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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 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 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 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.

2


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 allowances972,874 755,609 
Other receivables113,206 95,943 
Inventories, net:
Finished and in process460,872 199,823 
Materials and supplies555,266 362,290 
Prepaid expenses126,864 74,034 
2,411,320 1,658,677 
Property, Plant and Equipment, Net1,627,283 1,297,500 
Goodwill1,641,948 1,324,501 
Other Intangible Assets, Net709,723 278,143 
Deferred Income Taxes22,260 25,818 
Right of Use Asset-Operating Leases296,838 268,390 
Other Assets266,274 220,206 
Total Assets$6,975,646 $5,073,235 
Liabilities and Equity
Current Liabilities
Payable to suppliers$888,394 $721,312 
Accrued expenses and other413,547 381,350 
Notes payable and current portion of long-term debt416,929 411,557 
Accrued taxes36,602 11,544 
1,755,472 1,525,763 
Long-term Debt, Net of Current Portion2,723,101 1,199,106 
Noncurrent Operating Lease Liabilities253,466 234,167 
Pension and Other Postretirement Benefits152,118 158,265 
Deferred Income Taxes115,221 70,482 
Other Liabilities41,187 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 value134,917 119,690 
Accumulated other comprehensive loss(512,525)(359,425)
Retained earnings2,299,040 2,070,005 
Total Sonoco Shareholders’ Equity1,928,607 1,837,445 
Noncontrolling Interests6,474 12,096 
Total Equity1,935,081 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
3


SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(Dollars and shares in thousands except per share data)
 
Three Months EndedNine Months Ended
October 2, 2022October 3, 2021October 2, 2022October 3, 2021
Net sales$1,890,216 $1,415,193 $5,574,530 $4,151,251 
Cost of sales1,523,070 1,157,462 4,448,818 3,352,966 
Gross profit367,146 257,731 1,125,712 798,285 
Selling, general and administrative expenses164,552 130,580 533,875 404,617 
Restructuring/Asset impairment charges20,652 3,488 43,357 8,889 
Gain/(loss) on divestiture of business— 2,849 — (2,667)
Operating profit181,942 126,512 548,480 382,112 
Non-operating pension costs1,249 525 4,251 562,818 
Interest expense26,714 14,753 71,242 50,767 
Interest income1,148 534 3,450 4,023 
Loss from the early extinguishment of debt— — — 20,184 
Income/(Loss) before income taxes155,127 111,768 476,437 (247,634)
Provision for/(Benefit from) income taxes36,824 2,564 116,712 (91,542)
Income/(Loss) before equity in earnings of affiliates118,303 109,204 359,725 (156,092)
Equity in earnings of affiliates, net of tax4,199 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:
Basic98,013 98,955 97,978 100,039 
Diluted98,762 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
4


SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (unaudited)
(Dollars in thousands)
 
Three Months EndedNine Months Ended
October 2, 2022October 3, 2021October 2, 2022October 3, 2021
Net income/(loss)$122,502 $111,555 $369,876 $(150,391)
Other comprehensive (loss)/income:
     Foreign currency translation adjustments(81,972)(37,741)(151,580)(57,686)
     Changes in defined benefit plans, net of tax861 1,693 (876)429,823 
Changes in derivative financial instruments, net of tax(1,252)930 (792)5,370 
Other comprehensive (loss)/income$(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 interests515 664 148 425 
Comprehensive income attributable to Sonoco$40,381 $76,686 $216,134 $227,298 
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)
Share-based compensation6,372 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 gain12,596 11,837 759 
Defined benefit plan adjustment, net of tax422,745 422,745 
Derivative financial instruments, net of tax3,482 3,482 
Other comprehensive income$438,823 $438,064 $759 
Dividends(45,503)(45,503)
Issuance of stock awards246 41 246 
Shares repurchased(154,519)(1,819)(154,519)
Share-based compensation4,827 4,827 
July 4, 2021$1,822,433 98,829 $7,175 $166,295 $(344,456)$1,982,430 $10,989 
Net income111,555 111,140 415 
Other comprehensive income/(loss):
Translation loss(37,741)(37,077)(664)
Defined benefit plan adjustment, net of tax1,693 1,693 — 
Derivative financial instruments, net of tax930 930 — 
Other comprehensive loss$(35,118)$(34,454)$(664)
Dividends(44,498)(44,498)
Issuance of stock awards251 3 251 
Shares repurchased(83)(506)(83)
Share-based compensation6,192 6,192 
October 3, 2021$1,860,732 98,326 $7,175 $172,655 $(378,910)$2,049,072 $10,740 


6

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)
Share-based compensation10,689 10,689 
April 3, 2022$1,918,931 97,492 $7,175 $120,266 $(356,869)$2,141,214 $7,145 
Net income131,767 131,672 95 
Other comprehensive loss
Translation loss(70,314)(69,790)(524)
Defined benefit plan adjustment, net of tax(1,928)(1,928)
Derivative financial instruments, net of tax(2,090)(2,090)
Other comprehensive loss$(74,332)$(73,808)$(524)
Dividends(48,041)(48,041)
Issuance of stock awards263 13 263 
Shares repurchased(574)(10)(574)
Share-based compensation8,377 8,377 
July 3, 2022$1,936,391 97,495 $7,175 $128,332 $(430,677)$2,224,845 $6,716 
Net income122,502 122,229 273 
Other comprehensive income/(loss):
Translation loss(81,972)(81,457)(515)
Defined benefit plan adjustment, net of tax861 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 awards270 18 270 
Shares repurchased(72)(1)(72)
Share-based compensation6,387 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
7

SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands)
Nine Months Ended
October 2, 2022October 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 impairments13,857 3,490 
Depreciation, depletion and amortization231,095 185,541 
Loss on early extinguishment of debt— 20,184 
Share-based compensation expense25,453 17,392 
Equity in earnings of affiliates(10,151)(5,701)
Cash dividends from affiliated companies6,076 5,182 
Net gain on disposition of assets(178)(2,376)
Net loss on divestiture of businesses— 2,667 
Pension and postretirement plan expense6,951 583,340 
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 suppliers113,820 163,193 
Prepaid expenses(28,854)(17,756)
Income taxes payable and other income tax items44,493 (8,531)
Accrued expenses and other assets and liabilities15,740 (8,530)
Net cash provided by operating activities322,055 220,078 
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 assets6,040 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 debt1,579,750 138,382 
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 activities1,270,866 (563,218)
Effects of Exchange Rate Changes on Cash(11,249)(10,830)
Net Increase/(Decrease) in Cash and Cash Equivalents11,260 (404,836)
Cash and cash equivalents at beginning of period170,978 564,848 
Cash and cash equivalents at end of period