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Shareholders' Equity
 9 Months Ended
Oct. 03, 2021
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Earnings/(Loss) per Share
The following table sets forth the computation of basic and diluted earnings/(loss) per share:
Three Months EndedNine Months Ended
October 3, 2021September 27, 2020October 3, 2021September 27, 2020
Numerator:
Net income/(loss) attributable to Sonoco$111,140 $83,449 $(150,634)$219,105 
Denominator:
Weighted average common shares outstanding:
Basic98,955 100,974 100,039 100,935 
Dilutive effect of stock-based compensation470 271 — 220 
Diluted99,425 101,245 100,039 101,155 
Net income/(loss) attributable to Sonoco per common share:
Basic$1.12 $0.83 $(1.51)$2.17 
Diluted$1.12 $0.82 $(1.51)$2.17 
Cash dividends$0.45 $0.43 $1.35 $1.29 
No adjustments were made to "Net income/(loss) attributable to Sonoco" in the computations of net income/(loss) 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 antidilutive. 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 October 3, 2021 and September 27, 2020 were as follows:
Three Months EndedNine Months Ended
October 3, 2021September 27, 2020October 3, 2021September 27, 2020
Anti-dilutive stock appreciation rights— 752 142 844 
Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued, unless doing so is anti-dilutive. Such securities have an anti-dilutive impact in those periods in which a loss is reported. Diluted net loss per share of common stock for the nine-month period ended October 3, 2021 is the same as basic net loss per share because otherwise dilutive securities are excluded from the computation of diluted net loss per share. The following table sets forth the potentially dilutive securities excluded from the computation of diluted net loss per share during the nine-month period ended October 3, 2021:
Nine Months Ended
October 3, 2021
Dilutive securities excluded due to reported loss469 
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 the transactions described below, a total of $196,385 remains available to be used for share repurchases under this authorization as of October 3, 2021.
On May 10, 2021, the Company entered into an accelerated share repurchase agreement ("ASR Agreement") with a financial institution to repurchase outstanding shares of the Company's common stock. In exchange for an upfront payment of $150,000, which was funded with available cash on hand, the financial institution delivered 1,751 initial shares to the Company, representing 80% of the expected number of shares to be repurchased during the repurchase period based upon the closing stock price on May 10, 2021 of $68.50 per share. The initial shares received were retired by the Company. The final number of shares repurchased and retired was based on the Company's volume-weighted average share price during the repurchase period, less a discount and subject to certain adjustments (the "Settlement Price").
Pursuant to the ASR Agreement, the financial institution elected to accelerate the settlement of the transaction in two tranches. On July 21, 2021, the financial institution transferred 168 additional shares to the Company based upon an effective Settlement Price of $66.52 and a notional value of $50,000, or one third of the total $150,000 prepayment. On July 26, 2021, the financial institution transferred 337 additional shares to the Company upon full settlement of the remaining $100,000 notional value of the transaction at the final Settlement Price of $66.45.
On May 6, 2021, the Company repurchased approximately 54 shares for $3,615 from a private stockholder based upon the average stock price on that day. The cost of these share repurchases, as well as those related to the accelerated share agreement mentioned above, was allocated to "Capital in excess of stated value" on the Company's Condensed Consolidated Balance Sheet as of October 3, 2021.
The Company frequently 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 100 shares during the nine months ended October 3, 2021, at a cost of $6,039, and 130 shares during the nine months ended September 27, 2020, at a cost of $7,335.
Dividend Declarations
On July 21, 2021, the Board of Directors declared a regular quarterly dividend of $0.45 per share. This dividend was paid on September 10, 2021 to all shareholders of record as of August 10, 2021.
On October 19, 2021, the Board of Directors declared a regular quarterly dividend of $0.45 per share. This dividend is payable on December 10, 2021 to all shareholders of record as of November 10, 2021.