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Acquisitions and divestitures (Tables)
 12 Months Ended
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 Packaging59,472 
Final working capital settlement
452 
Settlement of preexisting relationships1,235 
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 MillInapel
Initial AllocationMeasurement Period AdjustmentsPreliminary AllocationPreliminary Allocation
Trade accounts receivable$17,488 $— $17,488 $30,301 
Other receivables— — — 6,088 
Inventories20,209 (947)19,262 9,269 
Prepaid expenses2,720 (589)2,131 1,430 
Property, plant and equipment73,483 753 74,236 11,456 
Right of use asset - operating leases34,604 290 34,894 217 
Other intangible assets199,560 (8,995)190,565 8,653 
Goodwill92,657 14,909 107,566 15,704 
Other assets2,465 (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 $59,228 
During 2023, the Company finalized its valuations of the assets acquired and the liabilities assumed in the Metal Packaging, Skjern, and Nordeste acquisitions. As a result, the following measurement period adjustments were made to the previously disclosed preliminary fair values of assets acquired and liabilities assumed during the year ended December 31, 2023.
Measurement Period Adjustments for the year ended December 31, 2023Metal PackagingSkjernNordeste
Other receivables$— $— $(186)
Inventories(73)14 (38)
Property, plant and equipment(247)4,921 494 
Other intangible assets— (3,488)3,031 
Goodwill439 3,135 (3,400)
Accrued expenses and other(119)(203)— 
Taxes Payable— (3,416)— 
Additional cash consideration$— $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 InformationJanuary 26 to
Metal PackagingDecember 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
ConsolidatedDecember 31, 2022December 31, 2021
Net sales$7,300,140 $6,425,771 
Net income/(loss) attributable to Sonoco$528,818 $(145,570)