10-Q Filing

PACKAGING CORP OF AMERICA CIK: 75677 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0000075677-16-000034`
Period End Date	20160331
Filing Date	20160506
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	pkg-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 39 Cash Flow Statement 60 Comprehensive Income 4

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net of allowance for doubtful accounts and customer deductions of $10.0 million and $10.3 million as of March 31, 2016 and December 31, 2015, respectively	`AllowanceForDoubtfulAccountsReceivableAndReserveForCustomerDeductionsCurrent`	$10.00M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and customer deductions of $10.0 million and $10.3 million as of March 31, 2016 and December 31, 2015, respectively	`AllowanceForDoubtfulAccountsReceivableAndReserveForCustomerDeductionsCurrent`	$10.30M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$162.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$124.90M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$126.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$184.20M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and customer deductions of $10.0 million and $10.3 million as of March 31, 2016 and December 31, 2015, respectively	`AccountsReceivableNetCurrent`	$631.40M	USD	Point-in-time
Treasury Stock, Shares	`TreasuryStockShares`	0.00	shares	Point-in-time
Treasury Stock, Shares	`TreasuryStockShares`	100,000.00	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and customer deductions of $10.0 million and $10.3 million as of March 31, 2016 and December 31, 2015, respectively	`AccountsReceivableNetCurrent`	$636.50M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	96.10M	shares	Point-in-time
Inventories	`InventoryNet`	$676.80M	USD	Point-in-time
Inventories	`InventoryNet`	$692.50M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	94.20M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$42.70M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$28.80M	USD	Point-in-time
Federal and state income taxes receivable	`IncomeTaxesReceivable`	$28.20M	USD	Point-in-time
Federal and state income taxes receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.55B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.53B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$2.82B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$2.83B	USD	Point-in-time
Goodwill	`Goodwill`	$544.00M	USD	Point-in-time
Goodwill	`Goodwill`	$544.00M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$265.10M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$270.80M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$70.90M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$71.40M	USD	Point-in-time
Total assets	`Assets`	$5.23B	USD	Point-in-time
Total assets	`Assets`	$5.27B	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$6.50M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$6.50M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsCurrent`	$1.20M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsCurrent`	$1.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$309.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$294.20M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$52.10M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$53.40M	USD	Point-in-time
Federal and state income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Federal and state income taxes payable	`AccruedIncomeTaxesCurrent`	$13.30M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$13.10M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$18.80M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$144.40M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$193.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$561.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$545.30M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.29B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.29B	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$21.60M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$21.30M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$347.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$357.20M	USD	Point-in-time
Compensation and benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$363.00M	USD	Point-in-time
Compensation and benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$358.60M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$60.40M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$59.50M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.09B	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.08B	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, 300.0 million shares authorized, 94.2 million and 96.1 million shares issued as of March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$900.00K	USD	Point-in-time
Common stock, par value $0.01 per share, 300.0 million shares authorized, 94.2 million and 96.1 million shares issued as of March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$432.80M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$439.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.32B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.29B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-124.90M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-122.40M	USD	Point-in-time
Common stock held in treasury, at cost, 0.1 million shares as of March 31, 2016	`TreasuryStockValue`	-	USD	Point-in-time
Common stock held in treasury, at cost, 0.1 million shares as of March 31, 2016	`TreasuryStockValue`	$7.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.59B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.63B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.27B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.23B	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$1.43B	USD	1 Quarter
Net sales	`SalesRevenueNet`	$1.40B	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$1.10B	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$1.15B	USD	1 Quarter
Gross profit	`GrossProfit`	$277.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$298.60M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$117.30M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$113.90M	USD	1 Quarter
Other expense, net	`OtherOperatingIncomeExpenseNet`	$-3.90M	USD	1 Quarter
Other expense, net	`OtherOperatingIncomeExpenseNet`	$-2.60M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$157.10M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$180.80M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-21.60M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-19.20M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$137.90M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$159.20M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$55.50M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$47.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$90.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$103.70M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.09	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.92	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.92	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.09	USD	1 Quarter
Dividends declared per common share (in US$ per share)	`CommonStockDividendsPerShareDeclared`	$0.55	USD	Point-in-time
Dividends declared per common share (in US$ per share)	`CommonStockDividendsPerShareDeclared`	$0.55	USD	1 Quarter
Dividends declared per common share (in US$ per share)	`CommonStockDividendsPerShareDeclared`	$0.55	USD	1 Quarter
Net income	`NetIncomeLoss`	$90.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$103.70M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.40M	USD	1 Quarter
Reclassification adjustments to cash flow hedges included in net income, net of tax of $0.5 million and $0.6 million	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax`	$-800.00K	USD	1 Quarter
Reclassification adjustments to cash flow hedges included in net income, net of tax of $0.5 million and $0.6 million	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax`	$-900.00K	USD	1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $1.0 million and $1.4 million	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax`	$2.20M	USD	1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $1.0 million and $1.4 million	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax`	$1.60M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$2.50M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$1.60M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$92.40M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$106.20M	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$90.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$103.70M	USD	1 Quarter
Depreciation, depletion, and amortization of intangibles	`DepreciationDepletionAmortizationAndOtherCashFlowImpact`	$88.70M	USD	1 Quarter
Depreciation, depletion, and amortization of intangibles	`DepreciationDepletionAmortizationAndOtherCashFlowImpact`	$93.40M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfDeferredCharges`	$1.90M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfDeferredCharges`	$1.90M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$4.20M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$5.60M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$8.10M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$7.40M	USD	1 Quarter
Pension and postretirement benefits expense, net of contributions	`PensionAndPostretirementBenefitsContributionsExpenseNet`	$-6.40M	USD	1 Quarter
Pension and postretirement benefits expense, net of contributions	`PensionAndPostretirementBenefitsContributionsExpenseNet`	$-7.70M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$2.10M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$-5.40M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$31.40M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.10M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$22.20M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$15.70M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$13.90M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.50M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-13.60M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$300.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-43.50M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-48.80M	USD	1 Quarter
Federal and state income taxes payable / receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-42.20M	USD	1 Quarter
Federal and state income taxes payable / receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-28.80M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$191.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$108.30M	USD	1 Quarter
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$52.90M	USD	1 Quarter
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$55.60M	USD	1 Quarter
Additions to other long-term assets	`PaymentsToAcquireOtherProductiveAssets`	$2.60M	USD	1 Quarter
Additions to other long-term assets	`PaymentsToAcquireOtherProductiveAssets`	$2.90M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-600.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-300.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-55.50M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-57.60M	USD	1 Quarter
Repayments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$1.90M	USD	1 Quarter
Repayments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$1.90M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$39.40M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$53.10M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$7.60M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$100.30M	USD	1 Quarter
Excess tax benefits from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Excess tax benefits from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$300.00K	USD	1 Quarter
Shares withheld to cover employee restricted stock taxes	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$300.00K	USD	1 Quarter
Shares withheld to cover employee restricted stock taxes	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.10M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-300.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-49.20M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-157.40M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.50M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-21.90M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$162.30M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$124.90M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$126.40M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$184.20M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$162.30M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$124.90M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$126.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$184.20M	USD	Point-in-time

Comprehensive Income 4 line items

Line Item	Tag	Value	Unit	Period
Reclassification adjustments to cash flow hedges included in net income, net of tax of $0.5 million and $0.6 million	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax`	$-500.00K	USD	1 Quarter
Reclassification adjustments to cash flow hedges included in net income, net of tax of $0.5 million and $0.6 million	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax`	$-600.00K	USD	1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $1.0 million and $0.4 million	`OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax`	$-400.00K	USD	1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $1.0 million and $0.4 million	`OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax`	$-1.00M	USD	1 Quarter

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