Acquisitions and dispositions (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of measurement period adjustments made to previously disclosed fair values

The preliminary fair values of the assets acquired and liabilities assumed in connection with the TEQ and Corenso acquisitions for the year ended December 31, 2019 are as follows:


	TEQ		Corenso
Trade Accounts Receivable	$	11,781	$	8,673
Inventories	4,262		8,707
Property, Plant and Equipment	42,005		36,928
Goodwill	75,595		43,427
Other intangible assets	56,170		29,170
Payable to suppliers	(4,965)		(5,963)
Other net tangible assets/(liabilities)	3,243		405
Deferred income taxes, net	(799)		(10,713)
Net assets	$	187,292	$	110,634

Fair values of assets acquired and liabilities assumed in connection with acquisition

As a result, the following measurement period adjustments were made to the previously disclosed provisional fair values of assets and liabilities acquired and are as follows:


	Conitex Sonoco		Compositub		Highland
Trade accounts receivable	$	(77)	$	203	$	—
Inventories	—		50		—
Property, plant and equipment	(199)		(1,026)		1,895
Goodwill	2,246		(566)		(1,895)
Other intangible assets	300		1,888		—
Accrued expenses and other	(1,782)		(138)		—
Other net tangible assets/(liabilities)	(404)		(40)		—
Additional cash consideration	$	84	$	371	$	—

Pro forma supplemental information

This pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had been completed as of the beginning of 2016, nor are they necessarily indicative of future consolidated results.


Consolidated Pro Forma Supplemental Information	Year Ended December 31, 2017
Packaging Holdings and Clear Lam	(unaudited)
Net sales	$	5,143,066
Net income attributable to Sonoco	$	178,205
Earnings per share:
Pro forma basic	$	1.78
Pro forma diluted	$	1.77

The pro forma information above does not project the Company’s expected results of any future period and gives no effect for any future synergistic benefits that may result from consolidating these subsidiaries or costs from integrating their operations with those of the Company. Pro forma information for 2017 includes adjustments to depreciation, amortization, interest expense, and income taxes. Acquisition-related costs of $4,345 and non-recurring expenses related to fair value adjustments to acquisition-date inventory of $5,750 were recognized in 2017 in connection with the acquisitions of Packaging Holdings and Clear Lam. These costs are excluded from 2017 pro forma net income.

The following table presents the aggregate, unaudited financial results for Packaging Holdings and Clear Lam from their respective dates of acquisition:


Packaging Holdings and Clear Lam Post-Acquisition	Year Ended December 31, 2017
Actual net sales	$	215,227
Actual net income	$	3,886