10-Q Filing

AVERY DENNISON CORP CIK: 8818 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000008818-22-000009`
Period End Date	20220331
Filing Date	20220503
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	avy-20220402_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 30 Cash Flow Statement 58 Comprehensive Income 12

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$39.50M	USD	Point-in-time
Trade accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$33.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$162.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$147.10M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Trade accounts receivable, less allowances of $39.5 and $33 at April 2, 2022 and January 1, 2022, respectively	`AccountsReceivableNetCurrent`	$1.42B	USD	Point-in-time
Trade accounts receivable, less allowances of $39.5 and $33 at April 2, 2022 and January 1, 2022, respectively	`AccountsReceivableNetCurrent`	$1.55B	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	124.13M	shares	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	124.13M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	82.01M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	82.61M	shares	Point-in-time
Inventories	`InventoryNet`	$960.90M	USD	Point-in-time
Inventories	`InventoryNet`	$907.20M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$234.90M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$240.20M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	42.11M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	41.52M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.73B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.89B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.48B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.48B	USD	Point-in-time
Goodwill	`Goodwill`	$1.88B	USD	Point-in-time
Goodwill	`Goodwill`	$1.89B	USD	Point-in-time
Other intangibles resulting from business acquisitions, net	`IntangibleAssetsNetExcludingGoodwill`	$910.80M	USD	Point-in-time
Other intangibles resulting from business acquisitions, net	`IntangibleAssetsNetExcludingGoodwill`	$911.40M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$128.80M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$130.20M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$837.40M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$836.20M	USD	Point-in-time
Total Assets	`Assets`	$7.97B	USD	Point-in-time
Total Assets	`Assets`	$8.14B	USD	Point-in-time
Short-term borrowings and current portion of long-term debt and finance leases	`DebtCurrent`	$318.80M	USD	Point-in-time
Short-term borrowings and current portion of long-term debt and finance leases	`DebtCurrent`	$494.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.30B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.37B	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$214.90M	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$299.00M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$631.30M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$640.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.55B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.72B	USD	Point-in-time
Long-term debt and finance leases	`LongTermDebtAndCapitalLeaseObligations`	$2.77B	USD	Point-in-time
Long-term debt and finance leases	`LongTermDebtAndCapitalLeaseObligations`	$2.79B	USD	Point-in-time
Long-term retirement benefits and other liabilities	`LongTermRetirementBenefitsAndOtherLiabilities`	$474.90M	USD	Point-in-time
Long-term retirement benefits and other liabilities	`LongTermRetirementBenefitsAndOtherLiabilities`	$465.00M	USD	Point-in-time
Deferred tax liabilities and income taxes payable	`DeferredAndPayableIncomeTaxes`	$238.50M	USD	Point-in-time
Deferred tax liabilities and income taxes payable	`DeferredAndPayableIncomeTaxes`	$244.30M	USD	Point-in-time
Commitments and contingencies (see Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $1 par value per share, authorized 400,000,000 shares at April 2, 2022 and January 1, 2022; issued 124,126,624 shares at April 2, 2022 and January 1, 2022; outstanding 82,014,117 shares and 82,605,953 shares at April 2, 2022 and January 1, 2022, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Common stock, $1 par value per share, authorized 400,000,000 shares at April 2, 2022 and January 1, 2022; issued 124,126,624 shares at April 2, 2022 and January 1, 2022; outstanding 82,014,117 shares and 82,605,953 shares at April 2, 2022 and January 1, 2022, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Common stock, $1 par value per share, authorized 400,000,000 shares at April 2, 2022 and January 1, 2022; issued 124,126,624 shares at April 2, 2022 and January 1, 2022; outstanding 82,014,117 shares and 82,605,953 shares at April 2, 2022 and January 1, 2022, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$862.30M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$844.60M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$4.02B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.88B	USD	Point-in-time
Treasury stock at cost, 42,112,507 shares and 41,520,671 shares at April 2, 2022 and January 1, 2022, respectively	`TreasuryStockCommonValue`	$2.80B	USD	Point-in-time
Treasury stock at cost, 42,112,507 shares and 41,520,671 shares at April 2, 2022 and January 1, 2022, respectively	`TreasuryStockCommonValue`	$2.66B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-282.90M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-260.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$1.93B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$1.92B	USD	Point-in-time
Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$7.97B	USD	Point-in-time
Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$8.14B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.35B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.05B	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$1.45B	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$1.71B	USD	1 Quarter
Gross profit	`GrossProfit`	$597.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$641.30M	USD	1 Quarter
Marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$312.30M	USD	1 Quarter
Marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$355.00M	USD	1 Quarter
Other expense (income), net	`OtherExpenseIncomeNet`	$-1.60M	USD	1 Quarter
Other expense (income), net	`OtherExpenseIncomeNet`	$900.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$19.60M	USD	1 Quarter
Interest expense	`InterestExpense`	$16.20M	USD	1 Quarter
Other non-operating expense (income), net	`OtherNonoperatingIncomeExpense`	$1.40M	USD	1 Quarter
Other non-operating expense (income), net	`OtherNonoperatingIncomeExpense`	$1.30M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$269.70M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$268.90M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$71.50M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$58.10M	USD	1 Quarter
Equity method investment (losses) gains	`IncomeLossFromEquityMethodInvestments`	$-1.30M	USD	1 Quarter
Equity method investment (losses) gains	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Net income	`NetIncomeLoss`	$209.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$198.20M	USD	1 Quarter
Net income per common share (in dollars per share)	`EarningsPerShareBasic`	$2.52	USD	1 Quarter
Net income per common share (in dollars per share)	`EarningsPerShareBasic`	$2.41	USD	1 Quarter
Net income per common share, assuming dilution (in dollars per share)	`EarningsPerShareDiluted`	$2.50	USD	1 Quarter
Net income per common share, assuming dilution (in dollars per share)	`EarningsPerShareDiluted`	$2.39	USD	1 Quarter
Common shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	82.40M	shares	1 Quarter
Common shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	83.10M	shares	1 Quarter
Common shares, assuming dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	83.90M	shares	1 Quarter
Common shares, assuming dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	83.00M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$209.50M	USD	1 Quarter
Net income	`ProfitLoss`	$198.20M	USD	1 Quarter
Depreciation	`Depreciation`	$40.00M	USD	1 Quarter
Depreciation	`Depreciation`	$43.80M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$28.20M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$14.40M	USD	1 Quarter
Provision for credit losses and sales returns	`ProvisionForCreditLossesAndSalesReturns`	$8.90M	USD	1 Quarter
Provision for credit losses and sales returns	`ProvisionForCreditLossesAndSalesReturns`	$16.10M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.90M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$11.10M	USD	1 Quarter
Pension plan settlement loss	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1`	-	USD	1 Quarter
Pension plan settlement loss	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1`	$-400.00K	USD	1 Quarter
Deferred taxes and other non-cash taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.50M	USD	1 Quarter
Deferred taxes and other non-cash taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.90M	USD	1 Quarter
Other non-cash expense and loss (income and gain), net	`OtherNoncashIncomeExpense`	$-6.50M	USD	1 Quarter
Other non-cash expense and loss (income and gain), net	`OtherNoncashIncomeExpense`	$-2.70M	USD	1 Quarter
Changes in assets and liabilities and other adjustments	`IncreaseDecreaseInOperatingCapital`	$78.00M	USD	1 Quarter
Changes in assets and liabilities and other adjustments	`IncreaseDecreaseInOperatingCapital`	$179.60M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$126.20M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$209.30M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$25.20M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$49.70M	USD	1 Quarter
Purchases of software and other deferred charges	`PurchaseOfSoftwareAndOtherDeferredCharges`	$2.30M	USD	1 Quarter
Purchases of software and other deferred charges	`PurchaseOfSoftwareAndOtherDeferredCharges`	$5.60M	USD	1 Quarter
Proceeds from sales of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$700.00K	USD	1 Quarter
Proceeds from sales of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$300.00K	USD	1 Quarter
Proceeds from insurance and sales (purchases) of investments, net	`PaymentsForProceedsFromInvestments`	$-1.80M	USD	1 Quarter
Proceeds from insurance and sales (purchases) of investments, net	`PaymentsForProceedsFromInvestments`	$500.00K	USD	1 Quarter
Proceeds from sale of product line	`ProceedsFromDivestitureOfBusinesses`	$6.70M	USD	1 Quarter
Proceeds from sale of product line	`ProceedsFromDivestitureOfBusinesses`	-	USD	1 Quarter
Payments for acquisitions, net of cash acquired, and investments in businesses	`PaymentsToAcquireBusinessNetOfCashAcquiredAndBusinessInvestments`	$30.60M	USD	1 Quarter
Payments for acquisitions, net of cash acquired, and investments in businesses	`PaymentsToAcquireBusinessNetOfCashAcquiredAndBusinessInvestments`	$33.40M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-51.20M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-86.60M	USD	1 Quarter
Net increase (decrease) in borrowings with maturities of three months or less	`ProceedsFromRepaymentsOfShortTermDebt`	$179.40M	USD	1 Quarter
Net increase (decrease) in borrowings with maturities of three months or less	`ProceedsFromRepaymentsOfShortTermDebt`	$53.80M	USD	1 Quarter
Repayments of long-term debt and finance leases	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$1.50M	USD	1 Quarter
Repayments of long-term debt and finance leases	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$1.90M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$51.60M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$56.20M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$151.50M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$55.60M	USD	1 Quarter
Net (tax withholding) proceeds related to stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$25.30M	USD	1 Quarter
Net (tax withholding) proceeds related to stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$24.90M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-80.20M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-55.10M	USD	1 Quarter
Effect of foreign currency translation on cash balances	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-100.00K	USD	1 Quarter
Effect of foreign currency translation on cash balances	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-2.20M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-15.60M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$75.70M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$328.00M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$162.70M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$252.30M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$147.10M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$328.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$162.70M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$252.30M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$147.10M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$209.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$198.20M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$20.30M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$7.60M	USD	1 Quarter
Pension and other postretirement benefits	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-800.00K	USD	1 Quarter
Pension and other postretirement benefits	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-1.20M	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$-5.30M	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$1.80M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.50M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$22.90M	USD	1 Quarter
Total comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$213.00M	USD	1 Quarter
Total comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$221.10M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.