(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE | |||||
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. | |||||
GRAPHIC PACKAGING HOLDING COMPANY | |||||
(Registrant) | |||||
Date: May 2, 2023 | By: /s/ Lauren S. Tashma | ||||
Lauren S. Tashma | |||||
Executive Vice President, General Counsel and Secretary | |||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
In millions, except per share amounts | 2023 | 2022 | |||||||||
Net Sales | $ | 2,438 | $ | 2,245 | |||||||
Cost of Sales | 1,878 | 1,858 | |||||||||
Selling, General and Administrative | 197 | 181 | |||||||||
Other Expense (Income), Net | 18 | (2) | |||||||||
Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net | 15 | 15 | |||||||||
Income from Operations | 330 | 193 | |||||||||
Nonoperating Pension and Postretirement Benefit (Expense) Income | (1) | 2 | |||||||||
Interest Expense, Net | (58) | (42) | |||||||||
Income before Income Taxes | 271 | 153 | |||||||||
Income Tax Expense | (64) | (46) | |||||||||
Net Income | 207 | 107 | |||||||||
Net Income Per Share — Basic | $ | 0.67 | $ | 0.35 | |||||||
Net Income Per Share — Diluted | $ | 0.67 | $ | 0.35 | |||||||
Weighted Average Number of Shares Outstanding - Basic | 308.6 | 308.8 | |||||||||
Weighted Average Number of Shares Outstanding - Diluted | 309.7 | 309.7 |
In millions, except share and per share amounts | March 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and Cash Equivalents | $ | 113 | $ | 150 | |||||||
Receivables, Net | 915 | 879 | |||||||||
Inventories, Net | 1,700 | 1,606 | |||||||||
Other Current Assets | 84 | 71 | |||||||||
Total Current Assets | 2,812 | 2,706 | |||||||||
Property, Plant and Equipment, Net | 4,678 | 4,579 | |||||||||
Goodwill | 2,053 | 1,979 | |||||||||
Intangible Assets, Net | 710 | 717 | |||||||||
Other Assets | 346 | 347 | |||||||||
Total Assets | $ | 10,599 | $ | 10,328 | |||||||
LIABILITIES | |||||||||||
Current Liabilities: | |||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | 57 | $ | 53 | |||||||
Accounts Payable | 1,009 | 1,123 | |||||||||
Other Accrued Liabilities | 669 | 757 | |||||||||
Total Current Liabilities | 1,735 | 1,933 | |||||||||
Long-Term Debt | 5,463 | 5,200 | |||||||||
Deferred Income Tax Liabilities | 697 | 668 | |||||||||
Other Noncurrent Liabilities | 394 | 377 | |||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Preferred Stock, par value $0.01 per share; 100,000,000 shares authorized; no shares issued or outstanding | — | — | |||||||||
Common Stock, par value $0.01 per share; 1,000,000,000 shares authorized; 307,187,962 and 307,116,089 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 3 | 3 | |||||||||
Capital in Excess of Par Value | 2,040 | 2,054 | |||||||||
Retained Earnings | 623 | 469 | |||||||||
Accumulated Other Comprehensive Loss | (358) | (377) | |||||||||
Total Graphic Packaging Holding Company Shareholders' Equity | 2,308 | 2,149 | |||||||||
Noncontrolling Interest | 2 | 1 | |||||||||
Total Equity | 2,310 | 2,150 | |||||||||
Total Liabilities and Shareholders' Equity | $ | 10,599 | $ | 10,328 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
In millions | 2023 | 2022 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ | 207 | $ | 107 | |||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||
Depreciation and Amortization | 139 | 139 | |||||||||
Deferred Income Taxes | 30 | 17 | |||||||||
Amount of Postretirement Expense Greater (Less) Than Funding | 1 | (5) | |||||||||
Impairment Charges related to Divestiture | 4 | — | |||||||||
Other, Net | 16 | — | |||||||||
Changes in Operating Assets and Liabilities | (337) | (240) | |||||||||
Net Cash Provided by Operating Activities | 60 | 18 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | (189) | (221) | |||||||||
Packaging Machinery Spending | (7) | (2) | |||||||||
Acquisition of Businesses, Net of Cash Acquired | (100) | — | |||||||||
Beneficial Interest on Sold Receivables | 30 | 31 | |||||||||
Beneficial Interest Obtained in Exchange for Proceeds | (6) | (2) | |||||||||
Other, Net | (1) | (1) | |||||||||
Net Cash Used in Investing Activities | (273) | (195) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repurchase of Common Stock | (28) | — | |||||||||
Payments on Debt | (5) | (3) | |||||||||
Borrowings under Revolving Credit Facilities | 1,832 | 1,972 | |||||||||
Payments on Revolving Credit Facilities | (1,569) | (1,812) | |||||||||
Repurchase of Common Stock related to Share-Based Payments | (20) | (17) | |||||||||
Dividends and Distributions Paid to GPIP Partner | (31) | (23) | |||||||||
Other, Net | (2) | 2 | |||||||||
Net Cash Provided by Financing Activities | 177 | 119 | |||||||||
Effect of Exchange Rate Changes on Cash | 1 | (3) | |||||||||
Net Decrease in Cash and Cash Equivalents | (35) | (61) | |||||||||
Cash and Cash Equivalents at Beginning of Period (includes $5 million classified as held for sale as of December 31, 2022) | 155 | 172 | |||||||||
Cash and Cash Equivalents at End of Period (includes $7 million classified as held for sale as of March 31, 2023) | $ | 120 | $ | 111 | |||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
In millions, except per share amounts | 2023 | 2022 | |||||||||
Net Income | $ | 207 | $ | 107 | |||||||
Add (Subtract): | |||||||||||
Income Tax Expense | 64 | 46 | |||||||||
Interest Expense, Net | 58 | 42 | |||||||||
Depreciation and Amortization | 140 | 140 | |||||||||
EBITDA | $ | 469 | $ | 335 | |||||||
Charges Associated with Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net | 15 | 15 | |||||||||
Adjusted EBITDA | $ | 484 | $ | 350 | |||||||
Adjusted EBITDA Margin (Adjusted EBITDA/Net Sales) | 19.9 | % | 15.6 | % | |||||||
Net Income | $ | 207 | $ | 107 | |||||||
Charges Associated with Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net | 15 | 15 | |||||||||
Accelerated Depreciation Related to Shutdown | 2 | 4 | |||||||||
Tax Impact of Business Combinations, Shutdown and Other Special Charges and Exit Activities, Net, Accelerated Depreciation and Other Tax Items | (3) | 6 | |||||||||
Amortization Related to Purchased Intangible Assets, Net of Tax | 16 | 17 | |||||||||
Adjusted Net Income (a) | $ | 237 | $ | 149 | |||||||
Adjusted Earnings Per Share - Basic (a) | $ | 0.77 | $ | 0.48 | |||||||
Adjusted Earnings Per Share - Diluted (a) | $ | 0.77 | $ | 0.48 | |||||||
Twelve Months Ended | |||||||||||||||||
March 31, | March 31, | December 31, | |||||||||||||||
In millions | 2023 | 2022 | 2022 | ||||||||||||||
Net Income | $ | 622 | $ | 257 | $ | 522 | |||||||||||
Add (Subtract): | |||||||||||||||||
Net Income Attributable to Noncontrolling Interest | — | 4 | — | ||||||||||||||
Income Tax Expense | 212 | 102 | 194 | ||||||||||||||
Equity Income of Unconsolidated Entity | — | (1) | — | ||||||||||||||
Interest Expense, Net | 213 | 135 | 197 | ||||||||||||||
Depreciation and Amortization | 556 | 516 | 556 | ||||||||||||||
EBITDA | 1,603 | 1,013 | 1,469 | ||||||||||||||
Charges Associated with Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net | 131 | 153 | 131 | ||||||||||||||
Adjusted EBITDA | $ | 1,734 | $ | 1,166 | $ | 1,600 | |||||||||||
March 31, | March 31, | December 31, | |||||||||||||||
Calculation of Net Debt: | 2023 | 2022 | 2022 | ||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | 57 | $ | 286 | $ | 53 | |||||||||||
Long-Term Debt (a) | 5,491 | 5,681 | 5,230 | ||||||||||||||
Less: | |||||||||||||||||
Cash and Cash Equivalents | (113) | (111) | (150) | ||||||||||||||
Total Net Debt | $ | 5,435 | $ | 5,856 | $ | 5,133 | |||||||||||
Net Leverage Ratio (Total Net Debt/Adjusted EBITDA) | 3.13 | 5.02 | 3.21 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
In millions | 2023 | 2022 | |||||||||
Net Cash Provided by Operating Activities | $ | 60 | $ | 18 | |||||||
Net Cash Receipts from Receivables Sold included in Investing Activities | 24 | 29 | |||||||||
Cash Payments Associated with Business Combinations, Shutdown and Other Special Charges, and Exit Activities, Net | 1 | 14 | |||||||||
Adjusted Net Cash Provided by Operating Activities | $ | 85 | $ | 61 | |||||||
Capital Spending | (196) | (223) | |||||||||
Adjusted Cash Flow | $ | (111) | $ | (162) |
Calculation of Net Organic Sales Growth: | Three Months Ended | ||||||||||
March 31, | |||||||||||
In millions | 2023 | 2022 | |||||||||
Net Sales | $ | 2,438 | $ | 2,245 | |||||||
Open Market Paperboard Sales (Paperboard Mills Segment) | (316) | (296) | |||||||||
Impact of Pricing (a) | (196) | — | |||||||||
Impact of Foreign Exchange (b) | 38 | — | |||||||||
Net Organic Sales | $ | 1,964 | $ | 1,949 | |||||||
Net Organic Sales Growth | 0.8 | % |
Cover Page |
May 02, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 02, 2023 |
Entity Registrant Name | GRAPHIC PACKAGING HOLDING CO |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-33988 |
Entity Tax Identification Number | 26-0405422 |
Entity Address, Address Line One | 1500 Riveredge Parkway |
Entity Address, Address Line Two | Suite 100 |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30328 |
City Area Code | 770 |
Local Phone Number | 240-7200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Trading Symbol | GPK |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001408075 |
Amendment Flag | false |
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