Company Quick10K Filing
Sonoco Products
Price57.75 EPS3
Shares101 P/E18
MCap5,843 P/FCF24
Net Debt1,064 EBIT452
TEV6,908 TEV/EBIT15
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-03-29 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-29 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-07-01 Filed 2018-08-01
10-Q 2018-04-01 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-10-01 Filed 2017-11-01
10-Q 2017-07-02 Filed 2017-08-02
10-Q 2017-04-02 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-10-02 Filed 2016-11-02
10-Q 2016-07-03 Filed 2016-08-03
10-Q 2016-04-03 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-27 Filed 2015-10-28
10-Q 2015-03-29 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-12-31 Filed 2015-08-26
10-Q 2014-09-28 Filed 2014-10-29
10-Q 2014-06-29 Filed 2014-07-29
10-Q 2014-03-30 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-29 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-01
10-Q 2012-07-01 Filed 2012-08-01
10-Q 2012-04-01 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-10-02 Filed 2011-11-02
10-Q 2011-07-03 Filed 2011-08-05
10-Q 2011-04-03 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-26 Filed 2010-10-25
10-Q 2010-06-27 Filed 2010-07-29
10-Q 2010-03-28 Filed 2010-04-28
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-04-22 Other Events, Exhibits
8-K 2020-04-16 Earnings, Exhibits
8-K 2020-04-15 Shareholder Vote
8-K 2020-04-03 Other Events, Exhibits
8-K 2020-04-01 Off-BS Arrangement, Exhibits
8-K 2020-03-18 Off-BS Arrangement, Exhibits
8-K 2020-02-13 Earnings, Exhibits
8-K 2020-02-11 Officers
8-K 2020-02-11 Officers, Exhibits
8-K 2020-02-01 Officers, Exhibits
8-K 2019-12-31 M&A, Exhibits
8-K 2019-12-06 Regulation FD, Exhibits
8-K 2019-11-15 Enter Agreement, Other Events, Exhibits
8-K 2019-10-17 Earnings, Exhibits
8-K 2019-10-13 Officers, Exhibits
8-K 2019-08-09 M&A, Exhibits
8-K 2019-07-17 Earnings, Exhibits
8-K 2019-07-17 Leave Agreement, Exhibits
8-K 2019-05-17 Enter Agreement, Other Events, Exhibits
8-K 2019-05-17 Off-BS Arrangement, Other Events, Exhibits
8-K 2019-04-18 Earnings, Exhibits
8-K 2019-04-17 Shareholder Vote
8-K 2019-03-01 Other Events, Exhibits
8-K 2019-02-14 Earnings, Exhibits
8-K 2019-02-13 Officers, Other Events, Exhibits
8-K 2019-02-13 Officers
8-K 2018-12-13 Officers
8-K 2018-12-07 Regulation FD, Exhibits
8-K 2018-12-03 Officers, Other Events, Exhibits
8-K 2018-10-18 Earnings, Exhibits
8-K 2018-10-01 M&A, Exhibits
8-K 2018-10-01 Amend Bylaw, Exhibits
8-K 2018-10-01 Officers, Exhibits
8-K 2018-07-19 Earnings, Exhibits
8-K 2018-05-25 Enter Agreement, Other Events, Exhibits
8-K 2018-04-19 Other Events
8-K 2018-04-19 Earnings, Exhibits
8-K 2018-04-18 Shareholder Vote
8-K 2018-04-12 Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-04-02 Officers, Other Events, Exhibits
8-K 2018-03-21 Enter Agreement, Other Events, Exhibits
8-K 2018-02-15 Earnings, Exhibits
8-K 2018-02-14 Officers
8-K 2018-02-07 Officers

SON 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1: Basis of Interim Presentation
Note 2: New Accounting Pronouncements
Note 3: Acquisitions
Note 4: Shareholders' Equity
Note 5: Restructuring and Asset Impairment
Note 6: Accumulated Other Comprehensive Loss
Note 7: Goodwill and Other Intangible Assets
Note 8: Debt
Note 9: Financial Instruments and Derivatives
Note 10: Fair Value Measurements
Note 11: Employee Benefit Plans
Note 12: Income Taxes
Note 13: Leases
Note 14: Revenue Recognition
Note 15: Segment Reporting
Note 16: Commitments and Contingencies
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1.Legal Proceedings.
Item 1A. Risk Factors.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits.
EX-15 ex15q12020.htm
EX-31 ex31q12020.htm
EX-32 ex32q12020.htm

Sonoco Products Earnings 2020-03-29

Balance SheetIncome StatementCash Flow
5.04.03.02.01.00.02012201420172020
Assets, Equity
1.41.10.80.60.30.02012201420172020
Rev, G Profit, Net Income
0.30.20.0-0.1-0.3-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 29, 2020
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 
Incorporated under the laws
of South Carolina
I.R.S. Employer Identification
No. 57-0248420
1 N. Second St.
Hartsville, South Carolina 29550
Telephone: 843/383-7000

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 during the preceding 12 months (or such shorter period that the registrant was required to submit and post 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  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock at April 24, 2020:
Common stock, no par value: 100,329,316




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

2



Part I. FINANCIAL INFORMATION 
Item 1. Financial Statements.
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(Dollars and shares in thousands) 
March 29,
2020
December 31,
2019*
Assets
Current Assets
Cash and cash equivalents$123,335  $145,283  
Trade accounts receivable, net of allowances737,760  698,149  
Other receivables98,648  113,754  
Inventories, net:
Finished and in process181,785  172,223  
Materials and supplies318,311  331,585  
Prepaid expenses53,989  60,202  
1,513,828  1,521,196  
Property, Plant and Equipment, Net1,236,827  1,286,842  
Goodwill1,412,055  1,429,346  
Other Intangible Assets, Net372,724  388,292  
Deferred Income Taxes41,500  46,502  
Right of Use Asset-Operating Leases286,533  298,393  
Other Assets148,670  155,718  
Total Assets$5,012,137  $5,126,289  
Liabilities and Equity
Current Liabilities
Payable to suppliers$538,348  $537,764  
Accrued expenses and other355,247  367,114  
Notes payable and current portion of long-term debt452,827  488,234  
Accrued taxes17,382  11,380  
1,363,804  1,404,492  
Long-term Debt, Net of Current Portion1,187,904  1,193,135  
Noncurrent Operating Lease Liabilities242,381  253,992  
Pension and Other Postretirement Benefits304,361  304,798  
Deferred Income Taxes81,055  76,206  
Other Liabilities77,191  77,961  
Sonoco Shareholders’ Equity
Common stock, no par value
Authorized 300,000 shares
100,329 and 100,198 shares issued and outstanding
at March 29, 2020 and December 31, 2019, respectively
7,175  7,175  
Capital in excess of stated value307,813  310,778  
Accumulated other comprehensive loss(909,153) (816,803) 
Retained earnings2,338,429  2,301,532  
Total Sonoco Shareholders’ Equity1,744,264  1,802,682  
Noncontrolling Interests11,177  13,023  
Total Equity1,755,441  1,815,705  
Total Liabilities and Equity$5,012,137  $5,126,289  

*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
March 29, 2020March 31, 2019
Net sales$1,303,296  $1,351,705  
Cost of sales1,036,706  1,081,584  
Gross profit266,590  270,121  
Selling, general and administrative expenses123,888  142,561  
Restructuring/Asset impairment charges12,599  10,672  
Operating profit130,103  116,888  
Non-operating pension costs7,579  6,041  
Interest expense16,529  16,032  
Interest income484  647  
Income before income taxes106,479  95,462  
Provision for income taxes26,756  22,624  
Income before equity in earnings of affiliates79,723  72,838  
Equity in earnings of affiliates, net of tax513  930  
Net income80,236  73,768  
Net loss/(income) attributable to noncontrolling interests209  (105) 
Net income attributable to Sonoco$80,445  $73,663  
Weighted average common shares outstanding:
Basic100,855  100,640  
Diluted101,071  101,072  
Per common share:
Net income attributable to Sonoco:
Basic$0.80  $0.73  
Diluted$0.80  $0.73  

See accompanying Notes to Condensed Consolidated Financial Statements
4



SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS)/INCOME (unaudited)
(Dollars in thousands)
 
Three Months Ended
March 29, 2020March 31, 2019
Net income$80,236  $73,768  
Other comprehensive income/(loss):
Foreign currency translation adjustments(95,212) (2,972) 
Changes in defined benefit plans, net of tax5,780  7,156  
Changes in derivative financial instruments, net of tax(4,555) 1,864  
Other comprehensive (loss)/income$(93,987) $6,048  
Comprehensive (loss)/income(13,751) 79,816  
Net loss/(income) attributable to noncontrolling interests209  (105) 
Other comprehensive loss/(income) attributable to noncontrolling interests1,637  (120) 
Comprehensive (loss)/income attributable to Sonoco$(11,905) $79,591  
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, 2018$1,772,278  99,829  $7,175  $304,709  $(740,913) $2,188,115  $13,192  
Net income73,768  73,663  105  
Other comprehensive income/(loss):
Translation loss(2,972) (2,852) (120) 
Defined benefit plan adjustment, net of tax7,156  7,156  
Derivative financial instruments, net of tax1,864  1,864  
Other comprehensive income/(loss)$6,048  $6,168  $(120) 
Dividends(41,534) (41,534) 
Dividends paid to noncontrolling interests(214) (214) 
Issuance of stock awards399  340  399  
Shares repurchased(7,395) (133) (7,395) 
Stock-based compensation4,560  4,560  
Impact of new accounting pronouncements(6,771) (6,771) 
March 31, 2019$1,801,139  100,036  $7,175  $302,273  $(734,745) $2,213,473  $12,963  

Total EquityCommon SharesCapital in
Excess of
Stated Value
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Noncontrolling
Interests
OutstandingAmount
December 31, 2019$1,815,705  100,198  $7,175  $310,778  $(816,803) $2,301,532  $13,023  
Net income/(loss)80,236  80,445  (209) 
Other comprehensive income/(loss):
Translation loss(95,212) (93,575) (1,637) 
Defined benefit plan adjustment, net of tax5,780  5,780  
Derivative financial instruments, net of tax(4,555) (4,555) 
Other comprehensive loss$(93,987) $(92,350) $(1,637) 
Dividends(43,339) (43,339) 
Dividends paid to noncontrolling interests  
Issuance of stock awards376  196  376  
Shares repurchased(3,938) (65) (3,938) 
Stock-based compensation597  597  
Impact of new accounting pronouncements(209) (209) 
March 29, 2020$1,755,441  100,329  $7,175  $307,813  $(909,153) $2,338,429  $11,177  

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
March 29, 2020March 31, 2019
Cash Flows from Operating Activities:
Net income$80,236  $73,768  
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairment3,106  1,400  
Depreciation, depletion and amortization60,824  58,614  
Share-based compensation expense597  4,560  
Equity in earnings of affiliates(513) (930) 
Cash dividends from affiliated companies350  525  
Net (gain)/loss on disposition of assets(2,520) 2,160  
Pension and postretirement plan expense14,722  7,056  
Pension and postretirement plan contributions(24,812) (17,353) 
Net increase/(decrease) in deferred taxes6,933  (1,092) 
Change in assets and liabilities, net of effects from acquisitions and foreign currency adjustments:
Trade accounts receivable(64,868) (40,036) 
Inventories(12,185) (20,631) 
Payable to suppliers6,820  14,763  
Prepaid expenses(2,853) (2,637) 
Accrued expenses16,338  (16,865) 
Income taxes payable and other income tax items4,687  11,400  
Other assets and liabilities851  17,617  
Net cash provided by operating activities87,713  92,319  
Cash Flows from Investing Activities:
Purchases of property, plant and equipment(33,851) (42,157) 
Cost of acquisitions, net of cash acquired(3,973) (455) 
Proceeds from the sale of assets3,188  493  
Investment in affiliates and other, net462  1,150  
Net cash used in investing activities(34,174) (40,969) 
Cash Flows from Financing Activities:
Proceeds from issuance of debt156,237  15,566  
Principal repayment of debt(7,833) (34,651) 
Net change in commercial paper(185,000) 31,000  
Net increase/(decrease) in outstanding checks6,594  (10,993) 
Proceeds from cross-currency swap 14,480    
Cash dividends(43,202) (41,136) 
Dividends paid to noncontrolling interests  (214) 
Shares repurchased(3,938) (7,395) 
Net cash used in financing activities(62,662) (47,823) 
Effects of Exchange Rate Changes on Cash(12,825) 412  
Net (Decrease)/Increase in Cash and Cash Equivalents(21,948) 3,939  
Cash and cash equivalents at beginning of period145,283  120,389  
Cash and cash equivalents at end of period$123,335  $124,328  
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 stat