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Acquisitions and Divestitures (Tables) | 6 Months Ended
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Jul. 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 to date, 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 | Six Months Ended July 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 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, 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 3, 2022 |
Net sales |  | $ | 1,913,322 |  |  | $ | 3,733,902 |  |
Net income attributable to Sonoco |  | $ | 140,360 |  |  | $ | 305,240 |  |

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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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