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Discontinued operations
 12 Months Ended
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:
  
20242023
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 receivables46,001 48,677 
Inventories
     Finished and in process80,573 86,515 
     Materials and supplies94,083 83,338 
Prepaid expenses8,788 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 
Goodwill502,621 512,643 
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 taxes262 706 
Right of use asset-operating leases75,855 81,483 
Other assets19,317 18,794 
Non-current assets of discontinued operations$964,310 $984,109 
Payable to suppliers172,720 169,613 
Accrued expenses and other62,562 70,593 
Notes payable and current portion of long-term debt6,774 8,198 
Current liabilities of discontinued operations$242,056 $248,404 
Long-term debt29,850 37,866 
Noncurrent operating lease liabilities67,789 72,751 
Pension and other postretirement benefits— 116 
Deferred income taxes15,928 6,934 
Other liabilities344 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,
  
202420232022
Net sales$1,291,461 $1,339,866 $1,391,225 
Cost of sales1,037,196 1,106,970 1,176,894 
Gross profit254,265 232,896 214,331 
Selling, general and administrative expenses122,488 97,131 97,762 
Restructuring/Asset impairment charges3,740 9,024 4,525 
Operating profit128,037 126,741 112,044 
Interest expense1
13,396 1,293 790 
Interest income1,668 357 94 
Income from discontinued operations before income taxes116,309 125,805 111,348 
Provision for income taxes19,934 29,548 22,778 
Net income from discontinued operations96,375 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:
Basic98,637 98,294 97,991 
Diluted99,290 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,
  
202420232022
Depreciation, depletion and amortization$58,798 $58,959 $58,291 
Capital expenditures
$(65,321)$(55,624)$(48,049)