Acquisitions and Divestitures (Tables)

6 Months Ended

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