Packaging Corp of America Files 2023 Annual Report

TL;DR

<b>Packaging Corp of America has filed its 2023 10-K report, detailing financial performance, debt maturities, and investment valuations.</b>

AI Summary

PACKAGING CORP OF AMERICA (PKG) filed a Annual Report (10-K) with the SEC on February 29, 2024. Packaging Corp of America filed its 10-K report for the fiscal year ending December 31, 2023. The company operates in the Paperboard Containers & Boxes industry (SIC 2650). Key dates for debt maturities range from September 15, 2024, to October 1, 2051. The filing includes details on fair value inputs for pension plans and other investments. Customer concentration risk with Office Depot is noted for net sales revenue.

Why It Matters

For investors and stakeholders tracking PACKAGING CORP OF AMERICA, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Packaging Corp of America's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed information on debt maturities and fair value of assets, including pension plans and securities, is essential for understanding the company's financial structure and risk exposure.

Risk Assessment

Risk Level: medium — PACKAGING CORP OF AMERICA shows moderate risk based on this filing. The company's financial disclosures, including debt maturities extending to 2051 and customer concentration risks, indicate a medium level of financial and market risk.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess the company's long-term financial stability and market position.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-02-29 — Filing Date (Date of submission)
• September 15, 2024 — Debt Maturity (First noted maturity date)
• October 1, 2051 — Debt Maturity (Last noted maturity date)

Key Players & Entities

• PACKAGING CORP OF AMERICA (company) — Filer name
• 0000075677 (company) — Central Index Key
• 2650 (company) — Standard Industrial Classification
• 1955 W FIELD CT (company) — Business Address Street 1
• LAKE FOREST (company) — Business Address City
• IL (company) — Business Address State
• 60045 (company) — Business Address Zip
• Office Depot (company) — Customer concentration risk noted

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the primary financial and operational overview for Packaging Corp of America for the fiscal year 2023.)

Fair Value Inputs

The assumptions and methodologies used to determine the fair value of an asset or liability. (Details on fair value inputs for pension plans and securities are provided, impacting the reported value of these items.)

Customer Concentration Risk

The risk that a company's revenue is heavily dependent on a small number of customers. (The filing specifically mentions customer concentration risk related to Office Depot for net sales revenue.)

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share PKG New York Stock Exchan
• $7.1 billion — nt's net sales to third parties totaled $7.1 billion in 2023. 4 Facilities We manufact

Filing Documents

• pkg-20231231.htm (10-K) — 4144KB
• pkg-ex21_1.htm (EX-21.1) — 18KB
• pkg-ex23_1.htm (EX-23.1) — 4KB
• pkg-ex24_1.htm (EX-24.1) — 45KB
• pkg-ex31_1.htm (EX-31.1) — 10KB
• pkg-ex31_2.htm (EX-31.2) — 10KB
• pkg-ex32.htm (EX-32) — 13KB
• pkg-ex97.htm (EX-97) — 54KB
• img4258975_0.jpg (GRAPHIC) — 149KB
• img4258975_1.jpg (GRAPHIC) — 441KB
• img4258975_2.jpg (GRAPHIC) — 314KB
• 0000950170-24-022794.txt (&nbsp;) — 23057KB
• pkg-20231231.xsd (EX-101.SCH) — 2480KB
• pkg-20231231_htm.xml (XML) — 5123KB

Business

Business 3 Packaging 4 Paper 7 Corporate and Other 8 Human Capital 8 Regulatory and Environmental Matters 9 Executive Officers of the Registrant 9 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 16 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosure 17 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 18 Item 6.

Selected Financial Data

Selected Financial Data 19 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Overview 20 Executive Summary 20 Industry and Business Conditions 22 Results of Operations 23 Liquidity and Capital Resources 24 Commitments 26 Off-Balance Sheet Arrangements 27 Inflation and Other General Cost Increases 27 Regulatory and Environmental Matters 28 Critical Accounting Policies and Estimates 29 New and Recently Adopted Accounting Standards 30 Reconciliations of Non-GAAP Financial Measures to Reported Amounts 31 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 33 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 72 Item 9A.

Controls and Procedures

Controls and Procedures 72 Item 9B. Other Information 72 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 72 PART III Item 10. Directors, Executive Officers, and Corporate Governance 73 Item 11.

Executive Compensation

Executive Compensation 73 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 73 Item 13. Certain Relationships and Related Transactions, and Director Independence 74 Item 14. Principal Accounting Fees and Services 74 PART IV Item 15. Exhibits, Financial Statement Schedules 75

Signatures

Signatures 78 2 PART I

B USINESS

Item 1. B USINESS Packaging Corporation of America ("we," "us," "our," "PCA," or the "Company") is the third largest producer of containerboard products and a leading producer of uncoated freesheet (UFS) paper in North America. We operate eight mills and 86 corrugated products plants and related facilities. We are headquartered in Lake Forest, Illinois and operate primarily in the United States. We report in three reportable segments: Packaging, Paper and Corporate and Other. For segment financial information see Note 18, Segment Information, of the Notes to Consolidated Financial Statements in "Part II, Item 8, Financial Statements and Supplementary Data" of this Form 10-K. Production and Shipments The following table summarizes the Packaging segment's containerboard production and corrugated products shipments and the Paper segment's UFS production. First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Containerboard Production (thousand tons) 2023 1,086 1,112 1,118 1,213 4,529 2022 1,233 1,256 1,116 961 4,566 2021 1,195 1,193 1,256 1,243 4,887 Corrugated Products Shipments (billion square feet) 2023 14.7 14.9 15.2 15.7 60.5 2022 16.8 16.5 15.4 14.7 63.4 2021 16.4 16.5 16.4 16.4 65.7 UFS Production (thousand tons) 2023 126 116 109 121 472 2022 126 127 123 130 506 2021 145 149 148 130 572 3 Below is a map of our locations: Packa ging Packaging Products Our containerboard mills produce linerboard and corrugating medium, which are papers primarily used in the production of corrugated products. Our corrugated products manufacturing plants produce a wide variety of corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays with strong visual appeal that help to merchandise the packaged product in retail locations, and hon

View Full Filing

View this 10-K filing on SEC EDGAR