10-Q Filing

PACKAGING CORP OF AMERICA CIK: 75677 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-016920`
Period End Date	20190331
Filing Date	20190508
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	pkg-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 39 Cash Flow Statement 53 Stockholders Equity 14 Comprehensive Income 4

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts and customer deductions	`AllowanceForDoubtfulAccountsReceivableAndReserveForCustomerDeductionsCurrent`	$13.60M	USD	Point-in-time
Allowance for doubtful accounts and customer deductions	`AllowanceForDoubtfulAccountsReceivableAndReserveForCustomerDeductionsCurrent`	$13.40M	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`	$102.40M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$442.40M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$361.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$216.90M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and customer deductions of $13.4 million and $13.6 million as of March 31, 2019, and December 31, 2018, respectively	`AccountsReceivableNetCurrent`	$930.30M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	94.50M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and customer deductions of $13.4 million and $13.6 million as of March 31, 2019, and December 31, 2018, respectively	`AccountsReceivableNetCurrent`	$901.90M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	94.50M	shares	Point-in-time
Inventories	`InventoryNet`	$831.70M	USD	Point-in-time
Inventories	`InventoryNet`	$795.60M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$39.40M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$58.00M	USD	Point-in-time
Federal and state income taxes receivable	`IncomeTaxesReceivable`	$16.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.12B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.26B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$3.11B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$3.11B	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$217.30M	USD	Point-in-time
Goodwill	`Goodwill`	$917.30M	USD	Point-in-time
Goodwill	`Goodwill`	$917.30M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$378.20M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$368.70M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$53.10M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$50.50M	USD	Point-in-time
Total assets	`Assets`	$6.93B	USD	Point-in-time
Total assets	`Assets`	$6.57B	USD	Point-in-time
Finance lease obligations	`FinanceLeaseLiabilityCurrent`	$1.40M	USD	Point-in-time
Finance lease obligations	`FinanceLeaseLiabilityCurrent`	$1.50M	USD	Point-in-time
Operating lease obligations	`OperatingLeaseLiabilityCurrent`	$57.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$405.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$382.20M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$76.20M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$76.10M	USD	Point-in-time
Federal and state income taxes payable	`AccruedIncomeTaxesCurrent`	$12.70M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$222.40M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$160.90M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$27.10M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$11.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$740.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$693.60M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.48B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.48B	USD	Point-in-time
Finance lease obligations	`FinanceLeaseLiabilityNoncurrent`	$17.60M	USD	Point-in-time
Finance lease obligations	`FinanceLeaseLiabilityNoncurrent`	$17.20M	USD	Point-in-time
Operating lease obligations	`OperatingLeaseLiabilityNoncurrent`	$165.40M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$285.20M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$305.70M	USD	Point-in-time
Compensation and benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$357.50M	USD	Point-in-time
Compensation and benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$363.50M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$56.90M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$59.70M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.39B	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, 300.0 million shares authorized, 94.5 million shares issued as of March 31, 2019, and December 31, 2018, respectively	`CommonStockValue`	$900.00K	USD	Point-in-time
Common stock, par value $0.01 per share, 300.0 million shares authorized, 94.5 million shares issued as of March 31, 2019, and December 31, 2018, respectively	`CommonStockValue`	$900.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$494.50M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$501.40M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.32B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.43B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-138.80M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-135.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.67B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.79B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$6.57B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$6.93B	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.73B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.69B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.33B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$1.31B	USD	1 Quarter
Gross profit	`GrossProfit`	$421.40M	USD	1 Quarter
Gross profit	`GrossProfit`	$356.10M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$140.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$134.90M	USD	1 Quarter
Other expense, net	`OperatingCostsAndExpenses`	$6.00M	USD	1 Quarter
Other expense, net	`OperatingCostsAndExpenses`	$8.30M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$275.40M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$212.90M	USD	1 Quarter
Non-operating pension expense	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$2.00M	USD	1 Quarter
Non-operating pension expense	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$500.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-25.80M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-24.10M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$249.30M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$186.60M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$62.50M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$46.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$186.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$140.10M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.48	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.98	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.48	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.97	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.63	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.79	USD	1 Quarter
Net income	`NetIncomeLoss`	$186.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$140.10M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-100.00K	USD	1 Quarter
Reclassification adjustments to cash flow hedges included in net income, net of tax of $0.3 million and $0.4 million	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax`	$-1.00M	USD	1 Quarter
Reclassification adjustments to cash flow hedges included in net income, net of tax of $0.3 million and $0.4 million	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax`	$-1.00M	USD	1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $0.8 million and $1.0 million	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax`	$3.00M	USD	1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of $0.8 million and $1.0 million	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax`	$2.30M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.90M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.30M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$190.10M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$144.00M	USD	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$186.80M	USD	1 Quarter
Net income	`ProfitLoss`	$140.10M	USD	1 Quarter
Depreciation, depletion, and amortization of intangibles	`DepreciationDepletionAmortizationAndOtherCashFlowImpact`	$108.10M	USD	1 Quarter
Depreciation, depletion, and amortization of intangibles	`DepreciationDepletionAmortizationAndOtherCashFlowImpact`	$94.80M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfDeferredCharges`	$2.20M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfDeferredCharges`	$2.30M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$5.10M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$6.90M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$15.90M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$18.80M	USD	1 Quarter
Pension and post-retirement benefits expense, net of contributions	`PensionAndPostretirementBenefitsContributionsExpenseNet`	$-3.90M	USD	1 Quarter
Pension and post-retirement benefits expense, net of contributions	`PensionAndPostretirementBenefitsContributionsExpenseNet`	$-7.30M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$-1.00M	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$4.20M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$28.40M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$22.90M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$36.10M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$8.40M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$17.00M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$19.70M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$13.20M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-44.00M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-42.90M	USD	1 Quarter
Federal and state income taxes payable / receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-30.00M	USD	1 Quarter
Federal and state income taxes payable / receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-20.30M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$236.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$202.50M	USD	1 Quarter
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$78.80M	USD	1 Quarter
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$108.00M	USD	1 Quarter
Additions to other long term assets	`PaymentsToAcquireOtherProductiveAssets`	$1.30M	USD	1 Quarter
Additions to other long term assets	`PaymentsToAcquireOtherProductiveAssets`	$1.90M	USD	1 Quarter
Proceeds from disposals	`ProceedsFromSaleOfProductiveAssets`	$100.00K	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.60M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-107.20M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-80.10M	USD	1 Quarter
Repayments of debt and finance lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$300.00K	USD	1 Quarter
Repayments of debt and finance lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$150.30M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$74.70M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$59.40M	USD	1 Quarter
Shares withheld to cover employee restricted stock taxes	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$100.00K	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-209.80M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-75.00M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$80.90M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-114.50M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$102.40M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$442.40M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$361.50M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$216.90M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$102.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$442.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$361.50M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$216.90M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.18B	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.79B	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.27B	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.67B	USD	Point-in-time
Common stock dividends declared	`DividendsCommonStockCash`	$74.80M	USD	1 Quarter
Common stock dividends declared	`DividendsCommonStockCash`	$59.50M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.90M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.10M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$190.10M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$144.00M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.18B	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.79B	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.27B	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.67B	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, tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax`	$-400.00K	USD	1 Quarter
Reclassification adjustments to cash flow hedges included in net income, tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax`	$-300.00K	USD	1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax	`OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax`	$800.00K	USD	1 Quarter
Amortization of pension and postretirement plans actuarial loss and prior service cost, tax	`OtherComprehensiveIncomeAmortizationOfDefinedBenefitPlanNetPriorServiceCostAndNetLossRecognizedInNetPeriodicPensionCostTax`	$1.00M	USD	1 Quarter

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