Sonoco Products Co. Files 2023 Annual Report on Form 10-K
Ticker: SON · Form: 10-K · Filed: Feb 28, 2024 · CIK: 91767
Sentiment: neutral
Topics: 10-K, Annual Report, Sonoco Products, Financials, SEC Filing
TL;DR
<b>Sonoco Products Co. has filed its 2023 10-K report detailing its fiscal year performance and financial standing.</b>
AI Summary
SONOCO PRODUCTS CO (SON) filed a Annual Report (10-K) with the SEC on February 28, 2024. Sonoco Products Co. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in Paperboard Containers & Boxes. Sonoco Products Co. is incorporated in South Carolina. The company's headquarters are located in Hartsville, SC.
Why It Matters
For investors and stakeholders tracking SONOCO PRODUCTS CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sonoco's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's value and future prospects. As a publicly traded company, Sonoco Products Co. is required to submit this annual report to the SEC, ensuring transparency and providing stakeholders with essential information for investment decisions.
Risk Assessment
Risk Level: medium — SONOCO PRODUCTS CO shows moderate risk based on this filing. The company operates in the Paperboard Containers & Boxes industry, which can be subject to cyclical demand and raw material price fluctuations, impacting its financial performance.
Analyst Insight
Review the detailed financial statements and risk factors in the 10-K to understand Sonoco's performance drivers and potential challenges in the upcoming fiscal year.
Key Numbers
- 2023-12-31 — Fiscal Year End (Conformed period of report)
- 2024-02-28 — Filing Date (Filed as of date)
- 0000091767 — Central Index Key (Filer's unique identifier)
- 2650 — SIC Code (Paperboard Containers & Boxes industry)
Key Players & Entities
- SONOCO PRODUCTS CO (company) — Filer name
- 2023 (date) — Fiscal year end
- 2024-02-28 (date) — Filing date
- 2650 (dollar_amount) — Standard Industrial Classification code
- SC (company) — State of incorporation
- HARTSVILLE (company) — City of business address
FAQ
When did SONOCO PRODUCTS CO file this 10-K?
SONOCO PRODUCTS CO filed this Annual Report (10-K) with the SEC on February 28, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by SONOCO PRODUCTS CO (SON).
Where can I read the original 10-K filing from SONOCO PRODUCTS CO?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SONOCO PRODUCTS CO.
What are the key takeaways from SONOCO PRODUCTS CO's 10-K?
SONOCO PRODUCTS CO filed this 10-K on February 28, 2024. Key takeaways: Sonoco Products Co. filed its 2023 Form 10-K on February 28, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business is in Paperboard Containers & Boxes..
Is SONOCO PRODUCTS CO a risky investment based on this filing?
Based on this 10-K, SONOCO PRODUCTS CO presents a moderate-risk profile. The company operates in the Paperboard Containers & Boxes industry, which can be subject to cyclical demand and raw material price fluctuations, impacting its financial performance.
What should investors do after reading SONOCO PRODUCTS CO's 10-K?
Review the detailed financial statements and risk factors in the 10-K to understand Sonoco's performance drivers and potential challenges in the upcoming fiscal year. The overall sentiment from this filing is neutral.
Risk Factors
- Market and Economic Conditions [medium — market]: The company's financial results are influenced by global and regional economic conditions, including inflation, interest rates, and consumer spending, which can affect demand for its products.
- Supply Chain and Raw Material Costs [medium — operational]: Fluctuations in the cost and availability of raw materials, such as paper and resins, and disruptions in the supply chain can impact production costs and profitability.
- Debt and Interest Rate Risk [medium — financial]: The company's level of indebtedness and exposure to interest rate changes can affect its financial flexibility and profitability.
Key Dates
- 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
- 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.
Filing Stats: 4,313 words · 17 min read · ~14 pages · Grade level 16.8 · Accepted 2024-02-28 14:20:41
Filing Documents
- son-20231231.htm (10-K) — 3236KB
- sonexhibit212023.htm (EX-21) — 178KB
- sonexhibit232023.htm (EX-23) — 2KB
- sonexhibit312023.htm (EX-31) — 20KB
- sonexhibit322023.htm (EX-32) — 6KB
- sonex972023clawbackpolicy.htm (EX-97) — 47KB
- son-20231231_g1.jpg (GRAPHIC) — 340KB
- 0000091767-24-000012.txt ( ) — 21026KB
- son-20231231.xsd (EX-101.SCH) — 120KB
- son-20231231_cal.xml (EX-101.CAL) — 204KB
- son-20231231_def.xml (EX-101.DEF) — 742KB
- son-20231231_lab.xml (EX-101.LAB) — 1622KB
- son-20231231_pre.xml (EX-101.PRE) — 1129KB
- son-20231231_htm.xml (XML) — 3801KB
Business
Item 1. Business . 4
Risk Factors
Item 1A. Risk Factors . 9
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments . 20 Item 1C. Cybersecurity 20
Properties
Item 2. Properties . 21
Legal Proceedings
Item 3. Legal Proceedings . 21
Mine Safety Disclosures
Item 4. Mine Safety Disclosures . 21 Part II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities . 22
[ Reserved]
Item 6. [ Reserved] 23
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations . 23
Quantitative and Qualitative Disclosures about Market Risk
Item 7A. Quantitative and Qualitative Disclosures about Market Risk . 37
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data . 37
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . 38
Controls and Procedures
Item 9A. Controls and Procedures . 38
Other Information
Item 9B. Other Information . 38
Disclosure Regarding Foreign Jurisdictions that Prevent Inspection
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection . 38 Part III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance . 39
Executive Compensation
Item 11. Executive Compensation . 39
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . 39
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence . 39
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services . 40 Part IV
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules . 40
Form 10-K Summary
Item 16. Form 10-K Summary . 40 SONOCO PRODUCTS COMPANY
Forward-Looking Statements
Forward-Looking Statements availability and supply of raw materials and energy, and offsetting high raw material and energy costs, including the potential impact of changes in tariffs or imposition of sanctions; the effects of economic downturns, inflation, volatility and other macroeconomic factors on the Company and its industry, including effects on consumers and customers; the resiliency of the Company's operating model; reduced supply chain and labor disruptions and benefits to the Company therefrom; consumer and customer actions in connection with political, social, and economic instability, war and other geopolitical tensions, and widespread public health events, including epidemics or pandemics; improved productivity and cost containment, including co
Business
Item 1. Business (a) General Development of Business – Sonoco Products Company ("Sonoco," "the Company," "we," "us," or "our") is a South Carolina corporation founded in Hartsville, South Carolina, in 1899 as the Southern Novelty Company with the guiding principle that People Build Businesses by doing the right things. At its beginnings in 1899, a team of 12 people worked from a rented warehouse to produce the Company's first product, a cone-shaped paper yarn carrier used for winding and transporting yarn. Since most of the textile cones of that day were wooden, paper cones were a novelty. The Company soon became the leading producer of cones in the United States. The Southern Novelty Company continued to diversify its product line and add new operations around the country. In 1923, the Southern Novelty Company name was changed to Sonoco Products Company, or "Sonoco," using the first two letters from each word of its original name. Sonoco is now a multi-billion dollar global designer, developer, and manufacturer of a variety of highly engineered and sustainable packaging serving multiple end markets. As of December 31, 2023, the Company had approximately 310 l ocations in 33 cou ntries, serving some of the world's best-known brands in some 85 n ations. Sonoco is committed to creating sustainable products, services, and programs for the environment and our customers, employees, and communities that support our corporate purpose: Better Packaging. Better Life . Our goal is to bring more to packaging than just the package by offering integrated packaging solutions that help define brand personalities, create unique customer experiences, and enhance the quality of products. We seek to help our customers solve their packaging challenges by connecting insights to innovation and developing customized solutions that are tailored to the customers' goals and objectives. (c) Description of Business – Segment Reporting The Company currently reports its financial results i