PACKAGING CORP OF AMERICA

10-K & 10-Q Filings

Packaging Corporation of America (PCA) is a third largest producer of containerboard products and a leading producer of uncoated freesheet (UFS) paper in North America. The company operates eight mills and 86 corrugated products plants and related facilities, primarily in the United States. PCA's business strategy includes producing sustainable packaging and paper products using renewable raw materials and energy derived from biogenic fuels. The company's primary operating facilities include mills in Tennessee, Louisiana, Georgia, Wisconsin, Michigan, and Washington, as well as 86 corrugated manufacturing and protective packaging operations. PCA's business is divided into three reportable segments: Packaging, Paper, and Corporate and Other. The Packaging segment produces containerboard and corrugated products, while the Paper segment manufactures and sells various papers, including communication and printing and converting papers. The Corporate and Other segment includes corporate support staff services and related assets and liabilities, transportation assets, and a 50% owned variable interest entity. The company's website is www.packagingcorp.com, and its ticker symbol is PAC. PCA's executive officers include Mark W. Kowlzan (Chairman and CEO), Charles J. Carter (Executive Vice President - Mill Operations), Thomas A. Hassfurther (Executive Vice President - Corrugated Products), Robert P. Mundy (Executive Vice President and CFO), Pamela A. Barnes (Senior Vice President – Finance and Controller), Jeff S. Kaser (Senior Vice President – Corrugated Products), Darla J. Olivier (Senior Vice President – Tax, ESG and Government Affairs), Kent A. Pflederer (Senior Vice President, General Counsel and Secretary), Bruce A. Ridley (Senior Vice President – Environmental Health and Safety and Operational Services), and Robert A. Schneider (Senior Vice President and CIO).

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 2023CAGR %YoY %Revenue (+)
$2620.11
2843.88
3665.31
5852.60
5741.70
5779.00
6444.90
7014.60
6835.50
6564.70
7577.90
8407.60
7749.10
9.46%-7.83%Cost of Revenue (-)
$2078.16
2204.25
2806.12
4623.10
4533.70
4503.30
4972.70
5369.30
5320.30
5288.80
5857.30
6387.40
6103.50
9.39%-4.44%Gross Profit (+)
$541.95
639.63
859.19
1229.50
1208.00
1275.70
1472.20
1645.30
1644.00
1369.40
1873.00
2090.60
1698.90
9.99%-18.74%Selling, General & Administrative (-)
$193.94
210.77
326.60
469.50
451.30
471.10
522.60
536.40
557.60
539.60
576.80
608.60
580.90
9.57%-4.55%Non-recurring Operating Expenses (-)
$
55.20
Operating Expenses (-)
$269.20
196.17
385.58
526.80
458.00
495.40
541.00
577.60
590.30
645.50
631.60
669.90
623.80
7.25%-6.88%Costs & Expenses (Total) (-)
$2347.36
2400.42
3191.70
5149.90
4991.70
4998.70
5513.70
5946.90
5910.60
5934.30
6488.90
7057.30
6727.30
9.17%-4.68%Operating Income/Loss (+)
$272.75
443.46
473.61
702.70
750.00
780.30
931.20
1067.70
1053.70
723.90
1241.40
1420.70
1075.10
12.11%-24.33%Non-operating Income/Expense (+)
$
-7.90
2.30
19.70
14.50
-7.70
-153.10%Interest Expense (-)
$
58.27
88.40
85.50
91.80
102.60
Earnings before Tax (+)
$243.50
380.56
415.33
614.30
664.50
688.50
828.60
970.50
917.00
632.70
1108.70
1364.80
1014.10
12.62%-25.70%Tax Expense (-)
$85.48
216.74
-20.95
221.70
227.70
238.90
160.00
232.50
220.60
171.70
267.60
335.00
248.90
9.32%-25.70%Income/Loss (Continuing Operations) (+)
$158.03
163.82
436.28
392.60
436.80
449.60
668.60
738.00
696.40
461.00
841.10
1029.80
765.20
14.05%-25.69%Profit/Loss (+)
$
668.60
Net Income/Loss (+)
$158.03
163.82
436.28
392.60
436.80
449.60
668.60
738.00
696.40
461.00
841.10
1029.80
765.20
14.05%-25.69%Net Income/Loss (Common) (+)
$158.03
163.82
436.28
392.60
436.80
449.60
668.60
738.00
696.40
461.00
841.10
1029.80
765.20
14.05%-25.69%EPS (Basic)
$1.59
1.70
4.52
3.99
4.47
4.76
7.82
7.36
4.86
8.87
11.08
8.52
15.01%-23.10%EPS (Diluted)
$1.57
1.68
4.47
3.99
4.47
4.75
7.07
7.80
7.34
4.84
8.83
11.03
8.48
15.09%-23.12%Weighted Avg Shares (Basic)
99.28
96.38
96.58
98.37
94.25
94.21
94.50
94.65
94.83
93.53
89.69
89.62
-0.85%-0.08%Weighted Avg Shares (Diluted)
100.38
97.50
97.55
Cash
$156.31
207.39
190.96
124.90
184.20
239.30
216.90
361.50
679.50
974.60
618.70
320.00
648.00
12.58%102.50%Short-term Investments
$
87.90
105.60
86.10
85.20
493.50
479.23%Receivables
$319.99
352.14
643.08
646.10
636.50
689.20
830.70
901.90
845.60
832.40
1071.00
1031.80
1033.20
10.26%0.14%Inventory
$254.68
268.77
522.52
664.90
676.80
723.60
762.50
795.60
794.10
787.90
902.50
977.30
1013.10
12.19%3.66%Prepaid Expenses (Current)
$18.30
20.91
32.10
61.90
28.80
30.30
35.50
39.40
44.80
44.70
47.00
58.30
62.30
10.75%6.86%Other Assets (Current)
$62.79
87.82
98.54
80.80
28.20
13.90
69.50
16.70
26.50
5.10
7.40
35.70
4.30
-20.02%-87.96%Assets (Current)
$812.06
937.03
1487.20
1578.60
1554.50
1696.30
1915.10
2115.10
2478.40
2750.30
2732.70
2508.30
3254.40
12.26%29.75%Securities & Long-term Investments
$
58.10
42.70
60.00
64.90
64.10
-1.23%Property, Plant & Equipment (Net)
$1476.65
1366.07
2805.70
2857.60
2832.10
2895.70
2924.90
3108.60
3386.00
3427.60
3767.30
4198.30
4143.40
8.98%-1.31%Goodwill & Intangibles
$83.26
105.44
837.33
840.30
814.80
1105.00
1293.20
1295.50
1257.50
1159.40
1231.90
1190.30
1152.00
24.48%-3.22%Other Assets
$40.53
45.22
69.74
72.00
83.20
80.00
64.30
50.50
55.80
53.20
44.90
42.00
67.20
4.30%60.00%Assets (Non-current)
$1600.44
1516.74
3712.77
3769.90
3730.10
4080.70
4282.40
4454.60
4757.40
4682.90
5104.10
5495.50
5426.70
10.71%-1.25%Assets (Total)
$2412.50
2453.77
5199.97
5348.50
5284.60
5777.00
6197.50
6569.70
7235.80
7433.20
7836.80
8003.80
8681.10
11.26%8.46%Accounts Payable
$360.78
243.88
620.51
603.40
554.20
598.30
681.40
692.20
659.70
712.10
816.00
801.40
785.50
6.70%-1.98%Debt (Current)
$0.72
15.96
40.03
7.60
7.70
27.10
151.30
1.40
64.10
1.60
1.70
1.90
401.60
69.42%21036.84%Other Liabilities (Current)
$15.00
68.90
67.10
72.20
78.60
14.80%8.86%Liabilities (Current)
$376.50
259.85
660.54
611.00
561.90
625.40
832.70
693.60
723.80
782.60
884.80
875.50
1265.70
10.63%44.57%Debt (Non-current)
$814.56
803.53
2532.72
2371.70
2324.30
2640.30
2499.40
2501.30
2670.40
2493.80
2484.20
2484.40
2480.90
9.73%-0.14%Other Liabilities
$292.53
420.93
693.70
844.40
765.10
751.50
682.80
702.40
770.60
910.50
860.60
976.80
937.20
10.19%-4.05%Liabilities (Non-current)
$1107.09
1224.46
3226.42
3216.10
3089.40
3391.80
3182.20
3203.70
3441.00
3404.30
3344.80
3461.20
3418.10
9.85%-1.25%Liabilities (Total)
$1483.59
1484.31
3886.96
3827.10
3651.30
4017.20
4014.90
3897.30
4164.80
4186.90
4229.60
4336.70
4683.80
10.05%8.00%Treasury Stock
$0.06
Retained Earnings
$673.96
703.73
975.30
1242.20
1317.30
1447.10
1867.40
2315.80
2704.80
2835.50
3102.10
3186.80
3447.20
14.57%8.17%AOCI
$-97.78
-114.04
-65.02
-153.90
-124.90
-139.60
-156.90
-138.80
-159.50
-144.50
-75.20
-102.40
-70.90
30.76%Shareholder's Equity
$928.91
969.46
1313.02
1521.40
1633.30
1759.80
2182.60
2672.40
3071.00
3246.30
3607.20
3667.10
3997.30
12.93%9.00%Liabilities & Equity
$2412.50
2453.77
5199.97
5348.50
5284.60
5777.00
6197.50
6569.70
7235.80
7433.20
7836.80
8003.80
8681.10
11.26%8.46%Net Income/Loss
$158.03
163.82
436.28
392.60
436.80
449.60
668.60
738.00
696.40
461.00
841.10
1029.80
765.20
14.05%-25.69%Depreciation & Amortization
$162.84
172.40
Increase/Decrease in Working Capital
$19.57
40.45
0.39
97.00
69.80
0.80
146.10
52.90
-9.30
-77.80
287.40
85.10
6.80
-8.43%-92.01%Share-based Compensation
$9.74
11.69
14.76
15.60
18.20
19.70
20.60
23.50
30.40
30.00
35.50
35.60
40.00
12.50%12.36%Adjustments to Reconcile Net Income
$187.49
240.38
171.92
343.50
325.80
351.60
187.50
442.10
511.00
571.80
253.00
465.20
549.90
9.38%18.21%Net Cash (Operating)
$345.51
404.20
608.20
736.10
762.60
801.20
856.10
1180.10
1207.40
1032.80
1094.10
1495.00
1315.10
11.78%-12.03%Capital Expenditure
$350.17
164.91
1411.41
453.20
303.80
770.10
608.00
610.70
399.20
423.00
793.90
828.20
470.70
2.50%-43.17%Net Cash (Investing)
$-350.17
-107.51
-1411.41
-451.10
-298.10
-769.60
-609.10
-608.20
-546.60
-426.10
-794.40
-833.70
-875.10
-4.97%Increase/Decrease in Debt
$149.33
-40.14
923.37
-193.60
-47.60
347.50
-14.10
-151.30
-27.60
-1.50
-67.50
-1.70
395.20
8.45%23347.06%Increase/Decrease in Equity
$-127.07
-46.04
-27.22
-3.40
-154.70
-102.30
-6.80
-8.30
-195.40
-522.60
-42.60
91.85%Dividends Paid
$76.01
117.85
109.14
157.40
200.80
216.10
237.60
268.10
298.70
299.60
379.80
420.30
448.90
15.95%6.80%Net Cash (Financing)
$-35.59
-245.62
786.77
-351.10
-405.20
23.50
-269.40
-427.30
-342.80
-311.60
-655.60
-960.00
-112.00
88.33%Increase/Decrease in Cash
$-40.24
51.08
-16.43
-66.10
59.30
55.10
-22.40
144.60
318.00
295.10
-355.90
-298.70
328.00
209.81%Cash (Beginning)
$196.56
156.31
207.39
191.00
124.90
184.20
239.30
216.90
361.50
679.50
974.60
618.70
320.00
4.15%-48.28%Cash (Ending)
$156.31
207.39
190.96
124.90
184.20
239.30
216.90
361.50
679.50
974.60
618.70
320.00
648.00
12.58%102.50%NOPAT
$177.01
190.90
497.50
449.10
493.00
509.55
751.39
811.91
800.21
527.45
941.77
1071.98
811.23
13.53%-24.32%Gross Margin %
20.68%
22.49%
23.44%
21.01%
21.04%
22.07%
22.84%
23.46%
24.05%
20.86%
24.72%
24.87%
21.92%
Operating Margin %
10.41%
15.59%
12.92%
12.01%
13.06%
13.50%
14.45%
15.22%
15.42%
11.03%
16.38%
16.90%
13.87%
NOPAT Margin %
6.76%
6.71%
13.57%
7.67%
8.59%
8.82%
11.66%
11.57%
11.71%
8.03%
12.43%
12.75%
10.47%
Net Margin %
6.03%
5.76%
11.90%
6.71%
7.61%
7.78%
10.37%
10.52%
10.19%
7.02%
11.10%
12.25%
9.87%
Tax Rate %
35.10%
56.95%
-5.04%
36.09%
34.27%
34.70%
19.31%
23.96%
24.06%
27.14%
24.14%
24.55%
24.54%
ROA
7.34%
7.78%
9.57%
8.40%
9.33%
8.82%
12.12%
12.36%
11.06%
7.10%
12.02%
13.39%
9.34%
ROE
19.06%
19.69%
37.89%
29.52%
30.18%
28.95%
34.43%
30.38%
26.06%
16.25%
26.11%
29.23%
20.29%
ROIC
9.12%
9.19%
11.28%
9.78%
10.67%
10.02%
13.96%
13.97%
12.61%
8.56%
13.87%
15.45%
11.22%
Asset Turnover
1.09
1.16
0.70
1.09
1.09
1.00
1.04
1.07
0.94
0.88
0.97
1.05
0.89
Inventory Turnover
8.16
8.20
5.37
6.95
6.70
6.22
6.52
6.75
6.70
6.71
6.49
6.54
6.02
Equity Multiplier
2.60
2.53
3.96
3.52
3.24
3.28
2.84
2.46
2.36
2.29
2.17
2.18
2.17
Current Ratio
2.16
3.61
2.25
2.58
2.77
2.71
2.30
3.05
3.42
3.51
3.09
2.86
2.57
Quick Ratio
1.27
2.15
1.26
1.26
1.46
1.48
1.26
1.82
2.23
2.44
2.01
1.64
1.72
Debt/Equity Ratio
0.88
0.85
1.96
1.56
1.43
1.52
1.21
0.94
0.89
0.77
0.69
0.68
0.72
Working Capital/Sales
0.15
0.21
0.21
0.15
0.17
0.19
0.18
0.20
0.25
0.24
0.24
0.18
0.25
Dividend Payout Ratio %
42.94%
61.74%
21.94%
35.05%
40.73%
42.41%
31.62%
33.02%
37.33%
56.80%
40.33%
39.21%
55.34%
Total Payout
$53.75
204.03
-787.01
354.40
403.10
-29.10
258.50
419.40
334.60
301.10
642.70
944.60
96.30
4.98%-89.81%Payout Ratio %
30.37%
106.88%
-158.19%
78.91%
81.76%
-5.71%
34.40%
51.66%
41.81%
57.09%
68.24%
88.12%
11.87%