(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 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase 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: February 20, 2024 | By: /s/ Lauren S. Tashma | ||||
Lauren S. Tashma | |||||
Executive Vice President, General Counsel and Secretary | |||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
In millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Net Sales | $ | 2,249 | $ | 2,386 | $ | 9,428 | $ | 9,440 | ||||||||||||
Cost of Sales | 1,748 | 1,895 | 7,311 | 7,610 | ||||||||||||||||
Selling, General and Administrative | 183 | 205 | 805 | 774 | ||||||||||||||||
Other Expense, Net | 16 | 13 | 64 | 19 | ||||||||||||||||
Business Combinations, Exit Activities and Other Special Charges, Net | 12 | 5 | 74 | 131 | ||||||||||||||||
Income from Operations | 290 | 268 | 1,174 | 906 | ||||||||||||||||
Nonoperating Pension and Postretirement Benefit (Expense) Income | (1) | 2 | (3) | 7 | ||||||||||||||||
Interest Expense, Net | (59) | (54) | (239) | (197) | ||||||||||||||||
Income before Income Taxes and Equity Income of Unconsolidated Entity | 230 | 216 | 932 | 716 | ||||||||||||||||
Income Tax Expense | (35) | (60) | (210) | (194) | ||||||||||||||||
Income before Equity Income of Unconsolidated Entity | 195 | 156 | 722 | 522 | ||||||||||||||||
Equity Income of Unconsolidated Entity | 1 | — | 1 | — | ||||||||||||||||
Net Income | $ | 196 | $ | 156 | $ | 723 | $ | 522 | ||||||||||||
Net Income Per Share — Basic | $ | 0.64 | $ | 0.51 | $ | 2.35 | $ | 1.69 | ||||||||||||
Net Income Per Share — Diluted | $ | 0.64 | $ | 0.50 | $ | 2.34 | $ | 1.69 | ||||||||||||
Weighted Average Number of Shares Outstanding - Basic | 307.6 | 308.5 | 308.2 | 308.8 | ||||||||||||||||
Weighted Average Number of Shares Outstanding - Diluted | 308.5 | 309.4 | 309.1 | 309.5 |
In millions, except share and per share amounts | December 31, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and Cash Equivalents | $ | 162 | $ | 150 | |||||||
Receivables, Net | 835 | 879 | |||||||||
Inventories, Net | 1,754 | 1,606 | |||||||||
Other Current Assets | 94 | 71 | |||||||||
Total Current Assets | 2,845 | 2,706 | |||||||||
Property, Plant and Equipment, Net | 4,992 | 4,579 | |||||||||
Goodwill | 2,103 | 1,979 | |||||||||
Intangible Assets, Net | 820 | 717 | |||||||||
Other Assets | 415 | 347 | |||||||||
Total Assets | $ | 11,175 | $ | 10,328 | |||||||
LIABILITIES | |||||||||||
Current Liabilities: | |||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | 764 | $ | 53 | |||||||
Accounts Payable | 1,094 | 1,123 | |||||||||
Other Accrued Liabilities | 731 | 757 | |||||||||
Total Current Liabilities | 2,589 | 1,933 | |||||||||
Long-Term Debt | 4,609 | 5,200 | |||||||||
Deferred Income Tax Liabilities | 731 | 668 | |||||||||
Other Noncurrent Liabilities | 464 | 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 $.01 per share; 1,000,000,000 shares authorized; 306,058,815 and 307,116,089 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 3 | 3 | |||||||||
Capital in Excess of Par Value | 2,062 | 2,054 | |||||||||
Retained Earnings | 1,029 | 469 | |||||||||
Accumulated Other Comprehensive Loss | (313) | (377) | |||||||||
Total Graphic Packaging Holding Company Shareholders’ Equity | 2,781 | 2,149 | |||||||||
Noncontrolling Interest | 1 | 1 | |||||||||
Total Equity | 2,782 | 2,150 | |||||||||
Total Liabilities and Shareholders' Equity | $ | 11,175 | $ | 10,328 |
Twelve Months Ended | |||||||||||
December 31, | |||||||||||
In millions | 2023 | 2022 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ | 723 | $ | 522 | |||||||
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: | |||||||||||
Depreciation and Amortization | 619 | 553 | |||||||||
Amortization of Deferred Debt Issuance Costs | 6 | 9 | |||||||||
Deferred Income Taxes | 22 | 131 | |||||||||
Amount of Postretirement Expense Less Than Funding | (5) | (18) | |||||||||
Asset Impairment Charges | 29 | 96 | |||||||||
Other, Net | 58 | 15 | |||||||||
Changes in Operating Assets and Liabilities, Net of Acquisitions | (308) | (218) | |||||||||
Net Cash Provided by Operating Activities | 1,144 | 1,090 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital Spending | (781) | (522) | |||||||||
Packaging Machinery Spending | (23) | (27) | |||||||||
Acquisition of Businesses, Net of Cash Acquired | (361) | — | |||||||||
Beneficial Interest on Sold Receivables | 184 | 125 | |||||||||
Beneficial Interest Obtained in Exchange for Proceeds | (45) | (6) | |||||||||
Other, Net | 1 | (5) | |||||||||
Net Cash Used in Investing Activities | (1,025) | (435) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repurchase of Common Stock | (54) | (28) | |||||||||
Payments on Debt | (26) | (14) | |||||||||
Retirement of Long-Term Debt | — | (250) | |||||||||
Borrowings under Revolving Credit Facilities | 4,449 | 3,929 | |||||||||
Payments on Revolving Credit Facilities | (4,314) | (4,195) | |||||||||
Repurchase of Common Stock related to Share-Based Payments | (22) | (18) | |||||||||
Dividends Paid | (123) | (92) | |||||||||
Other, Net | (16) | 2 | |||||||||
Net Cash Used in Financing Activities | (106) | (666) | |||||||||
Increase (Decrease) in cash and cash equivalents, including cash classified within assets held for sale | 13 | (11) | |||||||||
Less Cash reclassified to Assets Held for Sale | — | 5 | |||||||||
Effect of Exchange Rate Changes on Cash | (1) | (6) | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 12 | (22) | |||||||||
Cash and Cash Equivalents at Beginning of Year | 150 | 172 | |||||||||
Cash and Cash Equivalents at End of Year | $ | 162 | $ | 150 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
In millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net Income | $ | 196 | $ | 156 | $ | 723 | $ | 522 | |||||||||||||||
Add (Subtract): | |||||||||||||||||||||||
Income Tax Expense | 35 | 60 | 210 | 194 | |||||||||||||||||||
Equity Income of Unconsolidated Entity | (1) | — | (1) | — | |||||||||||||||||||
Interest Expense, Net | 59 | 54 | 239 | 197 | |||||||||||||||||||
Depreciation and Amortization | 155 | 138 | 624 | 556 | |||||||||||||||||||
EBITDA | 444 | 408 | 1,795 | 1,469 | |||||||||||||||||||
Charges Associated with Business Combinations, Exit Activities and Other Special Charges, Net (a) | 13 | 5 | 81 | 131 | |||||||||||||||||||
Adjusted EBITDA | $ | 457 | $ | 413 | $ | 1,876 | $ | 1,600 | |||||||||||||||
Adjusted EBITDA Margin (Adjusted EBITDA/Net Sales) | 20.3 | % | 17.3 | % | 19.9 | % | 16.9 | % | |||||||||||||||
Net Income | $ | 196 | $ | 156 | $ | 723 | $ | 522 | |||||||||||||||
Charges Associated with Business Combinations, Exit Activities and Other Special Charges, Net (a) | 13 | 5 | 81 | 131 | |||||||||||||||||||
Accelerated Depreciation Related to Exit Activities | 3 | — | 56 | 7 | |||||||||||||||||||
Tax Impact of Business Combinations, Exit Activities and Other Special Charges, Net, Accelerated Depreciation and Other Tax Items | — | 5 | (28) | (4) | |||||||||||||||||||
Amortization Related to Purchased Intangible Assets, Net of Tax | 18 | 15 | 67 | 66 | |||||||||||||||||||
Adjusted Net Income (b) | $ | 230 | $ | 181 | $ | 899 | $ | 722 | |||||||||||||||
Adjusted Earnings Per Share - Basic (b) | $ | 0.75 | $ | 0.59 | $ | 2.92 | $ | 2.34 | |||||||||||||||
Adjusted Earnings Per Share - Diluted (b) | $ | 0.75 | $ | 0.59 | $ | 2.91 | $ | 2.33 |
Twelve Months Ended | |||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Net Income | $ | 723 | $ | 522 | $ | 204 | |||||||||||
Add (Subtract): | |||||||||||||||||
Net Income Attributable to Noncontrolling Interest | — | — | 12 | ||||||||||||||
Income Tax Expense | 210 | 194 | 74 | ||||||||||||||
Equity Income of Unconsolidated Entity | (1) | — | (1) | ||||||||||||||
Interest Expense, Net | 239 | 197 | 123 | ||||||||||||||
Depreciation and Amortization | 624 | 556 | 494 | ||||||||||||||
EBITDA | 1,795 | 1,469 | 906 | ||||||||||||||
Charges Associated with Business Combinations, Exit Activities and Other Special Charges, Net | 81 | 131 | 150 | ||||||||||||||
Adjusted EBITDA | 1,876 | 1,600 | 1,056 | ||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||
Calculation of Net Debt: | 2023 | 2022 | 2021 | ||||||||||||||
Short-Term Debt and Current Portion of Long-Term Debt | $ | 764 | $ | 53 | $ | 279 | |||||||||||
Long-Term Debt(a) | 4,632 | 5,230 | 5,552 | ||||||||||||||
Less: | |||||||||||||||||
Cash and Cash Equivalents | (162) | (150) | (172) | ||||||||||||||
Total Net Debt | $ | 5,234 | $ | 5,133 | $ | 5,659 | |||||||||||
Net Leverage Ratio (Total Net Debt/Adjusted EBITDA) | 2.79 | 3.21 | 5.36 |
Twelve Months Ended | |||||||||||
December 31, | |||||||||||
In millions | 2023 | 2022 | |||||||||
Net Cash Provided by Operating Activities | $ | 1,144 | $ | 1,090 | |||||||
Net Cash Receipts from Receivables Sold included in Investing Activities | 139 | 119 | |||||||||
Cash Payments Associated with Business Combinations, Exit Activities and Other Special Charges, Net | 14 | 40 | |||||||||
Adjusted Net Cash Provided by Operating Activities | $ | 1,297 | $ | 1,249 | |||||||
Capital Spending | (804) | (549) | |||||||||
Adjusted Cash Flow | $ | 493 | $ | 700 |
Calculation of Net Organic Sales Growth: | Three Months Ended | Twelve Months Ended | ||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
In millions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Net Sales | $ | 2,249 | $ | 2,386 | $ | 9,428 | $ | 9,440 | ||||||||||||
Open Market Paperboard Sales (Paperboard Mills Segment) | (218) | (357) | (1,022) | (1,290) | ||||||||||||||||
Impact of Purchased Sales from Acquisitions (a) | (44) | — | (53) | — | ||||||||||||||||
Impact of Divestitures | — | (10) | — | (10) | ||||||||||||||||
Impact of Pricing (b) | (60) | — | (514) | — | ||||||||||||||||
Impact of Foreign Exchange (c) | (21) | — | (13) | — | ||||||||||||||||
Net Organic Sales | $ | 1,906 | $ | 2,019 | $ | 7,826 | $ | 8,140 | ||||||||||||
Net Organic Sales Growth | (5.6) | % | (3.9) | % |
Cover Page |
Feb. 20, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 20, 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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