SON 10-Q

Sonoco Products Co (SON)

10-Q 2023-05-03 For: 2023-04-02

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Added on April 08, 2026

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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)


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 – April 2 , 202 3 (unaudited) and December 31, 202 2 (unaudited)	3

	Condensed Consolidated Statements of Income – Three Months Ended April 2, 2023 (unaudited) and April 3 , 202 2 (unaudited)	4

	Condensed Consolidated Statements of Comprehensive Income – Three Months Ended April 2, 202 3 (unaudited) and April 3, 202 2 (unaudited)	5

	Condensed Consolidated Statements of Changes in Total Equity – Three Months Ended April 2 , 202 3 (unaudited) and April 3 , 202 2 (unaudited)	6

	Condensed Consolidated Statements of Cash Flows – Three Months Ended April 2, 202 3 (unaudited) and April 3, 202 2 (unaudited)	7

	Notes to Condensed Consolidated Financial Statements (unaudited)	8



Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	33

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	47

Item 4.	Controls and Procedures.	47

PART II. OTHER INFORMATION		47

Item 1.	Legal Proceedings.	47



Item 6.	Exhibits.	48


	April 2, 2023		December 31, 2022*
Assets
Current Assets
Cash and cash equivalents	$	209,651	$	227,438
Trade accounts receivable, net of allowances	903,424		862,712
Other receivables	89,554		99,492
Inventories, net:
Finished and in process	472,641		453,981
Materials and supplies	610,364		641,577
Prepaid expenses	76,693		76,054

	2,362,327		2,361,254
Property, Plant and Equipment, Net	1,717,615		1,710,399
Goodwill	1,679,547		1,675,311
Other Intangible Assets, Net	717,784		741,598
Deferred Income Taxes	47,867		29,878
Right of Use Asset-Operating Leases	289,017		296,781
Other Assets	247,277		237,719
Total Assets	$	7,061,434	$	7,052,940
Liabilities and Equity
Current Liabilities
Payable to suppliers	$	746,118	$	818,885
Accrued expenses and other	382,560		405,671
Notes payable and current portion of long-term debt	447,601		502,440
Accrued taxes	33,211		16,905

	1,609,490		1,743,901
Long-term Debt, Net of Current Portion	2,717,891		2,719,783
Noncurrent Operating Lease Liabilities	243,714		250,994
Pension and Other Postretirement Benefits	118,163		120,084
Deferred Income Taxes	127,674		107,293
Other Liabilities	38,937		38,088
Commitments and Contingencies

Sonoco Shareholders’ Equity
Common stock, no par value
Authorized 300,000 shares 97,955 and 97,645 shares issued and outstanding at April 2, 2023 and December 31, 2022, respectively	7,175		7,175
Capital in excess of stated value	138,008		140,539
Accumulated other comprehensive loss	(395,084)		(430,083)
Retained earnings	2,448,299		2,348,183
Total Sonoco Shareholders’ Equity	2,198,398		2,065,814
Noncontrolling Interests	7,167		6,983
Total Equity	2,205,565		2,072,797
Total Liabilities and Equity	$	7,061,434	$	7,052,940


	Three Months Ended
		April 2, 2023		April 3, 2022
Net sales		$	1,729,783	$	1,770,982
Cost of sales		1,355,355		1,399,417
Gross profit		374,428		371,565
Selling, general and administrative expenses		187,976		190,362
Restructuring/Asset impairment charges		28,814		12,142
Gain on divestiture of business and other assets		72,010		—
Operating profit		229,648		169,061
Non-operating pension costs		3,658		1,324
Interest expense		34,232		20,581
Interest income		1,562		1,516

Income before income taxes		193,320		148,672
Provision for income taxes		46,912		35,289
Income before equity in earnings of affiliates		146,408		113,383
Equity in earnings of affiliates, net of tax		1,856		2,224
Net income		148,264		115,607
Net loss/(income) attributable to noncontrolling interests		55		(274)
Net income attributable to Sonoco		$	148,319	$	115,333

Weighted average common shares outstanding:
Basic		98,167		97,924
Diluted		98,615		98,554
Per common share:
Net income attributable to Sonoco:
Basic		$	1.51	$	1.18
Diluted		$	1.50	$	1.17


☒			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


	Total Equity		Common Shares			Capital in Excess of Stated Value		Accumulated Other Comprehensive Loss		Retained Earnings		Noncontrolling Interests
			Outstanding	Amount
December 31, 2021	$	1,849,541	97,370	$	7,175	$	119,690	$	(359,425)	$	2,070,005	$	12,096
Net income	115,607									115,333		274
Other comprehensive income/(loss):
Translation gain/(loss)	706							(185)				891
Defined benefit plan adjustment, net of tax	191							191
Derivative financial instruments, net of tax	2,550							2,550
Other comprehensive loss	$	3,447						$	2,556			$	891
Dividends	(44,124)									(44,124)
Issuance of stock awards	377		182			377
Shares repurchased	(3,410)		(60)			(3,410)
Share-based compensation	10,689					10,689
Purchase of noncontrolling interest	(13,196)					(7,080)						(6,116)

April 3, 2022	$	1,918,931	97,492	$	7,175	$	120,266	$	(356,869)	$	2,141,214	$	7,145


	Initial Estimate		Measurement Period Adjustments		Preliminary Allocation
Trade accounts receivable	$	8,055	$	—	$	8,055
Other receivables	193		—		193
Inventories	2,595		14		2,609
Prepaid expenses	349		—		349
Property, plant and equipment	24,334		4,921		29,255
Right of use asset - operating leases	28		—		28
Other intangible assets	42,818		(3,488)		39,330
Goodwill	29,059		(1,447)		27,612

Payable to suppliers	(3,466)		—		(3,466)
Accrued expenses and other	(1,173)		—		(1,173)
Taxes payable	(576)		—		(576)

Noncurrent operating lease liabilities	(20)		—		(20)

Deferred income taxes	(13,549)		—		(13,549)
Total purchase price, net of cash acquired	$	88,647	$	—	$	88,647


Measurement Period Adjustments	Three Months Ended April 2, 2023
Inventories	$	(73)
Property, plant and equipment	(247)
Goodwill	439
Accrued expenses and other	(119)
Additional cash consideration	$	—



Supplemental Information (unaudited)	January 26 to
Metal Packaging	April 3, 2022
Net sales	$	171,228
Net income	$	14,019


Pro Forma Supplemental Information (unaudited)	Three Months Ended
Consolidated	April 3, 2022
Net sales	$	1,820,570
Net income attributable to Sonoco	$	164,881


	Severance and Termination Benefits		Asset Impairments/ Disposal of Assets		Other Costs		Total
Accrual Activity
Liability at December 31, 2022	$	14,677	$	—	$	1,392	$	16,069
2023 charges	5,516		19,193		4,105		28,814

Cash payments	(6,380)		(166)		(2,378)		(8,924)
Asset writedowns/disposals	—		(19,027)		—		(19,027)
Foreign currency translation	14		—		11		25
Liability at April 2, 2023	$	13,827	$	—	$	3,130	$	16,957


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

Balance at December 31, 2022	$	(338,316)	$	(90,973)	$	(794)	$	(430,083)
Other comprehensive income/(loss) before reclassifications	31,569		(393)		2,645		33,821
Amounts reclassified from accumulated other comprehensive loss to net income	—		1,309		(431)		878
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		300		300
Other comprehensive income	31,569		916		2,514		34,999

Balance at April 2, 2023	$	(306,747)	$	(90,057)	$	1,720	$	(395,084)

Balance at December 31, 2021	$	(269,076)	$	(91,397)	$	1,048	$	(359,425)
Other comprehensive (loss)/income before reclassifications	(185)		(971)		5,119		3,963
Amounts reclassified from accumulated other comprehensive loss to net loss	—		1,162		(2,654)		(1,492)
Amounts reclassified from accumulated other comprehensive loss to fixed assets	—		—		85		85
Other comprehensive (loss)/income	(185)		191		2,550		2,556

Balance at April 3, 2022	$	(269,261)	$	(91,206)	$	3,598	$	(356,869)


	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended
Details about Accumulated Other Comprehensive Loss Components	April 2, 2023		April 3, 2022		Affected Line Item in the Condensed Consolidated Statements of Income


Gains/(losses) on cash flow hedges
Foreign exchange contracts	$	1,062	$	566	Net sales
Foreign exchange contracts	(454)		(695)		Cost of sales
Commodity contracts	(32)		3,850		Cost of sales
	576		3,721		Income before income taxes
Income tax impact	(145)		(1,067)		Provision for income taxes
	431		2,654		Net income
Defined benefit pension items

Effect of settlement loss(a)	(686)		(356)		Non-operating pension costs
Amortization of defined benefit pension items(a)	(1,071)		(1,171)		Non-operating pension costs
	(1,757)		(1,527)		Income before income taxes
Income tax impact	448		365		Provision for income taxes
	(1,309)		(1,162)		Net income
Total reclassifications for the period	$	(878)	$	1,492	Net income



	Three Months Ended
	April 2, 2023		April 3, 2022
Consumer Packaging	$	1,576	$	1,635
Industrial Paper Packaging	24,544		1,348
All Other	1,157		78
Corporate	1,537		2,692
Restructuring and restructuring-related asset impairment charges	$	28,814	$	5,753


	April 2, 2023		December 31, 2022
Other Intangible Assets, gross:
Patents	$	29,301	$	29,303
Customer lists	1,093,534		1,092,232
Trade names	32,940		34,220
Proprietary technology	56,851		57,720
Other	6,276		6,721
Total Other Intangible Assets, gross	$	1,218,902	$	1,220,196

Accumulated Amortization:
Patents	$	(18,296)	$	(17,889)
Customer lists	(438,067)		(417,034)
Trade names	(16,568)		(15,892)
Proprietary technology	(25,709)		(25,113)
Other	(2,478)		(2,670)
Total Accumulated Amortization	$	(501,118)	$	(478,598)
Other Intangible Assets, net	$	717,784	$	741,598


Currency	Action	Quantity
Colombian peso	purchase	23,959,866
Mexican peso	purchase	419,558
Polish zloty	purchase	93,474
Czech koruna	purchase	60,331
Canadian dollar	purchase	18,828
Euro	purchase	9,974
Turkish lira	purchase	7,478
Brazilian real	purchase	5,202
British pound	purchase	4,701


Currency	Action	Quantity
Indonesian rupiah	purchase	23,069,325
Colombian peso	purchase	20,729,300
Mexican peso	purchase	563,953
Turkish lira	purchase	11,394
Canadian dollar	purchase	8,104


		Three months ended April 2, 2023						Three months ended April 3, 2022
		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount		Before Tax Amount		Tax (Expense) Benefit		After Tax Amount
Foreign currency items:
	Net other comprehensive income/(loss) from foreign currency items	$	31,569	$	—	$	31,569	$	(185)	$	—	$	(185)


Defined benefit pension items:
	Other comprehensive (loss)/income before reclassifications	(760)		367		(393)		(1,276)		305		(971)
	Amounts reclassified from accumulated other comprehensive loss to net income(a)	1,757		(448)		1,309		1,527		(365)		1,162
	Net other comprehensive income/(loss) from defined benefit pension items	997		(81)		916		251		(60)		191
Gains and losses on cash flow hedges:
	Other comprehensive income/(loss) before reclassifications	3,536		(891)		2,645		7,179		(2,060)		5,119
	Amounts reclassified from accumulated other comprehensive loss to net income(b)	(576)		145		(431)		(3,721)		1,067		(2,654)
	Amounts reclassified from accumulated other comprehensive loss to fixed assets	401		(101)		300		117		(32)		85
	Net other comprehensive income/(loss) from cash flow hedges	3,361		(847)		2,514		3,575		(1,025)		2,550
Other comprehensive income/ (loss)		$	35,927	$	(928)	$	34,999	$	3,641	$	(1,085)	$	2,556


	Consumer Packaging		Industrial Paper Packaging		All Other		Total
Goodwill at December 31, 2022	$	898,625	$	394,826	$	381,860	$	1,675,311

Dispositions	—		(3,042)		—		(3,042)
Foreign currency translation	2,145		5,520		621		8,286
Measurement period adjustments	439		(1,447)		—		(1,008)
Goodwill at April 2, 2023	$	901,209	$	395,857	$	382,481	$	1,679,547


Balance Sheet Line Item	April 2, 2023		December 31, 2022
Payable to suppliers(a)	$	51,884	$	52,415
Notes payable and current portion of long-term debt(b)	$	1,350	$	63,448


	April 2, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Long-term debt, net of current portion	$	2,717,891	$	2,551,610	$	2,719,783	$	2,477,884


Description	Balance Sheet Location	April 2, 2023		December 31, 2022
Derivatives designated as hedging instruments:
Commodity Contracts	Prepaid expenses	$	11	$	10
Commodity Contracts	Other assets	$	—	$	8
Commodity Contracts	Accrued expenses and other	$	(189)	$	(155)
Commodity Contracts	Other liabilities	$	(39)	$	(35)
Foreign Exchange Contracts	Prepaid expenses	$	5,176	$	1,251
Foreign Exchange Contracts	Other assets	$	6	$	—
Foreign Exchange Contracts	Accrued expenses and other	$	(2,637)	$	(2,114)

Derivatives not designated as hedging instruments:
Commodity Contracts	Prepaid expenses	$	13	$	5
Commodity Contracts	Other assets	$	85	$	251
Commodity Contracts	Accrued expenses and other	$	(13,456)	$	(8,599)
Commodity Contracts	Other liabilities	$	(1,389)	$	(295)
Foreign Exchange Contracts	Prepaid expenses	$	109	$	115

Foreign Exchange Contracts	Accrued expenses and other	$	(54)	$	(169)


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-month period ended April 2, 2023
Foreign Exchange Contracts	$	3,613	Net sales	$	1,062
			Cost of sales	$	(454)
Commodity Contracts	$	(77)	Cost of sales	$	(32)
Three-month period ended April 3, 2022
Foreign Exchange Contracts	$	955	Net sales	$	566
			Cost of sales	$	(695)
Commodity Contracts	$	6,224	Cost of sales	$	3,850


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	April 2, 2023		Assets measured at NAV		Level 1		Level 2		Level 3
Hedge derivatives, net:
Commodity contracts	$	(217)	$	—	$	—	$	(217)	$	—
Foreign exchange contracts	$	2,545	$	—	$	—	$	2,545	$	—
Non-hedge derivatives, net:
Commodity contracts	$	(14,747)	$	—	$	—	$	(14,747)	$	—
Foreign exchange contracts	$	55	$	—	$	—	$	55	$	—

Description	December 31, 2022		Assets measured at NAV		Level 1		Level 2		Level 3
Hedge derivatives, net:
Commodity contracts	$	(172)	$	—	$	—	$	(172)	$	—
Foreign exchange contracts	$	(863)	$	—	$	—	$	(863)	$	—
Non-hedge derivatives, net:
Commodity contracts	$	(8,638)	$	—	$	—	$	(8,638)	$	—
Foreign exchange contracts	$	(54)	$	—	$	—	$	(54)	$	—
Interest rate lock contract	$	—	$	—	$	—	$	—	$	—


Classification	Balance Sheet Location	April 2, 2023		December 31, 2022
Lease Assets
Operating lease assets	Right of Use Asset - Operating Leases	$	289,017	$	296,781
Finance lease assets	Other Assets	102,216		103,467
Total lease assets		$	391,233	$	400,248

Lease Liabilities
Current operating lease liabilities	Accrued expenses and other	$	51,537	$	52,306
Current finance lease liabilities	Notes payable and current portion of debt	19,606		19,015
Total current lease liabilities		$	71,143	$	71,321

Noncurrent operating lease liabilities	Noncurrent Operating Lease Liabilities	$	243,714	$	250,994
Noncurrent finance lease liabilities	Long-term Debt, Net of Current Portion	81,732		83,905
Total noncurrent lease liabilities		$	325,446	$	334,899

Total lease liabilities		$	396,589	$	406,220


		Three Months Ended
Lease Cost		April 2, 2023		April 3, 2022
Operating lease cost	(a)	$	13,411	$	12,797
Finance lease cost:
Amortization of lease asset	(a)	3,270		2,711
Interest on lease liabilities	(b)	1,194		966
Variable lease cost	(a) (c)	9,378		7,355

Total lease cost		$	27,253	$	23,829


	April 2, 2023		December 31, 2022

Contract Assets	$	60,047	$	56,008
Contract Liabilities	$	(23,538)	$	(22,423)


	April 2, 2023				December 31, 2022
	Contract Asset		Contract Liability		Contract Asset		Contract Liability
Beginning Balance	$	56,008	$	(22,423)	$	51,106	$	(18,993)
Acquired as part of a business combination	—		—		8,107		(5,418)
Revenue deferred or rebates accrued	—		(14,142)		—		(57,510)
Recognized as revenue			3,128				18,201
Rebates paid to customers	—		9,899		—		41,297
Increases due to rights to consideration for customer specific goods produced, but not billed during the period	60,047		—		56,008		—
Transferred to receivables from contract assets recognized at the beginning of the period and acquired as part of business combinations	(56,008)		—		(59,213)		—



Ending Balance	$	60,047	$	(23,538)	$	56,008	$	(22,423)


	For the three-month period ended April 2, 2023
Dollars in thousands, except per share data	Operating Profit		Income Before Income Taxes		Provision for Income Taxes		Net Income Attributable to Sonoco		Diluted EPS
As Reported	$	229,648	$	193,320	$	46,912	$	148,319	$	1.50
Acquisition/Divestiture-related costs	5,188		5,188		1,280		3,908		0.04
LIFO reserve change	(5,425)		(5,425)		(1,354)		(4,071)		(0.04)
Amortization of acquisition intangibles	21,164		21,164		5,127		16,037		0.16
Restructuring/Asset impairment charges	28,814		28,814		6,634		22,014		0.22
Gain on divestiture of business and sale of other assets	(72,010)		(72,010)		(17,122)		(54,888)		(0.55)
Non-operating pension costs	—		3,658		909		2,749		0.03
Derivative losses	6,085		6,085		1,518		4,567		0.05
Other adjustments	(43)		(43)		955		(997)		(0.01)
Total adjustments	$	(16,227)	$	(12,569)	$	(2,053)	$	(10,681)	$	(0.10)
Adjusted	$	213,421	$	180,751	$	44,859	$	137,638	$	1.40


	For the three-month period ended April 3, 2022
Dollars in thousands, except per share data	Operating Profit		Income Before Income Taxes		Provision for Income Taxes		Net Income Attributable to Sonoco		Diluted EPS
As Reported	$	169,061	$	148,672	$	35,289	$	115,333	$	1.17
Acquisition/Divestiture-related costs	48,352		48,352		11,756		36,596		0.37
LIFO reserve change	19,050		19,050		4,833		14,217		0.14
Amortization of acquisition intangibles	18,800		18,800		4,630		14,170		0.14
Restructuring/Asset impairment charges	12,142		12,142		1,635		10,568		0.11

Non-operating pension costs	—		1,324		383		942		0.01
Derivative gains	(6,596)		(6,596)		(1,673)		(4,923)		(0.05)
Other adjustments	(16)		(16)		4,194		(4,212)		(0.04)
Total adjustments	$	91,732	$	93,056	$	25,758	$	67,358	$	0.68
Adjusted	$	260,793	$	241,728	$	61,047	$	182,691	$	1.85


	Three Months Ended
Dollars in thousands	April 2, 2023			April 3, 2022

Net income attributable to Sonoco	$	148,319		$	115,333
Adjustments
Interest expense	34,232			20,581
Interest income	(1,562)			(1,516)
Provision for income taxes	46,912			35,289
Depreciation, depletion, and amortization	82,137			73,315
Non-operating pension costs	3,658			1,324
Net (loss)/income attributable to noncontrolling interests	(55)			274
Restructuring/Asset impairment charges	28,814			12,142
Changes in LIFO inventory reserves	(5,425)			19,050
Gain from divestiture of business and sale of other assets	(72,010)			—
Acquisition/Divestiture related costs	5,188			48,352
Derivative losses/(gains)	6,085			(6,596)
Other non-GAAP adjustments	(43)			(16)
Adjusted EBITDA	$	276,250		$	317,532

Net Sales	$	1,729,783		$	1,770,982
Adjusted EBITDA Margin	16.0		%	17.9		%


Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation
For the Three Months Ended April 2, 2023
Dollars in thousands	Consumer Packaging segment			Industrial Paper Packaging segment			All Other			Corporate		Total
Segment and Total Operating Profit	$	91,821		$	94,367		$	27,233		$	16,227	$	229,648
Adjustments:
Depreciation, depletion and amortization1	30,038			24,878			6,057			21,164		82,137
Equity in earnings of affiliates, net of tax	75			1,781			—			—		1,856
Restructuring/Asset impairment charges2	—			—			—			28,814		28,814
Changes in LIFO inventory reserves3	—			—			—			(5,425)		(5,425)
Acquisition/Divestiture-related costs4	—			—			—			5,188		5,188
Gain from divestiture of business and other assets5	—			—			—			(72,010)		(72,010)
Derivative losses6	—			—			—			6,085		6,085
Other non-GAAP adjustments	—			—			—			(43)		(43)
Segment Adjusted EBITDA	$	121,934		$	121,026		$	33,290		$	—	$	276,250

Net Sales	$	909,278		$	615,855		$	204,650
Segment Operating Profit Margin	10.1		%	15.3		%	13.3		%
Segment Adjusted EBITDA Margin	13.4		%	19.7		%	16.3		%


Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation
For the Three Months Ended April 3, 2022
Dollars in thousands	Consumer Packaging segment			Industrial Paper Packaging segment			All Other			Corporate		Total
Segment and Total Operating Profit	$	173,609		$	72,660		$	14,524		$	(91,732)	$	169,061
Adjustments:
Depreciation, depletion, and amortization1	25,736			22,624			6,155			18,800		73,315
Equity in earnings of affiliates, net of tax	(38)			2,262			—			—		2,224
Restructuring/Asset impairment charges2	—			—			—			12,142		12,142
Changes in LIFO inventory reserves3	—			—			—			19,050		19,050
Acquisition/Divestiture related costs4	—			—			—			48,352		48,352
Derivative gains5	—			—			—			(6,596)		(6,596)
Other non-GAAP adjustments	—			—			—			(16)		(16)
Segment Adjusted EBITDA	$	199,307		$	97,546		$	20,679		$	—	$	317,532

Net Sales	$	868,098		$	699,129		$	203,755
Segment Operating Profit Margin	20.0		%	10.4		%	7.1		%
Segment Adjusted EBITDA Margin	23.0		%	14.0		%	10.1		%


	Three Months Ended
($ in thousands)	April 2, 2023		April 3, 2022		% Change
Net sales:
Consumer Packaging	$	909,278	$	868,098	4.7	%
Industrial Paper Packaging	615,855		699,129		(11.9)	%
All Other	204,650		203,755		0.4	%
Net sales	$	1,729,783	$	1,770,982	(2.3)	%


			Exhibit Index
3.1			Restated Articles of Incorporation, as amended April 21, 2022 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K filed April 22, 2022)
3.2			By-Laws of Sonoco Products Company, as amended July 20, 2022 (incorporated by reference to Exhibit 3.2 to the Registrant's Form 8-K, filed July 26, 2022)
31			Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and 17 C.F.R. 240.13a-14(a)
32			Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and 17 C.F.R. 240.13a-14(b)
101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH			XBRL Taxonomy Extension Schema Document
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			XBRL Taxonomy Extension Label Linkbase Document
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)