$PKG
PACKAGING CORP OF AMERICA

2020 Q3 Form 10-Q Financial Statement

#000156459020050944 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $1.694B $1.720B $1.751B
YoY Change -3.26% -1.52% -3.27%
Cost Of Revenue $1.348B $1.337B $1.339B
YoY Change 0.67% 1.18% -2.0%
Gross Profit $345.4M $383.3M $411.4M
YoY Change -16.04% -9.9% -7.18%
Gross Profit Margin 20.39% 22.28% 23.5%
Selling, General & Admin $127.1M $137.0M $136.9M
YoY Change -7.16% 5.63% 2.01%
% of Gross Profit 36.8% 35.74% 33.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $89.60M $98.90M $87.60M
YoY Change 2.28% 1.64% -1.57%
% of Gross Profit 25.94% 25.8% 21.29%
Operating Expenses $127.1M $140.9M $136.9M
YoY Change -7.16% 6.42% 2.01%
Operating Profit $209.5M $235.1M $262.8M
YoY Change -20.28% -18.0% -11.96%
Interest Expense -$24.40M -$59.60M -$21.60M
YoY Change 12.96% 185.17% -9.62%
% of Operating Profit -11.65% -25.35% -8.22%
Other Income/Expense, Net $600.0K -$3.100M -$3.200M
YoY Change -118.75% 138.46% 146.15%
Pretax Income $185.7M $172.4M $239.3M
YoY Change -22.4% -34.82% -12.7%
Income Tax $46.60M $36.20M $59.50M
% Of Pretax Income 25.09% 21.0% 24.86%
Net Earnings $139.1M $136.2M $179.8M
YoY Change -22.64% -33.43% -13.01%
Net Earnings / Revenue 8.21% 7.92% 10.27%
Basic Earnings Per Share $1.47 $1.44 $1.90
Diluted Earnings Per Share $1.46 $1.43 $1.89
COMMON SHARES
Basic Shares Outstanding 94.20M 93.90M
Diluted Shares Outstanding 94.50M 94.30M

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.050B $767.4M $738.3M
YoY Change 42.26% 112.28% 151.29%
Cash & Equivalents $949.1M $679.5M $738.3M
Short-Term Investments $101.2M $87.90M
Other Short-Term Assets $51.20M $44.80M $44.90M
YoY Change 14.03% 13.71% -8.37%
Inventory $777.6M $794.1M $806.3M
Prepaid Expenses
Receivables $864.6M $845.6M $932.3M
Other Receivables $0.00 $26.50M $9.500M
Total Short-Term Assets $2.744B $2.478B $2.531B
YoY Change 8.39% 17.18% 19.7%
LONG-TERM ASSETS
Property, Plant & Equipment $3.131B $3.152B $3.110B
YoY Change 0.66% 1.39% 1.48%
Goodwill $863.5M $918.7M $918.7M
YoY Change -6.01% 0.15% 3.38%
Intangibles
YoY Change
Long-Term Investments $45.20M $58.10M
YoY Change
Other Assets $52.20M $55.80M $49.90M
YoY Change 4.61% 10.5% -13.37%
Total Long-Term Assets $4.629B $4.757B $4.660B
YoY Change -0.66% 6.8% 6.26%
TOTAL ASSETS
Total Short-Term Assets $2.744B $2.478B $2.531B
Total Long-Term Assets $4.629B $4.757B $4.660B
Total Assets $7.373B $7.236B $7.191B
YoY Change 2.52% 10.14% 10.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $352.1M $351.9M $385.5M
YoY Change -8.66% -7.93% -12.17%
Accrued Expenses $231.6M $217.5M $220.1M
YoY Change 5.22% -2.2% -1.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.600M $0.00 $1.500M
YoY Change 6.67%
Total Short-Term Liabilities $775.4M $723.8M $770.7M
YoY Change 0.61% 4.35% 0.55%
LONG-TERM LIABILITIES
Long-Term Debt $2.479B $2.477B $2.486B
YoY Change -0.31% -0.28% 0.14%
Other Long-Term Liabilities $61.70M $55.00M $57.80M
YoY Change 6.75% -7.87% -8.25%
Total Long-Term Liabilities $3.392B $3.441B $3.386B
YoY Change 0.18% 7.41% 5.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $775.4M $723.8M $770.7M
Total Long-Term Liabilities $3.392B $3.441B $3.386B
Total Liabilities $4.167B $4.165B $4.156B
YoY Change 0.26% 6.86% 4.7%
SHAREHOLDERS EQUITY
Retained Earnings $2.807B $2.705B $2.644B
YoY Change 6.17% 16.8% 20.97%
Common Stock $549.6M $525.7M $519.8M
YoY Change 5.73% 6.12% 6.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.205B $3.071B $3.035B
YoY Change
Total Liabilities & Shareholders Equity $7.373B $7.236B $7.191B
YoY Change 2.52% 10.14% 10.63%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $139.1M $136.2M $179.8M
YoY Change -22.64% -33.43% -13.01%
Depreciation, Depletion And Amortization $89.60M $98.90M $87.60M
YoY Change 2.28% 1.64% -1.57%
Cash From Operating Activities $298.2M $329.2M $339.8M
YoY Change -12.24% -4.75% 12.89%
INVESTING ACTIVITIES
Capital Expenditures -$103.4M -$135.0M -$95.60M
YoY Change 8.16% -8.47% -27.47%
Acquisitions
YoY Change
Other Investing Activities -$23.70M -$143.3M $100.0K
YoY Change -23800.0% 158.66%
Cash From Investing Activities -$127.1M -$278.3M -$95.50M
YoY Change 33.09% 37.16% -27.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -75.30M -109.7M -75.40M
YoY Change -0.13% 46.27% 0.53%
NET CHANGE
Cash From Operating Activities 298.2M 329.2M 339.8M
Cash From Investing Activities -127.1M -278.3M -95.50M
Cash From Financing Activities -75.30M -109.7M -75.40M
Net Change In Cash 95.80M -58.80M 168.9M
YoY Change -43.28% -186.85% 79.3%
FREE CASH FLOW
Cash From Operating Activities $298.2M $329.2M $339.8M
Capital Expenditures -$103.4M -$135.0M -$95.60M
Free Cash Flow $401.6M $464.2M $435.4M
YoY Change -7.76% -5.86% 0.6%

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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:8pt;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:8pt;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. 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 18, Segment Information.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consolidated financial statements of PCA as of September 30, 2020 and for the three and nine months ended September 30, 2020 and 2019 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, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019.</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:8pt;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-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 March 2020, the FASB issued ASU 2020-04, </span><span style="font-style:italic;Background-color:#FFFFFF;">Reference Rate Reform </span><span style="Background-color:#FFFFFF;">(Topic 848):</span><span style="font-style:italic;Background-color:#FFFFFF;"> Facilitation of the Effects of Reference Rate Reform on Financial Reporting.</span><span style="Background-color:#FFFFFF;"> ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. The amendments in this Update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Companies can apply the ASU immediately, but the guidance will only be available until December 31, 2022. The Company is currently evaluating the impact of this guidance, but does not expect the guidance to have a significant impact on its related disclosures.</span></p> <p style="margin-top:3pt;margin-bottom: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>FASB <span style="Background-color:#FFFFFF;">issued ASU 2018-14, </span><span style="font-style:italic;Background-color:#FFFFFF;">Compensation – Retirement Benefits – Defined Benefit Plans – General </span><span style="Background-color:#FFFFFF;">(Subtopic 715-20):</span><span style="font-style:italic;Background-color:#FFFFFF;"> Disclosure Framework – 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 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.  The Company is currently evaluating the impact of this guidance, but does not expect the guidance will have a significant impact on its related disclosures.</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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