Company Quick10K Filing
Sonoco Products
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 101 $6,644
10-Q 2019-10-30 Quarter: 2019-09-29
10-Q 2019-07-31 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-10-31 Quarter: 2018-09-30
10-Q 2018-08-01 Quarter: 2018-07-01
10-Q 2018-05-02 Quarter: 2018-04-01
10-K 2018-02-28 Annual: 2017-12-31
10-Q 2017-11-01 Quarter: 2017-10-01
10-Q 2017-08-02 Quarter: 2017-07-02
10-Q 2017-05-03 Quarter: 2017-04-02
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-02 Quarter: 2016-10-02
10-Q 2016-08-03 Quarter: 2016-07-03
10-Q 2016-05-06 Quarter: 2016-04-03
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-10-28 Quarter: 2015-09-27
10-Q 2015-04-29 Quarter: 2015-03-29
10-Q 2015-08-26 Quarter: 2014-12-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-10-29 Quarter: 2014-09-28
10-Q 2014-07-29 Quarter: 2014-06-29
10-Q 2014-04-30 Quarter: 2014-03-30
10-K 2014-03-03 Annual: 2013-12-31
10-Q 2013-10-31 Quarter: 2013-09-29
10-Q 2013-07-31 Quarter: 2013-06-30
10-Q 2013-05-01 Quarter: 2013-03-31
10-K 2013-03-01 Annual: 2012-12-31
10-Q 2012-11-01 Quarter: 2012-09-30
10-Q 2012-08-01 Quarter: 2012-07-01
10-Q 2012-05-01 Quarter: 2012-04-01
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-02 Quarter: 2011-10-02
10-Q 2011-08-05 Quarter: 2011-07-03
10-Q 2011-05-03 Quarter: 2011-04-03
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-10-25 Quarter: 2010-09-26
10-Q 2010-07-29 Quarter: 2010-06-27
10-Q 2010-04-28 Quarter: 2010-03-28
10-K 2010-02-26 Annual: 2009-12-31
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 2019-08-09 M&A, Exhibits
8-K 2019-07-17 Earnings, Exhibits
8-K 2019-07-17 Leave Agreement, Exhibits
8-K 2019-05-17 Off-BS Arrangement, Other Events, Exhibits
8-K 2019-05-17 Enter Agreement, 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
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 Officers, Exhibits
8-K 2018-10-01 M&A, Exhibits
8-K 2018-10-01 Amend Bylaw, 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 2019-09-29
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 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits.
EX-15 ex15q32019.htm
EX-31 ex31q32019.htm
EX-32 ex32q32019.htm

Sonoco Products Earnings 2019-09-29

SON 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
AVY 9,619 5,390 4,327 7,064 1,878 243 228 10,875 27% 47.7 5%
PKG 8,670 7,074 4,153 7,050 1,718 792 1,519 10,586 24% 7.0 11%
CCK 8,021 15,565 14,271 11,698 390 551 1,211 16,340 3% 13.5 4%
SON 6,644 4,946 3,105 5,432 1,059 306 676 7,736 20% 11.4 6%
BMS 4,998 3,648 2,400 4,064 809 238 545 6,336 20% 11.6 7%
GPK 4,072 7,285 5,700 6,096 1,042 350 996 7,005 17% 7.0 5%
SLGN 3,307 5,111 4,498 706 201 540 5,907 16% 10.9 4%
OI 2,701 10,723 6,763 1,252 271 1,063 8,595 19% 8.1 3%
WMS 1,867 1,068 608 1,411 165 -179 -58 2,116 12% -36.6 -17%
UFPT 304 195 45 197 52 17 31 316 26% 10.1 9%

Document
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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 September 29, 2019
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 October 18, 2019:
Common stock, no par value: 100,097,858




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 29,
2019
December 31,
2018*
Assets
Current Assets
Cash and cash equivalents$115,853  $120,389  
Trade accounts receivable, net of allowances773,490  737,420  
Other receivables105,959  111,915  
Inventories, net:
Finished and in process167,341  174,115  
Materials and supplies330,293  319,649  
Prepaid expenses71,086  55,784  
1,564,022  1,519,272  
Property, Plant and Equipment, Net1,249,761  1,233,821  
Goodwill1,345,271  1,309,167  
Other Intangible Assets, Net344,246  352,037  
Deferred Income Taxes48,048  47,297  
Right of Use Asset-Operating Leases296,499  —  
Other Assets138,329  121,871  
Total Assets$4,986,176  $4,583,465  
Liabilities and Equity
Current Liabilities
Payable to suppliers$544,804  $556,011  
Accrued expenses and other378,900  322,958  
Notes payable and current portion of long-term debt374,745  195,445  
Accrued taxes9,009  8,516  
1,307,458  1,082,930  
Long-term Debt, Net of Current Portion1,180,221  1,189,717  
Noncurrent Operating Lease Liabilities252,460  —  
Pension and Other Postretirement Benefits197,453  374,419  
Deferred Income Taxes117,426  64,273  
Other Liabilities76,846  99,848  
Sonoco Shareholders’ Equity
Common stock, no par value
Authorized 300,000 shares
100,082 and 99,829 shares issued and outstanding
at September 29, 2019 and December 31, 2018, respectively
7,175  7,175  
Capital in excess of stated value308,868  304,709  
Accumulated other comprehensive loss(774,373) (740,913) 
Retained earnings2,300,006  2,188,115  
Total Sonoco Shareholders’ Equity1,841,676  1,759,086  
Noncontrolling Interests12,637  13,192  
Total Equity1,854,313  1,772,278  
Total Liabilities and Equity$4,986,176  $4,583,465  

*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
September 29, 2019September 30, 2018September 29, 2019September 30, 2018
Net sales$1,353,931  $1,364,762  $4,065,357  $4,035,322  
Cost of sales1,088,446  1,105,126  3,254,415  3,248,624  
Gross profit265,485  259,636  810,942  786,698  
Selling, general and administrative expenses120,322  136,002  395,096  414,474  
Restructuring/Asset impairment charges6,615  22,061  30,642  28,691  
Operating profit138,548  101,573  385,204  343,533  
Non-operating pension costs/(income)7,210  (25) 18,801  197  
Interest expense17,286  15,989  50,116  47,001  
Interest income2,530  1,487  4,023  4,017  
Income before income taxes116,582  87,096  320,310  300,352  
Provision for income taxes26,098  18,325  77,213  71,974  
Income before equity in earnings of affiliates90,484  68,771  243,097  228,378  
Equity in earnings of affiliates, net of tax1,799  4,049  4,240  9,012  
Net income92,283  72,820  247,337  237,390  
Net income attributable to noncontrolling interests(219) (405) (451) (1,508) 
Net income attributable to Sonoco$92,064  $72,415  $246,886  $235,882  
Weighted average common shares outstanding:
Basic100,778  100,640  100,727  100,534  
Diluted101,186  101,040  101,158  100,993  
Per common share:
Net income attributable to Sonoco:
Basic$0.91  $0.72  $2.45  $2.35  
Diluted$0.91  $0.72  $2.44  $2.34  
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
September 29, 2019September 30, 2018September 29, 2019September 30, 2018
Net income$92,283  $72,820  $247,337  $237,390  
Other comprehensive income/(loss):
Foreign currency translation adjustments(34,428) 1,186  (27,655) (40,418) 
Changes in defined benefit plans, net of tax(16,850) 6,961  (7,887) 22,200  
Changes in derivative financial instruments, net of tax(93) 1,659  1,290  394  
Other comprehensive income/(loss)$(51,371) $9,806  $(34,252) $(17,824) 
Comprehensive income40,912  82,626  $213,085  $219,566  
Net income attributable to noncontrolling interests(219) (405) (451) (1,508) 
Other comprehensive loss attributable to noncontrolling interests844  730  792  2,407  
Comprehensive income attributable to Sonoco$41,537  $82,951  $213,426  $220,465  
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, 2017$1,730,060  99,414  $7,175  $330,157  $(666,272) $2,036,006  $22,994  
Net income74,925  74,055  870  
Other comprehensive income:
Translation gain22,982  22,553  429  
Defined benefit plan adjustment, net of tax5,817  5,817  
Derivative financial instruments, net of tax1,047  1,047  
Other comprehensive income:$29,846  $29,417  $429  
Dividends(39,535) (39,535) 
Issuance of stock awards479  227  479  
Shares repurchased(4,088) (78) (4,088) 
Stock-based compensation3,048  3,048  
Impact of new accounting pronouncements1,721  (176) 1,897  
April 1, 2018$1,796,456  99,563  $7,175  $329,596  $(637,031) $2,072,423  $24,293  
Net income89,645  89,412  $233  
Other comprehensive income/(loss):
Translation loss:(64,587) (62,480) (2,107) 
Defined benefit plan adjustment, net of tax9,422  9,422  
Derivative financial instruments, net of tax(2,312) (2,312) 
Other comprehensive loss:$(57,477) $(55,370) $(2,107) 
Dividends(41,306) (41,306) 
Issuance of stock awards329  24  329  
Shares repurchased(471) (9) (471) 
Stock-based compensation3,074  3,074