XML 31 R22.htm IDEA: XBRL DOCUMENT v3.22.1
Segment Reporting
 3 Months Ended
Apr. 03, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company's operating and reporting structure consists of two reportable segments, Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as "All Other."
The Consumer Packaging segment primarily serves processed and fresh food markets along with other packaging for direct-to-consumer products and includes the following products and services: round and shaped rigid paper containers; two- and three-piece steel tinplate cans and aerosol containers; metal and peelable membrane ends and closures; thermoformed plastic trays and containers; printed flexible packaging; and global brand artwork management. Total assets of the Consumer Packaging segment increased $1,666,345 during the first quarter of 2022 due to the acquisition of Ball Metalpack (now Sonoco Metal Packaging).
The Industrial Paper Packaging segment includes the following products and services: fiber-based tubes, cores, and cones; fiber-based construction tubes; fiber-based protective packaging and components; wooden, metal and composite wire and cable reels and spools; and recycled paperboard, corrugating medium, recovered paper and material recycling services.
Businesses grouped as All Other include healthcare packaging, protective and retail security packaging and industrial plastic products. These businesses include the following products and services: thermoformed rigid plastic trays and devices; custom-engineered molded foam protective packaging and components; temperature-assured packaging; injection molded and extruded containers, spools and parts; retail security packaging, including printed backer cards, thermoformed blisters and heat-sealing equipment; and paper amenities. Prior to the divestiture of the Company's U.S. display and packaging business on April 4, 2021, this business, which included point-of-purchase displays, fulfillment operations, and contract packaging, was reported in All Other.
The following table sets forth net sales, intersegment sales and operating profit for the Company’s reportable segments and All Other. “Segment operating profit” is defined as the segment’s portion of “Operating profit” excluding restructuring and asset impairment charges, acquisition expenses, interest income and expense, income taxes or certain other items, if any, the exclusion of which the Company believes improves comparability and analysis of the financial performance of the business. General corporate expenses have been allocated as operating costs to each of the Company’s reportable segments and All Other. Effective January 1, 2022, the Company changed its measure of segment operating profit to exclude amortization of acquisition intangibles. Accordingly, prior year's segment operating profit has been revised to conform with the current presentation.
SEGMENT FINANCIAL INFORMATION 
 Three Months Ended
 April 3, 2022April 4, 2021
Net sales:
Consumer Packaging$868,098 $582,753 
Industrial Paper Packaging699,129 565,397 
All Other203,755 205,154 
Consolidated$1,770,982 $1,353,304 
Intersegment sales:
Consumer Packaging$1,411 $1,653 
Industrial Paper Packaging33,638 26,896 
All Other2,701 3,025 
Consolidated$37,750 $31,574 
Operating profit:
Segment operating profit:
Consumer Packaging$173,609 $81,360 
Industrial Paper Packaging72,660 52,299 
All Other14,524 18,757 
Restructuring/Asset impairment charges(12,142)(6,846)
Amortization of acquisition intangibles(18,800)(12,749)
Other non-base income/(charges), net(60,790)(12,512)
Consolidated$169,061 $120,309