$PKG
PACKAGING CORP OF AMERICA

2019 Q3 Form 10-Q Financial Statement

#000156459019039297 Filed on November 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $1.751B $1.810B
YoY Change -3.27% 10.35%
Cost Of Revenue $1.339B $1.367B
YoY Change -2.0% 9.94%
Gross Profit $411.4M $443.2M
YoY Change -7.18% 11.64%
Gross Profit Margin 23.5% 24.49%
Selling, General & Admin $136.9M $134.2M
YoY Change 2.01% 3.07%
% of Gross Profit 33.28% 30.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $87.60M $89.00M
YoY Change -1.57% 2.3%
% of Gross Profit 21.29% 20.08%
Operating Expenses $136.9M $134.2M
YoY Change 2.01% 3.07%
Operating Profit $262.8M $298.5M
YoY Change -11.96% 23.04%
Interest Expense -$21.60M -$23.90M
YoY Change -9.62% -5.91%
% of Operating Profit -8.22% -8.01%
Other Income/Expense, Net -$3.200M -$1.300M
YoY Change 146.15%
Pretax Income $239.3M $274.1M
YoY Change -12.7% 26.37%
Income Tax $59.50M $67.40M
% Of Pretax Income 24.86% 24.59%
Net Earnings $179.8M $206.7M
YoY Change -13.01% 48.6%
Net Earnings / Revenue 10.27% 11.42%
Basic Earnings Per Share $1.90 $2.19
Diluted Earnings Per Share $1.89 $2.18
COMMON SHARES
Basic Shares Outstanding 93.90M 93.70M
Diluted Shares Outstanding 94.30M 94.00M

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $738.3M $293.8M
YoY Change 151.29% -20.7%
Cash & Equivalents $738.3M $293.8M
Short-Term Investments
Other Short-Term Assets $44.90M $49.00M
YoY Change -8.37% 12.9%
Inventory $806.3M $780.6M
Prepaid Expenses
Receivables $932.3M $986.2M
Other Receivables $9.500M $5.100M
Total Short-Term Assets $2.531B $2.115B
YoY Change 19.7% 5.64%
LONG-TERM ASSETS
Property, Plant & Equipment $3.110B $3.065B
YoY Change 1.48% 6.37%
Goodwill $918.7M $888.7M
YoY Change 3.38% 21.39%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $49.90M $57.60M
YoY Change -13.37% -9.86%
Total Long-Term Assets $4.660B $4.385B
YoY Change 6.26% 8.94%
TOTAL ASSETS
Total Short-Term Assets $2.531B $2.115B
Total Long-Term Assets $4.660B $4.385B
Total Assets $7.191B $6.500B
YoY Change 10.63% 7.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $385.5M $438.9M
YoY Change -12.17% 15.65%
Accrued Expenses $220.1M $223.4M
YoY Change -1.48% 7.51%
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 $770.7M $766.5M
YoY Change 0.55% -7.01%
LONG-TERM LIABILITIES
Long-Term Debt $2.486B $2.483B
YoY Change 0.14% 1.08%
Other Long-Term Liabilities $57.80M $63.00M
YoY Change -8.25% -7.62%
Total Long-Term Liabilities $3.386B $3.203B
YoY Change 5.69% -0.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $770.7M $766.5M
Total Long-Term Liabilities $3.386B $3.203B
Total Liabilities $4.156B $3.970B
YoY Change 4.7% -1.57%
SHAREHOLDERS EQUITY
Retained Earnings $2.644B $2.186B
YoY Change 20.97% 31.8%
Common Stock $519.8M $489.8M
YoY Change 6.12% 4.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.035B $2.530B
YoY Change
Total Liabilities & Shareholders Equity $7.191B $6.500B
YoY Change 10.63% 7.84%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $179.8M $206.7M
YoY Change -13.01% 48.6%
Depreciation, Depletion And Amortization $87.60M $89.00M
YoY Change -1.57% 2.3%
Cash From Operating Activities $339.8M $301.0M
YoY Change 12.89% 52.25%
INVESTING ACTIVITIES
Capital Expenditures -$95.60M -$131.8M
YoY Change -27.47% 49.43%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$95.50M -$131.8M
YoY Change -27.54% 52.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -75.40M -75.00M
YoY Change 0.53% 21.95%
NET CHANGE
Cash From Operating Activities 339.8M 301.0M
Cash From Investing Activities -95.50M -131.8M
Cash From Financing Activities -75.40M -75.00M
Net Change In Cash 168.9M 94.20M
YoY Change 79.3% 90.3%
FREE CASH FLOW
Cash From Operating Activities $339.8M $301.0M
Capital Expenditures -$95.60M -$131.8M
Free Cash Flow $435.4M $432.8M
YoY Change 0.6% 51.38%

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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 September 30, 2019 and for the three and nine months ended September 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 nine months ended September 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. 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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;"><span style="Background-color:#FFFFFF;">In June 2016, the FASB issued ASU 2016-13, </span><span style="font-style:italic;Background-color:#FFFFFF;">Financial Instruments – Credit Losses </span><span style="Background-color:#FFFFFF;">(Topic 326)</span><span style="font-style:italic;Background-color:#FFFFFF;">: Measurement of Credit Losses on Financial Instruments.</span><span style="Background-color:#FFFFFF;"> ASU 2016-13 introduces the Current Expected Credit Losses (“CECL”) framework for evaluating credit losses on financial instruments measured at amortized cost. This new framework requires entities to incorporate forward-looking information into their estimate of current expected credit loss as of each reporting date. Although available-for-sale (“AFS”) debt securities are not within the scope of the new CECL framework, the ASU includes an amended impairment model for evaluating losses related to AFS debt securities. The guidance in this update also includes enhanced requirements for disclosures related to credit loss estimates. The ASU is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The amendments in ASU 2016-13 would need to be applied using the modified retrospective method. The Company is currently evaluating the impact of the new guidance but does not expect this ASU to have a material impact on the Company’s financial position, results of operation, or cash flow.</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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