ATLANTA, Oct. 20, 2020 /PRNewswire/ --
Q3 2020 Highlights
- Net Sales were $1,697.7 million
versus $1,581.6 million in the prior
year period.
- Net organic sales increased 4.2% in the quarter and increased
3.5% for the first nine months of 2020 versus the prior year
period.
- Net Income was $63.7 million
versus $52.1 million in the prior
year period.
- Earnings per Diluted Share were $0.23 versus $0.18
in the prior year period.
- Adjusted Earnings per Diluted Share were $0.26 versus $0.20
in the prior year period.
- Adjusted EBITDA was $250.2
million versus $244.3 million
in the prior year period.
- Global liquidity was $1,557.1
million at quarter end.
- Returned $366.7 million to
stakeholders in share repurchases, dividends, partnership
distributions and redemptions; included $89.9 million in common shares repurchased during
the quarter.
Graphic Packaging Holding Company (NYSE: GPK), (the "Company"),
a leading provider of packaging solutions to food, beverage,
foodservice, and other consumer products companies, today reported
Net Income for third quarter 2020 of $63.7
million, or $0.23 per share,
based on 278.0 million weighted average diluted shares. This
compares to third quarter 2019 Net Income of $52.1 million, or $0.18 per share, based on 293.7 million weighted
average diluted shares.
Third quarter 2020 Net Income was impacted by a net $8.6 million of special charges that are detailed
in the Reconciliation of Non-GAAP Financial Measures table
attached. When adjusting for these charges, Adjusted Net Income for
the third quarter of 2020 was $72.3
million, or $0.26 per diluted
share. This compares to third quarter 2019 Adjusted Net Income of
$57.9 million, or $0.20 per diluted share.
Michael Doss, the Company's
President and CEO said, "We continue to deliver excellent results
in 2020 consistent with our Vision 2025 goals and we are capturing
organic sales growth as we answer the call from consumers for more
sustainable packaging solutions. Net organic sales growth
accelerated on a sequential basis to over 4% in the third quarter.
Our business pipeline remains robust and we are uniquely positioned
to capture growth with our innovative fiber-based packaging
solutions."
Doss added, "At Graphic Packaging, we are ensuring continuity of
service for our customers, a safe environment for our employees and
long-term returns for our stakeholders. Our transformation to a
growth culture is a direct result of the compelling value
proposition we offer customers and the ongoing investments we are
making to ensure we lead the industry in quality, service and
innovation. Our teams are executing during a challenging time, and
we are committed to leadership in the paperboard packaging industry
by providing sustainable and exciting new packaging solutions."
Operating Results
Net Sales
Net Sales increased 7.3% to $1,697.7
million in the third quarter of 2020, compared to
$1,581.6 million in the prior year
period. The $116.1 million increase
was driven by $118.8 million of
improved volume/mix related to organic growth and acquisitions and
$6.9 million in favorable foreign
exchange. These benefits were partially offset by $9.6 million in unfavorable pricing.
Attached is supplemental data highlighting Net Tons Sold by
quarter for 2020 and 2019.
EBITDA
EBITDA for the third quarter of 2020 was $241.2 million. After adjusting both periods for
charges associated with business combinations and other special
charges, Adjusted EBITDA increased $5.9
million to $250.2 million in
the third quarter of 2020 from $244.3
million in the third quarter of 2019. When comparing against
the prior year quarter, Adjusted EBITDA in the third quarter of
2020 was positively impacted by $14.8
million of favorable volume/mix, $3.0
million of commodity input cost deflation, $6.7 million of improved net operating
performance and $3.4 million of
foreign exchange. Net operating performance included a previously
announced $12 million expense related
to market downtime of the SBS cupstock paper machine executed
during the third quarter. These items were partially offset by
$9.6 million in unfavorable pricing
and $12.4 million of other inflation
(primarily labor and benefits).
Other Results
Total Debt (Long-Term, Short-Term and Current Portion) increased
$184.6 million during the third
quarter of 2020 to $3,713.9 million
compared to the second quarter of 2020. Total Net Debt (Total Debt,
net of Cash and Cash Equivalents) increased $212.7 million during the third quarter of 2020
to $3,658.4 million compared to the
second quarter of 2020. The Company's third quarter 2020 Net
Leverage Ratio was 3.44 times Adjusted EBITDA compared to 3.26
times at the end of the second quarter of 2020.
At September 30, 2020, the Company
had available liquidity of $1,557.1
million, including the undrawn availability under its global
revolving credit facilities.
Net Interest Expense was $32.0
million in the third quarter of 2020, down compared to the
$35.9 million reported in the third
quarter of 2019, reflecting lower average borrowing rates.
Capital expenditures for the third quarter of 2020 were
$119.1 million, up compared to
$71.6 million in the third quarter of
2019, largely due to the strategic investment in a new coated
recycled board paper machine in Kalamazoo, Michigan.
Third quarter 2020 Income Tax Expense was $8.3 million, down compared to a $16.9 million expense in the third quarter of
2019, reflecting favorable outcomes from tax planning and credits
recognized in the quarter.
Please note that a tabular reconciliation of EBITDA, Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted EPS,
Adjusted Net Cash Provided by Operating Activities, Adjusted Cash
Flow, Total Net Debt and pro forma Net Leverage Ratio is attached
to this release.
Earnings Call
The Company will host a conference call at 10:00 a.m. ET today (October 20, 2020) to discuss the results of third
quarter 2020. The conference call will be webcast and can be
accessed from the Investors section of the Graphic Packaging
website at www.graphicpkg.com. Participants may also listen
via telephone by dialing 833-900-1527 from the United States and Canada, and 236-384-2052 from outside
the United States and Canada. Telephone participants are required to
provide the conference ID 5958519 and should call at least 10
minutes prior to the start of the conference call.
Forward Looking Statements
Any statements of the Company's expectations in this press
release constitute "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Such statements
are based on currently available information and are subject to
various risks and uncertainties that could cause actual results to
differ materially from the Company's present expectations. These
risks and uncertainties include, but are not limited to, the
effects of the COVID-19 pandemic on the Company's operations and
business, inflation of and volatility in raw material and energy
costs, continuing pressure for lower cost products, the Company's
ability to implement its business strategies, including
productivity initiatives, cost reduction plans, and integration
activities, as well as the Company's debt level, currency movements
and other risks of conducting business internationally, the impact
of regulatory and litigation matters, including the continued
availability of the Company's net operating loss offset to taxable
income. Undue reliance should not be placed on such forward-looking
statements, as such statements speak only as of the date on which
they are made and the Company undertakes no obligation to update
such statements, except as required by law. Additional information
regarding these and other risks is contained in the Company's
periodic filings with the SEC.
About Graphic Packaging Holding Company
Graphic Packaging Holding Company (NYSE: GPK), headquartered in
Atlanta, Georgia, is committed to
providing consumer packaging that makes a world of difference. The
Company is a leading provider of paper-based packaging solutions
for a wide variety of products to food, beverage, foodservice, and
other consumer products companies. The Company operates on a global
basis, is one of the largest producers of folding cartons and
paper-based foodservice products in the
United States, and holds leading market positions in coated
recycled paperboard, coated unbleached kraft paperboard and solid
bleached sulfate paperboard. The Company's customers include many
of the world's most widely-recognized companies and brands.
Additional information about Graphic Packaging, its business and
its products is available on the Company's web site at
www.graphicpkg.com.
GRAPHIC PACKAGING
HOLDING COMPANY
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
September
30,
|
September
30,
|
In millions,
except per share amounts
|
2020
|
|
2019
|
2020
|
|
2019
|
Net Sales
|
$
|
1,697.7
|
|
|
$
|
1,581.6
|
|
$
|
4,907.8
|
|
|
$
|
4,640.3
|
|
Cost of
Sales
|
1,442.2
|
|
|
1,315.2
|
|
4,069.4
|
|
|
3,820.0
|
|
Selling, General and
Administrative
|
126.3
|
|
|
131.3
|
|
394.1
|
|
|
387.8
|
|
Other Expense,
Net
|
1.1
|
|
|
4.2
|
|
2.2
|
|
|
7.1
|
|
Business Combinations
and Shutdown and Other Special Charges, Net
|
9.0
|
|
|
8.2
|
|
48.2
|
|
|
24.3
|
|
Income from
Operations
|
119.1
|
|
|
122.7
|
|
393.9
|
|
|
401.1
|
|
Nonoperating Pension
and Postretirement Benefit Income (Expense)
|
0.2
|
|
|
—
|
|
(150.8)
|
|
|
(0.1)
|
|
Interest Expense,
Net
|
(32.0)
|
|
|
(35.9)
|
|
(96.4)
|
|
|
(106.4)
|
|
Income before Income
Taxes and Equity Income of Unconsolidated Entity
|
87.3
|
|
|
86.8
|
|
146.7
|
|
|
294.6
|
|
Income Tax
Expense
|
(8.3)
|
|
|
(16.9)
|
|
(21.2)
|
|
|
(60.9)
|
|
Income before Equity
Income of Unconsolidated Entity
|
79.0
|
|
|
69.9
|
|
125.5
|
|
|
233.7
|
|
Equity Income of
Unconsolidated Entity
|
0.3
|
|
|
0.1
|
|
0.7
|
|
|
0.5
|
|
Net Income
|
79.3
|
|
|
70.0
|
|
126.2
|
|
|
234.2
|
|
Net Income Attributable
to Noncontrolling Interest
|
(15.6)
|
|
|
(17.9)
|
|
(23.1)
|
|
|
(60.4)
|
|
Net Income Attributable
to Graphic Packaging Holding Company
|
$
|
63.7
|
|
|
$
|
52.1
|
|
$
|
103.1
|
|
|
$
|
173.8
|
|
|
|
|
|
|
|
|
Net Income Per Share
Attributable to Graphic Packaging Holding Company —
Basic
|
$
|
0.23
|
|
|
$
|
0.18
|
|
$
|
0.37
|
|
|
$
|
0.59
|
|
Net Income Per Share
Attributable to Graphic Packaging Holding Company —
Diluted
|
$
|
0.23
|
|
|
$
|
0.18
|
|
$
|
0.36
|
|
|
$
|
0.59
|
|
|
|
|
|
|
|
|
Weighted Average Number
of Shares Outstanding - Basic
|
277.0
|
|
|
292.9
|
|
281.9
|
|
|
295.2
|
|
Weighted Average Number
of Shares Outstanding - Diluted
|
277.7
|
|
|
293.7
|
|
282.7
|
|
|
295.9
|
|
GRAPHIC PACKAGING
HOLDING COMPANY CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited)
|
|
|
In millions,
except share and per share amounts
|
September
30,
2020
|
|
December
31,
2019
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
Cash and Cash
Equivalents
|
$
|
55.5
|
|
|
$
|
152.9
|
|
Receivables,
Net
|
743.4
|
|
|
504.5
|
|
Inventories,
Net
|
1,153.8
|
|
|
1,095.9
|
|
Other Current
Assets
|
65.7
|
|
|
52.3
|
|
Total Current
Assets
|
2,018.4
|
|
|
1,805.6
|
|
Property, Plant and
Equipment, Net
|
3,437.4
|
|
|
3,253.8
|
|
Goodwill
|
1,469.9
|
|
|
1,477.9
|
|
Intangible Assets,
Net
|
447.8
|
|
|
477.3
|
|
Other Assets
|
308.5
|
|
|
275.3
|
|
Total Assets
|
$
|
7,682.0
|
|
|
$
|
7,289.9
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
|
495.8
|
|
|
$
|
50.4
|
|
Accounts
Payable
|
738.5
|
|
|
716.1
|
|
Other Accrued
Liabilities
|
485.4
|
|
|
432.2
|
|
Total Current
Liabilities
|
1,719.7
|
|
|
1,198.7
|
|
Long-Term
Debt
|
3,196.9
|
|
|
2,809.9
|
|
Deferred Income Tax
Liabilities
|
529.0
|
|
|
511.8
|
|
Other Noncurrent
Liabilities
|
402.5
|
|
|
407.2
|
|
|
|
|
|
Redeemable
Noncontrolling Interest
|
—
|
|
|
304.3
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Preferred Stock, par
value $.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; 272,545,029 and
290,246,907 shares issued and outstanding at September 30,
2020 and December 31, 2019, respectively
|
2.7
|
|
|
2.9
|
|
Capital in Excess of
Par Value
|
1,732.4
|
|
|
1,876.7
|
|
(Accumulated Deficit)
Retained Earnings
|
(52.0)
|
|
|
56.4
|
|
Accumulated Other
Comprehensive Loss
|
(255.5)
|
|
|
(365.8)
|
|
Total Graphic
Packaging Holding Company Shareholders' Equity
|
1,427.6
|
|
|
1,570.2
|
|
Noncontrolling
Interest
|
406.3
|
|
|
487.8
|
|
Total
Equity
|
1,833.9
|
|
|
2,058.0
|
|
Total Liabilities
and Shareholders' Equity
|
$
|
7,682.0
|
|
|
$
|
7,289.9
|
|
GRAPHIC PACKAGING
HOLDING COMPANY
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
Nine Months
Ended
|
|
September
30,
|
In
millions
|
2020
|
|
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Net Income
|
$
|
126.2
|
|
|
$
|
234.2
|
|
Adjustments to
Reconcile Net Income to Net Cash Provided by Operating
Activities:
|
|
|
|
Depreciation and
Amortization
|
356.5
|
|
|
337.8
|
|
Deferred Income
Taxes
|
(6.4)
|
|
|
34.0
|
|
Amount of
Postretirement Expense Greater Than Funding
|
145.2
|
|
|
0.6
|
|
Other, Net
|
30.9
|
|
|
18.4
|
|
Changes in Operating
Assets and Liabilities
|
(263.2)
|
|
|
(324.3)
|
|
Net Cash Provided by
Operating Activities
|
389.2
|
|
|
300.7
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Capital
Spending
|
(402.6)
|
|
|
(213.1)
|
|
Packaging Machinery
Spending
|
(23.1)
|
|
|
(16.8)
|
|
Acquisition of
Businesses, Net of Cash Acquired
|
(120.6)
|
|
|
(52.9)
|
|
Beneficial Interest on
Sold Receivables
|
85.6
|
|
|
320.3
|
|
Beneficial Interest
Obtained in Exchange for Proceeds
|
(7.4)
|
|
|
(155.4)
|
|
Other, Net
|
(8.8)
|
|
|
(3.5)
|
|
Net Cash Used in
Investing Activities
|
(476.9)
|
|
|
(121.4)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Repurchase of Common
Stock
|
(247.3)
|
|
|
(128.8)
|
|
Payments on
Debt
|
(27.4)
|
|
|
(27.4)
|
|
Proceeds from Issuance
of Debt
|
800.0
|
|
|
300.0
|
|
Borrowings under
Revolving Credit Facilities
|
2,180.5
|
|
|
1,970.7
|
|
Payments on Revolving
Credit Facilities
|
(2,122.3)
|
|
|
(2,216.0)
|
|
Redemption of
Noncontrolling Interest
|
(500.0)
|
|
|
—
|
|
Repurchase of Common
Stock related to Share-Based Payments
|
(9.0)
|
|
|
(4.1)
|
|
Debt Issuance
Costs
|
(11.6)
|
|
|
(5.0)
|
|
Dividends and
Distributions Paid to GPIP Partner
|
(80.4)
|
|
|
(87.0)
|
|
Other, Net
|
10.0
|
|
|
(3.2)
|
|
Net Cash Used in
Financing Activities
|
(7.5)
|
|
|
(200.8)
|
|
Effect of Exchange Rate
Changes on Cash
|
(2.2)
|
|
|
(0.3)
|
|
Net Decrease in Cash
and Cash Equivalents
|
(97.4)
|
|
|
(21.8)
|
|
Cash and Cash
Equivalents at Beginning of Period
|
152.9
|
|
|
70.5
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
|
55.5
|
|
|
$
|
48.7
|
|
GRAPHIC PACKAGING HOLDING COMPANY
Reconciliation of Non-GAAP Financial Measures
The tables below set forth the calculation of the Company's
earnings before interest expense, income tax expense, equity income
of unconsolidated entities, depreciation and amortization,
including pension amortization ("EBITDA"), Adjusted EBITDA,
Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings Per
Share, Adjusted Net Cash Provided by Operating Activities, Adjusted
Cash Flow, Net Leverage Ratio and Total Net Debt. Adjusted EBITDA
and Adjusted Net Income exclude charges (income) associated with:
the Company's business combinations, facility shutdowns, extended
mill outage, sale of assets and other special charges. The
Company's management believes that the presentation of EBITDA,
Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share,
Adjusted Net Cash Provided by Operating Activities, Adjusted Cash
Flow, and Net Leverage Ratio provides useful information to
investors because these measures are regularly used by management
in assessing the Company's performance. EBITDA, Adjusted EBITDA,
Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash
Provided by Operating Activities, Adjusted Cash Flow, and Net
Leverage Ratio are financial measures not calculated in accordance
with generally accepted accounting principles in the United States ("GAAP"), and are not
measures of net income, operating income, operating performance or
liquidity presented in accordance with GAAP.
EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings
Per Share, Adjusted Net Cash Provided by Operating Activities,
Adjusted Cash Flow, and Net Leverage Ratio should be considered in
addition to results prepared in accordance with GAAP, but should
not be considered substitutes for or superior to GAAP results. In
addition, our EBITDA, Adjusted EBITDA, Adjusted Net Income,
Adjusted Earnings Per Share, Adjusted Net Cash Provided by
Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio
may not be comparable to Adjusted EBITDA or similarly titled
measures utilized by other companies since such other companies may
not calculate such measures in the same manner as we do.
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
In millions,
except per share amounts
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
63.7
|
|
|
$
|
52.1
|
|
|
$
|
103.1
|
|
|
$
|
173.8
|
|
Add
(Subtract):
|
|
|
|
|
|
|
|
Net Income
Attributable to Noncontrolling Interest
|
15.6
|
|
|
17.9
|
|
|
23.1
|
|
|
60.4
|
|
Income Tax
Expense
|
8.3
|
|
|
16.9
|
|
|
21.2
|
|
|
60.9
|
|
Equity Income of
Unconsolidated Entity
|
(0.3)
|
|
|
(0.1)
|
|
|
(0.7)
|
|
|
(0.5)
|
|
Interest Expense,
Net
|
32.0
|
|
|
35.9
|
|
|
96.4
|
|
|
106.4
|
|
Depreciation and
Amortization
|
121.9
|
|
|
113.0
|
|
|
360.6
|
|
|
345.4
|
|
EBITDA
|
241.2
|
|
|
235.7
|
|
|
603.7
|
|
|
746.4
|
|
Charges Associated
with Business Combinations and Shutdown and Other Special
Charges
|
9.0
|
|
|
8.6
|
|
|
48.8
|
|
|
24.7
|
|
Pension Settlement
Charge
|
—
|
|
|
—
|
|
|
152.5
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
250.2
|
|
|
$
|
244.3
|
|
|
$
|
805.0
|
|
|
$
|
771.1
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin (Adjusted EBITDA/Net Sales)
|
14.7
|
%
|
|
15.4
|
%
|
|
16.4
|
%
|
|
16.6
|
%
|
|
|
|
|
|
|
|
|
Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
63.7
|
|
|
$
|
52.1
|
|
|
$
|
103.1
|
|
|
$
|
173.8
|
|
Charges Associated
with Business Combinations and Shutdown and Other Special
Charges
|
9.0
|
|
|
8.6
|
|
|
48.8
|
|
|
24.7
|
|
Accelerated
Depreciation Related to Shutdown
|
4.7
|
|
|
—
|
|
|
20.7
|
|
|
—
|
|
Pension Settlement
Charge
|
—
|
|
|
—
|
|
|
152.5
|
|
|
—
|
|
Tax Impact of
Business Combinations, Shutdown and Other Special Charges,
Accelerated Depreciation and Pension Plan Settlement
|
(2.8)
|
|
|
(1.5)
|
|
|
(43.9)
|
|
|
(4.8)
|
|
Noncontrolling
Interest, Net of Tax
|
(2.3)
|
|
|
(1.8)
|
|
|
(45.7)
|
|
|
(5.0)
|
|
Adjusted Net Income
Attributable to Graphic Packaging Holding Company
|
$
|
72.3
|
|
|
$
|
57.4
|
|
|
$
|
235.5
|
|
|
$
|
188.7
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Per
Share - Basic
|
$
|
0.26
|
|
|
$
|
0.20
|
|
|
$
|
0.84
|
|
|
$
|
0.64
|
|
Adjusted Earnings Per
Share - Diluted
|
$
|
0.26
|
|
|
$
|
0.20
|
|
|
$
|
0.83
|
|
|
$
|
0.64
|
|
GRAPHIC PACKAGING
HOLDING COMPANY
Reconciliation of
Non-GAAP Financial Measures
(Continued)
|
|
|
|
Twelve Months
Ended
|
|
September
30,
|
|
September
30,
|
|
December
31,
|
In
millions
|
2020
|
|
2019
|
|
2019
|
Net Income
|
$
|
136.1
|
|
|
$
|
221.3
|
|
|
$
|
206.8
|
|
Add
(Subtract):
|
|
|
|
|
|
Net Income
Attributable to Noncontrolling Interest
|
34.0
|
|
|
76.2
|
|
|
71.3
|
|
Income Tax
Expense
|
36.6
|
|
|
74.2
|
|
|
76.3
|
|
Equity Income of
Unconsolidated Entities
|
(0.5)
|
|
|
(0.7)
|
|
|
(0.4)
|
|
Interest Expense,
Net
|
130.6
|
|
|
140.0
|
|
|
140.6
|
|
Depreciation and
Amortization
|
472.6
|
|
|
446.0
|
|
|
457.4
|
|
EBITDA
|
809.4
|
|
|
957.0
|
|
|
952.0
|
|
Charges Associated
with Business Combinations and Shutdown and Other Special
Charges
|
62.4
|
|
|
32.6
|
|
|
38.7
|
|
Pension Plan
Settlement Charge
|
191.7
|
|
|
—
|
|
|
39.2
|
|
Extended Augusta Mill
Outage (fourth quarter of 2018)
|
—
|
|
|
29.6
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
1,063.5
|
|
|
$
|
1,019.2
|
|
|
$
|
1,029.9
|
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
December
31,
|
Calculation of Net
Debt:
|
2020
|
|
2019
|
|
2019
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
|
495.8
|
|
|
$
|
54.4
|
|
|
$
|
50.4
|
|
Long-Term Debt
(a)
|
3,218.1
|
|
|
2,948.4
|
|
|
2,822.4
|
|
Less:
|
|
|
|
|
|
Cash and Cash
Equivalents
|
(55.5)
|
|
|
(48.7)
|
|
|
(152.9)
|
|
Total Net
Debt
|
$
|
3,658.4
|
|
|
$
|
2,954.1
|
|
|
$
|
2,719.9
|
|
|
|
|
|
|
|
Net Leverage Ratio
(Total Net Debt/Adjusted EBITDA)
|
3.44
|
|
|
2.90
|
|
|
2.64
|
|
|
(a)
Excludes unamortized deferred debt issue costs.
|
|
Nine Months
Ended
|
|
September
30,
|
In
millions
|
|
|
|
|
2020
|
|
2019
|
Net Cash Provided by
Operating Activities
|
|
|
|
|
$
|
389.2
|
|
|
$
|
300.7
|
|
Net Cash Receipts
from Receivables Sold included in Investing Activities
|
|
|
|
|
78.2
|
|
|
164.9
|
|
Cash Payments
Associated with Business Combinations and Shutdown and Other
Special Charges
|
|
|
|
|
34.1
|
|
|
17.6
|
|
Adjusted Net Cash
Provided by Operating Activities
|
|
|
|
|
$
|
501.5
|
|
|
$
|
483.2
|
|
Capital
Spending
|
|
|
|
|
(425.7)
|
|
|
(229.9)
|
|
Adjusted Cash
Flow
|
|
|
|
|
$
|
75.8
|
|
|
$
|
253.3
|
|
GRAPHIC PACKAGING
HOLDING COMPANY
Unaudited
Supplemental Data
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Tons Sold
(000's)
|
|
1,011.6
|
|
|
1,012.9
|
|
|
1,036.0
|
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Tons Sold
(000's)
|
|
943.4
|
|
|
965.9
|
|
|
992.9
|
|
|
940.7
|
|
|
|
|
|
|
|
|
|
|
|
The closing of the
White Pigeon, Michigan mill and the shutdown of the West Monroe
container board machine led to a decrease of tons sold of 30,400 in
the three months ended September 30, 2020.
|
View original content to download
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SOURCE Graphic Packaging Holding Company