son-20221002FALSE2022Q30000091767--12-31P3YP1Yhttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#DebtCurrenthttp://fasb.org/us-gaap/2022#DebtCurrenthttp://fasb.org/us-gaap/2022#LongTermDebtNoncurrenthttp://fasb.org/us-gaap/2022#LongTermDebtNoncurrent00000917672022-01-012022-10-0200000917672022-10-21xbrli:shares00000917672022-10-02iso4217:USD00000917672021-12-3100000917672022-07-042022-10-0200000917672021-07-052021-10-0300000917672021-01-012021-10-03iso4217:USDxbrli:shares00000917672020-12-310000091767us-gaap:CommonStockMember2020-12-310000091767us-gaap:AdditionalPaidInCapitalMember2020-12-310000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000091767us-gaap:RetainedEarningsMember2020-12-310000091767us-gaap:NoncontrollingInterestMember2020-12-3100000917672021-01-012021-04-040000091767us-gaap:RetainedEarningsMember2021-01-012021-04-040000091767us-gaap:NoncontrollingInterestMember2021-01-012021-04-040000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-04-040000091767us-gaap:CommonStockMember2021-01-012021-04-040000091767us-gaap:AdditionalPaidInCapitalMember2021-01-012021-04-0400000917672021-04-040000091767us-gaap:CommonStockMember2021-04-040000091767us-gaap:AdditionalPaidInCapitalMember2021-04-040000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-040000091767us-gaap:RetainedEarningsMember2021-04-040000091767us-gaap:NoncontrollingInterestMember2021-04-0400000917672021-04-052021-07-040000091767us-gaap:RetainedEarningsMember2021-04-052021-07-040000091767us-gaap:NoncontrollingInterestMember2021-04-052021-07-040000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-052021-07-040000091767us-gaap:CommonStockMember2021-04-052021-07-040000091767us-gaap:AdditionalPaidInCapitalMember2021-04-052021-07-0400000917672021-07-040000091767us-gaap:CommonStockMember2021-07-040000091767us-gaap:AdditionalPaidInCapitalMember2021-07-040000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-040000091767us-gaap:RetainedEarningsMember2021-07-040000091767us-gaap:NoncontrollingInterestMember2021-07-040000091767us-gaap:RetainedEarningsMember2021-07-052021-10-030000091767us-gaap:NoncontrollingInterestMember2021-07-052021-10-030000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-052021-10-030000091767us-gaap:CommonStockMember2021-07-052021-10-030000091767us-gaap:AdditionalPaidInCapitalMember2021-07-052021-10-0300000917672021-10-030000091767us-gaap:CommonStockMember2021-10-030000091767us-gaap:AdditionalPaidInCapitalMember2021-10-030000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-030000091767us-gaap:RetainedEarningsMember2021-10-030000091767us-gaap:NoncontrollingInterestMember2021-10-030000091767us-gaap:CommonStockMember2021-12-310000091767us-gaap:AdditionalPaidInCapitalMember2021-12-310000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000091767us-gaap:RetainedEarningsMember2021-12-310000091767us-gaap:NoncontrollingInterestMember2021-12-3100000917672022-01-012022-04-030000091767us-gaap:RetainedEarningsMember2022-01-012022-04-030000091767us-gaap:NoncontrollingInterestMember2022-01-012022-04-030000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-04-030000091767us-gaap:AdditionalPaidInCapitalMember2022-01-012022-04-030000091767us-gaap:CommonStockMember2022-01-012022-04-0300000917672022-04-030000091767us-gaap:CommonStockMember2022-04-030000091767us-gaap:AdditionalPaidInCapitalMember2022-04-030000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-030000091767us-gaap:RetainedEarningsMember2022-04-030000091767us-gaap:NoncontrollingInterestMember2022-04-0300000917672022-04-042022-07-030000091767us-gaap:RetainedEarningsMember2022-04-042022-07-030000091767us-gaap:NoncontrollingInterestMember2022-04-042022-07-030000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-042022-07-030000091767us-gaap:CommonStockMember2022-04-042022-07-030000091767us-gaap:AdditionalPaidInCapitalMember2022-04-042022-07-0300000917672022-07-030000091767us-gaap:CommonStockMember2022-07-030000091767us-gaap:AdditionalPaidInCapitalMember2022-07-030000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-030000091767us-gaap:RetainedEarningsMember2022-07-030000091767us-gaap:NoncontrollingInterestMember2022-07-030000091767us-gaap:RetainedEarningsMember2022-07-042022-10-020000091767us-gaap:NoncontrollingInterestMember2022-07-042022-10-020000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-042022-10-020000091767us-gaap:CommonStockMember2022-07-042022-10-020000091767us-gaap:AdditionalPaidInCapitalMember2022-07-042022-10-020000091767us-gaap:CommonStockMember2022-10-020000091767us-gaap:AdditionalPaidInCapitalMember2022-10-020000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-020000091767us-gaap:RetainedEarningsMember2022-10-020000091767us-gaap:NoncontrollingInterestMember2022-10-020000091767son:SkjernMember2022-09-282022-09-280000091767son:NordesteMember2022-08-312022-08-31son:acquisition0000091767son:NordesteMember2022-08-310000091767son:MetalpackPackagingMember2022-01-262022-01-260000091767son:MetalpackPackagingMember2022-04-042022-07-030000091767son:OtherReceivablesMemberson:MetalpackPackagingMember2022-04-042022-07-03xbrli:pure0000091767son:BallCorporationMember2022-01-262022-01-26son:manufacturing_plant0000091767son:MetalpackPackagingMember2022-01-260000091767son:MetalpackPackagingMember2022-10-020000091767son:MetalpackPackagingMember2022-01-262022-07-030000091767son:MetalpackPackagingMember2022-07-042022-10-020000091767son:MetalpackPackagingMember2022-01-262022-10-020000091767son:MetalpackPackagingMember2022-01-012022-10-020000091767us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberson:DisplayAndPackagingReportingUnitMember2021-04-04son:employeeson:facility0000091767us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberson:DisplayAndPackagingReportingUnitMember2021-04-052021-04-050000091767us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberson:DisplayAndPackagingReportingUnitMember2021-01-012021-04-040000091767us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberson:DisplayAndPackagingReportingUnitMember2021-07-052021-10-030000091767us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberson:DisplayAndPackagingReportingUnitMember2022-10-020000091767us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberson:DisplayAndPackagingReportingUnitMember2022-01-012022-10-020000091767son:WilsonThermoformingMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-09-302021-09-300000091767us-gaap:CostOfSalesMember2022-07-042022-10-020000091767us-gaap:CostOfSalesMember2022-01-012022-10-020000091767us-gaap:StockAppreciationRightsSARSMember2022-07-042022-10-020000091767us-gaap:StockAppreciationRightsSARSMember2021-07-052021-10-030000091767us-gaap:StockAppreciationRightsSARSMember2022-01-012022-10-020000091767us-gaap:StockAppreciationRightsSARSMember2021-01-012021-10-030000091767son:SecuritiesSubjectToReportedLossMember2021-01-012021-10-0300000917672021-04-200000091767son:AcceleratedShareRepurchaseProgramMember2021-05-102021-05-100000091767son:AcceleratedShareRepurchaseProgramMember2021-05-100000091767son:AcceleratedShareRepurchaseProgramMember2021-07-21son:position0000091767son:AcceleratedShareRepurchaseProgramMember2021-07-212021-07-210000091767son:AcceleratedShareRepurchaseProgramMember2021-07-262021-07-260000091767son:AcceleratedShareRepurchaseProgramMember2021-07-2600000917672021-05-062021-05-060000091767son:TaxWithholdingObligationsMember2022-01-012022-10-020000091767son:TaxWithholdingObligationsMember2021-01-012021-10-0300000917672022-07-202022-07-2000000917672022-09-092022-09-090000091767us-gaap:SubsequentEventMember2022-12-092022-12-090000091767us-gaap:SubsequentEventMember2022-10-182022-10-180000091767son:GraffoParanaenseDeEmbalagensSAMember2015-04-300000091767son:GraffoParanaenseDeEmbalagensSAMember2022-03-312022-03-310000091767son:GraffoParanaenseDeEmbalagensSAMember2022-03-31son:partner0000091767son:GraffoParanaenseDeEmbalagensSAMember2022-01-012022-10-020000091767us-gaap:AdditionalPaidInCapitalMember2022-01-012022-10-020000091767us-gaap:EmployeeSeveranceMember2022-07-042022-10-020000091767us-gaap:EmployeeSeveranceMember2021-07-052021-10-030000091767us-gaap:EmployeeSeveranceMember2022-01-012022-10-020000091767us-gaap:EmployeeSeveranceMember2021-01-012021-10-030000091767son:AssetImpairmentDisposalOfAssetsMember2022-07-042022-10-020000091767son:AssetImpairmentDisposalOfAssetsMember2021-07-052021-10-030000091767son:AssetImpairmentDisposalOfAssetsMember2022-01-012022-10-020000091767son:AssetImpairmentDisposalOfAssetsMember2021-01-012021-10-030000091767us-gaap:OtherRestructuringMember2022-07-042022-10-020000091767us-gaap:OtherRestructuringMember2021-07-052021-10-030000091767us-gaap:OtherRestructuringMember2022-01-012022-10-020000091767us-gaap:OtherRestructuringMember2021-01-012021-10-030000091767son:ConsumerPackagingMemberus-gaap:OperatingSegmentsMember2022-07-042022-10-020000091767son:ConsumerPackagingMemberus-gaap:OperatingSegmentsMember2021-07-052021-10-030000091767son:ConsumerPackagingMemberus-gaap:OperatingSegmentsMember2022-01-012022-10-020000091767son:ConsumerPackagingMemberus-gaap:OperatingSegmentsMember2021-01-012021-10-030000091767son:IndustrialPaperPackagingSegmentMemberus-gaap:OperatingSegmentsMember2022-07-042022-10-020000091767son:IndustrialPaperPackagingSegmentMemberus-gaap:OperatingSegmentsMember2021-07-052021-10-030000091767son:IndustrialPaperPackagingSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-10-020000091767son:IndustrialPaperPackagingSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-10-030000091767us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2022-07-042022-10-020000091767us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2021-07-052021-10-030000091767us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2022-01-012022-10-020000091767us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2021-01-012021-10-030000091767us-gaap:CorporateNonSegmentMember2022-07-042022-10-020000091767us-gaap:CorporateNonSegmentMember2021-07-052021-10-030000091767us-gaap:CorporateNonSegmentMember2022-01-012022-10-020000091767us-gaap:CorporateNonSegmentMember2021-01-012021-10-030000091767us-gaap:EmployeeSeveranceMember2021-12-310000091767son:AssetImpairmentDisposalOfAssetsMember2021-12-310000091767us-gaap:OtherRestructuringMember2021-12-310000091767us-gaap:EmployeeSeveranceMember2022-10-020000091767son:AssetImpairmentDisposalOfAssetsMember2022-10-020000091767us-gaap:OtherRestructuringMember2022-10-020000091767son:OrganizationalEffectivenessEffortsMember2022-10-020000091767us-gaap:AllOtherSegmentsMember2022-01-012022-10-020000091767srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-07-012022-07-010000091767son:ConsumerPackagingMember2022-01-012022-10-020000091767son:ConsumerPackagingMember2021-01-012021-10-030000091767us-gaap:AllOtherSegmentsMember2021-01-012021-10-030000091767us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000091767us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000091767us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000091767us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-10-020000091767us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-10-020000091767us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-10-020000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-10-020000091767son:NetIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-10-020000091767son:NetIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-10-020000091767son:NetIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-10-020000091767son:NetIncomeMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-10-020000091767us-gaap:PropertyPlantAndEquipmentMemberus-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-10-020000091767us-gaap:PropertyPlantAndEquipmentMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-10-020000091767us-gaap:PropertyPlantAndEquipmentMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-10-020000091767us-gaap:PropertyPlantAndEquipmentMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-10-020000091767us-gaap:AccumulatedTranslationAdjustmentMember2022-10-020000091767us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-10-020000091767us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-10-020000091767us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000091767us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000091767us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310000091767us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-10-030000091767us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-10-030000091767us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-10-030000091767us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-10-030000091767son:NetIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-10-030000091767son:NetIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-10-030000091767son:NetIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-10-030000091767son:NetIncomeMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-10-030000091767us-gaap:PropertyPlantAndEquipmentMemberus-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-10-030000091767us-gaap:PropertyPlantAndEquipmentMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-10-030000091767us-gaap:PropertyPlantAndEquipmentMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-10-030000091767us-gaap:PropertyPlantAndEquipmentMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-10-030000091767us-gaap:AccumulatedTranslationAdjustmentMember2021-10-030000091767us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-10-030000091767us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-10-030000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2022-07-042022-10-020000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2021-07-052021-10-030000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-10-020000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-10-030000091767us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-042022-10-020000091767us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-052021-10-030000091767us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-10-020000091767us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-10-030000091767us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-042022-10-020000091767us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-052021-10-030000091767us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-10-020000091767us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-10-030000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-042022-10-020000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-052021-10-030000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-10-020000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-10-030000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberson:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-07-042022-10-020000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberson:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-07-052021-10-030000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberson:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-10-020000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberson:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-10-030000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberson:AccumulatedDefinedBenefitPlansAdjustmentAmortizationOfDefinedBenefitPensionItemsAttributableToParentMember2022-07-042022-10-020000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberson:AccumulatedDefinedBenefitPlansAdjustmentAmortizationOfDefinedBenefitPensionItemsAttributableToParentMember2021-07-052021-10-030000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberson:AccumulatedDefinedBenefitPlansAdjustmentAmortizationOfDefinedBenefitPensionItemsAttributableToParentMember2022-01-012022-10-020000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberson:AccumulatedDefinedBenefitPlansAdjustmentAmortizationOfDefinedBenefitPensionItemsAttributableToParentMember2021-01-012021-10-030000091767us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-042022-10-020000091767us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-052021-10-030000091767us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-10-020000091767us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-10-030000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-042022-10-020000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-052021-10-030000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-10-020000091767us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-10-030000091767us-gaap:AccumulatedTranslationAdjustmentMember2022-07-042022-10-020000091767us-gaap:AccumulatedTranslationAdjustmentMember2021-07-052021-10-030000091767son:NetIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2022-07-042022-10-020000091767son:NetIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2021-07-052021-10-030000091767us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-07-042022-10-020000091767us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-052021-10-030000091767son:NetIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-07-042022-10-020000091767son:NetIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-052021-10-030000091767us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-042022-10-020000091767us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-052021-10-030000091767son:NetIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-042022-10-020000091767son:NetIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-052021-10-030000091767us-gaap:PropertyPlantAndEquipmentMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-042022-10-020000091767us-gaap:PropertyPlantAndEquipmentMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-052021-10-030000091767son:ConsumerPackagingMember2021-12-310000091767son:DisplayandPackagingMember2021-12-310000091767son:PaperAndIndustrialConvertedProductsMember2021-12-310000091767son:DisplayandPackagingMember2022-01-012022-10-020000091767son:PaperAndIndustrialConvertedProductsMember2022-01-012022-10-020000091767son:ConsumerPackagingMember2022-10-020000091767son:DisplayandPackagingMember2022-10-020000091767son:PaperAndIndustrialConvertedProductsMember2022-10-020000091767us-gaap:MeasurementInputDiscountRateMemberson:PlasticsHealthcareReportingUnitMember2022-10-020000091767son:PlasticsHealthcareReportingUnitMember2022-10-020000091767us-gaap:MeasurementInputDiscountRateMemberson:ProtexicReportingUnitMember2022-10-020000091767son:ProtexicReportingUnitMember2022-10-020000091767us-gaap:PatentsMember2022-10-020000091767us-gaap:PatentsMember2021-12-310000091767us-gaap:CustomerListsMember2022-10-020000091767us-gaap:CustomerListsMember2021-12-310000091767us-gaap:TradeNamesMember2022-10-020000091767us-gaap:TradeNamesMember2021-12-310000091767us-gaap:PatentedTechnologyMember2022-10-020000091767us-gaap:PatentedTechnologyMember2021-12-310000091767us-gaap:OtherIntangibleAssetsMember2022-10-020000091767us-gaap:OtherIntangibleAssetsMember2021-12-310000091767son:CustomerListsAndPatentsMemberson:MetalpackPackagingMember2022-01-262022-01-260000091767srt:MinimumMemberus-gaap:OtherIntangibleAssetsMember2022-01-012022-10-020000091767us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2022-01-012022-10-020000091767son:CommercialPaper1Member2022-10-020000091767son:CommercialPaper1Member2021-12-310000091767son:SyndicatedTermLoanDueFebruary2025Member2022-10-020000091767son:SyndicatedTermLoanDueFebruary2025Member2021-12-310000091767son:A1800NotesDueFebruary2025Member2022-10-020000091767son:A1800NotesDueFebruary2025Member2021-12-310000091767son:A2250NotesDueFebruary2027Member2022-10-020000091767son:A2250NotesDueFebruary2027Member2021-12-310000091767son:A2850NotesDueFebruary2032Member2022-10-020000091767son:A2850NotesDueFebruary2032Member2021-12-310000091767son:A3125NotesIssuedApril202020Member2022-10-020000091767son:A3125NotesIssuedApril202020Member2021-12-310000091767son:A5750DebenturesDueNovember2040Member2022-10-020000091767son:A5750DebenturesDueNovember2040Member2021-12-310000091767son:OtherForeignDenominatedDebtMember2022-10-020000091767son:OtherForeignDenominatedDebtMember2021-12-310000091767son:OtherNotesMember2022-10-020000091767son:OtherNotesMember2021-12-310000091767us-gaap:UnsecuredDebtMember2022-01-210000091767us-gaap:UnsecuredDebtMemberson:A2025UnsecuredNotesMember2022-01-210000091767us-gaap:UnsecuredDebtMemberson:A2025UnsecuredNotesMember2022-01-212022-01-210000091767us-gaap:UnsecuredDebtMemberson:A2027UnsecuredNotesMember2022-01-210000091767us-gaap:UnsecuredDebtMemberson:A2027UnsecuredNotesMember2022-01-212022-01-210000091767us-gaap:UnsecuredDebtMemberson:A2032UnsecuredNotesMember2022-01-210000091767us-gaap:UnsecuredDebtMemberson:A2032UnsecuredNotesMember2022-01-212022-01-210000091767us-gaap:UnsecuredDebtMember2022-01-212022-01-210000091767son:MetalpackPackagingMemberson:EightBanksSyndicateMember2022-01-21son:bank0000091767son:MetalpackPackagingMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-10-020000091767son:A5750DebenturesDueNovember2040Member2021-04-280000091767son:A5750DebenturesDueNovember2040Member2021-05-250000091767son:A5750DebenturesDueNovember2040Member2021-05-252021-05-250000091767son:ReverseTreasuryLockContractMember2021-04-280000091767son:ReverseTreasuryLockContractMember2021-05-132021-05-130000091767son:A5750DebenturesDueNovember2040Member2021-05-132021-05-130000091767son:A100EuroLoanDueMay2021Member2021-05-250000091767son:A100EuroLoanDueMay2021Member2021-04-07son:contract0000091767us-gaap:CrossCurrencyInterestRateContractMember2021-05-212021-05-210000091767us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-10-020000091767us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-10-020000091767us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000091767us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000091767us-gaap:DesignatedAsHedgingInstrumentMemberson:NaturalGasSwapsMemberus-gaap:CashFlowHedgingMember2022-01-012022-10-02utr:MMBTU0000091767us-gaap:DesignatedAsHedgingInstrumentMemberson:NaturalGasSwapsMemberus-gaap:CashFlowHedgingMember2022-10-020000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-10-020000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LongMemberus-gaap:CashFlowHedgingMember2022-10-02iso4217:COPiso4217:MXNiso4217:PLNiso4217:CZKiso4217:EURiso4217:TRYiso4217:CADiso4217:GBP0000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMember2022-10-020000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMember2021-12-310000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForwardContractsMemberus-gaap:CashFlowHedgingMember2022-01-012022-10-020000091767us-gaap:LongMemberus-gaap:NondesignatedMember2022-10-02iso4217:IDR0000091767us-gaap:NondesignatedMemberus-gaap:ShortMember2022-10-02iso4217:THB0000091767us-gaap:DesignatedAsHedgingInstrumentMemberson:NaturalGasSwapsMember2022-01-012022-10-020000091767us-gaap:DesignatedAsHedgingInstrumentMemberson:NaturalGasSwapsMember2022-10-0200000917672022-01-210000091767us-gaap:InterestRateContractMember2021-12-3100000917672022-01-112022-01-110000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberson:PrepaidExpensesMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberson:PrepaidExpensesMember2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2021-12-310000091767son:AccruedExpensesAndOtherMemberus-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-10-020000091767son:AccruedExpensesAndOtherMemberus-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2021-12-310000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberson:PrepaidExpensesMember2022-10-020000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberson:PrepaidExpensesMember2021-12-310000091767son:AccruedExpensesAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2022-10-020000091767son:AccruedExpensesAndOtherMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMember2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberson:PrepaidExpensesMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberson:PrepaidExpensesMember2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2021-12-310000091767son:AccruedExpensesAndOtherMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-10-020000091767son:AccruedExpensesAndOtherMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2021-12-310000091767us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberson:PrepaidExpensesMember2022-10-020000091767us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberson:PrepaidExpensesMember2021-12-310000091767son:AccruedExpensesAndOtherMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-10-020000091767son:AccruedExpensesAndOtherMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-12-310000091767son:AccruedExpensesAndOtherMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2022-10-020000091767son:AccruedExpensesAndOtherMemberus-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2021-12-310000091767us-gaap:ForeignExchangeContractMember2022-07-042022-10-020000091767us-gaap:ForeignExchangeContractMemberus-gaap:SalesMember2022-07-042022-10-020000091767us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2022-07-042022-10-020000091767us-gaap:CommodityContractMember2022-07-042022-10-020000091767us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2022-07-042022-10-020000091767us-gaap:ForeignExchangeContractMember2021-07-052021-10-030000091767us-gaap:ForeignExchangeContractMemberus-gaap:SalesMember2021-07-052021-10-030000091767us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2021-07-052021-10-030000091767us-gaap:CommodityContractMember2021-07-052021-10-030000091767us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2021-07-052021-10-030000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-07-042022-10-020000091767us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-07-042022-10-020000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-07-052021-10-030000091767us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-07-052021-10-030000091767us-gaap:ForeignExchangeContractMember2022-01-012022-10-020000091767us-gaap:ForeignExchangeContractMemberus-gaap:SalesMember2022-01-012022-10-020000091767us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2022-01-012022-10-020000091767us-gaap:CommodityContractMember2022-01-012022-10-020000091767us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2022-01-012022-10-020000091767us-gaap:ForeignExchangeContractMember2021-01-012021-10-030000091767us-gaap:ForeignExchangeContractMemberus-gaap:SalesMember2021-01-012021-10-030000091767us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2021-01-012021-10-030000091767us-gaap:CommodityContractMember2021-01-012021-10-030000091767us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2021-01-012021-10-030000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-01-012022-10-020000091767us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-012022-10-020000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-01-012021-10-030000091767us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-01-012021-10-030000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-10-020000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-10-020000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:FairValueInputsLevel3Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-10-020000091767us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-10-020000091767us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-12-310000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000091767us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000091767us-gaap:FairValueInputsLevel3Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000091767us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000091767us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000091767us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-12-310000091767us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000091767us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000091767us-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000091767us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2021-12-310000091767us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-12-310000091767us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel1Member2021-12-310000091767us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2021-12-310000091767us-gaap:FairValueInputsLevel3Memberus-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2021-12-310000091767us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-10-020000091767us-gaap:PensionPlansDefinedBenefitMember2022-07-042022-10-020000091767us-gaap:PensionPlansDefinedBenefitMember2021-07-052021-10-030000091767us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-10-020000091767us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-10-030000091767us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-042022-10-020000091767us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-07-052021-10-030000091767us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-10-020000091767us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-10-030000091767son:SonocoPensionPlanForInactiveParticipantsMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-10-020000091767son:SonocoPensionPlanForInactiveParticipantsMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-10-030000091767son:SonocoPensionPlanForInactiveParticipantsMemberus-gaap:PensionPlansDefinedBenefitMember2021-04-052021-07-040000091767son:InactivePlanMember2021-04-052021-07-040000091767son:SonocoSavingsPlanMember2022-01-012022-10-020000091767son:SonocoSavingsPlanMember2021-12-312021-12-310000091767son:SonocoSavingsPlanMember2022-01-012022-01-010000091767son:SonocoRetirementContributionMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-10-020000091767son:SonocoRetirementContributionMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-10-020000091767son:SonocoRetirementContributionMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-10-030000091767son:SonocoRetirementContributionMemberus-gaap:PensionPlansDefinedBenefitMember2022-10-020000091767son:SonocoRetirementContributionMemberus-gaap:PensionPlansDefinedBenefitMember2021-07-052021-10-03son:option0000091767srt:MinimumMember2022-01-012022-10-020000091767srt:MaximumMember2022-01-012022-10-0200000917672021-01-012021-12-310000091767country:USson:ConsumerPackagingMember2022-07-042022-10-020000091767country:USson:IndustrialPaperPackagingSegmentMember2022-07-042022-10-020000091767country:USus-gaap:AllOtherSegmentsMember2022-07-042022-10-020000091767country:US2022-07-042022-10-020000091767srt:EuropeMemberson:ConsumerPackagingMember2022-07-042022-10-020000091767srt:EuropeMemberson:IndustrialPaperPackagingSegmentMember2022-07-042022-10-020000091767srt:EuropeMemberus-gaap:AllOtherSegmentsMember2022-07-042022-10-020000091767srt:EuropeMember2022-07-042022-10-020000091767country:CAson:ConsumerPackagingMember2022-07-042022-10-020000091767country:CAson:IndustrialPaperPackagingSegmentMember2022-07-042022-10-020000091767country:CAus-gaap:AllOtherSegmentsMember2022-07-042022-10-020000091767country:CA2022-07-042022-10-020000091767srt:AsiaMemberson:ConsumerPackagingMember2022-07-042022-10-020000091767srt:AsiaMemberson:IndustrialPaperPackagingSegmentMember2022-07-042022-10-020000091767srt:AsiaMemberus-gaap:AllOtherSegmentsMember2022-07-042022-10-020000091767srt:AsiaMember2022-07-042022-10-020000091767son:ConsumerPackagingMemberson:OtherGeographicalAreasMember2022-07-042022-10-020000091767son:IndustrialPaperPackagingSegmentMemberson:OtherGeographicalAreasMember2022-07-042022-10-020000091767us-gaap:AllOtherSegmentsMemberson:OtherGeographicalAreasMember2022-07-042022-10-020000091767son:OtherGeographicalAreasMember2022-07-042022-10-020000091767son:ConsumerPackagingMember2022-07-042022-10-020000091767son:IndustrialPaperPackagingSegmentMember2022-07-042022-10-020000091767us-gaap:AllOtherSegmentsMember2022-07-042022-10-020000091767country:USson:ConsumerPackagingMember2021-07-052021-10-030000091767country:USson:IndustrialPaperPackagingSegmentMember2021-07-052021-10-030000091767country:USus-gaap:AllOtherSegmentsMember2021-07-052021-10-030000091767country:US2021-07-052021-10-030000091767srt:EuropeMemberson:ConsumerPackagingMember2021-07-052021-10-030000091767srt:EuropeMemberson:IndustrialPaperPackagingSegmentMember2021-07-052021-10-030000091767srt:EuropeMemberus-gaap:AllOtherSegmentsMember2021-07-052021-10-030000091767srt:EuropeMember2021-07-052021-10-030000091767country:CAson:ConsumerPackagingMember2021-07-052021-10-030000091767country:CAson:IndustrialPaperPackagingSegmentMember2021-07-052021-10-030000091767country:CAus-gaap:AllOtherSegmentsMember2021-07-052021-10-030000091767country:CA2021-07-052021-10-030000091767srt:AsiaMemberson:ConsumerPackagingMember2021-07-052021-10-030000091767srt:AsiaMemberson:IndustrialPaperPackagingSegmentMember2021-07-052021-10-030000091767srt:AsiaMemberus-gaap:AllOtherSegmentsMember2021-07-052021-10-030000091767srt:AsiaMember2021-07-052021-10-030000091767son:ConsumerPackagingMemberson:OtherGeographicalAreasMember2021-07-052021-10-030000091767son:IndustrialPaperPackagingSegmentMemberson:OtherGeographicalAreasMember2021-07-052021-10-030000091767us-gaap:AllOtherSegmentsMemberson:OtherGeographicalAreasMember2021-07-052021-10-030000091767son:OtherGeographicalAreasMember2021-07-052021-10-030000091767son:ConsumerPackagingMember2021-07-052021-10-030000091767son:IndustrialPaperPackagingSegmentMember2021-07-052021-10-030000091767us-gaap:AllOtherSegmentsMember2021-07-052021-10-030000091767country:USson:ConsumerPackagingMember2022-01-012022-10-020000091767country:USson:IndustrialPaperPackagingSegmentMember2022-01-012022-10-020000091767country:USus-gaap:AllOtherSegmentsMember2022-01-012022-10-020000091767country:US2022-01-012022-10-020000091767srt:EuropeMemberson:ConsumerPackagingMember2022-01-012022-10-020000091767srt:EuropeMemberson:IndustrialPaperPackagingSegmentMember2022-01-012022-10-020000091767srt:EuropeMemberus-gaap:AllOtherSegmentsMember2022-01-012022-10-020000091767srt:EuropeMember2022-01-012022-10-020000091767country:CAson:ConsumerPackagingMember2022-01-012022-10-020000091767country:CAson:IndustrialPaperPackagingSegmentMember2022-01-012022-10-020000091767country:CAus-gaap:AllOtherSegmentsMember2022-01-012022-10-020000091767country:CA2022-01-012022-10-020000091767srt:AsiaMemberson:ConsumerPackagingMember2022-01-012022-10-020000091767srt:AsiaMemberson:IndustrialPaperPackagingSegmentMember2022-01-012022-10-020000091767srt:AsiaMemberus-gaap:AllOtherSegmentsMember2022-01-012022-10-020000091767srt:AsiaMember2022-01-012022-10-020000091767son:ConsumerPackagingMemberson:OtherGeographicalAreasMember2022-01-012022-10-020000091767son:IndustrialPaperPackagingSegmentMemberson:OtherGeographicalAreasMember2022-01-012022-10-020000091767us-gaap:AllOtherSegmentsMemberson:OtherGeographicalAreasMember2022-01-012022-10-020000091767son:OtherGeographicalAreasMember2022-01-012022-10-020000091767son:IndustrialPaperPackagingSegmentMember2022-01-012022-10-020000091767country:USson:ConsumerPackagingMember2021-01-012021-10-030000091767country:USson:IndustrialPaperPackagingSegmentMember2021-01-012021-10-030000091767country:USus-gaap:AllOtherSegmentsMember2021-01-012021-10-030000091767country:US2021-01-012021-10-030000091767srt:EuropeMemberson:ConsumerPackagingMember2021-01-012021-10-030000091767srt:EuropeMemberson:IndustrialPaperPackagingSegmentMember2021-01-012021-10-030000091767srt:EuropeMemberus-gaap:AllOtherSegmentsMember2021-01-012021-10-030000091767srt:EuropeMember2021-01-012021-10-030000091767country:CAson:ConsumerPackagingMember2021-01-012021-10-030000091767country:CAson:IndustrialPaperPackagingSegmentMember2021-01-012021-10-030000091767country:CAus-gaap:AllOtherSegmentsMember2021-01-012021-10-030000091767country:CA2021-01-012021-10-030000091767srt:AsiaMemberson:ConsumerPackagingMember2021-01-012021-10-030000091767srt:AsiaMemberson:IndustrialPaperPackagingSegmentMember2021-01-012021-10-030000091767srt:AsiaMemberus-gaap:AllOtherSegmentsMember2021-01-012021-10-030000091767srt:AsiaMember2021-01-012021-10-030000091767son:ConsumerPackagingMemberson:OtherGeographicalAreasMember2021-01-012021-10-030000091767son:IndustrialPaperPackagingSegmentMemberson:OtherGeographicalAreasMember2021-01-012021-10-030000091767us-gaap:AllOtherSegmentsMemberson:OtherGeographicalAreasMember2021-01-012021-10-030000091767son:OtherGeographicalAreasMember2021-01-012021-10-030000091767son:IndustrialPaperPackagingSegmentMember2021-01-012021-10-03son:segment0000091767son:MetalpackPackagingMemberson:ConsumerPackagingMember2022-01-260000091767us-gaap:IntersegmentEliminationMemberson:ConsumerPackagingMember2022-07-042022-10-020000091767us-gaap:IntersegmentEliminationMemberson:ConsumerPackagingMember2021-07-052021-10-030000091767us-gaap:IntersegmentEliminationMemberson:ConsumerPackagingMember2022-01-012022-10-020000091767us-gaap:IntersegmentEliminationMemberson:ConsumerPackagingMember2021-01-012021-10-030000091767us-gaap:IntersegmentEliminationMemberson:IndustrialPaperPackagingSegmentMember2022-07-042022-10-020000091767us-gaap:IntersegmentEliminationMemberson:IndustrialPaperPackagingSegmentMember2021-07-052021-10-030000091767us-gaap:IntersegmentEliminationMemberson:IndustrialPaperPackagingSegmentMember2022-01-012022-10-020000091767us-gaap:IntersegmentEliminationMemberson:IndustrialPaperPackagingSegmentMember2021-01-012021-10-030000091767us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2022-07-042022-10-020000091767us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2021-07-052021-10-030000091767us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2022-01-012022-10-020000091767us-gaap:IntersegmentEliminationMemberus-gaap:AllOtherSegmentsMember2021-01-012021-10-030000091767us-gaap:IntersegmentEliminationMember2022-07-042022-10-020000091767us-gaap:IntersegmentEliminationMember2021-07-052021-10-030000091767us-gaap:IntersegmentEliminationMember2022-01-012022-10-020000091767us-gaap:IntersegmentEliminationMember2021-01-012021-10-030000091767us-gaap:OperatingSegmentsMember2022-07-042022-10-020000091767us-gaap:OperatingSegmentsMember2021-07-052021-10-030000091767us-gaap:OperatingSegmentsMember2022-01-012022-10-020000091767us-gaap:OperatingSegmentsMember2021-01-012021-10-030000091767son:TegrantHoldingCorporationMember2022-01-012022-10-020000091767son:SpartanburgSouthCarolinaSiteMemberson:TegrantHoldingCorporationMember2022-10-020000091767son:SpartanburgSouthCarolinaSiteMemberson:TegrantHoldingCorporationMember2021-12-310000091767son:MultipleSitesMember2022-10-020000091767son:MultipleSitesMember2021-12-31
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 October 2, 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 class | Trading Symbol(s) | Name of each exchange on which registered |
No par value common stock | SON | New 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 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 ☒
The number of shares outstanding of the registrant's no par value common stock as of October 21, 2022 was 97,512,226.
SONOCO PRODUCTS COMPANY
INDEX
| | | | | | | | |
| |
| | |
Item 1. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Item 2. | | |
| | |
Item 3. | | |
| | |
Item 4. | | |
| |
| |
| | |
Item 1. | | |
| | |
| | |
| | |
Item 6. | | |
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements.
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(Dollars and shares in thousands) | | | | | | | | | | | | | | |
| | October 2, 2022 | | December 31, 2021 |
Assets | | | | |
Current Assets | | | | |
Cash and cash equivalents | | $ | 182,238 | | | $ | 170,978 | |
Trade accounts receivable, net of allowances | | 972,874 | | | 755,609 | |
Other receivables | | 113,206 | | | 95,943 | |
Inventories, net: | | | | |
Finished and in process | | 460,872 | | | 199,823 | |
Materials and supplies | | 555,266 | | | 362,290 | |
Prepaid expenses | | 126,864 | | | 74,034 | |
| | | | |
| | 2,411,320 | | | 1,658,677 | |
Property, Plant and Equipment, Net | | 1,627,283 | | | 1,297,500 | |
Goodwill | | 1,641,948 | | | 1,324,501 | |
Other Intangible Assets, Net | | 709,723 | | | 278,143 | |
Deferred Income Taxes | | 22,260 | | | 25,818 | |
Right of Use Asset-Operating Leases | | 296,838 | | | 268,390 | |
Other Assets | | 266,274 | | | 220,206 | |
Total Assets | | $ | 6,975,646 | | | $ | 5,073,235 | |
Liabilities and Equity | | | | |
Current Liabilities | | | | |
Payable to suppliers | | $ | 888,394 | | | $ | 721,312 | |
Accrued expenses and other | | 413,547 | | | 381,350 | |
Notes payable and current portion of long-term debt | | 416,929 | | | 411,557 | |
Accrued taxes | | 36,602 | | | 11,544 | |
| | | | |
| | 1,755,472 | | | 1,525,763 | |
Long-term Debt, Net of Current Portion | | 2,723,101 | | | 1,199,106 | |
Noncurrent Operating Lease Liabilities | | 253,466 | | | 234,167 | |
Pension and Other Postretirement Benefits | | 152,118 | | | 158,265 | |
Deferred Income Taxes | | 115,221 | | | 70,482 | |
Other Liabilities | | 41,187 | | | 35,911 | |
| | | | |
| | | | |
Sonoco Shareholders’ Equity | | | | |
Common stock, no par value | | | | |
Authorized 300,000 shares 97,512 and 97,370 shares issued and outstanding at October 2, 2022 and December 31, 2021, respectively | | 7,175 | | | 7,175 | |
Capital in excess of stated value | | 134,917 | | | 119,690 | |
Accumulated other comprehensive loss | | (512,525) | | | (359,425) | |
Retained earnings | | 2,299,040 | | | 2,070,005 | |
Total Sonoco Shareholders’ Equity | | 1,928,607 | | | 1,837,445 | |
Noncontrolling Interests | | 6,474 | | | 12,096 | |
Total Equity | | 1,935,081 | | | 1,849,541 | |
Total Liabilities and Equity | | $ | 6,975,646 | | | $ | 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 (the “United States” or “U.S.”). | | | | |
See accompanying Notes to Condensed Consolidated Financial Statements
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(Dollars and shares in thousands except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | October 2, 2022 | | October 3, 2021 | | October 2, 2022 | | October 3, 2021 |
Net sales | | $ | 1,890,216 | | | $ | 1,415,193 | | | $ | 5,574,530 | | | $ | 4,151,251 | |
Cost of sales | | 1,523,070 | | | 1,157,462 | | | 4,448,818 | | | 3,352,966 | |
Gross profit | | 367,146 | | | 257,731 | | | 1,125,712 | | | 798,285 | |
Selling, general and administrative expenses | | 164,552 | | | 130,580 | | | 533,875 | | | 404,617 | |
Restructuring/Asset impairment charges | | 20,652 | | | 3,488 | | | 43,357 | | | 8,889 | |
Gain/(loss) on divestiture of business | | — | | | 2,849 | | | — | | | (2,667) | |
Operating profit | | 181,942 | | | 126,512 | | | 548,480 | | | 382,112 | |
Non-operating pension costs | | 1,249 | | | 525 | | | 4,251 | | | 562,818 | |
Interest expense | | 26,714 | | | 14,753 | | | 71,242 | | | 50,767 | |
Interest income | | 1,148 | | | 534 | | | 3,450 | | | 4,023 | |
Loss from the early extinguishment of debt | | — | | | — | | | — | | | 20,184 | |
Income/(Loss) before income taxes | | 155,127 | | | 111,768 | | | 476,437 | | | (247,634) | |
Provision for/(Benefit from) income taxes | | 36,824 | | | 2,564 | | | 116,712 | | | (91,542) | |
Income/(Loss) before equity in earnings of affiliates | | 118,303 | | | 109,204 | | | 359,725 | | | (156,092) | |
Equity in earnings of affiliates, net of tax | | 4,199 | | | 2,351 | | | 10,151 | | | 5,701 | |
Net income/(loss) | | 122,502 | | | 111,555 | | | 369,876 | | | (150,391) | |
Net (income)/loss attributable to noncontrolling interests | | (273) | | | (415) | | | (642) | | | (243) | |
Net income/(loss) attributable to Sonoco | | $ | 122,229 | | | $ | 111,140 | | | $ | 369,234 | | | $ | (150,634) | |
| | | | | | | | |
Weighted average common shares outstanding: | | | | | | | | |
Basic | | 98,013 | | | 98,955 | | | 97,978 | | | 100,039 | |
Diluted | | 98,762 | | | 99,425 | | | 98,669 | | | 100,039 | |
Per common share: | | | | | | | | |
Net income/(loss) attributable to Sonoco: | | | | | | | | |
Basic | | $ | 1.25 | | | $ | 1.12 | | | $ | 3.77 | | | $ | (1.51) | |
Diluted | | $ | 1.24 | | | $ | 1.12 | | | $ | 3.74 | | | $ | (1.51) | |
See accompanying Notes to Condensed Consolidated Financial Statements
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| | October 2, 2022 | | October 3, 2021 | | October 2, 2022 | | October 3, 2021 |
Net income/(loss) | | $ | 122,502 | | | $ | 111,555 | | | $ | 369,876 | | | $ | (150,391) | |
Other comprehensive (loss)/income: | | | | | | | | |
Foreign currency translation adjustments | | (81,972) | | | (37,741) | | | (151,580) | | | (57,686) | |
Changes in defined benefit plans, net of tax | | 861 | | | 1,693 | | | (876) | | | 429,823 | |
Changes in derivative financial instruments, net of tax | | (1,252) | | | 930 | | | (792) | | | 5,370 | |
Other comprehensive (loss)/income | | $ | (82,363) | | | $ | (35,118) | | | $ | (153,248) | | | $ | 377,507 | |
Comprehensive income: | | 40,139 | | | 76,437 | | | 216,628 | | | 227,116 | |
Less: Net income attributable to noncontrolling interests | | (273) | | | (415) | | | (642) | | | (243) | |
Less: Other comprehensive loss attributable to noncontrolling interests | | 515 | | | 664 | | | 148 | | | 425 | |
Comprehensive income attributable to Sonoco | | $ | 40,381 | | | $ | 76,686 | | | $ | 216,134 | | | $ | 227,298 | |
See accompanying Notes to Condensed Consolidated Financial Statements
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
CHANGES IN TOTAL EQUITY (unaudited)
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Equity | | Common Shares | | Capital in Excess of Stated Value | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Noncontrolling Interests |
| Outstanding | Amount | | | | |
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 tax | 5,385 | | | | | | | | 5,385 | | | | | |
Derivative financial instruments, net of tax | 958 | | | | | | | | 958 | | | | | |
Other comprehensive loss | $ | (26,198) | | | | | | | | $ | (25,678) | | | | | $ | (520) | |
Dividends | (45,510) | | | | | | | | | | (45,510) | | | |
Issuance of stock awards | 364 | | | 245 | | | | 364 | | | | | | | |
Shares repurchased | (5,051) | | | (85) | | | | (5,051) | | | | | | | |
Share-based compensation | 6,372 | | | | | | 6,372 | | | | | | | |
| | | | | | | | | | | | |
April 4, 2021 | $ | 1,912,798 | | | 100,607 | | $ | 7,175 | | | $ | 315,741 | | | $ | (782,520) | | | $ | 2,362,003 | | | $ | 10,399 | |
Net loss | (334,239) | | | | | | | | | | (334,070) | | | $ | (169) | |
Other comprehensive income: | | | | | | | | | | | | |
Translation gain | 12,596 | | | | | | | | 11,837 | | | | | 759 | |
Defined benefit plan adjustment, net of tax | 422,745 | | | | | | | | 422,745 | | | | | |
Derivative financial instruments, net of tax | 3,482 | | | | | | | | 3,482 | | | | | |
Other comprehensive income | $ | 438,823 | | | | | | | | $ | 438,064 | | | | | $ | 759 | |
Dividends | (45,503) | | | | | | | | | | (45,503) | | | |
Issuance of stock awards | 246 | | | 41 | | | | 246 | | | | | | | |
Shares repurchased | (154,519) | | | (1,819) | | | | (154,519) | | | | | | | |
Share-based compensation | 4,827 | | | | | | 4,827 | | | | | | | |
July 4, 2021 | $ | 1,822,433 | | | 98,829 | | $ | 7,175 | | | $ | 166,295 | | | $ | (344,456) | | | $ | 1,982,430 | | | $ | 10,989 | |
Net income | 111,555 | | | | | | | | | | 111,140 | | | 415 | |
Other comprehensive income/(loss): | | | | | | | | | | | | |
Translation loss | (37,741) | | | | | | | | (37,077) | | | | | (664) | |
Defined benefit plan adjustment, net of tax | 1,693 | | | | | | | | 1,693 | | | | | — | |
Derivative financial instruments, net of tax | 930 | | | | | | | | 930 | | | | | — | |
Other comprehensive loss | $ | (35,118) | | | | | | | | $ | (34,454) | | | | | $ | (664) | |
Dividends | (44,498) | | | | | | | | | | (44,498) | | | |
Issuance of stock awards | 251 | | | 3 | | | | 251 | | | | | | | |
Shares repurchased | (83) | | | (506) | | | | (83) | | | | | | | |
Share-based compensation | 6,192 | | | | | | 6,192 | | | | | | | |
October 3, 2021 | $ | 1,860,732 | | | 98,326 | | $ | 7,175 | | | $ | 172,655 | | | $ | (378,910) | | | $ | 2,049,072 | | | $ | 10,740 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Equity | | Common Shares | | Capital in Excess of Stated Value | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Noncontrolling Interests |
| Outstanding | Amount | | | | |
December 31, 2021 | $ | 1,849,541 | | | 97,370 | | $ | 7,175 | | | $ | 119,690 | | | $ | (359,425) | | | $ | 2,070,005 | | | $ | 12,096 | |
Net income | 115,607 | | | | | | | | | | 115,333 | | | 274 | |
Other comprehensive income/(loss): | | | | | | | | | | | | |
Translation income/(loss) | 706 | | | | | | | | (185) | | | | | 891 | |
Defined benefit plan adjustment, net of tax | 191 | | | | | | | | 191 | | | | | |
Derivative financial instruments, net of tax | 2,550 | | | | | | | | 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 awards | 377 | | | 182 | | | | 377 | | | | | | | |
Shares repurchased | (3,410) | | | (60) | | | | (3,410) | | | | | | | |
Share-based compensation | 10,689 | | | | | | 10,689 | | | | | | | |
April 3, 2022 | $ | 1,918,931 | | | 97,492 | | $ | 7,175 | | | $ | 120,266 | | | $ | (356,869) | | | $ | 2,141,214 | | | $ | 7,145 | |
Net income | 131,767 | | | | | | | | | | 131,672 | | | 95 | |
Other comprehensive loss | | | | | | | | | | | | |
Translation loss | (70,314) | | | | | | | | (69,790) | | | | | (524) | |
Defined benefit plan adjustment, net of tax | (1,928) | | | | | | | | (1,928) | | | | | |
Derivative financial instruments, net of tax | (2,090) | | | | | | | | (2,090) | | | | | |
Other comprehensive loss | $ | (74,332) | | | | | | | | $ | (73,808) | | | | | $ | (524) | |
Dividends | (48,041) | | | | | | | | | | (48,041) | | | |
Issuance of stock awards | 263 | | | 13 | | | | 263 | | | | | | | |
Shares repurchased | (574) | | | (10) | | | | (574) | | | | | | | |
Share-based compensation | 8,377 | | | | | | 8,377 | | | | | | | |
| | | | | | | | | | | | |
July 3, 2022 | $ | 1,936,391 | | | 97,495 | | $ | 7,175 | | | $ | 128,332 | | | $ | (430,677) | | | $ | 2,224,845 | | | $ | 6,716 | |
Net income | 122,502 | | | | | | | | | | 122,229 | | | 273 | |
Other comprehensive income/(loss): | | | | | | | | | | | | |
Translation loss | (81,972) | | | | | | | | (81,457) | | | | | (515) | |
Defined benefit plan adjustment, net of tax | 861 | | | | | | | | 861 | | | | | — | |
Derivative financial instruments, net of tax | (1,252) | | | | | | | | (1,252) | | | | | — | |
Other comprehensive loss | (82,363) | | | | | | | | (81,848) | | | | | (515) | |
Dividends | (48,034) | | | | | | | | | | (48,034) | | | |
Issuance of stock awards | 270 | | | 18 | | | | 270 | | | | | | | |
Shares repurchased | (72) | | | (1) | | | | (72) | | | | | | | |
Share-based compensation | 6,387 | | | | | | 6,387 | | | | | | | |
October 2, 2022 | $ | 1,935,081 | | | 97,512 | | $ | 7,175 | | | $ | 134,917 | | | $ | (512,525) | | | $ | 2,299,040 | | | $ | 6,474 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
See accompanying Notes to Condensed Consolidated Financial Statements
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands) | | | | | | | | | | | | | | |
| | Nine Months Ended |
| | October 2, 2022 | | October 3, 2021 |
Cash Flows from Operating Activities: | | | | |
Net income | | $ | 369,876 | | | $ | (150,391) | |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Asset impairments | | 13,857 | | | 3,490 | |
Depreciation, depletion and amortization | | 231,095 | | | 185,541 | |
Loss on early extinguishment of debt | | — | | | 20,184 | |
Share-based compensation expense | | 25,453 | | | 17,392 | |
Equity in earnings of affiliates | | (10,151) | | | (5,701) | |
Cash dividends from affiliated companies | | 6,076 | | | 5,182 | |
Net gain on disposition of assets | | (178) | | | (2,376) | |
Net loss on divestiture of businesses | | — | | | 2,667 | |
Pension and postretirement plan expense | | 6,951 | | | 583,340 | |
Pension and postretirement plan contributions | | (33,548) | | | (165,280) | |
Decrease in net deferred tax liabilities | | (1,745) | | | (164,581) | |
Change in assets and liabilities, net of effects from acquisitions and foreign currency adjustments: | | | | |
Trade accounts receivable | | (143,221) | | | (142,699) | |
Inventories | | (287,609) | | | (95,066) | |
Payable to suppliers | | 113,820 | | | 163,193 | |
Prepaid expenses | | (28,854) | | | (17,756) | |
Income taxes payable and other income tax items | | 44,493 | | | (8,531) | |
Accrued expenses and other assets and liabilities | | 15,740 | | | (8,530) | |
Net cash provided by operating activities | | 322,055 | | | 220,078 | |
Cash Flows from Investing Activities: | | | | |
Purchases of property, plant and equipment | | (236,772) | | | (156,592) | |
Cost of acquisitions, net of cash acquired | | (1,337,704) | | | (3,155) | |
Proceeds from the sale of businesses, net | | — | | | 91,569 | |
Proceeds from the sale of assets | | 6,040 | | | 10,536 | |
Other net investing activity | | (1,976) | | | 6,776 | |
Net cash used in investing activities | | (1,570,412) | | | (50,866) | |
Cash Flows from Financing Activities: | | | | |
Proceeds from issuance of debt | | 1,579,750 | | | 138,382 | |
Principal repayment of debt | | (70,556) | | | (582,838) | |
Net change in commercial paper | | (64,000) | | | 202,000 | |
Net decrease in outstanding checks | | (16,509) | | | (10,736) | |
Proceeds from foreign exchange forward contracts and interest rate swaps | | — | | | 4,387 | |
| | | | |
Cash dividends | | (139,289) | | | (134,648) | |
Purchase of noncontrolling interest | | (14,474) | | | — | |
Excess cash costs of early extinguishment of debt | | — | | | (20,111) | |
Payments for share repurchases | | (4,056) | | | (159,654) | |
| | | | |
Net cash provided/(used) by financing activities | | 1,270,866 | | | (563,218) | |
Effects of Exchange Rate Changes on Cash | | (11,249) | | | (10,830) | |
Net Increase/(Decrease) in Cash and Cash Equivalents | | 11,260 | | | (404,836) | |
Cash and cash equivalents at beginning of period | | 170,978 | | | 564,848 | |
Cash and cash equivalents at end of period | | |