Acquisitions and Divestitures (Tables)

6 Months Ended

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)