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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 FORM 10-Q
 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 4, 2021
or
 
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File No. 001-11261
SONOCO PRODUCTS COMPANY 
Incorporated under the laws
of South Carolina
I.R.S. Employer Identification
No. 57-0248420
1 N. Second St.
Hartsville, South Carolina 29550
Telephone: 843/383-7000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
No par value common stockSONNew York Stock Exchange, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒   No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer
☐
Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock at July 23, 2021:
Common stock, no par value: 98,324,893



SONOCO PRODUCTS COMPANY
INDEX
 
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 2.
Item 6.
Exhibits.

2


Part I. FINANCIAL INFORMATION 
Item 1. Financial Statements.
SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(Dollars and shares in thousands) 
July 4,
2021		December 31,
2020*
Assets
Current Assets
Cash and cash equivalents$263,529 $564,848 
Trade accounts receivable, net of allowances727,967 658,808 
Other receivables100,060 103,636 
Inventories, net:
Finished and in process177,531 167,018 
Materials and supplies326,401 283,673 
Prepaid expenses51,354 52,564 
1,646,842 1,830,547 
Property, Plant and Equipment, Net1,233,065 1,244,110 
Goodwill1,333,400 1,389,255 
Other Intangible Assets, Net295,193 321,934 
Deferred Income Taxes41,085 42,479 
Right of Use Asset-Operating Leases271,241 296,020 
Other Assets173,216 152,914 
Total Assets$4,994,042 $5,277,259 
Liabilities and Equity
Current Liabilities
Payable to suppliers$641,003 $536,939 
Accrued expenses and other351,221 511,489 
Notes payable and current portion of long-term debt404,029 455,784 
Accrued taxes8,654 7,415 
1,404,907 1,511,627 
Long-term Debt, Net of Current Portion1,194,063 1,244,440 
Noncurrent Operating Lease Liabilities237,447 262,048 
Pension and Other Postretirement Benefits165,997 171,518 
Deferred Income Taxes79,143 86,018 
Other Liabilities90,052 91,080 
Sonoco Shareholders’ Equity
Common stock, no par value
Authorized 300,000 shares
98,829 and 100,447 shares issued and outstanding
at July 4, 2021 and December 31, 2020, respectively
7,175 7,175 
Capital in excess of stated value166,295 314,056 
Accumulated other comprehensive loss(344,456)(756,842)
Retained earnings1,982,430 2,335,216 
Total Sonoco Shareholders’ Equity1,811,444 1,899,605 
Noncontrolling Interests10,989 10,923 
Total Equity1,822,433 1,910,528 
Total Liabilities and Equity$4,994,042 $5,277,259 
*The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.
See accompanying Notes to Condensed Consolidated Financial Statements
3


SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(Dollars and shares in thousands except per share data)
 
Three Months EndedSix Months Ended
July 4, 2021June 28, 2020July 4, 2021June 28, 2020
Net sales$1,382,754 $1,245,485 $2,736,058 $2,548,781 
Cost of sales1,120,101 997,502 2,195,504 2,034,208 
Gross profit262,653 247,983 540,554 514,573 
Selling, general and administrative expenses128,807 121,371 274,037 245,259 
Restructuring/Asset impairment (income)/charges(1,445)22,885 5,401 35,484 
Loss on divestiture of business— — 5,516 — 
Operating profit135,291 103,727 255,600 233,830 
Non-operating pension costs555,009 7,600 562,293 15,179 
Interest expense17,513 19,563 36,014 36,092 
Interest income2,719 878 3,489 1,362 
Loss from the early extinguishment of debt20,184 — 20,184 — 
(Loss)/Income before income taxes(454,696)77,442 (359,402)183,921 
(Benefit from)/Provision for income taxes(118,151)23,230 (94,106)49,986 
(Loss)/Income before equity in earnings of affiliates(336,545)54,212 (265,296)133,935 
Equity in earnings of affiliates, net of tax2,306 778 3,350 1,291 
Net (loss)/income (334,239)54,990 (261,946)135,226 
Net loss attributable to noncontrolling interests169 221 172 430 
Net (loss)/income attributable to Sonoco$(334,070)$55,211 $(261,774)$135,656 
Weighted average common shares outstanding:
Basic100,082 100,971 100,571 100,915 
Diluted100,082 101,109 100,571 101,109 
Per common share:
Net (loss)/income attributable to Sonoco:
Basic$(3.34)$0.55 $(2.60)$1.34 
Diluted$(3.34)$0.55 $(2.60)$1.34 

See accompanying Notes to Condensed Consolidated Financial Statements
4


SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (unaudited)
(Dollars in thousands)
 
Three Months EndedSix Months Ended
July 4, 2021June 28, 2020July 4, 2021June 28, 2020
Net (loss)/income$(334,239)$54,990 $(261,946)$135,226 
Other comprehensive income/(loss):
Foreign currency translation adjustments12,596 32,864 (19,945)(62,348)
Changes in defined benefit plans, net of tax422,745 4,416 428,130 10,196 
Changes in derivative financial instruments, net of tax3,482 1,830 4,440 (2,725)
Other comprehensive income/(loss):$438,823 $39,110 $412,625 $(54,877)
Comprehensive income:104,584 94,100 150,679 80,349 
Net loss attributable to noncontrolling interests169 221 172 430 
Other comprehensive (income)/loss attributable to noncontrolling interests(759)590 (239)2,227 
Comprehensive income attributable to Sonoco$103,994 $94,911 $150,612 $83,006 
See accompanying Notes to Condensed Consolidated Financial Statements
5

SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
CHANGES IN TOTAL EQUITY (unaudited)
(Dollars in thousands)
Total
Equity		Common SharesCapital in
Excess of
Stated Value		Accumulated
Other
Comprehensive
Loss		Retained
Earnings		Noncontrolling
Interests
OutstandingAmount
December 31, 2019$1,815,705 100,198 $7,175 $310,778 $(816,803)$2,301,532 $13,023 
Net income/(loss)80,236 80,445 (209)
Other comprehensive income/(loss):
Translation loss(95,212)(93,575)(1,637)
Defined benefit plan adjustment, net of tax5,780 5,780 
Derivative financial instruments, net of tax(4,555)(4,555)
Other comprehensive loss$(93,987)$(92,350)$(1,637)
Dividends(43,339)(43,339)
Dividends paid to noncontrolling interests— 
Issuance of stock awards376 196 376 
Shares repurchased(3,938)(65)(3,938)
Stock-based compensation597 597 
Impact of new accounting pronouncements(209)(209)
March 29, 2020$1,755,441 100,329 $7,175 $307,813 $(909,153)$2,338,429 $11,177 
Net income/(loss)54,990 55,211 $(221)
Other comprehensive income/(loss):
Translation gain/(loss)32,864 33,454 (590)
Defined benefit plan adjustment, net of tax4,416 4,416 
Derivative financial instruments, net of tax1,830 1,830 
Other comprehensive income/(loss)$39,110 $39,700 $(590)
Dividends(43,451)(43,451)
Dividends paid to noncontrolling interests— 
Issuance of stock awards287 2 287 
Shares repurchased(12)(1)(12)
Stock-based compensation1,339 1,339 
Impact of new accounting pronouncements— 
June 28, 2020$1,807,704 100,330 $7,175 $309,427 $(869,453)$2,350,189 $10,366 
6

Total EquityCommon SharesCapital in
Excess of
Stated Value		Accumulated
Other
Comprehensive
Loss		Retained
Earnings		Noncontrolling
Interests
OutstandingAmount
December 31, 2020$1,910,528 100,447 $7,175 $314,056 $(756,842)$2,335,216 $10,923 
Net income/(loss)72,293 72,297 (4)
Other comprehensive income/(loss):
Translation loss(32,541)(32,021)(520)
Defined benefit plan adjustment, net of tax5,385 5,385 
Derivative financial instruments, net of tax958 958 
Other comprehensive loss$(26,198)$(25,678)$(520)
Dividends(45,510)(45,510)
Issuance of stock awards364 245 364 
Shares repurchased(5,051)(85)(5,051)
Stock-based compensation6,372 6,372 
April 4, 2021$1,912,798 100,607 $7,175 $315,741 $(782,520)$2,362,003 $10,399 
Net loss(334,239)(334,070)(169)
Other comprehensive income
Translation gain12,596 11,837 759 
Defined benefit plan adjustment, net of tax422,745 422,745 
Derivative financial instruments, net of tax3,482 3,482 
Other comprehensive income$438,823 $438,064 $759 
Dividends(45,503)(45,503)
Dividends paid to noncontrolling interests— 
Issuance of stock awards246 41 246 
Shares repurchased(154,519)(1,819)(154,519)
Stock-based compensation4,827 4,827 
July 4, 2021$1,822,433 98,829 $7,175 $166,295 $(344,456)$1,982,430 $10,989 

See accompanying Notes to Condensed Consolidated Financial Statements
7

SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands)
Six Months Ended
July 4, 2021June 28, 2020
Cash Flows from Operating Activities:
Net (loss)/income$(261,946)$135,226 
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Asset impairment4,852 8,759 
Depreciation, depletion and amortization121,792 123,447 
Loss on early extinguishment of debt20,184 — 
Share-based compensation expense11,199 1,936 
Equity in earnings of affiliates(3,350)(1,291)
Cash dividends from affiliated companies3,930 3,276 
Net gain on disposition of assets(3,279)(2,265)
Loss on divestiture of business5,516 — 
Pension and postretirement plan expense576,297 29,135 
Pension and postretirement plan contributions(162,352)(31,105)
Net (decrease)/increase in deferred taxes(154,242)19,653 
Change in assets and liabilities, net of effects from acquisitions and foreign currency adjustments:
Trade accounts receivable(104,925)(13,516)
Inventories(61,724)(31,984)
Payable to suppliers121,054 17,844 
Prepaid expenses(2,581)(8,769)
Accrued expenses(3,256)9,261 
Income taxes payable and other income tax items7,965 8,533 
Other assets and liabilities(13,181)13,851 
Net cash provided by operating activities101,953 281,991 
Cash Flows from Investing Activities:
Purchases of property, plant and equipment(99,959)(76,417)
Cost of acquisitions, net of cash acquired(2,353)(3,787)
Proceeds from the sale of businesses, net86,071 — 
Proceeds from the sale of assets7,433 4,845 
Other net investing proceeds4,304 524 
Net cash used in investing activities(4,504)(74,835)
Cash Flows from Financing Activities:
Proceeds from issuance of debt18,361 1,105,139 
Principal repayment of debt(259,225)(269,970)
Net change in commercial paper128,000 (250,000)
Net (decrease)/increase in outstanding checks(15,620)7,469 
Proceeds from foreign exchange forward contracts and interest rate swaps4,387 14,480 
Payment of contingent consideration— (2,500)
Cash dividends(90,401)(86,337)
Excess cash costs of early extinguishment of debt(20,111)— 
Payments for share repurchases(159,571)(3,950)
Net cash (used)/provided by financing activities(394,180)514,331 
Effects of Exchange Rate Changes on Cash(4,588)(9,498)
Net (Decrease)/Increase in Cash and Cash Equivalents(301,319)711,989 
Cash and cash equivalents at beginning of period564,848 145,283 
Cash and cash equivalents at end of period$263,529 $857,272 
See accompanying Notes to Condensed Consolidated Financial Statements
8
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)


Note 1: Basis of Interim Presentation
In the opinion of the management of Sonoco Products Company (the “Company” or “Sonoco”), the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments, unless otherwise stated) necessary to state fairly the consolidated financial position, results of operations and cash flows for the interim periods reported herein. Operating results for the six months ended July 4, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
With respect to the unaudited condensed consolidated financial information of the Company for the three- and six-month periods ended July 4, 2021 and June 28, 2020 included in this Form 10-Q, PricewaterhouseCoopers LLP reported that they have applied limited procedures in accordance with professional standards for a review of such information. However, their separate report dated August 3, 2021 appearing herein, states that they did not audit and they do not express an opinion on that unaudited financial information. Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933 for their report on the unaudited financial information because that report is not a “report” or a “part” of a registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act.
As previously disclosed, the Company changed its operating and reporting structure in January 2021 and, as a result, realigned certain of its reportable segments effective January 1, 2021. The revised structure consists of two reportable segments, Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as "All Other." Additional information regarding segment realignment is provided in Note 15 to these Condensed Consolidated Financial Statements. All segment results for prior periods have been recast to conform to the new presentation.

Note 2: New Accounting Pronouncements
During the six-month period ended July 4, 2021, there have been no newly issued nor newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company’s financial statements. Further, at July 4, 2021, there are no other pronouncements pending adoption that are expected to have a material impact on the Company’s consolidated financial statements.

Note 3: Acquisitions and Divestitures
Acquisitions
On March 8, 2021, the Company completed the acquisition of TuboTec, a small tube and core operation in Brazil, for total cash consideration of $841. TuboTec's financial results from the date acquired are included in the Company's Industrial Paper Packaging segment.
During the six months ended July 4, 2021, the Company reached a final working capital settlement related to the August 3, 2020 acquisition of Can Packaging, a designer and manufacturer of sustainable paper packaging and related manufacturing equipment, based in Habsheim, France. Under the settlement, the Company made an additional cash payment of $1,512 and a corresponding increase in goodwill. Goodwill for Can Packaging, none of which is expected to be deductible for income tax purposes, consists of increased access to certain markets. Can Packaging's financial results from the date acquired are included in the Company's Consumer Packaging segment.
The valuations of the assets acquired and liabilities assumed in the 2020 acquisitions of Can Packaging and a small tube and core operation in Jacksonville, Florida, were finalized in the first quarter of 2021. No additional measurement period adjustments were subsequently recorded.
The Company has accounted for its acquisitions as business combinations under the acquisition method of accounting, in accordance with the business combinations subtopic of the Accounting Standards Codification and has included the results of operations of the acquired businesses in the Company's Condensed Consolidated Statements of Income from their respective dates of acquisition.
9
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Divestitures
As previously disclosed, the Company completed the sale of its display and packaging business in the United States, part of the "All Other" group of businesses, to Hood Container Corporation on April 4, 2021 for $80,000 in cash. This business provided design, manufacturing and fulfillment of point-of-purchase displays, as well as contract packaging services, for consumer product customers and had approximately 450 employees. Its operations included eight manufacturing and fulfillment facilities and four sales and design centers.
Assets and liabilities disposed of in the sale included the following:
U.S. Display and Packaging
Trade accounts receivable$26,342 
Inventories8,434 
Property, plant and equipment, net9,551 
Right of use asset - operating leases11,627 
Goodwill53,039 
Trade accounts payable(10,735)
Accrued expenses(1,411)
Operating lease liabilities(12,343)
Other net tangible assets716 
$85,220 

The selling price was adjusted at closing for certain transaction expenses and for anticipated differences between targeted levels of working capital and the projected levels at the time of closing. Net cash proceeds of $79,704 were received on April 5, 2021 and the Company recognized a loss on the divestiture of this business of $5,516, before tax. The Company anticipates the final working capital settlement to be completed during the third quarter of 2021; this settlement, though not expected to be material, is expected to reduce the previously recognized loss on the divestiture of this business.
As previously disclosed, the Company completed the divestiture of its European contract packaging business, Sonoco Poland Packaging Services Sp. z.o.o., on November 30, 2020. The selling price of $120,000 was adjusted at closing for certain indebtedness assumed by the buyer and for anticipated differences between targeted levels of working capital and the projected levels at the time of closing. The Company received net cash proceeds at closing of $105,913, with the buyer funding an escrow account with an additional $4,600. In the second quarter of 2021 the company received $6,366 in additional proceeds from the sale, which included the release of $4,000 from escrow plus a post-closing adjustment of $2,366 for the working capital settlement. The remaining $600 in escrow is expected to be released in the second quarter of 2022, pending any indemnity claims. The receipt of the additional cash proceeds is reflected in "Proceeds from the sale of businesses, net" in the Condensed Consolidated Statement of Cash Flows.
The decision to sell the display and packaging businesses was part of the Company's efforts to simplify its operating structure to focus on growing its core Consumer and Industrial packaging businesses around the world. These sales are not expected to notably affect consolidated operating margin percentages, nor do they represent a strategic shift for the Company that will have a major effect on the entity’s operations and financial results. Consequently, the sales did not meet the criteria for reporting as discontinued operations. The net proceeds from the sales were used for general corporate purposes.
The Company continually assesses its operational footprint as well as its overall portfolio of businesses and may consider the divestiture of plants and/or business units it considers to be suboptimal or nonstrategic.
Acquisition and Divestiture-Related Transaction Costs
Acquisition and divestiture-related transaction costs totaling $1,462 and $357 were incurred during the three months ended July 4, 2021 and June 28, 2020, respectively, and $11,488 and $1,528 during the six months ended July 4, 2021 and June 28, 2020, respectively. These costs, consisting primarily of legal and professional fees, are included in “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income.
10
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)


Note 4: Shareholders' Equity
(Loss)/Earnings per Share
The following table sets forth the computation of basic and diluted (loss)/earnings per share:
Three Months EndedSix Months Ended
July 4, 2021June 28, 2020July 4, 2021June 28, 2020
Numerator:
Net (loss)/income attributable to Sonoco$(334,070)$55,211 $(261,774)$135,656 
Denominator:
Weighted average common shares outstanding:
Basic100,082 100,971 100,571 100,915 
Dilutive effect of stock-based compensation— 138 — 194 
Diluted100,082 101,109 100,571 101,109 
Net (loss)/income attributable to Sonoco per common share:
Basic$(3.34)$0.55 $(2.60)$1.34 
Diluted$(3.34)$0.55 $(2.60)$1.34 
Cash dividends$0.45 $0.43 $0.90 $0.86 
No adjustments were made to "Net (loss)/income attributable to Sonoco" in the computations of net (loss)/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 stock appreciation rights (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 antidilutive. These SARs may become dilutive in the future if the market price of the Company's common stock appreciates. The average numbers of SARs that were anti-dilutive and, therefore, not included in the computation of diluted earnings per share during the three- and six-month periods ended July 4, 2021 and June 28, 2020 were as follows:
Three Months EndedSix Months Ended
July 4, 2021June 28, 2020July 4, 2021June 28, 2020
Anti-dilutive stock appreciation rights— 1,191 214 890 
Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued, unless doing so is anti-dilutive. Such securities have an anti-dilutive impact in those periods in which a loss is reported. Diluted net loss per share of common stock for the three- and six-month periods ended July 4, 2021 is the same as basic net loss per share because otherwise dilutive securities are excluded from the computation of diluted net loss per share. The following table sets forth the potentially dilutive securities excluded from the computation of diluted net loss per share during the three- and six-month periods ended July 4, 2021:
Three Months EndedSix Months Ended
July 4, 2021July 4, 2021
Dilutive securities excluded due to reported loss486 469 
11
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)

Stock Repurchases
On April 20, 2021, the Company's Board of Directors (the "Board") authorized the repurchase of the Company's common stock in an aggregate amount of up to $350,000. Following the transactions described below, a total of $196,385 remains available to be used for share repurchases under this authorization as of July 4, 2021.
On May 10, 2021, the Company entered into an accelerated share repurchase agreement ("ASR Agreement") with a financial institution to repurchase outstanding shares of the Company's common stock. In exchange for an upfront payment of $150,000, which was funded with available cash on hand, the financial institution delivered 1,751 initial shares to the Company, representing 80% of the expected number of shares to be repurchased during the repurchase period based upon an estimated average repurchase price of $68.50 per share. The initial shares received were retired by the Company. The final number of shares to be repurchased and retired were based on the Company's volume-weighted average share price during the repurchase period, less a discount and subject to certain adjustments (the "Settlement Price"). The financial institution could elect to settle all or any part of the transaction at any time between July 9, 2021 and September 11, 2021. At final settlement, the financial institution could be required to deliver additional shares to the Company or, under certain conditions, the Company could be required to make a cash payment or deliver shares of the Company's common stock, at its election, to the financial institution. As of July 4, 2021, the unsettled portion of the ASR Agreement represented a forward contract indexed to the Company's own stock which was recognized within shareholders’ equity as "Capital in excess of stated value."
Pursuant to the ASR Agreement, the financial institution elected to accelerate the settlement of the transaction in two tranches. On July 21, 2021, the financial institution transferred 168 additional shares to the Company based upon an effective Settlement Price of $66.52 and a notional value of $50,000, or one third of the total $150,000 prepayment. On July 26, 2021, the financial institution transferred 337 additional shares to the Company upon full settlement of the remaining $100,000 notional value of the transaction at an average repurchase price of $66.45.
On May 6, 2021, the Company repurchased approximately 54 shares for $3,615 from a private stockholder based upon the average closing stock price on that day. The cost of these share repurchases, as well as those related to the accelerated share agreement mentioned above, was allocated to "Capital in excess of stated value" on the Company's Condensed Consolidated Balance Sheet for the period ended July 4, 2021.
The Company frequently repurchases shares of its common stock to satisfy employee tax withholding obligations in association with certain share-based compensation awards. These repurchases, which are not part of a publicly announced plan or program, totaled 98 shares during the six months ended July 4, 2021, at a cost of $5,956, and 66 shares during the six months ended June 28, 2020, at a cost of $3,950.
Dividend Declarations
On April 21, 2021, the Board of Directors declared a regular quarterly dividend of $0.45 per share. This dividend was paid on June 10, 2021 to all shareholders of record as of May 10, 2021.
On July 21, 2021, the Board of Directors declared a regular quarterly dividend of $0.45 per share. This dividend is payable on September 10, 2021 to all shareholders of record as of August 10, 2021.
12
SONOCO PRODUCTS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars and shares in thousands except per share data)
(unaudited)


Note 5: Restructuring and Asset Impairment
Due to its geographic footprint and the cost-competitive nature of its businesses, the Company is continually seeking the most cost-effective means and structure to serve its customers and to respond to fundamental changes in its markets. As such, restructuring costs have been, and are expected to be, a recurring component of the Company's operating costs. The amount of these costs can vary significantly from quarter to quarter and from year to year depending upon the scope and location of the restructuring activities.
Following are the total restructuring and asset impairment charges, net of adjustments, recognized during the periods presented:
Three Months EndedSix Months Ended
July 4, 2021June 28, 2020July 4, 2021June 28, 2020
Restructuring and restructuring-related asset impairment (income)/charges$(1,853)$22,885 $844 $35,484 
Other asset impairments408 — 4,557 — 
Restructuring/Asset Impairment (Income)/Charges$(1,445)$22,885 $5,401 $35,484 

The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:
Three Months EndedSix Months Ended
July 4, 2021June 28, 2020July 4, 2021June 28, 2020
Severance and Termination Benefits$2,438 $15,159 $3,866 $