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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 3, 2021
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 (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock at October 22, 2021:
Common stock, no par value: 98,326,308




SONOCO PRODUCTS COMPANY
INDEX
 
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
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) 
October 3,
2021
December 31,
2020*
Assets
Current Assets
Cash and cash equivalents$160,012 $564,848 
Trade accounts receivable, net of allowances755,638 658,808 
Other receivables94,884 103,636 
Inventories, net:
Finished and in process186,872 167,018 
Materials and supplies343,239 283,673 
Prepaid expenses60,010 52,564 
1,600,655 1,830,547 
Property, Plant and Equipment, Net1,232,074 1,244,110 
Goodwill1,323,723 1,389,255 
Other Intangible Assets, Net281,533 321,934 
Deferred Income Taxes38,398 42,479 
Right of Use Asset-Operating Leases269,855 296,020 
Other Assets178,912 152,914 
Total Assets$4,925,150 $5,277,259 
Liabilities and Equity
Current Liabilities
Payable to suppliers$686,113 $536,939 
Accrued expenses and other366,126 511,489 
Notes payable and current portion of long-term debt275,799 455,784 
Accrued taxes21,203 7,415 
1,349,241 1,511,627 
Long-term Debt, Net of Current Portion1,192,707 1,244,440 
Noncurrent Operating Lease Liabilities236,590 262,048 
Pension and Other Postretirement Benefits164,584 171,518 
Deferred Income Taxes67,627 86,018 
Other Liabilities53,669 91,080 
Sonoco Shareholders’ Equity
Common stock, no par value
Authorized 300,000 shares
98,326 and 100,447 shares issued and outstanding
at October 3, 2021 and December 31, 2020, respectively
7,175 7,175 
Capital in excess of stated value172,655 314,056 
Accumulated other comprehensive loss(378,910)(756,842)
Retained earnings2,049,072 2,335,216 
Total Sonoco Shareholders’ Equity1,849,992 1,899,605 
Noncontrolling Interests10,740 10,923 
Total Equity1,860,732 1,910,528 
Total Liabilities and Equity$4,925,150 $5,277,259 
*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 EndedNine Months Ended
October 3, 2021September 27, 2020October 3, 2021September 27, 2020
Net sales$1,415,193 $1,312,314 $4,151,251 $3,861,095 
Cost of sales1,157,462 1,055,304 3,352,966 3,089,512 
Gross profit257,731 257,010 798,285 771,583 
Selling, general and administrative expenses130,580 126,117 404,617 371,376 
Restructuring/Asset impairment charges3,488 24,149 8,889 59,633 
Gain/(Loss) on divestiture of businesses2,849  (2,667) 
Operating profit126,512 106,744 382,112 340,574 
Non-operating pension costs525 7,453 562,818 22,632 
Interest expense14,753 19,377 50,767 55,469 
Interest income534 796 4,023 2,158 
Loss from the early extinguishment of debt  20,184  
Income/(Loss) before income taxes111,768 80,710 (247,634)264,631 
Provision for/(Benefit from) income taxes2,564 (649)(91,542)49,337 
Income/(Loss) before equity in earnings of affiliates109,204 81,359 (156,092)215,294 
Equity in earnings of affiliates, net of tax2,351 1,939 5,701 3,230 
Net income/(loss)111,555 83,298 (150,391)218,524 
Net (income)/loss attributable to noncontrolling interests(415)151 (243)581 
Net income/(loss) attributable to Sonoco$111,140 $83,449 $(150,634)$219,105 
Weighted average common shares outstanding:
Basic98,955 100,974 100,039 100,935 
Diluted99,425 101,245 100,039 101,155 
Per common share:
Net income/(loss) attributable to Sonoco:
Basic$1.12 $0.83 $(1.51)$2.17 
Diluted$1.12 $0.82 $(1.51)$2.17 

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 3, 2021September 27, 2020October 3, 2021September 27, 2020
Net income/(loss)$111,555 $83,298 $(150,391)$218,524 
Other comprehensive (loss)/ income:
     Foreign currency translation adjustments(37,741)24,647 (57,686)(37,701)
     Changes in defined benefit plans, net of tax1,693 5,280 429,823 15,476 
Changes in derivative financial instruments, net of tax930 2,285 5,370 (440)
Other comprehensive (loss)/income$(35,118)$32,212 $377,507 $(22,665)
Comprehensive income:76,437 115,510 227,116 195,859 
Net (income)/loss attributable to noncontrolling interests(415)151 (243)581 
Other comprehensive loss attributable to noncontrolling interests664 27 425 2,254 
Comprehensive income attributable to Sonoco$76,686 $115,688 $227,298 $198,694 
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, 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)
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 
Net income/(loss)54,990 55,211 $(221)
Other comprehensive income/(loss):
Translation gain/(loss)32,864 33,454 (590)
Defined benefit plan adjustment, net of tax4,416 4,416 
Derivative financial instruments, net of tax1,830 1,830 
Other comprehensive income/(loss)$39,110 $39,700 $(590)
Dividends(43,451)(43,451)
Issuance of stock awards287 2 287 
Shares repurchased(12)(1)(12)
Stock-based compensation1,339 1,339 
June 28, 2020$1,807,704 100,330 $7,175 $309,427 $(869,453)$2,350,189 $10,366 
Net income/(loss)83,298 83,449 (151)
Other comprehensive income/(loss):
Translation gain/(loss)24,647 24,674 (27)
Defined benefit plan adjustment, net of tax5,280 5,280  
Derivative financial instruments, net of tax2,285 2,285  
Other comprehensive income/(loss)$32,212 $32,239 $(27)
Dividends(43,366)(43,366)
Issuance of stock awards256 150 256 
Shares repurchased(3,385)(64)(3,385)
Stock-based compensation4,614 4,614 
September 27, 2020$1,881,333 100,416 $7,175 $310,912 $(837,214)$2,390,272 $10,188 
6


Total EquityCommon SharesCapital in
Excess of
Stated Value
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Noncontrolling
Interests
OutstandingAmount
December 31, 2020$1,910,528 100,447 $7,175 $314,056 $(756,842)$2,335,216 $10,923 
Net income/(loss)72,293 72,297 (4)
Other comprehensive income/(loss):
Translation loss(32,541)(32,021)(520)
Defined benefit plan adjustment, net of tax5,385 5,385 
Derivative financial instruments, net of tax958 958 
Other comprehensive loss$(26,198)$(25,678)$(520)
Dividends(45,510)(45,510)
Issuance of stock awards364 245 364 
Shares repurchased(5,051)(85)(5,051)
Stock-based compensation6,372 6,372 
April 4, 2021$1,912,798 100,607 $7,175 $315,741 $(782,520)$2,362,003 $10,399 
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)
Stock-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 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)
Stock-based compensation6,192 6,192 
October 3, 2021$1,860,732 98,326 $7,175 $172,655 $(378,910)$2,049,072 $10,740 

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 3, 2021September 27, 2020
Cash Flows from Operating Activities:
Net (loss)/income$(150,391)$218,524 
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Asset impairment3,490 25,364 
Depreciation, depletion and amortization181,408 186,602 
Loss on early extinguishment of debt20,184  
Share-based compensation expense17,392 6,551 
Equity in earnings of affiliates(5,701)(3,230)
Cash dividends from affiliated companies5,182 4,367 
Net gain on disposition of assets(2,376)(3,298)
Net loss on divestiture of businesses2,667  
Pension and postretirement plan expense583,340 43,146 
Pension and postretirement plan contributions(165,280)(34,795)
Net (decrease)/increase in deferred taxes(164,581)10,013 
Change in assets and liabilities, net of effects from acquisitions and foreign currency adjustments:
Trade accounts receivable(142,699)(42,102)
Inventories(95,066)10,621 
Payable to suppliers163,193 15,708 
Prepaid expenses(17,756)(1,857)
Accrued expenses10,354 40,854 
Income taxes payable and other income tax items(8,531)(17,466)
Other assets and liabilities(14,751)30,499 
Net cash provided by operating activities220,078 489,501 
Cash Flows from Investing Activities:
Purchases of property, plant and equipment(156,592)(116,667)
Cost of acquisitions, net of cash acquired(3,155)(49,262)
Proceeds from the sale of businesses, net91,569  
Proceeds from the sale of assets10,536 8,240 
Other net investing proceeds6,776 571 
Net cash used in investing activities(50,866)(157,118)
Cash Flows from Financing Activities:
Proceeds from issuance of debt138,382 1,107,127 
Principal repayment of debt(582,838)(428,966)
Net change in commercial paper202,000 (250,000)
Net (decrease)/increase in outstanding checks(10,736)8,544 
Proceeds from foreign exchange forward contracts and interest rate swaps4,387 14,480 
Payment of contingent consideration (3,000)
Cash dividends(134,648)(129,446)
Excess cash costs of early extinguishment of debt(20,111) 
Payments for share repurchases(159,654)(7,335)
Net cash (used)/provided by financing activities(563,218)311,404 
Effects of Exchange Rate Changes on Cash(10,830)(6,391)
Net (Decrease)/Increase in Cash and Cash Equivalents(404,836)637,396 
Cash and cash equivalents at beginning of period564,848 145,283 
Cash and cash equivalents at end of period$160,012 $782,679 
See accompanying Notes to Condensed Consolidated Financial Statements
8

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


Note 1: Basis of Interim Presentation
In the opinion of the management of Sonoco Products Company (the “Company” or “Sonoco”), the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments, unless otherwise stated) necessary to state fairly the consolidated financial position, results of operations and cash flows for the interim periods reported herein. Operating results for the nine months ended October 3, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
With respect to the unaudited condensed consolidated financial information of the Company for the three- and nine-month periods ended October 3, 2021 and September 27, 2020 included in this Form 10-Q, PricewaterhouseCoopers LLP reported that they have applied limited procedures in accordance with professional standards for a review of such information. However, their separate report dated November 2, 2021 appearing herein, states that they did not audit and they do not express an opinion on that unaudited financial information. Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933 for their report on the unaudited financial information because that report is not a “report” or a “part” of a registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act.
As previously disclosed, the Company changed its operating and reporting structure in January 2021 and, as a result, realigned certain of its reportable segments effective January 1, 2021. The revised structure consists of two reportable segments, Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as "All Other." Additional information regarding segment realignment is provided in Note 15 to these Condensed Consolidated Financial Statements. All segment results for prior periods have been recast to conform to the new presentation.

Note 2: New Accounting Pronouncements
During the nine-month period ended October 3, 2021, there have been no newly issued nor newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s financial statements. Further, at October 3, 2021, there are no other pronouncements pending adoption that are expected to have a material impact on the Company’s consolidated financial statements.

Note 3: Acquisitions and Divestitures
Acquisitions
On August 3, 2021, the Company completed the acquisition of Allied Packaging Pty Ltd, a privately owned manufacturer of paper packaging and related manufacturing equipment, consisting of a single manufacturing facility in Sydney, Australia, for total cash consideration of $802. Allied Packaging's financial results from the date acquired are included in the Company's Industrial Paper Packaging segment.
On March 8, 2021, the Company completed the acquisition of TuboTec, a small tube and core operation in Brazil, for total cash consideration of $841. TuboTec's financial results from the date acquired are included in the Company's Industrial Paper Packaging segment.
During the nine months ended October 3, 2021, the Company reached a final working capital settlement related to the August 3, 2020 acquisition of Can Packaging, a designer and manufacturer of sustainable paper packaging and related manufacturing equipment, based in Habsheim, France. Under the settlement, the Company made an additional cash payment of $1,512 and recorded a corresponding increase in goodwill. Goodwill for Can Packaging, none of which is expected to be deductible for income tax purposes, consists of increased access to certain markets. Can Packaging's financial results from the date acquired are included in the Company's Consumer Packaging segment.
The valuations of the assets acquired and liabilities assumed in the 2020 acquisitions of Can Packaging and a small tube and core operation in Jacksonville, Florida, were finalized in the first quarter of 2021. No additional measurement period adjustments were subsequently recorded.
9

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

The Company has accounted for its acquisitions as business combinations under the acquisition method of accounting, in accordance with the business combinations subtopic of the Accounting Standards Codification and has included the results of operations of the acquired businesses in the Company's Condensed Consolidated Statements of Income from their respective dates of acquisition.
Divestitures
As previously disclosed, the Company completed the sale of its U.S. display and packaging business, part of the "All Other" group of businesses, to Hood Container Corporation on April 4, 2021 for $80,000 in cash. This business provided design, manufacturing and fulfillment of point-of-purchase displays, as well as contract packaging services, for consumer product customers and had approximately 450 employees. Its operations included eight manufacturing and fulfillment facilities and four sales and design centers.
The selling price was adjusted at closing for certain transaction expenses and for anticipated differences between targeted levels of working capital and the projected levels at the time of closing. Net cash proceeds of $79,704 were received on April 5, 2021 and the Company recognized a loss on the divestiture of this business of $5,516, before tax, in the first quarter of 2021. During the quarter ended October 3, 2021, the Company finalized the working capital settlement related to this sale. The settlement resulted in additional cash proceeds of $