Sonoco Products Co. Files 10-Q for Q2 2024
Ticker: SON · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 91767
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Sonoco Products Co. 10-Q filed. Financials for Q2 2024 are in. Check it out.
AI Summary
Sonoco Products Co. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the second quarter of 2024 are presented within the report.
Why It Matters
This filing provides investors and analysts with a detailed look into Sonoco's financial health and operational performance during the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently present new risks.
Key Numbers
- 20240630 — Period End Date (Quarterly financial reporting period)
- 20240801 — Filing Date (Date the report was submitted to the SEC)
Key Players & Entities
- SONOCO PRODUCTS CO (company) — Filer
- 20240630 (date) — Period of Report
- 20240801 (date) — Filed as of Date
- SC (location) — State of Incorporation
- 8433837000 (phone_number) — Business Phone
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the period ending June 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20240801.
What is the company's name and Central Index Key (CIK)?
The company name is SONOCO PRODUCTS CO, and its Central Index Key is 0000091767.
In which state is Sonoco Products Co. incorporated?
Sonoco Products Co. is incorporated in SC (South Carolina).
What is the business address and phone number for Sonoco Products Co.?
The business address is ONE NORTH ST, P O BOX 160, HARTSVILLE, SC 29551-0160, and the business phone number is 8433837000.
Filing Stats: 4,583 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-01 16:04:52
Filing Documents
- son-20240630.htm (10-Q) — 2429KB
- sonexhibit31-q22024.htm (EX-31) — 20KB
- sonexhibit32-q22024.htm (EX-32) — 6KB
- 0000091767-24-000048.txt ( ) — 12813KB
- son-20240630.xsd (EX-101.SCH) — 70KB
- son-20240630_cal.xml (EX-101.CAL) — 123KB
- son-20240630_def.xml (EX-101.DEF) — 399KB
- son-20240630_lab.xml (EX-101.LAB) — 854KB
- son-20240630_pre.xml (EX-101.PRE) — 645KB
- son-20240630_htm.xml (XML) — 2531KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 3
Financial Statements
Item 1. Financial Statements: 3 Condensed Consolidated Balance Sheets – June 30 , 2024 (unaudited) and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Income – Three and Six Months Ended June 30 , 2024 (unaudited) and J uly 2, 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income – Three and Si x Months Ended June 30 , 2024 (unaudited) and July 2, 2023 (unaudited) 5 Condensed Consolidated Statements of Changes in Total Equity – Three and Six Months Ended June 30 , 2024 (unaudited) and July 2, 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30 , 2024 (unaudited) and July 2, 2023 (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 40
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 63
Controls and Procedures
Item 4. Controls and Procedures. 63
OTHER INFORMATION
PART II. OTHER INFORMATION 63
Legal Proceedings
Item 1. Legal Proceedings. 63
Other Information
Item 5. Other Information. 64
Exhibits
Item 6. Exhibits. 64 2
FINANCIAL INFORMATION
Part I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. SONOCO PRODUCTS COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Dollars and shares in thousands) June 30, 2024 December 31, 2023* Assets Current Assets Cash and cash equivalents $ 140,233 $ 151,937 Trade accounts receivable, net of allowances 960,262 904,898 Other receivables 109,575 106,644 Inventories, net: Finished and in process 341,952 324,910 Materials and supplies 390,621 448,591 Prepaid expenses 171,820 113,385 Total Current Assets 2,114,463 2,050,365 Property, Plant and Equipment, Net 1,893,404 1,906,137 Goodwill 1,769,519 1,810,654 Other Intangible Assets, Net 803,911 853,670 Deferred Income Taxes 27,531 31,329 Right of Use Asset-Operating Leases 313,650 314,944 Other Assets 232,186 224,858 Total Assets $ 7,154,664 $ 7,191,957 Liabilities and Equity Current Liabilities Payable to suppliers $ 730,563 $ 707,490 Accrued expenses and other 402,758 400,014 Notes payable and current portion of long-term debt 485,479 47,132 Accrued taxes 7,333 10,641 Total Current Liabilities 1,626,133 1,165,277 Long-term Debt, Net of Current Portion 2,541,929 3,035,868 Noncurrent Operating Lease Liabilities 267,493 265,454 Pension and Other Postretirement Benefits 140,011 142,900 Deferred Income Taxes 91,999 100,788 Other Liabilities 45,232 49,835 Commitments and Contingencies Sonoco Shareholders' Equity Common stock, no par value Authorized 300,000 shares 98,258 and 97,957 shares issued and outstanding at June 30, 2024 and December 31, 2023 , respectively 7,175 7,175 Capital in excess of stated value 167,114 159,047 Accumulated other comprehensive loss ( 418,317 ) ( 366,262 ) Retained earnings 2,678,673 2,624,380 Total Sonoco Shareholders' Equity 2,434,645 2,424,340 Noncontrolling Interests 7,222 7,495 Total Equity 2,441,867 2,431,835 Total Liabilities and Equity $ 7,154,664 $ 7,191,957 * The year-end condensed consolidated balance sheet data was derived from audited financial statem