0000091767-24-000016.txt : 20240326 0000091767-24-000016.hdr.sgml : 20240326 20240326163025 ACCESSION NUMBER: 0000091767-24-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240326 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240326 DATE AS OF CHANGE: 20240326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SONOCO PRODUCTS CO CENTRAL INDEX KEY: 0000091767 STANDARD INDUSTRIAL CLASSIFICATION: PAPERBOARD CONTAINERS & BOXES [2650] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 570248420 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11261 FILM NUMBER: 24784048 BUSINESS ADDRESS: STREET 1: ONE NORTH SECOND ST STREET 2: P O BOX 160 CITY: HARTSVILLE STATE: SC ZIP: 29551-0160 BUSINESS PHONE: 8433837000 MAIL ADDRESS: STREET 1: ONE N. SECOND STREET CITY: HARTSVILLE STATE: SC ZIP: 29550 8-K 1 son-20240326.htm 8-K son-20240326
0000091767false00000917672024-03-262024-03-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): March 26, 2024
 
SONOCO PRODUCTS COMPANY
 Commission File No. 001-11261
 
South Carolina
57-0248420
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification Number)
1 N. Second St.
Hartsville, South Carolina 29550
(Address of principal executive offices)(Zip Code)
Telephone: (843) 383-7000
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 pursuant to Section 13(a) of the Exchange Act. ☐



Item 7.01    Regulation FD Disclosure.
As previously disclosed, effective January 1, 2024, Sonoco Products Company (the “Company”) integrated its flexible packaging and thermoforming packaging businesses within its Consumer Packaging segment in order to streamline operations, enhance customer service, and better position the business for accelerated growth. As a result, the Company changed its operating and reporting structure to reflect the way it plans to manage its operations, evaluate performance, and allocate resources going forward. As a result of these changes, the Company’s consumer thermoforming businesses moved from the All Other group of businesses to the Consumer Packaging segment. The Company’s Industrial Paper Packaging segment was not affected by these changes.
The Company is furnishing Exhibit 99.1 to this Current Report on Form 8-K (this “Current Report”) to recast certain segment information previously presented in the footnotes to the Company’s consolidated financial statements and reconciliations of GAAP to non-GAAP financial measures for the fiscal years ended December 31, 2023 and 2022, and for each quarterly reporting period within 2023, in order to facilitate comparisons of the Company’s prior period results with the updated segment structure that will be reflected in the Company’s future GAAP financial statements, beginning with its Quarterly Report on Form 10-Q for the quarter ending March 31, 2024. The Company’s methodologies for calculating its segment results have not changed, and the Company is not yet required to present its updated segment structure under U.S. GAAP.
This Current Report does not reflect events occurring subsequent to the periods reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”), has not been audited, and does not modify or update the disclosures in the 2023 Form 10-K in any way. The information in this Current Report should be read in conjunction with the 2023 Form 10-K and the Company’s other filings with the Securities and Exchange Commission.
The information furnished pursuant this Item 7.01, including Exhibit 99.1 hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits
Exhibit No.Description of Exhibit
99.1
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
SONOCO PRODUCTS COMPANY
Date: March 26, 2024By:/s/ Robert R. Dillard
Robert R. Dillard
Chief Financial Officer


 EX-99.1 2 ex991-segmentrestatementxj.htm EX-99.1 Document
Exhibit 99.1

The following tables recast certain unaudited segment information and non-GAAP financial measures of Sonoco Products Company (the “Company”) for each quarterly reporting period in the year ended December 31, 2023, and for the years ending December 31, 2023 and 2022, to conform to the updated reportable segment structure, effective January 1, 2024, that will be reflected in the Company’s future periodic reports. The recast financial information set forth below has not been audited and does not modify or update the disclosures contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) in any way and should be read in conjunction with the 2023 Form 10-K and the Company’s other filings with the Securities and Exchange Commission.
Three Months EndedTwelve Months Ended
Dollars in thousandsApril 2, 2023July 2, 2023October 1, 2023December 31, 2023December 31, 2023December 31, 2022
Net sales:
Consumer Packaging$958,008 $971,320 $984,840 $896,746 $3,810,914 $3,955,229 
Industrial Paper Packaging615,855 585,143 580,035 593,080 2,374,113 2,684,563 
Total reportable segments1,573,863 1,556,463 1,564,875 1,489,826 6,185,027 6,639,792 
All Other155,920 148,827 145,544 145,974 596,265 610,760 
Net Sales$1,729,783 $1,705,290 $1,710,419 $1,635,800 $6,781,292 $7,250,552 
Intersegment sales1:
Consumer Packaging$2,007 $2,364 $2,756 $5,529 $12,656 $6,673 
Industrial Paper Packaging38,720 35,411 3,032 24,659 101,822 134,215 
Total reportable segments40,727 37,775 5,788 30,188 114,478 140,888 
All Other2,789 1,845 1,740 1,804 8,178 9,570 
Intersegment Sales$43,516 $39,620 $7,528 $31,992 $122,656 $150,458 
Segment operating profit2:
Consumer Packaging$96,494 $101,115 $116,800 $86,250 $400,659 $533,766 
Industrial Paper Packaging94,367 87,040 75,006 61,504 317,917 327,859 
Total reportable segments$190,861 $188,155 $191,806 $147,754 $718,576 $861,625 
Reconciliation of segment operating profit to Income before income taxes:
Segment operating profit$190,861 $188,155 $191,806 $147,754 $718,576 $861,625 
All Other22,560 22,785 20,740 19,064 85,149 58,240 
Corporate
Restructuring/Asset impairment charges(28,814)(6,057)(18,110)(3,952)(56,933)(56,910)
Amortization of acquisition intangibles(21,164)(20,539)(21,379)(24,182)(87,264)(80,445)
Other non-GAAP income/(charges), net66,205 3,515 (10,120)(3,338)56,262 (107,114)
Operating profit229,648 187,859 162,937 135,346 715,790 675,396 
Other income, net— — 36,943 2,714 39,657 — 
Non-operating pension costs(3,658)(3,342)(3,424)(3,888)(14,312)(7,073)
Interest expense(34,232)(34,284)(32,847)(35,323)(136,686)(101,662)
Interest income1,562 1,944 3,173 3,704 10,383 4,621 
Income before income taxes$193,320 $152,177 $166,782 $102,553 $614,832 $571,282 
1 Intersegment sales are recorded at a market-related transfer price.
2 Segment operating profit viewed by the Company’s management to evaluate segment performance does not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; acquisition, integration and divestiture-related costs; changes in last-in, first-out inventory reserves; gains/losses from the sale of businesses or other assets; or certain other items, if any, the exclusion of which the Company believes improves the comparability and analysis of the ongoing operating performance of the business. All other general corporate expenses have been allocated as operating costs to each of the Company’s reportable segments and the All Other group of businesses.






Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation
For the Three Months Ended April 2, 2023
Dollars in thousandsConsumer Packaging segmentIndustrial Paper Packaging segmentAll OtherCorporateTotal
Segment and Total Operating Profit $96,494 $94,367 $22,560 $16,227 $229,648 
Adjustments:
  Depreciation, depletion and amortization1
32,549 24,878 3,546 21,164 82,137 
  Equity in earnings of affiliates, net of tax75 1,781 — — 1,856 
  Restructuring/Asset impairment charges2
— — — 28,814 28,814 
  Changes in LIFO inventory reserves3
— — — (5,425)(5,425)
  Acquisition, integration and divestiture-related costs4
— — — 5,188 5,188 
 Gain from divestiture of business and other assets5
— — — (72,010)(72,010)
  Net losses from derivatives6
— — — 6,085 6,085 
  Other non-GAAP adjustments— — — (43)(43)
Segment Adjusted EBITDA $129,118 $121,026 $26,106 $— $276,250 
Net Sales$958,008 $615,855 $155,920 
Segment Operating Profit Margin10.1 %15.3 %14.5 %
Segment Adjusted EBITDA Margin13.5 %19.7 %16.7 %

1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $16,226, the Industrial Paper Packaging segment of $2,934, and the All Other group of businesses of $2,004.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $2,680, the Industrial Paper Packaging segment of $24,544, and the All Other group of businesses of $53.
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $6,102 and the Industrial Paper Packaging segment of $(677).
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $779 and the Industrial Paper Packaging segment of $289.
5 Included in Corporate are gains from the sale of the Company's timberland properties in the amount of $(60,945) and the sale of its S3 business in the amount of $(11,065), both of which are associated with the Industrial Paper Packaging segment.
6 Included in Corporate are losses on derivatives associated with the Consumer Packaging segment of $946, the Industrial Paper Packaging segment of $3,912, and the All Other group of businesses of $1,170.


















Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation
For the Three Months Ended July 2, 2023
Dollars in thousandsConsumer Packaging segmentIndustrial Paper Packaging segmentAll OtherCorporateTotal
Segment and Total Operating Profit $101,115 $87,040 $22,785 $(23,081)$187,859 
Adjustments:
  Depreciation, depletion and amortization1
32,465 25,008 3,667 20,539 81,679 
  Equity in earnings of affiliates, net of tax134 3,178 — — 3,312 
  Restructuring/Asset impairment charges2
— — — 6,057 6,057 
  Changes in LIFO inventory reserves3
— — — (1,575)(1,575)
  Acquisition, integration and divestiture-related costs4
— — — 4,532 4,532 
  Gain from divestiture of business and other assets5
— — — (7,371)(7,371)
  Net gains from derivatives6
— — — (4,288)(4,288)
  Other non-GAAP adjustments— — — 5,187 5,187 
Segment Adjusted EBITDA $133,714 $115,226 $26,452 $— $275,392 
Net Sales$971,320 $585,143 $148,827 
Segment Operating Profit Margin10.4 %14.9 %15.3 %
Segment Adjusted EBITDA Margin13.8 %19.7 %17.8 %

1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $15,987, the Industrial Paper Packaging segment of $2,565, and the All Other group of businesses of $1,987.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $4,016, the Industrial Paper Packaging segment of $1,987, and the All Other group of businesses of $865.
3 Included in Corporate are changes in LIFO inventory reserves associated with and the Industrial Paper Packaging segment of $(1,575).
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $112 and the Industrial Paper Packaging segment of $60.
5 Included in Corporate is the gain from the sale of the Company’s U.S. BulkSak businesses, associated with the Industrial Paper Packaging segment, in the amount of $(7,371).
6 Included in Corporate are gains on derivatives associated with the Consumer Packaging segment of $(650), the Industrial Paper Packaging segment of $(2,835), and the All Other group of businesses of $(803).














Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation
For the Six Months Ended July 2, 2023
Dollars in thousandsConsumer Packaging segmentIndustrial Paper Packaging segmentAll OtherCorporateTotal
Segment and Total Operating Profit $197,608 $181,407 $45,345 $(6,853)$417,507 
Adjustments:
  Depreciation, depletion and amortization1
65,015 49,886 7,213 41,703 163,817 
  Equity in earnings of affiliates, net of tax209 4,959 — — 5,168 
  Restructuring/Asset impairment charges2
— — — 34,871 34,871 
  Changes in LIFO inventory reserves3
— — — (7,000)(7,000)
  Acquisition, integration and divestiture-related costs4
— — — 9,720 9,720 
  Gains from divestiture of business and other assets5
— — — (79,381)(79,381)
  Net losses from derivatives6
— — — 1,796 1,796 
  Other non-GAAP adjustments— — — 5,144 5,144 
Segment Adjusted EBITDA $262,832 $236,252 $52,558 $— $551,642 
Net Sales$1,929,328 $1,200,998 $304,747 
Segment Operating Profit Margin10.2 %15.1 %14.9 %
Segment Adjusted EBITDA Margin13.6 %19.7 %17.2 %

1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $32,213, the Industrial Paper Packaging segment of $5,499, and the All Other group of businesses of $3,991.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $6,696, the Industrial Paper Packaging segment of $26,531, and the All Other group of businesses of $918.
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $(6,103) and the Industrial Paper Packaging segment of $(897).
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $892 and the Industrial Paper Packaging segment of $349.
5 Included in Corporate are gains from the sale of the Company’s timberland properties in the amount of $(60,945), the sale of its S3 business in the amount of $(11,065), and the sale of its U.S. BulkSak businesses in the amount of $(7,371), all of which are associated with the Industrial Paper Packaging segment.
6 Included in Corporate are losses on derivatives associated with the Consumer Packaging segment of $297, the Industrial Paper Packaging segment of $1,133, and the All Other group of businesses of $366.


















Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation
For the Three Months Ended October 1, 2023
Dollars in thousandsConsumer Packaging segmentIndustrial Paper Packaging segmentAll OtherCorporateTotal
Segment and Total Operating Profit $116,800 $75,006 $20,740 $(49,609)$162,937 
Adjustments:
  Depreciation, depletion and amortization1
33,833 26,558 3,800 21,379 85,570 
  Equity in earnings of affiliates, net of tax284 3,343 — — 3,627 
  Restructuring/Asset impairment charges2
— — — 18,110 18,110 
  Changes in LIFO inventory reserves3
— — — (3,186)(3,186)
  Acquisition, integration and divestiture-related costs4
— — — 12,472 12,472 
  Loss from divestiture of business and other assets— — — 537 537 
  Net gains from derivatives5
— — — (3,310)(3,310)
  Other non-GAAP adjustments— — — 3,607 3,607 
Segment Adjusted EBITDA $150,917 $104,907 $24,540 $— $280,364 
Net Sales$984,840 $580,035 $145,544 
Segment Operating Profit Margin11.9 %12.9 %14.2 %
Segment Adjusted EBITDA Margin15.3 %18.1 %16.9 %

1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $15,980, the Industrial Paper Packaging segment of $3,414, and the All Other group of businesses of $1,985.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $9,784, the Industrial Paper Packaging segment of $6,430, and the All Other group of businesses of $270.
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $(3,325) and the Industrial Paper Packaging segment of $139.
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $410 and the Industrial Paper Packaging segment of $5,046.
5 Included in Corporate are gains on derivatives associated with the Consumer Packaging segment of $(507), the Industrial Paper Packaging segment of $(2,178), and the All Other group of businesses of $(625).




















Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation
For the Nine Months Ended October 1, 2023
Dollars in thousandsConsumer Packaging segmentIndustrial Paper Packaging segmentAll OtherCorporateTotal
Segment and Total Operating Profit $314,408 $256,413 $66,084 $(56,461)$580,444 
Adjustments:
  Depreciation, depletion and amortization1
98,847 76,444 11,014 63,082 249,387 
  Equity in earnings of affiliates, net of tax493 8,302 — — 8,795 
  Restructuring/Asset impairment charges2
— — — 52,981 52,981 
  Changes in LIFO inventory reserves3
— — — (10,186)(10,186)
  Acquisition, integration and divestiture-related costs4
— — — 22,192 22,192 
  Gains from divestiture of business and other assets5
— — — (78,844)(78,844)
  Net gains from derivatives6
— — — (1,514)(1,514)
  Other non-GAAP adjustments— — — 8,750 8,750 
Segment Adjusted EBITDA $413,748 $341,159 $77,098 $— $832,005 
Net Sales$2,914,168 $1,781,033 $450,291 
Segment Operating Profit Margin10.8 %14.4 %14.7 %
Segment Adjusted EBITDA Margin14.2 %19.2 %17.1 %

1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $48,193, the Industrial Paper Packaging segment of $8,913, and the All Other group of businesses of $5,976.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $16,480, the Industrial Paper Packaging segment of $32,961, and the All Other group of businesses of $1,188.
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $(9,428) and the Industrial Paper Packaging segment of $(758).
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $1,302 and the Industrial Paper Packaging segment of $5,394.
5 Included in Corporate are gains from the divestiture of business and other assets associated with the sale of the Company’s timberland properties of $(60,945), the sale of its S3 business of $(11,065), and the sale of its U.S. BulkSak business of $(6,834), all of which are associated with the Industrial Paper Packaging segment.
6 Included in Corporate are gains on derivatives associated with the Consumer Packaging segment of $(210), the Industrial Paper Packaging segment of $(1,045), and the All Other group of businesses of $(259).



















Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation
For the Three Months Ended December 31, 2023
Dollars in thousandsConsumer Packaging segmentIndustrial Paper Packaging segmentAll OtherCorporateTotal
Segment and Total Operating Profit $86,250 $61,504 $19,064 $(31,472)$135,346 
Adjustments:
  Depreciation, depletion and amortization1
35,511 28,278 3,630 24,182 91,601 
  Equity in earnings of affiliates, net of tax71 1,481 — — 1,552 
  Restructuring/Asset impairment charges2
— — — 3,952 3,952 
  Changes in LIFO inventory reserves3
— — — (1,631)(1,631)
  Acquisition, integration and divestiture-related costs4
— — — 4,063 4,063 
 Gains from divestiture of business and other assets— — — (85)(85)
  Net gains from derivatives5
— — — (397)(397)
  Other non-GAAP adjustments— — — 1,388 1,388 
Segment Adjusted EBITDA $121,832 $91,263 $22,694 $— $235,789 
Net Sales$896,746 $593,080 $145,974 
Segment Operating Profit Margin9.6 %10.4 %13.1 %
Segment Adjusted EBITDA Margin13.6 %15.4 %15.5 %

1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $15,998, the Industrial Paper Packaging segment of $7,208, and the All Other group of businesses of $976.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $(3,733), the Industrial Paper Packaging segment of $5,793, and the All Other group of businesses of $1,748.
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $(1,487) and the Industrial Paper Packaging segment of $(144).
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $436 and the Industrial Paper Packaging segment of $415.
5 Included in Corporate are gains on derivatives associated with the Consumer Packaging segment of $(68), the Industrial Paper Packaging segment of $(244), and the All Other group of businesses of $(85).



Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation
For the Year Ended December 31, 2023
Dollars in thousandsConsumer Packaging segmentIndustrial Paper Packaging segmentAll OtherCorporateTotal
Segment and Total Operating Profit $400,659 $317,917 $85,149 $(87,935)$715,790 
Adjustments:
  Depreciation, depletion and amortization1
134,358 104,722 14,644 87,264 340,988 
  Equity in earnings of affiliates, net of tax564 9,783 — — 10,347 
  Restructuring/Asset impairment charges2
— — — 56,933 56,933 
  Changes in LIFO inventory reserves3
— — — (11,817)(11,817)
  Acquisition, integration and divestiture-related costs4
— — — 26,254 26,254 
  Gain from divestiture of business and other assets5
— — — (78,929)(78,929)
  Net gains from derivatives6
— — — (1,912)(1,912)
  Other non-GAAP adjustments7
— — — 10,142 10,142 
Segment Adjusted EBITDA $535,581 $432,422 $99,793 $— $1,067,796 
Net Sales$3,810,914 $2,374,113 $596,265 
Segment Operating Profit Margin10.5 %13.4 %14.3 %
Segment Adjusted EBITDA Margin14.1 %18.2 %16.7 %

1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $64,191, the Industrial Paper Packaging segment of $16,121, and the All Other group of businesses of $6,952.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $8,059, the Industrial Paper Packaging segment of $38,754, and the All Other group of businesses of $7,623.
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $(10,915) and the Industrial Paper Packaging segment of $(902).
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $1,738 and the Industrial Paper Packaging segment of $5,810.
5 Included in Corporate are gains from the sale of the Company’s timberland properties in the amount of $(60,945), the sale of its S3 business in the amount of $(11,065), and the sales of its BulkSak businesses in the amount of $(6,919), all of which are associated with the Industrial Paper Packaging segment.
6 Included in Corporate are gains on derivatives associated with the Consumer Packaging segment of $(278), the Industrial Paper Packaging segment of $(1,290), and the All Other group of businesses of $(344).
7 Included in Corporate are other non-GAAP adjustments associated with the Industrial Paper Packaging segment of $3,762 and the All Other group of businesses of $3,249.





Segment Adjusted EBITDA and All Other Adjusted EBITDA Reconciliation
For the Year Ended December 31, 2022
Dollars in thousandsConsumer Packaging segmentIndustrial Paper Packaging segmentAll OtherCorporateTotal
Segment and Total Operating Profit $533,766 $327,859 $58,240 $(244,469)$675,396 
Adjustments:
   Depreciation, depletion, and amortization1
122,176 91,944 14,277 80,427 308,824 
   Equity in earnings of affiliates, net of tax485 13,722 — — 14,207 
   Restructuring/Asset impairment charges2
— — — 56,910 56,910 
   Changes in LIFO inventory reserves3
— — — 28,445 28,445 
   Acquisition, integration and divestiture-related costs4
— — — 70,210 70,210 
   Net losses from derivatives5
— — — 8,767 8,767 
   Other non-GAAP adjustments— — — (290)(290)
Segment Adjusted EBITDA$656,427 $433,525 $72,517 $— $1,162,469 
Net Sales$3,955,229 $2,684,563 $610,760 
Segment Operating Profit Margin13.5 %12.2 %9.5 %
Segment Adjusted EBITDA Margin16.6 %16.1 %11.9 %

1 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $62,221, the Industrial Paper Packaging segment of $8,053, and the All Other group of businesses of $10,153.
2 Included in Corporate are restructuring/asset impairment charges associated with the Consumer Packaging segment of $13,705, the Industrial Paper Packaging segment of $24,745, and the All Other group of businesses of $(69).
3 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $26,753 and the Industrial Paper Packaging segment of $1,692.
4 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $38,690 and the Industrial Paper Packaging segment of $1,885.
5 Included in Corporate are losses on derivatives associated with the Consumer Packaging segment of $1,332, the Industrial Paper Packaging segment of $5,789, and the All Other group of businesses of $1,646.

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Mar. 26, 2024
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Document Type 8-K
Document Period End Date Mar. 26, 2024
Entity Registrant Name SONOCO PRODUCTS COMPANY
Entity File Number 001-11261
Entity Incorporation, State or Country Code SC
Entity Tax Identification Number 57-0248420
Entity Address, Address Line One 1 N. Second St.
Entity Address, City or Town Hartsville
Entity Address, State or Province SC
Entity Address, Postal Zip Code 29550
City Area Code 843
Local Phone Number 383-7000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security No par value common stock
Trading Symbol SON
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000091767
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