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Acquisitions and Divestitures (Tables) | 6 Months Ended
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Jul. 03, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Preliminary Fair Value Of Assets Acquired And Measurement Period Adjustments | 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 Allocation |  | Measurement Period Adjustments |  | Revised Allocation
Trade accounts receivable | $ | 123,001 |  |  | $ | — |  |  | $ | 123,001 |
Inventories | 190,070 |  |  | 575 |  |  | 190,645 |
Prepaid expenses | 44,530 |  |  | — |  |  | 44,530 |
Property, plant and equipment | 333,496 |  |  | (418) |  |  | 333,078 |
Right of use asset - operating leases | 38,000 |  |  | — |  |  | 38,000 |
Other intangible assets | 498,000 |  |  | — |  |  | 498,000 |
Goodwill | 366,098 |  |  | (10,151) |  |  | 355,947 |
Other net tangible assets | 48,069 |  |  | (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 |
Schedule Of Proforma Supplemental Information | 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 Ended | January 26 to
Metal Packaging | July 3, 2022 | July 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 Ended | Six Months Ended
Consolidated |  | July 3, 2022 | July 4, 2021 | July 3, 2022 | July 4, 2021
Net sales |  | $ | 1,913,332 |  | $ | 1,573,964 |  | $ | 3,733,902 |  | $ | 3,123,580 |
Net income/(loss) attributable to Sonoco |  | $ | 140,360 |  | $ | (337,526) |  | $ | 305,240 |  | $ | (320,031) |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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