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v3.23.1

Employee Benefit Plans | 3 Months Ended
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Apr. 02, 2023
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans Retirement Plans and Retiree Health and Life Insurance Plans The Company provides non-contributory defined benefit pension plans for certain of its employees in the United States, Mexico, Belgium, Germany, Greece, France, and Turkey. The Company also sponsors contributory defined benefit pension plans covering certain of its employees in the United Kingdom, Canada and the Netherlands, and provides postretirement healthcare and life insurance benefits to a limited number of its retirees and their dependents in the United States and Canada, based on certain age and/or service eligibility requirements. The components of net periodic benefit cost/(income) include the following:
|  | Three Months Ended |  |
|  | April 2, 2023 |  | April 3, 2022 |  |  |  |
Retirement Plans |  |  |  |  |  |  |  |
Service cost |  | $ | 687 |  |  | $ | 826 |  |  |  |  |
Interest cost |  | 4,294 |  |  | 2,710 |  |  |  |  |
Expected return on plan assets |  | (2,444) |  |  | (2,865) |  |  |  |  |
Amortization of prior service cost |  | 219 |  |  | 221 |  |  |  |  |
Amortization of net actuarial loss |  | 1,045 |  |  | 1,135 |  |  |  |  |
Effect of settlement loss |  | 686 |  |  | 356 |  |  |  |  |
Net periodic benefit cost |  | $ | 4,487 |  |  | $ | 2,383 |  |  |  |  |
Retiree Health and Life Insurance Plans |  |  |  |
Service cost |  | $ | 62 |  |  | $ | 82 |  |  |  |  |
Interest cost |  | 130 |  |  | 64 |  |  |  |  |
Expected return on plan assets |  | (79) |  |  | (112) |  |  |  |  |
Amortization of net actuarial gain |  | (193) |  |  | (185) |  |  |  |  |
Net periodic benefit income |  | $ | (80) |  |  | $ | (151) |  |  |  |  |
Settlement Charges The Company recognized settlement ch arges of $686 and $356 during the three-month periods ended April 2, 2023 and April 3, 2022, respectively. These charges resulted from payments made to certain participants in the Company's non-union Canadian pension plan who elected a lump sum distribution option upon retirement. Additional settlement charges related to the Canadian pension plans may be recognized over the remainder of 2023 as a result of ongoing lump-sum distributions. Contributions The Company made aggregate contributions of $4,931 and $6,147 to its defined benefit retirement and retiree health and life insurance plans during the three-month periods ended April 2, 2023 and April 3, 2022, respectively. The Company expects to make additional aggregate contributions of approximately $10,300 to its defined benefit retirement and retiree health and life insurance plans over the remainder of 2023. Sonoco Retirement and Savings Plan The Sonoco Retirement and Savings Plan is a defined contribution retirement plan provided for certain of the Company’s U.S. employees. The plan is comprised of both an elective and non-elective component. The elective component of the plan, which is designed to meet the requirements of Section 401(k) of the Internal Revenue Code, allows participants to set aside a portion of their wages and salaries for retirement and encourages saving by matching a portion of their contributions with contributions from the Company. The plan provides for participant contributions of 1% to 100% of gross pay. Effective December 31, 2021, the Company’s match on elective contributions to the plan increased from 50% of the first 4% of compensation contributed by participants to 100% of the first 6% as a result of changes to the plan, described below. The non-elective component of the plan, the Sonoco Retirement Contribution (“SRC”), was eliminated effective December 31, 2021. The SRC provided for an annual Company contribution equal to 4% of the participant's eligible pay plus 4% of eligible pay in excess of the social security wage base to eligible participant accounts. The Company made SRC contributions totaling $21,948 during the three-month period ended April 3, 2022 related to the 2021 fiscal year. No additional SRC contributions will occur.

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