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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 July 3, 2022
or 
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File No. 001-11261
Sonoco Products Company
(Exact name of registrant as specified in its charter)
South Carolina
57-0248420
(State or other jurisdiction of incorporation of organization)
(I.R.S. Employer Identification No.)
1 N. Second St., Hartsville, South Carolina
29550
(address of principal executive offices)(Zip Code)
(843) 383-7000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
No par value common stockSONNew York Stock Exchange LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒   No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer
☐
Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The number of shares outstanding of the registrant's no par value common stock as of July 22, 2022 was 97,506,056.



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)
July 3,
2022		December 31,
2021
Assets
Current Assets
Cash and cash equivalents$174,996 $170,978 
Trade accounts receivable, net of allowances1,025,680 755,609 
Other receivables98,735 95,943 
Inventories, net:
Finished and in process457,139 199,823 
Materials and supplies517,352 362,290 
Prepaid expenses102,582 74,034 
2,376,484 1,658,677 
Property, Plant and Equipment, Net1,628,818 1,297,500 
Goodwill1,658,358 1,324,501 
Other Intangible Assets, Net733,214 278,143 
Deferred Income Taxes23,026 25,818 
Right of Use Asset-Operating Leases296,643 268,390 
Other Assets272,967 220,206 
Total Assets$6,989,510 $5,073,235 
Liabilities and Equity
Current Liabilities
Payable to suppliers$938,934 $721,312 
Accrued expenses and other386,663 381,350 
Notes payable and current portion of long-term debt399,025 411,557 
Accrued taxes20,516 11,544 
1,745,138 1,525,763 
Long-term Debt, Net of Current Portion2,727,916 1,199,106 
Noncurrent Operating Lease Liabilities254,520 234,167 
Pension and Other Postretirement Benefits153,807 158,265 
Deferred Income Taxes130,421 70,482 
Other Liabilities41,317 35,911 
Sonoco Shareholders’ Equity
Common stock, no par value
Authorized 300,000 shares
97,495 and 97,370 shares issued and outstanding
at July 3, 2022 and December 31, 2021, respectively
7,175 7,175 
Capital in excess of stated value128,332 119,690 
Accumulated other comprehensive loss(430,677)(359,425)
Retained earnings2,224,845 2,070,005 
Total Sonoco Shareholders’ Equity1,929,675 1,837,445 
Noncontrolling Interests6,716 12,096 
Total Equity1,936,391 1,849,541 
Total Liabilities and Equity$6,989,510 $5,073,235 
*The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (the "United States" or "U.S.").
See accompanying Notes to Condensed Consolidated Financial Statements
3


SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(Dollars and shares in thousands except per share data)
 
Three Months EndedSix Months Ended
July 3, 2022July 4, 2021July 3, 2022July 4, 2021
Net sales$1,913,332 $1,382,754 $3,684,314 $2,736,058 
Cost of sales1,526,331 1,120,101 2,925,748 2,195,504 
Gross profit387,001 262,653 758,566 540,554 
Selling, general and administrative expenses178,962 128,807 369,323 274,037 
Restructuring/Asset impairment charges/(income)10,563 (1,445)22,705 5,401 
Loss on divestiture of business— — — 5,516 
Operating profit197,476 135,291 366,538 255,600 
Non-operating pension costs1,677 555,009 3,002 562,293 
Interest expense23,947 17,513 44,528 36,014 
Interest income786 2,719 2,302 3,489 
Loss from the early extinguishment of debt— 20,184 — 20,184 
Income/(Loss) before income taxes172,638 (454,696)321,310 (359,402)
Provision for/(Benefit from) income taxes44,599 (118,151)79,888 (94,106)
Income/(Loss) before equity in earnings of affiliates128,039 (336,545)241,422 (265,296)
Equity in earnings of affiliates, net of tax3,728 2,306 5,952 3,350 
Net income/(loss)131,767 (334,239)247,374 (261,946)
Net (income)/loss attributable to noncontrolling interests(95)169 (369)172 
Net income/(loss) attributable to Sonoco$131,672 $(334,070)$247,005 $(261,774)
Weighted average common shares outstanding:
Basic97,999 100,082 97,961 100,571 
Diluted98,686 100,082 98,621 100,571 
Per common share:
Net income/(loss) attributable to Sonoco:
Basic$1.34 $(3.34)$2.52 $(2.60)
Diluted$1.33 $(3.34)$2.50 $(2.60)

See accompanying Notes to Condensed Consolidated Financial Statements
4


SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (unaudited)
(Dollars in thousands)
 
Three Months EndedSix Months Ended
July 3, 2022July 4, 2021July 3, 2022July 4, 2021
Net income/(loss)$131,767 $(334,239)$247,374 $(261,946)
Other comprehensive (loss)/income:
     Foreign currency translation adjustments(70,314)12,596 (69,608)(19,945)
     Changes in defined benefit plans, net of tax(1,928)422,745 (1,737)428,130 
Changes in derivative financial instruments, net of tax(2,090)3,482 460 4,440 
Other comprehensive (loss)/ income$(74,332)$438,823 $(70,885)$412,625 
Comprehensive income:57,435 104,584 176,489 150,679 
Less: Net (income)/loss attributable to noncontrolling interests$(95)$169 $(369)$172 
Less: Other comprehensive loss/(income) attributable to noncontrolling interests$524 $(759)$(367)$(239)
Comprehensive income attributable to Sonoco$57,864 $103,994 $175,753 $150,612 
See accompanying Notes to Condensed Consolidated Financial Statements
5

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

Total
Equity		Common SharesCapital in
Excess of
Stated Value		Accumulated
Other
Comprehensive
Loss		Retained
Earnings		Noncontrolling
Interests
OutstandingAmount
December 31, 2020$1,910,528 100,447 $7,175 $314,056 $(756,842)$2,335,216 $10,923 
Net income/(loss)72,293 72,297 (4)
Other comprehensive income/(loss):
Translation loss(32,541)(32,021)(520)
Defined benefit plan adjustment, net of tax5,385 5,385 
Derivative financial instruments, net of tax958 958 
Other comprehensive loss$(26,198)$(25,678)$(520)
Dividends(45,510)(45,510)
Issuance of stock awards364 245 364 
Shares repurchased(5,051)(85)(5,051)
Share-based compensation6,372 6,372 
April 4, 2021$1,912,798 100,607 $7,175 $315,741 $(782,520)$2,362,003 $10,399 
Net loss(334,239)(334,070)(169)
Other comprehensive income:
Translation gain12,596 11,837 759 
Defined benefit plan adjustment, net of tax422,745 422,745 
Derivative financial instruments, net of tax3,482 3,482 
Other comprehensive income$438,823 $438,064 $759 
Dividends(45,503)(45,503)
Issuance of stock awards246 41 246 
Shares repurchased(154,519)(1,819)(154,519)
Share-based compensation4,827 4,827 
July 4, 2021$1,822,433 98,829 $7,175 $166,295 $(344,456)$1,982,430 $10,989 

6

Total EquityCommon SharesCapital in
Excess of
Stated Value		Accumulated
Other
Comprehensive
Loss		Retained
Earnings		Noncontrolling
Interests
OutstandingAmount
December 31, 2021$1,849,541 97,370 $7,175 $119,690 $(359,425)$2,070,005 $12,096 
Net income115,607 115,333 274 
Other comprehensive income/(loss):
Translation income/(loss)706 (185)891 
Defined benefit plan adjustment, net of tax191 191 
Derivative financial instruments, net of tax2,550 2,550 
Other comprehensive income$3,447 $2,556 $891 
Dividends(44,124)(44,124)
Purchase of noncontrolling interest(13,196)(7,080)(6,116)
Issuance of stock awards377 182 377 
Shares repurchased(3,410)(60)(3,410)
Share-based compensation10,689 10,689 
April 3, 2022$1,918,931 97,492 $7,175 $120,266 $(356,869)$2,141,214 $7,145 
Net income131,767 131,672 95 
Other comprehensive loss
Translation loss(70,314)(69,790)(524)
Defined benefit plan adjustment, net of tax(1,928)(1,928)
Derivative financial instruments, net of tax(2,090)(2,090)
Other comprehensive loss$(74,332)$(73,808)$(524)
Dividends(48,041)(48,041)
Issuance of stock awards263 13 263 
Shares repurchased(574)(10)(574)
Share-based compensation8,377 8,377 
July 3, 2022$1,936,391 97,495 $7,175 $128,332 $(430,677)$2,224,845 $6,716 

See accompanying Notes to Condensed Consolidated Financial Statements
7

SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands)
Six Months Ended
July 3, 2022July 4, 2021
Cash Flows from Operating Activities:
Net income$247,374 $(261,946)
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairments9,683 4,852 
Depreciation, depletion and amortization145,952 121,792 
Loss on early extinguishment of debt— 20,184 
Share-based compensation expense19,065 11,199 
Equity in earnings of affiliates(5,952)(3,350)
Cash dividends from affiliated companies4,369 3,930 
Net loss/(gain) on disposition of assets(648)(3,279)
Net loss on divestiture of businesses— 5,516 
Pension and postretirement plan expense4,826 576,297 
Pension and postretirement plan contributions(30,843)(162,352)
Net increase/(decrease) in deferred taxes12,657 (154,242)
Change in assets and liabilities, net of effects from acquisitions and foreign currency adjustments:
Trade accounts receivable(174,064)(104,925)
Inventories(232,734)(61,724)
Payable to suppliers148,319 121,054 
Prepaid expenses(1,539)(2,581)
Income taxes payable and other income tax items26,447 7,965 
Accrued expenses and other assets and liabilities11,553 (16,437)
Net cash provided by operating activities184,465 101,953 
Cash Flows from Investing Activities:
Purchases of property, plant and equipment(148,917)(99,959)
Cost of acquisitions, net of cash acquired(1,333,769)(2,353)
Proceeds from the sale of businesses, net— 86,071 
Proceeds from the sale of assets4,798 7,433 
Other net investing proceeds(2,376)4,304 
Net cash used in investing activities(1,480,264)(4,504)
Cash Flows from Financing Activities:
Proceeds from issuance of debt1,570,137 18,361 
Principal repayment of debt(51,142)(259,225)
Net change in commercial paper(91,000)128,000 
Net decrease in outstanding checks(14,599)(15,620)
Proceeds from foreign exchange forward contracts and interest rate swaps— 4,387 
Cash dividends(91,525)(90,401)
Purchase of noncontrolling interest(14,474)— 
Excess cash costs of early extinguishment of debt— (20,111)
Payments for share repurchases(3,984)(159,571)
Net cash provided/(used) by financing activities1,303,413 (394,180)
Effects of Exchange Rate Changes on Cash(3,596)(4,588)
Net Increase/(Decrease) in Cash and Cash Equivalents4,018 (301,319)
Cash and cash equivalents at beginning of period170,978 564,848 
Cash and cash equivalents at end of period$174,996 $263,529 
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 three- and six-month periods ended July 3, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021.
With respect to the unaudited condensed consolidated financial information of the Company for the three- and six-month periods ended July 3, 2022 and July 4, 2021 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 August 2, 2022 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 March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-02, "Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments in this update eliminate the accounting guidance for troubled debt restructurings while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The amendments in this update also require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases. The Company does not expect this pronouncement to materially affect its consolidated financial statements.
In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." Under current accounting standards, contract assets and contract liabilities acquired in a business combination are to be recorded at fair value using the ASC 805 measurement principle. ASU 2021-08 requires the acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606: Revenue from Contracts with Customers as if the acquirer had originated the contracts rather than at fair value. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company elected to early adopt ASU 2021-08 on a prospective basis as of January 1, 2022. The election to use practical expedients allowed under ASU 2021-08 will be applied on an acquisition-by-acquisition basis. There was no impact to the Company’s consolidated financial statements as of the adoption date.
During the six-month period ended July 3, 2022, there have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s financial statements. Further, at July 3, 2022, there are no other pronouncements pending adoption that are expected to have a material impact on the Company’s 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 January 26, 2022, the Company completed the acquisition of Ball Metalpack Holding, LLC, renamed Sonoco Metal Packaging ("Metal Packaging"), a leading supplier of sustainable metal packaging for food and household products and the largest aerosol can producer in North America, for $1,348,589, net of cash acquired. As previously disclosed, final consideration was subject to customary post-closing adjustments for working capital, cash and indebtedness and was finalized in the second quarter of 2022. The Company received cash from the sellers totaling $14,820, of which $6,924 was included in "Other receivables" in the Company's Condensed Consolidated Balance Sheet at April 3, 2022. Prior to the Company's acquisition of Metal Packaging, Ball Metalpack Holding, LLC was a joint venture formed in 2018 and owned by Platinum Equity (51%) and Ball Corporation (49%). Metal Packaging consists of eight manufacturing plants in the United States and a headquarters facility in Broomfield, Colorado. This acquisition fits the Company's strategy of investing in its core businesses as it complements the Company's largest Consumer Packaging franchise, global rigid paper containers, and further expands the Company's sustainable packaging portfolio to include metal packaging.
The Company's initial preliminary fair values of the assets acquired and the liabilities assumed in the Metal Packaging acquisition, as well as revised preliminary fair values reflecting measurement period adjustments made during the second quarter of 2022, are as follows:
Initial AllocationMeasurement Period AdjustmentsRevised Allocation
Trade accounts receivable$123,001 $— $123,001 
Inventories190,070 575 190,645 
Prepaid expenses44,530 — 44,530 
Property, plant and equipment333,496 (418)333,078 
Right of use asset - operating leases38,000 — 38,000 
Other intangible assets498,000 — 498,000 
Goodwill366,098 (10,151)355,947 
Other net tangible assets48,069 (196)47,873 
Payable to suppliers(105,580)— (105,580)
Accrued expenses and other(25,253)489 (24,764)
Notes payable and current portion of long-term debt(46,463)— (46,463)
Noncurrent operating lease liabilities(30,448)— (30,448)
Long-term debt(39,543)— (39,543)
Deferred income taxes(52,312)1,805 (50,507)
Total purchase price, net of cash acquired$1,341,665 $(7,896)$1,333,769 

The allocation of the purchase price of Metal Packaging to the tangible and intangible assets acquired and liabilities assumed, as reflected under the heading "Revised Valuation" in the table above, is based on the Company's preliminary estimates of their fair value, based on 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; deferred income taxes; trade accounts receivable; and accrued expenses and other, and expects to complete its valuations within one year of the date of acquisition.
Factors comprising goodwill include increased access to certain markets as well as the value of the assembled workforce. Approximately 67% of goodwill is expected to be deductible for income tax purposes. Metal Packaging's financial results are included in the Company's Consumer Packaging segment.
The Company has accounted for this acquisition as a business combination under the acquisition method and has included the results of operations of the acquired business in the Company's Condensed Consolidated Statements of Income from the date of acquisition.

10
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

The following table presents the unaudited financial results for Metal Packaging for the three-month period ended July 3, 2022 and from the date of acquisition through July 3, 2022:

Supplemental Information (unaudited)Three Months EndedJanuary 26 to
Metal PackagingJuly 3, 2022July 3, 2022
Net sales$291,332 $462,550 
Net income$30,428 $44,447 

The following table presents the Company’s estimated unaudited pro forma consolidated results for the three- and six-month periods ended July 3, 2022 and July 4, 2021, assuming the acquisition of Metal Packaging had occurred on January 1, 2021. This unaudited pro forma information is presented for informational purposes only and does not purport to represent the results of operations that would have been achieved if the acquisition had been completed at the beginning of 2021, nor is it necessarily indicative of future consolidated results.
Pro Forma Supplemental Information (unaudited)Three Months EndedSix Months Ended
ConsolidatedJuly 3, 2022July 4, 2021July 3, 2022July 4, 2021
Net sales