PKG · CIK 75677
What Packaging Corporation of America told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for PKG. More may follow as additional filings are processed.
In its own words
What could break it.
Commodity & input dependence
- wood fiber, natural gas, pulping chemicalsmedium
Fiber (virgin wood + recycled) is the largest raw-material cost for containerboard; mills also consume purchased natural gas (26% of fuel) and chemicals (starch, calcium carbonate, caustic soda, sodium chlorate), exposing PCA to input-price inflation.
“Fiber is the largest raw material cost to manufacture containerboard. We consume both virgin wood fiber and recycled fiber in our containerboard mills, and all of our fiber comes from renewable resources.”
SEC filing →As of 2026
Regulatory & policy
- EPA Pulp MACT / NESHAP residual-risk reviewmedium
EPA is revising Pulp MACT/NESHAP standards for chemical-recovery combustion sources; PCA was one of seven companies required to respond to an EPA questionnaire, with pollutant testing at five PCA mills scheduled to begin Spring 2026, potentially raising compliance costs ($64M spent in 2025).
“In November 2024, PCA was one of seven companies selected by EPA to respond to a questionnaire about operations and equipment to support EPA's requirement to revise existing Pulp MACT standards. As part of the questionnaire, EPA is requiring companies, including PCA, to undertake pollutant testing scheduled to begin Spring 2026. Five of PCA's mills will participate in the risk assessment.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“For 2025, 2024, and 2023, we recorded $ 71.4 million, $ 80.9 million, and $ 80.2 million, respectively, of LTP sales to Boise Cascade in “Net Sales” in the Consolidated Statements of Income and approximately the same amount of expenses in “Cost of Sales”.”
Cited →The ODP Corporation (Office Depot)
“ODP Corporation (“ODP”), formerly Office Depot, Inc., along with its subsidiaries and affiliates, is our largest customer in the Paper segment. Effective March 1, 2025, we have amended the agreement with ODP in which we will continue to supply commodity and non-commodity office papers through December 31, 2026.”
Cited →
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