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10-Q Filing

PACKAGING CORP OF AMERICA CIK: 75677 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000950170-23-016955
Period End Date 20230331
Filing Date 20230503
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance pkg-20230331_htm.xml
Filing Contents
Balance Sheet 80 line items
Line Item Tag Value Unit Period
Allowance for credit losses and customer deductions AllowanceForDoubtfulAccountsReceivableAndReserveForCustomerDeductionsCurrent $19.60M USD Point-in-time
Allowance for credit losses and customer deductions AllowanceForDoubtfulAccountsReceivableAndReserveForCustomerDeductionsCurrent $13.80M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $320.00M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 300.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $367.70M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 300.00M shares Point-in-time
Short-term marketable debt securities AvailableForSaleSecuritiesDebtSecuritiesCurrent $95.60M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 89.70M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 89.90M shares Point-in-time
Short-term marketable debt securities AvailableForSaleSecuritiesDebtSecuritiesCurrent $85.20M USD Point-in-time
Accounts receivable, net of allowance for credit losses and customer deductions of $20.2 million and $14.3 million as of September 30, 2022 and December 31, 2021, respectively AccountsReceivableNetCurrent $1.03B USD Point-in-time
Accounts receivable, net of allowance for credit losses and customer deductions of $20.2 million and $14.3 million as of September 30, 2022 and December 31, 2021, respectively AccountsReceivableNetCurrent $1.03B USD Point-in-time
Inventories InventoryNet $977.30M USD Point-in-time
Inventories InventoryNet $1.00B USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $87.30M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $58.30M USD Point-in-time
Federal and state income taxes receivable IncomeTaxesReceivable - USD Point-in-time
Federal and state income taxes receivable IncomeTaxesReceivable $35.70M USD Point-in-time
Total current assets AssetsCurrent $2.59B USD Point-in-time
Total current assets AssetsCurrent $2.51B USD Point-in-time
Property, plant, and equipment, net PropertyPlantAndEquipmentNet $3.90B USD Point-in-time
Property, plant, and equipment, net PropertyPlantAndEquipmentNet $3.90B USD Point-in-time
Goodwill Goodwill $922.40M USD Point-in-time
Goodwill Goodwill $922.40M USD Point-in-time
Other intangible assets, net FiniteLivedIntangibleAssetsNet $267.90M USD Point-in-time
Other intangible assets, net FiniteLivedIntangibleAssetsNet $258.30M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $288.60M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $298.30M USD Point-in-time
Long-term marketable debt securities AvailableForSaleSecuritiesDebtSecuritiesNoncurrent $56.90M USD Point-in-time
Long-term marketable debt securities AvailableForSaleSecuritiesDebtSecuritiesNoncurrent $64.90M USD Point-in-time
Other long-term assets OtherAssetsNoncurrent $42.00M USD Point-in-time
Other long-term assets OtherAssetsNoncurrent $40.80M USD Point-in-time
Total assets Assets $8.00B USD Point-in-time
Total assets Assets $8.05B USD Point-in-time
Operating lease obligations OperatingLeaseLiabilityCurrent $72.20M USD Point-in-time
Operating lease obligations OperatingLeaseLiabilityCurrent $72.70M USD Point-in-time
Finance lease obligations FinanceLeaseLiabilityCurrent $1.90M USD Point-in-time
Finance lease obligations FinanceLeaseLiabilityCurrent $1.90M USD Point-in-time
Accounts payable AccountsPayableCurrent $410.40M USD Point-in-time
Accounts payable AccountsPayableCurrent $410.50M USD Point-in-time
Dividends payable DividendsPayableCurrent $115.70M USD Point-in-time
Dividends payable DividendsPayableCurrent $115.50M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $263.70M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $184.70M USD Point-in-time
Accrued interest InterestPayableCurrent $25.50M USD Point-in-time
Accrued interest InterestPayableCurrent $11.80M USD Point-in-time
Federal and state income taxes payable TaxesPayableCurrent - USD Point-in-time
Federal and state income taxes payable TaxesPayableCurrent $17.90M USD Point-in-time
Total current liabilities LiabilitiesCurrent $828.90M USD Point-in-time
Total current liabilities LiabilitiesCurrent $875.50M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $2.47B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $2.47B USD Point-in-time
Operating lease obligations OperatingLeaseLiabilityNoncurrent $234.60M USD Point-in-time
Operating lease obligations OperatingLeaseLiabilityNoncurrent $225.10M USD Point-in-time
Finance lease obligations FinanceLeaseLiabilityNoncurrent $10.30M USD Point-in-time
Finance lease obligations FinanceLeaseLiabilityNoncurrent $10.80M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $546.20M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $543.00M USD Point-in-time
Compensation and benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $148.50M USD Point-in-time
Compensation and benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $141.80M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $57.40M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $58.20M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $3.46B USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $3.46B 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, 89.9 million and 89.7 million shares issued as of March 31, 2023 and December 31, 2022, respectively CommonStockValue $900.00K USD Point-in-time
Common stock, par value $0.01 per share, 300.0 million shares authorized, 89.9 million and 89.7 million shares issued as of March 31, 2023 and December 31, 2022, respectively CommonStockValue $900.00K USD Point-in-time
Additional paid in capital AdditionalPaidInCapitalCommonStock $597.80M USD Point-in-time
Additional paid in capital AdditionalPaidInCapitalCommonStock $581.80M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.26B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.19B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-100.30M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-102.40M USD Point-in-time
Total stockholders' equity StockholdersEquity $3.67B USD Point-in-time
Total stockholders' equity StockholdersEquity $3.76B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $8.05B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $8.00B USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Changes in unrealized losses on marketable debt securities, tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax $400.00K USD 1 Quarter
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $2.14B USD 1 Quarter
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $1.98B USD 1 Quarter
Changes in unrealized losses on marketable debt securities, tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax $-200.00K USD 1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax $-300.00K USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $1.60B USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $1.54B USD 1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax $-600.00K USD 1 Quarter
Gross profit GrossProfit $431.40M USD 1 Quarter
Gross profit GrossProfit $533.20M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $148.20M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $161.10M USD 1 Quarter
Other expense, net OperatingCostsAndExpenses $12.50M USD 1 Quarter
Other expense, net OperatingCostsAndExpenses $15.60M USD 1 Quarter
Income from operations OperatingIncomeLoss $356.50M USD 1 Quarter
Income from operations OperatingIncomeLoss $270.70M USD 1 Quarter
Non-operating pension (expense) income NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent $-3.60M USD 1 Quarter
Non-operating pension (expense) income NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent $2.00M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-19.80M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-15.40M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $340.30M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $253.30M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $63.20M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $86.10M USD 1 Quarter
Net income NetIncomeLoss $190.10M USD 1 Quarter
Net income NetIncomeLoss $254.20M USD 1 Quarter
Basic EarningsPerShareBasic $2.71 USD 1 Quarter
Basic EarningsPerShareBasic $2.12 USD 1 Quarter
Diluted EarningsPerShareDiluted $2.70 USD 1 Quarter
Diluted EarningsPerShareDiluted $2.11 USD 1 Quarter
Dividends declared per common share CommonStockDividendsPerShareDeclared $1.25 USD 1 Quarter
Dividends declared per common share CommonStockDividendsPerShareDeclared $1.00 USD 1 Quarter
Net income NetIncomeLoss $190.10M USD 1 Quarter
Net income NetIncomeLoss $254.20M USD 1 Quarter
Changes in unrealized gains (losses) on marketable debt securities,net of tax of ($0.2) million and $0.4 million for 2023 and 2022 respectively OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-1.20M USD 1 Quarter
Changes in unrealized gains (losses) on marketable debt securities,net of tax of ($0.2) million and $0.4 million for 2023 and 2022 respectively OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $500.00K USD 1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of ($0.6) million and ($0.3) million for 2023 and 2022, respectively OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax $1.20M USD 1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of ($0.6) million and ($0.3) million for 2023 and 2022, respectively OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax $1.60M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $2.10M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent - USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $254.20M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $192.20M USD 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $254.20M USD 1 Quarter
Net income ProfitLoss $190.10M USD 1 Quarter
Depreciation, depletion, and amortization of intangibles DepreciationDepletionAmortizationAndOtherCashFlowImpact $129.50M USD 1 Quarter
Depreciation, depletion, and amortization of intangibles DepreciationDepletionAmortizationAndOtherCashFlowImpact $109.70M USD 1 Quarter
Amortization of deferred financing costs AmortizationOfDeferredCharges $500.00K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfDeferredCharges $500.00K USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $15.30M USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $12.30M USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $2.70M USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $22.90M USD 1 Quarter
Loss on asset disposals GainLossOnDispositionOfAssets1 $-2.80M USD 1 Quarter
Loss on asset disposals GainLossOnDispositionOfAssets1 $-1.80M USD 1 Quarter
Pension and post-retirement benefits expense, net of contributions PensionAndPostretirementBenefitsContributionsExpenseNet $-800.00K USD 1 Quarter
Pension and post-retirement benefits expense, net of contributions PensionAndPostretirementBenefitsContributionsExpenseNet $-5.00M USD 1 Quarter
Other, net OtherOperatingActivitiesCashFlowStatement $6.80M USD 1 Quarter
Other, net OtherOperatingActivitiesCashFlowStatement $3.80M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $69.60M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-400.00K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $26.10M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $38.80M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $30.10M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $29.30M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-5.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $63.60M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-65.00M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-52.40M USD 1 Quarter
Federal and state income taxes receivable IncreaseDecreaseInIncomeTaxesReceivable $-53.70M USD 1 Quarter
Federal and state income taxes receivable IncreaseDecreaseInIncomeTaxesReceivable $-45.60M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $325.30M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $280.40M USD 1 Quarter
Additions to property, plant, and equipment PaymentsToAcquirePropertyPlantAndEquipment $213.20M USD 1 Quarter
Additions to property, plant, and equipment PaymentsToAcquirePropertyPlantAndEquipment $112.40M USD 1 Quarter
Additions to other long term assets PaymentsToAcquireOtherProductiveAssets $1.60M USD 1 Quarter
Additions to other long term assets PaymentsToAcquireOtherProductiveAssets $2.40M USD 1 Quarter
Proceeds from asset disposals ProceedsFromSaleOfProductiveAssets $200.00K USD 1 Quarter
Proceeds from asset disposals ProceedsFromSaleOfProductiveAssets $300.00K USD 1 Quarter
Purchases of marketable debt securities PaymentsToAcquireMarketableSecurities $36.40M USD 1 Quarter
Purchases of marketable debt securities PaymentsToAcquireMarketableSecurities $29.60M USD 1 Quarter
Proceeds from sales of marketable debt securities ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $7.80M USD 1 Quarter
Proceeds from sales of marketable debt securities ProceedsFromSaleOfAvailableForSaleSecuritiesDebt - USD 1 Quarter
Proceeds from maturities of marketable debt securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $27.90M USD 1 Quarter
Proceeds from maturities of marketable debt securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $22.80M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-221.20M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-115.40M USD 1 Quarter
Repayments of debt and finance lease obligations RepaymentsOfDebtAndCapitalLeaseObligations $500.00K USD 1 Quarter
Repayments of debt and finance lease obligations RepaymentsOfDebtAndCapitalLeaseObligations $400.00K USD 1 Quarter
Common stock dividends paid PaymentsOfDividendsCommonStock $93.60M USD 1 Quarter
Common stock dividends paid PaymentsOfDividendsCommonStock $112.10M USD 1 Quarter
Shares withheld to cover employee restricted stock taxes PaymentsRelatedToTaxWithholdingForShareBasedCompensation $4.70M USD 1 Quarter
Shares withheld to cover employee restricted stock taxes PaymentsRelatedToTaxWithholdingForShareBasedCompensation $200.00K USD 1 Quarter
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-117.30M USD 1 Quarter
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-94.20M USD 1 Quarter
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $9.90M USD 1 Quarter
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $47.70M USD 1 Quarter
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $618.70M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $367.70M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $628.60M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $320.00M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $618.70M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $367.70M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $628.60M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $320.00M USD Point-in-time
Stockholders Equity 16 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.67B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.61B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.76B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.78B USD Point-in-time
Common stock withheld and retired to cover taxes on vested stock awards CommonStockWithheldToCoverTaxesOnVestedAndRetiredStockAwardsValue $200.00K USD 1 Quarter
Common stock withheld and retired to cover taxes on vested stock awards CommonStockWithheldToCoverTaxesOnVestedAndRetiredStockAwardsValue $4.70M USD 1 Quarter
Common stock dividends declared DividendsCommonStockCash $113.20M USD 1 Quarter
Common stock dividends declared DividendsCommonStockCash $94.20M USD 1 Quarter
Share-based compensation and other AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $12.30M USD 1 Quarter
Share-based compensation and other AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $16.30M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $254.20M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $192.20M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.67B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.61B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.76B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.78B USD Point-in-time

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

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