Significant Factors That Impact the Company's Business and Results of Operations
OVERVIEW OF SECOND QUARTER 2022 RESULTS
•In May 2022, the Company closed the Battle Creek, MI CRB mill.
•On May 24, 2022, the Company's board of directors declared a regular quarterly dividend of $0.075 per share of common stock payable on July 5, 2022 to shareholders of record as of June 15, 2022.
SECOND QUARTER 2022 COMPARED WITH SECOND QUARTER 2021
The components of the change in Net Sales are as follows:
In millions 2021 Price Volume/Mix Exchange 2022 Increase Percent Change
The components of the change in Income from Operations are as follows:
(a) Includes the Company's cost reduction initiatives, planned mill maintenance costs, expenses related to acquisitions and integration activities, exit activities and shutdown and other special charges.
FIRST SIX MONTHS 2022 COMPARED WITH FIRST SIX MONTHS 2021
The components of the change in Net Sales are as follows:
The components of the change in Income from Operations are as follows:
(a) Includes the Company's cost reduction initiatives, planned mill maintenance costs, expenses related to acquisitions and integration activities, exit activities and shutdown and other special charges.
The Company has three reportable segments as follows:
The Company allocates certain mill and corporate costs to the reportable segments to appropriately represent the economics of these segments. The Corporate and Other caption includes the Pacific Rim and Australia operating segments and unallocated corporate and one-time costs.
These segments are evaluated by the chief operating decision maker based primarily on Income from Operations, as adjusted for depreciation and amortization. The accounting policies of the reportable segments are the same as those described above in "Note 1 - General Information" in the Notes to Condensed Consolidated Financial Statements.
Second Quarter 2022 Compared to Second Quarter 2021
Net Sales increased from prior year due to higher selling prices and mix partially offset by lower open market volume. The Company also internalized more paperboard tons.
First Six Months of 2022 Compared to First Six Months of 2021
Net Sales increased from prior year due to higher selling prices and mix partially offset by lower open market volume. The Company also internalized more paperboard tons.
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
Net Cash Provided by Operating Activities $ 288 $ 305 Net Cash Used in Investing Activities $ (311) $ (289) Net Cash Used In Financing Activities $ (30) $ (105)
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