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Shareholders’ equity and earnings per share
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Shareholders' equity and earnings per share Shareholders’ equity and earnings per share
Share repurchases
On April 20, 2021, the Board authorized the repurchase of the Company’s common stock in an aggregate amount of up to $350,000. No shares were purchased under this authorization during 2024 or 2023. A total of $137,972 remained available for share repurchases under this authorization as of December 31, 2024 and December 31, 2023.
The Company occasionally repurchases shares of its common stock to satisfy employee tax withholding obligations in association with the exercise of RSUs, PCSUs, and SARs. These repurchases, which are not part of a publicly announced plan or program, totaled 164,402 shares during 2024, 175,665 shares during 2023, and 79,347 shares during 2022, at a cost of $9,246, $10,617 and $4,547, respectively.
Earnings per share
The following table sets forth the computation of basic and diluted earnings/(loss) per share (in thousands, except per share data):
202420232022
Numerator:
Net income from continuing operations $67,565 $379,644 $378,410 
Net loss/(income) from continuing operations attributable to noncontrolling interests
180 (768)(284)
Net income from continuing operations attributable to Sonoco67,745 378,876 378,126 
Net income attributable to Sonoco$163,949 $474,959 $466,437 
Denominator:
Weighted average common shares outstanding98,637 98,294 97,991 
Dilutive effect of share-based compensation653 596 741 
Diluted outstanding shares99,290 98,890 98,732 
Per common share:
Basic earnings per common share:
Net income from continuing operations$0.69 $3.85 $3.86 
Net income attributable to Sonoco$1.66 $4.83 $4.76 
Diluted earnings per common share:
Net income from continuing operations$0.68 $3.83 $3.83 
Net income attributable to Sonoco$1.65 $4.80 $4.72 
Cash dividends$2.07 $2.02 $1.92 
No adjustments were made to “Net income attributable to Sonoco” in the computations of net income attributable to Sonoco per common share.
Anti-dilutive securities
Potentially dilutive securities are calculated in accordance with the treasury stock method, which assumes the proceeds from the exercise of all dilutive SARs are used to repurchase the Company’s common stock. Certain SARs are not dilutive because either the exercise price is greater than the average market price of the stock during the reporting period or assumed repurchases from proceeds from the exercise of the SARs were anti-dilutive.
The average number of shares that were not dilutive and therefore not included in the computation of diluted income per share was as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
202420232022
Anti-dilutive stock appreciation rights408 352 373 
These SARs may become dilutive in future periods if the market price of the Company’s common stock appreciates.
Noncontrolling interests
On December 4, 2024, the Company completed the acquisition of Eviosys. The acquisition included operations in the Ivory Coast and Morocco, which are owned 85.2% and 99.34%, respectively, by the Company. The Company fully consolidates these operations and reflects our partners’ ownership in noncontrolling interests on the Company’s Consolidated Balance Sheet as of December 31, 2024. The total amount of noncontrolling interests acquired was $9,533.
In November 2024, the Company completed the sale of two production facilities in China, both of which were part of the Company’s Industrial Paper Packaging segment. In addition, a production facility that was less than 100% owned by the Company was divested as a part of the sale and the disposition of the noncontrolling interest of $2,043 is reflected in the Company’s total loss on the divestiture. This loss is reported in “(Loss)/Gain on divestiture of business and other assets” in the Company’s Consolidated Statements of Income for the year ended December 31, 2024. See Note 4 for additional information.
On March 31, 2022, the Company paid $14,474 in cash to acquire the remaining 33% ownership interest in Graffo Paranaense de Embalagens S/A (“Graffo”). The transaction resulted in a $6,116 reduction in noncontrolling interest, a $7,080 charge to capital in excess of stated value, and a $1,278 reduction to accrued expenses and other on the Company’s Consolidated Balance Sheet. Graffo is part of the Company’s Thermoformed and Flexibles Packaging business and is included in the pending sale of TFP to Toppan. See Notes 1 and 2 for additional information.