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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 April 3, 2022
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 No. 001-11261
Sonoco Products Company
(Exact name of registrant as specified in its charter)
South Carolina
57-0248420
(State or other jurisdiction of incorporation of organization)
(I.R.S. Employer Identification No.)
1 N. Second St., Hartsville, South Carolina
29550
(address of principal executive offices)(Zip Code)
(843) 383-7000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
No par value common stockSONNew York Stock Exchange LLC
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 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 filerAccelerated 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  
The number of shares outstanding of the registrant's no par value common stock as of April 22, 2022 was 97,493,030.




SONOCO PRODUCTS COMPANY
INDEX
 
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 2.
Item 6.

2



Part I. FINANCIAL INFORMATION 
Item 1. Financial Statements.
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(Dollars and shares in thousands)
April 3,
2022
December 31,
2021
Assets
Current Assets
Cash and cash equivalents$151,537 $170,978 
Trade accounts receivable, net of allowances1,000,415 755,609 
Other receivables110,731 95,943 
Inventories, net:
Finished and in process418,000 199,823 
Materials and supplies450,251 362,290 
Prepaid expenses119,711 74,034 
2,250,645 1,658,677 
Property, Plant and Equipment, Net1,640,774 1,297,500 
Goodwill1,688,308 1,324,501 
Other Intangible Assets, Net756,967 278,143 
Deferred Income Taxes25,590 25,818 
Right of Use Asset-Operating Leases315,604 268,390 
Other Assets278,100 220,206 
Total Assets$6,955,988 $5,073,235 
Liabilities and Equity
Current Liabilities
Payable to suppliers$872,340 $721,312 
Accrued expenses and other383,597 381,350 
Notes payable and current portion of long-term debt440,698 411,557 
Accrued taxes18,370 11,544 
1,715,005 1,525,763 
Long-term Debt, Net of Current Portion2,730,146 1,199,106 
Noncurrent Operating Lease Liabilities272,157 234,167 
Pension and Other Postretirement Benefits153,818 158,265 
Deferred Income Taxes124,918 70,482 
Other Liabilities41,013 35,911 
Sonoco Shareholders’ Equity
Common stock, no par value
Authorized 300,000 shares
97,492 and 97,370 shares issued and outstanding
at April 3, 2022 and December 31, 2021, respectively
7,175 7,175 
Capital in excess of stated value120,266 119,690 
Accumulated other comprehensive loss(356,869)(359,425)
Retained earnings2,141,214 2,070,005 
Total Sonoco Shareholders’ Equity1,911,786 1,837,445 
Noncontrolling Interests7,145 12,096 
Total Equity1,918,931 1,849,541 
Total Liabilities and Equity$6,955,988 $5,073,235 
*The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.
See accompanying Notes to Condensed Consolidated Financial Statements
3



SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(Dollars and shares in thousands except per share data)
 
Three Months Ended
April 3, 2022April 4, 2021
Net sales$1,770,982 $1,353,304 
Cost of sales1,399,417 1,075,403 
Gross profit371,565 277,901 
Selling, general and administrative expenses190,362 145,230 
Restructuring/Asset impairment charges12,142 6,846 
Loss on divestiture of business 5,516 
Operating profit169,061 120,309 
Non-operating pension costs1,324 7,284 
Interest expense20,581 18,501 
Interest income1,516 770 
Income before income taxes148,672 95,294 
Provision for income taxes35,289 24,045 
Income before equity in earnings of affiliates113,383 71,249 
Equity in earnings of affiliates, net of tax2,224 1,044 
Net income115,607 72,293 
Net (income)/loss attributable to noncontrolling interests(274)4 
Net income attributable to Sonoco$115,333 $72,297 
Weighted average common shares outstanding:
Basic97,924 101,046 
Diluted98,554 101,492 
Per common share:
Net income attributable to Sonoco:
Basic$1.18 $0.72 
Diluted$1.17 $0.71 

See accompanying Notes to Condensed Consolidated Financial Statements
4



SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (unaudited)
(Dollars in thousands)
 
Three Months Ended
April 3, 2022April 4, 2021
Net income$115,607 $72,293 
Other comprehensive (loss)/ income:
     Foreign currency translation adjustments706 (32,541)
     Changes in defined benefit plans, net of tax191 5,385 
Changes in derivative financial instruments, net of tax2,550 958 
Other comprehensive income/(loss)$3,447 $(26,198)
Comprehensive income:119,054 46,095 
Net (income)/loss attributable to noncontrolling interests(274)$4 
Other comprehensive (income)/ loss attributable to noncontrolling interests(891)520 
Comprehensive income attributable to Sonoco$117,889 $46,619 
See accompanying Notes to Condensed Consolidated Financial Statements
5


SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
CHANGES IN TOTAL EQUITY (unaudited)
(Dollars in thousands)

Total
Equity
Common SharesCapital in
Excess of
Stated Value
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Noncontrolling
Interests
OutstandingAmount
December 31, 2020$1,910,528 100,447 $7,175 $314,056 $(756,842)$2,335,216 $10,923 
Net income/(loss)72,293 72,297 (4)
Other comprehensive income/(loss):
Translation loss(32,541)(32,021)(520)
Defined benefit plan adjustment, net of tax5,385 5,385 
Derivative financial instruments, net of tax958 958 
Other comprehensive loss$(26,198)$(25,678)$(520)
Dividends(45,510)(45,510)
Issuance of stock awards364 245 364 
Shares repurchased(5,051)(85)(5,051)
Stock-based compensation6,372 6,372 
April 4, 2021$1,912,798 100,607 $7,175 $315,741 $(782,520)$2,362,003 $10,399 

Total EquityCommon SharesCapital in
Excess of
Stated Value
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Noncontrolling
Interests
OutstandingAmount
December 31, 2021$1,849,541 97,370 $7,175 $119,690 $(359,425)$2,070,005 $12,096 
Net income115,607 115,333 274 
Other comprehensive income/(loss):
Translation income/(loss)706 (185)891 
Defined benefit plan adjustment, net of tax191 191 
Derivative financial instruments, net of tax2,550 2,550 
Other comprehensive income$3,447 $2,556 $891 
Dividends(44,124)(44,124)
Purchase of noncontrolling interest(13,196)(7,080)(6,116)
Issuance of stock awards377 182 377 
Shares repurchased(3,410)(60)(3,410)
Stock-based compensation10,689 10,689 
April 3, 2022$1,918,931 97,492 $7,175 $120,266 $(356,869)$2,141,214 $7,145 

See accompanying Notes to Condensed Consolidated Financial Statements
6


SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands)
Three Months Ended
April 3, 2022April 4, 2021
Cash Flows from Operating Activities:
Net income$115,607 $72,293 
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairment5,511 4,149 
Depreciation, depletion and amortization70,602 61,599 
Share-based compensation expense10,689 6,372 
Equity in earnings of affiliates(2,224)(1,044)
Cash dividends from affiliated companies350 350 
Net loss/(gain) on disposition of assets190 (1,861)
Net loss on divestiture of businesses 5,516 
Pension and postretirement plan expense2,232 14,674 
Pension and postretirement plan contributions(28,095)(26,338)
Net increase/(decrease) in deferred taxes4,613 (6,933)
Change in assets and liabilities, net of effects from acquisitions and foreign currency adjustments:
Trade accounts receivable(129,670)(44,307)
Inventories(116,169)(36,682)
Payable to suppliers60,356 51,039 
Prepaid expenses(6,954)(336)
Income taxes payable and other income tax items13,786 20,056 
Accrued expenses and other assets and liabilities236 20,168 
Net cash provided by operating activities1,060 138,715 
Cash Flows from Investing Activities:
Purchases of property, plant and equipment(67,507)(39,549)
Cost of acquisitions, net of cash acquired(1,348,589)(2,353)
Proceeds from the sale of assets183 234 
Other net investing proceeds145 2,701 
Net cash used in investing activities(1,415,768)(38,967)
Cash Flows from Financing Activities:
Proceeds from issuance of debt1,530,145 4,934 
Principal repayment of debt(33,117)(11,350)
Net change in commercial paper(27,000) 
Net decrease in outstanding checks(15,759)(13,208)
Cash dividends(43,747)(45,142)
Purchase of noncontrolling interest(14,474) 
Payments for share repurchases(3,410)(5,051)
Net cash provided/(used) by financing activities1,392,638 (69,817)
Effects of Exchange Rate Changes on Cash2,629 (7,247)
Net (Decrease)/Increase in Cash and Cash Equivalents(19,441)22,684 
Cash and cash equivalents at beginning of period170,978 564,848 
Cash and cash equivalents at end of period$151,537 $587,532 
See accompanying Notes to Condensed Consolidated Financial Statements
7

SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)


Note 1: Basis of Interim Presentation
In the opinion of the management of Sonoco Products Company (the “Company” or “Sonoco”), the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments, unless otherwise stated) necessary to state fairly the consolidated financial position, results of operations and cash flows for the interim periods reported herein. Operating results for the three months ended April 3, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
With respect to the unaudited condensed consolidated financial information of the Company for the three-month periods ended April 3, 2022 and April 4, 2021 included in this Form 10-Q, PricewaterhouseCoopers LLP reported that they have applied limited procedures in accordance with professional standards for a review of such information. However, their separate report dated May 3, 2022 appearing herein, states that they did not audit and they do not express an opinion on that unaudited financial information. Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933 for their report on the unaudited financial information because that report is not a “report” or a “part” of a registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act.

Note 2: New Accounting Pronouncements
In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-02, Financial Instruments — Credit Losses (Topic 326), Troubled Debt Restructurings ("TDRs") and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for TDRs while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The amendments in this update also require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases. The Company does not expect this pronouncement to materially affect its consolidated financial statements.

In October 2021, the FASB issued ASU 2021-08 – Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). Under current accounting standards, contract assets and contract liabilities acquired in a business combination are to be recorded at fair value using the
ASC 805 measurement principle. ASU 2021-08 requires the acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606: Revenue from Contracts with Customers as if the acquirer had originated the contracts rather than at fair value. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company elected to early adopt ASU 2021-08 on a prospective basis as of January 1, 2022. The election to use practical expedients allowed under ASU 2021-08 will be applied on an acquisition-by-acquisition basis. There was no impact to the Company’s consolidated financial statements as of the adoption date.
During the three-month period ended April 3, 2022, there have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s financial statements. Further, at April 3, 2022, there are no other pronouncements pending adoption that are expected to have a material impact on the Company’s consolidated financial statements.

8

SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Note 3: Acquisitions and Divestitures
Acquisitions
On January 26, 2022, the Company completed the acquisition of Ball Metalpack Holding, LLC ("Ball Metalpack"), a leading supplier of sustainable metal packaging for food and household products and the largest aerosol can producer in North America, for $1,348,589, net of cash acquired. Ball Metalpack was a joint venture owned by Platinum Equity (51%) and Ball Corporation (49%). Ball Metalpack was formed in 2018 and consists of eight manufacturing plants in the United States and a headquarters facility in Broomfield, Colorado. This acquisition fits the Company's strategy of investing in its core businesses as it complements the Company's largest Consumer Packaging franchise – global rigid paper containers. In addition, it further expands the Company's sustainable packaging portfolio to include metal packaging. Final consideration is subject to customary post-closing adjustments for working capital, cash and indebtedness. The Company's funding of the acquisition was based on an estimate of cash on hand at closing. The actual cash on hand at January 26, 2022 was $6,924 lower than estimated; accordingly, the Company has recorded a receivable for this amount from the sellers on its Condensed Consolidated Balance Sheet at April 3, 2022. The post-closing adjustments are expected to be finalized during the second quarter of 2022.
The preliminary fair values of the assets acquired and the liabilities assumed in the Ball Metalpack acquisition are as follows:
Trade accounts receivable$123,001 
Inventories190,070 
Prepaid expenses44,530 
Property, plant and equipment333,496 
Right of use asset - operating leases38,000 
Other intangible assets498,000 
Goodwill366,098 
Payable to suppliers(105,580)
Accrued expenses and other(25,253)
Notes payable and current portion of long-term debt(46,463)
Noncurrent operating lease liabilities(30,448)
Long-term debt(39,543)
Deferred income taxes(52,312)
Other net tangible assets48,069 
Net assets, excluding cash$1,341,665 
Factors comprising goodwill include increased access to certain markets as well as the value of the assembled workforce. Approximately 78% of goodwill is expected to be deductible for income tax purposes. Ball Metalpack's financial results are included in the Company's Consumer Packaging segment.
The allocation of the purchase price of Ball Metalpack to the tangible and intangible assets acquired and liabilities assumed was based on the Company's preliminary estimates of their fair value, based on information currently available. Management is continuing to finalize its valuation of certain assets and liabilities including, but not limited to: inventory; property, plant and equipment; goodwill; other intangible assets; deferred income taxes; and trade accounts receivable, and expects to complete its valuations within one year of the date of acquisition.
The Company has accounted for this acquisition as a business combination under the acquisition method and has included the results of operations of the acquired business in the Company's Condensed Consolidated Statements of Income from the date of acquisition. These results include a $25,000 charge related to the amortization of the fair value step-up of finished goods inventory acquired and sold through to customers from the date of acquisition through April 3, 2022. The following table presents the unaudited financial results for Ball Metalpack from the date of acquisition through the end of the three month period ended April 3, 2022:

9

SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Supplemental Information (unaudited)January 26 to
Ball MetalpackApril 3, 2022
Actual net sales$171,228 
Actual net income$14,019 

The following table presents the Company’s estimated unaudited pro forma consolidated results for the three month periods ended April 3, 2022 and April 4, 2021, assuming the acquisition of Ball Metalpack had occurred on January 1, 2021. This unaudited pro forma information is presented for informational purposes only and does not purport to represent the results of operations that would have been achieved if the acquisition had been completed at the beginning of 2021, nor is it necessarily indicative of future consolidated results.
Pro Forma Supplemental Information (unaudited)Three Months Ended
ConsolidatedApril 3, 2022April 4, 2021
Net sales$1,820,570 $1,549,616 
Net income attributable to Sonoco$164,881 $20,813 
The unaudited pro forma information above does not project the Company’s expected results for any future period and gives no effect to any future synergistic benefits that may result from the combination or the costs of integrating the acquired operations with those of the Company. Unaudited pro forma information for the three-month periods ended April 3, 2022 and April 4, 2021 includes adjustments to depreciation, amortization, and income taxes based upon the fair value allocation of the purchase price to Ball Metalpack's tangible and intangible assets acquired and liabilities assumed as though the acquisition had occurred on January 1, 2021. Interest expense on the additional debt issued by the Company to fund the acquisition and retention bonuses incurred related to the acquisition are also included in the unaudited pro forma information as if the acquisition had occurred on January 1, 2021. Acquisition-related costs of $22,284 and a charge related to fair value adjustments to acquisition-date inventory of $25,000 were recognized during the three months ended April 3, 2022. These costs are excluded from 2022 unaudited pro forma net income and are instead reflected in 2021 pro forma net income as though they were incurred on January 1, 2021.
Divestitures
As previously disclosed, the Company completed the sale of its U.S. display and packaging business, part of the All Other group of businesses, to Hood Container Corporation on April 4, 2021 for $80,000 in cash. This business provided design, manufacturing and fulfillment of point-of-purchase displays, as well as contract packaging services, for consumer product customers and had approximately 450 employees. Its operations included eight manufacturing and fulfillment facilities and four sales and design centers.
The selling price was adjusted at closing for certain transaction expenses and for anticipated differences between targeted levels of working capital and the projected levels at the time of closing. Net cash proceeds of $79,704 were received on April 5, 2021 and the Company recognized a loss on the divestiture of this business of $5,516, before tax, in the first quarter of 2021. During the quarter ended October 3, 2021, the Company finalized the working capital settlement related to this sale. The settlement resulted in additional cash proceeds of $1,971 and the buyer's assumption of certain liabilities totaling $786. As a result, the Company recognized a reduction in the previously reported loss on the sale of this business of $2,757, before tax, in the third quarter of 2021, bringing the total loss on the sale of business to $2,759, before tax.
The Company continually assesses its operational footprint as well as its overall portfolio of businesses and may consider the divestiture of plants and/or business units it considers to be suboptimal or nonstrategic.
Acquisition and Divestiture-Related Costs
Acquisition-related costs totaled $48,352 during the three months ended April 3, 2022 primarily related to the Ball Metalpack acquisition. These charges included the partial amortization of the fair value step-up of finished goods inventory of $25,000, included in "Cost of sales" in the Company's Condensed Consolidated Statements of Income, and other acquisition-related charges of $23,352. These other charges consisted primarily of investment banking fees, representation and warranty insurance premiums, legal and professional fees, and other transaction costs and are included in "Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income.
10

SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Acquisition and divestiture-related costs totaled $10,025 during the three months ended April 4, 2021. These costs, consisting primarily of legal and professional fees, are included in “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income.

Note 4: Shareholders' Equity
Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended
April 3, 2022April 4, 2021
Numerator:
Net income attributable to Sonoco$115,333 $72,297 
Denominator:
Weighted average common shares outstanding:
Basic97,924 101,046 
Dilutive effect of stock-based compensation630 446 
Diluted98,554 101,492 
Net income attributable to Sonoco per common share:
Basic$1.18 $0.72 
Diluted$1.17 $0.71 
Cash dividends$0.45 $0.45 
No adjustments were made to "Net income attributable to Sonoco" in the computations of net income attributable to Sonoco per common share.
Anti-dilutive Securities
Potentially dilutive securities are calculated in accordance with the treasury stock method, which assumes the proceeds from the exercise of all dilutive stock appreciation rights ("SARs") are used to repurchase the Company’s common stock. Certain SARs are not dilutive because either the exercise price is greater than the average market price of the stock during the reporting period or assumed repurchases from proceeds from the exercise of the SARs were antidilutive. These SARs may become dilutive in the future if the market price of the Company's common stock appreciates. The average numbers of SARs that were anti-dilutive and, therefore, not included in the computation of diluted earnings per share during the three month periods ended April 3, 2022 and April 4, 2021 were as follows (in thousands):

Three Months Ended
April 3, 2022April 4, 2021
Anti-dilutive stock appreciation rights401 427 
Stock Repurchases
On April 20, 2021, the Company's Board of Directors (the "Board") authorized the repurchase of the Company's common stock in an aggregate amount of up to $350,000. Following several repurchase transactions in 2021, a total of $137,972 remained available for share repurchases under this authorization as of December 31, 2021. No shares were purchased under this authorization during the three months ended April 3, 2022.
The Company frequently repurchases shares of its common stock to satisfy employee tax withholding obligations in association with certain share-based compensation awards. These repurchases, which are not part of a publicly announced plan or program, totaled 60 shares during the three months ended April 3, 2022, at a cost of $3,410, and 85 shares during the three months ended April 4, 2021, at a cost of $5,051.

11

SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Dividend Declarations
On February 9, 2022, the Board of Directors declared a regular quarterly dividend of $0.45 per share. This dividend was paid on March 10, 2022 to all shareholders of record as of February 23, 2022.
On April 20, 2022, the Board of Directors declared a regular quarterly dividend of $0.49 per share. This dividend is payable on June 10, 2022 to all shareholders of record as of May 10, 2022.

Noncontrolling interests
In April 2015, the Company acquired a 67% controlling interest in Graffo Paranaense de Embalagens S/A (“Graffo”). Prior to March 31, 2022, the Company consolidated 100% of Graffo, with the partner's 33% share included in “Noncontrolling Interests” within the equity section of the balance sheet. On March 31, 2022, the Company paid $14,474 in cash to acquire the remaining 33% ownership interest from the three noncontrolling partners, which resulted in a $6,116 reduction in noncontrolling interest, a $7,080 charge to capital in excess of stated value, and a $1,278 reduction to accrued expenses and other on the Company's Condensed Consolidated Balance Sheet as of April 3, 2022.

Note 5: Restructuring and Asset Impairment
Due to its geographic footprint and the cost-competitive nature of its businesses, the Company is continually seeking the most cost-effective means and structure to serve its customers and to respond to fundamental changes in its markets. As such, restructuring costs have been, and are expected to be, a recurring component of the Company's operating costs. The amount of these costs can vary significantly from quarter to quarter and from year to year depending upon the scope and location of the restructuring activities.
Following are the total restructuring and asset impairment charges, net of adjustments, recognized during the periods presented:
Three Months Ended
April 3, 2022April 4, 2021
Restructuring and restructuring-related asset impairment charges$5,753 $2,697 
Other asset impairments6,389 4,149 
     Restructuring/Asset Impairment Charges$12,142 $6,846 

12

SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:
Three Months Ended
April 3, 2022April 4, 2021
Severance and Termination Benefits$2,099 $1,428 
Asset Impairments/(Gains from Disposal of Assets)445 (864)
Other Costs3,209 2,133 
     Restructuring and restructuring-related asset impairment charges$5,753 $2,697 

The table below sets forth restructuring and restructuring-related asset impairment charges by reportable segment:
Three Months Ended
April 3, 2022April 4, 2021
Consumer Packaging$1,635 $1,085 
Industrial Paper Packaging1,348 1,433 
All Other78 165 
Corporate2,692 14 
     Restructuring and restructuring-related asset impairment charges$5,753 $2,697 

Restructuring and restructuring-related asset impairment charges are included in “Restructuring/Asset impairment charges” in the Company's Condensed Consolidated Statements of Income.
The following table sets forth the activity in the restructuring accrual included in “Accrued expenses and other” on the Company’s Condensed Consolidated Balance Sheets:
Severance
and
Termination
Benefits
Asset
Impairment/
Disposal
of Assets
Other
Costs
Total
Accrual Activity
Liability at December 31, 2021$10,917 $ $1,873 $12,790 
2022 charges2,099 445 3,209 5,753 
Cash (payments)/receipts(4,932)33 (4,570)(9,469)
Asset write downs/disposals (478) (478)
Foreign currency translation5  (38)(33)
Liability at April 3, 2022
$8,089 $ $474 $8,563 

"Severance and Termination Benefits" during the first three months of 2022 includes the cost of severance for approximately 125 employees whose positions were eliminated in conjunction with the Company's ongoing organizational effectiveness efforts.
"Asset Impairment/Disposal of Assets" during the first three months of 2022 consists primarily of asset impairments in the Industrial Paper Packaging segment.
“Other Costs” during the first three months of 2022 consists primarily of costs related to plant closures including equipment removal, utilities, plant security, property taxes and insurance.
The Company expects to pay the majority of the remaining restructuring reserves by the end of 2022 using cash generated from operations. The Company also expects to recognize future additional charges totaling approximately $2,100 in connection with previously announced restructuring actions and believes that the majority of these charges will be incurred and paid by the end of 2022. The Company continually evaluates its cost structure, including its manufacturing capacity, and additional restructuring actions are likely to be undertaken.
13

SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Other Asset Impairments
The Company recognized other asset impairment charges totaling $6,389 and $4,149 in the three months ended April 3, 2022 and April 4, 2021, respectively.
The charges in the three months ended April 3, 2022 include $5,713 of impairment charges related to the Company's decision to exit its operations in Russia, part of the Industrial Paper Packaging segment, as a result of the ongoing Russia-Ukraine conflict, and $676 of fixed asset impairments in the Company's plastics foods operations, part of the Consumer Packaging segment.
Other asset impairment charges in the first quarter of 2021 consisted of fixed asset impairments totaling $1,750 in the Company's plastics foods operations, part of the Consumer Packaging segment, and $2,399 in the temperature-assured packaging business, part of the All Other group of businesses.
These assets were determined to be impaired as the value of their projected undiscounted cash flows was no longer sufficient to recover their carrying value. These impairment charges are included in “Restructuring/Asset impairment charges” in the Company’s Condensed Consolidated Statements of Income.
14

SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Note 6: Accumulated Other Comprehensive Loss
The following table summarizes the components of accumulated other comprehensive loss and the changes in the balances of each component of accumulated other comprehensive loss, net of tax as applicable, for the three months ended April 3, 2022 and April 4, 2021:
Foreign
Currency
Items
Defined
Benefit
Pension Items
Cash
Flow Hedges
Accumulated
Other
Comprehensive
Loss
Balance at December 31, 2021
$(269,076)$(91,397)$1,048 $(359,425)
Other comprehensive (loss)/income before reclassifications(185)$(971)$5,119 $3,963 
Amounts reclassified from accumulated other comprehensive loss to net income 1,162 (2,654)(1,492)
Amounts reclassified from accumulated other comprehensive loss to fixed assets  85 85 
Other comprehensive (loss)/income(185)191 2,550 2,556 
Balance at April 3, 2022
$(269,261)$(91,206)$3,598 $(356,869)
Balance at December 31, 2020
$(194,024)$(562,747)$(71)$(756,842)
Other comprehensive loss before reclassifications(32,021)115 998 (30,908)
Amounts reclassified from accumulated other comprehensive loss to net income 5,270 (30)5,240 
Amounts reclassified from accumulated other comprehensive loss to fixed assets  (10)(10)
Other comprehensive (loss)/income(32,021)5,385 958 (25,678)
Balance at April 4, 2021
$(226,045)$(557,362)$887 $(782,520)


15

SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

The following table summarizes the effects on net income of significant amounts reclassified from each component of accumulated other comprehensive loss for the three month periods ended April 3, 2022 and April 4, 2021:
Amount Reclassified from Accumulated
Other Comprehensive Loss
Three Months Ended
Details about Accumulated Other
Comprehensive
Loss Components
April 3,
2022
April 4,
2021
Affected Line Item in
the Condensed Consolidated
Statements of Income
Gains/(losses) on cash flow hedges
Foreign exchange contracts$566 $340 Net sales
Foreign exchange contracts(695)(228)Cost of sales
Commodity contracts3,850 (71)Cost of sales
$3,721 $41 Income before income taxes
(1,067)(11)Provision for income taxes
$2,654 $30 Net income
Defined benefit pension items
Effect of settlement loss(a)
(356) Non-operating pension costs
Amortization of defined
   benefit pension items(a)
(1,171)(6,901)Non-operating pension costs
$(1,527)$(6,901)Income before income taxes
365 1,631 Provision for income taxes
$(1,162)$(5,270)Net income
Total reclassifications for the period$1,492 $(5,240)Net income
 
(a) See Note 11 for additional details.

16

SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)


The following table summarizes the before and after tax amounts for the various components of other comprehensive income/(loss) for the three-month periods ended April 3, 2022 and April 4, 2021:
Three months ended
April 3, 2022
Three months ended
April 4, 2021
Before Tax
Amount
Tax
(Expense)
Benefit
After Tax
Amount
Before Tax
Amount
Tax
(Expense)
Benefit
After Tax
Amount
Foreign currency items:
Net other comprehensive loss from foreign currency items$(185)$ $(185)$(32,021)$ $(32,021)