10-Q Filing

PACKAGING CORP OF AMERICA CIK: 75677 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0000075677-14-000023`
Period End Date	20140331
Filing Date	20140508
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	pkg-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 39 Cash Flow Statement 60 Comprehensive Income 6

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts and customer deductions	`AllowanceForDoubtfulAccountsReceivableAndReserveForCustomerDeductionsCurrent`	$11.34M	USD	Point-in-time
Allowance for doubtful accounts and customer deductions	`AllowanceForDoubtfulAccountsReceivableAndReserveForCustomerDeductionsCurrent`	$10.57M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$185.71M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$207.39M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$190.96M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$268.04M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	98.31M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and customer deductions of $11,341 and $10,567 as of March 31, 2014, and December 31, 2013, respectively	`AccountsReceivableNetCurrent`	$643.08M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and customer deductions of $11,341 and $10,567 as of March 31, 2014, and December 31, 2013, respectively	`AccountsReceivableNetCurrent`	$696.34M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	98.17M	shares	Point-in-time
Inventories	`InventoryNet`	$607.31M	USD	Point-in-time
Inventories	`InventoryNet`	$594.29M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$40.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$32.10M	USD	Point-in-time
Federal and state income taxes receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Federal and state income taxes receivable	`IncomeTaxesReceivable`	$22.96M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$31.98M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$47.62M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.56B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.53B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$2.81B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$2.80B	USD	Point-in-time
Goodwill	`Goodwill`	$526.76M	USD	Point-in-time
Goodwill	`Goodwill`	$526.79M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$310.54M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$304.89M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$70.21M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$69.74M	USD	Point-in-time
Total assets	`Assets`	$5.24B	USD	Point-in-time
Total assets	`Assets`	$5.26B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$39.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$6.50M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsCurrent`	$1.03M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsCurrent`	$1.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$390.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$357.43M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$39.30M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$39.35M	USD	Point-in-time
Federal and state income taxes payable	`AccruedIncomeTaxesCurrent`	$5.97M	USD	Point-in-time
Federal and state income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$180.87M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$214.06M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$9.72M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$19.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$660.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$643.43M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.48B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.51B	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$23.61M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$23.87M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$434.83M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$423.97M	USD	Point-in-time
Pension and postretirement benefit plans	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$193.55M	USD	Point-in-time
Pension and postretirement benefit plans	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$199.15M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$65.32M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$80.81M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.23B	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.20B	USD	Point-in-time
Commitments and contingent liabilities	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $0.01 per share, 300,000 shares authorized, 98,308 and 98,172 shares issued as of March 31, 2014, and December 31, 2013, respectively	`CommonStockValue`	$983.00K	USD	Point-in-time
Common stock, par value $0.01 per share, 300,000 shares authorized, 98,308 and 98,172 shares issued as of March 31, 2014, and December 31, 2013, respectively	`CommonStockValue`	$982.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$401.76M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$412.14M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.07B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.02B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-63.20M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-65.02M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.36B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.42B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.26B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.24B	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$755.21M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$1.43B	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$569.96M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$1.13B	USD	1 Quarter
Gross profit	`GrossProfit`	$185.25M	USD	1 Quarter
Gross profit	`GrossProfit`	$301.40M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$116.51M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$75.28M	USD	1 Quarter
Other expense, net	`OtherOperatingIncomeExpenseNet`	$-3.96M	USD	1 Quarter
Other expense, net	`OtherOperatingIncomeExpenseNet`	$-23.98M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$160.91M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$106.00M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-9.25M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-20.79M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$96.75M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$140.12M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$34.45M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$50.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$90.09M	USD	1 Quarter
Net income	`NetIncomeLoss`	$62.29M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.92	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.65	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.92	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.64	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.40	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.40	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.31	USD	1 Quarter
Net income	`NetIncomeLoss`	$90.09M	USD	1 Quarter
Net income	`NetIncomeLoss`	$62.29M	USD	1 Quarter
Foreign currency translation adjustment, net of tax of $40 and $0, respectively	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustment, net of tax of $40 and $0, respectively	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-18.00K	USD	1 Quarter
Reclassification adjustments to cash flow hedges included in net income, net of tax of $562 and $553, respectively	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax`	$-860.00K	USD	1 Quarter
Reclassification adjustments to cash flow hedges included in net income, net of tax of $562 and $553, respectively	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax`	$-869.00K	USD	1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $784 and $1,201, respectively	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax`	$1.89M	USD	1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $784 and $1,201, respectively	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax`	$979.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$1.82M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$2.76M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$65.05M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$91.91M	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$90.09M	USD	1 Quarter
Net income	`NetIncomeLoss`	$62.29M	USD	1 Quarter
Depreciation, depletion, and amortization of intangibles and deferred financing costs	`DepreciationDepletionAndAmortization`	$44.30M	USD	1 Quarter
Depreciation, depletion, and amortization of intangibles and deferred financing costs	`DepreciationDepletionAndAmortization`	$86.04M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$3.59M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$3.64M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$15.64M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$196.00K	USD	1 Quarter
Alternative energy tax credits	`AlternativeFuelMixtureCreditChange`	$-6.93M	USD	1 Quarter
Alternative energy tax credits	`AlternativeFuelMixtureCreditChange`	-	USD	1 Quarter
Pension and postretirement benefits expense, net of contributions	`PensionAndPostretirementBenefitsContributionsExpenseNet`	$-6.16M	USD	1 Quarter
Pension and postretirement benefits expense, net of contributions	`PensionAndPostretirementBenefitsContributionsExpenseNet`	$-10.12M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$2.97M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$2.79M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$39.54M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$43.43M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$4.17M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$13.04M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$8.68M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.86M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$23.54M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.25M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$5.88M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-10.64M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$149.30M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$95.77M	USD	1 Quarter
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$27.28M	USD	1 Quarter
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$50.93M	USD	1 Quarter
Additions to other long term assets	`PaymentsToAcquireOtherProductiveAssets`	$1.73M	USD	1 Quarter
Additions to other long term assets	`PaymentsToAcquireOtherProductiveAssets`	$2.75M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-77.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-46.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-28.96M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-53.60M	USD	1 Quarter
Repayments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$66.25M	USD	1 Quarter
Repayments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$3.98M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$39.30M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	-	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$3.34M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.71M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$3.35M	USD	1 Quarter
Excess tax benefits from share-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$3.66M	USD	1 Quarter
Excess tax benefits from share-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$763.00K	USD	1 Quarter
Shares withheld to cover employee restricted stock taxes	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.31M	USD	1 Quarter
Shares withheld to cover employee restricted stock taxes	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.40M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-15.00K	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.16M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-100.95M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.25M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$60.64M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$185.71M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$207.39M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$190.96M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$268.04M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$185.71M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$207.39M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$190.96M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$268.04M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Foreign currency translation adjustment, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	-	USD	1 Quarter
Foreign currency translation adjustment, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$-40.00K	USD	1 Quarter
Reclassification adjustments to cash flow hedges included in net income, tax	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax`	$-553.00K	USD	1 Quarter
Reclassification adjustments to cash flow hedges included in net income, tax	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax`	$-562.00K	USD	1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax	`OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax`	$-784.00K	USD	1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax	`OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax`	$-1.20M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.