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Shareholders' Equity
 6 Months Ended
Jul. 02, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share:
Three Months EndedSix Months Ended
July 2, 2023July 3, 2022July 2, 2023July 3, 2022
Numerator:
Net income attributable to Sonoco$114,649 $131,672 $262,968 $247,005 
Denominator:
Weighted average common shares outstanding:
Basic98,325 97,999 98,246 97,961 
Dilutive effect of share-based compensation547 687 494 660 
Diluted98,872 98,686 98,740 98,621 
Net income attributable to Sonoco per common share:
Basic$1.17 $1.34 $2.68 $2.52 
Diluted$1.16 $1.33 $2.66 $2.50 
Cash dividends$0.51 $0.49 $1.00 $0.94 
No adjustments were made to “Net income attributable to Sonoco” in the computations of net income attributable to Sonoco per common share.
Anti-dilutive Securities
Potentially dilutive securities are calculated in accordance with the treasury stock method, which assumes the proceeds from the exercise of all dilutive stock appreciation rights (“SARs”) are used to repurchase the Company’s common stock. Certain SARs are not dilutive because either the exercise price is greater than the average market price of the stock during the reporting period or assumed repurchases from proceeds from the exercise of the SARs were anti-dilutive. These SARs may become dilutive in the future if the market price of the Company’s common stock appreciates.
The average numbers of SARs that were anti-dilutive and, therefore, not included in the computation of diluted earnings per share during the three- and six-month periods ended July 2, 2023 and July 3, 2022 were as follows (in thousands):
Three Months EndedSix Months Ended
July 2, 2023July 3, 2022July 2, 2023July 3, 2022
Anti-dilutive stock appreciation rights341374342387
Stock Repurchases
On April 20, 2021, the Company’s Board of Directors (the “Board”) authorized the repurchase of the Company’s common stock in an aggregate amount of up to $350,000. Following several repurchase transactions in 2021, a total of $137,972 remained available for share repurchases under this authorization as of December 31, 2021. No shares were repurchased under this authorization during the year ended December 31, 2022 or the six-month period ended July 2, 2023.
The Company regularly repurchases shares of its common stock to satisfy employee tax withholding obligations in association with certain share-based compensation awards. These repurchases, which are not part of a publicly announced plan or program, totaled 175 shares during the six-month period ended July 2, 2023, at a cost of $10,602, and 70 shares during the six-month period ended July 3, 2022, at a cost of $3,984.
Dividend Declarations
On February 8, 2023, the Board declared a regular quarterly dividend of $0.49 per share. This dividend was paid on March 10, 2023 to all shareholders of record as of February 22, 2023.
On April 19, 2023, the Board declared a regular quarterly dividend of $0.51 per share. This dividend was paid on June 9, 2023 to all shareholders of record as of May 10, 2023.
On July 19, 2023, the Board declared a regular quarterly dividend of $0.51 per share. This dividend is payable on September 8, 2023 to all shareholders of record as of August 10, 2023.
Noncontrolling interests
In April 2015, the Company acquired a 67% controlling interest in Graffo Paranaense de Embalagens S/A (“Graffo”). Prior to March 31, 2022, the Company consolidated 100% of Graffo, with the partner’s 33% share included in “Noncontrolling Interests” within the equity section of the balance sheet. On March 31, 2022, the Company paid $14,474 in cash to acquire the remaining 33% ownership interest from the three noncontrolling partners, which resulted in a $6,116 reduction in noncontrolling interest, a $7,080 charge to capital in excess of stated value, and a $1,278 reduction to accrued expenses and other on the Company’s Condensed Consolidated Balance Sheet as of April 3, 2022.