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Acquisitions and divestitures (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Summary of the Purchase Consideration Transferred for the Acquisitions | The following table provides a summary of the purchase consideration (as defined under ASC 805) transferred for the acquisition of the remaining interest in RTS Packaging and the acquisition of the Chattanooga Mill:
| Purchase Consideration
Cash consideration, net of cash acquired | $ | 313,388 |
Fair value of previously held interest in RTS Packaging | 59,472 |
Final working capital settlement | 452 |
Settlement of preexisting relationships | 1,235 |
Purchase consideration transferred | $ | 374,547 |
Schedule of Preliminary Fair Value Of Assets Acquired And Measurement Period Adjustments | The Company’s preliminary fair values of the assets acquired and liabilities assumed in the acquisition of the remaining interest in RTS Packaging, and the Chattanooga Mill, and Inapel acquisitions, as well as revised preliminary fair values reflecting adjustments made during the measurement period for RTS Packaging and the Chattanooga Mill, are as follows:
| RTS and Chattanooga Mill |  | Inapel
| Initial Allocation |  | Measurement Period Adjustments |  | Preliminary Allocation |  | Preliminary Allocation
Trade accounts receivable | $ | 17,488 |  |  | $ | — |  |  | $ | 17,488 |  |  | $ | 30,301 |
Other receivables | — |  |  | — |  |  | — |  |  | 6,088 |
Inventories | 20,209 |  |  | (947) |  |  | 19,262 |  |  | 9,269 |
Prepaid expenses | 2,720 |  |  | (589) |  |  | 2,131 |  |  | 1,430 |
Property, plant and equipment | 73,483 |  |  | 753 |  |  | 74,236 |  |  | 11,456 |
Right of use asset - operating leases | 34,604 |  |  | 290 |  |  | 34,894 |  |  | 217 |
Other intangible assets | 199,560 |  |  | (8,995) |  |  | 190,565 |  |  | 8,653 |
Goodwill | 92,657 |  |  | 14,909 |  |  | 107,566 |  |  | 15,704 |
Other assets | 2,465 |  |  | (412) |  |  | 2,053 |  |  | 793 |
Payable to suppliers | (7,320) |  |  | — |  |  | (7,320) |  |  | (15,899) |
Accrued expenses and other | (12,436) |  |  | (25) |  |  | (12,461) |  |  | (4,606) |
Accrued wages and other compensation | (2,731) |  |  | — |  |  | (2,731) |  |  | (1,127) |
Notes payable and current portion of long-term debt | (24) |  |  | — |  |  | (24) |  |  | — |
Noncurrent operating lease liabilities | (29,905) |  |  | — |  |  | (29,905) |  |  | (117) |
Pension and other postretirement benefits | (10,761) |  |  | (768) |  |  | (11,529) |  |  | — |
Long-term debt | (1,942) |  |  | — |  |  | (1,942) |  |  | — |
Deferred income taxes | (3,419) |  |  | (2,502) |  |  | (5,921) |  |  | (2,934) |
Other long-term liabilities | (3,293) |  |  | 1,478 |  |  | (1,815) |  |  | — |
Net assets acquired | $ | 371,355 |  |  | $ | 3,192 |  |  | $ | 374,547 |  |  | $ | 59,228 |
During 2023, the Company finalized its valuations of the assets acquired and the liabilities assumed in the Metal Packaging, Skjern, and Nordeste acquisitions. As a result, the following measurement period adjustments were made to the previously disclosed preliminary fair values of assets acquired and liabilities assumed during the year ended December 31, 2023.
Measurement Period Adjustments for the year ended December 31, 2023 | Metal Packaging | Skjern | Nordeste
Other receivables | $ | — |  | $ | — |  | $ | (186) |
Inventories | (73) |  | 14 |  | (38) |
Property, plant and equipment | (247) |  | 4,921 |  | 494 |
Other intangible assets | — |  | (3,488) |  | 3,031 |
Goodwill | 439 |  | 3,135 |  | (3,400) |
Accrued expenses and other | (119) |  | (203) |  | — |
Taxes Payable | — |  | (3,416) |  | — |
Additional cash consideration | $ | — |  | $ | 963 |  | $ | (99) |
Schedule Of Proforma Supplemental Information | The following table presents the financial results for Metal Packaging from the date of acquisition through December 31, 2022:
Supplemental Information |  | January 26 to
Metal Packaging |  | December 31, 2022
Net sales |  | $ | 1,035,020 |
Net income |  | $ | 62,777 |
The following table presents the Company’s pro forma consolidated results for the years ended December 31, 2022 and December 31, 2021, assuming the acquisition of Metal Packaging had occurred on January 1, 2021. This 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 |  |  | Years Ended
Consolidated |  |  |  | December 31, 2022 | December 31, 2021
Net sales |  |  |  | $ | 7,300,140 |  | $ | 6,425,771 |
Net income/(loss) attributable to Sonoco |  |  |  | $ | 528,818 |  | $ | (145,570) |

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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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