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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2024

or

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______ to ______

Commission File Number 001-38736

WestRock Company

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

37-1880617

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

1000 Abernathy Road NE, Atlanta, Georgia

30328

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (770) 448-2193

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

WRK

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

Class

Outstanding as of April 19, 2024

Common Stock, $0.01 par value

258,148,056

 

 

 


 

WESTROCK COMPANY

INDEX

 

Page

PART I

FINANCIAL INFORMATION

3

 

Item 1.

Financial Statements (Unaudited)

3

 

Consolidated Statements of Operations for the three and six months ended March 31, 2024 and 2023

3

 

Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended March 31, 2024 and 2023

4

 

Consolidated Balance Sheets at March 31, 2024 and September 30, 2023

5

 

Consolidated Statements of Equity for the three and six months ended March 31, 2024 and 2023

6

 

Consolidated Statements of Cash Flows for the six months ended March 31, 2024 and 2023

7

 

Notes to Consolidated Financial Statements

8

 

Item 2.

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

35

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

55

 

Item 4.

Controls and Procedures

55

 

PART II

OTHER INFORMATION

56

 

Item 1.

Legal Proceedings

56

 

 

 

Item 1A.

Risk Factors

56

 

Item 6.

Exhibits

56

 

Index to Exhibits

57

 

2


 

PART I: FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS (UNAUDITED)

WESTROCK COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

March 31,

 

 

March 31,

 

(In millions, except per share data)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

4,726.7

 

 

$

5,277.6

 

 

$

9,346.7

 

 

$

10,200.7

 

Cost of goods sold

 

 

3,946.6

 

 

 

4,357.6

 

 

 

7,807.8

 

 

 

8,514.7

 

Gross profit

 

 

780.1

 

 

 

920.0

 

 

 

1,538.9

 

 

 

1,686.0

 

Selling, general and administrative expense excluding
   intangible amortization

 

 

499.5

 

 

 

498.9

 

 

 

1,026.6

 

 

 

978.0

 

Selling, general and administrative intangible
   amortization expense

 

 

79.0

 

 

 

86.2

 

 

 

161.0

 

 

 

172.8

 

Restructuring and other costs, net

 

 

81.2

 

 

 

435.8

 

 

 

146.7

 

 

 

467.9

 

Impairment of goodwill

 

 

 

 

 

1,893.0

 

 

 

 

 

 

1,893.0

 

Operating profit (loss)

 

 

120.4

 

 

 

(1,993.9

)

 

 

204.6

 

 

 

(1,825.7

)

Interest expense, net

 

 

(100.8

)

 

 

(108.4

)

 

 

(202.2

)

 

 

(205.7

)

Pension and other postretirement non-service cost

 

 

(0.6

)

 

 

(6.0

)

 

 

(0.4

)

 

 

(11.0

)

Other (expense) income, net

 

 

(13.5

)

 

 

(17.8

)

 

 

(18.2

)

 

 

7.4

 

Equity in income (loss) of unconsolidated entities

 

 

2.9

 

 

 

4.5

 

 

 

7.1

 

 

 

(31.5

)

Loss on sale of RTS and Chattanooga

 

 

(2.0

)

 

 

 

 

 

(1.5

)

 

 

 

Income (loss) before income taxes

 

 

6.4

 

 

 

(2,121.6

)

 

 

(10.6

)

 

 

(2,066.5

)

Income tax benefit

 

 

10.0

 

 

 

116.8

 

 

 

4.3

 

 

 

108.5

 

Consolidated net income (loss)

 

 

16.4

 

 

 

(2,004.8

)

 

 

(6.3

)

 

 

(1,958.0

)

Less: Net income attributable to noncontrolling
   interests

 

 

(0.9

)

 

 

(1.3

)

 

 

(0.6

)

 

 

(2.8

)

Net income (loss) attributable to common
  stockholders

 

$

15.5

 

 

$

(2,006.1

)

 

$

(6.9

)

 

$

(1,960.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share attributable to
   common stockholders

 

$

0.06

 

 

$

(7.85

)

 

$

(0.03

)

 

$

(7.68

)

Diluted earnings (loss) per share attributable to
   common stockholders

 

$

0.06

 

 

$

(7.85

)

 

$

(0.03

)

 

$

(7.68

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

258.0

 

 

 

255.6

 

 

 

257.5

 

 

 

255.2

 

Diluted weighted average shares outstanding

 

 

259.3

 

 

 

255.6

 

 

 

257.5

 

 

 

255.2

 

 

See Accompanying Notes to Consolidated Financial Statements

3


 

WESTROCK COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

March 31,

 

 

March 31,

 

(In millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income (loss)

 

$

16.4

 

 

$

(2,004.8

)

 

$

(6.3

)

 

$

(1,958.0

)

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (loss) gain

 

 

(22.2

)

 

 

182.8

 

 

 

136.6

 

 

 

300.3

 

Reclassification of previously unrealized net
   foreign currency loss upon consolidation of
   equity investment

 

 

 

 

 

 

 

 

 

 

 

29.0

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred loss on cash flow hedges

 

 

(6.8

)

 

 

(23.5

)

 

 

(18.4

)

 

 

(45.3

)

Reclassification adjustment of net loss on
   cash flow hedges included in earnings

 

 

9.1

 

 

 

20.1

 

 

 

13.0

 

 

 

30.0

 

Defined benefit pension and other postretirement
   benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization and settlement recognition of net
   actuarial loss, included in pension and
   postretirement cost

 

 

5.1

 

 

 

10.1

 

 

 

10.0

 

 

 

19.8

 

Amortization and curtailment recognition of prior
   service cost, included in pension and
   postretirement cost

 

 

1.6

 

 

 

1.4

 

 

 

2.7

 

 

 

2.8

 

Other comprehensive (loss) income, net of tax

 

 

(13.2

)

 

 

190.9

 

 

 

143.9

 

 

 

336.6

 

Comprehensive income (loss)

 

 

3.2

 

 

 

(1,813.9

)

 

 

137.6

 

 

 

(1,621.4

)

Less: Comprehensive income attributable to
   noncontrolling interests

 

 

(0.9

)

 

 

(1.8

)

 

 

(0.6

)

 

 

(3.6

)

Comprehensive income (loss) attributable to common
   stockholders

 

$

2.3

 

 

$

(1,815.7

)

 

$

137.0

 

 

$

(1,625.0

)

 

See Accompanying Notes to Consolidated Financial Statements

 

4


 

WESTROCK COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(In millions, except per share data)

 

March 31,
2024

 

 

September 30,
2023

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

494.7

 

 

$

393.4

 

Accounts receivable (net of allowances of $60.1 and $60.2)

 

 

2,583.7

 

 

 

2,591.9

 

Inventories

 

 

2,328.4

 

 

 

2,331.5

 

Other current assets (amount related to SPEs of $0 and $862.1)

 

 

873.7

 

 

 

1,584.8

 

Assets held for sale

 

 

62.8

 

 

 

91.5

 

Total current assets

 

 

6,343.3

 

 

 

6,993.1

 

Property, plant and equipment, net

 

 

11,240.7

 

 

 

11,063.2

 

Goodwill

 

 

4,266.5

 

 

 

4,248.7

 

Intangibles, net

 

 

2,424.0

 

 

 

2,576.2

 

Prepaid pension asset

 

 

637.2

 

 

 

618.3

 

Other noncurrent assets (amount related to SPEs of $384.4 and $382.7)

 

 

1,972.3

 

 

 

1,944.2

 

Total Assets

 

$

26,884.0

 

 

$

27,443.7

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current portion of debt

 

$

1,317.5

 

 

$

533.0

 

Accounts payable

 

 

2,138.0

 

 

 

2,123.9

 

Accrued compensation and benefits

 

 

426.1

 

 

 

524.9

 

Other current liabilities (amount related to SPEs of $0 and $776.7)

 

 

855.8

 

 

 

1,737.6

 

Total current liabilities

 

 

4,737.4

 

 

 

4,919.4

 

Long-term debt due after one year

 

 

7,718.2

 

 

 

8,050.9

 

Pension liabilities, net of current portion

 

 

194.4

 

 

 

191.2

 

Postretirement benefit liabilities, net of current portion

 

 

99.9

 

 

 

99.1

 

Deferred income taxes

 

 

2,251.6

 

 

 

2,433.2

 

Other noncurrent liabilities (amount related to SPEs of $331.1 and $330.2)

 

 

1,798.7

 

 

 

1,652.2

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value; 30.0 million shares authorized; no
   shares outstanding

 

 

 

 

 

 

Common Stock, $0.01 par value; 600.0 million shares authorized;
   
258.1 million and 256.4 million shares outstanding at March 31,
   2024 and September 30, 2023, respectively

 

 

2.6

 

 

 

2.6

 

Capital in excess of par value

 

 

10,704.9

 

 

 

10,698.5

 

Retained earnings

 

 

113.4

 

 

 

278.2

 

Accumulated other comprehensive loss

 

 

(754.7

)

 

 

(898.6

)

Total stockholders’ equity

 

 

10,066.2

 

 

 

10,080.7

 

Noncontrolling interests

 

 

17.6

 

 

 

17.0

 

Total equity

 

 

10,083.8

 

 

 

10,097.7

 

Total Liabilities and Equity

 

$

26,884.0

 

 

$

27,443.7

 

 

See Accompanying Notes to Consolidated Financial Statements

5


 

WESTROCK COMPANY

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

March 31,

 

 

March 31,

 

(In millions, except per share data)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Number of Shares of Common Stock Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

257.0

 

 

 

254.6

 

 

 

256.4

 

 

 

254.4

 

Issuance of common stock, net of stock received for
   tax withholdings

 

 

1.1

 

 

 

1.5

 

 

 

1.7

 

 

 

1.7

 

Balance at end of period

 

 

258.1

 

 

 

256.1

 

 

 

258.1

 

 

 

256.1

 

Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

2.6

 

 

$

2.5

 

 

$

2.6

 

 

$

2.5

 

Issuance of common stock, net of stock received for
   tax withholdings

 

 

 

 

 

0.1

 

 

 

 

 

 

0.1

 

Balance at end of period

 

 

2.6

 

 

 

2.6

 

 

 

2.6

 

 

 

2.6

 

Capital in Excess of Par Value:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

10,710.2

 

 

 

10,652.6

 

 

 

10,698.5

 

 

 

10,639.4

 

Compensation expense under share-based plans

 

 

4.7

 

 

 

13.5

 

 

 

13.1

 

 

 

23.1

 

Issuance of common stock, net of stock received for
   tax withholdings

 

 

(10.0

)

 

 

(16.8

)

 

 

(6.7

)

 

 

(13.2

)

Balance at end of period

 

 

10,704.9

 

 

 

10,649.3

 

 

 

10,704.9

 

 

 

10,649.3

 

Retained Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

176.5

 

 

 

2,188.3

 

 

 

278.2

 

 

 

2,214.4

 

Net income (loss) attributable to common stockholders

 

 

15.5

 

 

 

(2,006.1

)

 

 

(6.9

)

 

 

(1,960.8

)

Dividends declared (per share - $0.3025, $0.275, $0.605
   and $
0.55) (1)

 

 

(78.4

)

 

 

(72.2

)

 

 

(157.7

)

 

 

(143.6

)

Issuance of common stock, net of stock received for
   tax withholdings

 

 

(0.2

)

 

 

 

 

 

(0.2

)

 

 

 

Balance at end of period

 

 

113.4

 

 

 

110.0

 

 

 

113.4

 

 

 

110.0

 

Accumulated Other Comprehensive Loss:

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

(741.5

)

 

 

(1,308.9

)

 

 

(898.6

)

 

 

(1,454.3

)

Other comprehensive (loss) income, net of tax

 

 

(13.2

)

 

 

190.4

 

 

 

143.9

 

 

 

335.8

 

Balance at end of period

 

 

(754.7

)

 

 

(1,118.5

)

 

 

(754.7

)

 

 

(1,118.5

)

Total Stockholders’ equity

 

 

10,066.2

 

 

 

9,643.4

 

 

 

10,066.2

 

 

 

9,643.4

 

Noncontrolling Interests: (2)

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

16.8

 

 

 

17.8

 

 

 

17.0

 

 

 

17.7

 

Net income (loss)

 

 

0.9

 

 

 

(0.1

)

 

 

0.6

 

 

 

 

Adjustments to noncontrolling interests

 

 

(0.1

)

 

 

 

 

 

 

 

 

 

Balance at end of period

 

 

17.6

 

 

 

17.7

 

 

 

17.6

 

 

 

17.7

 

Total equity

 

$

10,083.8

 

 

$

9,661.1

 

 

$

10,083.8

 

 

$

9,661.1

 

 

(1)
Includes cash dividends and dividend equivalent units on certain equity awards.
(2)
Excludes amounts related to contingently redeemable noncontrolling interests, which are separately classified outside of permanent equity on the consolidated balance sheets.

 

See Accompanying Notes to Consolidated Financial Statements

 

6


 

WESTROCK COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

Six Months Ended

 

 

 

March 31,

 

(In millions)

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

Consolidated net loss

 

$

(6.3

)

 

$

(1,958.0

)

Adjustments to reconcile consolidated net loss to net cash provided
   by operating activities:

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

770.2

 

 

 

769.0

 

Deferred income tax benefit

 

 

(33.3

)

 

 

(239.6

)

Share-based compensation expense

 

 

13.0

 

 

 

23.1

 

Pension and other postretirement cost, net of contributions

 

 

1.6

 

 

 

8.2

 

Cash surrender value increase in excess of premiums paid

 

 

(31.9

)

 

 

(25.4

)

Equity in (income) loss of unconsolidated entities

 

 

(7.1

)

 

 

31.5

 

Loss on sale of RTS and Chattanooga

 

 

1.5

 

 

 

 

Gain on sale of businesses

 

 

 

 

 

(11.1

)

Impairment of goodwill

 

 

 

 

 

1,893.0

 

Other impairment adjustments

 

 

(0.1

)

 

 

387.7

 

Gain on disposal of assets, net

 

 

 

 

 

(9.6

)

Other, net

 

 

(1.3

)

 

 

(14.3

)

Change in operating assets and liabilities, net of acquisitions and
   divestitures:

 

 

 

 

 

 

Accounts receivable

 

 

26.8

 

 

 

170.3

 

Inventories

 

 

(55.7

)

 

 

(44.8

)

Other assets

 

 

(80.7

)

 

 

(49.7

)

Accounts payable

 

 

(14.6

)

 

 

(214.3

)

Income taxes

 

 

(175.7

)

 

 

46.7

 

Accrued liabilities and other

 

 

(94.3

)

 

 

(212.7

)

Net cash provided by operating activities

 

 

312.1

 

 

 

550.0

 

Investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(548.6

)

 

 

(563.7

)

Cash paid for purchase of businesses, net of cash received

 

 

 

 

 

(853.5

)

Proceeds from settlement of Timber Note related to SPEs

 

 

860.0

 

 

 

 

Proceeds from corporate owned life insurance

 

 

5.0

 

 

 

6.7

 

Proceeds from sale of businesses

 

 

0.8

 

 

 

25.9

 

Proceeds from currency forward contracts

 

 

 

 

 

23.2

 

Proceeds from the sale of unconsolidated entities

 

 

1.0

 

 

 

 

Proceeds from sale of property, plant and equipment

 

 

38.7

 

 

 

18.7

 

Other, net

 

 

(0.2

)

 

 

(0.8

)

Net cash provided by (used for) investing activities

 

 

356.7

 

 

 

(1,343.5

)

Financing activities:

 

 

 

 

 

 

Additions to revolving credit facilities

 

 

86.9

 

 

 

52.9

 

Repayments of revolving credit facilities

 

 

 

 

 

(126.9

)

Additions to debt

 

 

104.5

 

 

 

1,704.1

 

Repayments of debt

 

 

(70.2

)

 

 

(841.7

)

Changes in commercial paper, net

 

 

280.2

 

 

 

291.4

 

Other debt repayments, net

 

 

(29.2

)

 

 

(16.1

)

Repayment of Timber Loan related to SPEs

 

 

(774.0

)

 

 

 

Cash dividends paid to stockholders

 

 

(155.6

)

 

 

(140.3

)

Other, net