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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 June 28, 2020
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 during the preceding 12 months (or such shorter period that the registrant was required to submit and post 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 filerAccelerated 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 17, 2020:
Common stock, no par value: 100,376,491




SONOCO PRODUCTS COMPANY
INDEX
 
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
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) 
June 28,
2020
December 31,
2019*
Assets
Current Assets
Cash and cash equivalents$857,272  $145,283  
Trade accounts receivable, net of allowances692,943  698,149  
Other receivables104,397  113,754  
Inventories, net:
Finished and in process173,697  172,223  
Materials and supplies350,158  331,585  
Prepaid expenses60,195  60,202  
2,238,662  1,521,196  
Property, Plant and Equipment, Net1,235,505  1,286,842  
Goodwill1,423,712  1,429,346  
Other Intangible Assets, Net360,996  388,292  
Deferred Income Taxes41,301  46,502  
Right of Use Asset-Operating Leases294,050  298,393  
Other Assets144,634  155,718  
Total Assets$5,738,860  $5,126,289  
Liabilities and Equity
Current Liabilities
Payable to suppliers$554,090  $537,764  
Accrued expenses and other354,302  367,114  
Notes payable and current portion of long-term debt646,623  488,234  
Accrued taxes21,257  11,380  
1,576,272  1,404,492  
Long-term Debt, Net of Current Portion1,618,640  1,193,135  
Noncurrent Operating Lease Liabilities249,217  253,992  
Pension and Other Postretirement Benefits303,606  304,798  
Deferred Income Taxes95,962  76,206  
Other Liabilities87,459  77,961  
Sonoco Shareholders’ Equity
Common stock, no par value
Authorized 300,000 shares
100,330 and 100,198 shares issued and outstanding
at June 28, 2020 and December 31, 2019, respectively
7,175  7,175  
Capital in excess of stated value309,427  310,778  
Accumulated other comprehensive loss(869,453) (816,803) 
Retained earnings2,350,189  2,301,532  
Total Sonoco Shareholders’ Equity1,797,338  1,802,682  
Noncontrolling Interests10,366  13,023  
Total Equity1,807,704  1,815,705  
Total Liabilities and Equity$5,738,860  $5,126,289  

*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
June 28, 2020June 30, 2019June 28, 2020June 30, 2019
Net sales$1,245,485  $1,359,721  $2,548,781  $2,711,426  
Cost of sales997,502  1,084,385  2,034,208  2,165,969  
Gross profit247,983  275,336  514,573  545,457  
Selling, general and administrative expenses121,371  132,213  245,259  274,774  
Restructuring/Asset impairment charges22,885  13,355  35,484  24,027  
Operating profit103,727  129,768  233,830  246,656  
Non-operating pension costs7,600  5,550  15,179  11,591  
Interest expense19,563  16,798  36,092  32,830  
Interest income878  846  1,362  1,493  
Income before income taxes77,442  108,266  183,921  203,728  
Provision for income taxes23,230  28,491  49,986  51,115  
Income before equity in earnings of affiliates54,212  79,775  133,935  152,613  
Equity in earnings of affiliates, net of tax778  1,511  1,291  2,441  
Net income54,990  81,286  135,226  155,054  
Net loss/(income) attributable to noncontrolling interests221  (127) 430  (232) 
Net income attributable to Sonoco$55,211  $81,159  $135,656  $154,822  
Weighted average common shares outstanding:
Basic100,971  100,759  100,915  100,700  
Diluted101,109  101,178  101,109  101,129  
Per common share:
Net income attributable to Sonoco:
Basic$0.55  $0.81  $1.34  $1.54  
Diluted$0.55  $0.80  $1.34  $1.53  

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
June 28, 2020June 30, 2019June 28, 2020June 30, 2019
Net income$54,990  $81,286  $135,226  $155,054  
Other comprehensive income/(loss):
Foreign currency translation adjustments32,864  9,745  (62,348) 6,773  
Changes in defined benefit plans, net of tax4,416  1,807  10,196  8,963  
Changes in derivative financial instruments, net of tax1,830  (481) (2,725) 1,383  
Other comprehensive income/(loss):$39,110  $11,071  $(54,877) $17,119  
Comprehensive income:94,100  92,357  80,349  172,173  
Net loss/(income) attributable to noncontrolling interests221  (127) 430  (232) 
Other comprehensive loss/(income) attributable to noncontrolling interests590  (172) 2,227  (52) 
Comprehensive income attributable to Sonoco$94,911  $92,058  $83,006  $171,889  
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, 2018$1,772,278  99,829  $7,175  $304,709  $(740,913) $2,188,115  $13,192  
Net income73,768  73,663  105  
Other comprehensive income/(loss):
Translation loss(2,972) (2,852) (120) 
Defined benefit plan adjustment, net of tax7,156  7,156  
Derivative financial instruments, net of tax1,864  1,864  
Other comprehensive income/(loss)$6,048  $6,168  $(120) 
Dividends(41,534) (41,534) 
Dividends paid to noncontrolling interests(214) (214) 
Issuance of stock awards399  340  399  
Shares repurchased(7,395) (133) (7,395) 
Stock-based compensation4,560  4,560  
Impact of new accounting pronouncements(6,771) (6,771) 
March 31, 2019$1,801,139  100,036  $7,175  $302,273  $(734,745) $2,213,473  $12,963  
Net income81,286  81,159  $127  
Other comprehensive income/(loss):
Translation gain9,745  9,573  172  
Defined benefit plan adjustment, net of tax1,807  1,807  
Derivative financial instruments, net of tax(481) (481) 
Other comprehensive income:$11,071  $10,899  $172  
Dividends(43,353) (43,353) 
Issuance of stock awards326  58  326  
Shares repurchased(1,155) (19) (1,155) 
Stock-based compensation4,306  4,306  
June 30, 2019$1,853,620  100,075  $7,175  $305,750  $(723,846) $2,251,279  $13,262  
See accompanying Notes to Condensed Consolidated Financial Statements








6


SONOCO PRODUCTS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF
CHANGES IN TOTAL EQUITY (unaudited)
(Dollars in thousands)
Total EquityCommon 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) 
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) 
Issuance of stock awards287  2  287  
Shares repurchased(12) (1) (12) 
Stock-based compensation1,339  1,339  
June 28, 2020$1,807,704  100,330  $7,175  $309,427  $(869,453) $2,350,189  $10,366  

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
June 28, 2020June 30, 2019
Cash Flows from Operating Activities:
Net income$135,226  $155,054  
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairment8,759  7,284  
Depreciation, depletion and amortization123,447  116,978  
Share-based compensation expense1,936  8,866  
Equity in earnings of affiliates(1,291) (2,441) 
Cash dividends from affiliated companies3,276  3,297  
Net (gain)/loss on disposition of assets(2,265) 3,943  
Pension and postretirement plan expense29,135  13,647  
Pension and postretirement plan contributions(31,105) (213,579) 
Net increase in deferred taxes19,653  37,953  
Change in assets and liabilities, net of effects from acquisitions and foreign currency adjustments:
Trade accounts receivable(13,516) (46,191) 
Inventories(31,984) (16,825) 
Payable to suppliers17,844  (2,842) 
Prepaid expenses(8,769) (4,976) 
Accrued expenses9,261  (7,741) 
Income taxes payable and other income tax items8,533  (26,990) 
Other assets and liabilities