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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, 2024
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 stock
SON
New York Stock Exchange
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 18, 2024 was 98,259,598.



SONOCO PRODUCTS COMPANY
INDEX
 
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 5.
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,
2024		December 31, 2023*
Assets
Current Assets
Cash and cash equivalents$1,930,633 $151,937 
Trade accounts receivable, net of allowances1,042,520 904,898 
Other receivables110,042 106,644 
Inventories, net:
Finished and in process304,042 324,910 
Materials and supplies451,210 448,591 
Prepaid expenses130,584 113,385 
Total Current Assets
3,969,031 2,050,365 
Property, Plant and Equipment, Net1,930,025 1,906,137 
Goodwill1,780,967 1,810,654 
Other Intangible Assets, Net785,616 853,670 
Deferred Income Taxes28,682 31,329 
Right of Use Asset-Operating Leases314,611 314,944 
Other Assets233,929 224,858 
Total Assets$9,042,861 $7,191,957 
Liabilities and Equity
Current Liabilities
Payable to suppliers$748,193 $707,490 
Accrued expenses and other438,296 400,014 
Notes payable and current portion of long-term debt481,706 47,132 
Accrued taxes10,084 10,641 
Total Current Liabilities
1,678,279 1,165,277 
Long-term Debt, Net of Current Portion4,320,442 3,035,868 
Noncurrent Operating Lease Liabilities269,251 265,454 
Pension and Other Postretirement Benefits137,302 142,900 
Deferred Income Taxes84,048 100,788 
Other Liabilities66,379 49,835 
Commitments and Contingencies
Sonoco Shareholders’ Equity
Common stock, no par value
Authorized 300,000 shares
       98,258 and 97,957 shares issued and outstanding
at September 29, 2024 and December 31, 2023, respectively
7,175 7,175 
Capital in excess of stated value175,532 159,047 
Accumulated other comprehensive loss(382,010)(366,262)
Retained earnings2,678,242 2,624,380 
Total Sonoco Shareholders’ Equity2,478,939 2,424,340 
Noncontrolling Interests8,221 7,495 
Total Equity2,487,160 2,431,835 
Total Liabilities and Equity$9,042,861 $7,191,957 
*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 (unaudited)
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, 2024October 1, 2023September 29, 2024October 1, 2023
Net sales$1,675,866 $1,710,419 $4,936,888 $5,145,492 
Cost of sales1,317,129 1,346,163 3,883,244 4,049,490 
Gross profit358,737 364,256 1,053,644 1,096,002 
Selling, general and administrative expenses190,645 182,672 586,337 541,421 
Restructuring/Asset impairment charges8,190 18,110 59,058 52,981 
(Loss)/Gain on divestiture of business and other assets(31,770)(537)(27,292)78,844 
Operating profit128,132 162,937 380,957 580,444 
Other income, net— 36,943 5,867 36,943 
Non-operating pension costs2,947 3,424 10,412 10,424 
Interest expense61,643 32,847 122,503 101,363 
Interest income6,014 3,173 13,127 6,679 
Income before income taxes69,556 166,782 267,036 512,279 
Provision for income taxes21,154 39,351 65,821 127,003 
Income before equity in earnings of affiliates48,402 127,431 201,215 385,276 
Equity in earnings of affiliates, net of tax2,807 3,627 6,218 8,795 
Net income51,209 131,058 207,433 394,071 
Net income attributable to noncontrolling interests(288)(309)(524)(354)
Net income attributable to Sonoco$50,921 $130,749 $206,909 $393,717 
Weighted average common shares outstanding:
Basic98,683 98,337 98,616 98,276 
Diluted99,267 98,912 99,221 98,800 
Per common share:
Net income attributable to Sonoco:
Basic$0.52 $1.33 $2.10 $4.01 
Diluted$0.51 $1.32 $2.09 $3.98 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)
4


SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (unaudited)
(Dollars in thousands)
 
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Net income$51,209 $131,058 $207,433 $394,071 
Other comprehensive income/(loss):
     Foreign currency translation adjustments35,922 (49,024)(17,272)4,474 
     Changes in defined benefit plans, net of tax1,036 3,401 3,158 2,554 
Changes in derivative financial instruments, net of tax60 (1,724)(1,432)2,218 
Other comprehensive income/(loss)37,018 (47,347)(15,546)9,246 
Comprehensive income:88,227 83,711 191,887 403,317 
Less: Net income attributable to noncontrolling interests(288)(309)(524)(354)
Less: Other comprehensive (income)/loss attributable to noncontrolling interests(711)668 (202)727 
Comprehensive income attributable to Sonoco$87,228 $84,070 $191,161 $403,690 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)
5

SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
CHANGES IN TOTAL EQUITY (unaudited)
(Dollars and shares in thousands)

Total EquityCommon SharesCapital in
Excess of
Stated Value		Accumulated
Other
Comprehensive
Loss		Retained
Earnings		Noncontrolling
Interests
OutstandingAmount
December 31, 2023$2,431,835 97,957 $7,175 $159,047 $(366,262)$2,624,380 $7,495 
Net income65,273 65,177 96 
Other comprehensive income/(loss):
Translation loss(19,786)(19,319)(467)
Defined benefit plan adjustment, net of tax43 43 
Derivative financial instruments, net of tax169 169 
Other comprehensive loss(19,574)(19,107)(467)
Dividends(50,348)(50,348)
Issuance of stock awards204 460 204 
Shares repurchased(9,139)(162)(9,139)
Share-based compensation8,325 8,325 
Other906 906 
March 31, 2024$2,427,482 98,255 $7,175 $159,343 $(385,369)$2,639,209 $7,124 
Net income90,951 90,811 140 
Other comprehensive income/(loss):
Translation loss(33,408)(33,366)(42)
Defined benefit plan adjustment, net of tax2,079 2,079 
Derivative financial instruments, net of tax(1,661)(1,661)
Other comprehensive loss(32,990)(32,948)(42)
Dividends(51,347)(51,347)
Issuance of stock awards181 4 181 
Shares repurchased(23)(1)(23)
Share-based compensation6,656 6,656 
Other957 957 
June 30, 2024$2,441,867 2,441,867 98,258 $7,175 $167,114 $(418,317)$2,678,673 $7,222 
Net income51,209 50,921 288 
Other comprehensive income:
Translation gain
35,922 35,211 711 
Defined benefit plan adjustment, net of tax1,036 1,036 
Derivative financial instruments, net of tax60 60 
Other comprehensive income37,018 36,307 711 
Dividends(51,352)(51,352)
Issuance of stock awards265 — 265 
Shares repurchased(10)— (10)
Share-based compensation7,682 7,682 
Other481 481 
September 29, 2024$2,487,160 98,258 $7,175 $175,532 $(382,010)$2,678,242 $8,221 

6

Total
Equity		Common SharesCapital in
Excess of
Stated Value		Accumulated
Other
Comprehensive
Loss		Retained
Earnings		Noncontrolling
Interests
OutstandingAmount
December 31, 2022$2,072,797 97,645 $7,175 $140,539 $(430,083)$2,348,183 $6,983 
Net income/(loss)148,264 148,319 (55)
Other comprehensive income:
Translation gain31,808 31,569 239 
Defined benefit plan adjustment, net of tax916 916 
Derivative financial instruments, net of tax2,514 2,514 
Other comprehensive income35,238 34,999 239 
Dividends(48,203)(48,203)
Issuance of stock awards472 485 472 
Shares repurchased(10,576)(175)(10,576)
Share-based compensation7,573 7,573 
April 2, 2023$2,205,565 97,955 $7,175 $138,008 $(395,084)$2,448,299 $7,167 
Net income114,749 114,649 $100 
Other comprehensive income/(loss):
Translation gain/(loss)21,690 21,988 (298)
Defined benefit plan adjustment, net of tax(1,763)(1,763)
Derivative financial instruments, net of tax1,428 1,428 
Other comprehensive income/(loss)21,355 21,653 (298)
Dividends(50,180)(50,180)
Issuance of stock awards222 1 222 
Shares repurchased(26)— (26)
Share-based compensation7,637 7,637 
July 2, 2023$2,299,322 97,956 $7,175 $145,841 $(373,431)$2,512,768 $6,969 
Net income131,058 130,749 $309 
Other comprehensive income/(loss):
Translation loss(49,024)(48,356)(668)
Defined benefit plan adjustment, net of tax3,401 3,401 
Derivative financial instruments, net of tax(1,724)(1,724)
Other comprehensive loss(47,347)(46,679)(668)
Dividends(50,185)(50,185)
Issuance of stock awards397 — 397 
Shares repurchased(3)— (3)
Share-based compensation5,913 5,913 
October 1, 2023$2,339,155 97,956 $7,175 $152,148 $(420,110)$2,593,332 $6,610 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)
7

SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands)
Nine Months Ended
September 29, 2024October 1, 2023
Cash Flows from Operating Activities:
Net income$207,433 $394,071 
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairments23,195 26,122 
Depreciation, depletion and amortization270,691 249,387 
Share-based compensation expense22,663 21,123 
Equity in earnings of affiliated companies, net(6,218)(8,795)
Cash dividends from affiliated companies5,624 7,881 
Net gain on disposition of assets(529)(59,050)
Net loss/(gain) on divestiture of business and other assets27,292 (54,842)
Remeasurement gain of investment in affiliated companies(6,012)— 
Pension and postretirement plan expense13,068 12,679 
Pension and postretirement plan contributions(14,680)(10,311)
Net decrease in deferred tax liabilities(17,109)(14,451)
Change in assets and liabilities, net of effects from acquisitions, divestitures and foreign currency adjustments:
Trade accounts receivable(182,626)(84,342)
Inventories(6,703)277,389 
Payable to suppliers73,504 (125,712)
Prepaid expenses(38,851)(14,285)
Income taxes payable and other income tax items23,274 9,549 
Accrued expenses and other assets and liabilities43,622 (9,536)
Net cash provided by operating activities437,638 616,877 
Cash Flows from Investing Activities:
Purchases of property, plant and equipment(271,332)(254,874)
Cost of acquisitions, net of cash acquired(3,743)(313,362)
Proceeds from the sale of business, net81,212 31,147 
Proceeds from the sale of assets, net4,515 72,737 
Proceeds from settlement of net investment hedge9,068 — 
Investment in affiliated companies(10,000)(7,500)
Other net investing activities12,221 12,123 
Net cash used by investing activities(178,059)(459,729)
Cash Flows from Financing Activities:
Net proceeds from issuance of debt1,813,754 905,601 
Principal repayment of debt(133,644)(878,513)
Net change in commercial paper33,983 — 
Net (decrease)/increase in book cash overdrafts(3,078)1,925 
Payment of loan financing costs(19,000)— 
Payment of contingent consideration(948)— 
Cash dividends(152,397)(147,477)
Payments for share repurchases(9,172)(10,605)
Net cash provided/(used) by financing activities1,529,498 (129,069)
Effects of Exchange Rate Changes on Cash(10,381)2,423 
Net Increase in Cash and Cash Equivalents1,778,696 30,502 
Cash and cash equivalents at beginning of period151,937 227,438 
Cash and cash equivalents at end of period$1,930,633 $257,940 
See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)
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 three- and nine-month periods ended September 29, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023.
As previously disclosed, effective January 1, 2024, the Company integrated its flexible packaging and thermoformed packaging businesses within its Consumer Packaging segment in order to streamline operations, enhance customer service, and better position the business for accelerated growth. As a result, the Company changed its operating and reporting structure to reflect the way it now manages its operations, evaluates performance, and allocates resources. As a result of these changes, the Company’s consumer thermoformed businesses moved from the All Other group of businesses to the Consumer Packaging segment. The Company’s Industrial Paper Packaging segment was not affected by these changes. All prior year segment results presented herein have been recast to conform to the new presentation.

Note 2: New Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which modifies the rules on income tax disclosures to require disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The purpose of the amendment is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. The Company will begin providing the enhanced reportable segment financial disclosures effective with its Annual Report on Form 10-K for the year ending December 31, 2024.
In September 2022, the FASB issued ASU 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations.” The amendments in this ASU require that a buyer in a supplier finance program disclose qualitative and quantitative information about its supplier finance programs in each annual reporting period, including a description of key payment terms, amounts outstanding, and a rollforward of the outstanding obligation. In each interim reporting period, the amount outstanding requires disclosure. The amendments were effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted this standard in the first quarter of 2023, with the exception of the amendment on rollforward information, which will be provided in the Company’s Annual Report on Form 10-K for the year ending December 31, 2024.
During the nine-month period ended September 29, 2024, there were no other newly issued or newly applicable accounting pronouncements that had, or are expected to have, a material impact on the Company’s financial statements. Further, at September 29, 2024, there were no other pronouncements pending adoption that are expected to have a material impact on the Company’s condensed consolidated financial statements.

9
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Note 3: Acquisitions and Divestitures
Acquisitions
On June 22, 2024, the Company entered into a definitive agreement to acquire all of the issued and outstanding equity interests in Titan Holdings I B.V. (“Eviosys”) from an affiliate of KPS Capital Partners, LP for €3,615,000 (approximately $3,900,000) on a cash-free and debt-free basis and subject to customary adjustments. Eviosys, a global supplier of metal packaging that produces food cans and ends, aerosol cans, metal closures and promotional packaging with a large metal food can manufacturing footprint in the Europe, Middle East, and Africa region, has approximately 6,300 employees in 44 manufacturing facilities across 17 countries. This acquisition is expected to accelerate the Company’s strategy to focus on and scale its core businesses. The acquisition of Eviosys is expected to close by the end of 2024, subject to the satisfaction or waiver of customary closing conditions, including expiration, termination or receipt of the applicable waiting period or clearances, as applicable, under certain specified antitrust laws. See Note 9 for information regarding how the Company plans to fund the pending Eviosys acquisition.
On June 1, 2024, the Company completed the purchase of a small tube and paper cone manufacturer in Brazil for $2,660. The financial results of this business are included in the Company’s Industrial Paper Packaging segment.
On December 1, 2023, the Company completed the acquisition of Inapel Embalagens Ltda. (“Inapel”), a manufacturer of single-layer and multilayer materials for flexible packaging in Brazil, for net consideration of $64,390, including $59,228 of cash paid at closing. During the second quarter of 2024, the Company paid additional consideration in the amount of $2,340 and a final net working capital settlement in the amount of $489. Additional obligations to the seller totaling $2,333 are expected to be paid before the end of 2024 and are recorded in “Payable to suppliers” in the Company’s Condensed Consolidated Balance Sheet as of September 29, 2024. With the acquisition of Inapel, the Company added approximately 500 employees and two manufacturing locations in the São Paulo region of Brazil. The financial results of Inapel are included in the Company’s Consumer Packaging segment.
The Company’s initial allocation of the assets acquired and liabilities assumed in the acquisition of Inapel, as well as revised preliminary fair values reflecting adjustments made during the measurement period, are as follows:
Initial AllocationMeasurement Period AdjustmentsPreliminary Allocation
Trade accounts receivable$30,301 $(133)$30,168 
Other receivables6,088 (465)5,623 
Inventories9,269 — 9,269 
Prepaid expenses1,430 — 1,430 
Property, plant and equipment11,456 17,425 28,881 
Right of use asset - operating leases217 — 217 
Other intangible assets8,653 188 8,841 
Goodwill15,704 (7,454)8,250 
Other assets793 — 793 
Payable to suppliers(15,899)2,951 (12,948)
Accrued expenses and other(5,733)(1,350)(7,083)
Noncurrent operating lease liabilities(117)— (117)
Deferred income taxes(2,934)(6,000)(8,934)
Total purchase price, net of cash acquired$59,228 $5,162 $64,390 
The allocation of the purchase price of Inapel to the tangible and intangible assets acquired and liabilities assumed, as reflected under the heading “Preliminary Allocation” in the table above, is based on the Company’s preliminary determinations of fair value using information currently available. Management is continuing to finalize its valuation of certain assets and liabilities including, but not limited to, inventory; property, plant and equipment; goodwill; other intangible assets; and deferred income taxes. The Company expects to complete its valuations during the fourth quarter of 2024.
10
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Goodwill for Inapel, none of which is currently deductible for income tax purposes, is primarily attributable to the assembled workforce and synergies of the combined organization.
On September 8, 2023, the Company completed the acquisition of the remaining 65% ownership interest in RTS Packaging, LLC (“RTS Packaging”) from joint venture partner WestRock Company (“WestRock”) and the acquisition of a paper mill in Chattanooga, Tennessee (the “Chattanooga Mill”) from WestRock for net cash consideration of $313,388. In December 2023, the Company agreed to a final working capital settlement of $452, which was paid to WestRock in January 2024. Prior to completing the acquisitions, the Company held a 35% ownership interest in the RTS Packaging joint venture which was formed in 1997 and combined the former protective packaging operations of WestRock and Sonoco to market recycled paperboard to glass container manufacturers and producers of wine, liquor, food, and pharmaceuticals. The financial results of RTS Packaging and the Chattanooga Mill are included in the Company’s Industrial Paper Packaging segment.
On September 8, 2023, the fair value of the Company’s 35% ownership interest in RTS Packaging was determined to be $59,472 based on the cash consideration exchanged for acquiring the remaining 65% ownership interest in RTS Packaging adjusted for the deemed payment of a control premium, and the carrying value of the 35% ownership interest in RTS Packaging was $8,654. The Company recognized a net gain of $44,029 resulting from this remeasurement to fair value and the reclassification of certain amounts related to the Company’s 35% ownership interest in RTS Packaging out of “Accumulated other comprehensive loss,” including foreign currency translation losses of $2,033 and losses related to defined benefit pension plans of $4,756. The net gain from such remeasurement and reclassification was recorded in “Other income, net” in the Company’s Condensed Consolidated Statements of Income for the period ended October 1, 2023.
The Company also recognized a loss of $7,086 on the settlement of a contract associated with the Chattanooga Mill. The contract was determined to have unfavorable terms given market conditions at the time of the acquisition. This loss is reflected in “Other income, net” in the Company’s Condensed Consolidated Statements of Income for the period ended October 1, 2023. This loss, along with the settlement of a note receivable from RTS Packaging held by the Company on the acquisition date, are reflected as components of purchase consideration transferred in connection with these acquisitions.
The following table provides a summary of the purchase consideration (as defined under Accounting Standards Codification (“ASC”) 805) transferred for the acquisitions of the remaining ownership interest in RTS Packaging and the Chattanooga Mill:
Purchase Consideration
Cash consideration, net of cash acquired $313,388 
Fair value of previously held ownership interest in RTS Packaging
59,472 
Final working capital adjustment452 
Settlement of preexisting relationships1,235 
Purchase consideration transferred$374,547 
During the three-month period ended September 29, 2024, the Company finalized its valuations of the assets acquired and liabilities assumed in the acquisitions of the remaining ownership interest in RTS Packaging and the Chattanooga Mill. As a result, final fair values reflecting adjustments made during the measurement period are as follows:
11
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Initial AllocationMeasurement Period AdjustmentsFinal Allocation
Trade accounts receivable$17,488 $— $17,488 
Inventories20,209 (947)19,262 
Prepaid expenses2,720 (589)2,131 
Property, plant and equipment73,483 753 74,236 
Right of use asset - operating leases34,604 290 34,894 
Other intangible assets199,560 (8,995)190,565 
Goodwill92,657 14,909 107,566 
Other assets2,465 (412)2,053 
Payable to suppliers(7,320)— (7,320)
Accrued expenses and other(15,167)(25)(15,192)
Notes payable and current portion of long-term debt(24)— (24)
Noncurrent operating lease liabilities(29,905)— (29,905)
Pension and other postretirement benefits(10,761)(768)(11,529)
Long-term debt(1,942)— (1,942)
Deferred income taxes(3,419)(2,502)(5,921)
Other long-term liabilities(3,293)1,478 (1,815)
Net assets acquired$371,355 $3,192 $374,547 
Goodwill for RTS Packaging and the Chattanooga Mill, of which approximately $81,000 is expected to be deductible for income tax purposes, is primarily attributable to the synergies of the combined organization and the assembled workforce.
The Company has accounted for these acquisitions as business combinations under the acquisition method and has included the results of operations of the acquired businesses in the Company’s Condensed Consolidated Statements of Income for the nine-month period ended September 29, 2024. The Company believes that these acquisitions were not material to the periods presented and are therefore not subject to the ASC 805 requirement to provide supplemental pro-forma financial information. Accordingly, this information is not presented herein.
Divestiture of Businesses
In September 2024, the Company entered into agreements to sell two of its production facilities in China, both of which are part of the Company’s Industrial Paper Packaging segment, for approximately $419. The sale of these facilities is expected to be completed in the fourth quarter of 2024. As a result of the pending sale, the Company wrote down the carrying amounts of the asset group to their estimated fair values based on the expected selling price less estimated costs to sell and recognized a loss of $29,965 in the third quarter of 2024. This loss is included in “(Loss)/Gain on divestiture of business and other assets” in the Company’s Condensed Consolidated Statements of Income. The fair value was determined from purchase prices reflected in the purchase and sale agreements, which is considered a Level 2 fair value measurement.
On April 1, 2024, the Company completed the sale of its Protective Solutions business (“Protexic”), part of the All Other group of businesses, to Black Diamond Capital Management, LLC (“Black Diamond”) for cash proceeds of $80,267. This business provided foam components and integrated material solutions for various industrial end markets. This sale was the result of the Company’s continuing evaluation of its business portfolio and is consistent with the Company’s strategic and investment priorities. In connection with the Protexic divestiture, the Company wrote off net assets totaling $74,126, including $16,559 of allocated goodwill and reclassified $2,913 of cumulative translation adjustment losses from Accumulated Other Comprehensive Loss, recognizing a preliminary pretax gain on the divestiture of $3,228 during the second quarter of 2024. In the third quarter of 2024, the Company paid a final net working capital adjustment of $1,805 to Black Diamond, resulting in a net pretax gain of $1,423 for the nine-month period ended September 29, 2024, which is included in “(Loss)/Gain on divestiture of business and other assets” in the Company’s Condensed Consolidated Statements of Income. The Company used the majority of the cash proceeds from the sale to pay down debt.
12
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

On July 1, 2023, the Company completed the sale of its U.S. BulkSak business, which consisted of the manufacturing and distribution of flexible intermediate bulk containers, plastic and fiber pallets, and custom fit liners and was a part of the Company’s Industrial Paper Packaging segment, to U.S. BulkSak Holdings, LLC. The cash selling price, as adjusted for the final working capital settlement, was $20,271 with cash proceeds totaling $18,271 received in 2023, and the remaining $2,000 held in escrow to be released to the Company within eighteen months from the date of the sale, pursuant to the settlement of any indemnity claims. The escrow balance of $2,000 is reflected in “Other receivables” on the Company’s Condensed Consolidated Balance Sheet as of September 29, 2024. As a result of the U.S. BulkSak divestiture, the Company wrote off net assets totaling $13,437, including $3,333 of allocated goodwill, and recognized a total pretax gain of $6,834 upon completion of the sale. The gain, of which $7,371 was recognized in the second quarter of 2023 as reflected in “(Loss)/Gain on divestiture of business and other assets” in the Company’s Condensed Consolidated Statements of Income, was reduced by $537 in the third quarter of 2023 upon the final working capital settlement.
On January 26, 2023, the Company completed the sale of its Sonoco Sustainability Solutions (“S3”) business, a provider of customized waste and recycling management programs and part of the Company’s Industrial Paper Packaging segment, to Northstar Recycling Co. (“Northstar”). The Company received cash proceeds of $13,839 at closing. An additional $1,500 of cash proceeds were released to the Company from escrow in September 2024. The Company wrote off net assets totaling $4,274 as part of the divestiture of the business, including $3,042 of allocated goodwill, and recognized a pretax gain of $11,065 during the first quarter of 2023. In the second quarter of 2024, upon resolution of certain contingencies, the Company received cash proceeds and recognized an additional pretax gain of $1,250 on the sale. These gains are included in “(Loss)/Gain on divestiture of business and other assets” in the Company’s Condensed Consolidated Statements of Income for their respective periods.
On January 26, 2023, in connection with the sale of the S3 business, the Company acquired a 2.7% equity interest in Northstar valued at $5,000. This investment is being accounted for under the measurement alternative (i.e., cost less impairment, adjusted for any qualifying observable price changes).
The sales of the production facilities in China and the Protexic, U.S. BulkSak, and S3 businesses did not represent a strategic shift for the Company and did not have a major effect on its operations or financial results. Consequently, these sales did not meet the criteria for reporting as discontinued operations.
Sale of Assets
With the completion of Project Horizon, the Company’s project to convert the corrugated medium machine in Hartsville, South Carolina, to produce uncoated recycled paperboard, the Company now produces paper exclusively from recycled fibers and no longer requires natural tree fiber for production. Accordingly, on March 29, 2023, the Company sold its timberland properties, totaling approximately 55,000 acres, to Manulife Investment Management for net cash proceeds of $70,802. The Company disposed of assets with a net book value of $9,857 as part of the sale, and recognized a pretax gain from the sale of these assets of $60,945 during the three-month period ended April 2, 2023, which is included in “(Loss)/Gain on divestiture of business and other assets” in the Company’s Condensed Consolidated Statements of Income.
Additional Ownership Investment
During the second quarter of 2024, the Company increased its ownership investment in a small South Carolina-based designer and manufacturer of sustainable protective packaging solutions from 20.5% to 39.9%. The Company acquired its initial ownership interest in June 2022. The preferred stock investment increased by $18,512 during the second quarter of 2024, which included a $10,000 cash payment, a $5,400 remeasurement of the fair value of the existing investment, and a $2,500 conversion of the carrying value of the outstanding convertible notes into a preferred series stock investment, which yielded a $467 fair value increase and a $145 increase for interest income earned. The outstanding investment of $21,212 as of September 29, 2024 is included within “Other assets” in the Company’s Condensed Consolidated Balance Sheet. The remeasurement of the carrying value of the existing investment to fair value during the second quarter of 2024 resulted in a gain of $5,867 and interest income of $145, which are included in “Other income, net” and “Interest income,” respectively, in the Company’s Condensed Consolidated Statements of Income.
13
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Acquisition, Integration, and Divestiture-Related Costs
Acquisition, integration, and divestiture-related costs totaled $49,804 and $77,734 during the three- and nine-month periods ended September 29, 2024, respectively, primarily related to the pending Eviosys acquisition. These costs included $19,623 and $47,553 incurred during the three- and nine-month periods ended September 29, 2024, respectively, for legal and professional fees and other integration and acquisition adjustments that are included in “Selling, general and administrative expenses,” and losses on treasury lock derivative instruments and amortization of financing fees totaling $30,181 related to debt instruments associated with the financing of the pending Eviosys acquisition that are included in “Interest expense” in the Company’s Condensed Consolidated Statements of Income.
Acquisition, integration, and divestiture-related costs totaled $12,472 and $22,192 during the three- and nine-month periods ended October 1, 2023, respectively. These costs included $7,525 and $17,245 incurred during the three- and nine-month periods ended October 1, 2023, respectively, for legal and professional fees, investment banking fees, and other transaction costs that are included in “Selling, general and administrative expenses,” and $4,947 of amortization of the fair value step-up of inventory, which is included in “Cost of sales” in the Company’s Condensed Consolidated Statements of Income.
Note 4: Shareholders’ Equity
Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share:
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Numerator:
Net income attributable to Sonoco$50,921 $130,749 $206,909 $393,717 
Denominator:
Weighted average common shares outstanding:
Basic98,683 98,337 98,616 98,276 
Dilutive effect of share-based compensation584 575 605 524 
Diluted99,267 98,912 99,221 98,800 
Net income attributable to Sonoco per common share:
Basic$0.52 $1.33 $2.10 $4.01 
Diluted$0.51 $1.32 $2.09 $3.98 
Cash dividends$0.52 $0.51 $1.55 $1.51 
No adjustments were made to “Net income attributable to Sonoco” in the computations of net income attributable to Sonoco per common share.
Anti-dilutive Securities
Potentially dilutive securities are calculated in accordance with the treasury stock method, which assumes the proceeds from the exercise of all dilutive stock appreciation rights (“SARs”) are used to repurchase the Company’s common stock. Certain SARs are not dilutive because either the exercise price is greater than the average market price of the stock during the reporting period or assumed repurchases from proceeds from the exercise of the SARs were anti-dilutive. These SARs may become dilutive in the future if the market price of the Company’s common stock appreciates.
The average numbers of SARs that were anti-dilutive and, therefore, not included in the computation of diluted earnings per share during the three- and nine-month periods ended September 29, 2024 and October 1, 2023 were as follows (in thousands):
14
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Anti-dilutive stock appreciation rights455338378341
Stock Repurchases
On April 20, 2021, the Company’s Board of Directors (the “Board”) authorized the repurchase of the Company’s common stock in an aggregate amount of up to $350,000. Following several repurchase transactions in 2021, a total of $137,972 remained available for share repurchases under this authorization as of December 31, 2021. No shares were repurchased under this authorization during the years ended December 31, 2022 or 2023 or the nine-month period ended September 29, 2024.
The Company regularly repurchases shares of its common stock to satisfy employee tax withholding obligations in association with certain share-based compensation awards. These repurchases, which are not part of a publicly announced plan or program, totaled 163 shares during the nine-month period ended September 29, 2024, at a cost of $9,172, and 175 shares during the nine-month period ended October 1, 2023, at a cost of $10,605.
Dividend Declarations
On February 14, 2024, the Board declared a regular quarterly dividend of $0.51 per share. This dividend was paid on March 8, 2024 to all shareholders of record as of February 28, 2024.
On April 17, 2024, the Board declared a regular quarterly dividend of $0.52 per share. This dividend was paid on June 10, 2024 to all shareholders of record as of May 10, 2024.
On July 17, 2024, the Board declared a regular quarterly dividend of $0.52 per share. This dividend was paid on September 10, 2024 to all shareholders of record as of August 9, 2024.
On October 15, 2024, the Board declared a regular quarterly dividend of $0.52 per share. This dividend is payable on December 10, 2024 to all shareholders of record as of November 8, 2024.
Note 5: Restructuring and Asset Impairments
Due to its geographic footprint and the cost-competitive nature of its businesses, the Company is continually seeking more cost-effective means and structures to serve its customers and to respond to changes in its markets. As such, restructuring costs have been, and are expected to be, a recurring component of the Company’s operating costs. The amount of these costs can vary significantly from quarter to quarter and from year to year depending upon the scope, nature, and location of the restructuring activities.
Following are the total restructuring and asset impairment charges, net of adjustments, recognized during the periods presented:
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Restructuring and restructuring-related asset impairment charges$8,190 $18,110 $59,058 $52,981 
Other asset impairments— — — — 
Restructuring/Asset impairment charges$8,190 $18,110 $59,058 $52,981 

15
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Severance and termination benefits$2,649 $9,736 $26,742 $19,370 
Asset impairments2,501 6,123 22,844 26,122 
Other costs3,040 2,251 9,472 7,489 
Restructuring and restructuring-related asset impairment charges$8,190 $18,110 $59,058 $52,981 
The table below sets forth restructuring and restructuring-related asset impairment charges attributable to each reportable segment, the All Other group of businesses, and Corporate-related activity:
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Consumer Packaging$4,509 $9,784 $20,597 $16,479 
Industrial Paper Packaging3,798 6,430 34,138 32,961 
All Other— 270 1,362 1,188 
Corporate(117)1,626 2,961 2,353 
Restructuring and restructuring-related asset impairment charges$8,190 $18,110 $59,058 $52,981 <