Sonoco Products Co 10-Q for FY2021 Q3

Sonoco Products Co (SON)

10-Q 2021-11-02 For: 2021-10-03

Added on April 08, 2026

About this 10-Q

Sonoco Products Co filed this 10-Q on November 2, 2021, covering the quarter ended October 3, 2021 (FY2021 Q3).

Headline figures

Quarter ended October 3, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.42B; up 7.8% from $1.31B a year earlier
Net income: $111.14M; up 33.2% from net income of $83.45M a year earlier
Diluted EPS: $1.12; up 36.6% from $0.82 a year earlier

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
No par value common stock	SON	New York Stock Exchange, LLC


PART I. FINANCIAL INFORMATION		3

Item 1.	Financial Statements:	3

	Condensed Consolidated Balance Sheets - October 3 , 2021 (unaudited) and December 31, 2020 (unaudited)	3

	Condensed Consolidated Statements of Income – Three and Nine Months Ended October 3, 2021 (unaudited) and September 27, 2020 (unaudited)	4

	Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended O ctober 3 , 2021 (unaudited) and September 27 , 2020 (unaudited)	5

	Condensed Consolidated Statements of Changes in Total Equity – Three and Nine Months Ended October 3 , 2021 (unaudited) and September 27 , 2020 (unaudited)	6

	Condensed Consolidated Statements of Cash Flows – Nine Months Ended October 3 , 2021 (unaudited) and September 27 , 2020 (unaudited)	8

	Notes to Condensed Consolidated Financial Statements (unaudited)	9

	Report of Independent Registered Public Accounting Firm	37

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	38

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	59

Item 4.	Controls and Procedures.	59

PART II. OTHER INFORMATION		59

Item 1.	Legal Proceedings.	59

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	60

Item 6.	Exhibits.	61


	October 3, 2021		December 31, 2020*
Assets
Current Assets
Cash and cash equivalents	$	160,012	$	564,848
Trade accounts receivable, net of allowances	755,638		658,808
Other receivables	94,884		103,636
Inventories, net:
Finished and in process	186,872		167,018
Materials and supplies	343,239		283,673
Prepaid expenses	60,010		52,564

	1,600,655		1,830,547
Property, Plant and Equipment, Net	1,232,074		1,244,110
Goodwill	1,323,723		1,389,255
Other Intangible Assets, Net	281,533		321,934
Deferred Income Taxes	38,398		42,479
Right of Use Asset-Operating Leases	269,855		296,020
Other Assets	178,912		152,914
Total Assets	$	4,925,150	$	5,277,259
Liabilities and Equity
Current Liabilities
Payable to suppliers	$	686,113	$	536,939
Accrued expenses and other	366,126		511,489
Notes payable and current portion of long-term debt	275,799		455,784
Accrued taxes	21,203		7,415

	1,349,241		1,511,627
Long-term Debt, Net of Current Portion	1,192,707		1,244,440
Noncurrent Operating Lease Liabilities	236,590		262,048
Pension and Other Postretirement Benefits	164,584		171,518
Deferred Income Taxes	67,627		86,018
Other Liabilities	53,669		91,080


Sonoco Shareholders’ Equity
Common stock, no par value
Authorized 300,000 shares 98,326 and 100,447 shares issued and outstanding at October 3, 2021 and December 31, 2020, respectively	7,175		7,175
Capital in excess of stated value	172,655		314,056
Accumulated other comprehensive loss	(378,910)		(756,842)
Retained earnings	2,049,072		2,335,216
Total Sonoco Shareholders’ Equity	1,849,992		1,899,605
Noncontrolling Interests	10,740		10,923
Total Equity	1,860,732		1,910,528
Total Liabilities and Equity	$	4,925,150	$	5,277,259


	Three Months Ended				Nine Months Ended
	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
Net sales	$	1,415,193	$	1,312,314	$	4,151,251	$	3,861,095
Cost of sales	1,157,462		1,055,304		3,352,966		3,089,512
Gross profit	257,731		257,010		798,285		771,583
Selling, general and administrative expenses	130,580		126,117		404,617		371,376
Restructuring/Asset impairment charges	3,488		24,149		8,889		59,633
Gain/(Loss) on divestiture of businesses	2,849		—		(2,667)		—
Operating profit	126,512		106,744		382,112		340,574
Non-operating pension costs	525		7,453		562,818		22,632
Interest expense	14,753		19,377		50,767		55,469
Interest income	534		796		4,023		2,158
Loss from the early extinguishment of debt	—		—		20,184		—
Income/(Loss) before income taxes	111,768		80,710		(247,634)		264,631
Provision for/(Benefit from) income taxes	2,564		(649)		(91,542)		49,337
Income/(Loss) before equity in earnings of affiliates	109,204		81,359		(156,092)		215,294
Equity in earnings of affiliates, net of tax	2,351		1,939		5,701		3,230
Net income/(loss)	111,555		83,298		(150,391)		218,524
Net (income)/loss attributable to noncontrolling interests	(415)		151		(243)		581
Net income/(loss) attributable to Sonoco	$	111,140	$	83,449	$	(150,634)	$	219,105
Weighted average common shares outstanding:
Basic	98,955		100,974		100,039		100,935
Diluted	99,425		101,245		100,039		101,155
Per common share:
Net income/(loss) attributable to Sonoco:
Basic	$	1.12	$	0.83	$	(1.51)	$	2.17
Diluted	$	1.12	$	0.82	$	(1.51)	$	2.17


	Three Months Ended				Nine Months Ended
	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
Net income/(loss)	$	111,555	$	83,298	$	(150,391)	$	218,524
Other comprehensive (loss)/ income:
Foreign currency translation adjustments	(37,741)		24,647		(57,686)		(37,701)
Changes in defined benefit plans, net of tax	1,693		5,280		429,823		15,476
Changes in derivative financial instruments, net of tax	930		2,285		5,370		(440)
Other comprehensive (loss)/income	$	(35,118)	$	32,212	$	377,507	$	(22,665)
Comprehensive income:	76,437		115,510		227,116		195,859
Net (income)/loss attributable to noncontrolling interests	(415)		151		(243)		581
Other comprehensive loss attributable to noncontrolling interests	664		27		425		2,254
Comprehensive income attributable to Sonoco	$	76,686	$	115,688	$	227,298	$	198,694


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Incorporated under the laws of South Carolina						I.R.S. Employer Identification No. 57-0248420


*			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.


	Total Equity		Common Shares			Capital in Excess of Stated Value		Accumulated Other Comprehensive Loss		Retained Earnings		Noncontrolling Interests
			Outstanding	Amount
December 31, 2019	$	1,815,705	100,198	$	7,175	$	310,778	$	(816,803)	$	2,301,532	$	13,023
Net income/(loss)	80,236									80,445		(209)
Other comprehensive income/(loss):
Translation loss	(95,212)							(93,575)				(1,637)
Defined benefit plan adjustment, net of tax	5,780							5,780
Derivative financial instruments, net of tax	(4,555)							(4,555)
Other comprehensive loss	$	(93,987)						$	(92,350)			$	(1,637)
Dividends	(43,339)									(43,339)
Issuance of stock awards	376		196			376
Shares repurchased	(3,938)		(65)			(3,938)
Stock-based compensation	597					597
Impact of new accounting pronouncements	(209)									(209)
March 29, 2020	$	1,755,441	100,329	$	7,175	$	307,813	$	(909,153)	$	2,338,429	$	11,177
Net income/(loss)	54,990									55,211		$	(221)
Other comprehensive income/(loss):
Translation gain/(loss)	32,864							33,454				(590)
Defined benefit plan adjustment, net of tax	4,416							4,416
Derivative financial instruments, net of tax	1,830							1,830
Other comprehensive income/(loss)	$	39,110						$	39,700			$	(590)
Dividends	(43,451)									(43,451)
Issuance of stock awards	287		2			287
Shares repurchased	(12)		(1)			(12)
Stock-based compensation	1,339					1,339
June 28, 2020	$	1,807,704	100,330	$	7,175	$	309,427	$	(869,453)	$	2,350,189	$	10,366
Net income/(loss)	83,298									83,449		(151)
Other comprehensive income/(loss):
Translation gain/(loss)	24,647							24,674				(27)
Defined benefit plan adjustment, net of tax	5,280							5,280				—
Derivative financial instruments, net of tax	2,285							2,285				—
Other comprehensive income/(loss)	$	32,212						$	32,239			$	(27)
Dividends	(43,366)									(43,366)
Issuance of stock awards	256		150			256
Shares repurchased	(3,385)		(64)			(3,385)
Stock-based compensation	4,614					4,614
September 27, 2020	$	1,881,333	100,416	$	7,175	$	310,912	$	(837,214)	$	2,390,272	$	10,188


	U.S. Display and Packaging		Wilson Thermoforming
Trade accounts receivable	$	26,342	$	—
Inventories	8,434		1,805
Property, plant and equipment, net	9,551		550
Right of use asset - operating leases	11,627		147
Goodwill	53,039		1,058
Trade accounts payable	(10,735)		—
Accrued expenses	(2,197)		(54)
Operating lease liabilities	(12,343)		(70)
Other net tangible assets	716		—
Net asset disposal	$	84,434	$	3,436
Net Proceeds	81,675		3,528
Loss/(Gain) on sale of business	$	2,759	$	(92)


						Nine Months Ended
						October 3, 2021
Dilutive securities excluded due to reported loss						469


	Severance and Termination Benefits		Asset Impairment/ Disposal of Assets		Other Costs		Total
Accrual Activity
Liability at December 31, 2020	$	15,955	$	—	$	511	$	16,466
2021 charges/(gains)	7,592		(8,207)		4,663		4,048

Cash receipts/(payments)	(14,790)		13,442		(5,059)		(6,407)
Asset write downs/disposals	—		(5,235)		356		(4,879)
Foreign currency translation	(294)		—		1		(293)
Liability at October 3, 2021	$	8,463	$	—	$	472	$	8,935


	Foreign Currency Items		Defined Benefit Pension Items		Cash Flow Hedges		Accumulated Other Comprehensive Loss

Balance at December 31, 2020	$	(194,024)	$	(562,747)	$	(71)	$	(756,842)
Other comprehensive (loss)/income before reclassifications	(57,261)		11,302		7,804		(38,155)
Amounts reclassified from accumulated other comprehensive loss to net loss	—		418,521		(2,403)		416,118
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		(31)		(31)
Other comprehensive (loss)/income	(57,261)		429,823		5,370		377,932

Balance at October 3, 2021	$	(251,285)	$	(132,924)	$	5,299	$	(378,910)

Balance at December 31, 2019	$	(241,994)	$	(574,413)	$	(396)	$	(816,803)
Other comprehensive loss before reclassifications	(35,447)		(885)		(3,362)		(39,694)
Amounts reclassified from accumulated other comprehensive loss to net income	—		16,361		2,922		19,283

Other comprehensive (loss)/income	(35,447)		15,476		(440)		(20,411)

Balance at September 27, 2020	$	(277,441)	$	(558,937)	$	(836)	$	(837,214)


	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended				Nine Months Ended
Details about Accumulated Other Comprehensive Loss Components	October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020		Affected Line Item in the Condensed Consolidated Statements of Income
Gains/(losses) on cash flow hedges
Foreign exchange contracts	$	937	$	(1,723)	$	2,766	$	(6,245)	Net sales
Foreign exchange contracts	(711)		867		(2,129)		3,744		Cost of sales
Commodity contracts	2,051		(792)		2,626		(1,346)		Cost of sales
	$	2,277	$	(1,648)	$	3,263	(3,847)		Income/(Loss) before income taxes
	(607)		403		(860)		925		(Benefit from)/Provision for income taxes
	$	1,670	$	(1,245)	$	2,403	(2,922)		Net income/ (loss)
Defined benefit pension items
Effect of curtailment loss(a)	—		—		—		(31)		Non-operating pension costs
Effect of settlement loss(a)	(21)		—		(547,652)		(661)		Non-operating pension costs
Amortization of defined benefit pension items(a)	(1,640)		(7,103)		(14,973)		(21,185)		Non-operating pension costs
	$	(1,661)	$	(7,103)	$	(562,625)	(21,877)		(Loss)/Income before income taxes
	382		1,800		144,104		5,516		Provision for/(Benefit from) income taxes
	$	(1,279)	$	(5,303)	$	(418,521)	(16,361)		Net (loss)/income
Total reclassifications for the period	$	391	$	(6,548)	$	(416,118)	$	(19,283)	Net income/(loss)


	October 3, 2021		December 31, 2020
Other Intangible Assets, gross:
Patents	$	29,314	$	29,325
Customer lists	585,108		622,430
Trade names	32,086		32,088
Proprietary technology	22,870		22,813
Other	2,808		2,831
Total Other Intangible Assets, gross	$	672,186	$	709,487

Accumulated Amortization:
Patents	$	(15,843)	$	(14,511)
Customer lists	(338,039)		(339,159)
Trade names	(13,658)		(12,156)
Proprietary technology	(21,130)		(19,833)
Other	(1,983)		(1,894)
Total Accumulated Amortization	$	(390,653)	$	(387,553)
Other Intangible Assets, net	$	281,533	$	321,934


	October 3, 2021		December 31, 2020
Commercial paper	$	202,000	$	—
1.0% Euro loan due May 2021	—		183,662
9.2% debentures due August 2021	—		4,320
4.375% debentures due November 2021	—		249,741
3.125% debentures due May 2030	595,193		594,687
5.75% debentures due November 2040	536,173		599,279
Other foreign denominated debt	69,625		15,522
Finance lease obligations	51,336		37,943
Other notes	14,179		15,070
Total debt	$	1,468,506	$	1,700,224
Less current portion and short-term notes	275,799		455,784
Long-term debt	$	1,192,707	$	1,244,440


	Principal Amount Tendered		Premium and Other Amounts Paid		Total Cash Paid
5.75% debentures due November 2040	$	63,206	$	18,755	$	81,961


Currency	Action	Quantity
Colombian peso	purchase	5,000,669
Mexican peso	purchase	84,193
Polish zloty	purchase	21,064
Czech koruna	purchase	13,119
Euro	purchase	12,803
Canadian dollar	purchase	3,368
British pound	purchase	1,697
Turkish lira	purchase	633


		Three months ended October 3, 2021						Three months ended September 27, 2020
		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount
Foreign currency items:
	Net other comprehensive (loss)/income from foreign currency items	$	(37,077)	$	—	$	(37,077)	$	24,674	$	—	$	24,674
Defined benefit pension items:
	Other comprehensive income/(loss) before reclassifications	559		(145)		414		(31)		8		(23)
	Amounts reclassified from accumulated other comprehensive loss to net income(a)	1,661		(382)		1,279		7,103		(1,800)		5,303
	Net other comprehensive income/(loss) from defined benefit pension items	2,220		(527)		1,693		7,072		(1,792)		5,280
Gains and losses on cash flow hedges:
	Other comprehensive income/(loss) before reclassifications	3,525		(940)		2,585		1,376		(336)		1,040
	Amounts reclassified from accumulated other comprehensive loss to net income	(2,277)		607		(1,670)		1,648		(403)		1,245
	Amounts reclassified from accumulated other comprehensive loss to fixed assets	20		(5)		15		—		—		—
	Net other comprehensive income/(loss) from cash flow hedges	1,268		(338)		930		3,024		(739)		2,285
Other comprehensive (loss)/income		$	(33,589)	$	(865)	$	(34,454)	$	34,770	$	(2,531)	$	32,239


		Nine months ended October 3, 2021						Nine months ended September 27, 2020
		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount
Foreign currency items:
	Net other comprehensive loss from foreign currency items(a)	$	(57,261)	—		$	(57,261)	$	(27,866)	(7,581)		$	(35,447)
Defined benefit pension items:
	Other comprehensive income/(loss) before reclassifications	14,923		(3,621)		11,302		(1,177)		292		(885)
	Amounts reclassified from accumulated other comprehensive loss to net (loss)/income(b)	562,625		(144,104)		418,521		21,877		(5,516)		16,361
	Net other comprehensive income/(loss) from defined benefit pension items	577,548		(147,725)		429,823		20,700		(5,224)		15,476
Gains and losses on cash flow hedges:
	Other comprehensive income/(loss) before reclassifications	10,536		(2,732)		7,804		(4,345)		983		(3,362)
	Amounts reclassified from accumulated other comprehensive loss to net (loss)/income	(3,263)		860		(2,403)		3,847		(925)		2,922
	Amounts reclassified from accumulated other comprehensive loss to fixed assets	(42)		11		(31)		—		—		—
	Net other comprehensive income/(loss) from cash flow hedges	7,231		(1,861)		5,370		(498)		58		(440)
Other comprehensive income/(loss):		$	527,518	$	(149,586)	$	377,932	$	(7,664)	$	(12,747)	$	(20,411)


	Consumer Packaging		Industrial Paper Packaging		All Other		Total
Goodwill at December 31, 2020, as reported	$	592,310	$	317,958	$	478,987	$	1,389,255
Adjustment to correct goodwill by segment	(11,066)		51,357		(40,291)		—
Goodwill at December 31, 2020, as corrected	$	581,244	$	369,315	$	438,696	$	1,389,255
2021 Acquisitions	—		—		—		—
Dispositions	—		—		(53,039)		(53,039)
Foreign currency translation	(4,536)		(4,286)		(692)		(9,514)
Measurement period adjustments	1,512		—		—		1,512
Goodwill at April 4, 2021, as corrected	$	578,220	$	365,029	$	384,965	$	1,328,214
2021 Acquisitions	—		917		—		917
Dispositions	—		—		—		—
Foreign currency translation	2,471		1,328		470		4,269
Measurement period adjustments	—		—		—		—
Goodwill at July 4, 2021, as corrected	$	580,691	$	367,274	$	385,435	$	1,333,400
2021 Acquisitions	—		—		—		—
Dispositions	(1,058)		—		—		(1,058)

Foreign currency translation	(4,744)		(2,911)		(964)		(8,619)
Measurement period adjustments	—		—		—		—
Goodwill at October 3, 2021	$	574,889	$	364,363	$	384,471	$	1,323,723


	October 3, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Long-term debt, net of current portion	$	1,192,707	$	1,428,316	$	1,244,440	$	1,538,132


Description	Balance Sheet Location	October 3, 2021		December 31, 2020
Derivatives designated as hedging instruments:
Commodity Contracts	Prepaid expenses	$	4,690	$	867
Commodity Contracts	Other assets	$	2,840	$	—
Commodity Contracts	Accrued expenses and other	$	—	$	(1,512)
Commodity Contracts	Other liabilities	$	—	$	(2)
Foreign Exchange Contracts	Prepaid expenses	$	333	$	997
Foreign Exchange Contracts	Accrued expenses and other	$	(725)	$	(395)
Foreign Exchange Contracts	Other liabilities	$	(2)	$	—
Derivatives not designated as hedging instruments:
Commodity Contracts	Prepaid expenses	$	—	$	484
Commodity Contracts	Other assets	$	2,861	$	—
Foreign Exchange Contracts	Prepaid expenses	$	256	$	140

Foreign Exchange Contracts	Accrued expenses and other	$	—	$	(25)


Description	Amount of Gain or (Loss) Recognized in OCI on Derivatives		Location of Gain or (Loss) Reclassified from Accumulated OCI Into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI Into Income
Derivatives in Cash Flow Hedging Relationships:
Three months ended October 3, 2021
Foreign Exchange Contracts	$	(407)	Net sales	$	937
			Cost of sales	$	(711)
Commodity Contracts	$	4,200	Cost of sales	$	2,051
Three months ended September 27, 2020
Foreign Exchange Contracts	$	90	Net sales	$	(1,723)
			Cost of sales	$	867
Commodity Contracts	$	1,286	Cost of sales	$	(792)


Level 1 –			Observable inputs such as quoted market prices in active markets;
Level 2 –			Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3 –			Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.


Description	October 3, 2021		Assets measured at NAV		Level 1		Level 2		Level 3
Hedge derivatives, net:
Commodity contracts	$	7,530	$	—	$	—	$	7,530	$	—
Foreign exchange contracts	$	(394)	$	—	$	—	$	(394)	$	—
Non-hedge derivatives, net:
Commodity contracts	$	2,861	$	—	$	—	$	2,861	$	—
Foreign exchange contracts	$	256	$	—	$	—	$	256	$	—

Description	December 31, 2020		Assets measured at NAV		Level 1		Level 2		Level 3
Hedge derivatives, net:
Commodity contracts	$	(647)	$	—	$	—	$	(647)	$	—
Foreign exchange contracts	$	602	$	—	$	—	$	602	$	—
Non-hedge derivatives, net:
Commodity contracts	$	484	$	—	$	—	$	484	$	—
Foreign exchange contracts	$	115	$	—	$	—	$	115	$	—


Classification	Balance Sheet Location	October 3, 2021		December 31, 2020
Lease Assets
Operating lease assets	Right of Use Asset - Operating Leases	$	269,855	$	296,020
Finance lease assets	Other Assets	47,154		36,267
Total lease assets		$	317,009	$	332,287

Lease Liabilities
Current operating lease liabilities	Accrued expenses and other	$	44,588	$	52,138
Current finance lease liabilities	Notes payable and current portion of debt	6,236		4,663
Total current lease liabilities		$	50,824	$	56,801

Noncurrent operating lease liabilities	Noncurrent Operating Lease Liabilities	$	236,590	$	262,048
Noncurrent finance lease liabilities	Long-term Debt, Net of Current Portion	45,101		33,280
Total noncurrent lease liabilities		$	281,691	$	295,328

Total lease liabilities		$	332,515	$	352,129


		Three Months Ended				Nine Months Ended
Lease Cost		October 3, 2021		September 27, 2020		October 3, 2021		September 27, 2020
Operating lease cost	(a)	$	11,623	$	18,192	$	36,720	$	46,903
Finance lease cost:
Amortization of lease asset	(a)	1,476		1,061		4,133		5,999
Interest on lease liabilities	(b)	367		258		997		721
Variable lease cost	(a) (c)	6,796		7,455		19,569		29,316

Total lease cost		$	20,262	$	26,966	$	61,419	$	82,939


	October 3, 2021		December 31, 2020

Contract Assets	$	49,377	$	48,390
Contract Liabilities	$	(19,148)	$	(16,687)


	October 3, 2021				December 31, 2020
	Contract Asset		Contract Liability		Contract Asset		Contract Liability
Beginning Balance	$	48,390	$	(16,687)	$	56,364	$	(17,047)
Revenue deferred or rebates accrued	—		(28,142)		—		(32,512)
Recognized as revenue			5,110				9,189
Rebates paid to customers	—		20,571		—		23,683
Increases due to rights to consideration for customer specific goods produced, but not billed during the period	49,377		—		48,390		—
Transferred to receivables from contract assets recognized at the beginning of the period	(48,390)		—		(56,364)		—



Ending Balance	$	49,377	$	(19,148)	$	48,390	$	(16,687)


Three months ended October 3, 2021	Consumer Packaging		Industrial Paper Packaging		All Other		Total
Primary Geographical Markets:
United States	$	408,295	$	370,659	$	145,029	$	923,983
Europe	109,566		99,573		24,033		233,172
Canada	31,612		24,187		—		55,799
Asia	20,728		81,097		393		102,218
Other	28,768		59,714		11,539		100,021
Total	$	598,969	$	635,230	$	180,994	$	1,415,193


	For the three months ended October 3, 2021
Dollars in thousands, except per share data	GAAP		Restructuring/Asset Impairments(1)		Other Adjustments(1)		Base
Operating profit	$	126,512	$	3,488	$	(7,570)	$	122,430
Non-operating pension costs	525		—		(525)		—
Interest expense, net	14,219		—		—		14,219

Income before income taxes	$	111,768	$	3,488	$	(7,045)	$	108,211
Provision for income taxes	2,564		312		16,683		19,559
Income before equity in earnings of affiliates	$	109,204	$	3,176	$	(23,728)	$	88,652
Equity in earnings of affiliates, net of tax	2,351		—		—		2,351
Net income	$	111,555	$	3,176	$	(23,728)	$	91,003
Net loss attributable to noncontrolling interests	(415)		—		—		(415)
Net income attributable to Sonoco	$	111,140	$	3,176	$	(23,728)	$	90,588

Per diluted common share*	$	1.12	$	0.03	$	(0.24)	$	0.91
*Due to rounding individual items may not sum across


	For the three months ended September 27, 2020
Dollars in thousands, except per share data	GAAP		Restructuring/Asset Impairments(1)		Other Adjustments(1)		Base
Operating profit	$	106,744	$	24,149	$	(352)	$	130,541
Non-operating pension costs	7,453		—		(7,453)		—
Interest expense, net	18,581		—		—		18,581
Income before income taxes	$	80,710	$	24,149	$	7,101	$	111,960
Provision for income taxes	(649)		5,668		21,990		27,009
Income before equity in earnings of affiliates	$	81,359	$	18,481	$	(14,889)	$	84,951
Equity in earnings of affiliates, net of tax	1,939		—		—		1,939
Net income	$	83,298	$	18,481	$	(14,889)	$	86,890
Net loss attributable to noncontrolling interests	151		(9)		—		142
Net income attributable to Sonoco	$	83,449	$	18,472	$	(14,889)	$	87,032
Per diluted common share*	$	0.82	$	0.18	$	(0.15)	$	0.86
*Due to rounding individual items may not sum across


	Three Months Ended
($ in millions)	October 3, 2021		September 27, 2020
Net recognized benefit on 2017 amended U.S. income tax return	$	(30.0)	$	—
Tax impact of sale of European contract packaging business	—		(20.4)
Other non-base tax charges	12.1		—
Non-operating pension costs	0.3		6.4
Gain on sale of previously closed facilities	(2.2)		—

All other net restructuring and asset impairment charges	5.4		18.5
All other net gains, including acquisition and divestiture-related costs	(6.2)		(0.9)

Total non-base (income)/charges, after tax	$	(20.6)	$	3.6


	($ in millions)
Volume/mix	$	43
Selling prices	$	161
Acquisitions and divestitures, net	$	(111)
Foreign currency translation and other, net	$	9

Total sales increase	$	103


	For the nine months ended October 3, 2021
Dollars in thousands, except per share data	GAAP		Restructuring/Asset Impairments(1)		Other Adjustments(1)		Base
Operating profit	$	382,112	$	8,889	$	(294)	$	390,707
Non-operating pension costs	562,818		—		(562,818)		—
Interest expense, net	46,744		—		2,165		48,909
Loss from the early extinguishment of debt	20,184		—		(20,184)		—
(Loss)/income before income taxes	$	(247,634)	$	8,889	$	580,543	$	341,798
(Benefit from)/Provision for income taxes	(91,542)		2,653		169,255		80,366
(Loss)/income before equity in earnings of affiliates	$	(156,092)	$	6,236	$	411,288	$	261,432
Equity in earnings of affiliates, net of tax	5,701						5,701
Net (loss)/income	$	(150,391)	$	6,236	$	411,288	$	267,133
Net loss attributable to noncontrolling interests	(243)						(243)
Net (loss)/income attributable to Sonoco	$	(150,634)	$	6,236	$	411,288	$	266,890
Diluted Weighted average common shares outstanding(2):	100,039				468		100,507
Per diluted common share*	$	(1.51)	$	0.06	$	4.09	$	2.66

*Due to rounding individual items may not sum across


	For the nine months ended September 27, 2020
Dollars in thousands, except per share data	GAAP		Restructuring/Asset Impairments(1)		Other Adjustments(1)		Base
Operating profit	$	340,574	$	59,633	$	802	$	401,009
Non-operating pension costs	22,632		—		(22,632)		—
Interest expense, net	53,311		—		—		53,311
Income before income taxes	$	264,631	$	59,633	$	23,434	$	347,698
Provision for income taxes	49,337		15,021		24,673		89,031
Income before equity in earnings of affiliates	$	215,294	$	44,612	$	(1,239)	$	258,667
Equity in earnings of affiliates, net of tax	3,230		—		—		3,230
Net income	$	218,524	$	44,612	$	(1,239)	$	261,897
Net loss attributable to noncontrolling interests	581		(26)		—		555
Net income attributable to Sonoco	$	219,105	$	44,586	$	(1,239)	$	262,452
Per diluted common share*	$	2.17	$	0.44	$	(0.01)	$	2.59
*Due to rounding individual items may not sum across


Period	Total Number of Shares Purchased		Average Price Paid per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1		Maximum Number or Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs1
7/5/21 - 8/8/21	504,739	2	$	66.47	2	504,739	2	$	196,385,005
8/9/21 - 9/5/21	—		$	—		—		$	196,385,005
9/6/21 - 10/3/21	—		$	—		—		$	196,385,005
Total	504,739		$	66.47		504,739		$	196,385,005