(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: April 30, 2024 | 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 | 2024 | 2023 | |||||||||
Net Sales | $ | 2,259 | $ | 2,438 | |||||||
Cost of Sales | 1,733 | 1,878 | |||||||||
Selling, General and Administrative | 215 | 197 | |||||||||
Other Expense, Net | 16 | 18 | |||||||||
Business Combinations, Exit Activities and Other Special Charges, Net | 17 | 15 | |||||||||
Income from Operations | 278 | 330 | |||||||||
Nonoperating Pension and Postretirement Benefit Expense | (1) | (1) | |||||||||
Interest Expense, Net | (59) | (58) | |||||||||
Income before Income Taxes | 218 | 271 | |||||||||
Income Tax Expense | (53) | (64) | |||||||||
Net Income | $ | 165 | $ | 207 | |||||||
Net Income Per Share — Basic | $ | 0.54 | $ | 0.67 | |||||||
Net Income Per Share — Diluted | $ | 0.53 | $ | 0.67 | |||||||
Weighted Average Number of Shares Outstanding - Basic | 307.8 | 308.6 | |||||||||
Weighted Average Number of Shares Outstanding - Diluted | 309.1 | 309.7 |
In millions, except share and per share amounts | March 31, 2024 | December 31, 2023 | ||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 136 | $ | 162 | ||||
Receivables, Net | 878 | 835 | ||||||
Inventories, Net | 1,702 | 1,754 | ||||||
Assets Held for Sale | 90 | — | ||||||
Other Current Assets | 117 | 94 | ||||||
Total Current Assets | 2,923 | 2,845 | ||||||
Property, Plant and Equipment, Net | 4,685 | 4,992 | ||||||
Goodwill | 2,010 | 2,103 | ||||||
Intangible Assets, Net | 746 | 820 | ||||||
Assets Held for Sale | 557 | — | ||||||
Other Assets | 428 | 415 | ||||||
Total Assets | $ | 11,349 | $ | 11,175 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | 756 | $ | 764 | ||||
Accounts Payable | 940 | 1,094 | ||||||
Liabilities Held for Sale | 10 | — | ||||||
Other Accrued Liabilities | 660 | 731 | ||||||
Total Current Liabilities | 2,366 | 2,589 | ||||||
Long-Term Debt | 4,930 | 4,609 | ||||||
Deferred Income Tax Liabilities | 714 | 731 | ||||||
Liabilities Held for Sale | 20 | — | ||||||
Other Noncurrent Liabilities | 461 | 464 | ||||||
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; 307,293,066 and 306,058,815 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 3 | 3 | ||||||
Capital in Excess of Par Value | 2,062 | 2,062 | ||||||
Retained Earnings | 1,163 | 1,029 | ||||||
Accumulated Other Comprehensive Loss | (371) | (313) | ||||||
Total Graphic Packaging Holding Company Shareholders’ Equity | 2,857 | 2,781 | ||||||
Noncontrolling Interest | 1 | 1 | ||||||
Total Equity | 2,858 | 2,782 | ||||||
Total Liabilities and Shareholders' Equity | $ | 11,349 | $ | 11,175 |
Three Months Ended | ||||||||
March 31, | ||||||||
In millions | 2024 | 2023 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net Income | $ | 165 | $ | 207 | ||||
Adjustments to Reconcile Net Income to Net Cash (Used In) Provided by Operating Activities: | ||||||||
Depreciation and Amortization | 148 | 139 | ||||||
Deferred Income Taxes | (16) | 30 | ||||||
Amount of Postretirement Expense Less Than Funding | 1 | 1 | ||||||
Asset Impairment Charges | — | 4 | ||||||
Other, Net | 14 | 16 | ||||||
Changes in Operating Assets and Liabilities | (309) | (337) | ||||||
Net Cash Provided by Operating Activities | 3 | 60 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Capital Spending | (324) | (189) | ||||||
Packaging Machinery Spending | (7) | (7) | ||||||
Acquisition of Businesses, Net of Cash Acquired | — | (100) | ||||||
Beneficial Interest on Sold Receivables | 48 | 30 | ||||||
Beneficial Interest Obtained in Exchange for Proceeds | (28) | (6) | ||||||
Other, Net | — | (1) | ||||||
Net Cash Used in Investing Activities | (311) | (273) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Repurchase of Common Stock | — | (28) | ||||||
Payments on Debt | (10) | (5) | ||||||
Proceeds from Issuance of Debt | 250 | — | ||||||
Borrowings under Revolving Credit Facilities | 1,106 | 1,832 | ||||||
Payments on Revolving Credit Facilities | (1,006) | (1,569) | ||||||
Repurchase of Common Stock related to Share-Based Payments | (22) | (20) | ||||||
Dividends Paid | (31) | (31) | ||||||
Other, Net | — | (2) | ||||||
Net Cash Provided by Financing Activities | 287 | 177 | ||||||
Increase (Decrease) in Cash and Cash Equivalents, including Cash classified within Assets Held for Sale | (21) | (36) | ||||||
Less Cash reclassified to Assets Held for Sale | — | 2 | ||||||
Effect of Exchange Rate Changes on Cash | (5) | 1 | ||||||
Net Decrease in Cash and Cash Equivalents | (26) | (37) | ||||||
Cash and Cash Equivalents at Beginning of Period | 162 | 150 | ||||||
Cash and Cash Equivalents at End of Period | $ | 136 | $ | 113 |
Three Months Ended | ||||||||
March 31, | ||||||||
In millions, except per share amounts | 2024 | 2023 | ||||||
Net Income | $ | 165 | $ | 207 | ||||
Add (Subtract): | ||||||||
Income Tax Expense | 53 | 64 | ||||||
Interest Expense, Net | 59 | 58 | ||||||
Depreciation and Amortization | 149 | 140 | ||||||
EBITDA | 426 | 469 | ||||||
Charges Associated with Business Combinations, Exit Activities and Other Special Charges, Net | 17 | 15 | ||||||
Adjusted EBITDA | $ | 443 | $ | 484 | ||||
Adjusted EBITDA Margin (Adjusted EBITDA/Net Sales) | 19.6 | % | 19.9 | % | ||||
Net Income | $ | 165 | $ | 207 | ||||
Charges Associated with Business Combinations, Exit Activities and Other Special Charges, Net | 17 | 15 | ||||||
Accelerated Depreciation Related to Exit Activities | 12 | 2 | ||||||
Tax Impact of Business Combinations, Exit Activities and Other Special Charges, Net, Accelerated Depreciation and Other Tax Items | (7) | (3) | ||||||
Amortization Related to Purchased Intangibles Assets, Net of Tax | 16 | 16 | ||||||
Adjusted Net Income (a) | $ | 203 | $ | 237 | ||||
Adjusted Earnings Per Share - Basic (a) | 0.66 | 0.77 | ||||||
Adjusted Earnings Per Share - Diluted (a) | 0.66 | 0.77 |
Twelve Months Ended | |||||||||||||||||
March 31, | March 31, | December 31, | |||||||||||||||
In millions | 2024 | 2023 | 2023 | ||||||||||||||
Net Income | $ | 681 | $ | 622 | $ | 723 | |||||||||||
Add (Subtract): | |||||||||||||||||
Income Tax Expense | 199 | 212 | 210 | ||||||||||||||
Equity Income of Unconsolidated Entity | (1) | — | (1) | ||||||||||||||
Interest Expense, Net | 240 | 213 | 239 | ||||||||||||||
Depreciation and Amortization | 633 | 556 | 624 | ||||||||||||||
EBITDA | $ | 1,752 | $ | 1,603 | $ | 1,795 | |||||||||||
Charges Associated with Business Combinations, Exit Activities and Other Special Charges, Net | 83 | 131 | 81 | ||||||||||||||
Adjusted EBITDA | $ | 1,835 | $ | 1,734 | $ | 1,876 | |||||||||||
March 31, | March 31, | December 31, | |||||||||||||||
Calculation of Net Debt: | 2024 | 2023 | 2023 | ||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | 756 | $ | 57 | $ | 764 | |||||||||||
Long-Term Debt (a) | 4,952 | 5,491 | 4,632 | ||||||||||||||
Less: | |||||||||||||||||
Cash and Cash Equivalents | (136) | (113) | (162) | ||||||||||||||
Total Net Debt | $ | 5,572 | $ | 5,435 | $ | 5,234 | |||||||||||
Net Leverage Ratio (Total Net Debt/Adjusted EBITDA) | 3.04 | 3.13 | 2.79 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
In millions | 2024 | 2023 | |||||||||
Net Cash Provided by Operating Activities | $ | 3 | $ | 60 | |||||||
Net Cash Receipts from Receivables Sold included in Investing Activities | 20 | 24 | |||||||||
Cash Payments Associated with Business Combinations, Exit Activities and Other Special Charges, Net | 9 | 1 | |||||||||
Adjusted Net Cash Provided by Operating Activities | $ | 32 | $ | 85 | |||||||
Capital Spending | (331) | (196) | |||||||||
Adjusted Cash Flow | $ | (299) | $ | (111) |
Cover Page |
Apr. 30, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 30, 2024 |
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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