$PKG
PACKAGING CORP OF AMERICA

2020 Q4 Form 10-K Financial Statement

#000156459021008051 Filed on February 24, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q1 2019 Q4
Revenue $1.714B $1.709B $1.720B
YoY Change -0.34% -1.44% -1.52%
Cost Of Revenue $1.381B $1.344B $1.337B
YoY Change 3.31% 2.39% 1.18%
Gross Profit $333.3M $365.0M $383.3M
YoY Change -13.04% -13.38% -9.9%
Gross Profit Margin 19.44% 21.36% 22.28%
Selling, General & Admin $130.3M $145.9M $137.0M
YoY Change -4.89% 4.21% 5.63%
% of Gross Profit 39.09% 39.97% 35.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $100.9M $89.80M $98.90M
YoY Change 2.02% 5.4% 1.64%
% of Gross Profit 30.27% 24.6% 25.8%
Operating Expenses $131.6M $145.9M $140.9M
YoY Change -6.6% 4.21% 6.42%
Operating Profit $189.3M $209.1M $235.1M
YoY Change -19.48% -24.07% -18.0%
Interest Expense -$24.40M -$19.60M -$59.60M
YoY Change -59.06% -18.67% 185.17%
% of Operating Profit -12.89% -9.37% -25.35%
Other Income/Expense, Net $600.0K $600.0K -$3.100M
YoY Change -119.35% -118.18% 138.46%
Pretax Income $165.4M $190.1M $172.4M
YoY Change -4.06% -23.75% -34.82%
Income Tax $41.80M $48.40M $36.20M
% Of Pretax Income 25.27% 25.46% 21.0%
Net Earnings $123.5M $141.7M $136.2M
YoY Change -9.32% -24.14% -33.43%
Net Earnings / Revenue 7.2% 8.29% 7.92%
Basic Earnings Per Share $1.30 $1.50 $1.44
Diluted Earnings Per Share $1.30 $1.49 $1.43
COMMON SHARES
Basic Shares Outstanding 93.90M
Diluted Shares Outstanding 94.30M

Balance Sheet

Concept 2020 Q4 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.080B $856.3M $767.4M
YoY Change 40.76% 93.56% 112.28%
Cash & Equivalents $974.6M $764.0M $679.5M
Short-Term Investments $105.6M $92.30M $87.90M
Other Short-Term Assets $44.70M $67.90M $44.80M
YoY Change -0.22% 17.07% 13.71%
Inventory $787.9M $809.9M $794.1M
Prepaid Expenses
Receivables $832.4M $879.5M $845.6M
Other Receivables $5.100M $0.00 $26.50M
Total Short-Term Assets $2.750B $2.614B $2.478B
YoY Change 10.97% 15.52% 17.18%
LONG-TERM ASSETS
Property, Plant & Equipment $3.193B $3.139B $3.152B
YoY Change 1.32% 0.93% 1.39%
Goodwill $863.5M $918.7M $918.7M
YoY Change -6.01% 0.15% 0.15%
Intangibles
YoY Change
Long-Term Investments $42.70M $57.10M $58.10M
YoY Change -26.51%
Other Assets $53.20M $55.10M $55.80M
YoY Change -4.66% 3.77% 10.5%
Total Long-Term Assets $4.683B $4.734B $4.757B
YoY Change -1.57% 1.45% 6.8%
TOTAL ASSETS
Total Short-Term Assets $2.750B $2.614B $2.478B
Total Long-Term Assets $4.683B $4.734B $4.757B
Total Assets $7.433B $7.348B $7.236B
YoY Change 2.73% 6.05% 10.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $387.0M $389.0M $351.9M
YoY Change 9.97% -3.97% -7.93%
Accrued Expenses $216.2M $178.8M $217.5M
YoY Change -0.6% 11.12% -2.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.600M $0.00
YoY Change 6.67%
Total Short-Term Liabilities $782.6M $744.6M $723.8M
YoY Change 8.12% 0.53% 4.35%
LONG-TERM LIABILITIES
Long-Term Debt $2.479B $2.477B $2.477B
YoY Change 0.1% -0.29% -0.28%
Other Long-Term Liabilities $59.20M $605.8M $55.00M
YoY Change 7.64% 964.67% -7.87%
Total Long-Term Liabilities $3.404B $2.477B $3.441B
YoY Change -1.07% -26.99% 7.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $782.6M $744.6M $723.8M
Total Long-Term Liabilities $3.404B $2.477B $3.441B
Total Liabilities $4.187B $3.222B $4.165B
YoY Change 0.53% -22.06% 6.86%
SHAREHOLDERS EQUITY
Retained Earnings $2.836B $2.705B
YoY Change 4.83% 16.8%
Common Stock $555.3M $525.7M
YoY Change 5.63% 6.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.246B $3.150B $3.071B
YoY Change
Total Liabilities & Shareholders Equity $7.433B $7.348B $7.236B
YoY Change 2.73% 6.05% 10.14%

Cashflow Statement

Concept 2020 Q4 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $123.5M $141.7M $136.2M
YoY Change -9.32% -24.14% -33.43%
Depreciation, Depletion And Amortization $100.9M $89.80M $98.90M
YoY Change 2.02% 5.4% 1.64%
Cash From Operating Activities $271.1M $236.7M $329.2M
YoY Change -17.65% 0.3% -4.75%
INVESTING ACTIVITIES
Capital Expenditures -$167.9M $70.50M -$135.0M
YoY Change 24.37% -10.53% -8.47%
Acquisitions
YoY Change
Other Investing Activities -$2.300M -$3.800M -$143.3M
YoY Change -98.39% 158.66%
Cash From Investing Activities -$170.2M -$77.00M -$278.3M
YoY Change -38.84% -3.87% 37.16%
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 -75.20M -109.7M
YoY Change -31.27% 0.27% 46.27%
NET CHANGE
Cash From Operating Activities 271.1M 236.7M 329.2M
Cash From Investing Activities -170.2M -77.00M -278.3M
Cash From Financing Activities -75.40M -75.20M -109.7M
Net Change In Cash 25.50M 84.50M -58.80M
YoY Change -143.37% 4.45% -186.85%
FREE CASH FLOW
Cash From Operating Activities $271.1M $236.7M $329.2M
Capital Expenditures -$167.9M $70.50M -$135.0M
Free Cash Flow $439.0M $166.2M $464.2M
YoY Change -5.43% 5.73% -5.86%

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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:4.78%;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:4.78%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Packaging Corporation of America (“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. We have approximately 15,200 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 manufactures and sells a range of communication-based papers. </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;">During the fourth quarter of 2020, due to an increase in demand for our corrugated products and as part of our assessment of a potential conversion to produce containerboard, we began producing high-performance, virgin kraft linerboard on the No. 3 machine at our Jackson, Alabama mill on a trial basis.<span style="color:#FF0000;"> </span>Before October 2020, operating results for the Jackson mill were included in the Paper segment. Beginning in October 2020, operating results for the Jackson mill are included in both the Packaging and Paper segments.</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;">During the second quarter of 2018, the Company discontinued the production of uncoated free sheet and coated one-side white paper grades at the Wallula, Washington mill and converted the No. 3 machine at the mill from production of white papers to production of virgin kraft linerboard. Before May 2018, operating results for the Wallula mill were included in the Paper segment. After May 2018, operating results for the Wallula mill are primarily included in the Packaging segment. </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;">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:4.78%;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’ 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>
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