M $824.3M
Total Long-Term Liabilities $2.919B $3.182B $3.209B
Total Liabilities $3.897B $4.015B $4.033B
YoY Change -2.93% -0.06% 0.39%
SHAREHOLDERS EQUITY
Retained Earnings $1.867B $1.658B
YoY Change 29.04% 18.71%
Common Stock $472.1M $467.0M
YoY Change 4.38% 4.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.672B $2.183B $1.994B
YoY Change
Total Liabilities & Shareholders Equity $6.570B $6.198B $6.027B
YoY Change 6.01% 7.28% 4.87%

Cashflow Statement

Concept 2018 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $738.0M $268.9M $139.1M
YoY Change 10.38% 143.13% 16.5%
Depreciation, Depletion And Amortization $410.9M $107.7M $87.00M
YoY Change 4.98% 14.94% 8.89%
Cash From Operating Activities $1.180B $272.8M $197.7M
YoY Change 37.85% 27.84% -9.02%
INVESTING ACTIVITIES
Capital Expenditures $551.4M -$117.7M -$88.20M
YoY Change 60.76% 34.98% 26.91%
Acquisitions $56.30M
YoY Change -79.44%
Other Investing Activities -$2.500M -$263.8M $1.500M
YoY Change -327.27% 164.59% -100.39%
Cash From Investing Activities -$608.2M -$381.5M -$86.70M
YoY Change -0.15% 104.12% -80.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -427.3M -44.90M -61.50M
YoY Change 58.61% -32.99% -120.24%
NET CHANGE
Cash From Operating Activities 1.180B 272.8M 197.7M
Cash From Investing Activities -608.2M -381.5M -86.70M
Cash From Financing Activities -427.3M -44.90M -61.50M
Net Change In Cash 144.6M -153.6M 49.50M
YoY Change -745.54% 279.26% -25.23%
FREE CASH FLOW
Cash From Operating Activities $1.180B $272.8M $197.7M
Capital Expenditures $551.4M -$117.7M -$88.20M
Free Cash Flow $628.7M $390.5M $285.9M
YoY Change 22.53% 29.91% -0.31%

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CY2016 us-gaap Proceeds From Payments For Other Financing Activities
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CY2017 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2017 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2016 us-gaap Cash And Cash Equivalents Period Increase Decrease
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55100000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2016 us-gaap Stock Repurchased And Retired During Period Value
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CY2016 pkg Common Stock Withheld To Cover Taxes On Vested And Retired Stock Awards Value
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CY2016 us-gaap Dividends Common Stock Cash
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CY2016 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2017 pkg Common Stock Withheld To Cover Taxes On Vested And Retired Stock Awards Value
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CY2017 us-gaap Dividends Common Stock Cash
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238200000
CY2018 us-gaap Adjustments To Additional Paid In Capital Other
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CY2017 pkg Pension And Postretirement Benefits Contributions Expense Net
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20400000
CY2017 us-gaap Increase Decrease In Accounts Payable
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CY2016 us-gaap Increase Decrease In Accounts Payable
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CY2017 us-gaap Increase Decrease In Accrued Liabilities
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8400000
CY2016 us-gaap Increase Decrease In Accrued Liabilities
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CY2017 us-gaap Increase Decrease In Income Taxes Receivable
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CY2016 us-gaap Increase Decrease In Income Taxes Receivable
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CY2017 us-gaap Net Cash Provided By Used In Operating Activities
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856100000
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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274300000
CY2017 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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273800000
CY2016 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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485400000
CY2017 us-gaap Payments To Acquire Other Productive Assets
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CY2016 us-gaap Payments To Acquire Other Productive Assets
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CY2017 us-gaap Proceeds From Sale Of Productive Assets
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16600000
CY2016 us-gaap Proceeds From Sale Of Productive Assets
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500000
CY2018 us-gaap Payments For Proceeds From Other Investing Activities
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CY2017 us-gaap Payments For Proceeds From Other Investing Activities
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CY2017 us-gaap Net Cash Provided By Used In Investing Activities
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CY2016 us-gaap Net Cash Provided By Used In Investing Activities
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CY2017 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2016 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2018 us-gaap Repayments Of Long Term Debt And Capital Securities
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CY2017 us-gaap Repayments Of Long Term Debt And Capital Securities
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CY2016 us-gaap Repayments Of Long Term Debt And Capital Securities
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CY2017 us-gaap Payments Of Financing Costs
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CY2016 us-gaap Payments Of Financing Costs
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CY2017 us-gaap Payments Of Dividends Common Stock
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CY2016 us-gaap Payments For Repurchase Of Common Stock
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100300000
CY2016 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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11200000
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
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CY2016 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2016 us-gaap Adjustments To Additional Paid In Capital Other
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CY2017 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018 pkg Common Stock Withheld To Cover Taxes On Vested And Retired Stock Awards Value
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CY2018 us-gaap Dividends Common Stock Cash
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CY2018 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2018 us-gaap Nature Of Operations
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<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.78%;white-space:nowrap"> <p style="margin-top:6pt;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:6pt;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:4.78%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Packaging Corporation of America (&#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;PCA,&#8221; or the &#8220;Company&#8221;) 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. We have approximately 15,000 employees.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.78%;font-family:Times New Roman;font-size:10pt;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 containerboard and corrugated packaging products. The Paper segment primarily manufactures and sells a range of communication-based 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 the conversion in May 2018, 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:4.78%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In these consolidated financial statements, certain amounts in prior periods&#8217; consolidated financial statements have been reclassified to conform with the current period presentation. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.78%;font-family:Times New Roman;font-size:10pt;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>
CY2017 us-gaap Research And Development Expense
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CY2016 us-gaap Research And Development Expense
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13300000
CY2018Q4 us-gaap Cash Equivalents At Carrying Value
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311100000
CY2017Q4 us-gaap Cash Equivalents At Carrying Value
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160200000
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable
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4200000
CY2018 pkg Percentage Of Customer Returns Allowances And Earned Discounts To Gross Selling Price
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0.01
CY2018 pkg Reserve Percentage For Customer Deductions
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0.01
CY2018 pkg Reserve For Customer Deductions
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CY2017 pkg Reserve For Customer Deductions
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CY2018Q4 us-gaap Inventory Raw Materials
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CY2018Q4 us-gaap Inventory Work In Process
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CY2017Q4 us-gaap Inventory Work In Process
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CY2018Q4 us-gaap Inventory Finished Goods
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CY2017Q4 us-gaap Inventory Finished Goods
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CY2018Q4 us-gaap Other Inventory Supplies
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274900000
CY2017Q4 us-gaap Other Inventory Supplies
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CY2018Q4 us-gaap Property Plant And Equipment Gross
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6691100000
CY2017Q4 us-gaap Property Plant And Equipment Gross
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6311200000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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3582500000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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3386300000
CY2018 us-gaap Interest Costs Capitalized
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4500000
CY2017 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2500000
CY2016 us-gaap Interest Costs Capitalized
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2500000
CY2018 us-gaap Depreciation
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361700000
CY2017 us-gaap Depreciation
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347800000
CY2017 us-gaap Goodwill And Intangible Asset Impairment
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0
CY2018 us-gaap Depletion
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7600000
CY2017 us-gaap Depletion
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5200000
CY2018 us-gaap Capitalized Computer Software Amortization1
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CY2017 us-gaap Capitalized Computer Software Amortization1
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2300000
CY2017 us-gaap Adjustments To Additional Paid In Capital Other
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CY2018 us-gaap Use Of Estimates
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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:2.39%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.78%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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>
CY2018 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:2.39%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Derivative Instruments and Hedging Activities</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.78%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, 2018 and 2017.</p>
CY2018 pkg New Accounting Standards Not Yet Adopted
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:2.39%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">New Accounting Standards Not Yet Adopted</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.78%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="bm_17__New_and_Recently_Adopted_Accounti"></a>In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued ASU 2016-02 (Topic 842): <font style="font-style:italic;">Leases, </font>which requires lessees <font style="letter-spacing:-0.1pt;">to recognize a right-of-use (&#8220;ROU&#8221;) asset and a lease liability on the balance sheet for all leases, with the exception of short-term leases, and expands disclosures about leasing arrangements for both lessees and lessors, among other items.&nbsp;&nbsp;&nbsp;&nbsp;The new standard is effective for the Company beginning January 1, 2019.&nbsp;&nbsp;In July 2018, the FASB issued ASU No. 2018-11</font><font style="font-style:italic;letter-spacing:-0.1pt;">, </font><font style="letter-spacing:-0.1pt;">which provides a modified retrospective transition method where an entity can elect to apply the transition provisions at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.&nbsp;&nbsp;Under this method, comparative prior period financial information is not restated.</font><font style="font-style:italic;letter-spacing:-0.1pt;"> </font><font style="letter-spacing:-0.1pt;"> </font></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.78%;letter-spacing:-0.1pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Effective January 1, 2019, the Company will adopt the new lease accounting standard using the modified retrospective transition method at the adoption date with prior periods not restated. In addition, we will elect the package of practical expedients permitted under the transition guidance within the new standard, which permits us to not reassess our prior conclusions about lease identification, lease classification and initial direct costs. We will also elect the practical expedient related to land easements, allowing us to carry forward our current accounting treatment for existing agreements on land easements, which are not accounted for as leases. We will elect the short-term lease recognition exemption, which permits us to exclude short-term leases (i.e. leases with terms of 12 months or less) from the recognition requirements of this standard.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.78%;letter-spacing:-0.1pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In preparing for the transition of the new standard, we identified and assessed appropriate changes to our business processes, systems and controls to support the new leasing accounting requirements and disclosures under the new standard. We expect that adoption of this standard will result in recognition of lease liabilities of approximately $220 million to $240 million as of January 1, 2019, with corresponding ROU assets of the same amount based on the present value of the remaining minimum rental payments for existing operating leases. We do not expect to make any cumulative-effect adjustment to retained earnings as a result of the adoption of this standard. We do not believe that adoption of this ASU will have a material impact on our consolidated net earnings, liquidity, or debt covenants under our current debt agreements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.78%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2018, the FASB issued ASU 2018-02 (Topic 220): <font style="font-style:italic;">Income Statement &#8211;</font> <font style="font-style:italic;">R</font><font style="font-style:italic;Background-color:#FFFFFF;">eporting 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 is currently finalizing its evaluation of this guidance but 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:4.78%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">In August 2018, the </font>FASB <font style="Background-color:#FFFFFF;">issued ASU 2018-14, </font><font style="font-style:italic;Background-color:#FFFFFF;">Compensation &#8211; Retirement Benefits &#8211; Defined Benefit Plans &#8211; General </font><font style="Background-color:#FFFFFF;">(Subtopic 715-20):</font><font style="font-style:italic;Background-color:#FFFFFF;"> Disclosure Framework &#8211; Changes to the Disclosure Requirements for Defined Benefit Plans</font><font style="Background-color:#FFFFFF;">. ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and adds additional disclosures. The ASU is effective for annual periods beginning after December 31, 2020, with early adoption permitted. The amendments in ASU 2018-14 would need to be applied on a retrospective basis.&#160; The Company is currently evaluating the impact this guidance will have on its related disclosures.</font></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.78%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the FASB issued ASU 2018-13, <font style="font-style:italic;">Fair Value Measurement</font> (Topic 820): <font style="font-style:italic;">Disclosure Framework &#8211; Changes to the Disclosure Requirements for Fair Value Measurement.</font>&nbsp;&nbsp;ASU 2018-13 removes or modifies certain disclosure requirements and adds additional requirements to improve the usefulness of the fair value measurement disclosure for financial statement users. The ASU is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. Certain amendments of ASU 2018-13 are required to be applied prospectively for the first interim period of the initial year of adoption. All other amendments need to be applied retrospectively. <font style="Background-color:#FFFFFF;">The Company is currently evaluating the impact of the new guidance.</font></p> <p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:4.78%;color:#2E2E2E;font-family:Times New Roman;font-size:10pt;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>
CY2018 us-gaap Number Of Reportable Segments
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CY2018 dei Entity Incorporation Date Of Incorporation
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1999-01-25
CY2018Q4 dei Entity Number Of Employees
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CY2018 us-gaap Restructuring Reserve Accelerated Depreciation
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14500000
CY2017 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
10500000
CY2016 us-gaap Restructuring Reserve Accelerated Depreciation
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2900000
CY2018 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2016 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2018 pkg Area Leased Under Timberland Cutting Rights
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CY2018 pkg Area Leased Where Fiber Farms Are Operated
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3000
CY2016 us-gaap Depletion
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4700000
CY2016 us-gaap Capitalized Computer Software Amortization1
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CY2018 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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5700000
CY2017 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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5600000
CY2016 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
4400000
CY2018 us-gaap Net Income Loss Available To Common Stockholders Basic
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732300000
CY2017 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
663000000
CY2016 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
445200000
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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93700000
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
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93500000
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
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93500000
CY2016 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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200000
CY2018 us-gaap Gain Loss On Disposition Of Assets
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-17300000
CY2017 us-gaap Gain Loss On Disposition Of Assets
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-10500000
CY2016 us-gaap Gain Loss On Disposition Of Assets
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-11900000
CY2018 pkg Business Exit And Other Costs
BusinessExitAndOtherCosts
1600000
CY2017 pkg Business Exit And Other Costs
BusinessExitAndOtherCosts
-5900000
CY2016 pkg Business Exit And Other Costs
BusinessExitAndOtherCosts
10300000
CY2018 pkg Charges Related To Insurance Deductible For Property Damage
ChargesRelatedToInsuranceDeductibleForPropertyDamage
500000
CY2018 pkg Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
200000
CY2017 pkg Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
800000
CY2016 pkg Business Combination Acquisition And Integration Related Costs
BusinessCombinationAcquisitionAndIntegrationRelatedCosts
3300000
CY2017 us-gaap Disposal Group Including Discontinued Operation Other Income
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2300000
CY2017 pkg Gain Loss Related To Expiration Of Repurchase Option
GainLossRelatedToExpirationOfRepurchaseOption
2000000
CY2018 us-gaap Other Operating Income Expense Net
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CY2017 us-gaap Other Operating Income Expense Net
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CY2016 us-gaap Other Operating Income Expense Net
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1800000
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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LeaseAndRentalExpense
115100000
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100600000
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
88300000
CY2018 us-gaap Sublease Income
SubleaseIncome
0
CY2017 us-gaap Sublease Income
SubleaseIncome
0
CY2018Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
19000000
CY2017Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
20300000
CY2018Q4 us-gaap Capital Leased Assets Gross
CapitalLeasedAssetsGross
28800000
CY2017Q4 us-gaap Capital Leased Assets Gross
CapitalLeasedAssetsGross
28800000
CY2018Q4 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
16700000
CY2017Q4 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
15200000
CY2018Q4 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
12100000
CY2017Q4 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
13600000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
2700000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
2700000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
2700000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
2700000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
2700000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Thereafter
CapitalLeasesFutureMinimumPaymentsDueThereafter
12400000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
25900000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
6900000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
19000000
CY2018 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
1300000
CY2017 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
1400000
CY2016 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
1500000
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Due In Next Rolling Twelve Months
UnrecordedUnconditionalPurchaseObligationDueInNextRollingTwelveMonths
75300000
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
48600000
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
43100000
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
42600000
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
43700000
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
117500000
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
370800000
CY2018 pkg Current Period Purchases Under Long Term Purchase Agreements
CurrentPeriodPurchasesUnderLongTermPurchaseAgreements
341900000
CY2017 pkg Current Period Purchases Under Long Term Purchase Agreements
CurrentPeriodPurchasesUnderLongTermPurchaseAgreements
339100000
CY2016 pkg Current Period Purchases Under Long Term Purchase Agreements
CurrentPeriodPurchasesUnderLongTermPurchaseAgreements
362000000
CY2018Q2 us-gaap Gross Profit
GrossProfit
420600000
CY2018Q3 us-gaap Gross Profit
GrossProfit
443200000
CY2018Q4 us-gaap Gross Profit
GrossProfit
425400000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
212900000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
269600000
CY2018Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
27300000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1690600000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1767500000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1809900000
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1746600000
CY2018Q1 us-gaap Gross Profit
GrossProfit
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CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
298500000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
286700000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
140100000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
186600000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
206700000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.48
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.98
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.19
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.48
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.97
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.18
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.16
CY2018Q1 pkg High Stock Price Per Share
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131.13
CY2018Q2 pkg High Stock Price Per Share
HighStockPricePerShare
124.70
CY2018Q3 pkg High Stock Price Per Share
HighStockPricePerShare
118.88
CY2018Q4 pkg High Stock Price Per Share
HighStockPricePerShare
110.62
CY2018 pkg High Stock Price Per Share
HighStockPricePerShare
131.13
CY2018Q1 pkg Low Stock Price Per Share
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109.04
CY2018Q2 pkg Low Stock Price Per Share
LowStockPricePerShare
107.96
CY2018Q3 pkg Low Stock Price Per Share
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107.39
CY2018Q4 pkg Low Stock Price Per Share
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77.90
CY2018 pkg Low Stock Price Per Share
LowStockPricePerShare
77.90
CY2017Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1536500000
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1584000000
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1640100000
CY2017Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1684300000
CY2017Q1 us-gaap Gross Profit
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338200000
CY2017Q2 us-gaap Gross Profit
GrossProfit
364300000
CY2017Q3 us-gaap Gross Profit
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397000000
CY2017Q4 us-gaap Gross Profit
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371400000
CY2017Q1 us-gaap Operating Income Loss
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203400000
CY2017Q2 us-gaap Operating Income Loss
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234100000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
252300000
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
117400000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
143200000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
139100000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
268900000
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.25
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.52
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.47
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.85
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.24
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.52
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.47
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.84
CY2017Q1 pkg High Stock Price Per Share
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96.87
CY2017Q2 pkg High Stock Price Per Share
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113.52
CY2017Q3 pkg High Stock Price Per Share
HighStockPricePerShare
119.43
CY2017Q4 pkg High Stock Price Per Share
HighStockPricePerShare
121.38
CY2017 pkg High Stock Price Per Share
HighStockPricePerShare
121.38
CY2017Q1 pkg Low Stock Price Per Share
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84.01
CY2017Q2 pkg Low Stock Price Per Share
LowStockPricePerShare
89.73
CY2017Q3 pkg Low Stock Price Per Share
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105.81
CY2017Q4 pkg Low Stock Price Per Share
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108.49
CY2017 pkg Low Stock Price Per Share
LowStockPricePerShare
84.01
CY2017Q3 pkg Change In Value Of Deferred Tax Assets Due To Internal Consolidation
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3300000
CY2017Q3 pkg Restructuring And Related Cost Income Loss Per Share Diluted
RestructuringAndRelatedCostIncomeLossPerShareDiluted
0.04

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