$PKG
PACKAGING CORP OF AMERICA

2019 Q2 Form 10-Q Financial Statement

#000156459019028172 Filed on August 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2017 Q4
Revenue $1.760B $1.768B $1.684B
YoY Change -0.43% 11.58% 14.07%
Cost Of Revenue $1.332B $1.347B $1.313B
YoY Change -1.11% 10.46% 14.19%
Gross Profit $427.9M $420.6M $371.4M
YoY Change 1.74% 15.45% 13.54%
Gross Profit Margin 24.31% 23.8% 22.05%
Selling, General & Admin $143.7M $137.7M $133.7M
YoY Change 4.36% 5.76% 6.87%
% of Gross Profit 33.58% 32.74% 36.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $85.80M $91.60M $107.7M
YoY Change -6.33% 9.57% 14.94%
% of Gross Profit 20.05% 21.78% 29.0%
Operating Expenses $143.7M $137.7M $136.8M
YoY Change 4.36% 5.6% 14.19%
Operating Profit $280.4M $269.6M $252.3M
YoY Change 4.01% 15.16% 30.79%
Interest Expense -$22.40M -$23.80M -$28.00M
YoY Change -5.88% -5.56% 15.23%
% of Operating Profit -7.99% -8.83% -11.1%
Other Income/Expense, Net -$3.300M -$1.300M
YoY Change 153.85%
Pretax Income $256.0M $245.3M $224.0M
YoY Change 4.36% 17.59% 32.86%
Income Tax $62.40M $58.70M $77.20M
% Of Pretax Income 24.38% 23.93% 34.46%
Net Earnings $193.6M $186.6M $268.9M
YoY Change 3.75% 30.31% 143.13%
Net Earnings / Revenue 11.0% 10.56% 15.97%
Basic Earnings Per Share $2.05 $1.98 $2.85
Diluted Earnings Per Share $2.04 $1.97 $2.84
COMMON SHARES
Basic Shares Outstanding 93.80M 93.60M 94.35M
Diluted Shares Outstanding 94.00M 93.80M

Balance Sheet

Concept 2019 Q2 2018 Q2 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $569.4M $199.6M $216.9M
YoY Change 185.27% -37.82% -9.36%
Cash & Equivalents $569.4M $199.6M $216.9M
Short-Term Investments
Other Short-Term Assets $59.20M $56.60M $35.50M
YoY Change 4.59% 7.2% 17.16%
Inventory $815.7M $763.7M $762.5M
Prepaid Expenses
Receivables $947.0M $920.0M $830.7M
Other Receivables $11.40M $16.70M $69.50M
Total Short-Term Assets $2.403B $1.957B $1.915B
YoY Change 22.8% 5.0% 12.9%
LONG-TERM ASSETS
Property, Plant & Equipment $3.107B $3.027B $2.925B
YoY Change 2.67% 5.36% 1.01%
Goodwill $918.7M $888.7M $883.2M
YoY Change 3.38% 21.56% 19.69%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $49.60M $59.70M $64.30M
YoY Change -16.92% -25.38% -19.63%
Total Long-Term Assets $4.672B $4.359B $4.282B
YoY Change 7.17% 7.9% 4.94%
TOTAL ASSETS
Total Short-Term Assets $2.403B $1.957B $1.915B
Total Long-Term Assets $4.672B $4.359B $4.282B
Total Assets $7.074B $6.316B $6.198B
YoY Change 12.01% 6.99% 7.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $382.8M $431.7M $402.9M
YoY Change -11.33% 23.63% 24.43%
Accrued Expenses $197.9M $195.7M $203.2M
YoY Change 1.12% 10.25% 0.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.500M $0.00 $150.0M
YoY Change -100.0% 481.4%
Total Short-Term Liabilities $729.6M $715.8M $832.7M
YoY Change 1.93% -5.84% 33.15%
LONG-TERM LIABILITIES
Long-Term Debt $2.485B $2.482B $2.480B
YoY Change 0.13% 1.01% -5.33%
Other Long-Term Liabilities $58.30M $63.70M $70.80M
YoY Change -8.48% 5.46% 18.79%
Total Long-Term Liabilities $3.424B $3.212B $3.182B
YoY Change 6.59% -0.76% -6.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $729.6M $715.8M $832.7M
Total Long-Term Liabilities $3.424B $3.212B $3.182B
Total Liabilities $4.153B $3.928B $4.015B
YoY Change 5.74% -1.73% -0.06%
SHAREHOLDERS EQUITY
Retained Earnings $2.539B $2.054B $1.867B
YoY Change 23.62% 30.1% 29.04%
Common Stock $514.2M $483.0M $472.1M
YoY Change 6.46% 4.59% 4.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.921B $2.388B $2.183B
YoY Change
Total Liabilities & Shareholders Equity $7.074B $6.316B $6.198B
YoY Change 12.01% 6.99% 7.28%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2017 Q4
OPERATING ACTIVITIES
Net Income $193.6M $186.6M $268.9M
YoY Change 3.75% 30.31% 143.13%
Depreciation, Depletion And Amortization $85.80M $91.60M $107.7M
YoY Change -6.33% 9.57% 14.94%
Cash From Operating Activities $302.4M $331.0M $272.8M
YoY Change -8.64% 49.44% 27.84%
INVESTING ACTIVITIES
Capital Expenditures -$92.60M -$166.7M -$117.7M
YoY Change -44.45% 97.98% 34.98%
Acquisitions
YoY Change
Other Investing Activities -$100.0K $400.0K -$263.8M
YoY Change -125.0% -63.64% 164.59%
Cash From Investing Activities -$92.70M -$166.3M -$381.5M
YoY Change -44.26% 100.12% 104.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -82.70M -67.50M -44.90M
YoY Change 22.52% -5.46% -32.99%
NET CHANGE
Cash From Operating Activities 302.4M 331.0M 272.8M
Cash From Investing Activities -92.70M -166.3M -381.5M
Cash From Financing Activities -82.70M -67.50M -44.90M
Net Change In Cash 127.0M 97.20M -153.6M
YoY Change 30.66% 45.07% 279.26%
FREE CASH FLOW
Cash From Operating Activities $302.4M $331.0M $272.8M
Capital Expenditures -$92.60M -$166.7M -$117.7M
Free Cash Flow $395.0M $497.7M $390.5M
YoY Change -20.63% 62.81% 29.91%

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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <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;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</span></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 June 30, 2019 and for the three and six months ended June 30, 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 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 and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 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;"> </p>
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<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;"> </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;"><span style="Background-color:#FFFFFF;">In August 2018, the FASB issued ASU 2018-15, </span><span style="font-style:italic;Background-color:#FFFFFF;">Intangibles – Goodwill and Other – Internal Use Software </span><span style="Background-color:#FFFFFF;">(Subtopic 350-40): </span><span style="font-style:italic;Background-color:#FFFFFF;">Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract</span><span style="Background-color:#FFFFFF;">, which includes amendments to align the accounting for costs incurred to implement a cloud computing arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The accounting for the service component of a hosting arrangement that is a service contract is not affected by the amendments in this update. The ASU is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance.</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:9pt;"> </p> <p style="margin-top:3pt;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;"><span style="Background-color:#FFFFFF;">In August 2018, the </span><span style="font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FASB</span><span style="font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="Background-color:#FFFFFF;">issued ASU 2018-14, </span><span style="font-style:italic;Background-color:#FFFFFF;">Compensation</span><span style="font-style:italic;Background-color:#FFFFFF;"> – </span><span style="font-style:italic;Background-color:#FFFFFF;">Retirement Benefits</span><span style="font-style:italic;Background-color:#FFFFFF;"> – </span><span style="font-style:italic;Background-color:#FFFFFF;">Defined Benefit Plans</span><span style="font-style:italic;Background-color:#FFFFFF;"> – </span><span style="font-style:italic;Background-color:#FFFFFF;">General </span><span style="Background-color:#FFFFFF;">(Subtopic 715-20):</span><span style="font-style:italic;Background-color:#FFFFFF;"> Disclosure Framework</span><span style="font-style:italic;Background-color:#FFFFFF;"> – </span><span style="font-style:italic;Background-color:#FFFFFF;">Changes to the Disclosure Requirements for Defined Benefit Plans</span><span 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 </span><span style="Background-color:#FFFFFF;">annual periods beginning after December 31, 2020</span><span style="Background-color:#FFFFFF;">, with early adoption permitted. The amendments in ASU 2018-14 would need to be applied o</span><span style="Background-color:#FFFFFF;">n a retrospective basis.  The Company is</span><span style="Background-color:#FFFFFF;"> currently evaluating the impact this guidance </span><span style="Background-color:#FFFFFF;">will have on its related disclosures</span><span style="Background-color:#FFFFFF;">.</span></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, <span style="font-style:italic;">Fair Value Measurement</span> (Topic 820): <span style="font-style:italic;">Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.</span>  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. <span style="Background-color:#FFFFFF;">The Company is currently evaluating the impact of the new guidance.</span></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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284000000.0
CY2018Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
274900000
CY2019Q2 us-gaap Inventory Net
InventoryNet
815700000
CY2018Q4 us-gaap Inventory Net
InventoryNet
795600000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6833600000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6691100000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3726400000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3582500000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3107200000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3108600000
CY2019Q2 us-gaap Depreciation
Depreciation
85800000
CY2018Q2 us-gaap Depreciation
Depreciation
91600000
us-gaap Depreciation
Depreciation
171000000.0
us-gaap Depreciation
Depreciation
186200000
us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
200000
us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
13500000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
27000000.0
CY2018 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
24700000
CY2019Q2 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
5000000.0
CY2018Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
5000000.0
CY2019Q2 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
4000000.0
CY2018Q4 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
2200000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12100000
CY2018Q4 us-gaap Goodwill
Goodwill
917300000
pkg Goodwill Revised During Period
GoodwillRevisedDuringPeriod
1400000
CY2019Q2 us-gaap Goodwill
Goodwill
918700000
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
542900000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
184700000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
19200000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
20500000
CY2019Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
106100000
CY2018Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
136700000
CY2019Q2 pkg Accrued Medical Insurance And Workers Compensation Current
AccruedMedicalInsuranceAndWorkersCompensationCurrent
27500000
CY2018Q4 pkg Accrued Medical Insurance And Workers Compensation Current
AccruedMedicalInsuranceAndWorkersCompensationCurrent
27500000
CY2019Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
22100000
CY2018Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
25200000
CY2019Q2 pkg Accrual For Franchise Property Sales And Use Taxes Current
AccrualForFranchisePropertySalesAndUseTaxesCurrent
21100000
CY2018Q4 pkg Accrual For Franchise Property Sales And Use Taxes Current
AccrualForFranchisePropertySalesAndUseTaxesCurrent
13400000
CY2019Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1300000
CY2018Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1300000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
2600000
CY2019Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
197900000
CY2018Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
222400000
us-gaap Interest Paid
InterestPaid
45800000
us-gaap Interest Paid
InterestPaid
51100000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
2700000
CY2019Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
700000
CY2018Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
700000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1400000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1300000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate
2023-05-01
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10600000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
400000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11700000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5600000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18600000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10700000
CY2019Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3000000.0
CY2018Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1400000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4700000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2700000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
8700000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
4200000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
13900000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
8000000.0
CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
56300000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
149300000
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
200000000.0
CY2019Q2 pkg Repurchases Of Common Stock Under Stock Repurchase Program
RepurchasesOfCommonStockUnderStockRepurchaseProgram
0
pkg Repurchases Of Common Stock Under Stock Repurchase Program
RepurchasesOfCommonStockUnderStockRepurchaseProgram
0
CY2019Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
193000000.0
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-6600000
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
-5200000
pkg Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months Net Of Tax
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonthsNetOfTax
-3900000
CY2019Q2 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
3400000
CY2019Q2 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
3400000
CY2018Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
2700000
CY2018Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
2700000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
280400000
CY2019Q2 pkg Non Operating Pension Expense
NonOperatingPensionExpense
2000000.0
CY2019Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-22400000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
256000000.0
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
269600000
CY2018Q2 pkg Non Operating Pension Expense
NonOperatingPensionExpense
500000
CY2018Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-23800000
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
245300000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-46400000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
505300000
us-gaap Operating Income Loss
OperatingIncomeLoss
482500000
pkg Non Operating Pension Expense
NonOperatingPensionExpense
-1100000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-49600000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
431800000

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