$PKG
PACKAGING CORP OF AMERICA

2019 Q1 Form 10-Q Financial Statement

#000156459019016920 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $1.734B $1.691B
YoY Change 2.55% 10.03%
Cost Of Revenue $1.312B $1.335B
YoY Change -1.66% 11.37%
Gross Profit $421.4M $356.1M
YoY Change 18.34% 5.29%
Gross Profit Margin 24.31% 21.06%
Selling, General & Admin $140.0M $134.9M
YoY Change 3.78% 5.56%
% of Gross Profit 33.22% 37.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $85.20M $94.60M
YoY Change -9.94% 14.81%
% of Gross Profit 20.22% 26.57%
Operating Expenses $140.0M $134.9M
YoY Change 3.78% 5.56%
Operating Profit $275.4M $212.9M
YoY Change 29.36% 4.67%
Interest Expense -$24.10M -$25.80M
YoY Change -6.59% 7.5%
% of Operating Profit -8.75% -12.12%
Other Income/Expense, Net -$3.300M -$700.0K
YoY Change 371.43%
Pretax Income $249.3M $186.6M
YoY Change 33.6% 4.19%
Income Tax $62.50M $46.50M
% Of Pretax Income 25.07% 24.92%
Net Earnings $186.8M $140.1M
YoY Change 33.33% 19.34%
Net Earnings / Revenue 10.77% 8.29%
Basic Earnings Per Share $1.98 $1.48
Diluted Earnings Per Share $1.97 $1.48
COMMON SHARES
Basic Shares Outstanding 93.70M 93.60M
Diluted Shares Outstanding 94.00M 93.80M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $442.4M $102.4M
YoY Change 332.03% -59.69%
Cash & Equivalents $442.4M $102.4M
Short-Term Investments
Other Short-Term Assets $58.00M $55.00M
YoY Change 5.45% 16.28%
Inventory $831.7M $766.4M
Prepaid Expenses
Receivables $930.3M $860.2M
Other Receivables $0.00 $48.60M
Total Short-Term Assets $2.262B $1.833B
YoY Change 23.45% 3.01%
LONG-TERM ASSETS
Property, Plant & Equipment $3.110B $2.961B
YoY Change 5.01% 2.57%
Goodwill $917.3M $883.2M
YoY Change 3.86% 19.82%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $53.10M $63.00M
YoY Change -15.71% -22.41%
Total Long-Term Assets $4.666B $4.307B
YoY Change 8.33% 5.98%
TOTAL ASSETS
Total Short-Term Assets $2.262B $1.833B
Total Long-Term Assets $4.666B $4.307B
Total Assets $6.929B $6.140B
YoY Change 12.85% 5.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $405.1M $427.3M
YoY Change -5.2% 16.34%
Accrued Expenses $160.9M $157.0M
YoY Change 2.48% 6.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.500M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $740.7M $673.6M
YoY Change 9.96% -13.2%
LONG-TERM LIABILITIES
Long-Term Debt $2.485B $2.481B
YoY Change 0.14% 0.93%
Other Long-Term Liabilities $56.90M $62.90M
YoY Change -9.54% 5.18%
Total Long-Term Liabilities $3.393B $3.192B
YoY Change 6.29% -1.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $740.7M $673.6M
Total Long-Term Liabilities $3.393B $3.192B
Total Liabilities $4.134B $3.866B
YoY Change 6.93% -3.8%
SHAREHOLDERS EQUITY
Retained Earnings $2.428B $1.950B
YoY Change 24.53% 29.58%
Common Stock $502.3M $477.2M
YoY Change 5.26% 4.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.795B $2.274B
YoY Change
Total Liabilities & Shareholders Equity $6.929B $6.140B
YoY Change 12.85% 5.07%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $186.8M $140.1M
YoY Change 33.33% 19.34%
Depreciation, Depletion And Amortization $85.20M $94.60M
YoY Change -9.94% 14.81%
Cash From Operating Activities $236.0M $202.5M
YoY Change 16.54% 23.4%
INVESTING ACTIVITIES
Capital Expenditures $78.80M $108.0M
YoY Change -27.04% 86.85%
Acquisitions
YoY Change
Other Investing Activities -$2.600M
YoY Change 116.67%
Cash From Investing Activities -$80.10M -$107.2M
YoY Change -25.28% 85.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -75.00M -209.8M
YoY Change -64.25% 129.04%
NET CHANGE
Cash From Operating Activities 236.0M 202.5M
Cash From Investing Activities -80.10M -107.2M
Cash From Financing Activities -75.00M -209.8M
Net Change In Cash 80.90M -114.5M
YoY Change -170.66% -878.91%
FREE CASH FLOW
Cash From Operating Activities $236.0M $202.5M
Capital Expenditures $78.80M $108.0M
Free Cash Flow $157.2M $94.50M
YoY Change 66.35% -11.1%

Facts In Submission

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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:4.54%;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:4.54%;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 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 19, 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 March 31, 2019 and for the three months ended March 31, 2019 and 2018 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 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, 2019 are not necessarily indicative of the results that may be expected for the year ending December&#160;31, 2019. 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, 2018.</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>
CY2019Q1 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;">The preparation of the consolidated financial statements involves the use of estimates and accruals. Actual results may vary from those estimates.</p>
CY2019Q1 pkg New Accounting Standards Not Yet Adopted
NewAccountingStandardsNotYetAdopted
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:4.54%;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-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:6pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top: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;"><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:4.54%;font-size:9pt;font-family:Times New Roman;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="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>
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CY2019Q1 dei Entity Incorporation Date Of Incorporation
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