Company Quick10K Filing
Quick10K
Sonoco Products
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$60.35 100 $6,020
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-07-01 Quarter: 2018-07-01
10-Q 2018-04-01 Quarter: 2018-04-01
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-10-01 Quarter: 2017-10-01
10-Q 2017-07-02 Quarter: 2017-07-02
10-Q 2017-04-02 Quarter: 2017-04-02
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-10-02 Quarter: 2016-10-02
10-Q 2016-07-03 Quarter: 2016-07-03
10-Q 2016-04-03 Quarter: 2016-04-03
10-K 2015-12-31 Annual: 2015-12-31
8-K 2019-02-14 Earnings, Exhibits
8-K 2019-02-13 Officers
8-K 2019-02-13 Officers, Other Events, Exhibits
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 Amend Bylaw, Exhibits
8-K 2018-10-01 Officers, Exhibits
8-K 2018-10-01 M&A, 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 2018-04-18 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
KMB Kimberly Clark
PKG Packaging of America
AVY Avery Dennison
BMS Bemis
GPK Graphic Packaging Holding
OI Owens Illinois
ARD Ardagh Group
WMS Advanced Drainage Systems
CXDC China Xd Plastics
ITP IT Tech Packaging
SON 2018-09-30
Part I. Financial Information
Item 1. Financial Statements.
Note 1: Basis of Interim Presentation
Note 2: New Accounting Pronouncements
Note 3: Changes in Accounting Policy
Note 4: Acquisitions
Note 5: Shareholders' Equity
Note 6: Restructuring and Asset Impairment
Note 7: Accumulated Other Comprehensive Loss
Note 8: Goodwill and Other Intangible Assets
Note 9: Debt
Note 10: Financial Instruments and Derivatives
Note 11: Fair Value Measurements
Note 12: Employee Benefit Plans
Note 13: Income Taxes
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 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits.
EX-15 q32018ex15.htm
EX-31 q32018ex31.htm
EX-32 q32018ex32.htm

Sonoco Products Earnings 2018-09-30

SON 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 FORM 10-Q
 
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended September 30, 2018 
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
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  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 ýAccelerated 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  ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock at October 19, 2018:
Common stock, no par value: 99,809,098 



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

2


Part I. FINANCIAL INFORMATION
 
Item 1. Financial Statements.
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(Dollars and shares in thousands) 
September 30, 2018December 31,
2017* 
Assets 
Current Assets 
Cash and cash equivalents $250,424 $254,912 
Trade accounts receivable, net of allowances 775,054 725,251 
Other receivables 93,470 64,561 
Inventories, net: 
Finished and in process 157,920 196,204 
Materials and supplies 309,319 277,859 
Prepaid expenses 64,318 44,849 
1,650,505 1,563,636 
Property, Plant and Equipment, Net 1,140,113 1,169,377 
Goodwill 1,285,368 1,241,875 
Other Intangible Assets, Net 340,824 331,295 
Deferred Income Taxes 50,059 62,053 
Other Assets 191,765 189,485 
Total Assets $4,658,634 $4,557,721 
Liabilities and Equity 
Current Liabilities 
Payable to suppliers 583,054 $548,309 
Accrued expenses and other 321,842 283,355 
Notes payable and current portion of long-term debt 73,899 159,327 
Accrued taxes 15,589 8,979 
994,384 999,970 
Long-term Debt, Net of Current Portion 1,312,678 1,288,002 
Pension and Other Postretirement Benefits 335,379 355,187 
Deferred Income Taxes 85,473 74,073 
Other Liabilities 97,790 110,429 
Sonoco Shareholders’ Equity 
Common stock, no par value 
Authorized 300,000 shares
99,650 and 99,414 shares issued and outstanding
at September 30, 2018 and December 31, 2017, respectively 
7,175 7,175 
Capital in excess of stated value 333,853 330,157 
Accumulated other comprehensive loss (681,865)(666,272)
Retained earnings 2,151,658 2,036,006 
Total Sonoco Shareholders’ Equity 1,810,821 1,707,066 
Noncontrolling Interests 22,109 22,994 
Total Equity 1,832,930 1,730,060 
Total Liabilities and Equity $4,658,634 $4,557,721 
 
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 Nine Months Ended 
September 30, 2018October 1,
2017
September 30, 2018October 1, 2017
Net sales $1,364,762 $1,324,634 $4,035,322 $3,737,632 
Cost of sales 1,105,126 1,071,755 3,248,624 3,023,397 
Gross profit 259,636 252,879 786,698 714,235 
Selling, general and administrative expenses 136,002 129,136 414,474 379,645 
Restructuring/Asset impairment charges 22,061 511 28,691 12,519 
Operating profit 101,573 123,232 343,533 322,071 
Non-operating pension costs/(income) (25)3,150 197 41,246 
Interest expense 15,989 14,741 47,001 41,649 
Interest income 1,487 1,094 4,017 3,152 
Income before income taxes 87,096 106,435 300,352 242,328 
Provision for income taxes 18,325 35,545 71,974 78,251 
Income before equity in earnings of affiliates 68,771 70,890 228,378 164,077 
Equity in earnings of affiliates, net of tax 4,049 2,521 9,012 7,320 
Net income 72,820 73,411 237,390 171,397 
Net income attributable to noncontrolling interests (405)(599)(1,508)(1,727)
Net income attributable to Sonoco $72,415 $72,812 $235,882 $169,670 
Weighted average common shares outstanding: 
Basic 100,640 100,275 100,534 100,214 
Diluted 101,040 100,684 100,993 100,793 
Per common share: 
Net income attributable to Sonoco: 
Basic $0.72 $0.73 $2.35 $1.69 
Diluted $0.72 $0.72 $2.34 $1.68 
Cash dividends $0.41 $0.39 $1.21 $1.15 
See accompanying Notes to Condensed Consolidated Financial Statements
4


SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (unaudited)
(Dollars in thousands)
 
Three Months Ended Nine Months Ended 
September 30, 2018October 1,
2017
September 30, 2018October 1, 2017
Net income $72,820 $73,411 $237,390 $171,397 
Other comprehensive income/(loss): 
Foreign currency translation adjustments 1,186 27,445 (40,418)87,807 
Changes in defined benefit plans, net of tax 6,961 10,301 22,200 58,311 
Changes in derivative financial instruments, net of tax 1,659 (186)394 (3,653)
Other comprehensive income/(loss) 9,806 37,560 (17,824)142,465 
Comprehensive income 82,626 110,971 219,566 313,862 
Net income attributable to noncontrolling interests (405)(599)(1,508)(1,727)
Other comprehensive (income)/loss attributable to noncontrolling interests 730 (517)2,407 (1,038)
Comprehensive income attributable to Sonoco $82,951 $109,855 $220,465 $311,097 
See accompanying Notes to Condensed Consolidated Financial Statements
5


SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands)
Nine Months Ended 
September 30, 2018October 1, 2017
Cash Flows from Operating Activities: 
Net income $237,390 $171,397 
Adjustments to reconcile net income to net cash provided by operating activities: 
Asset impairment 2,627 1,486 
Depreciation, depletion and amortization 176,895 159,130 
Share-based compensation expense 9,442 9,028 
Equity in earnings of affiliates (9,012)(7,320)
Cash dividends from affiliated companies 5,203 5,467 
Net loss on disposition of assets 7,022 833 
Pension and postretirement plan expense 25,736 66,245 
Pension and postretirement plan contributions (27,339)(52,549)
Net increase/(decrease) in deferred taxes 6,097 (2,126)
Change in assets and liabilities, net of effects from acquisitions, dispositions, and foreign currency adjustments: 
Trade accounts receivable (58,187)(70,908)
Inventories (8,938)(14,965)
Payable to suppliers 45,038 29,321 
Prepaid expenses (5,126)(2,504)
Accrued expenses 35,353 1,229 
Income taxes payable and other income tax items (13,050)(1,886)
Other assets and liabilities 22,365 (10,873)
Net cash provided by operating activities 451,516 281,005 
Cash Flows from Investing Activities: 
Purchase of property, plant and equipment (135,420)(144,738)
Cost of acquisitions, net of cash acquired (150,995)(383,358)
Proceeds from the sale of assets 23,444 3,743 
Investment in affiliates and other, net 899 2,843 
Net cash used in investing activities (262,072)(521,510)
Cash Flows from Financing Activities: 
Proceeds from issuance of debt 202,460 436,335 
Principal repayment of debt (157,911)(196,198)
Net change in commercial paper (100,000)98,000 
Net (decrease)/increase in outstanding checks (6,416)500 
Cash dividends (120,651)(114,368)
Shares acquired (6,987)(5,942)
Net cash (used in)/provided by financing activities (189,505)218,327 
Effects of Exchange Rate Changes on Cash (4,427)12,860 
Net Decrease in Cash and Cash Equivalents (4,488)(9,318)
Cash and cash equivalents at beginning of period 254,912 257,226 
Cash and cash equivalents at end of period $250,424 $247,908 
See accompanying Notes to Condensed Consolidated Financial Statements

6

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


Note 1: Basis of Interim Presentation
In the opinion of the management of Sonoco Products Company (the “Company” or “Sonoco”), the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments, unless otherwise stated) necessary to state fairly the consolidated financial position, results of operations and cash flows for the interim periods reported herein. Operating results for the three and nine months ended September 30, 2018, are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. 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, 2017.
With respect to the unaudited condensed consolidated financial information of the Company for the three and nine-month periods ended September 30, 2018 and October 1, 2017 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 October 31, 2018 appearing herein, states that they did not audit and they do not express an opinion on that unaudited financial information. Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933 for their report on the unaudited financial information because that report is not a “report” or a “part” of a registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act. 

Note 2: New Accounting Pronouncements
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-15, "Intangibles - Goodwill and Other Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract," which provides guidance on capitalizing implementation cost associated with arrangements that contain a license. The Company will implement this ASU using the prospective method effective October 1, 2018. The adoption of the standard is not expected to have a material effect on the Company's consolidated financial statements.
In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities," which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The update to the standard is effective for periods beginning after December 15, 2018, with early adoption permitted in any interim period after issuance of this update. The Company implemented this ASU effective January 1, 2018, and recorded a cumulative adjustment to retained earnings of $176 as of that date in order to remove previously recognized ineffectiveness losses on contracts outstanding as of the date of adoption.
In March 2017, the FASB issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which requires an employer to report service cost in the same line item as other compensation costs arising from employees during the period. The other components of net benefit cost as defined are required to be presented separately from the service cost component and outside a subtotal of income from operations, if one is presented, or disclosed. This update also allows only the service cost component to be eligible for capitalization when applicable and is effective for periods beginning after December 15, 2017. The amendments are to be applied retrospectively for the presentation of the components of net benefit cost in the income statement and prospectively for the capitalization of the service cost component. The Company implemented this ASU effective January 1, 2018, modifying its income statement presentation of the components of net benefit cost accordingly, including the retrospective application to previously reported results. As a result of the retrospective application, the amounts previously reported in "Cost of sales" and "Selling, general and administrative expenses" for the three months ended October 1, 2017, were reduced by $2,006 and $1,144, respectively, and "Operating profit" increased by $3,150, in order to conform to the current presentation. The comparable changes for the nine months ended October 1, 2017, were $7,273, $33,973, and $41,246, for "Cost of sales," "Selling, general and administrative expenses," and "Operating profit," respectively. No change was required to the Company's historical policy regarding the capitalization of such costs.

7

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

In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment,” eliminating the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under ASU 2017-04, goodwill impairment testing is performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted, and should be applied on a prospective basis. The Company elected early adoption of the standard effective January 1, 2018. Any future goodwill impairment, should it occur, will be determined in accordance with this ASU.
In October 2016, the FASB issued ASU 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory," which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset upon transfer other than inventory, eliminating the current recognition exception. Prior to this ASU, GAAP prohibited the recognition of current and deferred income taxes for intra-entity asset transfers until the asset was sold to an outside party. The recognition prohibition was an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. This guidance became effective for the Company on January 1, 2018, and did not have a material effect on its consolidated financial statements.
In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments," providing clarification on eight cash flow classification issues, including 1) debt prepayment or debt extinguishment costs, 2) settlement of relatively insignificant debt instruments, 3) contingent consideration payments, 4) insurance claim settlements, 5) life insurance settlements, 6) distributions received from equity method investees, 7) beneficial interests in securitization transactions, and 8) separately identifiable cash flows. This guidance, which applies to both interim and annual periods, became effective for the Company on January 1, 2018. As a result of the retrospective application, insurance proceeds totaling $1,104 received during the nine months ended October 1, 2017 previously reported in "Cash Flows from Operating Activities" were reclassified to "Cash Flows from Investing Activities." Otherwise, adoption of the standard did not have a material effect on the Company's consolidated financial statements, as the Company either did not realize any cash flows from these types of activities, such amounts were immaterial, or the prescribed guidance did not differ from its current practice.
In March 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers, Principal versus Agent Considerations (Reporting Revenue Gross versus Net)," which provides guidance on recording revenue on a gross basis versus a net basis based on the determination of whether an entity is a principal or an agent when another party is involved in providing goods or services to a customer. The amendments in this update effect the guidance in ASU No. 2014-09 and are effective in the same time frame as ASU 2014-09 as discussed below.
In February 2016, the FASB issued ASU 2016-02, "Leases" (“ASU 2016-02”) which primarily requires lessees to recognize on the balance sheet a right-of-use asset and lease liability for all long-term leases. ASU 2016-02 also requires disclosure of key information about leasing arrangements to increase transparency and comparability among organizations. The accounting for lessors does not fundamentally change except for changes to conform and align guidance to the lessee guidance and the newly adopted revenue recognition standard. The Company has elected to adopt the standard using the modified retrospective transition approach with a January 1, 2019 effective date of initial application. Under the modified retrospective transition method, we will recognize a cumulative effect adjustment to retained earnings as of the effective date in the period of adoption. Consequently, comparative financial information and disclosures provided for dates and periods before January 1, 2019 will not be updated in the Company’s future filings. The Company established a cross-functional team to implement certain software solutions as part of its newly integrated enterprise-wide lease management system. The team is progressing through the implementation plan and developing business processes, accounting systems, and internal controls to ensure the Company meets the reporting and disclosure requirements of the new standard. The Company is still assessing the impact on its consolidated financial statements, but expects the adoption of ASU 2016-02 to have a material impact on its consolidated balance sheet for the initial recognition of the right-of-use asset and lease liability associated with operating leases that are not currently recognized on the balance sheet under present U.S. GAAP. The impact on the Company’s consolidated statement of income continues to be evaluated.
In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers," which changes the definitions/criteria used to determine when revenue should be recognized from being based on risks and rewards to being based on control. Among other changes, ASU 2014-09 changes the manner in which variable consideration is recognized,
8

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

requires recognition of the time value of money when payment terms exceed one year, provides clarification on accounting for contract costs, and expands disclosure requirements. The Company adopted ASU 2014-09 in the first quarter of 2018 following the modified retrospective transition method and, as such, recorded a cumulative adjustment of $1,721 to beginning retained earnings for the period. The most significant impacts to the Company's financial statements from the adoption of this ASU are the acceleration of revenue recognition compared to prior standards for arrangements under which the Company is producing customer-specific products without alternative use and would be entitled to payment for work completed, including a reasonable margin, and the recognition of material customer contract rights for certain agreed-upon future price concessions.
During the three- and nine-month periods ended September 30, 2018, there have been no other 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 September 30, 2018, there were no other pronouncements pending adoption that are expected to have a material impact on the Company’s consolidated financial statements.

Note 3: Changes in Accounting Policy
Except for the changes below, the Company has consistently applied the accounting policies to all periods presented in these condensed consolidated financial statements.
The Company adopted ASC 606, "Revenue from Contracts with Customers," effective January 1, 2018. As a result, the Company has changed its accounting policy for revenue recognition as detailed in Note 14.
The Company applied ASC 606 using the cumulative effect method by recognizing the cumulative effect of initially applying ASC 606 as an adjustment to the opening balance of equity at January 1, 2018. Therefore, the comparative information has not been adjusted and continues to be reported under ASC 605. The details of the significant changes and quantitative impact of the changes are set out below.
December 31, 2017 As Reported Adjustments January 1, 2018 Adjusted 
Assets 
Current Assets 
Trade accounts receivable, net of allowances $725,251 $3,636 $728,887 
Other receivables 64,561 41,351 105,912 
Inventories: 
Finished and in process 196,204 (37,447)158,757 
Total Assets $4,557,721 $7,540 $4,565,261 
Liabilities and Equity 
Current Liabilities 
Accrued expenses and other 283,355 5,215 288,570 
999,970 5,215 1,005,185 
Deferred Income Taxes 74,073 604 74,677 
Sonoco Shareholders’ Equity 
Retained earnings 2,036,006 1,721 2,037,727 
Total Sonoco Shareholders’ Equity 1,707,066 1,721 1,708,787 
Total Equity 1,730,060 1,721 1,731,781 
Total Liabilities and Equity $4,557,721 $7,540 $4,565,261 

9

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

The following table summarizes the impact of the adoption of ASC 606 on the Company's Condensed Consolidated Balance Sheet as of September 30, 2018:
September 30, 2018 as reportedAdjustments Balances without
Adoption of
ASC 606 
Assets 
Current Assets 
Trade accounts receivable, net of allowances $775,054 (5,744)$769,310 
Other receivables 93,470 (44,698)48,772 
Inventories: 
Finished and in process 157,920 42,051 199,971 
Total Assets $4,658,634 $(8,391)$4,650,243 
Liabilities and Equity 
Current Liabilities 
Accrued expenses and other 321,842 (5,998)315,844 
994,384 (5,998)988,386 
Deferred Income Taxes 85,473 (622)84,851 
Sonoco Shareholders' Equity 
Retained earnings 2,151,658 (1,771)2,149,887 
Total Sonoco Shareholders’ Equity 1,810,821 (1,771)1,809,050 
Total Equity 1,832,930 (1,771)1,831,159 
Total Liabilities and Equity $4,658,634 $(8,391)$4,650,243 

The following table summarizes the impact of the adoption of ASC 606 on the Company's Condensed Consolidated Statement of Income for the three- and nine-months ending September 30, 2018:
Three Months Ended Nine Months Ended 
September 30, 2018
as reported
Adjustments Balances
without
Adoption of
ASC 606 
September 30, 2018
as reported
Adjustments Balances
without
Adoption of
ASC 606 
Net sales $1,364,762 $(648)$1,364,114 $4,035,322 $(4,673)$4,030,649 
Cost of sales 1,105,126 (1,731)1,103,395 3,248,624 (4,605)3,244,019 
Gross profit 259,636 1,083 260,719 786,698 (68)786,630 
Operating profit 101,573 1,083 102,656 343,533 (68)343,465 
Income before income taxes 87,096 1,083 88,179 300,352 (68)300,284 
Provision for income taxes 18,325 281 18,606 71,974 (18)71,956 
Income before equity in earnings of affiliates 68,771 802 69,573 228,378 (50)228,328 
Net income 72,820 802 73,622 237,390 (50)237,340 
Net income attributable to Sonoco $72,415 $802 $73,217 $235,882 $(50)$235,832 

10

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

The following table summarizes the impact of the adoption of ASC 606 on the Company's Condensed Consolidated Statement of Comprehensive Income for the three- and nine-month periods ending September 30, 2018:
Three Months Ended Nine Months Ended