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Discontinued operations | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued operations | Discontinued operations As disclosed in Note 1, on December 18, 2024, the Company entered into an agreement to sell TFP. As a result of the planned sale, and in accordance with applicable accounting guidance, the financial results of TFP are presented as discontinued operations in the Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for all periods presented. Further, the Company reclassified the assets and liabilities of TFP as assets and liabilities of discontinued operations in the Consolidated Balance Sheets as of December 31, 2024 and 2023. The Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Total Equity, and Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages and disclosures for all periods presented reflect only the continuing operations of Sonoco unless otherwise noted. The following table presents the assets and liabilities that are classified as discontinued operations in the Consolidated Balance Sheets as of December 31, 2024 and 2023:
| 2024 |  | 2023
Cash and cash equivalents | $ | 12,050 |  |  | $ | 13,042 |
Trade accounts receivable, net of allowances of $2,582 in 2024 and $2,793 in 2023 | 209,379 |  |  | 218,620 |
Other receivables | 46,001 |  |  | 48,677 |
Inventories |  |  |
Finished and in process | 80,573 |  |  | 86,515 |
Materials and supplies | 94,083 |  |  | 83,338 |
Prepaid expenses | 8,788 |  |  | 9,426 |
Current assets of discontinued operations | $ | 450,874 |  |  | $ | 459,618 |
Property, plant and equipment, net of accumulated depreciation of $465,923 in 2024 and $480,416 in 2023 | 262,662 |  |  | 243,370 |
Goodwill | 502,621 |  |  | 512,643 |
Other intangible assets, net of accumulated amortization of $206,437 in 2024 and $189,471 in 2023 | 103,593 |  |  | 127,113 |
Long-term deferred income taxes | 262 |  |  | 706 |
Right of use asset-operating leases | 75,855 |  |  | 81,483 |
Other assets | 19,317 |  |  | 18,794 |
Non-current assets of discontinued operations | $ | 964,310 |  |  | $ | 984,109 |
Payable to suppliers | 172,720 |  |  | 169,613 |
Accrued expenses and other | 62,562 |  |  | 70,593 |
Notes payable and current portion of long-term debt | 6,774 |  |  | 8,198 |
Current liabilities of discontinued operations | $ | 242,056 |  |  | $ | 248,404 |
Long-term debt | 29,850 |  |  | 37,866 |
Noncurrent operating lease liabilities | 67,789 |  |  | 72,751 |
Pension and other postretirement benefits | — |  |  | 116 |
Deferred income taxes | 15,928 |  |  | 6,934 |
Other liabilities | 344 |  |  | 473 |
Non-current liabilities of discontinued operations | $ | 113,911 |  |  | $ | 118,140 |
The following table presents key components of “Income from discontinued operations, net of taxes” for the years ended December 31, 2024, 2023, and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Net sales | $ | 1,291,461 |  |  | $ | 1,339,866 |  |  | $ | 1,391,225 |
Cost of sales | 1,037,196 |  |  | 1,106,970 |  |  | 1,176,894 |
Gross profit | 254,265 |  |  | 232,896 |  |  | 214,331 |
Selling, general and administrative expenses | 122,488 |  |  | 97,131 |  |  | 97,762 |
Restructuring/Asset impairment charges | 3,740 |  |  | 9,024 |  |  | 4,525 |
Operating profit | 128,037 |  |  | 126,741 |  |  | 112,044 |
Interest expense 1 | 13,396 |  |  | 1,293 |  |  | 790 |
Interest income | 1,668 |  |  | 357 |  |  | 94 |
Income from discontinued operations before income taxes | 116,309 |  |  | 125,805 |  |  | 111,348 |
Provision for income taxes | 19,934 |  |  | 29,548 |  |  | 22,778 |
Net income from discontinued operations | 96,375 |  |  | 96,257 |  |  | 88,570 |
Net income from discontinued operations attributable to noncontrolling interests | (171) |  |  | (174) |  |  | (259) |
Net income attributable to discontinued operations | $ | 96,204 |  |  | $ | 96,083 |  |  | $ | 88,311 |
Weighted average common shares outstanding: |  |  |  |  |
Basic | 98,637 |  |  | 98,294 |  |  | 97,991 |
Diluted | 99,290 |  |  | 98,890 |  |  | 98,732 |
Per common share |  |  |  |  |
Net income attributable to discontinued operations: |  |  |  |  |
Basic | $ | 0.97 |  |  | $ | 0.98 |  |  | $ | 0.90 |
Diluted | $ | 0.97 |  |  | $ | 0.97 |  |  | $ | 0.89 |
1 Includes $9,528 of interest expense in 2024 relating to certain debt contractually required to be repaid by the Company upon completion of the TFP divestiture. No such interest expense is reflected in 2023 or 2022. The following table presents significant cash flow items from discontinued operations for the years ended December 31, 2024, 2023, and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Depreciation, depletion and amortization | $ | 58,798 |  |  | $ | 58,959 |  |  | $ | 58,291 |
Capital expenditures | $ | (65,321) |  |  | $ | (55,624) |  |  | $ | (48,049) |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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