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Acquisitions and Divestitures (Tables)

3 Months Ended

Apr. 02, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Fair Value Of Assets Acquired And Measurement Period Adjustments

The Company's initial fair value estimates of the assets acquired and the liabilities assumed in the Skjern acquisition, as well as updated preliminary fair value allocations reflecting adjustments made during the measurement period, are as follows:

			Initial Estimate						Measurement Period Adjustments						Preliminary Allocation
Trade accounts receivable			$	8,055					$	—					$	8,055
Other receivables			193						—						193
Inventories			2,595						14						2,609
Prepaid expenses			349						—						349
Property, plant and equipment			24,334						4,921						29,255
Right of use asset - operating leases			28						—						28
Other intangible assets			42,818						(3,488)						39,330
Goodwill			29,059						(1,447)						27,612
Payable to suppliers			(3,466)						—						(3,466)
Accrued expenses and other			(1,173)						—						(1,173)
Taxes payable			(576)						—						(576)
Noncurrent operating lease liabilities			(20)						—						(20)
Deferred income taxes			(13,549)						—						(13,549)
Total purchase price, net of cash acquired			$	88,647					$	—					$	88,647

During the three-month period ended April 2, 2023, the Company finalized its valuations of the assets and liabilities assumed in the acquisition of Metal Packaging. As a result, the following measurement period adjustments were made to the previously disclosed provisional fair values of assets acquired and liabilities assumed:

Measurement Period Adjustments			Three Months Ended April 2, 2023
Inventories			$	(73)
Property, plant and equipment			(247)
Goodwill			439
Accrued expenses and other			(119)
Additional cash consideration			$	—

Schedule Of Proforma Supplemental Information

The following table presents the unaudited financial results for Metal Packaging from the prior year date of acquisition through the end of the reporting period ending April 3, 2022:

Supplemental Information (unaudited)						January 26 to
Metal Packaging						April 3, 2022
Net sales						$	171,228
Net income						$	14,019

The following table presents the Company’s estimated unaudited pro forma consolidated results for the three-month period ended April 3, 2022, 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
Consolidated						April 3, 2022
Net sales						$	1,820,570
Net income attributable to Sonoco						$	164,881

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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- References

No definition available.

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X

- 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

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